N-CSRS

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, 2019 through April 30, 2020

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, 2020 (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

Letter to Shareholders	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
Liquidity Risk Management Program	38

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.

LETTER TO SHAREHOLDERS

June 11, 2020 (Unaudited)

Dear Shareholders,

Many have faced significant challenges since my last letter, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. While many have endured uncertainty and abrupt changes in their personal and professional lives related to these challenges, you can be confident that J.P. Morgan Asset Management is well-prepared for adverse events and is taking action to ensure that our clients and mutual fund shareholders continue to receive the service that is the foundation of our enterprise.

  “Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions.” — Andrea L. Lisher

Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions. While our own employees transitioned to working from home, they worked tirelessly to

guide our clients and shareholders through this unprecedented time. We are here for you — our clients and fund shareholders — regardless of the economic, market or social and civic environment. That’s how we have always operated and we will not waiver in that commitment.

JPMorgan Chase & Co. has also recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion, recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion website.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

While developed markets equity generally rallied in the final months of 2019, the global response to the COVID-19 pandemic led to a dramatic increase in financial market volatility and drove asset prices sharply lower in February and March of 2020 before equity prices posted a small rebound in April 2020.

Global equity markets, led by the U.S. and Europe, largely recorded gains for the final two months of 2019 on the back of accommodative policies from leading central banks and investor expectations of a reduction in trade tensions. Even as economic data showed slowing or flat growth in China, Europe and the U.S. in the final quarter of 2019, there were no indicators that the longest recorded economic expansion in the U.S. would necessarily end. In the second half of December 2019, the U.S. and China reached a “Phase One” agreement that reduced trade tariffs and headed off the implementation of new tariffs. Combined with less aggressive U.S. trade rhetoric toward Mexico and toward European and Japanese auto industries, the U.S.-China trade agreement fueled price gains in developed equity markets.

In the U.K., the Conservative Party won a large majority in national elections in December 2019, which appeared to remove investor concerns about the possibility of a non-negotiated “hard Brexit” departure from the EU. Equity prices in the U.K. and the British pound briefly rallied on the election results.

Early January 2020 saw continued investor support for global equity that weathered a brief flare up in military tension between the U.S. and Iran. However, investor sentiment began to turn as the outbreak of COVID-19 began to impact large parts of China’s economy. Emerging markets equity led a slump in global equity markets and U.S. and European government bonds largely gained. Notably, prices for benchmark Brent crude oil plummeted 11.9% in January amid shrinking demand from China and other economies hit by the pandemic.

U.S. equity prices found support in early February 2020 as companies began to report better-than-expected earnings from the final quarter of 2019. By the end of the month, global equity prices had fallen significantly and global demand for petroleum had declined for the first time since the 2009 financial crisis. China’s central bank responded to the impact of COVID-19 by cutting the prime lending rate and regional authorities across China enacted a range of actions to counter the sharp drop in economic activity. By the end of February, yields on benchmark 10-year U.S. Treasury bonds had fallen to a record low 1.1% as investors sought the perceived safety of government-backed bonds.

The month of March 2020 proved to be worse for global equity and a range of other asset classes as COVID-19 was declared a pandemic and national, regional and municipal governments implemented at-home quarantines and a range of other actions designed to prevent hospitals and health care systems from being overwhelmed. The U.S. Federal Reserve slashed interest rates, restarted its quantitative easing or asset purchasing program, and unleashed an array of programs to maintain liquidity and functioning in short-term commercial debt markets. The European Central Bank also stepped in to shore up economic activity via negative interest rates and a commitment to continue purchasing assets until no longer necessary. Statements of broad support from both central banks, along with fiscal stimulus and/or wage protection policies from national governments across the globe, helped to reduce record high volatility in financial markets. However, leading equity indexes lost 20% or more of their value during the first quarter of 2020. Corporate bond prices generally fell and the prices of Brent crude oil ended the first quarter down by 60%. Only developed market sovereign bonds and commodity gold experienced price appreciation in March 2020.

Global equity markets rebounded slightly in April 2020 and fixed income markets rallied somewhat as investors reacted positively to the actions of central banks and national governments to mitigate the economic impact of the pandemic. Price gains were seen in large cap technology stocks and pharmaceutical sector stocks. Fixed income investments benefitted from accommodative central bank policies and high quality corporate credit outperformed government bonds for the month. However, a glut in global petroleum markets sent futures prices for benchmark West Texas Intermediate crude oil into negative territory.

For the six months ended April 30, 2020, the S&P 500 Index returned -3.16%, the MSCI EAFE Index returned -14.00% and the MSCI EME Index returned 10.39%. Among bond market indexes, the Bloomberg Barclays U.S. Aggregate Index returned 4.86% and the Bloomberg Barclays Emerging Markets Index returned -5.69%.

2 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	5.55%
S&P 500 Index	(3.16)%
ICE BofAML 3-Month U.S. Treasury Bill Index	0.85%
Net Assets as of 4/30/2020 (In Thousands)	$322,737

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 outperformed the S&P 500 Index (the “Benchmark”) for the six months ended April 30, 2020.

The Fund’s long positions in the health care sector and its short positions in the energy sector were leading contributors to performance relative to the Benchmark, while the Fund’s long positions in the communication services sector and its short positions in the information technology sector were leading detractors from relative performance.

Leading individual contributors to absolute performance included the Fund’s long positions in Tesla Inc. and Cigna Corp. and its short position in Halliburton Co. Shares of Tesla, a maker of electric automobiles and energy generation and storage systems, rose on growth in quarterly earnings and investor demand for large cap technology stocks. Shares of Cigna, a health insurance provider, rose after the company reported better-than-expected results for the first quarter of 2020. Shares of Halliburton, an oilfield services provider, fell amid the collapse in global petroleum prices during the first quarter of 2020.

Leading individual detractors from absolute performance included the Fund’s long positions in Berkshire Hathaway Inc. and NXP Semiconductors NV and its short position in Square

Inc. Shares of Berkshire Hathaway, an investment company conglomerate, fell as large segments of the U.S. economy closed down in response to the COVID-19 pandemic. Shares of NXP Semiconductors, a semiconductor manufacturer, fell amid investor concerns about the company’s exposure in the automotive sector, which was severely impacted by mass quarantines as a result of the COVID-19 pandemic. Shares of Square, a provider of payment services, rose after the company reported better-than-expected results for the fourth quarter of 2019.

HOW WAS THE FUND POSITIONED?

During the six months ended April 30, 2020, the Fund invested an average of 94% 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 the Benchmark. 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 94% and its average net exposure was 57%.

* 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, 2020 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Cigna Corp.	9.9	%
	2.	UnitedHealth Group, Inc.	8.6
	3.	Alibaba Group Holding Ltd., ADR	7.0
	4.	Fiserv, Inc.	6.4
	5.	McKesson Corp.	5.0
	6.	Uber Technologies, Inc.	4.8
	7.	Tesla, Inc.	4.6
	8.	NVIDIA Corp.	4.0
	9.	NextEra Energy, Inc.	2.1
	10.	Amazon.com, Inc.	2.0

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	WABCO Holdings, Inc.	16.6	%
	2.	Target Corp.	9.2
	3.	Motorola Solutions, Inc.	9.0
	4.	Legg Mason, Inc.	8.2
	5.	Comcast Corp., Class A	7.0
	6.	Walt Disney Co. (The)	6.4
	7.	SPDR S&P 500 ETF Trust	6.3
	8.	Tech Data Corp.	5.9
	9.	Franklin Resources, Inc.	5.0
	10.	Ford Motor Co.	4.8

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Health Care	24.8	%
Information Technology	15.5
Consumer Discretionary	15.1
Industrials	8.5
Communication Services	2.6
Consumer Staples	2.4
Materials	2.3
Utilities	2.1
Financials	1.2
Others (each less than 1.0%)	0.7
Short-Term Investments	24.8

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Industrials	16.6	%
Information Technology	14.9
Consumer Discretionary	14.2
Communication Services	13.4
Financials	13.2
Health Care	9.0
Exchange-Traded Fund	6.3
Real Estate	4.4
Consumer Staples	4.1
Utilities	3.9

*** Percentages indicated are based on total long investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		August 29, 2014
With Sales Charge**				(0.11	)%		(2.77	)%		3.39	%		4.66	%
Without Sales Charge				5.42			2.64			4.51			5.66
CLASS C SHARES		August 29, 2014
With CDSC***				4.16			1.13			4.00			5.13
Without CDSC				5.16			2.13			4.00			5.13
CLASS I SHARES		August 29, 2014		5.55			2.86			4.78			5.92
CLASS R6 SHARES		August 29, 2014		5.66			3.17			5.04			6.19

* 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 4/30/20)

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 and the ICE BofAML 3-Month U.S. Treasury Bill Index from August 29, 2014 to April 30, 2020. 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 U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. 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 U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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 applicable 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 on gains resulting from 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, 2020 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	9.07%
ICE BofAML 3-Month U.S. Treasury Bill Index	0.85%
Net Assets as of 4/30/2020 (In Thousands)	$81,945

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 US Treasury Bill Index (the “Benchmark”) for the six months ended April 30, 2020.

The Fund’s security selection in the media, real estate investment trusts and retail sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer stable and banks & brokers sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s long position in Amazon.com Inc. and its short positions in Boeing Co. and Cinemark Holdings Inc. Shares of Amazon, a provider of online retail shopping and related services, rose amid investor expectations that its business would benefit from at-home quarantines imposed in response to the COVID-19 pandemic. Shares of Boeing, an airplane manufacturing and aerospace company, fell amid investor expectations that orders for new planes will shrink as commercial airlines suffer financial stress due to reductions in flights in response to COVID-19. Shares of Cinemark Holdings, an operator of movie theaters, fell after the company reported lower-than-expected revenue and earnings for the fourth quarter of 2019.

Leading individual detractors from relative performance included the Fund’s short positions in Kroger Co., Enbridge Inc. and Activision Blizzard Inc. Shares of Kroger, a grocery supermarket chain, rose as consumers stocked up on food and other items ahead of at-home quarantines imposed in response to the COVID-19 pandemic and then continued to eat meals at home. Shares of Enbridge, a master limited partnership that operates petroleum and natural gas pipelines and storage facilities, rose as investors sought higher dividends. Shares of Activision Blizzard, an interactive entertainment software publisher, rose as consumers under at-home quarantine spent more on online games and entertainment.

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, 2020

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C	2.1	%
	2.	Amazon.com, Inc.	2.0
	3.	Norfolk Southern Corp.	1.9
	4.	Linde plc	1.8
	5.	Microsoft Corp.	1.6
	6.	Citigroup, Inc.	1.5
	7.	PayPal Holdings, Inc.	1.4
	8.	Leidos Holdings, Inc.	1.4
	9.	NextEra Energy, Inc.	1.4
	10.	Northrop Grumman Corp.	1.3

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Juniper Networks, Inc.	2.5	%
	2.	NetApp, Inc.	2.4
	3.	Clorox Co. (The)	2.4
	4.	Western Union Co. (The)	1.8
	5.	Walt Disney Co. (The)	1.8
	6.	Cisco Systems, Inc.	1.8
	7.	Omnicom Group, Inc.	1.8
	8.	Spotify Technology SA	1.7
	9.	Robert Half International, Inc.	1.7
	10.	AT&T, Inc.	1.5

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	21.1	%
Industrials	11.4
Health Care	8.4
Consumer Discretionary	8.3
Financials	8.1
Communication Services	6.0
Materials	5.0
Utilities	3.6
Energy	3.6
Consumer Staples	3.1
Real Estate	2.9
Short-Term Investments	18.5

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	16.6	%
Industrials	16.2
Financials	12.5
Communication Services	11.9
Health Care	9.8
Energy	7.5
Materials	6.0
Consumer Discretionary	5.8
Consumer Staples	4.8
Utilities	4.5
Real Estate	4.4

*** Percentages indicated are based on total long investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			3.11	%		3.95	%		1.37	%		0.45	%
Without Sales Charge			8.85			9.70			2.47			1.00
CLASS C SHARES	November 2, 2009
With CDSC***			7.60			8.16			1.95			0.50
Without CDSC			8.60			9.16			1.95			0.50
CLASS I SHARES	November 2, 2009		8.99			9.96			2.74			1.25
CLASS L SHARES	December 30, 1998		9.07			10.10			2.88			1.46

* 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 (4/30/10 TO 4/30/20)

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Research Market Neutral Fund and ICE BofAML 3-Month U.S. Treasury Bill Index from April 30, 2010 to April 30, 2020. 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 U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue

purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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 applicable 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 on gains resulting from 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, 2020

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 101.2%
Common Stocks — 76.1%
Automobiles — 4.6%
Tesla, Inc. *		19			14,969
Chemicals — 2.4%
Air Products & Chemicals, Inc.		22			5,043
Sherwin-Williams Co. (The)		5			2,574
					7,617
Diversified Financial Services — 1.2%
Berkshire Hathaway, Inc., Class A *		—	(a)		3,380
Berkshire Hathaway, Inc., Class B * (b)		3			519
					3,899
Electric Utilities — 2.1%
NextEra Energy, Inc. (b)		29			6,719
Entertainment — 2.0%
Liberty Media Corp.-Liberty Formula One, Class C *		135			4,339
Netflix, Inc. *		5			2,103
					6,442
Equity Real Estate Investment Trusts (REITs) — 0.8%
AvalonBay Communities, Inc.		15			2,448
Food Products — 2.4%
Campbell Soup Co.		61			3,039
Mondelez International, Inc., Class A		94			4,844
					7,883
Health Care Equipment & Supplies — 0.1%
DexCom, Inc. *		1			351
Health Care Providers & Services — 23.7%
Cigna Corp. (b)		165			32,321
McKesson Corp.		116			16,355
UnitedHealth Group, Inc. (b)		96			27,955
					76,631
Hotels, Restaurants & Leisure — 1.5%
Hilton Worldwide Holdings, Inc.		31			2,344
Marriott International, Inc., Class A		27			2,473
					4,817
Interactive Media & Services — 0.5%
Alphabet, Inc., Class A * (b)		1			1,695
Internet & Direct Marketing Retail — 9.1%
Alibaba Group Holding Ltd., ADR (China) *		113			22,968
Amazon.com, Inc. * (b)		3			6,487
					29,455

INVESTMENTS	SHARES (000)			VALUE ($000)
IT Services — 8.8%
Fidelity National Information Services, Inc. (b)		43			5,673
Fiserv, Inc. * (b)		202			20,774
Mastercard, Inc., Class A		3			892
Twilio, Inc., Class A *		—	(a)		37
Visa, Inc., Class A (b)		5			888
					28,264
Life Sciences Tools & Services — 1.3%
Thermo Fisher Scientific, Inc.		12			4,056
Media — 0.1%
Altice USA, Inc., Class A * (b)		19			484
Road & Rail — 8.6%
Canadian Pacific Railway Ltd. (Canada)		25			5,745
Lyft, Inc., Class A *		191			6,273
Uber Technologies, Inc. *		519			15,699
					27,717
Semiconductors & Semiconductor Equipment — 4.5%
NVIDIA Corp.		45			13,186
NXP Semiconductors NV (Netherlands)		15			1,496
					14,682
Software — 2.4%
Microsoft Corp.		9			1,598
RingCentral, Inc., Class A *		26			6,022
					7,620
Total Common Stocks (Cost $208,883)					245,749
Short-Term Investments — 25.1%
Investment Companies — 25.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $80,949)		80,940			81,005
Total Long Positions (Cost $289,832)					326,754
Short Positions — (23.8)%
Common Stocks — (22.3)%
Automobiles — (1.2)%
Ford Motor Co.		(724	)		(3,684	)
Harley-Davidson, Inc.		(7	)		(161	)
					(3,845	)
Beverages — (1.0)%
Molson Coors Beverage Co., Class B		(78	)		(3,179	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
common Stocks — continued
Capital Markets — (3.2)%
Franklin Resources, Inc.		(205	)		(3,870	)
Legg Mason, Inc.		(127	)		(6,307	)
					(10,177	)
Communications Equipment — (2.1)%
Motorola Solutions, Inc.		(48	)		(6,913	)
Electronic Equipment, Instruments & Components — (1.4)%
Tech Data Corp. *		(32	)		(4,517	)
Entertainment — (1.5)%
Walt Disney Co. (The)		(45	)		(4,906	)
Equity Real Estate Investment Trusts (REITs) — (1.0)%
Host Hotels & Resorts, Inc.		(272	)		(3,346	)
Health Care Equipment & Supplies — (2.2)%
Align Technology, Inc. *		(13	)		(2,820	)
Dentsply Sirona, Inc.		(40	)		(1,693	)
Stryker Corp.		(13	)		(2,428	)
					(6,941	)
Machinery — (3.9)%
WABCO Holdings, Inc. *		(95	)		(12,724	)
Media — (1.7)%
Comcast Corp., Class A		(143	)		(5,369	)
Multiline Retail — (2.2)%
Target Corp.		(65	)		(7,104	)
Multi-Utilities — (0.9)%
Consolidated Edison, Inc.		(38	)		(2,994	)
Total Common Stocks (Proceeds $(71,755))					(72,015	)
Exchange-Traded Funds — (1.5)%
U.S. Equity — (1.5)%
SPDR S&P 500 ETF Trust (Proceeds $(4,579))		(17	)		(4,858	)
Total Short Positions (Proceeds $(76,334))					(76,873	)
Total Investments — 77.4% (Cost $213,498)					249,881
Other Assets Less Liabilities — 22.6%					72,856
NET ASSETS — 100.0%					322,737

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
SPDR	Standard & Poor’s Depository Receipts
(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 and cash segregated as collateral is approximately $42,175,000 and $79,761,000 respectively.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions - 93.5%
Common Stocks — 76.2%
Aerospace & Defense — 1.7%
Northrop Grumman Corp.		3			1,021
Raytheon Technologies Corp.		6			398
					1,419
Auto Components — 0.2%
Magna International, Inc. (Canada)		4			169
Banks — 3.1%
Citigroup, Inc.		23			1,135
East West Bancorp, Inc.		9			299
First Horizon National Corp.		13			118
First Republic Bank		3			303
SVB Financial Group *		2			366
Truist Financial Corp.		9			340
					2,561
Beverages — 0.9%
Coca-Cola Co. (The)		4			194
PepsiCo, Inc.		4			544
					738
Biotechnology — 1.5%
AbbVie, Inc. (a)		8			618
Alexion Pharmaceuticals, Inc. *		1			143
Amgen, Inc.		—	(b)		118
Biogen, Inc. *		1			199
Regeneron Pharmaceuticals, Inc. *		—	(b)		178
					1,256
Building Products — 1.4%
Carrier Global Corp. *		7			129
Masco Corp.		6			266
Trane Technologies plc		8			713
					1,108
Capital Markets — 3.1%
Ameriprise Financial, Inc.		2			269
BlackRock, Inc.		—	(b)		136
Charles Schwab Corp. (The)		4			162
Intercontinental Exchange, Inc.		2			200
Morgan Stanley		24			939
State Street Corp.		10			635
T. Rowe Price Group, Inc.		2			175
					2,516
Chemicals — 4.8%
Air Products & Chemicals, Inc. (a)		3			775
Celanese Corp.		7			577

INVESTMENTS	SHARES (000)			VALUE ($000)
Chemicals — continued
Eastman Chemical Co.		11			647
FMC Corp.		5			446
Linde plc (United Kingdom)		8			1,409
					3,854
Commercial Services & Supplies — 0.2%
Waste Management, Inc.		2			196
Consumer Finance — 0.7%
American Express Co.		6			587
Diversified Telecommunication Services — 0.1%
Verizon Communications, Inc.		2			107
Electric Utilities — 3.1%
Entergy Corp.		3			284
Evergy, Inc.		8			480
NextEra Energy, Inc. (a)		5			1,054
Xcel Energy, Inc. (a)		11			684
					2,502
Electrical Equipment — 0.9%
AMETEK, Inc.		3			269
Eaton Corp. plc		6			491
					760
Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp., Class A		3			278
Entertainment — 0.8%
Electronic Arts, Inc. *		1			110
Netflix, Inc. *		1			580
					690
Equity Real Estate Investment Trusts (REITs) — 2.7%
Equinix, Inc.		1			375
Equity LifeStyle Properties, Inc.		4			228
Prologis, Inc.		11			963
Realty Income Corp.		2			87
SBA Communications Corp.		2			441
Ventas, Inc.		5			158
					2,252
Food & Staples Retailing — 0.3%
Costco Wholesale Corp.		1			205
Food Products — 0.2%
Mondelez International, Inc., Class A		3			143
Health Care Equipment & Supplies — 2.2%
Baxter International, Inc.		2			187
Becton Dickinson and Co.		—	(b)		110

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Health Care Equipment & Supplies — continued
Boston Scientific Corp. *		11		426
Medtronic plc		3		319
Zimmer Biomet Holdings, Inc.		6		730
				1,772
Health Care Providers & Services — 2.4%
Cigna Corp. (a)		5		930
McKesson Corp.		5		764
UnitedHealth Group, Inc. (a)		1		299
				1,993
Hotels, Restaurants & Leisure — 1.0%
Las Vegas Sands Corp.		5		246
Yum! Brands, Inc.		7		604
				850
Household Durables — 0.4%
Lennar Corp., Class A		6		301
Household Products — 1.0%
Kimberly-Clark Corp.		2		217
Procter & Gamble Co. (The)		5		562
				779
Industrial Conglomerates — 0.8%
Honeywell International, Inc.		5		660
Insurance — 0.7%
Arthur J Gallagher & Co.		2		172
MetLife, Inc.		3		109
Progressive Corp. (The)		4		274
				555
Interactive Media & Services — 1.9%
Alphabet, Inc., Class C * (a)		1		1,589
Internet & Direct Marketing Retail — 1.8%
Amazon.com, Inc. * (a)		1		1,499
IT Services — 7.8%
Automatic Data Processing, Inc. (a)		2		289
Booz Allen Hamilton Holding Corp.		1		103
Fidelity National Information Services, Inc. (a)		7		943
Fiserv, Inc. * (a)		7		759
FleetCor Technologies, Inc. *		4		857
Leidos Holdings, Inc. (a)		11		1,085
Mastercard, Inc., Class A (a)		2		686
PayPal Holdings, Inc. *		9		1,095
WEX, Inc. *		3		462
				6,279

INVESTMENTS	SHARES (000)		VALUE ($000)
Leisure Products — 0.1%
Hasbro, Inc.		2		112
Life Sciences Tools & Services — 0.5%
Thermo Fisher Scientific, Inc.		1		385
Machinery — 1.8%
Parker-Hannifin Corp.		3		521
Snap-on, Inc.		2		266
Stanley Black & Decker, Inc.		6		662
				1,449
Media — 2.2%
Charter Communications, Inc., Class A *		2		834
Comcast Corp., Class A		8		301
Discovery, Inc., Class A *		31		705
				1,840
Multiline Retail — 0.3%
Dollar Tree, Inc. *		3		225
Multi-Utilities — 0.3%
CMS Energy Corp.		4		250
Oil, Gas & Consumable Fuels — 3.3%
Cheniere Energy, Inc. *		3		142
Chevron Corp. (a)		10		931
Diamondback Energy, Inc.		11		471
Parsley Energy, Inc., Class A		32		305
Pioneer Natural Resources Co. (a)		4		330
TC Energy Corp. (Canada)		7		313
Williams Cos., Inc. (The)		13		248
				2,740
Pharmaceuticals — 1.2%
Bristol-Myers Squibb Co.		10		591
Eli Lilly & Co.		1		162
Merck & Co., Inc.		3		217
				970
Road & Rail — 3.8%
CSX Corp.		10		635
Kansas City Southern (a)		3		397
Lyft, Inc., Class A *		2		77
Norfolk Southern Corp. (a)		9		1,465
Union Pacific Corp.		3		555
				3,129
Semiconductors & Semiconductor Equipment — 6.9%
Advanced Micro Devices, Inc. *		8		440
Analog Devices, Inc.		5		595

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
ASML Holding NV (Registered), NYRS (Netherlands)		3			866
KLA Corp.		1			239
Lam Research Corp.		1			228
Micron Technology, Inc. *		3			151
NXP Semiconductors NV (Netherlands)		7			733
ON Semiconductor Corp. *		1			14
Qorvo, Inc. *		3			255
Skyworks Solutions, Inc.		2			228
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		17			899
Teradyne, Inc.		3			215
Texas Instruments, Inc. (a)		4			495
Xilinx, Inc.		2			194
					5,552
Software — 4.1%
Intuit, Inc. (a)		3			811
Microsoft Corp. (a)		7			1,214
Paylocity Holding Corp. *		5			611
salesforce.com, Inc. *		1			200
ServiceNow, Inc. *		2			548
					3,384
Specialty Retail — 3.7%
AutoZone, Inc. *		—	(b)		390
Best Buy Co., Inc.		4			337
Home Depot, Inc. (The)		2			381
Lowe’s Cos., Inc.		7			763
O’Reilly Automotive, Inc. * (a)		3			1,011
TJX Cos., Inc. (The)		4			183
					3,065
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc. (a)		2			635
Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc., Class B		2			175
Tobacco — 0.6%
Altria Group, Inc.		7			294
Philip Morris International, Inc.		3			194
					488
Wireless Telecommunication Services — 0.4%
T-Mobile US, Inc. *		4			358
Total Common Stocks (Cost $51,035)					62,375

INVESTMENTS	NO. OF Rights (000)			Value ($000)
Rights — 0.0% (c)
Pharmaceuticals — 0.0% (c)
Bristol-Myers Squibb Co., CVR, expiring 12/31/2020 * (Cost $13)		6			27
	Shares (000)
Short-Term Investments — 17.3%
Investment Companies — 17.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (d) (e) (Cost $14,162)		14,168			14,179
Total Long Positions (Cost $65,210)					76,581
Short Positions — (71.6)%
Common Stocks — (71.6)%
Aerospace & Defense — (1.7)%
Boeing Co. (The)		(4	)		(520	)
HEICO Corp.		(4	)		(327	)
Huntington Ingalls Industries, Inc.		(2	)		(330	)
TransDigm Group, Inc.		(1	)		(217	)
					(1,394	)
Air Freight & Logistics — (1.5)%
CH Robinson Worldwide, Inc.		(7	)		(472	)
Expeditors International of Washington, Inc.		(6	)		(401	)
United Parcel Service, Inc., Class B		(3	)		(319	)
					(1,192	)
Auto Components — (0.5)%
Autoliv, Inc. (Sweden)		(7	)		(436	)
Automobiles — (0.3)%
Ford Motor Co.		(25	)		(127	)
Harley-Davidson, Inc.		(5	)		(107	)
					(234	)
Banks — (4.2)%
Associated Banc-Corp.		(17	)		(243	)
BancorpSouth Bank		(7	)		(163	)
Bank of Hawaii Corp.		(3	)		(192	)
Commerce Bancshares, Inc.		(12	)		(705	)
M&T Bank Corp.		(4	)		(435	)
Old National Bancorp		(8	)		(117	)
People’s United Financial, Inc.		(37	)		(466	)
PNC Financial Services Group, Inc. (The)		(6	)		(665	)
US Bancorp		(11	)		(406	)
					(3,392	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Beverages — (0.1)%
Boston Beer Co., Inc. (The), Class A *		—	(b)		(104	)
Biotechnology — (0.1)%
Gilead Sciences, Inc.		(1	)		(43	)
Building Products — (0.8)%
Johnson Controls International plc		(14	)		(407	)
Lennox International, Inc.		(1	)		(276	)
					(683	)
Capital Markets — (1.7)%
Bank of New York Mellon Corp. (The)		(8	)		(289	)
Franklin Resources, Inc.		(14	)		(264	)
Northern Trust Corp.		(6	)		(439	)
Waddell & Reed Financial, Inc., Class A		(27	)		(392	)
					(1,384	)
Chemicals — (0.9)%
Albemarle Corp.		(6	)		(381	)
Ecolab, Inc.		(1	)		(270	)
PPG Industries, Inc.		(1	)		(115	)
					(766	)
Communications Equipment — (3.1)%
Cisco Systems, Inc.		(25	)		(1,053	)
Juniper Networks, Inc.		(68	)		(1,466	)
					(2,519	)
Construction Materials — (0.6)%
Martin Marietta Materials, Inc.		(1	)		(198	)
Vulcan Materials Co.		(2	)		(281	)
					(479	)
Consumer Finance — (1.0)%
Discover Financial Services		(6	)		(237	)
Synchrony Financial		(31	)		(611	)
					(848	)
Containers & Packaging — (2.4)%
AptarGroup, Inc.		(2	)		(205	)
Avery Dennison Corp.		(3	)		(294	)
International Paper Co.		(20	)		(673	)
Sealed Air Corp.		(9	)		(243	)
Sonoco Products Co.		(11	)		(557	)
					(1,972	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Diversified Telecommunication Services — (1.5)%
AT&T, Inc.		(29	)		(892	)
CenturyLink, Inc.		(29	)		(312	)
					(1,204	)
Electric Utilities — (1.8)%
Edison International		(5	)		(291	)
Exelon Corp.		(9	)		(322	)
Pinnacle West Capital Corp.		(3	)		(211	)
Southern Co. (The)		(11	)		(642	)
					(1,466	)
Electrical Equipment — (1.0)%
Acuity Brands, Inc.		(6	)		(500	)
Hubbell, Inc.		(2	)		(280	)
					(780	)
Electronic Equipment, Instruments & Components — (0.4)%
Cognex Corp.		(6	)		(330	)
Energy Equipment & Services — (1.3)%
Baker Hughes Co.		(12	)		(171	)
Halliburton Co.		(62	)		(648	)
Schlumberger Ltd.		(14	)		(234	)
					(1,053	)
Entertainment — (3.3)%
Activision Blizzard, Inc.		(4	)		(227	)
Cinemark Holdings, Inc.		(22	)		(315	)
Spotify Technology SA *		(6	)		(975	)
Take-Two Interactive Software, Inc. *		(1	)		(115	)
Walt Disney Co. (The)		(10	)		(1,064	)
					(2,696	)
Equity Real Estate Investment Trusts (REITs) — (3.2)%
Apple Hospitality REIT, Inc.		(7	)		(71	)
Crown Castle International Corp.		(1	)		(228	)
Extra Space Storage, Inc.		(3	)		(225	)
Iron Mountain, Inc.		(26	)		(632	)
Macerich Co. (The)		(7	)		(55	)
Public Storage		(1	)		(201	)
Simon Property Group, Inc.		(11	)		(748	)
Vornado Realty Trust		(6	)		(250	)
Welltower, Inc.		(4	)		(192	)
					(2,602	)
Food & Staples Retailing — (0.4)%
Sysco Corp.		(6	)		(347	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Food Products — (1.0)%
Campbell Soup Co.		(12	)		(583	)
General Mills, Inc.		(4	)		(243	)
					(826	)
Health Care Equipment & Supplies — (2.2)%
Abbott Laboratories		(8	)		(718	)
Dentsply Sirona, Inc.		(4	)		(164	)
Stryker Corp.		(4	)		(688	)
Varian Medical Systems, Inc. *		(2	)		(240	)
					(1,810	)
Health Care Providers & Services — (2.0)%
AmerisourceBergen Corp.		(8	)		(710	)
Henry Schein, Inc. *		(15	)		(794	)
Patterson Cos., Inc.		(10	)		(175	)
					(1,679	)
Health Care Technology — (0.9)%
Cerner Corp.		(11	)		(731	)
Hotels, Restaurants & Leisure — (0.9)%
Chipotle Mexican Grill, Inc. *		—	(b)		(261	)
Starbucks Corp.		(7	)		(509	)
					(770	)
Household Durables — (0.3)%
Toll Brothers, Inc.		(9	)		(213	)
Household Products — (1.7)%
Clorox Co. (The)		(7	)		(1,379	)
Industrial Conglomerates — (1.5)%
3M Co.		(5	)		(687	)
General Electric Co.		(83	)		(566	)
					(1,253	)
Insurance — (2.1)%
Aflac, Inc.		(14	)		(512	)
Aon plc		(1	)		(204	)
Everest Re Group Ltd.		(2	)		(378	)
Globe Life, Inc.		(5	)		(391	)
Principal Financial Group, Inc.		(5	)		(197	)
					(1,682	)
Interactive Media & Services — (0.9)%
Twitter, Inc. *		(26	)		(735	)
IT Services — (3.0)%
EPAM Systems, Inc. *		(1	)		(241	)
Jack Henry & Associates, Inc.		(2	)		(385	)

INVESTMENTS	SHARES (000)			VALUE ($000)
IT Services — continued
Paychex, Inc.		(11	)		(767	)
Western Union Co. (The)		(57	)		(1,082	)
					(2,475	)
Life Sciences Tools & Services — (1.8)%
Agilent Technologies, Inc.		(8	)		(588	)
Mettler-Toledo International, Inc. *		(1	)		(389	)
Waters Corp. *		(3	)		(510	)
					(1,487	)
Machinery — (2.4)%
Caterpillar, Inc.		(6	)		(654	)
Donaldson Co., Inc.		(12	)		(523	)
Illinois Tool Works, Inc.		(4	)		(577	)
PACCAR, Inc.		(3	)		(204	)
					(1,958	)
Media — (2.9)%
Fox Corp., Class A		(7	)		(184	)
Interpublic Group of Cos., Inc. (The)		(20	)		(343	)
Omnicom Group, Inc.		(18	)		(1,038	)
Sirius XM Holdings, Inc.		(131	)		(777	)
					(2,342	)
Multiline Retail — (1.1)%
Kohl’s Corp.		(14	)		(268	)
Macy’s, Inc.		(65	)		(383	)
Nordstrom, Inc.		(13	)		(242	)
					(893	)
Multi-Utilities — (1.4)%
Consolidated Edison, Inc.		(9	)		(689	)
Public Service Enterprise Group, Inc.		(10	)		(498	)
					(1,187	)
Oil, Gas & Consumable Fuels — (4.1)%
Enbridge, Inc. (Canada)		(15	)		(452	)
Exxon Mobil Corp.		(17	)		(790	)
Hess Corp.		(16	)		(784	)
HollyFrontier Corp.		(6	)		(193	)
Marathon Oil Corp.		(27	)		(164	)
Occidental Petroleum Corp.		(53	)		(885	)
Valero Energy Corp.		(1	)		(63	)
					(3,331	)
Paper & Forest Products — (0.3)%
Domtar Corp.		(12	)		(280	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Personal Products — (0.2)%
Coty, Inc., Class A		(35	)		(192	)
Professional Services — (1.2)%
Robert Half International, Inc.		(21	)		(974	)
Road & Rail — (1.3)%
Heartland Express, Inc.		(20	)		(397	)
JB Hunt Transport Services, Inc.		(4	)		(427	)
Schneider National, Inc., Class B		(10	)		(210	)
					(1,034	)
Semiconductors & Semiconductor Equipment — (1.3)%
Broadcom, Inc.		(1	)		(217	)
Intel Corp.		(5	)		(270	)
QUALCOMM, Inc.		(7	)		(585	)
					(1,072	)
Software — (1.0)%
Oracle Corp.		(8	)		(430	)
Splunk, Inc. *		(2	)		(331	)
Teradata Corp. *		(4	)		(89	)
					(850	)
Specialty Retail — (0.8)%
Bed Bath & Beyond, Inc.		(21	)		(130	)
CarMax, Inc. *		(1	)		(77	)
Gap, Inc. (The)		(6	)		(49	)
Williams-Sonoma, Inc.		(6	)		(392	)
					(648	)
Technology Hardware, Storage & Peripherals — (3.0)%
NetApp, Inc.		(32	)		(1,414	)
Seagate Technology plc		(9	)		(428	)
Western Digital Corp.		(10	)		(445	)
Xerox Holdings Corp.		(10	)		(192	)
					(2,479	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Textiles, Apparel & Luxury Goods — (0.2)%
Canada Goose Holdings, Inc. (Canada)*		(2	)		(49	)
Hanesbrands, Inc.		(13	)		(131	)
					(180	)
Trading Companies & Distributors — (0.3)%
Fastenal Co.		(7	)		(263	)
Total Common Stocks (Proceeds $(64,173))					(58,647	)
Total Short Positions (Proceeds $(64,173))					(58,647	)
Total Investments — 21.9% (Cost $1,037)					17,934
Other Assets Less Liabilities — 78.1%					64,011
NET ASSETS — 100.0%					81,945

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
CVR	Contingent Value Rights
NYRS	New York Registry Shares
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 and cash segregated as collateral is approximately $14,141,000 and $63,226,000 respectively.
(b)	Amount rounds to less than one thousand.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020 (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

(8

)

06/2020

USD

(1,161

)

(25

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 17

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (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	$	245,749	$	62,402
Investments in affiliates, at value		81,005		14,179
Cash		—		2,678
Deposits at broker for futures contracts		—		250
Deposits at broker for securities sold short		79,761		63,226
Receivables:
Investment securities sold		21,074		4,308
Fund shares sold		1,347		1,309
Dividends from non-affiliates		42		52
Dividends from affiliates		60		12
Variation margin on futures contracts		—		18
Total Assets		429,038		148,434
LIABILITIES:
Payables:
Due to broker		89		2,677
Securities sold short, at value		76,873		58,647
Dividend expense to non-affiliates on securities sold short		—		69
Investment securities purchased		26,439		4,756
Interest expense to non-affiliates on securities sold short		17		10
Fund shares redeemed		2,465		215
Accrued liabilities:
Investment advisory fees		285		28
Administration fees		17		1
Distribution fees		4		5
Service fees		27		13
Custodian and accounting fees		15		11
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)
Other		70		57
Total Liabilities		106,301		66,489
Net Assets	$	322,737	$	81,945

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	301,219		$	96,086
Total distributable earnings (loss)		21,518			(14,141	)
Total Net Assets	$	322,737		$	81,945
Net Assets:
Class A	$	13,449		$	15,849
Class C		2,496			2,703
Class I		122,947			43,590
Class L		—			19,803
Class R6		183,845			—
Total	$	322,737		$	81,945
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		735			1,253
Class C		141			235
Class I		6,633			3,248
Class L		—			1,436
Class R6		9,798			—
Net Asset Value (a):
Class A — Redemption price per share	$	18.28		$	12.65
Class C — Offering price per share (b)		17.75			11.48
Class I — Offering and redemption price per share		18.53			13.42
Class L — Offering and redemption price per share		—			13.79
Class R6 — Offering and redemption price per share		18.76			—
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	19.29		$	13.35
Cost of investments in non-affiliates	$	208,883		$	51,048
Cost of investments in affiliates		80,949			14,162
Proceeds from securities sold short		76,334			64,173

(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, 2020 J.P. MORGAN SPECIALTY FUNDS 19

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)
Interest income from non-affiliates on securities sold short		221			199
Dividend income from non-affiliates		905			365
Dividend income from affiliates		540			69
Total investment income		1,666			633
EXPENSES:
Investment advisory fees		1,860			173
Administration fees		116			22
Distribution fees:
Class A		19			17
Class C		10			11
Service fees:
Class A		19			17
Class C		3			4
Class I		154			32
Class L		—			8
Custodian and accounting fees		16			14
Interest expense to affiliates		—	(a)		—	(a)
Professional fees		48			31
Trustees’ and Chief Compliance Officer’s fees		13			13
Printing and mailing costs		5			14
Registration and filing fees		49			27
Transfer agency fees (See Note 2.H.)		4			5
Dividend expense to non-affiliates on securities sold short		826			685
Other		5			4
Total expenses		3,147			1,077
Less fees waived		(99	)		(96	)
Net expenses		3,048			981
Net investment income (loss)		(1,382	)		(348	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,442			3,847
Investments in affiliates		(42	)		(3	)
Options purchased		(255	)		—
Futures contracts		—			796
Securities sold short		3,300			792
Net realized gain (loss)		7,445			5,432
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		13,163			(573	)
Investments in affiliates		42			14
Futures contracts		—			(26	)
Securities sold short		(377	)		300
Change in net unrealized appreciation/depreciation		12,828			(285	)
Net realized/unrealized gains (losses)		20,273			5,147
Change in net assets resulting from operations	$	18,891		$	4,799

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

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, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,382	)	$	1,539		$	(348	)	$	108
Net realized gain (loss)		7,445			(16,144	)		5,432			26,257
Change in net unrealized appreciation/depreciation		12,828			6,014			(285	)		(23,376	)
Change in net assets resulting from operations		18,891			(8,591	)		4,799			2,989
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			(720	)		(1,556	)		(1,481	)
Class C		—			(66	)		(450	)		(543	)
Class I		(191	)		(2,975	)		(2,515	)		(3,249	)
Class L		—			—			(1,689	)		(8,556	)
Class R2 (a)		—			—	(b)		—			—
Class R5 (a)		—			—	(b)		—			—
Class R6		(727	)		(1,030	)		—			—
Total distributions to shareholders		(918	)		(4,791	)		(6,210	)		(13,829	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(14,271	)		70,324			20,959			(111,968	)
NET ASSETS:
Change in net assets		3,702			56,942			19,548			(122,808	)
Beginning of period		319,035			262,093			62,397			185,205
End of period	$	322,737		$	319,035		$	81,945		$	62,397

(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, 2020 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, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,779		$	4,832		$	3,887		$	3,101
Distributions reinvested		—			717			1,458			1,394
Cost of shares redeemed		(8,655	)		(35,501	)		(3,379	)		(4,003	)
Change in net assets resulting from Class A capital transactions	$	(6,876	)	$	(29,952	)	$	1,966		$	492
Class C
Proceeds from shares issued	$	182		$	825		$	658		$	446
Distributions reinvested		—			66			426			506
Cost of shares redeemed		(409	)		(1,660	)		(1,901	)		(2,914	)
Change in net assets resulting from Class C capital transactions	$	(227	)	$	(769	)	$	(817	)	$	(1,962	)
Class I
Proceeds from shares issued	$	57,856		$	145,908		$	42,380		$	11,144
Distributions reinvested		185			2,820			2,407			3,139
Cost of shares redeemed		(75,242	)		(159,718	)		(28,498	)		(18,992	)
Change in net assets resulting from Class I capital transactions	$	(17,201	)	$	(10,990	)	$	16,289		$	(4,709	)
Class L
Proceeds from shares issued	$	—		$	—		$	10,085		$	2,711
Distributions reinvested		—			—			1,660			8,526
Cost of shares redeemed		—			—			(8,224	)		(117,026	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	3,521		$	(105,789	)
Class R2 (a)
Proceeds from shares issued	$	—		$	4		$	—		$	—
Distributions reinvested		—			—	(b)		—			—
Cost of shares redeemed		—			(28	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	—		$	(24	)	$	—		$	—
Class R5 (a)
Distributions reinvested	$	—		$	—	(b)	$	—		$	—
Cost of shares redeemed		—			(24	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	—		$	(24	)	$	—		$	—
Class R6
Proceeds from shares issued	$	48,129		$	125,697		$	—		$	—
Distributions reinvested		131			375			—			—
Cost of shares redeemed		(38,227	)		(13,989	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	10,033		$	112,083		$	—		$	—
Total change in net assets resulting from capital transactions	$	(14,271	)	$	70,324		$	20,959		$	(111,968	)

(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, 2020

	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		99			273			316			225
Reinvested		—			40			126			106
Redeemed		(480	)		(1,985	)		(278	)		(290	)
Change in Class A Shares		(381	)		(1,672	)		164			41
Class C
Issued		11			47			58			34
Reinvested		—			4			40			42
Redeemed		(24	)		(96	)		(172	)		(229	)
Change in Class C Shares		(13	)		(45	)		(74	)		(153	)
Class I
Issued		3,198			8,147			3,217			765
Reinvested		10			156			196			228
Redeemed		(4,121	)		(8,966	)		(2,172	)		(1,325	)
Change in Class I Shares		(913	)		(663	)		1,241			(332	)
Class L
Issued		—			—			744			183
Reinvested		—			—			132			603
Redeemed		—			—			(622	)		(8,081	)
Change in Class L Shares		—			—			254			(7,295	)
Class R2 (a)
Issued		—			—	(b)		—			—
Reinvested		—			—	(b)		—			—
Redeemed		—			(1	)		—			—
Change in Class R2 Shares		—			(1	)		—			—
Class R5 (a)
Reinvested		—			—	(b)		—			—
Redeemed		—			(1	)		—			—
Change in Class R5 Shares		—			(1	)		—			—
Class R6
Issued		2,625			6,949			—			—
Reinvested		7			20			—			—
Redeemed		(2,057	)		(775	)		—			—
Change in Class R6 Shares		575			6,194			—			—

(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, 2020 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 investment income			Net realized gain			Total distributions
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	17.34	$	(0.11	)	$	1.05		$	0.94		$	—		$	—		$	—
Year Ended October 31, 2019		18.22		—	(g)		(0.55	)		(0.55	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		18.13		(0.21	)		0.53			0.32			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		17.12		(0.19	)		2.46			2.27			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.37		(0.16	)		0.07			(0.09	)		—			(0.16	)		(0.16	)
Year Ended October 31, 2015		15.75		(0.25	)		1.93			1.68			—			(0.06	)		(0.06	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		16.87		(0.15	)		1.03			0.88			—			—			—
Year Ended October 31, 2019		17.83		(0.08	)		(0.55	)		(0.63	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		17.83		(0.29	)		0.52			0.23			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		16.94		(0.27	)		2.42			2.15			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.27		(0.24	)		0.07			(0.17	)		—			(0.16	)		(0.16	)
Year Ended October 31, 2015		15.73		(0.37	)		1.97			1.60			—			(0.06	)		(0.06	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		17.58		(0.09	)		1.07			0.98			(0.03	)		—			(0.03	)
Year Ended October 31, 2019		18.43		0.07			(0.59	)		(0.52	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		18.28		(0.16	)		0.54			0.38			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		17.21		(0.14	)		2.47			2.33			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.42		(0.12	)		0.07			(0.05	)		—			(0.16	)		(0.16	)
Year Ended October 31, 2015		15.75		(0.26	)		1.99			1.73			—			(0.06	)		(0.06	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		17.83		(0.07	)		1.08			1.01			(0.08	)		—			(0.08	)
Year Ended October 31, 2019		18.63		0.17			(0.64	)		(0.47	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		18.44		(0.12	)		0.54			0.42			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		17.31		(0.10	)		2.49			2.39			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.48		(0.08	)		0.07			(0.01	)		—			(0.16	)		(0.16	)
Year Ended October 31, 2015		15.76		(0.23	)		2.01			1.78			—			(0.06	)		(0.06	)

(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 1.80% and 1.87% for the six months ended April 30, 2020, 1.79% and 1.90% for the year ended October 31, 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 and 1.81% and 2.20% for the year ended October 31, 2015; for Class C are 2.30% and 2.40% for the period ended April 30, 2020, 2.28% and 2.39% for the year ended October 31, 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 and 2.39% and 3.18% for the year ended October 31, 2015; for Class I are 1.55% and 1.62% for the period ended April 30, 2020, 1.53% and 1.64% for the year ended October 31, 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 and 1.66% and 2.20% for the year ended October 31, 2015; for Class R6 are 1.30% and 1.36% for the period ended April 30, 2020, 1.29% and 1.39% for the year ended October 31, 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 and 1.47% and 3.39% for the year ended October 31, 2015, respectively.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

		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)
$	18.28		5.42	%	$	13,449		2.33	%		(1.21	)%		2.40	%		223	%		493	%
	17.34		(3.10	)		19,352		2.25			0.00	(h)		2.36			636			1232
	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	(i)		(1.70	)(i)		2.77	(i)		347			734
	17.75		5.22			2,496		2.83			(1.75	)		2.93			223			493
	16.87		(3.62	)		2,599		2.74			(0.45	)		2.85			636			1232
	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	(i)		(2.17	)(i)		3.75	(i)		347			734
	18.53		5.55			122,947		2.08			(1.00	)		2.15			223			493
	17.58		(2.89	)		132,665		1.99			0.40			2.10			636			1232
	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	(i)		(1.53	)(i)		2.77	(i)		347			734
	18.76		5.66			183,845		1.83			(0.76	)		1.89			223			493
	17.83		(2.59	)		164,419		1.75			0.91			1.85			636			1232
	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	(i)		(1.27	)(i)		3.96	(i)		347			734

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 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, 2020 (Unaudited)	$	13.11	$	(0.08	)	$	1.10		$	1.02		$	(1.48	)
Year Ended October 31, 2019		14.29		(0.04	)		0.31			0.27			(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	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		12.06		(0.10	)		1.00			0.90			(1.48	)
Year Ended October 31, 2019		13.32		(0.10	)		0.29			0.19			(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	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		13.80		(0.08	)		1.18			1.10			(1.48	)
Year Ended October 31, 2019		14.93		—	(g)		0.32			0.32			(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	)
Class L
Six Months Ended April 30, 2020 (Unaudited)		14.13		(0.07	)		1.21			1.14			(1.48	)
Year Ended October 31, 2019		15.24		0.04			0.30			0.34			(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	)

(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 1.22% and 1.58% for the six months ended April 30, 2020, 1.22% and 1.62% for the year ended October 31, 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 and 1.43% and 1.89% for the year ended October 31, 2015; for Class C are 1.72% and 2.07% for the period ended April 30, 2020, 1.73% and 2.09% for the year ended October 31, 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 and 1.90% and 2.32% for the year ended October 31, 2015; for Class I are 0.96% and 1.28% for the period ended April 30, 2020, 0.96% and 1.32% for the year ended October 31, 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 and 1.18% and 1.57% for the year ended October 31, 2015; for Class L are 0.82% and 1.14% for the period ended April 30, 2020, 0.83% and 1.13% for the year ended October 31, 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 and 0.95% and 1.44% for the year ended October 31, 2015, respectively.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

		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)
$	12.65		8.85	%	$	15,849		3.59	%		(1.32	)%		3.95	%		138	%		305	%
	13.11		2.01			14,276		3.69			(0.26	)		4.09			125			356
	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
	11.48		8.60			2,703		4.09			(1.70	)		4.44			138			305
	12.06		1.52			3,731		4.20			(0.74	)		4.56			125			356
	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
	13.42		8.99			43,590		3.33			(1.23	)		3.65			138			305
	13.80		2.27			27,694		3.43			0.01			3.79			125			356
	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
	13.79		9.07			19,803		3.19			(0.94	)		3.51			138			305
	14.13		2.36			16,696		3.30			0.26			3.60			125			356
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (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	Diversification Classification
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 the JPMorgan Opportunistic Equity Long/Short Fund (“Opportunistic Equity Long/Short Fund”) is to seek capital appreciation.

The investment objective of the 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.

Prior to January 23, 2015, Opportunistic Equity Long/Short 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 Class L 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, 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. 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, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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”) (“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, 2020

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)	$	326,754		$	—	$	—	$	326,754
Total Liabilities for Securities Sold Short (a)	$	(76,873	)	$	—	$	—	$	(76,873	)
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)	$	76,581		$	—	$	—	$	76,581
Total Liabilities for Securities Sold Short (a)	$	(58,647	)	$	—	$	—	$	(58,647	)
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(25	)	$	—	$	—	$	(25	)

(a) Please refer to the SOI for specifics of portfolio holdings.

B. Securities Lending —The Funds are 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.

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

The Funds did not lend out any securities during the six months ended April 30, 2020.

C. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. 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, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a) (b)	$	94,829	$	382,486	$	396,310	$	(42	)	$	42	$	81,005		80,940	$	540	$	—
Research Market Neutral Fund
	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a) (b)	$	9,419	$	113,756	$	109,007	$	(3	)	$	14	$	14,179		14,168	$	69	$	—

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

(b) The rate shown is the current yield as of April 30, 2020.

D. 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, 2020 (amounts in thousands):

	Opportunistic Equity Long/Short Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		120	(a)

(a) For the period November 1, 2019 through November 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).

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

30 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

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, 2020 (amounts in thousands):

	Research Market Neutral Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	900	(a)
Average Notional Balance Short		1,119
Ending Notional Balance Short		1,161

(a) For the period March 1, 2020 through March 31, 2020.

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).

F. 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, 2020, the Funds had outstanding short sales as listed on their SOIs.

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.

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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 applicable funds. 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 share class of the Funds for the six months ended April 30, 2020 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class L		Class R6			Total
Opportunistic Equity Long/Short Fund
Transfer agency fees	$	1	$	—	(a)	$	3		n/a	$	—	(a)	$	4
Research Market Neutral Fund
Transfer agency fees		3		—	(a)		1	$	1		n/a			5

(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, 2020, 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 Fund’s Federal tax returns for the prior three fiscal years 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.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory 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	0.60

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 each Fund. In consideration of these services, 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. For the six months ended April 30, 2020, 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 each Fund’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, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund

32 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

shall pay, with respect to the applicable share classes, 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
Opportunistic Equity Long/Short Fund		0.25	%		0.75	%
Research Market Neutral 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, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Opportunistic Equity Long/Short Fund	$	2		$	—	(a)
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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except 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
Opportunistic Equity Long/Short Fund		0.25	%		0.25	%		0.25	%		n/a
Research Market Neutral Fund		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 Funds. Pursuant to such contracts, 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.

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 R6
Opportunistic Equity Long/Short Fund		1.85	%		2.35	%		1.60	%		n/a			1.35	%
Research Market Neutral Fund(1)		1.25			1.75			0.99			0.85	%		n/a

⁽¹⁾   Effective June 1, 2020, the contractual expense limitation decreased to 0.95%, 1.45% and 0.69% for Class A, Class C and Class I Shares, respectively, and are in place until at least May 31, 2021 for Class A and Class C Shares, and May 31, 2022 for Class I Shares.

The expense limitation agreements were in effect for the six months ended April 30, 2020 and are in place until at least February 28, 2021.

For the six months ended April 30, 2020, 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
Opportunistic Equity Long/Short Fund	$	12	$	8	$	4	$	24
Research Market Neutral Fund		62		21		4		87

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (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

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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, 2020 were as follows (amounts in thousands):

Opportunistic Equity Long/Short Fund	$	75
Research Market Neutral Fund		9

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.

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, 2020, 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	$	532,320	$	519,982	$	643,136	$	616,037
Research Market Neutral Fund		73,493		67,345		83,196		75,548

During the six months ended April 30, 2020, 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, 2020 were as follows (amounts in thousands):

	Aggregate Cost*		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	213,498	$	37,894	$	1,511	$	36,383
Research Market Neutral Fund		1,037		19,563		2,691		16,872

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

As of October 31, 2019, the following Funds had capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Opportunistic Equity Long/Short Fund	$	14,061		$	—
Research Market Neutral Fund		33,682	*		—

* Amount includes capital loss carry forwards which are limited in future years under Internal Revenue Code sections 381-384.

During the year ended October 31, 2019, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
Research Market Neutral Fund	$	2,302	$	—

34 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

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 Funds had no borrowings outstanding from another fund during the six months ended April 30, 2020.

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 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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 London InterBank Offered Rate (“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 13, 2019, 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, 2020.

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, 2020, 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		2		58.3	%
Research Market Neutral Fund		3		49.1

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.

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

As of April 30, 2020, 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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Events

On May 12, 2020, the Board of Trustees approved the conversion of the Research Market Neutral Fund’s Class L Shares into Class I Shares, which is scheduled to occur on or about July 2, 2020. Additionally, on May 12, 2020, the Board of Trustees approved changes to the investment advisory fee and the expense limitation agreement for the Research Market Neutral Fund. Effective June 1, 2020, the investment advisory fee for the Research Market Neutral Fund was reduced from 0.60% to 0.35%.

36 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

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, 2019, and continued to hold your shares at the end of the reporting period, April 30, 2020.

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 titled “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, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Actual	$	1,000.00	$	1,054.20	$	11.90		2.33	%
Hypothetical		1,000.00		1,013.28		11.66		2.33
Class C
Actual		1,000.00		1,052.20		14.44		2.83
Hypothetical		1,000.00		1,010.79		14.15		2.83
Class I
Actual		1,000.00		1,055.50		10.63		2.08
Hypothetical		1,000.00		1,014.52		10.42		2.08
Class R6
Actual		1,000.00		1,056.60		9.36		1.83
Hypothetical		1,000.00		1,015.76		9.17		1.83
JPMorgan Research Market Neutral Fund
Class A
Actual		1,000.00		1,088.50		18.64		3.59
Hypothetical		1,000.00		1,007.01		17.91		3.59
Class C
Actual		1,000.00		1,086.00		21.21		4.09
Hypothetical		1,000.00		1,004.53		20.38		4.09
Class I
Actual		1,000.00		1,089.90		17.30		3.33
Hypothetical		1,000.00		1,008.30		16.63		3.33
Class L
Actual		1,000.00		1,090.70		16.58		3.19
Hypothetical		1,000.00		1,009.00		15.93		3.19

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

APRIL 30, 2020 J.P. MORGAN SPECIALTY FUNDS 37

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

38 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2020

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., 2020. All rights reserved. April 2020. SAN-SPEC-420

Semi-Annual Report

J.P. Morgan International Equity Funds

April 30, 2020 (Unaudited)

JPMorgan Emerging Markets Equity Fund

JPMorgan Emerging Markets Research Enhanced Equity Fund

JPMorgan Europe Dynamic Fund

JPMorgan International Advantage Fund

JPMorgan International Equity Fund

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

JPMorgan International Hedged Equity Fund

JPMorgan International Research Enhanced 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

Letter to Shareholders	1
Market Overview	2
Fund Commentaries/Summaries:
JPMorgan Emerging Markets Equity Fund	3
JPMorgan Emerging Markets Research Enhanced Equity Fund	7
JPMorgan Europe Dynamic Fund	9
JPMorgan International Advantage Fund	12
JPMorgan International Equity Fund	14
JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)	16
JPMorgan International Hedged Equity Fund	19
JPMorgan International Research Enhanced Equity Fund	21
JPMorgan International Value Fund	23
Schedules of Portfolio Investments	26
Financial Statements	60
Financial Highlights	84
Notes to Financial Statements	102
Schedule of Shareholder Expenses	127
Liquidity Risk Management Program	131

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.

LETTER TO SHAREHOLDERS

June 11, 2020 (Unaudited)

Dear Shareholders,

Many have faced significant challenges since my last letter, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. While many have endured uncertainty and abrupt changes in their personal and professional lives related to these challenges, you can be confident that J.P. Morgan Asset Management is well-prepared for adverse events and is taking action to ensure that our clients and mutual fund shareholders continue to receive the service that is the foundation of our enterprise.

  “Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions.” — Andrea L. Lisher

Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions. While our own employees transitioned to working from home, they worked tirelessly to

guide our clients and shareholders through this unprecedented time. We are here for you — our clients and fund shareholders — regardless of the economic, market or social and civic environment. That’s how we have always operated and we will not waiver in that commitment.

JPMorgan Chase & Co. has also recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion, recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion website.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

While developed equity markets generally rallied in the final months of 2019, the global response to the COVID-19 pandemic led to a dramatic increase in financial market volatility and drove asset prices sharply lower in February and March of 2020 before equity prices posted a small rebound in April.

Global equity markets, led by the U.S. and Europe, largely recorded gains for the final two months of 2019 on the back of accommodative policies from leading central banks and investor expectations of a reduction in trade tensions. Even as economic data showed slowing or flat growth in China, Europe and the U.S. in the final quarter of 2019, there were no indicators that the longest recorded economic expansion in the U.S. would necessarily end. In the second half of December 2019, the U.S. and China reached a “Phase One” agreement that reduced trade tariffs and headed off the implementation of new tariffs. Combined with less aggressive U.S. trade rhetoric toward Mexico and toward European and Japanese auto industries, the U.S.-China trade agreement fueled price gains in developed equity markets.

In the U.K., the Conservative Party won a large majority in national elections in December, which appeared to remove investor concerns about the possibility of a non-negotiated “hard Brexit” departure from the EU. Equity prices in the U.K. and the British pound briefly rallied on the election result.

Early January 2020 saw continued investor support for global equities that weathered a brief flare up of military tension between the U.S. and Iran. However, investor sentiment began to turn as the outbreak of COVID-19 began to impact large parts of China’s economy. Emerging markets equities led a slump in global equity markets and U.S. and European government bonds largely gained. Notably, prices for benchmark Brent crude oil plummeted 11.9% in January amid shrinking demand from China and other economies hit by the pandemic.

U.S. equity prices found support in early February as companies began to report better-than-expected earnings from the final quarter of 2019. By the end of the month, global equity prices had fallen significantly and global demand for petroleum had declined for the first time since the 2009 financial crisis. China’s central bank responded to the impact of COVID-19 by cutting the prime lending rate and regional authorities across China enacted a range of actions to counter the sharp drop in economic activity. By the end of February, yields on benchmark 10-year U.S. Treasury bonds had fallen to a record low 1.1% as investors sought the perceived safety of government-backed bonds.

The month of March proved to be worse for global equities and a range of other asset classes as COVID-19 was declared a pandemic and national, regional and municipal governments implemented at-home quarantines and a range of other actions designed to prevent hospitals and health care systems from being overwhelmed. The U.S. Federal Reserve slashed interest rates, restarted its quantitative easing or asset purchasing program, and unleashed an array of programs to maintain liquidity and functioning in short-term commercial debt markets. The European Central Bank also stepped in to shore up economic activity via negative interest rates and a commitment to continue purchasing assets until no longer necessary. Statements of broad support from both central banks, along with fiscal stimulus and/or wage protection policies from national governments across the globe, helped to reduce record high volatility in financial markets. However, leading equity indexes lost 20% or more of their value during the first quarter of 2020. Corporate bond prices generally fell and the prices of Brent crude oil ended the first quarter down by 60%. Only developed market sovereign bonds and commodity gold experienced price appreciation in March 2020.

Global equity markets rebounded slightly in April and fixed income markets rallied somewhat as investors reacted positively to the actions of central banks and national governments to mitigate the economic impact of the pandemic. Price gains were seen in large cap technology stocks and pharmaceutical sector stocks. Fixed income investments benefitted from accommodative central bank policies and high quality corporate credit outperformed government bonds for the month. However, a glut in global petroleum markets sent futures prices for benchmark West Texas Intermediate crude oil into negative territory.

For the six months ended April 30, 2020, the S&P 500 Index returned -3.16%, the MSCI EAFE Index returned -14.00% and the MSCI Emerging Markets Index returned 10.39%. Among bond market indexes, the Bloomberg Barclays U.S. Aggregate Index returned 4.86% and the Bloomberg Barclays Emerging Markets Index returned -5.69%.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(10.07)%
MSCI Emerging Markets Index (net of foreign withholding taxes)		(10.50)%
Net Assets as of 4/30/2020 (In Thousands)	$	7,785,761

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, 2020.

By sector, the Fund’s underweight allocation to the energy sector and its security selection in the communication services sector were leading contributors to performance relative to the Benchmark, while the Fund’s overweight allocation and security selection in the financials sector and its overweight allocation to the consumer staples sector were leading detractors from relative performance.

By country, the Fund’s overweight allocations to China and Belarus were leading contributors to performance relative to the Benchmark, while the Fund’s overweight allocation and security selection in India and its underweight allocation to Taiwan were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in EPAM Systems Inc., its overweight position in Wuxi Biologics (Cayman) Inc., and its underweight position in Petroleo Brasiliero SA. Shares of EPAM Systems, a U.S.-based global provider of software development and platform engineering services, rose after the company raised its forecast for first quarter 2020 results. Shares of Wuxi Biologics (Cayman), a Chinese developer of biological testing and drug research, rose amid investor expectations of increased demand for its products and services

in response to the COVID-19 pandemic. Shares of Petroleo Brasiliero, a Brazilian oil & natural gas producer, fell amid a global decline in demand for petroleum and a sharp drop in oil prices in 2020.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark positions in IndusInd Bank Ltd. and HDFC Bank Ltd., and its overweight position in Grupo Financiero Banorte SA de CV. Shares of IndusInd Bank and HDFC Bank, both Indian banking and financial services providers, fell amid investor expectations at-home quarantine orders issued by the Indian government in response to the COVID-19 pandemic would lead to a sharp contraction in the India’s economy. Shares of Grupo Financiero Banorte, a Mexican banking and financial services company, fell amid investor expectations for a sharp contraction in Mexico’s economy in response to the COVID-19 pandemic.

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 allocations relative to the Benchmark were in the financials and consumer staples sectors and its largest relative underweight allocations were in the energy and materials sectors. The Fund’s largest country overweight allocations relative to the Benchmark were in India and China and its largest relative underweight allocations were in South Korea and Taiwan.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alibaba Group Holding Ltd., ADR (China)	5.8	%
	2.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	5.3
	3.	Tencent Holdings Ltd. (China)	4.9
	4.	Samsung Electronics Co. Ltd. (South Korea)	4.1
	5.	Housing Development Finance Corp. Ltd. (India)	3.1
	6.	EPAM Systems, Inc. (United States)	3.1
	7.	AIA Group Ltd. (Hong Kong)	3.0
	8.	Ping An Insurance Group Co. of China Ltd., Class H (China)	2.5
	9.	Tata Consultancy Services Ltd. (India)	2.4
	10.	NetEase, Inc., ADR (China)	2.4

PORTFOLIO COMPOSITION BY COUNTRY***
China	34.9	%
India	16.3
Taiwan	8.9
Hong Kong	6.4
South Korea	5.5
Brazil	4.8
United States	3.1
Mexico	2.4
Argentina	2.2
Indonesia	2.1
South Africa	1.7
Portugal	1.6
Hungary	1.5
Macau	1.3
Turkey	1.2
Others (each less than 1.0%)	2.9
Short-Term Investments	3.2

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

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

*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			(14.98	)%		(12.50	)%		2.71	%		2.21	%
Without Sales Charge			(10.26	)		(7.65	)		3.82			2.77
CLASS C SHARES	February 28, 2006
With CDSC***			(11.48	)		(9.14	)		3.30			2.25
Without CDSC			(10.48	)		(8.14	)		3.30			2.25
CLASS I SHARES	September 10, 2001		(10.14	)		(7.43	)		4.07			3.02
CLASS L SHARES	November 15, 1993		(10.07	)		(7.33	)		4.21			3.17
CLASS R2 SHARES	July 31, 2017		(10.37	)		(7.93	)		3.59			2.65
CLASS R3 SHARES	July 31, 2017		(10.25	)		(7.70	)		3.80			2.76
CLASS R4 SHARES	July 31, 2017		(10.17	)		(7.49	)		4.04			3.00
CLASS R5 SHARES	September 9, 2016		(10.08	)		(7.32	)		4.22			3.17
CLASS R6 SHARES	December 23, 2013		(10.05	)		(7.24	)		4.32			3.23

* 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.

TEN YEAR PERFORMANCE (4/30/10 TO 4/30/20)

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 dates 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 and the MSCI Emerging Markets Index (net of foreign withholding taxes) from April 30, 2010 to April 30, 2020. 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 (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI Emerging Markets 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 emerging markets. Investors cannot invest directly in an index.

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 applicable 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 on gains resulting from redemptions of Fund shares.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

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.

6 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R6 Shares)*		(11.73)%
MSCI Emerging Markets Index (net of foreign withholding taxes)		(10.50)%
Net Assets as of 4/30/2020 (In Thousands)	$	2,382,905

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 underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

By sector, the Fund’s security selection in the financials and industrials sectors was a leading contributor to relative performance, while the Fund’s security selection in the energy and consumer discretionary sectors was a leading detractor from relative performance.

By country, the Fund’s security selection in South Korea and Taiwan was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in Saudi Arabia and Poland was a leading contributor relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Itau Unibanco Holding SA, CVC Brasil Operadora SA and China Oilfield Services Ltd. Shares of Itau Unibanco Holding, a Brazilian banking and financial services company, fell amid investor expectations for a sharp contraction in Brazil’s economy in response to the COVID-19 pandemic. Shares of CVC Brasil Operadora, a Brazilian travel agency, fell amid investor expectations that its leisure travel would be severely curtailed in response to the COVID-19 pandemic. Shares of China Oilfield Services Ltd., a Chinese offshore oilfield services provider, fell amid a sharp decline in global prices for petroleum and natural gas in 2020.

Leading individual contributors to relative performance included the Fund’s underweight positions in HDFC Ltd. and Axis Bank Ltd. and its overweight position in Yonyou Network Technology Co. Shares of HDFC, and Indian banking and financial services company, fell amid investor expectations that at-home quarantine orders issued by the Indian government in response to the COVID-19 pandemic would lead to a sharp contraction in the India’s economy. Shares of Axis Bank, an Indian financial services company, fell after it reported a loss for the quarter ended March 31, 2020. Shares of Yonyou Network Technology, a Chinese provider of cloud computing, software and services to businesses, rose amid investor expectation that cloud computing services would experience greater demand during at-home quarantines in response to the COVID-19 pandemic.

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 smallest underweight allocations relative to the Benchmark were in the consumer discretionary and real estate sectors and its largest relative underweight allocations were in the financials and materials sectors. By country, the Fund’s largest overweight allocations relative to the Benchmark were in Mexico and Russia and its largest relative underweight allocations were in Taiwan and Malaysia.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alibaba Group Holding Ltd., ADR (China)	7.1	%
	2.	Tencent Holdings Ltd. (China)	6.1
	3.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	5.1
	4.	Samsung Electronics Co. Ltd. (South Korea)	4.6
	5.	China Construction Bank Corp., Class H (China)	1.8
	6.	Ping An Insurance Group Co. of China Ltd., Class H (China)	1.5
	7.	Reliance Industries Ltd. (India)	1.2
	8.	Housing Development Finance Corp. Ltd. (India)	1.1
	9.	Naspers Ltd., Class N (South Africa)	1.0
	10.	SK Hynix, Inc. (South Korea)	0.9

PORTFOLIO COMPOSITION BY COUNTRY***
China	39.3	%
South Korea	12.3
Taiwan	12.0
India	8.7
Brazil	4.6
Russia	4.1
South Africa	3.5
Mexico	2.4
Saudi Arabia	2.4
Thailand	1.6
Indonesia	1.6
Turkey	1.1
Malaysia	1.1
Others (each less than 1.0%)	4.0
Short-Term Investments	1.3

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

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

*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS I SHARES	January 30, 2019		(11.79	)%		(12.63	)%		(0.58	)%
CLASS R6 SHARES	December 11, 2018		(11.73	)		(12.51	)		(0.44	)

* Not annualized.

LIFE OF FUND PERFORMANCE (12/11/18 TO 4/30/20)

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 (net of foreign withholding taxes) from December 11, 2018 to April 30, 2020. 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 (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of

withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI Emerging Markets 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 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 applicable 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 on gains resulting from 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 INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(16.65)%
MSCI Europe Index (net of foreign withholding taxes)		(15.47)%
Net Assets as of 4/30/2020 (In Thousands)	$	417,455

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, 2020.

By sector, the Fund’s underweight allocation and security selection in the food, beverages & tobacco sector and its security selection in the transportation sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the consumer services sector and its underweight allocation in the banks sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark positions in Nestle SA and Dart Group PLC and its overweight position in Peugeot SA. Shares of Nestle, a Swiss maker of prepared foods and consumer goods, fell after the company reported a decline in sales for the first quarter of 2020. Shares of Dart Group, a U.K. provider of leisure airline travel, distribution and logistics, fell amid a halt to most airline traffic in response to the COVID-19

pandemic. Shares of Peugeot, a French automaker, fell amid a sharp decline in new car sales in early 2020.

Leading individual contributors to relative performance included the Fund’s overweight positions in Roche Holding SA, Evolution Gaming Group AB and Polymetal International PLC. Shares of Roche Holding, a Swiss pharmaceutical company, rose amid investor expectations that it would benefit from a potential vaccine, treatment or test for the COVID-19 virus. Shares of Evolution Gaming Group, a Swedish online casino and gaming provider not held in the Benchmark, rose as investors sought companies they believed were well positioned to weather financial market volatility in 2020. Shares of Polymetal International, a gold and silver mining company not held in the Benchmark, rose amid investor expectations for rising demand for precious metals in the face of financial market volatility in 2020.

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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Roche Holding AG (Switzerland)	4.7	%
	2.	Novartis AG (Registered) (Switzerland)	3.9
	3.	Nestle SA (Registered) (Switzerland)	3.4
	4.	Sanofi (France)	3.2
	5.	Allianz SE (Registered) (Germany)	2.2
	6.	Linde plc (United Kingdom)	2.1
	7.	Enel SpA (Italy)	2.1
	8.	Koninklijke Ahold Delhaize NV (Netherlands)	2.1
	9.	Kering SA (France)	1.9
	10.	Swisscom AG (Registered) (Switzerland)	1.8

PORTFOLIO COMPOSITION BY COUNTRY***
Switzerland	19.0	%
United Kingdom	15.9
France	13.6
Germany	11.9
Netherlands	7.4
Italy	4.5
Sweden	3.6
Belgium	2.2
Australia	2.1
Austria	2.0
Finland	1.8
Russia	1.8
Ireland	1.7
Spain	1.3
Others (each less than 1.0%)	1.3
Short-Term Investments	9.9

* 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, 2020. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge**		(21.02)%		(19.45	)%		(3.87	)%		2.83	%
Without Sales Charge		(16.65)		(14.97	)		(2.83	)		3.39
CLASS C SHARES	November 1, 1998
With CDSC***		(17.82)		(16.36	)		(3.31	)		2.87
Without CDSC		(16.82)		(15.36	)		(3.31	)		2.87
CLASS I SHARES	September 10, 2001	(16.56)		(14.73	)		(2.56	)		3.67
CLASS L SHARES	September 10, 2001	(16.47)		(14.63	)		(2.41	)		3.86
CLASS R6 SHARES	October 1, 2018	(16.44)		(14.56	)		(2.39	)		3.87

* 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.

TEN YEAR PERFORMANCE (4/30/10 TO 4/30/20)

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 and the MSCI Europe Index (net of foreign withholding taxes) from April 30, 2010 to April 30, 2020. 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 (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who

do not benefit from double taxation treaties. 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. 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 applicable 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 on gains resulting from 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan International Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(16.19)%
MSCI EAFE Index (net of foreign withholding taxes)		(14.21)%
Net Assets as of 4/30/2020 (In Thousands)	$	1,494,850

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, 2020.

By sector, the Fund’s security selection in the industrials sector and its underweight allocation and security selection in the consumer staples sector were leading detractors from performance relative to the Benchmark, while the Fund’s overweight allocation in the information technology sector and its security selection in the communication services sector were leading contributors to relative performance.

By country, the Fund’s security selection in Germany and Japan was a leading detractor from relative performance, while the Fund’s security selection in the U.K. and its underweight allocation to France were leading contributors 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)	2.8	%
	2.	Roche Holding AG (Switzerland)	2.7
	3.	Novartis AG (Registered) (Switzerland)	2.2
	4.	Sanofi (France)	1.9
	5.	BHP Group Ltd. (Australia)	1.6
	6.	Novo Nordisk A/S, Class B (Denmark)	1.5
	7.	Toyota Motor Corp. (Japan)	1.5
	8.	Allianz SE (Registered) (Germany)	1.5
	9.	Rio Tinto plc (Australia)	1.3
	10.	Schneider Electric SE (France)	1.3

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	24.5	%
Switzerland	11.3
United Kingdom	10.5
Australia	8.9
France	6.7
Netherlands	6.2
Germany	6.0
Sweden	2.6
Denmark	2.4
Hong Kong	2.4
Singapore	2.4
Spain	1.8
Belgium	1.2
Italy	1.1
Norway	1.0
Others (each less than 1.0%)	4.2
Short-Term Investments	6.8

* 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, 2020. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			(20.58	)%		(19.93	)%		(3.55	)%		1.79	%
Without Sales Charge			(16.19	)		(15.51	)		(2.50	)		2.34
CLASS C SHARES	February 28, 2006
With CDSC***			(17.34	)		(16.92	)		(2.98	)		1.83
Without CDSC			(16.34	)		(15.92	)		(2.98	)		1.83
CLASS I SHARES	February 28, 2006		(16.01	)		(15.27	)		(2.19	)		2.62
CLASS R2 SHARES	November 3, 2008		(16.29	)		(15.77	)		(2.76	)		2.07
CLASS R6 SHARES	May 29, 2015		(15.95	)		(15.12	)		(2.02	)		2.85

* 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.

TEN YEAR PERFORMANCE (4/30/10 TO 4/30/20)

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 Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan International Advantage Fund and the MSCI EAFE Index (net of foreign withholding taxes) from April 30, 2010 to April 30, 2020. 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 (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE 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, excluding the U.S. and Canada. 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 applicable 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 on gains resulting from 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(12.50)%
MSCI EAFE Index (net of foreign withholding taxes)		(14.21)%
Net Assets as of 4/30/2020 (In Thousands)	$	2,667,454

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, 2020.

By sector, the Fund’s security selection in the financials sector and its security selection and overweight allocation to the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s underweight position in the health care sector and its security selection in the consumer staples sector were leading detractors from relative performance.

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

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Roche Holding SA, Tencent Holdings Ltd. and Novo Nordisk A/S. Shares of Roche Holding, a Swiss pharmaceutical company, rose amid investor expectations that it would benefit from a potential vaccine, treatment or test for the COVID-19 virus. Shares of Tencent Holdings, a Hong Kong online gaming, advertising and services company, rose amid growth in earnings and revenue and investor expectations for increased traffic to its services during at-home quarantines as a result of the COVID-19 pandemic. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected results for the fourth quarter of 2019.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Itau Unibanco Holding SA, ING Groep NV and Royal Dutch Shell PLC. Shares of Itau Unibanco Holding, a Brazilian banking and financial services company, fell amid investor expectations for a sharp contraction in Brazil’s economy in response to the COVID-19 pandemic. Shares of ING Groep, a Dutch banking, financial services and insurance provider, fell after the company reported lower-than-expected earnings for the fourth quarter of 2019. Shares of Royal Dutch Shell, a British/Dutch oil and natural gas producer and retailer, fell as global energy demand contracted and global oil prices fell sharply in 2020.

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)	4.0	%
	2.	Roche Holding AG (Switzerland)	3.5
	3.	Novartis AG (Registered) (Switzerland)	2.6
	4.	AIA Group Ltd. (Hong Kong)	2.3
	5.	GlaxoSmithKline plc (United Kingdom)	2.3
	6.	Novo Nordisk A/S, Class B (Denmark)	2.2
	7.	ASML Holding NV (Netherlands)	2.1
	8.	Diageo plc (United Kingdom)	2.0
	9.	SAP SE (Germany)	2.0
	10.	Sony Corp. (Japan)	1.9

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	14.8	%
United Kingdom	14.2
Switzerland	13.3
France	12.8
Germany	7.8
Netherlands	4.1
Denmark	4.0
Hong Kong	4.0
China	3.6
Australia	3.4
Sweden	2.3
Taiwan	1.6
South Korea	1.4
Finland	1.2
India	1.2
United States	1.2
Spain	1.0
Singapore	1.0
Others (each less than 1.0%)	2.0
Short-Term Investments	5.1

* 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, 2020. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			(17.21	)%		(14.00	)%		(1.02	)%		2.89	%
Without Sales Charge			(12.60	)		(9.25	)		0.05			3.45
CLASS C SHARES	January 31, 2003
With CDSC***			(13.88	)		(10.79	)		(0.46	)		2.92
Without CDSC			(12.88	)		(9.79	)		(0.46	)		2.92
CLASS I SHARES	January 1, 1997		(12.50	)		(9.03	)		0.30			3.70
CLASS R2 SHARES	November 3, 2008		(12.77	)		(9.55	)		(0.23	)		3.17
CLASS R5 SHARES	May 15, 2006		(12.45	)		(8.94	)		0.44			3.88
CLASS R6 SHARES	November 30, 2010		(12.43	)		(8.86	)		0.52			3.95

* 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 (4/30/10 TO 4/30/20)

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 and the MSCI EAFE Index (net of foreign withholding taxes) from April 30, 2010 to April 30, 2020. 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 (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The

MSCI EAFE 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, excluding the U.S. and Canada. 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 applicable 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 on gains resulting from 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(9.60)%
MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes)		(13.22)%
Net Assets as of 4/30/2020 (In Thousands)	$	2,535,256

INVESTMENT OBJECTIVE**

The JPMorgan International Focus 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, 2020.

By sector, the Fund’s security selection in the consumer discretionary and financials sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the health care and materials sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in continental Europe and the U.K. was a leading contributor to relative performance, while the Fund’s underweight position in Japan was the sole regional detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Delivery Hero AG, Tencent Holdings Ltd. and Novo Nordisk A/S. Shares of Delivery Hero, a German online food delivery service, rose amid investor expectations for increased demand during at-home quarantines as a result of the COVID-19 pandemic. Shares of Tencent Holdings, a Hong Kong online gaming, advertising and services

company, rose amid growth in earnings and revenue and investor expectations for increased traffic to its services during at-home quarantines as a result of the COVID-19 pandemic. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected results for the fourth quarter of 2019.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Airbus SE, Continental AG and HDFC Bank Ltd. Shares of Airbus, a French airplanes and aerospace company, fell after the company slashed production due to decreased demand amid the COVID-19 pandemic. Shares of Continental, a German rubber tire manufacturer, fell amid a sharp decline in automobile sales in 2020. Shares of HDFC Bank, an Indian banking and financial services provider, fell amid investor expectations that at-home quarantine orders issued by the Indian government in response to the COVID-19 pandemic would lead to a sharp contraction in India’s economy.

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.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	4.7	%
	2.	Tencent Holdings Ltd. (China)	3.6
	3.	AIA Group Ltd. (Hong Kong)	3.3
	4.	HDFC Bank Ltd., ADR (India)	3.1
	5.	Alibaba Group Holding Ltd., ADR (China)	3.0
	6.	Ping An Insurance Group Co. of China Ltd., Class H (China)	2.9
	7.	Roche Holding AG (Switzerland)	2.7
	8.	GlaxoSmithKline plc (United Kingdom)	2.7
	9.	Novo Nordisk A/S, Class B (Denmark)	2.6
	10.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	2.6

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	18.9	%
Switzerland	10.5
Germany	9.5
China	9.4
Canada	6.4
France	6.3
Japan	5.3
Hong Kong	3.3
India	3.1
Sweden	2.9
Denmark	2.6
Taiwan	2.6
Netherlands	2.5
South Korea	2.3
Australia	1.9
Belgium	1.5
United States	1.5
Indonesia	1.4
Finland	1.3
Short-Term Investments	6.8

* 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, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge**			(14.49	)%		(12.08	)%		0.30	%		5.16	%
Without Sales Charge			(9.75	)		(7.21	)		1.39			5.84
CLASS C SHARES	November 30, 2011
With CDSC***			(10.92	)		(8.67	)		0.89			5.31
Without CDSC			(9.92	)		(7.67	)		0.89			5.31
CLASS I SHARES	November 30, 2011		(9.60	)		(6.96	)		1.69			6.14
CLASS R2 SHARES	November 30, 2011		(9.86	)		(7.48	)		1.11			5.55
CLASS R5 SHARES	November 30, 2011		(9.54	)		(6.84	)		1.80			6.29
CLASS R6 SHARES	November 30, 2011		(9.53	)		(6.79	)		1.87			6.35

* 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 4/30/20)

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 Focus Fund and the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) from November 30, 2011 to April 30, 2020. 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. (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI All Country World Index, ex-U.S. (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 and emerging markets, excluding the United States. 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 applicable 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 on gains resulting from 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.

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(8.56)%
MSCI EAFE Index (net of foreign withholding taxes)		(14.21)%
ICE BofAML 3-Month U.S. Treasury Bill Index		0.85%
Net Assets as of 4/30/2020 (In Thousands)	$	95,467

INVESTMENT OBJECTIVE**

The JPMorgan International Hedged Equity Fund (the “Fund”) seeks to provide 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”) and underperformed the ICE BofAML 3-Month U.S. Treasury Bill Index for the six months ended April 30, 2020.

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

By country, the Fund’s overweight position and security selection in Australia and its security selection in Italy were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and underweight position in Japan and its security selection in France were leading detractors from relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Roche Holding SA, Novo Nordisk A/S and Nintendo Ltd. Shares of Roche Holding, a Swiss pharmaceutical company, rose amid investor expectations that it would benefit from a potential vaccine, treatment or test for the COVID-19. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected results for the fourth quarter of 2019. Shares of Nintendo, a Japanese developer of home entertainment products, rose amid increased demand for its products by households under quarantine as a result of the COVID-19 pandemic.

Leading individual detractors from relative performance included the Fund’s overweight positions in Airbus SE, Anheuser-Busch InBev SA and Standard Chartered PLC. Shares of Airbus, a French airplanes and aerospace company, fell after the company slashed production due to decreased demand amid the COVID-19 pandemic. Shares of Anheuser-Busch, a Belgian beer and beverages company, fell after it reported a sharp decline in fourth quarter 2019 profit as sales in China declined sharply amid COVID-19 quarantines and U.S. sales were hurt by increased demand for alcoholic seltzer products. Shares of Standard Chartered, a U.K. banking and financial services company, fell after the company cancelled dividend payments to shareholders under pressure from regulators to free up capital for lending during the COVID-19 pandemic.

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)	3.9	%
	2.	Roche Holding AG (Switzerland)	3.0
	3.	Novartis AG (Registered) (Switzerland)	2.4
	4.	Toyota Motor Corp. (Japan)	2.2
	5.	ASML Holding NV (Netherlands)	2.1
	6.	SAP SE (Germany)	2.0
	7.	Sanofi (France)	2.0
	8.	Novo Nordisk A/S, Class B (Denmark)	2.0
	9.	Air Liquide SA (France)	1.6
	10.	Diageo plc (United Kingdom)	1.5

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.7	%
United Kingdom	15.9
France	12.6
Switzerland	11.7
Germany	9.7
Netherlands	4.7
Australia	4.7
Denmark	3.3
Spain	3.2
Hong Kong	2.1
Italy	2.1
Sweden	1.3
Ireland	1.0
Others (each less than 1.0%)	3.1
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, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES		March 15, 2019
With Sales Charge**				(13.44	)%		(11.40	)%		(9.03	)%
Without Sales Charge				(8.67	)		(6.51	)		(4.57	)
CLASS C SHARES		March 15, 2019
With CDSC***				(9.86	)		(7.94	)		(5.02	)
Without CDSC				(8.86	)		(6.94	)		(5.02	)
CLASS I SHARES		March 15, 2019		(8.56	)		(6.28	)		(4.32	)
CLASS R5 SHARES		March 15, 2019		(8.46	)		(6.11	)		(4.16	)
CLASS R6 SHARES		March 15, 2019		(8.44	)		(6.04	)		(4.09	)

* 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 (3/15/19 TO 4/30/20)

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 (net of foreign withholding taxes) and the ICE BofAML 3-Month U.S. Treasury Bill Index from March 15, 2019 to April 30, 2020. 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 (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the ICE BofAML 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI EAFE 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, excluding the U.S. and Canada. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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 applicable 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 on gains resulting from 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.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(15.11)%
MSCI EAFE Index (net of foreign withholding taxes)		(14.21)%
Net Assets as of 4/30/2020 (In Thousands)	$	4,303,710

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 underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

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

By region, the Fund’s security selection in Japan and Europe was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the Pacific, excluding Japan, was the sole regional contributor to 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)	3.6	%
	2.	Roche Holding AG (Switzerland)	2.8
	3.	Novartis AG (Registered) (Switzerland)	2.2
	4.	Toyota Motor Corp. (Japan)	1.9
	5.	ASML Holding NV (Netherlands)	1.9
	6.	SAP SE (Germany)	1.8
	7.	Sanofi (France)	1.8
	8.	Novo Nordisk A/S, Class B (Denmark)	1.8
	9.	Air Liquide SA (France)	1.5
	10.	Diageo plc (United Kingdom)	1.4

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	21.4	%
United Kingdom	14.5
France	11.5
Switzerland	10.6
Germany	8.8
Australia	4.3
Netherlands	4.3
Denmark	3.0
Spain	2.9
Italy	1.9
Hong Kong	1.9
Sweden	1.2
Others (each less than 1.0%)	3.9
Short-Term Investments	9.8

* 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, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge**			(19.65	)%		(17.56	)%		(1.84	)%		2.11	%
Without Sales Charge			(15.21	)		(12.98	)		(0.77	)		2.66
CLASS I SHARES	October 28, 1992		(15.11	)		(12.76	)		(0.52	)		2.92
CLASS R6 SHARES	November 1, 2017		(15.10	)		(12.69	)		(0.47	)		2.95

* Not annualized.

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

TEN YEAR PERFORMANCE (4/30/10 TO 4/30/20)

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 and the MSCI EAFE Index (net of foreign withholding taxes) from April 30, 2010 to April 30, 2020. 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 (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE 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, excluding the U.S. and Canada. 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 applicable 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 on gains resulting from 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)

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(23.10)%
MSCI EAFE Value Index (net of foreign withholding taxes)		(21.28)%
Net Assets as of 4/30/2020 (In Thousands)	$	274,690

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, 2020.

By sector, the Fund’s underweight allocations to the utilities sector and the pharmaceuticals, biotechnology and life sciences sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the materials and real estate sectors was a leading contributor to relative performance.

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

Leading individual detractors from relative performance included the Fund’s underweight positions in Sanofi SA, Softbank Group Corp. and Takeda Pharmaceutical Co. Shares of Sanofi, a French pharmaceuticals company not held in the Fund, rose after the company reported growth in earnings and sales for the first quarter of 2020. Shares of Softbank, a Japanese investment company not held by the Fund, rose after the

company announced it would sell an estimated $41 billion in assets and repurchase $18 billion of its shares. Shares of Takeda Pharmaceutical, a Japanese drug maker not held in the Fund, rose amid investor expectations that the company could benefit from the development of tests, treatments or a vaccine for COVID-19.

Leading individual contributors to relative performance included the Fund’s underweight positions in BP PLC, Banco Santander SA and HSBC Holdings PLC. Shares of BP, a U.K. oil and natural gas producer and retailer, fell amid declining global demand for petroleum and a sharp drop in global oil prices in 2020. Shares of Banco Santander, a Spanish banking and financial services company not held in the Fund, fell after the company reported a sharp drop in earnings as it set aside funds for anticipated loan losses amid the COVID-19 pandemic. Shares of HSBC Holdings, a U.K. banking and financial services company, fell after the company reported a sharp drop in earnings in the face of the COVID-19 pandemic.

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 media & entertainment and materials sectors, while the largest underweight sector positions were in the utilities and capital goods sectors.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Toyota Motor Corp. (Japan)	2.6	%
	2.	Royal Dutch Shell plc, Class A (Netherlands)	2.5
	3.	BHP Group Ltd. (Australia)	1.9
	4.	British American Tobacco plc (United Kingdom)	1.9
	5.	Novartis AG (Registered) (Switzerland)	1.8
	6.	TOTAL SA (France)	1.7
	7.	BP plc (United Kingdom)	1.6
	8.	Rio Tinto plc (Australia)	1.4
	9.	Bayer AG (Registered) (Germany)	1.3
	10.	Allianz SE (Registered) (Germany)	1.1

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	25.5	%
United Kingdom	13.8
Germany	8.2
France	7.9
Australia	7.6
Switzerland	7.4
Netherlands	5.1
Sweden	3.1
Spain	2.7
Norway	2.5
Hong Kong	2.1
Italy	1.9
Finland	1.7
Belgium	1.3
Singapore	1.2
Denmark	1.1
Others (each less than 1.0%)	3.9
Short-Term Investments	3.0

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

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

*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			(27.30	)%		(27.86	)%		(6.47	)%		(0.63	)%
Without Sales Charge			(23.25	)		(23.88	)		(5.46	)		(0.09	)
CLASS C SHARES	July 11, 2006
With CDSC***			(24.44	)		(25.28	)		(5.93	)		(0.60	)
Without CDSC			(23.44	)		(24.28	)		(5.93	)		(0.60	)
CLASS I SHARES	September 10, 2001		(23.13	)		(23.68	)		(5.18	)		0.18
CLASS L SHARES	November 4, 1993		(23.10	)		(23.59	)		(5.08	)		0.31
CLASS R2 SHARES	November 3, 2008		(23.35	)		(24.05	)		(5.70	)		(0.35	)
CLASS R5 SHARES	September 9, 2016		(23.04	)		(23.53	)		(5.07	)		0.31
CLASS R6 SHARES	November 30, 2010		(23.08	)		(23.51	)		(4.96	)		0.42

* 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 (4/30/10 TO 4/30/20)

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 and the MSCI EAFE Value Index (net of foreign withholding taxes) from April 30, 2010 to April 30, 2020. 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 (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding

tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE Value Index (net of foreign withholding taxes) 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.

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 applicable 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 on gains resulting from 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.2%
Argentina — 2.2%
MercadoLibre, Inc. *		298		174,076
Brazil — 4.9%
B3 SA — Brasil Bolsa Balcao		11,978		84,254
Itau Unibanco Holding SA, ADR		18,778		79,056
Lojas Renner SA		11,073		78,379
Pagseguro Digital Ltd., Class A *		963		24,393
Raia Drogasil SA		2,013		38,999
XP, Inc., Class A * (a)		2,949		74,187
				379,268
China — 35.4%
Alibaba Group Holding Ltd., ADR *		2,267		459,399
Budweiser Brewing Co. APAC Ltd. * (a) (b)		47,491		129,053
China Gas Holdings Ltd.		29,783		108,371
Foshan Haitian Flavouring & Food Co. Ltd., Class A		6,237		107,290
Huazhu Group Ltd., ADR(a)		933		33,583
Inner Mongolia Yili Industrial Group Co. Ltd., Class A *		6,631		27,088
Kweichow Moutai Co. Ltd., Class A		406		72,003
Meituan Dianping, Class B * (b)		12,712		170,201
Midea Group Co. Ltd., Class A		11,045		82,463
NetEase, Inc., ADR		544		187,589
New Oriental Education & Technology Group, Inc., ADR *		1,069		136,413
Ping An Bank Co. Ltd., Class A		64,681		125,739
Ping An Insurance Group Co. of China Ltd., Class H		19,123		194,596
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,384		49,394
Shenzhou International Group Holdings Ltd.		8,409		97,055
Sunny Optical Technology Group Co. Ltd.		5,876		81,829
Tencent Holdings Ltd.		7,307		384,120
Wuxi Biologics Cayman, Inc. * (a) (b)		12,029		187,248
Yum China Holdings, Inc.		2,589		125,445
				2,758,879
Egypt — 0.6%
Commercial International Bank Egypt SAE (Registered), GDR (b)		11,635		44,613
Hong Kong — 6.5%
AIA Group Ltd.		25,884		237,559
AIA Group Ltd.		795		7,385
Hong Kong Exchanges & Clearing Ltd.		3,338		107,017
Techtronic Industries Co. Ltd.		20,673		156,749
				508,710
Hungary — 1.5%
OTP Bank Nyrt.		3,991		118,202

INVESTMENTS	SHARES (000)		VALUE ($000)
India — 16.5%
Asian Paints Ltd.		1,773		41,370
Britannia Industries Ltd.		1,686		70,544
HDFC Bank Ltd.		11,598		152,297
HDFC Bank Ltd., ADR		2,412		104,541
HDFC Life Insurance Co. Ltd. * (b)		13,421		88,880
Hindustan Unilever Ltd.		3,253		94,190
Housing Development Finance Corp. Ltd.		9,651		244,117
IndusInd Bank Ltd.		5,379		32,816
ITC Ltd.		39,908		96,146
Kotak Mahindra Bank Ltd.		5,689		102,162
Maruti Suzuki India Ltd.		986		69,993
Tata Consultancy Services Ltd.		7,107		188,139
				1,285,195
Indonesia — 2.1%
Bank Central Asia Tbk. PT		53,178		92,114
Bank Rakyat Indonesia Persero Tbk. PT		401,578		73,042
				165,156
Macau — 1.4%
Sands China Ltd.		26,224		106,169
Mexico — 2.4%
Grupo Financiero Banorte SAB de CV, Class O (a)		24,159		66,140
Infraestructura Energetica Nova SAB de CV		8,509		28,239
Wal-Mart de Mexico SAB de CV		38,929		93,959
				188,338
Panama — 0.5%
Copa Holdings SA, Class A		910		40,244
Peru — 0.8%
Credicorp Ltd.		412		61,377
Portugal — 1.7%
Jeronimo Martins SGPS SA		7,531		127,669
Russia — 0.8%
Sberbank of Russia PJSC		23,235		61,229
Sberbank of Russia PJSC		292		770
				61,999
South Africa — 1.8%
Bid Corp. Ltd.		4,381		57,100
Capitec Bank Holdings Ltd. (a)		1,310		63,883
Mr Price Group Ltd.		2,200		15,675
				136,658
South Korea — 5.6%
NCSoft Corp.		204		107,950

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Korea — continued
Samsung Electronics Co. Ltd.		7,901		324,865
				432,815
Spain — 0.1%
Prosegur Cia de Seguridad SA		4,049		8,929
Taiwan — 9.1%
Largan Precision Co. Ltd.		595		81,106
President Chain Store Corp.		4,522		46,761
Sea Ltd., ADR* (a)		2,798		155,486
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		7,941		421,912
				705,265
Turkey — 1.2%
BIM Birlesik Magazalar A/S		10,764		85,471
Ford Otomotiv Sanayi A/S		1,087		9,846
				95,317
United States — 3.1%
EPAM Systems, Inc. *		1,105		244,037
Total Common Stocks (Cost $6,727,034)				7,642,916
Short-Term Investments — 3.2%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $124,454)		124,472		124,572
Investment of Cash Collateral from Securities Loaned — 1.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		81,033		81,049
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		48,254		48,254
Total Investment of Cash Collateral from Securities Loaned (Cost $129,267)				129,303
Total Short-Term Investments (Cost $253,721)				253,875
Total Investments — 101.4% (Cost $6,980,755)				7,896,791
Liabilities in Excess of Other Assets — (1.4)%				(111,030	)
NET ASSETS — 100.0%				7,785,761

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Banks		14.9	%
Internet & Direct Marketing Retail		10.2
Insurance		6.7
IT Services		5.8
Entertainment		5.7
Food & Staples Retailing		5.7
Semiconductors & Semiconductor Equipment		5.3
Interactive Media & Services		4.9
Technology Hardware, Storage & Peripherals		4.1
Capital Markets		3.4
Hotels, Restaurants & Leisure		3.4
Thrifts & Mortgage Finance		3.1
Food Products		2.6
Beverages		2.6
Life Sciences Tools & Services		2.4
Electronic Equipment, Instruments & Components		2.1
Machinery		2.0
Gas Utilities		1.7
Diversified Consumer Services		1.7
Textiles, Apparel & Luxury Goods		1.2
Tobacco		1.2
Household Products		1.2
Household Durables		1.0
Automobiles		1.0
Multiline Retail		1.0
Others (each less than 1.0%)		1.9
Short-Term Investments		3.2

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PJSC	Public Joint Stock Company
PT	Limited liability company
SGPS	Holding company
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $126,114,000.
(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 an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.7%
Argentina — 0.1%
MercadoLibre, Inc. *		5		2,855
Brazil — 4.5%
Ambev SA *		2,785		5,823
B3 SA — Brasil Bolsa Balcao		980		6,894
Banco Bradesco SA (Preference)		3,493		12,339
Banco do Brasil SA *		859		4,474
Cogna Educacao		1,407		1,428
CVC Brasil Operadora e Agencia de Viagens SA *		274		705
Equatorial Energia SA		455		1,542
Gerdau SA (Preference)		2,732		5,902
Itau Unibanco Holding SA (Preference)		3,309		13,954
Itausa — Investimentos Itau SA (Preference)		2,792		4,626
Localiza Rent a Car SA *		644		4,070
Lojas Renner SA		877		6,206
Petroleo Brasileiro SA (Preference)		3,723		12,364
Raia Drogasil SA		255		4,940
Telefonica Brasil SA (Preference)		311		2,630
TIM Participacoes SA, ADR *		446		5,179
Vale SA, ADR *		1,684		13,890
				106,966
Chile — 0.2%
Banco Santander Chile, ADR (a)		174		2,929
Cencosud SA		1,383		1,673
Cia Cervecerias Unidas SA, ADR		113		1,608
				6,210
China — 38.5%
51job, Inc., ADR * (a)		69		4,164
Aier Eye Hospital Group Co. Ltd., Class A		389		2,404
Alibaba Group Holding Ltd., ADR *		822		166,566
ANTA Sports Products Ltd.		283		2,410
Baidu, Inc., ADR *		115		11,559
Bank of China Ltd., Class H		49,027		18,665
Baoshan Iron & Steel Co. Ltd., Class A		9,459		6,460
BeiGene Ltd., ADR * (a)		13		1,965
Beijing Enterprises Holdings Ltd.		558		1,977
Beijing Shiji Information Technology Co. Ltd., Class A		563		2,407
BOE Technology Group Co. Ltd., Class A		8,025		4,195
CGN Power Co. Ltd., Class H * (b)		20,326		5,113
China Conch Venture Holdings Ltd.		1,452		6,943
China Construction Bank Corp., Class H		51,452		41,299
China Gas Holdings Ltd.		2,652		9,649
China Lesso Group Holdings Ltd.		2,928		4,196
China Life Insurance Co. Ltd., Class H		5,920		12,626

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
China Merchants Bank Co. Ltd., Class H		4,005		18,953
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,686		6,415
China Mobile Ltd.		2,339		18,803
China Molybdenum Co. Ltd., Class H		11,691		3,527
China Oilfield Services Ltd., Class H		5,470		4,261
China Overseas Land & Investment Ltd.		3,572		13,195
China Pacific Insurance Group Co. Ltd., Class H		2,055		6,798
China Petroleum & Chemical Corp., Class H		10,358		5,162
China Resources Land Ltd.		2,478		10,240
China Shenhua Energy Co. Ltd., Class H		4,356		7,716
China State Construction International Holdings Ltd.		5,300		4,109
China Unicom Hong Kong Ltd.		9,158		5,923
China Vanke Co. Ltd., Class H		2,742		9,213
CNOOC Ltd.		12,794		14,145
Country Garden Holdings Co. Ltd.		4,357		5,644
Country Garden Services Holdings Co. Ltd.		1,320		6,099
CSPC Pharmaceutical Group Ltd.		3,910		7,741
ENN Energy Holdings Ltd.		649		7,311
Far East Horizon Ltd.		2,895		2,344
Fosun International Ltd.		2,569		3,225
GDS Holdings Ltd., ADR * (a)		70		4,003
Geely Automobile Holdings Ltd.		4,295		6,681
Haier Electronics Group Co. Ltd.		37		102
Hangzhou Robam Appliances Co. Ltd., Class A		1,226		5,451
Industrial & Commercial Bank of China Ltd., Class H		30,390		20,377
Inner Mongolia Yili Industrial Group Co. Ltd., Class A *		692		2,829
Innovent Biologics, Inc. * (b)		1,122		5,526
JD.com, Inc., ADR *		316		13,617
Jiangsu Hengrui Medicine Co. Ltd., Class A *		518		6,709
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		391		5,398
Jointown Pharmaceutical Group Co. Ltd., Class A		1,186		2,979
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		515		3,398
Kingdee International Software Group Co. Ltd.		4,746		6,788
Kunlun Energy Co. Ltd.		5,808		3,784
Kweichow Moutai Co. Ltd., Class A		31		5,427
Laobaixing Pharmacy Chain JSC, Class A		443		4,713
Longfor Group Holdings Ltd. (b)		1,993		10,130
Midea Group Co. Ltd., Class A		435		3,246
NARI Technology Co. Ltd., Class A		1,575		4,428
NetEase, Inc., ADR		51		17,720

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
China — continued
New Oriental Education & Technology Group, Inc., ADR *		81		10,361
Nexteer Automotive Group Ltd.		1,507		774
PetroChina Co. Ltd., Class H		11,278		4,051
PICC Property & Casualty Co. Ltd., Class H		7,370		7,053
Ping An Bank Co. Ltd., Class A		3,658		7,112
Ping An Insurance Group Co. of China Ltd., Class H		3,462		35,230
Poly Developments and Holdings Group Co. Ltd., Class A		2,317		5,240
Postal Savings Bank of China Co. Ltd., Class H (b)		13,198		7,886
Prosus NV *		63		4,800
SAIC Motor Corp. Ltd., Class A		2,011		5,306
Shenzhou International Group Holdings Ltd.		715		8,248
Sinopharm Group Co. Ltd., Class H		1,293		3,487
Sunny Optical Technology Group Co. Ltd.		659		9,175
Suofeiya Home Collection Co. Ltd., Class A		2,772		7,274
Tencent Holdings Ltd.		2,728		143,420
Trip.com Group Ltd., ADR *		255		6,578
Vipshop Holdings Ltd., ADR *		193		3,073
Weifu High-Technology Group Co. Ltd., Class A		1,963		5,568
WuXi AppTec Co. Ltd., Class H (b)		177		2,500
Wuxi Biologics Cayman, Inc. * (b)		698		10,865
Xinyangfeng Agricultural Technology Co. Ltd., Class A		3,054		3,602
Yonyou Network Technology Co. Ltd., Class A		690		4,462
Yum China Holdings, Inc.		280		13,578
Zhejiang Chint Electrics Co. Ltd., Class A		1,204		4,200
Zhejiang Supor Co. Ltd., Class A		512		4,733
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,410		2,411
				917,715
Colombia — 0.1%
Bancolombia SA		336		2,153
Ecopetrol SA, ADR (a)		146		1,523
				3,676
Czech Republic — 0.2%
Komercni banka A/S *		155		3,278
Moneta Money Bank A/S (b)		1,179		2,450
				5,728
Greece — 0.2%
OPAP SA		444		3,977
Hong Kong — 0.3%
Hutchison China MediTech Ltd., ADR * (a)		123		2,652

INVESTMENTS	SHARES (000)		VALUE ($000)
Hong Kong — continued
Sino Biopharmaceutical Ltd.		1,539		2,243
Techtronic Industries Co. Ltd.		475		3,598
				8,493
Hungary — 0.6%
OTP Bank Nyrt.		256		7,570
Richter Gedeon Nyrt.		282		6,031
				13,601
India — 8.5%
Axis Bank Ltd.		1,567		9,157
Bajaj Auto Ltd.		79		2,757
Bosch Ltd.		14		1,926
Container Corp. of India Ltd.		543		2,684
HCL Technologies Ltd.		867		6,220
HDFC Bank Ltd., ADR		84		3,654
Hindalco Industries Ltd.		1,518		2,576
Hindustan Unilever Ltd.		479		13,860
Housing Development Finance Corp. Ltd.		987		24,958
ICICI Bank Ltd., ADR		436		4,256
IndusInd Bank Ltd.		337		2,055
Infosys Ltd., ADR		2,145		19,800
ITC Ltd.		3,235		7,794
Larsen & Toubro Ltd.		527		6,251
Maruti Suzuki India Ltd.		143		10,130
NTPC Ltd.		4,552		5,703
Oil & Natural Gas Corp. Ltd.		3,741		3,959
Petronet LNG Ltd.		1,205		3,881
Power Grid Corp. of India Ltd.		3,181		6,819
Reliance Industries Ltd.		1,400		27,218
Shriram Transport Finance Co. Ltd.		354		3,627
Tata Consultancy Services Ltd.		618		16,372
UltraTech Cement Ltd.		167		7,776
United Spirits Ltd. *		675		4,808
UPL Ltd.		1,026		5,677
				203,918
Indonesia — 1.6%
Astra International Tbk. PT		14,174		3,625
Bank Central Asia Tbk. PT		7,672		13,289
Bank Rakyat Indonesia Persero Tbk. PT		43,424		7,898
Telekomunikasi Indonesia Persero Tbk. PT		49,570		11,399
United Tractors Tbk. PT		1,087		1,186
				37,397

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Malaysia — 1.0%
CIMB Group Holdings Bhd.		3,654		2,921
IHH Healthcare Bhd.		2,936		3,573
Petronas Chemicals Group Bhd.		3,822		4,947
Public Bank Bhd.		1,919		7,294
Tenaga Nasional Bhd.		2,110		5,974
				24,709
Mexico — 2.4%
Alfa SAB de CV, Class A		3,579		1,466
America Movil SAB de CV, Series L		21,024		12,701
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (a)		3,086		1,708
Fomento Economico Mexicano SAB de CV, ADR		136		8,726
Grupo Aeroportuario del Pacifico SAB de CV, Class B		538		3,343
Grupo Aeroportuario del Sureste SAB de CV, Class B (a)		407		4,066
Grupo Financiero Banorte SAB de CV, Class O		2,284		6,254
Grupo Mexico SAB de CV, Series B (a)		3,998		8,502
Wal-Mart de Mexico SAB de CV		4,236		10,224
				56,990
Peru — 0.4%
Credicorp Ltd.		65		9,717
Philippines — 0.4%
Ayala Corp.		241		2,746
Ayala Land, Inc.		5,662		3,534
International Container Terminal Services, Inc.		1,434		2,508
				8,788
Poland — 0.5%
CD Projekt SA		84		7,383
Dino Polska SA * (b)		96		4,042
				11,425
Qatar — 0.4%
Qatar National Bank QPSC		1,865		8,796
Russia — 4.0%
Alrosa PJSC		6,268		5,191
Gazprom PJSC, ADR		2,179		11,033
LUKOIL PJSC, ADR		291		18,992
Magnitogorsk Iron & Steel Works PJSC		6,441		3,465
MMC Norilsk Nickel PJSC, ADR		148		4,102
Mobile TeleSystems PJSC, ADR		446		3,819
Moscow Exchange MICEX-RTS PJSC		4,402		7,115
Novatek PJSC, GDR (b)		20		2,814
Sberbank of Russia PJSC, ADR		1,701		17,872

INVESTMENTS	SHARES (000)		VALUE ($000)
Russia — continued
Severstal PJSC, GDR (b)		426		5,073
Tatneft PJSC, ADR		220		9,772
X5 Retail Group NV, GDR (b)		225		6,637
				95,885
Saudi Arabia — 2.4%
Al Rajhi Bank		971		14,761
Alinma Bank *		1,540		6,510
Almarai Co. JSC		363		4,733
Bupa Arabia for Cooperative Insurance Co.		106		3,015
Mouwasat Medical Services Co.		163		3,685
National Commercial Bank		785		7,745
Saudi Basic Industries Corp.		371		7,366
Saudi Telecom Co.		219		5,274
Savola Group (The)		301		3,244
				56,333
Singapore — 0.1%
BOC Aviation Ltd. (b)		331		2,263
South Africa — 3.4%
Absa Group Ltd.		1,052		5,194
Bid Corp. Ltd.		410		5,337
Bidvest Group Ltd. (The)		615		4,993
Capitec Bank Holdings Ltd.		112		5,474
Clicks Group Ltd.		479		5,956
FirstRand Ltd. (a)		4,101		8,950
Mr Price Group Ltd.		560		3,988
MTN Group Ltd.		1,278		3,359
Naspers Ltd., Class N		148		23,065
Pick n Pay Stores Ltd.		983		3,077
Shoprite Holdings Ltd.		313		1,810
SPAR Group Ltd. (The)		593		5,652
Vodacom Group Ltd.		616		4,094
				80,949
South Korea — 12.1%
BGF retail Co. Ltd.		17		2,166
Hana Financial Group, Inc.		346		7,906
Hanon Systems		394		2,970
Hyundai Glovis Co. Ltd.		30		2,536
Hyundai Mobis Co. Ltd.		61		8,609
Hyundai Motor Co.		123		9,543
KB Financial Group, Inc.		350		10,023
Kia Motors Corp.		319		7,789
KIWOOM Securities Co. Ltd.		39		2,403
KT&G Corp.		118		7,903

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Korea — continued
LG Chem Ltd.		39		12,248
LG Household & Health Care Ltd.		9		10,680
Lotte Chemical Corp.		34		5,961
Mando Corp.		136		2,663
NAVER Corp.		77		12,538
NCSoft Corp.		20		10,803
POSCO		69		10,456
Samsung Electronics Co. Ltd.		2,602		106,985
Samsung SDI Co. Ltd.		37		8,846
Shinhan Financial Group Co. Ltd.		356		9,038
SK Holdings Co. Ltd.		21		3,205
SK Hynix, Inc.		318		21,869
SK Innovation Co. Ltd.		59		4,781
S-Oil Corp.		99		5,681
				287,602
Taiwan — 11.7%
Advantech Co. Ltd.		544		5,145
ASE Technology Holding Co. Ltd.		1,600		3,564
Catcher Technology Co. Ltd.		1,034		7,832
Chailease Holding Co. Ltd.		2,067		7,852
China Life Insurance Co. Ltd.		7,735		5,282
CTBC Financial Holding Co. Ltd.		18,159		12,101
Delta Electronics, Inc.		2,283		10,648
E.Sun Financial Holding Co. Ltd.		12,076		10,972
Formosa Chemicals & Fibre Corp.		1,361		3,447
Formosa Plastics Corp.		4,186		12,287
Fubon Financial Holding Co. Ltd.		5,107		7,221
Global Unichip Corp.		349		2,804
Globalwafers Co. Ltd.		381		4,849
Hiwin Technologies Corp.		918		8,756
Hon Hai Precision Industry Co. Ltd.		3,154		8,106
Inventec Corp.		2,978		2,340
Largan Precision Co. Ltd.		91		12,405
MediaTek, Inc. *		545		7,526
Nanya Technology Corp.		1,755		3,767
Quanta Computer, Inc.		1,584		3,423
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,229		118,437
Uni-President Enterprises Corp.		4,350		10,129
Vanguard International Semiconductor Corp.		2,069		4,800
Yuanta Financial Holding Co. Ltd.		11,254		6,415
				280,108
Thailand — 1.6%
Kasikornbank PCL		1,665		4,342
Minor International PCL		5,361		3,464

INVESTMENTS	SHARES (000)		VALUE ($000)
Thailand — continued
PTT Exploration & Production PCL		2,202		5,683
PTT Global Chemical PCL		1,294		1,490
PTT PCL		9,237		10,086
Siam Cement PCL (The) (Registered)		821		8,722
Thai Oil PCL		3,126		3,911
				37,698
Turkey — 1.1%
BIM Birlesik Magazalar A/S		655		5,204
Eregli Demir ve Celik Fabrikalari TAS		2,324		2,679
Ford Otomotiv Sanayi A/S		274		2,482
KOC Holding A/S		1,257		2,759
Tofas Turk Otomobil Fabrikasi A/S		884		2,826
Tupras Turkiye Petrol Rafinerileri A/S *		307		3,993
Turkcell Iletisim Hizmetleri A/S		2,936		5,848
				25,791
United Arab Emirates — 0.3%
DP World plc		200		3,193
Emaar Properties PJSC		4,120		3,022
				6,215
United Kingdom — 0.1%
Mondi plc		102		1,824
Total Common Stocks (Cost $2,532,594)				2,305,629
Short-Term Investments — 1.3%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $24,060)		24,064		24,084
Investment of Cash Collateral From Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		2,991		2,991
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		3,246		3,246
Total Investment of Cash Collateral From Securities Loaned (Cost $6,236)				6,237
Total Short-term Investments (Cost $30,296)				30,321
Total Investments — 98.0% (Cost $2,562,890)				2,335,950
Other Assets Less Liabilities — 2.0%				46,955
NET ASSETS — 100.0%				2,382,905

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Banks		15.3	%
Internet & Direct Marketing Retail		9.4
Semiconductors & Semiconductor Equipment		7.2
Interactive Media & Services		7.2
Oil, Gas & Consumable Fuels		6.8
Technology Hardware, Storage & Peripherals		5.4
Insurance		3.3
Metals & Mining		3.1
Real Estate Management & Development		2.8
Food & Staples Retailing		2.6
Chemicals		2.4
Wireless Telecommunication Services		2.3
Electronic Equipment, Instruments & Components		2.3
Automobiles		2.2
IT Services		2.0
Entertainment		1.5
Beverages		1.3
Diversified Financial Services		1.1
Pharmaceuticals		1.1
Diversified Telecommunication Services		1.1
Thrifts & Mortgage Finance		1.1
Food Products		1.0
Gas Utilities		1.0
Auto Components		1.0
Others (each less than 1.0%)		14.2
Short-Term Investments		1.3

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company
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
RTS	Russian Trading System
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $5,853,000.
(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 an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020 (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		697		06/2020		USD		31,574		2,062

Abbreviations

MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.0%
Australia — 2.3%
BHP Group plc		262		4,404
Rio Tinto plc		111		5,142
				9,546
Austria — 2.2%
ams AG *		151		1,981
Erste Group Bank AG		211		4,565
Wienerberger AG		134		2,513
				9,059
Belgium — 2.4%
KBC Group NV		82		4,441
UCB SA *		60		5,485
				9,926
Finland — 2.0%
Neste OYJ		231		8,173
France — 14.9%
Atos SE *		52		3,721
BNP Paribas SA		147		4,620
Credit Agricole SA		338		2,717
Eiffage SA		45		3,715
Kering SA (a)		17		8,619
Peugeot SA		278		3,941
Safran SA		69		6,433
Sanofi (a)		153		14,904
Schneider Electric SE * (a)		68		6,241
TOTAL SA		205		7,270
				62,181
Germany — 13.1%
Allianz SE (Registered)		55		10,189
Bayer AG (Registered)		87		5,718
Deutsche Post AG (Registered)		141		4,176
Deutsche Telekom AG (Registered)		536		7,839
DWS Group GmbH & Co. KGaA (b)		100		3,171
HelloFresh SE *		196		6,972
LEG Immobilien AG		36		4,142
Schaeffler AG (Preference)		800		5,399
TeamViewer AG *		72		3,142
Volkswagen AG (Preference)		28		3,958
				54,706
Ireland — 1.8%
AIB Group plc *		1,884		2,564
Bank of Ireland Group plc		1,358		2,735

INVESTMENTS	SHARES (000)		VALUE ($000)
Ireland — continued
Ryanair Holdings plc, ADR *		37		2,356
				7,655
Italy — 4.9%
Enel SpA		1,413		9,655
Falck Renewables SpA		556		2,731
Nexi SpA * (b)		369		5,593
Poste Italiane SpA (b)		304		2,588
				20,567
Netherlands — 8.1%
ASM International NV		73		8,009
ASR Nederland NV		153		4,121
BE Semiconductor Industries NV * (a)		85		3,526
Euronext NV (b)		31		2,638
Koninklijke Ahold Delhaize NV (a)		395		9,581
Wolters Kluwer NV (a)		83		6,077
				33,952
Norway — 0.7%
Scatec Solar ASA (b)		210		3,052
Russia — 2.0%
Polymetal International plc		398		8,141
South Africa — 0.8%
Anglo American plc		182		3,241
Spain — 1.5%
Endesa SA		276		6,131
Sweden — 3.9%
Embracer Group AB *		110		1,166
Evolution Gaming Group AB (b)		76		3,460
Hennes & Mauritz AB, Class B (a)		215		2,942
Sinch AB * (b)		78		4,036
SKF AB, Class B		307		4,846
				16,450
Switzerland — 20.9%
ALSO Holding AG (Registered) *		6		1,194
LafargeHolcim Ltd. (Registered) *		158		6,581
Nestle SA (Registered)		146		15,483
Novartis AG (Registered)		210		17,949
Roche Holding AG		62		21,405
SIG Combibloc Group AG *		257		4,170
STMicroelectronics NV		200		5,152
Swisscom AG (Registered)		16		8,434

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Switzerland — continued
Zurich Insurance Group AG		22		6,970
				87,338
United Kingdom — 17.5%
AstraZeneca plc		44		4,606
Barratt Developments plc		676		4,408
Berkeley Group Holdings plc		51		2,688
British American Tobacco plc		109		4,195
Calisen plc *		1,313		3,059
Centrica plc		2,449		1,225
Dialog Semiconductor plc *		111		3,491
Dunelm Group plc		240		2,768
Games Workshop Group plc		23		1,710
Intermediate Capital Group plc		374		5,293
Linde plc		53		9,795
National Express Group plc		611		2,104
Next plc		83		4,942
Prudential plc		220		3,102
Reckitt Benckiser Group plc		45		3,728
Segro plc, REIT		558		5,849
Spirent Communications plc		1,401		4,237
Taylor Wimpey plc		3,193		5,896
				73,096
Total Common Stocks (Cost $427,263)				413,214
Short-Term Investments — 10.9%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $4,178)		4,181		4,185
Investment of Cash Collateral from Securities Loaned — 9.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		30,000		30,006
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		11,283		11,283
Total Investment of Cash Collateral from Securities Loaned (Cost $41,284)				41,289
Total Short-Term Investments (Cost $45,462)				45,474
Total Investments — 109.9% (Cost $472,725)				458,688
Liabilities in Excess of Other Assets — (9.9)%				(41,233	)
NET ASSETS — 100.0%				417,455

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		15.3	%
Insurance		5.9
Semiconductors & Semiconductor Equipment		4.8
Banks		4.7
Metals & Mining		4.6
Diversified Telecommunication Services		3.5
Electric Utilities		3.4
Food Products		3.4
Oil, Gas & Consumable Fuels		3.4
Household Durables		2.8
Capital Markets		2.4
Chemicals		2.1
Food & Staples Retailing		2.1
IT Services		2.0
Construction Materials		2.0
Textiles, Apparel & Luxury Goods		1.9
Automobiles		1.7
Software		1.6
Internet & Direct Marketing Retail		1.5
Aerospace & Defense		1.4
Electrical Equipment		1.4
Professional Services		1.3
Equity Real Estate Investment Trusts (REITs)		1.3
Independent Power and Renewable Electricity Producers		1.3
Specialty Retail		1.2
Auto Components		1.2
Multiline Retail		1.1
Machinery		1.1
Others (each less than 1.0%)		9.7
Short-Term Investments		9.9

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

Abbreviations

ADR	American Depositary Receipt
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, 2020. The total value of securities on loan at April 30, 2020 is approximately $35,227,000.

(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 an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020 (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		32		06/2020		EUR		1,011		215
FTSE 100 Index		7		06/2020		GBP		517		74
										289

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%
Australia — 9.3%
AGL Energy Ltd.		414		4,549
Ansell Ltd.		354		6,529
Aurizon Holdings Ltd.		3,801		11,548
Austal Ltd.		975		2,115
Beach Energy Ltd.		4,653		4,535
BHP Group Ltd.		1,213		24,772
Caltex Australia Ltd.		185		2,982
Coca-Cola Amatil Ltd.		881		4,905
Coles Group Ltd.		1,070		10,734
CSL Ltd.		53		10,487
CSR Ltd.		2,498		6,004
Fortescue Metals Group Ltd.		948		7,246
IGO Ltd.		1,327		4,025
IOOF Holdings Ltd.		470		1,312
JB Hi-Fi Ltd. (a)		281		6,344
Lendlease Group *		570		4,538
Metcash Ltd.		1,883		3,037
Orica Ltd.		228		2,641
Rio Tinto plc		444		20,603
				138,906
Austria — 0.4%
BAWAG Group AG * (b)		58		1,961
Wienerberger AG		256		4,788
				6,749
Belgium — 1.3%
Ageas		337		12,131
bpost SA		245		1,712
D’ieteren SA/NV		38		1,925
KBC Group NV		66		3,563
				19,331
China — 0.8%
BOC Hong Kong Holdings Ltd.		3,687		11,316
Denmark — 2.5%
Carlsberg A/S, Class B		95		11,953
Novo Nordisk A/S, Class B		378		24,096
Scandinavian Tobacco Group A/S, Class A (b)		147		1,687
				37,736
France — 7.0%
Capgemini SE		57		5,343
Cie de Saint-Gobain		204		5,427
Eiffage SA		152		12,433
LVMH Moet Hennessy Louis Vuitton SE		17		6,499
Peugeot SA		757		10,737

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
Sanofi (a)		295		28,808
Schneider Electric SE * (a)		220		20,306
Sopra Steria Group		30		3,518
SPIE SA		350		5,278
TOTAL SA		103		3,640
Veolia Environnement SA		105		2,234
				104,223
Germany — 6.2%
Allianz SE (Registered)		126		23,259
Bayer AG (Registered)		71		4,653
Deutsche Pfandbriefbank AG (b)		540		3,971
Freenet AG		531		10,079
Hannover Rueck SE		68		10,853
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		77		16,923
RWE AG		150		4,322
SAP SE		85		10,075
Schaeffler AG (Preference)		1,310		8,845
				92,980
Hong Kong — 2.5%
AIA Group Ltd.		852		7,817
Power Assets Holdings Ltd.		1,705		11,424
VTech Holdings Ltd.		558		4,204
WH Group Ltd. (b)		7,227		6,893
Xinyi Glass Holdings Ltd.		5,866		6,794
				37,132
Ireland — 0.3%
Greencore Group plc		1,151		2,635
Ryanair Holdings plc, ADR *		31		1,951
				4,586
Israel — 0.3%
Israel Discount Bank Ltd., Class A		1,560		5,060
Italy — 1.2%
Enel SpA		566		3,869
Snam SpA		3,013		13,516
				17,385
Japan — 25.4%
Advantest Corp.		182		8,826
Alfresa Holdings Corp.		106		2,112
Amano Corp.		111		2,271
Asahi Group Holdings Ltd.		84		2,895
Astellas Pharma, Inc.		664		10,985
Brother Industries Ltd.		391		6,629

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Capcom Co. Ltd.		214		6,544
Chugai Pharmaceutical Co. Ltd.		33		3,958
Dai-ichi Life Holdings, Inc.		353		4,420
Digital Garage, Inc.		78		2,780
Fujitsu Ltd.		84		8,170
GMO internet, Inc.		100		2,174
Hikari Tsushin, Inc.		11		2,109
Hitachi Ltd.		365		10,845
Internet Initiative Japan, Inc.		95		3,261
ITOCHU Corp.		485		9,510
Iwatani Corp. (a)		119		4,055
Japan Aviation Electronics Industry Ltd.		123		1,600
Japan Petroleum Exploration Co. Ltd.		60		1,031
Kaken Pharmaceutical Co. Ltd.		31		1,728
KDDI Corp.		432		12,518
Keyence Corp.		6		2,035
K’s Holdings Corp.		210		2,291
Kyudenko Corp.		86		2,408
Marubeni Corp.		1,159		5,581
Medipal Holdings Corp.		158		3,048
Meitec Corp.		49		2,150
Mitsubishi UFJ Financial Group, Inc.		3,319		13,407
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,011		4,828
Mitsui Fudosan Co. Ltd.		454		8,344
Morinaga & Co. Ltd.		95		3,896
MS&AD Insurance Group Holdings, Inc.		126		3,627
Nihon Unisys Ltd.		224		6,470
Nippon Telegraph & Telephone Corp.		424		9,658
Nomura Holdings, Inc.		1,924		7,986
Nomura Real Estate Holdings, Inc.		398		6,463
NTT DOCOMO, Inc.		358		10,536
Obayashi Corp.		323		2,827
Ono Pharmaceutical Co. Ltd.		173		4,166
Open House Co. Ltd.		163		3,547
ORIX Corp.		652		7,668
Otsuka Corp.		101		4,582
Rohto Pharmaceutical Co. Ltd.		137		3,986
Saizeriya Co. Ltd.		76		1,509
Sankyu, Inc.		107		4,112
Sawai Pharmaceutical Co. Ltd.		48		2,605
SCSK Corp.		55		2,485
Sekisui House Ltd.		480		8,231
Shinsei Bank Ltd.		508		6,126
Shionogi & Co. Ltd.		167		9,195
Ship Healthcare Holdings, Inc.		37		1,678

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Softbank Corp.		648		8,822
Sony Corp.		267		17,176
Sumitomo Mitsui Financial Group, Inc.		429		11,289
Sumitomo Mitsui Trust Holdings, Inc.		283		8,225
Teijin Ltd.		176		2,813
TIS, Inc.		377		7,191
Tokuyama Corp.		143		3,026
Tokyo Electron Ltd.		54		11,544
Tokyo Tatemono Co. Ltd.		511		5,746
Tokyu Fudosan Holdings Corp.		1,281		6,268
Toyota Motor Corp.		380		23,469
Toyota Tsusho Corp.		180		4,280
TS Tech Co. Ltd.		119		3,238
Zeon Corp.		397		3,477
				380,430
Netherlands — 6.5%
ASM International NV		120		13,241
ASML Holding NV (a)		34		9,910
BE Semiconductor Industries NV *(a)		137		5,658
Euronext NV (b)		135		11,339
EXOR NV		154		8,415
Koninklijke Ahold Delhaize NV		557		13,519
Randstad NV *		145		5,831
Royal Dutch Shell plc, Class B		518		8,293
Signify NV (b)		256		5,217
Wolters Kluwer NV (a)		214		15,712
				97,135
New Zealand — 0.3%
Spark New Zealand Ltd.		1,408		3,811
Norway — 1.0%
DNB ASA		657		7,955
Norwegian Finans Holding ASA *		552		2,947
Scatec Solar ASA (b)		291		4,238
				15,140
Portugal — 0.7%
Jeronimo Martins SGPS SA		587		9,955
Singapore — 2.5%
DBS Group Holdings Ltd.		1,100		15,481
Singapore Telecommunications Ltd.		5,677		11,344
United Overseas Bank Ltd.		691		9,874
				36,699
South Africa — 0.9%
Anglo American plc		784		13,948

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Spain — 1.8%
Enagas SA		467		10,905
Endesa SA		661		14,666
Mediaset Espana Comunicacion SA * (a)		574		2,057
				27,628
Sweden — 2.7%
Skandinaviska Enskilda Banken AB, Class A		952		7,835
Skanska AB, Class B *		578		10,995
SKF AB, Class B		578		9,118
Swedish Match AB		194		12,018
				39,966
Switzerland — 11.7%
Adecco Group AG (Registered)		204		8,922
Galenica AG * (b)		79		5,651
Julius Baer Group Ltd. *		163		6,420
Landis+Gyr Group AG *		109		7,358
Nestle SA (Registered)		404		42,831
Novartis AG (Registered)		409		34,869
Roche Holding AG		122		42,171
Swiss Life Holding AG (Registered)		32		11,278
Swisscom AG (Registered)		23		12,038
Zurich Insurance Group AG		11		3,584
				175,122
United Kingdom — 11.0%
3i Group plc		1,098		10,782
Ashtead Group plc		571		15,605
AstraZeneca plc		91		9,522
Avast plc (b)		2,379		13,702
Barratt Developments plc		899		5,861
Berkeley Group Holdings plc		168		8,797
Computacenter plc		107		1,948
Dialog Semiconductor plc *		300		9,410
Dunelm Group plc		547		6,322
GlaxoSmithKline plc		818		17,059
Howden Joinery Group plc		291		1,921
HSBC Holdings plc		337		1,730
Inchcape plc		774		4,873

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
Legal & General Group plc		4,012		10,315
Next plc		113		6,701
Pets at Home Group plc		445		1,424
Redrow plc		709		4,120
Savills plc		83		1,010
Tate & Lyle plc		497		4,457
Taylor Wimpey plc		3,329		6,148
Ultra Electronics Holdings plc		185		4,587
Unilever plc		313		16,120
Vistry Group plc		137		1,394
				163,808
United States — 0.7%
Ferguson plc		150		10,815
Total Common Stocks (Cost $1,518,438)				1,449,861
Short-Term Investments — 7.0%
Investment Companies — 1.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $28,749)		28,750		28,772
Investment of Cash Collateral from Securities Loaned — 5.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		32,997		33,005
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		43,374		43,374
Total Investment of Cash Collateral from Securities Loaned (Cost $76,371)				76,379
Total Short-Term Investments (Cost $105,120)				105,151
Total Investments — 104.0% (Cost $1,623,558)				1,555,012
Liabilities in Excess of Other Assets — (4.0)%				(60,162	)
NET ASSETS — 100.0%				1,494,850

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		12.5	%
Banks		6.9
Insurance		6.7
Metals & Mining		4.5
Food Products		3.9
Semiconductors & Semiconductor Equipment		3.8
Household Durables		3.3
Trading Companies & Distributors		3.1
IT Services		2.9
Wireless Telecommunication Services		2.7
Diversified Telecommunication Services		2.6
Capital Markets		2.4
Food & Staples Retailing		2.4
Real Estate Management & Development		2.3
Automobiles		2.2
Professional Services		2.1
Electric Utilities		1.9
Construction & Engineering		1.8
Electrical Equipment		1.6
Oil, Gas & Consumable Fuels		1.6
Gas Utilities		1.6
Electronic Equipment, Instruments & Components		1.6
Software		1.5
Diversified Financial Services		1.4
Personal Products		1.3
Beverages		1.3
Auto Components		1.2
Specialty Retail		1.2
Road & Rail		1.0
Others (each less than 1.0%)		10.0
Short-Term Investments		6.7

Abbreviations
ADR	American Depositary 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.
SGPS	Holding company
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $72,637,000.
(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 an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2020 (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		337		06/2020		EUR		10,643		218
FTSE 100 Index		81		06/2020		GBP		5,983		192
TOPIX Index		53		06/2020		JPY		7,178		181
										591

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.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.4%
Australia — 3.5%
BHP Group Ltd.		1,421		29,018
BHP Group plc		1,074		18,024
Commonwealth Bank of Australia		508		20,531
Rio Tinto plc		560		25,986
				93,559
Austria — 0.4%
Erste Group Bank AG		563		12,211
Belgium — 0.8%
KBC Group NV		397		21,535
China — 3.7%
Alibaba Group Holding Ltd., ADR *		128		25,854
Ping An Insurance Group Co. of China Ltd., Class H		3,092		31,465
Prosus NV * (a)		174		13,189
Tencent Holdings Ltd.		544		28,587
				99,095
Denmark — 4.2%
Carlsberg A/S, Class B		239		30,145
Novo Nordisk A/S, Class B		948		60,472
Orsted A/S (b)		206		20,772
				111,389
Finland — 1.3%
Kone OYJ, Class B		557		33,755
France — 13.2%
Accor SA (a)		628		17,483
Airbus SE *		253		16,046
AXA SA		976		17,352
Capgemini SE		281		26,376
EssilorLuxottica SA		174		21,578
Legrand SA		383		25,670
L’Oreal SA		131		38,002
LVMH Moet Hennessy Louis Vuitton SE		120		46,491
Orange SA		2,029		24,653
Pernod Ricard SA		190		28,952
Safran SA		208		19,302
Schneider Electric SE * (a)		435		40,244
TOTAL SA		855		30,361
				352,510
Germany — 8.1%
adidas AG		119		27,153
Allianz SE (Registered)		215		39,489
Deutsche Boerse AG		189		29,319
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		127		27,800

INVESTMENTS	SHARES (000)		VALUE ($000)
Germany — continued
SAP SE		464		55,267
Symrise AG		192		19,406
Vonovia SE		368		18,209
				216,643
Hong Kong — 4.1%
AIA Group Ltd.		6,919		63,503
CK Asset Holdings Ltd.		3,195		20,185
Hong Kong Exchanges & Clearing Ltd.		796		25,509
				109,197
India — 1.2%
HDFC Bank Ltd., ADR		768		33,304
Japan — 15.4%
Daikin Industries Ltd.		257		32,917
FANUC Corp.		125		20,418
Hoya Corp.		297		27,094
Kao Corp.		532		41,041
Keyence Corp.		141		50,446
Komatsu Ltd.		1,408		26,641
Kubota Corp.		2,208		27,418
Makita Corp.		715		23,292
Mitsui Fudosan Co. Ltd.		771		14,184
Nidec Corp.		452		26,289
Shin-Etsu Chemical Co. Ltd.		348		38,374
SMC Corp.		65		29,336
Sony Corp.		817		52,603
				410,053
Macau — 0.9%
Sands China Ltd.		5,658		22,908
Netherlands — 4.3%
ASML Holding NV (a)		200		58,513
ING Groep NV		3,183		17,832
Royal Dutch Shell plc, Class A		2,300		37,863
				114,208
Singapore — 1.0%
DBS Group Holdings Ltd.		1,937		27,271
South Korea — 1.5%
Samsung Electronics Co. Ltd., GDR (b)		37		38,094
Samsung Electronics Co. Ltd., GDR (b)		1		1,236
				39,330
Spain — 1.0%
Industria de Diseno Textil SA		1,083		27,747

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Sweden — 2.4%
Atlas Copco AB, Class A		969		33,407
Svenska Handelsbanken AB, Class A *		3,376		30,817
				64,224
Switzerland — 13.8%
Cie Financiere Richemont SA (Registered)		373		21,175
LafargeHolcim Ltd. (Registered) *		819		34,010
Lonza Group AG (Registered) *		30		13,235
Nestle SA (Registered)		1,053		111,503
Novartis AG (Registered)		849		72,426
Roche Holding AG		280		97,104
SGS SA (Registered)		8		18,339
				367,792
Taiwan — 1.6%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		818		43,455
United Kingdom — 14.8%
Burberry Group plc		1,362		23,657
Diageo plc		1,615		55,587
GlaxoSmithKline plc		3,004		62,661
Legal & General Group plc		11,556		29,711
Linde plc (a)		188		34,722
London Stock Exchange Group plc		270		25,277
Persimmon plc		964		26,716
Prudential plc		2,073		29,239
RELX plc		1,435		32,655
Smith & Nephew plc		1,370		26,805
Unilever plc		907		46,710
				393,740
United States — 1.2%
Ferguson plc		445		32,095
Total Common Stocks (Cost $2,202,688)				2,626,021
Short-Term Investments — 5.3%
Investment Companies — 1.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $28,678)		28,670		28,692

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 4.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		69,011		69,025
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		42,530		42,530
Total Investment of Cash Collateral from Securities Loaned (Cost $111,540)				111,555
Total Short-Term Investments (Cost $140,218)				140,247
Total Investments — 103.7% (Cost $2,342,906)				2,766,268
Liabilities in Excess of Other Assets — (3.7)%				(98,814	)
NET ASSETS — 100.0%				2,667,454

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		10.6	%
Insurance		8.6
Machinery		7.0
Banks		5.9
Textiles, Apparel & Luxury Goods		5.1
Personal Products		4.6
Beverages		4.1
Food Products		4.0
Semiconductors & Semiconductor Equipment		3.7
Chemicals		3.3
Electrical Equipment		3.3
Capital Markets		2.9
Household Durables		2.9
Metals & Mining		2.6
Oil, Gas & Consumable Fuels		2.5
Software		2.0
Health Care Equipment & Supplies		2.0
Real Estate Management & Development		1.9
Professional Services		1.8
Electronic Equipment, Instruments & Components		1.8
Hotels, Restaurants & Leisure		1.5
Technology Hardware, Storage & Peripherals		1.4
Internet & Direct Marketing Retail		1.4
Aerospace & Defense		1.3
Construction Materials		1.2
Building Products		1.2
Trading Companies & Distributors		1.2
Interactive Media & Services		1.0
Specialty Retail		1.0
IT Services		1.0
Others (each less than 1.0%)		2.2
Short-Term Investments		5.0

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OYJ	Public Limited Company
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $104,180,000.
(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 an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%
Australia — 2.0%
BHP Group plc		3,016		50,620
Belgium — 1.5%
KBC Group NV		718		38,927
Canada — 6.7%
Alimentation Couche-Tard, Inc., Class B		1,483		41,372
Canadian National Railway Co.		571		47,220
Canadian Pacific Railway Ltd.		208		47,210
Toronto-Dominion Bank (The)		828		34,610
				170,412
China — 9.9%
Alibaba Group Holding Ltd., ADR *		391		79,313
Ping An Insurance Group Co. of China Ltd., Class H		7,605		77,385
Tencent Holdings Ltd.		1,804		94,830
				251,528
Denmark — 2.7%
Novo Nordisk A/S, Class B		1,085		69,229
Finland — 1.3%
Kone OYJ, Class B		542		32,832
France — 6.6%
LVMH Moet Hennessy Louis Vuitton SE		157		60,546
Safran SA		560		52,021
Schneider Electric SE * (a)		601		55,561
				168,128
Germany — 10.0%
Allianz SE (Registered)		266		48,975
Delivery Hero SE * (a) (b)		736		62,413
Deutsche Boerse AG		326		50,466
SAP SE		505		60,160
Vonovia SE		625		30,927
				252,941
Hong Kong — 3.5%
AIA Group Ltd.		9,546		87,611
India — 3.3%
HDFC Bank Ltd., ADR		1,925		83,453
Indonesia — 1.5%
Bank Central Asia Tbk. PT		21,608		37,428
Japan — 5.6%
Keyence Corp.		130		46,340
SMC Corp.		92		41,767
Sony Corp.		832		53,523
				141,630

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — 2.7%
ASML Holding NV (a)		233		68,076
South Korea — 2.5%
Samsung Electronics Co. Ltd.		1,520		62,511
Sweden — 3.0%
Atlas Copco AB, Class A (a)		928		31,989
Svenska Handelsbanken AB, Class A *		4,842		44,199
				76,188
Switzerland — 11.0%
LafargeHolcim Ltd. (Registered) *		1,258		52,244
Nestle SA (Registered)		1,179		124,820
Roche Holding AG		209		72,501
SGS SA (Registered)		13		29,272
				278,837
Taiwan — 2.7%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,296		68,847
United Kingdom — 19.8%
Burberry Group plc		1,558		27,052
Diageo plc		1,544		53,170
GlaxoSmithKline plc		3,393		70,794
InterContinental Hotels Group plc		721		32,833
Legal & General Group plc		18,370		47,229
Linde plc (a)		248		45,769
London Stock Exchange Group plc		430		40,217
Persimmon plc		1,490		41,283
RELX plc		1,874		42,655
Smith & Nephew plc		2,365		46,275
Unilever NV		1,119		55,727
				503,004
United States — 1.5%
Ferguson plc		539		38,881
Total Common Stocks (Cost $2,469,881)				2,481,083
Short-Term Investments — 7.2%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $32,695)		32,698		32,724

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 5.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		123,991		124,016
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		25,034		25,034
Total Investment of Cash Collateral from Securities Loaned (Cost $149,023)				149,050
Total Short-term Investments (Cost $181,718)				181,774
Total Investments — 105.0% (Cost $2,651,599)				2,662,857
Liabilities in Excess of Other Assets — (5.0)%				(127,601	)
NET ASSETS — 100.0%				2,535,256

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Insurance		9.8	%
Banks		9.0
Pharmaceuticals		8.0
Internet & Direct Marketing Retail		5.3
Semiconductors & Semiconductor Equipment		5.1
Food Products		4.7
Machinery		4.0
Interactive Media & Services		3.6
Household Durables		3.6
Road & Rail		3.5
Capital Markets		3.4

INDUSTRY	PERCENTAGE
Textiles, Apparel & Luxury Goods		3.3	%
Professional Services		2.7
Technology Hardware, Storage & Peripherals		2.3
Software		2.3
Personal Products		2.1
Electrical Equipment		2.1
Beverages		2.0
Construction Materials		2.0
Aerospace & Defense		1.9
Metals & Mining		1.9
Electronic Equipment, Instruments & Components		1.7
Health Care Equipment & Supplies		1.7
Chemicals		1.7
Food & Staples Retailing		1.5
Trading Companies & Distributors		1.5
Hotels, Restaurants & Leisure		1.2
Real Estate Management & Development		1.2
Short-Term Investments		6.9

Abbreviations

ADR	American Depositary Receipt
OYJ	Public Limited Company
PT	Limited liability company
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $139,159,000.
(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 an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 104.2%
Australia — 4.9%
Australia & New Zealand Banking Group Ltd.		59		643
BHP Group Ltd.		39		796
Commonwealth Bank of Australia		5		187
CSL Ltd.		4		782
Dexus, REIT		51		303
Goodman Group, REIT		68		581
Macquarie Group Ltd.		1		85
National Australia Bank Ltd.		8		82
Rio Tinto Ltd.		15		851
Rio Tinto plc		5		245
Westpac Banking Corp.		12		125
				4,680
Austria — 0.5%
Erste Group Bank AG		21		445
Denmark — 3.4%
Carlsberg A/S, Class B		3		334
Chr Hansen Holding A/S		4		305
Novo Nordisk A/S, Class B		31		1,961
Orsted A/S (a)		7		677
				3,277
Finland — 0.6%
Nokia OYJ		54		195
UPM-Kymmene OYJ		14		391
				586
France — 13.2%
Accor SA		9		241
Air Liquide SA		13		1,647
Airbus SE *		9		578
Alstom SA		20		820
AXA SA		15		261
BNP Paribas SA		22		699
Capgemini SE		6		585
L’Oreal SA		1		265
LVMH Moet Hennessy Louis Vuitton SE		3		1,254
Natixis SA		6		15
Orange SA		42		508
Safran SA		7		624
Sanofi		20		1,994
Schneider Electric SE *		13		1,162
Sodexo SA		1		91
Thales SA		2		182
TOTAL SA		26		936
Unibail-Rodamco-Westfield, REIT		1		40

INVESTMENTS	SHARES (000)			VALUE ($000)
France — continued
Vinci SA		9			747
					12,649
Germany — 10.2%
adidas AG		5			1,070
Allianz SE (Registered)		1			209
BASF SE		4			186
Bayer AG (Registered)		9			617
Brenntag AG		15			698
Daimler AG (Registered)		—	(b)		9
Deutsche Boerse AG		5			734
Deutsche Post AG (Registered)		26			761
Deutsche Telekom AG (Registered)		78			1,141
Deutsche Wohnen SE		6			226
Henkel AG & Co. KGaA (Preference)		3			288
Infineon Technologies AG		48			896
SAP SE		17			2,008
Siemens AG (Registered)		3			272
Volkswagen AG (Preference)		4			581
					9,696
Hong Kong — 2.2%
AIA Group Ltd.		134			1,226
CK Asset Holdings Ltd.		63			398
Hong Kong Exchanges & Clearing Ltd.		16			526
					2,150
Ireland — 1.0%
CRH plc		10			318
Ryanair Holdings plc, ADR *		10			642
					960
Italy — 2.2%
Assicurazioni Generali SpA		5			72
Enel SpA		204			1,393
FinecoBank Banca Fineco SpA *		53			593
UniCredit SpA *		8			61
					2,119
Japan — 24.9%
Asahi Group Holdings Ltd.		3			100
Bridgestone Corp.		17			542
Central Japan Railway Co.		4			629
Daicel Corp.		37			300
Daikin Industries Ltd.		8			1,001
Electric Power Development Co. Ltd.		9			184
Hitachi Ltd.		12			368

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Honda Motor Co. Ltd.		46		1,122
Japan Airlines Co. Ltd.		6		98
Japan Tobacco, Inc.		10		181
Kao Corp.		18		1,350
Keyence Corp.		4		1,321
Mabuchi Motor Co. Ltd.		16		492
Marui Group Co. Ltd.		22		357
Mitsubishi Corp.		35		740
Mitsubishi UFJ Financial Group, Inc.		206		833
Mitsui Fudosan Co. Ltd.		37		680
Nichirei Corp.		9		228
Nintendo Co. Ltd.		4		1,445
Nippon Telegraph & Telephone Corp.		54		1,230
Nitori Holdings Co. Ltd.		3		521
Nomura Research Institute Ltd.		9		220
Olympus Corp.		19		294
Otsuka Corp.		13		602
Otsuka Holdings Co. Ltd.		21		818
Panasonic Corp.		43		329
Persol Holdings Co. Ltd.		14		166
Renesas Electronics Corp. *		20		103
Seven & i Holdings Co. Ltd.		15		490
SoftBank Group Corp.		5		223
Sony Corp.		11		695
Sumitomo Electric Industries Ltd.		29		294
Sumitomo Mitsui Financial Group, Inc.		27		697
T&D Holdings, Inc.		28		242
Tokio Marine Holdings, Inc.		17		798
Tokyo Gas Co. Ltd.		10		226
Tokyu Corp.		60		899
Toray Industries, Inc.		57		262
Toyota Motor Corp.		35		2,164
West Japan Railway Co.		6		395
Yamato Holdings Co. Ltd.		9		154
				23,793
Luxembourg — 0.2%
ArcelorMittal SA		14		150
Netherlands — 4.9%
Akzo Nobel NV		11		851
ASML Holding NV		7		2,126
Heineken NV		4		342
ING Groep NV		71		399
Koninklijke Philips NV		4		191
Royal Dutch Shell plc, Class A		34		564

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — continued
Royal Dutch Shell plc, Class B		15		234
				4,707
Norway — 0.9%
Telenor ASA		54		835
Singapore — 0.9%
DBS Group Holdings Ltd.		53		739
United Overseas Bank Ltd.		6		92
				831
Spain — 3.4%
Banco Santander SA		125		279
Bankia SA		158		161
Iberdrola SA		151		1,503
Industria de Diseno Textil SA		45		1,141
Telefonica SA		33		150
				3,234
Sweden — 1.4%
Lundin Energy AB		24		606
Svenska Handelsbanken AB, Class A *		79		725
				1,331
Switzerland — 12.3%
Adecco Group AG (Registered)		4		187
Cie Financiere Richemont SA (Registered)		9		533
Credit Suisse Group AG (Registered) *		37		339
LafargeHolcim Ltd. (Registered) *		19		787
Nestle SA (Registered)		37		3,931
Novartis AG (Registered)		29		2,438
Roche Holding AG		9		3,045
Swiss Re AG		7		487
				11,747
United Kingdom — 16.7%
3i Group plc		85		831
AstraZeneca plc		8		846
Aviva plc		22		66
Barratt Developments plc		69		450
Beazley plc		39		191
BP plc		317		1,248
British American Tobacco plc		37		1,445
Burberry Group plc		14		248
CK Hutchison Holdings Ltd.		50		371
Diageo plc		44		1,524
GlaxoSmithKline plc		70		1,452
HSBC Holdings plc		103		527

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
InterContinental Hotels Group plc		21		944
ITV plc		41		39
Lloyds Banking Group plc		1,444		584
M&G plc		237		393
Prudential plc		57		803
RELX plc		36		812
Standard Chartered plc		100		512
Taylor Wimpey plc		244		450
Tesco plc		218		645
Unilever NV		29		1,446
Whitbread plc		3		121
				15,948
United States — 0.4%
Ferguson plc		5		353
Total Common Stocks (Cost $104,403)				99,491
	NO. OF CONTRACTS
Options Purchased — 0.7%
Put Options Purchased — 0.7%
United States — 0.7%
MSCI EAFE Index 6/19/2020 at USD 1,350.00, European Style Notional Amount: USD 104,600 Exchange-Traded * (Cost $5,959)		631		637
	SHARES (000)
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (c) (d) (Cost $854)		854		854
Total Investments — 105.8% (Cost $111,216)				100,982
Liabilities in Excess of Other Assets — (5.8)%				(5,515	)
NET ASSETS — 100.0%				95,467

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		13.1	%
Banks		8.3
Insurance		4.3
Food Products		4.1
Automobiles		3.8
Diversified Telecommunication Services		3.8
Oil, Gas & Consumable Fuels		3.6
Electric Utilities		3.5
Chemicals		3.5
Semiconductors & Semiconductor Equipment		3.1
Textiles, Apparel & Luxury Goods		3.1
Personal Products		3.0
Capital Markets		2.5
Beverages		2.3
Metals & Mining		2.0
Software		2.0
Household Durables		1.9
Road & Rail		1.9
Trading Companies & Distributors		1.8
Electronic Equipment, Instruments & Components		1.7
Specialty Retail		1.7
Electrical Equipment		1.6
Tobacco		1.6
Entertainment		1.4
IT Services		1.4
Hotels, Restaurants & Leisure		1.4
Aerospace & Defense		1.4
Real Estate Management & Development		1.3
Professional Services		1.2
Food & Staples Retailing		1.1
Construction Materials		1.1
Building Products		1.0
Others (each less than 1.0%)		9.7
Short-Term Investments		0.8

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

Abbreviations

ADR	American Depositary Receipt
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.
REIT	Real Estate Investment Trust
USD	United States Dollar

(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)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020 (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		13		06/2020		EUR		410		13
FTSE 100 Index		2		06/2020		GBP		148		5
SPI 200 Index		20		06/2020		AUD		1,767		126
TOPIX Index		9		06/2020		JPY		1,219		104
										248

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, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

631

USD 104,600

USD 1,510.00

6/19/2020

(9,771

)

Written Put Options Contracts as of April 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

631

USD 104,600

USD 1,125.00

6/19/2020

(110

)

Total Written Options Contracts (Premiums Received $7,118)

(9,881

)

Abbreviations
EAFE	Europe, Australasia, and Far East
MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.1%
Australia — 4.5%
Australia & New Zealand Banking Group Ltd.		2,448		26,592
BHP Group Ltd.		1,612		32,916
Commonwealth Bank of Australia		194		7,822
CSL Ltd.		162		32,265
Dexus, REIT		2,108		12,514
Goodman Group, REIT		2,817		23,994
Macquarie Group Ltd.		55		3,675
National Australia Bank Ltd.		325		3,566
Rio Tinto Ltd.		623		35,130
Rio Tinto plc		222		10,301
Westpac Banking Corp.		504		5,249
				194,024
Austria — 0.4%
Erste Group Bank AG		849		18,394
IMMOFINANZ AG *		1		26
				18,420
Denmark — 3.1%
Carlsberg A/S, Class B		109		13,727
Chr Hansen Holding A/S (a)		136		11,707
Novo Nordisk A/S, Class B		1,267		80,841
Orsted A/S (b)		277		28,002
				134,277
Finland — 0.6%
Nokia OYJ		2,225		8,022
UPM-Kymmene OYJ		591		16,199
				24,221
France — 12.2%
Accor SA		357		9,926
Air Liquide SA (a)		533		67,740
Airbus SE *		378		23,909
Alstom SA		827		33,926
AXA SA		606		10,769
BNP Paribas SA		920		28,903
Capgemini SE		257		24,186
L’Oreal SA		37		10,881
LVMH Moet Hennessy Louis Vuitton SE		135		52,307
Natixis SA		278		656
Orange SA		1,731		21,029
Safran SA		277		25,756
Sanofi (a)		845		82,492
Schneider Electric SE * (a)		520		48,072
Sodexo SA (a)		47		3,719
Thales SA		99		7,531

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
TOTAL SA		1,089		38,650
Unibail-Rodamco-Westfield, REIT		28		1,658
Vinci SA		375		30,742
				522,852
Germany — 9.3%
adidas AG		194		44,319
Allianz SE (Registered)		48		8,755
BASF SE		153		7,827
Bayer AG (Registered)		388		25,532
Brenntag AG		638		28,874
Daimler AG (Registered) (a)		17		594
Deutsche Boerse AG		195		30,281
Deutsche Post AG (Registered)		1,060		31,490
Deutsche Telekom AG (Registered)		3,203		46,829
Deutsche Wohnen SE		230		9,310
Henkel AG & Co. KGaA (Preference)		124		11,049
Infineon Technologies AG		1,990		36,991
SAP SE		697		82,987
Siemens AG (Registered)		124		11,476
Volkswagen AG (Preference)		172		23,954
				400,268
Hong Kong — 2.0%
AIA Group Ltd.		5,476		50,254
CK Asset Holdings Ltd.		2,506		15,835
Hong Kong Exchanges & Clearing Ltd.		657		21,065
I-CABLE Communications Ltd. *		254		2
				87,156
Ireland — 0.9%
CRH plc		439		13,321
Ryanair Holdings plc, ADR *		418		26,550
				39,871
Italy — 2.0%
Assicurazioni Generali SpA		208		2,964
Enel SpA		8,450		57,719
FinecoBank Banca Fineco SpA * (a)		2,198		24,492
UniCredit SpA *		341		2,634
				87,809
Japan — 22.6%
Asahi Group Holdings Ltd.		107		3,665
Bridgestone Corp.		696		21,658
Central Japan Railway Co.		147		23,131
Daicel Corp.		1,533		12,441

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Daikin Industries Ltd.		310		39,820
Electric Power Development Co. Ltd.		376		7,516
Hitachi Ltd.		486		14,418
Honda Motor Co. Ltd.		1,888		45,851
Japan Airlines Co. Ltd.		226		4,030
Japan Tobacco, Inc.		363		6,764
Kao Corp.		722		55,647
Keyence Corp.		157		56,158
Mabuchi Motor Co. Ltd.		655		20,276
Marui Group Co. Ltd.		880		14,408
Mitsubishi Corp.		1,426		30,251
Mitsubishi UFJ Financial Group, Inc.		8,429		34,055
Mitsui Fudosan Co. Ltd.		1,509		27,750
Nichirei Corp.		359		8,968
Nintendo Co. Ltd.		141		58,305
Nippon Telegraph & Telephone Corp.		2,222		50,592
Nitori Holdings Co. Ltd.		146		22,409
Nomura Research Institute Ltd.		370		9,053
Olympus Corp.		748		11,875
Otsuka Corp.		584		26,433
Otsuka Holdings Co. Ltd.		937		36,840
Panasonic Corp.		1,736		13,233
Persol Holdings Co. Ltd.		584		6,715
Renesas Electronics Corp. *		792		4,179
Seven & i Holdings Co. Ltd.		611		20,218
SoftBank Group Corp.		207		8,873
Sony Corp.		441		28,385
Sumitomo Electric Industries Ltd.		1,176		12,095
Sumitomo Mitsui Financial Group, Inc.		1,075		28,256
T&D Holdings, Inc.		1,139		9,843
Tokio Marine Holdings, Inc.		693		32,527
Tokyo Gas Co. Ltd.		435		9,535
Tokyu Corp.		2,424		36,486
Toray Industries, Inc.		2,314		10,609
Toyota Motor Corp.		1,413		87,350
West Japan Railway Co.		245		15,140
Yamato Holdings Co. Ltd.		353		6,165
				971,923
Luxembourg — 0.2%
ArcelorMittal SA		569		6,219
Malta — 0.0% (c)
BGP Holdings plc * ‡		449		1
Netherlands — 4.5%
Akzo Nobel NV		463		35,163

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — continued
ASML Holding NV (a)		295		86,171
Heineken NV (a)		166		14,086
ING Groep NV		2,946		16,505
Koninklijke Philips NV		182		7,938
Royal Dutch Shell plc, Class A		1,414		23,274
Royal Dutch Shell plc, Class B		609		9,745
				192,882
Norway — 0.8%
Telenor ASA		2,338		35,863
Singapore — 0.8%
DBS Group Holdings Ltd.		2,149		30,255
United Overseas Bank Ltd.		256		3,658
				33,913
Spain — 3.1%
Banco Santander SA		5,174		11,560
Bankia SA		6,546		6,661
Iberdrola SA		6,245		62,124
Industria de Diseno Textil SA		1,843		47,209
Telefonica SA		1,378		6,302
				133,856
Sweden — 1.3%
Lundin Energy AB (a)		974		25,065
Svenska Handelsbanken AB, Class A *		3,285		29,982
				55,047
Switzerland — 11.2%
Adecco Group AG (Registered)		175		7,679
Cie Financiere Richemont SA (Registered)		388		22,010
Credit Suisse Group AG (Registered) *		1,532		13,987
LafargeHolcim Ltd. (Registered) *		782		32,480
Nestle SA (Registered)		1,525		161,503
Novartis AG (Registered)		1,163		99,290
Roche Holding AG		362		125,394
Swiss Re AG (a)		277		20,138
				482,481
United Kingdom — 15.3%
3i Group plc		3,504		34,420
AstraZeneca plc		334		34,948
Aviva plc		901		2,725
Barratt Developments plc		2,853		18,603
Beazley plc		1,479		7,315
BP plc		13,097		51,608
British American Tobacco plc		1,562		60,223

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Burberry Group plc		591		10,266
CK Hutchison Holdings Ltd.		2,038		15,103
Diageo plc		1,837		63,243
GlaxoSmithKline plc		2,881		60,098
HSBC Holdings plc		4,196		21,569
InterContinental Hotels Group plc		851		38,786
ITV plc		1,707		1,639
Lloyds Banking Group plc		59,548		24,094
M&G plc		9,790		16,230
Prudential plc		2,358		33,265
RELX plc		1,488		33,573
Standard Chartered plc		4,130		21,101
Taylor Wimpey plc		10,048		18,558
Tesco plc		8,973		26,540
Unilever NV		1,202		59,836
Whitbread plc		138		5,165
				658,908
United States — 0.3%
Ferguson plc		202		14,574
Total Common Stocks (Cost $4,399,744)				4,094,565
Short-term Investments — 10.3%
Investment Companies — 3.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (d) (e) (Cost $138,217)		138,222		138,332
Investment of Cash Collateral from Securities Loaned — 7.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e)		132,004		132,031
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e)		173,313		173,313
Total Investment of Cash Collateral from Securities Loaned (Cost $305,319)				305,344
Total Short-Term Investments (Cost $443,536)				443,676
Total Investments — 105.4% (Cost $4,843,280)				4,538,241
Liabilities in Excess of Other Assets — (5.4)%				(234,531	)
NET ASSETS — 100.0%				4,303,710

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		12.0	%
Banks		7.6
Insurance		3.9
Food Products		3.8
Diversified Telecommunication Services		3.5
Automobiles		3.5
Oil, Gas & Consumable Fuels		3.3
Electric Utilities		3.3
Chemicals		3.2
Textiles, Apparel & Luxury Goods		2.8
Semiconductors & Semiconductor Equipment		2.8
Personal Products		2.8
Capital Markets		2.3
Beverages		2.1
Metals & Mining		1.9
Software		1.8
Household Durables		1.7
Road & Rail		1.6
Trading Companies & Distributors		1.6
Electronic Equipment, Instruments & Components		1.6
Specialty Retail		1.5
Electrical Equipment		1.5
Tobacco		1.5
IT Services		1.3
Entertainment		1.3
Hotels, Restaurants & Leisure		1.3
Aerospace & Defense		1.3
Real Estate Management & Development		1.2
Professional Services		1.1
Food & Staples Retailing		1.0
Construction Materials		1.0
Others (each less than 1.0%)		9.1
Short-Term Investments		9.8

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

Abbreviations

ADR	American Depositary Receipt
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, 2020. The total value of securities on loan at April 30, 2020 is approximately $282,127,000.

(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)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY	NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
SPI 200 Index		1,011		06/2020	AUD		89,303		6,793
TOPIX Index		373		06/2020	JPY		50,520		4,704
									11,497

Abbreviations
AUD	Australian Dollar
JPY	Japanese Yen
SPI	Australian Securities Exchange
TOPIX	Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.5%
Australia — 7.6%
AGL Energy Ltd.		65		709
Alumina Ltd.		319		353
Australia & New Zealand Banking Group Ltd.		168		1,820
Beach Energy Ltd.		324		316
BHP Group Ltd.		252		5,147
BlueScope Steel Ltd.		76		496
Caltex Australia Ltd.		22		361
Challenger Ltd.		163		518
CSR Ltd.		137		330
Fortescue Metals Group Ltd.		152		1,159
Harvey Norman Holdings Ltd.		166		298
IOOF Holdings Ltd.		111		309
JB Hi-Fi Ltd.		27		601
Macquarie Group Ltd.		6		407
Metcash Ltd.		263		425
National Australia Bank Ltd.		173		1,896
Origin Energy Ltd.		165		595
Qantas Airways Ltd.		163		405
QBE Insurance Group Ltd.		58		314
Rio Tinto plc		82		3,809
South32 Ltd.		507		638
				20,906
Austria — 0.8%
AT&S Austria Technologie & Systemtechnik AG		17		294
BAWAG Group AG * (a)		15		511
Erste Group Bank AG		29		625
Raiffeisen Bank International AG		25		434
Telekom Austria AG		62		434
				2,298
Belgium — 1.2%
Ageas		21		770
Bekaert SA		16		333
bpost SA		44		306
KBC Group NV		22		1,219
Orange Belgium SA		23		380
Telenet Group Holding NV		9		392
				3,400
China — 0.5%
BOC Hong Kong Holdings Ltd.		331		1,016
CITIC Telecom International Holdings Ltd.		1,206		446
				1,462
Denmark — 1.1%
Jyske Bank A/S (Registered) *		13		348

INVESTMENTS	SHARES (000)		VALUE ($000)
Denmark — continued
Matas A/S		58		393
Pandora A/S		13		467
Scandinavian Tobacco Group A/S, Class A (a)		55		636
Solar A/S, Class B		6		218
Spar Nord Bank A/S *		46		318
Sydbank A/S		24		396
TCM Group A/S * (a)		24		346
				3,122
Finland — 1.7%
Fortum OYJ (b)		28		467
Kemira OYJ		30		361
Konecranes OYJ		14		303
Nordea Bank Abp		222		1,422
Sanoma OYJ		34		310
TietoEVRY OYJ		13		314
UPM-Kymmene OYJ		39		1,082
Valmet OYJ		19		436
				4,695
France — 7.9%
Arkema SA		5		427
Atos SE *		10		738
AXA SA		110		1,953
BNP Paribas SA		69		2,174
Cie de Saint-Gobain		36		959
Cie Generale des Etablissements Michelin SCA		12		1,163
Credit Agricole SA		96		770
Derichebourg SA		117		330
Eutelsat Communications SA		32		356
Faurecia SE		12		442
Gecina SA, REIT		5		592
Groupe Crit		9		480
IPSOS		19		365
Kaufman & Broad SA		17		601
Metropole Television SA		25		281
Natixis SA		123		291
Peugeot SA		38		539
Publicis Groupe SA (b)		20		601
Quadient		22		308
Rexel SA		34		314
Rothschild & Co.		17		328
Societe Generale SA		58		907
Sopra Steria Group		3		348
SPIE SA		27		400
Television Francaise 1 *		47		230

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
France — continued
TOTAL SA		134		4,746
Veolia Environnement SA		43		914
				21,557
Georgia — 0.3%
Bank of Georgia Group plc		27		340
TBC Bank Group plc		33		337
				677
Germany — 8.2%
1&1 Drillisch AG		16		369
Aareal Bank AG		15		237
Allianz SE (Registered)		17		3,099
Aurubis AG		8		392
Bayer AG (Registered)		56		3,682
Bayerische Motoren Werke AG		22		1,287
Deutsche Pfandbriefbank AG (a)		29		215
Deutsche Post AG (Registered)		12		356
Deutsche Telekom AG (Registered)		210		3,075
DWS Group GmbH & Co. KGaA (a)		10		326
Evonik Industries AG		24		602
Freenet AG		22		417
Fresenius SE & Co. KGaA		29		1,267
HeidelbergCement AG		13		602
HOCHTIEF AG		5		362
JOST Werke AG (a)		18		494
Jungheinrich AG (Preference)		17		309
KION Group AG		8		377
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		5		1,116
Porsche Automobil Holding SE (Preference)		13		669
Schaeffler AG (Preference)		51		344
Software AG		12		416
Volkswagen AG (Preference)		13		1,818
Wuestenrot & Wuerttembergische AG		35		611
				22,442
Hong Kong — 2.1%
CK Asset Holdings Ltd.		199		1,254
CK Infrastructure Holdings Ltd.		90		532
Haitong International Securities Group Ltd.		1,246		292
Hang Lung Properties Ltd.		253		541
Shun Tak Holdings Ltd.		976		341
Sun Hung Kai Properties Ltd.		100		1,361
VTech Holdings Ltd.		45		338
Wheelock & Co. Ltd.		113		828

INVESTMENTS	SHARES (000)		VALUE ($000)
Hong Kong — continued
Xinyi Glass Holdings Ltd.		298		345
				5,832
India — 0.1%
Rhi Magnesita NV		9		285
Ireland — 0.2%
Smurfit Kappa Group plc		17		536
Israel — 0.4%
Bank Leumi Le-Israel BM		133		718
Israel Discount Bank Ltd., Class A		135		437
				1,155
Italy — 1.9%
Anima Holding SpA (a)		109		387
Banca Farmafactoring SpA * (a)		80		413
Intesa Sanpaolo SpA		981		1,531
Mediobanca Banca di Credito Finanziario SpA		93		539
Poste Italiane SpA (a)		52		445
Rizzoli Corriere Della Sera Mediagroup SpA		570		445
UniCredit SpA *		131		1,013
Unipol Gruppo SpA		97		334
				5,107
Japan — 25.4%
77 Bank Ltd. (The)		28		376
Acom Co. Ltd.		70		282
AEON Financial Service Co. Ltd.		34		349
Aeon Mall Co. Ltd.		32		399
Aiful Corp. *		198		436
Alfresa Holdings Corp.		20		403
Aozora Bank Ltd.		24		420
Bridgestone Corp.		37		1,161
Brother Industries Ltd.		42		707
Chiba Bank Ltd. (The)		103		479
Concordia Financial Group Ltd.		155		474
Credit Saison Co. Ltd.		35		393
Dai-ichi Life Holdings, Inc.		92		1,149
DIC Corp.		13		309
DMG Mori Co. Ltd.		45		458
Dowa Holdings Co. Ltd.		14		384
Electric Power Development Co. Ltd.		25		498
Exedy Corp.		22		350
Fuji Electric Co. Ltd.		13		301
FUJIFILM Holdings Corp.		7		310
Fuyo General Lease Co. Ltd.		8		385
GS Yuasa Corp.		21		294

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Hachijuni Bank Ltd. (The)		121		430
Hitachi Ltd.		33		976
Hokuhoku Financial Group, Inc.		45		369
Honda Motor Co. Ltd.		94		2,271
ITOCHU Corp.		55		1,086
Iwatani Corp.		13		441
Izumi Co. Ltd.		11		310
Japan Post Insurance Co. Ltd.		38		482
Japan Tobacco, Inc.		74		1,369
JXTG Holdings, Inc.		227		804
Kaken Pharmaceutical Co. Ltd.		6		352
Kamigumi Co. Ltd.		24		423
Kandenko Co. Ltd.		43		362
KDDI Corp.		101		2,917
Kintetsu World Express, Inc.		24		352
K’s Holdings Corp.		43		473
Kyudenko Corp.		15		409
Kyushu Financial Group, Inc.		106		446
Makino Milling Machine Co. Ltd.		12		342
Marubeni Corp.		161		773
Mebuki Financial Group, Inc.		252		530
Mitsubishi Gas Chemical Co., Inc.		35		431
Mitsubishi UFJ Financial Group, Inc.		708		2,861
Mitsubishi UFJ Lease & Finance Co. Ltd.		111		532
Mitsui & Co. Ltd.		99		1,385
Mitsui Fudosan Co. Ltd.		16		300
Mixi, Inc.		20		342
MS&AD Insurance Group Holdings, Inc.		34		988
Nexon Co. Ltd.		18		297
Nichias Corp.		15		294
Nichiha Corp.		19		347
Nippon Light Metal Holdings Co. Ltd.		223		351
Nippon Telegraph & Telephone Corp.		82		1,858
Nomura Holdings, Inc.		244		1,013
Nomura Real Estate Holdings, Inc.		28		460
NTT DOCOMO, Inc.		77		2,275
Open House Co. Ltd.		14		307
ORIX Corp.		100		1,171
Prima Meat Packers Ltd.		18		404
Rengo Co. Ltd.		38		295
Saizeriya Co. Ltd.		21		424
Sankyu, Inc.		9		334
Sanwa Holdings Corp.		38		297
Sawai Pharmaceutical Co. Ltd.		6		311
SBI Holdings, Inc.		34		626

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Sekisui House Ltd.		47		813
Shimamura Co. Ltd.		3		208
Shinsei Bank Ltd.		45		548
Shizuoka Bank Ltd. (The)		95		579
Softbank Corp.		30		411
Sompo Holdings, Inc.		13		425
Sony Corp.		28		1,776
Sumitomo Bakelite Co. Ltd.		11		289
Sumitomo Forestry Co. Ltd.		31		383
Sumitomo Mitsui Financial Group, Inc.		81		2,125
Sumitomo Mitsui Trust Holdings, Inc.		31		908
Sumitomo Rubber Industries Ltd.		43		420
Suzuken Co. Ltd.		9		351
T&D Holdings, Inc.		68		585
Teijin Ltd.		37		582
Toho Holdings Co. Ltd.		22		445
Tokai Rika Co. Ltd.		27		340
Tokuyama Corp.		26		549
Tokyo Steel Manufacturing Co. Ltd.		56		355
Tokyo Tatemono Co. Ltd.		38		432
Tokyu Fudosan Holdings Corp.		115		560
Tosoh Corp.		39		482
Towa Pharmaceutical Co. Ltd.		20		414
Toyoda Gosei Co. Ltd.		20		363
Toyota Motor Corp.		117		7,221
Toyota Tsusho Corp.		30		709
TS Tech Co. Ltd.		20		550
Tsubakimoto Chain Co.		15		351
Ube Industries Ltd.		22		374
Ulvac, Inc.		12		334
Yamaha Motor Co. Ltd.		39		503
Yamato Kogyo Co. Ltd.		18		351
Yokohama Rubber Co. Ltd. (The)		30		382
Zeon Corp.		45		397
				69,652
Luxembourg — 0.4%
ArcelorMittal SA		66		719
RTL Group SA		15		486
				1,205
Malta — 0.1%
Kindred Group plc, SDR		68		323
Netherlands — 5.1%
Arcadis NV *		17		257

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Netherlands — continued
ASR Nederland NV		19		517
ING Groep NV		236		1,321
Intertrust NV (a)		24		372
Koninklijke Ahold Delhaize NV (b)		76		1,847
NIBC Holding NV (a) (b)		60		456
NN Group NV		28		798
Randstad NV *		17		693
Royal Dutch Shell plc, Class A		422		6,943
Signify NV (a)		22		440
Van Lanschot Kempen NV, CVA		21		322
				13,966
New Zealand — 0.1%
Air New Zealand Ltd.		242		197
Norway — 2.5%
Austevoll Seafood ASA		47		366
DNB ASA		88		1,068
Equinor ASA		72		1,004
Europris ASA (a)		128		468
Fjordkraft Holding ASA (a)		47		317
Komplett Bank ASA *		388		156
Norwegian Finans Holding ASA *		71		379
Olav Thon Eiendomsselskap ASA		26		329
Selvaag Bolig ASA		100		415
SpareBank 1 Nord Norge		84		504
SpareBank 1 SMN		64		468
SpareBank 1 SR-Bank ASA		66		416
Storebrand ASA		51		255
Telenor ASA		44		672
				6,817
Russia — 0.2%
Evraz plc		132		436
Singapore — 1.2%
DBS Group Holdings Ltd.		80		1,132
Jardine Cycle & Carriage Ltd.		19		263
Oversea-Chinese Banking Corp. Ltd.		217		1,385
United Overseas Bank Ltd.		37		527
				3,307
South Africa — 0.5%
Anglo American plc		80		1,415
Spain — 2.7%
ACS Actividades de Construccion y Servicios SA		33		814
Banco Bilbao Vizcaya Argentaria SA		459		1,500
Banco de Sabadell SA		725		301

INVESTMENTS	SHARES (000)		VALUE ($000)
Spain — continued
CaixaBank SA		330		593
ContourGlobal plc (a)		175		357
Enagas SA		28		648
Grupo Catalana Occidente SA		25		492
Mediaset Espana Comunicacion SA *		73		262
Repsol SA		110		997
Telefonica SA		331		1,515
				7,479
Sweden — 3.0%
AcadeMedia AB (a)		73		376
Betsson AB *		91		514
Bilia AB, Class A		29		197
Bravida Holding AB * (a)		48		386
Clas Ohlson AB, Class B		44		387
Dometic Group AB * (c)		47		313
Hoist Finance AB * (a) (b)		129		356
Intrum AB (b)		25		380
Inwido AB		80		459
LeoVegas AB (a)		136		477
Lindab International AB		54		498
Resurs Holding AB (a)		74		271
Skandinaviska Enskilda Banken AB, Class A		151		1,241
SKF AB, Class B		41		648
Svenska Handelsbanken AB, Class A *		110		1,008
Tethys Oil AB		88		448
Volvo AB, Class B		31		403
				8,362
Switzerland — 7.4%
Adecco Group AG (Registered)		18		806
BKW AG		4		307
Credit Suisse Group AG (Registered) *		117		1,065
Dufry AG (Registered)		11		349
Glencore plc *		729		1,365
Julius Baer Group Ltd. *		10		375
LafargeHolcim Ltd. (Registered) *		23		975
Novartis AG (Registered)		59		5,020
Roche Holding AG		2		707
Sulzer AG (Registered)		5		349
Swiss Life Holding AG (Registered)		3		1,111
Swiss Re AG (b)		22		1,565
Swisscom AG (Registered)		2		1,063
UBS Group AG (Registered) *		237		2,540
Zurich Insurance Group AG		9		2,736
				20,333

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — 13.7%
Aggreko plc		32		185
Aviva plc		290		876
Babcock International Group plc		81		428
Barclays plc		1,148		1,533
Barratt Developments plc		93		606
Bellway plc		14		460
Berkeley Group Holdings plc		6		320
BP plc		1,118		4,404
British American Tobacco plc		132		5,098
British Land Co. plc (The), REIT		110		563
BT Group plc		683		995
Capital & Counties Properties plc, REIT		138		287
CK Hutchison Holdings Ltd.		181		1,342
Close Brothers Group plc		21		292
Crest Nicholson Holdings plc		110		355
Dialog Semiconductor plc *		8		243
Dixons Carphone plc		249		242
Drax Group plc		155		406
easyJet plc		39		297
Fiat Chrysler Automobiles NV		94		819
Forterra plc (a)		91		277
Gamesys Group plc *		44		481
Great Portland Estates plc, REIT		35		297
Imperial Brands plc		78		1,643
Inchcape plc		89		559
International Consolidated Airlines Group SA		87		243
ITV plc		600		576
J Sainsbury plc		248		617
Just Group plc *		380		266
Land Securities Group plc, REIT		68		570
Legal & General Group plc		478		1,229
Lloyds Banking Group plc		4,342		1,757
M&G plc		277		460
Mitchells & Butlers plc *		24		54
Morgan Sindall Group plc		21		333
Ninety One plc *		36		77
OneSavings Bank plc		99		303
Paragon Banking Group plc		78		328
Premier Foods plc *		489		280
Prudential plc		165		2,334
Reach plc		206		204
Redrow plc		70		405
ScS Group plc		125		257
St Modwen Properties plc		65		300
Taylor Wimpey plc		360		665

INVESTMENTS	SHARES (000)			VALUE ($000)
United Kingdom — continued
Vesuvius plc		81			407
Virgin Money UK plc *		399			381
Vistry Group plc		43			432
Vodafone Group plc		889			1,254
WPP plc		124			959
					37,699
United States — 0.2%
Samsonite International SA (a)		197			167
TI Fluid Systems plc (a)		180			362
					529
Total Common Stocks (Cost $343,026)					265,194
Short-Term Investments — 3.0%
Investment Companies — 1.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (d) (e) (Cost $4,972)		4,972			4,976
Investment of Cash Collateral from Securities Loaned — 1.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e)		—	(f)		—	(f)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e)		3,129			3,129
Total Investment of Cash Collateral from Securities Loaned (Cost $3,129)					3,129
Total Short-Term Investments (Cost $8,101)					8,105
Total Investments — 99.5% (Cost $351,127)					273,299
Other Assets Less Liabilities — 0.5%					1,391
NET ASSETS — 100.0%					274,690

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Banks		16.9	%
Insurance		9.0
Oil, Gas & Consumable Fuels		7.7
Metals & Mining		6.5
Automobiles		5.5
Pharmaceuticals		3.8
Diversified Telecommunication Services		3.7
Tobacco		3.2
Capital Markets		2.9
Wireless Telecommunication Services		2.9
Real Estate Management & Development		2.7
Household Durables		2.6
Auto Components		2.4
Media		2.0
Machinery		1.8
Chemicals		1.8
Trading Companies & Distributors		1.6
Diversified Financial Services		1.3
Specialty Retail		1.1
Food & Staples Retailing		1.1
Building Products		1.0
Others (each less than 1.0%)		15.5
Short-Term Investments		3.0

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
SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt
(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)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $2,936,000.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2020.
(f)	Amount rounds to less than one thousand.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020 (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	57		06/2020		EUR		1,800		184
FTSE 100 Index	25		06/2020		GBP		1,847		179
TOPIX Index	11		06/2020		JPY		1,490		133
									496

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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Markets Equity Fund		JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund
ASSETS:
Investments in non-affiliates, at value	$	7,642,916	$	2,305,629		$	413,214
Investments in affiliates, at value		124,572		24,084			4,185
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		129,303		6,237			41,289
Cash		2,985		3,109			100
Foreign currency, at value		3,842		3,331			138
Deposits at broker for futures contracts		—		4,223			267
Receivables:
Due from custodian		—		2,946			—
Investment securities sold		—		3,552			5,184
Fund shares sold		64,504		36,982			6
Dividends from non-affiliates		8,688		2,895			646
Dividends from affiliates		78		14			8
Tax reclaims		136		47			3,336
Securities lending income (See Note 2.C.)		76		49			13
Other assets		—		196			—
Total Assets		7,977,100		2,393,294			468,386
LIABILITIES:
Payables:
Investment securities purchased		35,735		2,946			8,999
Collateral received on securities loaned (See Note 2.C.)		129,303		6,237			41,289
Fund shares redeemed		18,391		—			218
Variation margin on futures contracts		—		673			10
Accrued liabilities:
Investment advisory fees		3,954		357			194
Administration fees		427		70			25
Distribution fees		137		—			21
Service fees		549		—	(a)		30
Custodian and accounting fees		1,819		61			52
Trustees’ and Chief Compliance Officer’s fees		2		—	(a)		—
Deferred foreign capital gains tax		999		—			—
Other		23		45			93
Total Liabilities		191,339		10,389			50,931
Net Assets	$	7,785,761	$	2,382,905		$	417,455

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund
NET ASSETS:
Paid-in-Capital	$	7,060,131		$	2,696,140		$	574,080
Total distributable earnings (loss)		725,630			(313,235	)		(156,625	)
Total Net Assets	$	7,785,761		$	2,382,905		$	417,455
Net Assets:
Class A	$	535,839		$	—		$	69,580
Class C		54,761			—			12,752
Class I		2,453,732			8			56,453
Class L		1,146,624			—			50,754
Class R2		210			—			—
Class R3		3,361			—			—
Class R4		1,928			—			—
Class R5		40,652			—			—
Class R6		3,548,654			2,382,897			227,916
Total	$	7,785,761		$	2,382,905		$	417,455
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		19,962			—			3,542
Class C		2,107			—			734
Class I		89,344			1			2,818
Class L		41,431			—			2,502
Class R2		8			—			—
Class R3		126			—			—
Class R4		70			—			—
Class R5		1,472			—			—
Class R6		128,395			162,263			11,289
Net Asset Value (a):
Class A — Redemption price per share	$	26.84		$	—		$	19.65
Class C — Offering price per share (b)		25.99			—			17.38
Class I — Offering and redemption price per share		27.46			14.77			20.04
Class L — Offering and redemption price per share		27.68			—			20.28
Class R2 — Offering and redemption price per share		26.60			—			—
Class R3 — Offering and redemption price per share		26.71			—			—
Class R4 — Offering and redemption price per share		27.37			—			—
Class R5 — Offering and redemption price per share		27.62			—			—
Class R6 — Offering and redemption price per share		27.64			14.69			20.19
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)]	$	28.33		$	—		$	20.74
Cost of investments in non-affiliates	$	6,727,034		$	2,532,594		$	427,263
Cost of investments in affiliates		124,454			24,060			4,178
Cost of foreign currency		3,826			3,341			137
Investment securities on loan, at value (See Note 2.C.)		126,114			5,853			35,227
Cost of investment of cash collateral (See Note 2.C.)		129,267			6,236			41,284

(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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan International Advantage Fund			JPMorgan International Equity Fund		JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
ASSETS:
Investments in non-affiliates, at value	$	1,449,861		$	2,626,021	$	2,481,083
Investments in affiliates, at value		28,772			28,692		32,724
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		76,379			111,555		149,050
Cash		50			35		429
Foreign currency, at value		1,249			238		—
Deposits at broker for futures contracts		3,516			—		—
Receivables:
Investment securities sold		11,896			3		17,590
Fund shares sold		13			3,056		27,893
Dividends from non-affiliates		8,087			7,671		5,833
Dividends from affiliates		16			13		19
Tax reclaims		8,408			7,811		1,701
Securities lending income (See Note 2.C.)		37			27		35
Total Assets		1,588,284			2,785,122		2,716,357
LIABILITIES:
Payables:
Foreign currency due to custodian, at value		—			—		12
Investment securities purchased		15,995			1,766		30,243
Collateral received on securities loaned (See Note 2.C.)		76,379			111,555		149,050
Fund shares redeemed		151			2,898		649
Variation margin on futures contracts		66			1		4
Accrued liabilities:
Investment advisory fees		505			914		966
Administration fees		37			74		12
Distribution fees		11			66		32
Service fees		7			76		51
Custodian and accounting fees		180			230		32
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		1
Other		103			87		49
Total Liabilities		93,434			117,668		181,101
Net Assets	$	1,494,850		$	2,667,454	$	2,535,256

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Advantage Fund			JPMorgan International Equity Fund			JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
NET ASSETS:
Paid-in-Capital	$	1,938,781		$	2,359,232		$	2,731,375
Total distributable earnings (loss)		(443,931	)		308,222			(196,119	)
Total Net Assets	$	1,494,850		$	2,667,454		$	2,535,256
Net Assets:
Class A	$	6,150		$	302,646		$	115,420
Class C		923			11,229			14,513
Class I		21,165			179,476			194,013
Class R2		23,550			2,074			1,420
Class R5		—			4,022			2,437
Class R6		1,443,062			2,168,007			2,207,453
Total	$	1,494,850		$	2,667,454		$	2,535,256
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		388			20,636			6,049
Class C		57			810			773
Class I		1,281			12,039			10,038
Class R2		1,508			143			75
Class R5		—			269			126
Class R6		88,761			145,136			114,275
Net Asset Value (a):
Class A — Redemption price per share	$	15.86		$	14.67		$	19.08
Class C — Offering price per share (b)		16.13			13.86			18.79
Class I — Offering and redemption price per share		16.52			14.91			19.33
Class R2 — Offering and redemption price per share		15.62			14.55			18.92
Class R5 — Offering and redemption price per share		—			14.98			19.31
Class R6 — Offering and redemption price per share		16.26			14.94			19.32
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)]	$	16.74		$	15.48		$	20.14
Cost of investments in non-affiliates	$	1,518,438		$	2,202,688		$	2,469,881
Cost of investments in affiliates		28,749			28,678			32,695
Cost of foreign currency		1,250			240			—
Investment securities on loan, at value (See Note 2.C.)		72,637			104,180			139,159
Cost of investment of cash collateral (See Note 2.C.)		76,371			111,540			149,023

(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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund		JPMorgan International Value Fund
ASSETS:
Investments in non-affiliates, at value	$	99,491		$	4,094,565	$	265,194
Investments in affiliates, at value		854			138,332		4,976
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			305,344		3,129
Options purchased, at value		637			—		—
Cash		528			50		50
Foreign currency, at value		56			4,837		197
Deposits at broker for futures contracts		467			11,949		735
Deposits at broker for options contracts		236			—		—
Receivables:
Due from custodian		—			—		286
Investment securities sold		5,170			132,979		27
Fund shares sold		104			4,880		404
Dividends from non-affiliates		408			16,964		1,875
Dividends from affiliates		1			76		4
Tax reclaims		177			11,735		2,566
Securities lending income (See Note 2.C.)		—			52		6
Variation margin on futures contracts		38			2,257		—
Due from adviser		10			—		—
Total Assets		108,177			4,724,020		279,449
LIABILITIES:
Payables:
Investment securities purchased		2,751			112,060		676
Collateral received on securities loaned (See Note 2.C.)		—			305,344		3,129
Fund shares redeemed		7			1,540		394
Variation margin on futures contracts		—			—		20
Outstanding options written, at fair value		9,881			—		—
Accrued liabilities:
Investment advisory fees		—			548		91
Administration fees		—			184		—
Distribution fees		—	(a)		38		29
Service fees		20			28		27
Custodian and accounting fees		40			278		57
Trustees’ and Chief Compliance Officer’s fees		—			—		—	(a)
Other		11			290		336
Total Liabilities		12,710			420,310		4,759
Net Assets	$	95,467		$	4,303,710	$	274,690

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Value Fund
NET ASSETS:
Paid-in-Capital	$	103,536		$	5,086,460		$	413,510
Total distributable earnings (loss)		(8,069	)		(782,750	)		(138,820	)
Total Net Assets	$	95,467		$	4,303,710		$	274,690
Net Assets:
Class A	$	794		$	192,355		$	130,147
Class C		116			—			5,446
Class I		94,519			208,853			28,328
Class L		—			—			17,257
Class R2		—			—			390
Class R5		19			—			75
Class R6		19			3,902,502			93,047
Total	$	95,467		$	4,303,710		$	274,690
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		57			12,995			14,424
Class C		8			—			623
Class I		6,724			13,940			3,060
Class L		—			—			1,876
Class R2		—			—			44
Class R5		1			—			8
Class R6		1			261,479			10,159
Net Asset Value (a):
Class A — Redemption price per share	$	14.02		$	14.80		$	9.02
Class C — Offering price per share (b)		13.99			—			8.74
Class I — Offering and redemption price per share		14.06			14.98			9.26
Class L — Offering and redemption price per share		—			—			9.20
Class R2 — Offering and redemption price per share		—			—			8.88
Class R5 — Offering and redemption price per share		14.08			—			9.14
Class R6 — Offering and redemption price per share		14.08			14.92			9.16
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	14.80		$	15.62		$	9.52
Cost of investments in non-affiliates	$	104,403		$	4,399,744		$	343,026
Cost of investments in affiliates		854			138,217			4,972
Cost of options purchased		5,959			—			—
Cost of foreign currency		56			4,822			197
Investment securities on loan, at value (See Note 2.C.)		—			282,127			2,936
Cost of investment of cash collateral (See Note 2.C.)		—			305,319			3,129
Premiums received from options written		7,118			—			—

(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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	6		$	17		$	4
Interest income from affiliates		3			4			—
Dividend income from non-affiliates		43,444			21,417			5,980
Dividend income from affiliates		1,173			390			106
Non-cash dividend income from non-affiliates		—			—			278
Income from securities lending (net) (See Note 2.C.)		90			104			18
Foreign taxes withheld (net)		(3,265	)		(1,792	)		(881	)
Total investment income		41,451			20,140			5,505
EXPENSES:
Investment advisory fees		24,467			3,038			1,501
Administration fees		2,699			911			188
Distribution fees:
Class A		715			—			111
Class C		226			—			63
Class R2		—	(a)		—			—
Class R3		4			—			—
Service fees:
Class A		715			—			111
Class C		75			—			21
Class I		2,662			—	(a)		95
Class L		530			—			30
Class R2		—	(a)		—			—
Class R3		4			—			—
Class R4		2			—			—
Class R5		21			—			—
Custodian and accounting fees		2,188			287			48
Interest expense to affiliates		6			8			2
Professional fees		84			46			56
Trustees’ and Chief Compliance Officer’s fees		27			16			13
Printing and mailing costs		193			7			15
Registration and filing fees		154			118			43
Transfer agency fees (See Note 2.J.)		166			3			15
Offering costs (See Note 2.H.)		—			5			—
Other		41			17			10
Total expenses		34,979			4,456			2,322
Less fees waived		(2,338	)		(261	)		(34	)
Less expense reimbursements		(93	)		(5	)		—
Net expenses		32,548			4,190			2,288
Net investment income (loss)		8,903			15,950			3,217
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(58,837	)(b)		(95,298	)		(32,466	)
Investments in affiliates		(59	)		(3	)		15
Futures contracts		—			2,657			2,810
Foreign currency transactions		594			(1,159	)		122
Net realized gain (loss)		(58,302	)		(93,803	)		(29,519	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(806,995	)(c)		(267,850	)		(59,429	)
Investments in affiliates		137			21			12
Futures contracts		—			2,062			301
Foreign currency translations		(261	)		(88	)		(8	)
Change in net unrealized appreciation/depreciation		(807,119	)		(265,855	)		(59,124	)
Net realized/unrealized gains (losses)		(865,421	)		(359,658	)		(88,643	)
Change in net assets resulting from operations	$	(856,518	)	$	(343,708	)	$	(85,426	)

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of approximately $(145,000) for JPMorgan Emerging Markets Equity Fund.

(c) Net of change in foreign capital gains tax of approximately $19,418,000 for JPMorgan Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Advantage Fund			JPMorgan International Equity Fund			JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
INVESTMENT INCOME:
Interest income from non-affiliates	$	21		$	3		$	—	(a)
Interest income from affiliates		—			—			5
Dividend income from non-affiliates		26,357			34,007			24,951
Dividend income from affiliates		311			370			343
Income from securities lending (net) (See Note 2.C.)		75			96			87
Foreign taxes withheld (net)		(2,203	)		(2,825	)		(1,762	)
Total investment income		24,561			31,651			23,624
EXPENSES:
Investment advisory fees		4,613			7,251			8,080
Administration fees		692			1,088			1,010
Distribution fees:
Class A		155			400			150
Class C		5			49			66
Class R2		70			5			3
Service fees:
Class A		155			400			150
Class C		2			16			22
Class I		93			243			249
Class R2		35			3			2
Class R5		—			2			1
Custodian and accounting fees		222			262			100
Interest expense to affiliates		23			13			29
Professional fees		70			69			50
Trustees’ and Chief Compliance Officer’s fees		17			20			17
Printing and mailing costs		8			29			21
Registration and filing fees		45			54			72
Transfer agency fees (See Note 2.J.)		45			38			22
Other		30			29			20
Total expenses		6,280			9,971			10,064
Less fees waived		(1,214	)		(1,769	)		(2,113	)
Less expense reimbursements		—	(a)		(1	)		(7	)
Net expenses		5,066			8,201			7,944
Net investment income (loss)		19,495			23,450			15,680
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(91,235	)		(70,225	)		(167,850	)
Investments in affiliates		(48	)		(29	)		18
Futures contracts		(5,042	)		—			—
Foreign currency transactions		471			(42	)		(1,503	)
Net realized gain (loss)		(95,854	)		(70,296	)		(169,335	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(253,979	)		(337,081	)		(121,074	)
Investments in affiliates		24			20			47
Futures contracts		(1,426	)		—			—
Foreign currency translations		66			168			119
Change in net unrealized appreciation/depreciation		(255,315	)		(336,893	)		(120,908	)
Net realized/unrealized gains (losses)		(351,169	)		(407,189	)		(290,243	)
Change in net assets resulting from operations	$	(331,674	)	$	(383,739	)	$	(274,563	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Value Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1		$	39		$	3
Interest income from affiliates		—	(a)		—	(a)		—
Dividend income from non-affiliates		1,397			68,634			6,519
Dividend income from affiliates		20			1,357			63
Income from securities lending (net) (See Note 2.C.)		—			136			35
Foreign taxes withheld (net)		(131	)		(7,045	)		(725	)
Total investment income		1,287			63,121			5,895
EXPENSES:
Investment advisory fees		109			4,807			956
Administration fees		33			1,803			130
Distribution fees:
Class A		1			248			203
Class C		—	(a)		—			29
Class R2		—			—			1
Service fees:
Class A		1			248			203
Class C		—	(a)		—			9
Class I		108			277			51
Class L		—			—			13
Class R2		—			—			1
Class R5		—	(a)		—			—	(a)
Custodian and accounting fees		47			344			57
Interest expense to affiliates		3			13			2
Professional fees		55			96			54
Trustees’ and Chief Compliance Officer’s fees		12			21			13
Printing and mailing costs		1			123			17
Registration and filing fees		35			7			48
Transfer agency fees (See Note 2.J.)		1			47			10
Offering costs (See Note 2.H.)		39			—			—
Other		6			75			5
Total expenses		451			8,109			1,802
Less fees waived		(131	)		(1,788	)		(393	)
Less expense reimbursements		(56	)		—			—	(a)
Net expenses		264			6,321			1,409
Net investment income (loss)		1,023			56,800			4,486
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(6,903	)		(264,291	)		(16,043	)
Investments in affiliates		—			(55	)		2
Options purchased		23,651			—			—
Futures contracts		(760	)		(32,296	)		(1,685	)
Foreign currency transactions		(21	)		(1,379	)		(83	)
Options written		(12,085	)		—			—
Net realized gain (loss)		3,882			(298,021	)		(17,809	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(6,452	)		(525,910	)		(72,619	)
Investments in affiliates		—			122			3
Options purchased		(4,937	)		—			—
Futures contracts		252			9,940			453
Foreign currency translations		10			559			16
Options written		(2,683	)		—			—
Change in net unrealized appreciation/depreciation		(13,810	)		(515,289	)		(72,147	)
Net realized/unrealized gains (losses)		(9,928	)		(813,310	)		(89,956	)
Change in net assets resulting from operations	$	(8,905	)	$	(756,510	)	$	(85,470	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Emerging Markets Equity Fund						JPMorgan Emerging Markets Research Enhanced Equity Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,903		$	55,860		$	15,950		$	11,213
Net realized gain (loss)		(58,302	)		(2,141	)		(93,803	)		2,423
Change in net unrealized appreciation/depreciation		(807,119	)		1,186,420			(265,855	)		40,909
Change in net assets resulting from operations		(856,518	)		1,240,139			(343,708	)		54,545
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,084	)		(1,554	)		—			—
Class C		(79	)		(59	)		—			—
Class I (b)		(15,303	)		(6,646	)		—	(c)		—
Class L		(8,491	)		(4,471	)		—			—
Class R2		(1	)		(1	)		—			—
Class R3		(21	)		(1	)		—			—
Class R4		(11	)		(11	)		—			—
Class R5		(349	)		(296	)		—			—
Class R6		(29,101	)		(30,900	)		(24,046	)		(26	)
Total distributions to shareholders		(56,440	)		(43,939	)		(24,046	)		(26	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,385,042			516,272			660,085			2,036,055
NET ASSETS:
Change in net assets		1,472,084			1,712,472			292,331			2,090,574
Beginning of period		6,313,677			4,601,205			2,090,574			—
End of period	$	7,785,761		$	6,313,677		$	2,382,905		$	2,090,574

(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) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Europe Dynamic Fund						JPMorgan International Advantage Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,217		$	16,941		$	19,495		$	104,540
Net realized gain (loss)		(29,519	)		(56,539	)		(95,854	)		(246,836	)
Change in net unrealized appreciation/depreciation		(59,124	)		83,325			(255,315	)		254,655
Change in net assets resulting from operations		(85,426	)		43,727			(331,674	)		112,359
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(2,780	)		(2,841	)		(8,620	)		(3,427	)
Class C		(497	)		(583	)		(54	)		(25	)
Class I		(2,605	)		(3,245	)		(5,381	)		(1,458	)
Class L		(2,069	)		(2,456	)		—			—
Class R2		—			—			(1,467	)		(638	)
Class R6		(8,878	)		(7,813	)		(92,520	)		(82,457	)
Total distributions to shareholders		(16,829	)		(16,938	)		(108,042	)		(88,005	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(22,535	)		(169,891	)		123,217			(1,616,261	)
NET ASSETS:
Change in net assets		(124,790	)		(143,102	)		(316,499	)		(1,591,907	)
Beginning of period		542,245			685,347			1,811,349			3,403,256
End of period	$	417,455		$	542,245		$	1,494,850		$	1,811,349

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Equity Fund						JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	23,450		$	101,506		$	15,680		$	8,884
Net realized gain (loss)		(70,296	)		(46,740	)		(169,335	)		(22,506	)
Change in net unrealized appreciation/depreciation		(336,893	)		522,611			(120,908	)		157,799
Change in net assets resulting from operations		(383,739	)		577,377			(274,563	)		144,177
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(9,505	)		(8,158	)		(46	)		(1,618	)
Class C		(344	)		(520	)		—			(296	)
Class I		(6,207	)		(5,904	)		(431	)		(3,745	)
Class R2		(65	)		(56	)		—			(15	)
Class R5		(124	)		(691	)		(9	)		(72	)
Class R6		(80,146	)		(140,365	)		(10,047	)		(4,394	)
Total distributions to shareholders		(96,391	)		(155,694	)		(10,533	)		(10,140	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		150,578			(1,693,771	)		220,711			1,990,374
NET ASSETS:
Change in net assets		(329,552	)		(1,272,088	)		(64,385	)		2,124,411
Beginning of period		2,997,006			4,269,094			2,599,641			475,230
End of period	$	2,667,454		$	2,997,006		$	2,535,256		$	2,599,641

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Hedged  Equity Fund					JPMorgan International Research Enhanced Equity Fund
	Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)		Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,023		$	1,122	$	56,800		$	151,040
Net realized gain (loss)		3,882			10		(298,021	)		(161,154	)
Change in net unrealized appreciation/depreciation		(13,810	)		1,073		(515,289	)		483,831
Change in net assets resulting from operations		(8,905	)		2,205		(756,510	)		473,717
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(5	)		—		(5,482	)		(6,271	)
Class C		(1	)		—		—			—
Class I		(1,362	)		—		(6,829	)		(5,060	)
Class R5		—	(b)		—		—			—
Class R6		(1	)		—		(143,050	)		(149,729	)
Total distributions to shareholders		(1,369	)		—		(155,361	)		(161,060	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		45,499			58,037		381,107			(178,801	)
NET ASSETS:
Change in net assets		35,225			60,242		(530,764	)		133,856
Beginning of period		60,242			—		4,834,474			4,700,618
End of period	$	95,467		$	60,242	$	4,303,710		$	4,834,474

(a) Commencement of operations was March 15, 2019.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Value Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,486		$	16,269
Net realized gain (loss)		(17,809	)		(46,232	)
Change in net unrealized appreciation/depreciation		(72,147	)		36,164
Change in net assets resulting from operations		(85,470	)		6,201
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(7,133	)		(7,451	)
Class C		(299	)		(419	)
Class I		(1,823	)		(2,481	)
Class L		(1,237	)		(2,611	)
Class R2		(21	)		(40	)
Class R5		(4	)		(3	)
Class R6		(5,532	)		(5,309	)
Total distributions to shareholders		(16,049	)		(18,314	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(17,063	)		(116,184	)
NET ASSETS:
Change in net assets		(118,582	)		(128,297	)
Beginning of period		393,272			521,569
End of period	$	274,690		$	393,272

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Emerging Markets Equity Fund						JPMorgan Emerging Markets Research Enhanced Equity Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	237,869		$	312,341		$	—		$	—
Distributions reinvested		3,026			1,529			—			—
Cost of shares redeemed		(153,385	)		(252,175	)		—			—
Change in net assets resulting from Class A capital transactions	$	87,510		$	61,695		$	—		$	—
Class C
Proceeds from shares issued	$	16,153		$	19,144		$	—		$	—
Distributions reinvested		76			58			—			—
Cost of shares redeemed		(10,577	)		(17,205	)		—			—
Change in net assets resulting from Class C capital transactions	$	5,652		$	1,997		$	—		$	—
Class I (b)
Proceeds from shares issued	$	1,606,660		$	1,177,539		$	8		$	12,188
Distributions reinvested		13,741			5,945			—	(c)		—
Cost of shares redeemed		(614,642	)		(465,628	)		(3	)		(11,910	)
Change in net assets resulting from Class I capital transactions	$	1,005,759		$	717,856		$	5		$	278
Class L
Proceeds from shares issued	$	571,163		$	534,452		$	—		$	—
Distributions reinvested		8,347			3,845			—			—
Cost of shares redeemed		(226,907	)		(228,859	)		—			—
Change in net assets resulting from Class L capital transactions	$	352,603		$	309,438		$	—		$	—
Class R2
Proceeds from shares issued	$	117		$	51		$	—		$	—
Distributions reinvested		1			1			—			—
Cost of shares redeemed		(26	)		(26	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	92		$	26		$	—		$	—
Class R3
Proceeds from shares issued	$	2,020		$	2,108		$	—		$	—
Distributions reinvested		21			1			—			—
Cost of shares redeemed		(521	)		(478	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	1,520		$	1,631		$	—		$	—
Class R4
Proceeds from shares issued	$	1,087		$	1,602		$	—		$	—
Distributions reinvested		11			11			—			—
Cost of shares redeemed		(243	)		(608	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	855		$	1,005		$	—		$	—
Class R5
Proceeds from shares issued	$	10,691		$	42,685		$	—		$	—
Distributions reinvested		349			296			—			—
Cost of shares redeemed		(7,875	)		(9,680	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	3,165		$	33,301		$	—		$	—
Class R6
Proceeds from shares issued	$	1,233,624		$	1,266,740		$	821,949		$	2,052,510
Distributions reinvested		28,461			30,363			24,046			26
Cost of shares redeemed		(334,199	)		(1,907,780	)		(185,915	)		(16,759	)
Change in net assets resulting from Class R6 capital transactions	$	927,886		$	(610,677	)	$	660,080		$	2,035,777
Total change in net assets resulting from capital transactions	$	2,385,042		$	516,272		$	660,085		$	2,036,055

(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) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan Emerging Markets Equity Fund						JPMorgan Emerging Markets Research Enhanced Equity Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)
SHARE TRANSACTIONS:
Class A
Issued		7,867			11,352			—			—
Reinvested		95			64			—			—
Redeemed		(5,439	)		(9,475	)		—			—
Change in Class A Shares		2,523			1,941			—			—
Class C
Issued		544			712			—			—
Reinvested		2			3			—			—
Redeemed		(394	)		(650	)		—			—
Change in Class C Shares		152			65			—			—
Class I (b)
Issued		54,439			41,001			1			744
Reinvested		423			243			—	(c)		—
Redeemed		(21,567	)		(16,821	)		—	(c)		(744	)
Change in Class I Shares		33,295			24,423			1			—	(c)
Class L
Issued		19,333			18,682			—			—
Reinvested		255			156			—			—
Redeemed		(8,024	)		(8,295	)		—			—
Change in Class L Shares		11,564			10,543			—			—
Class R2
Issued		4			2			—			—
Reinvested		—	(c)		—	(c)		—			—
Redeemed		(1	)		(1	)		—			—
Change in Class R2 Shares		3			1			—			—
Class R3
Issued		71			75			—			—
Reinvested		1			—	(c)		—			—
Redeemed		(18	)		(17	)		—			—
Change in Class R3 Shares		54			58			—			—
Class R4
Issued		36			62			—			—
Reinvested		—	(c)		—	(c)		—			—
Redeemed		(8	)		(21	)		—			—
Change in Class R4 Shares		28			41			—			—
Class R5
Issued		366			1,616			—			—
Reinvested		11			12			—			—
Redeemed		(257	)		(344	)		—			—
Change in Class R5 Shares		120			1,284			—			—
Class R6
Issued		40,965			43,818			47,861			125,486
Reinvested		871			1,233			1,356			2
Redeemed		(11,337	)		(66,518	)		(11,415	)		(1,027	)
Change in Class R6 Shares		30,499			(21,467	)		37,802			124,461

(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) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Europe Dynamic Fund						JPMorgan International Advantage Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,788		$	5,583		$	54,404		$	38,451
Distributions reinvested		2,695			2,751			8,609			3,422
Cost of shares redeemed		(14,953	)		(39,739	)		(174,742	)		(45,280	)
Change in net assets resulting from Class A capital transactions	$	(10,470	)	$	(31,405	)	$	(111,729	)	$	(3,407	)
Class C
Proceeds from shares issued	$	126		$	246		$	114		$	175
Distributions reinvested		476			552			54			25
Cost of shares redeemed		(4,283	)		(12,991	)		(193	)		(662	)
Change in net assets resulting from Class C capital transactions	$	(3,681	)	$	(12,193	)	$	(25	)	$	(462	)
Class I
Proceeds from shares issued	$	3,354		$	10,005		$	45,514		$	19,041
Distributions reinvested		2,443			3,023			5,375			1,457
Cost of shares redeemed		(20,510	)		(69,458	)		(71,431	)		(15,652	)
Change in net assets resulting from Class I capital transactions	$	(14,713	)	$	(56,430	)	$	(20,542	)	$	4,846
Class L
Proceeds from shares issued	$	6,671		$	13,398		$	—		$	—
Distributions reinvested		2,057			2,405			—			—
Cost of shares redeemed		(11,049	)		(346,212	)		—			—
Change in net assets resulting from Class L capital transactions	$	(2,321	)	$	(330,409	)	$	—		$	—
Class R2
Proceeds from shares issued	$	—		$	—		$	3,208		$	6,565
Distributions reinvested		—			—			1,448			631
Cost of shares redeemed		—			—			(5,799	)		(8,605	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(1,143	)	$	(1,409	)
Class R6
Proceeds from shares issued	$	4,849		$	294,863		$	213,209		$	108,992
Distributions reinvested		8,878			7,813			92,498			82,457
Cost of shares redeemed		(5,077	)		(42,130	)		(49,051	)		(1,807,278	)
Change in net assets resulting from Class R6 capital transactions	$	8,650		$	260,546		$	256,656		$	(1,615,829	)
Total change in net assets resulting from capital transactions	$	(22,535	)	$	(169,891	)	$	123,217		$	(1,616,261	)

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan Europe Dynamic Fund						JPMorgan International Advantage Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		76			248			2,723			2,015
Reinvested		110			131			438			193
Redeemed		(697	)		(1,745	)		(10,625	)		(2,379	)
Change in Class A Shares		(511	)		(1,366	)		(7,464	)		(171	)
Class C
Issued		7			12			6			8
Reinvested		22			30			3			2
Redeemed		(217	)		(646	)		(12	)		(34	)
Change in Class C Shares		(188	)		(604	)		(3	)		(24	)
Class I
Issued		142			440			2,179			962
Reinvested		97			141			262			79
Redeemed		(920	)		(3,038	)		(4,402	)		(792	)
Change in Class I Shares		(681	)		(2,457	)		(1,961	)		249
Class L
Issued		315			577			—			—
Reinvested		81			111			—			—
Redeemed		(516	)		(14,510	)		—			—
Change in Class L Shares		(120	)		(13,822	)		—			—
Class R2
Issued		—			—			181			348
Reinvested		—			—			75			36
Redeemed		—			—			(323	)		(455	)
Change in Class R2 Shares		—			—			(67	)		(71	)
Class R6
Issued		263			12,295			10,435			5,671
Reinvested		352			363			4,595			4,558
Redeemed		(221	)		(1,764	)		(2,541	)		(91,586	)
Change in Class R6 Shares		394			10,894			12,489			(81,357	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Equity Fund						JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	97,651		$	125,560		$	27,186		$	47,607
Distributions reinvested		9,447			8,068			45			1,609
Cost of shares redeemed		(78,545	)		(76,633	)		(13,197	)		(32,948	)
Change in net assets resulting from Class A capital transactions	$	28,553		$	56,995		$	14,034		$	16,268
Class C
Proceeds from shares issued	$	813		$	2,176		$	1,451		$	2,738
Distributions reinvested		324			495			—			294
Cost of shares redeemed		(2,392	)		(8,733	)		(3,465	)		(10,067	)
Change in net assets resulting from Class C capital transactions	$	(1,255	)	$	(6,062	)	$	(2,014	)	$	(7,035	)
Class I
Proceeds from shares issued	$	79,743		$	77,428		$	86,854		$	86,285
Distributions reinvested		6,146			5,819			416			3,656
Cost of shares redeemed		(64,032	)		(90,398	)		(46,662	)		(125,224	)
Change in net assets resulting from Class I capital transactions	$	21,857		$	(7,151	)	$	40,608		$	(35,283	)
Class R2
Proceeds from shares issued	$	1,156		$	1,194		$	743		$	494
Distributions reinvested		59			29			—			15
Cost of shares redeemed		(838	)		(1,136	)		(212	)		(377	)
Change in net assets resulting from Class R2 capital transactions	$	377		$	87		$	531		$	132
Class R5
Proceeds from shares issued	$	1,096		$	744		$	350		$	603
Distributions reinvested		123			691			9			72
Cost of shares redeemed		(274	)		(18,958	)		(750	)		(1,414	)
Change in net assets resulting from Class R5 capital transactions	$	945		$	(17,523	)	$	(391	)	$	(739	)
Class R6
Proceeds from shares issued	$	230,222		$	458,174		$	254,951		$	2,126,631
Distributions reinvested		80,145			140,364			10,047			4,394
Cost of shares redeemed		(210,266	)		(2,318,655	)		(97,055	)		(113,994	)
Change in net assets resulting from Class R6 capital transactions	$	100,101		$	(1,720,117	)	$	167,943		$	2,017,031
Total change in net assets resulting from capital transactions	$	150,578		$	(1,693,771	)	$	220,711		$	1,990,374

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Equity Fund						JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		6,055			7,833			1,299			2,430
Reinvested		541			554			2			93
Redeemed		(4,967	)		(4,832	)		(673	)		(1,724	)
Change in Class A Shares		1,629			3,555			628			799
Class C
Issued		56			147			70			141
Reinvested		20			36			—			17
Redeemed		(159	)		(577	)		(181	)		(527	)
Change in Class C Shares		(83	)		(394	)		(111	)		(369	)
Class I
Issued		4,845			4,793			4,107			4,374
Reinvested		346			394			18			209
Redeemed		(4,019	)		(5,690	)		(2,381	)		(6,516	)
Change in Class I Shares		1,172			(503	)		1,744			(1,933	)
Class R2
Issued		69			74			36			25
Reinvested		3			2			—			1
Redeemed		(51	)		(73	)		(11	)		(19	)
Change in Class R2 Shares		21			3			25			7
Class R5
Issued		64			45			16			30
Reinvested		7			47			1			4
Redeemed		(17	)		(1,108	)		(35	)		(71	)
Change in Class R5 Shares		54			(1,016	)		(18	)		(37	)
Class R6
Issued		14,062			27,715			11,919			102,465
Reinvested		4,510			9,522			444			252
Redeemed		(12,969	)		(137,801	)		(4,663	)		(5,610	)
Change in Class R6 Shares		5,603			(100,564	)		7,700			97,107

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Hedged Equity Fund						JPMorgan International Research Enhanced Equity Fund
	Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	605		$	321		$	77,723		$	51,799
Distributions reinvested		5			—			5,420			6,196
Cost of shares redeemed		(90	)		—			(70,651	)		(62,547	)
Change in net assets resulting from Class A capital transactions	$	520		$	321		$	12,492		$	(4,552	)
Class C
Proceeds from shares issued	$	7		$	118		$	—		$	—
Distributions reinvested		1			—			—			—
Cost of shares redeemed		—			—			—			—
Change in net assets resulting from Class C capital transactions	$	8		$	118		$	—		$	—
Class I
Proceeds from shares issued	$	62,691		$	57,561		$	125,017		$	82,525
Distributions reinvested		1,362			—			6,822			5,050
Cost of shares redeemed		(19,083	)		(3	)		(64,919	)		(66,489	)
Change in net assets resulting from Class I capital transactions	$	44,970		$	57,558		$	66,920		$	21,086
Class R5
Proceeds from shares issued	$	—		$	20		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Cost of shares redeemed		—			—			—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(b)	$	20		$	—		$	—
Class R6
Proceeds from shares issued	$	—		$	20		$	496,013		$	567,656
Distributions reinvested		1			—			143,050			149,727
Cost of shares redeemed		—			—			(337,368	)		(912,718	)
Change in net assets resulting from Class R6 capital transactions	$	1		$	20		$	301,695		$	(195,335	)
Total change in net assets resulting from capital transactions	$	45,499		$	58,037		$	381,107		$	(178,801	)

(a) Commencement of operations was March 15, 2019.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Hedged Equity Fund						JPMorgan International Research Enhanced Equity Fund
	Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		42			21			5,057			3,097
Reinvested		—	(b)		—			298			402
Redeemed		(6	)		—			(4,254	)		(3,722	)
Change in Class A Shares		36			21			1,101			(223	)
Class C
Issued		—	(b)		8			—			—
Reinvested		—	(b)		—			—			—
Redeemed		—			—			—			—
Change in Class C Shares		—	(b)		8			—			—
Class I
Issued		4,184			3,829			7,579			4,837
Reinvested		87			—			371			324
Redeemed		(1,376	)		—	(b)		(4,230	)		(3,915	)
Change in Class I Shares		2,895			3,829			3,720			1,246
Class R5
Issued		—			1			—			—
Reinvested		—	(b)		—			—			—
Redeemed		—			—			—			—
Change in Class R5 Shares		—	(b)		1			—			—
Class R6
Issued		—			1			28,737			32,819
Reinvested		—	(b)		—			7,817			9,647
Redeemed		—			—			(20,055	)		(53,561	)
Change in Class R6 Shares		—	(b)		1			16,499			(11,095	)

(a) Commencement of operations was March 15, 2019.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Value Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	14,333		$	27,178
Distributions reinvested		7,043			7,349
Cost of shares redeemed		(25,014	)		(90,605	)
Change in net assets resulting from Class A capital transactions	$	(3,638	)	$	(56,078	)
Class C
Proceeds from shares issued	$	143		$	419
Distributions reinvested		270			378
Cost of shares redeemed		(2,233	)		(5,138	)
Change in net assets resulting from Class C capital transactions	$	(1,820	)	$	(4,341	)
Class I
Proceeds from shares issued	$	4,179		$	8,440
Distributions reinvested		1,679			2,109
Cost of shares redeemed		(10,546	)		(29,305	)
Change in net assets resulting from Class I capital transactions	$	(4,688	)	$	(18,756	)
Class L
Proceeds from shares issued	$	1,004		$	2,046
Distributions reinvested		569			762
Cost of shares redeemed		(7,149	)		(42,881	)
Change in net assets resulting from Class L capital transactions	$	(5,576	)	$	(40,073	)
Class R2
Proceeds from shares issued	$	74		$	312
Distributions reinvested		17			15
Cost of shares redeemed		(242	)		(590	)
Change in net assets resulting from Class R2 capital transactions	$	(151	)	$	(263	)
Class R5
Proceeds from shares issued	$	17		$	16
Distributions reinvested		4			3
Cost of shares redeemed		(8	)		—	(a)
Change in net assets resulting from Class R5 capital transactions	$	13		$	19
Class R6
Proceeds from shares issued	$	20,767		$	40,286
Distributions reinvested		5,075			4,629
Cost of shares redeemed		(27,045	)		(41,607	)
Change in net assets resulting from Class R6 capital transactions	$	(1,203	)	$	3,308
Total change in net assets resulting from capital transactions	$	(17,063	)	$	(116,184	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Value Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		1,326			2,279
Reinvested		572			663
Redeemed		(2,320	)		(7,568	)
Change in Class A Shares		(422	)		(4,626	)
Class C
Issued		12			37
Reinvested		23			35
Redeemed		(204	)		(449	)
Change in Class C Shares		(169	)		(377	)
Class I
Issued		353			695
Reinvested		133			186
Redeemed		(1,055	)		(2,449	)
Change in Class I Shares		(569	)		(1,568	)
Class L
Issued		90			184
Reinvested		45			67
Redeemed		(686	)		(3,624	)
Change in Class L Shares		(551	)		(3,373	)
Class R2
Issued		8			27
Reinvested		1			1
Redeemed		(25	)		(52	)
Change in Class R2 Shares		(16	)		(24	)
Class R5
Issued		2			2
Reinvested		—	(a)		—	(a)
Redeemed		(1	)		—	(a)
Change in Class R5 Shares		1			2
Class R6
Issued		1,975			3,351
Reinvested		407			412
Redeemed		(2,353	)		(3,438	)
Change in Class R6 Shares		29			325

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

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 Markets Equity Fund
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	30.07	$	(0.01	)	$	(3.05	)	$	(3.06	)	$	(0.17	)
Year Ended October 31, 2019		23.84		0.19			6.16			6.35			(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	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		29.07		(0.08	)		(2.96	)		(3.04	)		(0.04	)
Year Ended October 31, 2019		23.08		0.04			5.98			6.02			(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	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		30.79		0.03			(3.11	)		(3.08	)		(0.25	)
Year Ended October 31, 2019		24.45		0.27			6.29			6.56			(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	)
Class L
Six Months Ended April 30, 2020 (Unaudited)		31.03		0.04			(3.12	)		(3.08	)		(0.27	)
Year Ended October 31, 2019		24.63		0.29			6.35			6.64			(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	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		29.78		(0.05	)		(3.02	)		(3.07	)		(0.11	)
Year Ended October 31, 2019		23.73		0.08			6.13			6.21			(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, 2020 (Unaudited)		29.96		(0.02	)		(3.02	)		(3.04	)		(0.21	)
Year Ended October 31, 2019		23.78		0.25			6.06			6.31			(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			—
Class R4
Six Months Ended April 30, 2020 (Unaudited)		30.68		0.02			(3.11	)		(3.09	)		(0.22	)
Year Ended October 31, 2019		24.42		0.27			6.25			6.52			(0.26	)
Year Ended October 31, 2018		28.28		0.18			(3.91	)		(3.73	)		(0.13	)
July 31, 2017 (h) through October 31, 2017		27.05		0.02			1.21			1.23			—
Class R5
Six Months Ended April 30, 2020 (Unaudited)		30.96		0.04			(3.12	)		(3.08	)		(0.26	)
Year Ended October 31, 2019		24.60		0.31			6.31			6.62			(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 (h) through October 31, 2016		22.40		0.01			0.08			0.09			—
Class R6
Six Months Ended April 30, 2020 (Unaudited)		31.00		0.06			(3.13	)		(3.07	)		(0.29	)
Year Ended October 31, 2019		24.60		0.31			6.35			6.66			(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	(f)		(4.23	)		(4.01	)		(0.30	)

(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.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

		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)
$	26.84		(10.26	)%	$	535,839		1.24	%		(0.10	)%		1.34	%		7	%
	30.07		26.77			524,357		1.24			0.69			1.47			34
	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
	25.99		(10.48	)		54,761		1.74			(0.60	)		1.85			7
	29.07		26.12			56,830		1.74			0.15			1.98			34
	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
	27.46		(10.14	)		2,453,732		0.99			0.17			1.08			7
	30.79		27.04			1,725,882		0.99			0.94			1.21			34
	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
	27.68		(10.07	)		1,146,624		0.89			0.27			0.93			7
	31.03		27.20			926,781		0.89			1.00			1.06			34
	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
	26.60		(10.37	)		210		1.54			(0.37	)		1.99			7
	29.78		26.35			145		1.54			0.31			2.26			34
	23.73		(13.69	)		95		1.54			0.26			2.04			13
	27.57		4.43			21		1.60			(0.17	)		1.80			22
	26.71		(10.25	)		3,361		1.29			(0.14	)		1.35			7
	29.96		26.67			2,151		1.29			0.90			1.49			34
	23.78		(13.49	)		341		1.29			0.81			1.59			13
	27.59		4.51			21		1.35			0.08			1.55			22
	27.37		(10.17	)		1,928		1.04			0.15			1.10			7
	30.68		26.98			1,300		1.04			0.94			1.23			34
	24.42		(13.25	)		26		1.04			0.63			1.62			13
	28.28		4.55			21		1.10			0.33			1.30			22
	27.62		(10.08	)		40,652		0.89			0.25			0.95			7
	30.96		27.19			41,872		0.89			1.08			1.08			34
	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
	27.64		(10.05	)		3,548,654		0.79			0.37			0.84			7
	31.00		27.36			3,034,359		0.79			1.09			0.96			34
	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	(f)		1.16			35

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Six Months Ended April 30, 2020 (Unaudited)	$	16.78	$	0.09	$	(2.06	)	$	(1.97	)	$	—		$	(0.04	)	$	(0.04	)
January 30, 2019 (g) through October 31, 2019		16.22		0.31		0.25			0.56			—			—			—
Class R6
Six Months Ended April 30, 2020 (Unaudited)		16.80		0.11		(2.05	)		(1.94	)		(0.13	)		(0.04	)		(0.17	)
December 11, 2018 (h) through October 31, 2019		15.00		0.42		1.46			1.88			(0.08	)		—			(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 indicated.

(g) Commencement of offering of class of shares.

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

		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)
$	14.77		(11.79	)%	$	8		0.43	%		1.17	%		3.50	%		22	%
	16.78		3.45			5		0.44			2.52			0.70			28
	14.69		(11.73	)		2,382,897		0.35			1.31			0.37			22
	16.80		12.60			2,090,569		0.34			2.90			0.46			28

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Europe Dynamic Fund
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	24.25	$	0.11	$	(4.01	)	$	(3.90	)	$	(0.70	)
Year Ended October 31, 2019		23.01		0.61		1.18			1.79			(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	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		21.47		0.04		(3.55	)		(3.51	)		(0.58	)
Year Ended October 31, 2019		20.39		0.44		1.06			1.50			(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	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		24.75		0.13		(4.07	)		(3.94	)		(0.77	)
Year Ended October 31, 2019		23.48		0.67		1.21			1.88			(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	)
Class L
Six Months Ended April 30, 2020 (Unaudited)		25.05		0.16		(4.14	)		(3.98	)		(0.79	)
Year Ended October 31, 2019		23.70		0.65		1.27			1.92			(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	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		24.96		0.17		(4.12	)		(3.95	)		(0.82	)
Year Ended October 31, 2019		23.70		0.75		1.19			1.94			(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.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

		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)
$	19.65		(16.65	)%	$	69,580		1.24	%		0.93	%		1.27	%		73	%
	24.25		8.14			98,294		1.24			2.67			1.31			83
	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
	17.38		(16.91	)		12,752		1.74			0.40			1.77			73
	21.47		7.64			19,798		1.74			2.15			1.80			83
	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
	20.04		(16.56	)		56,453		0.99			1.15			1.01			73
	24.75		8.44			86,582		0.99			2.86			1.05			83
	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
	20.28		(16.51	)		50,754		0.85			1.37			0.85			73
	25.05		8.49			65,686		0.89			2.77			0.90			83
	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
	20.19		(16.48	)		227,916		0.75			1.49			0.75			73
	24.96		8.65			271,885		0.79			3.17			0.79			83
	23.70		(9.95	)		18		0.82			0.67			0.83			149

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (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, 2020 (Unaudited)	$	19.90	$	0.06		$	(3.09	)	$	(3.03	)	$	(1.01	)
Year Ended October 31, 2019		19.49		0.52			0.31			0.83			(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	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		20.13		0.11			(3.23	)		(3.12	)		(0.88	)
Year Ended October 31, 2019		19.70		0.43			0.31			0.74			(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	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		20.71		0.13			(3.25	)		(3.12	)		(1.07	)
Year Ended October 31, 2019		20.30		0.60			0.29			0.89			(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	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		19.57		0.13			(3.13	)		(3.00	)		(0.95	)
Year Ended October 31, 2019		19.21		0.46			0.29			0.75			(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	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		20.40		0.21			(3.25	)		(3.04	)		(1.10	)
Year Ended October 31, 2019		20.00		0.64			0.28			0.92			(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.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

		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)
$	15.86		(16.19	)%	$	6,150		0.95	%		0.63	%		1.14	%		42	%
	19.90		4.51			156,230		0.96			2.72			1.20			74
	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
	16.13		(16.34	)		923		1.45			1.22			1.74			42
	20.13		3.92			1,210		1.47			2.19			1.72			74
	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
	16.52		(16.06	)		21,165		0.70			1.30			0.88			42
	20.71		4.70			67,146		0.71			3.02			0.94			74
	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
	15.62		(16.29	)		23,550		1.25			1.43			1.57			42
	19.57		4.15			30,819		1.26			2.44			1.66			74
	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
	16.26		(15.95	)		1,443,062		0.50			2.28			0.62			42
	20.40		4.94			1,555,944		0.52			3.27			0.69			74
	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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

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, 2020 (Unaudited)	$	17.27	$	0.10	$	(2.20	)	$	(2.10	)	$	(0.50	)	$	—		$	(0.50	)
Year Ended October 31, 2019		15.56		0.33		1.89			2.22			(0.33	)		(0.18	)		(0.51	)
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	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		16.29		0.05		(2.08	)		(2.03	)		(0.40	)		—			(0.40	)
Year Ended October 31, 2019		14.68		0.23		1.80			2.03			(0.24	)		(0.18	)		(0.42	)
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	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		17.56		0.12		(2.23	)		(2.11	)		(0.54	)		—			(0.54	)
Year Ended October 31, 2019		15.82		0.36		1.93			2.29			(0.37	)		(0.18	)		(0.55	)
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	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		17.14		0.08		(2.19	)		(2.11	)		(0.48	)		—			(0.48	)
Year Ended October 31, 2019		15.44		0.28		1.88			2.16			(0.28	)		(0.18	)		(0.46	)
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	)
Class R5
Six Months Ended April 30, 2020 (Unaudited)		17.60		0.13		(2.24	)		(2.11	)		(0.51	)		—			(0.51	)
Year Ended October 31, 2019		15.85		0.38		1.94			2.32			(0.39	)		(0.18	)		(0.57	)
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	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		17.61		0.14		(2.24	)		(2.10	)		(0.57	)		—			(0.57	)
Year Ended October 31, 2019		15.86		0.40		1.93			2.33			(0.40	)		(0.18	)		(0.58	)
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	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

		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)
$	14.67		(12.60	)%	$	302,646		0.95	%		1.26	%		1.12	%		14	%
	17.27		14.93			328,312		0.95			2.03			1.22			25
	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
	13.86		(12.88	)		11,229		1.45			0.67			1.63			14
	16.29		14.39			14,549		1.45			1.51			1.74			25
	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
	14.91		(12.50	)		179,476		0.70			1.49			0.86			14
	17.56		15.20			190,885		0.70			2.22			0.96			25
	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
	14.55		(12.77	)		2,074		1.25			0.99			1.40			14
	17.14		14.58			2,099		1.25			1.75			1.57			25
	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
	14.98		(12.45	)		4,022		0.60			1.61			0.72			14
	17.60		15.38			3,778		0.60			2.31			0.83			25
	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
	14.94		(12.43	)		2,168,007		0.50			1.68			0.61			14
	17.61		15.50			2,457,383		0.50			2.46			0.72			25
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

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 Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	21.15	$	0.08		$	(2.14	)	$	(2.06	)	$	(0.01	)	$	—		$	(0.01	)
Year Ended October 31, 2019		18.24		0.26			3.02			3.28			(0.37	)		—			(0.37	)
Year Ended October 31, 2018		21.14		0.36			(3.13	)		(2.77	)		(0.13	)		—			(0.13	)
Year Ended October 31, 2017		17.24		0.16			4.09			4.25			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		17.61		0.22	(f)		(0.55	)		(0.33	)		(0.04	)		—			(0.04	)
Year Ended October 31, 2015		18.59		0.09	(f)		0.39			0.48			(0.17	)		(1.29	)		(1.46	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		20.86		0.02			(2.09	)		(2.07	)		—			—			—
Year Ended October 31, 2019		17.98		0.16			2.97			3.13			(0.25	)		—			(0.25	)
Year Ended October 31, 2018		20.90		0.26			(3.09	)		(2.83	)		(0.09	)		—			(0.09	)
Year Ended October 31, 2017		17.04		0.05			4.06			4.11			(0.25	)		—			(0.25	)
Year Ended October 31, 2016		17.45		0.13	(f)		(0.53	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended October 31, 2015		18.44		(0.02	)(f)		0.39			0.37			(0.07	)		(1.29	)		(1.36	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		21.43		0.11			(2.16	)		(2.05	)		(0.05	)		—			(0.05	)
Year Ended October 31, 2019		18.49		0.31			3.04			3.35			(0.41	)		—			(0.41	)
Year Ended October 31, 2018		21.41		0.44			(3.19	)		(2.75	)		(0.17	)		—			(0.17	)
Year Ended October 31, 2017		17.45		0.23			4.13			4.36			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		17.71		0.24	(f)		(0.50	)		(0.26	)		—			—			—
Year Ended October 31, 2015		18.67		0.15	(f)		0.38			0.53			(0.20	)		(1.29	)		(1.49	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		20.99		0.06			(2.13	)		(2.07	)		—			—			—
Year Ended October 31, 2019		18.14		0.21			2.98			3.19			(0.34	)		—			(0.34	)
Year Ended October 31, 2018		21.11		0.35			(3.17	)		(2.82	)		(0.15	)		—			(0.15	)
Year Ended October 31, 2017		17.21		0.06			4.14			4.20			(0.30	)		—			(0.30	)
Year Ended October 31, 2016		17.57		0.15	(f)		(0.51	)		(0.36	)		—			—			—
Year Ended October 31, 2015		18.55		0.03	(f)		0.39			0.42			(0.11	)		(1.29	)		(1.40	)
Class R5
Six Months Ended April 30, 2020 (Unaudited)		21.42		0.11			(2.15	)		(2.04	)		(0.07	)		—			(0.07	)
Year Ended October 31, 2019		18.49		0.34			3.03			3.37			(0.44	)		—			(0.44	)
Year Ended October 31, 2018		21.39		0.53			(3.25	)		(2.72	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.44		0.20			4.17			4.37			(0.42	)		—			(0.42	)
Year Ended October 31, 2016		17.75		0.27	(f)		(0.52	)		(0.25	)		(0.06	)		—			(0.06	)
Year Ended October 31, 2015		18.72		0.16	(f)		0.39			0.55			(0.23	)		(1.29	)		(1.52	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		21.44		0.13			(2.16	)		(2.03	)		(0.09	)		—			(0.09	)
Year Ended October 31, 2019		18.50		0.27			3.13			3.40			(0.46	)		—			(0.46	)
Year Ended October 31, 2018		21.40		0.44			(3.16	)		(2.72	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.45		0.26			4.12			4.38			(0.43	)		—			(0.43	)
Year Ended October 31, 2016		17.76		0.29	(f)		(0.52	)		(0.23	)		(0.08	)		—			(0.08	)
Year Ended October 31, 2015		18.73		(0.01	)(f)		0.57			0.56			(0.24	)		(1.29	)		(1.53	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

		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)
$	19.08		(9.75	)%	$	115,420		1.00	%		0.78	%		1.21	%		18	%
	21.15		18.41			114,629		1.00			1.33			1.32			34
	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
	18.79		(9.92	)		14,513		1.50			0.19			1.72			18
	20.86		17.73			18,447		1.50			0.83			1.84			34
	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
	19.33		(9.60	)		194,013		0.75			1.06			0.95			18
	21.43		18.62			177,764		0.75			1.57			1.08			34
	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
	18.92		(9.86	)		1,420		1.30			0.55			1.57			18
	20.99		18.01			1,049		1.30			1.05			1.74			34
	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
	19.31		(9.59	)		2,437		0.65			1.03			0.89			18
	21.42		18.76			3,082		0.65			1.71			1.04			34
	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
	19.32		(9.53	)		2,207,453		0.55			1.20			0.70			18
	21.44		18.95			2,284,670		0.55			1.32			0.77			34
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

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 Hedged Equity Fund
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	15.58	$	0.18	$	(1.50	)	$	(1.32	)	$	(0.24	)
March 15, 2019 (g) through October 31, 2019		15.00		0.19		0.39			0.58			—
Class C
Six Months Ended April 30, 2020 (Unaudited)		15.53		0.11		(1.48	)		(1.37	)		(0.17	)
March 15, 2019 (g) through October 31, 2019		15.00		0.16		0.37			0.53			—
Class I
Six Months Ended April 30, 2020 (Unaudited)		15.61		0.18		(1.49	)		(1.31	)		(0.24	)
March 15, 2019 (g) through October 31, 2019		15.00		0.32		0.29			0.61			—
Class R5
Six Months Ended April 30, 2020 (Unaudited)		15.62		0.18		(1.47	)		(1.29	)		(0.25	)
March 15, 2019 (g) through October 31, 2019		15.00		0.34		0.28			0.62			—
Class R6
Six Months Ended April 30, 2020 (Unaudited)		15.63		0.18		(1.47	)		(1.29	)		(0.26	)
March 15, 2019 (g) through October 31, 2019		15.00		0.35		0.28			0.63			—

(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 indicated.

(g) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

		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)
$	14.02		(8.67	)%	$	794		0.85	%		2.46	%		1.26	%		38	%
	15.58		3.87			330		0.85			1.95			1.31			9
	13.99		(8.92	)		116		1.35			1.46			1.78			38
	15.53		3.53			119		1.35			1.73			1.92			9
	14.06		(8.56	)		94,519		0.60			2.37			0.99			38
	15.61		4.07			59,751		0.60			3.38			1.19			9
	14.08		(8.46	)		19		0.45			2.33			0.97			38
	15.62		4.13			21		0.45			3.59			1.03			9
	14.08		(8.44	)		19		0.35			2.43			0.88			38
	15.63		4.20			21		0.35			3.69			0.93			9

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

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, 2020 (Unaudited)	$	17.93	$	0.18		$	(2.82	)	$	(2.64	)	$	(0.49	)	$	—		$	(0.49	)
Year Ended October 31, 2019		16.79		0.51			1.15			1.66			(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	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		18.17		0.20			(2.85	)		(2.65	)		(0.54	)		—			(0.54	)
Year Ended October 31, 2019		17.01		0.56			1.16			1.72			(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	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		18.11		0.20			(2.83	)		(2.63	)		(0.56	)		—			(0.56	)
Year Ended October 31, 2019		16.97		0.57			1.16			1.73			(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.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

		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)
$	14.80		(15.21	)%	$	192,355		0.60	%		2.11	%		0.83	%		22	%
	17.93		10.39			213,256		0.60			3.00			0.83			22
	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
	14.98		(15.11	)		208,853		0.34			2.36			0.56			22
	18.17		10.65			185,680		0.35			3.28			0.56			22
	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
	14.92		(15.10	)		3,902,502		0.24			2.38			0.30			22
	18.11		10.78			4,435,538		0.25			3.37			0.31			22
	16.97		(8.60	)		4,344,571		0.25			3.00			0.32			42

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

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, 2020 (Unaudited)	$	12.22	$	0.13		$	(2.84	)	$	(2.71	)	$	(0.49	)
Year Ended October 31, 2019		12.44		0.44			(0.20	)		0.24			(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	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		11.81		0.10			(2.76	)		(2.66	)		(0.41	)
Year Ended October 31, 2019		12.02		0.36			(0.18	)		0.18			(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	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		12.54		0.15			(2.91	)		(2.76	)		(0.52	)
Year Ended October 31, 2019		12.76		0.48			(0.20	)		0.28			(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	)
Class L
Six Months Ended April 30, 2020 (Unaudited)		12.47		0.15			(2.89	)		(2.74	)		(0.53	)
Year Ended October 31, 2019		12.70		0.46			(0.17	)		0.29			(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	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		11.96		0.11			(2.79	)		(2.68	)		(0.40	)
Year Ended October 31, 2019		12.20		0.40			(0.20	)		0.20			(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	)
Class R5
Six Months Ended April 30, 2020 (Unaudited)		12.40		0.16			(2.88	)		(2.72	)		(0.54	)
Year Ended October 31, 2019		12.65		0.49			(0.21	)		0.28			(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 (g) through October 31, 2016		12.55		0.03			(0.07	)		(0.04	)		—
Class R6
Six Months Ended April 30, 2020 (Unaudited)		12.43		0.16			(2.88	)		(2.72	)		(0.55	)
Year Ended October 31, 2019		12.67		0.51			(0.21	)		0.30			(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	)

(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.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

		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)
$	9.02		(23.25	)%	$	130,147		1.00	%		2.40	%		1.25	%		29	%
	12.22		2.30			181,458		1.00			3.69			1.28			61
	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
	8.74		(23.44	)		5,446		1.50			1.83			1.76			29
	11.81		1.82			9,358		1.50			3.15			1.80			61
	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
	9.26		(23.13	)		28,328		0.75			2.64			1.00			29
	12.54		2.56			45,503		0.75			3.91			1.03			61
	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
	9.20		(23.10	)		17,257		0.65			2.65			0.84			29
	12.47		2.69			30,256		0.65			3.81			0.87			61
	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
	8.88		(23.29	)		390		1.30			2.03			1.65			29
	11.96		2.00			722		1.30			3.47			1.69			61
	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
	9.14		(23.12	)		75		0.65			2.89			0.85			29
	12.40		2.64			88		0.65			4.08			0.87			61
	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
	9.16		(23.08	)		93,047		0.55			2.88			0.74			29
	12.43		2.83			125,887		0.55			4.22			0.77			61
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (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 9 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
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	Class A, Class C, Class I, Class L and Class R6	JPM I	Diversified
JPMorgan International Advantage Fund	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 Focus Fund(3)	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Hedged Equity Fund(4)	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	JPM II	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 April 20, 2020, JPMorgan International Unconstrained Equity Fund changed its name to JPMorgan International Focus Fund.

⁽⁴⁾  The JPMorgan International Hedged Equity Fund commenced operations on March 15, 2019.

Class L Shares of the JPMorgan Emerging Markets Equity Fund (“Emerging Markets Equity Fund”), JPMorgan Europe Dynamic Fund (“Europe Dynamic Fund”) and JPMorgan International Value Fund (“International Value Fund”) are publicly offered on a limited basis. As of October 9, 2017, Class A Shares of the JPMorgan International Research Enhanced Equity Fund (“International Research Enhanced Equity Fund”) were publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of Emerging Markets Equity Fund, Europe Dynamic Fund and International Value Fund and Class A Shares of International Research Enhanced Equity Fund unless they meet certain requirements as described in the Funds’ prospectus.

The investment objective of 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 International Focus Fund (“International Focus Fund”), International Research Enhanced Equity Fund and International Value Fund is to seek to provide long-term capital appreciation.

The investment objective of 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 Hedged Equity Fund (“International Hedged Equity Fund”) is to seek to provide capital appreciation.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class 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. 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.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (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/or 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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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 foreign 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 (“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.

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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

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
Argentina	$	174,076	$	—	$	—	$	174,076
Brazil		379,268		—		—		379,268
China		942,429		1,816,450		—		2,758,879
Egypt		—		44,613		—		44,613
Hong Kong		—		508,710		—		508,710
Hungary		—		118,202		—		118,202
India		104,541		1,180,654		—		1,285,195
Indonesia		—		165,156		—		165,156
Macau		—		106,169		—		106,169
Mexico		188,338		—		—		188,338
Panama		40,244		—		—		40,244
Peru		61,377		—		—		61,377
Portugal		—		127,669		—		127,669
Russia		770		61,229		—		61,999
South Africa		—		136,658		—		136,658
South Korea		—		432,815		—		432,815
Spain		—		8,929		—		8,929
Taiwan		577,398		127,867		—		705,265
Turkey		9,846		85,471		—		95,317
United States		244,037		—		—		244,037
Total Common Stocks		2,722,324		4,920,592		—		7,642,916
Short-Term Investments
Investment Companies		124,572		—		—		124,572
Investment of cash collateral from securities loaned		129,303		—		—		129,303
Total Short-Term Investments		253,875		—		—		253,875
Total Investments in Securities	$	2,976,199	$	4,920,592	$	—	$	7,896,791

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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
Argentina	$	2,855	$	—	$	—	$	2,855
Brazil		106,966		—		—		106,966
Chile		6,210		—		—		6,210
China		257,984		659,731		—		917,715
Colombia		3,676		—		—		3,676
Czech Republic		—		5,728		—		5,728
Greece		—		3,977		—		3,977
Hong Kong		2,652		5,841		—		8,493
Hungary		—		13,601		—		13,601
India		27,710		176,208		—		203,918
Indonesia		—		37,397		—		37,397
Malaysia		—		24,709		—		24,709
Mexico		56,990		—		—		56,990
Peru		9,717		—		—		9,717
Philippines		—		8,788		—		8,788
Poland		—		11,425		—		11,425
Qatar		—		8,796		—		8,796
Russia		19,590		76,295		—		95,885
Saudi Arabia		—		56,333		—		56,333
Singapore		—		2,263		—		2,263
South Africa		14,937		66,012		—		80,949
South Korea		—		287,602		—		287,602
Taiwan		118,437		161,671		—		280,108
Thailand		8,865		28,833		—		37,698
Turkey		2,482		23,309		—		25,791
United Arab Emirates		—		6,215		—		6,215
United Kingdom		—		1,824		—		1,824
Total Common Stocks		639,071		1,666,558		—		2,305,629
Short-Term Investments
Investment Companies		24,084		—		—		24,084
Investment of cash collateral from securities loaned		6,237		—		—		6,237
Total Short-Term Investments		30,321		—		—		30,321
Total Investments in Securities	$	669,392	$	1,666,558	$	—	$	2,335,950
Appreciation in Other Financial Instruments
Futures Contracts	$	2,062	$	—	$	—	$	2,062

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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	$	—	$	9,546	$	—	$	9,546
Austria		—		9,059		—		9,059
Belgium		—		9,926		—		9,926
Finland		—		8,173		—		8,173
France		—		62,181		—		62,181
Germany		3,142		51,564		—		54,706
Ireland		2,356		5,299		—		7,655
Italy		—		20,567		—		20,567
Netherlands		18,207		15,745		—		33,952
Norway		—		3,052		—		3,052
Russia		—		8,141		—		8,141
South Africa		—		3,241		—		3,241
Spain		—		6,131		—		6,131
Sweden		—		16,450		—		16,450
Switzerland		—		87,338		—		87,338
United Kingdom		3,059		70,037		—		73,096
Total Common Stocks		26,764		386,450		—		413,214
Short-Term Investments
Investment Companies		4,185		—		—		4,185
Investment of cash collateral from securities loaned		41,289		—		—		41,289
Total Short-Term Investments		45,474		—		—		45,474
Total Investments in Securities	$	72,238	$	386,450	$	—	$	458,688
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	289	$	—	$	289

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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	$	4,538	$	134,368	$	—	$	138,906
Austria		—		6,749		—		6,749
Belgium		—		19,331		—		19,331
China		—		11,316		—		11,316
Denmark		—		37,736		—		37,736
France		—		104,223		—		104,223
Germany		—		92,980		—		92,980
Hong Kong		—		37,132		—		37,132
Ireland		1,951		2,635		—		4,586
Israel		—		5,060		—		5,060
Italy		—		17,385		—		17,385
Japan		—		380,430		—		380,430
Netherlands		28,953		68,182		—		97,135
New Zealand		—		3,811		—		3,811
Norway		—		15,140		—		15,140
Portugal		—		9,955		—		9,955
Singapore		—		36,699		—		36,699
South Africa		—		13,948		—		13,948
Spain		—		27,628		—		27,628
Sweden		—		39,966		—		39,966
Switzerland		—		175,122		—		175,122
United Kingdom		—		163,808		—		163,808
United States		—		10,815		—		10,815
Total Common Stocks		35,442		1,414,419		—		1,449,861
Short-Term Investments
Investment Companies		28,772		—		—		28,772
Investment of cash collateral from securities loaned		76,379		—		—		76,379
Total Short-Term Investments		105,151		—		—		105,151
Total Investments in Securities	$	140,593	$	1,414,419	$	—	$	1,555,012
Appreciation in Other Financial Instruments
Futures Contracts	$	181	$	410	$	—	$	591

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (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	$	—	$	93,559	$	—	$	93,559
Austria		—		12,211		—		12,211
Belgium		—		21,535		—		21,535
China		39,043		60,052		—		99,095
Denmark		—		111,389		—		111,389
Finland		—		33,755		—		33,755
France		—		352,510		—		352,510
Germany		—		216,643		—		216,643
Hong Kong		—		109,197		—		109,197
India		33,304		—		—		33,304
Japan		—		410,053		—		410,053
Macau		—		22,908		—		22,908
Netherlands		—		114,208		—		114,208
Singapore		—		27,271		—		27,271
South Korea		—		39,330		—		39,330
Spain		—		27,747		—		27,747
Sweden		—		64,224		—		64,224
Switzerland		—		367,792		—		367,792
Taiwan		43,455		—		—		43,455
United Kingdom		—		393,740		—		393,740
United States		—		32,095		—		32,095
Total Common Stocks		115,802		2,510,219		—		2,626,021
Short-Term Investments
Investment Companies		28,692		—		—		28,692
Investment of cash collateral from securities loaned		111,555		—		—		111,555
Total Short-Term Investments		140,247		—		—		140,247
Total Investments in Securities	$	256,049	$	2,510,219	$	—	$	2,766,268

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

International Focus Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	50,620	$	—	$	50,620
Belgium		—		38,927		—		38,927
Canada		170,412		—		—		170,412
China		79,313		172,215		—		251,528
Denmark		—		69,229		—		69,229
Finland		—		32,832		—		32,832
France		—		168,128		—		168,128
Germany		—		252,941		—		252,941
Hong Kong		—		87,611		—		87,611
India		83,453		—		—		83,453
Indonesia		—		37,428		—		37,428
Japan		—		141,630		—		141,630
Netherlands		—		68,076		—		68,076
South Korea		—		62,511		—		62,511
Sweden		—		76,188		—		76,188
Switzerland		—		278,837		—		278,837
Taiwan		68,847		—		—		68,847
United Kingdom		—		503,004		—		503,004
United States		—		38,881		—		38,881
Total Common Stocks		402,025		2,079,058		—		2,481,083
Short-Term Investments
Investment Companies		32,724		—		—		32,724
Investment of cash collateral from securities loaned		149,050		—		—		149,050
Total Short-Term Investments		181,774		—		—		181,774
Total Investments in Securities	$	583,799	$	2,079,058	$	—	$	2,662,857

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (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	$	—		$	4,680	$	—	$	4,680
Austria		—			445		—		445
Denmark		—			3,277		—		3,277
Finland		—			586		—		586
France		—			12,649		—		12,649
Germany		—			9,696		—		9,696
Hong Kong		—			2,150		—		2,150
Ireland		642			318		—		960
Italy		—			2,119		—		2,119
Japan		—			23,793		—		23,793
Luxembourg		—			150		—		150
Netherlands		342			4,365		—		4,707
Norway		—			835		—		835
Singapore		—			831		—		831
Spain		—			3,234		—		3,234
Sweden		—			1,331		—		1,331
Switzerland		—			11,747		—		11,747
United Kingdom		—			15,948		—		15,948
United States		—			353		—		353
Total Common Stocks		984			98,507		—		99,491
Options Purchased
Put Options Purchased		637			—		—		637
Short-Term Investments
Investment Companies		854			—		—		854
Total Investments in Securities	$	2,475		$	98,507	$	—	$	100,982
Appreciation in Other Financial Instruments
Futures Contracts	$	230		$	18	$	—	$	248
Depreciation in Other Financial Instruments
Options Written
Call Options Written	$	(9,771	)	$	—	$	—	$	(9,771	)
Put Options Written		(110	)		—		—		(110	)
Total Depreciation in Other Financial Instruments	$	(9,881	)	$	—	$	—	$	(9,881	)

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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	$	—	$	194,024	$	—	$	194,024
Austria		—		18,420		—		18,420
Denmark		—		134,277		—		134,277
Finland		—		24,221		—		24,221
France		—		522,852		—		522,852
Germany		—		400,268		—		400,268
Hong Kong		2		87,154		—		87,156
Ireland		26,550		13,321		—		39,871
Italy		—		87,809		—		87,809
Japan		—		971,923		—		971,923
Luxembourg		—		6,219		—		6,219
Malta		—		—		1		1
Netherlands		14,086		178,796		—		192,882
Norway		—		35,863		—		35,863
Singapore		—		33,913		—		33,913
Spain		—		133,856		—		133,856
Sweden		—		55,047		—		55,047
Switzerland		—		482,481		—		482,481
United Kingdom		—		658,908		—		658,908
United States		—		14,574		—		14,574
Total Common Stocks		40,638		4,053,926		1		4,094,565
Short-Term Investments
Investment Companies		138,332		—		—		138,332
Investment of cash collateral from securities loaned		305,344		—		—		305,344
Total Short-Term Investments		443,676		—		—		443,676
Total Investments in Securities	$	484,314	$	4,053,926	$	1	$	4,538,241
Appreciation in Other Financial Instruments
Futures Contracts	$	11,497	$	—	$	—	$	11,497

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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	$	—	$	20,906	$	—	$	20,906
Austria		434		1,864		—		2,298
Belgium		—		3,400		—		3,400
China		—		1,462		—		1,462
Denmark		—		3,122		—		3,122
Finland		—		4,695		—		4,695
France		—		21,557		—		21,557
Georgia		—		677		—		677
Germany		494		21,948		—		22,442
Hong Kong		—		5,832		—		5,832
India		—		285		—		285
Ireland		—		536		—		536
Israel		—		1,155		—		1,155
Italy		—		5,107		—		5,107
Japan		—		69,652		—		69,652
Luxembourg		—		1,205		—		1,205
Malta		—		323		—		323
Netherlands		1,146		12,820		—		13,966
New Zealand		—		197		—		197
Norway		—		6,817		—		6,817
Russia		—		436		—		436
Singapore		—		3,307		—		3,307
South Africa		—		1,415		—		1,415
Spain		—		7,479		—		7,479
Sweden		—		8,362		—		8,362
Switzerland		—		20,333		—		20,333
United Kingdom		795		36,904		—		37,699
United States		362		167		—		529
Total Common Stocks		3,231		261,963		—		265,194
Short-Term Investments
Investment Companies		4,976		—		—		4,976
Investment of cash collateral from securities loaned		3,129		—		—		3,129
Total Short-Term Investments		8,105		—		—		8,105
Total Investments in Securities	$	11,336	$	261,963	$	—	$	273,299
Appreciation in Other Financial Instruments
Futures Contracts	$	133	$	363	$	—	$	496

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, 2020, 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.

C. Securities Lending — The Funds are 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 the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and/or the Agency SL Class 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

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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.

The following table presents for each lending Fund, the 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, 2020 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Emerging Markets Equity Fund	$	126,114	$	(126,114	)	$	—
Emerging Markets Research Enhanced Equity Fund		5,853		(5,853	)		—
Europe Dynamic Fund		35,227		(35,227	)		—
International Advantage Fund		72,637		(72,637	)		—
International Equity Fund		104,180		(104,180	)		—
International Focus Fund		139,159		(139,159	)		—
International Research Enhanced Equity Fund		282,127		(282,127	)		—
International Value Fund		2,936		(2,936	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended April 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Emerging Markets Equity Fund	$	3
Emerging Markets Research Enhanced Equity Fund		2
Europe Dynamic Fund		1
International Advantage Fund		2
International Equity Fund		2
International Focus Fund		4
International Research Enhanced Equity Fund		4
International Value Fund		1

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).

International Hedged Equity Fund did not have any securities out on loan at April 30, 2020.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. 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 Markets Equity Fund
For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	168,369	$	1,329,842	$	1,373,681	$	(59	)	$	101	$	124,572		124,472	$	1,173		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		8,001		200,000		127,000		12	*		36		81,049		81,033		159	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		5,485		192,085		149,316		—			—		48,254		48,254		36	*		—
Total	$	181,855	$	1,721,927	$	1,649,997	$	(47	)	$	137	$	253,875			$	1,368		$	—
Emerging Markets Research Enhanced Equity Fund
For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	22,226	$	780,662	$	778,821	$	(3	)	$	20	$	24,084		24,064	$	390		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		—		215,000		212,001		(9	)*		1		2,991		2,991		96	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		2,216		182,716		181,686		—			—		3,246		3,246		28	*		—
Total	$	24,442	$	1,178,378	$	1,172,508	$	(12	)	$	21	$	30,321			$	514		$	—
Europe Dynamic Fund
For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	130	$	154,102	$	150,069	$	15		$	7	$	4,185		4,181	$	106		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		—		35,000		5,000		1	*		5		30,006		30,000		8	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		286		47,504		36,507		—			—		11,283		11,283		12	*		—
Total	$	416	$	236,606	$	191,576	$	16		$	12	$	45,474			$	126		$	—

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

International Advantage Fund
For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	42,366	$	464,489	$	478,051	$	(48	)	$	16	$	28,772		28,750	$	311		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		1,005		110,000		77,999		(9	)*		8		33,005		32,997		61	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		966		138,064		95,656		—			—		43,374		43,374		33	*		—
Total	$	44,337	$	712,553	$	651,706	$	(57	)	$	24	$	105,151			$	405		$	—
International Equity Fund
For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	49,197	$	392,707	$	413,188	$	(29	)	$	5	$	28,692		28,670	$	370		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		40,003		200,000		171,001		8	*		15		69,025		69,011		176	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		12,516		161,986		131,972		—			—		42,530		42,530		43	*		—
Total	$	101,716	$	754,693	$	716,161	$	(21	)	$	20	$	140,247			$	589		$	—
International Focus Fund
For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	48,921	$	415,838	$	432,073	$	18		$	20	$	32,724		32,698	$	343		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		55,000		320,000		251,000		(11	)*		27		124,016		123,991		223	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		20,853		261,394		257,213		—			—		25,034		25,034		63	*		—
Total	$	124,774	$	997,232	$	940,286	$	7		$	47	$	181,774			$	629		$	—

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

International Hedged Equity Fund
For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020			Shares at April 30, 2020			Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)	$	850	$	79,421	$	79,417	$	—		$	—	$	854			854		$	20		$	—
International Research Enhanced Equity Fund
For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020			Shares at April 30, 2020			Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	154,151	$	718,672	$	734,533	$	(55	)	$	97	$	138,332			138,222		$	1,357		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		76,005		296,000		240,000		1	*		25		132,031			132,004			187	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		30,261		342,584		199,532		—			—		173,313			173,313			72	*		—
Total	$	260,417	$	1,357,256	$	1,174,065	$	(54	)	$	122	$	443,676					$	1,616		$	—
International Value Fund
For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020			Shares at April 30, 2020			Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	3,487	$	46,394	$	44,910	$	2		$	3	$	4,976			4,972		$	63		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		2,000		11,000		13,000		—	(c)*		—		—	(c)		—	(c)		13	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		2,026		26,388		25,285		—			—		3,129			3,129			13	*		—
Total	$	7,513	$	83,782	$	83,195	$	2		$	3	$	8,105					$	89		$	—

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

(b) The rate shown is the current yield as of April 30, 2020.

(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. 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.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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.

F. 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.

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 OTC 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, 2020 (amounts in thousands, except number of contracts):

	International Hedged Equity Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		473
Average Number of Contracts Written		946
Ending Number of Contracts Purchased		631
Ending Number of Contracts Written		1262

G. Futures Contracts — The Funds used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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 table below discloses the volume of the Funds’ futures contracts activity during the six months ended April 30, 2020 (amounts in thousands):

	Emerging Markets Research Enhanced Equity Fund			Europe Dynamic Fund			International Advantage Fund		International Hedged Equity Fund		International Research Enhanced Equity Fund		International Value Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	46,103	(a)	$	10,036		$	32,282	$	2,954	$	151,128	$	9,549
Average Notional Balance Short		—			7,291	(b)		—		—		—		—
Ending Notional Balance Long		31,574			1,528			23,804		3,544		139,823		5,137

(a) For the period December 1, 2019 through April 30, 2020.

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

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).

H. 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 Funds 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. For the six months ended April 30, 2020, total offering costs amortized were approximately $5,000 and $39,000 for the Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, respectively.

I. 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.

J. 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 applicable funds. 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.

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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, 2020 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 Markets Equity Fund
Transfer agency fees	$	28		$	4		$	29		$	8		$	1		$	—	(a)	$	—	(a)	$	3		$	93		$	166
Emerging Markets Research Enhanced Equity Fund
Transfer agency fees		n/a			n/a			—	(a)		n/a			n/a			n/a			n/a			n/a			3			3
Europe Dynamic Fund
Transfer agency fees		9			2			3			—	(a)		n/a			n/a			n/a			n/a			1			15
International Advantage Fund
Transfer agency fees		9			1			1			n/a			27			n/a			n/a			n/a			7			45
International Equity Fund
Transfer agency fees		22			2			3			n/a			—	(a)		n/a			n/a			—	(a)		11			38
International Focus Fund
Transfer agency fees		5			2			5			n/a			1			n/a			n/a			1			8			22
International Hedged Equity Fund
Transfer agency fees		—	(a)		—	(a)		1			n/a			n/a			n/a			n/a			—	(a)		—	(a)		1
International Research Enhanced Equity Fund
Transfer agency fees		27			n/a			2			n/a			n/a			n/a			n/a			n/a			18			47
International Value Fund
Transfer agency fees		6			1			2			—	(a)		1			n/a			n/a			—	(a)		—	(a)		10

(a) Amount rounds to less than one thousand.

K. 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, 2020, 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 Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

L. 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.

M. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid annually. 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 manages the investments of each Fund and for such services is paid a fee. The investment advisory 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 Markets Equity Fund	0.68	%
Emerging Markets Research Enhanced Equity Fund	0.25
Europe Dynamic Fund	0.60
International Advantage Fund	0.50
International Equity Fund	0.50
International Focus Fund	0.60
International Hedged Equity Fund	0.25
International Research Enhanced Equity Fund	0.20
International Value Fund	0.55

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

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to each Fund. In consideration of these services, 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. For the six months ended April 30, 2020, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements, with the exception of Class R5 Shares and Class R6 Shares of International Hedged Equity Fund which had an effective annualized rate of 0.07%.

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 each Fund’s 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, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, 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 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 Focus 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 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, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Emerging Markets Equity Fund	$	65		$	—	(a)
Europe Dynamic Fund		2			—
International Advantage Fund		1			—
International Equity Fund		55			1
International Focus Fund		19			—	(a)
International Hedged Equity Fund		1			—
International Research Enhanced Equity Fund		—	(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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except 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 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
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 Focus 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 Value Fund		0.25			0.25			0.25			0.10			0.25			n/a			n/a			0.10

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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. Pursuant to such contracts, 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 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 Markets Equity Fund		1.24	%		1.74	%		0.99	%		n/a	(1)		1.54	%		1.29	%		1.04	%		0.89	%		0.79	%
Emerging Markets Research Enhanced Equity Fund		n/a			n/a			0.45			n/a			n/a			n/a			n/a			n/a			0.35
Europe Dynamic Fund		1.24			1.74			0.99			n/a			n/a			n/a			n/a			n/a			n/a
International Advantage Fund		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 Focus Fund		1.00			1.50			0.75			n/a			1.30			n/a			n/a			0.65			0.55
International Hedged Equity Fund		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 Value Fund		1.00			1.50			0.75			n/a			1.30			n/a			n/a			0.65			0.55

⁽¹⁾   Effective March 1, 2020, the contractual expense limitation for Class L Shares expired. Prior to March 1, 2020, 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, 2020 and are in place until February 28, 2021.

For the six months ended April 30, 2020, 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 Markets Equity Fund	$	858	$	570	$	755		$	2,183	$	93
Emerging Markets Research Enhanced Equity Fund		115		77		—	(a)		192		5
Europe Dynamic Fund		—		—		21			21		—
International Advantage Fund		651		435		86			1,172		—	(a)
International Equity Fund		938		624		156			1,718		1
International Focus Fund		1,177		785		98			2,060		7
International Hedged Equity Fund		95		32		1			128		56
International Research Enhanced Equity Fund		758		505		343			1,606		—
International Value Fund		201		121		63			385		—	(a)

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2020 were as follows (amounts in thousands):

Emerging Markets Equity Fund	$	155
Emerging Markets Research Enhanced Equity Fund		69
Europe Dynamic Fund		13
International Advantage Fund		42
International Equity Fund		51
International Focus Fund		53
International Hedged Equity Fund		3
International Research Enhanced Equity Fund		182
International Value Fund		8

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.

During the six months ended April 30, 2020, Emerging Markets Equity 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 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, 2020, 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 Markets Equity Fund	$	2,813,915	$	460,593
Emerging Markets Research Enhanced Equity Fund		1,126,545		521,333
Europe Dynamic Fund		349,625		384,501
International Advantage Fund		789,329		735,124
International Equity Fund		492,514		387,276
International Focus Fund		691,918		482,225
International Hedged Equity Fund		85,280		31,484
International Research Enhanced Equity Fund		1,267,069		1,021,570
International Value Fund		97,764		130,638

During the six months ended April 30, 2020, there were no purchases or sales of U.S. Government securities.

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity Fund	$	6,980,755	$	1,477,626	$	561,590	$	916,036
Emerging Markets Research Enhanced Equity Fund		2,562,890		123,728		348,606		(224,878	)
Europe Dynamic Fund		472,725		31,262		45,010		(13,748	)
International Advantage Fund		1,623,558		103,894		171,849		(67,955	)
International Equity Fund		2,342,906		593,638		170,276		423,362
International Focus Fund		2,651,599		149,601		138,343		11,258
International Hedged Equity Fund		104,098		6,216		18,965		(12,749	)
International Research Enhanced Equity Fund		4,843,280		371,478		665,020		(293,542	)
International Value Fund		351,127		6,647		83,979		(77,332	)

At October 31, 2019, the following Funds had net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Emerging Markets Equity Fund	$	7,673		$	116,595
Europe Dynamic Fund		111,146			2,935
International Advantage Fund		222,918			54,545
International Equity Fund		38,501			19,256
International Focus Fund		42,042	*		6,985	*
International Hedged Equity Fund		153			297
International Research Enhanced Equity Fund		16,878			145,754
International Value Fund		38,435			7,625

At October 31, 2019, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
Emerging Markets Equity Fund	$	—	$	10,702

* Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381—384.

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 Funds had no borrowings outstanding from another fund at April 30, 2020. Average borrowings from the Facility during the six months ended April 30, 2020, 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 Research Enhanced Equity Fund	$	20,330		1.67	%		4	$	3
Europe Dynamic Fund		2,326		1.85			3		—	(a)
International Advantage Fund		20,534		1.87			3		4
International Hedged Equity Fund		3,784		0.79			2		—	(a)

(a) Amount rounds to less than one thousand.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted facility during the six months ended April 30, 2020.

The Trusts, along with certain other trusts for J.P. Morgan Funds (“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 London InterBank Offered Rate (“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 13, 2019, 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, 2020.

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, 2020, 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 Markets Equity Fund		—		—	%		2		26.1	%
Emerging Markets Research Enhanced Equity Fund		4		58.5			—		—
Europe Dynamic Fund		4		60.2			1		12.0
International Advantage Fund		5		72.9			—		—
International Equity Fund		2		41.0			1		12.4
International Focus Fund		4		68.5			—		—
International Hedged Equity Fund		1		49.8			1		19.1
International Research Enhanced Equity Fund		3		31.0			—		—
International Value Fund		—		—			1		72.8

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

As of April 30, 2020, the J.P. Morgan Investor Funds, the JPMorgan SmartRetirement Funds and the SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds			JPMorgan SmartRetirement Blend Funds
Emerging Markets Equity Fund		—	%		12.5	%		—	%
Emerging Markets Research Enhanced Equity Fund		—			65.0			19.1
Europe Dynamic Fund		51.8			—			—
International Advantage Fund		—			95.8			—
International Equity Fund		—			54.6			—
International Focus Fund		—			76.1			—
International Research Enhanced Equity Fund		15.6			64.2			—

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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, 2020, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:

	China			France			Germany			India			Japan
Emerging Markets Equity Fund		35.5	%		—	%		—	%		16.5	%		—	%
Emerging Markets Research Enhanced Equity Fund		39.4			—			—			—			—
Europe Dynamic Fund		—			14.9			13.1			—			—
International Advantage Fund		—			—			—			—			25.7
International Equity Fund		—			13.3			—			—			15.4
International Focus Fund		10.0			—			10.1			—			—
International Hedged Equity Fund		—			12.5			—			—			23.6
International Research Enhanced Equity Fund		—			12.4			—			—			23.0
International Value Fund		—			—			—			—			25.8

	South Korea			Switzerland			Taiwan			United Kingdom
Emerging Markets Research Enhanced Equity Fund		12.3	%		—	%		12.0	%		—	%
Europe Dynamic Fund		—			20.9			—			17.5
International Advantage Fund		—			11.8			—			11.1
International Equity Fund		—			13.9			—			14.8
International Focus Fund		—			11.1			—			20.0
International Hedged Equity Fund		—			11.6			—			15.8
International Research Enhanced Equity Fund		—			11.4			—			15.6
International Value Fund		—			—			—			14.0

As of April 30, 2020, 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.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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, 2019, and continued to hold your shares at the end of the reporting period, April 30, 2020.

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 titled “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, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Equity Fund
Class A
Actual	$	1,000.00	$	897.40	$	5.85		1.24	%
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		895.20		8.20		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		898.60		4.67		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class L
Actual		1,000.00		899.30		4.20		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R2
Actual		1,000.00		896.30		7.26		1.54
Hypothetical		1,000.00		1,017.21		7.72		1.54
Class R3
Actual		1,000.00		897.50		6.09		1.29
Hypothetical		1,000.00		1,018.45		6.47		1.29
Class R4
Actual		1,000.00		898.30		4.91		1.04
Hypothetical		1,000.00		1,019.69		5.22		1.04
Class R5
Actual		1,000.00		899.20		4.20		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R6
Actual		1,000.00		899.50		3.73		0.79
Hypothetical		1,000.00		1,020.93		3.97		0.79

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Actual	$	1,000.00	$	882.10	$	2.01		0.43	%
Hypothetical		1,000.00		1,022.73		2.16		0.43
Class R6
Actual		1,000.00		882.70		1.64		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
JPMorgan Europe Dynamic Fund
Class A		1,000.00		833.50		5.65		1.24
Actual		1,000.00		1,018.70		6.22		1.24
Hypothetical
Class C		1,000.00		830.90		7.92		1.74
Actual		1,000.00		1,016.21		8.72		1.74
Hypothetical
Class I		1,000.00		834.40		4.52		0.99
Actual		1,000.00		1,019.94		4.97		0.99
Hypothetical
Class L		1,000.00		834.90		3.88		0.85
Actual		1,000.00		1,020.64		4.27		0.85
Hypothetical
Class R6		1,000.00		835.20		3.42		0.75
Actual		1,000.00		1,021.13		3.77		0.75
Hypothetical
JPMorgan International Advantage Fund
Class A		1,000.00		838.10		4.34		0.95
Actual		1,000.00		1,020.14		4.77		0.95
Hypothetical
Class C		1,000.00		836.60		6.62		1.45
Actual		1,000.00		1,017.65		7.27		1.45
Hypothetical
Class I		1,000.00		839.40		3.20		0.70
Actual		1,000.00		1,021.38		3.52		0.70
Hypothetical
Class R2		1,000.00		837.10		5.71		1.25
Actual		1,000.00		1,018.65		6.27		1.25
Hypothetical
Class R6		1,000.00		840.50		2.29		0.50
Actual		1,000.00		1,022.38		2.51		0.50
Hypothetical
JPMorgan International Equity Fund
Class A		1,000.00		874.00		4.43		0.95
Actual		1,000.00		1,020.14		4.77		0.95
Hypothetical
Class C		1,000.00		871.20		6.75		1.45
Actual		1,000.00		1,017.65		7.27		1.45
Hypothetical
Class I		1,000.00		875.00		3.26		0.70
Actual		1,000.00		1,021.38		3.52		0.70
Hypothetical
Class R2		1,000.00		872.30		5.82		1.25
Actual		1,000.00		1,018.65		6.27		1.25
Hypothetical
Class R5		1,000.00		875.50		2.80		0.60
Actual		1,000.00		1,021.88		3.02		0.60
Hypothetical

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan International Equity Fund (continued)
Class R6	$	1,000.00	$	875.70	$	2.33		0.50	%
Actual		1,000.00		1,022.38		2.51		0.50
Hypothetical
JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
Class A		1,000.00		902.50		4.73		1.00
Actual		1,000.00		1,019.89		5.02		1.00
Hypothetical
Class C		1,000.00		900.80		7.09		1.50
Actual		1,000.00		1,017.40		7.52		1.50
Hypothetical
Class I		1,000.00		904.00		3.55		0.75
Actual		1,000.00		1,021.13		3.77		0.75
Hypothetical
Class R2		1,000.00		901.40		6.15		1.30
Actual		1,000.00		1,018.40		6.52		1.30
Hypothetical
Class R5		1,000.00		904.10		3.08		0.65
Actual		1,000.00		1,021.63		3.27		0.65
Hypothetical
Class R6		1,000.00		904.70		2.60		0.55
Actual		1,000.00		1,022.13		2.77		0.55
Hypothetical
JPMorgan International Hedged Equity Fund
Class A		1,000.00		913.30		4.04		0.85
Actual		1,000.00		1,020.64		4.27		0.85
Hypothetical
Class C		1,000.00		910.80		6.41		1.35
Actual		1,000.00		1,018.15		6.77		1.35
Hypothetical
Class I		1,000.00		914.40		2.86		0.60
Actual		1,000.00		1,021.88		3.02		0.60
Hypothetical
Class R5		1,000.00		915.40		2.14		0.45
Actual		1,000.00		1,022.63		2.26		0.45
Hypothetical
Class R6		1,000.00		915.60		1.67		0.35
Actual		1,000.00		1,023.12		1.76		0.35
Hypothetical
JPMorgan International Research Enhanced Equity Fund
Class A		1,000.00		847.90		2.76		0.60
Actual		1,000.00		1,021.88		3.02		0.60
Hypothetical
Class I		1,000.00		848.90		1.56		0.34
Actual		1,000.00		1,023.17		1.71		0.34
Hypothetical
Class R6		1,000.00		849.00		1.10		0.24
Actual		1,000.00		1,023.67		1.21		0.24
Hypothetical
JPMorgan International Value Fund
Class A		1,000.00		767.50		4.39		1.00
Actual		1,000.00		1,019.89		5.02		1.00
Hypothetical

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan International Value Fund (continued)
Class C	$	1,000.00	$	765.60	$	6.58		1.50	%
Actual		1,000.00		1,017.40		7.52		1.50
Hypothetical
Class I		1,000.00		768.70		3.30		0.75
Actual		1,000.00		1,021.13		3.77		0.75
Hypothetical
Class L		1,000.00		769.00		2.86		0.65
Actual		1,000.00		1,021.63		3.27		0.65
Hypothetical
Class R2		1,000.00		767.10		5.71		1.30
Actual		1,000.00		1,018.40		6.52		1.30
Hypothetical
Class R5		1,000.00		768.80		2.86		0.65
Actual		1,000.00		1,021.63		3.27		0.65
Hypothetical
Class R6		1,000.00		769.20		2.42		0.55
Actual		1,000.00		1,022.13		2.77		0.55
Hypothetical

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

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., 2020.  All rights reserved. April 2020. SAN-INTEQ-420

Semi-Annual Report

J.P. Morgan Tax Aware Funds

April 30, 2020 (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

Letter to Shareholders	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	22
Financial Highlights	28
Notes to Financial Statements	32
Schedule of Shareholder Expenses	40
Liquidity Risk Management Program	41

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.

LETTER TO SHAREHOLDERS

June 11, 2020 (Unaudited)

Dear Shareholders,

Many have faced significant challenges since my last letter, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. While many have endured uncertainty and abrupt changes in their personal and professional lives related to these challenges, you can be confident that J.P. Morgan Asset Management is well-prepared for adverse events and is taking action to ensure that our clients and mutual fund shareholders continue to receive the service that is the foundation of our enterprise.

  “Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions.” — Andrea L. Lisher

Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions. While our own employees transitioned to working from home, they worked tirelessly to

guide our clients and shareholders through this unprecedented time. We are here for you — our clients and fund shareholders — regardless of the economic, market or social and civic environment. That’s how we have always operated and we will not waiver in that commitment.

JPMorgan Chase & Co. has also recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion, recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion website.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

While developed markets equity generally rallied in the final months of 2019, the global response to the COVID-19 pandemic led to a dramatic increase in financial market volatility and drove asset prices sharply lower in February and March of 2020 before equity prices posted a small rebound in April 2020.

Global equity markets, led by the U.S. and Europe, largely recorded gains for the final two months of 2019 on the back of accommodative policies from leading central banks and investor expectations of a reduction in trade tensions. Even as economic data showed slowing or flat growth in China, Europe and the U.S. in the final quarter of 2019, there were no indicators that the longest recorded economic expansion in the U.S. would necessarily end. In the second half of December 2019, the U.S. and China reached a “Phase One” agreement that reduced trade tariffs and headed off the implementation of new tariffs. Combined with less aggressive U.S. trade rhetoric toward Mexico and toward European and Japanese auto industries, the U.S.-China trade agreement fueled price gains in developed equity markets.

Early January 2020 saw continued investor support for global equity that weathered a brief flare up in military tension between the U.S. and Iran. However, investor sentiment began to turn as the outbreak of COVID-19 began to impact large parts of China’s economy.

U.S. equity prices found support in early February 2020 as companies began to report better-than-expected earnings from the final quarter of 2019. By the end of the month, equity prices had fallen significantly and yields on benchmark 10-year U.S. Treasury bonds had fallen to a record low 1.1% as investors sought the perceived safety of government-backed bonds.

The month of March 2020 proved to be worse for equity prices and a range of other asset classes as COVID-19 was declared a pandemic and national, regional and municipal governments implemented at-home quarantines and a range of other actions designed to prevent hospitals and health care systems from being overwhelmed. The U.S. Federal Reserve slashed interest rates, restarted its quantitative easing or asset purchasing program, and unleashed an array of programs to maintain liquidity and functioning in short-term commercial debt markets. However, leading equity indexes lost 20% or more of their value during the first quarter of 2020.

U.S. equity markets rebounded slightly in April 2020 and fixed income markets rallied somewhat as investors reacted positively to the actions of central banks and national governments to mitigate the economic impact of the pandemic. Price gains were seen in large cap technology stocks and pharmaceutical sector stocks. Fixed income investments benefitted from accommodative central bank policies and high quality corporate credit outperformed government bonds for the month.

For the six months ended April 30, 2020, the S&P 500 Index returned -3.16% and the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned -0.67%.

2 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		0.46%
S&P 500 Index		(3.16)%
Net Assets as of 4/30/2020 (In Thousands)	$	1,104,649

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, 2020.

The Fund’s overweight allocation and security selection in the media sector and its underweight position in the consumer cyclical sector, where it had no allocation, were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical technology and financial services sectors was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Amazon.com Inc. and Microsoft Corp. and its underweight position in Boeing Co. Shares of Amazon, a provider of online retail shopping and related services, rose amid consistent earnings growth in 2019 and investor expectations that its business would benefit from consumers shopping from home during the COVID-19 pandemic. Shares of Microsoft, a provider of software and related services, rose amid consistent earnings growth in 2019 and benefitted from investor demand for large cap stocks as equity prices fell in 2020 in response to the COVID-19 pandemic. Shares of Boeing, an airplane manufacturing and aerospace company, fell amid investor expectations that orders for new planes would shrink as commercial airlines suffer financial stress due to severe reductions in flights in response to the COVID-19 pandemic.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Broadcom Ltd, Alphabet Inc. and Zimmer Biomet Holdings Inc. Shares of Broadcom, a semiconductor manufacturer, fell after the company withdrew its forecast for 2020 earnings and revenue in response to uncertainty about the impact of COVID-19 on its business. Shares of Alphabet, parent company of Google Inc., fell amid a significant decline in advertising spending in early 2020. Shares of Zimmer Biomet Holdings, a medical devices manufacturer, fell in 2020 amid a sharp global decline in elective surgeries.

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 the portfolio managers believed to be the companies’ underlying value and potential for future earnings growth.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	9.1	%
	2.	Amazon.com, Inc.	7.9
	3.	Apple, Inc.	5.1
	4.	Alphabet, Inc., Class A	3.8
	5.	Alphabet, Inc., Class C	3.7
	6.	Mastercard, Inc., Class A	3.5
	7.	UnitedHealth Group, Inc.	2.9
	8.	Union Pacific Corp.	2.5
	9.	Home Depot, Inc. (The)	2.3
	10.	Honeywell International, Inc.	2.2

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	32.6	%
Health Care	14.5
Consumer Discretionary	13.7
Communication Services	13.2
Industrials	10.7
Financials	6.1
Consumer Staples	4.8
Utilities	1.9
Materials	1.5
Energy	0.7
Short-Term Investments	0.3

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

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

*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
		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**			(5.02	)%		(6.40	)%		(1.91	)%		(2.37	)%		(3.85	)%		(0.27	)%		7.95	%		6.57	%		6.08	%		10.86	%		9.97	%		8.87	%
Without Sales Charge			0.24			(1.22	)		1.26			3.04			1.47			3.00			9.12			7.73			7.03			11.46			10.56			9.40
CLASS C SHARES	March 22, 2011
With CDSC***			(0.99	)		(2.41	)		0.52			1.56			0.09			2.06			8.58			7.29			6.61			10.95			10.15			8.98
Without CDSC			0.01			(1.41	)		1.11			2.56			1.09			2.65			8.58			7.29			6.61			10.95			10.15			8.98
CLASS I SHARES	January 30, 1997		0.46			(1.04	)		1.42			3.46			1.79			3.31			9.59			8.09			7.39			11.89			10.91			9.75
CLASS R6 SHARES	October 1, 2018		0.51			(1.00	)		1.46			3.60			1.91			3.41			9.63			8.12			7.42			11.91			10.93			9.77

* 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 (4/30/10 TO 4/30/20)

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 and the S&P 500 Index from April 30, 2010 to April 30, 2020. 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. 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.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable 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 on gains resulting from redemptions of Fund shares, with the exception of returns noted above as returns after taxes.

4 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

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, 2020 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(6.27)%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		(0.67)%
Tax Aware Real Return Composite Benchmark**		(4.23)%
Net Assets as of 4/30/2020 (In Thousands)	$	387,051

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 negative 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, 2020.

The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, was the leading detractor from absolute performance and performance relative to the Benchmark. During the reporting period, Bloomberg Barclays inflation swap indexes generally fell, initially as Russia and Saudi Arabia undercut each other’s petroleum prices and then as global prices fell sharply amid the global response to the COVID-19 pandemic.

Relative to the Benchmark, the Fund’s overweight allocation to leasing sector bonds, about one-third of which are rated BBB, detracted from performance as investors sought higher rated bonds. The Fund’s underweight allocation to pre-refunded bonds, which are generally higher rated, also detracted from relative performance.

The Fund’s allocation to higher rated state general obligation bonds relative to the Benchmark was a leading contributor to relative performance. The Fund’s underweight positon in industrial development revenue/pollution control revenue bonds, which was the lowest performing sector in the Benchmark, also contributed to relative performance. The Fund had no allocation to the housing sector, which also contributed to relative performance.

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 decreased the hedge ratio to 80% from 92%.

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, 2020

PORTFOLIO COMPOSITION****
Municipal Bonds	98.3	%
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 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, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
			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**				(9.90	)%		(9.90	)%		(5.42	)%		(9.43	)%		(9.43	)%		(4.69	)%		(0.74	)%		(0.79	)%		(0.01	)%		0.54	%		0.52	%		0.98	%
Without Sales Charge				(6.40	)		(6.40	)		(3.33	)		(5.92	)		(5.92	)		(2.58	)		0.02			(0.02	)		0.58			0.93			0.91			1.29
CLASS C SHARES		August 31, 2005
With CDSC***				(7.65	)		(7.65	)		(4.17	)		(7.43	)		(7.43	)		(3.69	)		(0.51	)		(0.54	)		0.06			0.33			0.31			0.69
Without CDSC				(6.65	)		(6.65	)		(3.58	)		(6.43	)		(6.43	)		(3.09	)		(0.51	)		(0.54	)		0.06			0.33			0.31			0.69
CLASS I SHARES		August 31, 2005		(6.27)			(6.27)			(3.20)			(5.68	)		(5.68	)		(2.33	)		0.29			0.24			0.84			1.19			1.17			1.54
CLASS R6 SHARES		August 16, 2013		(6.33	)		(6.33	)		(3.21	)		(5.69	)		(5.69	)		(2.30	)		0.35			0.34			0.95			1.25			1.24			1.62

* 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 (4/30/10 TO 4/30/20)

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 and the Tax Aware Real Return Composite Benchmark from April 30, 2010 to April 30, 2020. 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 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. Investors cannot invest directly in an index.

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 applicable inception date. Without these waivers and reimbursements, performance would have been lower.

8 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares, with the exception of returns noted above as returns 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, 2020 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.7%
Aerospace & Defense — 1.0%
Northrop Grumman Corp.		33		10,945
Banks — 3.6%
Bank of America Corp.		726		17,471
Citigroup, Inc.		272		13,200
First Republic Bank		82		8,562
				39,233
Beverages — 3.5%
Coca-Cola Co. (The)		269		12,326
Constellation Brands, Inc., Class A		33		5,474
PepsiCo, Inc.		160		21,179
				38,979
Biotechnology — 2.7%
AbbVie, Inc.		216		17,771
Biogen, Inc. *		14		4,067
Vertex Pharmaceuticals, Inc. *		32		8,058
				29,896
Building Products — 0.8%
Allegion plc		87		8,727
Capital Markets — 1.3%
Morgan Stanley		371		14,635
Chemicals — 1.5%
Air Products & Chemicals, Inc.		25		5,527
Linde plc (United Kingdom)		61		11,216
				16,743
Commercial Services & Supplies — 1.2%
Waste Connections, Inc.		158		13,539
Electric Utilities — 1.9%
NextEra Energy, Inc.		92		21,244
Entertainment — 0.8%
Netflix, Inc. *		21		8,607
Food Products — 1.3%
Mondelez International, Inc., Class A		281		14,447
Health Care Equipment & Supplies — 4.5%
Boston Scientific Corp. *		460		17,251
Danaher Corp.		113		18,521
Zimmer Biomet Holdings, Inc.		116		13,916
				49,688
Health Care Providers & Services — 2.9%
UnitedHealth Group, Inc.		109		31,805

INVESTMENTS	SHARES (000)		VALUE ($000)
Hotels, Restaurants & Leisure — 0.7%
McDonald’s Corp.		18		3,320
Yum! Brands, Inc.		55		4,755
				8,075
Industrial Conglomerates — 2.2%
Honeywell International, Inc.		169		23,931
Insurance — 1.2%
Chubb Ltd.		123		13,313
Interactive Media & Services — 9.0%
Alphabet, Inc., Class A *		31		41,722
Alphabet, Inc., Class C *		30		40,522
Facebook, Inc., Class A *		84		17,290
				99,534
Internet & Direct Marketing Retail — 7.9%
Amazon.com, Inc. *		35		87,481
IT Services — 11.8%
Automatic Data Processing, Inc.		66		9,615
Fidelity National Information Services, Inc.		106		13,965
Fiserv, Inc. *		169		17,376
Leidos Holdings, Inc.		113		11,185
Mastercard, Inc., Class A		141		38,714
PayPal Holdings, Inc. *		157		19,365
Visa, Inc., Class A		71		12,653
WEX, Inc. *		55		7,331
				130,204
Machinery — 1.2%
Stanley Black & Decker, Inc.		119		13,147
Media — 3.5%
Charter Communications, Inc., Class A *		46		22,599
Comcast Corp., Class A		414		15,582
				38,181
Oil, Gas & Consumable Fuels — 0.6%
Chevron Corp.		78		7,139
Pharmaceuticals — 4.4%
Bristol-Myers Squibb Co.		239		14,540
Eli Lilly & Co.		130		20,083
Merck & Co., Inc.		179		14,202
				48,825
Road & Rail — 4.3%
Norfolk Southern Corp.		118		20,216
Union Pacific Corp.		170		27,117
				47,333

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 5.3%
ASML Holding NV (Registered), NYRS (Netherlands)		29		8,235
Broadcom, Inc.		69		18,838
NVIDIA Corp.		35		10,259
Texas Instruments, Inc.		187		21,739
				59,071
Software — 10.4%
Microsoft Corp.		563		100,844
salesforce.com, Inc. *		87		14,015
				114,859
Specialty Retail — 5.1%
AutoZone, Inc. *		10		9,970
Home Depot, Inc. (The)		118		25,903
Lowe’s Cos., Inc.		195		20,406
				56,279
Technology Hardware, Storage & Peripherals — 5.1%
Apple, Inc.		192		56,536
Total Common Stocks (Cost $487,704)				1,102,396

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.3%
Investment Companies — 0.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.69% (a) (b) (Cost $2,769)		2,769		2,772
Total Investments—100.0% (Cost $490,473)				1,105,168
Liabilities in Excess of Other Assets — 0.0% (c)				(519	)
NET ASSETS — 100.0%				1,104,649

Percentages indicated are based on net assets.

Abbreviations

NYRS New York Registry Shares

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of April 30, 2020.
(c)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 94.0% (a)
Alabama — 0.0% (b)
Education — 0.0% (b)
Alabama Public School and College Authority
Series 2016-A, Rev., 4.00%, 6/1/2031		35		39
Alaska — 4.1%
Other Revenue — 4.1%
Borough of Matanuska-Susitna, Goose Creek Correctional Center Project
Series 2016, Rev., 5.00%, 9/1/2024		15		17
Rev., 5.25%, 9/1/2029		13,490		15,816
				15,833
Total Alaska				15,833
Arizona — 0.4%
General Obligation — 0.0% (b)
Pima County Unified School District No. 16 Catalina Foothills, School Improvement Projects
Series 2018-B, GO, 5.00%, 7/1/2028		10		12
Other Revenue — 0.3%
City of San Luis
Series A, Rev., AGM, 5.00%, 7/1/2025		50		59
County of Pima
Rev., 3.00%, 7/1/2023		5		5
Phoenix Civic Improvement Corp., Senior Lien
Series 2011C, Rev., 5.00%, 7/1/2024		1,000		1,048
Town of Queen Creek, Excise Tax
Series 2016, Rev., 4.00%, 8/1/2026		25		29
Rev., 5.00%, 8/1/2029		10		12
				1,153
Transportation — 0.0% (b)
Pima County Regional Transportation Authority
Series 2014, Rev., 5.00%, 6/1/2025		20		22
Utility — 0.1%
Salt River Project Agricultural Improvement & Power District, Electric System
Series A, Rev., 5.00%, 1/1/2028		185		234
Total Arizona				1,421
Arkansas — 0.0% (b)
Other Revenue — 0.0% (b)
City of Springdale Public Facilities Board Hospital, Arkansas Children’s Northwest Project
Series 2016, Rev., 5.00%, 3/1/2030		10		12

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
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		85
Education — 0.2%
California Municipal Finance Authority, Lutheran University
Rev., 5.00%, 10/1/2029		225		250
Rev., 5.00%, 10/1/2030		225		248
Rev., 5.00%, 10/1/2031		225		246
				744
General Obligation — 3.9%
Briggs Elementary School District, Election of 2014
Series B, GO, 4.00%, 8/1/2030		5		6
Center Unified School District, Election of 1991
GO, NATL-RE, Zero Coupon, 8/1/2026		750		562
Lompoc Valley Medical Center
GO, 5.00%, 8/1/2024		15		17
Los Angeles Community College District, Election of 2008
Series G, GO, 4.00%, 8/1/2039		145		155
San Diego Unified School District, Election of 1998
Series F-1, GO, AGM, 5.25%, 7/1/2028		1,000		1,285
State Center Community College District
GO, 5.00%, 8/1/2024		1,000		1,084
State of California, Various Purpose
GO, 5.00%, 8/1/2030		10,370		11,937
Westminster School District
Series 2016, GO, 5.00%, 8/1/2030		5		6
				15,052
Hospital — 0.8%
California Health Facilities Financing Authority, Kaiser Permanente
Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038		1,000		1,080
California Municipal Finance Authority, Community Medical Centers
Series 2017A, Rev., 5.00%, 2/1/2031		1,750		1,969
				3,049
Other Revenue — 1.4%
Golden State Tobacco Securitization Corp., Tobacco Settlement
Series 2015A, Rev., 5.00%, 6/1/2034		4,950		5,561

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — continued
Turlock Irrigation District, First Priority
Rev., 5.00%, 1/1/2022		10		11
				5,572
Prerefunded — 0.0% (b)
City of Los Angeles, Department of Water and Power, Power System
Series A, Rev., 5.00%, 1/1/2023 (c)		15		17
Transportation — 1.6%
California Infrastructure and Economic Development Bank, Bay Area Toll Bridges, First Lien
Rev., AGM, 5.00%, 7/1/2022 (c)		340		370
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2025		395		463
Series A, Rev., 5.00%, 7/1/2026		225		264
San Francisco City and County, Airport Commission, San Francisco International Airport
Series 2019-A, Rev., AMT, 5.00%, 5/1/2034		25		29
San Joaquin County Transportation Authority, Measure K Sales Tax
Rev., 5.00%, 3/1/2029		2,285		2,771
Rev., 5.00%, 3/1/2030		2,000		2,413
				6,310
Utility — 9.2%
City of Los Angeles, Department of Water and Power, Power System
Series B, Rev., 5.00%, 7/1/2031		2,100		2,362
Series A, Rev., 5.00%, 7/1/2032		2,550		3,060
Series B, Rev., 5.00%, 7/1/2032		1,925		2,158
Series D, Rev., 5.00%, 7/1/2032		3,300		3,750
Series 2019-C, Rev., 5.00%, 7/1/2034		5		6
Series A, Rev., 5.00%, 7/1/2034		710		845
Long Beach Bond Finance Authority, Natural Gas
Series A, Rev., 5.25%, 11/15/2021		5,000		5,239
Los Angeles Department of Water & Power Power System
Series B, Rev., 5.00%, 7/1/2029		8,580		10,463
Series A, Rev., 5.00%, 7/1/2033		5,000		5,973
Sacramento Municipal Utility District Financing Authority, Cosumnes Project
Rev., 5.00%, 7/1/2028		1,290		1,532
				35,388

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Water & Sewer — 1.2%
City of Culver City, Wastewater Facilities
Series A, Rev., 4.00%, 9/1/2035		25		29
City of Santa Rosa, Wastewater, Capital Appreciation
Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		4,750		4,553
South Placer Wastewater Authority
Rev., 5.00%, 11/1/2024		10		12
				4,594
Total California				70,811
Colorado — 1.6%
Certificate of Participation/Lease — 1.0%
City of Greeley
COP, 4.00%, 12/1/2034		10		11
Pueblo County School District No. 70
Series 2014, COP, 3.30%, 1/15/2027		15		15
State of Colorado, Building Excellent Schools Today
Series 2018M, COP, 5.00%, 3/15/2029		3,150		3,920
				3,946
Hospital — 0.6%
Denver Health and Hospital Authority, Healthcare
Series 2019-A, Rev., 4.00%, 12/1/2038		1,250		1,271
Series 2019-A, Rev., 4.00%, 12/1/2039		1,000		1,010
				2,281
Total Colorado				6,227
Connecticut — 0.1%
General Obligation — 0.1%
City of Greenwich
GO, 5.00%, 6/1/2020		200		201
Town of Stafford
GO, 3.00%, 8/1/2026		10		10
				211
Hospital — 0.0% (b)
State of Connecticut, Health and Educational Facilities Authority, Middlesex Hospital Issue
Series 2011N, Rev., 5.00%, 7/1/2020		30		30
Total Connecticut				241
Delaware — 1.2%
General Obligation — 1.2%
County of New Castle
Series 2012B, GO, 5.00%, 7/15/2021		20		21

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
State of Delaware
Series 2018A, GO, 5.00%, 2/1/2028		2,355		2,999
Series 2018A, GO, 5.00%, 2/1/2029		1,370		1,736
				4,756
Total Delaware				4,756
District of Columbia — 0.6%
General Obligation — 0.6%
District of Columbia
Series 2017A, GO, 5.00%, 6/1/2029		290		358
Series 2017A, GO, 5.00%, 6/1/2030		400		491
Series 2017A, GO, 5.00%, 6/1/2031		600		732
Series 2017A, GO, 5.00%, 6/1/2032		665		805
				2,386
Total District of Columbia				2,386
Florida — 2.8%
Certificate of Participation/Lease — 0.0% (b)
School District of Broward County
Series 2015B, COP, 5.00%, 7/1/2020		10		10
Utility — 1.2%
JEA Electric System
Subseries-B, Rev., 5.00%, 10/1/2033		4,000		4,786
Water & Sewer — 1.6%
Broward County, Florida Water and Sewer Utility
Series 2015B, Rev., 5.00%, 10/1/2030		5,000		5,917
Total Florida				10,713
Georgia — 0.6%
General Obligation — 0.1%
Polk School District, Sales Tax
GO, 5.00%, 3/1/2025		350		413
State of Georgia
Series 2015A, GO, 5.00%, 2/1/2025		130		153
				566
Water & Sewer — 0.5%
County of Fulton, Water & Sewerage
Rev., 5.00%, 1/1/2023		1,700		1,745
Henry County, Water & Sewerage Authority
Rev., 5.00%, 2/1/2029		125		133
				1,878
Total Georgia				2,444

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hawaii — 0.8%
General Obligation — 0.8%
State of Hawaii
Series FG, GO, 5.00%, 10/1/2028		2,500		3,035
Illinois — 1.5%
General Obligation — 0.0% (b)
Du Page & Will Counties Community School District No. 204 Indian Prairie
Series A, GO, AGM-CR, FGIC, 6.25%, 12/30/2021		140		152
Other Revenue — 0.0% (b)
City of Chicago, Motor Fuel Tax
Rev., 5.00%, 1/1/2022		105		109
Transportation — 1.1%
Illinois State Toll Highway Authority
Series A, Rev., 5.00%, 12/1/2022		3,000		3,257
Regional Transportation Authority
Series A, Rev., NATL-RE, 6.00%, 7/1/2024		750		868
				4,125
Water & Sewer — 0.4%
City of Chicago, Second Lien Waterworks Project
Rev., 5.00%, 11/1/2022		400		424
Rev., 5.00%, 11/1/2029		1,000		1,059
				1,483
Total Illinois				5,869
Indiana — 2.0%
Education — 0.0% (b)
Lake Ridge School Building Corp., First Mortgage
Rev., 4.00%, 7/15/2028		125		136
Other Revenue — 0.8%
Fort Wayne Redevelopment Authority, Harrison Square Project
Rev., 5.00%, 2/1/2026		1,110		1,256
Indiana Finance Authority, State Revolving Fund Program
Series 2019-E, Rev., 5.00%, 2/1/2040		1,655		2,020
				3,276
Utility — 1.2%
Indianapolis Local Public Improvement Bond Bank, Stormwater Project
Series 2013D, Rev., 5.00%, 1/1/2026		4,050		4,474
Total Indiana				7,886

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Iowa — 0.0%(b)
General Obligation — 0.0% (b)
City of Bondurant
Series 2020A, GO, 3.00%, 6/1/2029		100		108
Other Revenue — 0.0% (b)
Iowa Finance Authority, State Revolving Fund
Rev., 5.00%, 8/1/2032		20		24
Total Iowa				132
Louisiana — 1.2%
General Obligation — 0.0% (b)
Terrebonne Parish Recreation District No. 5
GO, 5.00%, 3/1/2027		20		24
Hospital — 0.0% (b)
St. Tammany Parish Hospital Service District No. 1
Series 2018-A, Rev., 5.00%, 7/1/2032		15		18
Other Revenue — 0.9%
Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project
Rev., 5.00%, 10/1/2032		3,000		3,291
Louisiana Local Government Environmental Facilities and Community Development Authority, Bossier City Project
Rev., 5.00%, 10/1/2027		25		31
				3,322
Transportation — 0.0% (b)
State of Louisiana, State Highway Improvement
Series 2013-A, Rev., 5.00%, 6/15/2023		40		45
Utility — 0.3%
City of Alexandria, Utilities
Series 2013A, Rev., 5.00%, 5/1/2043		1,250		1,334
Lafayette Public Power Authority
Rev., 5.00%, 11/1/2025		15		18
				1,352
Total Louisiana				4,761
Maryland — 2.7%
General Obligation — 2.7%
Baltimore County, Consolidated Public Improvement
GO, 5.00%, 3/1/2032		7,090		8,764
County of Anne Arundel, Consolidated Water and Sewer
GO, 5.00%, 10/1/2029		1,450		1,802

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
County of Howard
Series 2019-B, GO, 5.00%, 8/15/2027		15		19
County of Montgomery, Consolidated Public Improvements
Series A, GO, 4.00%, 12/1/2033		5		5
				10,590
Total Maryland				10,590
Massachusetts — 2.5%
Education — 1.0%
University of Massachusetts Building Authority, Senior Lien
Series 2020-1, Rev., 5.00%, 11/1/2034		3,000		3,753
General Obligation — 1.0%
Commonwealth of Massachusetts
Series C, GO, AGM, 5.50%, 12/1/2022		200		223
Commonwealth of Massachusetts, Consolidated Loan of 2018
Series B, GO, 5.00%, 1/1/2027		3,000		3,688
				3,911
Transportation — 0.5%
Massachusetts Bay Transportation Authority
Series 2006-A, Rev., 5.25%, 7/1/2031		1,500		2,034
Total Massachusetts				9,698
Michigan — 1.1%
Education — 0.5%
Eastern Michigan University, Board of Regents
Series 2017A, Rev., 5.00%, 3/1/2027		750		864
Series 2017A, Rev., 5.00%, 3/1/2033		1,000		1,113
				1,977
General Obligation — 0.6%
Avondale School District
GO, Q-SBLF, 5.00%, 11/1/2027		15		19
Grand Rapids Public Schools, Unlimited Tax
GO, AGM, 5.00%, 11/1/2029		5		6
Hastings Area School System, School Building and Site
GO, Q-SBLF, 5.00%, 5/1/2020		50		50
Huron Valley School District
GO, Q-SBLF, 5.00%, 5/1/2024		2,000		2,079
Lakeview School District, School Building and Site
GO, Q-SBLF, 5.00%, 5/1/2028		10		12

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — 0.6%
Onekama Consolidated Schools
GO, AGM, 4.00%, 5/1/2025		15		17
Watervliet Public Schools, School Building and Site
GO, Q-SBLF, 5.00%, 5/1/2025		10		11
Wayne-Westland Community Schools
Series 2019, GO, Q-SBLF, 4.00%, 11/1/2031		10		11
				2,205
Total Michigan				4,182
Minnesota — 0.7%
General Obligation — 0.7%
County of Hennepin
Series 2016B, GO, 5.00%, 12/1/2027		2,135		2,633
Missouri — 0.0% (b)
Utility — 0.0% (b)
City of Springfield, Public Utility
Rev., 5.00%, 8/1/2022		100		109
Montana — 0.0% (b)
General Obligation — 0.0% (b)
Silver Bow County School District No. 1
GO, 5.00%, 7/1/2029		5		6
Nebraska — 0.8%
Utility — 0.8%
Central Plains Energy Project, Gas Project, Project No. 3
Series 2017A, Rev., 5.00%, 9/1/2042		2,550		3,147
Nevada — 0.0%(b)
Other Revenue — 0.0% (b)
County of Clark, Nevada Improvement District No. 158
5.00%, 8/1/2034		10		12
New Jersey — 7.9%
Education — 4.9%
New Jersey Economic Development Authority, School Facilities Construction
Series XX, Rev., 5.00%, 6/15/2021		5,145		5,223
Series PP, Rev., 5.00%, 6/15/2029		5,000		5,074
Series 2019-LLL, Rev., 5.00%, 6/15/2034		1,000		1,011
Series 2019-LLL, Rev., 5.00%, 6/15/2035		3,250		3,284
Series 2019-LLL, Rev., 5.00%, 6/15/2036		4,500		4,537
				19,129

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — 0.6%
County of Morris
GO, 3.00%, 2/1/2030		20		21
North Brunswick Township Board of Education
GO, 5.00%, 7/15/2022		850		857
Township of Branchburg
GO, 3.00%, 9/1/2028		40		43
Township of Woodbridge
GO, 5.00%, 7/15/2023		1,200		1,210
				2,131
Other Revenue — 0.8%
Tobacco Settlement Financing Corp.
Series 2018A, Rev., 5.00%, 6/1/2027		2,800		3,279
Transportation — 1.5%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A, Rev., 5.00%, 6/15/2028		3,000		3,235
New Jersey Transportation Trust Fund Authority, Transportation Program
Series AA, Rev., 5.00%, 6/15/2036		2,500		2,508
New Jersey Turnpike Authority
Series 2017B, Rev., 4.00%, 1/1/2035		5		5
				5,748
Water & Sewer — 0.1%
Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation
Series B, Rev., AGM, Zero Coupon, 12/1/2020		195		194
Total New Jersey				30,481
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		27
New York — 18.8%
Certificate of Participation/Lease — 0.1%
Rensselaer City School District
Series 2016, COP, AGM, 5.00%, 6/1/2028		400		477
Education — 2.0%
Monroe County IDA, School Facility, Modernization Project
Rev., 5.00%, 5/1/2030		2,100		2,507
New York State Dormitory Authority
Series 2018A, Rev., 5.00%, 10/1/2030		875		1,034
Series 2018A, Rev., 5.00%, 7/1/2038		3,500		4,214

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Education — continued
Syracuse Industrial Development Agency, School District
Series 2019-A, Rev., 4.00%, 5/1/2034		10		11
				7,766
General Obligation — 1.2%
City of New York, Fiscal Year 2013
Series F, Subseries F-1, GO, 5.00%, 3/1/2030		4,055		4,442
City of New York, Fiscal Year 2018
GO, 5.00%, 8/1/2030		20		24
City of Rome, Public Improvement
GO, 4.00%, 8/1/2020		5		5
Corning City School District
Series 2016, GO, 5.00%, 6/15/2021		15		16
County of St. Lawrence
GO, AGM, 3.00%, 5/15/2034		10		10
County of Suffolk
Series B, GO, AGM, 4.00%, 10/15/2024		50		56
Series B, GO, AGM, 5.00%, 10/15/2026		25		30
East Moriches Union Free School District
GO, AGM, 3.13%, 7/1/2029		25		26
Island Park Union Free School District
Series 2019, GO, 4.00%, 7/15/2033		40		45
Village of Stewart Manor, Public Improvement
GO, 5.00%, 8/1/2026		20		24
GO, 4.00%, 8/1/2028		20		24
Wellsville Central School District
GO, AGM, 5.00%, 6/15/2023		20		22
West Genesee Central School District
Series 2013-A, GO, 3.00%, 6/15/2021		15		15
				4,739
Housing — 0.0% (b)
New York City Transitional Finance Authority Building Aid, Fiscal Year 2019
Subseries S-2A, Rev., 5.00%, 7/15/2032		40		48
Other Revenue — 4.5%
Hudson Yards Infrastructure Corp., Second Indenture, Fiscal Year 2017
Series A, Rev., 5.00%, 2/15/2033		1,500		1,760
New York Convention Center Development Corp., Subordinated Lien
Series 2016B, Rev., AGM-CR, Zero Coupon, 11/15/2052		10,000		2,859

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
New York State Dormitory Authority, State Sales Tax
Series 2014A, Rev., 5.00%, 3/15/2028		3,000		3,394
Series 2017-A, Rev., 5.00%, 3/15/2028		5		6
Series 2014A, Rev., 5.00%, 3/15/2029		5,000		5,648
Series 2014A, Rev., 5.00%, 3/15/2033		1,000		1,115
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series A, Rev., 5.00%, 10/15/2031		1,890		2,172
				16,954
Special Tax — 1.7%
New York State Urban Development Corp., State Personal Income Tax, General Purpose
Series 2017C, Rev., 5.00%, 3/15/2027		5,475		6,657
Transportation — 4.2%
Hudson Yards Infrastructure Corp., Second Indenture, Fiscal Year 2017
Series A, Rev., 5.00%, 2/15/2034		40		47
Metropolitan Transportation Authority
Series 2015F, Rev., 5.00%, 11/15/2025		15		15
Subseries C-1, Rev., 5.25%, 11/15/2028		5,000		5,079
New York State Thruway Authority
Series L, Rev., 5.00%, 1/1/2024		3,145		3,544
Series J, Rev., 5.00%, 1/1/2025		5		6
New York State Thruway Authority, Junior Lien
Series 2016-A, Rev., 5.00%, 1/1/2025		25		29
Port Authority of New York & New Jersey, Consolidated
Rev., 5.00%, 10/15/2041		6,500		7,296
				16,016
Utility — 2.4%
Long Island Power Authority
Series 2019-A, Rev., 3.00%, 9/1/2036		10		10
Utility Debt Securitization Authority
Series 2013TE, Rev., 5.00%, 12/15/2028		4,000		4,508
Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,720
				9,238
Water & Sewer — 2.7%
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		3,471

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
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%, 6/15/2027		3,500		4,352
Series 2017A, Rev., 5.00%, 6/15/2028		2,000		2,493
				10,316
Total New York				72,211
North Carolina — 0.5%
Education — 0.0% (b)
University of North Carolina at Greensboro
Rev., 4.00%, 4/1/2035		10		11
Other Revenue — 0.3%
City of Sanford, Enterprise System
Rev., 5.00%, 6/1/2030		425		542
Rev., 5.00%, 6/1/2031		570		719
Mecklenburg County Public Facilities Corp.
Rev., 5.00%, 2/1/2026		10		12
				1,273
Transportation — 0.2%
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien
Rev., AGM, 5.00%, 1/1/2029		700		811
Total North Carolina				2,095
Ohio — 0.5%
General Obligation — 0.0% (b)
City of Washington Court House, Various Purpose
GO, 4.00%, 12/1/2020		15		15
Transportation — 0.3%
State of Ohio, Capital Facilities Lease Appropriation
Series 2018A, Rev., 5.00%, 4/1/2028		1,020		1,273
Water & Sewer — 0.2%
Northeast Ohio Regional Sewer District, Wastewater Improvement
Rev., 5.00%, 11/15/2025		555		647
Total Ohio				1,935

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oklahoma — 1.0%
Education — 0.4%
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Rev., 5.00%, 10/1/2022		250		273
Rev., 5.00%, 10/1/2023		180		203
Rev., 5.00%, 10/1/2025		500		593
Rev., 5.00%, 10/1/2026		500		605
				1,674
Transportation — 0.6%
Oklahoma Turnpike Authority, Turnpike System, Second Senior
Series 2017A, Rev., 5.00%, 1/1/2038		2,000		2,315
Total Oklahoma				3,989
Oregon — 1.4%
General Obligation — 0.8%
County of Marion
GO, AMBAC, 5.50%, 6/1/2023		100		113
Linn & Benton Counties, School District No. 8J, Greater Albany
GO, 5.00%, 6/15/2030		500		616
GO, 5.00%, 6/15/2031		1,180		1,450
Washington Counties, Hillsboro School District No. 1J
GO, 5.00%, 6/15/2027		570		710
				2,889
Transportation — 0.0% (b)
Tri-County Metropolitan Transportation District of Oregon
Series 2017-A, Rev., 5.00%, 10/1/2023		50		56
Water & Sewer — 0.6%
City of Portland, Second Lien Sewer System
Series B, Rev., 4.00%, 10/1/2036		2,180		2,336
Total Oregon				5,281
Pennsylvania — 2.4%
Education — 0.5%
County of Montgomery Higher Education and Health Authority, Thomas Jefferson University
Series 2018A, Rev., 4.00%, 9/1/2043		2,000		2,015
General Obligation — 0.0% (b)
County of Lancaster
Series 2016-A, GO, 4.00%, 5/1/2026		15		17

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Fairview School District
Series A, GO, 4.00%, 2/1/2028		10		11
				28
Hospital — 0.9%
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2027		350		378
Rev., 5.00%, 11/1/2028		450		479
Rev., 5.00%, 11/1/2029		150		159
Rev., 5.00%, 11/1/2030		150		158
Sayre Health Care Facilities Authority, Guthrie Health Issue
Rev., (ICE LIBOR USD 3 Month + 0.78%, 15.00% Cap), 1.84%, 12/1/2024 (d)		2,275		2,251
				3,425
Other Revenue — 1.0%
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Rev., 5.00%, 6/1/2024		500		551
Rev., 5.00%, 6/1/2025		630		707
Rev., 5.00%, 6/1/2026		380		433
Rev., 5.00%, 6/1/2027		500		579
Rev., 5.00%, 6/1/2028		880		1,031
Rev., 5.00%, 6/1/2029		380		443
				3,744
Total Pennsylvania				9,212
Rhode Island — 0.0% (b)
Transportation — 0.0% (b)
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax
Series 2016A, Rev., 5.00%, 10/1/2029		10		12
South Carolina — 0.0% (b)
Certificate of Participation/Lease — 0.0% (b)
Spartanburg County Tourist Public Facilities Corp.
COP, 4.00%, 4/1/2028		10		11
Water & Sewer — 0.0% (b)
City of Charleston, Waterworks & Sewer System
Rev., 5.00%, 1/1/2028		15		18
Total South Carolina				29
Tennessee — 2.6%
General Obligation — 0.4%
City of Maryville
Series 2017A, GO, 5.00%, 6/1/2026		1,245		1,505

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Utility — 2.2%
Tennessee Energy Acquisition Corp., Gas Project
Rev., 4.00%, 11/1/2025 (e)		8,000		8,504
Total Tennessee				10,009
Texas — 9.6%
Education — 1.6%
University of Texas System, Board of Regents, Financing System
Series 2014B, Rev., 5.00%, 8/15/2026		5,000		6,104
General Obligation — 3.7%
Bexar County Hospital District
GO, 4.00%, 2/15/2035		10		11
City of Austin, Public Improvement
Series 2019, GO, 5.00%, 9/1/2033		2,000		2,511
City of Houston, Public Improvement
Series 2014A, GO, 5.00%, 3/1/2030		4,000		4,529
City of Portland
GO, 3.00%, 8/15/2029		100		109
City of San Antonio, General Improvement
GO, 5.00%, 8/1/2023		700		736
County of El Paso
GO, 5.00%, 2/15/2032		1,490		1,789
Crandall Independent School District
Series 2012A, GO, PSF-GTD, Zero Coupon, 8/15/2025		1,150		1,009
Series 2012A, GO, PSF-GTD, Zero Coupon, 8/15/2026		2,140		1,818
Series 2012A, GO, PSF-GTD, Zero Coupon, 8/15/2027		2,145		1,765
San Jacinto College District, Limited Tax
Series 2019-A, GO, 5.00%, 2/15/2029		120		153
Tyler Independent School District
GO, PSF-GTD, 5.00%, 2/15/2028		175		215
				14,645
Other Revenue — 0.6%
Trinity River Authority, Walker-Calloway System
Rev., 5.00%, 2/1/2026		275		329
Rev., 5.00%, 2/1/2027		290		355
Rev., 5.00%, 2/1/2028		305		381
Rev., 5.00%, 2/1/2029		320		397
Rev., 5.00%, 2/1/2030		340		419
Rev., 5.00%, 2/1/2031		355		435
				2,316

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 1.6%
City of Houston, Airport System Subordinate Lien
Series 2011B, Rev., 5.00%, 7/1/2026		3,000		3,113
North Texas Tollway Authority System, First Tier
Series 2017A, Rev., 5.00%, 1/1/2026		200		218
Series 2017A, Rev., 5.00%, 1/1/2027		550		637
Series 2017A, Rev., 5.00%, 1/1/2030		360		411
Series 2017A, Rev., 5.00%, 1/1/2035		600		689
North Texas Tollway Authority System, Second Tier
Series 2017B, Rev., 5.00%, 1/1/2026		150		163
Series 2017B, Rev., 5.00%, 1/1/2027		300		348
Series 2017B, Rev., 5.00%, 1/1/2030		400		456
				6,035
Water & Sewer — 2.1%
City of Houston, Combined Utility System, Junior Lien
Series A, Rev., AGM, 5.75%, 12/1/2032 (c)		5,550		8,046
Total Texas				37,146
Utah — 0.5%
Education — 0.2%
University of Utah (The)
Series 2019-A, Rev., 5.00%, 8/1/2035		500		618
Prerefunded — 0.1%
Utah Infrastructure Agency Telecommunications and Franchise Tax
Rev., 4.00%, 10/15/2025 (c)		250		290
Water & Sewer — 0.2%
Weber Basin Water Conservancy District
Series 2017B, Rev., 5.00%, 10/1/2030		250		308
Series 2017B, Rev., 5.00%, 10/1/2031		470		577
				885
Total Utah				1,793
Virginia — 2.6%
General Obligation — 1.3%
County of Arlington, Public Improvement
GO, 5.00%, 8/15/2031		4,000		5,092
Prerefunded — 0.1%
City of Richmond, Public Improvement
Series 2010D, GO, 5.00%, 7/15/2020 (c)		205		207

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — 1.2%
Virginia Commonwealth Transportation Board, Capital Projects
Series 2017A, Rev., 5.00%, 5/15/2033		3,955		4,774
Total Virginia				10,073
Washington — 3.2%
General Obligation — 0.3%
State of Washington
Series R-2018C, GO, 5.00%, 8/1/2034		900		1,086
Hospital — 1.6%
Washington Health Care Facilities Authority, Providence St. Joseph Health
Series 2018B, Rev., 5.00%, 10/1/2025		1,250		1,458
Series 2018B, Rev., 5.00%, 10/1/2026		1,500		1,782
Series 2018B, Rev., 5.00%, 10/1/2027		2,500		3,029
				6,269
Transportation — 1.3%
Port of Seattle, Intermediate Lien
Series 2015B, Rev., 5.00%, 3/1/2033		3,750		4,098
Series 2015B, Rev., 5.00%, 3/1/2034		1,000		1,088
				5,186
Utility — 0.0% (b)
Energy Northwest
Rev., 5.00%, 7/1/2026		10		12
Total Washington				12,553
TOTAL MUNICIPAL BONDS (Cost $349,472)				363,789
	SHARES (000)
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.25% (f) (g) (Cost $6,122)		6,118		6,122
Total Investments — 95.6% (Cost $355,594)				369,911
Other Assets Less Liabilities — 4.4%				17,140
NET ASSETS — 100.0%				387,051

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
COP	Certificate of Participation
CR	Custodial Receipts
FGIC	Insured by Financial Guaranty Insurance Co.
GO	General Obligation
ICE	Intercontinental Exchange
IDA	Industrial Development Authority
LIBOR	London Interbank Offered Rate
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

USD	United States Dollar
(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, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2020.
(e)	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, 2020.
(f)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)	The rate shown is the current yield as of April 30, 2020.

Centrally Cleared Inflation-linked swap contracts outstanding as of April 30, 2020 (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	0.36% at termination		Receive		3/24/2025		USD 57,000		1,274
CPI-U at termination	0.43% at termination		Receive		3/25/2025		USD 7,486		141
CPI-U at termination	0.54% at termination		Receive		3/31/2025		USD 18,406		239
CPI-U at termination	0.57% at termination		Receive		4/1/2025		USD 55,246		638
CPI-U at termination	0.57% at termination		Receive		4/2/2025		USD 31,119		356
CPI-U at termination	0.58% at termination		Receive		4/2/2025		USD 18,816		203
CPI-U at termination	0.63% at termination		Receive		3/31/2025		USD 4,113		34
CPI-U at termination	0.78% at termination		Receive		3/24/2030		USD 14,990		830
CPI-U at termination	0.79% at termination		Receive		3/30/2025		USD 3,986		1
CPI-U at termination	1.08% at termination		Receive		3/26/2030		USD 1,900		46
CPI-U at termination	1.23% at termination		Receive		3/17/2030		USD 15,000		126
CPI-U at termination	1.24% at termination		Receive		3/17/2030		USD 27,295		215
									4,103
CPI-U at termination	(0.02)% at termination		Receive		3/30/2022		USD 7,972		(6	)
CPI-U at termination	0.07% at termination		Receive		4/7/2022		USD 9,869		(25	)
CPI-U at termination	0.83% at termination		Receive		4/7/2025		USD 9,717		(17	)
CPI-U at termination	2.00% at termination		Receive		3/11/2025		USD 13,293		(800	)
									(848	)
									3,255

Abbreviations
CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar
(a)	Value of floating rate index at April 30, 2020 was 2.56%.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 21

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (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	$	1,102,396		$	363,789
Investments in affiliates, at value		2,772			6,122
Cash		9			—
Deposits at broker for centrally cleared swaps		—			14,205
Receivables:
Fund shares sold		1,674			97
Interest and dividends from non-affiliates		717			4,278
Dividends from affiliates		—	(a)		5
Total Assets		1,107,568			388,496
LIABILITIES:
Payables:
Fund shares redeemed		2,417			423
Variation margin on centrally cleared swaps		—			729
Accrued liabilities:
Investment advisory fees		289			93
Administration fees		59			10
Distribution fees		11			11
Service fees		56			31
Custodian and accounting fees		14			54
Other		73			94
Total Liabilities		2,919			1,445
Net Assets	$	1,104,649		$	387,051

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	375,641		$	521,555
Total distributable earnings (loss)		729,008			(134,504	)
Total Net Assets	$	1,104,649		$	387,051
Net Assets:
Class A	$	23,749		$	35,062
Class C		11,372			5,621
Class I		600,234			319,288
Class R6		469,294			27,080
Total	$	1,104,649		$	387,051
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		685			4,098
Class C		332			659
Class I		17,204			37,233
Class R6		13,449			3,159
Net Asset Value (a):
Class A — Redemption price per share	$	34.67		$	8.56
Class C — Offering price per share (b)		34.25			8.54
Class I — Offering and redemption price per share		34.89			8.58
Class R6 — Offering and redemption price per share		34.90			8.57
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)]	$	36.59		$	8.89
Cost of investments in non-affiliates	$	487,704		$	349,472
Cost of investments in affiliates		2,769			6,122

(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, 2020 J.P. MORGAN TAX AWARE FUNDS 23

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	9,340
Interest income from affiliates		—	(a)		10
Dividend income from non-affiliates		8,990			—
Dividend income from affiliates		37			40
Total investment income		9,027			9,390
EXPENSES:
Investment advisory fees		2,107			1,131
Administration fees		451			242
Distribution fees:
Class A		31			48
Class C		43			27
Service fees:
Class A		31			48
Class C		15			9
Class I		734			467
Custodian and accounting fees		17			56
Interest expense to affiliates		—			4
Professional fees		33			52
Collateral management fees		—			6
Trustees’ and Chief Compliance Officer’s fees		14			14
Printing and mailing costs		45			6
Registration and filing fees		40			38
Transfer agency fees (See Note 2.F.)		11			5
Other		10			38
Total expenses		3,582			2,191
Less fees waived		(489	)		(585	)
Less expense reimbursements		(2	)		—
Net expenses		3,091			1,606
Net investment income (loss)		5,936			7,784
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		117,376			21,018
Investments in affiliates		(8	)		(2	)
Swaps		—			(52,355	)
Net realized gain (loss)		117,368			(31,339	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(99,513	)		(34,155	)
Investments in affiliates		3			—	(a)
Swaps		—			24,595
Change in net unrealized appreciation/depreciation		(99,510	)		(9,560	)
Net realized/unrealized gains (losses)		17,858			(40,899	)
Change in net assets resulting from operations	$	23,794		$	(33,115	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

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, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,936		$	14,058		$	7,784		$	22,506
Net realized gain (loss)		117,368			88,126			(31,339	)		(20,583	)
Change in net unrealized appreciation/depreciation		(99,510	)		66,019			(9,560	)		27,565
Change in net assets resulting from operations		23,794			168,203			(33,115	)		29,488
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,649	)		(899	)		(437	)		(838	)
Class C		(710	)		(362	)		(63	)		(260	)
Class I		(38,180	)		(43,309	)		(4,706	)		(10,392	)
Class R6		(41,667	)		(5,174	)		(2,745	)		(11,582	)
Total distributions to shareholders		(82,206	)		(49,744	)		(7,951	)		(23,072	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(111,429	)		(245,851	)		(320,717	)		(309,257	)
NET ASSETS:
Change in net assets		(169,841	)		(127,392	)		(361,783	)		(302,841	)
Beginning of period		1,274,490			1,401,882			748,834			1,051,675
End of period	$	1,104,649		$	1,274,490		$	387,051		$	748,834

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 25

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, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	4,231		$	5,356		$	7,269		$	19,087
Distributions reinvested		1,646			898			415			811
Cost of shares redeemed		(6,266	)		(8,379	)		(9,370	)		(13,239	)
Change in net assets resulting from Class A capital transactions	$	(389	)	$	(2,125	)	$	(1,686	)	$	6,659
Class C
Proceeds from shares issued	$	1,653		$	1,868		$	406		$	1,028
Distributions reinvested		710			362			47			199
Cost of shares redeemed		(1,634	)		(4,064	)		(2,679	)		(11,318	)
Change in net assets resulting from Class C capital transactions	$	729		$	(1,834	)	$	(2,226	)	$	(10,091	)
Class I
Proceeds from shares issued	$	124,024		$	104,970		$	48,881		$	152,860
Distributions reinvested		37,180			42,748			3,506			7,702
Cost of shares redeemed		(118,244	)		(932,134	)		(88,072	)		(189,974	)
Change in net assets resulting from Class I capital transactions	$	42,960		$	(784,416	)	$	(35,685	)	$	(29,412	)
Class R6
Proceeds from shares issued	$	18,541		$	698,978		$	11,089		$	14,869
Distributions reinvested		41,553			5,168			2,726			11,527
Cost of shares redeemed		(214,823	)		(161,622	)		(294,935	)		(302,809	)
Change in net assets resulting from Class R6 capital transactions	$	(154,729	)	$	542,524		$	(281,120	)	$	(276,413	)
Total change in net assets resulting from capital transactions	$	(111,429	)	$	(245,851	)	$	(320,717	)	$	(309,257	)
SHARE TRANSACTIONS:
Class A
Issued		123			159			790			2,056
Reinvested		45			28			45			88
Redeemed		(179	)		(255	)		(1,045	)		(1,431	)
Change in Class A Shares		(11	)		(68	)		(210	)		713
Class C
Issued		48			54			44			112
Reinvested		20			12			5			21
Redeemed		(48	)		(122	)		(296	)		(1,225	)
Change in Class C Shares		20			(56	)		(247	)		(1,092	)
Class I
Issued		3,762			3,100			5,295			16,503
Reinvested		1,022			1,324			384			830
Redeemed		(3,418	)		(29,095	)		(9,942	)		(20,535	)
Change in Class I Shares		1,366			(24,671	)		(4,263	)		(3,202	)
Class R6
Issued		549			22,042			1,180			1,596
Reinvested		1,140			146			292			1,244
Redeemed		(5,797	)		(4,631	)		(32,400	)		(32,639	)
Change in Class R6 Shares		(4,108	)		17,557			(30,928	)		(29,799	)

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 27

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, 2020 (Unaudited)	$	36.83	$	0.10		$	0.08		$	0.18		$	(0.10	)	$	(2.24	)	$	(2.34	)
Year Ended October 31, 2019		33.50		0.23			4.28			4.51			(0.25	)		(0.93	)		(1.18	)
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	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		36.42		0.01			0.09			0.10			(0.03	)		(2.24	)		(2.27	)
Year Ended October 31, 2019		33.17		0.07			4.22			4.29			(0.11	)		(0.93	)		(1.04	)
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	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		37.05		0.17			0.09			0.26			(0.18	)		(2.24	)		(2.42	)
Year Ended October 31, 2019		33.67		0.40			4.28			4.68			(0.37	)		(0.93	)		(1.30	)
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	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		37.06		0.19			0.09			0.28			(0.20	)		(2.24	)		(2.44	)
Year Ended October 31, 2019		33.68		0.38			4.33			4.71			(0.40	)		(0.93	)		(1.33	)
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.

28 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

		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)
$	34.67		0.24	%	$	23,749		0.95	%		0.55	%		0.97	%		15	%
	36.83		13.99			25,640		0.96			0.67			0.98			14
	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
	34.25		0.01			11,372		1.45			0.05			1.46			15
	36.42		13.42			11,345		1.44			0.19			1.46			14
	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
	34.89		0.46			600,234		0.55			0.95			0.70			15
	37.05		14.45			586,825		0.55			1.16			0.71			14
	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
	34.90		0.51			469,294		0.44			1.07			0.45			15
	37.06		14.55			650,680		0.44			1.08			0.46			14
	33.68		(9.07	)		18		0.44			0.31			0.48			38

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (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, 2020 (Unaudited)	$	9.25	$	0.10	$	(0.69	)	$	(0.59	)	$	(0.10	)	$	8.56		(6.40	)%
Year Ended October 31, 2019		9.19		0.22		0.07			0.29			(0.23	)		9.25		3.14
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	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		9.23		0.07		(0.68	)		(0.61	)		(0.08	)		8.54		(6.65	)
Year Ended October 31, 2019		9.17		0.17		0.07			0.24			(0.18	)		9.23		2.60
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	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		9.27		0.11		(0.68	)		(0.57	)		(0.12	)		8.58		(6.27	)
Year Ended October 31, 2019		9.21		0.24		0.07			0.31			(0.25	)		9.27		3.38
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	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		9.27		0.12		(0.70	)		(0.58	)		(0.12	)		8.57		(6.33	)
Year Ended October 31, 2019		9.21		0.25		0.07			0.32			(0.26	)		9.27		3.49
Year Ended October 31, 2018		9.48		0.27		(0.27	)		—	(f)		(0.27	)		9.21		0.00	(g)
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	)

(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) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

		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)
$	35,062		0.76	%		2.13	%		1.00	%		7	%
	39,846		0.76			2.32			0.99			4
	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
	5,621		1.26			1.64			1.50			7
	8,353		1.26			1.85			1.48			4
	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
	319,288		0.51			2.39			0.75			7
	384,626		0.51			2.58			0.73			4
	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
	27,080		0.41			2.52			0.49			7
	316,009		0.41			2.70			0.48			4
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (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	Diversification Classification
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. 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, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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 (“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.

32 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

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)	$	1,105,168	$	—		$	—	$	1,105,168
Tax Aware Real Return Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—	$	363,789		$	—	$	363,789
Short-Term Investments
Investment Companies		6,122		—			—		6,122
Total Investments in Securities	$	6,122	$	363,789		$	—	$	369,911
Appreciation in Other Financial Instruments
Swaps	$	—	$	4,103		$	—	$	4,103
Depreciation in Other Financial Instruments
Swaps	$	—	$	(848	)	$	—	$	(848	)

(a) Please refer to the SOI for specifics of portfolio holdings.

B. Securities Lending — The Funds are 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

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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, 2020.

C. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. 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.

Tax Aware Equity Fund

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.69% (a) (b)	$	1,620	$	154,358	$	153,201	$	(8	)	$	3	$	2,772		2,769	$	37	$	—

Tax Aware Real Return Fund

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2020		Shares at April 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.25% (a) (b)	$	9,622	$	193,445	$	196,943	$	(2	)	$	—	(c)	$	6,122		6,118	$	40	$	—

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

(b) The rate shown is the current yield as of April 30, 2020.

(c) Amount rounds to less than one thousand.

D. Swaps — Tax Aware Real Return Fund engaged in inflation-linked swaps to provide inflation protection within its portfolio. Swap transactions are contracts negotiated 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.

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.

34 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

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 potential 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 against collateral posted to a segregated account by one party for the benefit of 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, 2020 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	565,456
Ending Notional Balance — Pays Fixed Rate		296,208

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 a Fund first learns of the dividend.

F. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. 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 share class of the Funds for the six months ended April 30, 2020 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class R6		Total
Tax Aware Equity Fund
Transfer agency fees	$	2	$	1		$	6	$	2	$	11
Tax Aware Real Return Fund
Transfer agency fees		1		—	(a)		2		2		5

(a) Amount rounds to less than one thousand.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (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, 2020, 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 Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

H. 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.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory 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.G.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, 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. For the six months ended April 30, 2020, 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.G.

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 each Fund’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 pursuant to Rule 12b-1 under the 1940 Act. The Class I and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, 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, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Tax Aware Equity Fund	$	4	$	—	(a)
Tax Aware Real Return Fund		1		—

(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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except 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. Pursuant to such contracts, 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.

36 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

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 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.

G. 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 R6
Tax Aware Equity Fund		n/a			n/a			0.55	%		0.44	%
Tax Aware Real Return Fund		0.75	%		1.25	%		0.50			0.40

The expense limitation agreements were in effect for the six months ended April 30, 2020 and are in place until at least February 28, 2021.

For the six months ended April 30, 2020, 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
Tax Aware Equity Fund	$	41	$	28	$	417	$	486	$	2
Tax Aware Real Return Fund		161		107		314		582		—

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (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, 2020 were as follows (amounts in thousands):

Tax Aware Equity Fund	$	3
Tax Aware Real Return Fund		3

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.

4. Investment Transactions

During the six months ended April 30, 2020, 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	$	177,811	$	366,062
Tax Aware Real Return Fund		40,765		377,058

During the six months ended April 30, 2020, there were no purchases or sales of U.S. Government securities.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	490,473	$	615,323	$	628	$	614,695
Tax Aware Real Return Fund		355,594		21,417		3,845		17,572

At October 31, 2019, the following 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
Tax Aware Real Return Fund	$	120,504	$	—

During the year ended October 31, 2019, the following Fund had expired capital loss carryforwards as follows (amounts in thousands):

	2019
Tax Aware Real Return Fund	$	124

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 Funds had no borrowings outstanding from another fund during the six months ended April 30, 2020. Average borrowings from the Facility during the six months ended April 30, 2020, 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	$	3,258		1.83	%		5	$	1

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 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2020.

The Trust along with certain other trusts for J.P. Morgan Funds (“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 London InterBank Offered Rate (“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 13, 2019, 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, 2020.

38 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

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, 2020, 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		50.5	%		1		29.3	%
Tax Aware Real Return Fund		1		20.5			3		58.9

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. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 39

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, 2019, and continued to hold your shares at the end of the reporting period, April 30, 2020.

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 titled “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, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	1,002.40	$	4.73		0.95	%
Hypothetical		1,000.00		1,020.14		4.77		0.95
Class C
Actual		1,000.00		1,000.10		7.21		1.45
Hypothetical		1,000.00		1,017.65		7.27		1.45
Class I
Actual		1,000.00		1,004.60		2.74		0.55
Hypothetical		1,000.00		1,022.13		2.77		0.55
Class R6
Actual		1,000.00		1,005.10		2.19		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44
JPMorgan Tax Aware Real Return Fund
Class A
Actual		1,000.00		936.00		3.66		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class C
Actual		1,000.00		933.50		6.06		1.26
Hypothetical		1,000.00		1,018.60		6.32		1.26
Class I
Actual		1,000.00		937.30		2.46		0.51
Hypothetical		1,000.00		1,022.33		2.56		0.51
Class R6
Actual		1,000.00		936.70		1.97		0.41
Hypothetical		1,000.00		1,022.82		2.06		0.41

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

40 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM.

There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

APRIL 30, 2020 J.P. MORGAN TAX AWARE FUNDS 41

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., 2020.  All rights reserved. April 2020. SAN-TA-420

Semi-Annual Report

J.P. Morgan Funds

April 30, 2020 (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

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Global Allocation Fund	3
JPMorgan Income Builder Fund	7
Schedules of Portfolio Investments	9
Financial Statements	132
Financial Highlights	140
Notes to Financial Statements	146
Schedule of Shareholder Expenses	172
Liquidity Risk Management Program	174

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.

LETTER TO SHAREHOLDERS

June 11, 2020 (Unaudited)

Dear Shareholders,

Many have faced significant challenges since my last letter, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. While many have endured uncertainty and abrupt changes in their personal and professional lives related to these challenges, you can be confident that J.P. Morgan Asset Management is well-prepared for adverse events and is taking action to ensure that our clients and mutual fund shareholders continue to receive the service that is the foundation of our enterprise.

  “Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions.” — Andrea L. Lisher

Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions. While our own employees transitioned to working from home, they worked tirelessly to

guide our clients and shareholders through this unprecedented time. We are here for you — our clients and fund shareholders — regardless of the economic, market or social and civic environment. That’s how we have always operated and we will not waiver in that commitment.

JPMorgan Chase & Co. has also recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion, recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion website.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

APRIL 30, 2020 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

While developed markets equity generally rallied in the final months of 2019, the global response to the COVID-19 pandemic led to a dramatic increase in financial market volatility and drove asset prices sharply lower in February and March of 2020 before equity prices posted a small rebound in April 2020.

Global equity markets, led by the U.S. and Europe, largely recorded gains for the final two months of 2019 on the back of accommodative policies from leading central banks and investor expectations of a reduction in trade tensions. Even as economic data showed slowing or flat growth in China, Europe and the U.S. in the final quarter of 2019, there were no indicators that the longest recorded economic expansion in the U.S. would necessarily end. In the second half of December 2019, the U.S. and China reached a “Phase One” agreement that reduced trade tariffs and headed off the implementation of new tariffs. Combined with less aggressive U.S. trade rhetoric toward Mexico and toward European and Japanese auto industries, the U.S.-China trade agreement fueled price gains in developed equity markets.

In the U.K., the Conservative Party won a large majority in national elections in December 2019, which appeared to remove investor concerns about the possibility of a non-negotiated “hard Brexit” departure from the EU. Equity prices in the U.K. and the British pound briefly rallied on the election results.

Early January 2020 saw continued investor support for global equity that weathered a brief flare up in military tension between the U.S. and Iran. However, investor sentiment began to turn as the outbreak of COVID-19 began to impact large parts of China’s economy. Emerging markets equity led a slump in global equity markets and U.S. and European government bonds largely gained. Notably, prices for benchmark Brent crude oil plummeted 11.9% in January amid shrinking demand from China and other economies hit by the pandemic.

U.S. equity prices found support in early February 2020 as companies began to report better-than-expected earnings from the final quarter of 2019. By the end of the month, global equity prices had fallen significantly and global demand for petroleum had declined for the first time since the 2009 financial crisis. China’s central bank responded to the impact of COVID-19 by cutting the prime lending rate and regional authorities across China enacted a range of actions to counter the sharp drop in economic activity. By the end of February, yields on benchmark 10-year U.S. Treasury bonds had fallen to a record low 1.1% as investors sought the perceived safety of government-backed bonds.

The month of March 2020 proved to be worse for global equity and a range of other asset classes as COVID-19 was declared a pandemic and national, regional and municipal governments implemented at-home quarantines and a range of other actions designed to prevent hospitals and health care systems from being overwhelmed. The U.S. Federal Reserve slashed interest rates, restarted its quantitative easing or asset purchasing program, and unleashed an array of programs to maintain liquidity and functioning in short-term commercial debt markets. The European Central Bank also stepped in to shore up economic activity via negative interest rates and a commitment to continue purchasing assets until no longer necessary. Statements of broad support from both central banks, along with fiscal stimulus and/or wage protection policies from national governments across the globe, helped to reduce record high volatility in financial markets. However, leading equity indexes lost 20% or more of their value during the first quarter of 2020. Corporate bond prices generally fell and the prices of Brent crude oil ended the first quarter down by 60%. Only developed market sovereign bonds and commodity gold experienced price appreciation in March 2020.

Global equity markets rebounded slightly in April 2020 and fixed income markets rallied somewhat as investors reacted positively to the actions of central banks and national governments to mitigate the economic impact of the pandemic. Price gains were seen in large cap technology stocks and pharmaceutical sector stocks. Fixed income investments benefitted from accommodative central bank policies and high quality corporate credit outperformed government bonds for the month. However, a glut in global petroleum markets sent futures prices for benchmark West Texas Intermediate crude oil into negative territory.

For the six months ended April 30, 2020, the S&P 500 Index returned -3.16%, the MSCI EAFE Index returned -14.00% and the MSCI EME Index returned 10.39%. Among bond market indexes, the Bloomberg Barclays U.S. Aggregate Index returned 4.86% and the Bloomberg Barclays Emerging Markets Index returned -5.69%.

2 J.P. MORGAN FUNDS APRIL 30, 2020

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(6.58)%
MSCI World Index (net of foreign withholding taxes)	(7.29)%
Bloomberg Barclays Global Aggregate Index (Unhedged USD)	1.45%
Global Allocation Composite Benchmark	(3.51)%
Net Assets as of 4/30/2020 (In Thousands)	$3,385,365

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, 2020, the Fund’s Class I Shares outperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and underperformed the Bloomberg Barclays Global Aggregate Index (Unhedged USD) 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.

During the reporting period, the Fund’s allocation to government bonds in the U.S. and elsewhere was a leading contributor to performance relative to the Benchmark, which is an equity index and holds no bonds.

Relative to the Composite Benchmark, the Fund’s allocations to corporate and non-corporate bonds, including U.S. high yield bonds (also known as “junk bonds”) and non-agency securitized

credit, were leading detractors from performance, mainly due to sharp sell-offs in those assets in March 2020.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers reduced the overall equity allocation from the end of 2019 but retained the Fund’s bias toward U.S. equity over other developed market and emerging market equity. Amid increased financial market volatility and declines in equity prices, the portfolio managers increased the Fund’s overall duration through futures in U.S. Treasury bonds and other developed market government bonds. Generally, a portfolio of bonds with longer duration will experience greater price appreciation when interest rates decline compared with shorter duration bonds.

Following the U.S. Federal Reserve’s commitment in February to purchase debt securities in primary and secondary markets to bolster liquidity and the continued flow of credit, the portfolio managers increased the Fund’s allocation to U.S. investment grade corporate bonds, which generally provide higher yields than government bonds.

APRIL 30, 2020 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO***
	1.	U.S. Treasury Notes, 2.50%, 1/31/21	2.2	%
	2.	Microsoft Corp.	1.0
	3.	Amazon.com, Inc.	0.9
	4.	Nestle SA (Registered) (Switzerland)	0.8
	5.	Alibaba Group Holding Ltd., ADR (China)	0.7
	6.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	0.7
	7.	UnitedHealth Group, Inc.	0.6
	8.	Alphabet, Inc., Class C	0.6
	9.	Apple, Inc.	0.6
	10.	Tencent Holdings Ltd. (China)	0.5

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO****
	1.	WABCO Holdings, Inc.	16.4	%
	2.	Target Corp.	9.2
	3.	Motorola Solutions, Inc.	8.9
	4.	Legg Mason, Inc.	8.4
	5.	Comcast Corp., Class A	6.9
	6.	SPDR S&P 500 ETF Trust	6.4
	7.	Walt Disney Co. (The)	6.3
	8.	Tech Data Corp.	6.1
	9.	Franklin Resources, Inc.	5.0
	10.	Ford Motor Co.	4.7

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	45.0	%
Corporate Bonds	17.2
Foreign Government Securities	12.6
Asset-Backed Securities	4.4
Collateralized Mortgage Obligations	4.2
Commercial Mortgage-Backed Securities	4.0
U.S. Treasury Obligation	2.2
Others (each less than 1.0%)	0.8
Short-Term Investments	9.6

SHORT POSITION PORTFOLIO COMPOSITION****
Common Stocks	93.6	%
Exchange-Traded Funds	6.4

* 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, 2020. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 31, 2011
With Sales Charge**			(10.90	)%		(8.66	)%		1.91	%		4.00	%
Without Sales Charge			(6.69	)		(4.33	)		2.85			4.55
CLASS C SHARES	May 31, 2011
With CDSC***			(7.93	)		(5.79	)		2.35			4.03
Without CDSC			(6.93	)		(4.79	)		2.35			4.03
CLASS I SHARES	May 31, 2011		(6.58	)		(4.07	)		3.11			4.81
CLASS R2 SHARES	May 31, 2011		(6.84	)		(4.64	)		2.56			4.26
CLASS R3 SHARES	October 1, 2018		(6.76	)		(4.48	)		2.81			4.52
CLASS R4 SHARES	October 1, 2018		(6.62	)		(4.20	)		3.07			4.79
CLASS R5 SHARES	October 1, 2018		(6.57	)		(4.09	)		3.12			4.82
CLASS R6 SHARES	November 1, 2017		(6.52	)		(4.00	)		3.17			4.84

* 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 4/30/20)

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 A Shares. The actual returns for Class R3 Shares would have been lower than those shown because 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 for 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 $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) and the Global Allocation Composite Benchmark from May 31, 2011 to April 30, 2020. 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 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 Global Allocation Composite Benchmark is a composite benchmark comprised of unmanaged

APRIL 30, 2020 J.P. MORGAN FUNDS 5

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

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. 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 applicable 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 on gains resulting from 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, 2020

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	(8.77)%
MSCI World Index (net of foreign withholding taxes)	(7.29)%
Bloomberg Barclays U.S. Aggregate Index	4.86%
Income Builder Composite Benchmark	(2.15)%
Net Assets as of 4/30/20 (In Thousands)	$11,889,642

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, 2020, the Fund’s Class A Shares, without a sales charge, underperformed the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index 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’s allocations to global equity and non-government bonds were leading detractors from performance relative to the MSCI World Index, which is an equity index and holds no bonds. The Fund’s allocation to government agency securitized credit contributed to relative performance.

The Fund’s allocation to U.S. high yield bonds (also known as “junk bonds”) and non-agency securitized credit detracted from performance relative to the Bloomberg Barclays U.S. Aggregate Index, which primarily contains U.S. government bonds, mainly due to sharp sell-offs in those assets in March 2020.

Relative to the Composite Index, the Fund’s higher allocations to non-government bonds, including high yield bonds and securitized credit were leading detractors from performance as the U.S. government bond sector was one of the only sectors of the bond market that had positive performance during the reporting period.

HOW WAS THE FUND POSITIONED?

From the start of 2020, the Fund’s portfolio managers reduced the Fund’s overall equity exposure but maintained a bias toward U.S. equity. In March 2020, the Fund initiated a covered call position in the form of an equity-linked note on the S&P 500 to increase income amid record high volatility in U.S. equity markets as a result of the COVID-19 pandemic. Following the U.S. Federal Reserve’s commitment to purchase debt securities in

primary and secondary markets to bolster liquidity and the continued flow of credit, the portfolio managers increased the Fund’s allocation to U.S. investment grade corporate bonds, which generally provide higher yields than government bonds.

TOP TEN LONG HOLDINGS OF THE PORTFOLIO***
	1.	Credit Suisse AG, ELN, 10.00%, 6/16/2020, (linked to S&P 500 Index)	2.3	%
	2.	Verizon Communications, Inc.	0.7
	3.	U.S. Treasury Notes, 2.50%, 1/31/21	0.7
	4.	Prologis, Inc.	0.6
	5.	Coca-Cola Co. (The)	0.6
	6.	Merck & Co., Inc.	0.5
	7.	Bristol-Myers Squibb Co.	0.5
	8.	Procter & Gamble Co. (The)	0.5
	9.	Novartis AG (Registered) (Switzerland)	0.5
	10.	Roche Holding AG (Switzerland)	0.4

PORTFOLIO COMPOSITION***
Corporate Bonds	36.9	%
Common Stocks	32.9
Collateralized Mortgage Obligations	6.9
Asset-Backed Securities	4.1
Equity Linked Notes	2.3
Loan Assignments	2.2
Commercial Mortgage-Backed Securities	2.2
Convertible Bonds	1.4
Foreign Government Securities	1.4
Others (each less than 1.0%)	3.0
Short-Term Investments	6.7

* 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, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2007
With Sales Charge**			(12.91	)%		(9.43	)%		1.55	%		4.84	%
Without Sales Charge			(8.77	)		(5.13	)		2.49			5.32
CLASS C SHARES	May 31, 2007
With CDSC***			(10.02	)		(6.63	)		1.97			4.79
Without CDSC			(9.02	)		(5.63	)		1.97			4.79
CLASS I SHARES	May 31, 2007		(8.69	)		(5.08	)		2.64			5.47
CLASS R6 SHARES	November 1, 2017		(8.66	)		(5.00	)		2.68			5.49

* 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 (4/30/10 TO 4/30/20)

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 Index and the Income Builder Composite Benchmark from April 30, 2010 to April 30, 2020. 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 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 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 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 Index. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable 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 on gains resulting from 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, 2020

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — 102.9%
Common Stocks — 46.3%
Australia — 0.9%
AGL Energy Ltd.		16		179
Alumina Ltd.		61		67
AMP Ltd. *		83		77
APA Group		29		207
Aristocrat Leisure Ltd.		14		234
ASX Ltd.		5		253
Aurizon Holdings Ltd.		49		150
AusNet Services		46		56
Australia & New Zealand Banking Group Ltd.		71		771
Bendigo & Adelaide Bank Ltd.		13		54
BHP Group Ltd.		74		1,506
BHP Group plc		301		5,058
BlueScope Steel Ltd.		13		85
Boral Ltd.		29		57
Brambles Ltd.		40		283
Caltex Australia Ltd.		6		100
Challenger Ltd.		14		46
CIMIC Group Ltd.		3		40
Coca-Cola Amatil Ltd.		13		73
Cochlear Ltd.		2		189
Coles Group Ltd.		33		333
Commonwealth Bank of Australia		44		1,791
Computershare Ltd.		12		96
Crown Resorts Ltd.		9		60
CSL Ltd.		11		2,265
Dexus, REIT		28		168
Flight Centre Travel Group Ltd. ‡		3		19
Fortescue Metals Group Ltd.		34		263
Goodman Group, REIT		41		349
GPT Group (The), REIT		48		132
Harvey Norman Holdings Ltd.		14		25
Incitec Pivot Ltd.		40		62
Insurance Australia Group Ltd.		57		214
LendLease Group		14		112
Macquarie Group Ltd.		8		559
Magellan Financial Group Ltd.		3		104
Medibank Pvt Ltd.		68		120
Mirvac Group, REIT		97		141
National Australia Bank Ltd.		72		791
Newcrest Mining Ltd.		19		347
Oil Search Ltd.		467		916
Orica Ltd.		10		117
Origin Energy Ltd.		44		157
Qantas Airways Ltd.		18		45

INVESTMENTS	SHARES (000)		VALUE (000)
Australia — continued
QBE Insurance Group Ltd.		36		197
Ramsay Health Care Ltd.		4		180
REA Group Ltd.		1		75
Rio Tinto Ltd.		9		524
Rio Tinto plc		146		6,755
Santos Ltd.		44		140
Scentre Group, REIT		132		198
SEEK Ltd.		8		93
Sonic Healthcare Ltd.		11		197
South32 Ltd.		125		157
Stockland, REIT		59		110
Suncorp Group Ltd.		31		186
Sydney Airport		27		112
Tabcorp Holdings Ltd.		50		105
Telstra Corp. Ltd.		103		203
TPG Telecom Ltd.		10		46
Transurban Group		68		610
Treasury Wine Estates Ltd.		18		117
Vicinity Centres, REIT		83		80
Washington H Soul Pattinson & Co. Ltd.		3		37
Wesfarmers Ltd.		28		687
Westpac Banking Corp.		89		930
WiseTech Global Ltd.		4		43
Woodside Petroleum Ltd.		24		338
Woolworths Group Ltd.		32		731
Worley Ltd.		8		49
				31,571
Austria — 0.1%
ams AG *		26		339
ANDRITZ AG		2		62
BAWAG Group AG * (a)		16		557
Erste Group Bank AG		134		2,905
OMV AG		4		119
Raiffeisen Bank International AG		4		63
Verbund AG		2		77
voestalpine AG		3		60
Wienerberger AG		22		407
				4,589
Belgium — 0.2%
Ageas		4		160
Anheuser-Busch InBev SA/NV		19		889
Colruyt SA		1		79
Galapagos NV * (b)		1		250

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Belgium — continued
Groupe Bruxelles Lambert SA * (b)		2		160
KBC Group NV		79		4,271
Proximus SADP		4		81
Solvay SA (b)		2		144
Telenet Group Holding NV		1		50
UCB SA *		12		1,077
Umicore SA (b)		5		212
				7,373
Brazil — 0.3%
CVC Brasil Operadora e Agencia de Viagens SA *		111		285
Gerdau SA, ADR		427		919
Itau Unibanco Holding SA (Preference)		731		3,082
Localiza Rent a Car SA *		69		436
Lojas Renner SA		204		1,442
Magazine Luiza SA		88		813
Pagseguro Digital Ltd., Class A *		40		1,022
Petroleo Brasileiro SA (Preference)		392		1,302
Raia Drogasil SA		43		826
				10,127
Canada — 0.5%
Advanz Pharma Corp. Ltd. *		17		55
Alimentation Couche-Tard, Inc., Class B		122		3,414
Canadian National Railway Co.		47		3,899
Canadian Pacific Railway Ltd.		17		3,920
Canadian Pacific Railway Ltd.		5		1,216
Fairfax Financial Holdings Ltd.		4		1,219
Shopify, Inc., Class A *		1		785
Toronto-Dominion Bank (The)		74		3,080
				17,588
Chile — 0.0% (c)
Antofagasta plc		10		97
China — 2.5%
51job, Inc., ADR *		19		1,146
Alibaba Group Holding Ltd., ADR *		119		24,112
BeiGene Ltd., ADR * (b)		1		147
BOC Hong Kong Holdings Ltd.		92		281
BOE Technology Group Co. Ltd., Class A		1,725		902
Budweiser Brewing Co. APAC Ltd. * (a) (b)		500		1,359
China Construction Bank Corp., Class H		1,976		1,586
China Gas Holdings Ltd.		247		900
China Merchants Bank Co. Ltd., Class H		526		2,489
China Mobile Ltd.		98		788

INVESTMENTS	SHARES (000)			VALUE (000)
China — continued
China Oilfield Services Ltd., Class H		858			668
China Overseas Land & Investment Ltd.		414			1,529
China Vanke Co. Ltd., Class H		289			970
CNOOC Ltd.		1,797			1,987
Foshan Haitian Flavouring & Food Co. Ltd., Class A		53			914
Geely Automobile Holdings Ltd.		524			815
Inner Mongolia Yili Industrial Group Co. Ltd., Class A *		148			603
Joyoung Co. Ltd., Class A		206			908
Kingdee International Software Group Co. Ltd.		635			908
Kingsoft Corp. Ltd.		224			769
Kweichow Moutai Co. Ltd., Class A		6			1,141
Luxshare Precision Industry Co. Ltd., Class A		149			981
NetEase, Inc., ADR		5			1,713
New Oriental Education & Technology Group, Inc., ADR *		8			965
Ping An Insurance Group Co. of China Ltd., Class H		992			10,095
Prosus NV *		12			915
SAIC Motor Corp. Ltd., Class A		265			700
Shenzhou International Group Holdings Ltd.		59			686
Tencent Holdings Ltd.		364			19,152
Wuxi Biologics Cayman, Inc. * (a)		157			2,436
Yangzijiang Shipbuilding Holdings Ltd.		62			43
Yum China Holdings, Inc.		19			919
					83,527
Colombia — 0.0% (c)
Millicom International Cellular SA, SDR		3			66
Denmark — 0.5%
AP Moller — Maersk A/S, Class A		—	(d)		87
AP Moller — Maersk A/S, Class B		—	(d)		163
Carlsberg A/S, Class B		3			336
Chr Hansen Holding A/S (b)		3			226
Coloplast A/S, Class B		3			465
Danske Bank A/S *		16			191
Demant A/S * (b)		3			66
DSV Panalpina A/S		5			563
Genmab A/S *		2			389
H Lundbeck A/S		2			66
ISS A/S * (b)		4			58
Novo Nordisk A/S, Class B		199			12,702
Novozymes A/S, Class B		5			260
Orsted A/S (a)		19			1,937
Pandora A/S		2			88

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
Denmark — continued
Tryg A/S		3			84
Vestas Wind Systems A/S		5			405
					18,086
Finland — 0.2%
Elisa OYJ		4			215
Fortum OYJ (b)		11			183
Kone OYJ, Class B		53			3,223
Metso OYJ		3			72
Neste OYJ		48			1,710
Nokia OYJ		141			509
Nokian Renkaat OYJ		3			66
Nordea Bank Abp		81			518
Orion OYJ, Class B		3			132
Sampo OYJ, Class A		11			366
Stora Enso OYJ, Class R		14			170
UPM-Kymmene OYJ		13			365
Wartsila OYJ Abp		11			81
					7,610
France — 2.1%
Accor SA		5			127
Aeroports de Paris		1			72
Air Liquide SA (b)		12			1,505
Airbus SE *		39			2,486
Alstom SA		64			2,640
Amundi SA (a)		2			104
Arkema SA		2			142
Atos SE *		11			821
AXA SA		48			856
BioMerieux		1			133
BNP Paribas SA		54			1,688
Bollore SA		23			60
Bouygues SA *		6			170
Bureau Veritas SA		7			152
Capgemini SE		4			374
Carrefour SA		15			223
Casino Guichard Perrachon SA (b)		1			53
Cie de Saint-Gobain		12			328
Cie Generale des Etablissements Michelin SCA		4			414
CNP Assurances *		4			46
Covivio, REIT		1			73
Credit Agricole SA		84			677
Danone SA		15			1,078
Dassault Aviation SA		—	(d)		53

INVESTMENTS	SHARES (000)			VALUE (000)
France — continued
Dassault Systemes SE		3			483
Edenred		6			245
Eiffage SA		10			805
Electricite de France SA		15			122
Engie SA		46			496
EssilorLuxottica SA		7			878
Eurazeo SE *		1			50
Eutelsat Communications SA		5			51
Faurecia SE		2			68
Gecina SA, REIT		1			149
Getlink SE		11			139
Hermes International		1			581
ICADE, REIT		1			57
Iliad SA		—	(d)		58
Ingenico Group SA		1			188
Ipsen SA		1			70
JCDecaux SA		2			44
Kering SA		4			2,082
Klepierre SA, REIT		5			101
Legrand SA		7			448
L’Oreal SA		6			1,828
LVMH Moet Hennessy Louis Vuitton SE		30			11,539
Natixis SA		25			58
Orange SA		50			607
Pernod Ricard SA		5			805
Peugeot SA		64			907
Publicis Groupe SA		5			159
Remy Cointreau SA (b)		1			65
Renault SA *		5			94
Safran SA		85			7,859
Sanofi(b)		51			5,027
Sartorius Stedim Biotech		1			165
Schneider Electric SE * (b)		132			12,154
SCOR SE		4			111
SEB SA		1			67
Societe Generale SA		20			317
Sodexo SA (b)		2			176
Suez		8			96
Teleperformance		1			326
Thales SA		3			200
TOTAL SA		93			3,313
Ubisoft Entertainment SA *		2			169
Unibail-Rodamco-Westfield, REIT		3			203
Valeo SA		6			137

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
France — continued
Veolia Environnement SA		14			288
Vinci SA		45			3,656
Vivendi SA (b)		21			461
Wendel SE		1			60
Worldline SA * (a)		3			231
					72,468
Germany — 1.9%
adidas AG		17			3,824
Allianz SE (Registered)		64			11,735
Aroundtown SA		30			164
BASF SE		23			1,172
Bayer AG (Registered)		40			2,629
Bayerische Motoren Werke AG		8			488
Bayerische Motoren Werke AG (Preference)		1			68
Beiersdorf AG		3			262
Brenntag AG		4			174
Carl Zeiss Meditec AG		1			99
Commerzbank AG		25			92
Continental AG *		3			229
Covestro AG (a)		4			145
Daimler AG (Registered) (b)		23			779
Delivery Hero SE * (a)		64			5,400
Deutsche Bank AG (Registered) (b)		49			364
Deutsche Boerse AG		32			4,944
Deutsche Lufthansa AG (Registered) * (b)		6			53
Deutsche Post AG (Registered)		47			1,409
Deutsche Telekom AG (Registered)		168			2,458
Deutsche Wohnen SE		9			364
DWS Group GmbH & Co. KGaA (a)		16			507
E.ON SE		56			561
Eckert & Ziegler Strahlen- und Medizintechnik AG		—	(d)		69
Evonik Industries AG		5			128
Fraport AG Frankfurt Airport Services Worldwide (b)		1			45
Fresenius Medical Care AG & Co. KGaA		5			419
Fresenius SE & Co. KGaA		10			451
FUCHS PETROLUB SE (Preference)		2			70
GEA Group AG *		4			87
Hannover Rueck SE		2			240
HeidelbergCement AG		4			175
HelloFresh SE *		29			1,035
Henkel AG & Co. KGaA		3			210
Henkel AG & Co. KGaA (Preference)		4			393

INVESTMENTS	SHARES (000)		VALUE (000)
Germany — continued
HOCHTIEF AG		1		50
Infineon Technologies AG		31		579
KION Group AG		2		80
Knorr-Bremse AG		1		112
LANXESS AG		2		106
LEG Immobilien AG		6		656
Merck KGaA		3		374
METRO AG		5		41
MTU Aero Engines AG *		1		177
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		4		788
Porsche Automobil Holding SE (Preference)		4		193
Puma SE *		2		129
RWE AG		15		419
SAP SE		70		8,291
Sartorius AG (Preference)		1		248
Schaeffler AG (Preference)		121		819
Siemens AG (Registered)		19		1,768
Siemens Healthineers AG (a)		4		164
Symrise AG		3		325
TeamViewer AG *		13		561
Telefonica Deutschland Holding AG		22		63
thyssenkrupp AG *		10		67
TUI AG		11		44
Uniper SE		5		134
United Internet AG (Registered)		3		87
Volkswagen AG		1		124
Volkswagen AG (Preference)		21		2,945
Vonovia SE		64		3,187
Wirecard AG (b)		3		290
Zalando SE * (a) (b)		3		168
				64,231
Hong Kong — 0.6%
AIA Group Ltd.		1,298		11,911
ASM Pacific Technology Ltd.		8		80
Bank of East Asia Ltd. (The)		34		72
CK Asset Holdings Ltd.		64		407
CK Infrastructure Holdings Ltd.		17		101
CLP Holdings Ltd.		42		450
Dairy Farm International Holdings Ltd.		9		42
Hang Lung Properties Ltd.		52		111
Hang Seng Bank Ltd.		19		332
Henderson Land Development Co. Ltd.		36		147

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Hong Kong — continued
HK Electric Investments & HK Electric Investments Ltd. (a)		69		71
HKT Trust & HKT Ltd.		93		150
Hong Kong & China Gas Co. Ltd.		253		453
Hong Kong Exchanges & Clearing Ltd.		30		962
Hongkong Land Holdings Ltd.		29		121
Jardine Matheson Holdings Ltd.		5		237
Jardine Strategic Holdings Ltd.		6		123
Kerry Properties Ltd.		17		47
Link, REIT		53		468
Melco Resorts & Entertainment Ltd., ADR		5		83
MTR Corp. Ltd.		38		211
New World Development Co. Ltd.		153		181
NWS Holdings Ltd.		41		43
PCCW Ltd.		110		67
Power Assets Holdings Ltd.		35		231
Sino Land Co. Ltd.		76		106
Sun Hung Kai Properties Ltd.		40		547
Swire Pacific Ltd., Class A		13		81
Swire Properties Ltd.		30		85
Techtronic Industries Co. Ltd.		170		1,289
Vitasoy International Holdings Ltd.		292		1,041
WH Group Ltd. (a)		238		226
Wharf Real Estate Investment Co. Ltd. (b)		30		127
Wheelock & Co. Ltd.		21		154
Yue Yuen Industrial Holdings Ltd.		19		30
				20,787
Hungary — 0.0% (c)
OTP Bank Nyrt.		32		936
India — 0.4%
HDFC Bank Ltd., ADR		241		10,440
ICICI Bank Ltd., ADR		191		1,865
				12,305
Indonesia — 0.2%
Bank Central Asia Tbk. PT		3,007		5,208
Telekomunikasi Indonesia Persero Tbk. PT		4,288		986
				6,194
Ireland — 0.1%
AerCap Holdings NV *		3		88
AIB Group plc *		21		29
Bank of Ireland Group plc		24		49
CRH plc		20		606

INVESTMENTS	SHARES (000)			VALUE (000)
Ireland — continued
Flutter Entertainment plc		2			243
Kerry Group plc, Class A		4			452
Kerry Group plc, Class A		—	(d)		2
Kingspan Group plc		4			194
Kingspan Group plc		—	(d)		1
Ryanair Holdings plc, ADR *		7			421
Smurfit Kappa Group plc		6			176
					2,261
Israel — 0.1%
Azrieli Group Ltd.		1			65
Bank Hapoalim BM		28			180
Bank Leumi Le-Israel BM		37			200
Check Point Software Technologies Ltd. *		3			321
Elbit Systems Ltd.		1			82
Isracard Ltd.		—	(d)		—	(d)
Israel Chemicals Ltd.		18			64
Israel Discount Bank Ltd., Class A		28			91
Mizrahi Tefahot Bank Ltd.		4			75
Nice Ltd. *		2			254
Teva Pharmaceutical Industries Ltd., ADR *		27			291
Wix.com Ltd. *		1			159
					1,782
Italy — 0.3%
Assicurazioni Generali SpA		28			393
Atlantia SpA		12			202
Davide Campari-Milano SpA (b)		14			112
Enel SpA		540			3,688
Eni SpA (b)		63			604
Falck Renewables SpA		95			469
Ferrari NV (b)		3			474
FinecoBank Banca Fineco SpA *		15			168
Intesa Sanpaolo SpA		373			582
Leonardo SpA		10			69
Mediobanca Banca di Credito Finanziario SpA		15			90
Moncler SpA		4			169
Nexi SpA * (a)		60			916
Pirelli & C SpA (a) (b)		10			40
Poste Italiane SpA (a)		63			537
Prysmian SpA		6			113
Recordati SpA		3			113
Snam SpA		51			227
Telecom Italia SpA *		226			90
Telecom Italia SpA		156			62

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Italy — continued
Terna Rete Elettrica Nazionale SpA		35		218
UniCredit SpA *		50		387
				9,723
Japan — 3.0%
ABC-Mart, Inc.		1		46
Acom Co. Ltd.		10		40
Advantest Corp.		5		243
Aeon Co. Ltd.		16		328
AEON Financial Service Co. Ltd.		3		30
Aeon Mall Co. Ltd.		3		34
AGC, Inc.		5		116
Air Water, Inc.		5		63
Aisin Seiki Co. Ltd.		4		115
Ajinomoto Co., Inc.		11		196
Alfresa Holdings Corp.		5		92
Alps Alpine Co. Ltd.		5		56
Amada Co. Ltd.		9		78
ANA Holdings, Inc. *		3		57
Aozora Bank Ltd.		3		53
Asahi Group Holdings Ltd.		9		309
Asahi Intecc Co. Ltd.		5		127
Asahi Kasei Corp.		31		223
Astellas Pharma, Inc.		47		779
Bandai Namco Holdings, Inc.		5		250
Bank of Kyoto Ltd. (The)		1		27
Benesse Holdings, Inc.		2		54
Bridgestone Corp.		14		445
Brother Industries Ltd.		6		98
Calbee, Inc.		2		64
Canon, Inc.		25		526
Casio Computer Co. Ltd.		5		79
Central Japan Railway Co.		4		566
Chiba Bank Ltd. (The)		14		66
Chubu Electric Power Co., Inc.		16		216
Chugai Pharmaceutical Co. Ltd.		6		679
Chugoku Electric Power Co., Inc. (The)		7		97
Coca-Cola Bottlers Japan Holdings, Inc.		3		57
Concordia Financial Group Ltd.		28		84
Credit Saison Co. Ltd.		4		47
CyberAgent, Inc.		3		113
Dai Nippon Printing Co. Ltd.		6		129
Daicel Corp.		7		53
Daifuku Co. Ltd.		3		175

INVESTMENTS	SHARES (000)			VALUE (000)
Japan — continued
Dai-ichi Life Holdings, Inc.		27			335
Daiichi Sankyo Co. Ltd.		14			976
Daikin Industries Ltd.		6			796
Daito Trust Construction Co. Ltd.		2			171
Daiwa House Industry Co. Ltd.		14			357
Daiwa House REIT Investment Corp., REIT		—	(d)		116
Daiwa Securities Group, Inc.		38			158
Denso Corp.		11			380
Dentsu Group, Inc.		5			113
Disco Corp.		1			156
East Japan Railway Co.		8			548
Eisai Co. Ltd.		6			447
Electric Power Development Co. Ltd.		3			68
FamilyMart Co. Ltd.		6			107
FANUC Corp.		5			800
Fast Retailing Co. Ltd.		2			711
Fuji Electric Co. Ltd.		3			79
FUJIFILM Holdings Corp.		9			429
Fujitsu Ltd.		5			486
Fukuoka Financial Group, Inc.		4			60
GMO Payment Gateway, Inc.		1			98
Hakuhodo DY Holdings, Inc.		4			40
Hamamatsu Photonics KK		4			153
Hankyu Hanshin Holdings, Inc.		6			195
Hikari Tsushin, Inc.		1			97
Hino Motors Ltd.		7			44
Hirose Electric Co. Ltd.		1			77
Hisamitsu Pharmaceutical Co., Inc.		1			57
Hitachi Construction Machinery Co. Ltd.		3			66
Hitachi Ltd.		24			718
Hitachi Metals Ltd.		6			54
Honda Motor Co. Ltd.		41			993
Hoshizaki Corp.		1			99
Hoya Corp.		10			875
Hulic Co. Ltd.		7			68
Idemitsu Kosan Co. Ltd.		5			109
IHI Corp.		4			45
Iida Group Holdings Co. Ltd.		4			50
Inpex Corp.		25			164
Isetan Mitsukoshi Holdings Ltd.		9			53
Isuzu Motors Ltd.		14			104
ITOCHU Corp.		34			657
Itochu Techno-Solutions Corp.		3			76
J Front Retailing Co. Ltd.		6			47

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Japan Airlines Co. Ltd.		3			50
Japan Airport Terminal Co. Ltd.		1			45
Japan Exchange Group, Inc.		13			234
Japan Post Bank Co. Ltd.		11			98
Japan Post Holdings Co. Ltd.		39			314
Japan Post Insurance Co. Ltd.		6			73
Japan Prime Realty Investment Corp., REIT		—	(d)		55
Japan Real Estate Investment Corp., REIT		—	(d)		184
Japan Retail Fund Investment Corp., REIT		—	(d)		74
Japan Tobacco, Inc.		30			555
JFE Holdings, Inc.		12			80
JGC Holdings Corp.		6			55
JSR Corp.		5			94
JTEKT Corp.		5			37
JXTG Holdings, Inc.		77			272
Kajima Corp.		11			116
Kakaku.com, Inc.		3			67
Kamigumi Co. Ltd.		3			49
Kansai Electric Power Co., Inc. (The)		18			179
Kansai Paint Co. Ltd.		4			82
Kao Corp.		12			941
Kawasaki Heavy Industries Ltd.		4			56
KDDI Corp.		44			1,280
Keihan Holdings Co. Ltd.		3			112
Keikyu Corp.		6			94
Keio Corp.		3			141
Keisei Electric Railway Co. Ltd.		3			97
Keyence Corp.		25			8,747
Kikkoman Corp.		4			165
Kintetsu Group Holdings Co. Ltd.		4			205
Kirin Holdings Co. Ltd.		21			396
Kobayashi Pharmaceutical Co. Ltd.		1			111
Koito Manufacturing Co. Ltd.		3			94
Komatsu Ltd.		23			435
Konami Holdings Corp.		2			75
Konica Minolta, Inc.		12			45
Kose Corp.		1			113
Kubota Corp.		26			323
Kuraray Co. Ltd.		8			83
Kurita Water Industries Ltd.		3			73
Kyocera Corp.		8			427
Kyowa Kirin Co. Ltd.		6			139
Kyushu Electric Power Co., Inc.		10			78
Kyushu Railway Co.		4			110

INVESTMENTS	SHARES (000)		VALUE (000)
Japan — continued
Lawson, Inc.		1		68
LINE Corp. *		2		78
Lion Corp.		6		116
LIXIL Group Corp.		7		83
M3, Inc.		11		393
Makita Corp.		6		179
Marubeni Corp.		39		187
Marui Group Co. Ltd.		5		80
Maruichi Steel Tube Ltd.		2		34
Mazda Motor Corp.		14		80
McDonald’s Holdings Co. Japan Ltd.		2		83
Mebuki Financial Group, Inc.		22		46
Medipal Holdings Corp.		5		87
MEIJI Holdings Co. Ltd.		3		194
Mercari, Inc. *		2		48
MINEBEA MITSUMI, Inc.		9		148
MISUMI Group, Inc.		7		166
Mitsubishi Chemical Holdings Corp.		32		180
Mitsubishi Corp.		34		719
Mitsubishi Electric Corp.		45		559
Mitsubishi Estate Co. Ltd.		30		481
Mitsubishi Gas Chemical Co., Inc.		4		51
Mitsubishi Heavy Industries Ltd.		8		205
Mitsubishi Materials Corp.		3		51
Mitsubishi Motors Corp.		17		49
Mitsubishi UFJ Financial Group, Inc.		308		1,244
Mitsubishi UFJ Lease & Finance Co. Ltd.		11		50
Mitsui & Co. Ltd.		41		574
Mitsui Chemicals, Inc.		5		90
Mitsui Fudosan Co. Ltd.		22		408
Mitsui OSK Lines Ltd.		3		49
Mizuho Financial Group, Inc.		599		697
MonotaRO Co. Ltd.		3		103
MS&AD Insurance Group Holdings, Inc.		12		337
Murata Manufacturing Co. Ltd.		14		806
Nabtesco Corp.		3		83
Nagoya Railroad Co. Ltd.		5		137
NEC Corp.		6		238
Nexon Co. Ltd.		12		197
NGK Insulators Ltd.		7		89
NGK Spark Plug Co. Ltd.		4		57
NH Foods Ltd.		2		75
Nidec Corp.		11		664
Nikon Corp.		8		74

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Nintendo Co. Ltd.		3			1,156
Nippon Building Fund, Inc., REIT		—	(d)		197
Nippon Express Co. Ltd.		2			98
Nippon Paint Holdings Co. Ltd.		4			208
Nippon Prologis REIT, Inc., REIT		—	(d)		144
Nippon Shinyaku Co. Ltd.		1			84
Nippon Steel Corp.		20			168
Nippon Telegraph & Telephone Corp.		180			4,104
Nippon Yusen KK		4			53
Nissan Chemical Corp.		3			119
Nissan Motor Co. Ltd.		58			196
Nisshin Seifun Group, Inc.		5			79
Nissin Foods Holdings Co. Ltd.		2			132
Nitori Holdings Co. Ltd.		2			291
Nitto Denko Corp.		4			200
Nomura Holdings, Inc.		83			342
Nomura Real Estate Holdings, Inc.		3			52
Nomura Real Estate Master Fund, Inc., REIT		—	(d)		116
Nomura Research Institute Ltd.		8			206
NSK Ltd.		9			61
NTT Data Corp.		16			160
NTT DOCOMO, Inc.		34			987
Obayashi Corp.		17			147
Obic Co. Ltd.		2			255
Odakyu Electric Railway Co. Ltd.		7			163
Oji Holdings Corp.		22			109
Olympus Corp.		29			459
Omron Corp.		5			276
Ono Pharmaceutical Co. Ltd.		9			226
Oracle Corp.		1			93
Oriental Land Co. Ltd.		5			645
ORIX Corp.		33			387
Orix JREIT, Inc., REIT		—	(d)		74
Osaka Gas Co. Ltd.		9			175
Otsuka Corp.		3			122
Otsuka Holdings Co. Ltd.		10			377
Pan Pacific International Holdings Corp.		11			213
Panasonic Corp.		55			419
Park24 Co. Ltd.		3			47
PeptiDream, Inc. *		3			93
Persol Holdings Co. Ltd.		4			51
Pigeon Corp.		3			100
Pola Orbis Holdings, Inc.		2			36
Rakuten, Inc.		21			181

INVESTMENTS	SHARES (000)		VALUE (000)
Japan — continued
Recruit Holdings Co. Ltd.		34		989
Renesas Electronics Corp. *		19		100
Resona Holdings, Inc.		52		162
Ricoh Co. Ltd.		17		114
Rinnai Corp.		1		68
Rohm Co. Ltd.		2		145
Ryohin Keikaku Co. Ltd.		6		71
Sankyo Co. Ltd.		1		33
Santen Pharmaceutical Co. Ltd.		9		159
SBI Holdings, Inc.		6		110
Secom Co. Ltd.		5		433
Sega Sammy Holdings, Inc.		5		55
Seibu Holdings, Inc.		5		62
Seiko Epson Corp.		7		78
Sekisui Chemical Co. Ltd.		9		115
Sekisui House Ltd.		16		266
Seven & i Holdings Co. Ltd.		19		619
Seven Bank Ltd.		16		42
SG Holdings Co. Ltd.		4		103
Sharp Corp. *		6		61
Shimadzu Corp.		6		142
Shimamura Co. Ltd.		1		32
Shimano, Inc.		2		280
Shimizu Corp.		15		113
Shin-Etsu Chemical Co. Ltd.		9		993
Shinsei Bank Ltd.		5		60
Shionogi & Co. Ltd.		7		376
Shiseido Co. Ltd.		10		588
Shizuoka Bank Ltd. (The)		11		68
Showa Denko KK		4		77
SMC Corp.		9		3,887
Softbank Corp.		42		568
SoftBank Group Corp.		39		1,685
Sohgo Security Services Co. Ltd.		2		81
Sompo Holdings, Inc.		8		269
Sony Corp.		96		6,191
Sony Financial Holdings, Inc.		4		74
Square Enix Holdings Co. Ltd.		2		90
Stanley Electric Co. Ltd.		3		77
Subaru Corp.		16		310
SUMCO Corp.		7		93
Sumitomo Chemical Co. Ltd.		37		113
Sumitomo Corp.		30		335
Sumitomo Dainippon Pharma Co. Ltd.		4		57

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Sumitomo Electric Industries Ltd.		19		193
Sumitomo Heavy Industries Ltd.		3		57
Sumitomo Metal Mining Co. Ltd.		6		145
Sumitomo Mitsui Financial Group, Inc.		33		873
Sumitomo Mitsui Trust Holdings, Inc.		8		239
Sumitomo Realty & Development Co. Ltd.		8		222
Sumitomo Rubber Industries Ltd.		4		43
Sundrug Co. Ltd.		2		65
Suntory Beverage & Food Ltd.		3		128
Suzuken Co. Ltd.		2		73
Suzuki Motor Corp.		9		294
Sysmex Corp.		4		283
T&D Holdings, Inc.		14		119
Taiheiyo Cement Corp.		3		61
Taisei Corp.		5		159
Taisho Pharmaceutical Holdings Co. Ltd.		1		44
Taiyo Nippon Sanso Corp.		3		53
Takeda Pharmaceutical Co. Ltd.		38		1,356
TDK Corp.		3		284
Teijin Ltd.		5		72
Terumo Corp.		16		531
THK Co. Ltd.		3		74
Tobu Railway Co. Ltd.		5		163
Toho Co. Ltd.		3		95
Toho Gas Co. Ltd.		2		93
Tohoku Electric Power Co., Inc.		11		104
Tokio Marine Holdings, Inc.		75		3,495
Tokyo Century Corp.		1		38
Tokyo Electric Power Co. Holdings, Inc. *		38		128
Tokyo Electron Ltd.		4		831
Tokyo Gas Co. Ltd.		10		211
Tokyu Corp.		13		188
Tokyu Fudosan Holdings Corp.		16		78
Toppan Printing Co. Ltd.		7		104
Toray Industries, Inc.		35		158
Toshiba Corp.		10		248
Tosoh Corp.		7		82
TOTO Ltd.		4		125
Toyo Seikan Group Holdings Ltd.		4		38
Toyo Suisan Kaisha Ltd.		2		111
Toyoda Gosei Co. Ltd.		2		32
Toyota Industries Corp.		4		181
Toyota Motor Corp.		119		7,357
Toyota Tsusho Corp.		5		124

INVESTMENTS	SHARES (000)			VALUE (000)
Japan — continued
Trend Micro, Inc.		3			157
Tsuruha Holdings, Inc.		1			121
Unicharm Corp.		10			369
United Urban Investment Corp., REIT		—	(d)		72
USS Co. Ltd.		6			90
Welcia Holdings Co. Ltd.		1			87
West Japan Railway Co.		4			253
Yakult Honsha Co. Ltd.		3			174
Yamada Denki Co. Ltd.		16			77
Yamaha Corp.		4			145
Yamaha Motor Co. Ltd.		7			89
Yamato Holdings Co. Ltd.		8			133
Yamazaki Baking Co. Ltd.		3			55
Yaskawa Electric Corp.		6			192
Yokogawa Electric Corp.		6			80
Yokohama Rubber Co. Ltd. (The)		3			37
Z Holdings Corp.		66			256
ZOZO, Inc.		3			44
					102,360
Luxembourg — 0.0% (c)
ArcelorMittal SA		16			180
Eurofins Scientific SE		—	(d)		158
SES SA, FDR		9			60
Tenaris SA (b)		12			81
					479
Macau — 0.1%
Galaxy Entertainment Group Ltd.		53			341
Sands China Ltd.		313			1,267
SJM Holdings Ltd.		51			50
Wynn Macau Ltd. (b)		38			66
					1,724
Mexico — 0.2%
Grupo Aeroportuario del Pacifico SAB de CV, Class B		119			739
Grupo Aeroportuario del Sureste SAB de CV, ADR (b)		7			721
Grupo Financiero Banorte SAB de CV, Class O		745			2,040
Grupo Mexico SAB de CV, Series B		412			876
Wal-Mart de Mexico SAB de CV		327			789
					5,165
Netherlands — 0.9%
ABN AMRO Bank NV, CVA (a)		11			81

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
Netherlands — continued
Adyen NV * (a)		—	(d)		260
Aegon NV		44			114
Akzo Nobel NV		15			1,143
Altice Europe NV *		17			67
ASM International NV		13			1,418
ASML Holding NV (b)		51			14,915
ASR Nederland NV		25			677
BE Semiconductor Industries NV * (b)		15			603
Euronext NV (a)		5			417
EXOR NV		3			147
Heineken Holding NV (b)		3			223
Heineken NV (b)		6			550
ING Groep NV		97			544
Just Eat Takeaway.com NV * (a)		3			295
Koninklijke Ahold Delhaize NV (b)		81			1,978
Koninklijke DSM NV		5			557
Koninklijke KPN NV (b)		89			204
Koninklijke Philips NV		23			1,003
Koninklijke Vopak NV (b)		2			100
NN Group NV		7			217
NXP Semiconductors NV		10			1,014
Randstad NV *		3			119
Royal Dutch Shell plc, Class A		105			1,731
Royal Dutch Shell plc, Class B		94			1,497
Wolters Kluwer NV (b)		20			1,444
					31,318
New Zealand — 0.0% (c)
a2 Milk Co. Ltd. *		18			217
Auckland International Airport Ltd.		30			111
Fisher & Paykel Healthcare Corp. Ltd.		14			238
Fletcher Building Ltd.		22			50
Mercury NZ Ltd.		16			46
Meridian Energy Ltd.		31			84
Ryman Healthcare Ltd.		10			76
Spark New Zealand Ltd.		46			123
					945
Norway — 0.1%
Aker BP ASA		3			46
DNB ASA		24			289
Equinor ASA		25			344
Fjordkraft Holding ASA (a)		93			622
Gjensidige Forsikring ASA		5			82
Kongsberg Gruppen ASA		33			423

INVESTMENTS	SHARES (000)		VALUE (000)
Norway — continued
Mowi ASA		11		187
Norsk Hydro ASA		33		85
Orkla ASA		19		171
Scatec Solar ASA (a)		36		525
Schibsted ASA, Class B		3		49
Telenor ASA		18		280
Yara International ASA		4		150
				3,253
Peru — 0.1%
Credicorp Ltd.		26		3,814
Poland — 0.1%
CD Projekt SA		17		1,496
Dino Polska SA * (a)		20		840
				2,336
Portugal — 0.0% (c)
EDP — Energias de Portugal SA		64		268
Galp Energia SGPS SA		12		143
Jeronimo Martins SGPS SA		6		106
				517
Russia — 0.3%
Alrosa PJSC		1,163		963
Evraz plc		12		41
LUKOIL PJSC, ADR		33		2,123
Magnitogorsk Iron & Steel Works PJSC		1,568		844
Moscow Exchange MICEX-RTS PJSC		608		983
Sberbank of Russia PJSC		808		2,130
Severstal PJSC, GDR (a)		64		758
X5 Retail Group NV, GDR (a)		42		1,237
				9,079
Singapore — 0.1%
Ascendas, REIT		75		156
CapitaLand Commercial Trust, REIT		63		71
CapitaLand Ltd. *		64		135
CapitaLand Mall Trust, REIT		64		85
City Developments Ltd.		12		66
ComfortDelGro Corp. Ltd.		54		63
DBS Group Holdings Ltd.		45		631
Genting Singapore Ltd.		157		87
Jardine Cycle & Carriage Ltd.		3		37
Keppel Corp. Ltd.		36		153
Mapletree Commercial Trust, REIT		49		67

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Singapore — continued
Oversea-Chinese Banking Corp. Ltd.		83		528
SATS Ltd.		16		38
Sembcorp Industries Ltd.		25		28
Singapore Airlines Ltd.		14		61
Singapore Exchange Ltd.		21		142
Singapore Press Holdings Ltd.		42		45
Singapore Technologies Engineering Ltd.		41		98
Singapore Telecommunications Ltd.		203		405
Suntec, REIT		51		50
United Overseas Bank Ltd.		31		446
UOL Group Ltd.		12		58
Venture Corp. Ltd.		7		79
Wilmar International Ltd.		48		120
				3,649
South Africa — 0.2%
Anglo American plc		26		465
Bid Corp. Ltd.		45		583
Bidvest Group Ltd. (The)		73		595
Capitec Bank Holdings Ltd.		13		642
Clicks Group Ltd.		124		1,541
FirstRand Ltd. (b)		259		564
Mr Price Group Ltd.		142		1,015
Naspers Ltd., Class N		10		1,588
				6,993
South Korea — 0.9%
Hana Financial Group, Inc.		57		1,304
Hanon Systems		152		1,148
KB Financial Group, Inc.		46		1,309
Kia Motors Corp.		25		616
Korea Electric Power Corp. *		36		701
LG Chem Ltd.		3		784
LG Household & Health Care Ltd.		1		814
Lotte Chemical Corp.		5		975
Mando Corp.		40		786
NCSoft Corp.		2		965
POSCO		6		906
Samsung Electronics Co. Ltd.		372		15,283
Samsung SDI Co. Ltd.		5		1,171
SK Hynix, Inc.		32		2,205
S-Oil Corp.		15		881
				29,848

INVESTMENTS	SHARES (000)		VALUE (000)
Spain — 0.3%
ACS Actividades de Construccion y Servicios SA		7		165
Aena SME SA * (a)		2		212
Amadeus IT Group SA		11		520
Banco Bilbao Vizcaya Argentaria SA		167		546
Banco de Sabadell SA		142		59
Banco Santander SA		417		932
Bankia SA		32		32
Bankinter SA		17		72
CaixaBank SA		89		160
Cellnex Telecom SA (a)		6		325
Enagas SA		6		146
Endesa SA		46		1,011
Ferrovial SA		12		306
Grifols SA		7		253
Iberdrola SA		307		3,056
Industria de Diseno Textil SA		92		2,352
Mapfre SA		25		46
Naturgy Energy Group SA		7		132
Red Electrica Corp. SA		11		189
Repsol SA		36		328
Siemens Gamesa Renewable Energy SA		6		88
Telefonica SA		117		533
				11,463
Sweden — 0.5%
Alfa Laval AB *		8		152
Assa Abloy AB, Class B		25		450
Atlas Copco AB, Class A (b)		93		3,220
Atlas Copco AB, Class B		10		300
Boliden AB (b)		7		137
Electrolux AB, Series B		6		77
Embracer Group AB*		20		215
Epiroc AB, Class A		16		164
Epiroc AB, Class B		10		100
Essity AB, Class B *		15		490
Evolution Gaming Group AB (a)		14		634
Hennes & Mauritz AB, Class B (b)		57		778
Hexagon AB, Class B *		7		323
Husqvarna AB, Class B		11		65
ICA Gruppen AB		2		98
Industrivarden AB, Class C * (b)		4		85
Investor AB, Class B		11		564
Kinnevik AB, Class B		6		123
L E Lundbergforetagen AB, Class B *		2		83

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
Sweden — continued
Lundin Energy AB (b)		5			120
Sandvik AB *		28			435
Securitas AB, Class B (b)		8			92
Sinch AB * (a)		13			651
Skandinaviska Enskilda Banken AB, Class A		40			333
Skanska AB, Class B *		8			161
SKF AB, Class B		66			1,044
Svenska Handelsbanken AB, Class A *		421			3,840
Swedbank AB, Class A (b)		22			266
Swedish Match AB		4			261
Tele2 AB, Class B		12			160
Telefonaktiebolaget LM Ericsson, Class B		77			654
Telia Co. AB		68			236
Volvo AB, Class B		37			477
					16,788
Switzerland — 2.6%
ABB Ltd. (Registered)		46			869
Adecco Group AG (Registered)		4			172
Alcon, Inc. *		10			549
ALSO Holding AG (Registered) *		1			220
Baloise Holding AG (Registered)		1			183
Barry Callebaut AG (Registered)		—	(d)		151
Chocoladefabriken Lindt & Spruengli AG		—	(d)		203
Chocoladefabriken Lindt & Spruengli AG (Registered)		—	(d)		252
Cie Financiere Richemont SA (Registered)		13			742
Clariant AG (Registered) *		5			91
Coca-Cola HBC AG		5			131
Credit Suisse Group AG (Registered) *		64			584
Dufry AG (Registered) (b)		1			33
EMS-Chemie Holding AG (Registered)		—	(d)		137
Geberit AG (Registered)		1			411
Givaudan SA (Registered)		—	(d)		771
Glencore plc *		273			511
Julius Baer Group Ltd. *		6			218
Kuehne + Nagel International AG (Registered)		1			192
LafargeHolcim Ltd. (Registered) *		143			5,958
Lonza Group AG (Registered) *		2			807
Nestle SA (Registered)		262			27,755
Novartis AG (Registered)		137			11,673
Pargesa Holding SA		1			71
Partners Group Holding AG		—	(d)		366
Roche Holding AG		46			15,835

INVESTMENTS	SHARES (000)			VALUE (000)
Switzerland — continued
Schindler Holding AG		1			225
Schindler Holding AG (Registered)		1			112
SGS SA (Registered)		1			2,759
SIG Combibloc Group AG *		38			618
Sika AG (Registered)		3			529
Sonova Holding AG (Registered)		1			249
STMicroelectronics NV		50			1,288
Straumann Holding AG (Registered)		—	(d)		196
Swatch Group AG (The)		1			146
Swatch Group AG (The) (Registered)		1			51
Swiss Life Holding AG (Registered)		1			296
Swiss Prime Site AG (Registered)		2			188
Swiss Re AG (b)		8			550
Swisscom AG (Registered)		3			1,463
Swissquote Group Holding SA (Registered)		11			700
Temenos AG (Registered) * (b)		2			209
UBS Group AG (Registered) *		96			1,030
Vetropack Holding AG		—	(d)		1,290
Vifor Pharma AG		1			169
Wizz Air Holdings plc * (a)		26			944
Zurich Insurance Group AG		16			5,068
					86,965
Taiwan — 1.0%
Accton Technology Corp.		104			754
Advantech Co. Ltd.		77			728
ASE Technology Holding Co. Ltd.		337			751
Chailease Holding Co. Ltd.		379			1,440
Delta Electronics, Inc.		219			1,020
Feng TAY Enterprise Co. Ltd.		142			808
Fubon Financial Holding Co. Ltd.		627			887
Hiwin Technologies Corp.		87			830
Largan Precision Co. Ltd.		13			1,772
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (b)		433			22,982
Vanguard International Semiconductor Corp.		410			951
					32,923
Thailand — 0.1%
PTT Exploration & Production PCL, NVDR		315			812
Siam Cement PCL (The) (Registered)		153			1,626
Thai Oil PCL, NVDR		1,008			1,261
					3,699
Turkey — 0.0% (c)
Turkcell Iletisim Hizmetleri A/S		491			979

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
United Arab Emirates — 0.0% (c)
NMC Health plc ‡		3		—	(d)
United Kingdom — 2.7%
3i Group plc		24		237
Admiral Group plc		5		140
Ashtead Group plc		12		317
Associated British Foods plc		9		210
AstraZeneca plc		33		3,437
Auto Trader Group plc (a)		23		133
AVEVA Group plc		2		72
Aviva plc		98		297
BAE Systems plc		80		512
Barclays plc		433		578
Barratt Developments plc		25		164
Berkeley Group Holdings plc		3		160
BP plc		982		3,869
British American Tobacco plc		57		2,215
British Land Co. plc (The), REIT		22		114
BT Group plc		209		305
Bunzl plc		8		181
Burberry Group plc		140		2,431
Calisen plc *		181		423
Centrica plc		142		71
CK Hutchison Holdings Ltd.		67		499
CNH Industrial NV *		25		158
Coca-Cola European Partners plc		6		227
Compass Group plc		40		669
Croda International plc		3		196
DCC plc		2		174
Diageo plc		250		8,600
Dialog Semiconductor plc *		18		568
Direct Line Insurance Group plc		36		121
easyJet plc		4		31
Experian plc		23		683
Fiat Chrysler Automobiles NV		27		238
G4S plc		39		53
GlaxoSmithKline plc		407		8,501
GVC Holdings plc		14		137
Halma plc		9		248
Hargreaves Lansdown plc		8		149
HSBC Holdings plc		509		2,615
Imperial Brands plc		24		500
Informa plc		31		172
InterContinental Hotels Group plc		64		2,905

INVESTMENTS	SHARES (000)		VALUE (000)
United Kingdom — continued
Intertek Group plc		4		239
ITV plc		90		86
J Sainsbury plc		44		109
JD Sports Fashion plc		11		72
Johnson Matthey plc		5		120
Kingfisher plc		52		104
Land Securities Group plc, REIT		17		146
Legal & General Group plc		1,612		4,146
Linde plc		15		2,713
Linde plc		27		5,045
Lloyds Banking Group plc		1,761		713
London Stock Exchange Group plc		43		4,054
M&G plc		65		108
Marks & Spencer Group plc		48		56
Meggitt plc		19		68
Melrose Industries plc		121		151
Micro Focus International plc		9		50
Mondi plc		12		213
National Grid plc		87		1,022
Next plc		3		200
Ocado Group plc *		11		228
Pearson plc		19		112
Persimmon plc		136		3,766
Prudential plc		65		919
Reckitt Benckiser Group plc		18		1,480
RELX plc		144		3,268
RELX plc		48		1,093
Rentokil Initial plc		46		273
Rolls-Royce Holdings plc *		43		176
Royal Bank of Scotland Group plc		120		168
RSA Insurance Group plc		26		116
Sage Group plc (The)		27		217
Schroders plc		3		103
Segro plc, REIT		27		285
Severn Trent plc		6		177
Smith & Nephew plc		231		4,518
Smiths Group plc		10		153
Spirax-Sarco Engineering plc		2		200
SSE plc		26		407
St James’s Place plc		13		140
Standard Chartered plc		69		354
Standard Life Aberdeen plc		60		167
Taylor Wimpey plc		81		150

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
United Kingdom — continued
Tesco plc		245			726
Unilever NV		121			6,040
Unilever plc		28			1,431
United Utilities Group plc		17			192
Vodafone Group plc		671			946
Weir Group plc (The)		6			77
Whitbread plc		3			124
Wm Morrison Supermarkets plc		59			136
WPP plc		31			244
					91,111
United States — 22.2%
AbbVie, Inc.		69			5,699
Acadia Healthcare Co., Inc. * (b)		26			625
Advanced Micro Devices, Inc. *		61			3,197
AdvanSix, Inc. *		28			338
Air Products & Chemicals, Inc.		5			1,070
Alexion Pharmaceuticals, Inc. *		26			2,749
Alleghany Corp.		2			1,090
Allergan plc		12			2,265
Alnylam Pharmaceuticals, Inc. *		9			1,142
Alphabet, Inc., Class A *		—	(d)		358
Alphabet, Inc., Class C * (e)		15			20,653
Altice USA, Inc., Class A *		4			110
Altria Group, Inc.		36			1,403
Amazon.com, Inc. *		12			30,220
American Electric Power Co., Inc. (b)		51			4,273
American Express Co.		28			2,572
American Homes 4 Rent, Class A, REIT		64			1,541
American International Group, Inc.		56			1,428
AmerisourceBergen Corp.		20			1,813
AMETEK, Inc.		21			1,765
Amgen, Inc.		18			4,381
Amphenol Corp., Class A		14			1,279
Analog Devices, Inc.		24			2,660
Apple, Inc. (e)		69			20,170
Arista Networks, Inc. *		5			1,197
Arrow Electronics, Inc. *		23			1,440
Automatic Data Processing, Inc.		19			2,818
AutoZone, Inc. *		3			2,927
AvalonBay Communities, Inc., REIT		3			518
Avaya Holdings Corp. *		19			191
Avery Dennison Corp.		14			1,564

INVESTMENTS	SHARES (000)			VALUE (000)
United States — continued
Ball Corp.		69			4,499
Bank of America Corp.		397			9,540
Berkshire Hathaway, Inc., Class A *		—	(d)		845
Berkshire Hathaway, Inc., Class B *		26			4,798
Best Buy Co., Inc.		23			1,798
BlackRock, Inc.		16			8,066
Blackstone Group, Inc. (The), Class A (b)		18			944
Booking Holdings, Inc. *		3			3,802
Booz Allen Hamilton Holding Corp.		30			2,207
Boston Scientific Corp. *		131			4,916
Brinker International, Inc. (b)		25			574
Bristol-Myers Squibb Co.		172			10,433
Brixmor Property Group, Inc., REIT		111			1,276
Cabot Oil & Gas Corp.		57			1,230
Cadence Design Systems, Inc. *		14			1,106
Campbell Soup Co.		13			674
Capital One Financial Corp. (e)		68			4,399
Carlisle Cos., Inc.		17			2,111
Carnival plc		4			56
Carrier Global Corp. *		27			478
Catalent, Inc. *		29			2,031
CBRE Group, Inc., Class A * (e)		80			3,415
Charles Schwab Corp. (The)		152			5,739
Charter Communications, Inc., Class A *		17			8,486
Chevron Corp.		124			11,363
Chubb Ltd.		18			1,947
Cigna Corp.		59			11,508
Cisco Systems, Inc. (e)		61			2,573
Citigroup, Inc. (b)		187			9,063
Citizens Financial Group, Inc.		99			2,217
Claire’s Stores, Inc. * ‡		—	(d)		179
Clear Channel Outdoor Holdings, Inc. *		61			59
Coca-Cola Co. (The)		171			7,833
Columbia Sportswear Co. (b)		18			1,329
Comcast Corp., Class A		106			3,970
CommScope Holding Co., Inc. *		146			1,613
ConocoPhillips		73			3,089
Copart, Inc.*		18			1,445
Coty, Inc., Class A		139			756
Crowdstrike Holdings, Inc., Class A *		15			1,041
CyberArk Software Ltd. *		1			92
Delta Air Lines, Inc. (e)		56			1,440
DexCom, Inc. *		6			2,039

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
United States — continued
Diamondback Energy, Inc.		25		1,097
Discovery, Inc., Class A * (b)		91		2,032
Discovery, Inc., Class C *		61		1,249
DISH Network Corp., Class A *		66		1,644
Dover Corp.		30		2,822
Duke Energy Corp.		21		1,776
East West Bancorp, Inc.		22		779
EastGroup Properties, Inc., REIT		8		803
Edison International		25		1,480
Eli Lilly & Co.		28		4,261
Energizer Holdings, Inc. (b)		51		1,991
Enphase Energy, Inc. * (b)		37		1,730
Entegris, Inc.		25		1,342
Entercom Communications Corp., Class A (e)		240		292
Entergy Corp.		15		1,392
EPAM Systems, Inc. *		8		1,813
EQT Corp.		95		1,381
Equitrans Midstream Corp. (b)		151		1,265
Exact Sciences Corp. *		20		1,545
Exelixis, Inc. *		62		1,537
Facebook, Inc., Class A * (e)		10		2,118
Federal Realty Investment Trust, REIT (b)		17		1,385
Ferguson plc		50		3,613
Fidelity National Information Services, Inc.		9		1,234
Fifth Third Bancorp		62		1,163
First Republic Bank		34		3,579
Fiserv, Inc. * (e)		63		6,466
Fortune Brands Home & Security, Inc.		27		1,305
FTI Consulting, Inc. *		17		2,148
Garmin Ltd.		20		1,642
Generac Holdings, Inc. *		22		2,102
General Dynamics Corp.		8		1,060
Global Payments, Inc.		24		4,056
Goodman Networks, Inc. * ‡		2		—
Graphic Packaging Holding Co.		137		1,823
Hartford Financial Services Group, Inc. (The)		47		1,787
HCA Healthcare, Inc.		13		1,394
Hilton Worldwide Holdings, Inc.		7		496
Home Depot, Inc. (The)		43		9,423
Honeywell International, Inc.		71		10,126
iHeartMedia, Inc., Class A *		1		4
IHS Markit Ltd.		20		1,318
Illinois Tool Works, Inc. (e)		14		2,278

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Illumina, Inc. *		5		1,599
Ingersoll Rand, Inc. *		33		951
Intercept Pharmaceuticals, Inc. * (b)		8		615
Intercontinental Exchange, Inc.		56		4,999
Intuit, Inc.		15		4,129
Intuitive Surgical, Inc. *		3		1,413
Invesco Ltd.		56		481
ITT, Inc.		14		732
James Hardie Industries plc, CHDI		11		157
Jazz Pharmaceuticals plc *		11		1,253
Johnson & Johnson		37		5,558
Keurig Dr Pepper, Inc. (b)		46		1,226
KeyCorp		181		2,112
Keysight Technologies, Inc. *		19		1,832
Kimco Realty Corp., REIT		82		893
Kinder Morgan, Inc.		143		2,171
Kohl’s Corp.		57		1,057
Lam Research Corp.		8		2,004
Las Vegas Sands Corp.		21		1,017
Liberty Media Corp.-Liberty Formula One, Class C *		29		918
Loews Corp. (e)		132		4,575
Lowe’s Cos., Inc.		32		3,357
Lululemon Athletica, Inc. *		6		1,285
Lyft, Inc., Class A * (b)		72		2,362
M&T Bank Corp.		29		3,225
Marathon Petroleum Corp.		51		1,631
Marriott International, Inc., Class A		6		523
Marsh & McLennan Cos., Inc.		18		1,764
Martin Marietta Materials, Inc.		15		2,864
Mastercard, Inc., Class A		39		10,835
McKesson Corp.		24		3,449
Medallia, Inc. * (b)		25		547
Medtronic plc		26		2,536
Merck & Co., Inc.		46		3,650
Mettler-Toledo International, Inc. *		2		1,117
Microchip Technology, Inc. (b)		8		726
Microsoft Corp. (e)		190		34,137
Mid-America Apartment Communities, Inc., REIT (b)		20		2,234
Middleby Corp. (The) *		19		1,050
Mondelez International, Inc., Class A		20		1,025
MongoDB, Inc. *		6		933
Moran Foods Backstop Equity * ‡		24		24

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
United States — continued
Morgan Stanley		219		8,617
Murphy USA, Inc. *		16		1,675
Nasdaq, Inc.		15		1,639
National Vision Holdings, Inc. *		27		711
Netflix, Inc. *		17		7,268
New York Times Co. (The), Class A		37		1,218
Newell Brands, Inc. (b)		81		1,122
Nexstar Media Group, Inc., Class A		23		1,638
NextEra Energy, Inc.		42		9,760
Nordson Corp. (b)		10		1,539
Nordstrom, Inc. (b)		59		1,099
Norfolk Southern Corp.		33		5,678
Northern Trust Corp.		22		1,758
NVIDIA Corp. (e)		21		6,179
Old Dominion Freight Line, Inc.		12		1,765
O’Reilly Automotive, Inc. *		20		7,916
Otis Worldwide Corp. *		13		686
Outfront Media, Inc., REIT		63		984
Packaging Corp. of America		24		2,287
PayPal Holdings, Inc. *		61		7,504
PBF Energy, Inc., Class A		56		635
Penn Virginia Corp. *		1		3
Pfizer, Inc.		137		5,263
Philip Morris International, Inc.		23		1,730
Phillips 66		29		2,106
Pioneer Natural Resources Co.		15		1,344
PNC Financial Services Group, Inc. (The)		48		5,082
Post Holdings, Inc. *		26		2,387
Procter & Gamble Co. (The)		75		8,810
Progressive Corp. (The)		47		3,616
Prologis, Inc., REIT		65		5,806
Prudential Financial, Inc.		12		721
Public Storage, REIT		17		3,100
QIAGEN NV *		6		235
QUALCOMM, Inc. (e)		50		3,908
Ralph Lauren Corp.		7		538
Rayonier, Inc., REIT (b)		75		1,792
Raytheon Technologies Corp.		27		1,748
Regeneron Pharmaceuticals, Inc. *		7		3,525
Remington Outdoor Co., Inc. * ‡		2		2
RingCentral, Inc., Class A *		6		1,318
Ross Stores, Inc.		24		2,223
S&P Global, Inc.		9		2,552

INVESTMENTS	SHARES (000)			VALUE (000)
United States — continued
salesforce.com, Inc. * (e)		47			7,541
ServiceNow, Inc. *		6			2,033
Sherwin-Williams Co. (The)		1			544
Slack Technologies, Inc., Class A * (b)		16			416
Southwest Airlines Co.		44			1,382
Splunk, Inc. *		10			1,392
Spotify Technology SA *		11			1,677
Stanley Black & Decker, Inc.		41			4,483
Synopsys, Inc. *		11			1,742
T. Rowe Price Group, Inc.		31			3,601
Take-Two Interactive Software, Inc. *		15			1,827
Teladoc Health, Inc. *		14			2,294
Tesla, Inc. *		13			10,064
Texas Instruments, Inc. (e)		59			6,863
Thermo Fisher Scientific, Inc.		16			5,323
Thor Industries, Inc. (b)		13			854
Tractor Supply Co.		26			2,669
Trade Desk, Inc. (The), Class A * (b)		7			2,055
Trane Technologies plc		17			1,473
Travelers Cos., Inc. (The)		38			3,802
Truist Financial Corp.		83			3,091
Twilio, Inc., Class A *		—	(d)		8
Uber Technologies, Inc. *		110			3,318
Ulta Beauty, Inc. *		4			779
Union Pacific Corp.		20			3,250
UnitedHealth Group, Inc. (e)		76			22,178
US Bancorp		66			2,400
Verizon Communications, Inc. (e)		88			5,027
Vertex Pharmaceuticals, Inc. *		10			2,615
ViacomCBS, Inc.		61			1,059
Visa, Inc., Class A (e)		1			193
Vistra Energy Corp.		17			335
Vulcan Materials Co.		9			1,058
Walgreens Boots Alliance, Inc.		57			2,449
Waste Connections, Inc. (b)		24			2,020
Wells Fargo & Co. (e)		136			3,953
WestRock Co.		54			1,753
Weyerhaeuser Co., REIT		53			1,170
Williams Cos., Inc. (The)		140			2,715
Workday, Inc., Class A *		9			1,388
Xcel Energy, Inc.		135			8,564
Zebra Technologies Corp., Class A *		9			2,054
Zimmer Biomet Holdings, Inc.		35			4,186

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
United States — continued
Zscaler, Inc.* (b)		19		1,272
				750,509
Total Common Stocks (Cost $1,414,848)				1,567,238
	PRINCIPAL AMOUNT (000)
Corporate Bonds — 17.7%
Australia — 0.0% (c)
FMG Resources August 2006 Pty. Ltd. 5.13%, 5/15/2024 (b) (f)		230		234
Scentre Group Trust 1
REIT, 2.38%, 4/28/2021 (f)		239		239
REIT, 3.25%, 10/28/2025 (f)		780		784
				1,257
Belgium — 0.2%
Anheuser-Busch InBev Worldwide, Inc. 4.90%, 1/23/2031		1,590		1,863
4.38%, 4/15/2038		1,715		1,848
4.44%, 10/6/2048		230		249
4.50%, 6/1/2050		2,025		2,252
				6,212
Canada — 0.4%
1011778 BC ULC 4.25%, 5/15/2024 (f)		672		672
Alimentation Couche-Tard, Inc. 2.95%, 1/25/2030 (f)		490		479
Bell Canada, Inc. 4.30%, 7/29/2049		365		433
Bombardier, Inc. 6.00%, 10/15/2022 (f)		506		380
7.50%, 3/15/2025 (f)		93		60
Canadian Imperial Bank of Commerce (ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (g)		1,780		1,811
Emera US Finance LP 3.55%, 6/15/2026 (b)		715		754
4.75%, 6/15/2046		740		798
Enbridge, Inc. 3.13%, 11/15/2029 (b)		2,035		1,946
Federation des Caisses Desjardins du Quebec 2.05%, 2/10/2025 (f)		870		873
MEG Energy Corp. 7.00%, 3/31/2024 (b) (f)		181		129
7.13%, 2/1/2027 (f)		557		384
National Bank of Canada 2.15%, 10/7/2022 (f)		1,630		1,652
NOVA Chemicals Corp. 5.00%, 5/1/2025 (f)		538		454
5.25%, 6/1/2027 (f)		331		265

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Canada — continued
Quebecor Media, Inc. 5.75%, 1/15/2023		81		85
Stars Group Holdings BV
7.00%, 7/15/2026 (f)		335		344
TransCanada PipeLines Ltd.
4.25%, 5/15/2028		1,100		1,184
Videotron Ltd.
5.38%, 6/15/2024 (f)		116		123
5.13%, 4/15/2027 (f)		315		329
				13,155
Cayman Islands — 0.0% (c)
Global Aircraft Leasing Co. Ltd.
6.50% (cash), 9/15/2024 (f) (h)		245		148
China — 0.1%
China Development Bank
0.38%, 11/16/2021 (a)	EUR	1,270		1,397
2.63%, 1/24/2022 (a)		3,000		3,058
				4,455
Denmark — 0.1%
Danske Bank A/S
5.38%, 1/12/2024 (f)		1,090		1,177
(ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025 (f) (g)		920		920
				2,097
Ecuador — 0.0% (c)
Petroamazonas EP
4.63%, 11/6/2020 (f) (i)		263		119
France — 0.6%
Altice France SA
7.38%, 5/1/2026 (f)		784		819
Banque Federative du Credit Mutuel SA
2.38%, 11/21/2024 (f)		895		912
BNP Paribas SA
3.80%, 1/10/2024 (f)		2,195		2,310
BPCE SA
(SOFR + 0.44%), 0.45%, 2/17/2022 (f) (g)		590		577
2.38%, 1/14/2025 (f)		1,790		1,781
Credit Agricole SA
4.13%, 1/10/2027 (f)		915		999
Dexia Credit Local SA
0.75%, 1/25/2023 (a)	EUR	3,500		3,932
1.63%, 12/8/2023 (a)	GBP	2,800		3,646

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
France — continued
1.25%, 11/26/2024 (a)	EUR	2,100		2,444
Total Capital International SA
2.83%, 1/10/2030		1,380		1,428
3.46%, 7/12/2049		415		436
				19,284
Germany — 0.2%
BMW US Capital LLC
3.10%, 4/12/2021 (f)		380		382
Daimler Finance North America LLC
2.70%, 8/3/2020 (f)		762		761
2.55%, 8/15/2022 (f)		905		893
Kreditanstalt fuer Wiederaufbau
0.00%, 12/15/2022	EUR	3,000		3,325
Siemens Financieringsmaatschappij NV
3.25%, 5/27/2025 (f)		775		838
Volkswagen Group of America Finance LLC
2.70%, 9/26/2022 (f)		1,790		1,797
3.20%, 9/26/2026 (f)		700		699
				8,695
Ireland — 0.1%
AerCap Ireland Capital DAC
3.50%, 1/15/2025		1,065		918
AIB Group plc (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (f) (g)		1,085		1,105
				2,023
Italy — 0.1%
Enel Finance International NV
4.88%, 6/14/2029 (f)		680		784
Eni SpA
4.25%, 5/9/2029 (f)		520		530
Telecom Italia Capital SA
6.38%, 11/15/2033		405		437
6.00%, 9/30/2034		358		371
7.72%, 6/4/2038		290		336
				2,458
Japan — 0.6%
Development Bank of Japan, Inc.
3.13%, 9/6/2023 (f)		1,850		1,993
Mitsubishi UFJ Financial Group, Inc.
3.76%, 7/26/2023		1,810		1,915

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Japan — continued
2.19%, 2/25/2025		1,890		1,899
Mizuho Financial Group, Inc.
(ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023 (g)		1,790		1,821
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026 (g)		2,460		2,459
Sumitomo Mitsui Financial Group, Inc.
2.70%, 7/16/2024		3,845		3,954
2.35%, 1/15/2025		1,740		1,767
Takeda Pharmaceutical Co. Ltd.
4.00%, 11/26/2021		2,570		2,674
5.00%, 11/26/2028		935		1,126
				19,608
Luxembourg — 0.1%
Altice Financing SA
7.50%, 5/15/2026 (b) (f)		1,375		1,437
5.00%, 1/15/2028 (f)		200		195
Altice France Holding SA
10.50%, 5/15/2027 (f)		373		402
6.00%, 2/15/2028 (b) (f)		350		319
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		773		420
8.00%, 2/15/2024 (f)		716		735
8.50%, 10/15/2024 (f)		680		394
				3,902
Netherlands — 0.4%
BNG Bank NV
2.50%, 2/16/2021 (b) (f)		3,538		3,593
4.75%, 3/6/2023 (a)	AUD	602		436
Cooperatieve Rabobank UA
3.88%, 9/26/2023 (f)		1,140		1,210
NXP BV
3.88%, 6/18/2026 (f)		705		738
Shell International Finance BV
2.38%, 4/6/2025		3,340		3,443
2.75%, 4/6/2030		1,810		1,876
Trivium Packaging Finance BV
5.50%, 8/15/2026 (f) (j)		364		373
8.50%, 8/15/2027 (f) (j)		227		237
UPC Holding BV
5.50%, 1/15/2028 (f)		200		194
				12,100

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
Norway — 0.0% (c)
DNB Bank ASA
2.15%, 12/2/2022 (f)		770		786
Singapore — 0.3%
Temasek Financial I Ltd.
0.50%, 3/1/2022 (a)	EUR	2,000		2,205
3.63%, 8/1/2028 (f)		6,158		7,105
				9,310
South Korea — 0.2%
Korea Development Bank (The)
3.00%, 3/19/2022		1,087		1,123
1.75%, 12/15/2022 (a)	GBP	2,450		3,093
2.13%, 10/1/2024		1,826		1,863
				6,079
Spain — 0.1%
Banco Santander SA
2.71%, 6/27/2024		2,000		2,053
Telefonica Emisiones SA
4.10%, 3/8/2027		1,855		2,001
				4,054
Switzerland — 0.3%
Credit Suisse Group AG
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024 (f) (g)		1,270		1,333
(SOFR + 1.56%), 2.59%, 9/11/2025 (f) (g)		2,405		2,399
4.28%, 1/9/2028 (f)		2,500		2,694
Glencore Finance Canada Ltd.
5.55%, 10/25/2042 (f) (j)		300		303
Glencore Funding LLC
4.00%, 3/27/2027 (f)		660		668
Novartis Capital Corp.
2.75%, 8/14/2050		500		536
UBS Group AG
3.49%, 5/23/2023 (f)		1,910		1,965
4.13%, 9/24/2025 (f)		735		808
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (f) (g)		940		979
				11,685
United Arab Emirates — 0.0% (c)
EA Partners I BV
6.88%, 9/28/2020 (a) (i)		390		125

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United Kingdom — 0.9%
Ashtead Capital, Inc.
4.00%, 5/1/2028 (f)		600		573
AstraZeneca plc
4.00%, 1/17/2029		905		1,063
BAE Systems plc
3.40%, 4/15/2030 (f)		1,305		1,417
BAT Capital Corp.
3.22%, 9/6/2026		685		705
3.56%, 8/15/2027		650		668
3.46%, 9/6/2029		490		499
4.39%, 8/15/2037		1,240		1,268
4.54%, 8/15/2047		595		618
CK Hutchison International 19 Ltd.
3.25%, 4/11/2024 (f)		1,035		1,078
Diageo Capital plc
1.38%, 9/29/2025 (b)		610		609
2.00%, 4/29/2030		350		349
HSBC Holdings plc
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025 (g)		1,020		1,085
(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025 (g)		1,350		1,376
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026 (g)		1,475		1,617
4.95%, 3/31/2030		1,655		1,959
Imperial Brands Finance plc
3.13%, 7/26/2024 (f)		1,020		1,004
3.50%, 7/26/2026 (f)		715		711
Lloyds Banking Group plc
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 3.87%, 7/9/2025 (b) (g)		2,430		2,555
Reckitt Benckiser Treasury Services plc
2.38%, 6/24/2022 (f)		2,040		2,080
Royal Bank of Scotland Group plc
3.88%, 9/12/2023		1,195		1,251
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (g)		2,505		2,663
Standard Chartered plc
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (f) (g)		1,340		1,337
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 4.64%, 4/1/2031 (f) (g)		895		985

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United Kingdom — continued
Virgin Media Secured Finance plc 5.50%, 5/15/2029 (f)		800		830
Vodafone Group plc
4.13%, 5/30/2025		755		841
5.00%, 5/30/2038		255		304
4.25%, 9/17/2050		1,390		1,521
				30,966
United States — 13.0%
Abbott Laboratories 4.90%, 11/30/2046		640		896
AbbVie, Inc.
3.20%, 11/21/2029 (f)		3,670		3,878
4.50%, 5/14/2035		435		502
4.05%, 11/21/2039 (f)		265		292
4.45%, 5/14/2046		585		683
4.25%, 11/21/2049 (f)		940		1,078
ACCO Brands Corp. 5.25%, 12/15/2024 (f)		219		217
ACE Cash Express, Inc. 12.00%, 12/15/2022 (f)		485		376
Adient US LLC 7.00%, 5/15/2026 (f)		1,095		1,090
ADT Security Corp. (The) 4.88%, 7/15/2032 (f)		305		271
AECOM 5.13%, 3/15/2027		349		355
AEP Transmission Co. LLC Series M, 3.65%, 4/1/2050		505		602
AES Corp. (The) 6.00%, 5/15/2026		550		575
Aetna, Inc.
4.13%, 11/15/2042		460		506
3.88%, 8/15/2047		615		669
Aflac, Inc. 3.60%, 4/1/2030		860		964
Ahern Rentals, Inc. 7.38%, 5/15/2023(f)		918		432
AIG Global Funding (ICE LIBOR USD 3 Month + 0.65%), 1.75%, 1/22/2021 (f) (g)		281		279
Air Lease Corp.
(ICE LIBOR USD 3 Month + 0.67%), 2.13%, 6/3/2021 (g)		81		75
3.25%, 3/1/2025		2,495		2,240
Air Products and Chemicals, Inc.
2.05%, 5/15/2030		150		153
2.80%, 5/15/2050		235		238
Albertsons Cos., Inc.
4.63%, 1/15/2027 (f)		400		402
5.88%, 2/15/2028 (f)		206		215
4.88%, 2/15/2030 (b) (f)		770		781

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (f)		202		200
7.00%, 9/30/2026 (f)		750		742
Alexandria Real Estate Equities, Inc. REIT, 4.90%, 12/15/2030		400		478
Allied Universal Holdco LLC
6.63%, 7/15/2026 (f)		170		175
9.75%, 7/15/2027 (f)		175		177
Allison Transmission, Inc.
4.75%, 10/1/2027 (f)		473		440
5.88%, 6/1/2029 (f)		500		485
Ally Financial, Inc. 5.75%, 11/20/2025		1,210		1,240
Altria Group, Inc.
4.80%, 2/14/2029		2,010		2,244
3.88%, 9/16/2046		1,245		1,199
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		374		84
6.13%, 5/15/2027 (b)		317		75
AMC Networks, Inc.
5.00%, 4/1/2024 (b)		60		58
4.75%, 8/1/2025		348		318
Ameren Corp. 3.50%, 1/15/2031		810		896
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025 (b)		1,200		914
6.25%, 3/15/2026		158		118
6.50%, 4/1/2027		347		261
American International Group, Inc. 3.88%, 1/15/2035		750		799
American Tower Corp.
REIT, 2.75%, 1/15/2027		2,525		2,613
REIT, 3.95%, 3/15/2029		1,430		1,599
American Water Capital Corp. 3.45%, 5/1/2050		550		612
AmeriGas Partners LP 5.50%, 5/20/2025		615		625
Amgen, Inc.
2.45%, 2/21/2030		860		885
3.38%, 2/21/2050 (b)		720		771
Antero Midstream Partners LP 5.38%, 9/15/2024		645		503
Antero Resources Corp.
5.38%, 11/1/2021 (b)		244		218
5.13%, 12/1/2022		196		137
5.63%, 6/1/2023		149		87

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Anthem, Inc.
2.88%, 9/15/2029		1,385		1,432
4.63%, 5/15/2042		215		261
Apple, Inc. 2.95%, 9/11/2049		1,980		2,115
Aramark Services, Inc. 5.00%, 2/1/2028 (b) (f)		680		649
Archrock Partners LP 6.88%, 4/1/2027 (f)		90		67
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (f)		1,075		1,076
5.25%, 8/15/2027 (f)		359		349
AT&T, Inc.
4.45%, 4/1/2024		3,170		3,450
3.80%, 2/15/2027		1,875		2,023
4.55%, 3/9/2049		2,015		2,305
Avantor, Inc. 6.00%, 10/1/2024 (f)		750		790
Avis Budget Car Rental LLC
5.25%, 3/15/2025 (f)		395		233
5.75%, 7/15/2027 (f)		132		77
Ball Corp. 4.88%, 3/15/2026		275		296
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (g)		1,205		1,286
(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (g)		870		873
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (g)		4,245		4,637
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (g)		2,935		3,203
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030 (g)		2,755		2,869
(SOFR + 2.15%), 2.59%, 4/29/2031 (g)		925		947
Bank of New York Mellon Corp. (The) 1.60%, 4/24/2025		3,285		3,333
Bausch Health Americas, Inc. 9.25%, 4/1/2026 (f)		228		251
Bausch Health Cos., Inc.
5.50%, 3/1/2023 (f)		8		8
5.88%, 5/15/2023 (b) (f)		82		81
6.13%, 4/15/2025 (f)		1,333		1,347
9.00%, 12/15/2025 (f)		720		785
7.00%, 1/15/2028 (f)		172		179
5.00%, 1/30/2028 (f)		1,182		1,132
7.25%, 5/30/2029 (f)		170		181
5.25%, 1/30/2030 (f)		332		329

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Becton Dickinson and Co.
3.36%, 6/6/2024		1,515		1,609
3.70%, 6/6/2027		635		689
4.67%, 6/6/2047		195		243
Berkshire Hathaway Energy Co.
4.05%, 4/15/2025 (f)		2,355		2,648
3.70%, 7/15/2030 (f)		1,225		1,391
Berkshire Hathaway Finance Corp.
1.85%, 3/12/2030		865		885
4.20%, 8/15/2048		255		321
Berry Global, Inc. 4.88%, 7/15/2026 (f)		863		881
Biogen, Inc.
2.25%, 5/1/2030		130		129
3.15%, 5/1/2050		490		474
Blue Racer Midstream LLC 6.13%, 11/15/2022 (f)		375		319
Boeing Co. (The)
4.51%, 5/1/2023		745		745
4.88%, 5/1/2025		565		565
5.04%, 5/1/2027		680		680
3.25%, 2/1/2035		385		318
5.71%, 5/1/2040		345		345
Boston Scientific Corp. 4.55%, 3/1/2039		345		413
Boyd Gaming Corp.
6.38%, 4/1/2026		355		320
6.00%, 8/15/2026		212		192
Boyne USA, Inc. 7.25%, 5/1/2025 (f)		282		282
BP Capital Markets America, Inc.
3.54%, 4/6/2027		2,530		2,653
3.00%, 2/24/2050		655		622
Brink’s Co. (The) 4.63%, 10/15/2027 (f)		370		346
Bristol-Myers Squibb Co.
3.45%, 11/15/2027 (f)		3,135		3,550
4.13%, 6/15/2039 (f)		225		278
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026 (f)		247		198
Burlington Northern Santa Fe LLC 3.05%, 2/15/2051		1,830		1,904
BWX Technologies, Inc. 5.38%, 7/15/2026 (f)		225		230
Caesars Resort Collection LLC 5.25%, 10/15/2025 (f)		185		145
Calpine Corp. 5.25%, 6/1/2026 (f)		430		437
Cameron LNG LLC 3.30%, 1/15/2035 (f)		350		347
Capital One NA 2.15%, 9/6/2022		865		862
Carrier Global Corp. 2.49%, 2/15/2027 (f)		665		634

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
CCO Holdings LLC
5.75%, 2/15/2026 (f)		1,001		1,044
5.50%, 5/1/2026 (f)		1,605		1,669
5.13%, 5/1/2027 (f)		1,850		1,921
5.00%, 2/1/2028 (f)		1,737		1,789
4.75%, 3/1/2030 (f)		1,007		1,027
CDK Global, Inc.
4.88%, 6/1/2027		300		299
5.25%, 5/15/2029 (f)		313		319
CDW LLC 4.25%, 4/1/2028 (b)		572		575
Cedar Fair LP 5.38%, 4/15/2027		331		295
Centene Corp.
4.25%, 12/15/2027 (f)		575		602
4.63%, 12/15/2029 (f)		1,033		1,131
3.38%, 2/15/2030 (f)		365		368
CenturyLink, Inc.
Series Y, 7.50%, 4/1/2024		220		239
5.63%, 4/1/2025		500		500
5.13%, 12/15/2026 (f)		1,175		1,113
Charter Communications Operating LLC
4.91%, 7/23/2025		835		941
4.80%, 3/1/2050		1,910		2,157
Chemours Co. (The) 7.00%, 5/15/2025 (b)		995		935
Cheniere Energy Partners LP
5.25%, 10/1/2025		268		256
5.63%, 10/1/2026		268		256
Cigna Corp.
3.05%, 10/15/2027 (f)		835		874
3.40%, 3/15/2050		580		597
Cinemark USA, Inc. 4.88%, 6/1/2023		335		281
CIT Group, Inc. 6.13%, 3/9/2028 (b)		300		307
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (g) (k) (l)		359		349
(SOFR + 2.75%), 3.11%, 4/8/2026 (g)		4,145		4,340
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (g) (k) (l)		210		225
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (g)		2,810		2,981
(SOFR + 1.42%), 2.98%, 11/5/2030 (b) (g)		3,280		3,346
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024 (f)		370		308
5.13%, 8/15/2027 (f)		1,329		1,249

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
CNG Holdings, Inc. 12.50%, 6/15/2024 (f)		221		189
Coca-Cola Co. (The) 2.50%, 6/1/2040		545		542
Colfax Corp. 6.38%, 2/15/2026 (f)		120		124
Columbia Pipeline Group, Inc. 3.30%, 6/1/2020		320		320
Comcast Corp.
4.15%, 10/15/2028		505		589
3.40%, 4/1/2030		2,100		2,347
3.20%, 7/15/2036		1,700		1,837
3.75%, 4/1/2040		1,000		1,145
3.45%, 2/1/2050		1,080		1,205
Commercial Metals Co. 4.88%, 5/15/2023		84		84
Commonwealth Edison Co.
2.20%, 3/1/2030		870		900
3.00%, 3/1/2050		365		390
CommScope, Inc.
6.00%, 3/1/2026 (f)		1,225		1,225
8.25%, 3/1/2027 (f)		725		696
Community Health Systems, Inc.
6.25%, 3/31/2023 (b)		447		416
8.00%, 3/15/2026 (f)		154		147
Constellation Brands, Inc.
3.15%, 8/1/2029		485		499
3.75%, 5/1/2050		225		225
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (b) (f)		188		116
Constellium SE 5.75%, 5/15/2024 (f)		505		487
Costco Wholesale Corp. 1.75%, 4/20/2032		780		775
Cox Communications, Inc. 4.80%, 2/1/2035 (f)		925		1,067
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (j)		19		14
5.75%, 4/1/2025 (b)		676		487
Crown Castle International Corp.
REIT, 3.30%, 7/1/2030		1,725		1,846
REIT, 4.15%, 7/1/2050		390		455
CSC Holdings LLC
5.50%, 4/15/2027 (f)		750		780
6.50%, 2/1/2029 (f)		760		830
5.75%, 1/15/2030 (f)		800		832
CSX Corp.
3.25%, 6/1/2027		600		648
2.40%, 2/15/2030		1,105		1,134
3.80%, 4/15/2050		540		619

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
CVS Health Corp.
3.75%, 4/1/2030		1,720		1,909
4.13%, 4/1/2040		265		297
4.25%, 4/1/2050		650		751
Darling Ingredients, Inc. 5.25%, 4/15/2027 (f)		350		353
DaVita, Inc. 5.00%, 5/1/2025		1,431		1,452
DCP Midstream Operating LP 5.38%, 7/15/2025		373		302
Deere & Co.
2.75%, 4/15/2025		855		910
3.10%, 4/15/2030		1,045		1,154
Dell International LLC
5.88%, 6/15/2021 (f)		128		128
7.13%, 6/15/2024 (f)		180		187
6.02%, 6/15/2026 (f)		750		811
4.90%, 10/1/2026 (f)		1,050		1,087
Denbury Resources, Inc. 9.00%, 5/15/2021 (f)		195		35
Diamond Sports Group LLC
5.38%, 8/15/2026 (f)		441		335
6.63%, 8/15/2027 (b) (f)		215		118
Diamondback Energy, Inc. 5.38%, 5/31/2025		525		501
DISH DBS Corp.
5.13%, 5/1/2020		335		335
5.88%, 7/15/2022		479		483
5.00%, 3/15/2023		198		189
5.88%, 11/15/2024		2,070		1,991
7.75%, 7/1/2026 (b)		1,264		1,245
Dominion Energy, Inc. Series D, 2.85%, 8/15/2026		198		205
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (f)		372		223
Duke Energy Florida LLC 2.50%, 12/1/2029		2,190		2,342
Duke Energy Indiana LLC 2.75%, 4/1/2050		1,135		1,153
Edison International 4.95%, 4/15/2025		2,535		2,751
Eli Lilly and Co. 2.25%, 5/15/2050		605		576
Embarq Corp. 8.00%, 6/1/2036 (b)		682		702
EMC Corp. 3.38%, 6/1/2023		403		401
Encompass Health Corp.
5.75%, 11/1/2024		445		447
4.50%, 2/1/2028		500		501
Endo Dac
6.00%, 7/15/2023 (f)		265		199
6.00%, 2/1/2025 (f) (j)		200		143

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Energizer Holdings, Inc.
5.50%, 6/15/2025 (b) (f)		685		693
7.75%, 1/15/2027 (b) (f)		550		584
Energy Transfer Operating LP
3.75%, 5/15/2030		530		480
5.15%, 2/1/2043		360		297
5.15%, 3/15/2045		670		594
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (g) (k) (l)		760		205
4.40%, 4/1/2024		340		214
Entercom Media Corp. 7.25%, 11/1/2024 (b) (f)		230		143
Entergy Louisiana LLC 2.90%, 3/15/2051		705		744
Entergy Texas, Inc. 3.55%, 9/30/2049		920		1,037
Enterprise Products Operating LLC
5.20%, 9/1/2020		169		171
2.80%, 1/31/2030 (b)		1,445		1,419
3.70%, 1/31/2051		710		661
Envision Healthcare Corp. 8.75%, 10/15/2026 (f)		321		107
EP Energy LLC
8.00%, 11/29/2024 (f) (i)		396		1
8.00%, 2/15/2025 (f) (i)		406		1
7.75%, 5/15/2026 (f) (i)		418		46
EQT Corp. 3.00%, 10/1/2022		525		495
ESH Hospitality, Inc.
REIT, 5.25%, 5/1/2025 (f)		300		282
REIT, 4.63%, 10/1/2027 (f)		450		407
Evergy, Inc. 2.90%, 9/15/2029		1,420		1,454
Exela Intermediate LLC 10.00%, 7/15/2023 (f)		1,600		296
Exelon Corp. 4.70%, 4/15/2050		530		679
Exxon Mobil Corp.
2.99%, 3/19/2025		1,250		1,337
2.61%, 10/15/2030		1,950		2,031
3.00%, 8/16/2039		270		272
3.10%, 8/16/2049		425		433
Fidelity National Information Services, Inc. 3.00%, 8/15/2026		1,345		1,432
FirstEnergy Corp. 2.65%, 3/1/2030		3,160		3,203
Fiserv, Inc. 3.50%, 7/1/2029		930		1,016
Ford Motor Co.
8.50%, 4/21/2023		143		142

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
9.00%, 4/22/2025		143		139
9.63%, 4/22/2030		62		61
Ford Motor Credit Co. LLC
4.39%, 1/8/2026		820		705
4.27%, 1/9/2027		345		293
Fox Corp. 5.58%, 1/25/2049		175		238
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		965		963
4.55%, 11/14/2024		200		200
4.13%, 3/1/2028		271		251
Frontier Communications Corp. 8.50%, 4/1/2026 (b) (f)		1,020		943
Gap, Inc. (The)
8.38%, 5/15/2023 (f)		375		375
8.63%, 5/15/2025 (f)		27		27
8.88%, 5/15/2027 (f)		27		27
General Electric Co.
3.45%, 5/1/2027		630		641
3.63%, 5/1/2030		1,875		1,881
4.13%, 10/9/2042		270		264
Genesis Energy LP
6.25%, 5/15/2026		357		298
7.75%, 2/1/2028		369		314
Gilead Sciences, Inc.
4.00%, 9/1/2036		945		1,129
4.80%, 4/1/2044		185		244
Global Payments, Inc. 3.20%, 8/15/2029		480		493
GLP Capital LP REIT, 5.75%, 6/1/2028		480		473
Goldman Sachs Group, Inc. (The)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (g) (k) (l)		530		479
3.50%, 4/1/2025		5,030		5,350
3.85%, 1/26/2027		1,420		1,532
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (g)		1,770		1,887
3.80%, 3/15/2030		1,345		1,470
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (g)		555		608
Goodyear Tire & Rubber Co. (The) 4.88%, 3/15/2027 (b)		362		310
Gray Television, Inc. 7.00%, 5/15/2027 (f)		540		544
Greif, Inc. 6.50%, 3/1/2027 (f)		349		349
Gulfport Energy Corp. 6.00%, 10/15/2024		515		256

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
H&E Equipment Services, Inc. 5.63%, 9/1/2025		345		329
Hanesbrands, Inc. 4.88%, 5/15/2026 (b) (f)		292		294
HCA, Inc.
5.38%, 2/1/2025		1,013		1,089
5.88%, 2/15/2026		2,530		2,815
4.50%, 2/15/2027		2,715		2,935
5.63%, 9/1/2028		1,923		2,131
3.50%, 9/1/2030		930		887
Healthpeak Properties, Inc. REIT, 3.00%, 1/15/2030		490		472
Herc Holdings, Inc. 5.50%, 7/15/2027 (f)		460		431
Hertz Corp. (The)
7.13%, 8/1/2026 (f)		410		83
6.00%, 1/15/2028 (f)		500		90
Hilton Domestic Operating Co., Inc.
5.13%, 5/1/2026		505		499
4.88%, 1/15/2030		272		260
Hilton Worldwide Finance LLC
4.63%, 4/1/2025 (b)		209		206
4.88%, 4/1/2027		302		293
Hologic, Inc. 4.38%, 10/15/2025 (f)		357		359
Home Depot, Inc. (The)
2.50%, 4/15/2027		595		628
3.30%, 4/15/2040		1,195		1,301
3.13%, 12/15/2049		185		195
Howmet Aerospace, Inc.
5.13%, 10/1/2024		338		326
5.90%, 2/1/2027		268		256
Hughes Satellite Systems Corp.
7.63%, 6/15/2021		85		88
5.25%, 8/1/2026		250		264
6.63%, 8/1/2026		300		321
Icahn Enterprises LP
6.38%, 12/15/2025		316		314
6.25%, 5/15/2026		241		237
iHeartCommunications, Inc.
8.38%, 5/1/2027		233		195
5.25%, 8/15/2027 (f)		715		638
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 3.33%, 12/21/2065 (f) (g)		1,015		487
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 3.57%, 12/21/2065 (f) (g)		880		438

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Infor US, Inc. 6.50%, 5/15/2022		204		204
Intel Corp.
3.90%, 3/25/2030		1,635		1,936
3.73%, 12/8/2047		640		767
International Business Machines Corp.
1.70%, 5/15/2027		720		719
4.15%, 5/15/2039		1,195		1,417
2.85%, 5/15/2040		260		258
International Game Technology plc 6.50%, 2/15/2025 (f)		900		882
IQVIA, Inc.
5.00%, 10/15/2026 (f)		200		206
5.00%, 5/15/2027 (f)		282		290
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (f)		370		361
REIT, 5.25%, 3/15/2028 (f)		218		213
REIT, 4.88%, 9/15/2029 (f)		500		479
ITC Holdings Corp. 3.35%, 11/15/2027		1,150		1,224
Johnson & Johnson 3.40%, 1/15/2038		495		575
Keurig Dr Pepper, Inc.
4.60%, 5/25/2028		1,610		1,862
4.42%, 12/15/2046		210		243
KFC Holding Co. 5.25%, 6/1/2026 (f)		470		481
Kraft Heinz Foods Co. 3.95%, 7/15/2025		925		968
Kroger Co. (The) 3.88%, 10/15/2046		550		587
L3Harris Technologies, Inc.
3.83%, 4/27/2025		600		644
4.40%, 6/15/2028 (f)		775		874
LABL Escrow Issuer LLC 6.75%, 7/15/2026 (f)		680		703
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (f)		124		90
Lamar Media Corp. 4.00%, 2/15/2030 (f)		120		110
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (b) (f)		234		235
Lennar Corp. 4.75%, 11/29/2027		775		795
Level 3 Financing, Inc.
5.25%, 3/15/2026		952		976
4.63%, 9/15/2027 (f)		400		396
Liberty Interactive LLC 8.25%, 2/1/2030		550		490
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (f)		183		161
4.75%, 10/15/2027 (f)		175		150
Lockheed Martin Corp.
3.80%, 3/1/2045		460		553

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Lowe’s Cos., Inc.
4.50%, 4/15/2030		420		495
3.70%, 4/15/2046		955		1,036
Marriott International, Inc. Series EE, 5.75%, 5/1/2025		375		392
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026		402		381
4.75%, 1/15/2028 (f)		20		17
Martin Midstream Partners LP 7.25%, 2/15/2021		363		145
Mastercard, Inc. 3.35%, 3/26/2030		830		944
Mattel, Inc.
3.15%, 3/15/2023		173		159
6.75%, 12/31/2025 (f)		949		963
5.88%, 12/15/2027 (f)		500		489
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (f)		766		707
7.25%, 4/15/2025 (f)		445		348
McDonald’s Corp. 4.20%, 4/1/2050		910		1,075
Merck & Co., Inc. 3.40%, 3/7/2029		450		518
Meredith Corp. 6.88%, 2/1/2026		125		106
MetLife, Inc. 4.13%, 8/13/2042		205		238
MGM Growth Properties Operating Partnership LP REIT, 5.75%, 2/1/2027		1,176		1,191
MGM Resorts International
5.75%, 6/15/2025 (b)		689		662
4.63%, 9/1/2026		264		236
5.50%, 4/15/2027 (b)		1,500		1,378
Microsoft Corp.
3.50%, 2/12/2035		970		1,152
3.45%, 8/8/2036		1,060		1,229
3.70%, 8/8/2046		1,060		1,296
Morgan Stanley
(SOFR + 1.15%), 2.72%, 7/22/2025 (g)		3,415		3,516
3.88%, 1/27/2026		1,390		1,528
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (g)		1,135		1,228
(SOFR + 1.14%), 2.70%, 1/22/2031 (g)		2,270		2,323
(SOFR + 3.12%), 3.62%, 4/1/2031 (g)		1,310		1,440
Mosaic Co. (The) 4.05%, 11/15/2027		620		617
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (f)		268		239
MPLX LP
4.00%, 3/15/2028 (b)		945		896

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
4.50%, 4/15/2038		950		846
4.70%, 4/15/2048		285		255
MSCI, Inc. 5.38%, 5/15/2027 (f)		229		247
Nabors Industries Ltd. 7.25%, 1/15/2026 (f)		235		89
Narragansett Electric Co. (The) 3.40%, 4/9/2030 (f)		435		483
National Rural Utilities Cooperative Finance Corp. 4.30%, 3/15/2049		850		1,086
Nationstar Mortgage Holdings, Inc. 8.13%, 7/15/2023 (f)		363		348
Navient Corp.
6.13%, 3/25/2024		455		418
5.00%, 3/15/2027		255		215
NCR Corp.
5.75%, 9/1/2027 (f)		680		682
6.13%, 9/1/2029 (f)		365		362
Neiman Marcus Group Ltd. LLC
14.00% (Blend (cash 8.00% + PIK 6.00%), 4/25/2024 (f)		168		38
8.00%, 10/25/2024 (f)		232		19
Netflix, Inc.
5.88%, 11/15/2028		865		978
5.38%, 11/15/2029 (f)		222		244
4.88%, 6/15/2030 (f)		650		696
New Albertsons LP
7.75%, 6/15/2026		15		15
7.45%, 8/1/2029		40		40
8.00%, 5/1/2031		420		424
Newell Brands, Inc.
4.70%, 4/1/2026 (j)		730		739
5.63%, 4/1/2036 (j)		110		115
Newmont Corp. 3.63%, 6/9/2021		225		228
Nexstar Broadcasting, Inc.
5.63%, 8/1/2024 (f)		238		232
5.63%, 7/15/2027 (f)		684		653
NextEra Energy Capital Holdings, Inc.
2.75%, 5/1/2025		4,045		4,305
2.75%, 11/1/2029		1,345		1,445
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (b) (f)		175		169
Nielsen Finance LLC 5.00%, 4/15/2022 (f)		802		790
NIKE, Inc.
3.25%, 3/27/2040		240		260
3.38%, 3/27/2050		180		201

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
NiSource, Inc. 3.60%, 5/1/2030		1,310		1,458
Noble Holding International Ltd. 6.20%, 8/1/2040		321		2
Norfolk Southern Corp.
3.40%, 11/1/2049		945		1,008
3.05%, 5/15/2050 (m)		190		190
Northrop Grumman Corp. 3.25%, 1/15/2028		2,715		2,951
Novelis Corp. 5.88%, 9/30/2026 (f)		179		174
4.75%, 1/30/2030 (f)		320		285
NRG Energy, Inc. 6.63%, 1/15/2027		987		1,054
NSTAR Electric Co. 3.95%, 4/1/2030		1,625		1,936
NuStar Logistics LP 6.00%, 6/1/2026		186		170
Oasis Petroleum, Inc.
6.88%, 3/15/2022		908		135
6.25%, 5/1/2026 (b) (f)		483		63
Ohio Power Co. Series P, 2.60%, 4/1/2030		425		451
Oncor Electric Delivery Co. LLC 3.70%, 5/15/2050 (f)		160		199
ONE Gas, Inc. 2.00%, 5/15/2030		200		199
ONEOK, Inc. 3.40%, 9/1/2029		1,220		1,017
Oracle Corp.
2.80%, 4/1/2027		1,195		1,281
3.60%, 4/1/2040		1,720		1,934
3.60%, 4/1/2050		1,120		1,272
Otis Worldwide Corp. 2.57%, 2/15/2030 (f)		1,380		1,389
Outfront Media Capital LLC 5.00%, 8/15/2027 (f)		217		207
PacifiCorp
2.70%, 9/15/2030		1,235		1,339
4.13%, 1/15/2049		520		654
3.30%, 3/15/2051		875		977
Panther BF Aggregator 2 LP 6.25%, 5/15/2026 (f)		700		702
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (f)		745		755
Parsley Energy LLC
5.25%, 8/15/2025 (f)		160		141
5.63%, 10/15/2027 (f)		173		148
PBF Holding Co. LLC 6.00%, 2/15/2028 (f)		315		224
Penske Automotive Group, Inc. 5.50%, 5/15/2026		192		177
Penske Truck Leasing Co. LP 3.20%, 7/15/2020(f)		449		449
PepsiCo, Inc.
1.63%, 5/1/2030		345		343

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
3.50%, 3/19/2040		235		274
3.38%, 7/29/2049		690		790
Performance Food Group, Inc. 5.50%, 10/15/2027 (f)		288		274
PetSmart, Inc.
7.13%, 3/15/2023 (b) (f)		419		397
5.88%, 6/1/2025 (f)		605		610
Pfizer, Inc.
2.63%, 4/1/2030		1,705		1,838
4.00%, 3/15/2049		315		406
Philip Morris International, Inc.
1.50%, 5/1/2025		170		170
2.10%, 5/1/2030		1,205		1,191
3.88%, 8/21/2042		780		843
Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (f)		175		177
Plantronics, Inc. 5.50%, 5/31/2023 (f)		271		215
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (b) (f) (h)		222		186
Post Holdings, Inc.
5.00%, 8/15/2026 (f)		618		616
5.50%, 12/15/2029 (f)		400		402
Prestige Brands, Inc. 5.13%, 1/15/2028 (f)		380		384
Prime Security Services Borrower LLC 5.75%, 4/15/2026 (b) (f)		458		451
Prologis LP
REIT, 3.25%, 10/1/2026		775		836
REIT, 2.25%, 4/15/2030		445		445
QEP Resources, Inc. 5.63%, 3/1/2026		459		148
Qorvo, Inc. 5.50%, 7/15/2026 (b)		237		249
Quicken Loans, Inc. 5.75%, 5/1/2025 (f)		390		382
Raytheon Technologies Corp.
4.13%, 11/16/2028		3,295		3,820
4.45%, 11/16/2038		195		242
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (f)		166		177
8.25%, 11/15/2026 (f)		139		151
Reliance Standard Life Global Funding II 2.15%, 1/21/2023 (f)		83		83
Republic Services, Inc. 2.30%, 3/1/2030		895		904
Revlon Consumer Products Corp. 6.25%, 8/1/2024		388		72
Rite Aid Corp.
6.13%, 4/1/2023 (f)		642		581
7.50%, 7/1/2025 (f)		158		154

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Roper Technologies, Inc. 2.95%, 9/15/2029		465		486
Ryder System, Inc. 2.88%, 9/1/2020		158		158
Ryman Hospitality Properties, Inc. REIT, 4.75%, 10/15/2027 (b) (f)		255		222
Sabre GLBL, Inc. 5.38%, 4/15/2023 (f)		850		790
San Diego Gas & Electric Co. 3.32%, 4/15/2050		735		797
Schlumberger Holdings Corp. 3.90%, 5/17/2028 (f)		630		605
Sealed Air Corp. 5.25%, 4/1/2023 (f)		100		103
Sensata Technologies BV 5.00%, 10/1/2025 (f)		1,578		1,569
Service Corp. International 8.00%, 11/15/2021		95		100
4.63%, 12/15/2027		520		532
5.13%, 6/1/2029		260		270
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		1,305		1,414
Simon Property Group LP
REIT, 3.38%, 10/1/2024		970		965
REIT, 3.25%, 9/13/2049		370		303
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (b) (f)		244		223
5.88%, 3/15/2026 (b) (f)		104		90
Sirius XM Radio, Inc.
4.63%, 7/15/2024 (f)		103		105
5.00%, 8/1/2027 (f)		1,425		1,458
5.50%, 7/1/2029 (f)		500		527
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (f)		463		408
5.50%, 4/15/2027 (b) (f)		168		145
SM Energy Co.
6.75%, 9/15/2026 (b)		250		68
6.63%, 1/15/2027 (b)		254		67
Solera LLC 10.50%, 3/1/2024 (f)		156		155
Southern California Edison Co.
2.25%, 6/1/2030		1,325		1,290
3.65%, 2/1/2050		570		615
Spectrum Brands, Inc.
5.75%, 7/15/2025		746		744
5.00%, 10/1/2029 (f)		89		85
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (b) (f)		310		305

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Springleaf Finance Corp.
7.13%, 3/15/2026		517		479
5.38%, 11/15/2029		570		473
Sprint Capital Corp. 8.75%, 3/15/2032		1,352		1,900
Sprint Corp.
7.13%, 6/15/2024		2,059		2,311
7.63%, 2/15/2025		2,399		2,771
7.63%, 3/1/2026		315		373
SS&C Technologies, Inc. 5.50%, 9/30/2027 (f)		491		503
Standard Industries, Inc.
6.00%, 10/15/2025 (f)		170		175
5.00%, 2/15/2027 (f)		302		303
4.75%, 1/15/2028 (f)		390		381
Staples, Inc.
7.50%, 4/15/2026 (f)		835		660
10.75%, 4/15/2027 (b) (f)		600		342
Starbucks Corp. 3.75%, 12/1/2047		205		217
State Street Corp.
(SOFR + 2.60%), 2.90%, 3/30/2026 (f) (g)		810		861
(ICE LIBOR USD 3 Month + 1.03%), 4.14%, 12/3/2029 (g)		910		1,054
Station Casinos LLC
5.00%, 10/1/2025 (f)		131		109
4.50%, 2/15/2028 (f)		190		152
Summit Materials LLC
5.13%, 6/1/2025 (f)		225		218
6.50%, 3/15/2027 (f)		40		39
Sunoco Logistics Partners Operations LP
5.30%, 4/1/2044		185		161
5.35%, 5/15/2045		325		294
Targa Resources Partners LP
5.25%, 5/1/2023		430		406
5.13%, 2/1/2025		190		171
5.88%, 4/15/2026		563		500
Team Health Holdings, Inc. 6.38%, 2/1/2025 (b) (f)		695		382
TEGNA, Inc. 5.50%, 9/15/2024 (b) (f)		194		195
Tempur Sealy International, Inc. 5.50%, 6/15/2026		1,082		1,031
Tenet Healthcare Corp.
5.13%, 5/1/2025		750		701
4.88%, 1/1/2026 (b) (f)		1,613		1,597
6.25%, 2/1/2027 (f)		750		739
5.13%, 11/1/2027 (f)		964		952

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Texas Competitive Electric Holdings Co. LLC 11.50%, 10/1/2020 ‡ (i)		1,000		1
Texas Instruments, Inc. 1.75%, 5/4/2030		705		703
Thermo Fisher Scientific, Inc. 4.50%, 3/25/2030		1,615		1,959
Time Warner Cable LLC 4.50%, 9/15/2042		750		793
TJX Cos., Inc. (The)
3.50%, 4/15/2025		815		879
3.88%, 4/15/2030		445		497
T-Mobile USA, Inc.
6.00%, 4/15/2024		119		121
6.38%, 3/1/2025		721		740
3.50%, 4/15/2025 (f)		835		877
5.13%, 4/15/2025		760		769
3.75%, 4/15/2027 (f)		3,070		3,291
4.75%, 2/1/2028		1,687		1,771
3.88%, 4/15/2030 (f)		445		487
4.38%, 4/15/2040 (f)		525		593
4.50%, 4/15/2050 (f)		405		472
TransDigm, Inc. 6.25%, 3/15/2026 (f)		459		449
Transocean Pontus Ltd. 6.13%, 8/1/2025 (f)		556		450
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (f)		502		394
Travelers Cos., Inc. (The) 2.55%, 4/27/2050		190		189
Tronox, Inc. 6.50%, 4/15/2026 (b) (f)		563		510
Tucson Electric Power Co. 4.00%, 6/15/2050		705		825
Tyson Foods, Inc.
3.55%, 6/2/2027		1,185		1,281
4.55%, 6/2/2047		190		230
Ultra Resources, Inc. 11.00% (Blend (cash 9.00% + PIK 2.00%), 7/12/2024 (h) (n)		1,158		63
Union Electric Co. 2.95%, 3/15/2030		1,710		1,876
Union Pacific Corp.
3.55%, 8/15/2039		1,495		1,613
3.35%, 8/15/2046		850		892
United Rentals North America, Inc.
4.63%, 10/15/2025		175		171
5.50%, 5/15/2027		580		586
4.88%, 1/15/2028		1,445		1,438
UnitedHealth Group, Inc.
2.88%, 8/15/2029		1,325		1,430
3.50%, 8/15/2039		955		1,067
Verizon Communications, Inc.
3.15%, 3/22/2030		1,705		1,887

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
4.27%, 1/15/2036		2,205		2,630
4.00%, 3/22/2050		840		1,050
ViacomCBS, Inc. 4.75%, 5/15/2025		835		893
VICI Properties LP
REIT, 3.50%, 2/15/2025 (f)		145		136
REIT, 4.25%, 12/1/2026 (f)		251		234
REIT, 3.75%, 2/15/2027 (f)		160		149
REIT, 4.63%, 12/1/2029 (f)		451		417
REIT, 4.13%, 8/15/2030 (f)		535		487
Vistra Operations Co. LLC 5.00%, 7/31/2027 (f)		285		291
W&T Offshore, Inc. 9.75%, 11/1/2023 (f)		925		305
Walmart, Inc. 3.95%, 6/28/2038		695		861
Walt Disney Co. (The)
2.00%, 9/1/2029		495		493
2.75%, 9/1/2049		785		754
Waste Management, Inc. 4.00%, 7/15/2039		495		592
Wells Fargo & Co.
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (g)		910		924
3.00%, 4/22/2026		2,045		2,142
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (g)		2,990		3,159
4.15%, 1/24/2029		1,930		2,181
(ICE LIBOR USD 3 Month + 1.00%), 2.57%, 2/11/2031 (g)		970		968
(ICE LIBOR USD 3 Month + 3.77%), 4.48%, 4/4/2031 (g)		2,515		2,927
Welltower, Inc.
REIT, 4.00%, 6/1/2025		860		885
REIT, 3.10%, 1/15/2030		990		935
Western Digital Corp. 4.75%, 2/15/2026		243		248
Whiting Petroleum Corp.
5.75%, 3/15/2021 (b) (i)		271		27
6.63%, 1/15/2026 (i)		165		17
Windstream Services LLC 8.63%, 10/31/2025 (f) (j)		409		245
Wisconsin Power & Light Co. 4.60%, 6/15/2020		119		119
Wolverine Escrow LLC 9.00%, 11/15/2026 (f)		940		652
Wyndham Destinations, Inc. 5.75%, 4/1/2027 (j)		287		251
Wynn Las Vegas LLC 5.50%, 3/1/2025 (f)		863		768
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (b) (f)		525		492

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Xcel Energy, Inc. 3.40%, 6/1/2030		1,735		1,926
XPO Logistics, Inc. 6.75%, 8/15/2024 (f)		724		745
Zayo Group Holdings, Inc.
4.00%, 3/1/2027 (f)		410		398
6.13%, 3/1/2028 (f)		410		386
Zoetis, Inc. 3.90%, 8/20/2028		1,465		1,685
				440,793
Venezuela, Bolivarian Republic of — 0.0% (c)
Petroleos de Venezuela SA
8.50%, 10/27/2020 (a) (i)		75		11
9.00%, 11/17/2021 (a) (i)		50		2
12.75%, 2/17/2022 (a) (i)		120		5
				18
Total Corporate Bonds (Cost $617,726)				599,329
Foreign Government Securities — 12.9%
Australia — 0.1%
Commonwealth of Australia
2.75%, 4/21/2024 (a)	AUD	1,244		888
3.25%, 4/21/2025 (a)	AUD	413		306
4.75%, 4/21/2027 (a)	AUD	795		664
2.75%, 6/21/2035 (a)	AUD	1,165		920
2.75%, 5/21/2041 (a)	AUD	360		284
3.00%, 3/21/2047 (a)	AUD	958		806
				3,868
Belgium — 0.4%
Kingdom of Belgium
0.50%, 10/22/2024 (a)	EUR	1,380		1,575
0.80%, 6/22/2025 (a)	EUR	2,630		3,059
0.80%, 6/22/2027 (a)	EUR	845		994
0.10%, 6/22/2030 (a)	EUR	861		955
1.00%, 6/22/2031 (a)	EUR	2,060		2,498
1.90%, 6/22/2038 (a)	EUR	1,260		1,741
1.60%, 6/22/2047 (a)	EUR	365		503
1.70%, 6/22/2050 (a)	EUR	806		1,144
2.15%, 6/22/2066 (a)	EUR	397		675
				13,144
Canada — 0.2%
Canada Government Bond
1.75%, 3/1/2023	CAD	2,654		1,986
2.25%, 6/1/2029	CAD	460		383

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Canada — continued
5.00%, 6/1/2037	CAD	560		662
4.00%, 6/1/2041	CAD	480		536
3.50%, 12/1/2045	CAD	274		300
2.75%, 12/1/2048	CAD	872		875
2.00%, 12/1/2051	CAD	152		135
2.75%, 12/1/2064	CAD	130		147
				5,024
China — 0.1%
Export-Import Bank of China (The) 0.75%, 5/28/2023 (a)	EUR	3,800		4,184
Denmark — 0.1%
Kingdom of Denmark
0.25%, 11/15/2022 (a)	DKK	1,704		255
1.75%, 11/15/2025	DKK	7,183		1,187
0.50%, 11/15/2027	DKK	3,009		472
4.50%, 11/15/2039	DKK	4,597		1,278
				3,192
France — 0.8%
French Republic
1.75%, 11/25/2024 (a)	EUR	1,741		2,106
0.50%, 5/25/2026 (a)	EUR	3,895		4,494
0.10%, 3/1/2029 (a)	EUR	1,235		1,452
1.50%, 5/25/2031 (a)	EUR	5,558		7,115
1.75%, 6/25/2039 (a)	EUR	1,903		2,627
3.25%, 5/25/2045 (a)	EUR	1,914		3,456
2.00%, 5/25/2048 (a)	EUR	1,565		2,355
1.50%, 5/25/2050 (a)	EUR	526		720
1.75%, 5/25/2066 (a)	EUR	1,523		2,367
				26,692
Germany — 0.1%
Bundesrepublik Deutschland
4.75%, 7/4/2034 (a)	EUR	810		1,570
0.00%, 8/15/2050 (a)	EUR	274		316
				1,886
Indonesia — 0.1%
Republic of Indonesia
2.88%, 7/8/2021 (a)	EUR	1,200		1,322
2.15%, 7/18/2024 (a)	EUR	1,120		1,208
1.75%, 4/24/2025	EUR	2,260		2,368
				4,898

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Italy — 2.9%
Buoni Poliennali del Tesoro
0.70%, 5/1/2020	EUR	11,771		12,899
4.00%, 9/1/2020	EUR	13,210		14,661
0.20%, 10/15/2020	EUR	17,410		19,081
0.65%, 11/1/2020	EUR	4,350		4,779
3.75%, 8/1/2021 (a)	EUR	2,971		3,387
1.00%, 7/15/2022 (a)	EUR	438		484
0.05%, 1/15/2023 (a)	EUR	2,399		2,582
0.95%, 3/1/2023	EUR	879		968
2.45%, 10/1/2023 (a)	EUR	2,947		3,399
1.85%, 5/15/2024	EUR	1,109		1,254
0.35%, 2/1/2025 (a)	EUR	4,118		4,346
1.50%, 6/1/2025	EUR	1,281		1,422
0.85%, 1/15/2027 (a)	EUR	730		769
3.00%, 8/1/2029 (a)	EUR	537		651
1.35%, 4/1/2030 (a)	EUR	6,935		7,310
0.40%, 5/15/2030 (a)	EUR	1,206		1,186
1.65%, 3/1/2032 (a)	EUR	3,199		3,416
2.25%, 9/1/2036 (a)	EUR	2,834		3,152
4.75%, 9/1/2044 (a)	EUR	610		933
2.70%, 3/1/2047 (a)	EUR	690		785
3.45%, 3/1/2048 (a)	EUR	1,304		1,675
3.85%, 9/1/2049 (a)	EUR	1,672		2,296
2.80%, 3/1/2067 (a)	EUR	252		282
Italian Republic Government Bond 2.38%, 10/17/2024		7,031		6,864
				98,581
Japan — 4.8%
Japan Bank for International Cooperation 3.13%, 7/20/2021		1,298		1,337
Japan Finance Organization for Municipalities
2.13%, 4/13/2021 (a)		1,800		1,823
0.88%, 9/22/2021 (a)	EUR	2,800		3,111
3.25%, 4/24/2023 (f)		1,890		2,017
Japan Government Bond
0.10%, 6/20/2022	JPY	406,900		3,815
0.80%, 9/20/2022	JPY	878,450		8,379
0.10%, 12/20/2022	JPY	1,682,900		15,804
0.80%, 9/20/2023	JPY	227,900		2,195
0.10%, 6/20/2024	JPY	459,150		4,328
0.10%, 9/20/2024	JPY	727,150		6,857
0.50%, 9/20/2024	JPY	393,150		3,773
0.10%, 12/20/2024	JPY	718,650		6,779

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Japan — continued
0.10%, 6/20/2026	JPY	1,097,550		10,397
0.10%, 3/20/2029	JPY	392,650		3,719
0.10%, 12/20/2029	JPY	1,040,600		9,835
1.60%, 3/20/2032	JPY	654,500		7,211
1.50%, 6/20/2034	JPY	717,100		7,936
1.40%, 9/20/2034	JPY	1,092,600		11,963
0.70%, 3/20/2037	JPY	884,800		8,851
0.60%, 9/20/2037	JPY	1,918,750		18,885
1.50%, 3/20/2045	JPY	197,150		2,324
1.40%, 12/20/2045	JPY	540,400		6,265
0.80%, 12/20/2047	JPY	358,050		3,672
0.40%, 9/20/2049	JPY	29,350		272
0.40%, 12/20/2049	JPY	536,500		4,960
0.90%, 3/20/2057	JPY	481,900		5,194
				161,702
Kuwait — 0.0% (c)
State of Kuwait 2.75%, 3/20/2022 (a)		700		717
Montenegro — 0.0% (c)
Republic of Montenegro 3.38%, 4/21/2025 (f)	EUR	100		107
Netherlands — 0.0% (c)
Kingdom of Netherlands 0.25%, 7/15/2029 (a)	EUR	1,180		1,368
Qatar — 0.0% (c)
State of Qatar 3.88%, 4/23/2023 (f)		860		913
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia 2.38%, 10/26/2021 (a)		3,700		3,741
South Korea — 0.1%
Export-Import Bank of Korea 4.38%, 9/15/2021		2,900		3,018
Spain — 1.6%
Bonos and Obligaciones del Estado
0.05%, 1/31/2021	EUR	12,437		13,647
0.40%, 4/30/2022	EUR	3,636		4,029
0.45%, 10/31/2022	EUR	520		578
0.35%, 7/30/2023	EUR	2,656		2,948
0.25%, 7/30/2024 (a)	EUR	4,475		4,936
2.75%, 10/31/2024 (a)	EUR	3,441		4,214
1.60%, 4/30/2025 (a)	EUR	2,913		3,415
1.50%, 4/30/2027 (a)	EUR	2,679		3,147
1.45%, 10/31/2027 (a)	EUR	3,017		3,528

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Spain — continued
1.40%, 7/30/2028 (a)	EUR	102		119
1.45%, 4/30/2029 (a)	EUR	1,714		2,007
0.60%, 10/31/2029 (a)	EUR	1,110		1,206
0.50%, 4/30/2030 (a)	EUR	2,833		3,033
1.95%, 7/30/2030 (a)	EUR	729		892
2.35%, 7/30/2033 (a)	EUR	2,184		2,811
4.70%, 7/30/2041 (a)	EUR	696		1,244
2.70%, 10/31/2048 (a)	EUR	2,345		3,304
3.45%, 7/30/2066 (a)	EUR	311		537
				55,595
Sweden — 0.2%
Kingdom of Sweden
5.00%, 12/1/2020	SEK	13,900		1,468
1.50%, 11/13/2023 (a)	SEK	4,690		512
0.75%, 5/12/2028	SEK	3,935		434
0.75%, 11/12/2029 (a)	SEK	945		105
3.50%, 3/30/2039	SEK	1,920		313
Svensk Exportkredit AB 2.88%, 3/14/2023		3,300		3,508
				6,340
Ukraine — 0.0% (c)
Ukraine Government Bond
Zero Coupon, 5/6/2020 (a)	UAH	4,500		154
14.64%, 6/10/2020 (a)	UAH	673		24
17.25%, 9/30/2020 (a)	UAH	2,733		102
				280
United Kingdom — 1.3%
United Kingdom of Great Britain and Northern Ireland
0.50%, 7/22/2022 (a)	GBP	1,193		1,519
0.75%, 7/22/2023 (a)	GBP	1,125		1,449
1.00%, 4/22/2024 (a)	GBP	1,372		1,792
0.63%, 6/7/2025 (a)	GBP	148		191
2.00%, 9/7/2025 (a)	GBP	1,445		2,012
4.25%, 6/7/2032 (a)	GBP	3,445		6,335
1.75%, 9/7/2037 (a)	GBP	5,703		8,647
4.75%, 12/7/2038 (a)	GBP	1,168		2,579
4.25%, 12/7/2046 (a)	GBP	975		2,337
1.50%, 7/22/2047 (a)	GBP	2,130		3,312
1.75%, 1/22/2049 (a)	GBP	2,598		4,290
1.75%, 7/22/2057 (a)	GBP	1,630		2,951
2.50%, 7/22/2065 (a)	GBP	2,209		5,157
				42,571

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Venezuela, Bolivarian Republic of — 0.0% (c)
Bolivarian Republic of Venezuela
7.75%, 10/13/2019 (a) (i)		10		1
12.75%, 8/23/2022 (a) (i)		180		15
9.25%, 5/7/2028 (a) (i)		180		15
				31
Total Foreign Government Securities (Cost $433,539)				437,852
Asset-Backed Securities — 4.5%
Cayman Islands — 0.2%
BlueMountain CLO Ltd.
Series 2015-1A, Class C, 5.06%, 4/13/2027 ‡ (f) (n)		300		269
Series 2012-2A, Class DR2, 4.59%, 11/20/2028 ‡ (f) (n)		1,585		1,257
Series 2018-3A, Class D, 4.24%, 10/25/2030 ‡ (f) (n)		1,355		942
CIFC Funding Ltd. Series 2014-5A, Class BR2, 2.93%, 10/17/2031 ‡ (f) (n)		995		920
LCM Ltd. Series 28A, Class B, 2.74%, 10/20/2030 ‡ (f) (n)		1,040		980
Voya CLO Ltd. Series 2016-3A, Class CR, 4.39%, 10/18/2031 ‡ (f) (n)		1,110		768
				5,136
United States — 4.3%
ABFC Trust Series 2004-HE1, Class M1, 1.39%, 3/25/2034 ‡ (n)		311		293
ACC Trust
Series 2018-1, Class B, 4.82%, 5/20/2021 (f)		534		534
Series 2019-1, Class B, 4.47%, 10/20/2022 (f)		700		657
Series 2018-1, Class C, 6.81%, 2/21/2023 (f)		755		748
ACE Securities Corp. Home Equity Loan Trust
Series 2002-HE3, Class M1, 2.29%, 10/25/2032 ‡ (n)		204		203
Series 2003-NC1, Class M1, 1.66%, 7/25/2033 ‡ (n)		189		183
Series 2003-OP1, Class M1, 1.54%, 12/25/2033 ‡ (n)		313		292
Series 2004-OP1, Class M3, 2.36%, 4/25/2034 (n)		268		250
Series 2004-HE4, Class M2, 1.46%, 12/25/2034 ‡ (n)		108		100

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Ally Auto Receivables Trust
Series 2017-2, Class A3, 1.78%, 8/16/2021		54		54
Series 2017-3, Class A3, 1.74%, 9/15/2021		59		59
Series 2017-4, Class A3, 1.75%, 12/15/2021		262		262
Series 2017-5, Class A3, 1.99%, 3/15/2022		110		110
Series 2019-1, Class A2, 2.85%, 3/15/2022		184		184
Series 2019-4, Class A2, 1.93%, 10/17/2022		432		434
American Credit Acceptance Receivables Trust
Series 2018-3, Class D, 4.14%, 10/15/2024 (f)		1,915		1,920
Series 2018-3, Class E, 5.17%, 10/15/2024 (f)		1,630		1,600
Series 2017-4, Class E, 5.02%, 12/10/2024 (f)		445		451
Series 2018-4, Class D, 4.40%, 1/13/2025 (f)		3,455		3,275
Series 2018-4, Class E, 5.38%, 1/13/2025 (f)		765		678
Series 2019-1, Class D, 3.81%, 4/14/2025 (f)		1,450		1,362
Series 2019-2, Class D, 3.41%, 6/12/2025 (f)		370		349
Series 2019-2, Class E, 4.29%, 6/12/2025 (f)		350		287
Series 2018-3, Class F, 6.44%, 6/12/2025 (f)		1,320		1,203
Series 2019-3, Class D, 2.89%, 9/12/2025 (f)		1,132		1,082
Series 2019-3, Class E, 3.80%, 9/12/2025 (f)		493		455
Series 2018-4, Class F, 6.94%, 10/13/2025 (f)		1,100		960
Series 2019-4, Class E, 3.85%, 12/12/2025 (f)		660		529
Series 2019-3, Class F, 5.42%, 5/12/2026 (f)		710		511
AmeriCredit Automobile Receivables Trust Series 2018-3, Class A3, 3.38%, 7/18/2023		600		609

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W, Class A6, 4.19%, 5/25/2034 ‡ (j)		210		211
Amortizing Residential Collateral Trust Series 2004-1, Class M5, 2.36%, 10/25/2034 ‡ (n)		2		2
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE2, Class M1, 2.16%, 4/15/2033 ‡ (n)		877		819
Series 2004-HE2, Class M2, 2.36%, 4/25/2034 ‡ (n)		456		443
Series 2004-HE3, Class M2, 2.17%, 6/25/2034 ‡ (n)		865		818
Bear Stearns Asset-Backed Securities I Trust
Series 2004-FR2, Class M3, 2.29%, 6/25/2034 (n)		131		128
Series 2004-HE6, Class M2, 2.36%, 8/25/2034 ‡ (n)		431		420
Bear Stearns Asset-Backed Securities Trust
Series 2004-1, Class M1, 1.46%, 6/25/2034 ‡ (n)		368		357
Series 2004-2, Class M1, 1.69%, 8/25/2034 ‡ (n)		169		159
BMW Vehicle Lease Trust Series 2018-1, Class A3, 3.26%, 7/20/2021		390		393
CarMax Auto Owner Trust
Series 2017-1, Class A3, 1.98%, 11/15/2021		44		44
Series 2017-2, Class A3, 1.93%, 3/15/2022		130		130
Series 2019-1, Class A2A, 3.02%, 7/15/2022		131		132
Chase Funding Trust Series 2003-2, Class 2M1, 1.31%, 11/25/2032 ‡ (n)		842		828
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (j)		656		666
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates Series 2005-OPT3, Class M3, 1.21%, 5/25/2035 ‡ (n)		238		237
CLUB Credit Trust Series 2018-NP1, Class C, 4.74%, 5/15/2024 (f)		419		413
CNH Equipment Trust
Series 2016-C, Class A3, 1.44%, 12/15/2021		17		17
Series 2018-B, Class A2, 2.93%, 12/15/2021		138		138

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Conn’s Receivables Funding LLC
Series 2018-A, Class B, 4.65%, 1/15/2023 ‡ (f)		398		387
Series 2019-A, Class C, 5.29%, 10/16/2023 ‡ (f)		409		239
Series 2019-B, Class B, 3.62%, 6/17/2024 ‡ (f)		540		457
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.61%, 12/25/2032 ‡ (n)		24		24
Series 2003-BC6, Class M2, 2.21%, 10/25/2033 ‡ (n)		11		11
Series 2004-2, Class M1, 1.24%, 5/25/2034 ‡ (n)		39		38
Series 2004-3, Class M1, 1.24%, 6/25/2034 ‡ (n)		57		53
Series 2005-12, Class M2, 0.98%, 2/25/2036 ‡ (n)		882		866
Countrywide Partnership Trust Series 2004-EC1, Class M2, 1.43%, 1/25/2035 ‡ (n)		444		435
CPS Auto Receivables Trust Series 2019-A, Class D, 4.35%, 12/16/2024 (f)		870		845
Credit Acceptance Auto Loan Trust Series 2019-1A, Class B, 3.75%, 4/17/2028 (f)		2,345		2,338
Credit-Based Asset Servicing & Securitization LLC
Series 2005-CB1, Class M2, 1.58%, 1/25/2035 ‡ (n)		116		111
Series 2004-CB4, Class A5, 6.78%, 5/25/2035 (j)		1,070		1,063
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M3, 2.21%, 7/25/2034 ‡ (n)		64		62
Series 2004-6, Class M1, 1.39%, 10/25/2034 (n)		194		171
Series 2004-6, Class M2, 1.46%, 10/25/2034 ‡ (n)		53		49
Dell Equipment Finance Trust
Series 2018-2, Class A2, 3.16%, 2/22/2021 (f)		106		106
Series 2017-2, Class A3, 2.19%, 10/24/2022 (f)		11		11
Drive Auto Receivables Trust
Series 2019-4, Class A2A, 2.32%, 6/15/2022		302		302
Series 2018-4, Class D, 4.09%, 1/15/2026		2,025		2,020

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 41

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Series 2018-5, Class D, 4.30%, 4/15/2026		1,930		1,928
Series 2019-1, Class D, 4.09%, 6/15/2026		1,775		1,744
DT Auto Owner Trust
Series 2018-3A, Class D, 4.19%, 7/15/2024 (f)		2,745		2,680
Series 2019-1A, Class D, 3.87%, 11/15/2024 (f)		3,070		2,966
Series 2017-4A, Class E, 5.15%, 11/15/2024 (f)		1,610		1,625
Series 2018-2A, Class E, 5.54%, 6/16/2025 (f)		725		718
Series 2019-4A, Class D, 2.85%, 7/15/2025 (f)		770		728
Series 2018-3A, Class E, 5.33%, 11/17/2025 (f)		2,126		1,781
Series 2019-1A, Class E, 4.94%, 2/17/2026 (f)		2,315		1,785
Series 2019-3A, Class E, 3.85%, 8/17/2026 (f)		2,270		2,179
Exeter Automobile Receivables Trust
Series 2016-2A, Class D, 8.25%, 4/17/2023 (f)		995		1,004
Series 2018-4A, Class C, 3.97%, 9/15/2023 (f)		3,090		3,110
Series 2018-2A, Class D, 4.04%, 3/15/2024 (f)		2,040		2,066
Series 2018-3A, Class E, 5.43%, 8/15/2024 (f)		480		464
Series 2018-4A, Class D, 4.35%, 9/16/2024 (f)		1,975		1,993
Series 2019-1A, Class C, 3.82%, 12/16/2024 (f)		1,310		1,297
Series 2019-1A, Class D, 4.13%, 12/16/2024 (f)		2,445		2,383
Series 2019-2A, Class D, 3.71%, 3/17/2025 (f)		360		344
Series 2018-2A, Class E, 5.33%, 5/15/2025 (f)		1,450		1,432
Series 2018-4A, Class E, 5.38%, 7/15/2025 (f)		1,110		1,064
Series 2019-3A, Class D, 3.11%, 8/15/2025 (f)		1,385		1,293
Series 2019-1A, Class E, 5.20%, 1/15/2026 (f)		4,760		3,881
Series 2019-2A, Class E, 4.68%, 5/15/2026 (f)		3,000		2,507

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2019-3A, Class E, 4.00%, 8/17/2026 (f)		810		596
Series 2020-1A, Class E, 3.74%, 1/15/2027 (f)		1,500		1,179
First Franklin Mortgage Loan Trust Series 2005-FF10, Class A1, 0.79%, 11/25/2035 ‡ (n)		323		300
Flagship Credit Auto Trust Series 2018-4, Class C, 4.11%, 10/15/2024 (f)		870		886
Ford Credit Auto Owner Trust
Series 2018-B, Class A2A, 2.96%, 9/15/2021		48		48
Series 2017-C, Class A3, 2.01%, 3/15/2022		149		150
FREED ABS Trust Series 2018-2, Class B, 4.61%, 10/20/2025 ‡ (f)		1,195		1,129
Fremont Home Loan Trust
Series 2004-B, Class M7, 3.49%, 5/25/2034 (n)		43		38
Series 2004-2, Class M2, 1.42%, 7/25/2034 (n)		145		135
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class A, 2.47%, 11/15/2023 (f)		363		362
Series 2019-4A, Class B, 2.78%, 9/16/2024 (f)		770		749
Series 2019-1A, Class C, 3.87%, 12/16/2024 (f)		1,570		1,571
Series 2019-4A, Class C, 3.06%, 8/15/2025 (f)		620		563
Series 2019-1A, Class D, 4.94%, 12/15/2025 (f)		560		561
Series 2019-4A, Class D, 4.09%, 8/17/2026 (f)		900		800
GLS Auto Receivables Trust Series 2018-3A, Class D, 5.34%, 8/15/2025 (f)		910		862
GM Financial Automobile Leasing Trust Series 2018-3, Class A3, 3.18%, 6/21/2021		472		474
GM Financial Consumer Automobile Receivables Trust
Series 2019-1, Class A2, 2.99%, 3/16/2022		140		141
Series 2019-2, Class A2A, 2.66%, 6/16/2022		334		335
GSAMP Trust
Series 2004-OPT, Class M1, 1.36%, 11/25/2034 ‡ (n)		524		489
Series 2006-HE3, Class A2C, 0.65%, 5/25/2046 (n)		161		156

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Home Equity Asset Trust Series 2004-7, Class M1, 1.42%, 1/25/2035 (n)		148		145
Home Equity Mortgage Loan Asset-Backed Trust SPMD
Series 2004-B, Class M3, 1.69%, 11/25/2034 ‡ (n)		181		174
Series 2004-B, Class M8, 3.79%, 11/25/2034 ‡ (n)		90		89
Series 2004-C, Class M1, 1.33%, 3/25/2035 ‡ (n)		2,062		1,879
Honda Auto Receivables Owner Trust
Series 2017-2, Class A3, 1.68%, 8/16/2021		176		176
Series 2017-2, Class A4, 1.87%, 9/15/2023		441		443
Hyundai Auto Receivables Trust Series 2019-B, Class A2, 1.93%, 7/15/2022		260		261
John Deere Owner Trust Series 2019-A, Class A2, 2.85%, 12/15/2021		240		241
KREF Ltd. Series 2018-FL1, Class D, 3.30%, 6/15/2036 ‡ (f) (n)		600		504
Lendmark Funding Trust Series 2018-1A, Class C, 5.03%, 12/21/2026 ‡ (f)		1,165		1,033
Long Beach Mortgage Loan Trust
Series 2004-3, Class M2, 1.39%, 7/25/2034 ‡ (n)		696		647
Series 2004-3, Class M4, 2.10%, 7/25/2034 ‡ (n)		400		385
Series 2004-6, Class A3, 1.79%, 11/25/2034 ‡ (n)		203		202
Mariner Finance Issuance Trust Series 2018-AA, Class A, 4.20%, 11/20/2030 (f)		2,175		2,076
MASTR Asset-Backed Securities Trust
Series 2003-NC1, Class M5, 4.16%, 4/25/2033 ‡ (n)		87		69
Series 2005-NC1, Class M2, 1.24%, 12/25/2034 ‡ (n)		177		163
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049 (f)		4,020		3,235
Mercedes-Benz Auto Lease Trust Series 2019-B, Class A2, 2.01%, 12/15/2021		368		369
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (f) (j)		468		422
Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (f) (j)		2,061		1,853

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (f) (j)		2,635		2,379
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-HE2, Class M2, 2.96%, 8/25/2033 ‡ (n)		6		6
Series 2004-NC5, Class M1, 1.39%, 5/25/2034 ‡ (n)		289		263
Series 2004-NC7, Class M2, 1.42%, 7/25/2034 ‡ (n)		76		70
Series 2004-NC6, Class M2, 2.36%, 7/25/2034 ‡ (n)		322		313
Series 2004-HE6, Class M1, 1.31%, 8/25/2034 (n)		291		282
Series 2004-HE8, Class M3, 1.61%, 9/25/2034 ‡ (n)		22		21
Series 2005-HE1, Class M3, 1.27%, 12/25/2034 ‡ (n)		40		33
Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2002-AM3, Class A3, 1.47%, 2/25/2033 ‡ (n)		264		245
New Century Home Equity Loan Trust Series 2004-2, Class M3, 1.49%, 8/25/2034 ‡ (n)		398		375
New Residential Mortgage LLC Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (f)		276		274
Nissan Auto Receivables Owner Trust
Series 2018-B, Class A2A, 2.76%, 7/15/2021		59		59
Series 2017-B, Class A3, 1.75%, 10/15/2021		150		150
Series 2019-B, Class A2, 2.56%, 3/15/2022		468		471
NovaStar Mortgage Funding Trust Series 2003-2, Class M3, 3.86%, 9/25/2033 ‡ (n)		510		488
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class C, 4.52%, 4/18/2022 ‡ (f)		250		250
OneMain Financial Issuance Trust
Series 2015-3A, Class C, 5.82%, 11/20/2028 ‡ (f)		965		924
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (f)		1,045		962
Option One Mortgage Acceptance Corp. Asset-Backed Certificates Series 2003-4, Class M1, 1.51%, 7/25/2033 ‡ (n)		1,156		1,117

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 43

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

(Amounts in U.S. Dollars, 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, 1.39%, 1/25/2034 ‡ (n)		519		476
Series 2004-1, Class M2, 2.14%, 1/25/2034 ‡ (n)		517		490
Series 2004-3, Class M2, 1.34%, 11/25/2034 ‡ (n)		25		22
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-WWF1, Class M4, 2.14%, 12/25/2034 ‡ (n)		1,829		1,810
Series 2005-WCH1, Class M4, 1.73%, 1/25/2036 ‡ (n)		500		485
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.84%, 4/25/2023 (f) (n)		1,655		1,379
PNMAC GMSR Issuer Trust Series 2018-GT1, Class A, 3.34%, 2/25/2023 (f) (n)		3,940		3,298
Prestige Auto Receivables Trust Series 2018-1A, Class E, 5.03%, 1/15/2026 (f)		680		576
Pretium Mortgage Credit Partners I LLC Series 2019-NPL2, Class A1, 3.84%, 12/25/2058 ‡ (f) (j)		1,048		983
Prosper Marketplace Issuance Trust Series 2019-2A, Class B, 3.69%, 9/15/2025 ‡ (f)		670		605
PRPM LLC
Series 2019-2A, Class A1, 3.97%, 4/25/2024 ‡ (f) (j)		1,029		957
Series 2019-3A, Class A1, 3.35%, 7/25/2024 ‡ (f) (j)		2,211		2,060
Series 2019-4A, Class A1, 3.35%, 11/25/2024 ‡ (f) (j)		574		530
Renaissance Home Equity Loan Trust
Series 2003-2, Class M1, 1.72%, 8/25/2033 ‡ (n)		243		227
Series 2004-1, Class M4, 3.19%, 5/25/2034 ‡ (n)		738		671
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (j)		30		30
Santander Drive Auto Receivables Trust
Series 2019-1, Class C, 3.42%, 4/15/2025		1,022		1,025
Series 2019-1, Class D, 3.65%, 4/15/2025		1,940		1,924

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Saxon Asset Securities Trust Series 2003-3, Class M1, 1.46%, 12/25/2033 (n)		294		272
Securitized Asset-Backed Receivables LLC Trust Series 2004-NC1, Class M2, 2.67%, 2/25/2034 ‡ (n)		460		452
Soundview Home Loan Trust Series 2005-OPT1, Class M2, 1.16%, 6/25/2035 ‡ (n)		319		308
Specialty Underwriting & Residential Finance Trust Series 2003-BC4, Class M1, 1.39%, 11/25/2034 ‡ (n)		477		459
Stanwich Mortgage Loan Trust Series 2019-NPB2, Class A1, 3.48%, 11/16/2024 ‡ (f) (j)		1,341		1,328
Structured Asset Investment Loan Trust
Series 2003-BC11, Class M1, 1.46%, 10/25/2033 ‡ (n)		94		93
Series 2004-7, Class M2, 1.61%, 8/25/2034 ‡ (n)		99		97
Series 2004-BNC1, Class A5, 1.73%, 9/25/2034 ‡ (n)		27		26
Series 2004-8, Class M9, 4.24%, 9/25/2034 (n)		644		540
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC4, Class A4, 0.66%, 12/25/2036 ‡ (n)		273		255
Toyota Auto Receivables Series 2016-C, Class A4, 1.32%, 11/15/2021		195		195
Toyota Auto Receivables Owner Trust Series 2017-D, Class A3, 1.93%, 1/18/2022		204		204
Tricolor Auto Securitization Trust Series 2018-2A, Class A, 3.96%, 10/15/2021 (f)		281		281
Upgrade Receivables Trust Series 2018-1A, Class A, 3.76%, 11/15/2024 (f)		47		47
USAA Auto Owner Trust Series 2017-1, Class A4, 1.88%, 9/15/2022		518		519
Vantage Data Centers Issuer LLC Series 2018-1A, Class A2, 4.07%, 2/16/2043 (f)		719		729

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Vericrest Opportunity Loan Trust
Series 2019-NPL2, Class A1, 3.97%, 2/25/2049 ‡ (f) (j)		1,414		1,288
Series 2019-NPL4, Class A2, 5.44%, 8/25/2049 ‡ (f) (j)		630		434
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (f) (j)		2,108		1,829
Verizon Owner Trust Series 2017-2A, Class A, 1.92%, 12/20/2021 (f)		259		259
Volvo Financial Equipment LLC Series 2019-2A, Class A2, 2.02%, 8/15/2022 (f)		332		333
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2004-2, Class M6, 3.31%, 10/25/2034 (n)		114		113
Series 2004-2, Class M8A, 4.99%, 10/25/2034 ‡ (f) (n)		97		81
Westlake Automobile Receivables Trust
Series 2019-1A, Class C, 3.45%, 3/15/2024 (f)		1,465		1,465
Series 2019-1A, Class D, 3.67%, 3/15/2024 (f)		1,330		1,315
Series 2019-2A, Class C, 2.84%, 7/15/2024 (f)		1,000		970
Series 2019-1A, Class E, 4.49%, 7/15/2024 (f)		435		428
Series 2018-3A, Class F, 6.02%, 2/18/2025 (f)		2,000		1,808
Series 2019-2A, Class E, 4.02%, 4/15/2025 (f)		470		413
Series 2019-1A, Class F, 5.67%, 2/17/2026 (f)		1,240		1,032
Series 2019-3A, Class F, 4.72%, 4/15/2026 (f)		1,000		740
				146,982
Total Asset-Backed Securities (Cost $162,725)				152,118
Collateralized Mortgage Obligations — 4.4%
Bermuda — 0.1%
Bellemeade Re Ltd.
Series 2018-3A, Class M1B, 2.34%, 10/25/2028 ‡ (f) (n)		1,365		1,285

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Bermuda — continued
Series 2018-3A, Class M2, 3.24%, 10/25/2028 ‡ (f) (n)		1,440		1,124
				2,409
United States — 4.3%
Alternative Loan Trust
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		373		353
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		90		93
Series 2005-11CB, Class 2A1, 5.50%, 6/25/2035		70		64
Series 2005-19CB, Class A2, IF, 15.87%, 6/25/2035 (n)		16		19
Series 2005-27, Class 1A6, 1.31%, 8/25/2035 (n)		852		742
Series 2005-28CB, Class 2A6, 5.00%, 8/25/2035		916		724
Series 2005-50CB, Class 1A1, 5.50%, 11/25/2035		851		794
Series 2006-4CB, Class 2A6, 5.50%, 4/25/2036		2,230		2,034
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		670		479
American Home Mortgage Investment Trust Series 2006-3, Class 22A1, 2.84%, 12/25/2036 (n)		2,236		1,851
Angel Oak Mortgage Trust Series 2019-3, Class B1, 4.10%, 5/25/2059 ‡ (f) (n)		2,203		1,945
Angel Oak Mortgage Trust I LLC
Series 2018-3, Class A1, 3.65%, 9/25/2048 (f) (n)		479		478
Series 2019-2, Class B1, 5.02%, 3/25/2049 ‡ (f) (n)		1,000		949
Series 2019-4, Class B1, 4.41%, 7/26/2049 (f) (n)		2,813		2,571
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (f)		800		799
Arroyo Mortgage Trust
Series 2018-1, Class A1, 3.76%, 4/25/2048 (f) (n)		865		872
Series 2019-3, Class M1, 4.20%, 10/25/2048 ‡ (f) (n)		2,000		1,605
Series 2019-1, Class A1, 3.80%, 1/25/2049 (f) (n)		696		705
Series 2019-2, Class A3, 3.80%, 4/25/2049 (f) (n)		2,666		2,576

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 45

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Banc of America Funding Trust Series 2005-6, Class 1A2, 5.50%, 10/25/2035		53		48
Bear Stearns ALT-A Trust
Series 2003-6, Class 2A2, 3.87%, 1/25/2034 (n)		1,442		1,328
Series 2005-4, Class 23A1, 3.82%, 5/25/2035 (n)		54		50
Series 2005-4, Class 23A2, 3.82%, 5/25/2035 (n)		413		385
Series 2005-7, Class 12A3, 1.17%, 8/25/2035 (n)		31		30
Bear Stearns ARM Trust
Series 2005-9, Class A1, 4.27%, 10/25/2035 (n)		138		131
Series 2006-1, Class A1, 3.84%, 2/25/2036 (n)		246		235
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC3, Class M1, 1.31%, 6/25/2034 ‡ (n)		491		410
Chase Mortgage Finance Trust
Series 2006-S4, Class A5, 6.00%, 12/25/2036		254		168
Series 2007-A1, Class 1A1, 4.22%, 2/25/2037 (n)		66		62
Series 2007-A1, Class 8A1, 4.26%, 2/25/2037 (n)		100		94
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 3.24%, 5/25/2023 (f) (n)		4,120		3,478
Series 2018-GT1, Class B, 3.99%, 5/25/2023 ‡ (f) (n)		840		585
CHL Mortgage Pass-Through Trust
Series 2004-9, Class A7, 5.25%, 6/25/2034		69		66
Series 2004-25, Class 2A1, 1.17%, 2/25/2035 (n)		355		302
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		508		434
Series 2005-31, Class 2A1, 3.31%, 1/25/2036 (n)		362		301
Series 2006-21, Class A14, 6.00%, 2/25/2037		170		130
Series 2007-10, Class A4, 5.50%, 7/25/2037		209		149
Series 2007-9, Class A11, 5.75%, 7/25/2037		1,928		1,463

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Citigroup Mortgage Loan Trust
Series 2005-3, Class 2A2A, 4.41%, 8/25/2035 (n)		213		192
Series 2005-11, Class A2A, 4.38%, 10/25/2035 (n)		68		63
Citigroup Mortgage Loan Trust, Inc.
Series 2005-4, Class A, 4.62%, 8/25/2035 (n)		254		241
Series 2019-IMC1, Class B1, 3.97%, 7/25/2049 ‡ (f) (n)		2,123		1,844
Series 2019-IMC1, Class B2, 5.41%, 7/25/2049 ‡ (f) (n)		2,000		1,770
Civic Mortgage LLC
Series 2018-2, Class A1, 4.35%, 11/25/2022 (f) (j)		595		593
Series 2018-2, Class A2, 5.32%, 11/25/2022 (f) (j)		208		208
COLT Mortgage Loan Trust Series 2018-4, Class A1, 4.01%, 12/28/2048 (f) (n)		1,356		1,362
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2, 2.89%, 4/25/2031 (f) (n)		2,341		2,186
Series 2019-R01, Class 2M2, 2.94%, 7/25/2031 (f) (n)		2,818		2,510
Series 2019-R02, Class 1M2, 2.79%, 8/25/2031 ‡ (f) (n)		2,639		2,407
Series 2019-R03, Class 1M2, 2.64%, 9/25/2031 (f) (n)		747		679
Series 2019-R05, Class 1B1, 4.59%, 7/25/2039 (f) (n)		1,000		534
Series 2019-R07, Class 1M2, 2.59%, 10/25/2039 (f) (n)		2,660		2,299
Series 2020-R01, Class 1M1, 1.29%, 1/25/2040 ‡ (f) (n)		2,304		2,249
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8, Class 5A1, 6.00%, 12/25/2034		372		377
Deephave Residential Mortgage Trust Series 2019-2A, Class M1, 3.92%, 4/25/2059 ‡ (f) (n)		250		238
Deephaven Residential Mortgage Trust
Series 2017-3A, Class B2, 6.25%, 10/25/2047 ‡ (f) (n)		2,000		1,766
Series 2018-2A, Class A1, 3.48%, 4/25/2058 (f) (n)		1,115		1,120
Series 2019-3A, Class B2, 5.66%, 7/25/2059 ‡ (f) (n)		2,000		1,800

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AF1, Class A4, 0.79%, 4/25/2036 (n)		569		491
Series 2007-3, Class 2A1, 1.24%, 10/25/2047 (n)		2,857		2,376
FHLMC STACR Remic Trust Series 2020-DNA2, Class M2, 2.34%, 2/25/2050 (f) (n)		3,000		2,221
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA1, Class M2, 3.74%, 7/25/2029 (n)		2,932		2,794
Series 2017-DNA2, Class B1, 5.64%, 10/25/2029 (n)		2,000		1,550
Series 2018-HQA1, Class M2, 2.79%, 9/25/2030 (n)		2,826		2,485
FNMA, Connecticut Avenue Securities
Series 2015-C03, Class 1M2, 5.49%, 7/25/2025 ‡ (n)		329		242
Series 2016-C07, Class 2M2, 4.84%, 5/25/2029 (n)		895		877
Series 2017-C01, Class 1B1, 6.24%, 7/25/2029 (n)		3,010		2,480
Series 2017-C03, Class 1M1, 1.44%, 10/25/2029 (n)		1,113		1,108
Series 2017-C05, Class 1M2, 2.69%, 1/25/2030 (n)		2,314		2,142
Series 2017-C06, Class 2M2, 3.29%, 2/25/2030 (n)		2,484		2,191
Series 2017-C07, Class 1M2, 2.89%, 5/25/2030 (n)		2,000		1,788
Series 2017-C07, Class 2M2, 2.99%, 5/25/2030 (n)		2,330		2,029
Series 2018-C01, Class 1M2, 2.74%, 7/25/2030 (n)		3,528		3,077
Series 2018-C02, Class 2M2, 2.69%, 8/25/2030 (n)		2,623		2,294
Series 2018-C03, Class 1M2, 2.64%, 10/25/2030 (n)		3,500		3,140
Series 2018-C04, Class 2M2, 3.04%, 12/25/2030 (n)		4,757		4,113
Series 2018-C05, Class 1M2, 2.84%, 1/25/2031 (n)		3,250		2,901
GCAT Trust Series 2019-NQM2, Class M1, 3.31%, 9/25/2059 ‡ (f) (n)		2,337		2,159
GSR Mortgage Loan Trust Series 2004-11, Class 2A2, 4.39%, 9/25/2034 (n)		189		178

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
HarborView Mortgage Loan Trust Series 2006-14, Class 1A1A, 0.90%, 1/25/2047 (n)		1,932		1,564
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048 (f) (n)		1,785		1,776
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (f) (n)		500		464
Series 2019-1, Class B1, 4.80%, 1/25/2059 ‡ (f) (n)		500		447
Impac CMB Trust
Series 2004-6, Class 1A2, 1.27%, 10/25/2034 (n)		56		53
Series 2005-2, Class 2A2, 1.29%, 4/25/2035 (n)		328		287
Series 2005-4, Class 2A2, 1.25%, 5/25/2035 (n)		267		223
Series 2005-4, Class 2M2, 1.61%, 5/25/2035 (n)		189		156
Series 2005-4, Class 2B1, 2.96%, 5/25/2035 ‡ (n)		283		245
IndyMac INDX Mortgage Loan Trust Series 2007-AR21, Class 6A1, 3.46%, 9/25/2037 (n)		2,157		1,679
JP Morgan Mortgage Trust
Series 2005-A8, Class 2A3, 3.91%, 11/25/2035 (n)		150		132
Series 2006-A7, Class 2A2, 3.80%, 1/25/2037 (n)		1,002		852
Lehman XS Trust Series 2006-16N, Class A4A, 0.68%, 11/25/2046 (n)		1,880		1,571
LHOME Mortgage Trust
Series 2019-RTL2, Class A1, 3.84%, 3/25/2024 (f)		2,130		1,989
Series 2019-RTL2, Class A2, 4.34%, 3/25/2024 (f) (j)		340		298
Series 2019-RTL3, Class A2, 4.34%, 7/25/2024 (f) (j)		740		652
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.35%, 4/21/2034 (n)		148		141
MASTR Alternative Loan Trust
Series 2003-5, Class 30B1, 5.91%, 8/25/2033 ‡ (n)		673		674
Series 2004-6, Class 8A1, 5.50%, 7/25/2034		52		53

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 47

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Merrill Lynch Mortgage Investors Trust
Series 2003-A4, Class 3A, 4.50%, 5/25/2033 (n)		78		73
Series 2005-A2, Class A3, 3.73%, 2/25/2035 (n)		35		32
Series 2005-1, Class 2A1, 3.48%, 4/25/2035 (n)		41		37
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 4.19%, 7/25/2034 (n)		72		68
Series 2004-7AR, Class 2A6, 3.94%, 9/25/2034 (n)		200		184
Series 2004-11AR, Class 1A2A, 0.80%, 1/25/2035 (n)		163		158
MortgageIT Mortgage Loan Trust Series 2006-1, Class 1A2, 0.69%, 4/25/2036 (n)		2,242		1,586
MortgageIT Trust Series 2005-1, Class 1B1, 1.99%, 2/25/2035 ‡ (n)		212		197
New Residential Mortgage Loan Trust
Series 2018-NQM1, Class B1, 5.28%, 11/25/2048 ‡ (f) (n)		1,184		1,173
Series 2019-NQM1, Class A1, 3.67%, 1/25/2049 (f) (n)		753		746
Series 2019-NQM4, Class B2, 5.05%, 9/25/2059 ‡ (f) (n)		2,000		1,781
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-4, Class 1A2, 0.88%, 11/25/2035 (n)		214		210
Series 2005-5, Class 1APT, 0.77%, 12/25/2035 (n)		555		487
Opteum Mortgage Acceptance Corp. Trust
Series 2006-1, Class 1APT, 0.70%, 4/25/2036 (n)		694		605
Series 2006-1, Class 1AC1, 0.79%, 4/25/2036 (n)		496		429
PMT Credit Risk Transfer Trust Series 2019-2R, Class A, 3.19%, 5/27/2023 (f) (n)		382		363
PRPM LLC Series 2019-1A, Class A1, 4.50%, 1/25/2024 (f) (j)		1,504		1,431
RALI Trust Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		582		541
Residential Asset Securitization Trust Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		2,526		1,788

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
RFMSI Trust
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		544		485
Series 2007-S6, Class 2A5, 0.99%, 6/25/2037(n)		1,775		1,353
STACR Trust Series 2018-DNA2, Class M2, 2.64%, 12/25/2030 ‡ (f) (n)		3,000		2,595
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A1, 3.79%, 3/25/2048 (f) (n)		2,062		2,063
Series 2019-1, Class M1, 3.76%, 6/25/2049 ‡ (f) (n)		2,000		1,773
Series 2019-INV1, Class M1, 3.06%, 9/27/2049 ‡ (f) (n)		500		437
Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 1A1, 1.34%, 5/25/2047 (n)		2,267		1,587
Toorak Mortgage Corp. Ltd.
Series 2018-1, Class A1, 4.34%, 8/25/2021 (f) (j)		660		573
Series 2019-2, Class A1, 3.72%, 9/25/2022 (j)		3,250		2,949
Verus Securitization Trust
Series 2018-2, Class B2, 5.18%, 6/1/2058 (f) (n)		4,000		2,416
Series 2019-INV2, Class M1, 3.50%, 7/25/2059 ‡ (f) (n)		2,000		1,624
Series 2019-INV2, Class B1, 4.45%, 7/25/2059 ‡ (f) (n)		1,500		1,191
Series 2019-INV3, Class A2, 2.95%, 11/25/2059 (f) (n)		52		50
Series 2019-INV1, Class M1, 4.03%, 12/25/2059 ‡ (f) (n)		1,000		815
Series 2020-1, Class B1, 3.62%, 1/25/2060 ‡ (f) (n)		1,177		881
WaMu Mortgage Pass-Through Certificates Series 2005-AR8, Class 2AB2, 1.33%, 7/25/2045 (n)		1,700		1,456
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.62%, 3/25/2035 (n)		425		395
Series 2005-AR5, Class A6, 4.14%, 5/25/2035 (n)		270		260
Series 2005-AR7, Class A3, 4.25%, 8/25/2035 (n)		219		199
Series 2005-AR10, Class 1A3, 4.13%, 9/25/2035 (n)		158		155

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-AR14, Class 1A4, 3.83%, 12/25/2035 (n)		214		198
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-K, Class 1A2, 4.97%, 7/25/2034 (n)		35		35
Series 2005-AR14, Class A1, 4.81%, 8/25/2035 (n)		220		206
				145,417
Total Collateralized Mortgage Obligations (Cost $168,242)				147,826
Commercial Mortgage-Backed Securities — 4.2%
Cayman Islands — 0.1%
GPMT Ltd.
Series 2018-FL1, Class AS, 1.87%, 11/21/2035 ‡ (f) (n)		1,000		898
Series 2018-FL1, Class B, 2.22%, 11/21/2035 ‡ (f) (n)		1,000		866
				1,764
United States — 4.1%
Banc of America Commercial Mortgage Trust Series 2017-BNK3, Class D, 3.25%, 2/15/2050 ‡ (f)		670		396
BANK
Series 2017-BNK9, Class D, 2.80%, 11/15/2054 ‡ (f)		1,570		888
Series 2018-BN12, Class D, 3.00%, 5/15/2061 ‡ (f)		1,590		893
Series 2019-BN19, Class D, 3.00%, 8/15/2061 ‡ (f)		2,250		1,242
Series 2019-BN20, Class E, 2.50%, 9/15/2062 ‡ (f)		350		148
Series 2020-BN26, Class XA, IO, 1.36%, 3/15/2063 (n)		24,541		2,119
Barclays Commercial Mortgage Trust Series 2019-C4, Class D, 3.25%, 8/15/2052 ‡ (f)		1,500		893
BENCHMARK Mortgage Trust Series 2018-B1, Class D, 2.75%, 1/15/2051 ‡ (f)		1,203		741
Braemar Hotels & Resorts Trust Series 2018-PRME, Class C, 2.06%, 6/15/2035 ‡ (f) (n)		1,500		1,273
BX Commercial Mortgage Trust Series 2020-BXLP, Class F, 2.81%, 12/15/2036 ‡ (f) (n)		565		529
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class C, 2.26%, 12/15/2037 ‡ (f) (n)		2,900		2,775

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2019-LIFE, Class E, 2.96%, 12/15/2037 ‡ (f) (n)		2,845		2,661
Series 2019-LIFE, Class G, 4.06%, 12/15/2037 ‡ (f) (n)		2,560		2,343
CD Mortgage Trust Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (f)		351		233
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.90%, 1/10/2036 ‡ (f) (n)		3,160		2,807
Series 2019-PRM, Class E, 4.89%, 5/10/2036 ‡ (f)		1,650		1,469
Series 2016-C1, Class D, 5.12%, 5/10/2049 ‡ (f) (n)		585		426
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (n)		960		920
Commercial Mortgage Trust
Series 2020-CBM, Class F, 3.75%, 2/10/2037 ‡ (f) (n)		1,600		969
Series 2014-LC15, Class D, 5.15%, 4/10/2047 ‡ (f) (n)		1,000		784
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 ‡ (f)		550		276
Series 2014-CR20, Class D, 3.22%, 11/10/2047 ‡ (f)		1,450		1,009
Series 2015-LC21, Class D, 4.49%, 7/10/2048 ‡ (n)		2,151		1,519
Series 2016-CR28, Class D, 4.05%, 2/10/2049 ‡ (n)		1,500		835
Series 2016-CR28, Class E, 4.30%, 2/10/2049 ‡ (f) (n)		1,458		753
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class D, 2.41%, 5/15/2036 ‡ (f) (n)		3,000		2,795
CSAIL Commercial Mortgage Trust Series 2016-C5, Class D, 3.73%, 11/15/2048 ‡ (f) (n)		1,000		707
DBGS Mortgage Trust
Series 2018-5BP, Class D, 2.16%, 6/15/2033 ‡ (f) (n)		4,000		3,500
Series 2019-1735, Class E, 4.33%, 4/10/2037 ‡ (f) (n)		865		670
DBJPM Mortgage Trust Series 2017-C6, Class D, 3.38%, 6/10/2050 ‡ (f) (n)		1,520		1,013
FHLMC Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029 (n)		9,520		1,474

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 49

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
FHLMC, Multifamily Structured Pass-Through Certificates
Series K721, Class X3, IO, 1.34%, 9/25/2022 (n)		22,604		659
Series K033, Class X1, IO, 0.41%, 7/25/2023 (n)		106,131		918
Series KC03, Class X1, IO, 0.63%, 11/25/2024 (n)		29,799		586
Series K064, Class X3, IO, 2.21%, 5/25/2027 (n)		14,685		1,811
Series K078, Class X1, IO, 0.23%, 6/25/2028 (n)		63,679		591
Series K082, Class X1, IO, 0.15%, 9/25/2028 (n)		420,833		1,934
Series K082, Class X3, IO, 2.29%, 10/25/2028 (n)		9,250		1,372
Series K084, Class X3, IO, 2.31%, 11/25/2028 (n)		10,000		1,505
Series K105, Class X1, IO, 1.65%, 1/25/2030 (n)		24,099		2,832
Series K059, Class X3, IO, 1.98%, 11/25/2044 (n)		15,200		1,588
Series K070, Class X3, IO, 2.11%, 12/25/2044 (n)		7,175		910
Series K065, Class X3, IO, 2.26%, 7/25/2045 (n)		16,900		2,164
Series K087, Class X3, IO, 2.39%, 1/25/2046 (n)		11,320		1,786
Series K081, Class X3, IO, 2.31%, 9/25/2046 (n)		15,822		2,360
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K734, Class X3, IO, 2.24%, 7/25/2026 (n)		7,480		822
Series KC04, Class X1, IO, 1.41%, 12/25/2026 (n)		13,000		787
Series K083, Class X1, IO, 0.18%, 9/25/2028 (n)		134,056		807
Series K094, Class X1, IO, 1.02%, 6/25/2029 (n)		40,617		2,697
Series K723, Class X3, IO, 1.98%, 10/25/2034 (n)		6,909		402
Series K153, Class X3, IO, 3.90%, 4/25/2035 (n)		5,395		1,683
Series K716, Class X3, IO, 1.86%, 8/25/2042 (n)		16,608		345

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series K726, Class X3, IO, 2.20%, 7/25/2044 (n)		15,363		1,131
Series K728, Class X3, IO, 2.02%, 11/25/2045 (n)		8,624		641
Series K071, Class X3, IO, 2.08%, 11/25/2045 (n)		8,000		1,002
Series K072, Class X3, IO, 2.21%, 12/25/2045 (n)		5,200		701
Series K088, Class X3, IO, 2.42%, 2/25/2047 (n)		16,690		2,738
Series K092, Class X3, IO, 2.32%, 5/25/2047 (n)		7,055		1,132
Series K094, Class X3, IO, 2.20%, 7/25/2047 (n)		14,794		2,262
FNMA ACES Series 2019-M21, Class X2, IO, 1.47%, 2/25/2031 (n)		3,730		410
FREMF Series 2018-KF46, Class B, 2.94%, 3/25/2028 (f) (n)		470		370
FREMF Mortgage Trust
Series 2015-KF09, Class B, 6.34%, 5/25/2022 (f) (n)		118		116
Series 2015-KF10, Class B, 7.09%, 7/25/2022 (f) (n)		429		399
Series 2018-KI01, Class B, 3.44%, 9/25/2022 (f) (n)		1,692		1,645
Series 2017-KF31, Class B, 3.89%, 4/25/2024 (f) (n)		142		120
Series 2017-KF32, Class B, 3.54%, 5/25/2024 (f) (n)		464		399
Series 2017-KF36, Class B, 3.09%, 8/25/2024 (f) (n)		459		389
Series 2017-KF38, Class B, 3.49%, 9/25/2024 (f) (n)		462		393
Series 2018-KF42, Class B, 3.19%, 12/25/2024 (f) (n)		446		386
Series 2018-K731, Class B, 4.06%, 2/25/2025 (f) (n)		1,450		1,469
Series 2018-KF45, Class B, 2.94%, 3/25/2025 (f) (n)		963		809
Series 2018-KF47, Class B, 2.99%, 5/25/2025 (f) (n)		1,015		863
Series 2018-KF49, Class B, 2.89%, 6/25/2025 (f) (n)		528		447
Series 2018-KC02, Class B, 4.22%, 7/25/2025 (f) (n)		1,530		1,345
Series 2018-KF53, Class B, 3.04%, 10/25/2025 (n)		2,195		1,837

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2019-KC03, Class B, 4.51%, 1/25/2026 (f) (n)		1,325		1,161
Series 2019-KF62, Class B, 3.04%, 4/25/2026 (f) (n)		990		825
Series 2019-K736, Class C, 3.88%, 7/25/2026 (f) (n)		1,500		1,337
Series 2018-KF48, Class B, 3.04%, 6/25/2028 (f) (n)		1,486		1,157
Series 2018-KF50, Class B, 2.89%, 7/25/2028 (f) (n)		242		189
Series 2018-K82, Class B, 4.27%, 9/25/2028 (f) (n)		725		730
Series 2019-KG01, Class B, 4.31%, 4/25/2029 (f) (n)		1,675		1,267
Series 2019-KF63, Class B, 3.34%, 5/25/2029 (f) (n)		1,895		1,458
Series 2019-KF65, Class B, 3.39%, 7/25/2029 (f) (n)		1,125		866
Series 2012-K19, Class C, 4.16%, 5/25/2045 (f) (n)		480		483
Series 2017-K67, Class C, 4.08%, 9/25/2049 (f) (n)		770		699
Series 2016-K60, Class B, 3.66%, 12/25/2049 (f) (n)		355		355
Series 2017-K65, Class B, 4.21%, 7/25/2050 (f) (n)		2,000		2,023
Series 2018-K72, Class B, 4.12%, 12/25/2050 (f) (n)		650		660
Series 2018-K74, Class B, 4.23%, 2/25/2051 (f) (n)		930		938
Series 2018-K75, Class B, 4.11%, 4/25/2051 (f) (n)		600		600
Series 2019-K103, Class C, 3.57%, 12/25/2051 (f) (n)		235		199
Series 2019-K94, Class C, 4.10%, 7/25/2052 (f) (n)		2,257		1,903
Series 2020-K737, Class B, 3.30%, 1/25/2053 (f) (n)		400		390
Series 2019-K96, Class B, 3.94%, 8/25/2056 (f) (n)		1,110		1,078
GNMA
Series 2012-44, IO, 0.26%, 3/16/2049 (n)		5,869		36
Series 2015-86, IO, 0.69%, 5/16/2052 (n)		5,854		229
Series 2013-7, IO, 0.36%, 5/16/2053 (n)		15,484		288
Series 2014-186, IO, 0.73%, 8/16/2054 (n)		9,390		350

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2013-178, IO, 0.64%, 6/16/2055 (n)		3,668		95
Series 2015-33, IO, 0.74%, 2/16/2056 (n)		16,148		691
Series 2015-59, IO, 1.00%, 6/16/2056 (n)		5,727		265
Series 2015-172, IO, 0.81%, 3/16/2057 (n)		3,131		137
Series 2016-40, IO, 0.71%, 7/16/2057 (n)		11,129		479
Series 2016-157, IO, 0.95%, 11/16/2057 (n)		10,392		681
Series 2016-71, Class QI, IO, 0.97%, 11/16/2057 (n)		26,301		1,600
Series 2016-96, IO, 0.98%, 12/16/2057 (n)		1,681		103
Series 2016-155, IO, 0.88%, 2/16/2058 (n)		19,969		1,308
Series 2016-151, IO, 1.07%, 6/16/2058 (n)		19,506		1,335
Series 2017-54, IO, 0.64%, 12/16/2058 (n)		7,609		385
Series 2017-86, IO, 0.78%, 5/16/2059 (n)		5,266		296
Series 2017-69, IO, 0.81%, 7/16/2059 (n)		2,873		170
Series 2017-171, IO, 0.69%, 9/16/2059 (n)		2,580		146
Series 2018-119, IO, 0.65%, 5/16/2060 (n)		7,950		476
Series 2020-28, IO, 0.86%, 11/16/2061 (n)		9,004		679
Series 2020-23, IO, 0.79%, 4/16/2062 (n)		14,101		1,029
GRACE Mortgage Trust Series 2014-GRCE, Class F, 3.71%, 6/10/2028 ‡ (f) (n)		3,260		3,233
GS Mortgage Securities Corp. Trust Series 2016-RENT, Class E, 4.20%, 2/10/2029 ‡ (f) (n)		2,500		2,434
GS Mortgage Securities Trust
Series 2013-GC12, Class E, 3.25%, 6/10/2046 ‡ (f)		400		285
Series 2013-GC12, Class D, 4.59%, 6/10/2046 ‡ (f) (n)		500		405
Series 2015-GC34, Class D, 2.98%, 10/10/2048 ‡		505		215
Series 2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (f) (n)		2,809		1,933
Hudson Yards Mortgage Trust Series 2019-30HY, Class E, 3.56%, 7/10/2039 ‡ (f) (n)		2,000		1,767
Jackson Park Trust Series 2019-LIC, Class A, 2.77%, 10/14/2039 (f)		2,400		2,428

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 51

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
JP Morgan Chase Commercial Mortgage Securities Trust Series 2013-C16, Class D, 5.19%, 12/15/2046 ‡ (f) (n)		500		431
KNDL Mortgage Trust Series 2019-KNSQ, Class E, 2.61%, 5/15/2036 ‡ (f) (n)		990		911
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.11%, 7/15/2044 (n)		338		334
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (n)		1,618		946
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class D, 5.07%, 4/15/2047 ‡ (f) (n)		385		299
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (f) (n)		770		675
Series 2006-T23, Class D, 6.37%, 8/12/2041 ‡ (f) (n)		872		878
Series 2019-H7, Class D, 3.00%, 7/15/2052 ‡ (f)		1,746		885
Multifamily Connecticut Avenue Securities Trust Series 2019-01, Class M7, 2.19%, 10/15/2049 ‡ (f) (n)		388		326
Nationslink Funding Corp. Commercial Loan Pass-Through Certificates Series 1999-LTL1, Class E, 5.00%, 1/22/2026 ‡ (f)		1,935		1,965
Velocity Commercial Capital Loan Trust
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (f) (n)		331		317
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (f) (n)		479		449
Wells Fargo Commercial Mortgage Trust Series 2019-C52, Class XA, IO, 1.77%, 8/15/2052 (n)		3,983		398
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 4.05%, 9/15/2057 ‡ (f) (n)		1,565		1,244
				140,477
Total Commercial Mortgage-backed Securities (Cost $161,643)				142,241
U.S. Treasury Obligations — 2.2%
U.S. Treasury Notes 2.50%, 1/31/2021 (o) (Cost $74,651)		73,798		75,095
Loan Assignments — 0.3% (p)
Canada — 0.0% (c)
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 3 Month + 5.50%), 6.57%, 9/6/2024 (g)		539		464

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — 0.3%
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.74%, 4/6/2024 (g)		108		93
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.06%, 12/15/2024 (g)		148		129
Buckeye Partners LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.77%, 11/1/2026 (g)		350		327
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 3 Month + 4.75%), 6.36%, 12/31/2022 (g)		861		189
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.65%, 3/15/2027 (g)		239		226
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024 (g)		604		591
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 8.42%, 12/18/2026 (g) (q)		261		199
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024 (g)		402		385
Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 5.51%, 8/3/2026 (g)		72		69
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.00%, 5/16/2022 ‡ (g)		21		21
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (g) (i)		84		—
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.45%, 12/1/2023 (g)		248		155
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.65%, 12/1/2023 (g)		276		261
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%), 6.42%, 8/25/2023 (g)		487		253
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.26%, 1/31/2025 (g)		322		294
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.43%, 4/1/2024 ‡ (g)		535		535

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Loan Assignments — continued
United States — continued
Moran Foods LLC, 1st Lien Term Loan B-2 (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 12/31/2100 ‡ (g)		332		260
Neiman Marcus Group Ltd. LLC, Term Loan (ICE LIBOR USD 1 Month + 6.50%), 8.00%, 10/25/2023 (g)		270		98
PetSmart, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 3/11/2 022 (g)		1,123		1,088
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.15%, 2/5/2023 (g)		361		343
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%), 3.52%, 8/14/2024 (g)		1,002		826
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.45%, 9/25/2026 (g)		344		298
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.54%, 2/14/2025 (g)		117		108
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 6.87%, 3/9/2023 (g)		647		443
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 4/29/2026 (g)		334		312
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.65%, 10/22/2025 (g)		372		334
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.72%, 6/2/2025 (g)		1,646		1,590
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.70%, 1/30/2021 (g)		776		566
Windstream Corp., 1st Lien Term Loan B (3-MONTH PRIME + 5.00%), 8.25%, 3/29/2021 (g)		58		32
				10,025
Total Loan Assignments (Cost $12,287)				10,489
	SHARES (000)
Exchange-traded Funds — 0.3%
United States — 0.3%
iShares MSCI India ETF (b) (Cost $8,417)		320		8,660

INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)
Supranational — 0.2%
Supranational — 0.2%
European Investment Bank
2.80%, 1/15/2021	AUD	1,837			1,216
2.25%, 7/30/2021 (f)	CAD	1,990			1,463
0.50%, 6/21/2023	AUD	1,210			782
Inter-American Development Bank
0.50%, 5/23/2023	CAD	3,650			2,593
1.70%, 10/10/2024	CAD	800			596
4.40%, 1/26/2026	CAD	614			528
TOTAL SUPRANATIONAL (Cost $7,579)					7,178
	SHARES (000)
Preferred Stocks — 0.0% (c)
United States — 0.0% (c)
Claire’s Stores, Inc. * ‡		—	(d)		387
GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 7.48%, 2/15/2040 ($25 par value) (g)		1			14
Goodman Networks, Inc. * ‡		3			—	(d)
MYT Holding Co., 10.00%, 6/7/2029 (f)		47			31
TOTAL PREFERRED STOCKS (Cost $181)					432
	PRINCIPAL AMOUNT (000)
Options Purchased — 0.0% (c)
Call Options Purchased — 0.0% (c)
European Union — 0.0% (c)
Foreign Exchange EUR/ILS 9/9/2020 at EUR 3.90, Vanilla, European Style Notional Amount: EUR 1,010 Counterparty: Goldman Sachs International *	EUR	1,010,000			16
United States — 0.0% (c)
Foreign Exchange USD/ILS 9/9/2020 at USD 3.50, Vanilla, European Style Notional Amount: USD 1,112 Counterparty: Goldman Sachs International *		1,111,500			17

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 53

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	NO. OF CONTRACTS		VALUE (000)
Long Positions — continued
Options Purchased — continued
Call Options Purchased — continued
United States — continued
S&P 500 Index 6/19/2020 at USD 3,375.00, European Style Notional Amount: USD 136,010 Exchange Traded *		467		97
				114
Total Call Options Purchased				130
	PRINCIPAL AMOUNT (000)
Put Options Purchased — 0.0% (c)
United States — 0.0% (c)
Foreign Exchange USD/JPY 8/14/2020 at USD 108.00, Vanilla, European Style Notional Amount: USD 3,714 Counterparty: Citibank, NA *		3,714,366		79
Foreign Exchange USD/JPY 8/14/2020 at USD 102.00, Vanilla, European Style Notional Amount: USD 3,726 Counterparty: Citibank, NA *		3,726,000		21
Total Put Options Purchased				100
Total Options Purchased (Cost $4,567)				230
Convertible Bonds — 0.0% (c)
United States — 0.0% (c)
Liberty Interactive LLC
4.00%, 11/15/2029		55		37
3.75%, 2/15/2030		100		66
Whiting Petroleum Corp. 1.25%, 4/1/2020 (i)		168		15
Total Convertible Bonds (Cost $276)				118
	NO. OF WARRANTS (000)
Warrants — 0.0% (c)
Canada — 0.0% (c)
Ultra Petroleum Corp. expiring 7/14/2025, price 1.00 USD *		28		1
United States — 0.0% (c)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡		4		26
Total Warrants (Cost $75)				27

INVESTMENTS	NO. OF RIGHTS (000)		VALUE (000)
Rights — 0.0% (c)
Australia — 0.0% (c)
Flight Centre Travel Group Ltd., expiring 5/1/2020, price 1.00 *		1		2
United States — 0.0% (c)
Media General, Inc., CVR * ‡		44		—	(d)
Vistra Energy Corp., expiring 12/31/2049 * ‡		17		16
				16
Total Rights (Cost $8)				18
	SHARES (000)
Short-Term Investments — 9.9%
Commercial Paper — 0.1%
Boeing Co. (The) 2.06%, 5/19/2020 (f) (r)		511		510
Eni Finance USA, Inc. 1.82%, 6/15/2020 (f) (r)		1,150		1,147
Natwest Markets Securities, Inc. 1.96%, 7/29/2020 (f) (r)		600		597
TransCanada PipeLines Ltd. 1.71%, 5/19/2020 (f) (r)		750		750
Total Commercial Paper (Cost $3,004)				3,004
	PRINCIPAL AMOUNT (000)
FOREIGN GOVERNMENT TREASURY BILLS — 0.5%
Canadian Treasury Bills
1.60%, 5/28/2020 (r)	CAD	10,662		7,659
0.35%, 3/4/2021 (r)		12,090		8,661
Total Foreign Government Treasury Bills (Cost $16,545)				16,320
	SHARES (000)
Investment Companies — 6.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (s) (t) (Cost $202,629) 202,558				202,721
Investment Of Cash Collateral From Securities Loaned — 3.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (s) (t)		94,011		94,029

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Investment Of Cash Collateral From Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (s) (t)		15,966			15,966
Total Investment of Cash Collateral from Securities Loaned (Cost $109,976)					109,995
	PRINCIPAL AMOUNT (000)
U.S. Treasury Obligations — 0.0% (c)
U.S. Treasury Bills 0.13%, 9/17/2020 (Cost $1,654)		1,655			1,654
Total Short-Term Investments (Cost $333,808)					333,694
Total Long Positions (Cost $3,400,572)					3,482,545
	SHARES (000)
Short Positions — (0.5)%
Common Stocks — (0.5)%
United States — (0.5)%
Align Technology, Inc. *		(3	)		(596	)
Comcast Corp., Class A		(30	)		(1,135	)
Consolidated Edison, Inc.		(8	)		(635	)
Dentsply Sirona, Inc.		(9	)		(383	)
Ford Motor Co.		(153	)		(779	)
Franklin Resources, Inc.		(43	)		(815	)
Harley-Davidson, Inc.		(2	)		(34	)
Host Hotels & Resorts, Inc., REIT		(57	)		(707	)
Legg Mason, Inc.		(28	)		(1,372	)
Molson Coors Beverage Co., Class B		(16	)		(672	)
Motorola Solutions, Inc.		(10	)		(1,461	)
Stryker Corp.		(3	)		(514	)
Target Corp.		(14	)		(1,502	)
Tech Data Corp. *		(7	)		(1,006	)
WABCO Holdings, Inc. *		(20	)		(2,689	)
Walt Disney Co. (The)		(10	)		(1,038	)
Total Common Stocks (Proceeds $(15,314))					(15,338	)
Exchange-Traded Funds — 0.0% (c)
United States — 0.0% (c)
SPDR S&P 500 ETF Trust(Proceeds $(996))		(4	)		(1,057	)
Total Short Positions (Proceeds $(16,310))					(16,395	)
Total Investments — 102.4% (Cost $3,384,262)					3,466,150
Liabilities in Excess of Other Assets — (2.4)%					(80,785	)
Net Assets — 100.0%					3,385,365

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		12.6	%
Banks		6.6
Asset-Backed Securities		4.4
Collateralized Mortgage Obligations		4.2
Commercial Mortgage-Backed Securities		4.1
Pharmaceuticals		3.6
Capital Markets		2.9
Oil, Gas & Consumable Fuels		2.4
Software		2.4
Insurance		2.4
Semiconductors & Semiconductor Equipment		2.4
Electric Utilities		2.3
U.S. Treasury Notes		2.2
Health Care Providers & Services		2.1
Internet & Direct Marketing Retail		2.0
Diversified Telecommunication Services		1.6
Media		1.6
IT Services		1.5
Specialty Retail		1.4
Equity Real Estate Investment Trusts (REITs)		1.3
Food Products		1.3
Technology Hardware, Storage & Peripherals		1.2
Interactive Media & Services		1.2
Machinery		1.2
Road & Rail		1.1
Biotechnology		1.1
Beverages		1.0
Automobiles		1.0
Others (each less than 1.0%)		17.9
Short-Term Investments		9.0
INDUSTRY(SHORT)	PERCENTAGE
Machinery		16.4	%
Capital Markets		13.3
Multiline Retail		9.2
Health Care Equipment & Supplies		9.1
Communications Equipment		8.9
Media		6.9
Exchange-Traded Fund		6.5
Entertainment		6.3
Electronic Equipment, Instruments & Components		6.1
Automobiles		5.0
Equity Real Estate Investment Trusts (REITs)		4.3
Beverages		4.1
Multi-Utilities		3.9

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 55

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CLO	Collateralized Loan Obligations
CVA	Dutch Certification
CVR	Contingent Value Rights
DKK	Danish Krone
ETF	Exchange-Traded Fund
EUR	Euro
FDR	Fiduciary Depository Receipt
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of April 30, 2020. The rate may be subject to a cap and floor.
ILS	Israeli Shekel
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
LIBOR	London Interbank Offered Rate
NVDR	Non-voting depository receipt
OYJ	Public Limited Company
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
SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt
SEK	Swedish Krona
SGPS	Holding company
SOFR	Secured Overnight Financing Rate
SPDR	Standard & Poor’s Depository Receipts
UAH	Ukrainian Hryvnia
USD	United States Dollar

(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)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $101,292,000.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Amount rounds to less than one thousand.
(e)	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 $16,245,000 and $16,834,000 respectively.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2020.
(h)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(i)	Defaulted security.
(j)	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, 2020.
(k)	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, 2020.
(l)	Security is an interest bearing note with preferred security characteristics.
(m)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(n)	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, 2020.
(o)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(p)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(q)	Fund is subject to legal or contractual restrictions on the resale of the security.
(r)	The rate shown is the effective yield as of April 30, 2020.
(s)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(t)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS APRIL 30, 2020

Futures contracts outstanding as of April 30, 2020 (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		50			06/2020		AUD		4,850			1
Australia 3 Year Bond		132			06/2020		AUD		10,079			45
Canada 10 Year Bond		13			06/2020		CAD		1,395			70
Euro-BTP		29			06/2020		EUR		4,405			(64	)
Euro-Bund		88			06/2020		EUR		16,821			303
Euro-Buxl		39			06/2020		EUR		9,368			(24	)
Euro-OAT		77			06/2020		EUR		14,246			(246	)
Euro-Schatz		88			06/2020		EUR		10,829			9
Foreign Exchange EUR/USD		993			06/2020		USD		136,103			(2,770	)
Foreign Exchange JPY/USD		2,151			06/2020		USD		250,645			(3,201	)
Japan 10 Year Bond		5			06/2020		JPY		7,118			(77	)
Japan 10 Year Bond Mini		86			06/2020		JPY		12,248			(150	)
Long Gilt		52			06/2020		GBP		9,019			213
MSCI EAFE E-Mini Index		130			06/2020		USD		10,644			528
MSCI Emerging Markets E-Mini Index		76			06/2020		USD		3,443			12
Russell 2000 E-Mini Index		275			06/2020		USD		17,971			1,076
S&P 500 E-Mini Index		3,278			06/2020		USD		475,515			46,950
Short-Term Euro-BTP		38			06/2020		EUR		4,637			(52	)
TOPIX Index		96			06/2020		JPY		13,002			679
U.S. Treasury 2 Year Note		163			06/2020		USD		35,925			4
U.S. Treasury 5 Year Note		1,999			06/2020		USD		250,718			8,088
U.S. Treasury 10 Year Note		54			06/2020		USD		7,499			182
U.S. Treasury Long Bond		257			06/2020		USD		46,381			(383	)
U.S. Treasury Ultra Bond		75			06/2020		USD		16,772			(264	)
												50,929
Short Contracts
Euro-Bobl		(18	)		06/2020		EUR		(2,682	)		(8	)
Euro-Bund		(453	)		06/2020		EUR		(86,590	)		1,083
MSCI Emerging Markets E-Mini Index		(981	)		06/2020		USD		(44,439	)		(2,595	)
MSCI Europe Equity Index		(3,413	)		06/2020		EUR		(74,634	)		(11,511	)
U.S. Treasury 2 Year Note		(104	)		06/2020		USD		(22,921	)		—	(a)
U.S. Treasury 5 Year Note		(79	)		06/2020		USD		(9,908	)		(323	)
U.S. Treasury 10 Year Note		(1,081	)		06/2020		USD		(150,124	)		197
U.S. Treasury 10 Year Ultra Note		(527	)		06/2020		USD		(82,607	)		114
U.S. Treasury Long Bond		(21	)		06/2020		USD		(3,790	)		43
												(13,000	)
												37,929

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EAFE	Europe, Australasia, and Far East
EUR	Euro
GBP	British Pound

JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar
(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 57

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Forward foreign currency exchange contracts outstanding as of April 30, 2020 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
DKK	13,185	USD	1,922	BNP Paribas		5/5/2020		14
EUR	4,076	USD	4,428	BNP Paribas		5/5/2020		39
EUR	758	USD	829	Goldman Sachs International		5/5/2020		2
EUR	1,053	USD	1,151	Standard Chartered Bank		5/5/2020		3
GBP	39,287	USD	49,139	State Street Corp.		5/5/2020		343
USD	2,673	EUR	2,406	State Street Corp.		5/5/2020		35
USD	634	JPY	68,063	Merrill Lynch International		5/7/2020		—	(a)
EUR	5	USD	6	BNP Paribas		5/15/2020		—	(a)
EUR	2,624	USD	2,866	Merrill Lynch International		5/15/2020		10
EUR	89	USD	97	Standard Chartered Bank		5/15/2020		1
USD	75,576	CAD	105,106	Merrill Lynch International		5/19/2020		65
USD	185	TRY	1,161	BNP Paribas		5/22/2020		20
USD	93	TRY	585	Citibank, NA		5/22/2020		10
AUD	127	USD	79	Goldman Sachs International		5/27/2020		4
CLP	65,187	USD	77	Citibank, NA**		5/27/2020		1
CZK	1,959	EUR	72	BNP Paribas		5/27/2020		—	(a)
EUR	72	USD	78	State Street Corp.		5/27/2020		1
USD	77	TRY	536	Goldman Sachs International		5/27/2020		1
AUD	1,766	USD	1,141	Royal Bank of Canada		6/3/2020		10
EUR	3,014	USD	3,273	State Street Corp.		6/3/2020		32
GBP	1,526	USD	1,896	BNP Paribas		6/3/2020		26
USD	7,475	AUD	11,420	BNP Paribas		6/3/2020		32
USD	9,325	CAD	12,931	Merrill Lynch International		6/3/2020		35
USD	150,264	JPY	16,010,650	BNP Paribas		6/3/2020		1,009
AUD	3,246	USD	1,989	HSBC Bank, NA		6/23/2020		127
CAD	139	EUR	90	Goldman Sachs International		6/23/2020		1
CAD	1,350	USD	956	BNP Paribas		6/23/2020		14
CAD	137	USD	97	Goldman Sachs International		6/23/2020		1
CAD	1,349	USD	960	TD Bank Financial Group		6/23/2020		9
EUR	828	USD	904	Goldman Sachs International		6/23/2020		5
EUR	89	USD	98	State Street Corp.		6/23/2020		—	(a)
HUF	38,046	USD	112	HSBC Bank, NA		6/23/2020		6
IDR	6,350,585	USD	396	BNP Paribas**		6/23/2020		19
MXN	7,060	USD	287	Barclays Bank plc		6/23/2020		3
MXN	11,226	USD	457	BNP Paribas		6/23/2020		5
MXN	14,932	USD	613	Goldman Sachs International		6/23/2020		2
MYR	1,844	USD	424	Standard Chartered Bank**		6/23/2020		4
PLN	174	USD	42	Citibank, NA		6/23/2020		—	(a)
RUB	38,347	USD	470	Barclays Bank plc**		6/23/2020		41
RUB	48,082	USD	605	Goldman Sachs International**		6/23/2020		35
SGD	1,711	USD	1,185	Goldman Sachs International		6/23/2020		29
USD	1,431	CAD	1,982	Barclays Bank plc		6/23/2020		6
USD	2,112	CAD	2,910	Goldman Sachs International		6/23/2020		21
USD	138	CZK	3,222	Citibank, NA		6/23/2020		7
USD	3	EUR	3	Barclays Bank plc		6/23/2020		—	(a)
USD	120	EUR	106	Merrill Lynch International		6/23/2020		4
USD	2,827	EUR	2,493	State Street Corp.		6/23/2020		92
USD	259	HUF	79,154	Citibank, NA		6/23/2020		13
USD	426	IDR	6,350,585	BNP Paribas**		6/23/2020		11
USD	650	JPY	69,548	Royal Bank of Canada		6/23/2020		1
USD	650	JPY	69,547	Standard Chartered Bank		6/23/2020		1
USD	3,111	JPY	324,681	State Street Corp.		6/23/2020		83
USD	740	MXN	17,476	Citibank, NA		6/23/2020		21
USD	17	MXN	367	Goldman Sachs International		6/23/2020		2
USD	322	MXN	7,774	HSBC Bank, NA		6/23/2020		2
USD	659	MYR	2,754	Standard Chartered Bank**		6/23/2020		19

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS APRIL 30, 2020

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
USD	901	PLN	3,533	BNP Paribas		6/23/2020		49
USD	11	PLN	41	Goldman Sachs International		6/23/2020		1
USD	522	RUB	38,347	Goldman Sachs International**		6/23/2020		11
USD	943	TRY	6,394	Barclays Bank plc		6/23/2020		41
USD	1,066	TRY	6,914	BNP Paribas		6/23/2020		90
USD	607	ZAR	10,705	HSBC Bank, NA		6/23/2020		33
CHF	1,349	USD	1,392	Goldman Sachs International		6/29/2020		8
CHF	744	USD	768	Merrill Lynch International		6/29/2020		5
DKK	15,637	USD	2,270	Citibank, NA		6/29/2020		29
EUR	772	CHF	812	State Street Corp.		6/29/2020		5
EUR	3,928	USD	4,262	Goldman Sachs International		6/29/2020		47
EUR	5,556	USD	6,047	Merrill Lynch International		6/29/2020		49
EUR	3,240	USD	3,505	State Street Corp.		6/29/2020		49
GBP	526	EUR	601	Royal Bank of Canada		6/29/2020		3
GBP	371	USD	437	Merrill Lynch International		6/29/2020		31
GBP	423	USD	500	Royal Bank of Canada		6/29/2020		33
GBP	14,385	USD	16,818	State Street Corp.		6/29/2020		1,304
NOK	3,957	USD	348	BNP Paribas		6/29/2020		39
NOK	1,962	USD	173	Goldman Sachs International		6/29/2020		18
SEK	5,035	EUR	452	Merrill Lynch International		6/29/2020		21
SEK	6,857	USD	674	Goldman Sachs International		6/29/2020		29
USD	523	EUR	475	Barclays Bank plc		6/29/2020		1
USD	769	EUR	700	Credit Suisse International		6/29/2020		1
USD	3,418	EUR	3,100	State Street Corp.		6/29/2020		17
Total unrealized appreciation								4,191
AUD	11,420	USD	7,475	BNP Paribas		5/5/2020		(33	)
CAD	12,931	USD	9,325	Merrill Lynch International		5/5/2020		(35	)
USD	6,951	AUD	11,420	State Street Corp.		5/5/2020		(491	)
USD	9,078	CAD	12,931	Goldman Sachs International		5/5/2020		(212	)
USD	1,934	DKK	13,185	Barclays Bank plc		5/5/2020		(2	)
USD	214,841	EUR	196,057	Barclays Bank plc		5/5/2020		(12	)
USD	48,545	GBP	39,287	State Street Corp.		5/5/2020		(938	)
USD	2,590	SEK	26,226	Barclays Bank plc		5/5/2020		(98	)
USD	146,948	JPY	15,942,587	TD Bank Financial Group		5/7/2020		(1,616	)
USD	3,067	EUR	2,817	Citibank, NA		5/15/2020		(22	)
CAD	57,602	USD	41,423	Merrill Lynch International		5/19/2020		(40	)
TRY	1,746	USD	261	Goldman Sachs International		5/22/2020		(12	)
TRY	536	USD	77	Goldman Sachs International		5/27/2020		(1	)
USD	78	AUD	127	Citibank, NA		5/27/2020		(4	)
USD	77	CLP	65,187	Citibank, NA**		5/27/2020		(1	)
USD	79	CZK	1,959	State Street Corp.		5/27/2020		(1	)
JPY	282,490	USD	2,640	HSBC Bank, NA		6/3/2020		(6	)
USD	1,923	DKK	13,185	BNP Paribas		6/3/2020		(14	)
USD	2,278	EUR	2,093	Goldman Sachs International		6/3/2020		(18	)
USD	209,526	EUR	192,576	Merrill Lynch International		6/3/2020		(1,634	)
USD	49,145	GBP	39,287	State Street Corp.		6/3/2020		(344	)
USD	2,674	SEK	26,226	State Street Corp.		6/3/2020		(15	)
CAD	956	USD	694	Citibank, NA		6/23/2020		(7	)
CAD	961	USD	693	Royal Bank of Canada		6/23/2020		(2	)
COP	2,303,270	USD	592	Citibank, NA**		6/23/2020		(13	)
CZK	2,268	USD	92	Goldman Sachs International		6/23/2020		—	(a)
CZK	954	USD	39	Merrill Lynch International		6/23/2020		—	(a)
EUR	666	USD	764	Goldman Sachs International		6/23/2020		(33	)
EUR	1,919	USD	2,185	State Street Corp.		6/23/2020		(80	)
HUF	6,429	USD	20	Citibank, NA		6/23/2020		—	(a)
HUF	34,679	USD	112	HSBC Bank, NA		6/23/2020		(5	)
JPY	139,095	USD	1,325	Goldman Sachs International		6/23/2020		(28	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 59

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
JPY	324,681	USD	3,063	Royal Bank of Canada		6/23/2020		(35	)
MXN	9,802	USD	412	Goldman Sachs International		6/23/2020		(9	)
MYR	978	USD	228	Standard Chartered Bank**		6/23/2020		(2	)
PLN	3,401	USD	856	Goldman Sachs International		6/23/2020		(37	)
RUB	7,488	USD	100	Barclays Bank plc**		6/23/2020		—	(a)
TRY	3,457	USD	552	Barclays Bank plc		6/23/2020		(64	)
TRY	7,701	USD	1,159	Goldman Sachs International		6/23/2020		(71	)
TRY	2,150	USD	329	HSBC Bank, NA		6/23/2020		(25	)
USD	2,034	AUD	3,246	State Street Corp.		6/23/2020		(81	)
USD	566	COP	2,303,270	Barclays Bank plc**		6/23/2020		(13	)
USD	887	EUR	810	State Street Corp.		6/23/2020		(1	)
USD	704	MXN	17,404	HSBC Bank, NA		6/23/2020		(12	)
USD	15	MYR	67	Standard Chartered Bank**		6/23/2020		—	(a)
USD	678	RUB	55,570	Barclays Bank plc**		6/23/2020		(62	)
USD	1,201	SGD	1,711	State Street Corp.		6/23/2020		(13	)
ZAR	206	USD	13	Citibank, NA		6/23/2020		(2	)
ZAR	10,500	USD	583	State Street Corp.		6/23/2020		(20	)
CHF	883	USD	917	Barclays Bank plc		6/29/2020		—	(a)
EUR	650	CHF	691	Goldman Sachs International		6/29/2020		(3	)
EUR	586	GBP	515	Merrill Lynch International		6/29/2020		(7	)
EUR	543	GBP	475	TD Bank Financial Group		6/29/2020		(2	)
EUR	355	NOK	4,036	Goldman Sachs International		6/29/2020		(5	)
EUR	618	USD	680	Goldman Sachs International		6/29/2020		(2	)
EUR	829	USD	921	State Street Corp.		6/29/2020		(12	)
USD	1,618	CHF	1,579	Barclays Bank plc		6/29/2020		(21	)
USD	1,311	CHF	1,270	Goldman Sachs International		6/29/2020		(8	)
USD	2,689	CHF	2,597	Merrill Lynch International		6/29/2020		(6	)
USD	438	CHF	426	Royal Bank of Canada		6/29/2020		(4	)
USD	1,089	EUR	1,000	BNP Paribas		6/29/2020		(8	)
USD	3,217	EUR	2,953	Credit Suisse International		6/29/2020		(23	)
USD	8,460	EUR	7,788	Goldman Sachs International		6/29/2020		(84	)
USD	7,319	EUR	6,732	Merrill Lynch International		6/29/2020		(66	)
USD	869	EUR	800	Royal Bank of Canada		6/29/2020		(9	)
USD	65,818	EUR	60,442	Standard Chartered Bank		6/29/2020		(495	)
USD	2,110	EUR	1,936	State Street Corp.		6/29/2020		(14	)
USD	1,464	GBP	1,167	Merrill Lynch International		6/29/2020		(5	)
USD	477	GBP	386	Standard Chartered Bank		6/29/2020		(10	)
USD	869	GBP	699	State Street Corp.		6/29/2020		(11	)
USD	1,104	NOK	12,147	Citibank, NA		6/29/2020		(82	)
USD	191	SEK	1,911	Citibank, NA		6/29/2020		(5	)
USD	553	SEK	5,572	State Street Corp.		6/29/2020		(18	)
Total unrealized depreciation								(7,064	)
Net unrealized depreciation								(2,873	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chile Peso
COP	Colombian Peso
CZK	Czech Republic Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint

IDR	Indonesian Rupiah
JPY	Japanese Yen
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS APRIL 30, 2020

USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
**	Non-deliverable forward.

Over-the-Counter (“OTC”) Total Return Basket Swaps Outstanding at April 30, 2020 (amounts in thousands):
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 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 0.55%), which is denominated in GBP based on the local currencies of the positions within the swaps.		10/30/2020	$	13,084	$	968	$	184	$	1,152

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
United Kingdom
AstraZeneca plc		8		792		124			0.0	(a)
Barratt Developments plc		123		805		69			0.0	(a)
Berkeley Group Holdings plc		9		480		37			0.0	(a)
British American Tobacco plc		19		721		27			0.0	(a)
Centrica plc		439		220		1			0.0	(a)
Dunelm Group plc		41		476		85			0.0	(a)
Games Workshop Group plc		4		293		67			0.0	(a)
Intermediate Capital Group plc		65		913		76			0.0	(a)
National Express Group plc*		111		381		42			0.0	(a)
Next plc		14		821		91			0.0	(a)
Prudential plc		33		472		15			0.0	(a)
Reckitt Benckiser Group plc		8		657		(7	)		(0.0	)(a)
Segro plc		96		1,006		61			0.0	(a)
Spirent Communications plc		257		777		(3	)		(0.0	)(a)
Taylor Wimpey plc		517		955		122			0.0	(a)
		1,744		9,769		807			0.0	(a)
Australia
BHP Group plc		36		609		3			0.0	(a)
Rio Tinto plc		19		850		(21	)		(0.0	)(a)
		55		1,459		(18	)		(0.0	)(a)
Russia
Polymetal International plc		63		1,299		185			0.0	(a)
South Africa
Anglo American plc		31		557		(6	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		1,893		13,084		968			0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 61

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (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 equity positions and pays or receives the net of one month EURIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.35%), which is denominated in EUR based on the local currencies of the positions within the swaps.		10/29/2021	$	977	$	215	$	10	$	225

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
Ireland
AIB Group plc*		352		486		86		0.0	(a)
Bank of Ireland Group plc*		239		491		129		0.0	(a)
Total Long Positions of Total Return Basket Swap		591		977		215		0.0	(a)

The following reference rates, and their values as of period-end, are used for security descriptions:
	VALUE
EURIBOR		(0.46	)%
GBP LIBOR		0.20

Summary of OTC total swap contracts outstanding as of April 30, 2020 (amounts in thousands):
	NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE($)
Assets
OTC total return basket swap contracts outstanding		—		1,377

Abbreviations

EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GBP	British Pound
LIBOR	London Interbank Offered Rate
(a)	Amount rounds to less than 0.1% of net assets.
(1)	Notional value represents market value as of April 30, 2020 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.
*	Non-income producing security.

Written Call Options Contracts as of April 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	COUNTERPARTY	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		EXERCISE PRICE		EXPIRATION DATE		VALUE($)
Foreign Exchange EUR/ILS	Goldman Sachs International	1,010,000	EUR	1,010	EUR	3.90		9/9/2020		(16	)
Foreign Exchange USD/ILS	Goldman Sachs International	1,111,500	USD	1,112	USD	3.50		9/9/2020		(17	)
										(33	)

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS APRIL 30, 2020

Written Put Options Contracts as of April 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	COUNTERPARTY	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		EXERCISE PRICE		EXPIRATION DATE		VALUE($)
Foreign Exchange USD/JPY	Citibank, NA	3,714,366	USD	3,714	USD	102.00		8/14/2020		(21	)
Foreign Exchange USD/JPY	Citibank, NA	3,726,000	USD	3,726	USD	108.00		8/14/2020		(79	)
										(100	)
Total Written Options Contracts (Premiums Received $264)										(133	)

Abbreviations

EUR	Euro
ILS	Israeli Shekel
JPY	Japanese Yen
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — 37.3%
Argentina — 0.0% (a)
YPF SA 6.95%, 7/21/2027 (b)		2,680		1,193
Australia — 0.2%
Australia & New Zealand Banking Group Ltd. (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (c) (d) (e) (f)		13,961		14,973
BHP Billiton Finance USA Ltd. (USD Swap Semi 5 Year + 5.09%), 6.75%, 10/19/2075 (d) (e)		1,720		1,922
Commonwealth Bank of Australia (ICE LIBOR USD 3 Month + 0.32%), 1.54%, 6/25/2020 (d) (e)		540		540
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (e)		1,290		1,296
5.13%, 5/15/2024 (e) (g)		1,089		1,105
Macquarie Bank Ltd.
(ICE LIBOR USD 3 Month + 0.45%), 2.19%, 8/6/2021 (d) (e)		500		494
(ICE LIBOR USD 3 Month + 0.45%), 2.13%, 11/24/2021 (d) (e)		380		376
National Australia Bank Ltd. 4.38%, 12/10/2020 (e)		690		703
				21,409
Azerbaijan — 0.0% (a)
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (b)		950		993
State Oil Co. of the Azerbaijan Republic
4.75%, 3/13/2023 (b)		686		686
6.95%, 3/18/2030 (b)		2,180		2,281
				3,960
Bahrain — 0.0% (a)
Oil and Gas Holding Co. BSCC (The) 7.50%, 10/25/2027 (b)		1,150		1,107
Belarus — 0.0% (a)
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (e)		750		690
Belgium — 0.1%
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 1/23/2029		8,600		9,918
4.90%, 1/23/2031		3,330		3,902
4.38%, 4/15/2038		1,225		1,320
KBC Group NV (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024 (b) (c) (d) (f)		EUR 1,200		1,308
				16,448

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Brazil — 0.0% (a)
GTL Trade Finance, Inc. 5.89%, 4/29/2024 (b)		496		502
MV24 Capital BV 6.75%, 6/1/2034 (e)		671		566
Petrobras Global Finance BV
6.90%, 3/19/2049		1,030		989
6.85%, 6/5/2115		300		280
Suzano Austria GmbH 6.00%, 1/15/2029		550		547
Votorantim Cimentos International SA 7.25%, 4/5/2041(b)		440		475
				3,359
Canada — 1.3%
1011778 BC ULC
4.25%, 5/15/2024 (e)		8,332		8,329
3.88%, 1/15/2028 (e)		3,073		2,981
Advanz Pharma Corp. Ltd. 8.00%, 9/6/2024 (g)		2,095		1,865
Alimentation Couche-Tard, Inc.
2.95%, 1/25/2030 (e)		390		381
3.80%, 1/25/2050 (e)		135		126
ATS Automation Tooling Systems, Inc.
6.50%, 6/15/2023 (e)		1,570		1,570
Bank of Montreal
(ICE LIBOR USD 3 Month + 0.40%), 1.30%, 9/10/2021 (d)		890		883
1.85%, 5/1/2025		6,140		6,158
Bank of Nova Scotia (The) 1.63%, 5/1/2023		7,335		7,334
Baytex Energy Corp. 8.75%, 4/1/2027 (e)		2,925		1,111
Bombardier, Inc.
6.00%, 10/15/2022 (e)		1,868		1,401
6.13%, 1/15/2023 (e)		1,943		1,389
7.50%, 12/1/2024 (e)		3,887		2,583
7.50%, 3/15/2025 (e)		6,539		4,230
Calfrac Holdings LP 8.50%, 6/15/2026 (e)		1,200		60
Canadian Imperial Bank of Commerce (ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (d)		4,300		4,375
Emera US Finance LP
3.55%, 6/15/2026		1,290		1,361
4.75%, 6/15/2046		370		399
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (d)		19,095		20,184
Enbridge, Inc.
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (d)		2,730		2,443
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		5,421		4,963

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Canada — continued
Fortis, Inc. 3.06%, 10/4/2026		1,960		1,989
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (e)		5,033		4,228
GFL Environmental, Inc. 4.25%, 6/1/2025 (e) (g)		2,345		2,357
Hudbay Minerals, Inc.
7.25%, 1/15/2023 (e)		1,140		1,038
7.63%, 1/15/2025 (e) (g)		825		746
Intertape Polymer Group, Inc.
7.00%, 10/15/2026 (e)		1,465		1,485
MEG Energy Corp.
7.00%, 3/31/2024 (e)		944		670
6.50%, 1/15/2025 (e)		4,437		3,638
7.13%, 2/1/2027 (e)		5,659		3,905
NOVA Chemicals Corp.
4.88%, 6/1/2024 (e)		5,040		4,523
5.00%, 5/1/2025 (e)		3,340		2,821
5.25%, 6/1/2027 (e)		4,656		3,725
Open Text Corp.
5.88%, 6/1/2026 (e)		1,781		1,870
Precision Drilling Corp.
7.75%, 12/15/2023		1,540		677
5.25%, 11/15/2024		248		94
7.13%, 1/15/2026 (e) (g)		5,484		2,194
Quebecor Media, Inc. 5.75%, 1/15/2023		6,263		6,601
Rogers Communications, Inc. 4.35%, 5/1/2049		430		516
Royal Bank of Canada 1.60%, 4/17/2023		6,560		6,588
Stars Group Holdings BV 7.00%, 7/15/2026 (e)		3,481		3,578
TransCanada PipeLines Ltd.
9.88%, 1/1/2021		476		499
4.25%, 5/15/2028 (g)		1,215		1,307
Transcanada Trust
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (d)		2,515		2,381
(ICE LIBOR USD 3 Month + 4.15%), 5.50%, 9/15/2079 (d)		7,332		6,892
Videotron Ltd.
5.38%, 6/15/2024 (e)		5,053		5,356
5.13%, 4/15/2027 (e)		4,520		4,724
				148,528
Cayman Islands — 0.0% (a)
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (e)		420		259

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Cayman Islands — continued
Global Aircraft Leasing Co. Ltd. 6.50% (cash), 9/15/2024 (e) (h)		4,990		3,017
				3,276
Chile — 0.0% (a)
Corp. Nacional del Cobre de Chile
4.88%, 11/4/2044 (b)		400		428
3.70%, 1/30/2050 (e)		1,400		1,269
Empresa Electrica Angamos SA 4.88%, 5/25/2029 (b)		576		564
Empresa Nacional del Petroleo 3.75%, 8/5/2026 (b)		700		674
				2,935
China — 0.0% (a)
China Evergrande Group
7.50%, 6/28/2023 (b)		800		627
8.75%, 6/28/2025 (b)		1,600		1,254
Sinopec Group Overseas Development 2018 Ltd. 3.68%, 8/8/2049 (e)		500		541
State Grid Overseas Investment 2016 Ltd. 2.25%, 5/4/2020 (e)		360		360
				2,782
Colombia — 0.0% (a)
Ecopetrol SA
5.88%, 9/18/2023		950		969
5.38%, 6/26/2026		690		677
7.38%, 9/18/2043		412		427
5.88%, 5/28/2045		730		643
				2,716
Costa Rica — 0.0% (a)
Instituto Costarricense de Electricidad 6.95%, 11/10/2021 (b)		790		725
Denmark — 0.0% (a)
Danske Bank A/S (ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025 (d) (e)		1,000		1,000
Finland — 0.1%
Nokia OYJ 6.63%, 5/15/2039 (g)		1,134		1,202
Nordea Bank Abp (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.11%), 6.63%, 3/26/2026 (c) (d) (e) (f)		3,870		3,894
				5,096

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
France — 0.5%
Altice France SA
7.38%, 5/1/2026 (e)		14,428		15,077
8.13%, 2/1/2027 (e)		5,809		6,290
BPCE SA (SOFR + 0.44%), 0.45%, 2/17/2022 (d) (e)		390		381
Credit Agricole SA
4.38%, 3/17/2025 (e)		1,000		1,058
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (c) (d) (e) (f)		8,611		9,558
Societe Generale SA
(USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (c) (d) (e) (f)		15,320		14,956
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (c) (d) (e) (f)		10,965		11,130
(USD Swap Semi 5 Year + 3.93%), 6.75%, 4/6/2028 (c) (d) (e) (f)		2,035		1,909
Total Capital International SA 2.83%, 1/10/2030		2,310		2,390
				62,749
Germany — 0.1%
BMW US Capital LLC (ICE LIBOR USD 3 Month + 0.37%), 2.07%, 8/14/2020 (d) (e)		501		499
Daimler Finance North America LLC 2.20%, 5/5/2020 (e)		300		300
Deutsche Telekom International Finance BV
3.60%, 1/19/2027 (e) (g)		1,185		1,287
8.75%, 6/15/2030 (i)		4,340		6,409
Volkswagen Group of America Finance LLC 2.50%, 9/24/2021 (e)		390		389
				8,884
Guatemala — 0.0% (a)
Energuate Trust 5.88%, 5/3/2027 (b)		1,147		1,060
Hungary — 0.0% (a)
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020 (e)		990		1,013
India — 0.0% (a)
Reliance Holding USA, Inc. 5.40%, 2/14/2022 (b)		830		861
Indonesia — 0.1%
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023 (e)		990		1,015
6.53%, 11/15/2028 (e)		2,380		2,559
6.76%, 11/15/2048 (e)		250		270
Minejesa Capital BV 4.63%, 8/10/2030 (e)		824		783

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Indonesia — continued
Pertamina Persero PT
4.30%, 5/20/2023 (b)		260		264
3.10%, 1/21/2030 (e) (g)		450		410
6.00%, 5/3/2042 (b)		880		927
Perusahaan Listrik Negara PT
4.13%, 5/15/2027 (b)		680		675
6.25%, 1/25/2049 (b)		810		883
				7,786
Ireland — 0.1%
AerCap Global Aviation Trust (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (d) (e)		3,073		2,243
Allied Irish Banks plc (EUR Swap Annual 5 Year + 7.34%), 7.38%, 12/3/2020 (b) (c) (d) (f)	EUR	244		265
Avolon Holdings Funding Ltd.
5.50%, 1/15/2023 (e)		1,226		1,127
5.13%, 10/1/2023 (e)		3,433		3,071
5.25%, 5/15/2024 (e)		3,725		3,230
4.38%, 5/1/2026 (e)		1,765		1,511
Park Aerospace Holdings Ltd.
5.25%, 8/15/2022 (e)		992		914
5.50%, 2/15/2024 (e)		1,762		1,551
				13,912
Italy — 0.2%
Enel SpA (USD Swap Semi 5 Year + 5.88%), 8.75%, 9/24/2073 (d) (e)		4,590		5,175
Telecom Italia Capital SA
6.38%, 11/15/2033		4,109		4,428
6.00%, 9/30/2034		5,846		6,056
7.72%, 6/4/2038		1,500		1,740
Telecom Italia SpA 5.30%, 5/30/2024 (e)		3,510		3,650
				21,049
Japan — 0.1%
Nippon Life Insurance Co. (USD ICE Swap Rate 5 Year + 3.65%), 5.10%, 10/16/2044 (d) (e)		2,887		3,132
Takeda Pharmaceutical Co. Ltd. 5.00%, 11/26/2028		2,585		3,114
Toyota Motor Corp. 3.18%, 7/20/2021		1,435		1,467
				7,713

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Kazakhstan — 0.1%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (b)		1,545		1,779
KazMunayGas National Co. JSC
4.40%, 4/30/2023 (b)		1,150		1,137
4.75%, 4/24/2025 (e)		550		544
4.75%, 4/19/2027 (b)		500		484
5.38%, 4/24/2030 (b)		1,200		1,184
6.38%, 10/24/2048 (b)		1,040		1,074
Tengizchevroil Finance Co. International Ltd. 4.00%, 8/15/2026 (b)		800		761
				6,963
Luxembourg — 0.5%
Altice Financing SA 7.50%, 5/15/2026 (e)		10,355		10,821
Altice France Holding SA
10.50%, 5/15/2027 (e)		6,764		7,289
6.00%, 2/15/2028 (e) (g)		3,550		3,239
INEOS Group Holdings SA 5.63%, 8/1/2024 (e) (g)		9,470		9,210
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		10,554		5,732
8.00%, 2/15/2024 (e) (g)		8,800		9,036
8.50%, 10/15/2024 (e)		16,148		9,366
9.75%, 7/15/2025 (e)		1,585		919
				55,612
Mexico — 0.2%
Alfa SAB de CV 6.88%, 3/25/2044 (e)		712		707
BBVA Bancomer SA 6.75%, 9/30/2022 (b)		900		934
Cemex SAB de CV
5.70%, 1/11/2025 (e)		985		892
7.75%, 4/16/2026 (e)		7,840		7,315
Grupo KUO SAB de CV 5.75%, 7/7/2027 (e)		1,020		849
Petroleos Mexicanos
5.38%, 3/13/2022		2,850		2,693
6.49%, 1/23/2027 (e)		247		200
5.35%, 2/12/2028		1,200		896
5.63%, 1/23/2046		1,999		1,299
6.75%, 9/21/2047		850		587
6.35%, 2/12/2048		500		334
7.69%, 1/23/2050 (e)		1,102		810
6.95%, 1/28/2060 (e)		2,100		1,470
				18,986

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Mongolia — 0.0% (a)
Trade & Development Bank of Mongolia LLC 9.38%, 5/19/2020 (b)		1,900		1,881
Morocco — 0.0% (a)
OCP SA
5.63%, 4/25/2024 (b)		1,080		1,156
6.88%, 4/25/2044 (b)		1,030		1,224
				2,380
Netherlands — 0.2%
ABN AMRO Bank NV (ICE LIBOR USD 3 Month + 0.57%), 2.21%, 8/27/2021 (d) (e)		700		696
Cooperatieve Rabobank UA (EUR Swap Annual 5 Year + 6.70%), 6.62%, 6/29/2021 (b) (c) (d) (f)	EUR	2,000		2,229
ING Bank NV (ICE LIBOR USD 3 Month + 0.97%), 2.66%, 8/17/2020 (d) (e)		401		402
ING Groep NV (USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (b) (c) (d) (f)		7,168		7,157
OCI NV 5.25%, 11/1/2024 (e)		1,340		1,320
Shell International Finance BV 2.75%, 4/6/2030		2,310		2,393
Starfruit Finco BV 8.00%, 10/1/2026 (e) (g)		5,890		5,516
Trivium Packaging Finance BV
5.50%, 8/15/2026 (e) (i)		2,741		2,810
8.50%, 8/15/2027 (e) (i)		2,181		2,279
				24,802
Norway — 0.0% (a)
Aker BP ASA 5.88%, 3/31/2025 (e)		1,816		1,697
DNB Bank ASA (USD Swap Semi 5 Year + 5.08%), 6.50%, 3/26/2022 (b) (c) (d) (f)		1,642		1,654
				3,351
Panama — 0.0% (a)
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (e)		580		589
Peru — 0.0% (a)
Banco BBVA Peru SA 5.00%, 8/26/2022 (b)		580		602
Nexa Resources SA 5.38%, 5/4/2027 (b)		950		856
Petroleos del Peru SA
4.75%, 6/19/2032 (e)		900		877
5.63%, 6/19/2047 (b)		600		584

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Peru — continued
Southern Copper Corp. 5.88%, 4/23/2045		185		209
				3,128
Qatar — 0.0% (a)
ABQ Finance Ltd.
3.63%, 4/13/2021 (b)		1,550		1,561
3.50%, 2/22/2022 (b)		720		723
Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020 (b)		191		192
				2,476
South Africa — 0.0% (a)
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021 (b)		350		313
6.75%, 8/6/2023 (b)		800		592
7.13%, 2/11/2025 (b)		850		614
				1,519
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%, 11/9/2022 (b) (c) (d) (f)		1,150		1,035
MagnaChip Semiconductor Corp. 6.63%, 7/15/2021 (g) (i)		2,445		2,372
				3,407
Spain — 0.1%
Banco Bilbao Vizcaya Argentaria SA
(EUR Swap Annual 5 Year + 9.18%), 8.87%, 4/14/2021 (b) (c) (d) (f)	EUR	2,600		2,886
(EUR Swap Annual 5 Year + 6.04%), 6.00%, 3/29/2024 (b) (c) (d) (f)	EUR	2,000		2,044
				4,930
Sweden — 0.0% (a)
Skandinaviska Enskilda Banken AB (ICE LIBOR USD 3 Month + 0.43%), 2.12%, 5/17/2021 (d) (e)		380		378
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.69%), 6.25%, 3/1/2024 (b) (c) (d) (f)		600		613
				991
Switzerland — 0.6%
Credit Suisse AG
2.80%, 4/8/2022		290		297
2.95%, 4/9/2025		305		321

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Switzerland — continued
Credit Suisse Group AG
(USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023 (c) (d) (e) (f)		1,825		1,843
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (c) (d) (e) (f)		6,891		7,279
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (c) (d) (e) (f)		7,005		7,180
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026 (c) (d) (e) (f)		7,834		7,716
(SOFR + 3.73%), 4.19%, 4/1/2031 (d) (e)		1,635		1,777
Novartis Capital Corp. 2.20%, 8/14/2030		5,120		5,411
UBS AG 1.75%, 4/21/2022 (e)		6,390		6,420
UBS Group AG
(USD ICE Swap Rate 5 Year + 5.50%), 6.87%, 3/22/2021 (b) (c) (d) (f)		4,355		4,371
(USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024 (c) (d) (e) (f)		10,430		10,730
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (b) (c) (d) (f)		8,000		8,580
6.87%, 8/7/2025 (b) (c) (f)		3,000		3,101
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (d ) (e)		1,000		1,041
				66,067
Trinidad and Tobago — 0.0% (a)
Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026 (e)		1,565		1,404
Turkey — 0.0% (a)
Turkcell Iletisim Hizmetleri A/S 5.80%, 4/11/2028 (b)		660		620
United Arab Emirates — 0.1%
DAE Funding LLC
4.50%, 8/1/2022 (e)		1,205		1,098
5.75%, 11/15/2023 (e)		665		587
5.00%, 8/1/2024 (e)		1,489		1,331
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (e) (g)		5,297		1,699
Telford Offshore Ltd. 12.00%, 12/31/2164 (c) (f) (h)		1,236		345
				5,060
United Kingdom — 0.9%
Afren plc 6.63%, 12/9/2020 (b) (j)		3,001		—	(k)
Ashtead Capital, Inc.
4.13%, 8/15/2025 (e)		2,645		2,619
4.38%, 8/15/2027 (e)		500		487

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United Kingdom — continued
AstraZeneca plc 3.13%, 6/12/2027		3,545		3,866
BAE Systems plc 3.40%, 4/15/2030 (e)		9,215		10,005
Barclays plc
4.38%, 9/11/2024		3,678		3,800
4.84%, 5/9/2028		1,277		1,344
(ICE LIBOR USD 3 Month + 3.05%), 5.09%, 6/20/2030 (d)		1,190		1,289
BAT Capital Corp.
3.22%, 9/6/2026 (g)		4,640		4,773
4.70%, 4/2/2027		2,715		2,998
4.39%, 8/15/2037		2,085		2,133
CK Hutchison International 17 II Ltd. 2.25%, 9/29/2020 (e)		591		592
Diageo Capital plc 2.00%, 4/29/2030		1,050		1,046
HSBC Holdings plc
3.40%, 3/8/2021		2,000		2,037
(USD ICE Swap Rate 5 Year + 5.51%), 6.87%, 6/1/2021 (c) (d) (f)		1,556		1,560
(EUR Swap Annual 5 Year + 5.34%), 6.00%, 9/29/2023 (b) (c) (d) (f)	EUR	3,970		4,497
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025 (d)		1,000		1,064
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025 (c) (d) (f)		3,000		2,979
(USD ICE Swap Rate 5 Year + 3.61%), 6.50%, 3/23/2028 (c) (d) (f)		8,180		8,116
Imperial Brands Finance plc
3.75%, 7/21/2022 (e) (g)		2,323		2,354
3.13%, 7/26/2024 (e)		1,555		1,531
Ithaca Energy North Sea plc 9.38%, 7/15/2024 (e)		2,534		1,521
Lloyds Banking Group plc (ICE LIBOR USD 3 Month + 0.80%), 2.00%, 6/21/2021 (d)		680		675
Nationwide Building Society (U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.39%), 5.88%, 12/20/2024 (b) (c) (d) (f)	GBP	200		246
Royal Bank of Scotland Group plc
6.13%, 12/15/2022		14,167		15,181
6.00%, 12/19/2023		1,194		1,301
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (d)		5,440		5,783
Virgin Media Secured Finance plc
5.50%, 8/15/2026 (e)		2,545		2,627
5.50%, 5/15/2029 (e)		6,525		6,774

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United Kingdom — continued
Vodafone Group plc
4.38%, 5/30/2028		3,050		3,495
5.00%, 5/30/2038		1,175		1,399
4.38%, 2/19/2043		3,355		3,770
4.25%, 9/17/2050		1,605		1,756
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (d)		3,890		4,450
				108,068
United States — 31.8%
Abbott Laboratories 4.75%, 11/30/2036		10,260		13,383
AbbVie, Inc.
3.20%, 11/21/2029 (e)		11,330		11,970
4.05%, 11/21/2039 (e)		1,310		1,444
4.25%, 11/21/2049 (e)		250		287
Acadia Healthcare Co., Inc.
6.13%, 3/15/2021		528		521
5.63%, 2/15/2023		1,836		1,744
6.50%, 3/1/2024		3,004		2,884
ACCO Brands Corp. 5.25%, 12/15/2024 (e) (g)		6,624		6,574
ACE Cash Express, Inc. 12.00%, 12/15/2022 (e)		2,638		2,048
ACI Worldwide, Inc. 5.75%, 8/15/2026 (e)		3,105		3,089
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (e)		5,880		4,381
Adient US LLC
9.00%, 4/15/2025 (e)		1,155		1,204
7.00%, 5/15/2026 (e)		8,125		8,084
ADT Security Corp. (The)
4.13%, 6/15/2023		1,501		1,494
4.88%, 7/15/2032 (e)		4,823		4,292
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (e)		1,438		1,413
AECOM
5.88%, 10/15/2024		346		366
5.13%, 3/15/2027		3,641		3,705
AES Corp. (The)
5.50%, 4/15/2025		6,707		6,875
6.00%, 5/15/2026 (g)		1,765		1,845
Aetna, Inc. 3.88%, 8/15/2047		3,230		3,515
Ahern Rentals, Inc. 7.38%, 5/15/2023 (e)		4,316		2,030
AIG Global Funding (ICE LIBOR USD 3 Month + 0.46%), 1.68%, 6/25/2021 (d) (e)		435		430

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Air Lease Corp.
(ICE LIBOR USD 3 Month + 0.67%), 2.13%, 6/3/2021 (d)		165		153
3.75%, 6/1/2026		1,275		1,127
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (e)		2,845		2,646
Albertsons Cos., Inc.
3.50%, 2/15/2023 (e)		2,005		1,965
6.63%, 6/15/2024		9,925		10,235
5.75%, 3/15/2025		3,625		3,716
7.50%, 3/15/2026 (e)		2,170		2,371
4.63%, 1/15/2027 (e)		7,060		7,095
5.88%, 2/15/2028 (e)		3,316		3,464
4.88%, 2/15/2030 (e)		2,850		2,889
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (e)		7,576		7,499
7.00%, 9/30/2026 (e)		1,650		1,633
Allegheny Technologies, Inc.
7.88%, 8/15/2023 (i)		500		458
5.88%, 12/1/2027		1,361		1,123
Allied Universal Holdco LLC
6.63%, 7/15/2026 (e)		909		935
9.75%, 7/15/2027 (e)		907		916
Allison Transmission, Inc.
5.00%, 10/1/2024 (e)		5,325		5,112
4.75%, 10/1/2027 (e)		2,545		2,367
5.88%, 6/1/2029 (e) (g)		4,125		3,999
Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (d)		5,429		5,520
Ally Financial, Inc.
4.63%, 5/19/2022 (g)		11,066		11,315
5.13%, 9/30/2024		1,908		1,974
4.63%, 3/30/2025		6,278		6,325
5.75%, 11/20/2025		8,200		8,405
8.00%, 11/1/2031		2,055		2,501
Altria Group, Inc.
4.40%, 2/14/2026		4,310		4,779
4.80%, 2/14/2029		2,410		2,691
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025 (g)		6,249		1,406
5.88%, 11/15/2026 (g)		1,663		370
6.13%, 5/15/2027 (g)		2,144		504
AMC Networks, Inc.
5.00%, 4/1/2024		3,610		3,500

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
4.75%, 8/1/2025 (g)		831		759
Ameren Corp.
2.70%, 11/15/2020		524		528
3.50%, 1/15/2031		1,615		1,786
American Airlines Group, Inc. 5.00%, 6/1/2022 (e)		1,634		999
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022		264		221
6.25%, 4/1/2025 (g)		14,199		10,813
6.25%, 3/15/2026		8,878		6,614
6.50%, 4/1/2027		4,572		3,440
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (e)		4,195		4,011
American Electric Power Co., Inc. Series J, 4.30%, 12/1/2028		1,480		1,687
American Express Co.
Series C, (ICE LIBOR USD 3 Month + 3.29%), 4.03%, 6/15/2020 (c) (d) (f)		1,274		1,091
Series B, (ICE LIBOR USD 3 Month + 3.43%), 5.12%, 8/15/2020 (c) (d) (f)		688		600
American International Group, Inc.
3.88%, 1/15/2035		645		687
Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (d)		4,853		4,930
American Tower Corp.
REIT, 3.38%, 10/15/2026		1,965		2,115
REIT, 2.75%, 1/15/2027		2,515		2,603
American Water Capital Corp. 3.45%, 5/1/2050		410		456
American Woodmark Corp. 4.88%, 3/15/2026 (e)		4,775		4,453
AmeriGas Partners LP
5.63%, 5/20/2024		515		525
5.50%, 5/20/2025		5,898		5,990
5.88%, 8/20/2026		2,714		2,763
5.75%, 5/20/2027		1,024		1,042
Amgen, Inc. 3.38%, 2/21/2050		1,605		1,718
Amkor Technology, Inc. 6.63%, 9/15/2027 (e)		3,941		4,049
AMN Healthcare, Inc. 5.13%, 10/1/2024 (e)		1,775		1,758
Amsted Industries, Inc. 5.63%, 7/1/2027 (e)		1,629		1,631
Anixter, Inc.
5.50%, 3/1/2023 (g)		3,646		3,682
6.00%, 12/1/2025		1,595		1,611
Antero Midstream Partners LP
5.38%, 9/15/2024		2,975		2,321

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
5.75%, 1/15/2028 (e)		1,425		1,047
Antero Resources Corp.
5.38%, 11/1/2021 (g)		1,249		1,117
5.13%, 12/1/2022		1,244		868
5.63%, 6/1/2023 (g)		7,057		4,147
Anthem, Inc. 2.25%, 5/15/2030		1,040		1,036
Apple, Inc.
4.50%, 2/23/2036		3,960		5,029
3.85%, 5/4/2043		2,125		2,555
4.65%, 2/23/2046		925		1,254
Aramark Services, Inc. 5.00%, 2/1/2028 (e) (g)		9,045		8,633
Archrock Partners LP 6.88%, 4/1/2027 (e)		472		354
Arconic Corp.
6.00%, 5/15/2025 (e) (l)		2,269		2,295
6.13%, 2/15/2028 (e)		1,910		1,817
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (e)		15,005		15,018
5.25%, 8/15/2027 (e)		3,499		3,398
Asbury Automotive Group, Inc. 4.50%, 3/1/2028 (e)		474		398
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026 (e)		755		438
AT&T, Inc.
(ICE LIBOR USD 3 Month + 0.95%), 2.17%, 7/15/2021 (d)		263		263
Series B, (EURIBOR ICE Swap Rate 5 Year + 3.14%), 2.88%, 3/2/2025 (c) (d) (f)		EUR 700		706
4.30%, 2/15/2030		1,980		2,231
4.50%, 3/9/2048		1,275		1,445
Avantor, Inc. 6.00%, 10/1/2024 (e)		3,880		4,090
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (e)		7,460		4,588
5.25%, 3/15/2025 (e) (g)		8,155		4,812
5.75%, 7/15/2027 (e) (g)		5,358		3,114
Axalta Coating Systems LLC 4.88%, 8/15/2024 (e)		2,480		2,517
B&G Foods, Inc. 5.25%, 4/1/2025 (g)		10,104		10,230
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		655		623
Bank of America Corp.
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.13%, 6/20/2024 (c) (d) (f)		2,341		2,300
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (c) (d) (f)		2,242		2,337

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (c) (d) (f)		4,560		4,856
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (c) (d) (f)		10,083		10,674
(ICE LIBOR USD 3 Month + 0.81%), 3.37%, 1/23/2026 (d)		2,750		2,933
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (c) (d) (f)		15,217		16,555
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (c) (d) (f)		18,929		19,311
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		5,775		6,302
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (d)		2,375		2,544
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (d)		4,240		4,286
Bank of America NA (ICE LIBOR USD 3 Month + 0.35%), 2.03%, 5/24/2021 (d)		357		355
Bank of New York Mellon Corp. (The)
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (c) (d) (f)		7,890		7,393
1.60%, 4/24/2025		2,845		2,887
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (c) (d) (f)		9,378		9,143
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (e)		3,511		3,862
8.50%, 1/31/2027 (e)		3,851		4,245
Bausch Health Cos., Inc.
6.50%, 3/15/2022 (e)		1,266		1,291
5.50%, 3/1/2023 (e)		58		57
5.88%, 5/15/2023 (e)		763		757
7.00%, 3/15/2024 (e)		12,827		13,310
6.13%, 4/15/2025 (e)		24,707		24,970
5.50%, 11/1/2025 (e)		9,060		9,418
9.00%, 12/15/2025 (e)		23,732		25,880
5.75%, 8/15/2027 (e) (g)		965		1,018
7.00%, 1/15/2028 (e)		3,489		3,620
5.00%, 1/30/2028 (e)		3,460		3,312
7.25%, 5/30/2029 (e)		1,679		1,792
5.25%, 1/30/2030 (e)		3,476		3,441
BCPE Cycle Merger Sub II, Inc. 10.63%, 7/15/2027 (e)		900		897
Berkshire Hathaway Energy Co. 4.25%, 10/15/2050 (e)		2,245		2,852
Berry Global, Inc.
6.00%, 10/15/2022		250		250

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
5.13%, 7/15/2023 (g)		725		730
4.88%, 7/15/2026 (e)		5,750		5,873
5.63%, 7/15/2027 (e) (g)		1,179		1,217
Biogen, Inc.
2.25%, 5/1/2030		900		895
3.15%, 5/1/2050		960		928
Blue Racer Midstream LLC
6.13%, 11/15/2022 (e)		9,765		8,300
6.63%, 7/15/2026 (e)		1,510		1,012
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (e)		1,783		1,765
Boston Gas Co. 3.00%, 8/1/2029 (e)		1,315		1,379
Boston Scientific Corp.
4.00%, 3/1/2029		2,690		3,015
4.55%, 3/1/2039		1,160		1,388
Boyd Gaming Corp.
6.38%, 4/1/2026		1,760		1,585
6.00%, 8/15/2026		3,654		3,307
Boyne USA, Inc. 7.25%, 5/1/2025 (e)		4,052		4,052
BP Capital Markets America, Inc.
3.02%, 1/16/2027		2,610		2,662
3.54%, 4/6/2027		2,285		2,396
3.63%, 4/6/2030		1,675		1,804
Brink’s Co. (The) 4.63%, 10/15/2027 (e)		5,525		5,166
Bristol-Myers Squibb Co.
3.40%, 7/26/2029 (e)		8,875		10,135
4.13%, 6/15/2039 (e)		2,210		2,732
Broadcom, Inc. 4.25%, 4/15/2026 (e)		650		696
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026 (e)		4,531		3,625
Buckeye Partners LP
4.13%, 3/1/2025 (e)		3,620		3,349
3.95%, 12/1/2026		200		181
4.13%, 12/1/2027		2,947		2,630
4.50%, 3/1/2028 (e)		3,620		3,258
Builders FirstSource, Inc. 5.00%, 3/1/2030 (e)		1,720		1,476
Bunge Ltd. Finance Corp. 3.00%, 9/25/2022 (g)		665		673
Burlington Northern Santa Fe LLC
5.15%, 9/1/2043		790		1,062
3.05%, 2/15/2051		4,855		5,051
BWX Technologies, Inc. 5.38%, 7/15/2026 (e)		3,360		3,431
Caesars Resort Collection LLC 5.25%, 10/15/2025 (e)		985		774
Caleres, Inc. 6.25%, 8/15/2023 (g)		659		583

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Callon Petroleum Co.
6.25%, 4/15/2023		2,653		528
6.13%, 10/1/2024		568		109
6.38%, 7/1/2026		487		78
Calpine Corp.
5.50%, 2/1/2024		990		981
5.75%, 1/15/2025		2,320		2,308
5.25%, 6/1/2026 (e)		4,880		4,964
Cameron LNG LLC
2.90%, 7/15/2031 (e)		685		663
3.30%, 1/15/2035 (e)		570		566
Carnival Corp. 11.50%, 4/1/2023 (e)		2,394		2,501
Catalent Pharma Solutions, Inc.
4.88%, 1/15/2026 (e)		2,188		2,221
5.00%, 7/15/2027 (e)		2,038		2,079
Caterpillar, Inc. 2.60%, 4/9/2030		680		720
CCM Merger, Inc. 6.00%, 3/15/2022 (e)		1,601		1,513
CCO Holdings LLC
5.88%, 4/1/2024 (e)		31,122		32,015
5.38%, 5/1/2025 (e)		3,790		3,886
5.75%, 2/15/2026 (e)		20,736		21,619
5.50%, 5/1/2026 (e)		17,215		17,906
5.13%, 5/1/2027 (e)		29,047		30,161
5.00%, 2/1/2028 (e)		3,049		3,140
5.38%, 6/1/2029 (e)		1,758		1,855
4.75%, 3/1/2030 (e)		11,296		11,522
CDK Global, Inc.
5.88%, 6/15/2026		1,115		1,168
5.25%, 5/15/2029 (e)		7,151		7,294
CDW LLC
5.50%, 12/1/2024		635		678
5.00%, 9/1/2025 (g)		4,835		4,980
4.25%, 4/1/2028 (g)		7,526		7,561
Cedar Fair LP
5.50%, 5/1/2025 (e)		1,455		1,459
5.38%, 4/15/2027		160		142
5.25%, 7/15/2029 (e)		1,395		1,200
Centene Corp.
4.75%, 1/15/2025 (g)		1,626		1,664
5.25%, 4/1/2025 (e)		4,503		4,695
5.38%, 6/1/2026 (e)		889		942
4.25%, 12/15/2027 (e)		10,622		11,113
4.63%, 12/15/2029 (e)		12,950		14,180
3.38%, 2/15/2030 (e)		5,040		5,084

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (c) (d) (f)		2,680		2,445
Central Garden & Pet Co.
6.13%, 11/15/2023		4,700		4,747
5.13%, 2/1/2028		4,900		4,949
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022		3,290		3,369
Series Y, 7.50%, 4/1/2024 (g)		12,991		14,095
5.63%, 4/1/2025		6,409		6,409
5.13%, 12/15/2026 (e)		6,505		6,164
4.00%, 2/15/2027 (e)		1,295		1,256
Series G, 6.88%, 1/15/2028 (g)		799		827
Charles Schwab Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.32%), 4.62%, 3/1/2022 (c) (d) (f)		770		747
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%, 6/1/2025 (c) (d) (f)		5,370		5,571
Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (c) (d) (f)		10,634		10,365
Chemours Co. (The)
6.63%, 5/15/2023 (g)		5,095		4,764
7.00%, 5/15/2025 (g)		7,650		7,189
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		2,960		3,063
5.13%, 6/30/2027		895		892
Cheniere Energy Partners LP
5.25%, 10/1/2025		1,258		1,201
5.63%, 10/1/2026		1,278		1,221
4.50%, 10/1/2029 (e)		4,325		3,990
Chesapeake Energy Corp. 11.50%, 1/1/2025 (e)		4,918		135
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (e)		4,656		4,713
8.00%, 10/15/2025 (e)		2,388		2,418
Cinemark USA, Inc.
4.88%, 6/1/2023		5,466		4,591
8.75%, 5/1/2025 (e)		1,000		1,008
CIT Group, Inc.
4.75%, 2/16/2024		1,001		956
5.25%, 3/7/2025		4,078		4,028
6.13%, 3/9/2028		1,838		1,884

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Citibank NA
(ICE LIBOR USD 3 Month + 0.30%), 1.44%, 10/20/2020 (d)		530		529
(ICE LIBOR USD 3 Month + 0.53%), 2.22%, 2/19/2022 (d)		350		347
Citigroup, Inc.
Series Q, (ICE LIBOR USD 3 Month + 4.10%), 5.95%, 8/15/2020 (c) (d) (f)		845		779
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (c) (d) (f) (g)		5,175		5,022
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (c) (d) (f)		8,138		8,100
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (c) (d) (f)		9,315		9,415
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (c) (d) (f)		1,555		1,423
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (c) (d) (f)		17,173		16,958
(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (d)		1,260		1,345
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (c) (d) (f)		11,864		10,788
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (c) (d) (f)		4,520		3,932
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (c) (d) (f)		6,362		6,411
(SOFR + 2.75%), 3.11%, 4/8/2026 (d)		5,265		5,513
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (c) (d) (f)		8,363		8,948
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028 (d)		9,315		10,040
Citizens Financial Group, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (c) (d) (f)		3,684		3,481
Clean Harbors, Inc.
4.88%, 7/15/2027 (e)		785		813
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024 (e)		20,479		17,049
5.13%, 8/15/2027 (e) (g)		7,173		6,740
Clearwater Paper Corp.
4.50%, 2/1/2023 (g)		2,836		2,758
Clearway Energy Operating LLC
5.75%, 10/15/2025		20		21
5.00%, 9/15/2026		2,612		2,625
Cleveland Electric Illuminating Co. (The)
4.55%, 11/15/2030 (e)		1,390		1,609

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
CNG Holdings, Inc.
12.50%, 6/15/2024 (e)		1,759		1,504
Coca-Cola Co. (The)
2.50%, 6/1/2040		1,360		1,352
2.60%, 6/1/2050		1,710		1,678
Cogent Communications Group, Inc.
5.63%, 4/15/2021 (e)		2,669		2,656
5.38%, 3/1/2022 (e)		3,480		3,526
Colfax Corp.
6.00%, 2/15/2024 (e)		2,616		2,655
6.38%, 2/15/2026 (e)		483		498
Comcast Corp.
4.15%, 10/15/2028 (g)		7,710		8,993
2.65%, 2/1/2030		6,515		6,935
3.20%, 7/15/2036		2,950		3,188
3.45%, 2/1/2050		3,720		4,150
Commercial Metals Co.
4.88%, 5/15/2023		627		624
5.38%, 7/15/2027		1,415		1,383
CommScope Technologies LLC
6.00%, 6/15/2025 (e)		9,930		8,837
5.00%, 3/15/2027 (e) (g)		2,405		2,056
CommScope, Inc.
5.00%, 6/15/2021 (e)		181		178
5.50%, 3/1/2024 (e)		1,923		1,923
5.50%, 6/15/2024 (e)		1,435		1,285
6.00%, 3/1/2026 (e)		9,090		9,090
8.25%, 3/1/2027 (e)		8,624		8,279
Community Health Systems, Inc.
6.25%, 3/31/2023		3,798		3,532
8.63%, 1/15/2024 (e)		7,722		7,529
8.00%, 3/15/2026 (e)		848		813
Comstock Resources, Inc. 7.50%, 5/15/2025 (e)		3,730		3,096
Constellation Brands, Inc. 2.88%, 5/1/2030		972		987
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (e) (g)		2,652		1,631
Constellium SE
5.75%, 5/15/2024 (e)		466		450
6.63%, 3/1/2025 (e)		1,650		1,584
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (e)		6,858		4,458
CoreCivic, Inc.
REIT, 5.00%, 10/15/2022		430		413

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
REIT, 4.63%, 5/1/2023 (g)		4,230		3,998
Costco Wholesale Corp. 1.60%, 4/20/2030		2,085		2,058
Coty, Inc. 6.50%, 4/15/2026 (e)		2,005		1,684
Covanta Holding Corp. 5.88%, 7/1/2025		379		367
Cox Communications, Inc. 4.80%, 2/1/2035 (e)		553		638
Credit Acceptance Corp. 6.63%, 3/15/2026		1,650		1,485
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (i)		3,589		2,620
5.75%, 4/1/2025 (g)		5,719		4,118
5.63%, 5/1/2027 (e)		2,445		1,589
Crown Americas LLC 4.75%, 2/1/2026		681		700
Crown Castle International Corp. REIT, 3.30%, 7/1/2030		3,505		3,751
CSC Holdings LLC
6.75%, 11/15/2021		2,089		2,179
5.88%, 9/15/2022 (g)		1,585		1,650
5.38%, 7/15/2023 (e)		4,070		4,116
5.25%, 6/1/2024		1,349		1,403
7.75%, 7/15/2025 (e)		725		756
6.63%, 10/15/2025 (e)		5,030		5,261
10.88%, 10/15/2025 (e)		7,357		7,953
5.50%, 5/15/2026 (e)		6,208		6,425
5.50%, 4/15/2027 (e)		5,420		5,635
5.38%, 2/1/2028 (e)		2,010		2,098
7.50%, 4/1/2028 (e)		2,260		2,484
6.50%, 2/1/2029 (e)		5,444		5,947
CSX Corp.
2.40%, 2/15/2030		4,420		4,538
4.75%, 11/15/2048		965		1,254
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (e)		1,475		1,201
Curo Group Holdings Corp. 8.25%, 9/1/2025 (e)		5,322		4,250
CVR Partners LP 9.25%, 6/15/2023 (e)		13,017		11,442
CVS Health Corp.
3.25%, 8/15/2029		1,375		1,469
4.78%, 3/25/2038		1,225		1,443
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (e)		6,145		5,623
Dana, Inc. 5.38%, 11/15/2027		895		790
Darling Ingredients, Inc. 5.25%, 4/15/2027 (e)		4,001		4,031
DaVita, Inc.
5.13%, 7/15/2024 (g)		7,963		8,083

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
5.00%, 5/1/2025		16,412		16,658
DCP Midstream Operating LP
3.88%, 3/15/2023		2,613		2,169
5.38%, 7/15/2025		1,919		1,554
6.75%, 9/15/2037 (e) (g)		1,740		1,044
5.60%, 4/1/2044		525		273
Deere & Co.
3.10%, 4/15/2030		1,170		1,292
3.75%, 4/15/2050		45		53
Delek Logistics Partners LP 6.75%, 5/15/2025 (g)		3,673		3,517
Dell International LLC
5.88%, 6/15/2021 (e)		939		939
7.13%, 6/15/2024 (e)		1,465		1,518
5.85%, 7/15/2025 (e)		340		371
6.02%, 6/15/2026 (e)		4,575		4,950
4.90%, 10/1/2026 (e)		625		647
6.10%, 7/15/2027 (e)		680		743
6.20%, 7/15/2030 (e)		680		752
Delphi Technologies plc 5.00%, 10/1/2025 (e)		9,315		8,710
Denbury Resources, Inc.
9.00%, 5/15/2021 (e)		1,017		183
9.25%, 3/31/2022 (e)		2,114		381
Diamond Sports Group LLC
5.38%, 8/15/2026 (e)		11,028		8,381
6.63%, 8/15/2027 (e) (g)		971		532
Discover Financial Services Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027 (c) (d) (f)		2,681		2,268
DISH DBS Corp.
6.75%, 6/1/2021		8,412		8,378
5.88%, 7/15/2022		2,197		2,217
5.00%, 3/15/2023		12,079		11,505
5.88%, 11/15/2024		26,873		25,848
7.75%, 7/1/2026 (g)		15,105		14,879
Dole Food Co., Inc. 7.25%, 6/15/2025 (e) (g)		3,818		3,589
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		384		386
Dominion Energy, Inc.
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024 (c) (d) (f)		3,636		3,536
(ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/1/2054 (d)		4,140		4,200

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (e)		5,736		3,442
Duke Energy Corp.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.39%), 4.88%, 9/16/2024 (c) (d) (f)		2,270		2,247
3.40%, 6/15/2029		1,620		1,773
Duke Energy Florida LLC 2.50%, 12/1/2029		3,255		3,481
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026(e)		2,590		2,726
DuPont de Nemours, Inc. (ICE LIBOR USD 3 Month + 0.71%), 2.40%, 11/15/2020 (d)		361		360
Duquesne Light Holdings, Inc.
6.40%, 9/15/2020 (e)		50		51
3.62%, 8/1/2027 (e)		114		114
E*TRADE Financial Corp. Series A, (ICE LIBOR USD 3 Month + 4.44%), 5.87%, 9/15/2026 (c) (d) (f)		493		503
Edison International 3.13%, 11/15/2022		160		164
Eli Lilly & Co. 3.38%, 3/15/2029		5,315		6,053
Eli Lilly and Co. 2.25%, 5/15/2050		3,275		3,119
Embarq Corp. 8.00%, 6/1/2036		9,098		9,371
EMC Corp. 3.38%, 6/1/2023		2,029		2,019
Encompass Health Corp.
5.75%, 11/1/2024		4,407		4,429
5.75%, 9/15/2025		4,690		4,761
4.50%, 2/1/2028		4,340		4,348
Endo Dac
6.00%, 7/15/2023 (e) (g)		8,971		6,725
5.88%, 10/15/2024 (e)		925		888
6.00%, 2/1/2025 (e) (i)		1,770		1,265
Energizer Holdings, Inc.
5.50%, 6/15/2025 (e)		7,355		7,441
7.75%, 1/15/2027 (e)		5,370		5,700
Energy Transfer Operating LP
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (c) (d) (f)		7,534		5,396
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (c) (d) (f)		3,275		2,610
EnLink Midstream LLC 5.38%, 6/1/2029 (g)		803		498
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (c) (d) (f)		3,192		862
4.40%, 4/1/2024		4,495		2,832

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
4.15%, 6/1/2025		1,600		992
4.85%, 7/15/2026		2,940		1,793
5.60%, 4/1/2044		522		209
EnPro Industries, Inc. 5.75%, 10/15/2026 (g)		2,337		2,279
Entegris, Inc. 4.63%, 2/10/2026 (e) (g)		7,946		7,966
Entercom Media Corp.
7.25%, 11/1/2024 (e) (g)		4,240		2,629
6.50%, 5/1/2027 (e) (g)		3,564		2,628
Entergy Arkansas LLC 4.00%, 6/1/2028		765		874
Entergy Louisiana LLC 3.25%, 4/1/2028		1,770		1,935
Entergy Mississippi LLC
2.85%, 6/1/2028		1,315		1,384
Entergy Texas, Inc.
4.00%, 3/30/2029		925		1,053
3.55%, 9/30/2049		1,435		1,617
Enterprise Development Authority (The) 12.00%, 7/15/2024 (e)		3,904		3,523
Enterprise Products Operating LLC
3.13%, 7/31/2029		1,330		1,325
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (d)		4,380		3,941
Envision Healthcare Corp. 8.75%, 10/15/2026 (e)		7,419		2,481
EP Energy LLC
9.38%, 5/1/2024 (e) (j)		6,625		10
8.00%, 11/29/2024 (e) (j)		5,336		13
8.00%, 2/15/2025 (e) (j)		4,503		7
7.75%, 5/15/2026 (e) (j)		12,831		1,411
EQT Corp. 7.00%, 2/1/2030 (i)		1,165		1,101
Equinix, Inc. REIT, 5.88%, 1/15/2026		6,715		6,974
ESH Hospitality, Inc.
REIT, 5.25%, 5/1/2025 (e)		6,047		5,684
REIT, 4.63%, 10/1/2027 (e)		5,963		5,397
Evergy, Inc. 2.90%, 9/15/2029		2,660		2,723
Eversource Energy Series M, 3.30%, 1/15/2028		2,890		3,138
Exela Intermediate LLC 10.00%, 7/15/2023 (e) (g)		6,862		1,269
Expedia Group, Inc.
6.25%, 5/1/2025 (e)		1,432		1,460
7.00%, 5/1/2025 (e)		859		873
Express Scripts Holding Co. (ICE LIBOR USD 3 Month + 0.75%), 2.33%, 11/30/2020 (d)		106		105
Exxon Mobil Corp.
2.61%, 10/15/2030		2,220		2,312

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
4.23%, 3/19/2040 (g)		1,060		1,255
Fair Isaac Corp.
5.25%, 5/15/2026 (e)		1,314		1,357
4.00%, 6/15/2028 (e)		1,866		1,852
Fifth Third Bancorp
(ICE LIBOR USD 3 Month + 3.03%), 5.10%, 6/30/2023 (c) (d) (f)		1,520		1,353
2.38%, 1/28/2025		2,715		2,756
FirstCash, Inc. 5.38%, 6/1/2024 (e)		1,807		1,812
FirstEnergy Corp.
2.05%, 3/1/2025		185		185
2.65%, 3/1/2030		75		76
Florida Power & Light Co. 4.05%, 6/1/2042		2,140		2,654
Ford Motor Co.
8.50%, 4/21/2023		3,269		3,237
9.00%, 4/22/2025		3,269		3,179
9.63%, 4/22/2030 (g)		1,415		1,390
Ford Motor Credit Co. LLC
4.69%, 6/9/2025		6,445		5,688
4.39%, 1/8/2026		6,665		5,732
4.54%, 8/1/2026		1,725		1,479
4.27%, 1/9/2027		7,870		6,689
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		14,905		14,868
4.55%, 11/14/2024		8,785		8,796
4.13%, 3/1/2028		5,265		4,883
5.40%, 11/14/2034		375		352
Frontier Communications Corp.
7.63%, 4/15/2024		882		250
6.88%, 1/15/2025		9,178		2,478
11.00%, 9/15/2025 (j)		6,729		2,084
8.50%, 4/1/2026 (e)		8,283		7,662
8.00%, 4/1/2027 (e)		3,050		3,110
Gap, Inc. (The)
8.38%, 5/15/2023 (e)		7,565		7,886
8.63%, 5/15/2025 (e)		538		557
8.88%, 5/15/2027 (e)		538		557
Gartner, Inc. 5.13%, 4/1/2025 (e)		3,500		3,609
GCI LLC
6.63%, 6/15/2024 (e)		1,395		1,444
6.88%, 4/15/2025		1,942		2,005
GCP Applied Technologies, Inc.
5.50%, 4/15/2026 (e)		6,630		6,381

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
General Electric Co.
Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021 (c) (d) (f)		29,208		24,034
3.10%, 1/9/2023		1,320		1,348
Genesis Energy LP
6.00%, 5/15/2023		1,359		1,200
6.50%, 10/1/2025		180		151
6.25%, 5/15/2026		1,933		1,614
7.75%, 2/1/2028		3,721		3,163
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (e)		2,182		2,297
GEO Group, Inc. (The)
REIT, 5.88%, 1/15/2022 (g)		4,035		3,732
REIT, 5.88%, 10/15/2024		2,215		1,750
Gilead Sciences, Inc. 4.15%, 3/1/2047		1,390		1,746
Global Partners LP
7.00%, 6/15/2023		2,530		2,201
7.00%, 8/1/2027		1,916		1,542
GLP Capital LP
REIT, 5.25%, 6/1/2025		2,780		2,704
REIT, 5.75%, 6/1/2028		2,780		2,738
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (e)		1,581		1,624
Goldman Sachs Group, Inc. (The)
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 6/4/2020 (c) (d) (f)		11,811		10,970
3.50%, 4/1/2025		6,545		6,961
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		5,182		5,524
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029 (d)		2,555		2,758
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026 (g)		4,195		3,650
4.88%, 3/15/2027 (g)		2,597		2,222
Gray Television, Inc.
5.13%, 10/15/2024 (e) (g)		1,385		1,364
5.88%, 7/15/2026 (e)		2,102		2,018
7.00%, 5/15/2027 (e)		6,085		6,129
Greif, Inc. 6.50%, 3/1/2027 (e)		5,836		5,836
Griffon Corp. 5.75%, 3/1/2028		3,475		3,310
Guardian Life Insurance Co. of America (The)
4.88%, 6/19/2064 (e)		621		800
3.70%, 1/22/2070 (e)		305		308
Gulfport Energy Corp.
6.63%, 5/1/2023		745		402

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
6.00%, 10/15/2024		4,620		2,298
6.38%, 5/15/2025		1,458		686
6.38%, 1/15/2026		4,130		1,879
H&E Equipment Services, Inc. 5.63%, 9/1/2025		1,753		1,670
Hanesbrands, Inc. 4.88%, 5/15/2026 (e) (g)		2,975		2,994
Harsco Corp. 5.75%, 7/31/2027 (e)		757		714
HAT Holdings I LLC REIT, 5.25%, 7/15/2024 (e)		973		966
HCA, Inc.
5.88%, 5/1/2023		3,940		4,239
5.38%, 2/1/2025		39,771		42,759
5.88%, 2/15/2026		16,880		18,779
5.38%, 9/1/2026		4,251		4,602
5.63%, 9/1/2028		10,285		11,397
3.50%, 9/1/2030		7,926		7,564
Healthpeak Properties, Inc.
REIT, 3.25%, 7/15/2026		1,295		1,299
REIT, 3.00%, 1/15/2030		685		660
Herc Holdings, Inc. 5.50%, 7/15/2027 (e)		9,623		9,021
Hertz Corp. (The)
7.63%, 6/1/2022 (e)		1,824		693
6.25%, 10/15/2022		1,106		265
5.50%, 10/15/2024 (e)		11,828		2,366
7.13%, 8/1/2026 (e)		5,505		1,115
6.00%, 1/15/2028 (e)		5,450		981
Hess Midstream Operations LP 5.63%, 2/15/2026 (e)		1,315		1,223
Hexion, Inc. 7.88%, 7/15/2027 (e) (g)		2,444		2,212
Hilcorp Energy I LP
5.00%, 12/1/2024 (e)		1,369		774
5.75%, 10/1/2025 (e)		320		178
6.25%, 11/1/2028 (e)		2,000		1,035
Hillman Group, Inc. (The) 6.38%, 7/15/2022 (e) (g)		865		653
Hill-Rom Holdings, Inc.
5.00%, 2/15/2025 (e)		3,197		3,261
4.38%, 9/15/2027 (e)		2,722		2,756
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		1,175		1,141
5.38%, 5/1/2025 (e)		584		586
5.13%, 5/1/2026		9,419		9,299
5.75%, 5/1/2028 (e)		876		887
4.88%, 1/15/2030		1,473		1,410

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		2,845		2,617
Hilton Worldwide Finance LLC
4.63%, 4/1/2025 (g)		1,665		1,644
4.88%, 4/1/2027 (g)		3,279		3,179
Holly Energy Partners LP 5.00%, 2/1/2028 (e)		1,435		1,305
Hologic, Inc. 4.38%, 10/15/2025 (e)		7,661		7,696
Howmet Aerospace, Inc.
5.13%, 10/1/2024		6,366		6,145
6.88%, 5/1/2025		995		1,017
5.90%, 2/1/2027		4,185		3,998
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		4,580		4,832
6.63%, 8/1/2026 (g)		2,485		2,659
Huntington Bancshares, Inc.
7.00%, 12/15/2020		650		666
Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (c) (d) (f)		1,920		1,690
Huntsman International LLC 5.13%, 11/15/2022 (g)		5,105		5,150
Hyatt Hotels Corp.
5.38%, 4/23/2025		685		698
5.75%, 4/23/2030		685		708
Icahn Enterprises LP
6.75%, 2/1/2024		800		801
4.75%, 9/15/2024		2,865		2,695
6.38%, 12/15/2025		2,340		2,328
6.25%, 5/15/2026		3,065		3,012
iHeartCommunications, Inc.
6.38%, 5/1/2026		2,920		2,760
8.38%, 5/1/2027 (g)		6,901		5,763
5.25%, 8/15/2027 (e)		3,190		2,847
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 3.33%, 12/21/2065 (d) (e)		7,148		3,431
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year), 3.57%, 12/21/2065 (d) (e)		2,205		1,097
Infor US, Inc. 6.50%, 5/15/2022		19,235		19,252
Intel Corp. 3.75%, 3/25/2027 (g)		4,760		5,401
International Business Machines Corp.
3.30%, 5/15/2026		4,245		4,683
1.70%, 5/15/2027		650		649
3.50%, 5/15/2029		5,890		6,635
4.15%, 5/15/2039		1,475		1,748
2.85%, 5/15/2040		470		467

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
International Game Technology plc
6.50%, 2/15/2025 (e)		9,688		9,494
6.25%, 1/15/2027 (e)		4,429		4,306
Interstate Power & Light Co. 4.10%, 9/26/2028		1,540		1,748
IQVIA, Inc.
5.00%, 10/15/2026 (e)		7,463		7,693
5.00%, 5/15/2027 (e)		2,790		2,866
IRB Holding Corp. 6.75%, 2/15/2026 (e)		4,363		3,621
Iron Mountain, Inc.
REIT, 5.75%, 8/15/2024 (g)		3,197		3,141
REIT, 4.88%, 9/15/2027 (e)		4,756		4,637
REIT, 5.25%, 3/15/2028 (e)		4,263		4,167
ITC Holdings Corp.
2.70%, 11/15/2022		308		316
3.35%, 11/15/2027		1,600		1,703
Jackson National Life Global Funding (ICE LIBOR USD 3 Month + 0.31%), 1.05%, 3/16/2021 (d) (e)		530		525
Jagged Peak Energy LLC 5.88%, 5/1/2026		1,315		1,118
James Hardie International Finance DAC 4.75%, 1/15/2025 (e)		1,080		1,066
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (e)		1,631		1,582
JBS USA LUX SA
5.88%, 7/15/2024 (e)		3,968		4,013
5.75%, 6/15/2025 (e)		5,467		5,460
6.75%, 2/15/2028 (e)		1,722		1,829
6.50%, 4/15/2029 (e)		5,243		5,518
JELD-WEN, Inc.
6.25%, 5/15/2025 (e)		1,015		1,028
4.63%, 12/15/2025 (e)		2,505		2,229
4.88%, 12/15/2027 (e)		1,890		1,668
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (e) (g)		1,235		1,351
John Deere Capital Corp. 1.75%, 3/9/2027		2,940		2,944
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (e)		1,500		1,396
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		1,247		1,193
Keurig Dr Pepper, Inc.
2.55%, 9/15/2026		680		695
3.20%, 5/1/2030		2,275		2,427
KeyCorp Series D, (ICE LIBOR USD 3 Month + 3.61%), 5.00%, 9/15/2026 (c) (d) (f)		5,265		4,844
Kinder Morgan Energy Partners LP 5.00%, 10/1/2021		1,425		1,454

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Kroger Co. (The)
2.20%, 5/1/2030		3,140		3,147
3.88%, 10/15/2046		425		454
L Brands, Inc.
6.88%, 11/1/2035		137		101
6.75%, 7/1/2036		2,650		1,908
L3Harris Technologies, Inc.
3.83%, 4/27/2025		1,620		1,738
2.90%, 12/15/2029		955		973
LABL Escrow Issuer LLC
6.75%, 7/15/2026 (e)		9,270		9,579
10.50%, 7/15/2027 (e)		2,020		2,003
Ladder Capital Finance Holdings LLLP
REIT, 5.25%, 3/15/2022 (e)		1,514		1,249
REIT, 5.25%, 10/1/2025 (e)		1,937		1,409
Lamar Media Corp.
5.75%, 2/1/2026 (g)		1,998		2,032
3.75%, 2/15/2028 (e)		895		824
4.00%, 2/15/2030 (e)		630		580
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (e) (g)		4,360		4,382
Lennar Corp.
8.38%, 1/15/2021		295		302
5.38%, 10/1/2022		600		616
4.50%, 4/30/2024		1,455		1,484
5.88%, 11/15/2024		2,770		2,881
5.25%, 6/1/2026		1,630		1,695
5.00%, 6/15/2027		535		549
Level 3 Financing, Inc.
5.63%, 2/1/2023		561		562
5.13%, 5/1/2023		3,136		3,128
5.38%, 1/15/2024		4,086		4,117
5.38%, 5/1/2025		10,443		10,600
5.25%, 3/15/2026		2,170		2,224
Liberty Interactive LLC 8.25%, 2/1/2030		2,370		2,112
Live Nation Entertainment, Inc.
4.88%, 11/1/2024 (e)		2,560		2,270
5.63%, 3/15/2026 (e)		4,047		3,561
4.75%, 10/15/2027 (e)		1,555		1,330
Lowe’s Cos., Inc.
3.65%, 4/5/2029		635		696
3.70%, 4/15/2046		305		331
LPL Holdings, Inc.
5.75%, 9/15/2025 (e)		3,564		3,537

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
4.63%, 11/15/2027 (e)		1,400		1,337
LTF Merger Sub, Inc. 8.50%, 6/15/2023 (e)		5,407		4,326
Mallinckrodt International Finance SA
5.63%, 10/15/2023 (e)		2,615		750
5.50%, 4/15/2025 (e)		5,555		1,389
Marriott International, Inc. Series EE, 5.75%, 5/1/2025		895		935
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026		8,393		7,952
4.75%, 1/15/2028 (e)		108		95
Martin Midstream Partners LP 7.25%, 2/15/2021		3,546		1,418
Masonite International Corp.
5.75%, 9/15/2026 (e)		2,890		2,803
5.38%, 2/1/2028 (e)		1,680		1,600
MasTec, Inc. 4.88%, 3/15/2023		4,614		4,545
Matador Resources Co. 5.88%, 9/15/2026		1,977		969
Mattel, Inc.
3.15%, 3/15/2023 (g)		1,000		921
6.75%, 12/31/2025 (e)		23,164		23,512
5.88%, 12/15/2027 (e)		1,475		1,442
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (e)		8,072		7,444
7.25%, 4/15/2025 (e) (g)		3,000		2,347
McDonald’s Corp.
3.70%, 2/15/2042		670		731
3.63%, 9/1/2049		680		744
4.20%, 4/1/2050		15		18
Merck & Co., Inc. 3.40%, 3/7/2029		6,610		7,614
Meredith Corp. 6.88%, 2/1/2026 (g)		7,260		6,171
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 6/15/2020 (c) (d) (f)		16,773		15,263
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (c) (d) (f)		8,635		8,894
6.40%, 12/15/2036		12,667		14,175
MGM Growth Properties Operating Partnership LP
REIT, 5.63%, 5/1/2024		1,490		1,513
REIT, 4.50%, 9/1/2026		995		962
REIT, 5.75%, 2/1/2027		4,882		4,943
REIT, 4.50%, 1/15/2028		555		522
MGM Resorts International
6.00%, 3/15/2023		11,330		11,018
5.75%, 6/15/2025 (g)		8,803		8,451

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
4.63%, 9/1/2026 (g)		2,814		2,519
5.50%, 4/15/2027		3,764		3,458
Microsoft Corp.
3.45%, 8/8/2036		6,715		7,787
4.10%, 2/6/2037		3,215		3,997
MidAmerican Energy Co. 4.25%, 5/1/2046		1,945		2,460
Midcontinent Communications 5.38%, 8/15/2027 (e)		2,488		2,515
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 4.83%, 7/15/2020 (c) (d) (f)		15,143		13,629
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020 (c) (d) (f)		11,888		10,937
(SOFR + 1.15%), 2.72%, 7/22/2025 (d)		8,280		8,526
(SOFR + 1.99%), 2.19%, 4/28/2026 (d)		2,015		2,037
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (d)		3,640		3,937
(SOFR + 1.14%), 2.70%, 1/22/2031 (d)		4,175		4,273
Mosaic Co. (The) 4.05%, 11/15/2027 (g)		320		319
Motors Liquidation Co.
6.75%, 5/1/2028 ‡ (j) (m)		10		—
8.38%, 7/15/2033 ‡ (j)		115		—
7.75%, 3/15/2036 ‡ (j)		11		—
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (e) (g)		6,229		5,551
MPLX LP
(ICE LIBOR USD 3 Month + 0.90%), 1.90%, 9/9/2021 (d)		350		329
6.25%, 10/15/2022 (e)		894		893
6.38%, 5/1/2024 (e)		1,540		1,572
4.50%, 4/15/2038		680		606
MSCI, Inc. 5.38%, 5/15/2027 (e)		6,475		6,977
MTS Systems Corp. 5.75%, 8/15/2027 (e)		2,772		2,571
Mueller Water Products, Inc. 5.50%, 6/15/2026 (e)		1,425		1,458
Nabors Industries Ltd. 7.25%, 1/15/2026 (e) (g)		2,395		910
Nabors Industries, Inc. 5.75%, 2/1/2025		3,930		904
Narragansett Electric Co. (The) 3.40%, 4/9/2030 (e)		1,820		2,021
National CineMedia LLC 5.88%, 4/15/2028 (e)		1,130		802
National Rural Utilities Cooperative Finance Corp.
2.40%, 3/15/2030		1,710		1,765
(ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (d)		3,053		3,106

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (e)		2,707		2,598
9.13%, 7/15/2026 (e)		2,360		2,257
6.00%, 1/15/2027 (e)		450		384
Navient Corp. 5.00%, 3/15/2027 (g)		1,330		1,120
NCR Corp.
8.13%, 4/15/2025 (e)		1,030		1,092
5.75%, 9/1/2027 (e)		6,319		6,335
6.13%, 9/1/2029 (e)		5,370		5,329
Neiman Marcus Group Ltd. LLC
14.00% (Blend (cash 8.00% + PIK 6.00%)), 4/25/2024 (e)		8,684		1,997
8.00%, 10/25/2024 (e)		7,847		628
8.75%, 10/25/2024 (e)		5,573		446
Netflix, Inc.
4.88%, 4/15/2028		6,870		7,306
5.88%, 11/15/2028		7,453		8,428
5.38%, 11/15/2029 (e)		2,603		2,859
4.88%, 6/15/2030 (e)		5,731		6,137
New Albertsons LP
7.75%, 6/15/2026		1,535		1,527
6.63%, 6/1/2028		613		607
7.45%, 8/1/2029		392		391
8.00%, 5/1/2031		3,108		3,139
New York Life Global Funding
(ICE LIBOR USD 3 Month + 0.16%), 1.59%, 10/1/2020 (d) (e)		175		175
(ICE LIBOR USD 3 Month + 0.28%), 1.39%, 1/21/2022 (d) (e)		460		454
Newell Brands, Inc.
4.70%, 4/1/2026 (i)		5,225		5,287
5.63%, 4/1/2036 (i)		4,455		4,667
Newfield Exploration Co.
5.63%, 7/1/2024		2,010		1,438
5.38%, 1/1/2026		1,515		1,045
Nexstar Broadcasting, Inc.
5.63%, 8/1/2024 (e) (g)		2,155		2,096
5.63%, 7/15/2027 (e)		10,142		9,685
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 0.48%), 2.23%, 5/4/2021 (d)		345		342
2.40%, 9/1/2021		2,540		2,582
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (d)		4,773		4,876

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (e)		1,811		1,843
4.25%, 9/15/2024 (e)		637		647
4.50%, 9/15/2027 (e) (g)		986		1,012
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (e) (g)		914		882
Nielsen Finance LLC 5.00%, 4/15/2022 (e)		13,712		13,508
NIKE, Inc.
3.25%, 3/27/2040		225		244
3.38%, 3/27/2050		205		229
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (c) (d) (f)		2,492		2,293
3.49%, 5/15/2027		2,297		2,481
3.60%, 5/1/2030		771		858
Noble Holding International Ltd.
6.20%, 8/1/2040		1,121		7
5.25%, 3/15/2042		915		9
8.95%, 4/1/2045 (i)		410		2
Nordstrom, Inc. 8.75%, 5/15/2025 (e)		1,050		1,127
Norfolk Southern Corp.
2.55%, 11/1/2029		6,084		6,310
3.05%, 5/15/2050 (l)		770		768
Northern States Power Co. 3.40%, 8/15/2042		2,355		2,693
Northrop Grumman Corp. 3.25%, 1/15/2028		1,185		1,288
Northwestern Mutual Life Insurance Co. (The) 3.85%, 9/30/2047 (e)		320		357
Novelis Corp.
5.88%, 9/30/2026 (e)		3,615		3,515
4.75%, 1/30/2030 (e)		4,705		4,187
NRG Energy, Inc.
7.25%, 5/15/2026		2,340		2,516
6.63%, 1/15/2027		7,041		7,516
5.75%, 1/15/2028		880		946
5.25%, 6/15/2029 (e)		1,892		2,027
Nuance Communications, Inc. 5.63%, 12/15/2026		3,789		3,972
NuStar Logistics LP
6.00%, 6/1/2026		992		906
5.63%, 4/28/2027		2,195		1,976
Oasis Petroleum, Inc.
6.88%, 3/15/2022		5,782		860
6.88%, 1/15/2023 (g)		1,505		196
6.25%, 5/1/2026 (e) (g)		4,347		565

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Occidental Petroleum Corp. 2.70%, 8/15/2022		510		444
Oceaneering International, Inc. 6.00%, 2/1/2028		1,175		604
Oncor Electric Delivery Co. LLC
2.75%, 5/15/2030 (e)		2,840		3,110
4.10%, 11/15/2048		1,610		2,080
ONEOK, Inc. 3.40%, 9/1/2029		685		571
Oracle Corp.
3.25%, 11/15/2027		1,860		2,039
3.90%, 5/15/2035		3,390		4,027
3.85%, 7/15/2036		610		701
3.60%, 4/1/2040		4,360		4,903
Otis Worldwide Corp. 3.36%, 2/15/2050 (e)		765		779
Outfront Media Capital LLC
5.63%, 2/15/2024 (g)		1,650		1,638
5.00%, 8/15/2027 (e)		2,982		2,847
Owens-Brockway Glass Container, Inc.
5.00%, 1/15/2022 (e)		810		818
6.38%, 8/15/2025 (e) (g)		1,084		1,100
PacifiCorp
2.70%, 9/15/2030		725		786
3.30%, 3/15/2051		1,732		1,934
Panther BF Aggregator 2 LP 6.25%, 5/15/2026 (e)		4,076		4,087
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (e)		4,796		4,857
Parsley Energy LLC
5.38%, 1/15/2025 (e)		2,925		2,625
5.25%, 8/15/2025 (e)		4,950		4,356
5.63%, 10/15/2027 (e)		904		773
4.13%, 2/15/2028 (e)		3,565		2,923
PBF Holding Co. LLC 6.00%, 2/15/2028 (e)		3,215		2,289
PBF Logistics LP 6.88%, 5/15/2023		1,254		966
Peabody Energy Corp.
6.00%, 3/31/2022 (e) (g)		502		371
6.38%, 3/31/2025 (e)		1,130		669
Pennsylvania Electric Co. 3.60%, 6/1/2029 (e)		635		692
Penske Automotive Group, Inc. 5.50%, 5/15/2026		5,777		5,339
Performance Food Group, Inc.
6.88%, 5/1/2025 (e)		400		407
5.50%, 10/15/2027 (e)		4,211		4,001
PetSmart, Inc.
7.13%, 3/15/2023 (e)		10,970		10,394

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
5.88%, 6/1/2025 (e) (g)		10,344		10,422
8.88%, 6/1/2025 (e) (g)		2,365		2,294
Pfizer, Inc. 2.63%, 4/1/2030		13,510		14,564
PGT Innovations, Inc. 6.75%, 8/1/2026 (e)		2,080		2,053
Philip Morris International, Inc.
3.13%, 3/2/2028 (g)		4,490		4,835
3.38%, 8/15/2029		5,345		5,896
2.10%, 5/1/2030		2,470		2,441
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (e)		10,815		9,364
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (e)		5,329		5,383
5.88%, 9/30/2027 (e)		2,116		2,141
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (c) (d) (f)		825		553
Plantronics, Inc. 5.50%, 5/31/2023 (e)		7,166		5,678
PNC Financial Services Group, Inc. (The)
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (c) (d) (f)		7,762		7,141
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (c) (d) (f)		4,756		4,837
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (e) (g) (h)		3,361		2,815
Post Holdings, Inc.
5.00%, 8/15/2026 (e)		2,728		2,718
5.75%, 3/1/2027 (e)		5,130		5,252
5.63%, 1/15/2028 (e)		1,900		1,933
5.50%, 12/15/2029 (e)		2,860		2,874
4.63%, 4/15/2030 (e) (g)		2,427		2,379
Presidio Holdings, Inc. 4.88%, 2/1/2027 (e) (g)		1,785		1,746
Prestige Brands, Inc.
6.38%, 3/1/2024 (e) (g)		3,220		3,309
5.13%, 1/15/2028 (e)		900		910
Pricoa Global Funding I 2.20%, 6/3/2021 (e)		176		179
Prime Security Services Borrower LLC
5.25%, 4/15/2024 (e)		2,327		2,280
5.75%, 4/15/2026 (e) (g)		8,426		8,302
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (c) (d) (f)		5,340		5,176
Prologis LP REIT, 2.13%, 4/15/2027		1,480		1,492
Protective Life Global Funding 2.92%, 4/15/2022 (e)		681		699

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 9/15/2042 (d)		8,461		8,914
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (d)		23,639		24,396
PTC, Inc.
3.63%, 2/15/2025 (e)		940		925
4.00%, 2/15/2028 (e)		820		804
QEP Resources, Inc.
5.38%, 10/1/2022		1,144		395
5.25%, 5/1/2023		1,072		356
5.63%, 3/1/2026		1,350		435
Qorvo, Inc. 5.50%, 7/15/2026		3,537		3,714
Quicken Loans, Inc.
5.75%, 5/1/2025 (e) (g)		3,596		3,524
5.25%, 1/15/2028 (e)		5,290		5,136
Qwest Corp. 7.25%, 9/15/2025		325		348
Radian Group, Inc.
4.50%, 10/1/2024 (g)		2,265		2,197
4.88%, 3/15/2027		1,859		1,633
Rain CII Carbon LLC 7.25%, 4/1/2025 (e)		4,225		3,617
Range Resources Corp. 4.88%, 5/15/2025 (g)		4,485		3,476
Raytheon Technologies Corp. 4.13%, 11/16/2028		9,575		11,102
RBS Global, Inc. 4.88%, 12/15/2025 (e)		1,560		1,521
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (e)		2,627		2,800
8.25%, 11/15/2026 (e)		3,869		4,198
Reliance Standard Life Global Funding II 2.15%, 1/21/2023 (e)		295		295
Revlon Consumer Products Corp. 6.25%, 8/1/2024		2,027		375
RHP Hotel Properties LP REIT, 5.00%, 4/15/2023		3,363		3,128
Rite Aid Corp.
6.13%, 4/1/2023 (e)		4,858		4,396
7.50%, 7/1/2025 (e)		2,722		2,654
Ryman Hospitality Properties, Inc. REIT, 4.75%, 10/15/2027 (e)		4,562		3,980
Sabre GLBL, Inc.
5.38%, 4/15/2023 (e)		6,087		5,661
5.25%, 11/15/2023 (e) (g)		2,152		1,991
9.25%, 4/15/2025 (e)		1,432		1,512
SBA Communications Corp.
REIT, 4.00%, 10/1/2022		314		316

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
REIT, 4.88%, 9/1/2024 (g)		3,980		4,117
Schlumberger Holdings Corp. 3.90%, 5/17/2028 (e)		635		610
Science Applications International Corp. 4.88%, 4/1/2028 (e)		710		695
Scientific Games International, Inc. 5.00%, 10/15/2025 (e)		6,792		5,931
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026		2,180		2,212
4.50%, 10/15/2029		640		624
Scripps Escrow, Inc. 5.88%, 7/15/2027 (e)		880		744
Sealed Air Corp.
5.25%, 4/1/2023 (e)		633		652
5.13%, 12/1/2024 (e)		355		367
Sensata Technologies BV
4.88%, 10/15/2023 (e)		4,531		4,554
5.63%, 11/1/2024 (e)		1,825		1,852
5.00%, 10/1/2025 (e)		895		890
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (e)		12,061		12,453
Service Corp. International
8.00%, 11/15/2021		1,240		1,302
5.38%, 5/15/2024		6,180		6,273
7.50%, 4/1/2027		2,735		2,954
4.63%, 12/15/2027		825		843
5.13%, 6/1/2029		3,012		3,132
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		3,290		3,564
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (e) (g)		3,933		3,588
5.88%, 3/15/2026 (e)		205		177
5.13%, 2/15/2027 (e) (g)		2,890		2,435
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (e)		2,336		2,351
4.63%, 7/15/2024 (e)		3,675		3,747
5.38%, 4/15/2025 (e)		8,871		9,148
5.38%, 7/15/2026 (e)		7,266		7,538
5.00%, 8/1/2027 (e)		7,829		8,007
5.50%, 7/1/2029 (e)		1,642		1,732
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (e) (g)		6,530		5,748
5.50%, 4/15/2027 (e) (g)		874		756
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (e)		1,390		1,438

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
SM Energy Co.
5.63%, 6/1/2025		3,980		1,114
6.75%, 9/15/2026		968		264
6.63%, 1/15/2027 (g)		3,281		864
Solera LLC 10.50%, 3/1/2024 (e)		2,308		2,296
Southern California Edison Co.
Series E, (ICE LIBOR USD 3 Month + 4.20%), 6.25%, 2/1/2022 (c) (d) (f)		2,040		1,948
Series E, 3.70%, 8/1/2025		1,275		1,387
Southwestern Electric Power Co. Series M, 4.10%, 9/15/2028		1,540		1,720
Southwestern Energy Co.
6.20%, 1/23/2025 (g) (i)		3,097		2,741
7.50%, 4/1/2026 (g)		477		427
7.75%, 10/1/2027 (g)		1,165		1,014
Spectrum Brands, Inc.
6.13%, 12/15/2024		3,812		3,774
5.75%, 7/15/2025		7,488		7,469
5.00%, 10/1/2029 (e)		2,486		2,374
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (e)		4,150		4,088
Springleaf Finance Corp.
7.75%, 10/1/2021		854		850
6.13%, 5/15/2022		1,830		1,807
5.63%, 3/15/2023		4,267		4,054
6.13%, 3/15/2024		1,060		994
6.88%, 3/15/2025		2,110		1,995
7.13%, 3/15/2026		7,618		7,061
6.63%, 1/15/2028		5,378		4,746
5.38%, 11/15/2029		1,405		1,166
Sprint Capital Corp.
6.88%, 11/15/2028 (g)		140		169
8.75%, 3/15/2032		20,354		28,597
Sprint Communications, Inc. 11.50%, 11/15/2021		305		341
Sprint Corp.
7.25%, 9/15/2021		1,006		1,055
7.88%, 9/15/2023		18,616		20,939
7.13%, 6/15/2024		6,327		7,102
7.63%, 2/15/2025		33,116		38,252
7.63%, 3/1/2026		30,103		35,585
SPX FLOW, Inc.
5.63%, 8/15/2024 (e)		1,969		1,984
5.88%, 8/15/2026 (e)		2,175		2,197

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
SS&C Technologies, Inc. 5.50%, 9/30/2027 (e)		8,338		8,546
Standard Industries, Inc.
6.00%, 10/15/2025 (e)		3,115		3,208
5.00%, 2/15/2027 (e)		837		839
4.75%, 1/15/2028 (e)		8,598		8,411
Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (d)		670		647
Staples, Inc.
7.50%, 4/15/2026 (e)		14,320		11,313
10.75%, 4/15/2027 (e) (g)		7,739		4,411
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 9/15/2020 (c) (d) (f)		1,650		1,564
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (c) (d) (f)		2,460		2,398
(ICE LIBOR USD 3 Month + 1.03%), 4.14%, 12/3/2029 (d)		1,300		1,507
2.40%, 1/24/2030		2,335		2,419
(SOFR + 2.65%), 3.15%, 3/30/2031 (d) (e)		285		310
Station Casinos LLC
5.00%, 10/1/2025 (e)		2,945		2,455
4.50%, 2/15/2028 (e)		5,250		4,200
Steel Dynamics, Inc.
5.25%, 4/15/2023		780		784
4.13%, 9/15/2025		1,440		1,439
5.00%, 12/15/2026		1,085		1,114
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (e)		1,940		1,944
Summit Materials LLC
6.13%, 7/15/2023		1,475		1,476
5.13%, 6/1/2025 (e)		1,270		1,229
Summit Midstream Holdings LLC
5.50%, 8/15/2022		1,559		374
5.75%, 4/15/2025		3,155		632
Sunoco Logistics Partners Operations LP 4.00%, 10/1/2027		1,315		1,231
Sunoco LP
4.88%, 1/15/2023		1,540		1,498
5.50%, 2/15/2026		931		898
6.00%, 4/15/2027		2,890		2,818
5.88%, 3/15/2028		423		402
Sysco Corp.
5.65%, 4/1/2025		600		672
5.95%, 4/1/2030		420		494

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (e)		2,040		1,551
5.50%, 1/15/2028 (e)		710		486
Targa Resources Partners LP
4.25%, 11/15/2023		2,888		2,607
6.75%, 3/15/2024		8,710		8,231
5.13%, 2/1/2025		2,869		2,582
5.88%, 4/15/2026 (g)		4,488		3,983
6.50%, 7/15/2027		3,538		3,184
5.00%, 1/15/2028		1,745		1,485
6.88%, 1/15/2029 (g)		1,906		1,748
Team Health Holdings, Inc. 6.38%, 2/1/2025 (e) (g)		7,717		4,243
TEGNA, Inc.
5.50%, 9/15/2024 (e) (g)		725		729
4.63%, 3/15/2028 (e)		1,820		1,631
Teleflex, Inc. 4.88%, 6/1/2026		368		374
Tempur Sealy International, Inc.
5.63%, 10/15/2023 (g)		4,942		4,868
5.50%, 6/15/2026		9,236		8,802
Tenet Healthcare Corp.
6.75%, 6/15/2023		11,335		11,324
4.63%, 7/15/2024		4,053		3,999
4.63%, 9/1/2024 (e)		1,018		998
7.50%, 4/1/2025 (e)		1,374		1,478
5.13%, 5/1/2025		6,321		5,910
7.00%, 8/1/2025 (g)		870		809
4.88%, 1/1/2026 (e)		21,631		21,421
6.25%, 2/1/2027 (e)		19,083		18,789
5.13%, 11/1/2027 (e)		8,371		8,266
Tennant Co. 5.63%, 5/1/2025		4,377		4,382
Tenneco, Inc. 5.00%, 7/15/2026 (g)		4,155		1,859
Terex Corp. 5.63%, 2/1/2025 (e) (g)		6,140		5,570
Terraform Global Operating LLC 6.13%, 3/1/2026 (e)		1,712		1,695
TerraForm Power Operating LLC
4.25%, 1/31/2023 (e)		1,869		1,915
5.00%, 1/31/2028 (e)		1,839		1,929
Texas Competitive Electric Holdings Co. LLC 8.50%, 5/1/2020 ‡ (j)		29,250		8
Texas Instruments, Inc. 1.75%, 5/4/2030		630		628
Thermo Fisher Scientific, Inc.
2.60%, 10/1/2029		3,840		4,033
4.50%, 3/25/2030		11,265		13,665

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
T-Mobile USA, Inc.
6.00%, 3/1/2023		1,598		1,613
6.50%, 1/15/2024		665		680
6.38%, 3/1/2025		2,030		2,083
3.50%, 4/15/2025 (e)		2,240		2,351
5.13%, 4/15/2025		1,704		1,725
6.50%, 1/15/2026		17,580		18,547
4.50%, 2/1/2026		10,879		11,209
3.75%, 4/15/2027 (e)		3,385		3,629
4.75%, 2/1/2028		19,226		20,188
3.88%, 4/15/2030 (e)		6,970		7,624
4.38%, 4/15/2040 (e)		2,995		3,383
4.50%, 4/15/2050 (e)		235		274
Toyota Motor Credit Corp. (SOFR + 0.40%), 0.41%, 10/23/2020 (d)		928		923
Trans-Allegheny Interstate Line Co. 3.85%, 6/1/2025 (e)		2,913		3,243
TransDigm, Inc.
6.50%, 7/15/2024		3,961		3,659
6.50%, 5/15/2025		1,650		1,477
6.25%, 3/15/2026 (e)		9,380		9,180
Transocean Guardian Ltd. 5.88%, 1/15/2024 (e)		1,717		1,313
Transocean Pontus Ltd. 6.13%, 8/1/2025 (e)		4,847		3,926
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (e)		2,486		1,951
Transocean Proteus Ltd. 6.25%, 12/1/2024 (e)		431		365
Transocean, Inc.
7.25%, 11/1/2025 (e) (g)		3,541		1,372
7.50%, 1/15/2026 (e)		2,710		1,030
Travelers Cos., Inc. (The) 2.55%, 4/27/2050		260		259
TreeHouse Foods, Inc. 6.00%, 2/15/2024 (e)		4,010		4,090
TriMas Corp. 4.88%, 10/15/2025 (e)		2,315		2,266
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (e) (g)		9,060		7,724
Triumph Group, Inc.
6.25%, 9/15/2024 (e)		545		431
7.75%, 8/15/2025 (g)		1,670		1,083
Tronox Finance plc 5.75%, 10/1/2025 (e)		1,222		1,081
Tronox, Inc. 6.50%, 4/15/2026 (e) (g)		1,755		1,588
Truist Financial Corp.
Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (c) (d) (f)		3,110		2,907

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series L, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 12/15/2024 (c) (d) (f)		1,568		1,474
Series M, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (c) (d) (f)		8,713		8,386
Tucson Electric Power Co. 4.00%, 6/15/2050		1,491		1,745
Tyson Foods, Inc. 3.90%, 9/28/2023		1,330		1,432
UDR, Inc. REIT, 3.00%, 8/15/2031		1,355		1,363
Ultra Resources, Inc. 11.00% (Blend (cash 9.00% + PIK 2.00%)), 7/12/2024 (h) (m)		8,293		448
Union Electric Co. 2.95%, 3/15/2030		2,750		3,018
Union Pacific Corp. 3.70%, 3/1/2029		5,285		5,929
United Airlines Holdings, Inc.
5.00%, 2/1/2024 (g)		2,404		1,838
4.88%, 1/15/2025 (g)		2,345		1,712
United Rentals North America, Inc.
5.50%, 7/15/2025 (g)		3,281		3,322
4.63%, 10/15/2025		8,030		7,866
5.88%, 9/15/2026		931		957
6.50%, 12/15/2026 (g)		8,423		8,739
5.50%, 5/15/2027		10,010		10,110
4.88%, 1/15/2028		4,455		4,433
5.25%, 1/15/2030		2,500		2,506
United States Cellular Corp. 6.70%, 12/15/2033		1,860		1,962
United States Steel Corp.
6.88%, 8/15/2025 (g)		808		546
6.25%, 3/15/2026 (g)		2,223		1,413
UnitedHealth Group, Inc. 3.85%, 6/15/2028		7,220		8,320
Uniti Group LP
REIT, 6.00%, 4/15/2023 (e)		2,600		2,412
REIT, 8.25%, 10/15/2023 (g)		1,144		949
REIT, 7.13%, 12/15/2024 (e)		55		43
Vail Resorts, Inc. 6.25%, 5/15/2025 (e)		1,142		1,179
Valvoline, Inc. 4.25%, 2/15/2030 (e)		1,400		1,361
Venator Finance SARL 5.75%, 7/15/2025 (e) (g)		3,375		2,329
Verizon Communications, Inc.
3.15%, 3/22/2030		7,195		7,964
4.40%, 11/1/2034		1,185		1,440
4.27%, 1/15/2036		2,265		2,701
3.85%, 11/1/2042		1,275		1,510
4.86%, 8/21/2046		8,370		11,292
4.52%, 9/15/2048		1,020		1,344

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
ViacomCBS, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (d)		5,029		4,579
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (d) (g)		7,455		7,306
VICI Properties LP
REIT, 3.50%, 2/15/2025 (e)		1,195		1,120
REIT, 4.25%, 12/1/2026 (e)		7,084		6,621
REIT, 3.75%, 2/15/2027 (e)		1,875		1,744
REIT, 4.63%, 12/1/2029 (e)		4,688		4,330
REIT, 4.13%, 8/15/2030 (e)		1,620		1,474
Vista Outdoor, Inc. 5.88%, 10/1/2023 (g)		7,094		6,722
Vistra Energy Corp. 5.88%, 6/1/2023		3,604		3,640
Vistra Operations Co. LLC
5.50%, 9/1/2026 (e)		212		218
5.63%, 2/15/2027 (e)		6,585		6,931
W&T Offshore, Inc. 9.75%, 11/1/2023 (e)		4,630		1,528
W.R. Grace & Co.-Conn. 5.63%, 10/1/2024 (e)		1,010		1,013
Wabash National Corp. 5.50%, 10/1/2025 (e)		3,730		3,059
Waste Management, Inc. 4.00%, 7/15/2039		1,480		1,769
Welbilt, Inc. 9.50%, 2/15/2024		2,435		2,015
Wells Fargo & Co.
3.75%, 1/24/2024		2,550		2,713
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (c) (d) (f)		4,986		5,061
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (c) (d) (f)		4,403		4,700
(SOFR + 2.00%), 2.19%, 4/30/2026 (d)		2,390		2,402
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (d)		665		703
(ICE LIBOR USD 3 Month + 3.77%), 4.48%, 4/4/2031 (d)		7,985		9,294
Welltower, Inc. REIT, 4.13%, 3/15/2029		1,870		1,926
WESCO Distribution, Inc. 5.38%, 6/15/2024		2,287		2,115
Western Digital Corp. 4.75%, 2/15/2026 (g)		8,487		8,665
Whiting Petroleum Corp.
5.75%, 3/15/2021 (g) (j)		2,310		231
6.25%, 4/1/2023 (j)		2,140		209
6.63%, 1/15/2026 (g) (j)		6,703		670
William Carter Co. (The) 5.63%, 3/15/2027 (e)		7,290		7,390
Windstream Services LLC
9.00%, 6/30/2025 (e) (j)		15,731		826
8.63%, 10/31/2025 (e) (i)		2,498		1,499

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Wisconsin Power & Light Co. 4.60%, 6/15/2020		479		481
WMG Acquisition Corp.
5.00%, 8/1/2023 (e)		1,420		1,427
4.88%, 11/1/2024 (e)		930		930
5.50%, 4/15/2026 (e)		3,018		3,090
Wolverine Escrow LLC
9.00%, 11/15/2026 (e)		10,310		7,148
13.13%, 11/15/2027 (e)		1,855		1,094
WPX Energy, Inc.
8.25%, 8/1/2023		720		691
5.75%, 6/1/2026 (g)		3,249		2,945
Wyndham Destinations, Inc.
4.25%, 3/1/2022		162		153
5.40%, 4/1/2024 (i)		1,513		1,324
6.35%, 10/1/2025 (g) (i)		1,258		1,113
5.75%, 4/1/2027 (i)		1,602		1,402
Wynn Las Vegas LLC 5.50%, 3/1/2025 (e)		13,373		11,902
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (e) (g)		6,675		6,258
Xerox Corp. 4.12%, 3/15/2023 (i)		2,347		2,335
XPO Logistics, Inc.
6.50%, 6/15/2022 (e)		2,310		2,319
6.13%, 9/1/2023 (e)		4,967		5,029
6.75%, 8/15/2024 (e)		4,161		4,284
Yum! Brands, Inc.
7.75%, 4/1/2025 (e) (g)		900		981
4.75%, 1/15/2030 (e)		1,834		1,871
Zoetis, Inc.
3.00%, 9/12/2027		1,325		1,434
3.90%, 8/20/2028		1,240		1,426
4.45%, 8/20/2048		2,655		3,401
				3,778,901
Total Corporate Bonds (Cost $4,756,841)				4,431,386
	SHARES (000)
Common Stocks — 33.2%
Australia — 0.8%
Adelaide Brighton Ltd.		567		999
AGL Energy Ltd.		442		4,856
Alumina Ltd.		1,505		1,670
APA Group		297		2,095
Atlas Arteria Ltd.		177		716

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
Australia — continued
AusNet Services		791		965
Bank of Queensland Ltd.		413		1,394
Bendigo & Adelaide Bank Ltd.		168		709
BHP Group plc		524		8,796
CSR Ltd.		534		1,283
Dexus, REIT		1,225		7,270
Goodman Group, REIT		1,479		12,601
IOOF Holdings Ltd.		287		802
Mirvac Group, REIT		6,850		9,953
Rio Tinto plc		736		34,178
Sonic Healthcare Ltd.		74		1,303
Spark Infrastructure Group		699		858
Sydney Airport		644		2,622
Transurban Group		291		2,593
Wesfarmers Ltd.		100		2,421
Woodside Petroleum Ltd.		118		1,697
				99,781
Austria — 0.0% (a)
Erste Group Bank AG		34		733
OMV AG		24		769
Raiffeisen Bank International AG		42		718
Verbund AG		19		858
				3,078
Belgium — 0.2%
Ageas		21		739
KBC Group NV		24		1,277
Proximus SADP		97		2,079
Shurgard Self Storage SA		191		6,281
Telenet Group Holding NV (g)		19		804
Warehouses De Pauw CVA, REIT, CVA*		304		8,345
				19,525
Brazil — 0.1%
Ambev SA, ADR*		2,759		5,933
BB Seguridade Participacoes SA		981		4,786
Itau Unibanco Holding SA (Preference)		1,597		6,735
				17,454
Canada — 0.8%
Advanz Pharma Corp. Ltd.*		171		569
Algonquin Power & Utilities Corp.		137		1,901
Allied Properties, REIT		442		14,155
AltaGas Ltd.		103		1,236
Atco Ltd., Class I		16		439

INVESTMENTS	SHARES (000)		VALUE (000)
Canada — continued
BCE, Inc.		51		2,046
Canadian Apartment Properties, REIT		323		11,132
Canadian Imperial Bank of Commerce		26		1,537
Canadian Utilities Ltd., Class A		116		2,841
Capital Power Corp.		38		733
Emera, Inc.		70		2,805
Enbridge, Inc.		62		1,901
Fortis, Inc.		132		5,116
Great-West Lifeco, Inc.		35		581
Husky Energy, Inc. (g)		171		548
Hydro One Ltd. (b)		200		3,628
IGM Financial, Inc.		54		1,141
Inter Pipeline Ltd.		133		1,111
Northland Power, Inc.		68		1,460
Nutrien Ltd.		38		1,356
Pembina Pipeline Corp.		56		1,278
Power Corp. of Canada		104		1,664
Rogers Communications, Inc., Class B		14		581
Shaw Communications, Inc., Class B		114		1,857
Superior Plus Corp.		81		575
TC Energy Corp.		466		21,433
TELUS Corp.		122		1,995
Thomson Reuters Corp.		31		2,184
Toronto-Dominion Bank (The)		245		10,218
				98,021
Cayman Islands — 0.0% (a)
Telford Offshore Holdings Ltd.* ‡		58		22
Chile — 0.0% (a)
Banco Santander Chile, ADR		141		2,366
China — 1.5%
China Construction Bank Corp., Class H		26,610		21,359
China Life Insurance Co. Ltd., Class H		2,013		4,293
China Merchants Bank Co. Ltd., Class H		2,002		9,472
China Mobile Ltd.		1,139		9,157
China Overseas Land & Investment Ltd.		5,246		19,378
China Pacific Insurance Group Co. Ltd., Class H		2,589		8,567
China Petroleum & Chemical Corp., Class H		10,120		5,044
CNOOC Ltd.		5,321		5,883
Fuyao Glass Industry Group Co. Ltd., Class A		2,118		5,884
Guangdong Investment Ltd.		2,414		5,017
Haier Electronics Group Co. Ltd.		985		2,713
Huayu Automotive Systems Co. Ltd., Class A		1,477		4,191

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 87

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
China — continued
Inner Mongolia Yili Industrial Group Co. Ltd., Class A *		3,304		13,497
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		926		12,784
Joyoung Co. Ltd., Class A		1,110		4,894
Midea Group Co. Ltd., Class A		2,228		16,637
Ping An Insurance Group Co. of China Ltd., Class H		2,294		23,339
Postal Savings Bank of China Co. Ltd., Class H (b)		11,252		6,724
SAIC Motor Corp. Ltd., Class A		147		387
				179,220
Colombia — 0.0% (a)
Millicom International Cellular SA, SDR		26		680
Czech Republic — 0.0% (a)
Komercni banka A/S *		126		2,663
Moneta Money Bank A/S (b)		444		922
				3,585
Denmark — 0.0% (a)
Pandora A/S		25		881
Finland — 0.2%
Elisa OYJ		18		1,074
Fortum OYJ		284		4,700
Kone OYJ, Class B		215		12,997
Neste OYJ		39		1,377
Nordea Bank Abp		381		2,443
Orion OYJ, Class B		37		1,895
Stora Enso OYJ, Class R		101		1,188
UPM-Kymmene OYJ		46		1,273
Wartsila OYJ Abp		148		1,090
				28,037
France — 1.0%
Aeroports de Paris		6		547
Airbus SE *		6		353
Airbus SE *		52		3,316
Alstom SA		15		600
Amundi SA (b)		14		905
Atos SE *		26		1,894
AXA SA		111		1,979
BNP Paribas SA		59		1,838
Bouygues SA *		38		1,169
Casino Guichard Perrachon SA (g)		36		1,348
Cie de Saint-Gobain		31		825
Cie Generale des Etablissements Michelin SCA		15		1,413

INVESTMENTS	SHARES (000)		VALUE (000)
France — continued
CNP Assurances *		64		659
Covivio, REIT		161		10,095
Credit Agricole SA		115		927
Eiffage SA		12		1,013
Electricite de France SA		233		1,851
Engie SA		391		4,237
Eutelsat Communications SA		147		1,640
Gecina SA, REIT		10		1,357
ICADE, REIT		12		905
LVMH Moet Hennessy Louis Vuitton SE		45		17,449
Natixis SA		281		664
Orange SA		137		1,661
Peugeot SA		73		1,029
Publicis Groupe SA		29		859
Renault SA *		32		639
Rexel SA		79		735
Rubis SCA		22		991
Sanofi		140		13,646
Schneider Electric SE *		158		14,610
Societe Generale SA		133		2,079
Suez		288		3,253
TOTAL SA		100		3,533
Veolia Environnement SA		171		3,637
Vinci SA		130		10,652
				114,308
Germany — 0.7%
adidas AG (g)		35		8,058
Allianz SE (Registered)		20		3,616
Aroundtown SA		591		3,179
BASF SE		37		1,902
Bayer AG (Registered)		71		4,680
Bayerische Motoren Werke AG		28		1,631
Deutsche Post AG (Registered)		51		1,518
Deutsche Telekom AG (Registered)		170		2,480
E.ON SE		457		4,577
Evonik Industries AG		43		1,061
Fraport AG Frankfurt Airport Services Worldwide		16		717
Hannover Rueck SE		7		1,131
HeidelbergCement AG		20		932
HOCHTIEF AG		9		734
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		58		12,755
Porsche Automobil Holding SE (Preference)		19		947

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
Germany — 0.7%
ProSiebenSat.1 Media SE		163		1,633
RWE AG		153		4,393
Siemens AG (Registered)		29		2,662
Telefonica Deutschland Holding AG		1,139		3,241
TUI AG		183		728
Uniper SE		57		1,527
Volkswagen AG (Preference)		11		1,464
Vonovia SE		270		13,374
				78,940
Hong Kong — 0.7%
CK Infrastructure Holdings Ltd.		273		1,622
CLP Holdings Ltd.		307		3,286
Hang Seng Bank Ltd.		550		9,611
HKT Trust & HKT Ltd.		11,522		18,593
Hong Kong & China Gas Co. Ltd.		1,598		2,864
Hong Kong Exchanges & Clearing Ltd.		365		11,693
Link, REIT		2,286		20,380
Power Assets Holdings Ltd.		422		2,824
VTech Holdings Ltd.		120		901
WH Group Ltd. (b)		6,294		6,003
Xinyi Glass Holdings Ltd.		590		683
Yue Yuen Industrial Holdings Ltd.		516		822
				79,282
India — 0.5%
Infosys Ltd., ADR		988		9,121
ITC Ltd.		5,342		12,869
Tata Consultancy Services Ltd.		1,269		33,606
				55,596
Indonesia — 0.2%
Bank Rakyat Indonesia Persero Tbk. PT		37,726		6,862
Telekomunikasi Indonesia Persero Tbk. PT		64,073		14,734
				21,596
Ireland — 0.0% (a)
Smurfit Kappa Group plc		39		1,228
Italy — 0.3%
A2A SpA		1,457		1,986
Assicurazioni Generali SpA		105		1,493
Atlantia SpA		133		2,183
Enel SpA		2,088		14,265
Eni SpA		121		1,152
ERG SpA		29		514
Hera SpA		367		1,359

INVESTMENTS	SHARES (000)		VALUE (000)
Italy — continued
Intesa Sanpaolo SpA		1,847		2,884
Iren SpA		234		576
Italgas SpA		311		1,743
Mediobanca Banca di Credito Finanziario SpA		114		664
Poste Italiane SpA (b)		101		858
Snam SpA		992		4,449
Telecom Italia SpA		2,015		804
Terna Rete Elettrica Nazionale SpA		664		4,157
UniCredit SpA *		151		1,164
				40,251
Japan — 1.3%
Aozora Bank Ltd.		88		1,564
Chubu Electric Power Co., Inc.		208		2,817
Chugoku Electric Power Co., Inc. (The)		150		2,020
Daiwa House REIT Investment Corp., REIT		3		6,959
Electric Power Development Co. Ltd.		66		1,327
FANUC Corp.		14		2,220
Hokkaido Electric Power Co., Inc.		163		622
Invesco Office J-Reit, Inc., REIT		52		6,883
Japan Airlines Co. Ltd.		37		658
Japan Hotel REIT Investment Corp., REIT		16		5,170
Japan Post Holdings Co. Ltd.		80		641
Japan Tobacco, Inc.		74		1,371
JFE Holdings, Inc.		214		1,417
JXTG Holdings, Inc.		498		1,765
Kamigumi Co. Ltd.		35		607
Kansai Electric Power Co., Inc. (The)		496		5,080
KDDI Corp.		74		2,140
Kenedix Office Investment Corp., REIT		2		7,474
Kenedix Retail REIT Corp., REIT		4		6,209
Kyushu Electric Power Co., Inc.		247		1,960
Lawson, Inc.		35		1,840
Matsui Securities Co. Ltd.		170		1,241
Miraca Holdings, Inc.		52		1,307
Mitsubishi Chemical Holdings Corp.		67		380
Mitsubishi Logistics Corp.		28		612
Mitsui Fudosan Logistics Park, Inc., REIT		2		6,509
Nippon Accommodations Fund, Inc., REIT		2		10,946
Nippon Prologis REIT, Inc., REIT		4		11,181
Nippon Telegraph & Telephone Corp.		825		18,788
Nissan Motor Co. Ltd.		428		1,458
NTT DOCOMO, Inc.		93		2,747
Orix JREIT, Inc., REIT		4		4,350

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 89

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
Japan — continued
Otsuka Corp.		152		6,882
Shikoku Electric Power Co., Inc.		90		693
Sumitomo Chemical Co. Ltd.		185		568
Takeda Pharmaceutical Co. Ltd.		32		1,147
Tohoku Electric Power Co., Inc.		361		3,400
Tokio Marine Holdings, Inc.		325		15,224
Tokyo Electron Ltd.		11		2,364
				150,541
Macau — 0.1%
Sands China Ltd.		2,626		10,631
Mexico — 0.2%
Bolsa Mexicana de Valores SAB de CV		1,140		2,057
Fibra Uno Administracion SA de CV, REIT		2,782		2,310
Grupo Financiero Banorte SAB de CV, Class O		778		2,130
Kimberly-Clark de Mexico SAB de CV, Class A		3,939		5,565
Wal-Mart de Mexico SAB de CV		5,728		13,824
				25,886
Netherlands — 0.2%
ABN AMRO Bank NV, CVA (b)		97		747
Akzo Nobel NV		43		3,239
Eurocommercial Properties NV, REIT, CVA		195		2,175
ING Groep NV		297		1,665
Koninklijke Ahold Delhaize NV (g)		73		1,779
Koninklijke KPN NV (g)		314		723
NN Group NV		37		1,075
Randstad NV *		36		1,441
Royal Dutch Shell plc, Class A		95		1,567
Royal Dutch Shell plc, Class B		302		4,838
				19,249
New Zealand — 0.0% (a)
Contact Energy Ltd.		409		1,560
Spark New Zealand Ltd.		685		1,854
UCI Holdings LLC * ‡		65		1,521
				4,935
Norway — 0.0% (a)
Aker BP ASA		84		1,384
DNB ASA		97		1,174
Gjensidige Forsikring ASA		71		1,250
Telenor ASA		159		2,443
				6,251

INVESTMENTS	SHARES (000)		VALUE (000)
Peru — 0.0% (a)
Southern Copper Corp.		58		1,869
Portugal — 0.0% (a)
EDP — Energias de Portugal SA		1,051		4,429
Galp Energia SGPS SA		83		953
				5,382
Russia — 0.4%
Alrosa PJSC		4,739		3,925
Evraz plc		706		2,339
LUKOIL PJSC, ADR		103		6,716
Moscow Exchange MICEX-RTS PJSC		8,494		13,730
Sberbank of Russia PJSC		7,322		19,294
Sberbank of Russia PJSC		421		1,109
Severstal PJSC, GDR (b)		309		3,683
Severstal PJSC, GDR (b)		10		123
				50,919
Saudi Arabia — 0.1%
Al Rajhi Bank		758		11,521
Singapore — 0.2%
Ascendas, REIT		6,173		12,909
Mapletree Logistics Trust, REIT		6,137		7,774
SATS Ltd.		303		703
Singapore Telecommunications Ltd.		755		1,509
StarHub Ltd.		729		768
				23,663
South Africa — 0.2%
Absa Group Ltd.		605		2,984
Anglo American plc		89		1,576
AVI Ltd.		734		3,116
Bid Corp. Ltd.		348		4,529
FirstRand Ltd.		1,118		2,440
SPAR Group Ltd. (The)		228		2,175
Vodacom Group Ltd.		705		4,686
				21,506
South Korea — 0.3%
KT&G Corp.		127		8,497
Samsung Electronics Co. Ltd.		667		27,410
Samsung Fire & Marine Insurance Co. Ltd.		3		548
SK Telecom Co. Ltd., ADR		222		4,240
				40,695

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
Spain — 0.7%
Acciona SA		13		1,310
ACS Actividades de Construccion y Servicios SA		42		1,047
Aena SME SA * (b)		20		2,563
Atlantica Yield plc		40		946
Banco Bilbao Vizcaya Argentaria SA		474		1,549
Banco de Sabadell SA		1,141		473
Banco Santander SA		806		1,800
CaixaBank SA		465		836
Enagas SA		177		4,143
Endesa SA		188		4,162
Iberdrola SA		3,222		32,047
Industria de Diseno Textil SA		507		12,979
Inmobiliaria Colonial Socimi SA, REIT		554		5,351
Naturgy Energy Group SA		226		3,988
Red Electrica Corp. SA		243		4,285
Telefonica SA		178		812
				78,291
Sweden — 0.2%
Autoliv, Inc.		22		1,320
Sandvik AB *		88		1,355
Skandinaviska Enskilda Banken AB, Class A		191		1,573
Skanska AB, Class B *		57		1,085
SKF AB, Class B		65		1,032
Svenska Handelsbanken AB, Class A *		163		1,486
Swedbank AB, Class A		154		1,825
Swedish Match AB		26		1,629
Tele2 AB, Class B		83		1,071
Telia Co. AB		713		2,480
Volvo AB, Class B		266		3,407
				18,263
Switzerland — 1.3%
ABB Ltd. (Registered)		107		2,028
Adecco Group AG (Registered)		23		1,007
Credit Suisse Group AG (Registered) *		173		1,578
Flughafen Zurich AG (Registered) *		13		1,636
LafargeHolcim Ltd. (Registered) *		36		1,505
Nestle SA (Registered)		161		17,097
Novartis AG (Registered)		643		54,856
OC Oerlikon Corp. AG (Registered)		184		1,379
Roche Holding AG		156		53,985
Swiss Re AG		19		1,402
UBS Group AG (Registered) *		202		2,158

INVESTMENTS	SHARES (000)		VALUE (000)
Switzerland — continued
Zurich Insurance Group AG		60		19,072
				157,703
Taiwan — 1.4%
Accton Technology Corp.		461		3,342
Asustek Computer, Inc.		721		4,873
Catcher Technology Co. Ltd.		872		6,605
Chicony Electronics Co. Ltd.		716		2,018
Delta Electronics, Inc.		1,270		5,925
MediaTek, Inc. *		842		11,627
Mega Financial Holding Co. Ltd.		6,699		6,739
Novatek Microelectronics Corp. *		421		2,618
President Chain Store Corp.		716		7,404
Quanta Computer, Inc.		5,404		11,676
Taiwan Mobile Co. Ltd. *		1,093		3,939
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,634		86,824
Vanguard International Semiconductor Corp.		3,532		8,194
				161,784
Thailand — 0.1%
Siam Cement PCL (The) (Registered)		695		7,387
United Kingdom — 1.7%
3i Group plc		105		1,035
Admiral Group plc		31		896
AstraZeneca plc		51		5,386
Aviva plc		334		1,009
BAE Systems plc		179		1,143
Barclays plc		1,116		1,491
Barratt Developments plc		454		2,961
Berkeley Group Holdings plc		123		6,460
BP plc		1,224		4,822
British American Tobacco plc		101		3,876
BT Group plc		1,091		1,591
Centrica plc		5,902		2,952
Diageo plc		181		6,219
Direct Line Insurance Group plc		600		2,046
Drax Group plc		202		528
easyJet plc		136		1,032
Fiat Chrysler Automobiles NV		119		1,032
GlaxoSmithKline plc		323		6,743
Imperial Brands plc		178		3,738
J Sainsbury plc		272		677
John Wood Group plc		469		1,186

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 91

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
United Kingdom — continued
Legal & General Group plc		447		1,150
Linde plc		106		19,418
Lloyds Banking Group plc		3,763		1,522
M&G plc		615		1,020
Micro Focus International plc		209		1,237
National Grid plc		482		5,647
NewRiver REIT plc, REIT		1,715		1,442
Next plc		20		1,212
Pennon Group plc		126		1,732
Persimmon plc		110		3,051
Prudential plc		113		1,589
RELX plc		103		2,331
RSA Insurance Group plc		179		812
Safestore Holdings plc, REIT		742		6,714
Schroders plc		18		610
Segro plc, REIT		1,406		14,735
Severn Trent plc		140		4,192
Signature Aviation plc		288		707
SSE plc		408		6,407
Standard Chartered plc		157		803
Standard Life Aberdeen plc		376		1,041
Taylor Wimpey plc		3,472		6,412
Tesco plc		596		1,763
Tritax Big Box REIT plc, REIT		4,055		6,155
Tritax EuroBox plc (b)		3,191		3,337
Unilever NV		54		2,705
Unilever plc		451		23,248
UNITE Group plc (The), REIT		728		8,042
United Utilities Group plc		367		4,156
Vodafone Group plc		2,337		3,297
Workspace Group plc, REIT		702		6,919
WPP plc		144		1,114
				201,343
United States — 17.8%
3M Co.		13		2,018
AbbVie, Inc.		385		31,676
Accenture plc, Class A		43		7,952
AES Corp. (The)		154		2,043
AGNC Investment Corp., REIT		133		1,655
Air Products & Chemicals, Inc.		73		16,396
ALLETE, Inc.		30		1,751
Altria Group, Inc.		443		17,377
Ameren Corp.		40		2,891

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
American Electric Power Co., Inc.		34		2,849
American States Water Co.		15		1,177
American Tower Corp., REIT		61		14,632
Americold Realty Trust, REIT		524		16,033
Amgen, Inc.		12		2,773
Analog Devices, Inc.		227		24,901
Annaly Capital Management, Inc., REIT		248		1,548
Apple, Inc.		40		11,721
Arthur J Gallagher & Co.		94		7,388
AT&T, Inc.		66		2,020
Automatic Data Processing, Inc.		241		35,324
AvalonBay Communities, Inc., REIT		178		28,966
Avangrid, Inc.		104		4,469
Avaya Holdings Corp. *		200		1,990
Avista Corp.		56		2,415
Bank of America Corp.		832		20,010
Battalion Oil Corp. *		18		90
Black Hills Corp.		37		2,316
BlackRock, Inc.		40		19,904
Brandywine Realty Trust, REIT		606		6,763
Bristol-Myers Squibb Co.		1,054		64,066
Broadcom, Inc.		8		2,203
Bunge Ltd.		42		1,664
Cardinal Health, Inc.		44		2,183
Carnival Corp.		59		935
Carrier Global Corp. *		105		1,853
CenterPoint Energy, Inc.		237		4,031
CenturyLink, Inc.		181		1,921
CF Industries Holdings, Inc.		46		1,270
Chevron Corp.		444		40,884
Chubb Ltd.		94		10,117
Citigroup, Inc.		265		12,857
Claire’s Stores, Inc. * ‡		4		2,302
Clear Channel Outdoor Holdings, Inc. *		287		277
Clearway Energy, Inc., Class C		71		1,413
CME Group, Inc.		212		37,784
CMS Energy Corp.		209		11,916
CNA Financial Corp.		47		1,497
Coca-Cola Co. (The)		1,632		74,893
Comcast Corp., Class A		921		34,673
ConocoPhillips		361		15,179
Consolidated Edison, Inc.		63		4,986
Coty, Inc., Class A		214		1,164
Deere & Co.		110		16,005

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
United States — continued
Digital Realty Trust, Inc., REIT		165		24,708
Dominion Energy, Inc.		71		5,458
Douglas Emmett, Inc., REIT		429		13,081
Dover Corp.		161		15,064
DTE Energy Co.		87		9,023
Duke Energy Corp.		60		5,107
DuPont de Nemours, Inc.		28		1,312
Eastman Chemical Co.		27		1,612
Eaton Corp. plc		303		25,327
Eaton Corp. plc		6		479
Edison International		77		4,506
Eli Lilly & Co.		149		23,020
Emerson Electric Co.		22		1,268
Entergy Corp.		12		1,181
Equinix, Inc., REIT		31		20,723
Equity LifeStyle Properties, Inc., REIT		369		22,257
Essex Property Trust, Inc., REIT		102		24,947
Evergy, Inc.		46		2,707
Exelon Corp.		70		2,605
Exxon Mobil Corp.		39		1,809
Federal Realty Investment Trust, REIT		115		9,562
Ferguson plc		20		1,427
Fidelity National Information Services, Inc.		112		14,760
FirstEnergy Corp.		115		4,731
Ford Motor Co.		283		1,443
Gap, Inc. (The)		138		1,118
General Dynamics Corp.		89		11,674
General Motors Co.		65		1,444
Gilead Sciences, Inc.		33		2,798
Goodman Networks, Inc. * ‡		53		–	(k)
Hanesbrands, Inc.		149		1,479
Harley-Davidson, Inc.		65		1,412
Hawaiian Electric Industries, Inc.		46		1,828
Healthcare Trust of America, Inc., Class A, REIT		494		12,167
Healthpeak Properties, Inc., REIT		730		19,072
Home Depot, Inc. (The)		84		18,553
Honeywell International, Inc.		153		21,648
HP, Inc.		103		1,602
IDACORP, Inc.		27		2,505
iHeartMedia, Inc., Class A *		14		101
Illinois Tool Works, Inc.		20		3,275
International Business Machines Corp.		211		26,529
International Flavors & Fragrances, Inc.		5		631
International Paper Co.		48		1,645

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Interpublic Group of Cos., Inc. (The)		77		1,312
Invesco Ltd.		137		1,180
Invitation Homes, Inc., REIT		961		22,730
Iron Mountain, Inc., REIT		359		8,687
Johnson & Johnson		135		20,292
Johnson Controls International plc		36		1,049
Kellogg Co.		38		2,491
KeyCorp		535		6,232
Kilroy Realty Corp., REIT		219		13,610
Kimco Realty Corp., REIT		114		1,246
Kohl’s Corp.		50		927
Kraft Heinz Co. (The)		81		2,454
Las Vegas Sands Corp.		36		1,747
Leggett & Platt, Inc.		19		668
Lowe’s Cos., Inc.		93		9,778
LyondellBasell Industries NV, Class A		25		1,469
M&T Bank Corp.		45		5,063
Macquarie Infrastructure Corp.		77		2,134
Macy’s, Inc.		149		871
Maxim Integrated Products, Inc.		339		18,638
McDonald’s Corp.		142		26,687
MDU Resources Group, Inc.		182		4,081
Medtronic plc		111		10,822
Merck & Co., Inc.		815		64,676
Microsoft Corp.		116		20,789
Mondelez International, Inc., Class A		300		15,430
Moran Foods Backstop Equity * ‡		148		148
Morgan Stanley		208		8,187
National Fuel Gas Co.		88		3,611
National Retail Properties, Inc., REIT		361		11,788
New Jersey Resources Corp.		61		2,064
Newell Brands, Inc.		128		1,772
Newmont Corp.		28		1,662
NextEra Energy, Inc.		96		22,191
Nielsen Holdings plc		108		1,593
Nordstrom, Inc.		56		1,049
Norfolk Southern Corp.		145		24,850
Northern Trust Corp.		100		7,907
Northwest Natural Holding Co.		17		1,082
NorthWestern Corp.		40		2,302
NRG Energy, Inc.		73		2,446
Nucor Corp.		38		1,585
Occidental Petroleum Corp.		44		726
OGE Energy Corp.		85		2,668

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 93

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
United States — continued
Old Republic International Corp.		86		1,374
ONE Gas, Inc.		27		2,185
ONEOK, Inc.		30		885
Otis Worldwide Corp. *		30		1,529
PACCAR, Inc.		23		1,579
Packaging Corp. of America		23		2,193
Park Hotels & Resorts, Inc., REIT		880		8,369
Parker-Hannifin Corp.		62		9,746
Penn Virginia Corp. *		12		74
PepsiCo, Inc.		236		31,210
Pfizer, Inc.		495		19,007
Philip Morris International, Inc.		302		22,565
Pinnacle West Capital Corp.		37		2,845
PNC Financial Services Group, Inc. (The)		133		14,167
PNM Resources, Inc.		37		1,494
Portland General Electric Co.		52		2,415
PPG Industries, Inc.		96		8,722
PPL Corp.		184		4,680
Procter & Gamble Co. (The)		490		57,706
Prologis, Inc., REIT		858		76,550
Prudential Financial, Inc.		99		6,150
Public Service Enterprise Group, Inc.		91		4,637
Public Storage, REIT		171		31,642
QUALCOMM, Inc.		13		989
Raytheon Technologies Corp.		126		8,172
Remington Outdoor Co., Inc. * ‡		16		19
Republic Services, Inc.		102		7,971
Rexford Industrial Realty, Inc., REIT		227		9,236
Schlumberger Ltd.		73		1,228
Seagate Technology plc		45		2,247
Simon Property Group, Inc., REIT		16		1,069
South Jersey Industries, Inc.		73		2,098
Southern Co. (The)		92		5,199
Southwest Gas Holdings, Inc.		37		2,809
Spire, Inc.		30		2,200
Stanley Black & Decker, Inc.		53		5,815
Steel Dynamics, Inc.		69		1,673
T. Rowe Price Group, Inc.		122		14,055
Tapestry, Inc.		84		1,250
Targa Resources Corp.		61		791
TerraForm Power, Inc., Class A		96		1,666
Texas Instruments, Inc.		366		42,458
Trane Technologies plc		69		6,022
Travelers Cos., Inc. (The)		78		7,882

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Truist Financial Corp.		296		11,056
UGI Corp.		66		2,004
United Parcel Service, Inc., Class B		22		2,103
UnitedHealth Group, Inc.		133		38,868
US Bancorp		423		15,454
Ventas, Inc., REIT		468		15,136
VEREIT, Inc., REIT		2,381		13,046
Verizon Communications, Inc.		1,520		87,345
VF Corp.		82		4,787
VICI Properties, Inc., REIT		1,437		25,026
Vistra Energy Corp.		145		2,842
Vornado Realty Trust, REIT		267		11,681
Walmart, Inc.		65		7,928
WEC Energy Group, Inc.		34		3,082
Weingarten Realty Investors, REIT		444		8,073
Wells Fargo & Co.		241		6,995
WestRock Co.		59		1,907
Williams Cos., Inc. (The)		104		2,005
Xcel Energy, Inc.		772		49,059
				2,112,383
Total Common Stocks (Cost $3,815,914)				3,954,053
	PRINCIPAL AMOUNT (000)
Collateralized Mortgage Obligations — 7.0%
Bermuda — 0.1%
Bellemeade Re Ltd.
Series 2018-3A, Class M1B, 2.34%, 10/25/2028 ‡ (e) (m)		1,222		1,151
Series 2018-3A, Class M2, 3.24%, 10/25/2028 ‡ (e) (m)		1,365		1,065
Series 2019-1A, Class M2, 3.19%, 3/25/2029 ‡ (e) (m)		1,000		743
Eagle RE Ltd.
Series 2019-1, Class M1B, 2.29%, 4/25/2029 ‡ (e) (m)		656		615
Series 2019-1, Class M2, 3.79%, 4/25/2029 ‡ (e) (m)		1,980		1,610
				5,184
United States — 6.9%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 6A1, 3.91%, 2/25/2035 (m)		1,702		1,617

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2004-4, Class 4A1, 3.93%, 3/25/2035 (m)		3,182		2,989
Series 2005-2, Class 3A1, 4.06%, 6/25/2035 (m)		775		708
Alternative Loan Trust
Series 2004-28CB, Class 4A1, 5.00%, 1/25/2020		6		6
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		7		7
Series 2005-J11, Class 5A1, 5.50%, 11/25/2020		182		174
Series 2005-85CB, Class 3A2, 5.25%, 2/25/2021		229		221
Series 2007-25, Class 2A1, 6.00%, 11/25/2022		78		72
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		160		154
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026		385		331
Series 2005-J1, Class 3A1, 6.50%, 8/25/2032		63		63
Series 2004-12CB, Class 2A1, 6.00%, 6/25/2034		398		416
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		5,080		5,191
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		319		303
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035		476		460
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		877		909
Series 2004-32CB, Class 2A5, 5.50%, 2/25/2035		3,075		2,992
Series 2005-3CB, Class 1A4, 5.25%, 3/25/2035		76		73
Series 2005-3CB, Class 1A13, 5.50%, 3/25/2035		9,174		8,826
Series 2005-J2, Class 1A5, 0.99%, 4/25/2035 (m)		5,666		4,456
Series 2005-6CB, Class 1A4, 5.50%, 4/25/2035		3,777		3,518
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		443		428
Series 2005-10CB, Class 1A5, 5.50%, 5/25/2035		3,795		3,412
Series 2005-10CB, Class 1A8, 5.50%, 5/25/2035		2,187		2,125

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2005-13CB, Class A4, 5.50%, 5/25/2035		1,612		1,580
Series 2005-21CB, Class A4, 5.25%, 6/25/2035		820		734
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		3,648		3,381
Series 2005-20CB, Class 1A1, 5.50%, 7/25/2035		182		160
Series 2005-23CB, Class A15, 5.50%, 7/25/2035		1,859		1,721
Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035		680		638
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		1,720		1,616
Series 2005-J14, Class A3, 5.50%, 12/25/2035		350		275
Series 2005-J14, Class A7, 5.50%, 12/25/2035		1,844		1,450
Series 2005-J14, Class A8, 5.50%, 12/25/2035		1,543		1,213
Series 2005-86CB, Class A4, 5.50%, 2/25/2036		426		343
Series 2006-J1, Class 1A13, 5.50%, 2/25/2036		161		140
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		5,130		4,999
Series 2006-4CB, Class 2A5, 5.50%, 4/25/2036		967		882
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		1,595		1,140
Series 2006-19CB, Class A15, 6.00%, 8/25/2036		615		495
Series 2006-25CB, Class A2, 6.00%, 10/25/2036		287		219
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		3,119		2,248
Series 2007-8CB, Class A9, 6.00%, 5/25/2037		207		162
Series 2007-19, Class 1A8, 6.00%, 8/25/2037		178		126
American Home Mortgage Investment Trust
Series 2007-2, Class 12A1, 0.76%, 3/25/2037 (m)		5,746		3,107
Series 2005-1, Class 6A, 2.97%, 6/25/2045 (m)		180		175
Angel Oak Mortgage Trust
Series 2019-5, Class B1, 3.96%, 10/25/2049 ‡ (e) (m)		2,250		2,059

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 95

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2019-3, Class B1, 4.10%, 5/25/2059 ‡ (e) (m)		7,000		6,180
Series 2019-6, Class B1, 3.94%, 11/25/2059 (e) (m)		4,000		3,352
Angel Oak Mortgage Trust I LLC
Series 2018-2, Class A1, 3.67%, 7/27/2048 (e) (m)		6,924		6,988
Series 2018-3, Class A1, 3.65%, 9/25/2048 (e) (m)		4,642		4,641
Series 2019-2, Class B1, 5.02%, 3/25/2049 ‡ (e) (m)		4,000		3,795
Series 2019-4, Class A3, 3.30%, 7/26/2049 (e) (m)		4,888		4,921
Series 2019-4, Class B1, 4.41%, 7/26/2049 (e) (m)		5,000		4,570
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (e)		6,760		6,750
Arroyo Mortgage Trust
Series 2018-1, Class A1, 3.76%, 4/25/2048 (e) (m)		5,767		5,811
Series 2019-3, Class M1, 4.20%, 10/25/2048 ‡ (e) (m)		3,000		2,408
Banc of America Alternative Loan Trust
Series 2005-12, Class 5A1, 5.25%, 1/25/2021		92		85
Series 2006-4, Class 2A1, 6.00%, 5/25/2021		4		4
Series 2005-11, Class 4A5, 5.75%, 12/25/2035		634		540
Series 2006-4, Class 3CB4, 6.00%, 5/25/2046		734		671
Series 2006-4, Class 4CB1, 6.50%, 5/25/2046		2,557		2,483
Series 2006-5, Class CB7, 6.00%, 6/25/2046		449		410
Banc of America Funding Trust
Series 2007-4, Class 8A1, 5.50%, 11/25/2034		51		41
Series 2005-6, Class 1A2, 5.50%, 10/25/2035		2,104		1,892
Series 2005-7, Class 4A7, 6.00%, 11/25/2035		389		386
Series 2006-A, Class 1A1, 4.37%, 2/20/2036 (m)		859		765
Series 2006-2, Class 2A20, 5.75%, 3/25/2036		492		458

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2007-5, Class 4A1, 0.86%, 7/25/2037 (m)		3,828		2,338
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 3.87%, 2/25/2034 (m)		436		409
Series 2007-3, Class 1A1, 6.00%, 9/25/2037		272		256
Bear Stearns ALT-A Trust Series 2006-8, Class 3A1, 0.65%, 2/25/2034 (m)		314		281
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC5, Class M1, 1.49%, 10/25/2034 ‡ (m)		392		59
Chase Mortgage Finance Trust
Series 2007-A2, Class 3A1, 4.30%, 6/25/2035 (m)		5,380		5,111
Series 2006-S3, Class 1A2, 6.00%, 11/25/2036		1,292		852
Series 2006-S4, Class A5, 6.00%, 12/25/2036		981		648
Series 2007-S2, Class 1A8, 6.00%, 3/25/2037		259		188
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 3.24%, 5/25/2023 (e) (m)		4,530		3,824
Series 2018-GT1, Class B, 3.99%, 5/25/2023 ‡ (e) (m)		795		554
CHL Mortgage Pass-Through Trust
Series 2005-20, Class A7, 5.25%, 12/25/2027		144		118
Series 2004-25, Class 2A1, 1.17%, 2/25/2035 (m)		2,960		2,516
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		2,033		1,735
Series 2005-31, Class 2A1, 3.31%, 1/25/2036 (m)		977		812
Series 2005-30, Class A5, 5.50%, 1/25/2036		207		172
Series 2006-HYB1, Class 2A2C, 3.37%, 3/20/2036 (m)		2,959		2,622
Series 2006-HYB2, Class 2A1B, 3.59%, 4/20/2036 (m)		1,027		875
Series 2006-J2, Class 1A1, 6.00%, 4/25/2036		119		94
Series 2006-10, Class 1A16, 6.00%, 5/25/2036		1,498		1,115

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2006-15, Class A1, 6.25%, 10/25/2036		111		80
Series 2006-17, Class A2, 6.00%, 12/25/2036		411		268
Series 2006-18, Class 2A4, 6.00%, 12/25/2036		2,817		2,273
Series 2007-2, Class A2, 6.00%, 3/25/2037		167		127
Series 2007-3, Class A18, 6.00%, 4/25/2037		1,226		924
Series 2007-10, Class A4, 5.50%, 7/25/2037		150		107
Series 2007-13, Class A4, 6.00%, 8/25/2037		316		238
Series 2007-16, Class A1, 6.50%, 10/25/2037		2,899		2,185
Series 2007-18, Class 2A1, 6.50%, 11/25/2037		503		297
CIM Trust Series 2019-INV1, Class A2, 1.49%, 2/25/2049 (e) (m)		2,419		2,435
Citicorp Mortgage Securities Trust Series 2007-4, Class 1A9, 6.00%, 5/25/2037		595		557
Citigroup Mortgage Loan Trust
Series 2005-3, Class 2A2A, 4.41%, 8/25/2035 (m)		147		133
Series 2005-11, Class A2A, 4.38%, 10/25/2035 (m)		291		269
Series 2006-AR3, Class 1A1A, 4.11%, 6/25/2036 (m)		1,552		1,356
Series 2006-AR5, Class 1A5A, 3.83%, 7/25/2036 (m)		784		672
Citigroup Mortgage Loan Trust, Inc.
Series 2005-4, Class A, 4.62%, 8/25/2035 (m)		381		360
Series 2005-6, Class A1, 3.84%, 9/25/2035 (m)		517		503
Series 2006-8, Class A3, 0.84%, 10/25/2035 (e) (m)		753		493
Series 2005-9, Class 2A2, 5.50%, 11/25/2035		146		145
Civic Mortgage LLC
Series 2018-2, Class A1, 4.35%, 11/25/2022 (e) (i)		564		563
Series 2018-2, Class A2, 5.32%, 11/25/2022 (e) (i)		198		197

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
COLT Mortgage Loan Trust
Series 2018-4, Class A1, 4.01%, 12/28/2048 (e) (m)		3,616		3,633
Series 2019-1, Class A1, 3.71%, 3/25/2049 (e) (m)		5,972		5,996
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2, 2.89%, 4/25/2031 (e) (m)		11,317		10,564
Series 2019-R01, Class 2M2, 2.94%, 7/25/2031 (e) (m)		4,555		4,058
Series 2019-R02, Class 1M2, 2.79%, 8/25/2031 ‡ (e) (m)		11,133		10,155
Series 2019-R03, Class 1M2, 2.64%, 9/25/2031 (e) (m)		1,890		1,718
Series 2019-R04, Class 2M2, 2.59%, 6/25/2039 ‡ (e) (m)		2,500		2,227
Series 2019-R05, Class 1M2, 2.49%, 7/25/2039 (e) (m)		7,963		7,254
Series 2019-R06, Class 2M1, 1.24%, 9/25/2039 (e) (m)		3,291		3,268
Series 2019-R07, Class 1M2, 2.59%, 10/25/2039 (e) (m)		12,000		10,374
Series 2020-R02, Class 2M2, 2.49%, 1/25/2040 (e) (m)		10,000		7,054
Series 2020-R01, Class 1M2, 2.54%, 1/25/2040 ‡ (e) (m)		5,000		3,771
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-10, Class 11A1, 5.50%, 11/25/2020		608		154
Series 2003-29, Class 3A1, 5.50%, 12/25/2033		309		304
Series 2004-AR4, Class 4A1, 3.79%, 5/25/2034 (m)		2,152		2,046
Series 2004-AR4, Class 2A1, 3.89%, 5/25/2034 (m)		365		352
Series 2004-AR5, Class 6A1, 4.00%, 6/25/2034 (m)		498		480
Series 2004-4, Class 4A1, 5.50%, 8/25/2034		3,160		3,198
Series 2004-8, Class 4A3, 5.50%, 12/25/2034		121		120
Series 2005-4, Class 2A5, 1.04%, 6/25/2035 (m)		3,744		2,787
Series 2005-10, Class 5A3, 5.50%, 11/25/2035		430		371

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 97

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
CSFB Mortgage-Backed Trust Series 2004-AR6, Class 7A1, 3.89%, 10/25/2034 (m)		1,212		1,135
CSMC Mortgage-Backed Trust
Series 2006-8, Class 5A1, 5.66%, 10/25/2026 (m)		48		47
Series 2007-2, Class 3A13, 5.50%, 3/25/2037		554		445
Series 2007-3, Class 4A5, 5.00%, 4/25/2037		106		98
Deephave Residential Mortgage Trust
Series 2019-2A, Class B1, 4.72%, 4/25/2059 ‡ (e) (m)		7,061		6,476
Series 2019-2A, Class B2, 5.79%, 4/25/2059 ‡ (e) (m)		3,100		2,790
Deephaven Residential Mortgage Trust
Series 2018-3A, Class A1, 3.79%, 8/25/2058 (e) (m)		3,648		3,646
Series 2019-1A, Class B1, 5.25%, 1/25/2059 ‡ (e) (m)		4,750		4,152
Series 2019-3A, Class B1, 4.26%, 7/25/2059 ‡ (e) (m)		3,900		3,444
Series 2019-3A, Class B2, 5.66%, 7/25/2059 ‡ (e) (m)		6,000		5,401
Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (e) (m)		4,000		3,447
Series 2019-4A, Class B2, 4.92%, 10/25/2059 ‡ (e) (m)		5,250		4,518
Series 2020-1, Class A3, 2.65%, 1/25/2060 (e) (m)		5,691		5,598
Series 2020-1, Class B1, 3.66%, 1/25/2060 ‡ (e) (m)		2,000		1,788
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 5.06%, 2/25/2020 (m)		45		44
DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 0.98%, 8/19/2045 (m)		2,230		1,931
FHLMC STACR Remic Trust
Series 2020-DNA2, Class M2, 2.34%, 2/25/2050 (e) (m)		3,000		2,222
Series 2020-HQA2, Class M2, 3.59%, 3/25/2050 (e) (m)		6,228		4,354
FHLMC STACR Trust Series 2018-HQA2, Class M2, 2.79%, 10/25/2048 (e) (m)		7,260		6,129

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA1, Class M2, 3.74%, 7/25/2029 (m)		3,000		2,859
Series 2017-DNA2, Class M2, 3.94%, 10/25/2029 (m)		4,000		3,836
Series 2017-DNA3, Class M2, 2.99%, 3/25/2030 (m)		6,000		5,642
Series 2017-DNA3, Class B1, 4.94%, 3/25/2030 (m)		3,000		2,225
Series 2018-HQA1, Class M2, 2.79%, 9/25/2030 (m)		9,889		8,697
FHLMC, REMIC
Series 4068, Class DS, IF, IO, 5.19%, 6/15/2042 (m)		4,545		837
Series 4097, Class ES, IF, IO, 5.29%, 8/15/2042 (m)		6,353		1,207
Series 4103, Class SB, IF, IO, 5.24%, 9/15/2042 (m)		6,682		1,300
Series 4425, Class SA, IF, IO, 5.24%, 1/15/2045 (m)		6,919		1,274
Series 4594, Class SG, IF, IO, 5.19%, 6/15/2046 (m)		5,690		1,303
Series 4606, Class SB, IF, IO, 5.19%, 8/15/2046 (m)		9,854		2,281
Series 4614, Class SK, IF, IO, 5.19%, 9/15/2046 (m)		18,095		4,112
Series 4616, Class HS, IF, IO, 5.19%, 9/15/2046 (m)		7,818		1,511
Series 4703, Class SA, IF, IO, 5.34%, 7/15/2047 (m)		11,566		2,451
Series 4718, Class SD, IF, IO, 5.34%, 9/15/2047 (m)		6,573		1,324
Series 4768, Class SG, IF, IO, 5.39%, 3/15/2048 (m)		5,216		965
Series 4820, Class ES, IF, IO, 5.39%, 3/15/2048 (m)		4,591		616
Series 4834, Class SA, IF, IO, 5.34%, 10/15/2048 (m)		9,907		1,607
Series 4632, Class MA, 4.00%, 8/15/2054		11,790		12,740
Series 4839, Class WS, IF, IO, 5.29%, 8/15/2056 (m)		11,143		2,479
FHLMC, STRIPS
Series 264, Class S1, IF, IO, 5.14%, 7/15/2042 (m)		4,519		765
Series 274, Class S1, IF, IO, 5.19%, 8/15/2042 (m)		5,803		1,028

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 278, Class S1, IF, IO, 5.24%, 9/15/2042 (m)		5,794		1,001
Series 279, Class S6, IF, IO, 5.24%, 9/15/2042 (m)		4,231		798
Series 300, Class S1, IF, IO, 5.29%, 1/15/2043 (m)		5,110		879
Series 311, Class S1, IF, IO, 5.14%, 8/15/2043 (m)		2,961		513
Series 316, Class S7, IF, IO, 5.29%, 11/15/2043 (m)		4,572		1,002
Series 326, Class S2, IF, IO, 5.14%, 3/15/2044 (m)		6,017		997
Series 336, Class S1, IF, IO, 5.24%, 8/15/2044 (m)		3,708		695
Series 337, Class S1, IF, IO, 5.24%, 9/15/2044 (m)		2,674		482
Series 356, Class S5, IF, IO, 5.19%, 9/15/2047 (m)		15,883		3,190
First Horizon Alternative Mortgage Securities Trust Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021		99		95
FNMA, Connecticut Avenue Securities
Series 2017-C01, Class 1B1, 6.24%, 7/25/2029 (m)		1,820		1,500
Series 2017-C05, Class 1M2, 2.69%, 1/25/2030 (m)		12,479		11,554
Series 2017-C07, Class 2M2, 2.99%, 5/25/2030 (m)		2,681		2,335
Series 2018-C01, Class 1M2, 2.74%, 7/25/2030 (m)		8,000		6,976
Series 2018-C03, Class 1M2, 2.64%, 10/25/2030 (m)		6,083		5,457
Series 2018-C04, Class 2M2, 3.04%, 12/25/2030 (m)		14,271		12,339
Series 2018-C05, Class 1M2, 2.84%, 1/25/2031 (m)		8,000		7,141
FNMA, REMIC
Series 2011-126, Class SM, IF, IO, 5.46%, 12/25/2041 (m)		5,825		908
Series 2012-20, Class SL, IF, IO, 5.96%, 3/25/2042 (m)		6,719		1,638
Series 2012-35, Class SN, IF, IO, 5.96%, 4/25/2042 (m)		6,921		1,416
Series 2012-75, Class DS, IF, IO, 5.46%, 7/25/2042 (m)		6,548		1,225
Series 2012-128, Class MS, IF, IO, 5.66%, 11/25/2042 (m)		2,228		530

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2013-124, Class SB, IF, IO, 5.46%, 12/25/2043 (m)		6,468		1,183
Series 2013-136, Class SB, IF, IO, 5.41%, 1/25/2044 (m)		7,503		1,239
Series 2015-35, Class SA, IF, IO, 5.11%, 6/25/2045 (m)		6,732		1,152
Series 2015-37, Class ST, IF, IO, 5.13%, 6/25/2045 (m)		6,103		985
Series 2016-1, Class SJ, IF, IO, 5.66%, 2/25/2046 (m)		16,588		2,681
Series 2016-77, Class SA, IF, IO, 5.51%, 10/25/2046 (m)		5,672		1,041
Series 2017-1, Class SA, IF, IO, 5.56%, 2/25/2047 (m)		5,511		1,158
Series 2017-16, Class SM, IF, IO, 5.56%, 3/25/2047 (m)		3,557		715
Series 2017-37, Class AS, IF, IO, 5.61%, 5/25/2047 (m)		16,155		3,154
Series 2018-14, Class SA, IF, IO, 5.71%, 3/25/2048 (m)		12,542		2,343
Series 2018-15, Class JS, IF, IO, 5.71%, 3/25/2048 (m)		7,232		1,299
Series 2018-16, Class SN, IF, IO, 5.76%, 3/25/2048 (m)		3,337		577
Series 2018-27, Class SE, IF, IO, 5.71%, 5/25/2048 (m)		4,451		1,007
Series 2018-60, Class SK, IF, IO, 5.21%, 8/25/2048 (m)		5,571		959
Series 2018-73, Class SC, IF, IO, 5.71%, 10/25/2048 (m)		10,697		2,107
Series 2019-9, Class SM, IF, IO, 5.56%, 3/25/2049 (m)		7,780		1,291
Series 2019-20, Class BS, IF, IO, 5.56%, 5/25/2049 (m)		3,828		378
Fremont Home Loan Trust Series 2004-A, Class M1, 1.31%, 1/25/2034 ‡ (m)		2,751		2,533
GCAT LLC Series 2019-NQM1, Class M1, 3.85%, 2/25/2059 ‡ (e) (m)		2,500		2,282
GCAT Trust
Series 2019-NQM2, Class M1, 3.31%, 9/25/2059 ‡ (e) (m)		10,000		9,237
Series 2019-NQM2, Class B1, 4.01%, 9/25/2059 ‡ (e) (m)		5,000		4,309
Series 2020-NQM1, Class B1, 3.64%, 1/25/2060 ‡ (e) (m)		3,000		2,518

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 99

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
GMACM Mortgage Loan Trust
Series 2004-AR2, Class 3A, 4.61%, 8/19/2034 (m)		499		441
Series 2005-AR1, Class 3A, 4.27%, 3/18/2035 (m)		235		215
GNMA
Series 2014-25, Class HS, IF, IO, 5.38%, 2/20/2044 (m)		4,380		886
Series 2015-124, Class SB, IF, IO, 5.53%, 9/20/2045 (m)		7,392		1,644
Series 2015-149, Class GS, IF, IO, 5.53%, 10/20/2045 (m)		6,797		1,367
Series 2016-111, Class SA, IF, IO, 5.38%, 8/20/2046 (m)		3,531		783
Series 2016-120, Class NS, IF, IO, 5.38%, 9/20/2046 (m)		9,528		2,132
Series 2017-11, Class AS, IF, IO, 5.38%, 1/20/2047 (m)		4,261		862
Series 2017-55, Class AS, IF, IO, 5.43%, 4/20/2047 (m)		3,376		627
Series 2017-56, Class SC, IF, IO, 5.43%, 4/20/2047 (m)		6,337		1,287
Series 2017-68, Class SA, IF, IO, 5.43%, 5/20/2047 (m)		5,890		1,200
Series 2017-67, Class ST, IF, IO, 5.48%, 5/20/2047 (m)		10,090		2,398
Series 2017-75, Class SD, IF, IO, 5.48%, 5/20/2047 (m)		3,003		513
Series 2017-80, Class AS, IF, IO, 5.48%, 5/20/2047 (m)		6,498		1,371
Series 2017-93, Class SE, IF, IO, 5.48%, 6/20/2047 (m)		4,573		948
Series 2017-107, Class SL, IF, IO, 5.48%, 7/20/2047 (m)		11,727		2,567
Series 2017-112, Class S, IF, IO, 5.48%, 7/20/2047 (m)		10,544		2,180
Series 2017-120, Class QS, IF, IO, 5.48%, 8/20/2047 (m)		5,465		1,025
Series 2017-134, Class SB, IF, IO, 5.48%, 9/20/2047 (m)		5,990		942
Series 2017-141, Class QS, IF, IO, 5.48%, 9/20/2047 (m)		12,712		2,469
Series 2017-149, Class QS, IF, IO, 5.48%, 10/20/2047 (m)		6,207		1,111
Series 2018-1, Class ST, IF, IO, 5.48%, 1/20/2048 (m)		11,189		2,487
Series 2018-11, Class SA, IF, IO, 5.48%, 1/20/2048 (m)		8,783		1,025

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2018-6, Class CS, IF, IO, 5.48%, 1/20/2048 (m)		3,714		836
Series 2018-36, Class SG, IF, IO, 5.48%, 3/20/2048 (m)		10,922		2,397
Series 2018-63, Class SB, IF, IO, 5.48%, 4/20/2048 (m)		2,403		552
Series 2018-64, Class GS, IF, IO, 5.48%, 5/20/2048 (m)		9,904		1,673
Series 2018-65, Class SE, IF, IO, 5.48%, 5/20/2048 (m)		10,075		1,903
Series 2018-92, Class SH, IF, IO, 5.48%, 7/20/2048 (m)		5,667		954
Series 2018-115, Class DS, IF, IO, 5.48%, 8/20/2048 (m)		13,728		2,670
Series 2018-126, Class CS, IF, IO, 5.48%, 9/20/2048 (m)		8,840		1,249
Series 2018-146, Class S, IF, IO, 5.43%, 10/20/2048 (m)		7,350		1,354
Series 2018-147, Class SD, IF, IO, 5.43%, 10/20/2048 (m)		16,160		3,130
Series 2018-168, Class SA, IF, IO, 5.38%, 12/20/2048 (m)		6,007		1,047
Series 2019-16, Class SB, IF, IO, 5.33%, 2/20/2049 (m)		11,965		1,570
Series 2019-22, Class SM, IF, IO, 5.33%, 2/20/2049 (m)		24,057		4,737
Series 2019-23, Class JS, IF, IO, 5.33%, 2/20/2049 (m)		9,020		1,301
Series 2019-30, Class SA, IF, IO, 5.33%, 3/20/2049 (m)		13,825		2,123
Series 2019-38, Class SN, IF, IO, 5.33%, 3/20/2049 (m)		11,072		2,176
Series 2019-41, Class CS, IF, IO, 5.33%, 3/20/2049 (m)		11,977		1,402
Series 2019-42, Class SJ, IF, IO, 5.33%, 4/20/2049 (m)		12,276		1,504
Series 2019-56, Class GS, IF, IO, 5.43%, 5/20/2049 (m)		7,022		1,390
Series 2019-69, Class DS, IF, IO, 5.38%, 6/20/2049 (m)		7,878		1,421
Series 2019-70, Class SM, IF, IO, 5.38%, 6/20/2049 (m)		7,674		1,421
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (e) (m)		1,399		701
GSR Mortgage Loan Trust
Series 2004-15F, Class 1A2, 5.50%, 12/25/2034		267		274

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-1F, Class 2A3, 6.00%, 2/25/2035		240		230
Series 2005-AR3, Class 6A1, 3.79%, 5/25/2035 (m)		121		107
Series 2005-AR4, Class 3A5, 4.21%, 7/25/2035 (m)		1,996		1,680
Series 2005-6F, Class 3A18, 5.50%, 7/25/2035		1,174		1,188
Series 2005-AR7, Class 6A1, 4.12%, 11/25/2035 (m)		1,085		987
Series 2006-1F, Class 2A16, 6.00%, 2/25/2036		828		582
Series 2006-1F, Class 2A9, 6.00%, 2/25/2036		1,341		943
Series 2006-9F, Class 3A1, 6.25%, 10/25/2036		768		736
Series 2007-1F, Class 3A13, 6.00%, 1/25/2037		386		340
HarborView Mortgage Loan Trust Series 2005-11, Class 2A1A, 1.34%, 8/19/2045 (m)		266		235
Homeward Opportunities Fund I Trust
Series 2018-2, Class A1, 3.98%, 11/25/2058 (e) (m)		2,883		2,891
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (e) (m)		2,000		1,855
Series 2019-1, Class B1, 4.80%, 1/25/2059 ‡ (e) (m)		1,850		1,654
Series 2019-3, Class B1, 4.02%, 11/25/2059 ‡ (e) (m)		4,970		4,035
Impac CMB Trust
Series 2004-5, Class 1A1, 1.21%, 10/25/2034 (m)		567		529
Series 2004-6, Class 1A2, 1.27%, 10/25/2034 (m)		1,459		1,379
Series 2004-5, Class 1M2, 1.36%, 10/25/2034 ‡ (m)		207		186
Series 2004-7, Class 1A2, 1.41%, 11/25/2034 (m)		627		591
Series 2004-9, Class 1A1, 1.25%, 1/25/2035 (m)		2,355		2,255
Series 2004-10, Class 2A, 1.13%, 3/25/2035 (m)		771		644
Series 2004-10, Class 3A1, 1.19%, 3/25/2035 (m)		2,551		2,235
Series 2005-1, Class 1A1, 1.01%, 4/25/2035 (m)		487		440
Series 2005-1, Class 1A2, 1.11%, 4/25/2035 (m)		596		537

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2005-2, Class 1A2, 1.11%, 4/25/2035 (m)		535		483
Series 2005-4, Class 1A1A, 1.03%, 5/25/2035 (m)		393		367
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A4, 3.75%, 8/25/2033		287		272
Impac Secured Assets Trust
Series 2007-3, Class A1B, 0.73%, 9/25/2037 (m)		2,832		2,218
Series 2007-3, Class A1C, 0.85%, 9/25/2037 (m)		4,745		3,414
IndyMac INDX Mortgage Loan Trust
Series 2005-AR3, Class 3A1, 3.53%, 4/25/2035 (m)		352		320
Series 2005-AR14, Class 2A1A, 0.79%, 7/25/2035 (m)		1,154		976
Series 2007-AR21, Class 6A1, 3.46%, 9/25/2037 (m)		5,823		4,532
JP Morgan Alternative Loan Trust Series 2006-A2, Class 1A1, 0.67%, 5/25/2036 (m)		3,651		3,105
JP Morgan Mortgage Trust
Series 2006-S2, Class 2A1, 5.00%, 6/25/2021		32		28
Series 2006-S3, Class 2A4, 5.50%, 8/25/2021		22		22
Series 2007-S3, Class 2A3, 6.00%, 8/25/2022		28		30
Series 2004-A6, Class 1A1, 3.53%, 12/25/2034 (m)		159		144
Series 2005-A3, Class 6A6, 3.91%, 6/25/2035 (m)		419		395
Series 2007-A1, Class 2A2, 4.17%, 7/25/2035 (m)		299		281
Series 2005-A6, Class 1A2, 4.31%, 9/25/2035 (m)		384		373
Series 2005-A8, Class 1A1, 3.91%, 11/25/2035 (m)		151		129
Series 2005-A8, Class 4A1, 4.09%, 11/25/2035 (m)		1,990		1,699
Series 2006-A7, Class 2A4, 3.80%, 1/25/2037 (m)		752		639
Series 2007-S1, Class 2A17, 0.82%, 3/25/2037 (m)		5,013		1,698
Lehman Mortgage Trust
Series 2005-2, Class 2A5, 5.50%, 12/25/2035		1,124		942
Series 2007-7, Class 5A7, 6.50%, 8/25/2037		9,011		6,490

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 101

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Lehman XS Trust
Series 2005-5N, Class 3A1A, 0.79%, 11/25/2035 (m)		5,179		4,874
Series 2005-7N, Class 1A1A, 1.03%, 12/25/2035 (m)		4,317		3,871
LHOME Mortgage Trust
Series 2019-RTL1, Class A1, 4.58%, 10/25/2023 (e) (i)		2,900		2,777
Series 2019-RTL2, Class A1, 3.84%, 3/25/2024 (e)		3,660		3,418
Series 2019-RTL2, Class A2, 4.34%, 3/25/2024 (e) (i)		580		509
Series 2019-RTL3, Class A2, 4.34%, 7/25/2024 (e) (i)		1,340		1,180
MASTR Alternative Loan Trust
Series 2006-3, Class 3A1, 5.50%, 6/25/2021		131		139
Series 2004-8, Class 1A1, 6.50%, 9/25/2034		402		425
Series 2004-12, Class 3A1, 6.00%, 12/25/2034		1,001		1,005
Series 2005-3, Class 1A1, 5.50%, 4/25/2035		295		292
Series 2005-5, Class 3A1, 5.75%, 8/25/2035		271		198
Series 2005-6, Class 1A2, 5.50%, 12/25/2035		660		578
Merrill Lynch Mortgage Investors Trust
Series 2005-1, Class 2A1, 3.48%, 4/25/2035 (m)		84		76
Series 2005-1, Class 2A2, 3.48%, 4/25/2035 (m)		267		240
Series 2006-1, Class 2A1, 3.58%, 2/25/2036 (m)		1,173		1,068
Series 2006-AF2, Class AF2, 6.25%, 10/25/2036		291		218
Metlife Securitization Trust Series 2017-1A, Class A, 3.00%, 4/25/2055 (e) (m)		5,872		5,966
Morgan Stanley Mortgage Loan Trust
Series 2006-2, Class 1A, 5.25%, 2/25/2021		662		631
Series 2004-8AR, Class 4A1, 3.98%, 10/25/2034 (m)		931		901
Series 2004-9, Class 1A, 5.38%, 11/25/2034 (m)		642		663
Series 2005-4, Class 1A, 5.00%, 8/25/2035		23		23

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
MortgageIT Trust
Series 2005-3, Class A1, 1.09%, 8/25/2035 (m)		2,821		2,620
Series 2005-5, Class A1, 1.01%, 12/25/2035 (m)		405		369
New Residential Mortgage Loan Trust
Series 2018-NQM1, Class A1, 3.99%, 11/25/2048 (e) (m)		5,152		5,237
Series 2019-NQM1, Class A1, 3.67%, 1/25/2049 (e) (m)		5,019		4,975
Series 2019-NQM2, Class M1, 4.27%, 4/25/2049 ‡ (e) (m)		2,000		1,882
Series 2019-NQM4, Class B1, 3.74%, 9/25/2059 ‡ (e) (m)		2,500		2,189
Series 2019-NQM4, Class B2, 5.05%, 9/25/2059 ‡ (e) (m)		4,000		3,561
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 ‡ (e) (m)		2,041		1,813
Series 2020-NQM1, Class A3, 2.77%, 1/26/2060 (e) (m)		6,383		6,158
Series 2020-NQM1, Class M1, 3.21%, 1/26/2060 ‡ (e) (m)		3,600		3,069
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-WF1, Class 2A5, 5.16%, 3/25/2035 (i)		17		18
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-4, Class 1A2, 0.88%, 11/25/2035 (m)		243		239
Series 2005-5, Class 1APT, 0.77%, 12/25/2035 (m)		1,806		1,582
Opteum Mortgage Acceptance Corp. Trust
Series 2006-1, Class 1APT, 0.70%, 4/25/2036 (m)		613		534
Series 2006-1, Class 1AC1, 0.79%, 4/25/2036 (m)		2,193		1,898
PMT Credit Risk Transfer Trust Series 2019-2R, Class A, 3.19%, 5/27/2023 (e) (m)		794		754
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 3.82%, 5/25/2035 (m)		58		58
PRPM LLC Series 2019-1A, Class A1, 4.50%, 1/25/2024 (e) (i)		10,744		10,221
RALI Trust
Series 2003-QS20, Class CB, 5.00%, 11/25/2018		3		3
Series 2005-QA5, Class A2, 4.99%, 4/25/2035 (m)		1,664		1,486

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-QS17, Class A3, 6.00%, 12/25/2035		984			909
Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		1,587			1,475
Series 2006-QS4, Class A2, 6.00%, 4/25/2036		1,810			1,645
Series 2006-QS17, Class A5, 6.00%, 12/25/2036		2,864			2,543
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		4			4
Series 2005-A3, Class A2, 5.50%, 4/25/2035		3,252			2,702
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035		2,014			1,621
Series 2005-A14, Class A1, 5.50%, 12/25/2035		169			124
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		3,456			2,446
Series 2007-A5, Class 2A2, 6.00%, 5/25/2037		8,313			6,073
Residential Mortgage Loan Trust Series 2019-2, Class M1, 3.86%, 5/25/2059 (e) (m)		1,700			1,618
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		—	(k)		1
Series 2005-SA1, Class 3A, 4.12%, 3/25/2035 (m)		75			74
Series 2005-S7, Class A6, 5.50%, 11/25/2035		118			106
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		2,220			1,982
Series 2006-SA4, Class 2A1, 5.22%, 11/25/2036 (m)		2,199			1,815
Seasoned Credit Risk Transfer Trust Series 2017-3, Class AIO, IO, 0.02%, 7/25/2056 (m)		291,439			286
Sequoia Mortgage Trust
Series 2007-3, Class 1A1, 0.92%, 7/20/2036 (m)		727			657
Series 2018-2, Class A4, 3.50%, 2/25/2048 (e) (m)		5,074			5,152
Spruce Hill Mortgage Loan Trust
Series 2019-SH1, Class A1, 3.40%, 4/29/2049 (e) (m)		2,319			2,313
Series 2019-SH1, Class A3, 3.65%, 4/29/2049 (e) (m)		2,916			2,904

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
STACR Trust Series 2018-DNA2, Class M2, 2.64%, 12/25/2030 ‡ (e) (m)		11,100		9,600
STACR Trust 2018-DNA3 Series 2018-DNA3, Class M2, 2.59%, 9/25/2048 ‡ (e) (m)		8,000		6,846
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A1, 3.79%, 3/25/2048 (e) (m)		4,125		4,126
Series 2018-IMC1, Class B1, 5.29%, 3/25/2048 (e) (m)		5,661		5,266
Series 2019-IMC1, Class B1, 5.05%, 2/25/2049 (e) (m)		1,599		1,191
Series 2019-1, Class A1, 2.94%, 6/25/2049 (e) (m)		6,834		6,788
Series 2019-1, Class M1, 3.76%, 6/25/2049 ‡ (e) (m)		6,250		5,542
Series 2020-1, Class B1, 3.73%, 2/25/2050 ‡ (e) (m)		5,410		4,619
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 1A1, 3.74%, 2/25/2035 (m)		381		350
Structured Asset Mortgage Investments II Trust
Series 2005-AR3, Class 1A1, 1.03%, 8/25/2035 (m)		3,167		2,941
Series 2007-AR7, Class 1A1, 1.34%, 5/25/2047 (m)		3,694		2,586
Toorak Mortgage Corp. Ltd.
Series 2018-1, Class A1, 4.34%, 8/25/2021 (e) (i)		5,620		4,880
Series 2019-1, Class A1, 4.46%, 3/25/2022 (e) (i)		7,400		6,634
Series 2019-2, Class A1, 3.72%, 9/25/2022 (i)		1,970		1,788
Verus Securitization Trust
Series 2018-INV1, Class B1, 4.55%, 3/25/2058 ‡ (e) (m)		5,000		4,408
Series 2018-2, Class A1, 3.68%, 6/1/2058 (e) (m)		4,707		4,729
Series 2018-3, Class A1, 4.11%, 10/25/2058 (e) (m)		3,157		3,192
Series 2019-1, Class A1, 3.84%, 2/25/2059 (e) (m)		3,891		3,856
Series 2019-2, Class B1, 4.44%, 5/25/2059 ‡ (e) (m)		1,700		1,365
Series 2019-INV2, Class M1, 3.50%, 7/25/2059 ‡ (e) (m)		2,000		1,624
Series 2019-INV2, Class B1, 4.45%, 7/25/2059 ‡ (e) (m)		2,000		1,588

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 103

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2019-INV3, Class B1, 3.73%, 11/25/2059 ‡ (e) (m)		5,000		3,882
Series 2019-INV1, Class M1, 4.03%, 12/25/2059 ‡ (e) (m)		1,000		815
Series 2019-INV1, Class B1, 4.99%, 12/25/2059 ‡ (e)		4,100		3,316
Series 2020-1, Class M1, 3.02%, 1/25/2060 ‡ (e) (m)		1,700		1,415
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR11, Class A, 4.22%, 10/25/2034 (m)		1,091		1,023
Series 2005-AR5, Class A6, 4.14%, 5/25/2035 (m)		2,529		2,430
Series 2005-AR7, Class A3, 4.25%, 8/25/2035 (m)		3,657		3,317
Series 2005-AR10, Class 1A3, 4.13%, 9/25/2035 (m)		2,131		2,094
Series 2005-AR16, Class 1A1, 3.75%, 12/25/2035 (m)		713		638
Series 2005-AR14, Class 1A3, 3.83%, 12/25/2035 (m)		1,630		1,503
Series 2005-AR14, Class 1A4, 3.83%, 12/25/2035 (m)		1,087		1,002
Series 2005-AR18, Class 1A3A, 3.69%, 1/25/2036 (m)		71		67
Series 2006-AR2, Class 1A1, 3.71%, 3/25/2036 (m)		312		273
Series 2004-AR10, Class A1B, 0.91%, 7/25/2044 (m)		931		857
Series 2005-AR15, Class A1A1, 0.75%, 11/25/2045 (m)		44		41
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2006-3, Class 5A2, 5.50%, 3/25/2021		387		378
Series 2007-1, Class 2A1, 6.00%, 1/25/2022		724		666
Series 2005-1, Class 1A3, 5.50%, 3/25/2035		873		819
Series 2005-4, Class CB7, 5.50%, 6/25/2035		576		488
Series 2005-10, Class 2A5, 5.75%, 11/25/2035		2,749		2,465
Series 2005-10, Class 4CB1, 5.75%, 12/25/2035		895		852
Series 2006-5, Class 2CB5, 6.50%, 7/25/2036		211		184

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2007-1, Class 1A7, 1.09%, 2/25/2037 (m)		4,176		2,754
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-AR7, Class 2A1, 4.37%, 5/25/2035 (m)		1		1
Series 2006-AR19, Class A3, 4.35%, 12/25/2036 (m)		223		196
Series 2007-15, Class A1, 6.00%, 11/25/2037		301		292
				822,589
Total Collateralized Mortgage Obligations (Cost $882,817)				827,773
Asset-Backed Securities — 4.1%
Cayman Islands — 0.0% (a)
BlueMountain CLO Ltd.
Series 2015-1A, Class C, 5.06%, 4/13/2027 ‡ (e) (m)		285		256
Series 2012-2A, Class DR2, 4.59%, 11/20/2028 ‡ (e) (m)		1,500		1,189
Series 2018-3A, Class D, 4.24%, 10/25/2030 ‡ (e) (m)		1,285		893
Carlyle Global Market Strategies CLO Ltd.
Series 2016-1A, Class CR, 3.89%, 4/20/2027 ‡ (e) (m)		1,250		1,006
CIFC Funding Ltd.
Series 2014-5A, Class BR2, 2.93%, 10/17/2031 ‡ (e) (m)		943		872
LCM Ltd.
Series 28A, Class B, 2.74%, 10/20/2030 ‡ (e) (m)		975		919
Voya CLO Ltd.
Series 2016-3A, Class CR, 4.39%, 10/18/2031 ‡ (e) (m)		1,050		727
				5,862
United States — 4.1%
ABFC Trust
Series 2003-OPT1, Class A1A, 1.31%, 4/25/2033 ‡ (m)		185		169
Series 2004-OPT3, Class M1, 1.24%, 9/25/2033 ‡ (m)		593		565
Series 2004-HE1, Class M1, 1.39%, 3/25/2034 ‡ (m)		1,145		1,080
Series 2005-WF1, Class M1, 1.03%, 11/25/2034 ‡ (m)		643		634

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
ACC Trust
Series 2018-1, Class B, 4.82%, 5/20/2021 (e)		506		507
Series 2019-1, Class A, 3.75%, 5/20/2022 (e)		373		373
Series 2019-1, Class B, 4.47%, 10/20/2022 (e)		3,145		2,950
Series 2018-1, Class C, 6.81%, 2/21/2023 (e)		715		708
Series 2019-1, Class C, 6.41%, 2/20/2024 (e)		2,050		1,780
Accredited Mortgage Loan Trust Series 2004-4, Class M1, 1.36%, 1/25/2035 ‡ (m)		694		612
ACE Securities Corp. Home Equity Loan Trust
Series 2003-FM1, Class M1, 1.78%, 11/25/2032 ‡ (m)		747		726
Series 2003-NC1, Class M1, 1.66%, 7/25/2033 ‡ (m)		453		438
Series 2003-HE1, Class M1, 1.46%, 11/25/2033 (m)		958		894
Series 2003-OP1, Class M1, 1.54%, 12/25/2033 ‡ (m)		2,846		2,658
Series 2004-OP1, Class M2, 2.06%, 4/25/2034 ‡ (m)		2,969		2,812
Series 2004-HE4, Class M2, 1.46%, 12/25/2034 ‡ (m)		1,166		1,076
Ally Auto Receivables Trust
Series 2017-1, Class A3, 1.70%, 6/15/2021		27		27
Series 2017-3, Class A3, 1.74%, 9/15/2021		319		319
American Credit Acceptance Receivables Trust
Series 2018-3, Class D, 4.14%, 10/15/2024 (e)		1,816		1,820
Series 2018-3, Class E, 5.17%, 10/15/2024 (e)		1,545		1,516
Series 2017-4, Class E, 5.02%, 12/10/2024 (e)		420		426
Series 2018-4, Class D, 4.40%, 1/13/2025 (e)		3,280		3,109
Series 2018-4, Class E, 5.38%, 1/13/2025 (e)		725		642
Series 2019-1, Class D, 3.81%, 4/14/2025 (e)		3,850		3,617
Series 2019-1, Class E, 4.84%, 4/14/2025 (e)		2,505		1,948
Series 2019-2, Class D, 3.41%, 6/12/2025 (e)		610		574

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2019-2, Class E, 4.29%, 6/12/2025 (e)		480		394
Series 2018-3, Class F, 6.44%, 6/12/2025 (e)		1,255		1,144
Series 2019-3, Class D, 2.89%, 9/12/2025 (e)		1,899		1,816
Series 2019-3, Class E, 3.80%, 9/12/2025 (e)		847		782
Series 2018-4, Class F, 6.94%, 10/13/2025 (e)		1,045		912
Series 2019-1, Class F, 6.06%, 12/12/2025 (e)		1,630		1,192
Series 2019-3, Class F, 5.42%, 5/12/2026 (e)		1,210		872
Series 2019-2, Class F, 5.81%, 6/12/2026 (e)		510		368
AmeriCredit Automobile Receivables Trust
Series 2018-2, Class A2A, 2.86%, 11/18/2021		11		11
Series 2018-3, Class A2A, 3.11%, 1/18/2022		271		272
Series 2019-1, Class C, 3.36%, 2/18/2025		925		932
Series 2019-1, Class D, 3.62%, 3/18/2025		1,185		1,187
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2002-AR1, Class M1, 2.02%, 9/25/2032 ‡ (m)		369		359
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities
Series 2004-R1, Class A2, 1.09%, 2/25/2034 ‡ (m)		739		643
Series 2004-R1, Class M1, 1.28%, 2/25/2034 ‡ (m)		1,913		1,763
Series 2004-R1, Class M2, 1.36%, 2/25/2034 ‡ (m)		343		315
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-W3, Class A3, 1.31%, 2/25/2034 ‡ (m)		1,384		1,241
Series 2004-W2, Class M2, 2.36%, 4/25/2034 ‡ (m)		503		487
Series 2004-W2, Class M3, 2.59%, 4/25/2034 ‡ (m)		371		365
Series 2004-W7, Class M2, 1.39%, 5/25/2034 ‡ (m)		402		369

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 105

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2001-HE3, Class A1, 1.35%, 11/15/2031 (m)		1,344		1,287
Series 2003-HE3, Class M2, 3.81%, 6/15/2033 ‡ (m)		54		54
Series 2003-HE4, Class M1, 2.06%, 8/15/2033 (m)		1,242		1,160
Series 2003-HE4, Class M2, 3.81%, 8/15/2033 ‡ (m)		803		761
Series 2004-HE2, Class M2, 2.36%, 4/25/2034 ‡ (m)		1,258		1,222
Series 2004-HE7, Class M2, 2.06%, 10/25/2034 ‡ (m)		875		857
Series 2005-HE6, Class M4, 1.45%, 7/25/2035 ‡ (m)		500		485
Bayview Financial Acquisition Trust Series 2006-D, Class 1A5, 5.67%, 12/28/2036 ‡ (i)		192		196
Bayview Financial Mortgage Pass-Through Trust Series 2006-C, Class 1A2, 5.64%, 11/28/2036 ‡ (i)		91		91
Bear Stearns Asset-Backed Securities I Trust
Series 2004-HE6, Class M2, 2.36%, 8/25/2034 ‡ (m)		2,586		2,520
Series 2004-HE11, Class M2, 2.06%, 12/25/2034 ‡ (m)		955		944
Bear Stearns Asset-Backed Securities Trust
Series 2003-SD1, Class A, 1.39%, 12/25/2033 ‡ (m)		376		315
Series 2003-SD1, Class M1, 1.76%, 12/25/2033 ‡ (m)		388		363
Series 2004-HE2, Class M2, 2.29%, 3/25/2034 ‡ (m)		875		852
Series 2003-1, Class M1, 2.14%, 11/25/2042 ‡ (m)		281		277
Series 2004-SD4, Class A1, 1.39%, 8/25/2044 ‡ (m)		1,253		1,128
CarMax Auto Owner Trust
Series 2016-2, Class A4, 1.68%, 9/15/2021		464		464
Series 2018-3, Class A2A, 2.88%, 10/15/2021		9		9
Series 2017-1, Class A3, 1.98%, 11/15/2021		46		46
CDC Mortgage Capital Trust Series 2003-HE1, Class M1, 1.84%, 8/25/2033 (m)		306		298

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Centex Home Equity Loan Trust
Series 2004-A, Class M1, 1.09%, 1/25/2034 ‡ (m)		3,024		2,899
Series 2004-C, Class M2, 1.28%, 6/25/2034 ‡ (m)		528		485
Series 2004-D, Class MV2, 1.18%, 9/25/2034 ‡ (m)		176		168
Series 2004-D, Class MF2, 5.56%, 9/25/2034 ‡ (i)		603		599
Series 2004-D, Class MF3, 5.76%, 9/25/2034 ‡ (i)		1,640		1,605
Chase Funding Loan Acquisition Trust
Series 2004-AQ1, Class M1, 1.58%, 5/25/2034 ‡ (m)		1,116		1,017
Series 2004-OPT1, Class M2, 1.99%, 6/25/2034 ‡ (m)		461		441
Chase Funding Trust
Series 2003-5, Class 1M2, 5.64%, 9/25/2032 ‡ (m)		150		141
Series 2003-4, Class 2M1, 1.39%, 3/25/2033 ‡ (m)		65		63
Series 2004-1, Class 1M1, 4.73%, 5/25/2033 ‡		841		787
Series 2003-4, Class 1A5, 5.12%, 5/25/2033 ‡ (i)		965		969
Series 2004-1, Class 2M1, 1.24%, 9/25/2033 ‡ (m)		229		222
Series 2003-6, Class 2A2, 1.07%, 11/25/2034 ‡ (m)		2,345		2,031
Series 2003-6, Class 2M1, 1.24%, 11/25/2034 ‡ (m)		1,085		1,067
Series 2004-2, Class 1M1, 5.70%, 2/26/2035 ‡ (m)		1,803		1,786
CHEC Loan Trust Series 2004-1, Class M1, 1.39%, 7/25/2034 ‡ (e) (m)		901		826
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (i)		2,788		2,830
Citigroup Mortgage Loan Trust, Inc.
Series 2005-OPT1, Class M4, 1.54%, 2/25/2035 ‡ (m)		195		165
Series 2005-WF2, Class AF7, 5.25%, 8/25/2035 ‡ (i)		41		39
CLUB Credit Trust Series 2018-NP1, Class C, 4.74%, 5/15/2024 (e)		408		401
Conn’s Receivables Funding LLC
Series 2018-A, Class B, 4.65%, 1/15/2023 ‡ (e)		385		374

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (e)		302		293
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (e)		1,489		1,424
Series 2019-A, Class C, 5.29%, 10/16/2023 ‡ (e)		2,205		1,290
Series 2019-B, Class B, 3.62%, 6/17/2024 ‡ (e)		920		779
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2020-9, Class PT, 1.32%, 4/15/2045 (e) (m)		8,154		7,297
Series 2020-8, Class PT, HB, 34.58%, 4/17/2045 (e) (m)		3,234		2,868
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.61%, 12/25/2032 ‡ (m)		458		446
Series 2004-2, Class M1, 1.24%, 5/25/2034 ‡ (m)		3,494		3,417
Series 2004-3, Class M1, 1.24%, 6/25/2034 ‡ (m)		427		402
Series 2004-3, Class M2, 1.31%, 6/25/2034 ‡ (m)		397		383
Series 2004-BC4, Class M1, 1.54%, 11/25/2034 ‡ (m)		139		135
Series 2004-ECC2, Class M2, 1.46%, 12/25/2034 ‡ (m)		269		260
Series 2005-12, Class M2, 0.98%, 2/25/2036 ‡ (m)		2,647		2,598
Series 2005-AB4, Class 2A1, 0.76%, 3/25/2036 ‡ (m)		1,707		1,408
Series 2006-19, Class 2A2, 0.65%, 3/25/2037 ‡ (m)		5,156		5,006
Countrywide Partnership Trust Series 2004-EC1, Class M2, 1.43%, 1/25/2035 ‡ (m)		618		605
CPS Auto Receivables Trust Series 2019-A, Class D, 4.35%, 12/16/2024 (e)		820		796
Credit Acceptance Auto Loan Trust Series 2019-1A, Class B, 3.75%, 4/17/2028 (e)		4,875		4,860
Credit-Based Asset Servicing & Securitization LLC
Series 2004-CB2, Class M1, 1.27%, 7/25/2033 ‡ (m)		1,121		1,026
Series 2003-CB6, Class M1, 1.54%, 12/25/2033 ‡ (m)		1,873		1,722
CWABS Asset-Backed Certificates Trust Series 2005-11, Class AF6, 5.05%, 2/25/2036 ‡ (m)		477		476

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M3, 1.46%, 2/25/2034 ‡ (m)		926		905
Series 2004-1, Class M2, 1.31%, 3/25/2034 ‡ (m)		516		497
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M2, 1.49%, 7/25/2034 ‡ (m)		1,245		1,203
Series 2004-6, Class M2, 1.46%, 10/25/2034 ‡ (m)		478		451
Dell Equipment Finance Trust Series 2017-2, Class A3, 2.19%, 10/24/2022 (e)		80		80
Drive Auto Receivables Trust
Series 2019-4, Class A2A, 2.32%, 6/15/2022		507		508
Series 2019-3, Class C, 2.90%, 8/15/2025		2,390		2,376
Series 2018-4, Class D, 4.09%, 1/15/2026		1,920		1,916
Series 2018-5, Class D, 4.30%, 4/15/2026		1,830		1,828
Series 2019-1, Class D, 4.09%, 6/15/2026		1,685		1,655
Series 2019-3, Class D, 3.18%, 10/15/2026		2,010		1,921
Driven Brands Funding LLC Series 2019-1A, Class A2, 4.64%, 4/20/2049 (e)		2,064		2,021
DT Auto Owner Trust
Series 2018-3A, Class D, 4.19%, 7/15/2024 (e)		2,620		2,558
Series 2019-1A, Class D, 3.87%, 11/15/2024 (e)		3,285		3,173
Series 2017-4A, Class E, 5.15%, 11/15/2024 (e)		1,525		1,539
Series 2018-2A, Class E, 5.54%, 6/16/2025 (e)		685		679
Series 2018-3A, Class E, 5.33%, 11/17/2025 (e)		2,732		2,288
Series 2019-1A, Class E, 4.94%, 2/17/2026 (e)		3,690		2,845
Series 2019-2A, Class E, 4.46%, 5/15/2026 (e)		4,167		3,526
Series 2019-3A, Class E, 3.85%, 8/17/2026 (e)		3,900		3,745
Exeter Automobile Receivables Trust
Series 2016-2A, Class D, 8.25%, 4/17/2023 (e)		940		948
Series 2018-4A, Class C, 3.97%, 9/15/2023 (e)		2,930		2,949
Series 2018-2A, Class D, 4.04%, 3/15/2024 (e)		6,330		6,410

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 107

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series 2018-3A, Class E, 5.43%, 8/15/2024 (e)		990		956
Series 2018-4A, Class D, 4.35%, 9/16/2024 (e)		2,490		2,513
Series 2019-1A, Class C, 3.82%, 12/16/2024 (e)		1,240		1,228
Series 2019-1A, Class D, 4.13%, 12/16/2024 (e)		2,320		2,262
Series 2019-2A, Class D, 3.71%, 3/17/2025 (e)		620		593
Series 2018-2A, Class E, 5.33%, 5/15/2025 (e)		1,300		1,284
Series 2018-4A, Class E, 5.38%, 7/15/2025 (e)		1,050		1,007
Series 2019-3A, Class D, 3.11%, 8/15/2025 (e)		2,385		2,227
Series 2019-1A, Class E, 5.20%, 1/15/2026 (e)		4,340		3,538
Series 2019-2A, Class E, 4.68%, 5/15/2026 (e)		10,840		9,059
Series 2019-3A, Class E, 4.00%, 8/17/2026 (e)		2,333		1,716
Series 2020-1A, Class E, 3.74%, 1/15/2027 (e)		2,690		2,114
FFMLT Trust Series 2005-FF11, Class M1, 1.13%, 11/25/2035 ‡ (m)		3,959		3,886
Finance America Mortgage Loan Trust Series 2004-3, Class M2, 1.43%, 11/25/2034 ‡ (m)		147		117
First Franklin Mortgage Loan Asset-Backed Certificates Series 2004-FF3, Class M1, 1.31%, 5/25/2034 ‡ (m)		586		551
First Franklin Mortgage Loan Trust
Series 2003-FF5, Class M1, 1.39%, 3/25/2034 ‡ (m)		3,025		2,894
Series 2004-FF5, Class A1, 1.21%, 8/25/2034 ‡ (m)		1,499		1,477
Series 2005-FF10, Class A1, 0.79%, 11/25/2035 ‡ (m)		7,034		6,546
Series 2006-FF8, Class IIA3, 0.64%, 7/25/2036 ‡ (m)		359		356
Flagship Credit Auto Trust
Series 2016-3, Class E, 6.25%, 10/15/2023 (e)		1,460		1,491
Series 2018-4, Class C, 4.11%, 10/15/2024 (e)		825		840

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
FREED ABS Trust
Series 2018-2, Class B, 4.61%, 10/20/2025 ‡ (e)		1,135		1,072
Series 2019-1, Class A, 3.42%, 6/18/2026 (e)		662		653
Series 2019-1, Class B, 3.87%, 6/18/2026 ‡ (e)		2,320		2,033
Series 2019-1, Class C, 5.39%, 6/18/2026 ‡ (e)		1,760		1,041
Fremont Home Loan Trust
Series 2003-A, Class M1, 1.46%, 8/25/2033 ‡ (m)		1,541		1,446
Series 2002-1, Class M1, 1.74%, 8/25/2033 ‡ (m)		1,574		1,510
Series 2004-B, Class M2, 1.43%, 5/25/2034 ‡ (m)		373		361
Series 2004-2, Class M2, 1.42%, 7/25/2034 (m)		377		352
Series 2004-C, Class M1, 1.46%, 8/25/2034 ‡ (m)		668		569
Series 2004-D, Class M1, 1.36%, 11/25/2034 (m)		1,666		1,433
Series 2004-D, Class M2, 1.39%, 11/25/2034 (m)		230		206
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class A, 2.47%, 11/15/2023 (e)		615		613
Series 2019-4A, Class B, 2.78%, 9/16/2024 (e)		1,330		1,294
Series 2019-1A, Class C, 3.87%, 12/16/2024 (e)		1,485		1,485
Series 2019-4A, Class C, 3.06%, 8/15/2025 (e)		1,050		954
Series 2019-1A, Class D, 4.94%, 12/15/2025 (e)		540		541
Series 2019-2A, Class D, 4.52%, 2/17/2026 (e)		1,000		910
GLS Auto Receivables Trust Series 2018-3A, Class D, 5.34%, 8/15/2025 (e)		860		815
GM Financial Consumer Automobile Series 2017-1A, Class A3, 1.78%, 10/18/2021 (e)		380		381
GM Financial Consumer Automobile Receivables Trust Series 2019-2, Class A2A, 2.66%, 6/16/2022		649		652
GSAA Home Equity Trust Series 2005-6, Class A3, 0.86%, 6/25/2035 ‡ (m)		58		58

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
GSAMP Trust
Series 2003-SEA, Class A1, 0.89%, 2/25/2033 ‡ (m)		817		776
Series 2003-HE1, Class M1, 1.96%, 6/20/2033 ‡ (m)		1,518		1,452
Series 2005-NC1, Class M1, 1.16%, 2/25/2035 ‡ (m)		942		925
Series 2006-FM1, Class A2C, 0.65%, 4/25/2036 ‡ (m)		2,680		1,926
Series 2006-HE4, Class A2C, 0.64%, 6/25/2036 ‡ (m)		589		583
Series 2007-SEA1, Class A, 0.79%, 12/25/2036 ‡ (e) (m)		4,878		4,507
Series 2006-HE3, Class A2C, 0.65%, 5/25/2046 (m)		3,027		2,930
Home Equity Asset Trust
Series 2002-5, Class M1, 2.19%, 5/25/2033 ‡ (m)		2,367		2,264
Series 2003-3, Class M1, 1.78%, 8/25/2033 ‡ (m)		592		563
Series 2004-6, Class M2, 1.39%, 12/25/2034 ‡ (m)		443		418
Home Equity Loan Trust Series 2007-FRE1, Class 2AV3, 0.72%, 4/25/2037 ‡ (m)		13,840		12,566
Home Equity Mortgage Loan Asset-Backed Trust SPMD
Series 2004-B, Class M2, 1.61%, 11/25/2034 ‡ (m)		363		346
Series 2004-C, Class M1, 1.33%, 3/25/2035 ‡ (m)		6,248		5,693
Series 2004-C, Class M2, 1.39%, 3/25/2035 ‡ (m)		719		597
Honda Auto Receivables Owner Trust Series 2017-2, Class A3, 1.68%, 8/16/2021		634		635
Lendmark Funding Trust Series 2018-1A, Class C, 5.03%, 12/21/2026 ‡ (e)		1,110		984
Long Beach Mortgage Loan Trust
Series 2001-2, Class M1, 1.05%, 7/25/2031 ‡ (m)		314		307
Series 2002-5, Class M1, 1.73%, 11/25/2032 ‡ (m)		1,864		1,769
Series 2003-4, Class M1, 1.51%, 8/25/2033 ‡ (m)		140		135
Series 2004-3, Class M2, 1.39%, 7/25/2034 ‡ (m)		627		583
Series 2004-3, Class M4, 2.10%, 7/25/2034 ‡ (m)		409		394

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2004-3, Class M6, 2.62%, 7/25/2034 (m)		372		370
Series 2004-4, Class M1, 1.39%, 10/25/2034 ‡ (m)		1,118		1,045
Mariner Finance Issuance Trust Series 2018-AA, Class A, 4.20%, 11/20/2030 (e)		2,050		1,957
MASTR Asset-Backed Securities Trust
Series 2003-OPT1, Class M3, 4.61%, 12/25/2032 ‡ (m)		2,099		2,026
Series 2004-OPT2, Class M1, 1.39%, 9/25/2034 ‡ (m)		426		392
Series 2004-OPT2, Class M2, 1.46%, 9/25/2034 ‡ (m)		720		664
Series 2005-NC1, Class M2, 1.24%, 12/25/2034 ‡ (m)		526		484
Series 2005-NC1, Class M4, 1.63%, 12/25/2034 ‡ (m)		736		701
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049 (e)		4,726		3,804
Mercedes-Benz Auto Lease Trust Series 2019-B, Class A2, 2.01%, 12/15/2021		831		833
Mercedes-Benz Auto Receivables Trust Series 2019-1, Class A2A, 2.04%, 6/15/2022		733		737
Merrill Lynch Mortgage Investors Trust
Series 2003-OPT1, Class M1, 1.46%, 7/25/2034 (m)		320		297
Series 2004-WMC5, Class M5, 2.21%, 7/25/2035 ‡ (m)		11		11
Series 2004-HE2, Class M1, 1.69%, 8/25/2035 ‡ (m)		175		168
Series 2005-FM1, Class M1, 1.21%, 5/25/2036 (m)		1,165		1,100
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (e) (i)		4,868		4,388
Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (e) (i)		12,369		11,122
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (e) (i)		9,221		8,326
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, Class M1, 1.51%, 10/25/2033 ‡ (m)		573		552
Series 2004-HE1, Class M1, 1.34%, 1/25/2034 ‡ (m)		1,793		1,748
Series 2004-NC3, Class M1, 1.28%, 3/25/2034 ‡ (m)		1,869		1,732

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 109

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series 2004-HE3, Class M1, 1.34%, 3/25/2034 ‡ (m)		2,596		2,437
Series 2004-HE2, Class M2, 2.29%, 3/25/2034 ‡ (m)		135		134
Series 2004-HE3, Class M2, 2.36%, 3/25/2034 ‡ (m)		583		567
Series 2004-HE2, Class M3, 2.66%, 3/25/2034 ‡ (m)		1,033		968
Series 2004-NC5, Class M1, 1.39%, 5/25/2034 ‡ (m)		3,829		3,487
Series 2004-WMC2, Class M1, 1.40%, 7/25/2034 ‡ (m)		1,425		1,347
Series 2004-WMC2, Class M2, 2.29%, 7/25/2034 ‡ (m)		325		301
Series 2004-NC6, Class M2, 2.36%, 7/25/2034 ‡ (m)		467		453
Series 2004-HE6, Class M1, 1.31%, 8/25/2034 (m)		509		495
Series 2004-HE6, Class M2, 1.39%, 8/25/2034 ‡ (m)		858		805
Series 2004-HE7, Class M2, 1.43%, 8/25/2034 ‡ (m)		223		213
Series 2004-HE6, Class M3, 1.46%, 8/25/2034 ‡ (m)		568		539
Series 2004-HE7, Class M3, 1.51%, 8/25/2034 ‡ (m)		57		56
Series 2004-HE8, Class M1, 1.45%, 9/25/2034 ‡ (m)		1,864		1,718
Series 2004-HE8, Class M2, 1.51%, 9/25/2034 ‡ (m)		308		284
Series 2004-NC8, Class M3, 1.60%, 9/25/2034 ‡ (m)		433		404
Series 2004-HE8, Class M3, 1.61%, 9/25/2034 ‡ (m)		541		508
Series 2005-HE1, Class M2, 1.19%, 12/25/2034 ‡ (m)		321		266
Series 2005-HE1, Class M3, 1.27%, 12/25/2034 ‡ (m)		881		732
Series 2005-NC1, Class M3, 1.25%, 1/25/2035 ‡ (m)		263		227
Series 2004-WMC3, Class M2, 1.28%, 1/25/2035 ‡ (m)		2,673		2,472
Morgan Stanley Mortgage Loan Trust Series 2007-5AX, Class 2A2, 0.64%, 2/25/2037 ‡ (m)		3,698		1,460
New Century Home Equity Loan Trust
Series 2003-3, Class M1, 1.67%, 7/25/2033 ‡ (m)		34		34

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2003-B, Class M2, 2.96%, 11/25/2033 ‡ (m)		468		466
Series 2004-1, Class M1, 1.37%, 5/25/2034 (m)		2,070		1,903
Series 2004-2, Class M2, 1.42%, 8/25/2034 ‡ (m)		163		151
Series 2004-2, Class M4, 2.29%, 8/25/2034 ‡ (m)		760		734
Series 2004-2, Class M6, 2.74%, 8/25/2034 ‡ (m)		523		520
Series 2004-3, Class M2, 1.46%, 11/25/2034 ‡ (m)		412		391
Series 2004-3, Class M3, 1.55%, 11/25/2034 ‡ (m)		319		308
Series 2004-4, Class M1, 1.25%, 2/25/2035 ‡ (m)		3,503		3,159
Series 2004-4, Class M2, 1.28%, 2/25/2035 ‡ (m)		391		369
Series 2005-1, Class M3, 1.27%, 3/25/2035 ‡ (m)		292		240
Series 2006-2, Class A2B, 0.65%, 8/25/2036 ‡ (m)		1,551		1,421
New Residential Mortgage LLC
Series 2018-FNT1, Class D, 4.69%, 5/25/2023 ‡(e)		785		780
Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (e)		643		638
Nissan Auto Receivables Owner Trust
Series 2017-A, Class A3, 1.74%, 8/16/2021		416		416
Series 2019-B, Class A2, 2.56%, 3/15/2022		689		694
NovaStar Mortgage Funding Trust
Series 2003-2, Class M2, 3.26%, 9/25/2033 ‡ (m)		1,156		1,135
Series 2004-2, Class M4, 2.29%, 9/25/2034 ‡ (m)		1,753		1,663
OnDeck Asset Securitization Trust LLC
Series 2018-1A, Class C, 4.52%, 4/18/2022 ‡ (e)		250		250
OneMain Financial Issuance Trust
Series 2015-3A, Class C, 5.82%, 11/20/2028 ‡ (e)		915		876
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (e)		990		911

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Option One Mortgage Acceptance Corp. Asset-Backed Certificates
Series 2003-5, Class A2, 1.13%, 8/25/2033 ‡ (m)		368		333
Series 2003-5, Class M2, 2.81%, 8/25/2033 ‡ (m)		135		139
Option One Mortgage Loan Trust
Series 2002-3, Class A1, 0.99%, 8/25/2032 ‡ (m)		2,800		2,693
Series 2002-3, Class A2, 1.03%, 8/25/2032 ‡ (m)		474		455
Series 2004-3, Class M2, 1.34%, 11/25/2034 ‡ (m)		509		459
People’s Choice Home Loan Securities Trust Series 2004-2, Class M3, 2.21%, 10/25/2034 ‡ (m)		1,910		1,675
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.84%, 4/25/2023 (e) (m)		2,878		2,398
PNMAC GMSR Issuer Trust Series 2018-GT1, Class A, 3.34%, 2/25/2023 (e) (m)		3,715		3,109
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024 (e)		780		777
Series 2018-1A, Class D, 4.14%, 10/15/2024 (e)		865		852
Series 2018-1A, Class E, 5.03%, 1/15/2026 (e)		635		538
Pretium Mortgage Credit Partners I LLC
Series 2019-NPL2, Class A1, 3.84%, 12/25/2058 ‡ (e) (i)		2,968		2,785
Series 2019-NPL2, Class A2, 5.93%, 12/25/2058 ‡ (e) (i)		5,500		4,771
Series 2019-NPL3, Class A2, 4.58%, 7/27/2059 ‡ (e) (i)		2,500		1,992
PRPM LLC
Series 2019-2A, Class A1, 3.97%, 4/25/2024 ‡ (e) (i)		7,781		7,237
Series 2019-2A, Class A2, 5.44%, 4/25/2024 ‡ (e) (i)		3,250		2,747
Series 2019-3A, Class A1, 3.35%, 7/25/2024 ‡ (e) (i)		4,423		4,120
Series 2019-4A, Class A1, 3.35%, 11/25/2024 ‡ (e) (i)		4,213		3,889
RAMP Trust
Series 2002-RS2, Class AI5, 5.84%, 3/25/2032 ‡ (m)		382		384
Series 2006-RZ3, Class M1, 0.84%, 8/25/2036 ‡ (m)		5,500		5,042

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
RASC Trust
Series 2005-EMX1, Class M1, 1.13%, 3/25/2035 ‡ (m)		1,510		1,469
Series 2005-KS2, Class M1, 1.13%, 3/25/2035 ‡ (m)		734		705
Renaissance Home Equity Loan Trust
Series 2002-3, Class M1, 1.99%, 12/25/2032 ‡ (m)		690		656
Series 2003-1, Class M1, 1.99%, 6/25/2033 ‡ (m)		292		271
Series 2003-4, Class M1, 1.34%, 3/25/2034 ‡ (m)		1,506		1,358
Series 2003-4, Class M2F, 6.24%, 3/25/2034 ‡ (i)		784		746
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (i)		129		132
Series 2005-2, Class AV3, 0.86%, 8/25/2035 ‡ (m)		840		728
Santander Drive Auto Receivables Trust
Series 2019-1, Class C, 3.42%, 4/15/2025		2,123		2,128
Series 2019-1, Class D, 3.65%, 4/15/2025		4,025		3,992
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class E, 5.04%, 9/15/2025 (e)		1,211		1,179
Series 2018-A, Class F, 6.80%, 9/15/2025 (e)		1,834		1,787
Santander Retail Auto Lease Trust
Series 2019-A, Class A2, 2.72%, 12/20/2021 (e)		730		735
SASCO Mortgage Loan Trust
Series 2004-GEL3, Class M1, 2.06%, 8/25/2034 ‡ (m)		668		630
Saxon Asset Securities Trust
Series 2003-3, Class M1, 1.46%, 12/25/2033 (m)		3,742		3,461
Series 2004-2, Class MV2, 2.29%, 8/25/2035 ‡ (m)		837		817
Series 2004-2, Class AF3, 3.83%, 8/25/2035 ‡ (m)		24		24
Series 2005-2, Class M2, 1.15%, 10/25/2035 (m)		2,890		2,671
Securitized Asset-Backed Receivables LLC Trust
Series 2004-NC1, Class M1, 1.73%, 2/25/2034 ‡ (m)		1,815		1,694
Series 2004-OP1, Class M2, 2.14%, 2/25/2034 ‡ (m)		491		484

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 111

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series 2004-OP2, Class M1, 1.46%, 8/25/2034 ‡ (m)		2,224		2,108
Series 2005-OP1, Class M2, 1.16%, 1/25/2035 ‡ (m)		723		660
Series 2005-FR2, Class M2, 1.46%, 3/25/2035 ‡ (m)		355		352
Specialty Underwriting & Residential Finance Trust
Series 2004-BC1, Class M2, 2.09%, 2/25/2035 ‡ (m)		507		502
Series 2004-BC3, Class M1, 1.42%, 7/25/2035 ‡ (m)		809		771
Stanwich Mortgage Loan Trust Series 2019-NPB2, Class A1, 3.48%, 11/16/2024 ‡ (e) (i)		5,365		5,311
Structured Asset Investment Loan Trust
Series 2003-BC6, Class M1, 1.61%, 7/25/2033 ‡ (m)		463		442
Series 2003-BC7, Class M1, 1.61%, 7/25/2033 ‡ (m)		31		31
Series 2003-BC12, Class M1, 1.46%, 11/25/2033 ‡ (m)		88		87
Series 2004-5, Class M3, 1.42%, 5/25/2034 ‡ (m)		135		110
Series 2004-6, Class M1, 1.39%, 7/25/2034 ‡ (m)		808		793
Series 2004-7, Class M1, 1.54%, 8/25/2034 ‡ (m)		965		947
Series 2004-8, Class M2, 1.42%, 9/25/2034 ‡ (m)		375		349
Series 2004-BNC1, Class A5, 1.73%, 9/25/2034 ‡ (m)		174		168
Series 2005-HE2, Class M1, 1.21%, 7/25/2035 ‡ (m)		173		172
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC4, Class A4, 0.66%, 12/25/2036 ‡ (m)		2,971		2,780
Series 2006-BC6, Class A4, 0.66%, 1/25/2037 (m)		6,298		6,030
Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		2,175		2,076
Toyota Auto Receivables Owner Trust Series 2018-C, Class A2A, 2.77%, 8/16/2021		394		395
Tricolor Auto Securitization Trust Series 2018-2A, Class A, 3.96%, 10/15/2021 (e)		266		266

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Upgrade Receivables Trust Series 2018-1A, Class A, 3.76%, 11/15/2024 (e)		46		46
Vericrest Opportunity Loan Trust
Series 2019-NPL2, Class A1, 3.97%, 2/25/2049 ‡ (e) (i)		10,255		9,341
Series 2019-NPL4, Class A2, 5.44%, 8/25/2049 ‡ (e) (i)		540		372
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (e) (i)		10,713		9,295
Verizon Owner Trust Series 2017-2A, Class A, 1.92%, 12/20/2021 (e)		444		444
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (e) (i)		1,063		983
Volvo Financial Equipment LLC Series 2019-2A, Class A2, 2.02%, 8/15/2022 (e)		949		952
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2004-2, Class M4, 2.29%, 12/25/2033 (m)		901		883
Series 2004-2, Class M1, 1.39%, 10/25/2034 ‡ (m)		583		544
Series 2004-2, Class M5, 2.36%, 10/25/2034 ‡ (m)		215		215
Series 2004-2, Class M8A, 4.99%, 10/25/2034 ‡ (e) (m)		290		243
Series 2004-2, Class M8B, 5.00%, 10/25/2034 ‡ (e) (m)		290		247
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
Series 2004-1, Class M2, 1.12%, 4/25/2034 ‡ (m)		305		293
Series 2004-1, Class M4, 1.64%, 4/25/2034 ‡ (m)		630		557
Westlake Automobile Receivables Trust
Series 2019-1A, Class C, 3.45%, 3/15/2024 (e)		3,040		3,040
Series 2019-1A, Class D, 3.67%, 3/15/2024 (e)		2,765		2,735
Series 2019-2A, Class C, 2.84%, 7/15/2024 (e)		1,700		1,648
Series 2019-1A, Class E, 4.49%, 7/15/2024 (e)		2,865		2,819
Series 2018-3A, Class F, 6.02%, 2/18/2025 (e)		3,605		3,260
Series 2019-2A, Class E, 4.02%, 4/15/2025 (e)		1,760		1,548
Series 2019-1A, Class F, 5.67%, 2/17/2026 (e)		1,769		1,472

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series 2019-2A, Class F, 5.00%, 3/16/2026 (e)		1,880		1,452
				486,737
Total Asset-Backed Securities (Cost $516,641)				492,599
Equity Linked Notes — 2.3%
Credit Suisse AG, ELN, 10.00%, 6/16/2020, (linked to S&P 500 Index) (e) (Cost $264,998)		95		277,615
Loan Assignments — 2.3% (n)
Canada — 0.1%
1011778 BC ULC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 2.15%, 11/19/2026 (d)		1,276		1,194
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 3 Month + 5.50%), 6.57%, 9/6/2024 (d) (o)		5,622		4,841
Kik Custom Products, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 5.00%, 5/15/2023 (d) (o)		725		646
Stars Group Holdings BV, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.95%, 7/10/2025 (d) (o)		115		114
				6,795
France — 0.0% (a)
Altice France SA, 1st Lien Term loan B-13 (ICE LIBOR USD 1 Month + 4.00%), 4.81%, 8/14/2026 (d)		2,716		2,514
United States — 2.2%
Acadia Healthcare Co., Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.90%, 2/16/2023 (d)		844		808
Adient US LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.52%, 5/6/2024 (d)		467		419
Advanced Drainage Systems, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.25%, 7/31/2026 (d)		363		352
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 8/30/2024 (d)		690		629
Allied Universal Holdco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.65%, 7/10/2026 (d) (o)		477		442
Altice Financing SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.56%, 7/15/2025 (d)		902		831

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
AMC Entertainment Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.08%, 4/22/2026 (d)		521		379
American Airlines, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.81%, 12/15/2023 (d)		669		512
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.74%, 4/6/2024 (d)		1,608		1,385
API Group Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.90%, 10/1/2026 (d)		669		644
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 7/12/2024 (d)		338		316
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 6.90%, 8/4/2025 (d)		261		252
Asurion LLC, Term Loan B-6 (ICE LIBOR USD 1 Month + 3.00%), 3.40%, 11/3/2023 (d)		997		950
Asurion LLC, Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 3.40%, 11/3/2024 (d)		247		235
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.06%, 12/15/2024 (d)		2,116		1,851
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 3.20%, 6/1/2024 (d)		2,186		2,121
B&G Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.90%, 10/10/2026 (d)		267		257
Banijay Entertainment, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.00%, 3/4/2025 (d) (o)		890		817
Barracuda Networks, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.52%, 2/12/2025 (d)		334		319
Berry Global, Inc., 1st Lien Term Loan W (ICE LIBOR USD 1 Month + 2.00%), 2.83%, 10/1/2022 (d)		750		730
BJ’s Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 3.08%, 2/3/2024 (d)		349		338
Blackstone CQP Holdco LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.62%, 9/30/2024 (d)		650		595
BMC Software Finance, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.65%, 10/2/2025 (d)		355		305

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 113

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.40%, 12/30/2027 (d)		689		620
Brookfield WEC Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.40%, 8/1/2025 (d)		608		575
Buckeye Partners LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.77%, 11/1/2026 (d)		2,765		2,584
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.56%, 4/3/2024 (d)		6,189		5,296
Caesars Resort Collection LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.15%, 12/23/2024 (d) (o)		339		285
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 3 Month + 4.75%), 6.36%, 12/31/2022 (d)		11,561		2,537
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.40%, 1/15/2025 (d)		1,005		963
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.95%, 2/16/2026 (d)		838		775
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.90%, 11/18/2024 (d)		295		259
CCM Merger Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 8/6/2021 (d)		1,278		1,178
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.65%, 3/15/2027 (d)		4,437		4,188
CEOC LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.40%, 10/7/2024 (d)		804		775
Charter Communications Operating LLC, 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 1.75%), 2.16%, 2/1/2027 (d)		2,469		2,368
Chemours Co. (The), Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 2.16%, 4/3/2025 (d)		1,065		969
CHG Healthcare Services, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.07%, 6/7/2023 (d)		1,009		954
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024 (d)		3,454		3,378

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Cineworld Finance US, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 2.25%), 3.32%, 2/28/2025 (d)		442		277
(ICE LIBOR USD 3 Month + 2.75%), 2.75%, 2/5/2027 (d) (o)		213		128
CITGO Holding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 7.00%), 8.00%, 8/1/2023 (d)		332		274
CityCenter Holdings LLC, Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/18/2024 (d)		1,007		884
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 8.42%, 12/18/2026 (d) (p)		1,851		1,412
Clear Channel Outdoor Holdings Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.26%, 8/21/2026 (d)		2,363		2,047
Clover Merger Sub, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 3.90%, 9/26/2024 (d)		732		656
Club Corp Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.20%, 9/18/2024 (d)		379		277
CommScope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 3.25%), 3.65%, 4/6/2026 (d)		1,418		1,330
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.99%, 3/2/2027 (d) (o)		2,155		2,020
CPV Shore Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.16%, 12/29/2025 (d)		327		298
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 3.06%, 7/17/2025 (d)		2,045		1,942
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.06%, 1/15/2026 (d)		2,478		2,351
Cumulus Media New Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.82%, 3/31/2026 (d)		1,095		918
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.65%, 7/31/2026 (d)		326		274
CVS Holdings I LP, Delayed Draw Term Loan (ICE LIBOR USD 1 Month + 4.25%), 3.32%, 8/31/2026 (d)		57		48

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
DaVita Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 2.15%, 8/12/2026 (d)		650		630
Dawn Acquisition LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 5.20%, 12/31/2025 (d)		505		431
Dell International LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.75%, 9/19/2025 (d) (o)		996		969
Delta 2 SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 2/1/2024 (d)		467		425
Diamond Sports Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.82%, 8/24/2026 (d)		627		509
Digicert, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.40%, 10/16/2026 (d)		339		318
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024 (d) (o)		4,032		3,862
Duff & Phelps Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 4/9/2027 (d)		435		413
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.49%, 2/6/2026 (d)		485		452
Edgewater Generation LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.15%, 12/13/2025 (d)		422		387
EIF Channelview Cogeneration LLC, Term Loan (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 5/3/2025 (d)		308		304
Elanco Animal Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.00%), 2.00%, 2/4/2027 (d) (o)		960		925
Endo Pharmaceuticals, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.00%, 4/29/2024 (d)		331		300
Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 5.51%, 8/3/2026 (d)		310		296
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.15%, 10/10/2025 (d)		830		567
Epic Crude Services LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 6.62%, 3/2/2026 (d)		11,565		6,904

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
ESH Hospitality, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.40%, 9/18/2026 (d)		674		616
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 8.38%, 7/12/2023 (d)		566		135
ExGen Renewables IV LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.62%, 11/28/2024 (d)		719		690
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.00%, 5/16/2022 ‡ (d)		195		194
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (d) (j)		792		–	(k)
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.43%, 12/29/2023 (d)		492		458
Frontera Generation Holdings LLC, 1st Lien Senior Secured Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.39%, 5/2/2025 (d)		390		252
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/1/2024 (d)		5,384		4,943
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.45%, 12/1/2023 (d)		2,285		1,428
Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 3.45%, 12/30/2026 (d) (o)		642		620
Getty Images, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 4.94%, 2/19/2026 (d)		2,877		2,409
GGP, Inc., 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 2.50%), 2.90%, 8/27/2025 (d)		1,010		745
Go Daddy Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 2.15%, 2/15/2024 (d)		1,261		1,216
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%), 3.46%, 10/4/2023 (d)		8,017		6,397
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.15%, 10/10/2025 (d)		672		642
Gray Television, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.49%, 1/2/2026 (d)		862		810

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 115

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.65%, 12/1/2023 (d)		1,363		1,288
Grizzly Acquisitions Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.68%, 10/1/2025 (d)		319		256
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%), 6.42%, 8/25/2023 (d)		3,042		1,584
Hanjin International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.90%, 10/19/2020 (d)		476		395
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 5/16/2024 (d)		1,212		1,145
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 4.09%, 5/23/2025 (d)		355		325
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.51%, 6/30/2023 (d)		666		411
Hillman Group, Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 4.00%), 5.07%, 5/30/2025 (d)		433		365
Hostess Brands LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 3.01%, 8/3/2025 (d)		545		520
Hoya Midco LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.57%, 6/30/2024 (d)		693		492
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.02%, 4/25/2025 (d)		977		913
iHeart Communications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.40%, 5/1/2026 (d)		4,703		4,203
II-VI, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.90%, 9/24/2026 (d)		8,936		8,176
INEOS Enterprises Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.11%, 8/28/2026 (d)		541		507
Infor US, Inc., Tranche B-6 Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 2/1/2022 (d)		1,306		1,281
Informatica LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.65%, 2/25/2027 (d) (o)		1,268		1,189
Intelsat Jackson Holdings, 1st Lien Term Loan (3-MONTH PRIME + 2.75%), 6.00%, 11/27/2023 (d)		2,707		2,651

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Invenergy LLC, Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.40%, 8/28/2025 (d)		320		307
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 2/5/2025 (d) (o)		1,138		991
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.00%), 3.07%, 5/1/2026 (d)		3,675		3,535
KDC US Holding Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.15%, 12/22/2025 (d)		766		673
Kestrel Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 6/2/2025 (d)		362		292
Lifepoint Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.15%, 11/16/2025 (d)		466		429
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024 (d)		452		355
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024 (d)		26		20
MacDonald Dettwiler and Associates Ltd., Term Loan B (3-MONTH PRIME + 1.75%), 3.16%, 10/4/2024 (d)		461		426
Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/30/2024 (d)		354		244
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.26%, 1/31/2025 (d)		1,400		1,278
Midcontinent Communications., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 2.74%, 8/15/2026 (d)		350		336
Misys, Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 6/13/2024 (d)		347		300
Moda Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.65%, 9/29/2025 (d)		335		293
Momentive Performance, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.66%, 5/15/2024 (d)		681		605
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.43%, 4/1/2024 ‡ (d)		2,992		2,992
Moran Foods LLC, 1st Lien Term Loan B-2 (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 12/31/2100 ‡ (d)		2,126		1,666

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.20%, 6/7/2023 (d)		9,984		9,167
NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 5/8/2025 (d)		295		224
Navistar International, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.22%, 11/6/2024 (d)		2,734		2,462
Neiman Marcus Group Ltd. LLC, Term Loan
(ICE LIBOR USD 1 Month + 6.00%), 7.50%, 10/25/2023 (d)		100		37
(ICE LIBOR USD 1 Month + 6.50%), 8.00%, 10/25/2023 (d)		7,293		2,645
Nestle Skin Health SA, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 4.25%), 5.32%, 10/1/2026 (d)		6,608		6,038
Nielsen Finance LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 2.86%, 10/4/2023 (d)		471		452
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.69%), 4.50%, 1/31/2026 (d)		891		820
Oryx Midstream Services LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.40%, 5/22/2026 (d)		359		247
Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 5/1/2025 (d)		356		292
Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.75%), 8.75%, 5/1/2026 (d)		592		456
PetSmart, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 3/11/2022 (d)		5,886		5,703
Petvet Care Centers LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.65%, 2/14/2025 (d)		907		813
Pike Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 7/24/2026 (d)		727		697
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%), 2.99%, 7/2/2025 (d)		5,186		4,216
Prestige Brands, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 2.40%, 1/26/2024 (d)		942		915
Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.27%, 9/23/2026 (d)		1,392		1,317

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Project Boost Purchaser LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.90%, 6/1/2026 (d)		408		354
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.90%, 12/22/2025 (d) (o)		10,645		7,969
Qlik Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.38%, 4/26/2024 (d)		347		328
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 5.01%, 5/16/2025 (d)		544		497
Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 3 Month + 7.00%), 8.45%, 3/21/2025 (d)		147		115
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.76%, 11/3/2023 (d)		595		556
Red Ventures LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.90%, 11/8/2024 (d)		336		308
Refinitiv US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.65%, 10/1/2025 (d)		1,689		1,650
Reynolds Consumer Products, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 1.75%), 2.15%, 2/4/2027 (d) (o)		950		914
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.15%, 2/5/2023 (d)		3,229		3,072
Ring Container Technologies LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.15%, 10/31/2024 (d)		338		301
Samsonite IP Holdings SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 2.15%, 4/25/2025 (d)		410		371
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%), 3.52%, 8/14/2024 (d)		5,570		4,590
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.45%, 9/25/2026 (d)		2,039		1,767
Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.15%, 6/27/2025 (d)		401		376
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 2.74%, 4/16/2025 (d) (o)		467		448

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 117

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 1.75%), 2.74%, 4/16/2025 (d) (o)		333		320
St George’s University Scholastic Services LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.66%, 7/17/2025 (d)		1,006		946
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 6.02%, 4/16/2026 (d)		3,065		2,431
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.54%, 2/14/2025 (d)		3,827		3,547
Summit Materials LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.40%, 11/21/2024 (d)		469		440
Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/17/2027 (d) (o)		445		347
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 6.87%, 3/9/2023 (d)		2,600		1,782
Tenneco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.40%, 10/1/2025 (d)		634		491
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 2/6/2024 (d)		971		711
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.45%, 3/28/2025 (d)		6,840		5,987
Tivity Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 5.65%, 3/6/2026 (d)		331		284
T-Mobile USA, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.00%, 4/1/2027 (d) (o)		7,230		7,182
Trans Union LLC, 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 1.75%), 2.15%, 11/16/2026 (d)		651		622
TransDigm Group, Inc., 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.25%), 2.65%, 5/30/2025 (d)		1,088		950
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.25%), 2.65%, 12/9/2025 (d)		1,777		1,552
Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.40%, 9/6/2024 (d)		343		323

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Tronox Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 3.59%, 9/23/2024 (d)		450		421
U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.44%, 6/26/2026 (d)		4,029		3,798
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 4/29/2026 (d)		2,797		2,608
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.65%, 10/22/2025 (d)		2,447		2,198
USI, Inc., Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.40%, 5/16/2024 (d)		549		516
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.72%, 6/2/2025 (d)		13,836		13,369
VeriFone Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 5.70%, 8/20/2025 (d)		353		268
VICI Properties 1 LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 2.42%, 12/22/2024 (d) (o)		660		611
Viskase Cos., Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.70%, 1/30/2021 (d)		2,580		1,880
WestJet Airlines Ltd., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 12/11/2026 (d)		658		527
Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.73%, 7/31/2026 (d)		259		238
Windstream Corp., 1st Lien Term Loan B (3-MONTH PRIME + 5.00%), 8.25%, 3/29/2021 (d)		1,385		769
WIRB Copernicus Group, Inc., 1st Lien term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.24%, 1/8/2027 (d) (o)		945		891
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 2.53%, 11/1/2023 (d)		2,020		1,952
XPO Logistics, Inc., Term Loan (ICE LIBOR USD 3 Month + 2.00%), 3.61%, 2/24/2025 (d)		625		602
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.40%, 3/9/2027 (d) (o)		3,420		3,205

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Zekelman Industries, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 2.82%, 1/17/2027 (d)		685		647
				260,549
Total Loan Assignments (Cost $314,277)				269,858
Commercial Mortgage-Backed Securities — 2.2%
Cayman Islands — 0.0% (a)
GPMT Ltd. Series 2018-FL1, Class B, 2.22%, 11/21/2035 ‡ (e) (m)		3,000		2,598
United States — 2.2%
Banc of America Commercial Mortgage Trust Series 2017-BNK3, Class D, 3.25%, 2/15/2050 ‡ (e)		655		387
BANK
Series 2019-BN19, Class D, 3.00%, 8/15/2061 ‡ (e)		4,750		2,621
Series 2019-BN20, Class E, 2.50%, 9/15/2062 ‡ (e)		615		260
Series 2020-BN26, Class XA, IO, 1.36%, 3/15/2063 (m)		41,884		3,617
Barclays Commercial Mortgage Trust Series 2019-C4, Class D, 3.25%, 8/15/2052 ‡ (e)		2,641		1,571
BENCHMARK Mortgage Trust
Series 2018-B1, Class D, 2.75%, 1/15/2051 ‡ (e)		975		601
Series 2019-B11, Class D, 3.00%, 5/15/2052 ‡ (e)		4,000		2,349
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 2.51%, 11/15/2035 (e) (m)		455		432
Series 2020-BXLP, Class F, 2.81%, 12/15/2036 ‡ (e) (m)		925		866
Series 2018-BIOA, Class D, 2.14%, 3/15/2037 ‡ (e) (m)		6,000		5,555
BXMT Ltd.
Series 2017-FL1, Class B, 2.25%, 6/15/2035 ‡ (e) (m)		3,000		2,746
Series 2017-FL1, Class C, 2.70%, 6/15/2035 ‡ (e) (m)		1,500		1,329
Series 2017-FL1, Class D, 3.45%, 6/15/2035 ‡ (e) (m)		3,000		2,461
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class E, 2.96%, 12/15/2037 ‡ (e) (m)		2,690		2,516
Series 2019-LIFE, Class G, 4.06%, 12/15/2037 ‡ (e) (m)		2,420		2,215

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
CD Mortgage Trust Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (e)		331		220
CFCRE Commercial Mortgage Trust Series 2016-C6, Class D, 4.35%, 11/10/2049 ‡ (e) (m)		1,000		643
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.90%, 1/10/2036 ‡ (e) (m)		2,500		2,220
Series 2019-PRM, Class E, 4.89%, 5/10/2036 ‡ (e)		2,750		2,448
Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (e)		2,500		1,600
Series 2016-C1, Class D, 5.12%, 5/10/2049 ‡ (e) (m)		2,225		1,621
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (e)		1,325		788
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		910		873
Commercial Mortgage Trust
Series 2020-CBM, Class F, 3.75%, 2/10/2037 ‡ (e) (m)		2,750		1,666
Series 2014-CR15, Class C, 4.89%, 2/10/2047 ‡ (m)		3,375		3,215
Series 2014-CR19, Class D, 4.89%, 8/10/2047 ‡ (e) (m)		1,250		946
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 ‡ (e)		3,100		1,554
Series 2014-CR20, Class D, 3.22%, 11/10/2047 ‡ (e)		3,000		2,087
Series 2015-LC21, Class D, 4.49%, 7/10/2048 ‡ (m)		900		636
Series 2016-CR28, Class D, 4.05%, 2/10/2049 ‡ (m)		2,350		1,309
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		17		17
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class D, 2.41%, 5/15/2036 ‡ (e) (m)		4,500		4,193
CSAIL Commercial Mortgage Trust Series 2019-C15, Class C, 5.15%, 3/15/2052 ‡ (m)		3,835		3,144
DBGS Mortgage Trust
Series 2018-5BP, Class D, 2.16%, 6/15/2033 ‡ (e) (m)		7,000		6,124
Series 2018-BIOD, Class C, 1.76%, 5/15/2035 ‡ (e) (m)		3,016		2,781
Series 2018-BIOD, Class D, 2.11%, 5/15/2035 ‡ (e) (m)		6,033		5,551

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 119

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (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 2019-1735, Class E, 4.33%, 4/10/2037 ‡ (e) (m)		1,785		1,383
FHLMC Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029 (m)		17,110		2,649
FHLMC, Multifamily Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.41%, 7/25/2023 (m)		108,709		940
Series KC03, Class X1, IO, 0.63%, 11/25/2024 (m)		64,998		1,279
Series K082, Class X3, IO, 2.29%, 10/25/2028 (m)		11,750		1,743
Series K084, Class X3, IO, 2.31%, 11/25/2028 (m)		6,000		903
Series KL05, Class A2HG, 2.65%, 2/25/2029 (m)		3,750		4,090
Series K105, Class X1, IO, 1.65%, 1/25/2030 (m)		41,098		4,831
Series K054, Class X3, IO, 1.65%, 4/25/2043 (m)		17,000		1,138
Series K067, Class X3, IO, 2.19%, 9/25/2044 (m)		34,106		4,379
Series K727, Class X3, IO, 2.07%, 10/25/2044 (m)		33,818		2,632
Series K059, Class X3, IO, 1.98%, 11/25/2044 (m)		24,693		2,579
Series K087, Class X3, IO, 2.39%, 1/25/2046 (m)		18,300		2,887
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K734, Class X3, IO, 2.24%, 7/25/2026 (m)		13,025		1,431
Series KC04, Class X1, IO, 1.41%, 12/25/2026 (m)		15,000		908
Series K094, Class X1, IO, 1.02%, 6/25/2029 (m)		39,342		2,613
Series K090, Class X3, IO, 2.39%, 10/25/2029 (m)		1,750		291
Series K723, Class X3, IO, 1.98%, 10/25/2034 (m)		6,552		381
Series K716, Class X3, IO, 1.86%, 8/25/2042 (m)		15,656		325
Series K068, Class X3, IO, 2.13%, 10/25/2044 (m)		11,050		1,380
Series K729, Class X3, IO, 2.04%, 11/25/2044 (m)		37,637		2,953
Series K728, Class X3, IO, 2.02%, 11/25/2045 (m)		8,120		604

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series K071, Class X3, IO, 2.08%, 11/25/2045 (m)		5,000		626
Series K088, Class X3, IO, 2.42%, 2/25/2047 (m)		11,130		1,826
Series K092, Class X3, IO, 2.32%, 5/25/2047 (m)		21,150		3,393
Series K094, Class X3, IO, 2.20%, 7/25/2047 (m)		14,206		2,172
FNMA ACES
Series 2019-M21, Class X2, IO, 1.47%, 2/25/2031 (m)		6,542		719
Series 2016-M4, Class X2, IO, 2.71%, 1/25/2039 (m)		17,517		1,269
FREMF Mortgage Trust
Series 2015-KF09, Class B, 6.34%, 5/25/2022 (e) (m)		111		110
Series 2015-KF10, Class B, 7.09%, 7/25/2022 (e) (m)		405		377
Series 2017-KF31, Class B, 3.89%, 4/25/2024 (e) (m)		1,324		1,119
Series 2017-KF32, Class B, 3.54%, 5/25/2024 (e) (m)		2,465		2,117
Series 2017-KF38, Class B, 3.49%, 9/25/2024 (e) (m)		1,500		1,278
Series 2018-K731, Class C, 4.06%, 2/25/2025 (e) (m)		2,000		1,895
Series 2018-KF47, Class B, 2.99%, 5/25/2025 (e) (m)		6,053		5,143
Series 2018-KF49, Class B, 2.89%, 6/25/2025 (e) (m)		501		423
Series 2019-KF58, Class B, 3.14%, 1/25/2026 (e) (m)		2,232		1,886
Series 2019-KC03, Class B, 4.51%, 1/25/2026 (e) (m)		2,304		2,020
Series 2019-KF62, Class B, 3.04%, 4/25/2026 (e) (m)		2,220		1,851
Series 2019-K736, Class C, 3.88%, 7/25/2026 (e) (m)		475		423
Series 2017-KF33, Class B, 3.54%, 6/25/2027 (e) (m)		624		509
Series 2017-KF40, Class B, 3.69%, 11/25/2027 (e) (m)		1,955		1,580
Series 2018-KF43, Class B, 3.14%, 1/25/2028 (e) (m)		2,683		2,126
Series 2018-KF50, Class B, 2.89%, 7/25/2028 (e) (m)		721		564
Series 2018-K82, Class B, 4.27%, 9/25/2028 (e) (m)		1,460		1,471

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2019-KF59, Class B, 3.34%, 2/25/2029 (e) (m)		3,999		3,119
Series 2019-KG01, Class B, 4.31%, 4/25/2029 (e) (m)		3,090		2,337
Series 2019-KF63, Class B, 3.34%, 5/25/2029 (e) (m)		4,710		3,623
Series 2017-K67, Class C, 4.08%, 9/25/2049 (e) (m)		730		663
Series 2017-K729, Class B, 3.80%, 11/25/2049 (e) (m)		1,400		1,406
Series 2017-K63, Class C, 4.00%, 2/25/2050 (e) (m)		1,380		1,261
Series 2017-K65, Class B, 4.21%, 7/25/2050 (e) (m)		5,365		5,427
Series 2017-K71, Class B, 3.88%, 11/25/2050 (e) (m)		1,280		1,293
Series 2017-K71, Class C, 3.88%, 11/25/2050 (e) (m)		1,065		952
Series 2018-K72, Class B, 4.12%, 12/25/2050 (e) (m)		3,000		3,048
Series 2019-K87, Class B, 4.47%, 1/25/2051 (e) (m)		3,600		3,666
Series 2019-K87, Class C, 4.47%, 1/25/2051 (e) (m)		2,000		1,856
Series 2018-K74, Class B, 4.23%, 2/25/2051 (e) (m)		2,445		2,467
Series 2018-K75, Class B, 4.11%, 4/25/2051 (e) (m)		1,235		1,236
Series 2019-K103, Class C, 3.57%, 12/25/2051 (e) (m)		400		338
Series 2019-K88, Class C, 4.53%, 2/25/2052 (e) (m)		3,750		3,289
Series 2019-K94, Class C, 4.10%, 7/25/2052 (e) (m)		2,000		1,686
Series 2020-K737, Class B, 3.30%, 1/25/2053 (e) (m)		1,000		975
Series 2020-K737, Class C, 3.30%, 1/25/2053 (e) (m)		1,470		1,312
Series 2019-K96, Class B, 3.94%, 8/25/2056 (e) (m)		1,915		1,859
GNMA
Series 2012-44, IO, 0.26%, 3/16/2049 (m)		12,191		75
Series 2015-86, IO, 0.69%, 5/16/2052 (m)		24,337		952
Series 2013-7, IO, 0.36%, 5/16/2053 (m)		64,328		1,197
Series 2012-89, IO, 0.55%, 12/16/2053 (m)		13,254		204
Series 2014-186, IO, 0.73%, 8/16/2054 (m)		19,500		727

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2013-178, IO, 0.64%, 6/16/2055 (m)		6,283		163
Series 2015-33, IO, 0.74%, 2/16/2056 (m)		16,856		721
Series 2015-59, IO, 1.00%, 6/16/2056 (m)		5,692		263
Series 2015-172, IO, 0.81%, 3/16/2057 (m)		5,363		234
Series 2016-40, IO, 0.71%, 7/16/2057 (m)		19,087		822
Series 2016-157, IO, 0.95%, 11/16/2057 (m)		21,620		1,417
Series 2016-71, Class QI, IO, 0.97%, 11/16/2057 (m)		115,750		7,043
Series 2016-155, IO, 0.88%, 2/16/2058 (m)		34,252		2,244
Series 2016-151, IO, 1.07%, 6/16/2058 (m)		81,023		5,546
Series 2017-54, IO, 0.64%, 12/16/2058 (m)		15,814		801
Series 2017-86, IO, 0.78%, 5/16/2059 (m)		4,995		281
Series 2017-148, IO, 0.66%, 7/16/2059 (m)		19,519		970
Series 2017-69, IO, 0.81%, 7/16/2059 (m)		2,723		161
Series 2019-53, Class IA, IO, 0.85%, 6/16/2061 (m)		19,844		1,425
Series 2020-28, IO, 0.86%, 11/16/2061 (m)		16,173		1,220
Series 2020-23, IO, 0.79%, 4/16/2062 (m)		25,318		1,848
GRACE Mortgage Trust Series 2014-GRCE, Class F, 3.71%, 6/10/2028 ‡ (e) (m)		4,700		4,661
GS Mortgage Securities Trust
Series 2006-GG8, Class AJ, 5.62%, 11/10/2039		1,769		1,331
Series 2013-GC12, Class E, 3.25%, 6/10/2046 ‡ (e)		800		570
Series 2013-GC12, Class D, 4.59%, 6/10/2046 ‡ (e) (m)		750		607
Series 2013-GC14, Class D, 4.90%, 8/10/2046 ‡ (e) (m)		2,500		1,482
Series 2015-GC34, Class D, 2.98%, 10/10/2048 ‡		1,380		589
Series 2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (e) (m)		2,000		1,376
Hudson Yards Mortgage Trust Series 2019-30HY, Class E, 3.56%, 7/10/2039 ‡ (e) (m)		2,000		1,767
JPMBB Commercial Mortgage Securities Trust Series 2013-C17, Class D, 5.05%, 1/15/2047 ‡ (e) (m)		1,250		986

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 121

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Mortgage-Backed Securities — continued
United States — continued
KNDL Mortgage Trust Series 2019-KNSQ, Class E, 2.61%, 5/15/2036 ‡ (e) (m)		2,040		1,877
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.11%, 7/15/2044 (m)		339		334
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (m)		4,115		2,405
Series 2007-C6, Class AJ, 6.47%, 7/15/2040 (m)		3,626		3,499
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C5, Class G, 4.50%, 8/15/2045 ‡ (e)		1,500		1,128
Series 2014-C15, Class D, 5.07%, 4/15/2047 ‡ (e) (m)		365		284
Series 2014-C17, Class D, 4.90%, 8/15/2047 ‡ (e) (m)		601		440
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (e) (m)		730		639
Series 2006-T23, Class D, 6.37%, 8/12/2041 ‡ (e) (m)		1,798		1,811
Series 2007-HQ11, Class B, 5.54%, 2/12/2044 ‡ (m)		61		61
Series 2006-HQ8, Class D, 5.79%, 3/12/2044 ‡ (m)		246		245
Series 2019-L2, Class D, 3.00%, 3/15/2052 ‡ (e)		4,075		2,251
Series 2019-L2, Class E, 3.00%, 3/15/2052 ‡ (e)		2,575		1,200
Multifamily Connecticut Avenue Securities Trust Series 2019-01, Class M7, 2.19%, 10/15/2049 ‡ (e) (m)		582		488
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048 (e) (m)		6,149		6,121
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (e) (m)		313		299
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (e) (m)		451		423
Wells Fargo Commercial Mortgage Trust
Series 2019-C50, Class E, 3.00%, 5/15/2052 (e)		2,000		916
Series 2019-C52, Class XA, IO, 1.77%, 8/15/2052 (m)		3,983		398

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 4.05%, 9/15/2057 ‡ (e) (m)		3,005		2,389
				261,082
Total Commercial Mortgage-Backed Securities (Cost $305,990)				263,680
Convertible Bonds — 1.5%
Australia — 0.0% (a)
DEXUS Finance Pty. Ltd. REIT, 2.30%, 6/19/2026 (b)	AUD	2,900		1,774
Bermuda — 0.0% (a)
Golar LNG Ltd. 2.75%, 2/15/2022		1,886		1,205
China — 0.2%
China Conch Venture Holdings International Ltd. Zero Coupon, 9/5/2023 (b)	HKD	25,000		3,613
CRRC Corp. Ltd. Zero Coupon, 2/5/2021 (b)		2,000		1,930
Harvest International Co. Zero Coupon, 11/21/2022 (b)	HKD	26,000		3,358
Huazhu Group Ltd. 0.38%, 11/1/2022		1,288		1,300
Lenovo Group Ltd. 3.38%, 1/24/2024 (b)		1,270		1,259
Momo, Inc. 1.25%, 7/1/2025		3,345		2,699
Trip.com Group Ltd. 1.99%, 7/1/2025		2,425		2,395
Weibo Corp. 1.25%, 11/15/2022		2,660		2,414
Zhongsheng Group Holdings Ltd. Zero Coupon, 5/23/2023 (b)	HKD	21,000		3,057
				22,025
France — 0.0% (a)
Orpar SA Zero Coupon, 6/20/2024 (b)	EUR	3,400		3,604
Singapore — 0.1%
CapitaLand Ltd.
1.85%, 6/19/2020 (b)	SGD	7,000		4,916
2.95%, 6/20/2022 (b)	SGD	5,000		3,459
				8,375
South Africa — 0.0% (a)
Remgro Jersey GBP Ltd. 2.63%, 3/22/2021 (b)	GBP	2,800		3,504
Spain — 0.0% (a)
Cellnex Telecom SA 0.50%, 7/5/2028 (b)	EUR	3,300		4,450
Switzerland — 0.0% (a)
Glencore Funding LLC Zero Coupon, 3/27/2025 (b)		3,000		2,274

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Convertible Bonds — continued
United Arab Emirates — 0.1%
Borr Drilling Ltd. 3.88%, 5/23/2023 (b)		2,200		220
DP World plc 1.75%, 6/19/2024 (b)		6,400		6,339
				6,559
United Kingdom — 0.1%
Barclays Bank plc
Zero Coupon, 2/4/2025		1,975		2,100
Zero Coupon, 2/18/2025		2,025		2,076
TechnipFMC plc 0.88%, 1/25/2021 (b)		EUR 1,700		1,789
				5,965
United States — 1.0%
Ares Capital Corp.
3.75%, 2/1/2022		4,716		4,523
4.63%, 3/1/2024		2,550		2,379
BlackRock Capital Investment Corp. 5.00%, 6/15/2022		2,580		2,006
BlackRock TCP Capital Corp. 4.63%, 3/1/2022		2,536		2,362
BofA Finance LLC 0.25%, 5/1/2023		2,670		2,603
Colony Capital, Inc.
REIT, 3.88%, 1/15/2021		1,455		1,362
REIT, 5.00%, 4/15/2023		3,721		2,884
DISH Network Corp.
2.38%, 3/15/2024		9,116		7,665
3.38%, 8/15/2026		3,235		2,622
Ensco Jersey Finance Ltd. 3.00%, 1/31/2024		5,700		1,014
Etsy, Inc. 0.13%, 10/1/2026 (e)		3,070		3,111
FireEye, Inc. Series B, 1.63%, 6/1/2035		6,958		6,475
Hercules Capital, Inc. 4.38%, 2/1/2022		3,031		2,836
Liberty Interactive LLC
4.00%, 11/15/2029		6,966		4,685
3.75%, 2/15/2030		320		211
1.75%, 9/30/2046 (e)		2,426		3,564
Live Nation Entertainment, Inc. 2.00%, 2/15/2025 (e)		2,800		2,199
Macquarie Infrastructure Corp. 2.00%, 10/1/2023		4,269		3,415
Meritor, Inc. 3.25%, 10/15/2037		1,220		1,171
MFA Financial, Inc. REIT, 6.25%, 6/15/2024		3,869		2,667
MongoDB, Inc. 0.25%, 1/15/2026 (e)		1,410		1,472
Oasis Petroleum, Inc. 2.63%, 9/15/2023		865		104
Okta, Inc. 0.13%, 9/1/2025 (e)		5,019		5,305
Pluralsight, Inc. 0.38%, 3/1/2024		4,910		4,058
Redwood Trust, Inc. REIT, 4.75%, 8/15/2023		2,632		1,826
RingCentral, Inc. Zero Coupon, 3/1/2025 (e)		2,930		2,826

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
RWT Holdings, Inc. 5.75%, 10/1/2025 (e)		1,340		893
Snap, Inc. 0.75%, 8/1/2026 (e)		1,920		1,989
Spirit Realty Capital, Inc. REIT, 3.75%, 5/15/2021		3,821		3,690
Starwood Property Trust, Inc. REIT, 4.38%, 4/1/2023		3,788		3,277
SunPower Corp. 0.88%, 6/1/2021		3,183		2,714
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023		2,705		2,309
TPG Specialty Lending, Inc. 4.50%, 8/1/2022		959		947
Twitter, Inc.
1.00%, 9/15/2021		4,079		3,957
0.25%, 6/15/2024		3,146		2,933
Veeco Instruments, Inc. 2.70%, 1/15/2023		3,193		2,647
VEREIT, Inc. REIT, 3.75%, 12/15/2020		2,552		2,495
Vishay Intertechnology, Inc. 2.25%, 6/15/2025		3,329		3,068
Vonage Holdings Corp. 1.75%, 6/1/2024 (e)		5,210		4,671
Whiting Petroleum Corp. 1.25%, 4/1/2020 (j)		974		88
Zillow Group, Inc. 1.50%, 7/1/2023		3,031		2,832
				113,855
Total Convertible Bonds (Cost $194,178)				173,590
Foreign Government Securities — 1.4%
Angola — 0.0% (a)
Republic of Angola
9.50%, 11/12/2025 (b)		1,570		742
8.00%, 11/26/2029 (e)		1,550		666
9.13%, 11/26/2049 (b)		1,800		769
				2,177
Argentina — 0.0% (a)
Argentine Republic
6.88%, 4/22/2021		580		166
6.88%, 1/26/2027		810		200
5.88%, 1/11/2028		2,958		725
8.28%, 12/31/2033		1,486		522
6.88%, 1/11/2048		1,160		269
7.13%, 6/28/2117		852		198
				2,080
Bahrain — 0.0% (a)
Kingdom of Bahrain
7.00%, 10/12/2028 (b)		1,400		1,390
6.00%, 9/19/2044 (b)		1,850		1,566

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 123

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Bahrain — continued
7.50%, 9/20/2047 (b)		1,410		1,338
				4,294
Belarus — 0.0% (a)
Republic of Belarus
6.20%, 2/28/2030 (b)		400		359
Brazil — 0.1%
Federative Republic of Brazil
4.25%, 1/7/2025		880		911
4.50%, 5/30/2029		1,130		1,127
8.25%, 1/20/2034		585		715
5.63%, 1/7/2041		1,450		1,444
5.00%, 1/27/2045		1,230		1,145
				5,342
Chile — 0.0% (a)
Republic of Chile
3.86%, 6/21/2047		500		537
3.50%, 1/25/2050		600		612
				1,149
Colombia — 0.1%
Republic of Colombia
4.50%, 1/28/2026		350		359
3.88%, 4/25/2027		690		680
7.38%, 9/18/2037		1,000		1,235
6.13%, 1/18/2041		950		1,059
5.00%, 6/15/2045		1,370		1,377
5.20%, 5/15/2049		670		692
				5,402
Costa Rica — 0.0% (a)
Republic of Costa Rica
4.38%, 4/30/2025 (b)		200		165
7.00%, 4/4/2044 (b)		1,100		839
				1,004
Croatia — 0.0% (a)
Republic of Croatia 6.00%, 1/26/2024 (b)		1,290		1,438
Dominican Republic — 0.1%
Dominican Republic Government Bond
7.50%, 5/6/2021 (b)		347		346
5.88%, 4/18/2024 (b)		760		732
5.50%, 1/27/2025 (b)		510		476
6.88%, 1/29/2026 (b)		600		573

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Dominican Republic — continued
9.75%, 6/5/2026 (e)	DOP	47,550		721
5.95%, 1/25/2027 (b)		780		702
7.45%, 4/30/2044 (b)		1,580		1,417
6.85%, 1/27/2045 (b)		1,200		1,024
6.50%, 2/15/2048 (b)		1,250		1,021
5.88%, 1/30/2060 (e)		880		691
				7,703
Egypt — 0.1%
Arab Republic of Egypt
7.50%, 1/31/2027 (b)		1,180		1,142
7.60%, 3/1/2029 (e)		1,090		1,034
7.05%, 1/15/2032 (e)		880		778
8.50%, 1/31/2047 (b)		1,049		934
8.70%, 3/1/2049 (e)		1,620		1,450
8.15%, 11/20/2059 (e)		1,050		910
				6,248
El Salvador — 0.1%
Republic of El Salvador
7.75%, 1/24/2023 (b)		1,322		1,137
5.88%, 1/30/2025 (b)		650		520
6.38%, 1/18/2027 (b)		1,250		989
7.65%, 6/15/2035 (b)		700		554
7.12%, 1/20/2050 (b)		2,100		1,585
				4,785
Ethiopia — 0.0% (a)
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (b)		777		669
Gabon — 0.0% (a)
Gabonese Republic
6.38%, 12/12/2024 (b)		646		463
6.95%, 6/16/2025 (b)		300		213
				676
Ghana — 0.0% (a)
Republic of Ghana
7.88%, 3/26/2027 (b)		360		283
7.63%, 5/16/2029 (b)		560		427
10.75%, 10/14/2030 (b)		1,325		1,378
8.63%, 6/16/2049 (b)		840		634
				2,722

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Guatemala — 0.0% (a)
Republic of Guatemala
4.50%, 5/3/2026 (b)		655		651
6.13%, 6/1/2050 (e) (g)		720		748
				1,399
Honduras — 0.0% (a)
Republic of Honduras 8.75%, 12/16/2020 (b)		1,178		1,160
Hungary — 0.0% (a)
Hungary Government Bond 7.63%, 3/29/2041		952		1,529
Indonesia — 0.0% (a)
Republic of Indonesia
3.50%, 1/11/2028		670		675
6.75%, 1/15/2044 (b)		650		871
				1,546
Iraq — 0.0% (a)
Republic of Iraq 6.75%, 3/9/2023 (b)		950		714
Ivory Coast — 0.0% (a)
Republic of Cote d’Ivoire
5.75%, 12/31/2032 (b) (i)		1,112		971
6.13%, 6/15/2033 (b)		3,430		2,952
				3,923
Jamaica — 0.0% (a)
Jamaica Government Bond
8.00%, 3/15/2039		1,243		1,309
7.88%, 7/28/2045		550		577
				1,886
Kazakhstan — 0.0% (a)
Republic of Kazakhstan 6.50%, 7/21/2045 (b)		560		741
Kenya — 0.0% (a)
Republic of Kenya
6.88%, 6/24/2024 (b)		2,663		2,417
8.00%, 5/22/2032 (e)		1,360		1,227
				3,644
Lebanon — 0.0% (a)
Lebanese Republic
6.38%, 3/9/2020 (j)		3,391		509
6.00%, 1/27/2023 (b) (j)		1,250		197
6.65%, 4/22/2024 (b) (j)		625		98
6.85%, 3/23/2027 (b) (j)		2,639		419
6.65%, 11/3/2028 (b) (j)		2,215		349
7.25%, 3/23/2037 (b) (j)		492		77
				1,649

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Mexico — 0.0% (a)
United Mexican States
5.55%, 1/21/2045		650		677
4.60%, 1/23/2046		610		554
				1,231
Mongolia — 0.0% (a)
State of Mongolia
10.88%, 4/6/2021 (b)		480		471
5.13%, 12/5/2022 (b)		903		800
				1,271
Morocco — 0.0% (a)
Kingdom of Morocco 5.50%, 12/11/2042 (b)		1,000		1,132
Nigeria — 0.0% (a)
Federal Republic of Nigeria
7.63%, 11/21/2025 (b)		1,000		836
6.50%, 11/28/2027 (b)		920		693
6.50%, 11/28/2027 (e)		1,220		919
8.75%, 1/21/2031 (b)		780		624
7.88%, 2/16/2032 (b)		710		539
7.63%, 11/28/2047 (e)		1,290		943
				4,554
Oman — 0.0% (a)
Sultanate of Oman Government Bond
4.75%, 6/15/2026 (b)		1,100		835
5.38%, 3/8/2027 (b)		1,320		1,002
6.00%, 8/1/2029 (b)		1,180		899
6.50%, 3/8/2047 (b)		340		236
6.75%, 1/17/2048 (b)		1,770		1,241
				4,213
Pakistan — 0.0% (a)
Islamic Republic of Pakistan
8.25%, 4/15/2024 (b)		930		876
8.25%, 9/30/2025 (b)		550		507
				1,383
Panama — 0.1%
Republic of Panama
3.75%, 3/16/2025		1,050		1,103
3.88%, 3/17/2028		2,500		2,696
6.70%, 1/26/2036		1,150		1,505
4.50%, 5/15/2047		1,230		1,379
4.50%, 4/1/2056		810		911
3.87%, 7/23/2060		380		395
				7,989

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 125

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Paraguay — 0.1%
Republic of Paraguay
4.70%, 3/27/2027 (b)		2,020		2,075
6.10%, 8/11/2044 (b)		2,130		2,324
5.60%, 3/13/2048 (b)		350		369
5.40%, 3/30/2050 (e)		950		933
				5,701
Peru — 0.0% (a)
Republic of Peru
4.13%, 8/25/2027		760		855
6.35%, 8/12/2028 (b)	PEN	3,900		1,339
5.63%, 11/18/2050		750		1,115
				3,309
Philippines — 0.0% (a)
Republic of Philippines
10.63%, 3/16/2025		655		897
3.00%, 2/1/2028		1,100		1,158
7.75%, 1/14/2031		270		395
3.70%, 2/2/2042		1,430		1,650
				4,100
Poland — 0.0% (a)
Republic of Poland 3.25%, 4/6/2026		1,580		1,722
Qatar — 0.1%
State of Qatar
3.25%, 6/2/2026 (b)		520		551
4.50%, 4/23/2028 (b)		940		1,076
4.00%, 3/14/2029 (e)		540		601
5.10%, 4/23/2048 (b)		2,270		2,832
5.10%, 4/23/2048 (e)		600		749
4.82%, 3/14/2049 (b)		1,570		1,889
4.82%, 3/14/2049 (e)		430		517
				8,215
Romania — 0.0% (a)
Romania Government Bond
4.38%, 8/22/2023 (b)		1,010		1,050
6.13%, 1/22/2044 (b)		810		964
5.13%, 6/15/2048 (b)		730		771
				2,785
Russia — 0.1%
Russian Federation
4.88%, 9/16/2023 (b)		400		436
12.75%, 6/24/2028 (b)		1,390		2,339

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Russia — continued
5.10%, 3/28/2035 (e)		2,600		3,049
5.88%, 9/16/2043 (b)		3,400		4,467
5.25%, 6/23/2047 (b)		800		993
				11,284
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia
3.25%, 10/26/2026 (b)		1,000		1,031
3.63%, 3/4/2028 (b)		1,980		2,078
4.63%, 10/4/2047 (b)		1,050		1,100
5.00%, 4/17/2049 (b)		650		718
				4,927
Senegal — 0.0% (a)
Republic of Senegal 6.75%, 3/13/2048 (e)		460		383
Serbia — 0.0% (a)
Republic of Serbia 7.25%, 9/28/2021 (b)		1,190		1,241
South Africa — 0.0% (a)
Republic of South Africa
5.88%, 5/30/2022		750		771
4.30%, 10/12/2028		1,700		1,424
6.25%, 3/8/2041		2,500		2,191
				4,386
Sri Lanka — 0.0% (a)
Democratic Socialist Republic of Sri Lanka
6.25%, 10/4/2020 (b)		700		614
6.25%, 7/27/2021 (b)		1,500		1,041
5.88%, 7/25/2022 (b)		710		438
6.13%, 6/3/2025 (b)		200		116
6.85%, 11/3/2025 (b)		996		568
6.75%, 4/18/2028 (b)		1,600		886
7.55%, 3/28/2030 (e)		660		372
				4,035
Tajikistan — 0.0% (a)
Republic of Tajikistan 7.13%, 9/14/2027 (b)		800		507
Turkey — 0.1%
Republic of Turkey
3.25%, 3/23/2023		780		719
5.75%, 3/22/2024		1,390		1,341
5.60%, 11/14/2024		1,200		1,144
4.88%, 10/9/2026		900		792
5.13%, 2/17/2028		940		818
6.00%, 1/14/2041		1,040		833

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Turkey — continued
4.88%, 4/16/2043		510		371
				6,018
Ukraine — 0.1%
Ukraine Government Bond
7.75%, 9/1/2020 (b)		360		351
7.75%, 9/1/2021 (b)		990		950
7.75%, 9/1/2022 (b)		1,210		1,150
7.75%, 9/1/2023 (b)		1,910		1,810
7.75%, 9/1/2024 (b)		700		661
7.75%, 9/1/2025 (b)		970		906
7.75%, 9/1/2026 (b)		500		464
7.75%, 9/1/2027 (b)		1,080		995
9.75%, 11/1/2028 (b)		840		823
7.38%, 9/25/2032 (b)		1,060		939
				9,049
United Arab Emirates — 0.1%
United Arab Emirates Government Bond
4.13%, 10/11/2047 (b)		4,100		4,614
3.13%, 9/30/2049 (b)		1,430		1,370
				5,984
Uruguay — 0.1%
Oriental Republic of Uruguay
4.38%, 10/27/2027		550		599
7.88%, 1/15/2033		1,060		1,478
7.63%, 3/21/2036		790		1,092
5.10%, 6/18/2050		2,700		3,064
4.98%, 4/20/2055		440		498
				6,731
Zambia — 0.0% (a)
Republic of Zambia 8.97%, 7/30/2027 (b)		1,950		628
Total Foreign Government Securities (Cost $195,258)				167,017
Mortgage-Backed Securities — 0.9%
United States — 0.9%
FHLMC Gold Pools, 15 Year Pool # G18569, 3.00%, 9/1/2030		2,022		2,138
FNMA UMBS, 20 Year
Pool # BM3100, 4.00%, 11/1/2037		4,030		4,363
Pool # CA1231, 3.50%, 2/1/2038		572		612
FNMA UMBS, 30 Year
Pool # AS4085, 4.00%, 12/1/2044		1,276		1,430
Pool # BM1909, 4.00%, 2/1/2045		7,438		8,319

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Pool # AS7542, 3.50%, 7/1/2046		11,206		12,289
Pool # AS8684, 3.50%, 1/1/2047		57		62
Pool # AS9403, 3.50%, 4/1/2047		574		631
Pool # FM1747, 3.50%, 8/1/2047		9,166		10,070
Pool # BM4028, 3.50%, 10/1/2047		3,272		3,559
Pool # BM3141, 3.50%, 11/1/2047		2,698		2,952
Pool # CA0906, 3.50%, 12/1/2047		9,590		10,414
Pool # CA0995, 3.50%, 1/1/2048		5,583		6,061
Pool # MA4018, 2.00%, 5/1/2050		5,700		5,786
FNMA, Other
Pool # AN5676, 3.25%, 6/1/2029		1,678		1,905
Pool # AN6368, 3.09%, 9/1/2029		1,700		1,913
Pool # AN7845, 3.08%, 12/1/2029		6,650		7,498
Pool # AN8281, 3.19%, 2/1/2030		2,560		2,938
Pool # AN8572, 3.55%, 4/1/2030		2,710		3,161
Pool # AN9116, 3.61%, 5/1/2030		1,930		2,261
Pool # AN6122, 3.06%, 8/1/2032		4,820		5,529
Pool # BM3226, 3.44%, 10/1/2032 (m)		2,384		2,632
Pool # AN7633, 3.13%, 12/1/2032		1,870		2,126
Pool # AN8095, 3.24%, 1/1/2033		4,010		4,637
Total Mortgage-Backed Securities (Cost $94,707)				103,286
	SHARES (000)
Preferred Stocks — 0.7%
United States — 0.7%
Allstate Corp. (The), Series H, 5.10%, 10/15/2024 ($25 par value) (q)		49		1,261
Bank of America Corp.,
Series CC, 6.20%, 1/29/2021 ($25 par value) (q)		4		117
Series GG, 6.00%, 5/16/2023 ($25 par value) (q)		154		4,166
Series HH, 5.88%, 7/24/2023 ($25 par value) (q)		109		2,908
Series HH, 5.88%, 7/24/2023 ($25 par value) (q)		12		319
Series KK, 5.38%, 6/25/2024 ($25 par value) (q)		49		1,277
Series LL, 5.00%, 9/17/2024 ($25 par value) (q)		49		1,238
Citigroup, Inc., Series S, 6.30%, 2/12/2021 ($25 par value) (q)		60		1,532
Claire’s Stores, Inc. *‡		3		4,954

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 127

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Preferred Stocks — continued
United States — continued
Dominion Energy, Inc., Series A, 5.25%, 7/30/2076 ($25 par value)		51		1,304
Energy Transfer Operating LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 ($25 par value) (d) (q)		255		5,401
GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 7.48%, 2/15/2040 ($25 par value) (d)		12		271
Goldman Sachs Group, Inc. (The), Series J, (ICE LIBOR USD 3 Month + 3.64%), 5.50%, 5/10/2023 ($25 par value) (d) (q)		71		1,780
Goodman Networks, Inc. * ‡		64		1
MetLife, Inc., Series F, 4.75%, 3/15/2025 ($25 par value) (q)		99		2,455
Morgan Stanley,
Series I, (ICE LIBOR USD 3 Month + 3.71%), 6.38%, 10/15/2024 ($25 par value) (d) (q)		197		5,290
Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (d) (q)		422		11,127
MYT Holding Co., 10.00%, 6/7/2029 (e)		2,731		1,775
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		115		3,047
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value) (d) (q)		60		1,601
SCE Trust II, 5.10%, 5/5/2020 ($25 par value) (q)		150		3,501
SCE Trust VI, 5.00%, 6/26/2022 ($25 par value) (q)		312		6,873
Sempra Energy, 5.75%, 7/1/2079 ($25 par value)		18		454
Southern Co. (The), Series 2020, 4.95%, 1/30/2080 ($25 par value)		160		3,947
State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (d) (q)		43		1,167
Truist Financial Corp., Series F, 5.20%, 6/1/2020 ($25 par value) (q)		285		7,186
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (q)		137		3,635
Wells Fargo & Co.,
Series X, 5.50%, 9/15/2021 ($25 par value) (q)		16		415
Series Y, 5.63%, 6/15/2022 ($25 par value) (q)		164		4,288

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Series Z, 4.75%, 3/15/2025 ($25 par value) (q)		277		6,621
Total Preferred Stocks (Cost $86,409)				89,911
	PRINCIPAL AMOUNT (000)
U.S. Treasury Obligations — 0.7%
U.S. Treasury Notes 2.50%, 1/31/2021 (r) (Cost $78,245)		77,486		78,848
	SHARES
Convertible Preferred Stocks — 0.6%
United States — 0.6%
AMG Capital Trust II 5.15%, 10/15/2037 ($50 par value)		86		3,089
Bank of America Corp. Series L, 7.25% ($1,000 par value)		9		12,943
Broadcom, Inc. Series A, 8.00%, 9/30/2022 ($1,000 par value)		4		4,229
Bunge Ltd. 4.88% ($100 par value)		40		3,762
Crown Castle International Corp. Series A, REIT, 6.88%, 8/1/2020 ($1,000 par value)		4		5,423
Dominion Energy, Inc., Series A, 7.25%, 6/1/2022 ($100 par value)		42		4,085
Energizer Holdings, Inc. Series A, 7.50%, 1/15/2022 ($100 par value)		26		2,234
Essential Utilities, Inc. 6.00%, 4/30/2022 ($50 par value)		34		1,954
International Flavors & Fragrances, Inc. 6.00%, 9/15/2021 ($50 par value)		88		4,168
NextEra Energy, Inc. 4.87%, 9/1/2022 ($50 par value)		105		5,026
Sempra Energy Series B, 6.75%, 7/15/2021 ($100 par value)		33		3,368
Stanley Black & Decker, Inc. 5.38%, 5/15/2020 ($100 par value)		39		3,121
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		10		14,446
Total Convertible Preferred Stocks (Cost $68,490)				67,848
	PRINCIPAL AMOUNT (000)
U.S. Government Agency Securities — 0.0% (a)
Israel — 0.0% (a)
Israel Government AID Bond
4.50%, 1/30/2043		2,773		3,341

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
U.S. Government Agency Securities — continued
Israel — continued
4.13%, 1/17/2048		1,966		2,287
Total U.S. Government Agency Securities (Cost $5,210)				5,628
	NO. OF WARRANTS (000)
Warrants — 0.0% (a)
United States — 0.0% (a)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡ (Cost $1,929)		108		673
	PRINCIPAL AMOUNT (000)
Supranational — 0.0% (a)
Supranational — 0.0% (a)
African Export-Import Bank (The)
4.13%, 6/20/2024 (b) (Cost $590)		600		587
	NO. OF RIGHTS (000)
Rights — 0.0% (a)
United States — 0.0% (a)
Vistra Energy Corp., expiring 12/31/2049 * ‡ (Cost $—)		483		459
	PRINCIPAL AMOUNT (000)
Short-Term Investments — 6.8%
Commercial Paper — 0.0% (a)
Boeing Co. (The)
2.06%, 5/19/2020 (e) (s)		298		298
Natwest Markets Securities, Inc.
1.96%, 7/29/2020(e)(s)		360		358
Total Commercial Paper (Cost $656)				656
	SHARES (000)
Investment Companies — 5.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (t) (u)		541,341		541,774
JPMorgan Prime Money Market Fund Class IM Shares, 0.69% (t) (u)		77,944		78,007
Total Investment Companies (Cost $619,324)				619,781

INVESTMENTS	SHARES (000)		VALUE (000)
Investment of Cash Collateral from Securities Loaned — 1.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (t) (u)		135,998		136,025
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (t) (u)		47,145		47,145
Total Investment of Cash Collateral from Securities Loaned (Cost $183,139)				183,170
Total Short-Term Investments (Cost $803,119)				803,607
Total Investments—101.0% (Cost $12,385,613)				12,008,418
Liabilities in Excess of Other Assets — (1.0)%				(118,776	)
Net Assets — 100.0%				11,889,642

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 129

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Equity Real Estate Investment Trusts (REITs)		6.9	%
Collateralized Mortgage Obligations		6.9
Banks		5.9
Diversified Telecommunication Services		4.6
Pharmaceuticals		4.5
Asset-Backed Securities		4.1
Oil, Gas & Consumable Fuels		3.5
Media		3.4
Electric Utilities		3.3
Capital Markets		3.0
Health Care Providers & Services		2.9
Convertible Bonds		2.3
Commercial Mortgage-Backed Securities		2.2
Insurance		2.1
Semiconductors & Semiconductor Equipment		2.1

INDUSTRY	PERCENTAGE
Wireless Telecommunication Services		2.0	%
Hotels, Restaurants & Leisure		2.0
IT Services		1.5
Foreign Government Securities		1.4
Chemicals		1.4
Beverages		1.3
Metals & Mining		1.2
Food Products		1.2
Machinery		1.1
Multi-Utilities		1.1
Software		1.0
Specialty Retail		1.0
Technology Hardware, Storage & Peripherals		1.0
Others (each less than 1.0%)		18.4
Short-Term Investments		6.7

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
AUD	Australian Dollar
CIFC	Commercial Industrial Finance Corp.
CJSC	Closed Joint Stock Company
CLO	Collateralized Loan Obligations
CSMC	Credit Suisse Mortgage Trust
CVA	Dutch Certification
DOP	Dominican Republic Peso
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
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
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of April 30, 2020. 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
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
SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt
SGD	Singapore Dollar
SGPS	Holding company
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.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN FUNDS APRIL 30, 2020

(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)	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, 2020.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2020.
(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)	Security is an interest bearing note with preferred security characteristics.
(g)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $176,029,000.
(h)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(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, 2020.

(j)	Defaulted security.
(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)	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, 2020.
(n)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(o)	All or a portion of this security is unsettled as of April 30, 2020. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(p)	Fund is subject to legal or contractual restrictions on the resale of the security.
(q)	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, 2020.
(r)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(s)	The rate shown is the effective yield as of April 30, 2020.
(t)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(u)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2020 (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		142		06/2020		EUR		4,485			49
FTSE 100 Index		19		06/2020		GBP		1,403			15
U.S. Treasury 10 Year Note		10,540		06/2020		USD		1,463,743			59,740
U.S. Treasury Long Bond		1,487		06/2020		USD		268,357			(148	)
											59,656
Short Contracts
EURO STOXX 50 Index		(3,520)		06/2020		EUR		(111,170	)		(16,292	)
Foreign Exchange GBP/USD		(3,336)		06/2020		USD		(262,606	)		6,659
											(9,633	)
											50,023

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 131

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	3,169,599		$	11,205,467
Investments in affiliates, at value		202,721			619,781
Investment of cash collateral received from securities loaned, at value (See Note 2.F.)		109,995			183,170
Options purchased, at value		230			—
Cash		8,396			3,513
Foreign currency, at value		27,293			6,312
Deposits at broker for futures contracts		3,882			784
Deposits at broker for securities sold short		16,834			—
Receivables:
Due from custodian		4,810			—
Investment securities sold		40,102			64,814
Fund shares sold		4,384			11,112
Interest and dividends from non-affiliates		12,297			86,207
Dividends from affiliates		130			348
Tax reclaims		2,371			9,387
Securities lending income (See Note 2.F.)		47			153
Variation margin on futures contracts		2,935			—
Unrealized appreciation on forward foreign currency exchange contracts		4,191			—
Outstanding OTC swap contracts, at value		1,377			—
Total Assets		3,611,594			12,191,048
LIABILITIES:
Payables:
Securities sold short, at value		16,395			—
Investment securities purchased		78,063			85,172
Investment securities purchased — delayed delivery securities		190			3,037
Interest expense to non-affiliates on securities sold short		5			—
Collateral received on securities loaned (See Note 2.F.)		109,995			183,170
Fund shares redeemed		11,470			17,678
Variation margin on futures contracts		—			3,412
Unrealized depreciation on forward foreign currency exchange contracts		7,064			—
Unrealized depreciation on unfunded commitments		—			4
Outstanding options written, at fair value		133			—
Accrued liabilities:
Investment advisory fees		1,410			3,894
Administration fees		189			660
Distribution fees		358			2,629
Service fees		297			339
Custodian and accounting fees		287			650
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Deferred foreign capital gains tax		27			—
Other		346			761
Total Liabilities		226,229			301,406
Net Assets	$	3,385,365		$	11,889,642

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN FUNDS APRIL 30, 2020

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	3,458,215		$	12,507,682
Total distributable earnings (loss)		(72,850	)		(618,040	)
Total Net Assets	$	3,385,365		$	11,889,642
Net Assets:
Class A	$	416,024		$	3,461,886
Class C		457,627			3,183,872
Class I		1,981,595			4,844,847
Class R2		5,603			—
Class R3		57			—
Class R4		791			—
Class R5		20			—
Class R6		523,648			399,037
Total	$	3,385,365		$	11,889,642
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		24,043			361,484
Class C		26,840			333,404
Class I		113,947			505,142
Class R2		325			—
Class R3		3			—
Class R4		46			—
Class R5		1			—
Class R6		30,123			41,600
Net Asset Value (a):
Class A — Redemption price per share	$	17.30		$	9.58
Class C — Offering price per share (b)		17.05			9.55
Class I — Offering and redemption price per share		17.39			9.59
Class R2 — Offering and redemption price per share		17.22			—
Class R3 — Offering and redemption price per share		17.37			—
Class R4 — Offering and redemption price per share		17.30			—
Class R5 — Offering and redemption price per share		17.39			—
Class R6 — Offering and redemption price per share		17.38			9.59
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)]	$	18.12		$	10.03
Cost of investments in non-affiliates	$	3,083,400		$	11,583,150
Cost of investments in affiliates		202,629			619,324
Cost of options purchased		4,567			—
Cost of foreign currency		27,201			6,106
Investment securities on loan, at value (See Note 2.F.)		101,292			176,029
Cost of investment of cash collateral (See Note 2.F.)		109,976			183,139
Proceeds from securities sold short		16,310			—
Premiums received from options written		264			—

(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, 2020 J.P. MORGAN FUNDS 133

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	26,476		$	204,098
Interest income from affiliates		—			2
Interest income from non-affiliates on securities sold short		56			—
Dividend income from non-affiliates		18,007			82,011
Dividend income from affiliates		1,957			3,653
Income from securities lending (net) (See Note 2.F.)		139			677
Foreign taxes withheld (net)		(900	)		(3,473	)
Total investment income		45,735			286,968
EXPENSES:
Investment advisory fees		10,038			27,773
Administration fees		1,369			4,513
Distribution fees:
Class A		559			4,656
Class C		1,901			13,534
Class R2		14			—
Class R3		—	(a)		—
Service fees:
Class A		559			4,656
Class C		634			4,512
Class I		2,684			6,863
Class R2		7			—
Class R3		—	(a)		—
Class R4		1			—
Class R5		—	(a)		—
Custodian and accounting fees		424			878
Interest expense to affiliates		12			10
Professional fees		92			157
Collateral management fees		4			—
Trustees’ and Chief Compliance Officer’s fees		19			38
Printing and mailing costs		101			404
Registration and filing fees		144			143
Transfer agency fees (See Note 2.L.)		44			146
Dividend expense to non-affiliates on securities sold short		206			—
Other		66			100
Total expenses		18,878			68,383
Less fees waived		(2,516	)		(14,182	)
Less expense reimbursements		—	(a)		(623	)
Net expenses		16,362			53,578
Net investment income (loss)	$	29,373		$	233,390

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN FUNDS APRIL 30, 2020

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	(45,971	)(a)	$	(245,355	)
Investments in affiliates		(96	)		(138	)
Options purchased		3,034			—
Futures contracts		(54,642	)		11,997
Securities sold short		1,285			—
Foreign currency transactions		(2,289	)		(2,297	)
Forward foreign currency exchange contracts		13,670			—
Options written		236			—
Swaps		(2,033	)		—
Unfunded commitments		—			—	(b)
Net realized gain (loss)		(86,806	)		(235,793	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(241,108	)(c)		(1,331,807	)(d)
Investments in affiliates		80			418
Options purchased		(9,519	)		—
Futures contracts		38,083			80,951
Securities sold short		(193	)		—
Foreign currency translations		728			(68	)
Forward foreign currency exchange contracts		3,015			—
Options written		135			—
Swaps		272			—
Unfunded commitments		18			27
Change in net unrealized appreciation/depreciation		(208,489	)		(1,250,479	)
Net realized/unrealized gains (losses)		(295,295	)		(1,486,272	)
Change in net assets resulting from operations	$	(265,922	)	$	(1,252,882	)

(a) Net of foreign capital gains tax of approximately $(12,000) for JPMorgan Global Allocation Fund.

(b) Amount rounds to less than one thousand.

(c) Net of change in foreign capital gains tax of approximately $6,000 for JPMorgan Global Allocation Fund.

(d) Net of change in foreign capital gains tax of approximately $632,000 for JPMorgan Income Builder Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 135

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, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	29,373		$	74,010		$	233,390		$	483,657
Net realized gain (loss)		(86,806	)		(13,419	)		(235,793	)		5,385
Change in net unrealized appreciation/depreciation		(208,489	)		245,135			(1,250,479	)		721,644
Change in net assets resulting from operations		(265,922	)		305,726			(1,252,882	)		1,210,686
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(6,887	)		(9,986	)		(79,787	)		(130,780	)
Class C		(6,657	)		(11,406	)		(68,130	)		(136,430	)
Class I		(35,483	)		(56,951	)		(120,992	)		(208,281	)
Class R2		(76	)		(103	)		—			—
Class R3		(1	)		(1	)		—			—
Class R4		(14	)		(6	)		—			—
Class R5		—	(a)		(1	)		—			—
Class R6		(9,261	)		(14,152	)		(9,145	)		(11,756	)
Total distributions to shareholders		(58,379	)		(92,606	)		(278,054	)		(487,247	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		34,853			(96,230	)		(99,567	)		636,913
NET ASSETS:
Change in net assets		(289,448	)		116,890			(1,630,503	)		1,360,352
Beginning of period		3,674,813			3,557,923			13,520,145			12,159,793
End of period	$	3,385,365		$	3,674,813		$	11,889,642		$	13,520,145

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN FUNDS APRIL 30, 2020

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	103,816		$	217,930		$	808,957		$	1,647,527
Distributions reinvested		6,379			9,209			76,921			126,307
Cost of shares redeemed		(98,273	)		(152,045	)		(664,641	)		(1,668,716	)
Change in net assets resulting from Class A capital transactions	$	11,922		$	75,094		$	221,237		$	105,118
Class C
Proceeds from shares issued	$	33,184		$	97,211		$	195,119		$	433,833
Distributions reinvested		5,634			9,866			60,292			121,362
Cost of shares redeemed		(64,442	)		(124,058	)		(478,275	)		(1,084,073	)
Change in net assets resulting from Class C capital transactions	$	(25,624	)	$	(16,981	)	$	(222,864	)	$	(528,878	)
Class I
Proceeds from shares issued	$	404,042		$	892,758		$	677,318		$	2,066,543
Distributions reinvested		28,332			45,377			106,998			182,360
Cost of shares redeemed		(426,590	)		(751,445	)		(976,498	)		(1,314,086	)
Change in net assets resulting from Class I capital transactions	$	5,784		$	186,690		$	(192,182	)	$	934,817
Class R2
Proceeds from shares issued	$	998		$	2,438		$	—		$	—
Distributions reinvested		76			103			—			—
Cost of shares redeemed		(352	)		(1,073	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	722		$	1,468		$	—		$	—
Class R3
Proceeds from shares issued	$	12		$	29		$	—		$	—
Distributions reinvested		1			1			—			—
Cost of shares redeemed		—	(a)		—			—			—
Change in net assets resulting from Class R3 capital transactions	$	13		$	30		$	—		$	—
Class R4
Proceeds from shares issued	$	286		$	653		$	—		$	—
Distributions reinvested		14			6			—			—
Cost of shares redeemed		(70	)		(64	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	230		$	595		$	—		$	—
Class R5
Proceeds from shares issued	$	—	(a)	$	—		$	—		$	—
Distributions reinvested		—	(a)		—	(a)		—			—
Cost of shares redeemed		—	(a)		—			—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(a)	$	—	(a)	$	—		$	—
Class R6
Proceeds from shares issued	$	46,954		$	102,415		$	124,273		$	161,099
Distributions reinvested		9,090			14,078			9,139			11,748
Cost of shares redeemed		(14,238	)		(459,619	)		(39,170	)		(46,991	)
Change in net assets resulting from Class R6 capital transactions	$	41,806		$	(343,126	)	$	94,242		$	125,856
Total change in net assets resulting from capital transactions	$	34,853		$	(96,230	)	$	(99,567	)	$	636,913

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 137

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, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		5,636			12,001			76,779			157,460
Reinvested		338			517			7,504			12,156
Redeemed		(5,511	)		(8,386	)		(65,697	)		(161,130	)
Change in Class A Shares		463			4,132			18,586			8,486
Class C
Issued		1,828			5,479			18,570			41,729
Reinvested		298			566			5,889			11,724
Redeemed		(3,672	)		(6,953	)		(47,568	)		(104,351	)
Change in Class C Shares		(1,546	)		(908	)		(23,109	)		(50,898	)
Class I
Issued		21,840			49,612			65,078			199,051
Reinvested		1,502			2,537			10,406			17,480
Redeemed		(24,142	)		(41,703	)		(98,274	)		(126,882	)
Change in Class I Shares		(800	)		10,446			(22,790	)		89,649
Class R2
Issued		53			133			—			—
Reinvested		4			6			—			—
Redeemed		(20	)		(59	)		—			—
Change in Class R2 Shares		37			80			—			—
Class R3
Issued		—	(a)		2			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—	(a)		—			—			—
Change in Class R3 Shares		—	(a)		2			—			—
Class R4
Issued		16			35			—			—
Reinvested		1			—	(a)		—			—
Redeemed		(4	)		(3	)		—			—
Change in Class R4 Shares		13			32			—			—
Class R5
Issued		—	(a)		—			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—	(a)		—			—			—
Change in Class R5 Shares		—	(a)		—	(a)		—			—
Class R6
Issued		2,488			5,601			11,635			15,445
Reinvested		483			787			893			1,125
Redeemed		(784	)		(25,785	)		(3,951	)		(4,513	)
Change in Class R6 Shares		2,187			(19,397	)		8,577			12,057

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN FUNDS APRIL 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2020 J.P. MORGAN FUNDS 139

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, 2020 (Unaudited)	$	18.82	$	0.14	$	(1.38	)	$	(1.24	)	$	(0.28	)	$	—		$	(0.28	)
Year Ended October 31, 2019		17.71		0.36		1.22			1.58			(0.47	)		—			(0.47	)
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	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		18.54		0.09		(1.34	)		(1.25	)		(0.24	)		—			(0.24	)
Year Ended October 31, 2019		17.47		0.27		1.19			1.46			(0.39	)		—			(0.39	)
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	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		18.91		0.16		(1.37	)		(1.21	)		(0.31	)		—			(0.31	)
Year Ended October 31, 2019		17.79		0.41		1.22			1.63			(0.51	)		—			(0.51	)
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	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		18.73		0.10		(1.36	)		(1.26	)		(0.25	)		—			(0.25	)
Year Ended October 31, 2019		17.64		0.30		1.20			1.50			(0.41	)		—			(0.41	)
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	)

(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 1.02% and 1.18% for the six months ended April 30, 2020, 1.02% and 1.23% for the year ended October 31, 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 1.68% for the six months ended April 30, 2020, 1.52% and 1.73% for the year ended October 31, 2019, 1.52% and 1.74% for the year ended October 31, 2018, 1.52% and 1.77% for the year ended October 31, 2017, Class I are 0.77% and 0.92% for the six months ended April 30, 2020, 0.77% and 0.97% for the year ended October 31, 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 1.46% for the six months ended April 30, 2020, 1.39% and 1.53% for the year ended October 31, 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 1.14% and 1.23% for the six months ended April 30, 2020, 1.14% and 1.41% for the year ended October 31, 2019, 1.19% and 1.34% for the period ended October 31, 2018, Class R4 are 0.89% and 0.94% for the six months ended April 30, 2020, 0.89% and 0.99% for the year ended October 31, 2019, 0.94% and 1.09% for the period ended October 31, 2018, Class R5 are 0.74% and 0.88% for the six months ended April 30, 2020, 0.75% and 0.97% for the year ended October 31, 2019, 0.69% and 0.84% for the period ended October 31, 2018 and Class R6 are 0.64% and 0.67% for the six months ended April 30, 2020, 0.64% and 0.72% for the year ended October 31, 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.

140 J.P. MORGAN FUNDS APRIL 30, 2020

					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 and reimbursements (including dividend expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (d)(h)			Portfolio turnover rate (including securities sold short) (d)(h)
$	17.30		(6.69	)%	$	416,024		1.03	%(i)		1.48	%		1.19	%(i)		54	%		59	%
	18.82		9.08			443,776		1.05	(i)		2.00			1.26	(i)		111			139
	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			—
	17.05		(6.88	)		457,627		1.53	(i)		0.98			1.69	(i)		54			59
	18.54		8.54			526,390		1.55	(i)		1.49			1.76	(i)		111			139
	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			—
	17.39		(6.53	)		1,981,595		0.78	(i)		1.73			0.93	(i)		54			59
	18.91		9.36			2,170,359		0.80	(i)		2.25			1.00	(i)		111			139
	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			—
	17.22		(6.84	)		5,603		1.40	(i)		1.12			1.47	(i)		54			59
	18.73		8.69			5,394		1.42	(i)		1.64			1.56	(i)		111			139
	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			—

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 141

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)(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 (continued)
Class R3
Six Months Ended April 30, 2020 (Unaudited)		18.90		0.12		(1.37	)		(1.25	)		(0.28	)		—			(0.28	)
Year Ended October 31, 2019		17.79		0.34		1.22			1.56			(0.45	)		—			(0.45	)
October 1, 2018 (j) through October 31, 2018		18.65		0.02		(0.88	)		(0.86	)		—			—			—
Class R4
Six Months Ended April 30, 2020 (Unaudited)		18.81		0.15		(1.36	)		(1.21	)		(0.30	)		—			(0.30	)
Year Ended October 31, 2019		17.71		0.42		1.17			1.59			(0.49	)		—			(0.49	)
October 1, 2018 (j) through October 31, 2018		18.56		0.02		(0.87	)		(0.85	)		—			—			—
Class R5
Six Months Ended April 30, 2020 (Unaudited)		18.92		0.16		(1.38	)		(1.22	)		(0.31	)		—			(0.31	)
Year Ended October 31, 2019		17.80		0.42		1.22			1.64			(0.52	)		—			(0.52	)
October 1, 2018 (j) through October 31, 2018		18.65		0.02		(0.87	)		(0.85	)		—			—			—
Class R6
Six Months Ended April 30, 2020 (Unaudited)		18.91		0.17		(1.38	)		(1.21	)		(0.32	)		—			(0.32	)
Year Ended October 31, 2019		17.79		0.43		1.22			1.65			(0.53	)		—			(0.53	)
November 1, 2017 (j) through October 31, 2018		18.74		0.37		(0.65	)		(0.28	)		(0.38	)		(0.29	)		(0.67	)

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN FUNDS APRIL 30, 2020

					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 and reimbursements (including dividend expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (d)(h)		Portfolio turnover rate (including securities sold short) (d)(h)
	17.37		(6.76	)		57		1.15	(i)		1.36		1.24	(i)		54		59
	18.90		8.97			50		1.17	(i)		1.83		1.44	(i)		111		139
	17.79		(4.61	)		19		1.23	(i)		1.08		1.38	(i)		108		131
	17.30		(6.56	)		791		0.90	(i)		1.60		0.95	(i)		54		59
	18.81		9.20			631		0.92	(i)		2.29		1.02	(i)		111		139
	17.71		(4.58	)		19		0.98	(i)		1.33		1.13	(i)		108		131
	17.39		(6.57	)		20		0.75	(i)		1.76		0.89	(i)		54		59
	18.92		9.39			21		0.78	(i)		2.27		1.00	(i)		111		139
	17.80		(4.56	)		19		0.73	(i)		1.58		0.88	(i)		108		131
	17.38		(6.52	)		523,648		0.65	(i)		1.86		0.68	(i)		54		59
	18.91		9.50			528,192		0.67	(i)		2.35		0.75	(i)		111		139
	17.79		(1.58	)		841,967		0.68	(i)		2.02		0.78	(i)		108		131

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 143

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			Return of capital			Total distributions
JPMorgan Income Builder Fund
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	10.73	$	0.19	$	(1.11	)	$	(0.92	)	$	(0.21	)	$	(0.02	)	$	—		$	(0.23	)
Year Ended October 31, 2019		10.13		0.41		0.60			1.01			(0.41	)		—			—			(0.41	)
Year Ended October 31, 2018		10.62		0.42		(0.48	)		(0.06	)		(0.43	)		—			—			(0.43	)
Year Ended October 31, 2017		9.95		0.41		0.67			1.08			(0.41	)		—			—			(0.41	)
Year Ended October 31, 2016		9.96		0.42		(0.01	)		0.41			(0.42	)		—			—			(0.42	)
Year Ended October 31, 2015		10.41		0.41		(0.41	)		—	(f)		(0.41	)		(0.02	)		(0.02	)		(0.45	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		10.70		0.16		(1.11	)		(0.95	)		(0.18	)		(0.02	)		—			(0.20	)
Year Ended October 31, 2019		10.10		0.36		0.60			0.96			(0.36	)		—			—			(0.36	)
Year Ended October 31, 2018		10.59		0.37		(0.49	)		(0.12	)		(0.37	)		—			—			(0.37	)
Year Ended October 31, 2017		9.92		0.36		0.67			1.03			(0.36	)		—			—			(0.36	)
Year Ended October 31, 2016		9.93		0.37		(0.01	)		0.36			(0.37	)		—			—			(0.37	)
Year Ended October 31, 2015		10.38		0.35		(0.40	)		(0.05	)		(0.36	)		(0.02	)		(0.02	)		(0.40	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		10.74		0.19		(1.11	)		(0.92	)		(0.21	)		(0.02	)		—			(0.23	)
Year Ended October 31, 2019		10.14		0.43		0.60			1.03			(0.43	)		—			—			(0.43	)
Year Ended October 31, 2018		10.63		0.44		(0.49	)		(0.05	)		(0.44	)		—			—			(0.44	)
Year Ended October 31, 2017		9.96		0.43		0.67			1.10			(0.43	)		—			—			(0.43	)
Year Ended October 31, 2016		9.97		0.43		(0.01	)		0.42			(0.43	)		—			—			(0.43	)
Year Ended October 31, 2015		10.42		0.42		(0.40	)		0.02			(0.43	)		(0.02	)		(0.02	)		(0.47	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		10.74		0.20		(1.11	)		(0.91	)		(0.22	)		(0.02	)		—			(0.24	)
Year Ended October 31, 2019		10.14		0.43		0.61			1.04			(0.44	)		—			—			(0.44	)
November 1, 2017 (g) through October 31, 2018		10.64		0.46		(0.51	)		(0.05	)		(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 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.

144 J.P. MORGAN FUNDS APRIL 30, 2020

		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)
$	9.58		(8.77	)%	$	3,461,886		0.74	%		3.61	%		1.02	%		35	%
	10.73		10.20			3,678,891		0.74			3.90			1.05			48
	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
	9.55		(9.02	)		3,183,872		1.25			3.10			1.52			35
	10.70		9.67			3,814,158		1.24			3.43			1.55			48
	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
	9.59		(8.69	)		4,844,847		0.59			3.75			0.77			35
	10.74		10.35			5,672,266		0.59			4.08			0.80			48
	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
	9.59		(8.66	)		399,037		0.51			3.87			0.52			35
	10.74		10.44			354,830		0.51			4.15			0.55			48
	10.14		(0.51	)		212,657		0.50			4.37			0.57			59

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (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	Diversification Classification
JPMorgan Global Allocation Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5, Class R6 and Class T(1)	Diversified
JPMorgan Income Builder Fund	Class A, Class C, Class I, Class R6 and Class T(1)	Diversified

⁽¹⁾  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. 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, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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.

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/or 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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

146 J.P. MORGAN FUNDS APRIL 30, 2020

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 foreign 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 (“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, 2020.

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
Asset-Backed Securities
Cayman Islands	$	—	$	—	$	5,136	$	5,136
United States		—		105,165		41,817		146,982
Total Asset-Backed Securities		—		105,165		46,953		152,118
Collateralized Mortgage Obligations
Bermuda		—		—		2,409		2,409
United States		—		111,581		34,265		145,846
Total Collateralized Mortgage Obligations		—		111,581		36,674		148,255
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		1,764		1,764
United States		—		85,412		55,065		140,477
Total Commercial Mortgage-Backed Securities		—		85,412		56,829		142,241
Common Stocks
Australia		—		31,552		19		31,571
Austria		—		4,589		—		4,589
Belgium		—		7,373		—		7,373
Brazil		10,127		—		—		10,127
Canada		17,588		—		—		17,588
Chile		—		97		—		97
China		29,917		53,610		—		83,527
Colombia		—		66		—		66
Denmark		—		18,086		—		18,086
Finland		—		7,610		—		7,610
France		—		72,468		—		72,468
Germany		561		63,670		—		64,231

APRIL 30, 2020 J.P. MORGAN FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Global Allocation Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Hong Kong	$	83	$	20,704	$	—		$	20,787
Hungary		—		936		—			936
India		12,305		—		—			12,305
Indonesia		—		6,194		—			6,194
Ireland		1,155		1,106		—			2,261
Israel		771		1,011		—			1,782
Italy		—		9,723		—			9,723
Japan		—		102,360		—			102,360
Luxembourg		—		479		—			479
Macau		—		1,724		—			1,724
Mexico		5,165		—		—			5,165
Netherlands		5,767		25,551		—			31,318
New Zealand		—		945		—			945
Norway		—		3,253		—			3,253
Peru		3,814		—		—			3,814
Poland		—		2,336		—			2,336
Portugal		—		517		—			517
Russia		2,790		6,289		—			9,079
Singapore		—		3,649		—			3,649
South Africa		1,541		5,452		—			6,993
South Korea		—		29,848		—			29,848
Spain		—		11,463		—			11,463
Sweden		—		16,788		—			16,788
Switzerland		700		86,265		—			86,965
Taiwan		22,982		9,941		—			32,923
Thailand		—		3,699		—			3,699
Turkey		—		979		—			979
United Arab Emirates		—		—		—	(a)		—	(a)
United Kingdom		3,363		87,748		—			91,111
United States		746,478		3,826		205			750,509
Total Common Stocks		865,107		701,907		224			1,567,238
Convertible Bonds		—		118		—			118
Corporate Bonds
Australia		—		1,257		—			1,257
Belgium		—		6,212		—			6,212
Canada		—		13,155		—			13,155
Cayman Islands		—		148		—			148
China		—		4,455		—			4,455
Denmark		—		2,097		—			2,097
Ecuador		—		119		—			119
France		—		19,284		—			19,284
Germany		—		8,695		—			8,695
Ireland		—		2,023		—			2,023
Italy		—		2,458		—			2,458
Japan		—		19,608		—			19,608
Luxembourg		—		3,902		—			3,902
Netherlands		—		12,100		—			12,100
Norway		—		786		—			786
Singapore		—		9,310		—			9,310
South Korea		—		6,079		—			6,079
Spain		—		4,054		—			4,054
Switzerland		—		11,685		—			11,685
United Arab Emirates		—		125		—			125
United Kingdom		—		30,966		—			30,966

148 J.P. MORGAN FUNDS APRIL 30, 2020

Global Allocation Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
United States	$	—		$	440,363		$	1	$	440,364
Venezuela, Bolivarian Republic of		—			18			—		18
Total Corporate Bonds		—			598,899			1		598,900
Exchange-Traded Funds		8,660			—			—		8,660
Foreign Government Securities		—			437,852			—		437,852
Loan Assignments
Canada		—			464			—		464
United States		—			9,209			816		10,025
Total Loan Assignments		—			9,673			816		10,489
Options Purchased
Call Options Purchased		97			33			—		130
Put Options Purchased		—			100			—		100
Total Options Purchased		97			133			—		230
Preferred Stocks
United States		14			31			387		432
Rights
Australia		—			2			—		2
United States		—			—			16		16
Total Rights		—			2			16		18
Supranational		—			7,178			—		7,178
U.S. Treasury Obligations		—			75,095			—		75,095
Warrants
Canada		—			1			—		1
United States		—			—			26		26
Total Warrants		—			1			26		27
Short-Term Investments
Commercial Paper		—			3,004			—		3,004
Foreign Government Treasury Bills		—			16,320			—		16,320
Investment Companies		202,721			—			—		202,721
Investment of cash collateral from securities loaned		109,995			—			—		109,995
U.S. Treasury Obligations		—			1,654			—		1,654
Total Short-Term Investments		312,716			20,978			—		333,694
Total Investments in Securities	$	1,186,594		$	2,154,025		$	141,926	$	3,482,545
Liabilities
Common Stocks	$	(15,338	)	$	—		$	—	$	(15,338	)
Exchange-Traded Funds		(1,057	)		—			—		(1,057	)
Total Liabilities in Securities Sold Short	$	(16,395	)	$	—		$	—	$	(16,395	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	4,191		$	—	$	4,191
Futures Contracts		59,597			—			—		59,597
Swaps		—			1,183			—		1,183
Total Appreciation in Other Financial Instruments	$	59,597		$	5,374		$	—	$	64,971
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(7,064	)	$	—	$	(7,064	)
Futures Contracts		(21,668	)		—			—		(21,668	)
Options Written
Call Options Written		—			(33	)		—		(33	)
Put Options Written		—			(100	)		—		(100	)
Total Depreciation in Other Financial Instruments	$	(21,668	)	$	(7,197	)	$	—	$	(28,865	)

APRIL 30, 2020 J.P. MORGAN FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Income Builder Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
Cayman Islands	$	—	$	—	$	5,862	$	5,862
United States		—		201,448		285,289		486,737
Total Asset-Backed Securities		—		201,448		291,151		492,599
Collateralized Mortgage Obligations
Bermuda		—		—		5,184		5,184
United States		—		673,222		149,367		822,589
Total Collateralized Mortgage Obligations		—		673,222		154,551		827,773
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		2,598		2,598
United States		—		162,625		98,457		261,082
Total Commercial Mortgage-Backed Securities		—		162,625		101,055		263,680
Common Stocks
Australia		—		99,781		—		99,781
Austria		—		3,078		—		3,078
Belgium		—		19,525		—		19,525
Brazil		17,454		—		—		17,454
Canada		98,021		—		—		98,021
Cayman Islands		—		—		22		22
Chile		2,366		—		—		2,366
China		—		179,220		—		179,220
Colombia		—		680		—		680
Czech Republic		—		3,585		—		3,585
Denmark		—		881		—		881
Finland		—		28,037		—		28,037
France		—		114,308		—		114,308
Germany		—		78,940		—		78,940
Hong Kong		—		79,282		—		79,282
India		9,121		46,475		—		55,596
Indonesia		—		21,596		—		21,596
Ireland		—		1,228		—		1,228
Italy		—		40,251		—		40,251
Japan		—		150,541		—		150,541
Macau		—		10,631		—		10,631
Mexico		25,886		—		—		25,886
Netherlands		747		18,502		—		19,249
New Zealand		—		3,414		1,521		4,935
Norway		—		6,251		—		6,251
Peru		1,869		—		—		1,869
Portugal		—		5,382		—		5,382
Russia		18,764		32,155		—		50,919
Saudi Arabia		—		11,521		—		11,521
Singapore		—		23,663		—		23,663
South Africa		7,802		13,704		—		21,506
South Korea		4,240		36,455		—		40,695
Spain		946		77,345		—		78,291
Sweden		1,320		16,943		—		18,263
Switzerland		—		157,703		—		157,703
Taiwan		86,824		74,960		—		161,784
Thailand		—		7,387		—		7,387
United Kingdom		19,418		181,925		—		201,343
United States		2,108,487		1,427		2,469		2,112,383
Total Common Stocks		2,403,265		1,546,776		4,012		3,954,053

150 J.P. MORGAN FUNDS APRIL 30, 2020

Income Builder Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Convertible Bonds	$	—	$	173,590	$	—	$	173,590
Convertible Preferred Stocks
United States		64,759		3,089		—		67,848
Corporate Bonds
Argentina		—		1,193		—		1,193
Australia		—		21,409		—		21,409
Azerbaijan		—		3,960		—		3,960
Bahrain		—		1,107		—		1,107
Belarus		—		690		—		690
Belgium		—		16,448		—		16,448
Brazil		—		3,359		—		3,359
Canada		—		148,528		—		148,528
Cayman Islands		—		3,276		—		3,276
Chile		—		2,935		—		2,935
China		—		2,782		—		2,782
Colombia		—		2,716		—		2,716
Costa Rica		—		725		—		725
Denmark		—		1,000		—		1,000
Finland		—		5,096		—		5,096
France		—		62,749		—		62,749
Germany		—		8,884		—		8,884
Guatemala		—		1,060		—		1,060
Hungary		—		1,013		—		1,013
India		—		861		—		861
Indonesia		—		7,786		—		7,786
Ireland		—		13,912		—		13,912
Italy		—		21,049		—		21,049
Japan		—		7,713		—		7,713
Kazakhstan		—		6,963		—		6,963
Luxembourg		—		55,612		—		55,612
Mexico		—		18,986		—		18,986
Mongolia		—		1,881		—		1,881
Morocco		—		2,380		—		2,380
Netherlands		—		24,802		—		24,802
Norway		—		3,351		—		3,351
Panama		—		589		—		589
Peru		—		3,128		—		3,128
Qatar		—		2,476		—		2,476
South Africa		—		1,519		—		1,519
South Korea		—		3,407		—		3,407
Spain		—		4,930		—		4,930
Sweden		—		991		—		991
Switzerland		—		66,067		—		66,067
Trinidad and Tobago		—		1,404		—		1,404
Turkey		—		620		—		620
United Arab Emirates		—		5,060		—		5,060
United Kingdom		—		108,068		—		108,068
United States		—		3,778,893		8		3,778,901
Total Corporate Bonds		—		4,431,378		8		4,431,386
Equity Linked Notes		—		277,615		—		277,615
Foreign Government Securities		—		167,017		—		167,017
Loan Assignments
Canada		—		6,795		—		6,795
France		—		2,514		—		2,514
United States		—		255,697		4,852		260,549
Total Loan Assignments		—		265,006		4,852		269,858

APRIL 30, 2020 J.P. MORGAN FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Income Builder Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Mortgage-Backed Securities	$	—		$	103,286		$	—	$	103,286
Preferred Stocks
United States		83,181			1,775			4,955		89,911
Rights		—			—			459		459
Supranational		—			587			—		587
U.S. Government Agency Securities		—			5,628			—		5,628
U.S. Treasury Obligations		—			78,848			—		78,848
Warrants		—			—			673		673
Short-Term Investments
Commercial Paper		—			656			—		656
Investment Companies		619,781			—			—		619,781
Investment of cash collateral from securities loaned		183,170			—			—		183,170
Total Short-Term Investments		802,951			656			—		803,607
Total Investments in Securities	$	3,354,156		$	8,092,546		$	561,716	$	12,008,418
Appreciation in Other Financial Instruments
Futures Contracts	$	66,399		$	64		$	—	$	66,463
Depreciation in Other Financial Instruments
Futures Contracts	$	(148	)	$	(16,292	)	$	—	$	(16,440	)

(a) Amount rounds to less than one thousand.

152 J.P. MORGAN FUNDS APRIL 30, 2020

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, 2019		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, 2020
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	7,751	$	(11	)	$	(855	)	$	—	(a)	$	—	$	(1,749	)	$	—	$	—		$	5,136
Asset-Backed Securities — United States		55,876		11			(3,576	)		31			2,640		(15,890	)		4,966		(2,241	)		41,817
Collateralized Mortgage Obligations — Bermuda		3,103		—			(400	)		—			—		(294	)		—		—			2,409
Collateralized Mortgage Obligations — United States		37,037		—			(5,055	)		(1	)		6,520		(2,239	)		4,051		(6,048	)		34,265
Commercial Mortgage-Backed Securities — Cayman Islands		1,995		—			(231	)		—			—		—			—		—			1,764
Commercial Mortgage-Backed Securities — United States		78,449		(705	)		(13,636	)		26			2,115		(13,747	)		2,563		—			55,065
Common Stocks — Australia		—		—			(24	)		—			9		(8	)		42		—			19
Common Stocks — United Arab Emirates		—		—			(80	)		—			14		—			66		—			—
Common Stocks — United States		215		—			(21	)		—			11		—			—		—			205
Corporate Bonds — United States		4		23			(3	)		—			—		(23	)		—		—			1
Loan Assignments — United States		253		100			91			1			604		(233	)		—		—			816
Preferred Stocks — United States		331		—			56			—			—		—			—		—			387
Rights — United States		15		—			1			—			—		—			—		—			16
Warrants — United States		57		—			(31	)		—			—		—			—		—			26
Total	$	185,086	$	(582	)	$	(23,764	)	$	57		$	11,913	$	(34,183	)	$	11,688	$	(8,289	)	$	141,926

APRIL 30, 2020 J.P. MORGAN FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Income Builder Fund	Balance as of October 31, 2019		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, 2020
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	10,743	$	(38	)		$ (872	)	$	1	$	—	$	(3,972	)	$	—	$	—		$	5,862
Asset-Backed Securities — United States		357,064		126			(24,815	)		476		24,962		(85,915	)		21,926		(8,535	)		285,289
Collateralized Mortgage Obligations — Bermuda		6,680		—			(1,078	)		—		—		(418	)		—		—			5,184
Collateralized Mortgage Obligations — United States		104,140		—	(a)		(23,268	)		4		76,829		(7,257	)		17,568		(18,649	)		149,367
Commercial Mortgage-Backed Securities — Cayman Islands		2,992		—			(394	)		—		—		—			—		—			2,598
Commercial Mortgage-Backed Securities — United States		139,275		(670	)		(26,370	)		36		7,258		(32,358	)		11,798		(512	)		98,457
Common Stocks — Cayman Islands		25		—			(3	)		—		—		—			—		—			22
Common Stocks — New Zealand		1,488		—			33			—		—		—			—		—			1,521
Common Stocks — United States		3,022		—			(352	)		—		76		(277	)		—		—			2,469
Corporate Bonds — United States		11		411			(2	)		—		—		(412	)		—		—			8
Loan Assignments — United States		1,842		708			468			5		3,960		(2,131	)		—		—			4,852
Preferred Stocks — United States		4,230		—			725			—		—		—			—		—			4,955
Rights — United States		432		—			27			—		—		—			—		—			459
Warrants — United States		1,482		—			(809	)		—		—		—			—		—			673
Total	$	633,426	$	537		$	(76,710	)	$	522	$	113,085	$	(132,740	)	$	51,292	$	(27,696	)	$	561,716

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

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

^(a)  Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2020, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Global Allocation Fund	$	(23,008	)
Income Builder Fund		(74,705	)

154 J.P. MORGAN FUNDS APRIL 30, 2020

These amounts are included in Change in net unrealized appreciation/ depreciation of investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the six months ended April 30, 2020.

Global Allocation Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	41,312		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (11.18%)
					Constant Default Rate		0.00% - 5.00% (1.54%)
					Yield (Discount Rate of Cash Flows)		2.52% - 130.69% (7.62%)
Asset-Backed Securities		41,312
		55,065		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (7.26%)
					Constant Default Rate		0.00% - 5.00% (0.07%)
					Yield (Discount Rate of Cash Flows)		(19.44)% - 199.00% (10.41%)
Commercial Mortgage Backed Securities		55,065
		34,893		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 25.00% (17.98%)
					Constant Default Rate		0.00% - 2.95% (0.12%)
					Yield (Discount Rate of Cash Flows)		2.26% - 16.90% (6.35%)
Collateralized Mortgage Obligations		34,893
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
Common Stocks		—	(b)
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
Preferred Stocks		—	(b)
		21		Pending Distribution	Expected Recovery		100.00% (100.00%)
Loan Assignments		21
		—	(d)	Pending Distribution	Discount for Potential Outcome (e)		100.00% (100.00%)
Rights		—	(d)
Total	$	131,291

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At April 30, 2020, the value of these investments was approximately $10,635,000. 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 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.

APRIL 30, 2020 J.P. MORGAN FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at April 30, 2020			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		—	(b)
		1		Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
Preferred Stocks		1
		—	(d)	Pending Distribution	Discount for Potential Outcome (e)		100.00% (100.00%)
Corporate Bonds		—	(d)
		285,287		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (8.96%)
					Constant Default Rate		0.00% - 9.40% (2.11%)
					Yield (Discount Rate of Cash Flows)		1.53% - 130.69% (6.41%)
Asset-Backed Securities		285,287
		150,991		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 25.00% (18.58%)
					Constant Default Rate		0.00% - 4.00% (0.12%)
					Yield (Discount Rate of Cash Flows)		3.16% - 16.90% (6.25%)
Collateralized Mortgage Obligations		150,991
		91,922		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (5.86%)
					Constant Default Rate		0.00% - 5.00% (0.04%)
					Yield (Discount Rate of Cash Flows)		-19.44% - 199.00% (12.73%)
Commercial Mortgage-Backed Securities		91,922
		194		Pending Distribution	Expected Recovery		100.00% (100.00%)
Loan Assignments		194
Total	$	528,395

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At April 30, 2020, the value of these investments was approximately $33,321,000. 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) Value is zero.

(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 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.

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.

156 J.P. MORGAN FUNDS APRIL 30, 2020

As of April 30, 2020, 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. 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, a 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.

D. 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, 2020, Income Builder Fund had the following loan commitments in which all or a portion of the commitment was unfunded which could be extended at the options of the borrower (amounts in thousands):

											Unfunded Commitment				Funded Commitment				Total Commitment
	Security Description	Term	Maturity Date		Commitment Fee Rate			Rate if Funded			Par Amount		Value		Par Amount		Value		Par Amount		Value
Income Builder Fund	Moran Foods LLC	1st Lien Term Loan B		3/27/2023		11.500	%		11.500	%	$	483	$	483	$	—	$	—	$	483	$	483
	CVS Holdings I LP	Delayed Draw Term Loan		8/31/2026		4.250			4.250			25		20		57		48		82		68

E. 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, 2020, which are shown as a Payable for Investment securities purchased — delayed delivery securities on the Statements of Assets and Liabilities. The values of these securities held at April 30, 2020 are detailed on the SOIs.

F. Securities Lending — The Funds are 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 the Class IM Shares of the JPMorgan U.S. Government Money Market Fund. The Funds retains loan fees

APRIL 30, 2020 J.P. MORGAN FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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 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.

The following table presents for each lending Fund, the value of 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, 2020 (amounts in thousands):

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to counterparty (not less than zero)
Global Allocation Fund	$	101,292	$	(101,292	)	$	—
Income Builder Fund		176,029		(176,029	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. JPMIM waived fees associated with the Fund’s investments in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Global Allocation Fund	$	3
Income Builder Fund		9

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).

G. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. 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.

158 J.P. MORGAN FUNDS APRIL 30, 2020

Global Allocation Fund

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63%(a)(b)	$	158,629	$	1,281,776	$	1,237,651	$	(96	)	$	63	$	202,721		202,558	$	1,957		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77%(a)(b)		20,002		219,000		145,001		11	*		17		94,029		94,011		195	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23%(a)(b)		12,304		122,101		118,439		—			—		15,966		15,966		49	*		—
Total	$	190,935	$	1,622,877	$	1,501,091	$	(85	)	$	80	$	312,716			$	2,201		$	—

Income Builder Fund

	For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.69%(a)(b)	$	83,862	$	439,171	$	445,037	$	(18	)	$	29	$	78,007		77,944	$	544		$	—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63%(a)(b)		607,894		2,431,626		2,497,984		(120	)		358		541,774		541,341		3,109			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77%(a)(b)		—		413,000		277,000		(6	)*		31		136,025		135,998		1,363	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23%(a)(b)		—		374,628		327,483		—			—		47,145		47,145		176	*		—
Total	$	691,756	$	3,658,425	$	3,547,504	$	(144	)	$	418	$	802,951			$	5,192		$	—

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

(b) The rate shown is the current yield as of April 30, 2020.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

H. 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.

APRIL 30, 2020 J.P. MORGAN FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

I. 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 potential 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 against collateral posted to a segregated account by one party for the benefit of the other.

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

Notes I(1) — I(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’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 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.

160 J.P. MORGAN FUNDS APRIL 30, 2020

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, 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 — Global Allocation Fund is 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 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 the 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 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 Fund also record a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

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.

(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 contracts negotiated 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.

APRIL 30, 2020 J.P. MORGAN FUNDS 161

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Credit Default Swaps

Global Allocation 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 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, each swap is designed to function as a portfolio of direct investments in long and/or 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 plus or minus a specified spread and are referred to herein as “financing costs” and net dividends. Positions within each 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 contracts on the Statements of Assets and Liabilities and as Net realized gain (loss) on transactions from swap on the Statements of Operations.

Each swap involve 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 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 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/or other receivables (payables) from gains/ (losses) realized when the swap resets; and (v) other factors, as applicable. The value of each swap is reflected on the Statements of Assets and Liabilities 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 Statements of Operations.

The total return basket swap contracts are subject to a master netting arrangements. The Fund may be required to post or receive collateral for the total return basket swaps.

162 J.P. MORGAN FUNDS APRIL 30, 2020

(5). Summary of Derivatives Information — The following tables present the value of derivatives held as of April 30, 2020 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Allocation Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		OTC Swaps		Options			Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,377	$	97		$	49,245		$	—		$	50,719
Foreign exchange contracts	Receivables		—		133			—			4,191			4,324
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		—		—			10,352			—			10,352
Total		$	1,377	$	230		$	59,597		$	4,191		$	65,395
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	—		$	(14,106	)	$	—		$	(14,106	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		—		(133	)		(5,971	)		(7,064	)		(13,168	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—		—			(1,591	)		—			(1,591	)
Total		$	—	$	(133	)	$	(21,668	)	$	(7,064	)	$	(28,865	)

(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 Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	64
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		6,659
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		59,740
Total		$	66,463
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(16,292	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(148	)
Total		$	(16,440	)

(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, 2020 J.P. MORGAN FUNDS 163

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2020 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	$	—		$	—		$	—	$	413		$	413
Equity contracts		3,408			(67,013	)		—		(2,311	)		(65,916	)
Foreign exchange contracts		(138	)		(2,162	)		13,670		—			11,370
Interest rate contracts		—			14,533			—		(135	)		14,398
Total	$	3,270		$	(54,642	)	$	13,670	$	(2,033	)	$	(39,735	)
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	$	—		$	—		$	—	$	75		$	75
Equity contracts		(9,551	)		34,303			—		225			24,977
Foreign exchange contracts		167			(6,360	)		3,015		—			(3,178	)
Interest rate contracts		—			10,140			—		(28	)		10,112
Total	$	(9,384	)	$	38,083		$	3,015	$	272		$	31,986

Income Builder Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	6,388
Foreign exchange contracts		(10,121	)
Interest rate contracts		15,730
Total	$	11,997

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(4,160	)
Foreign exchange contracts		19,129
Interest rate contracts		65,982
Total	$	80,951

164 J.P. MORGAN FUNDS APRIL 30, 2020

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, 2020. 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	$	448,381		$	202,247
Average Notional Balance Short		167,620			372,592
Ending Notional Balance Long		520,575			5,888
Ending Notional Balance Short		119,073			111,170
Futures Contracts — Foreign Exchange:
Average Notional Balance Long		313,811			—
Average Notional Balance Short		—			268,873
Ending Notional Balance Long		386,748			—
Ending Notional Balance Short		—			262,606
Futures Contracts — Interest Rate:
Average Notional Balance Long		590,993			1,406,701
Average Notional Balance Short		208,605			—
Ending Notional Balance Long		462,310			1,732,100
Ending Notional Balance Short		358,622			—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		217,574			—
Average Settlement Value Sold		842,646			—
Ending Settlement Value Purchased		195,833			—
Ending Settlement Value Sold		1,073,942			—
Exchange-Traded Options:
Average Number of Contracts Purchased		43,013			—
Ending Number of Contracts Purchased		467			—
Swaptions & OTC Options:
Average Notional Balance Purchased		19,563			—
Average Notional Balance Written		11,298			—
Ending Notional Balance Purchased		9,659			—
Ending Notional Balance Written		9,659			—
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed rate		17,178	(a)		—
Average Notional Balance — Receives Fixed rate		4,719			—
Credit Default Swaps:
Average Notional Balance — Buy Protection		4,444			—
Total Return Basket Swaps:
Average Notional Balance Long		13,465			—
Ending Notional Balance Long		14,061			—

(a) For the period November 1, 2019 through February 29, 2020.

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.

APRIL 30, 2020 J.P. MORGAN FUNDS 165

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Global Allocation Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of April 30, 2020 are as follows (amounts in thousands):

Fund Counterparty		Value of derivative contracts		Collateral amount
Bank of America, NA	Collateral Received	$	1,377	$	1,430

The Funds’ derivatives contracts held at April 30, 2020 are not accounted for as hedging instruments under GAAP.

J. 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, 2020, the Fund had outstanding short sales as listed on the SOI.

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.

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 applicable funds. 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 share class of the Funds for the six months ended April 30, 2020 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	$	13	$	13	$	14	$	1	$	—	(a)	$	—	(a)	$	—	(a)	$	3	$	44
Income Builder Fund
Transfer agency fees		55		58		31		n/a		n/a			n/a			n/a			2		146

(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, 2020, 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

166 J.P. MORGAN FUNDS APRIL 30, 2020

future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each 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 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.

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.

P. Recent Accounting Pronouncement — 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 amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Funds have adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU 2017-08, as of May 1, 2020, the amortized cost basis of investments and unrealized appreciation (depreciation) of investments of the Funds were increased (decreased) by the amounts presented in the following table (amounts in thousands). The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

	Amortized Cost Basis of Investments			Unrealized Appreciation (Depreciation) of Investments
Global Allocation Fund	$	(354	)	$	354
Income Builder Fund		(5,880	)		5,880

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory 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	0.55	%
Income Builder Fund	0.42

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 each Fund. In consideration of these services, 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. For the six months ended April 30, 2020, 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 each Fund’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, Class R2, Class R3 and Class T Shares of the Funds, pursuant to Rule 12b-1 under the 1940 Act. The Class I, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, 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

APRIL 30, 2020 J.P. MORGAN FUNDS 167

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	27	$	—	(a)
Income Builder Fund		215		7

(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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except 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. Pursuant to such contracts, 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/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses of the Funds and Underlying Funds and ETFs (excluding dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses incurred by the Funds and any Underlying Fund and ETFs and acquired fund fees incurred by an Underlying Fund and ETFs) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class 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, 2020 and are in place until at least February 28, 2021.

For the six months ended April 30, 2020, 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	$	226	$	150	$	1,888	$	2,264	$	—	(a)
Income Builder Fund		—		—		13,699		13,699		623

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (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.

168 J.P. MORGAN FUNDS APRIL 30, 2020

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2020 were as follows (amounts in thousands):

Global Allocation Fund	$	252
Income Builder Fund		483

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, 2020, 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, 2020, 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	$	1,774,029	$	1,629,612	$	43,731	$	51,091	$	160,939	$	155,572
Income Builder Fund		4,533,444		4,313,588		64,398		113,978		—		—

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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund*	$	3,383,998	$	339,410	$	220,958	$	118,452
Income Builder Fund		12,385,613		743,922		1,071,094		(327,172	)

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

As of October 31, 2019, the following Fund had net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Global Allocation Fund	$	37,893	$	—

During the year ended October 31, 2019, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
Income Builder Fund	$	14,741	$	—

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).

APRIL 30, 2020 J.P. MORGAN FUNDS 169

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

The Funds had no borrowings outstanding from another fund during the six months ended April 30, 2020.

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 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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 London InterBank Offered Rate (“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 13, 2019, 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 year ended April 30, 2020.

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, 2020, 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		25.3	%
Income Builder Fund		1		16.0			2		22.2

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.

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 be 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 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. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. 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.

170 J.P. MORGAN FUNDS APRIL 30, 2020

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of the Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

APRIL 30, 2020 J.P. MORGAN FUNDS 171

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, 2019, and continued to hold your shares at the end of the reporting period, April 30, 2020.

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Global Allocation Fund
Class A
Actual	$	1,000.00	$	933.10	$	4.95		1.03	%
Hypothetical		1,000.00		1,019.74		5.17		1.03
Class C
Actual		1,000.00		931.20		7.35		1.53
Hypothetical		1,000.00		1,017.26		7.67		1.53
Class I
Actual		1,000.00		934.70		3.75		0.78
Hypothetical		1,000.00		1,020.98		3.92		0.78
Class R2
Actual		1,000.00		931.60		6.72		1.40
Hypothetical		1,000.00		1,017.90		7.02		1.40
Class R3
Actual		1,000.00		932.40		5.53		1.15
Hypothetical		1,000.00		1,019.14		5.77		1.15
Class R4
Actual		1,000.00		934.40		4.33		0.90
Hypothetical		1,000.00		1,020.39		4.52		0.90
Class R5
Actual		1,000.00		934.30		3.61		0.75
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class R6
Actual		1,000.00		934.80		3.13		0.65
Hypothetical		1,000.00		1,021.63		3.27		0.65

172 J.P. MORGAN FUNDS APRIL 30, 2020

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Income Builder Fund
Class A
Actual	$	1,000.00	$	912.30	$	3.52		0.74	%
Hypothetical		1,000.00		1,021.18		3.72		0.74
Class C
Actual		1,000.00		909.80		5.94		1.25
Hypothetical		1,000.00		1,018.65		6.27		1.25
Class I
Actual		1,000.00		913.10		2.81		0.59
Hypothetical		1,000.00		1,021.93		2.97		0.59
Class R6
Actual		1,000.00		913.40		2.43		0.51
Hypothetical		1,000.00		1,022.33		2.56		0.51

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

APRIL 30, 2020 J.P. MORGAN FUNDS 173

LIQUIDITY RISK MANAGEMENT PROGRAM:

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

174 J.P. MORGAN FUNDS APRIL 30, 2020

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., 2020.  All rights reserved. April 2020 SAN-IB-GAL-420

Semi-Annual Report

J.P. Morgan Funds

April 30, 2020 (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

Letter to Shareholders	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	20
Financial Highlights	26
Notes to Financial Statements	28
Schedule of Shareholder Expenses	41
Liquidity Risk Management Program	42

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.

LETTER TO SHAREHOLDERS

June 11, 2020 (Unaudited)

Dear Shareholders,

Many have faced significant challenges since my last letter, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. While many have endured uncertainty and abrupt changes in their personal and professional lives related to these challenges, you can be confident that J.P. Morgan Asset Management is well-prepared for adverse events and is taking action to ensure that our clients and mutual fund shareholders continue to receive the service that is the foundation of our enterprise.

  “Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions.” — Andrea L. Lisher

Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions. While our own employees transitioned to working from home, they worked tirelessly to

guide our clients and shareholders through this unprecedented time. We are here for you — our clients and fund shareholders — regardless of the economic, market or social and civic environment. That’s how we have always operated and we will not waiver in that commitment.

JPMorgan Chase & Co. has also recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion, recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion website.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

APRIL 30, 2020 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(12.78)%
J.P. Morgan Emerging Markets Bond Index Global Diversified	(10.08)%
Emerging Markets Strategic Debt Composite Benchmark***	(8.39)%
Net Assets as of 4/30/2020 (In Thousands)	$479,588
Duration as of 4/30/2020	6.9 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 negative absolute performance and underperformed both the J.P. Morgan Emerging Markets Bond Index Global Diversified (the “Index”) and the Emerging Markets Strategic Debt Composite Benchmark (the “Composite Benchmark”) for the six months ended April 30, 2020.

Relative to the Index, the Fund’s underweight allocation to emerging markets sovereign bonds and its overweight allocation to emerging market corporate bonds were the leading detractors from performance over the period. The Fund’s overweight allocation to local currency-denominated bonds was a leading contributor to performance relative to the Index.

The Fund’s overweight allocation to Lebanon was the largest detractor from relative performance as the nation defaulted on loans during the reporting period. The Fund’s overweight allocation to Angola and its underweight allocation to China also detracted from performance. Angola’s economy is heavily reliant on petroleum exports and a sharp decline in global oil prices in 2020 hurt Angolan bond prices. In China, both sovereign and corporate bonds rebounded faster than expected from a sell-off sparked by the outbreak of the COVID-19 virus.

The Fund’s allocation to U.S. Treasury bond futures was the largest contributor to performance relative to the Index. By purchasing long futures positions, the Fund’s managers increased the duration of the Fund, which helped performance as interest rates fell during the reporting period. Generally, bonds with longer duration will experience greater price appreciation as interest rates decline, compared with shorter duration bonds. The Fund’s overweight allocation to the Japanese yen also contributed to relative performance as investors sought currencies believed to be safer in response to the global spread of COVID-19.

Relative to the Composite Benchmark, the Fund’s security selection in emerging markets sovereign bonds and its out-of-benchmark allocations to emerging markets corporate bonds detracted from performance. The Fund’s out-of-benchmark allocations to emerging market local currency bonds contributed to performance relative to the Composite Benchmark.

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’s largest overweight positions were in the currencies of Japan, Serbia and Ukraine, while the Fund’s largest underweight positions were in the currencies of Australia, Turkey and the U.S. In terms of sovereign debt, the Fund was overweight in Mexico, Ukraine and Peru and underweight in Indonesia, Russia and Panama.

2 J.P. MORGAN FUNDS APRIL 30, 2020

PORTFOLIO COMPOSITION BY SECURITY TYPE****
Foreign Government Securities	67.7	%
Corporate Bonds	23.5
Others (each less than 1.0%)	0.6
Short-Term Investments	8.2

PORTFOLIO COMPOSITION BY COUNTRY****
Mexico	5.7	%
Indonesia	4.5
Ukraine	4.1
Peru	4.0
Russia	3.3
Panama	2.8
Turkey	2.7
Brazil	2.7
Qatar	2.6
Morocco	2.5
Dominican Republic	2.4
Colombia	2.4
Philippines	2.3
South Africa	2.3
Serbia	2.2
United Arab Emirates	2.2
Ivory Coast	2.1
Chile	2.0
Egypt	2.0
Sri Lanka	1.8
Oman	1.8
Kazakhstan	1.8
Saudi Arabia	1.7
Uruguay	1.6
Bahrain	1.6
China	1.5
Czech Republic	1.5
Nigeria	1.4
Malaysia	1.2
Romania	1.2
Thailand	1.1
Paraguay	1.0
Jamaica	1.0
Argentina	1.0
Others (each less than 1.0%)	15.8
Short-Term Investments	8.2

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

    ** The Emerging Markets Strategic Debt Composite Benchmark is made up of an equally weighted average of the J.P. Morgan Emerging Markets Bond Index Global Diversified, the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified and the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified.

  *** 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, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		June 29, 2012
With Sales Charge**				(16.19	)%		(11.54	)%		(2.20	)%		(3.17	)%
Without Sales Charge				(12.88	)		(8.14	)		(1.45	)		(2.70	)
CLASS C SHARES		June 29, 2012
With CDSC***				(13.98	)		(9.41	)		(1.90	)		(3.16	)
Without CDSC				(12.98	)		(8.41	)		(1.90	)		(3.16	)
CLASS I SHARES		June 29, 2012		(12.78	)		(7.90	)		(1.20	)		(2.46	)
CLASS R2 SHARES		June 29, 2012		(13.00	)		(8.33	)		(1.69	)		(2.93	)
CLASS R5 SHARES		June 29, 2012		(12.74	)		(7.78	)		(1.01	)		(2.26	)
CLASS R6 SHARES		June 29, 2012		(12.69	)		(7.68	)		(0.95	)		(2.20	)

* 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 4/30/20)

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 and Emerging Markets Strategic Debt Composite Benchmark from June 29, 2012 to April 30, 2020. 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 and the Emerging Markets Strategic Debt Composite Benchmark do not reflect the deduction of expenses associated with a mutual 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 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. 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 applicable 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 on gains resulting from 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, 2020

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — 65.4%
Angola — 0.5%
Republic of Angola
8.00%, 11/26/2029 (a)		3,660		1,574
9.38%, 5/8/2048 (b)		1,606		686
				2,260
Argentina — 0.9%
Argentine Republic
6.88%, 4/22/2021		2,512		720
5.63%, 1/26/2022		2,350		646
6.63%, 7/6/2028		2,000		501
8.28%, 12/31/2033		2,821		991
7.13%, 7/6/2036		603		144
7.63%, 4/22/2046		2,798		685
6.88%, 1/11/2048		2,232		518
7.13%, 6/28/2117		182		42
				4,247
Armenia — 0.4%
Republic of Armenia 3.95%, 9/26/2029 (a)		1,890		1,758
Azerbaijan — 0.4%
Republic of Azerbaijan
4.75%, 3/18/2024 (b)		1,449		1,460
3.50%, 9/1/2032 (b)		500		444
				1,904
Bahrain — 1.1%
Kingdom of Bahrain
6.13%, 8/1/2023 (b)		500		501
7.00%, 10/12/2028 (b)		1,160		1,152
6.75%, 9/20/2029 (b)		994		962
6.00%, 9/19/2044 (b)		3,024		2,559
				5,174
Benin — 0.3%
Benin Government Bond 5.75%, 3/26/2026 (a)		EUR 1,520		1,374
Bermuda — 0.1%
Bermuda Government Bond 4.85%, 2/6/2024 (b)		643		669
Bolivia, Plurinational State of — 0.3%
Plurinational State of Bolivia 4.50%, 3/20/2028 (b)		1,500		1,218
Brazil — 1.8%
Federative Republic of Brazil
4.63%, 1/13/2028		389		403
4.50%, 5/30/2029		2,600		2,593

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Brazil — continued
8.25%, 1/20/2034		1,043		1,274
5.63%, 1/7/2041		2,300		2,291
4.75%, 1/14/2050		2,150		1,922
				8,483
Chile — 1.0%
Republic of Chile 3.50%, 1/25/2050		4,700		4,794
Colombia — 1.6%
Republic of Colombia
7.38%, 9/18/2037		1,000		1,235
5.00%, 6/15/2045		3,741		3,760
5.20%, 5/15/2049		2,430		2,509
				7,504
Costa Rica — 0.1%
Republic of Costa Rica 4.25%, 1/26/2023 (b)		800		713
Czech Republic — 1.5%
Czech Republic
1.25%, 2/14/2025		CZK58,000		2,367
0.25%, 2/10/2027		CZK66,890		2,550
1.20%, 3/13/2031		CZK29,130		1,170
4.85%, 11/26/2057 (b)		CZK15,500		1,006
				7,093
Dominican Republic — 2.3%
Dominican Republic Government Bond
8.90%, 2/15/2023 (b)		DOP19,350		306
5.88%, 4/18/2024 (b)		1,200		1,156
9.75%, 6/5/2026 (a)		DOP 195,000		2,955
6.00%, 7/19/2028 (b)		555		498
6.40%, 6/5/2049 (a)		3,740		3,037
6.40%, 6/5/2049 (b)		2,200		1,786
5.88%, 1/30/2060 (a)		1,930		1,515
				11,253
Ecuador — 0.7%
Republic of Ecuador
10.75%, 3/28/2022 (b) (c)		1,536		480
8.75%, 6/2/2023 (b) (c)		1,050		321
7.95%, 6/20/2024 (b) (c)		200		62
9.63%, 6/2/2027 (b) (c)		705		198
8.88%, 10/23/2027 (b) (c)		2,400		670
10.75%, 1/31/2029 (a) (c)		2,270		647
9.50%, 3/27/2030 (a) (c)		2,569		745
				3,123

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Egypt — 1.9%
Arab Republic of Egypt
5.88%, 6/11/2025 (b)		900		849
4.75%, 4/16/2026 (b)		EUR    677		627
7.50%, 1/31/2027 (b)		3,400		3,290
7.05%, 1/15/2032 (a)		2,990		2,642
8.50%, 1/31/2047 (b)		1,033		920
8.15%, 11/20/2059 (a)		1,000		866
				9,194
El Salvador — 0.8%
Republic of El Salvador
7.75%, 1/24/2023 (b)		970		834
5.88%, 1/30/2025 (b)		720		576
8.63%, 2/28/2029 (b)		1,020		865
8.25%, 4/10/2032 (b)		558		456
7.65%, 6/15/2035 (b)		917		726
7.12%, 1/20/2050 (b)		428		323
				3,780
Ethiopia — 0.2%
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (b)		1,217		1,047
Gabon — 0.3%
Gabonese Republic
6.38%, 12/12/2024 (b)		359		257
6.95%, 6/16/2025 (b)		802		569
6.63%, 2/6/2031 (a)		700		492
				1,318
Ghana — 0.3%
Republic of Ghana
7.88%, 3/26/2027 (a)		750		589
10.75%, 10/14/2030 (b)		570		593
8.63%, 6/16/2049 (b)		600		453
				1,635
Guatemala — 0.7%
Republic of Guatemala
4.50%, 5/3/2026 (b)		884		879
4.90%, 6/1/2030 (a)		430		429
5.38%, 4/24/2032 (a)		650		661
6.13%, 6/1/2050 (a)		1,300		1,350
				3,319
Honduras — 0.2%
Republic of Honduras 6.25%, 1/19/2027 (b)		1,095		1,030

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Hungary — 0.5%
Hungary Government Bond
5.38%, 3/25/2024		980		1,094
7.63%, 3/29/2041		724		1,163
				2,257
Indonesia — 1.9%
Republic of Indonesia
6.50%, 6/15/2025		IDR 63,000,000		4,102
8.25%, 5/15/2029		IDR 24,000,000		1,640
6.75%, 1/15/2044 (b)		1,022		1,370
4.35%, 1/11/2048		700		721
3.70%, 10/30/2049		1,500		1,474
				9,307
Iraq — 0.3%
Republic of Iraq 5.80%, 1/15/2028 (b)		1,900		1,377
Israel — 0.3%
State of Israel Government Bond
3.88%, 7/3/2050		970		1,073
4.50%, 4/3/2120		340		397
				1,470
Ivory Coast — 2.0%
Republic of Cote d’Ivoire
6.13%, 6/15/2033 (b)		6,539		5,627
6.88%, 10/17/2040 (a)		EUR4,570		4,157
				9,784
Jamaica — 1.0%
Jamaica Government Bond
6.75%, 4/28/2028		1,800		1,799
8.00%, 3/15/2039		911		959
7.88%, 7/28/2045		1,805		1,892
				4,650
Kazakhstan — 0.3%
Republic of Kazakhstan 4.88%, 10/14/2044 (b)		1,350		1,531
Kenya — 0.6%
Republic of Kenya
6.88%, 6/24/2024 (b)		2,150		1,951
8.25%, 2/28/2048 (b)		1,000		891
				2,842
Lebanon — 0.4%
Lebanese Republic
6.38%, 3/9/2020 (c)		3,165		475

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Lebanon — continued
6.15%, 6/19/2020 (c)		1,450		228
6.85%, 3/23/2027 (b) (c)		2,977		473
6.65%, 11/3/2028 (b) (c)		3,378		532
6.65%, 2/26/2030 (b) (c)		708		111
				1,819
Macedonia, the Former Yugoslav Republic of — 0.5%
Republic of North Macedonia
2.75%, 1/18/2025 (b)		EUR2,000		2,128
2.75%, 1/18/2025 (a)		EUR432		460
				2,588
Malaysia — 0.4%
1MDB Global Investments Ltd. 4.40%, 3/9/2023 (b)		2,400		2,122
Mexico — 3.1%
Mex Bonos Desarr Fix Rt 10.00%, 12/5/2024		MXN 150,000		7,339
United Mexican States
4.15%, 3/28/2027		1,000		1,004
4.50%, 4/22/2029		2,850		2,864
4.75%, 3/8/2044		600		558
5.55%, 1/21/2045		790		822
4.60%, 1/23/2046		1,000		908
4.60%, 2/10/2048		1,000		912
5.75%, 10/12/2110		400		381
				14,788
Montenegro — 0.3%
Republic of Montenegro 3.38%, 4/21/2025 (a)		EUR1,440		1,544
Morocco — 1.0%
Kingdom of Morocco
1.50%, 11/27/2031 (a)		EUR4,190		4,132
5.50%, 12/11/2042 (b)		800		906
				5,038
Mozambique — 0.1%
Republic of Mozambique 5.00%, 9/15/2031 (a) (d)		700		472
Namibia — 0.2%
Republic of Namibia
5.50%, 11/3/2021 (b)		299		289
5.25%, 10/29/2025 (b)		701		635
				924

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Nigeria — 1.3%
Federal Republic of Nigeria
6.50%, 11/28/2027 (b)		1,000		753
7.14%, 2/23/2030 (b)		300		226
7.88%, 2/16/2032 (b)		1,964		1,489
7.63%, 11/28/2047 (b)		5,450		3,984
				6,452
Oman — 1.7%
Sultanate of Oman Government Bond
4.75%, 6/15/2026 (b)		3,650		2,772
5.38%, 3/8/2027 (b)		4,494		3,411
6.00%, 8/1/2029 (b)		209		159
6.75%, 1/17/2048 (b)		2,722		1,909
				8,251
Panama — 2.4%
Notas del Tesoro 3.75%, 4/17/2026 (a)		2,590		2,567
Republic of Panama
3.88%, 3/17/2028		1,300		1,402
9.38%, 4/1/2029		400		561
4.30%, 4/29/2053		650		714
4.50%, 4/1/2056		2,230		2,509
3.87%, 7/23/2060		3,500		3,640
				11,393
Paraguay — 0.9%
Republic of Paraguay
4.70%, 3/27/2027 (b)		750		771
4.95%, 4/28/2031 (a)		1,050		1,076
6.10%, 8/11/2044 (b)		1,368		1,493
5.60%, 3/13/2048 (b)		985		1,039
				4,379
Peru — 2.6%
Republic of Peru
2.39%, 1/23/2026		780		792
5.94%, 2/12/2029 (a)		PEN670		223
2.78%, 1/23/2031		2,020		2,080
8.75%, 11/21/2033		500		788
5.63%, 11/18/2050		5,900		8,771
				12,654
Philippines — 2.1%
Republic of Philippines
0.88%, 5/17/2027		EUR 1,180		1,210
2.46%, 5/5/2030		2,610		2,656

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Philippines — continued
7.75%, 1/14/2031		2,000		2,928
3.70%, 2/2/2042		550		634
2.95%, 5/5/2045		2,450		2,517
				9,945
Poland — 0.8%
Republic of Poland 2.75%, 4/25/2028		PLN14,500		3,859
Qatar — 2.5%
State of Qatar
3.75%, 4/16/2030 (a)		1,240		1,356
4.63%, 6/2/2046 (b)		3,250		3,829
4.82%, 3/14/2049 (b)		2,550		3,068
4.82%, 3/14/2049 (a)		1,545		1,859
4.40%, 4/16/2050 (a)		1,620		1,841
				11,953
Romania — 1.2%
Romania Government Bond
2.00%, 1/28/2032 (a)		EUR1,890		1,761
4.63%, 4/3/2049 (b)		EUR1,889		2,080
4.63%, 4/3/2049 (a)		EUR1,550		1,707
				5,548
Russia — 3.1%
Russian Federation
5.10%, 3/28/2035 (b)		1,800		2,111
5.88%, 9/16/2043 (b)		5,000		6,569
5.25%, 6/23/2047 (b)		5,000		6,208
				14,888
Saudi Arabia — 1.2%
Kingdom of Saudi Arabia
0.75%, 7/9/2027 (a)		EUR1,990		2,063
3.63%, 3/4/2028 (b)		800		839
2.00%, 7/9/2039 (a)		EUR1,040		1,040
4.50%, 10/26/2046 (b)		1,460		1,515
5.00%, 4/17/2049 (b)		400		442
				5,899
Senegal — 0.1%
Republic of Senegal 6.25%, 7/30/2024 (b)		600		559
Serbia — 2.2%
Republic of Serbia
4.50%, 1/11/2026		RSD 439,890		4,416
5.88%, 2/8/2028		RSD 270,000		2,964

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Serbia — continued
1.50%, 6/26/2029 (a)		EUR3,230		3,044
				10,424
South Africa — 1.2%
Republic of South Africa
4.67%, 1/17/2024		950		939
4.30%, 10/12/2028		2,199		1,842
4.85%, 9/30/2029		1,630		1,398
6.25%, 3/8/2041		1,200		1,052
5.00%, 10/12/2046		400		299
5.75%, 9/30/2049		500		389
				5,919
Sri Lanka — 1.7%
Democratic Socialist Republic of Sri Lanka
6.25%, 10/4/2020 (b)		650		570
6.25%, 7/27/2021 (b)		1,468		1,018
5.75%, 4/18/2023 (b)		1,500		876
6.35%, 6/28/2024 (a)		720		425
6.85%, 11/3/2025 (b)		2,200		1,256
6.20%, 5/11/2027 (b)		600		341
6.75%, 4/18/2028 (b)		5,558		3,078
7.85%, 3/14/2029 (b)		1,460		821
				8,385
Thailand — 0.9%
Kingdom of Thailand 1.60%, 6/17/2035		THB 131,000		4,161
Turkey — 2.5%
Republic of Turkey
5.75%, 3/22/2024		1,600		1,544
5.20%, 2/16/2026		EUR1,130		1,180
4.88%, 10/9/2026		2,000		1,759
5.13%, 2/17/2028		1,550		1,349
7.63%, 4/26/2029		2,000		1,970
4.88%, 4/16/2043		5,237		3,803
Turkiye Ihracat Kredi Bankasi A/S 8.25%, 1/24/2024 (a)		340		348
				11,953
Ukraine — 3.8%
Ukraine Government Bond
Zero Coupon, 5/6/2020 (b)		UAH48,500		1,663
14.64%, 6/10/2020 (b)		UAH6,867		247
7.75%, 9/1/2020 (b)		1,400		1,363
17.25%, 9/30/2020 (b)		UAH28,687		1,068

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Ukraine — continued
7.75%, 9/1/2021 (b)		900		864
7.75%, 9/1/2022 (b)		1,289		1,225
7.75%, 9/1/2023 (b)		2,350		2,227
7.75%, 9/1/2024 (b)		1,150		1,087
15.84%, 2/26/2025 (b)		UAH 88,180		3,423
7.75%, 9/1/2025 (b)		2,800		2,615
7.75%, 9/1/2026 (b)		1,300		1,206
0.00%, 5/31/2040 (b) (e)		1,756		1,287
				18,275
United Arab Emirates — 0.6%
United Arab Emirates Government Bond 4.13%, 10/11/2047 (b)		2,550		2,870
Uruguay — 1.5%
Oriental Republic of Uruguay
7.88%, 1/15/2033		2,400		3,345
5.10%, 6/18/2050		1,488		1,688
4.98%, 4/20/2055		1,960		2,221
				7,254
Uzbekistan — 0.2%
Republic of Uzbekistan 4.75%, 2/20/2024 (b)		1,000		1,004
Venezuela, Bolivarian Republic of — 0.1%
Bolivarian Republic of Venezuela
7.75%, 10/13/2019 (b) (c)		91		8
12.75%, 8/23/2022 (b) (c)		1,470		125
9.25%, 5/7/2028 (b) (c)		2,130		181
				314
Vietnam — 0.3%
Socialist Republic of Vietnam 4.80%, 11/19/2024 (b)		1,200		1,238
Zambia — 0.2%
Republic of Zambia 8.97%, 7/30/2027 (b)		2,745		884
Total Foreign Government Securities (Cost $366,466)				313,864
Corporate Bonds — 22.7%
Argentina — 0.0% (f)
YPF SA
8.75%, 4/4/2024 (b)		101		53
8.50%, 6/27/2029 (a)		380		174
				227

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Azerbaijan — 0.3%
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030 (b)		1,400		1,465
Bahrain — 0.4%
Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020 (b)		520		521
Oil and Gas Holding Co. BSCC (The)
7.63%, 11/7/2024 (a)		500		482
8.38%, 11/7/2028 (a)		1,100		1,067
				2,070
Belarus — 0.4%
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (a)		1,870		1,720
Brazil — 0.9%
Banco do Brasil SA 4.63%, 1/15/2025 (b)		200		194
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (a)		1,100		1,146
GUSAP III LP 4.25%, 1/21/2030 (a)		230		209
Klabin Austria GmbH 7.00%, 4/3/2049 (b)		200		197
MV24 Capital BV 6.75%, 6/1/2034 (a)		355		300
Petrobras Global Finance BV 6.90%, 3/19/2049		1,702		1,634
Prumo Participacoes e Investimentos S/A 7.50%, 12/31/2031 (a)		461		393
				4,073
Cayman Islands — 0.6%
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (a)		4,310		2,657
Chile — 0.9%
Corp. Nacional del Cobre de Chile
3.63%, 8/1/2027 (b)		266		267
3.70%, 1/30/2050 (a)		500		453
Empresa de Transporte de Pasajeros Metro SA 5.00%, 1/25/2047 (b)		400		419
Empresa Electrica Cochrane SpA 5.50%, 5/14/2027 (a)		220		212
Empresa Nacional del Petroleo
3.75%, 8/5/2026 (b)		700		674
5.25%, 11/6/2029 (a)		1,750		1,830
4.50%, 9/14/2047 (b)		400		360
Kenbourne Invest SA 6.88%, 11/26/2024 (a)		260		242
				4,457

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
China — 1.5%
Agile Group Holdings Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 11.25%), 8.38%, 12/4/2023 (b) (g) (h) (i)		210		195
Avi Funding Co. Ltd. 3.80%, 9/16/2025 (b)		900		987
CDBL Funding 1 4.25%, 12/2/2024 (b)		452		492
Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021 (b)		1,100		1,086
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (b)		400		412
GCL New Energy Holdings Ltd. 7.10%, 1/30/2021 (b)		200		130
Hong Kong Red Star Macalline Universal Home Furnishings Ltd. 3.38%, 9/21/2022 (b)		200		177
Hongkong International Qingdao Co. Ltd. 4.25%, 12/4/2022 (b)		220		222
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026 (b)		1,000		1,077
Redsun Properties Group Ltd. 9.95%, 4/11/2022 (b)		200		184
Sinopec Group Overseas Development 2013 Ltd. 5.38%, 10/17/2043 (b)		672		900
Three Gorges Finance I Cayman Islands Ltd. 3.70%, 6/10/2025 (b)		800		864
Yango Justice International Ltd. 10.25%, 3/18/2022 (b)		380		372
				7,098
Colombia — 0.7%
Bancolombia SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.93%), 4.88%, 10/18/2027 (h)		290		257
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.94%), 4.62%, 12/18/2029 (h)		400		345
Ecopetrol SA 5.88%, 5/28/2045		1,220		1,074
Empresas Publicas de Medellin ESP 4.25%, 7/18/2029 (a)		1,520		1,427
Geopark Ltd. 6.50%, 9/21/2024 (a)		250		178
Termocandelaria Power Ltd. 7.88%, 1/30/2029 (b)		230		222
				3,503
Congo, Democratic Republic of the — 0.1%
HTA Group Ltd. 9.13%, 3/8/2022 (b)		350		338
Costa Rica — 0.2%
Instituto Costarricense de Electricidad
6.95%, 11/10/2021 (b)		600		550

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Costa Rica — continued
6.38%, 5/15/2043 (b)		500		315
				865
Ecuador — 0.1%
Petroamazonas EP 4.63%, 11/6/2020 (a) (c)		1,155		525
El Salvador — 0.1%
AES El Salvador Trust II 6.75%, 3/28/2023 (b)		400		336
Georgia — 0.3%
Georgian Railway JSC 7.75%, 7/11/2022 (b)		1,100		1,045
TBC Bank JSC 5.75%, 6/19/2024 (a)		350		315
				1,360
Guatemala — 0.1%
Energuate Trust 5.88%, 5/3/2027 (b)		400		370
Hong Kong — 0.3%
King Power Capital Ltd. 5.63%, 11/3/2024 (b)		900		1,013
Metropolitan Light Co. Ltd. 5.50%, 11/21/2022 (a)		286		285
Sun Hung Kai Properties Capital Market Ltd. 3.75%, 2/25/2029 (b)		200		218
				1,516
Hungary — 0.2%
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020 (b)		1,000		1,023
India — 0.2%
Azure Power Solar Energy Pvt Ltd. 5.65%, 12/24/2024 (b)		200		184
Bharat Petroleum Corp. Ltd. 4.63%, 10/25/2022 (b)		350		346
Greenko Dutch BV 5.25%, 7/24/2024 (a)		300		264
Vedanta Resources Ltd. 6.38%, 7/30/2022 (b)		360		132
				926
Indonesia — 2.4%
Bank Mandiri Persero Tbk. PT 3.75%, 4/11/2024 (b)		200		193
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023 (b)		850		872
6.53%, 11/15/2028 (a)		1,352		1,453
6.76%, 11/15/2048 (b)		2,350		2,538
6.76%, 11/15/2048 (a)		1,538		1,661
Medco Platinum Road Pte. Ltd. 6.75%, 1/30/2025 (b)		200		124
Pertamina Persero PT
5.63%, 5/20/2043 (b)		820		834

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Indonesia — continued
6.50%, 11/7/2048 (b)		300		336
4.70%, 7/30/2049 (b)		388		358
Perusahaan Listrik Negara PT
4.13%, 5/15/2027 (b)		600		596
3.88%, 7/17/2029 (a)		880		855
5.25%, 5/15/2047 (b)		700		704
4.88%, 7/17/2049 (a)		678		652
SSMS Plantation Holdings Pte. Ltd. 7.75%, 1/23/2023 (b)		300		175
				11,351
Israel — 0.1%
Bank Leumi Le-Israel BM (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.63%), 3.27%, 1/29/2031 (b) (h)		400		369
Kazakhstan — 1.4%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (b)		586		675
KazMunayGas National Co. JSC
4.75%, 4/19/2027 (b)		2,200		2,129
5.75%, 4/19/2047 (b)		2,498		2,485
KazTransGas JSC 4.38%, 9/26/2027 (b)		1,450		1,373
				6,662
Kuwait — 0.0% (f)
NBK Tier 1 Financing 2 Ltd. (USD Swap Semi 6 Year + 2.83%), 4.50%, 11/27/2025 (b) (g) (h) (i)		200		183
Malaysia — 0.7%
Gohl Capital Ltd. 4.25%, 1/24/2027 (b)		350		326
Petronas Capital Ltd.
3.50%, 4/21/2030 (a)		980		1,026
4.50%, 3/18/2045 (b)		1,150		1,250
4.55%, 4/21/2050 (a)		890		969
				3,571
Mexico — 2.5%
Alfa SAB de CV
5.25%, 3/25/2024 (b)		200		199
6.88%, 3/25/2044 (b)		200		199
Banco Nacional de Comercio Exterior SNC
4.38%, 10/14/2025 (b)		500		494
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026 (b) (h)		500		478

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Mexico — continued
BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (b) (h)		220		188
Fomento Economico Mexicano SAB de CV 3.50%, 1/16/2050		200		192
Mexico Generadora de Energia S de rl 5.50%, 12/6/2032 (b)		328		323
Orbia Advance Corp. SAB de CV 5.88%, 9/17/2044 (b)		200		192
Petroleos Mexicanos
(ICE LIBOR USD 3 Month + 3.65%), 4.42%, 3/11/2022 (h)		1,349		1,207
5.38%, 3/13/2022		1,300		1,229
3.50%, 1/30/2023		500		440
6.49%, 1/23/2027 (a)		903		730
6.75%, 9/21/2047		831		574
7.69%, 1/23/2050 (b)		3,820		2,808
7.69%, 1/23/2050 (a)		1,032		758
6.95%, 1/28/2060 (a)		2,509		1,756
				11,767
Mongolia — 0.7%
Trade & Development Bank of Mongolia LLC 9.38%, 5/19/2020 (b)		3,500		3,465
Morocco — 1.3%
OCP SA 6.88%, 4/25/2044 (b)		5,440		6,467
Norway — 0.1%
DNO ASA 8.75%, 5/31/2023 (b)		400		256
Panama — 0.4%
Aeropuerto Internacional de Tocumen SA 6.00%, 11/18/2048 (b)		700		712
Cable Onda SA 4.50%, 1/30/2030 (a)		200		190
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (a)		850		864
				1,766
Paraguay — 0.1%
Telefonica Celular del Paraguay SA 5.88%, 4/15/2027 (a)		310		298
Peru — 1.3%
Corp. Financiera de Desarrollo SA 4.75%, 7/15/2025 (b)		1,300		1,358
Fondo MIVIVIENDA SA 3.50%, 1/31/2023 (b)		1,300		1,303
Lima Metro Line 2 Finance Ltd. 4.35%, 4/5/2036 (a)		1,410		1,435

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 11

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Peru — continued
Peru LNG Srl 5.38%, 3/22/2030 (b)		200		111
Petroleos del Peru SA 4.75%, 6/19/2032 (b)		1,850		1,804
Southern Copper Corp. 5.88%, 4/23/2045		70		79
				6,090
Philippines — 0.1%
Philippine National Bank 3.28%, 9/27/2024 (b)		210		205
Rizal Commercial Banking Corp.
4.13%, 3/16/2023 (b)		280		281
3.00%, 9/11/2024 (b)		220		210
				696
Qatar — 0.0% (f)
AKCB Finance Ltd. 4.75%, 10/9/2023 (b)		200		210
Russia — 0.1%
Sovcombank (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.43%), 8.00%, 4/7/2030 (a) (h)		300		291
Saudi Arabia — 0.4%
Saudi Arabian Oil Co. 3.50%, 4/16/2029 (b)		2,050		2,063
Singapore — 0.0% (f)
Olam International Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.29%), 5.35%, 7/20/2021 (b) (g) (h) (i)		200		176
South Africa — 1.0%
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021 (b)		800		714
6.75%, 8/6/2023 (b)		2,350		1,739
7.13%, 2/11/2025 (b)		210		152
8.45%, 8/10/2028 (b)		1,085		765
Liquid Telecommunications Financing plc 8.50%, 7/13/2022 (a)		200		169
Sasol Financing USA LLC 6.50%, 9/27/2028		360		236
Standard Bank Group Ltd. (USD ICE Swap Rate 5 Year + 3.75%), 5.95%, 5/31/2029 (b) (h)		270		253
Transnet SOC Ltd. 4.00%, 7/26/2022 (b)		600		548
				4,576
South Korea — 0.3%
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2022 (b) (g) (h) (i)		1,330		1,197
Woori Bank (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.25%, 10/4/2024 (a) (g) (h) (i)		320		301
				1,498

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Spain — 0.1%
Ajecorp BV 6.50%, 5/14/2022 (b)		190		161
International Airport Finance SA 12.00%, 3/15/2033 (a)		250		155
				316
Thailand — 0.2%
Kasikornbank PCL (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 3.34%, 10/2/2031 (b) (h)		400		354
Thaioil Treasury Center Co. Ltd. 4.63%, 11/20/2028 (b)		590		591
				945
Trinidad and Tobago — 0.4%
Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026 (a)		2,200		1,973
Turkey — 0.1%
Mersin Uluslararasi Liman Isletmeciligi A/S 5.38%, 11/15/2024 (a)		241		238
Ronesans Gayrimenkul Yatirim A/S 7.25%, 4/26/2023 (a)		281		237
Turkiye Sinai Kalkinma Bankasi A/S 6.00%, 1/23/2025 (a)		200		184
				659
Ukraine — 0.1%
Metinvest BV 8.50%, 4/23/2026 (b)		350		234
State Savings Bank of Ukraine 9.63%, 3/20/2025 (b) (d)		300		283
				517
United Arab Emirates — 1.5%
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (b)		1,050		1,124
DP World plc 5.63%, 9/25/2048 (b)		200		191
EA Partners I BV 6.88%, 9/28/2020 (b) (c)		2,751		880
EA Partners II BV 6.75%, 6/1/2021 (b) (c)		1,076		355
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)		340		256
MDGH — GMTN BV
3.75%, 4/19/2029 (b)		861		920
2.88%, 11/7/2029 (a)		1,450		1,453
3.70%, 11/7/2049 (a)		2,200		2,134
				7,313

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2020

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United Kingdom — 0.1%
CK Hutchison Capital Securities 17 Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.07%), 4.00%, 5/12/2022 (b) (g) (h) (i)		400		378
United States — 0.0% (f)
Rutas 2 and 7 Finance Ltd. Zero Coupon, 9/30/2036 (a)		300		184
Venezuela, Bolivarian Republic of — 0.0% (f)
Petroleos de Venezuela SA
8.50%, 10/27/2020 (b) (c)		624		94
9.00%, 11/17/2021 (b) (c)		1,240		46
12.75%, 2/17/2022 (b) (c)		770		29
5.38%, 4/12/2027 (b) (c)		730		27
				196
Total Corporate Bonds (Cost $121,777)				108,765
U.S. Government Agency Securities — 0.5%
Israel — 0.5%
Israel Government AID Bond 4.50%, 1/30/2043 (Cost $2,137)		1,900		2,289
Options Purchased — 0.3%
Call Options Purchased — 0.1%
European Union — 0.0% (f)
Foreign Exchange EUR/ILS 9/9/2020 at EUR 3.90, Vanilla, European Style Notional Amount: EUR 10,451 Counterparty: Goldman Sachs International*		EUR 10,451,000		162
United States — 0.1%
Foreign Exchange USD/ILS 9/9/2020 at USD 3.50, Vanilla, European Style Notional Amount: USD 11,499 Counterparty: Goldman Sachs International*		11,498,500		181
Total Call Options Purchased				343
Put Options Purchased — 0.2%
United States — 0.2%
Foreign Exchange USD/JPY 8/14/2020 at USD 108.00, Vanilla, European Style Notional Amount: USD 38,409 Counterparty: Citibank, NA*		38,409,375		814

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Foreign Exchange USD/JPY 8/14/2020 at USD 102.00, Vanilla, European Style Notional Amount: USD 38,390 Counterparty: Citibank, NA*		38,390,000		217
Total Put Options Purchased				1,031
Total Options Purchased (Cost $1,328)				1,374
Supranational — 0.1%
Supranational — 0.1%
Africa Finance Corp. 4.38%, 4/17/2026 (a)		270		270
African Export-Import Bank (The) 4.13%, 6/20/2024 (b)		200		196
Total Supranational (Cost $475)				466
	Shares (000)
Short-Term Investments — 7.9%
Investment Companies — 7.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (j) (k) (Cost $37,967)		37,983		38,013
Total Investments — 96.9% (Cost $530,150)				464,771
Other Assets Less Liabilities — 3.1%				14,817
NET ASSETS — 100.0%				479,588

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 13

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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

Abbreviations

CZK	Czech Republic Koruna
DOP	Dominican Republic Peso
EUR	Euro
GMTN	Global medium term note
ICE	Intercontinental Exchange
IDR	Indonesian Rupiah
ILS	Israeli Shekel
JPY	Japanese Yen
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
PT	Limited liability company
RSD	Serbian dinar
THB	Thai Baht
UAH	Ukrainian Hryvnia
USD	United States Dollar
(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)	Defaulted security.
(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, 2020.
(e)	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, 2020.
(f)	Amount rounds to less than 0.1% of net assets.
(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, 2020.
(h)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2020.
(i)	Security is an interest bearing note with preferred security characteristics.
(j)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(k)	The rate shown is the current yield as of April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2020 (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 2 Year Note	269		06/2020		USD		59,287		1,006

Abbreviations
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of April 30, 2020 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	496	USD	542	Goldman Sachs International		5/15/2020		1
EUR	2,554	USD	2,760	State Street Corp.		5/15/2020		40
USD	1,917	TRY	12,007	BNP Paribas		5/22/2020		204
USD	964	TRY	6,047	Citibank, NA		5/22/2020		101
AUD	2,426	USD	1,551	State Street Corp.		5/27/2020		30
CLP	2,402,505	USD	2,830	Barclays Bank plc**		5/27/2020		50
COP	5,586,877	USD	1,381	Barclays Bank plc**		5/27/2020		27
COP	2,766,783	USD	690	Goldman Sachs International**		5/27/2020		7
CZK	34,784	EUR	1,281	BNP Paribas		5/27/2020		3
KRW	851,463	USD	693	Barclays Bank plc**		5/27/2020		8
PLN	12,064	USD	2,902	BNP Paribas		5/27/2020		5
USD	125	AUD	192	HSBC Bank, NA		5/27/2020		—	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2020

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	3,964	COP	15,372,470	Barclays Bank plc**		5/27/2020		90
USD	698	COP	2,762,591	Goldman Sachs International**		5/27/2020		2
USD	1,337	EUR	1,219	Goldman Sachs International		5/27/2020		—	(a)
USD	2,624	TRY	18,103	Merrill Lynch International		5/27/2020		45
AUD	1,324	USD	862	Goldman Sachs International		6/23/2020		1
AUD	32,316	USD	19,821	HSBC Bank, NA		6/23/2020		1,241
CAD	1,627	JPY	122,478	Merrill Lynch International		6/23/2020		27
CAD	12,275	USD	8,695	BNP Paribas		6/23/2020		125
CAD	3,105	USD	2,193	Goldman Sachs International		6/23/2020		38
CAD	12,276	USD	8,735	TD Bank Financial Group		6/23/2020		85
COP	3,790,355	USD	928	Barclays Bank plc**		6/23/2020		25
EUR	7,893	USD	8,615	Goldman Sachs International		6/23/2020		44
HUF	393,692	USD	1,204	Goldman Sachs International		6/23/2020		19
HUF	66,518	USD	206	HSBC Bank, NA		6/23/2020		1
JPY	1,200,077	USD	11,161	Credit Suisse International		6/23/2020		31
MXN	106,716	USD	4,358	Barclays Bank plc		6/23/2020		34
MXN	73,945	USD	3,008	Citibank, NA		6/23/2020		35
MXN	143,205	USD	5,877	Goldman Sachs International		6/23/2020		17
MXN	90,587	USD	3,712	State Street Corp.		6/23/2020		16
MYR	19,173	USD	4,407	Standard Chartered Bank**		6/23/2020		42
PLN	1,185	USD	284	Citibank, NA		6/23/2020		1
RUB	808,280	USD	10,060	Barclays Bank plc**		6/23/2020		710
SGD	16,325	USD	11,306	Goldman Sachs International		6/23/2020		273
USD	14,795	CAD	20,500	Barclays Bank plc		6/23/2020		66
USD	21,806	CAD	30,047	Goldman Sachs International		6/23/2020		218
USD	1,109	CZK	25,955	Citibank, NA		6/23/2020		59
USD	7,380	EUR	6,611	Barclays Bank plc		6/23/2020		128
USD	30,927	EUR	27,304	State Street Corp.		6/23/2020		974
USD	2,679	HUF	818,908	Citibank, NA		6/23/2020		135
USD	4,390	IDR	65,442,590	BNP Paribas**		6/23/2020		116
USD	1,216	JPY	123,999	Merrill Lynch International		6/23/2020		59
USD	6,085	JPY	651,491	Royal Bank of Canada		6/23/2020		9
USD	6,089	JPY	651,491	Standard Chartered Bank		6/23/2020		13
USD	30,987	JPY	3,234,778	State Street Corp.		6/23/2020		821
USD	185	MXN	4,205	Goldman Sachs International		6/23/2020		13
USD	10,016	MXN	239,228	HSBC Bank, NA		6/23/2020		171
USD	6,850	MYR	28,646	Standard Chartered Bank**		6/23/2020		203
USD	9,171	PLN	35,958	BNP Paribas		6/23/2020		506
USD	108	PLN	412	Goldman Sachs International		6/23/2020		9
USD	4,768	RUB	350,315	Barclays Bank plc**		6/23/2020		100
USD	5,938	TRY	40,587	Barclays Bank plc		6/23/2020		207
USD	11,035	TRY	71,544	BNP Paribas		6/23/2020		933
USD	3,083	TRY	20,579	Goldman Sachs International		6/23/2020		177
USD	5,782	ZAR	101,942	HSBC Bank, NA		6/23/2020		310
Total unrealized appreciation								8,605
EUR	602	USD	661	Goldman Sachs International		5/15/2020		(2	)
USD	36,136	EUR	33,200	Citibank, NA		5/15/2020		(254	)
TRY	6,002	USD	960	Goldman Sachs International		5/22/2020		(104	)
COP	1,641,178	USD	419	Citibank, NA**		5/27/2020		(5	)
CZK	34,381	EUR	1,278	BNP Paribas		5/27/2020		(10	)
MXN	52,017	USD	2,178	Goldman Sachs International		5/27/2020		(28	)
RUB	50,559	USD	682	Barclays Bank plc**		5/27/2020		(5	)
RUB	170,555	USD	2,306	Goldman Sachs International**		5/27/2020		(22	)
TRY	6,955	USD	1,009	BNP Paribas		5/27/2020		(18	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 15

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
TRY	4,786	USD	689	Goldman Sachs International		5/27/2020		(7	)
USD	1,404	AUD	2,235	Citibank, NA		5/27/2020		(52	)
USD	697	BRL	3,920	Barclays Bank plc**		5/27/2020		(23	)
USD	698	CAD	990	BNP Paribas		5/27/2020		(14	)
USD	695	CLP	595,900	Goldman Sachs International**		5/27/2020		(19	)
USD	710	COP	2,820,200	Barclays Bank plc**		5/27/2020		(1	)
USD	689	GBP	559	Barclays Bank plc		5/27/2020		(15	)
USD	1,532	PHP	77,854	Goldman Sachs International**		5/27/2020		(8	)
USD	697	PHP	35,598	Standard Chartered Bank**		5/27/2020		(8	)
USD	699	RUB	52,368	Barclays Bank plc**		5/27/2020		(3	)
USD	1,529	SEK	15,199	HSBC Bank, NA		5/27/2020		(30	)
CAD	9,825	USD	7,133	Citibank, NA		6/23/2020		(73	)
CAD	1,544	USD	1,117	Merrill Lynch International		6/23/2020		(7	)
CAD	9,894	USD	7,133	Royal Bank of Canada		6/23/2020		(25	)
COP	19,902,973	USD	5,048	Standard Chartered Bank**		6/23/2020		(44	)
EUR	5,128	AUD	8,887	HSBC Bank, NA		6/23/2020		(166	)
EUR	10,288	AUD	17,808	TD Bank Financial Group		6/23/2020		(321	)
EUR	7,267	USD	8,327	Goldman Sachs International		6/23/2020		(355	)
EUR	1,310	USD	1,451	Merrill Lynch International		6/23/2020		(14	)
EUR	19,802	USD	22,546	State Street Corp.		6/23/2020		(823	)
HUF	358,698	USD	1,173	Citibank, NA		6/23/2020		(58	)
JPY	1,425,980	USD	13,584	Goldman Sachs International		6/23/2020		(286	)
JPY	3,358,777	USD	31,690	Royal Bank of Canada		6/23/2020		(367	)
MYR	935	USD	220	BNP Paribas**		6/23/2020		(3	)
MYR	10,041	USD	2,340	Standard Chartered Bank**		6/23/2020		(10	)
PLN	34,491	USD	8,736	HSBC Bank, NA		6/23/2020		(425	)
PLN	693	USD	174	TD Bank Financial Group		6/23/2020		(7	)
TRY	35,772	USD	5,708	Barclays Bank plc		6/23/2020		(657	)
TRY	35,772	USD	5,711	Goldman Sachs International		6/23/2020		(660	)
TRY	20,579	USD	3,147	HSBC Bank, NA		6/23/2020		(241	)
USD	20,270	AUD	32,316	State Street Corp.		6/23/2020		(792	)
USD	5,823	COP	23,693,328	Barclays Bank plc**		6/23/2020		(134	)
USD	3,618	CZK	90,134	Citibank, NA		6/23/2020		(29	)
USD	2,291	CZK	58,440	Goldman Sachs International		6/23/2020		(74	)
USD	5,480	EUR	5,090	BNP Paribas		6/23/2020		(104	)
USD	8,542	EUR	7,796	State Street Corp.		6/23/2020		(10	)
USD	5,640	IDR	89,741,473	Barclays Bank plc**		6/23/2020		(221	)
USD	8,263	MXN	203,172	Barclays Bank plc		6/23/2020		(98	)
USD	126	MXN	3,125	Goldman Sachs International		6/23/2020		(4	)
USD	5,864	MXN	144,919	HSBC Bank, NA		6/23/2020		(100	)
USD	343	MYR	1,503	Standard Chartered Bank**		6/23/2020		(6	)
USD	3,920	PLN	16,365	HSBC Bank, NA		6/23/2020		(23	)
USD	5,565	RUB	457,966	Barclays Bank plc**		6/23/2020		(538	)
USD	11,500	SGD	16,467	HSBC Bank, NA		6/23/2020		(179	)
USD	3,050	THB	99,148	BNP Paribas		6/23/2020		(14	)
USD	1,122	THB	36,437	HSBC Bank, NA		6/23/2020		(4	)
ZAR	732	USD	45	Citibank, NA		6/23/2020		(5	)
ZAR	101,210	USD	5,623	State Street Corp.		6/23/2020		(191	)
Total unrealized depreciation								(7,696	)
Net unrealized appreciation								909

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2020

Abbreviations

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chile Peso
COP	Colombian Peso
CZK	Czech Republic Koruna
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
JPY	Japanese Yen
KRW	Korean Republic Won
MXN	Mexican Peso

MYR	Malaysian Ringgit
PHP	Philippines Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
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(a) as of April 30, 2020 (amounts in thousands):

REFERENCE OBLIGATION/ INDEX

FINANCING RATE PAID BY THE FUND (%)

PAYMENT FREQUENCY

COUNTERPARTY

MATURITY DATE

IMPLIED CREDIT SPREAD (%) (b)

NOTIONAL AMOUNT  (c)

UPFRONT PAYMENTS (RECEIPTS) ($) (d)

UNREALIZED APPRECIATION (DEPRECIATION) ($)

VALUE ($)

Republic of Colombia, 10.38%, 1/28/2033

1.00

Quarterly

Goldman Sachs International

6/20/2025

2.41

USD 6,000

315

86

401

Centrally Cleared Credit default swap contracts outstanding — buy protection(a) as of April 30, 2020 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (b)		NOTIONAL AMOUNT  (c)		UPFRONT PAYMENTS (RECEIPTS) ($) (d)		UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.NA.EM.33-V1		1.00		Quarterly		6/20/2025		3.35		USD 18,563		2,550		(566	)		1,984
CDX.NA.EM.33-V1		1.00		Quarterly		6/20/2025		3.35		USD 55,030		5,210		672			5,882
CDX.NA.EM.33-V1		1.00		Quarterly		6/20/2025		3.35		USD 7,000		774		(26	)		748
												8,534		80			8,614

^(a)   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.

^(b)  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.

^(c)  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.

^(d)  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, 2020 (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) ($)

4 week TIIE monthly

5.52 monthly

Pay

4/17/2025

MXN

150,000

—

5

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 17

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Abbreviations

CDX	Credit Default Swap Index
MXN	Mexican Peso
TIIE	Interbank Equilibrium Interest Rate
USD	United States Dollar

^(a)  Value of floating rate index at April 30, 2020 was 6.26%.

Summary of total OTC swap contracts outstanding as of April 30, 2020 (amounts in thousands):
	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Credit default swap contracts outstanding — buy protection		315		401

Written Call Options Contracts as of April 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

Foreign Exchange EUR/ILS

Goldman Sachs International

10,451,000

EUR 10,451

EUR 3.90

9/9/2020

(162

)

Foreign Exchange USD/ILS

Goldman Sachs International

11,498,500

USD 11,499

USD 3.50

9/9/2020

(181

)

(343

)

Written Put Options Contracts as of April 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

Foreign Exchange USD/JPY

Citibank, NA

38,409,375

USD 38,409

USD 102.00

8/14/2020

(217

)

Foreign Exchange USD/JPY

Citibank, NA

38,390,000

USD 38,390

USD 108.00

8/14/2020

(814

)

(1,031

)

Total Written Options Contracts (Premiums Received $2,728)

(1,374

)

Abbreviations

EUR	Euro
JPY	Japanese Yen
ILS	Israeli Shekel
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2020 J.P. MORGAN FUNDS 19

STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Markets Strategic Debt  Fund
ASSETS:
Investments in non-affiliates, at value	$	425,384
Investments in affiliates, at value		38,013
Options purchased, at value		1,374
Cash		1,284
Foreign currency, at value		915
Deposits at broker for futures contracts		215
Deposits at broker for centrally cleared swaps		6,392
Receivables:
Due from custodian		1,050
Investment securities sold		83,916
Fund shares sold		908
Interest from non-affiliates		6,623
Dividends from affiliates		27
Tax reclaims		86
Unrealized appreciation on forward foreign currency exchange contracts		8,605
Outstanding OTC swap contracts, at value (net upfront payments of $315)		401
Total Assets		575,193
LIABILITIES:
Payables:
Investment securities purchased		7,348
Fund shares redeemed		78,289
Variation margin on futures contracts		2
Unrealized depreciation on forward foreign currency exchange contracts		7,696
Outstanding options written, at fair value		1,374
Variation margin on centrally cleared swaps (net upfront payments of $8,534)		97
Accrued liabilities:
Investment advisory fees		266
Administration fees		19
Distribution fees		—	(a)
Service fees		—	(a)
Custodian and accounting fees		93
Deferred foreign capital gains tax		237
Other		184
Total Liabilities		95,605
Net Assets	$	479,588

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2020

	JPMorgan Emerging Markets Strategic Debt Fund
NET ASSETS:
Paid-in-Capital	$	629,066
Total distributable earnings (loss)		(149,478	)
Total Net Assets	$	479,588
Net Assets:
Class A	$	460
Class C		90
Class I		2,868
Class R2		24
Class R5		20
Class R6		476,126
Total	$	479,588
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		67
Class C		13
Class I		415
Class R2		4
Class R5		3
Class R6		68,206
Net Asset Value (a):
Class A — Redemption price per share	$	6.87
Class C — Offering price per share (b)		6.71
Class I — Offering and redemption price per share		6.91
Class R2 — Offering and redemption price per share		6.78
Class R5 — Offering and redemption price per share		6.97
Class R6 — Offering and redemption price per share		6.98
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	7.14
Cost of investments in non-affiliates	$	490,855
Cost of investments in affiliates		37,967
Cost of options purchased		1,328
Cost of foreign currency		1,054
Premiums received from options written		2,728

(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, 2020 J.P. MORGAN FUNDS 21

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	19,305
Interest income from affiliates		2
Dividend income from affiliates		101
Income from securities lending (net) (See Note 2.C.)		1
Foreign taxes withheld (net)		(97	)
Total investment income		19,312
EXPENSES:
Investment advisory fees		2,267
Administration fees		262
Distribution fees:
Class A		1
Class C		—	(a)
Class R2		—	(a)
Service fees:
Class A		1
Class C		—	(a)
Class I		1
Class R2		—	(a)
Class R5		—	(a)
Custodian and accounting fees		109
Interest expense to affiliates		3
Professional fees		55
Collateral management fees		5
Trustees’ and Chief Compliance Officer’s fees		13
Printing and mailing costs		6
Registration and filing fees		50
Transfer agency fees (See Note 2.H.)		7
Other		12
Total expenses		2,792
Less fees waived		(348	)
Less expense reimbursements		(5	)
Net expenses		2,439
Net investment income (loss)		16,873
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(43,443	)(b)
Investments in affiliates		—	(a)
Options purchased		(3,829	)
Futures contracts		6,082
Foreign currency transactions		864
Forward foreign currency exchange contracts		76
Options written		2,428
Swaps		2,619
Net realized gain (loss)		(35,203	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(78,870	)(c)
Investments in affiliates		45
Options purchased		336
Futures contracts		889
Foreign currency translations		(364	)
Forward foreign currency exchange contracts		1,283
Options written		1,390
Swaps		749
Change in net unrealized appreciation/depreciation		(74,542	)
Net realized/unrealized gains (losses)		(109,745	)
Change in net assets resulting from operations	$	(92,872	)

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of approximately $(71,000).

(c) Net of change in foreign capital gains tax of approximately $54,000.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,873		$	38,979
Net realized gain (loss)		(35,203	)		(3,595	)
Change in net unrealized appreciation/depreciation		(74,542	)		47,630
Change in net assets resulting from operations		(92,872	)		83,014
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(15	)		(402	)
Class C		(3	)		(11	)
Class I		(31	)		(330	)
Class R2		(1	)		(1	)
Class R5		—	(a)		(1	)
Class R6		(21,113	)		(34,359	)
Total distributions to shareholders		(21,163	)		(35,104	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(133,502	)		(5,990	)
NET ASSETS:
Change in net assets		(247,537	)		41,920
Beginning of period		727,125			685,205
End of period	$	479,588		$	727,125

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 23

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, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,395		$	2,349
Distributions reinvested		15			402
Cost of shares redeemed		(1,427	)		(43,448	)
Change in net assets resulting from Class A capital transactions	$	(17	)	$	(40,697	)
Class C
Proceeds from shares issued	$	30		$	485
Distributions reinvested		3			11
Cost of shares redeemed		(18	)		(506	)
Change in net assets resulting from Class C capital transactions	$	15		$	(10	)
Class I
Proceeds from shares issued	$	3,259		$	10,081
Distributions reinvested		31			330
Cost of shares redeemed		(624	)		(23,973	)
Change in net assets resulting from Class I capital transactions	$	2,666		$	(13,562	)
Class R2
Proceeds from shares issued	$	—	(a)	$	1
Distributions reinvested		1			1
Cost of shares redeemed		—	(a)		—	(a)
Change in net assets resulting from Class R2 capital transactions	$	1		$	2
Class R5
Distributions reinvested		—	(a)		1
Cost of shares redeemed		—	(a)		—	(a)
Change in net assets resulting from Class R5 capital transactions	$	—	(a)	$	1
Class R6
Proceeds from shares issued	$	36,833		$	230,565
Distributions reinvested		21,113			34,359
Cost of shares redeemed		(194,113	)		(216,648	)
Change in net assets resulting from Class R6 capital transactions	$	(136,167	)	$	48,276
Total change in net assets resulting from capital transactions	$	(133,502	)	$	(5,990	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2020

	JPMorgan Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		201			310
Reinvested		2			54
Redeemed		(205	)		(5,749	)
Change in Class A Shares		(2	)		(5,385	)
Class C
Issued		4			64
Reinvested		—	(a)		2
Redeemed		(2	)		(68	)
Change in Class C Shares		2			(2	)
Class I
Issued		404			1,299
Reinvested		4			43
Redeemed		(82	)		(3,085	)
Change in Class I Shares		326			(1,743	)
Class R2
Issued		—	(a)		—	(a)
Reinvested		—	(a)		1
Redeemed		—	(a)		—	(a)
Change in Class R2 Shares		—	(a)		1
Class R5
Reinvested		—	(a)		—	(a)
Redeemed		—			—	(a)
Change in Class R5 Shares		—	(a)		—	(a)
Class R6
Issued		4,687			29,498
Reinvested		2,683			4,336
Redeemed		(27,240	)		(27,012	)
Change in Class R6 Shares		(19,870	)		6,822

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 25

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, 2020 (Unaudited)	$	8.10	$	0.17		$	(1.18	)	$	(1.01	)	$	(0.22	)	$	—		$	(0.22	)
Year Ended October 31, 2019		7.61		0.39			0.43			0.82			(0.33	)		—			(0.33	)
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)
Class C
Six Months Ended April 30, 2020 (Unaudited)		7.93		0.14			(1.16	)		(1.02	)		(0.20	)		—			(0.20	)
Year Ended October 31, 2019		7.47		0.32			0.45			0.77			(0.31	)		—			(0.31	)
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	)		—			—			—
Class I
Six Months Ended April 30, 2020 (Unaudited)		8.16		0.14			(1.16	)		(1.02	)		(0.23	)		—			(0.23	)
Year Ended October 31, 2019		7.67		0.40			0.45			0.85			(0.36	)		—			(0.36	)
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	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		8.01		0.15			(1.17	)		(1.02	)		(0.21	)		—			(0.21	)
Year Ended October 31, 2019		7.54		0.34			0.45			0.79			(0.32	)		—			(0.32	)
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	)		—			—			—
Class R5
Six Months Ended April 30, 2020 (Unaudited)		8.23		0.18			(1.21	)		(1.03	)		(0.23	)		—			(0.23	)
Year Ended October 31, 2019		7.73		0.41			0.47			0.88			(0.38	)		—			(0.38	)
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	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		8.24		0.19			(1.21	)		(1.02	)		(0.24	)		—			(0.24	)
Year Ended October 31, 2019		7.75		0.41			0.46			0.87			(0.38	)		—			(0.38	)
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	)

(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.

26 J.P. MORGAN FUNDS APRIL 30, 2020

		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)
$	6.87		(12.75	)%	$	460		1.20	%		4.33	%		1.36	%		65	%
	8.10		10.97			560		1.20			5.18			1.49			164
	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
	6.71		(13.11	)		90		1.70			3.81			2.12			65
	7.93		10.50			90		1.69			4.17			1.85			164
	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
	6.91		(12.78	)		2,868		0.95			4.02			1.73			65
	8.16		11.36			727		0.95			5.12			1.08			164
	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
	6.78		(13.00	)		24		1.45			4.07			2.70			65
	8.01		10.81			27		1.45			4.42			6.24			164
	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
	6.97		(12.74	)		20		0.80			4.72			1.22			65
	8.23		11.63			23		0.80			5.08			0.94			164
	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
	6.98		(12.69	)		476,126		0.70			4.85			0.80			65
	8.24		11.58			725,698		0.70			5.17			0.82			164
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (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	Diversification Classification
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. 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, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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 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 (“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).

28 J.P. MORGAN FUNDS APRIL 30, 2020

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	$	—	$	108,765		$	—	$	108,765
Foreign Government Securities		—		313,864			—		313,864
Supranational		—		466			—		466
U.S. Government Agency Securities		—		2,289			—		2,289
Options Purchased
Call Options Purchased		—		343			—		343
Put Options Purchased		—		1,031			—		1,031
Total Options Purchased		—		1,374			—		1,374
Short-Term Investments
Investment Companies		38,013		—			—		38,013
Total Investments in Securities	$	38,013	$	426,758		$	—	$	464,771
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	8,605		$	—	$	8,605
Futures Contracts		1,006		—			—		1,006
Swaps		—		763			—		763
Total Appreciation in Other Financial Instruments	$	1,006	$	9,368		$	—	$	10,374
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(7,696	)	$	—	$	(7,696	)
Options Written
Call Options Written		—		(343	)		—		(343	)
Put Options Written		—		(1,031	)		—		1,031	)
Swaps		—		(592	)		—		(592	)
Total Depreciation in Other Financial Instruments	$	—	$	(9,662	)	$	—	$	(9,662	)

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, 2020, 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 — The Fund is 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 Class IM Shares of the 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.

APRIL 30, 2020 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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.

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 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.

JPMIM voluntarily waived investment advisory fees charged to the Fund to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended April 30, 2020, JPMIM waived fees associated with the Fund’s investment in the 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).

The Fund did not have any securities out on loan at April 30, 2020.

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

For the six months ended April 30, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a) (b)	$	6,875	$	275,973	$	244,880	$	—	(c)	$	45	$	38,013		37,983	$	101		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		987		7,376		8,363		—			—		—		—		4	*		—
Total	$	7,862	$	283,349	$	253,243	$	—	(c)	$	45	$	38,013			$	105		$	—

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

(b) The rate shown is the current yield as of April 30, 2020.

(c) Amount rounds to less than one thousand.

* Amount is included on the Statements of Operation as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

E. 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.

30 J.P. MORGAN FUNDS APRIL 30, 2020

F. Derivatives — The Fund used derivative 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 potential 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 against collateral posted to a segregated account by one party for the benefit of the other.

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

Notes F(1) — F(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 records 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 Statement 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 of options written on the Statement 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 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 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

APRIL 30, 2020 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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 is 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 the 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, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

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.

(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 contracts negotiated 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

32 J.P. MORGAN FUNDS APRIL 30, 2020

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.

(5). Summary of Derivatives Information — The following table presents the value of derivatives held as of April 30, 2020 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:			Options			Futures Contracts (a)		Forward Foreign Currency Exchange Contracts			Centrally Cleared Swaps (b)		OTC Swaps		Total
Credit contracts		Receivables	$	—		$	—	$	—		$	8,614	$	401	$	9,015
Foreign exchange contracts		Receivables		1,374			—		8,605			—		—		9,979
Interest rate contracts		Receivables, Net Assets — Unrealized Appreciation		—			1,006		—			5		—		1,011
Total			$	1,374		$	1,006	$	8,605		$	8,619	$	401	$	20,005
Gross Liabilities:
Foreign exchange contracts		Payables	$	(1,374	)	$	—	$	(7,696	)	$	—	$	—	$	(9,070	)

(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 reflects the current day variation margin receivable/payable from/to brokers.

APRIL 30, 2020 J.P. MORGAN FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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, 2020 (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)
Barclays Bank plc	$	1,445	$	(1,445	)	$	—		$	—
BNP Paribas		1,892		(163	)		(54	)(b)		1,675
Citibank, NA		1,362		(1,362	)		—			—
Credit Suisse International		31		—			—			31
Goldman Sachs International		1,563		(1,563	)		—			—
HSBC Bank, NA		1,723		(1,168	)		—			555
Merrill Lynch International		131		(21	)		—			110
Royal Bank of Canada		9		(9	)		—			—
Standard Chartered Bank		258		(68	)		—			190
State Street Corp.		1,881		(1,816	)		—			65
TD Bank Financial Group		85		(85	)		—			—
	$	10,380	$	(7,700	)	$	(54	)	$	2,626
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	$	1,695	$	(1,445	)	$	—		$	250
BNP Paribas		163		(163	)		—			—
Citibank, NA		1,507		(1,362	)		—			145
Goldman Sachs International		1,912		(1,563	)		—			349
HSBC Bank, NA		1,168		(1,168	)		—			—
Merrill Lynch International		21		(21	)		—			—
Royal Bank of Canada		392		(9	)		—			383
Standard Chartered Bank		68		(68	)		—			—
State Street Corp.		1,816		(1,816	)		—			—
TD Bank Financial Group		328		(85	)		—			243
	$	9,070	$	(7,700)		$	—		$	1,370

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in 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, 2020 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	$	—		$	—	$	—	$	4,014		$	4,014
Foreign exchange contracts		(1,401	)		—		76		—			(1,325	)
Interest rate contracts		—			6,082		—		(1,395	)		4,687
Total	$	(1,401	)	$	6,082	$	76	$	2,619		$	7,376

34 J.P. MORGAN FUNDS APRIL 30, 2020

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	$	—	$	—	$	—	$	1,030		$	1,030
Foreign exchange contracts		1,726		—		1,283		—			3,009
Interest rate contracts		—		889		—		(281	)		608
Total	$	1,726	$	889	$	1,283	$	749		$	4,647

The Fund’s derivatives contracts held at April 30, 2020 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, 2020 (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	$	178,675
Ending Notional Balance Long		59,287
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	265,881
Average Settlement Value Sold		306,897
Ending Settlement Value Purchased		279,938
Ending Settlement Value Sold		332,931
OTC Options:
Average Notional Balance Purchased	$	200,574
Average Notional Balance Written		115,745
Ending Notional Balance Purchased		99,751
Ending Notional Balance Written		99,751
Credit Default Swaps:
Average Notional Balance — Buy Protection	$	58,012
Ending Notional Balance — Buy Protection		86,593
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed Rate	$	173,486	(a)
Average Notional Balance — Receives Fixed Rate		48,277
Ending Notional Balance — Receives Fixed Rate		6,224

(a) For the period November 1, 2019 through February 29, 2020.

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 (See Note 3.G.). 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.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, 2020 are as follows (amounts in thousands):

Fund Counterparty		Value of derivative contracts		Collateral amount
Goldman Sachs International	Collateral Received	$	401	$	(280	)

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.

APRIL 30, 2020 J.P. MORGAN FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

H. Allocation of Income and Expenses — Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. 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 share class of the Fund for the six months ended April 30, 2020 are as follows (amounts in thousands):

	Class A			Class C			Class I		Class R2			Class R5			Class R6		Total
Transfer agency fees	$	—	(a)	$	—	(a)	$	4	$	—	(a)	$	—	(a)	$	3	$	7

(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, 2020, 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.

L. Recent Accounting Pronouncement — In March 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Fund has adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU 2017-08, as of May 1, 2020, the amortized cost basis of investments was reduced by approximately $9,000 and unrealized appreciation of investments was increased by approximately $9,000. The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate equal to 0.65% of the Fund’s average daily net assets

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 Fund. In consideration of these services, 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 average daily net assets in excess of $25 billion. For the six months ended April 30, 2020, 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.G.

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 Fund’s principal underwriter and promotes and arranges for the sale of the Fund’s shares.

36 J.P. MORGAN FUNDS APRIL 30, 2020

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Fund, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R5 and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, 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	%

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, 2020, 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 fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except 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. Pursuant to such contracts, 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 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. 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. 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	%

The expense limitation agreements were in effect for the six months ended April 30, 2020 and are in place until at least February 28, 2021.

For the six months ended April 30, 2020, 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
$	201	$	134	$	1	$	336	$	5

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (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

APRIL 30, 2020 J.P. MORGAN FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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, 2020 was approximately $12,000.

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.

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, 2020, 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, 2020, 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)
$409,698	$	557,478

During the six months ended April 30, 2020, 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, 2020 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	536,271	$	19,841	$	81,780	$	(61,939	)

At October 31, 2019, 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
$	28,598	$	18,176

During the year ended October 31, 2019, the Fund utilized capital loss carryforwards as follows (amounts in thousands):

Capital Loss Utilized
Short-Term		Long-Term
$	7,892	$	—

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).

38 J.P. MORGAN FUNDS APRIL 30, 2020

The Fund had no borrowings outstanding from another fund during the six months ended April 30, 2020. 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 2, 2020.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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 London InterBank Offered Rate (“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 13, 2019, 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, 2020.

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, 2020, the Fund had three individual shareholder and/or affiliated omnibus accounts, which owned 46.9% of the Fund’s outstanding shares.

As of April 30, 2020, the JPMorgan SmartRetirement Funds and JPMorgan SmartRetirment Blend 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			JPMorgan SmartRetirement Blend Funds
	78.1	%		15.4	%

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

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, 2020, 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

APRIL 30, 2020 J.P. MORGAN FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Fund’s yield (and total return) also may be low or the Fund may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of the Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Fund is subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Fund’s investments, increase the Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. The Fund’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Event

Subsequent to April 30, 2020, the Fund had net redemptions of approximately $237,601,000, which represented 49% of the Fund’s net assets as of April 30, 2020.

40 J.P. MORGAN FUNDS APRIL 30, 2020

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, 2019, and continued to hold your shares at the end of the reporting period, April 30, 2020.

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 titled “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, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Actual	$	1,000.00	$	872.50	$	5.59		1.20	%
Hypothetical		1,000.00		1,018.90		6.02		1.20
Class C
Actual		1,000.00		868.90		7.90		1.70
Hypothetical		1,000.00		1,016.41		8.52		1.70
Class I
Actual		1,000.00		872.20		4.42		0.95
Hypothetical		1,000.00		1,020.14		4.77		0.95
Class R2
Actual		1,000.00		870.00		6.74		1.45
Hypothetical		1,000.00		1,017.65		7.27		1.45
Class R5
Actual		1,000.00		872.60		3.72		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class R6
Actual		1,000.00		873.10		3.26		0.70
Hypothetical		1,000.00		1,021.38		3.52		0.70

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

APRIL 30, 2020 J.P. MORGAN FUNDS 41

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Fund has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether the Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for the Fund (and, for J.P. Morgan Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether the Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Fund during the Program Reporting Period.

42 J.P. MORGAN FUNDS APRIL 30, 2020

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., 2020.  All rights reserved. April 2020. SAN-EMSD-420

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 1, 2020

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 1, 2020

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	July 1, 2020

EX-99.CERT

EXHIBIT (B)(1)

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Emerging Markets Equity Fund, JPMorgan Emerging Markets Strategic Debt Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Advantage Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan International Value Fund, JPMorgan Opportunistic Equity Long/Short Fund, JPMorgan Research Market Neutral Fund, JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund (the “Funds”), each a series of JPMorgan Trust I (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Funds’ internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Funds’ internal control over financial reporting.

Date: July 1, 2020	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the series JPMorgan Emerging Markets Equity Fund, JPMorgan Emerging Markets Strategic Debt Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Advantage Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan International Value Fund, JPMorgan Opportunistic Equity Long/Short Fund, JPMorgan Research Market Neutral Fund, JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund (the “Funds”), each a series of JPMorgan Trust I (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Funds’ internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Funds’ internal control over financial reporting.

Date: July 1, 2020
	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer

EX-99.906CE

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Emerging Markets Equity Fund, JPMorgan Emerging Markets Strategic Debt Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Advantage Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan International Value Fund, JPMorgan Opportunistic Equity Long/Short Fund, JPMorgan Research Market Neutral Fund, JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund (the “Funds”), each a series of JPMorgan Trust I (the “Registrant”);

I, Brian S. Shlissel, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Funds.

/s/ Brian S. Shlissel

Brian S. Shlissel

President and Principal Executive Officer

July 1, 2020

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Emerging Markets Equity Fund, JPMorgan Emerging Markets Strategic Debt Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Advantage Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan International Value Fund, JPMorgan Opportunistic Equity Long/Short Fund, JPMorgan Research Market Neutral Fund, JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund (the “Funds”), each a series of JPMorgan Trust I (the “Registrant”);

I, Timothy J. Clemens, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Funds.

/s/ Timothy J. Clemens

Timothy J. Clemens

Treasurer and Principal Financial Officer

July 1, 2020

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.