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: 811-04236

JPMorgan Trust II

(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, 2020 through April 30, 2021

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.

a.) 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).

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder report.

Semi-Annual Report

J.P. Morgan International Equity Funds

April 30, 2021 (Unaudited)

JPMorgan Emerging Markets Equity Fund

JPMorgan Emerging Markets Research Enhanced Equity Fund

JPMorgan Europe Dynamic Fund

JPMorgan International Equity Fund

JPMorgan International Focus Fund

JPMorgan International Hedged Equity Fund

JPMorgan International Research Enhanced Equity Fund

JPMorgan International Value Fund

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 Equity Fund	12
JPMorgan International Focus Fund	15
JPMorgan International Hedged Equity Fund	18
JPMorgan International Research Enhanced Equity Fund	21
JPMorgan International Value Fund	23
Schedules of Portfolio Investments	26
Financial Statements	58
Financial Highlights	76
Notes to Financial Statements	92
Schedule of Shareholder Expenses	118
Liquidity Risk Management Program	121

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 16, 2021 (Unaudited)

Dear Shareholders,

This year has brought a large measure of relief, hope and reflection on the pandemic and its impact on our families, our jobs and our world. It has also witnessed a remarkable rally in global equity markets, driven initially by investor expectations for an accelerated economic expansion and extended by surging corporate earnings and consumer spending.

  “In the year ahead, J.P. Morgan Asset Management will continue to strive to adapt to new challenges and provide investors with innovative and durable solutions that are backed by our deep experience in risk management.” — Andrea L. Lisher

As leading central banks maintained ultra-low interest rates and governments continued to provide or increase massive fiscal stimulus and recovery programs, many investors sought opportunities for higher returns in global equity markets. For the six months ended April 30, 2021, the MSCI EAFE Index returned 29.13%, the S&P 500 Index returned 28.85% and the MSCI Emerging Markets Index returned 23.09%. Within fixed income markets, Bloomberg Barclays High Yield Index returned 7.97%, the Bloomberg Barclays Emerging Markets Index returned 2.33% and the Bloomberg Barclays U.S. Aggregate Index returned -1.52%.

The prospects for a diminishing pandemic have brightened in 2021, particularly in the U.S. and Western Europe where vaccination rates have accelerated. However, a surge of infections of COVID-19 and its variants in Brazil, India and elsewhere demonstrated that the global crisis is ongoing and spurred

leading industrialized nations together to pledge to provide one billon doses of vaccine to emerging market nations. Meanwhile, the accelerating economic rebound in the U.S. has raised investor concerns about the potential for rising inflation and supply chain disruptions, though U.S. Federal Reserve Chairman Jerome Powell has sought to reassure financial markets that upward pressure on prices — while stronger than expected — remains likely to be temporary.

At this point, it’s worth reflecting on the fact that many of those who remained fully invested in the face of unprecedented uncertainty in 2020 likely benefitted fully from the ensuing rally in global equity markets. In the year ahead, J.P. Morgan Asset Management will continue to strive to adapt to new challenges and provide investors with innovative and durable solutions that are backed by our deep experience in risk management. We will continue to seek to operate under the same fundamental practices and principles that have driven our success for more than a century and focus on the financial needs of our clients.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

Globally, equity market valuations climbed higher during the period, initially fueled by the massive pandemic response of leading central banks and fiscal authorities and extended by the development of multiple vaccines in late 2020 and the advent of mass vaccinations in 2021. The rebound in asset prices during the period — partly led by U.S. equity — swept across both emerging markets and developed markets.

Fixed income markets provided mixed returns. Amid extremely low yields on developed markets sovereign bonds, investors sought out emerging markets debt and high yield bonds (also known as “junk bonds”). The initial re-opening of economies at the global, national and local levels in 2021 also raised investor concerns about potential inflationary pressure.

The final months of the 2020 included a continued rebound in global prices for petroleum and a range of other commodities as manufacturing data and consumer sentiment strengthened. November and December saw broad gains in global equity, partly driven by continued investor demand for U.S. large cap stocks, particularly in the technology sector. Emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

Global equity markets surged from February through April 2021 amid a general surge in corporate earnings and consumer and business spending. Developed market equity provided strong returns, while emerging markets equity was weighed down by investor concern about large pandemic outbreaks in select nations, particularly Brazil and India.

U.S. equity markets generally led the rally, supported by a $1.9 trillion U.S. fiscal relief and recovery package and the prospect of additional federal government spending plans. Better-than-expected corporate earnings and revenues in 2021, combined with strong growth consumer spending and improved manufacturing data, drove global equity prices further upward toward the end of the period.

For the six months ended April 30, 2021, the MSCI EAFE Index returned 29.13%, the S&P 500 Index returned 28.85% and the MSCI Emerging Markets Index returned 23.09%.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		17.17%
MSCI Emerging Markets Index (net of foreign withholding taxes)		22.95%
Net Assets as of 4/30/2021 (In Thousands)	$	14,466,953

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 underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.

The Fund’s underweight position and security selection in the materials sector and its security selection and overweight position in the consumer discretionary sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the communication services and health care sectors was a leading contributor to relative performance.

By country, the Fund’s underweight position and security selection in Taiwan and its underweight position in South Korea were leading detractors from relative performance. The Fund’s out-of-Benchmark position in Singapore, which solely consisted of Sea Ltd., and its security selection in China were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark position in Dada Nexus Ltd., its overweight position in Allegro.eu SA and its underweight position in Vale SA. Shares of Dada Nexus, a Chinese provider of online retail and delivery, fell as investors sold the shares in the wake of a run up in the share price in late 2020. Shares of Allegro.eu, a Polish e-commerce platform provider, fell after Amazon.com Inc. entered the Polish market. Shares of Vale, a Brazilian mining company not held in the Fund, rose

amid increased global demand for metals and other commodities.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Sea Ltd. and EPAM Systems Inc., and its overweight position in Wuxi Biologics Inc. Shares of Sea, an online gaming and electronic commerce provider based in Singapore, rose amid growth in consumer demand for online services and entertainment. Shares of EPAM Systems, a global provider of software development and platform engineering services that largely operates from Belarus, rose amid several consecutive quarters of better-than-expected earnings. Shares of Wuxi Biologics (Cayman), a Chinese developer of biological testing and drug research, rose amid increased demand for its products and services driven by the 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 during the period were in the consumer staples and consumer discretionary sectors and its largest relative underweight allocations were in the materials and energy sectors. The Fund’s largest country overweight allocations relative to the Benchmark during the period were in India and China and its largest relative underweight allocations were in South Korea and Taiwan.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		6.3	%
	2.	Samsung Electronics Co. Ltd. (South Korea)		5.7
	3.	Tencent Holdings Ltd. (China)		3.8
	4.	Sea Ltd., ADR (Taiwan)		3.8
	5.	EPAM Systems, Inc. (United States)		3.3
	6.	Wuxi Biologics Cayman, Inc. (China)		3.1
	7.	Meituan (China)		2.8
	8.	Alibaba Group Holding Ltd., ADR (China)		2.8
	9.	MercadoLibre, Inc. (Argentina)		2.7
	10.	Ping An Bank Co. Ltd., Class A (China)		2.2

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
China		41.8	%
India		13.5
Taiwan		10.6
South Korea		8.7
Hong Kong		4.8
Brazil		4.5
United States		3.3
Argentina		2.7
Indonesia		1.6
United Kingdom		1.2
Poland		1.2
Mexico		1.2
South Africa		1.0
Others (each less than 1.0%)		2.9
Short-Term Investments		1.0

* 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.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			10.82	%		50.44	%		15.86	%		5.41	%
Without Sales Charge			16.96			58.79			17.12			5.98
CLASS C SHARES	February 28, 2006
With CDSC***			15.68			57.02			16.53			5.55
Without CDSC			16.68			58.02			16.53			5.55
CLASS I SHARES	September 10, 2001		17.12			59.22			17.41			6.24
CLASS L SHARES	November 15, 1993		17.17			59.33			17.54			6.38
CLASS R2 SHARES	July 31, 2017		16.81			58.31			16.80			5.83
CLASS R3 SHARES	July 31, 2017		16.91			58.67			17.08			5.96
CLASS R4 SHARES	July 31, 2017		17.10			59.15			17.37			6.22
CLASS R5 SHARES	September 9, 2016		17.16			59.33			17.55			6.38
CLASS R6 SHARES	December 23, 2013		17.21			59.49			17.67			6.46

* 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 PERFORMANCE (4/30/11 TO 4/30/21)

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, 2011 to April 30, 2021. 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 institutional 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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (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 U.S. and other nations.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2021

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R6 Shares)*		23.44%
MSCI Emerging Markets Index (net of foreign withholding taxes)		22.95%
Net Assets as of 4/30/2021 (In Thousands)	$	3,823,223

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class R6 Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.

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

By country, the Fund’s security selection China and South Korea were leading contributors to relative performance, while the Fund’s security selection in Poland and India was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in BiliBili Inc., AU Optronics Corp. and Taiwan Semiconductor Manufacturing Co. Shares of BiliBili, a Chinese provider of video sharing and online entertainment, rose after the company reported better-than-expected earnings and sales for the fourth quarter of 2020 and after Sony Corp. agreed to purchase a 5% holding in the company. Shares of AU Optronics, a Taiwanese manufacturer of liquid crystal display monitors and solar energy equipment, rose after the company reported continued growth in monthly revenue. Shares of Taiwan Semiconductor Manufacturing rose after the company reported better-than-expected earnings for the first quarter of 2021.

Leading individual detractors from relative performance included the Fund’s underweight position in MediaTek Inc. and its overweight positions in CD Projekt SA and Alibaba Group Holding Ltd. Shares of MediaTek, a Taiwanese semiconductor manufacturer, rose after the company reported consecutive quarters of earnings growth. Shares of CD Projekt, a Polish developer of video games, fell amid problems with the rollout of its “Cyberpunk 2077” game, which prompted Sony Corp. to pull the game from its PlayStation stores. Shares of Alibaba Group Holding, an electronic commerce conglomerate based in China, fell amid an antitrust review by Chinese regulators that resulted in a $2.8 billion fine against the company.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a combination of a disciplined portfolio construction process with in-depth fundamental research into individual securities conducted by a global network of research analysts to identify what they believed to be their relative value.

As a result of this process, by sector, the Fund’s largest overweight allocations relative to the Benchmark during the period were in the energy and consumer staples sectors and its largest underweight allocations were in the health care and consumer discretionary sectors. By country, the Fund’s largest overweight allocations relative to the Benchmark during the period were in Russia and South Africa and its largest relative underweight allocations were in Malaysia and Taiwan.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Tencent Holdings Ltd. (China)		5.9	%
	2.	Alibaba Group Holding Ltd. (China)		5.7
	3.	Samsung Electronics Co. Ltd. (South Korea)		5.3
	4.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		5.2
	5.	Meituan (China)		1.9
	6.	Naspers Ltd., Class N (South Africa)		1.3
	7.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		1.2
	8.	China Construction Bank Corp., Class H (China)		1.2
	9.	Vale SA, ADR (Brazil)		1.2
	10.	Ping An Insurance Group Co. of China Ltd., Class H (China)		1.1

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
China		38.5	%
Taiwan		13.5
South Korea		13.1
India		8.8
Brazil		4.9
South Africa		4.2
Russia		3.9
Saudi Arabia		2.6
Mexico		2.1
Thailand		1.9
Indonesia		1.3
Others (each less than 1.0%)		4.5
Short-Term Investments		0.7

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

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

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS I SHARES	January 30, 2019		23.45	%		51.37	%		18.59	%
CLASS R6 SHARES	December 11, 2018		23.44			51.43			18.71

* Not annualized.

LIFE OF FUND PERFORMANCE (12/11/18 TO 4/30/21)

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, 2021. 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 institutional 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.

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)

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		39.31%
MSCI Europe Index (net of foreign withholding taxes)		33.32%
Net Assets as of 4/30/2021 (In Thousands)	$	752,644

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, outperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.

By sector, the Fund’s security selection in the banks sector and its overweight position and security selection in the semiconductors & semiconductor equipment sector were leading contributors to relative performance. The Fund’s security selection in technology hardware & equipment sector and its underweight position in the energy sector were leading detractors from performance relative to the Benchmark.

Leading individual contributors to relative performance included the Fund’s overweight positions in ASM International NV, Evolution Gaming Group AB, and its out-of-Benchmark position in Bank of Ireland Group plc. Shares of ASM International, a Dutch maker of semiconductor manufacturing equipment, rose amid investor expectations the company will benefit from Intel Corp.’s planned $20 billion expansion of its manufacturing capacity. Shares of Evolution Gaming Group, a Swedish provider of online

casino games, rose amid continued growth in revenue driven by demand for at-home entertainment. Shares of Bank of Ireland Group rose amid investor expectation that the financials sector in general would benefit from a rebound in economic activity in 2021.

Leading individual detractors from relative performance included the Fund’s underweight position in ASML Holdings NV and its overweight positions in Zalando SE and Royal Ahold Delhaize NV. Shares of ASML Holdings, a Dutch provider of semiconductor manufacturing equipment, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2021. Shares of Zalando, a German online retailer of apparel and cosmetics, fell amid investor disappointment with its results for its fiscal fourth quarter. Shares of Royal Ahold Delhaize, a Dutch supermarket chain operator, fell after the company reported a loss for the fourth quarter of 2020 due to pandemic costs.

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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		3.9	%
	2.	Roche Holding AG (Switzerland)		3.1
	3.	Allianz SE (Registered) (Germany)		2.1
	4.	LVMH Moet Hennessy Louis Vuitton SE (France)		2.0
	5.	Novartis AG (Registered) (Switzerland)		1.6
	6.	Lloyds Banking Group plc (United Kingdom)		1.6
	7.	Siemens AG (Registered) (Germany)		1.5
	8.	Zurich Insurance Group AG (Switzerland)		1.4
	9.	Deutsche Post AG (Registered) (Germany)		1.3
	10.	Schneider Electric SE (France)		1.2

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
United Kingdom		15.6	%
Germany		14.6
Switzerland		14.4
France		10.0
Netherlands		3.6
Ireland		3.1
Sweden		3.0
Italy		2.4
Australia		2.3
Denmark		2.2
Finland		1.9
Austria		1.5
Spain		1.4
Others (each less than 1.0%)		2.5
Short-Term Investments		21.5

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

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

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge**			31.99	%		45.35	%		6.69	%		5.04	%
Without Sales Charge			39.31			53.42			7.85			5.60
CLASS C SHARES	November 1, 1998
With CDSC***			37.93			51.59			7.31			5.18
Without CDSC			38.93			52.59			7.31			5.18
CLASS I SHARES	September 10, 2001		39.43			53.76			8.13			5.89
CLASS L SHARES	September 10, 2001		39.58			53.96			8.28			6.07
CLASS R6 SHARES	October 1, 2018		39.64			54.16			8.34			6.09

* 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.

TEN YEAR PERFORMANCE (4/30/11 TO 4/30/21)

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, 2011 to April 30, 2021. 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 institutional 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.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		26.48%
MSCI EAFE Index (net of foreign withholding taxes)		28.84%
Net Assets as of 4/30/2021 (In Thousands)	$	4,695,798

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 underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.

The Fund’s security selection in the industrials sector and its underweight position in the energy sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the information technology and materials sectors was a leading contributor to relative performance.

By region, the Fund’s security selection in Europe, excluding the U.K., and its out-of-Benchmark position in emerging markets were leading detractors from relative performance, while its underweight position in Japan and its security selection in the Pacific, excluding Japan, were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included its out-of-Benchmark position in Alibaba Group Holding Ltd. and its overweight positions in Kao Corp. and Unilever plc. Shares of Alibaba Group Holding, an electronic commerce conglomerate based in China, fell amid an antitrust

review by Chinese regulators that resulted in a $2.8 billion fine against the company. Shares of Kao, a Japanese maker of chemicals and consumer products, fell after the company issued a lower-than-expected earnings forecast for 2021. Shares of Unilever, a U.K. consumer products company, fell after the company reported lower-than-expected results for its fiscal year 2020.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in ASML Holding NV, ING Groep NV and LVMH Moet Hennessy Louis Vuitton SE. Shares of ASML Holding, a Dutch maker of semiconductor manufacturing equipment, rose amid investor expectations the company would benefit from Intel Corp.’s planned $20 billion expansion of its manufacturing capacity. ING Groep, a Dutch banking and financial services company, rose after the company posted better-than-expected results for the fourth quarter of 2020. Shares of LVMH Moet Hennessey Louis Vuitton, a French luxury goods maker, rose after Tiffany’s Inc. shareholders approved a takeover offer, ending a months-long dispute.

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.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		2.8	%
	2.	ASML Holding NV (Netherlands)		2.5
	3.	LVMH Moet Hennessy Louis Vuitton SE (France)		2.5
	4.	AIA Group Ltd. (Hong Kong)		2.1
	5.	Diageo plc (United Kingdom)		1.9
	6.	Novo Nordisk A/S, Class B (Denmark)		1.9
	7.	TOTAL SE (France)		1.8
	8.	Keyence Corp. (Japan)		1.7
	9.	Sony Group Corp. (Japan)		1.7
	10.	Schneider Electric SE (France)		1.6

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
France		16.2	%
Japan		15.2
United Kingdom		11.4
Germany		7.4
Switzerland		6.5
Australia		4.6
Netherlands		3.9
Denmark		3.9
Sweden		3.7
Hong Kong		3.3
Spain		3.2
China		3.2
South Korea		2.3
Taiwan		1.7
South Africa		1.2
Belgium		1.2
United States		1.1
Singapore		1.1
Finland		1.0
Others (each less than 1.0%)		2.2
Short-Term Investments		5.7

* 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.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			19.63	%		34.32	%		9.16	%		4.58	%
Without Sales Charge			26.24			41.73			10.34			5.14
CLASS C SHARES	January 31, 2003
With CDSC***			24.99			40.17			9.80			4.72
Without CDSC			25.99			41.17			9.80			4.72
CLASS I SHARES	January 1, 1997		26.48			42.17			10.63			5.41
CLASS R2 SHARES	November 3, 2008		26.10			41.35			10.02			4.86
CLASS R5 SHARES	May 15, 2006		26.49			42.28			10.76			5.57
CLASS R6 SHARES	November 30, 2010		26.57			42.42			10.85			5.65

* Not annualized.

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

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

TEN YEAR PERFORMANCE (4/30/11 TO 4/30/21)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund and the MSCI EAFE Index (net of foreign withholding taxes) from April 30, 2011 to April 30, 2021. 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 U.S. and other nations.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

JPMorgan International Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		23.96%
MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes)		28.56%
Net Assets as of 4/30/2021 (In Thousands)	$	3,700,496

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 underperformed the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.

The Fund’s security selection in the industrials and financials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials and information technology sectors was a leading contributor to relative performance.

By region, the Fund’s security selection in Europe, excluding the U.K., and in emerging markets was a leading detractors from relative performance, while the Fund’s underweight position in Japan and its security selection the Pacific, excluding Japan, were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Alibaba Group Holdings Ltd., Unilever plc and Tencent Holdings Ltd.

Shares of Alibaba Group Holding, an electronic commerce conglomerate based in China, fell amid an antitrust review by Chinese regulators that resulted in a $2.8 billion fine against the company. Shares of Unilever, a U.K. consumer products

company, fell after the company reported lower-than-expected results for its fiscal year 2020. Shares of Tencent Holdings, a Hong Kong online gaming, advertising and services company, fell amid a general increase in scrutiny by Chinese regulators during the period and then-President Trump’s executive order in January 2021 to ban U.S. transactions with eight Chinese-linked online platforms, including Tencent’s WeChat platform.

Leading individual contributors to the Fund’s relative performance included its overweight positions in ASML Holding NV, LVMH Moet Hennessey Louis Vuitton SE and Legal & General Group plc. Shares of ASM International, a Dutch maker of semiconductor manufacturing equipment, rose amid investor expectations the company would benefit from Intel Corp.’s planned $20 billion expansion of its manufacturing capacity. Shares of LVMH Moet Hennessey Louis Vuitton, a French luxury goods maker, rose after Tiffany’s Inc. shareholders approved a takeover offer, ending a months-long dispute. Shares of Legal & General, a U.K. financial services provider, rose after the company reported 2020 results that were in line with analysts’ estimates.

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 portfolio 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 their share prices.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Samsung Electronics Co. Ltd. (South Korea)		3.7	%
	2.	Tencent Holdings Ltd. (China)		3.6
	3.	AIA Group Ltd. (Hong Kong)		3.3
	4.	LVMH Moet Hennessy Louis Vuitton SE (France)		3.3
	5.	Diageo plc (United Kingdom)		3.3
	6.	HDFC Bank Ltd., ADR (India)		3.1
	7.	ASML Holding NV (Netherlands)		3.1
	8.	Nestle SA (Registered) (Switzerland)		3.1
	9.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		2.8
	10.	Alibaba Group Holding Ltd. (China)		2.7

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
United Kingdom		15.1	%
China		8.7
Switzerland		7.9
France		7.2
South Korea		7.2
Japan		5.6
Germany		5.3
Hong Kong		4.9
Taiwan		4.4
Canada		4.1
Spain		3.5
Sweden		3.4
India		3.2
Netherlands		3.1
Denmark		2.8
Australia		2.4
United States		2.1
Belgium		2.1
South Africa		1.9
Finland		1.7
Indonesia		1.3
Short-Term Investments		2.1

* 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.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge**			17.29	%		35.69	%		9.89	%		8.67	%
Without Sales Charge			23.77			43.23			11.08			9.30
CLASS C SHARES	November 30, 2011
With CDSC***			22.49			41.48			10.53			8.83
Without CDSC			23.49			42.48			10.53			8.83
CLASS I SHARES	November 30, 2011		23.96			43.59			11.39			9.60
CLASS R2 SHARES	November 30, 2011		23.59			42.79			10.76			9.00
CLASS R5 SHARES	November 30, 2011		24.02			43.66			11.50			9.74
CLASS R6 SHARES	November 30, 2011		24.06			43.84			11.59			9.82

* 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 4/30/21)

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, 2021. 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 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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		14.65%
MSCI EAFE Index (net of foreign withholding taxes)		28.84%
ICE BofAML 3-Month US Treasury Bill Index		0.05%
Net Assets as of 4/30/2021 (In Thousands)	$	125,922

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 underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) and outperformed the ICE BofAML 3-Month US Treasury Bill Index for the six months ended April 30, 2021. The Fund’s options hedge allowed the Fund to generally perform as designed during the reporting period with about 57% of the Benchmark’s volatility.

The Fund’s security selection in the basic industries and automobiles & automotive parts sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the banks and consumer cyclical sectors was a leading contributor to relative performance.

By country, the Fund’s security selection in Switzerland, Italy and the U.K. was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in France and Japan was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Orsted A/S, Roche Holding AG and Nitori Holdings Co. Shares of Orsted, a Danish renewable energy generator, fell after reporting lower-than-expected revenue for the first quarter of 2021. Shares of Roche Holdings, a Swiss pharmaceuticals and diagnostics maker, fell after the company reported a decline in drug sales, partly offset by demand for the company’s COVID-19 tests, for the first quarter of 2021. Shares of Nitori, a Japanese home furnishings retailer, fell after the company reported a drop in fourth quarter 2020 earnings amid higher spending.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in ASML Holdings NV, BNP Paribas SA and Taylor Wimpey plc Shares of ASML Holdings, a Dutch maker of semiconductor manufacturing equipment, rose amid investor expectations the company would benefit from Intel Corp.’s planned $20 billion expansion of its manufacturing capacity. Shares of BNP Paribas, a French banking and financial services company, rose after the company reported better-than-expected earnings for 2020 amid a surge in securities trading late in the year. Shares of Taylor Wimpey, a U.K. residential real estate builder, rose amid continued strong demand in the U.K. housing sector.

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 AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		2.6	%
	2.	ASML Holding NV (Netherlands)		2.5
	3.	Roche Holding AG (Switzerland)		2.0
	4.	LVMH Moet Hennessy Louis Vuitton SE (France)		1.7
	5.	Novartis AG (Registered) (Switzerland)		1.7
	6.	Novo Nordisk A/S, Class B (Denmark)		1.4
	7.	Toyota Motor Corp. (Japan)		1.3
	8.	L’Oreal SA (France)		1.2
	9.	Iberdrola SA (Spain)		1.2
	10.	AIA Group Ltd. (Hong Kong)		1.2

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		23.5	%
France		12.1
United Kingdom		11.0
Switzerland		10.0
Germany		9.4
Netherlands		6.8
Australia		5.9
Denmark		2.7
Sweden		2.6
Spain		2.4
Hong Kong		2.4
Italy		1.1
United States		1.1
Singapore		1.0
Others (each less than 1.0%)		3.0
Short-Term Investments		5.0

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

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

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES		March 15, 2019
With Sales Charge**				8.54	%		9.28	%		1.72	%
Without Sales Charge				14.54			15.36			4.33
CLASS C SHARES		March 15, 2019
With CDSC***				13.22			13.71			3.80
Without CDSC				14.22			14.71			3.80
CLASS I SHARES		March 15, 2019		14.65			15.63			4.60
CLASS R5 SHARES		March 15, 2019		14.77			15.75			4.74
CLASS R6 SHARES		March 15, 2019		14.80			15.94			4.86

* 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 4/30/21)

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, 2021. 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 begin-

ning 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.

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

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

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)

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		28.86%
MSCI EAFE Index (net of foreign withholding taxes)		28.84%
Net Assets as of 4/30/2021 (In Thousands)	$	4,946,965

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 slightly outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.

The Fund’s security selection in the banks and consumer cyclical sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the basic industries and automobiles & automotive parts sectors was a leading detractor from relative performance.

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

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

HOW WAS THE FUND POSITIONED?

Using the fundamental equity insights generated by analysts, the Fund’s portfolio managers took overweight positions in securities included within the universe of the Benchmark that they considered undervalued, while underweighting or not holding securities in the Benchmark that they considered overvalued.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		2.5	%
	2.	ASML Holding NV (Netherlands)		2.3
	3.	Roche Holding AG (Switzerland)		1.9
	4.	LVMH Moet Hennessy Louis Vuitton SE (France)		1.6
	5.	Novartis AG (Registered) (Switzerland)		1.6
	6.	Novo Nordisk A/S, Class B (Denmark)		1.4
	7.	Toyota Motor Corp. (Japan)		1.2
	8.	L’Oreal SA (France)		1.1
	9.	Iberdrola SA (Spain)		1.1
	10.	Schneider Electric SE (France)		1.1

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		23.1	%
France		11.9
United Kingdom		11.0
Switzerland		9.7
Germany		9.3
Netherlands		6.6
Australia		5.9
Sweden		2.7
Denmark		2.6
Spain		2.4
Hong Kong		2.2
Italy		1.2
Singapore		1.0
Others (each less than 1.0%)		3.6
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.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge**			21.91	%		30.50	%		6.76	%		3.58	%
Without Sales Charge			28.69			37.73			7.91			4.14
CLASS I SHARES	October 28, 1992		28.86			38.07			8.18			4.40
CLASS R6 SHARES	November 1, 2017		28.92			38.26			8.26			4.44

* Not annualized.

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

TEN YEAR PERFORMANCE (4/30/11 TO 4/30/21)

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, 2011 to April 30, 2021. 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 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.

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, 2021

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		41.55%
MSCI EAFE Value Index (net of foreign withholding taxes)		36.00%
Net Assets as of 4/30/2021 (In Thousands)	$	366,571

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 outperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.

The Fund’s underweight position in the utilities sectors and its security selection in the capital goods sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the diversified financials and software & services sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in the Pacific, excluding Japan, and its underweight position in the U.K. were leading contributors to relative performance, while the Fund’s security selection in Europe and its underweight position in Japan were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight positions in Unilever plc, Sanofi SA and Iberdrola SA. Shares of Unilever, a U.K. consumer products company not held in the Fund, fell after the company reported lower-than-expected results for its fiscal year 2020. Shares of Sanofi, a French pharmaceutical company not held in the Fund, underperformed after the company

reported lower-than-expected revenue for the fourth quarter of 2020 and declined to raise its forecast for 2021 at the end of the first quarter of 2021. Shares of Iberdrola, a Spanish electricity utility, underperformed amid a series of acquisitions by the company during the period.

Leading individual detractors from relative performance included the Fund’s overweight position in Banco Santander SA and its underweight positions in Westpac Banking Corp. and BASF SE. Shares of Banco Santander, a Spanish banking company that was added to the Fund in late November, rose along with the broader financial sector but their largest gains were in early November. Westpac Banking, an Australian financial services provider, rose after the company raised its earnings forecast for 2021. Shares of BASF, a German chemicals company, rose after the company reported profit growth for the fourth quarter of 2020 and issued a positive earnings forecast for 2021.

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 during the period were in the banks and retail sectors, while the largest underweight sector positions were in the utilities and real estate sectors.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Novartis AG (Registered) (Switzerland)		2.1	%
	2.	BHP Group Ltd. (Australia)		1.9
	3.	Toyota Motor Corp. (Japan)		1.7
	4.	Royal Dutch Shell plc, Class A (Netherlands)		1.6
	5.	HSBC Holdings plc (United Kingdom)		1.5
	6.	TOTAL SE (France)		1.4
	7.	Siemens AG (Registered) (Germany)		1.4
	8.	Allianz SE (Registered) (Germany)		1.3
	9.	Rio Tinto plc (Australia)		1.2
	10.	Daimler AG (Registered) (Germany)		1.1

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		19.8	%
United Kingdom		14.7
Germany		9.4
France		9.0
Australia		6.9
Switzerland		6.2
Netherlands		4.0
Sweden		3.6
Spain		3.2
Italy		3.1
Norway		2.6
Denmark		1.8
Austria		1.5
Finland		1.4
Hong Kong		1.2
Singapore		1.2
Belgium		1.1
Others (each less than 1.0%)		4.3
Short-Term Investments		5.0

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

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

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			33.95	%		40.42	%		4.07	%		1.34	%
Without Sales Charge			41.31			48.21			5.20			1.88
CLASS C SHARES	July 11, 2006
With CDSC***			39.96			46.41			4.64			1.48
Without CDSC			40.96			47.41			4.64			1.48
CLASS I SHARES	September 10, 2001		41.43			48.46			5.47			2.16
CLASS L SHARES	November 4, 1993		41.55			48.63			5.58			2.28
CLASS R2 SHARES	November 3, 2008		41.10			47.61			4.88			1.61
CLASS R5 SHARES	September 9, 2016		41.44			48.55			5.58			2.28
CLASS R6 SHARES	November 30, 2010		41.48			48.74			5.70			2.40

* 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 (4/30/11 TO 4/30/21)

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 prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 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, 2011 to April 30, 2021. 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 U.S. and other nations.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.2%
Argentina — 2.8%
MercadoLibre, Inc. *		256		401,572
Brazil — 4.6%
B3 SA — Brasil Bolsa Balcao		12,053		114,384
Localiza Rent a Car SA *		9,224		108,558
Magazine Luiza SA *		35,416		130,724
Pagseguro Digital Ltd., Class A * (a)		3,091		141,382
Raia Drogasil SA *		15,325		74,426
XP, Inc., Class A *		2,295		90,879
				660,353
China — 42.4%
Alibaba Group Holding Ltd., ADR *		1,761		406,783
Alibaba Group Holding Ltd. *		9,823		283,966
Bilibili, Inc., ADR * (a)		869		96,371
Budweiser Brewing Co. APAC Ltd. (b)		57,432		180,975
China Gas Holdings Ltd.		48,011		173,054
Contemporary Amperex Technology Co. Ltd., Class A		2,575		154,704
Dada Nexus Ltd., ADR *		2,604		62,599
Foshan Haitian Flavouring & Food Co. Ltd., Class A		7,532		196,552
Hundsun Technologies, Inc., Class A		7,487		105,850
JD.com, Inc., ADR *		1,578		122,109
JD.com, Inc., Class A *		3,564		137,630
Jiangsu Hengli Hydraulic Co. Ltd., Class A		12,950		171,461
KE Holdings, Inc., ADR *		3,440		179,035
Kingdee International Software Group Co. Ltd. *		33,349		109,824
Kweichow Moutai Co. Ltd., Class A		364		112,315
Meituan * (b)		10,752		411,531
Midea Group Co. Ltd., Class A		8,057		99,480
NetEase, Inc., ADR		1,309		146,716
NetEase, Inc.		7,252		162,088
New Oriental Education & Technology Group, Inc., ADR *		9,553		145,776
Pharmaron Beijing Co. Ltd., Class A		5,886		147,012
Ping An Bank Co. Ltd., Class A		90,727		325,756
Ping An Insurance Group Co. of China Ltd., Class H		11,783		128,456
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3,042		218,294
Shenzhou International Group Holdings Ltd.		8,462		186,149
Sichuan Swellfun Co. Ltd., Class A		4,921		77,565
Sunny Optical Technology Group Co. Ltd.		6,929		167,984
Tencent Holdings Ltd.		7,069		563,908
Wanhua Chemical Group Co. Ltd., Class A		6,629		104,793
Wuxi Biologics Cayman, Inc. * (b)		32,121		450,901

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
Xinyi Solar Holdings Ltd. (a)		80,586		134,403
Yum China Holdings, Inc.		2,605		163,897
				6,127,937
Hong Kong — 4.9%
AIA Group Ltd.		17,599		223,379
AIA Group Ltd.		795		10,071
Hong Kong Exchanges & Clearing Ltd.		2,539		153,148
Techtronic Industries Co. Ltd.		17,840		323,703
				710,301
Hungary — 0.0% (c)
OTP Bank Nyrt. *		110		4,965
India — 13.7%
Asian Paints Ltd.		2,803		95,826
Britannia Industries Ltd.		1,793		83,346
HDFC Bank Ltd. *		13,065		248,242
HDFC Bank Ltd., ADR *		2,957		207,830
HDFC Life Insurance Co. Ltd. * (b)		16,679		149,507
Hindustan Unilever Ltd.		5,256		166,717
Housing Development Finance Corp. Ltd.		9,711		316,252
Kotak Mahindra Bank Ltd. *		8,796		207,093
Reliance Industries Ltd.		8,772		235,674
Tata Consultancy Services Ltd.		6,652		272,228
				1,982,715
Indonesia — 1.6%
Bank Central Asia Tbk. PT		53,511		118,460
Bank Rakyat Indonesia Persero Tbk. PT		404,092		113,079
				231,539
Macau — 0.9%
Sands China Ltd. *		26,388		124,871
Mexico — 1.2%
Wal-Mart de Mexico SAB de CV (a)		52,447		171,994
Panama — 0.5%
Copa Holdings SA, Class A * (a)		879		76,049
Poland — 1.2%
Allegro.eu SA * (b)		11,598		177,816
Portugal — 0.9%
Jeronimo Martins SGPS SA (a)		7,578		138,384
South Africa — 1.0%
Bid Corp. Ltd. *		4,409		86,923
Capitec Bank Holdings Ltd. *		525		53,809
				140,732

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Korea — 8.8%
Delivery Hero SE * (a) (b)		1,063		168,576
LG Chem Ltd.		139		115,644
NCSoft Corp.		206		153,499
Samsung Electronics Co. Ltd.		11,386		829,853
				1,267,572
Taiwan — 10.7%
Sea Ltd., ADR *		2,189		552,804
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		7,943		927,317
Taiwan Semiconductor Manufacturing Co. Ltd.		3,301		69,518
				1,549,639
Turkey — 0.5%
BIM Birlesik Magazalar A/S		9,368		73,550
United Kingdom — 1.2%
Prudential plc		8,452		178,975
United States — 3.3%
EPAM Systems, Inc. *		1,047		479,115
Total Common Stocks (Cost $9,007,492)				14,498,079
Short-Term Investments — 1.1%
Investment of Cash Collateral from Securities Loaned — 1.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (d) (e)		120,032		120,044
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		30,911		30,911
Total Investment of Cash Collateral from Securities Loaned (Cost $150,955)				150,955
Total Short-Term Investments (Cost $150,955)				150,955
Total Investments — 101.3% (Cost $9,158,447)				14,649,034
Liabilities in Excess of Other Assets — (1.3)%				(182,081	)
NET ASSETS — 100.0%				14,466,953

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Internet & Direct Marketing Retail		14.8	%
Banks		8.7
Semiconductors & Semiconductor Equipment		7.7
Entertainment		7.6
IT Services		6.1
Technology Hardware, Storage & Peripherals		5.7
Insurance		4.7
Life Sciences Tools & Services		4.1
Interactive Media & Services		3.9
Food & Staples Retailing		3.7
Machinery		3.4
Beverages		2.5
Capital Markets		2.4
Chemicals		2.2
Thrifts & Mortgage Finance		2.2
Hotels, Restaurants & Leisure		2.0
Food Products		1.9
Oil, Gas & Consumable Fuels		1.6
Health Care Equipment & Supplies		1.5
Software		1.5
Textiles, Apparel & Luxury Goods		1.3
Real Estate Management & Development		1.2
Gas Utilities		1.2
Electronic Equipment, Instruments & Components		1.1
Household Products		1.1
Electrical Equipment		1.1
Diversified Consumer Services		1.0
Others (each less than 1.0%)		2.8
Short-Term Investments		1.0

Abbreviations

ADR	American Depositary Receipt
PT	Limited liability company
SGPS	Holding company
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $142,764.
(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.4%
Argentina — 0.1%
MercadoLibre, Inc. *		3		5,399
Brazil — 5.0%
Atacadao SA		1,865		7,458
Gerdau SA (Preference)		2,053		12,555
Itau Unibanco Holding SA (Preference)		3,293		16,628
Itausa SA (Preference)		6,098		11,306
Localiza Rent a Car SA *		694		8,168
Lojas Renner SA		1,666		12,301
Magazine Luiza SA *		1,927		7,114
Petroleo Brasileiro SA (Preference)		5,986		26,094
Porto Seguro SA		648		5,813
Raia Drogasil SA *		2,135		10,368
Sendas Distribuidora SA		277		4,097
Suzano SA *		1,206		15,312
Telefonica Brasil SA		338		2,679
TIM SA, ADR * (a)		480		5,383
Vale SA, ADR		2,224		44,756
				190,032
Chile — 0.1%
Cencosud SA		1,490		3,094
Cia Cervecerias Unidas SA, ADR		122		2,233
				5,327
China — 38.9%
51job, Inc., ADR *		75		4,606
Alibaba Group Holding Ltd. *		7,603		219,776
Amoy Diagnostics Co. Ltd., Class A		226		2,976
Anhui Conch Cement Co. Ltd., Class H		951		5,673
Autobio Diagnostics Co. Ltd., Class A		398		7,495
Baidu, Inc., ADR *		125		26,225
Baoshan Iron & Steel Co. Ltd., Class A		8,705		11,567
BeiGene Ltd., ADR *		44		14,967
Bilibili, Inc., ADR * (a)		118		13,082
BOE Technology Group Co. Ltd., Class A		10,648		12,001
Chacha Food Co. Ltd., Class A		703		5,848
China Conch Venture Holdings Ltd.		1,390		6,556
China Construction Bank Corp., Class H		58,546		46,213
China CYTS Tours Holding Co. Ltd., Class A		1,848		3,427
China Gas Holdings Ltd.		3,895		14,039
China Lesso Group Holdings Ltd.		3,220		8,100
China Life Insurance Co. Ltd., Class H		8,597		17,427
China Merchants Bank Co. Ltd., Class H		3,825		30,724
China Molybdenum Co. Ltd., Class H		9,453		6,385
China Oilfield Services Ltd., Class H		3,498		3,196

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
China Pacific Insurance Group Co. Ltd., Class H		3,235		11,645
China Resources Land Ltd.		2,728		12,773
China Shenhua Energy Co. Ltd., Class H		4,795		9,986
China Vanke Co. Ltd., Class H		3,518		12,301
Contemporary Amperex Technology Co. Ltd., Class A		229		13,733
Country Garden Services Holdings Co. Ltd.		1,326		13,891
Dada Nexus Ltd., ADR *		134		3,212
ENN Energy Holdings Ltd.		184		3,143
Fuyao Glass Industry Group Co. Ltd., Class H (b)		1,028		5,952
GDS Holdings Ltd., ADR * (a)		75		6,244
Guangzhou Automobile Group Co. Ltd., Class H		11,596		9,892
Haier Smart Home Co. Ltd., Class H *		3,329		14,318
Hangzhou Tigermed Consulting Co. Ltd., Class H * (b)		413		8,087
Han’s Laser Technology Industry Group Co. Ltd., Class A		583		3,605
Huayu Automotive Systems Co. Ltd., Class A		1,029		4,158
Huazhu Group Ltd. *		173		10,102
Hundsun Technologies, Inc., Class A		252		3,565
Industrial & Commercial Bank of China Ltd., Class H		33,451		21,706
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,361		8,577
Innovent Biologics, Inc. * (b)		1,286		13,944
iQIYI, Inc., ADR * (a)		149		2,196
JD.com, Inc., Class A *		1,004		38,784
Jiangsu Hengrui Medicine Co. Ltd., Class A		813		10,531
Jiangsu Hengshun Vinegar Industry Co. Ltd., Class A		1,054		2,921
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		1,197		8,614
Joyoung Co. Ltd., Class A		1,585		7,776
JOYY, Inc., ADR		96		9,118
KE Holdings, Inc., ADR * (a)		187		9,745
Kingdee International Software Group Co. Ltd. *		3,251		10,706
Kingsoft Corp. Ltd.		1,785		12,594
Kuaishou Technology * (a) (b)		216		7,296
Kunlun Energy Co. Ltd.		6,398		6,841
Kweichow Moutai Co. Ltd., Class A		49		15,074
Laobaixing Pharmacy Chain JSC, Class A		167		1,382
Longfor Group Holdings Ltd. (b)		2,195		13,631
Luxshare Precision Industry Co. Ltd., Class A		1,006		5,713
Meituan * (b)		1,942		74,340
Minth Group Ltd.		1,620		6,561
NetEase, Inc., ADR		85		9,472
NetEase, Inc.		872		19,487

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
China — continued
New Oriental Education & Technology Group, Inc., ADR *		1,337		20,401
NIO, Inc., ADR *		235		9,372
Pharmaron Beijing Co. Ltd., Class H (b)		256		5,292
Pinduoduo, Inc., ADR *		192		25,724
Ping An Bank Co. Ltd., Class A		3,536		12,696
Ping An Insurance Group Co. of China Ltd., Class H		4,020		43,827
Poly Developments and Holdings Group Co. Ltd., Class A		3,064		6,609
Postal Savings Bank of China Co. Ltd., Class H (b)		19,855		12,877
Qingdao Haier Biomedical Co. Ltd., Class A		9		134
Qingdao Haier Biomedical Co. Ltd., Class A		400		6,126
Shanghai Liangxin Electrical Co. Ltd., Class A		899		3,523
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		168		12,063
Silergy Corp.		102		10,484
Sunny Optical Technology Group Co. Ltd.		751		18,211
Tencent Holdings Ltd.		2,860		228,108
Tianma Microelectronics Co. Ltd., Class A		2,123		4,543
Tongwei Co. Ltd., Class A		812		4,384
Topsports International Holdings Ltd. (b)		2,957		3,980
Trip.com Group Ltd., ADR *		275		10,740
Wanhua Chemical Group Co. Ltd., Class A		591		9,339
WuXi AppTec Co. Ltd., Class H (b)		606		14,288
Wuxi Biologics Cayman, Inc. * (b)		2,213		31,066
Xinyi Solar Holdings Ltd.		6,488		10,821
XPeng, Inc., ADR * (a)		250		7,466
Yonyou Network Technology Co. Ltd., Class A		726		3,707
Yum China Holdings, Inc.		352		22,150
Yunnan Energy New Material Co. Ltd.		424		8,766
Zai Lab Ltd., ADR *		78		12,884
Zhongji Innolight Co. Ltd., Class A		689		3,630
				1,487,110
Colombia — 0.2%
Ecopetrol SA, ADR (a)		474		5,608
Czech Republic — 0.1%
Moneta Money Bank A/S * (b)		1,298		4,821
Greece — 0.4%
Hellenic Telecommunications Organization SA		404		6,850
OPAP SA		489		7,495
				14,345
Hong Kong — 0.4%
Hutchison China MediTech Ltd., ADR *		133		3,758
Techtronic Industries Co. Ltd.		523		9,481
				13,239

INVESTMENTS	SHARES (000)		VALUE ($000)
Hungary — 0.3%
OTP Bank Nyrt. *		210		9,432
Richter Gedeon Nyrt.		118		3,387
				12,819
India — 8.9%
ACC Ltd.		133		3,384
Ambuja Cements Ltd.		1,941		8,083
Apollo Hospitals Enterprise Ltd.		230		9,902
Axis Bank Ltd. *		1,046		10,056
Britannia Industries Ltd.		245		11,386
Eicher Motors Ltd. *		130		4,247
HDFC Bank Ltd., ADR *		132		9,275
HDFC Life Insurance Co. Ltd. * (b)		1,273		11,412
Hindalco Industries Ltd.		1,671		8,193
Hindustan Unilever Ltd.		709		22,491
Housing Development Finance Corp. Ltd.		1,086		35,366
ICICI Bank Ltd.		484		3,919
Infosys Ltd., ADR		2,119		38,305
Kotak Mahindra Bank Ltd. *		681		16,043
Larsen & Toubro Ltd.		580		10,473
Maruti Suzuki India Ltd.		171		14,868
NTPC Ltd.		5,010		6,917
Oil & Natural Gas Corp. Ltd.		5,717		8,306
Petronet LNG Ltd.		2,342		7,577
Power Grid Corp. of India Ltd.		3,501		10,389
Reliance Industries Ltd.		1,563		41,993
Shriram Transport Finance Co. Ltd.		469		8,484
Tata Consultancy Services Ltd.		475		19,441
UltraTech Cement Ltd.		131		11,080
United Spirits Ltd. *		1,169		8,185
				339,775
Indonesia — 1.3%
Bank Central Asia Tbk. PT		9,333		20,662
Bank Rakyat Indonesia Persero Tbk. PT		47,794		13,375
Telkom Indonesia Persero Tbk. PT		66,258		14,639
				48,676
Malaysia — 0.8%
CIMB Group Holdings Bhd.		4,022		4,060
Petronas Chemicals Group Bhd.		4,207		8,414
Public Bank Bhd.		10,561		10,692
Tenaga Nasional Bhd.		2,322		5,642
Top Glove Corp. Bhd.		1,463		2,014
				30,822

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Mexico — 2.1%
America Movil SAB de CV, Series L		24,975		17,495
Fomento Economico Mexicano SAB de CV, ADR		146		11,327
Grupo Aeroportuario del Sureste SAB de CV, Class B *		438		7,424
Grupo Financiero Banorte SAB de CV, Class O		2,546		14,458
Grupo Mexico SAB de CV, Series B		1,930		8,755
Kimberly-Clark de Mexico SAB de CV, Class A		3,663		6,349
Wal-Mart de Mexico SAB de CV		4,830		15,840
				81,648
Peru — 0.3%
Credicorp Ltd. *		82		9,821
Philippines — 0.3%
Ayala Corp.		266		4,085
Ayala Land, Inc.		6,232		4,158
International Container Terminal Services, Inc.		1,578		4,257
				12,500
Poland — 0.8%
Allegro.eu SA * (b)		674		10,326
CD Projekt SA * (a)		120		5,507
Dino Polska SA * (b)		105		6,825
Powszechny Zaklad Ubezpieczen SA *		753		6,479
				29,137
Qatar — 0.3%
Qatar National Bank QPSC		2,053		10,091
Russia — 4.0%
Alrosa PJSC		7,899		11,411
Gazprom PJSC, ADR		1,871		11,348
LUKOIL PJSC, ADR		355		27,208
Magnitogorsk Iron & Steel Works PJSC		5,791		5,016
MMC Norilsk Nickel PJSC, ADR		421		14,289
Moscow Exchange MICEX-RTS PJSC		2,521		5,928
Moscow Exchange MICEX-RTS PJSC		56		132
Novolipetsk Steel PJSC		1,540		5,436
Rosneft Oil Co. PJSC, GDR (b)		1,238		8,542
Sberbank of Russia PJSC, ADR		1,925		30,362
Severstal PAO, GDR (b)		588		13,847
Tatneft PJSC, ADR		271		10,931
X5 Retail Group NV, GDR (b)		248		7,598
				152,048
Saudi Arabia — 2.6%
Al Rajhi Bank		1,069		28,140
Alinma Bank		1,695		8,948

INVESTMENTS	SHARES (000)		VALUE ($000)
Saudi Arabia — continued
Almarai Co. JSC		399		5,723
BinDawood Holding Co.		138		4,151
Saudi Basic Industries Corp.		409		13,465
Saudi National Bank *		1,452		21,994
Saudi Telecom Co.		379		12,808
Savola Group (The)		332		3,525
				98,754
Singapore — 0.1%
BOC Aviation Ltd. (b)		364		3,280
South Africa — 4.2%
Absa Group Ltd. *		1,158		9,766
Bid Corp. Ltd. *		451		8,887
Bidvest Group Ltd. (The)		855		9,870
Capitec Bank Holdings Ltd. *		124		12,667
Clicks Group Ltd.		527		8,796
FirstRand Ltd.		4,514		15,877
Gold Fields Ltd., ADR		220		2,063
Impala Platinum Holdings Ltd.		395		7,379
MTN Group *		1,868		11,819
Naspers Ltd., Class N		217		49,347
Pick n Pay Stores Ltd.		1,082		4,038
Sanlam Ltd.		1,809		6,985
SPAR Group Ltd. (The)		653		8,238
Vodacom Group Ltd.		678		5,876
				161,608
South Korea — 13.2%
BGF retail Co. Ltd.		18		2,530
Hana Financial Group, Inc.		239		9,805
Hankook Tire & Technology Co. Ltd.		133		5,749
Hyundai Glovis Co. Ltd.		33		5,743
Hyundai Mobis Co. Ltd.		31		7,621
Hyundai Motor Co.		38		7,230
KB Financial Group, Inc.		276		13,609
Kia Corp.		133		9,216
KIWOOM Securities Co. Ltd.		43		5,102
LG Chem Ltd.		35		29,110
LG Household & Health Care Ltd.		10		14,317
Lotte Chemical Corp.		17		4,551
Mando Corp. *		77		4,038
NAVER Corp.		72		23,167
NCSoft Corp.		18		13,058
POSCO		67		21,773
Samsung Electronics Co. Ltd.		2,800		204,077

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Korea — continued
Samsung Fire & Marine Insurance Co. Ltd.		66		11,807
Samsung SDI Co. Ltd.		13		7,493
Shinhan Financial Group Co. Ltd.		575		20,674
SK Holdings Co. Ltd.		24		5,840
SK Hynix, Inc.		369		42,109
SK Innovation Co. Ltd. *		50		12,042
SK Telecom Co. Ltd.		47		12,903
S-Oil Corp. *		152		11,842
				505,406
Taiwan — 13.6%
Accton Technology Corp.		1,254		14,199
Advantech Co. Ltd.		878		11,104
ASE Technology Holding Co. Ltd.		4,077		17,037
AU Optronics Corp.		18,378		21,514
Chailease Holding Co. Ltd.		2,056		14,817
CTBC Financial Holding Co. Ltd.		4,974		4,048
Delta Electronics, Inc.		1,507		16,144
Eclat Textile Co. Ltd.		615		11,776
Feng TAY Enterprise Co. Ltd.		593		4,387
Fubon Financial Holding Co. Ltd.		7,619		17,459
Global Unichip Corp.		278		3,961
Hiwin Technologies Corp.		802		12,106
Hon Hai Precision Industry Co. Ltd.		3,956		16,263
MediaTek, Inc. *		258		10,816
Nanya Technology Corp.		1,931		6,253
Nien Made Enterprise Co. Ltd.		386		6,226
Quanta Computer, Inc.		2,620		9,170
Realtek Semiconductor Corp. *		838		15,809
Sea Ltd., ADR *		19		4,896
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		405		47,224
Taiwan Semiconductor Manufacturing Co. Ltd.		9,593		202,025
Taiwan Union Technology Corp.		1,494		6,283
Uni-President Enterprises Corp.		4,787		12,822
Vanguard International Semiconductor Corp.		1,343		5,682
Wiwynn Corp.		247		8,033
Yageo Corp.		304		5,855
Yuanta Financial Holding Co. Ltd.		16,667		15,459
				521,368
Tanzania, United Republic of — 0.1%
AngloGold Ashanti Ltd., ADR		253		5,203
Thailand — 1.9%
Airports of Thailand PCL		4,234		8,416
Kasikornbank PCL		2,270		9,683

INVESTMENTS	SHARES (000)		VALUE ($000)
Thailand — continued
Minor International PCL *		5,900		5,675
PTT Exploration & Production PCL		3,441		13,082
PTT PCL		5,585		7,117
Siam Cement PCL (The) (Registered)		728		10,766
Siam Commercial Bank PCL (The)		2,880		9,703
Thai Oil PCL		4,290		8,120
				72,562
Turkey — 0.3%
BIM Birlesik Magazalar A/S		876		6,878
Turkcell Iletisim Hizmetleri A/S		3,165		5,673
				12,551
United Arab Emirates — 0.1%
Emaar Properties PJSC		4,534		4,578
Total Common Stocks (Cost $3,045,846)				3,838,528
Short-Term Investments — 0.7%
Investment of Cash Collateral From Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		23,493		23,496
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		3,578		3,578
Total Investment of Cash Collateral from Securities Loaned (Cost $27,074)				27,074
Total Short-Term Investments (Cost $27,074)				27,074
Total Investments — 101.1% (Cost $3,072,920)				3,865,602
Liabilities in Excess of Other Assets — (1.1)%				(42,379	)
NET ASSETS — 100.0%				3,823,223

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		12.1	%
Internet & Direct Marketing Retail		11.3
Semiconductors & Semiconductor Equipment		9.6
Interactive Media & Services		7.6
Technology Hardware, Storage & Peripherals		6.0
Oil, Gas & Consumable Fuels		5.4
Metals & Mining		4.6
Insurance		3.4
Electronic Equipment, Instruments & Components		2.9
Food & Staples Retailing		2.6
Entertainment		1.8
Chemicals		1.7
IT Services		1.7
Food Products		1.7
Real Estate Management & Development		1.7
Automobiles		1.6
Wireless Telecommunication Services		1.5
Life Sciences Tools & Services		1.5
Hotels, Restaurants & Leisure		1.3
Diversified Financial Services		1.2
Biotechnology		1.2
Construction Materials		1.0
Diversified Telecommunication Services		1.0
Beverages		1.0
Others (each less than 1.0%)		13.9
Short-Term Investments		0.7

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, 2021. The total value of securities on loan at April 30, 2021 is $25,774.
(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, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021 (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		174		06/2021		USD		11,624		34

Abbreviations

MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.2%
Australia — 2.8%
BHP Group plc		345		10,390
Rio Tinto plc		131		10,933
				21,323
Austria — 1.9%
Erste Group Bank AG		239		8,482
Wienerberger AG		149		5,854
				14,336
Belgium — 0.4%
bpost SA *		307		3,266
Denmark — 2.7%
Orsted A/S (a)		42		6,176
Pandora A/S		43		4,822
Royal Unibrew A/S		37		4,459
Vestas Wind Systems A/S		110		4,581
				20,038
Finland — 2.3%
Cargotec OYJ, Class B		106		6,131
Neste OYJ		87		5,265
QT Group OYJ *		51		6,062
				17,458
France — 12.4%
Airbus SE *		75		9,024
BNP Paribas SA *		137		8,782
Capgemini SE		46		8,341
Cie Plastic Omnium SA		105		3,530
Credit Agricole SA		469		7,251
Eiffage SA *		48		5,285
La Francaise des Jeux SAEM (a)		146		7,471
LVMH Moet Hennessy Louis Vuitton SE		25		18,571
Publicis Groupe SA		69		4,458
Safran SA		61		9,052
Schneider Electric SE (b)		72		11,560
				93,325
Germany — 18.0%
Allianz SE (Registered)		75		19,405
Daimler AG (Registered)		118		10,496
Deutsche Boerse AG		45		7,800
Deutsche Post AG (Registered)		208		12,234
Deutsche Telekom AG (Registered)		590		11,362
DWS Group GmbH & Co. KGaA (a)		147		6,416
Eckert & Ziegler Strahlen- und Medizintechnik AG		53		5,166
HelloFresh SE *		63		5,238

INVESTMENTS	SHARES (000)		VALUE ($000)
Germany — continued
Infineon Technologies AG (b)		204		8,167
Jungheinrich AG (Preference)		152		7,978
Schaeffler AG (Preference)		573		5,165
Siemens AG (Registered)		82		13,685
VERBIO Vereinigte BioEnergie AG (b)		94		4,742
Volkswagen AG (Preference)		41		10,690
Zalando SE * (a) (b)		68		7,052
				135,596
Ireland — 3.9%
AIB Group plc *		2,039		5,936
AIB Group plc *		593		1,733
Bank of Ireland Group plc *		1,260		7,205
Bank of Ireland Group plc *		367		2,148
Ryanair Holdings plc, ADR *		53		6,243
Smurfit Kappa Group plc		111		5,691
				28,956
Italy — 2.9%
Enel SpA (b)		1,095		10,873
Intesa Sanpaolo SpA * (b)		4,054		11,303
				22,176
Luxembourg — 0.9%
ArcelorMittal SA		234		6,803
Netherlands — 4.5%
ASM International NV		16		4,933
ASML Holding NV (b)		16		10,676
BE Semiconductor Industries NV		23		1,854
Koninklijke Ahold Delhaize NV		283		7,627
NN Group NV		168		8,399
				33,489
South Korea — 0.8%
Delivery Hero SE * (a) (b)		37		5,801
Spain — 1.7%
CaixaBank SA *		2,606		8,336
Laboratorios Farmaceuticos Rovi SA		77		4,463
				12,799
Sweden — 3.7%
Evolution Gaming Group AB (a) (b)		48		9,413
Sinch AB * (a)		21		3,342
Stillfront Group AB * (b)		362		3,690
Swedish Match AB		43		3,481
Volvo AB, Class B		326		7,965
				27,891

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Switzerland — 17.8%
Interroll Holding AG (Registered)		1		4,245
LafargeHolcim Ltd. (Registered) *		150		9,248
Nestle SA (Registered)		305		36,433
Novartis AG (Registered)		177		15,117
Roche Holding AG		89		28,945
Schindler Holding AG		17		4,868
Siegfried Holding AG (Registered) *		7		6,714
Sonova Holding AG (Registered) *		21		6,320
Swissquote Group Holding SA (Registered)		58		8,756
Zurich Insurance Group AG		33		13,385
				134,031
United Kingdom — 19.4%
3i Group plc		366		6,490
Allfunds Group plc *		217		3,643
Ashtead Group plc		104		6,659
Barclays plc		2,133		5,165
boohoo Group plc *		962		4,517
BP plc		2,471		10,343
Centrica plc *		5,048		3,951
CNH Industrial NV		442		6,563
Computacenter plc		227		8,398
Dr. Martens plc *		853		5,695
Dunelm Group plc		170		3,465
Games Workshop Group plc		35		5,292
Intermediate Capital Group plc		300		9,057
Linde plc		21		5,907
Lloyds Banking Group plc		23,934		15,008
Moonpig Group plc *		594		3,607
National Express Group plc *		2,196		9,073
Next plc *		91		9,832
Persimmon plc		169		7,290
Segro plc, REIT		276		3,841
Spirent Communications plc		999		3,538
Taylor Wimpey plc		3,394		8,420
				145,754
United States — 1.1%
Stellantis NV		493		8,172
Total Common Stocks (Cost $605,392)				731,214
Short-Term Investments — 26.5%
Investment Companies — 24.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (c) (d) (Cost $181,345)		181,254		181,345

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 2.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		15,998		16,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		2,345		2,345
Total Investment of Cash Collateral from Securities Loaned (Cost $18,345)				18,345
Total Short-Term Investments (Cost $199,690)				199,690
Total Investments — 123.7% (Cost $805,082)				930,904
Liabilities in Excess of Other Assets — (23.7)%				(178,260	)
NET ASSETS — 100.0%				752,644

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		8.7	%
Pharmaceuticals		5.2
Capital Markets		4.5
Insurance		4.4
Machinery		4.1
Food Products		3.9
Automobiles		3.2
Textiles, Apparel & Luxury Goods		3.1
Metals & Mining		3.0
Internet & Direct Marketing Retail		2.8
Semiconductors & Semiconductor Equipment		2.8
Oil, Gas & Consumable Fuels		2.2
Aerospace & Defense		1.9
Electric Utilities		1.8
Hotels, Restaurants & Leisure		1.8
IT Services		1.8
Electrical Equipment		1.7
Household Durables		1.7
Air Freight & Logistics		1.7
Construction Materials		1.6
Industrial Conglomerates		1.5

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Health Care Equipment & Supplies		1.2	%
Diversified Telecommunication Services		1.2
Multiline Retail		1.1
Software		1.0
Road & Rail		1.0
Others (each less than 1.0%)		9.6
Short-Term Investments		21.5

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)	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, 2021. The total value of securities on loan at April 30, 2021 is $17,245.
(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, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021 (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		132		06/2021		EUR		6,240		227
FTSE 100 Index		7		06/2021		GBP		670		18
										245

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Australia — 4.8%
BHP Group Ltd.		1,723		62,714
BHP Group plc		995		29,973
Commonwealth Bank of Australia		1,116		76,390
Rio Tinto plc		683		57,233
				226,310
Austria — 0.8%
Erste Group Bank AG		1,083		38,503
Belgium — 1.3%
KBC Group NV *		764		59,282
China — 3.3%
Alibaba Group Holding Ltd. *		1,248		36,091
Ping An Insurance Group Co. of China Ltd., Class H		3,748		40,862
Prosus NV *		323		35,079
Tencent Holdings Ltd.		557		44,393
				156,425
Denmark — 4.0%
Carlsberg A/S, Class B		357		62,614
Novo Nordisk A/S, Class B		1,245		91,863
Orsted A/S (a) (b)		240		34,858
				189,335
Finland — 1.0%
Kone OYJ, Class B		623		48,929
France — 17.0%
Accor SA *		482		19,415
AXA SA (a)		2,076		58,632
BNP Paribas SA *		840		53,888
Capgemini SE		389		71,371
Kering SA		80		63,955
L’Oreal SA (a)		158		64,878
LVMH Moet Hennessy Louis Vuitton SE		162		121,684
Pernod Ricard SA		230		47,201
Safran SA		367		54,785
Schneider Electric SE		493		78,588
TOTAL SE (a)		2,025		89,497
Vinci SA		666		73,069
				796,963
Germany — 7.7%
adidas AG *		192		59,260
Allianz SE (Registered)		293		75,964
Deutsche Boerse AG		229		39,504
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		154		44,456

INVESTMENTS	SHARES (000)		VALUE ($000)
Germany — continued
RWE AG		1,072		40,707
Symrise AG		371		47,930
Volkswagen AG (Preference)		206		53,643
				361,464
Hong Kong — 3.4%
AIA Group Ltd.		8,109		102,922
Hong Kong Exchanges & Clearing Ltd.		965		58,170
				161,092
India — 0.8%
HDFC Bank Ltd., ADR *		565		39,682
Japan — 15.9%
Daikin Industries Ltd.		260		52,385
FANUC Corp.		175		40,369
Hoya Corp.		464		52,752
Kao Corp.		654		42,022
Keyence Corp.		175		83,913
Kubota Corp.		2,133		50,185
Kyowa Kirin Co. Ltd.		471		14,340
Makita Corp.		769		34,623
Nidec Corp.		322		37,227
Recruit Holdings Co. Ltd.		1,384		62,401
Shin-Etsu Chemical Co. Ltd.		325		54,928
SMC Corp.		86		50,089
Sony Group Corp.		817		81,643
Sysmex Corp.		350		34,969
Tokyo Electron Ltd.		117		53,186
				745,032
Macau — 0.8%
Sands China Ltd. *		7,911		37,436
Netherlands — 4.1%
ASML Holding NV		192		124,534
ING Groep NV		5,417		69,205
				193,739
Singapore — 1.1%
DBS Group Holdings Ltd.		2,348		52,621
South Africa — 1.3%
Anglo American plc		1,422		60,298
South Korea — 2.3%
Delivery Hero SE * (a) (b)		280		44,463
Samsung Electronics Co. Ltd., GDR (b)		24		44,606
Samsung Electronics Co. Ltd., GDR (b)		9		16,907
				105,976

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Spain — 3.4%
Cellnex Telecom SA (a) (b)		628		35,544
Iberdrola SA		4,686		63,322
Industria de Diseno Textil SA (a)		1,663		59,168
				158,034
Sweden — 3.9%
Assa Abloy AB, Class B (a)		2,084		59,427
Atlas Copco AB, Class A		985		59,707
Svenska Handelsbanken AB, Class A		5,524		63,965
				183,099
Switzerland — 6.8%
LafargeHolcim Ltd. (Registered) *		993		61,255
Lonza Group AG (Registered)		95		60,186
Nestle SA (Registered)		1,153		137,529
SGS SA (Registered)		16		47,792
Straumann Holding AG (Registered)		9		13,263
				320,025
Taiwan — 1.8%
Sea Ltd., ADR *		151		38,133
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		394		45,938
				84,071
United Kingdom — 12.0%
Diageo plc		2,124		95,371
GlaxoSmithKline plc		3,268		60,391
Legal & General Group plc		12,232		45,928
Linde plc		221		63,145
London Stock Exchange Group plc		327		33,447
Persimmon plc		1,169		50,566
Prudential plc		2,512		53,199
Reckitt Benckiser Group plc		714		63,576
RELX plc		2,101		54,668
Smith & Nephew plc		1,965		42,526
				562,817
United States — 1.2%
Ferguson plc		427		53,886
Total Common Stocks (Cost $3,462,057)				4,635,019

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 6.0%
Investment Companies — 1.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (c) (d) (Cost $79,740)		79,700		79,740
Investment of Cash Collateral from Securities Loaned — 4.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		180,482		180,499
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		20,070		20,070
Total Investment of Cash Collateral from Securities Loaned (Cost $200,569)				200,569
Total Short-Term Investments (Cost $280,309)				280,309
Total Investments — 104.7% (Cost $3,742,366)				4,915,328
Liabilities in Excess of Other Assets — (4.7)%				(219,530	)
NET ASSETS — 100.0%				4,695,798

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		9.2	%
Insurance		8.6
Machinery		5.8
Textiles, Apparel & Luxury Goods		5.0
Semiconductors & Semiconductor Equipment		4.5
Metals & Mining		4.3
Beverages		4.2
Pharmaceuticals		3.4
Chemicals		3.4
Professional Services		3.4
Health Care Equipment & Supplies		2.9
Food Products		2.8
Household Durables		2.7
Capital Markets		2.7
Electrical Equipment		2.4
Internet & Direct Marketing Retail		2.3
Building Products		2.3

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Personal Products		2.2	%
Electric Utilities		2.0
Oil, Gas & Consumable Fuels		1.8
Electronic Equipment, Instruments & Components		1.7
Construction & Engineering		1.5
IT Services		1.4
Household Products		1.3
Technology Hardware, Storage & Peripherals		1.2
Construction Materials		1.2
Life Sciences Tools & Services		1.2
Specialty Retail		1.2
Hotels, Restaurants & Leisure		1.2
Aerospace & Defense		1.1
Trading Companies & Distributors		1.1
Automobiles		1.1
Others (each less than 1.0%)		3.2
Short-Term Investments		5.7

Abbreviations

ADR	American Depositary Receipt
GDR	Global 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.
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $186,203.
(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

JPMorgan International Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.5%
Australia — 2.4%
BHP Group plc		2,918		87,888
Belgium — 2.1%
KBC Group NV *		988		76,634
Canada — 4.1%
Canadian National Railway Co.		607		65,390
Toronto-Dominion Bank (The)		1,266		87,059
				152,449
China — 8.6%
Alibaba Group Holding Ltd. *		3,432		99,208
Ping An Insurance Group Co. of China Ltd., Class H		8,066		87,938
Tencent Holdings Ltd.		1,656		132,078
				319,224
Denmark — 2.8%
Novo Nordisk A/S, Class B		965		71,199
Orsted A/S (a)		232		33,668
				104,867
Finland — 1.7%
Kone OYJ, Class B		781		61,352
France — 7.2%
LVMH Moet Hennessy Louis Vuitton SE		162		122,312
Schneider Electric SE		451		71,960
Vinci SA		652		71,569
				265,841
Germany — 5.3%
adidas AG *		191		59,134
Allianz SE (Registered)		332		86,122
Volkswagen AG (Preference)		191		49,647
				194,903
Hong Kong — 4.9%
AIA Group Ltd.		9,729		123,486
Hong Kong Exchanges & Clearing Ltd.		948		57,175
				180,661
India — 3.1%
HDFC Bank Ltd., ADR *		1,651		116,054
Indonesia — 1.3%
Bank Central Asia Tbk. PT		20,910		46,290
Japan — 5.6%
Keyence Corp.		124		59,622
SMC Corp.		88		51,135
Sony Group Corp.		965		96,510
				207,267

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — 3.1%
ASML Holding NV		178		115,596
South Africa — 1.9%
Anglo American plc		1,665		70,615
South Korea — 7.2%
Delivery Hero SE * (a) (b)		417		66,083
LG Chem Ltd.		74		61,418
Samsung Electronics Co. Ltd.		1,898		138,312
				265,813
Spain — 3.5%
Cellnex Telecom SA (a) (b)		1,008		57,000
Iberdrola SA		5,387		72,806
				129,806
Sweden — 3.4%
Atlas Copco AB, Class A (b)		1,017		61,645
Svenska Handelsbanken AB, Class A		5,613		65,003
				126,648
Switzerland — 7.8%
LafargeHolcim Ltd. (Registered) *		1,155		71,253
Lonza Group AG (Registered)		74		46,975
Nestle SA (Registered)		953		113,667
SGS SA (Registered)		19		57,391
				289,286
Taiwan — 4.4%
Sea Ltd., ADR *		229		57,890
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		900		105,049
				162,939
United Kingdom — 15.0%
Diageo plc		2,693		120,910
InterContinental Hotels Group plc *		953		67,698
Legal & General Group plc		15,765		59,192
Linde plc		236		67,590
London Stock Exchange Group plc		391		39,974
Persimmon plc		1,485		64,250
Reckitt Benckiser Group plc		814		72,489
RELX plc		2,489		64,771
				556,874
United States — 2.1%
Ferguson plc		608		76,737
Total Common Stocks (Cost $2,661,764)				3,607,744

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan International Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 2.1%
Investment Companies — 1.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (c) (d) (Cost $66,137)		66,104		66,137
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (c) (d)		11,734		11,736
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		1,454		1,454
Total Investment of Cash Collateral from Securities Loaned (Cost $13,190)				13,190
Total Short-Term Investments (Cost $79,327)				79,327
Total Investments — 99.6% (Cost $2,741,091)				3,687,071
Other Assets Less Liabilities — 0.4%				13,425
NET ASSETS — 100.0%				3,700,496

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		10.6	%
Insurance		9.7
Semiconductors & Semiconductor Equipment		6.0
Textiles, Apparel & Luxury Goods		4.9
Machinery		4.7
Internet & Direct Marketing Retail		4.5
Household Durables		4.4
Metals & Mining		4.3
Technology Hardware, Storage & Peripherals		3.8
Interactive Media & Services		3.6
Chemicals		3.5
Professional Services		3.3
Beverages		3.3
Food Products		3.1
Electric Utilities		2.9
Capital Markets		2.6
Trading Companies & Distributors		2.1

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Household Products		2.0	%
Electrical Equipment		2.0
Construction & Engineering		1.9
Construction Materials		1.9
Pharmaceuticals		1.9
Hotels, Restaurants & Leisure		1.8
Road & Rail		1.8
Electronic Equipment, Instruments & Components		1.6
Entertainment		1.6
Diversified Telecommunication Services		1.5
Automobiles		1.3
Life Sciences Tools & Services		1.3
Short-Term Investments		2.1

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.
PT	Limited liability company
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $12,496.
(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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 93.5%
Australia — 5.9%
Aurizon Holdings Ltd.		41		119
Australia & New Zealand Banking Group Ltd.		24		536
BHP Group Ltd.		29		1,074
Commonwealth Bank of Australia		7		447
CSL Ltd.		3		716
Dexus, REIT		45		350
Goodman Group, REIT		44		644
GPT Group (The), REIT		50		176
Macquarie Group Ltd.		1		136
National Australia Bank Ltd.		13		265
Newcrest Mining Ltd.		6		115
Rio Tinto Ltd.		13		1,225
Rio Tinto plc		5		385
Wesfarmers Ltd.		7		296
Westpac Banking Corp.		37		718
Woolworths Group Ltd.		6		177
				7,379
Austria — 0.5%
Erste Group Bank AG		18		636
Belgium — 0.4%
Anheuser-Busch InBev SA		2		143
KBC Group NV *		5		356
				499
China — 0.7%
BOC Hong Kong Holdings Ltd.		80		280
Prosus NV *		6		623
				903
Denmark — 2.7%
Carlsberg A/S, Class B		5		808
Novo Nordisk A/S, Class B		24		1,804
Orsted A/S (a)		5		733
				3,345
Finland — 0.3%
Kone OYJ, Class B		3		240
Nokia OYJ *		18		88
				328
France — 12.0%
Accor SA *		8		304
Air Liquide SA		6		1,005
Airbus SE *		3		324
Alstom SA *		10		536
AXA SA		13		361

INVESTMENTS	SHARES (000)			VALUE ($000)
France — continued
BNP Paribas SA *		19			1,244
Capgemini SE		5			997
Faurecia SE		—	(b)		13
Kering SA		1			650
L’Oreal SA		4			1,499
LVMH Moet Hennessy Louis Vuitton SE		3			2,130
Pernod Ricard SA		1			165
Safran SA		5			672
Sanofi		7			712
Schneider Electric SE		9			1,447
Thales SA		2			214
TOTAL SE		22			987
Veolia Environnement SA		36			1,155
Vinci SA		6			666
					15,081
Germany — 9.3%
adidas AG *		3			910
Allianz SE (Registered)		5			1,307
BASF SE		3			256
Bayer AG (Registered)		6			396
Brenntag SE		3			250
Daimler AG (Registered)		3			258
Deutsche Boerse AG		1			104
Deutsche Post AG (Registered)		15			907
Deutsche Telekom AG (Registered)		50			962
Deutsche Wohnen SE		3			159
Infineon Technologies AG		27			1,096
Merck KGaA		2			335
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		2			709
RWE AG		16			603
SAP SE		9			1,249
Siemens AG (Registered)		5			912
Volkswagen AG (Preference)		4			949
Vonovia SE		6			396
					11,758
Hong Kong — 2.3%
AIA Group Ltd.		117			1,483
CK Asset Holdings Ltd.		26			163
CLP Holdings Ltd.		14			138
Hong Kong Exchanges & Clearing Ltd.		12			724
Link, REIT		14			129
Sun Hung Kai Properties Ltd.		10			143
Techtronic Industries Co. Ltd.		8			145
					2,925

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Ireland — 0.7%
CRH plc		12			562
Kingspan Group plc		3			270
Kingspan Group plc		1			72
					904
Italy — 1.1%
Enel SpA		43			426
FinecoBank Banca Fineco SpA *		39			679
Snam SpA		55			312
					1,417
Japan — 23.3%
Advantest Corp.		1			113
Amada Co. Ltd.		25			267
Asahi Group Holdings Ltd.		16			661
Asahi Kasei Corp.		36			379
Bridgestone Corp.		10			381
Central Japan Railway Co.		4			513
Daiichi Sankyo Co. Ltd.		5			125
Daikin Industries Ltd.		4			827
Daiwa House Industry Co. Ltd.		10			285
Denso Corp.		8			491
Dentsu Group, Inc.		8			231
ENEOS Holdings, Inc.		19			80
Fast Retailing Co. Ltd.		—	(b)		164
Hitachi Ltd.		21			1,030
Honda Motor Co. Ltd.		5			134
Hoya Corp.		7			818
Isuzu Motors Ltd.		18			183
ITOCHU Corp.		17			515
Japan Airlines Co. Ltd. *		12			246
Kao Corp.		10			617
Keyence Corp.		3			1,248
Konami Holdings Corp.		8			447
Kubota Corp.		21			489
Kyowa Kirin Co. Ltd.		13			383
Marui Group Co. Ltd.		5			96
Mitsubishi Corp.		31			849
Mitsubishi Electric Corp.		15			237
Mitsubishi UFJ Financial Group, Inc.		40			214
Mitsui Fudosan Co. Ltd.		17			363
Murata Manufacturing Co. Ltd.		8			644
Nabtesco Corp.		8			337
Nidec Corp.		3			393
Nintendo Co. Ltd.		2			918
Nippon Express Co. Ltd.		5			390

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Nippon Steel Corp.		24			412
Nippon Telegraph & Telephone Corp.		23			570
Nitori Holdings Co. Ltd.		3			484
Nomura Research Institute Ltd.		12			368
Ono Pharmaceutical Co. Ltd.		14			355
ORIX Corp.		25			407
Otsuka Corp.		9			438
Otsuka Holdings Co. Ltd.		—	(b)		15
Rakuten Group, Inc.		16			202
Recruit Holdings Co. Ltd.		16			699
Renesas Electronics Corp. *		8			97
Rohm Co. Ltd.		3			326
Ryohin Keikaku Co. Ltd.		16			329
Seven & i Holdings Co. Ltd.		5			212
Shimadzu Corp.		11			368
Shin-Etsu Chemical Co. Ltd.		4			709
SMC Corp.		—	(b)		116
SoftBank Group Corp.		7			595
Sony Group Corp.		12			1,210
Square Enix Holdings Co. Ltd.		1			78
Sumitomo Electric Industries Ltd.		28			417
Sumitomo Metal Mining Co. Ltd.		13			546
Sumitomo Mitsui Financial Group, Inc.		23			815
Suzuki Motor Corp.		7			262
T&D Holdings, Inc.		25			302
Takeda Pharmaceutical Co. Ltd.		10			347
Tokio Marine Holdings, Inc.		15			715
Tokyo Electron Ltd.		2			772
Tokyo Gas Co. Ltd.		6			112
Toray Industries, Inc.		19			117
Toyota Motor Corp.		22			1,616
West Japan Railway Co.		2			111
Yamato Holdings Co. Ltd.		4			107
					29,297
Luxembourg — 0.1%
ArcelorMittal SA		5			147
Netherlands — 6.7%
Adyen NV * (a)		—	(b)		323
Akzo Nobel NV		8			929
ASML Holding NV		5			3,145
Heineken NV		2			219
ING Groep NV		62			793
Koninklijke Ahold Delhaize NV		12			321
Koninklijke DSM NV		2			362

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Netherlands — continued
Koninklijke KPN NV		160			552
Koninklijke Philips NV *		4			220
NN Group NV		13			636
Royal Dutch Shell plc, Class A		30			561
Royal Dutch Shell plc, Class B		13			228
Wolters Kluwer NV		2			215
					8,504
Norway — 0.2%
Telenor ASA		17			310
Singapore — 1.0%
DBS Group Holdings Ltd.		33			735
Oversea-Chinese Banking Corp. Ltd.		40			362
United Overseas Bank Ltd.		6			110
					1,207
Spain — 2.4%
Banco Bilbao Vizcaya Argentaria SA		72			403
Banco Santander SA		114			438
Iberdrola SA		111			1,495
Industria de Diseno Textil SA		20			711
					3,047
Sweden — 2.6%
Atlas Copco AB, Class A		12			723
Lundin Energy AB		15			474
SKF AB, Class B		24			612
Svenska Handelsbanken AB, Class A		69			802
Volvo AB, Class B		27			665
					3,276
Switzerland — 9.9%
Adecco Group AG (Registered)		2			152
Cie Financiere Richemont SA (Registered)		2			207
Credit Suisse Group AG (Registered)		32			339
Givaudan SA (Registered)		—	(b)		390
LafargeHolcim Ltd. (Registered) *		9			576
Lonza Group AG (Registered)		2			975
Nestle SA (Registered)		27			3,210
Novartis AG (Registered)		25			2,125
Roche Holding AG		8			2,454
SGS SA (Registered)		—	(b)		464
Swiss Re AG		3			283
UBS Group AG (Registered)		25			387
Zurich Insurance Group AG		2			853
					12,415

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — 10.8%
3i Group plc		54		951
AstraZeneca plc		7		751
Berkeley Group Holdings plc		3		187
BP plc		276		1,156
British American Tobacco plc		17		630
CK Hutchison Holdings Ltd.		20		163
DCC plc		3		265
Diageo plc		30		1,326
GlaxoSmithKline plc		18		335
HSBC Holdings plc		89		558
InterContinental Hotels Group plc *		8		589
Intertek Group plc		2		191
Lloyds Banking Group plc		1,259		789
London Stock Exchange Group plc		3		337
M&G plc		60		179
Persimmon plc		5		204
Prudential plc		28		592
Reckitt Benckiser Group plc		11		974
RELX plc		31		814
Standard Chartered plc		68		491
Taylor Wimpey plc		173		430
Tesco plc		163		498
Unilever plc		21		1,247
				13,657
United States — 0.6%
Ferguson plc		4		537
Stellantis NV		14		238
				775
Total Common Stocks (Cost $88,395)				117,810
	NO. OF CONTRACTS
Options Purchased — 0.5%
Put Options Purchased — 0.5%
United States — 0.5%
MSCI EAFE Index 6/18/2021 at USD 2,090.00, European Style Notional Amount: USD 125,222 Exchange-Traded * (Cost $1,967)		552		615

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (c)
Switzerland — 0.0% (c)
Credit Suisse Group AG, expiring 5/6/2021 * (Cost $—)		32		1
	SHARES (000)
Short-Term Investments — 5.0%
Investment Companies — 5.0%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (d) (e) (Cost $6,264)		6,264		6,264
Total Investments — 99.0% (Cost $96,626)				124,690
Other Assets Less Liabilities — 1.0%				1,232
NET ASSETS — 100.0%				125,922

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		9.4	%
Pharmaceuticals		8.1
Insurance		5.8
Semiconductors & Semiconductor Equipment		4.5
Chemicals		3.3
Machinery		3.3
Metals & Mining		3.1
Textiles, Apparel & Luxury Goods		3.1
Automobiles		2.9
Oil, Gas & Consumable Fuels		2.8
Personal Products		2.7
Beverages		2.7
Electronic Equipment, Instruments & Components		2.6
Food Products		2.6
Capital Markets		2.4
Electric Utilities		2.2
Professional Services		2.0
Diversified Telecommunication Services		1.9
Trading Companies & Distributors		1.7
IT Services		1.7
Electrical Equipment		1.7

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Household Durables		1.6	%
Multi-Utilities		1.4
Real Estate Management & Development		1.2
Entertainment		1.2
Specialty Retail		1.1
Industrial Conglomerates		1.1
Auto Components		1.1
Equity Real Estate Investment Trusts (REITs)		1.0
Software		1.0
Aerospace & Defense		1.0
Food & Staples Retailing		1.0
Others (each less than 1.0%)		11.8
Short-Term Investments		5.0

Abbreviations

EAFE	Europe, Australasia and Far East
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)	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, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
FTSE 100 Index		3		06/2021		GBP		287		8
MSCI EAFE E-Mini Index		34		06/2021		USD		3,836		53
SPI 200 Index		23		06/2021		AUD		3,097		82
										143

Abbreviations

AUD	Australian Dollar
EAFE	Europe, Australasia and Far East
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
USD	United States Dollar

Written Call Options Contracts as of April 30, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

552

USD 125,222

USD 2,300.00

6/18/2021

(1,281

)

Written Put Options Contracts as of April 30, 2021 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

552

USD 125,222

USD 1,760.00

6/18/2021

(134

)

Total Written Options Contracts (Premiums Received $1,891)

(1,415

)

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%
Australia — 6.1%
Aurizon Holdings Ltd.		1,638		4,714
Australia & New Zealand Banking Group Ltd.		1,030		22,719
BHP Group Ltd.		1,135		41,325
Commonwealth Bank of Australia		274		18,728
CSL Ltd.		142		29,570
Dexus, REIT		1,870		14,679
Goodman Group, REIT		1,863		27,165
GPT Group (The), REIT		2,046		7,282
Macquarie Group Ltd.		49		6,066
National Australia Bank Ltd.		553		11,316
Newcrest Mining Ltd.		231		4,714
Rio Tinto Ltd.		511		47,491
Rio Tinto plc		197		16,487
Wesfarmers Ltd.		292		12,185
Westpac Banking Corp.		1,564		30,135
Woolworths Group Ltd.		241		7,324
				301,900
Austria — 0.5%
Erste Group Bank AG		753		26,758
Belgium — 0.4%
Anheuser-Busch InBev SA		75		5,328
KBC Group NV *		183		14,167
				19,495
China — 0.7%
BOC Hong Kong Holdings Ltd.		3,117		10,960
Prosus NV *		237		25,674
				36,634
Denmark — 2.7%
Carlsberg A/S, Class B		190		33,414
Novo Nordisk A/S, Class B		959		70,713
Orsted A/S (a) (b)		203		29,463
				133,590
Finland — 0.3%
Kone OYJ, Class B		124		9,705
Nokia OYJ *		811		3,840
				13,545
France — 12.4%
Accor SA *		317		12,746
Air Liquide SA		242		40,697
Airbus SE *		125		15,055
Alstom SA *		408		22,273
AXA SA (a)		537		15,178

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
BNP Paribas SA *		769		49,305
Capgemini SE		225		41,225
Faurecia SE		11		593
Kering SA		34		26,911
L’Oreal SA (a)		144		58,771
LVMH Moet Hennessy Louis Vuitton SE		112		84,533
Pernod Ricard SA		33		6,816
Safran SA		188		28,031
Sanofi (a)		292		30,576
Schneider Electric SE (a)		357		57,003
Thales SA		88		8,993
TOTAL SE		924		40,830
Veolia Environnement SA (a)		1,452		46,308
Vinci SA		257		28,152
				613,996
Germany — 9.7%
adidas AG *		120		37,078
Allianz SE (Registered)		195		50,686
BASF SE		136		10,934
Bayer AG (Registered)		260		16,847
Brenntag SE		124		11,119
Daimler AG (Registered)		120		10,640
Deutsche Boerse AG		27		4,735
Deutsche Post AG (Registered)		643		37,877
Deutsche Telekom AG (Registered)		2,062		39,676
Deutsche Wohnen SE		123		6,659
Infineon Technologies AG (a)		1,053		42,238
Merck KGaA		78		13,755
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		99		28,728
RWE AG		658		24,976
SAP SE		351		49,166
Siemens AG (Registered)		217		36,158
Volkswagen AG (Preference)		153		39,764
Vonovia SE		250		16,431
				477,467
Hong Kong — 2.3%
AIA Group Ltd.		4,479		56,845
CK Asset Holdings Ltd.		1,023		6,406
CLP Holdings Ltd.		534		5,271
Hong Kong Exchanges & Clearing Ltd.		484		29,184
Link, REIT		542		5,111
Sun Hung Kai Properties Ltd.		401		6,024
Techtronic Industries Co. Ltd.		301		5,462
				114,303

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Ireland — 0.8%
CRH plc		505		23,828
Kingspan Group plc		119		10,573
Kingspan Group plc		38		3,377
				37,778
Italy — 1.2%
Enel SpA (a)		1,839		18,263
FinecoBank Banca Fineco SpA * (a)		1,662		28,579
Snam SpA (a)		2,348		13,214
				60,056
Japan — 24.1%
Advantest Corp.		48		4,566
Amada Co. Ltd.		1,002		10,871
Asahi Group Holdings Ltd.		632		26,409
Asahi Kasei Corp.		1,495		15,745
Bridgestone Corp.		380		15,230
Central Japan Railway Co.		130		19,105
Daiichi Sankyo Co. Ltd.		198		5,052
Daikin Industries Ltd.		156		31,484
Daiwa House Industry Co. Ltd.		399		11,822
Denso Corp.		315		20,353
Dentsu Group, Inc.		287		8,846
ENEOS Holdings, Inc.		863		3,713
Fast Retailing Co. Ltd.		9		7,548
Hitachi Ltd.		865		42,835
Honda Motor Co. Ltd.		183		5,456
Hoya Corp.		277		31,531
Isuzu Motors Ltd.		685		6,959
ITOCHU Corp.		684		21,338
Japan Airlines Co. Ltd. *		477		10,214
Kao Corp.		394		25,325
Keyence Corp.		93		44,597
Konami Holdings Corp.		308		18,365
Kubota Corp.		865		20,350
Kyowa Kirin Co. Ltd.		522		15,886
Marui Group Co. Ltd.		202		3,787
Mitsubishi Corp.		1,248		34,494
Mitsubishi Electric Corp.		629		9,698
Mitsubishi UFJ Financial Group, Inc.		1,793		9,537
Mitsui Fudosan Co. Ltd.		697		15,155
Murata Manufacturing Co. Ltd.		338		26,834
Nabtesco Corp.		307		13,801
Nidec Corp.		141		16,235
Nintendo Co. Ltd.		63		36,140
Nippon Express Co. Ltd.		217		16,577

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Nippon Steel Corp.		921		16,102
Nippon Telegraph & Telephone Corp.		1,173		29,585
Nitori Holdings Co. Ltd.		107		19,218
Nomura Research Institute Ltd.		490		15,035
Ono Pharmaceutical Co. Ltd.		587		14,776
ORIX Corp.		1,046		16,883
Otsuka Corp.		434		21,807
Otsuka Holdings Co. Ltd.		117		4,469
Rakuten Group, Inc.		606		7,697
Recruit Holdings Co. Ltd.		617		27,824
Renesas Electronics Corp. *		347		4,047
Rohm Co. Ltd.		130		12,783
Ryohin Keikaku Co. Ltd.		614		12,921
Seven & i Holdings Co. Ltd.		202		8,730
Shimadzu Corp.		441		15,436
Shin-Etsu Chemical Co. Ltd.		175		29,540
SMC Corp.		8		4,474
SoftBank Group Corp.		259		23,357
Sony Group Corp.		464		46,402
Square Enix Holdings Co. Ltd.		60		3,333
Sumitomo Electric Industries Ltd.		1,148		17,076
Sumitomo Metal Mining Co. Ltd.		529		22,401
Sumitomo Mitsui Financial Group, Inc.		940		33,003
Suzuki Motor Corp.		284		10,784
T&D Holdings, Inc.		1,010		12,400
Takeda Pharmaceutical Co. Ltd.		429		14,322
Tokio Marine Holdings, Inc.		606		29,076
Tokyo Electron Ltd.		73		33,156
Tokyo Gas Co. Ltd.		229		4,643
Toray Industries, Inc.		781		4,854
Toyota Motor Corp.		829		62,042
West Japan Railway Co.		67		3,726
Yamato Holdings Co. Ltd.		149		4,202
				1,191,962
Luxembourg — 0.1%
ArcelorMittal SA		232		6,746
Malta — 0.0% (c)
BGP Holdings plc * ‡		449		—	(d)
Netherlands — 6.9%
Adyen NV * (b)		5		12,943
Akzo Nobel NV (a)		321		38,589
ASML Holding NV		184		119,127
Heineken NV		80		9,333
ING Groep NV		2,613		33,383

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Netherlands — continued
Koninklijke Ahold Delhaize NV		495		13,330
Koninklijke DSM NV		79		14,242
Koninklijke KPN NV		6,648		22,934
Koninklijke Philips NV *		165		9,319
NN Group NV		528		26,322
Royal Dutch Shell plc, Class A		1,254		23,595
Royal Dutch Shell plc, Class B		540		9,662
Wolters Kluwer NV		98		8,904
				341,683
Norway — 0.3%
Telenor ASA		846		15,066
Singapore — 1.0%
DBS Group Holdings Ltd.		1,356		30,395
Oversea-Chinese Banking Corp. Ltd.		1,634		14,935
United Overseas Bank Ltd.		227		4,525
				49,855
Spain — 2.5%
Banco Bilbao Vizcaya Argentaria SA		2,927		16,388
Banco Santander SA		4,796		18,500
Iberdrola SA		4,310		58,247
Industria de Diseno Textil SA (a)		856		30,446
				123,581
Sweden — 2.8%
Atlas Copco AB, Class A		490		29,693
Lundin Energy AB		630		20,084
SKF AB, Class B		992		25,633
Svenska Handelsbanken AB, Class A		2,914		33,744
Volvo AB, Class B		1,131		27,621
				136,775
Switzerland — 10.1%
Adecco Group AG (Registered)		104		7,017
Cie Financiere Richemont SA (Registered)		86		8,830
Credit Suisse Group AG (Registered) (a)		1,359		14,241
Givaudan SA (Registered)		4		15,587
LafargeHolcim Ltd. (Registered) *		398		24,556
Lonza Group AG (Registered)		61		38,985
Nestle SA (Registered)		1,079		128,703
Novartis AG (Registered)		977		83,334
Roche Holding AG		300		97,907
SGS SA (Registered)		6		18,901
Swiss Re AG		132		12,287
UBS Group AG (Registered)		1,042		15,912

INVESTMENTS	SHARES (000)		VALUE ($000)
Switzerland — continued
Zurich Insurance Group AG		84		34,658
				500,918
United Kingdom — 11.4%
3i Group plc		2,252		39,883
AstraZeneca plc		292		31,103
Berkeley Group Holdings plc		118		7,567
BP plc		11,453		47,948
British American Tobacco plc		738		27,381
CK Hutchison Holdings Ltd.		808		6,605
DCC plc		119		10,341
Diageo plc		1,169		52,475
GlaxoSmithKline plc		817		15,107
HSBC Holdings plc		3,722		23,242
InterContinental Hotels Group plc *		337		23,915
Intertek Group plc		91		7,734
Lloyds Banking Group plc		52,823		33,124
London Stock Exchange Group plc		137		13,947
M&G plc		2,596		7,793
Persimmon plc		197		8,505
Prudential plc		1,180		24,985
Reckitt Benckiser Group plc		444		39,509
RELX plc		1,301		33,763
Standard Chartered plc		2,897		20,779
Taylor Wimpey plc		7,409		18,378
Tesco plc		6,822		20,826
Unilever plc		878		51,262
				566,172
United States — 0.7%
Ferguson plc		179		22,614
Stellantis NV		581		9,623
				32,237
Total Common Stocks (Cost $3,626,179)				4,800,517
	NO. OF RIGHTS (000)
Rights — 0.0% (c)
Switzerland — 0.0% (c)
Credit Suisse Group AG, expiring 5/6/2021 * (Cost $—)		1,359		57

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 7.1%
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (e) (f) (Cost $98,285)		98,236		98,285
Investment of Cash Collateral from Securities Loaned — 5.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (e) (f)		225,333		225,356
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (e) (f)		26,421		26,421
Total Investment of Cash Collateral from Securities Loaned (Cost $251,777)				251,777
Total Short-Term Investments (Cost $350,062)				350,062
Total Investments — 104.1% (Cost $3,976,241)				5,150,636
Liabilities in Excess of Other Assets — (4.1)%				(203,671	)
NET ASSETS — 100.0%				4,946,965

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		9.4	%
Pharmaceuticals		8.0
Insurance		5.7
Semiconductors & Semiconductor Equipment		4.2
Chemicals		3.3
Machinery		3.3
Textiles, Apparel & Luxury Goods		3.1
Metals & Mining		3.0
Oil, Gas & Consumable Fuels		2.8
Automobiles		2.8
Personal Products		2.6
Beverages		2.6
Electronic Equipment, Instruments & Components		2.5
Food Products		2.5
Capital Markets		2.4
Electric Utilities		2.2
Diversified Telecommunication Services		2.1

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Professional Services		2.0	%
IT Services		1.8
Trading Companies & Distributors		1.7
Electrical Equipment		1.6
Household Durables		1.6
Multi-Utilities		1.4
Real Estate Management & Development		1.2
Entertainment		1.1
Specialty Retail		1.1
Equity Real Estate Investment Trusts (REITs)		1.0
Auto Components		1.0
Industrial Conglomerates		1.0
Aerospace & Defense		1.0
Food & Staples Retailing		1.0
Software		1.0
Others (each less than 1.0%)		11.2
Short-Term Investments		6.8

Abbreviations

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, 2021. The total value of securities on loan at April 30, 2021 is $236,779.
(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)	Amount rounds to less than one thousand.
(e)	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.
(f)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
FTSE 100 Index		51		06/2021		GBP		4,880		129
SPI 200 Index		824		06/2021		AUD		110,942		2,937
										3,066

Abbreviations

AUD	Australian Dollar
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
SPI	Australian Securities Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 96.4%
Australia — 7.0%
Australia & New Zealand Banking Group Ltd.		131			2,890
BHP Group Ltd.		197			7,167
BlueScope Steel Ltd.		29			484
Fortescue Metals Group Ltd.		100			1,722
Harvey Norman Holdings Ltd.		141			572
Iluka Resources Ltd.		94			560
JB Hi-Fi Ltd.		11			402
Metcash Ltd.		136			372
National Australia Bank Ltd.		156			3,185
Qantas Airways Ltd. *		116			440
Rio Tinto Ltd.		20			1,897
Rio Tinto plc		54			4,500
South32 Ltd.		291			641
Super Retail Group Ltd.		62			566
Worley Ltd.		40			332
					25,730
Austria — 1.5%
ams AG *		14			236
ANDRITZ AG		12			665
BAWAG Group AG (a)		14			773
Erste Group Bank AG		25			876
OMV AG		17			820
Raiffeisen Bank International AG		53			1,165
Telekom Austria AG		59			481
Wienerberger AG		13			522
					5,538
Belgium — 1.1%
Ageas SA		18			1,118
Bekaert SA		19			832
bpost SA *		55			589
KBC Group NV *		15			1,168
Telenet Group Holding NV		9			382
					4,089
Brazil — 0.3%
Yara International ASA		17			908
China — 0.7%
BOC Hong Kong Holdings Ltd.		316			1,109
Yangzijiang Shipbuilding Holdings Ltd.		1,260			1,352
					2,461
Denmark — 1.8%
AP Moller — Maersk A/S, Class B (b)		—	(c)		667
Cementir Holding NV		47			530
D/S Norden A/S		21			542

INVESTMENTS	SHARES (000)		VALUE ($000)
Denmark — continued
H+H International A/S, Class B *		24		694
Jyske Bank A/S (Registered) *		11		536
Matas A/S *		38		566
Scandinavian Tobacco Group A/S (a)		37		681
Solar A/S, Class B		9		814
Spar Nord Bank A/S		36		400
Sydbank A/S		23		680
TCM Group A/S (a)		23		632
				6,742
Finland — 1.4%
Cargotec OYJ, Class B		12		704
Caverion OYJ		34		277
Kemira OYJ		29		467
Konecranes OYJ		13		613
Nordea Bank Abp		201		2,087
TietoEVRY OYJ		10		355
Valmet OYJ		18		758
				5,261
France — 9.1%
Atos SE		9		612
AXA SA (b)		92		2,599
BNP Paribas SA *		56		3,582
Carrefour SA		46		891
Cie de Saint-Gobain		28		1,766
Cie Plastic Omnium SA		12		411
CNP Assurances		63		1,104
Coface SA *		41		504
Credit Agricole SA		91		1,410
Eutelsat Communications SA		29		367
Faurecia SE		15		803
Faurecia SE		1		40
Fnac Darty SA *		9		628
Groupe Crit *		8		713
IPSOS		18		752
Kaufman & Broad SA		8		379
Metropole Television SA *		32		712
Publicis Groupe SA		20		1,299
Quadient SA		26		717
Renault SA *		18		741
Rexel SA * (b)		32		630
SCOR SE (b)		18		590
Societe Generale SA *		51		1,448
Sopra Steria Group SACA *		3		521
SPIE SA *		25		640

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
France — continued
Tarkett SA *		31		739
Technip Energies NV *		70		997
Television Francaise 1 * (b)		56		551
TOTAL SE		120		5,323
Valeo SA		10		314
Veolia Environnement SA		38		1,197
Vicat SA (b)		8		390
				33,370
Germany — 9.5%
Allianz SE (Registered)		19		4,889
Aurubis AG		7		620
Bayerische Motoren Werke AG		18		1,847
CECONOMY AG *		59		346
Continental AG		7		928
Covestro AG (a)		18		1,193
Daimler AG (Registered)		45		4,001
Deutsche Post AG (Registered)		60		3,530
DWS Group GmbH & Co. KGaA (a)		10		430
Freenet AG		21		509
HeidelbergCement AG		12		1,109
HOCHTIEF AG *		4		414
Hornbach Holding AG & Co. KGaA		11		1,023
JOST Werke AG * (a)		12		822
Kloeckner & Co. SE *		71		962
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		7		1,940
ProSiebenSat.1 Media SE *		27		581
Schaeffler AG (Preference)		49		437
Siemens AG (Registered)		32		5,318
Talanx AG		10		410
Volkswagen AG (Preference)		14		3,526
				34,835
Greece — 0.2%
Energean plc *		74		850
Hong Kong — 1.3%
Haitong International Securities Group Ltd.		1,414		444
Hysan Development Co. Ltd.		246		926
Johnson Electric Holdings Ltd.		140		371
New World Development Co. Ltd.		138		730
Sun Hung Kai Properties Ltd.		75		1,121
Swire Properties Ltd.		159		474
VTech Holdings Ltd. (b)		57		520
				4,586

INVESTMENTS	SHARES (000)		VALUE ($000)
Ireland — 0.3%
Greencore Group plc *		262		576
Ryanair Holdings plc, ADR *		3		391
				967
Italy — 3.2%
Anima Holding SpA (a)		104		538
Assicurazioni Generali SpA		64		1,283
Azimut Holding SpA		22		519
Credito Emiliano SpA *		68		421
Eni SpA (b)		142		1,686
Intesa Sanpaolo SpA * (b)		934		2,605
Mediobanca Banca di Credito Finanziario SpA *		73		828
Poste Italiane SpA (a)		50		652
Telecom Italia SpA		1,523		835
UniCredit SpA		121		1,240
Unipol Gruppo SpA		191		1,044
				11,651
Japan — 20.1%
Acom Co. Ltd.		98		420
Aiful Corp.		138		398
Aozora Bank Ltd.		23		484
Arcs Co. Ltd.		17		366
Bridgestone Corp.		36		1,423
Brother Industries Ltd.		40		842
Chiba Bank Ltd. (The)		98		615
Concordia Financial Group Ltd.		148		555
Cosmo Energy Holdings Co. Ltd.		42		893
Credit Saison Co. Ltd.		79		906
Dai-ichi Life Holdings, Inc.		61		1,092
Daiwa Securities Group, Inc.		125		667
ENEOS Holdings, Inc.		342		1,472
Fuyo General Lease Co. Ltd.		15		966
Gunma Bank Ltd. (The)		110		358
Hachijuni Bank Ltd. (The)		96		328
Hitachi Ltd.		31		1,554
Honda Motor Co. Ltd.		78		2,317
Iida Group Holdings Co. Ltd.		22		526
ITOCHU Corp.		49		1,533
Iyo Bank Ltd. (The)		60		333
Japan Airlines Co. Ltd. *		35		739
Japan Post Holdings Co. Ltd. *		108		910
Japan Post Insurance Co. Ltd.		36		692
Japan Tobacco, Inc.		70		1,313
Kamigumi Co. Ltd.		23		446
Kandenko Co. Ltd.		41		352

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
KDDI Corp.		85		2,573
Kinden Corp.		22		381
K’s Holdings Corp.		41		565
Kyudenko Corp.		14		485
Kyushu Financial Group, Inc.		81		314
Mitsubishi Chemical Holdings Corp.		137		1,022
Mitsubishi Corp.		68		1,866
Mitsubishi Gas Chemical Co., Inc.		22		497
Mitsubishi UFJ Financial Group, Inc.		561		2,982
Mitsui & Co. Ltd.		95		1,994
Mixi, Inc.		19		484
Mizuho Financial Group, Inc.		127		1,782
MS&AD Insurance Group Holdings, Inc.		29		828
Nichias Corp.		14		368
Nichiha Corp.		10		288
Nippon Light Metal Holdings Co. Ltd.		21		414
Nippon Telegraph & Telephone Corp.		75		1,878
Nippon Television Holdings, Inc.		33		431
Nomura Holdings, Inc.		204		1,094
Nomura Real Estate Holdings, Inc.		48		1,173
Open House Co. Ltd.		8		349
ORIX Corp.		110		1,773
Rengo Co. Ltd.		36		301
Resona Holdings, Inc.		190		783
Sanwa Holdings Corp.		37		472
SBI Holdings, Inc.		23		659
Sekisui House Ltd.		45		915
Senko Group Holdings Co. Ltd.		43		395
Shizuoka Bank Ltd. (The)		91		697
SoftBank Corp.		137		1,769
Sojitz Corp.		353		1,053
Sompo Holdings, Inc.		23		866
Sony Group Corp.		4		380
Sumitomo Bakelite Co. Ltd.		11		433
Sumitomo Corp.		94		1,276
Sumitomo Forestry Co. Ltd.		30		681
Sumitomo Mitsui Financial Group, Inc.		79		2,765
Sumitomo Mitsui Trust Holdings, Inc.		42		1,431
T&D Holdings, Inc.		92		1,129
Taiheiyo Cement Corp.		17		414
Taisei Corp.		18		650
Teijin Ltd.		35		573
Tokuyama Corp.		25		560
Tokyo Steel Manufacturing Co. Ltd.		53		517
Tokyo Tatemono Co. Ltd.		25		366

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Tosoh Corp.		38		665
Toyota Motor Corp.		86		6,465
Toyota Tsusho Corp.		19		792
TS Tech Co. Ltd.		23		324
Ube Industries Ltd.		16		330
				73,702
Luxembourg — 0.4%
ArcelorMittal SA		38		1,111
RTL Group SA *		7		438
				1,549
Malta — 0.3%
Kindred Group plc, SDR		57		989
Netherlands — 4.0%
ASR Nederland NV		17		723
ING Groep NV		211		2,699
Koninklijke Ahold Delhaize NV		63		1,706
NN Group NV		26		1,312
PostNL NV		116		607
Randstad NV		13		910
Royal Dutch Shell plc, Class A		322		6,066
Signify NV * (a)		14		807
				14,830
Norway — 2.6%
DNB ASA		70		1,498
Elkem ASA (a)		230		843
Equinor ASA		60		1,214
Europris ASA (a)		59		402
Norsk Hydro ASA		170		1,082
Norwegian Finans Holding ASA (b)		68		746
Olav Thon Eiendomsselskap ASA *		24		469
Selvaag Bolig ASA		95		701
SpareBank 1 Nord Norge		80		802
SpareBank 1 SMN		43		574
SpareBank 1 SR-Bank ASA		46		596
Storebrand ASA (b)		60		569
				9,496
Portugal — 0.1%
Sonae SGPS SA (b)		459		430
Russia — 0.3%
Evraz plc		113		1,003
Singapore — 1.2%
DBS Group Holdings Ltd.		32		706

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Singapore — continued
Oversea-Chinese Banking Corp. Ltd.		207		1,891
StarHub Ltd.		378		383
United Overseas Bank Ltd.		68		1,349
				4,329
South Africa — 0.9%
Anglo American plc		76		3,229
Spain — 3.2%
ACS Actividades de Construccion y Servicios SA		30		982
Banco Bilbao Vizcaya Argentaria SA		336		1,882
Banco Santander SA		816		3,146
CaixaBank SA *		293		937
ContourGlobal plc (a)		134		371
Indra Sistemas SA *		60		623
Mediaset Espana Comunicacion SA *		96		613
Repsol SA		96		1,146
Tecnicas Reunidas SA *		22		335
Telefonica SA		286		1,324
Unicaja Banco SA (a)		541		533
				11,892
Sweden — 3.6%
Betsson AB *		51		464
Bilia AB, Class A (b)		24		415
Boliden AB (b)		25		979
Bonava AB, Class B		42		498
Bravida Holding AB (a)		24		350
Dustin Group AB (a) (b)		58		720
Humana AB *		55		497
Intrum AB (b)		24		817
Inwido AB *		42		726
Lundin Energy AB		21		684
Mekonomen AB *		34		583
Nobia AB		51		443
Nordic Waterproofing Holding AB		19		412
Resurs Holding AB (a)		56		291
Securitas AB, Class B (b)		26		439
Skandinaviska Enskilda Banken AB, Class A		125		1,602
Skanska AB, Class B		29		772
SSAB AB, Class B *		189		942
Svenska Handelsbanken AB, Class A		105		1,218
Volvo AB, Class B		14		351
				13,203

INVESTMENTS	SHARES (000)		VALUE ($000)
Switzerland — 6.3%
Adecco Group AG (Registered)		16		1,060
BKW AG		4		404
Credit Suisse Group AG (Registered)		132		1,381
Julius Baer Group Ltd.		15		967
LafargeHolcim Ltd. (Registered) *		30		1,823
Novartis AG (Registered)		91		7,734
Roche Holding AG		1		374
Sulzer AG (Registered)		5		537
Swiss Life Holding AG (Registered)		3		1,232
Swisscom AG (Registered)		2		1,059
UBS Group AG (Registered)		207		3,154
Wizz Air Holdings plc * (a)		6		417
Zurich Insurance Group AG		8		3,082
				23,224
Ukraine — 0.3%
Ferrexpo plc		157		954
United Kingdom — 14.9%
3i Group plc		59		1,049
Aviva plc		276		1,527
Barclays plc		931		2,253
Barratt Developments plc		81		861
Bellway plc		9		439
Berkeley Group Holdings plc		11		700
BP plc		648		2,714
BT Group plc *		575		1,312
CK Hutchison Holdings Ltd.		242		1,978
Crest Nicholson Holdings plc *		84		475
Dixons Carphone plc *		635		1,222
Drax Group plc		122		691
GlaxoSmithKline plc		213		3,945
Halfords Group plc *		137		714
HSBC Holdings plc		883		5,510
Inchcape plc *		43		467
ITV plc *		437		731
J Sainsbury plc		236		775
JET2 plc *		54		1,121
Just Group plc *		413		622
Keller Group plc		44		507
Kingfisher plc *		181		892
Legal & General Group plc		427		1,603
Lloyds Banking Group plc		3,521		2,208
M&G plc		303		911
Mitie Group plc *		1,316		1,128
Morgan Sindall Group plc		20		627

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Natwest Group plc		399		1,083
OSB Group plc		172		1,141
Paragon Banking Group plc		75		485
Phoenix Group Holdings plc		46		453
Playtech plc *		99		634
Premier Foods plc *		451		607
Prudential plc		136		2,877
Reach plc *		235		714
Redrow plc		48		458
Royal Mail plc *		80		549
ScS Group plc *		119		457
Serco Group plc *		210		407
Standard Chartered plc		163		1,169
Tate & Lyle plc		43		473
Taylor Wimpey plc		325		807
Tyman plc		106		618
Vesuvius plc		53		391
Vistry Group plc		30		505
Vodafone Group plc		1,275		2,407
WPP plc		106		1,430
				54,647
United States — 0.8%
Stellantis NV		62		1,031
Stellantis NV		44		723
TI Fluid Systems plc (a)		262		1,075
				2,829
Total Common Stocks (Cost $298,715)				353,294
	NO. OF RIGHTS (000)
Rights — 0.0% (d)
Switzerland — 0.0% (d)
Credit Suisse Group AG, expiring 5/6/2021 * (Cost $—)		132		5
	SHARES (000)
Short-Term Investments — 5.0%
Investment Companies — 1.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (e) (f) (Cost $7,170)		7,166		7,170

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 3.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (e) (f)		9,699		9,700
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (e) (f)		1,559		1,559
Total Investment of Cash Collateral from Securities Loaned (Cost $11,259)				11,259
Total Short-Term Investments (Cost $18,429)				18,429
Total Investments — 101.4% (Cost $317,144)				371,728
Liabilities in Excess of Other Assets — (1.4)%				(5,157	)
NET ASSETS — 100.0%				366,571

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		19.4	%
Insurance		9.6
Metals & Mining		7.7
Oil, Gas & Consumable Fuels		6.2
Automobiles		5.6
Pharmaceuticals		3.2
Trading Companies & Distributors		2.9
Capital Markets		2.9
Household Durables		2.4
Media		2.4
Specialty Retail		2.3
Wireless Telecommunication Services		2.1
Chemicals		2.0
Industrial Conglomerates		2.0
Diversified Telecommunication Services		1.9
Machinery		1.7
Auto Components		1.6
Real Estate Management & Development		1.6
Construction Materials		1.5
Building Products		1.4
Air Freight & Logistics		1.4

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Construction & Engineering		1.4	%
Food & Staples Retailing		1.2
Commercial Services & Supplies		1.1
Diversified Financial Services		1.0
Others (each less than 1.0%)		8.5
Short-Term Investments		5.0

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.
SDR	Swedish Depositary Receipt
SGPS	Holding company

(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $9,734.
(c)	Amount rounds to less than one thousand.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	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.
(f)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021 (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		76		06/2021		EUR		3,593		74
FTSE 100 Index		18		06/2021		GBP		1,722		45
TOPIX Index		15		06/2021		JPY		2,609		(54	)
										65

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.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Markets Equity Fund		JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund			JPMorgan International Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	14,498,079	$	3,838,528		$	731,214		$	4,635,019
Investments in affiliates, at value		—		—			181,345			79,740
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		150,955		27,074			18,345			200,569
Cash		—		—			100			27
Foreign currency, at value		—		223			250			—
Deposits at broker for futures contracts		—		822			591			—
Receivables:
Due from broker		—		—			—			5,929
Investment securities sold		65,190		18,290			3,818			6,564
Fund shares sold		17,682		20,314			237			8,844
Dividends from non-affiliates		8,298		3,941			538			13,026
Dividends from affiliates		9		15			2			4
Tax reclaims		13		55			3,749			10,238
Securities lending income (See Note 2.C.)		16		10			16			39
Total Assets		14,740,242		3,909,272			940,205			4,959,999
LIABILITIES:
Payables:
Due to custodian		9		—			—			—
Foreign currency due to custodian, at value		—		—			—			171
Investment securities purchased		24,238		7,404			168,558			49,612
Collateral received on securities loaned (See Note 2.C.)		150,955		27,074			18,345			200,569
Interfund lending		3,945		43,546			—			—
Fund shares redeemed		29,068		—	(a)		90			11,596
Variation margin on futures contracts		—		207			65			—
Accrued liabilities:
Investment advisory fees		8,071		718			291			1,670
Administration fees		794		186			37			127
Distribution fees		219		—			26			97
Service fees		1,216		—	(a)		40			140
Custodian and accounting fees		451		85			19			92
Trustees’ and Chief Compliance Officer’s fees		2		1			—	(a)		2
Deferred foreign capital gains tax		53,915		6,753			—			—
Other		406		75			90			125
Total Liabilities		273,289		86,049			187,561			264,201
Net Assets	$	14,466,953	$	3,823,223		$	752,644		$	4,695,798

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

	JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund			JPMorgan International Equity Fund
NET ASSETS:
Paid-in-Capital	$	8,902,080		$	2,957,105		$	705,116		$	3,291,844
Total distributable earnings (loss)		5,564,873			866,118			47,528			1,403,954
Total Net Assets	$	14,466,953		$	3,823,223		$	752,644		$	4,695,798
Net Assets:
Class A	$	766,529		$	—		$	88,051		$	389,716
Class C		94,860			—			12,479			10,740
Class I		5,170,999			5,015			233,882			490,044
Class L		2,584,295			—			78,629			—
Class R2		591			—			—			25,835
Class R3		9,515			—			—			—
Class R4		3,931			—			—			—
Class R5		66,215			—			—			11,124
Class R6		5,770,018			3,818,208			339,603			3,768,339
Total	$	14,466,953		$	3,823,223		$	752,644		$	4,695,798
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		17,983			—			2,951			18,913
Class C		2,310			—			473			551
Class I		118,382			228			7,683			23,395
Class L		58,680			—			2,552			—
Class R2		14			—			—			1,271
Class R3		225			—			—			—
Class R4		90			—			—			—
Class R5		1,506			—			—			528
Class R6		131,122			174,226			11,071			179,431
Net Asset Value (a):
Class A — Redemption price per share	$	42.62		$	—		$	29.84		$	20.61
Class C — Offering price per share (b)		41.07			—			26.37			19.49
Class I — Offering and redemption price per share		43.68			22.03			30.44			20.95
Class L — Offering and redemption price per share		44.04			—			30.82			—
Class R2 — Offering and redemption price per share		42.11			—			—			20.33
Class R3 — Offering and redemption price per share		42.39			—			—			—
Class R4 — Offering and redemption price per share		43.54			—			—			—
Class R5 — Offering and redemption price per share		43.95			—			—			21.05
Class R6 — Offering and redemption price per share		44.00			21.92			30.68			21.00
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)]	$	44.98		$	—		$	31.49		$	21.75
Cost of investments in non-affiliates	$	9,007,492		$	3,045,846		$	605,392		$	3,462,057
Cost of investments in affiliates		—			—			181,345			79,740
Cost of foreign currency		—			224			250			—
Investment securities on loan, at value (See Note 2.C.)		142,764			25,774			17,245			186,203
Cost of investment of cash collateral (See Note 2.C.)		150,955			27,074			18,345			200,569

(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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan International Focus Fund		JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund		JPMorgan International Value Fund
ASSETS:
Investments in non-affiliates, at value	$	3,607,744	$	117,811		$	4,800,574	$	353,299
Investments in affiliates, at value		66,137		6,264			98,285		7,170
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		13,190		—			251,777		11,259
Options purchased, at value		—		615			—		—
Cash		50		951			675		182
Foreign currency, at value		9,864		90			7,277		486
Deposits at broker for futures contracts		—		592			11,895		775
Deposits at broker for options contracts		—		200			—		—
Receivables:
Investment securities sold		1		—			—		—
Fund shares sold		15,613		464			5,977		1,738
Dividends from non-affiliates		9,424		390			16,826		1,833
Dividends from affiliates		5		—	(a)		7		—	(a)
Tax reclaims		3,987		334			14,163		2,428
Securities lending income (See Note 2.C.)		25		—			77		18
Total Assets		3,726,040		127,711			5,207,533		379,188
LIABILITIES:
Payables:
Investment securities purchased		9,171		—			—		457
Collateral received on securities loaned (See Note 2.C.)		13,190		—			251,777		11,259
Fund shares redeemed		1,319		209			6,528		306
Variation margin on futures contracts		—		75			842		42
Outstanding options written, at fair value		—		1,415			—		—
Accrued liabilities:
Investment advisory fees		1,517		7			680		127
Administration fees		32		—			222		—
Distribution fees		68		1			9		39
Service fees		149		25			27		35
Custodian and accounting fees		69		36			154		41
Trustees’ and Chief Compliance Officer’s fees		1		—			5		—	(a)
Other		28		21			324		311
Total Liabilities		25,544		1,789			260,568		12,617
Net Assets	$	3,700,496	$	125,922		$	4,946,965	$	366,571

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

	JPMorgan International Focus Fund			JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Value Fund
NET ASSETS:
Paid-in-Capital	$	2,856,745		$	119,467		$	4,168,327		$	391,347
Total distributable earnings (loss)		843,751			6,455			778,638			(24,776	)
Total Net Assets	$	3,700,496		$	125,922		$	4,946,965		$	366,571
Net Assets:
Class A	$	269,643		$	2,460		$	45,609		$	176,442
Class C		21,917			207			—			4,463
Class I		666,701			123,154			457,832			33,548
Class L		—			—			—			8,875
Class R2		2,334			—			—			610
Class R5		3,525			22			—			64
Class R6		2,736,376			79			4,443,524			142,569
Total	$	3,700,496		$	125,922		$	4,946,965		$	366,571
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		9,940			155			2,258			13,564
Class C		821			13			—			354
Class I		24,255			7,714			22,550			2,511
Class L		—			—			—			668
Class R2		87			—			—			48
Class R5		128			1			—			5
Class R6		99,539			5			219,658			10,789
Net Asset Value (a):
Class A — Redemption price per share	$	27.13		$	15.89		$	20.20		$	13.01
Class C — Offering price per share (b)		26.71			15.88			—			12.61
Class I — Offering and redemption price per share		27.49			15.97			20.30			13.36
Class L — Offering and redemption price per share		—			—			—			13.29
Class R2 — Offering and redemption price per share		26.88			—			—			12.79
Class R5 — Offering and redemption price per share		27.48			15.98			—			13.19
Class R6 — Offering and redemption price per share		27.49			15.99			20.23			13.21
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	28.63		$	16.77		$	21.32		$	13.73
Cost of investments in non-affiliates	$	2,661,764		$	88,395		$	3,626,179		$	298,715
Cost of investments in affiliates		66,137			6,264			98,285			7,170
Cost of options purchased		—			1,967			—			—
Cost of foreign currency		9,864			89			7,245			486
Investment securities on loan, at value (See Note 2.C.)		12,496			—			236,779			9,734
Cost of investment of cash collateral (See Note 2.C.)		13,190			—			251,777			11,259
Premiums received from options written		—			1,891			—			—

(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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

(Amounts in thousands)

	JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund			JPMorgan International Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	1		$	—		$	—	(a)
Interest income from affiliates		—			—	(a)		—			—
Dividend income from non-affiliates		61,441			26,671			7,297			49,404
Dividend income from affiliates		87			25			5			34
Non-cash dividend income from non-affiliates		—			—			361			—
Income from securities lending (net) (See Note 2.C.)		685			118			23			105
Foreign taxes withheld (net)		(8,181	)		(3,122	)		(711	)		(4,402	)
Total investment income		54,032			23,693			6,975			45,141
EXPENSES:
Investment advisory fees		48,800			4,196			1,614			9,139
Administration fees		4,902			1,259			202			1,371
Distribution fees:
Class A		908			—			103			429
Class C		351			—			47			40
Class R2		1			—			—			63
Class R3		12			—			—			—
Service fees:
Class A		908			—			103			429
Class C		117			—			16			13
Class I		6,483			2			81			532
Class L		1,224			—			35			—
Class R2		1			—			—			32
Class R3		12			—			—			—
Class R4		5			—			—			—
Class R5		32			—			—			5
Custodian and accounting fees		2,027			893			101			215
Interest expense to affiliates		4			30			2			8
Professional fees		94			52			66			70
Trustees’ and Chief Compliance Officer’s fees		33			18			14			19
Printing and mailing costs		434			12			12			65
Registration and filing fees		305			34			33			113
Transfer agency fees (See Note 2.I.)		185			11			12			55
Other		87			31			10			35
Total expenses		66,925			6,538			2,451			12,633
Less fees waived		(1,840	)		(643	)		(33	)		(2,173	)
Less expense reimbursements		(54	)		(1	)		—			(12	)
Net expenses		65,031			5,894			2,418			10,448
Net investment income (loss)		(10,999	)		17,799			4,557			34,693
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		300,556	(b)		189,027	(c)		48,096			315,590
Investments in affiliates		(42	)		(7	)		(2	)		1
Futures contracts		—			1,614			1,108			(5,247	)
Foreign currency transactions		(933	)		(568	)		6			1,277
Net realized gain (loss)		299,581			190,066			49,208			311,621
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,718,600	(d)		463,178	(e)		113,520			452,718
Investments in affiliates		30			1			—	(a)		2
Futures contracts		—			34			245			—
Foreign currency translations		77			33			257			112
Change in net unrealized appreciation/depreciation		1,718,707			463,246			114,022			452,832
Net realized/unrealized gains (losses)		2,018,288			653,312			163,230			764,453
Change in net assets resulting from operations	$	2,007,289		$	671,111		$	167,787		$	799,146

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of $(1,685).

(c) Net of foreign capital gains tax of $(4,557).

(d) Net of change in foreign capital gains tax of $(35,370).

(e) Net of change in foreign capital gains tax of $(625).

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

	JPMorgan International Focus Fund			JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Value Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)	$	1,270		$	121
Interest income from affiliates		—			—			—	(a)		—
Dividend income from non-affiliates		42,839			1,816			81,103			6,970
Dividend income from affiliates		26			—	(a)		52			2
Income from securities lending (net) (See Note 2.C.)		104			—			838			35
Foreign taxes withheld (net)		(3,482	)		(159	)		(7,189	)		(603	)
Total investment income		39,487			1,657			76,074			6,525
EXPENSES:
Investment advisory fees		10,016			146			5,300			911
Administration fees		1,252			44			1,988			124
Distribution fees:
Class A		237			3			57			198
Class C		71			1			—			17
Class R2		5			—			—			1
Service fees:
Class A		237			3			57			198
Class C		24			—	(a)		—			6
Class I		657			144			639			40
Class L		—			—			—			4
Class R2		2			—			—			1
Class R5		2			—	(a)		—			—	(a)
Custodian and accounting fees		263			37			379			72
Interest expense to affiliates		5			2			14			1
Professional fees		65			41			109			58
Trustees’ and Chief Compliance Officer’s fees		18			12			23			13
Printing and mailing costs		43			4			132			12
Registration and filing fees		69			30			8			55
Transfer agency fees (See Note 2.I.)		37			—	(a)		46			9
Other		25			7			106			9
Total expenses		13,028			474			8,858			1,729
Less fees waived		(2,828	)		(117	)		(1,929	)		(402	)
Less expense reimbursements		—			—	(a)		—			—	(a)
Net expenses		10,200			357			6,929			1,327
Net investment income (loss)		29,287			1,300			69,145			5,198
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		66,570			1,982			131,199			2,994
Investments in affiliates		(13	)		—	(a)		51			(1	)
Options purchased		—			(5,652	)		—			—
Futures contracts		—			965			23,954			437
Foreign currency transactions		614			(38	)		(176	)		42
Forward foreign currency exchange contracts		(2,654	)		—			—			—
Options written		—			(4,305	)		—			—
Net realized gain (loss)		64,517			(7,048	)		155,028			3,472
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		582,436			27,198			1,112,902			99,743
Investments in affiliates		4			—			(78	)		—	(a)
Options purchased		—			(3,755	)		—			—
Futures contracts		—			268			2,176			305
Foreign currency translations		20			4			106			50
Options written		—			(1,251	)		—			—
Change in net unrealized appreciation/depreciation		582,460			22,464			1,115,106			100,098
Net realized/unrealized gains (losses)		646,977			15,416			1,270,134			103,570
Change in net assets resulting from operations	$	676,264		$	16,716		$	1,339,279		$	108,768

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

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, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(10,999	)	$	20,921		$	17,799		$	48,936
Net realized gain (loss)		299,581			(21,492	)		190,066			(115,392	)
Change in net unrealized appreciation/depreciation		1,718,707			1,995,150			463,246			281,827
Change in net assets resulting from operations		2,007,289			1,994,579			671,111			215,371
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			(3,084	)		—			—
Class C		—			(79	)		—			—
Class I		(4,875	)		(15,303	)		(1	)		—	(a)
Class L		(3,336	)		(8,491	)		—			—
Class R2		—			(1	)		—			—
Class R3		—			(21	)		—			—
Class R4		(1	)		(11	)		—			—
Class R5		(80	)		(349	)		—			—
Class R6		(10,851	)		(29,101	)		(50,836	)		(24,046	)
Total distributions to shareholders		(19,143	)		(56,440	)		(50,837	)		(24,046	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,258,582			2,968,409			362,607			558,443
NET ASSETS:
Change in net assets		3,246,728			4,906,548			982,881			749,768
Beginning of period		11,220,225			6,313,677			2,840,342			2,090,574
End of period	$	14,466,953		$	11,220,225		$	3,823,223		$	2,840,342

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

	JPMorgan Europe Dynamic Fund						JPMorgan International Equity Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,557		$	6,920		$	34,693		$	43,858
Net realized gain (loss)		49,208			(16,079	)		311,621			(49,374	)
Change in net unrealized appreciation/depreciation		114,022			(32,885	)		452,832			(39,646	)
Change in net assets resulting from operations		167,787			(42,044	)		799,146			(45,162	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(839	)		(2,780	)		(3,040	)		(9,505	)
Class C		(80	)		(497	)		(42	)		(344	)
Class I		(772	)		(2,605	)		(4,786	)		(6,207	)
Class L		(920	)		(2,069	)		—			—
Class R2		—			—			(292	)		(65	)
Class R5		—			—			(99	)		(124	)
Class R6		(4,405	)		(8,878	)		(33,732	)		(80,146	)
Total distributions to shareholders		(7,016	)		(16,829	)		(41,991	)		(96,391	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		153,045			(44,544	)		1,007,721			75,469
NET ASSETS:
Change in net assets		313,816			(103,417	)		1,764,876			(66,084	)
Beginning of period		438,828			542,245			2,930,922			2,997,006
End of period	$	752,644		$	438,828		$	4,695,798		$	2,930,922

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Focus Fund						JPMorgan International Hedged Equity Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	29,287		$	34,949		$	1,300		$	2,110
Net realized gain (loss)		64,517			(143,255	)		(7,048	)		(16,164	)
Change in net unrealized appreciation/depreciation		582,460			231,375			22,464			5,164
Change in net assets resulting from operations		676,264			123,069			16,716			(8,890	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,160	)		(46	)		(29	)		(5	)
Class C		(42	)		—			(1	)		(1	)
Class I		(4,485	)		(431	)		(2,175	)		(1,362	)
Class R2		(10	)		—			—			—
Class R5		(32	)		(9	)		(1	)		—	(a)
Class R6		(28,297	)		(10,047	)		(1	)		(1	)
Total distributions to shareholders		(34,026	)		(10,533	)		(2,207	)		(1,369	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		256,588			89,493			(25,855	)		87,285
NET ASSETS:
Change in net assets		898,826			202,029			(11,346	)		77,026
Beginning of period		2,801,670			2,599,641			137,268			60,242
End of period	$	3,700,496		$	2,801,670		$	125,922		$	137,268

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

	JPMorgan International Research Enhanced Equity Fund						JPMorgan International Value Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	69,145		$	115,593		$	5,198		$	9,086
Net realized gain (loss)		155,028			(384,441	)		3,472			(39,947	)
Change in net unrealized appreciation/depreciation		1,115,106			(159,055	)		100,098			(40,074	)
Change in net assets resulting from operations		1,339,279			(427,903	)		108,768			(70,935	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(402	)		(5,482	)		(4,156	)		(7,133	)
Class C		—			—			(106	)		(299	)
Class I		(10,216	)		(6,829	)		(914	)		(1,823	)
Class L		—			—			(192	)		(1,237	)
Class R2		—			—			(11	)		(21	)
Class R5		—			—			(3	)		(4	)
Class R6		(95,880	)		(143,050	)		(3,877	)		(5,532	)
Total distributions to shareholders		(106,498	)		(155,361	)		(9,259	)		(16,049	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,148,165	)		611,139			(802	)		(38,424	)
NET ASSETS:
Change in net assets		84,616			27,875			98,707			(125,408	)
Beginning of period		4,862,349			4,834,474			267,864			393,272
End of period	$	4,946,965		$	4,862,349		$	366,571		$	267,864

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

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, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	186,166		$	396,625		$	—		$	—
Distributions reinvested		—			3,026			—			—
Cost of shares redeemed		(97,070	)		(433,578	)		—			—
Change in net assets resulting from Class A capital transactions	$	89,096		$	(33,927	)	$	—		$	—
Class C
Proceeds from shares issued	$	19,638		$	25,207		$	—		$	—
Distributions reinvested		—			76			—			—
Cost of shares redeemed		(9,804	)		(21,149	)		—			—
Change in net assets resulting from Class C capital transactions	$	9,834		$	4,134		$	—		$	—
Class I
Proceeds from shares issued	$	1,717,105		$	2,957,574		$	5,230		$	32
Distributions reinvested		4,534			13,741			1			—	(a)
Cost of shares redeemed		(1,297,255	)		(1,376,247	)		(127	)		(6	)
Change in net assets resulting from Class I capital transactions	$	424,384		$	1,595,068		$	5,104		$	26
Class L
Proceeds from shares issued	$	736,778		$	1,047,160		$	—		$	—
Distributions reinvested		3,299			8,347			—			—
Cost of shares redeemed		(368,174	)		(412,630	)		—			—
Change in net assets resulting from Class L capital transactions	$	371,903		$	642,877		$	—		$	—
Class R2
Proceeds from shares issued	$	339		$	281		$	—		$	—
Distributions reinvested		—			1			—			—
Cost of shares redeemed		(236	)		(78	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	103		$	204		$	—		$	—
Class R3
Proceeds from shares issued	$	5,786		$	3,952		$	—		$	—
Distributions reinvested		—			21			—			—
Cost of shares redeemed		(3,207	)		(1,457	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	2,579		$	2,516		$	—		$	—
Class R4
Proceeds from shares issued	$	995		$	2,143		$	—		$	—
Distributions reinvested		1			11			—			—
Cost of shares redeemed		(516	)		(1,072	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	480		$	1,082		$	—		$	—
Class R5
Proceeds from shares issued	$	13,191		$	24,137		$	—		$	—
Distributions reinvested		79			349			—			—
Cost of shares redeemed		(14,455	)		(18,654	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(1,185	)	$	5,832		$	—		$	—
Class R6
Proceeds from shares issued	$	1,956,907		$	2,138,500		$	972,167		$	1,073,935
Distributions reinvested		9,926			28,461			50,835			24,046
Cost of shares redeemed		(1,605,445	)		(1,416,338	)		(665,499	)		(539,564	)
Change in net assets resulting from Class R6 capital transactions	$	361,388		$	750,623		$	357,503		$	558,417
Total change in net assets resulting from capital transactions	$	1,258,582		$	2,968,409		$	362,607		$	558,443

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

	JPMorgan Emerging Markets Equity Fund						JPMorgan Emerging Markets Research Enhanced Equity Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued		4,409			12,772			—			—
Reinvested		—			95			—			—
Redeemed		(2,289	)		(14,443	)		—			—
Change in Class A Shares		2,120			(1,576	)		—			—
Class C
Issued		490			824			—			—
Reinvested		—			2			—			—
Redeemed		(236	)		(725	)		—			—
Change in Class C Shares		254			101			—			—
Class I
Issued		39,911			95,381			232			2
Reinvested		106			423			—	(a)		—	(a)
Redeemed		(29,206	)		(44,282	)		(6	)		—	(a)
Change in Class I Shares		10,811			51,522			226			2
Class L
Issued		16,920			33,441			—			—
Reinvested		77			255			—			—
Redeemed		(8,196	)		(13,684	)		—			—
Change in Class L Shares		8,801			20,012			—			—
Class R2
Issued		8			8			—			—
Reinvested		—			—	(a)		—			—
Redeemed		(5	)		(2	)		—			—
Change in Class R2 Shares		3			6			—			—
Class R3
Issued		142			133			—			—
Reinvested		—			1			—			—
Redeemed		(77	)		(46	)		—			—
Change in Class R3 Shares		65			88			—			—
Class R4
Issued		22			70			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(12	)		(32	)		—			—
Change in Class R4 Shares		10			38			—			—
Class R5
Issued		298			754			—			—
Reinvested		2			11			—			—
Redeemed		(336	)		(575	)		—			—
Change in Class R5 Shares		(36	)		190			—			—
Class R6
Issued		44,835			67,487			45,275			63,278
Reinvested		232			871			2,474			1,356
Redeemed		(36,492	)		(43,707	)		(31,196	)		(31,422	)
Change in Class R6 Shares		8,575			24,651			16,553			33,212

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 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 Equity Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,766		$	3,883		$	80,553		$	169,254
Distributions reinvested		805			2,695			3,016			9,447
Cost of shares redeemed		(9,783	)		(24,956	)		(26,492	)		(221,474	)
Change in net assets resulting from Class A capital transactions	$	(6,212	)	$	(18,378	)	$	57,077		$	(42,773	)
Class C
Proceeds from shares issued	$	106		$	157		$	930		$	1,292
Distributions reinvested		79			476			42			324
Cost of shares redeemed		(2,747	)		(7,338	)		(1,934	)		(6,218	)
Change in net assets resulting from Class C capital transactions	$	(2,562	)	$	(6,705	)	$	(962	)	$	(4,602	)
Class I
Proceeds from shares issued	$	171,633		$	5,175		$	113,825		$	268,211
Distributions reinvested		721			2,443			4,774			6,146
Cost of shares redeemed		(7,733	)		(31,660	)		(55,485	)		(119,723	)
Change in net assets resulting from Class I capital transactions	$	164,621		$	(24,042	)	$	63,114		$	154,634
Class L
Proceeds from shares issued	$	5,018		$	11,572		$	—		$	—
Distributions reinvested		917			2,057			—			—
Cost of shares redeemed		(3,990	)		(16,771	)		—			—
Change in net assets resulting from Class L capital transactions	$	1,945		$	(3,142	)	$	—		$	—
Class R2
Proceeds from shares issued	$	—		$	—		$	3,462		$	21,952
Distributions reinvested		—			—			289			59
Cost of shares redeemed		—			—			(4,565	)		(1,444	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(814	)	$	20,567
Class R5
Proceeds from shares issued	$	—		$	—		$	3,453		$	5,313
Distributions reinvested		—			—			95			123
Cost of shares redeemed		—			—			(1,171	)		(1,904	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	2,377		$	3,532
Class R6
Proceeds from shares issued	$	2,120		$	7,681		$	1,402,039		$	357,449
Distributions reinvested		4,405			8,878			33,605			80,145
Cost of shares redeemed		(11,272	)		(8,836	)		(548,715	)		(493,483	)
Change in net assets resulting from Class R6 capital transactions	$	(4,747	)	$	7,723		$	886,929		$	(55,889	)
Total change in net assets resulting from capital transactions	$	153,045		$	(44,544	)	$	1,007,721		$	75,469

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

	JPMorgan Europe Dynamic Fund						JPMorgan International Equity Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued		98			171			4,099			10,373
Reinvested		31			110			155			541
Redeemed		(361	)		(1,151	)		(1,359	)		(13,903	)
Change in Class A Shares		(232	)		(870	)		2,895			(2,989	)
Class C
Issued		5			8			50			87
Reinvested		3			22			2			20
Redeemed		(115	)		(372	)		(104	)		(397	)
Change in Class C Shares		(107	)		(342	)		(52	)		(290	)
Class I
Issued		5,544			220			5,686			16,370
Reinvested		27			97			242			346
Redeemed		(279	)		(1,425	)		(2,782	)		(7,334	)
Change in Class I Shares		5,292			(1,108	)		3,146			9,382
Class L
Issued		178			539			—			—
Reinvested		34			81			—			—
Redeemed		(144	)		(758	)		—			—
Change in Class L Shares		68			(138	)		—			—
Class R2
Issued		—			—			178			1,274
Reinvested		—			—			15			3
Redeemed		—			—			(233	)		(88	)
Change in Class R2 Shares		—			—			(40	)		1,189
Class R5
Issued		—			—			168			306
Reinvested		—			—			5			7
Redeemed		—			—			(59	)		(114	)
Change in Class R5 Shares		—			—			114			199
Class R6
Issued		70			382			68,816			21,701
Reinvested		163			352			1,702			4,510
Redeemed		(397	)		(394	)		(27,309	)		(29,522	)
Change in Class R6 Shares		(164	)		340			43,209			(3,311	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Focus Fund						JPMorgan International Hedged Equity Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	114,855		$	45,058		$	1,110		$	1,699
Distributions reinvested		1,132			45			29			5
Cost of shares redeemed		(14,998	)		(28,905	)		(473	)		(397	)
Change in net assets resulting from Class A capital transactions	$	100,989		$	16,198		$	666		$	1,307
Class C
Proceeds from shares issued	$	4,647		$	2,592		$	81		$	7
Distributions reinvested		42			—			1			1
Cost of shares redeemed		(1,859	)		(5,887	)		(7	)		(1	)
Change in net assets resulting from Class C capital transactions	$	2,830		$	(3,295	)	$	75		$	7
Class I
Proceeds from shares issued	$	284,632		$	291,678		$	27,849		$	109,266
Distributions reinvested		4,249			415			2,032			1,362
Cost of shares redeemed		(85,888	)		(100,152	)		(56,532	)		(24,658	)
Change in net assets resulting from Class I capital transactions	$	202,993		$	191,941		$	(26,651	)	$	85,970
Class R2
Proceeds from shares issued	$	685		$	851		$	—		$	—
Distributions reinvested		10			—			—			—
Cost of shares redeemed		(157	)		(499	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	538		$	352		$	—		$	—
Class R5
Proceeds from shares issued	$	248		$	506		$	—		$	—	(a)
Distributions reinvested		32			9			—	(a)		—	(a)
Cost of shares redeemed		(166	)		(962	)		—			—	(a)
Change in net assets resulting from Class R5 capital transactions	$	114		$	(447	)	$	—	(a)	$	—	(a)
Class R6
Proceeds from shares issued	$	249,602		$	289,243		$	66		$	—	(a)
Distributions reinvested		28,297			10,047			1			1
Cost of shares redeemed		(328,775	)		(414,546	)		(12	)		—	(a)
Change in net assets resulting from Class R6 capital transactions	$	(50,876	)	$	(115,256	)	$	55		$	1
Total change in net assets resulting from capital transactions	$	256,588		$	89,493		$	(25,855	)	$	87,285

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

	JPMorgan International Focus Fund						JPMorgan International Hedged Equity Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued		4,336			2,122			72			117
Reinvested		45			2			2			—	(a)
Redeemed		(581	)		(1,405	)		(30	)		(27	)
Change in Class A Shares		3,800			719			44			90
Class C
Issued		178			121			6			—	(a)
Reinvested		2			—			—	(a)		—	(a)
Redeemed		(72	)		(292	)		(1	)		—	(a)
Change in Class C Shares		108			(171	)		5			—	(a)
Class I
Issued		10,677			13,175			1,797			7,402
Reinvested		165			18			135			86
Redeemed		(3,205	)		(4,869	)		(3,777	)		(1,758	)
Change in Class I Shares		7,637			8,324			(1,845	)		5,730
Class R2
Issued		27			42			—			—
Reinvested		—	(a)		—			—			—
Redeemed		(6	)		(26	)		—			—
Change in Class R2 Shares		21			16			—			—
Class R5
Issued		9			23			—			—
Reinvested		1			1			—	(a)		—	(a)
Redeemed		(6	)		(44	)		—			—
Change in Class R5 Shares		4			(20	)		—	(a)		—	(a)
Class R6
Issued		9,311			13,486			4			—
Reinvested		1,099			444			—	(a)		1
Redeemed		(12,423	)		(18,953	)		(1	)		—
Change in Class R6 Shares		(2,013	)		(5,023	)		3			1

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Research Enhanced Equity Fund						JPMorgan International Value Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,088		$	204,761		$	16,925		$	21,982
Distributions reinvested		389			5,420			4,095			7,043
Cost of shares redeemed		(20,179	)		(359,092	)		(17,465	)		(43,855	)
Change in net assets resulting from Class A capital transactions	$	(18,702	)	$	(148,911	)	$	3,555		$	(14,830	)
Class C
Proceeds from shares issued	$	—		$	—		$	70		$	250
Distributions reinvested		—			—			104			270
Cost of shares redeemed		—			—			(1,402	)		(3,916	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(1,228	)	$	(3,396	)
Class I
Proceeds from shares issued	$	60,016		$	542,183		$	3,047		$	5,772
Distributions reinvested		10,212			6,822			829			1,679
Cost of shares redeemed		(202,213	)		(236,810	)		(6,860	)		(15,094	)
Change in net assets resulting from Class I capital transactions	$	(131,985	)	$	312,195		$	(2,984	)	$	(7,643	)
Class L
Proceeds from shares issued	$	—		$	—		$	2,239		$	1,161
Distributions reinvested		—			—			179			569
Cost of shares redeemed		—			—			(1,222	)		(20,800	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	1,196		$	(19,070	)
Class R2
Proceeds from shares issued	$	—		$	—		$	134		$	151
Distributions reinvested		—			—			11			17
Cost of shares redeemed		—			—			(92	)		(319	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	53		$	(151	)
Class R5
Proceeds from shares issued	$	—		$	—		$	17		$	42
Distributions reinvested		—			—			3			4
Cost of shares redeemed		—			—			(60	)		(36	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(40	)	$	10
Class R6
Proceeds from shares issued	$	155,499		$	899,967		$	21,890		$	45,862
Distributions reinvested		95,880			143,050			3,621			5,075
Cost of shares redeemed		(1,248,857	)		(595,162	)		(26,865	)		(44,281	)
Change in net assets resulting from Class R6 capital transactions	$	(997,478	)	$	447,855		$	(1,354	)	$	6,656
Total change in net assets resulting from capital transactions	$	(1,148,165	)	$	611,139		$	(802	)	$	(38,424	)

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

	JPMorgan International Research Enhanced Equity Fund						JPMorgan International Value Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued		58			13,389			1,380			2,106
Reinvested		21			298			356			572
Redeemed		(1,111	)		(22,291	)		(1,467	)		(4,229	)
Change in Class A Shares		(1,032	)		(8,604	)		269			(1,551	)
Class C
Issued		—			—			5			24
Reinvested		—			—			10			23
Redeemed		—			—			(121	)		(379	)
Change in Class C Shares		—			—			(106	)		(332	)
Class I
Issued		3,139			33,409			238			509
Reinvested		540			371			70			133
Redeemed		(10,564	)		(14,565	)		(556	)		(1,512	)
Change in Class I Shares		(6,885	)		19,215			(248	)		(870	)
Class L
Issued		—			—			173			105
Reinvested		—			—			15			46
Redeemed		—			—			(98	)		(2,000	)
Change in Class L Shares		—			—			90			(1,849	)
Class R2
Issued		—			—			12			15
Reinvested		—			—			1			1
Redeemed		—			—			(9	)		(32	)
Change in Class R2 Shares		—			—			4			(16	)
Class R5
Issued		—			—			2			5
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			(5	)		(4	)
Change in Class R5 Shares		—			—			(3	)		1
Class R6
Issued		7,966			53,807			1,778			4,448
Reinvested		5,089			7,817			310			407
Redeemed		(64,537	)		(35,464	)		(2,215	)		(4,069	)
Change in Class R6 Shares		(51,482	)		26,160			(127	)		786

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

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, 2021 (Unaudited)	$	36.44	$	(0.10	)	$	6.28		$	6.18		$	—
Year Ended October 31, 2020		30.07		(0.02	)		6.56			6.54			(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	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		35.20		(0.20	)		6.07			5.87			—
Year Ended October 31, 2020		29.07		(0.18	)		6.35			6.17			(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	)		—	(f)
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			—
Class I
Six Months Ended April 30, 2021 (Unaudited)		37.34		(0.05	)		6.43			6.38			(0.04	)
Year Ended October 31, 2020		30.79		0.05			6.75			6.80			(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	)
Class L
Six Months Ended April 30, 2021 (Unaudited)		37.64		(0.03	)		6.49			6.46			(0.06	)
Year Ended October 31, 2020		31.03		0.08			6.80			6.88			(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	)
Class R2
Six Months Ended April 30, 2021 (Unaudited)		36.06		(0.16	)		6.21			6.05			—
Year Ended October 31, 2020		29.78		(0.13	)		6.52			6.39			(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 (g) through October 31, 2017		26.40		(0.01	)		1.18			1.17			—
Class R3
Six Months Ended April 30, 2021 (Unaudited)		36.25		(0.12	)		6.26			6.14			—
Year Ended October 31, 2020		29.96		(0.05	)		6.55			6.50			(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 (g) through October 31, 2017		26.40		0.01			1.18			1.19			—
Class R4
Six Months Ended April 30, 2021 (Unaudited)		37.20		(0.06	)		6.42			6.36			(0.02	)
Year Ended October 31, 2020		30.68		0.04			6.70			6.74			(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 (g) through October 31, 2017		27.05		0.02			1.21			1.23			—
Class R5
Six Months Ended April 30, 2021 (Unaudited)		37.56		(0.03	)		6.47			6.44			(0.05	)
Year Ended October 31, 2020		30.96		0.08			6.78			6.86			(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 (g) through October 31, 2016		22.40		0.01			0.08			0.09			—
Class R6
Six Months Ended April 30, 2021 (Unaudited)		37.61		(0.01	)		6.48			6.47			(0.08	)
Year Ended October 31, 2020		31.00		0.12			6.78			6.90			(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	)

(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) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

		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)
$	42.62		16.96	%	$	766,529		1.24	%		(0.48	)%		1.30	%		15	%
	36.44		21.84			578,112		1.24			(0.06	)		1.33			15
	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
	41.07		16.68			94,860		1.73			(0.98	)		1.79			15
	35.20		21.24			72,364		1.74			(0.58	)		1.83			15
	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
	43.68		17.09			5,170,999		0.99			(0.23	)		1.04			15
	37.34		22.19			4,016,180		0.99			0.15			1.07			15
	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
	44.04		17.17			2,584,295		0.88			(0.13	)		0.89			15
	37.64		22.29			1,877,489		0.89			0.25			0.92			15
	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
	42.11		16.78			591		1.53			(0.78	)		1.74			15
	36.06		21.51			414		1.54			(0.41	)		2.00			15
	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
	42.39		16.94			9,515		1.29			(0.55	)		1.29			15
	36.25		21.80			5,797		1.29			(0.15	)		1.33			15
	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
	43.54		17.10			3,931		1.04			(0.29	)		1.05			15
	37.20		22.09			2,962		1.04			0.12			1.08			15
	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
	43.95		17.16			66,215		0.89			(0.15	)		0.90			15
	37.56		22.29			57,909		0.89			0.26			0.93			15
	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
	44.00		17.21			5,770,018		0.79			(0.04	)		0.79			15
	37.61		22.39			4,608,998		0.79			0.37			0.82			15
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Six Months Ended April 30, 2021 (Unaudited)	$	18.11	$	0.12	$	4.11	$	4.23	$	(0.31	)	$	—		$	(0.31	)
Year Ended October 31, 2020		16.78		0.33		1.04		1.37		—			(0.04	)		(0.04	)
January 30, 2019 (f) through October 31, 2019		16.22		0.31		0.25		0.56		—			—			—
Class R6
Six Months Ended April 30, 2021 (Unaudited)		18.01		0.11		4.11		4.22		(0.31	)		—			(0.31	)
Year Ended October 31, 2020		16.80		0.31		1.07		1.38		(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) Commencement of offering of class of shares.

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

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

		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)
$	22.03		23.45	%	$	5,015		0.45	%		1.13	%		0.79	%		36	%
	18.11		8.15			33		0.45			1.98			1.39			47
	16.78		3.45			5		0.44	(g)		2.52	(g)		0.70	(g)		28
	21.92		23.57			3,818,208		0.35			1.06			0.39			36
	18.01		8.22			2,840,309		0.35			1.87			0.41			47
	16.80		12.60			2,090,569		0.34	(g)		2.90	(g)		0.46	(g)		28

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Europe Dynamic Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	21.64	$	0.18	$	8.29		$	8.47		$	(0.27	)
Year Ended October 31, 2020		24.25		0.25		(2.16	)		(1.91	)		(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	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		19.10		0.09		7.33			7.42			(0.15	)
Year Ended October 31, 2020		21.47		0.12		(1.91	)		(1.79	)		(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	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		22.10		0.21		8.46			8.67			(0.33	)
Year Ended October 31, 2020		24.75		0.31		(2.19	)		(1.88	)		(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	)
Class L
Six Months Ended April 30, 2021 (Unaudited)		22.38		0.25		8.56			8.81			(0.37	)
Year Ended October 31, 2020		25.05		0.35		(2.23	)		(1.88	)		(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	)
Class R6
Six Months Ended April 30, 2021 (Unaudited)		22.29		0.26		8.52			8.78			(0.39	)
Year Ended October 31, 2020		24.96		0.37		(2.22	)		(1.85	)		(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.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	29.84		39.31	%	$	88,051		1.24	%		1.33	%		1.28	%		56	%
	21.64		(8.21	)		68,882		1.24			1.09			1.28			159
	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
	26.37		38.93			12,479		1.74			0.78			1.78			56
	19.10		(8.68	)		11,082		1.74			0.59			1.77			159
	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
	30.44		39.43			233,882		0.99			1.53			1.02			56
	22.10		(7.98	)		52,841		0.99			1.33			1.01			159
	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
	30.82		39.58			78,629		0.86			1.77			0.86			56
	22.38		(7.86	)		55,597		0.85			1.49			0.86			159
	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
	30.68		39.64			339,603		0.76			1.84			0.76			56
	22.29		(7.79	)		250,426		0.75			1.61			0.76			159
	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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Equity Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	16.47	$	0.14	$	4.18		$	4.32		$	(0.18	)	$	—		$	(0.18	)
Year Ended October 31, 2020		17.27		0.19		(0.49	)		(0.30	)		(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	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		15.53		0.07		3.96			4.03			(0.07	)		—			(0.07	)
Year Ended October 31, 2020		16.29		0.09		(0.45	)		(0.36	)		(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	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		16.76		0.17		4.25			4.42			(0.23	)		—			(0.23	)
Year Ended October 31, 2020		17.56		0.21		(0.47	)		(0.26	)		(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	)
Class R2
Six Months Ended April 30, 2021 (Unaudited)		16.31		0.10		4.14			4.24			(0.22	)		—			(0.22	)
Year Ended October 31, 2020		17.14		0.13		(0.48	)		(0.35	)		(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	)
Class R5
Six Months Ended April 30, 2021 (Unaudited)		16.85		0.19		4.26			4.45			(0.25	)		—			(0.25	)
Year Ended October 31, 2020		17.60		0.24		(0.48	)		(0.24	)		(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	)
Class R6
Six Months Ended April 30, 2021 (Unaudited)		16.81		0.20		4.25			4.45			(0.26	)		—			(0.26	)
Year Ended October 31, 2020		17.61		0.26		(0.49	)		(0.23	)		(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	)

(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.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

		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)
$	20.61		26.31	%	$	389,716		0.95	%		1.43	%		1.11	%		26	%
	16.47		(1.88	)		263,791		0.95			1.17			1.12			28
	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
	19.49		25.99			10,740		1.45			0.80			1.62			26
	15.53		(2.38	)		9,358		1.45			0.61			1.62			28
	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
	20.95		26.48			490,044		0.70			1.68			0.86			26
	16.76		(1.64	)		339,416		0.70			1.26			0.86			28
	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
	20.33		26.10			25,835		1.25			1.03			1.45			26
	16.31		(2.21	)		21,379		1.25			0.79			1.37			28
	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
	21.05		26.49			11,124		0.60			1.86			0.71			26
	16.85		(1.52	)		6,970		0.60			1.41			0.72			28
	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
	21.00		26.57			3,768,339		0.50			1.99			0.60			26
	16.81		(1.46	)		2,290,008		0.50			1.56			0.61			28
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Focus Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	22.07	$	0.21		$	5.04		$	5.25		$	(0.19	)
Year Ended October 31, 2020		21.15		0.18			0.75			0.93			(0.01	)
Year Ended October 31, 2019		18.24		0.26			3.02			3.28			(0.37	)
Year Ended October 31, 2018		21.14		0.36			(3.13	)		(2.77	)		(0.13	)
Year Ended October 31, 2017		17.24		0.16			4.09			4.25			(0.35	)
Year Ended October 31, 2016		17.61		0.22	(f)		(0.55	)		(0.33	)		(0.04	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		21.68		0.12			4.97			5.09			(0.06	)
Year Ended October 31, 2020		20.86		0.07			0.75			0.82			—
Year Ended October 31, 2019		17.98		0.16			2.97			3.13			(0.25	)
Year Ended October 31, 2018		20.90		0.26			(3.09	)		(2.83	)		(0.09	)
Year Ended October 31, 2017		17.04		0.05			4.06			4.11			(0.25	)
Year Ended October 31, 2016		17.45		0.13	(f)		(0.53	)		(0.40	)		(0.01	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		22.39		0.23			5.12			5.35			(0.25	)
Year Ended October 31, 2020		21.43		0.23			0.78			1.01			(0.05	)
Year Ended October 31, 2019		18.49		0.31			3.04			3.35			(0.41	)
Year Ended October 31, 2018		21.41		0.44			(3.19	)		(2.75	)		(0.17	)
Year Ended October 31, 2017		17.45		0.23			4.13			4.36			(0.40	)
Year Ended October 31, 2016		17.71		0.24	(f)		(0.50	)		(0.26	)		—
Class R2
Six Months Ended April 30, 2021 (Unaudited)		21.85		0.15			5.01			5.16			(0.13	)
Year Ended October 31, 2020		20.99		0.13			0.73			0.86			—
Year Ended October 31, 2019		18.14		0.21			2.98			3.19			(0.34	)
Year Ended October 31, 2018		21.11		0.35			(3.17	)		(2.82	)		(0.15	)
Year Ended October 31, 2017		17.21		0.06			4.14			4.20			(0.30	)
Year Ended October 31, 2016		17.57		0.15	(f)		(0.51	)		(0.36	)		—
Class R5
Six Months Ended April 30, 2021 (Unaudited)		22.38		0.22			5.14			5.36			(0.26	)
Year Ended October 31, 2020		21.42		0.25			0.78			1.03			(0.07	)
Year Ended October 31, 2019		18.49		0.34			3.03			3.37			(0.44	)
Year Ended October 31, 2018		21.39		0.53			(3.25	)		(2.72	)		(0.18	)
Year Ended October 31, 2017		17.44		0.20			4.17			4.37			(0.42	)
Year Ended October 31, 2016		17.75		0.27	(f)		(0.52	)		(0.25	)		(0.06	)
Class R6
Six Months Ended April 30, 2021 (Unaudited)		22.40		0.23			5.14			5.37			(0.28	)
Year Ended October 31, 2020		21.44		0.28			0.77			1.05			(0.09	)
Year Ended October 31, 2019		18.50		0.27			3.13			3.40			(0.46	)
Year Ended October 31, 2018		21.40		0.44			(3.16	)		(2.72	)		(0.18	)
Year Ended October 31, 2017		17.45		0.26			4.12			4.38			(0.43	)
Year Ended October 31, 2016		17.76		0.29	(f)		(0.52	)		(0.23	)		(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) 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.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

		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)
$	27.13		23.83	%	$	269,643		1.00	%		1.59	%		1.22	%		19	%
	22.07		4.39			135,527		1.00			0.86			1.22			38
	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
	26.71		23.49			21,917		1.50			0.92			1.72			19
	21.68		3.93			15,463		1.50			0.32			1.73			38
	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
	27.49		23.96			666,701		0.75			1.76			0.96			19
	22.39		4.71			372,068		0.75			1.05			0.96			38
	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
	26.88		23.65			2,334		1.30			1.15			1.47			19
	21.85		4.10			1,441		1.30			0.61			1.51			38
	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
	27.48		24.02			3,525		0.65			1.69			0.87			19
	22.38		4.79			2,772		0.65			1.16			0.88			38
	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
	27.49		24.06			2,736,376		0.55			1.77			0.70			19
	22.40		4.89			2,274,399		0.55			1.31			0.71			38
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 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
JPMorgan International Hedged Equity Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	14.12	$	0.17	$	1.87		$	2.04		$	(0.27	)
Year Ended October 31, 2020		15.58		0.27		(1.49	)		(1.22	)		(0.24	)
March 15, 2019 (f) through October 31, 2019		15.00		0.19		0.39			0.58			—
Class C
Six Months Ended April 30, 2021 (Unaudited)		14.06		0.14		1.85			1.99			(0.17	)
Year Ended October 31, 2020		15.53		0.20		(1.50	)		(1.30	)		(0.17	)
March 15, 2019 (f) through October 31, 2019		15.00		0.16		0.37			0.53			—
Class I
Six Months Ended April 30, 2021 (Unaudited)		14.18		0.17		1.90			2.07			(0.28	)
Year Ended October 31, 2020		15.61		0.31		(1.50	)		(1.19	)		(0.24	)
March 15, 2019 (f) through October 31, 2019		15.00		0.32		0.29			0.61			—
Class R5
Six Months Ended April 30, 2021 (Unaudited)		14.20		0.18		1.90			2.08			(0.30	)
Year Ended October 31, 2020		15.62		0.31		(1.48	)		(1.17	)		(0.25	)
March 15, 2019 (f) through October 31, 2019		15.00		0.34		0.28			0.62			—
Class R6
Six Months Ended April 30, 2021 (Unaudited)		14.22		0.23		1.86			2.09			(0.32	)
Year Ended October 31, 2020		15.63		0.34		(1.49	)		(1.15	)		(0.26	)
March 15, 2019 (f) 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) Commencement of operations.

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

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

		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)
$	15.89		14.54	%	$	2,460		0.85	%		2.22	%		1.06	%		18	%
	14.12		(8.02	)		1,573		0.85			1.84			1.30			85
	15.58		3.87			330		0.85	(g)		1.95	(g)		1.31	(g)		9
	15.88		14.22			207		1.35			1.81			1.57			18
	14.06		(8.47	)		115		1.35			1.34			1.81			85
	15.53		3.53			119		1.35	(g)		1.73	(g)		1.92	(g)		9
	15.97		14.72			123,154		0.60			2.22			0.80			18
	14.18		(7.78	)		135,542		0.60			2.12			1.03			85
	15.61		4.07			59,751		0.60	(g)		3.38	(g)		1.19	(g)		9
	15.98		14.77			22		0.45			2.39			0.73			18
	14.20		(7.68	)		19		0.45			2.08			1.04			85
	15.62		4.13			21		0.45	(g)		3.59	(g)		1.03	(g)		9
	15.99		14.80			79		0.35			2.93			0.60			18
	14.22		(7.53	)		19		0.35			2.33			0.94			85
	15.63		4.20			21		0.35	(g)		3.69	(g)		0.93	(g)		9

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 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			Net realized gain			Total distributions
JPMorgan International Research Enhanced Equity Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	15.84	$	0.22		$	4.31		$	4.53		$	(0.17	)	$	—		$	(0.17	)
Year Ended October 31, 2020		17.93		0.36			(1.96	)		(1.60	)		(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	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		16.05		0.24			4.37			4.61			(0.36	)		—			(0.36	)
Year Ended October 31, 2020		18.17		0.36			(1.94	)		(1.58	)		(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	)
Class R6
Six Months Ended April 30, 2021 (Unaudited)		16.00		0.25			4.35			4.60			(0.37	)		—			(0.37	)
Year Ended October 31, 2020		18.11		0.39			(1.94	)		(1.55	)		(0.56	)		—			(0.56	)
Year Ended October 31, 2019		16.97		0.57			1.16			1.73			(0.59	)		—			(0.59	)
November 1, 2017 (g) 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) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

		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)
$	20.20		28.69	%	$	45,609		0.60	%		2.34	%		0.88	%		10	%
	15.84		(9.26	)		52,118		0.60			2.21			0.83			52
	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
	20.30		28.86			457,832		0.35			2.49			0.56			10
	16.05		(9.05	)		472,455		0.34			2.15			0.56			52
	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
	20.23		28.92			4,443,524		0.25			2.62			0.30			10
	16.00		(8.96	)		4,337,776		0.24			2.35			0.30			52
	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, 2021 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 Value Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	9.46	$	0.18	$	3.69		$	3.87		$	(0.32	)
Year Ended October 31, 2020		12.22		0.28		(2.55	)		(2.27	)		(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	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		9.14		0.13		3.58			3.71			(0.24	)
Year Ended October 31, 2020		11.81		0.21		(2.47	)		(2.26	)		(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	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		9.72		0.19		3.79			3.98			(0.34	)
Year Ended October 31, 2020		12.54		0.31		(2.61	)		(2.30	)		(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	)
Class L
Six Months Ended April 30, 2021 (Unaudited)		9.66		0.20		3.77			3.97			(0.34	)
Year Ended October 31, 2020		12.47		0.30		(2.58	)		(2.28	)		(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	)
Class R2
Six Months Ended April 30, 2021 (Unaudited)		9.29		0.16		3.62			3.78			(0.28	)
Year Ended October 31, 2020		11.96		0.24		(2.51	)		(2.27	)		(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	)
Class R5
Six Months Ended April 30, 2021 (Unaudited)		9.60		0.16		3.79			3.95			(0.36	)
Year Ended October 31, 2020		12.40		0.33		(2.59	)		(2.26	)		(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 (f) through October 31, 2016		12.55		0.03		(0.07	)		(0.04	)		—
Class R6
Six Months Ended April 30, 2021 (Unaudited)		9.62		0.20		3.76			3.96			(0.37	)
Year Ended October 31, 2020		12.43		0.34		(2.60	)		(2.26	)		(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	)

(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.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	13.01		41.31	%	$	176,442		1.00	%		2.95	%		1.26	%		22	%
	9.46		(19.51	)		125,744		1.00			2.66			1.26			59
	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
	12.61		40.96			4,463		1.50			2.29			1.79			22
	9.14		(19.94	)		4,202		1.50			2.07			1.78			59
	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
	13.36		41.43			33,548		0.75			3.07			1.01			22
	9.72		(19.31	)		26,805		0.75			2.88			1.02			59
	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
	13.29		41.55			8,875		0.66			3.32			0.87			22
	9.66		(19.25	)		5,585		0.65			2.72			0.85			59
	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
	12.79		41.10			610		1.30			2.76			1.62			22
	9.29		(19.74	)		412		1.30			2.27			1.61			59
	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
	13.19		41.59			64		0.65			2.60			0.87			22
	9.60		(19.26	)		77		0.65			3.13			0.86			59
	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
	13.21		41.63			142,569		0.55			3.38			0.76			22
	9.62		(19.22	)		105,039		0.55			3.18			0.76			59
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited)

(Dollar values in thousands)

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 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated 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 8 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	Class I 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 Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Focus Fund(1)	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Hedged Equity Fund	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⁾  Effective April 20, 2020, JPMorgan International Unconstrained Equity Fund changed its name to JPMorgan International Focus Fund.

The investment objective of JPMorgan Emerging Markets Equity Fund (“Emerging Markets Equity Fund”) is to seek to provide high total return.

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

The investment objective of JPMorgan Europe Dynamic Fund (“Europe Dynamic Fund”) is to seek total return from long-term capital growth. Total return consists of capital growth and current income.

The investment objective of JPMorgan International 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 L Shares of Emerging Markets Equity Fund, Europe Dynamic Fund and International Value Fund are publicly offered on a limited basis. Class A Shares of International Research Enhanced Equity Fund are 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’ prospectuses.

Effective as of the close of business on December 31, 2020, all share classes of Emerging Markets Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class 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. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted 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.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

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 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. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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

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	$	401,572	$	—	$	—	$	401,572
Brazil		660,353		—		—		660,353
China		1,323,286		4,804,651		—		6,127,937
Hong Kong		—		710,301		—		710,301
Hungary		—		4,965		—		4,965
India		207,830		1,774,885		—		1,982,715
Indonesia		—		231,539		—		231,539
Macau		—		124,871		—		124,871
Mexico		171,994		—		—		171,994
Panama		76,049		—		—		76,049
Poland		177,816		—		—		177,816
Portugal		138,384		—		—		138,384
South Africa		140,732		—		—		140,732
South Korea		—		1,267,572		—		1,267,572
Taiwan		1,480,121		69,518		—		1,549,639
Turkey		73,550		—		—		73,550
United Kingdom		—		178,975		—		178,975
United States		479,115		—		—		479,115
Total Common Stocks		5,330,802		9,167,277		—		14,498,079
Short-Term Investments
Investment of Cash Collateral from Securities Loaned		150,955		—		—		150,955
Total Investments in Securities	$	5,481,757	$	9,167,277	$	—	$	14,649,034

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

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	$	5,399	$	—	$	—	$	5,399
Brazil		190,032		—		—		190,032
Chile		5,327		—		—		5,327
China		221,026		1,266,084		—		1,487,110
Colombia		5,608		—		—		5,608
Czech Republic		—		4,821		—		4,821
Greece		—		14,345		—		14,345
Hong Kong		3,758		9,481		—		13,239
Hungary		—		12,819		—		12,819
India		47,580		292,195		—		339,775
Indonesia		—		48,676		—		48,676
Malaysia		—		30,822		—		30,822
Mexico		81,648		—		—		81,648
Peru		9,821		—		—		9,821
Philippines		—		12,500		—		12,500
Poland		10,326		18,811		—		29,137
Qatar		10,091		—		—		10,091
Russia		69,084		82,964		—		152,048
Saudi Arabia		21,994		76,760		—		98,754
Singapore		—		3,280		—		3,280
South Africa		36,451		125,157		—		161,608
South Korea		—		505,406		—		505,406
Taiwan		52,120		469,248		—		521,368
Tanzania, United Republic of		5,203		—		—		5,203
Thailand		44,996		27,566		—		72,562
Turkey		12,551		—		—		12,551
United Arab Emirates		—		4,578		—		4,578
Total Common Stocks		833,015		3,005,513		—		3,838,528
Short-Term Investments
Investment of Cash Collateral from Securities Loaned		27,074		—		—		27,074
Total Investments in Securities	$	860,089	$	3,005,513	$	—	$	3,865,602
Appreciation in Other Financial Instruments
Futures Contracts	$	34	$	—	$	—	$	34

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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	$	—	$	21,323	$	—	$	21,323
Austria		—		14,336		—		14,336
Belgium		—		3,266		—		3,266
Denmark		4,581		15,457		—		20,038
Finland		—		17,458		—		17,458
France		—		93,325		—		93,325
Germany		5,238		130,358		—		135,596
Ireland		6,243		22,713		—		28,956
Italy		—		22,176		—		22,176
Luxembourg		—		6,803		—		6,803
Netherlands		—		33,489		—		33,489
South Korea		—		5,801		—		5,801
Spain		4,463		8,336		—		12,799
Sweden		—		27,891		—		27,891
Switzerland		—		134,031		—		134,031
United Kingdom		12,945		132,809		—		145,754
United States		—		8,172		—		8,172
Total Common Stocks		33,470		697,744		—		731,214
Short-Term Investments
Investment Companies		181,345		—		—		181,345
Investment of Cash Collateral from Securities Loaned		18,345		—		—		18,345
Total Short-Term Investments		199,690		—		—		199,690
Total Investments in Securities	$	233,160	$	697,744	$	—	$	930,904
Appreciation in Other Financial Instruments
Futures Contracts	$	245	$	—	$	—	$	245

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

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	$	—	$	226,310	$	—	$	226,310
Austria		—		38,503		—		38,503
Belgium		—		59,282		—		59,282
China		—		156,425		—		156,425
Denmark		—		189,335		—		189,335
Finland		—		48,929		—		48,929
France		—		796,963		—		796,963
Germany		—		361,464		—		361,464
Hong Kong		—		161,092		—		161,092
India		39,682		—		—		39,682
Japan		—		745,032		—		745,032
Macau		—		37,436		—		37,436
Netherlands		—		193,739		—		193,739
Singapore		—		52,621		—		52,621
South Africa		—		60,298		—		60,298
South Korea		—		105,976		—		105,976
Spain		—		158,034		—		158,034
Sweden		—		183,099		—		183,099
Switzerland		—		320,025		—		320,025
Taiwan		84,071		—		—		84,071
United Kingdom		—		562,817		—		562,817
United States		—		53,886		—		53,886
Total Common Stocks		123,753		4,511,266		—		4,635,019
Short-Term Investments
Investment Companies		79,740		—		—		79,740
Investment of Cash Collateral from Securities Loaned		200,569		—		—		200,569
Total Short-Term Investments		280,309		—		—		280,309
Total Investments in Securities	$	404,062	$	4,511,266	$	—	$	4,915,328

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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	$	—	$	87,888	$	—	$	87,888
Belgium		—		76,634		—		76,634
Canada		152,449		—		—		152,449
China		—		319,224		—		319,224
Denmark		—		104,867		—		104,867
Finland		—		61,352		—		61,352
France		—		265,841		—		265,841
Germany		—		194,903		—		194,903
Hong Kong		—		180,661		—		180,661
India		116,054		—		—		116,054
Indonesia		—		46,290		—		46,290
Japan		—		207,267		—		207,267
Netherlands		—		115,596		—		115,596
South Africa		—		70,615		—		70,615
South Korea		—		265,813		—		265,813
Spain		—		129,806		—		129,806
Sweden		—		126,648		—		126,648
Switzerland		—		289,286		—		289,286
Taiwan		162,939		—		—		162,939
United Kingdom		—		556,874		—		556,874
United States		—		76,737		—		76,737
Total Common Stocks		431,442		3,176,302		—		3,607,744
Short-Term Investments
Investment Companies		66,137		—		—		66,137
Investment of Cash Collateral from Securities Loaned		13,190		—		—		13,190
Total Short-Term Investments		79,327		—		—		79,327
Total Investments in Securities	$	510,769	$	3,176,302	$	—	$	3,687,071

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

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	$	—		$	7,379	$	—	$	7,379
Austria		—			636		—		636
Belgium		—			499		—		499
China		—			903		—		903
Denmark		—			3,345		—		3,345
Finland		—			328		—		328
France		—			15,081		—		15,081
Germany		—			11,758		—		11,758
Hong Kong		—			2,925		—		2,925
Ireland		—			904		—		904
Italy		—			1,417		—		1,417
Japan		—			29,297		—		29,297
Luxembourg		—			147		—		147
Netherlands		—			8,504		—		8,504
Norway		—			310		—		310
Singapore		—			1,207		—		1,207
Spain		—			3,047		—		3,047
Sweden		—			3,276		—		3,276
Switzerland		—			12,415		—		12,415
United Kingdom		1,247			12,410		—		13,657
United States		—			775		—		775
Total Common Stocks		1,247			116,563		—		117,810
Options Purchased
Put Options Purchased		615			—		—		615
Rights		—			1		—		1
Short-Term Investments
Investment Companies		6,264			—		—		6,264
Total Investments in Securities	$	8,126		$	116,564	$	—	$	124,690
Appreciation in Other Financial Instruments
Futures Contracts	$	143		$	—	$	—	$	143
Depreciation in Other Financial Instruments
Options Written
Call Options Written		(1,281	)		—		—		(1,281	)
Put Options Written		(134	)		—		—		(134	)
Total Net Appreciation/ Depreciation in Other Financial Instruments	$	(1,272	)	$	—	$	—	$	(1,272	)

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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	$	—	$	301,900	$	—		$	301,900
Austria		—		26,758		—			26,758
Belgium		—		19,495		—			19,495
China		—		36,634		—			36,634
Denmark		—		133,590		—			133,590
Finland		—		13,545		—			13,545
France		—		613,996		—			613,996
Germany		—		477,467		—			477,467
Hong Kong		—		114,303		—			114,303
Ireland		—		37,778		—			37,778
Italy		—		60,056		—			60,056
Japan		—		1,191,962		—			1,191,962
Luxembourg		—		6,746		—			6,746
Malta		—		—		—	(a)		—	(a)
Netherlands		—		341,683		—			341,683
Norway		—		15,066		—			15,066
Singapore		—		49,855		—			49,855
Spain		—		123,581		—			123,581
Sweden		—		136,775		—			136,775
Switzerland		—		500,918		—			500,918
United Kingdom		51,262		514,910		—			566,172
United States		—		32,237		—			32,237
Total Common Stocks		51,262		4,749,255		—	(a)		4,800,517
Rights		—		57		—			57
Short-Term Investments
Investment Companies		98,285		—		—			98,285
Investment of Cash Collateral from Securities Loaned		251,777		—		—			251,777
Total Short-Term Investments		350,062		—		—			350,062
Total Investments in Securities	$	401,324	$	4,749,312	$	—	(a)	$	5,150,636
Appreciation in Other Financial Instruments
Futures Contracts	$	3,066	$	—	$	—		$	3,066

(a) Amount rounds to less than one thousand.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

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	$	—		$	25,730	$	—	$	25,730
Austria		481			5,057		—		5,538
Belgium		—			4,089		—		4,089
Brazil		—			908		—		908
China		—			2,461		—		2,461
Denmark		1,908			4,834		—		6,742
Finland		—			5,261		—		5,261
France		2,422			30,948		—		33,370
Germany		—			34,835		—		34,835
Greece		850			—		—		850
Hong Kong		—			4,586		—		4,586
Ireland		967			—		—		967
Italy		—			11,651		—		11,651
Japan		—			73,702		—		73,702
Luxembourg		—			1,549		—		1,549
Malta		—			989		—		989
Netherlands		—			14,830		—		14,830
Norway		1,170			8,326		—		9,496
Portugal		—			430		—		430
Russia		—			1,003		—		1,003
Singapore		—			4,329		—		4,329
South Africa		—			3,229		—		3,229
Spain		—			11,892		—		11,892
Sweden		1,430			11,773		—		13,203
Switzerland		—			23,224		—		23,224
Ukraine		—			954		—		954
United Kingdom		7,042			47,605		—		54,647
United States		—			2,829		—		2,829
Total Common Stocks		16,270			337,024		—		353,294
Rights		—			5		—		5
Short-Term Investments
Investment Companies		7,170			—		—		7,170
Investment of Cash Collateral from Securities Loaned		11,259			—		—		11,259
Total Short-Term Investments		18,429			—		—		18,429
Total Investments in Securities	$	34,699		$	337,029	$	—	$	371,728
Appreciation in Other Financial Instruments
Futures Contracts	$	119		$	—	$	—	$	119
Depreciation in Other Financial Instruments
Futures Contracts		(54	)		—		—		(54	)
Total Net Appreciation/ Depreciation in Other Financial Instruments	$	65		$	—	$	—	$	65

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 NAVs of the Funds.

As of April 30, 2021, 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.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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 the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the 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.

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, 2021.

	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	$	142,764	$	(142,764	)	$	—
Emerging Markets Research Enhanced Equity Fund		25,774		(25,774	)		—
Europe Dynamic Fund		17,245		(17,245	)		—
International Equity Fund		186,203		(186,203	)		—
International Focus Fund		12,496		(12,496	)		—
International Research Enhanced Equity Fund		236,779		(236,779	)		—
International Value Fund		9,734		(9,734	)		—

* 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, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Emerging Markets Equity Fund	$	5
Emerging Markets Research Enhanced Equity Fund		2
Europe Dynamic Fund		1
International Equity Fund		2
International Focus Fund		2
International Research Enhanced Equity Fund		2
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).

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

International Hedged Equity Fund did lend out any securities during the six months ended April 30, 2021.

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 a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

Emerging Markets Equity Fund

For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares (a)	$	313,818	$	2,250,270	$	2,564,063	$	(42	)	$	17	$	—		—	$	87		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b)		117,544		649,500		647,000		(13	)*		13		120,044		120,032		52	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		12,077		383,392		364,558		—			—		30,911		30,911		2	*		—
Total	$	443,439	$	3,283,162	$	3,575,621	$	(55	)	$	30	$	150,955			$	141		$	—

(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, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

Emerging Markets Research Enhanced Equity Fund

For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares (a)	$	12,125	$	1,072,341	$	1,084,459	$	(7	)	$	—	$	—		—	$	25		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b)		15,995		178,000		170,499		(1	)*		1		23,496		23,493		20	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,093		86,033		84,548		—			—		3,578		3,578		1	*		—
Total	$	30,213	$	1,336,374	$	1,339,506	$	(8	)	$	1	$	27,074			$	46		$	—

(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, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Europe Dynamic Fund

For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b)	$	2,182	$	278,229	$	99,064	$	(2	)	$	—	(c)	$	181,345		181,254	$	5		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b)		—		31,000		15,000		—			—			16,000		15,998		1	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,662		37,101		37,418		—			—			2,345		2,345		—	*(c)		—
Total	$	4,844	$	346,330	$	151,482	$	(2	)	$	—	(c)	$	199,690			$	6		$	—

(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, 2021.

(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).

International Equity Fund

For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b)	$	40,182	$	1,667,438	$	1,627,882	$	1		$	1	$	79,740		79,700	$	34		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b)		17,997		352,000		189,499		—	*(c)		1		180,499		180,482		29	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,359		119,824		102,113		—			—		20,070		20,070		1	*		—
Total	$	60,538	$	2,139,262	$	1,919,494	$	1		$	2	$	280,309			$	64		$	—

(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, 2021.

(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).

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

International Focus Fund

For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b)	$	41,452	$	622,962	$	598,268	$	(13	)	$	4	$	66,137		66,104	$	26		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b)		70,236		198,000		256,500		—	*(c)		—		11,736		11,734		14	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		8,292		135,374		142,212		—			—		1,454		1,454		1	*		—
Total	$	119,980	$	956,336	$	996,980	$	(13	)	$	4	$	79,327			$	41		$	—

(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, 2021.

(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).

International Hedged Equity Fund

For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)	$	6,584	$	25,824	$	26,144	$	—	(c)	$	—	$	6,264		6,264	$	—	(c)	$	—

(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, 2021.

(c) Amount rounds to less than one thousand.

International Research Enhanced Equity Fund

For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b)	$	160,896	$	997,426	$	1,060,008	$	51		$	(80	)	$	98,285		98,236	$	52		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b)		77,355		386,000		237,999		(2	)*		2			225,356		225,333		20	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		10,220		164,514		148,313		—			—			26,421		26,421		1	*		—
Total	$	248,471	$	1,547,940	$	1,446,320	$	49		$	(78	)	$	350,062			$	73		$	—

(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, 2021.

  * Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

International Value Fund

For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b)	$	5,627	$	38,126	$	36,582	$	(1	)	$	—	(c)	$	7,170		7,166	$	2		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a) (b)		1,000		23,200		14,500		—	*(c)		—	(c)		9,700		9,699		1	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		956		26,346		25,743		—			—			1,559		1,559		—	*(c)		—
Total	$	7,583	$	87,672	$	76,825	$	(1	)	$	—	(c)	$	18,429			$	3		$	—

(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, 2021.

(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 in non-affiliates 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.

F. Derivatives — The Funds, except for Emerging Markets Equity Fund, used derivative instruments including options, futures contracts and forward foreign currency exchange contracts in connection with their respective 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 a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the 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 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.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

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

(1). Options — International Hedged Equity Fund purchased and sold (“wrote”) put and call options on various instruments including currencies, futures, securities, options on indices 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 underying 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.

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 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).

(2). Futures Contracts — Emerging Markets Research Enhanced Equity Fund, Europe Dynamic Fund, International Equity Fund, International Hedged Equity Fund, International Research Enhanced Equity Fund and International Value Fund used index futures contracts to gain or reduce exposure to the stock market, 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 futures contracts 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 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).

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

(3). Forward Foreign Currency Exchange Contracts — International Focus Fund is exposed to foreign currency risks associated with some or all of its 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 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.

G. Summary of Derivatives Information

The following tables present the value of derivatives held as of April 30, 2021 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

	Emerging Markets Research Enhanced Equity Fund		Europe Dynamic Fund		International Hedged Equity Fund			International Research Enhanced Equity Fund		International Value Fund
Equity Risk Exposure:
Unrealized Appreciation on Futures Contracts*	$	34	$	245	$	143		$	3,066	$	119
Purchased Options at Market Value		—		—		615			—		—
Unrealized Depreciation on Futures Contracts*		—		—		—			—		(54	)
Written Options at Market Value		—		—		(1,415	)		—		—
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		34		245		143			3,066		65
Purchased Options at Market Value		—		—		615			—		—
Written Options at Market Value		—		—		(1,415	)		—		—

* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2021, by primary underlying risk exposure:

	Emerging Markets Research Enhanced Equity Fund		Europe Dynamic Fund		International Equity Fund			International Focus Fund			International Hedged Equity Fund			International Research Enhanced Equity Fund		International Value Fund
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Equity Risk Exposure:
Futures Contracts	$	1,614	$	1,108	$	(5,247	)	$	—		$	965		$	23,954	$	437
Purchased Options		—		—		—			—			(5,652	)		—		—
Written Options		—		—		—			—			(4,305	)		—		—
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		—		—		—			(2,654	)		—			—		—
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		34		245		—			—			268			2,176		305
Purchased Options		—		—		—			—			(3,755	)		—		—
Written Options		—		—		—			—			(1,251	)		—		—

Derivatives Volume

The table below discloses the volume of the Funds’ options, futures contracts and forward foreign currency exchange contracts activity during the six months ended April 30, 2021. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

	Emerging Markets Research Enhanced Equity Fund		Europe Dynamic Fund			International Equity Fund			International Focus Fund			International Hedged Equity Fund			International Research Enhanced Equity Fund		International Value Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	6,839	$	10,136	(a)	$	43,032	(b)	$	—		$	5,039		$	144,299	$	5,542
Average Notional Balance Short		—		—			—			—			1,084	(c)		—		—
Ending Notional Balance Long		11,624		6,910			—			—			7,220			115,822		7,924
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		—		—			—			273,254	(c)		—			—		—

(a) For the period January 1, 2021 through April 30, 2021.

(b) For the period January 1, 2021 through January 31, 2021.

(c) For the period December 1, 2020 through December 31, 2020.

	International Hedged Equity Fund
Exchange-Traded Options:
Average Number of Contracts Purchased	$	568
Average Number of Contracts Written		1,135
Ending Number of Contracts Purchased		552
Ending Number of Contracts Written		1,104

The Funds’ derivatives contracts held at April 30, 2021 are not accounted for as hedging instruments under GAAP.

H. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, 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.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

I. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the 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, 2021 are as follows:

	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	$	30		$	3		$	39		$	10		$	1		$	—	(a)	$	—	(a)	$	4		$	98		$	185
Emerging Markets Research Enhanced Equity Fund
Transfer agency fees		n/a			n/a			1			n/a			n/a			n/a			n/a			n/a			10			11
Europe Dynamic Fund
Transfer agency fees		8			1			2			—	(a)		n/a			n/a			n/a			n/a			1			12
International Equity Fund
Transfer agency fees		20			1			8			n/a			13			n/a			n/a			1			12			55
International Focus Fund
Transfer agency fees		15			2			9			n/a			–	(a)		n/a			n/a			1			10			37
International Hedged Equity Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		n/a			n/a			n/a			n/a			—	(a)		—	(a)		—	(a)
International Research Enhanced Equity Fund
Transfer agency fees		18			n/a			9			n/a			n/a			n/a			n/a			n/a			19			46
International Value Fund
Transfer agency fees		6			1			1			1			—	(a)		n/a			n/a			—	(a)		—	(a)		9

(a) Amount rounds to less than one thousand.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2021, 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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. 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.

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

M. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

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 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 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.

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, 2021, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as 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 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			0.75			0.50			n/a
International Value Fund		0.25			0.75			0.50			n/a

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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, 2021, JPMDS retained the following:

	Front-End Sales Charge			CDSC
Emerging Markets Equity Fund	$	61		$	—
Europe Dynamic Fund		2			—
International Equity Fund		50			—
International Focus Fund		53			—	(a)
International Hedged Equity Fund		—	(a)		—
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 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			0.25			0.25			n/a			0.25			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

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 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 R2			Class R3			Class R4			Class R5			Class R6
Emerging Markets Equity Fund		1.24	%		1.74	%		0.99	%		n/a		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 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

The expense limitation agreements were in effect for the six months ended April 30, 2021 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2022.

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

For the six months ended April 30, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees			Total		Contractual Reimbursements
Emerging Markets Equity Fund	$	88	$	58	$	1,512		$	1,658	$	54
Emerging Markets Research Enhanced Equity Fund		378		252		2			632		1
Europe Dynamic Fund		—		—		28			28		—
International Equity Fund		1,137		757		230			2,124		12
International Focus Fund		1,550		1,033		207			2,790		—
International Hedged Equity Fund		73		41		—	(a)		114		—	(a)
International Research Enhanced Equity Fund		832		557		442			1,831		—
International Value Fund		221		121		57			399		—	(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. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2021 were as follows:

Emerging Markets Equity Fund	$	182
Emerging Markets Research Enhanced Equity Fund		11
Europe Dynamic Fund		5
International Equity Fund		49
International Focus Fund		38
International Hedged Equity Fund		3
International Research Enhanced Equity Fund		98
International Value Fund		3

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, 2021, Europe Dynamic 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

4. Investment Transactions

During the six months ended April 30, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Markets Equity Fund	$	3,516,060	$	2,026,174
Emerging Markets Research Enhanced Equity Fund		1,502,292		1,176,632
Europe Dynamic Fund		436,779		300,941
International Equity Fund		1,915,944		932,509
International Focus Fund		804,768		601,809
International Hedged Equity Fund		20,590		56,416
International Research Enhanced Equity Fund		480,031		1,643,372
International Value Fund		68,205		77,672

During the six months ended April 30, 2021, 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, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity Fund	$	9,158,447	$	5,759,403	$	268,816	$	5,490,587
Emerging Markets Research Enhanced Equity Fund		3,072,920		877,479		84,763		792,716
Europe Dynamic Fund		805,082		130,245		4,178		126,067
International Equity Fund		3,742,366		1,203,857		30,895		1,172,962
International Focus Fund		2,741,091		961,029		15,049		945,980
International Hedged Equity Fund		94,735		30,663		1,980		28,683
International Research Enhanced Equity Fund		3,976,241		1,249,116		71,655		1,177,461
International Value Fund		317,144		67,006		12,357		54,649

At October 31, 2020, the following Funds had net capital loss carryforwards which are available to offset future realized gains:

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Emerging Markets Equity Fund	$	—		$	151,019
Emerging Markets Research Enhanced Equity Fund		64,652			18,850
Europe Dynamic Fund		118,860			—
International Advantage Fund		306,805			77,260
International Equity Fund		56,024			54,962
International Focus Fund		165,558			21,707
International Hedged Equity Fund		2,619	*		4,062	*
International Research Enhanced Equity Fund		33,296			496,518
International Value Fund		53,664			31,270

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

During the year ended October 31, 2020, the following Funds utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Emerging Markets Equity Fund	$	7,660	$	—
Europe Dynamic Fund		—		2,935

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

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, except for Emerging Markets Equity Fund and Emerging Markets Research Enhanced Equity Fund, had no borrowings outstanding from another fund at April 30, 2021. Average borrowings from the Facility during the six months ended April 30, 2021 were as follows:

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Markets Equity Fund	$	28,487		0.80	%		6	$	4
Emerging Markets Research Enhanced Equity Fund		37,123		0.82			35		30
Europe Dynamic Fund		2,818		0.83			4		—	(a)
International Equity Fund		48,107		0.83			2		2
International Hedged Equity Fund		7,071		0.82			6		1
International Research Enhanced Equity Fund		74,319		0.81			6		10

(a) Amount rounds to less than one thousand.

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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2021.

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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds had no borrowings outstanding from the Credit Facility at April 30, 2021. Average borrowings from the Credit Facility during the six months ended April 30, 2021 were as follows:

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
International Hedged Equity Fund	$	11,050		1.39	%		4	$	1

7. Risks, Concentrations and Indemnifications

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

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

As of April 30, 2021, 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 and/ or Affiliated Omnibus Accounts		% of the Fund			Number of and/ or Non-Affiliated Omnibus Accounts		% of the Fund
Emerging Markets Equity Fund		—		—	%		3		40.8	%
Emerging Markets Research Enhanced Equity Fund		2		22.4			—		—
Europe Dynamic Fund		3		40.0			2		26.7
International Equity Fund		1		14.0			—		—
International Focus Fund		4		53.8			—		—
International Hedged Equity Fund		1		43.7			3		40.1
International Research Enhanced Equity Fund		—		—			1		12.6
International Value Fund		—		—			1		77.0

As of April 30, 2021, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan 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 Research Enhanced Equity Fund		—	%		58.3	%		24.9	%
Europe Dynamic Fund		44.7			—			—
International Equity Fund		—			54.3			—
International Focus Fund		—			61.3			—
International Hedged Equity Fund		—			—			—
International Research Enhanced Equity Fund		22.0			51.2			—

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

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 of these 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, 2021, 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:

	Emerging Markets Equity Fund			Emerging Markets Research Enhanced Equity Fund			Europe Dynamic Fund			International Equity Fund			International Focus Fund			International Hedged Equity Fund			International Research Enhanced Equity Fund			International Value Fund
China		42.3	%		38.7	%		—	%		—	%		—	%		—	%		—	%		—	%
France		—			—			10.2			16.9			—			12.1			12.5			—
Germany		—			—			14.9			—			—			—			—			—
India		13.7			—			—			—			—			—			—			—
Japan		—			—			—			15.8			—			23.5			24.3			20.4
South Korea		—			13.2			—			—			—			—			—			—
Switzerland		—			—			14.7			—			—			—			10.2			—
Taiwan		10.7			13.6			—			—			—			—			—			—
United Kingdom		—			—			16.0			11.9			15.2			11.0			11.6			15.2

As of April 30, 2021, 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.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments 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. 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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (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, 2020, and continued to hold your shares at the end of the reporting period, April 30, 2021.

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, 2020		Ending Account Value April 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Equity Fund
Class A
Actual	$	1,000.00	$	1,169.60	$	6.67		1.24	%
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class C
Actual		1,000.00		1,166.80		9.29		1.73
Hypothetical		1,000.00		1,016.22		8.65		1.73
Class I
Actual		1,000.00		1,170.90		5.33		0.99
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class L
Actual		1,000.00		1,171.70		4.74		0.88
Hypothetical		1,000.00		1,020.43		4.41		0.88
Class R2
Actual		1,000.00		1,167.80		8.22		1.53
Hypothetical		1,000.00		1,017.21		7.65		1.53
Class R3
Actual		1,000.00		1,169.40		6.94		1.29
Hypothetical		1,000.00		1,018.40		6.46		1.29
Class R4
Actual		1,000.00		1,171.00		5.60		1.04
Hypothetical		1,000.00		1,019.64		5.21		1.04
Class R5
Actual		1,000.00		1,171.60		4.79		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class R6
Actual		1,000.00		1,172.10		4.25		0.79
Hypothetical		1,000.00		1,020.88		3.96		0.79

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

	Beginning Account Value November 1, 2020		Ending Account Value April 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Actual	$	1,000.00	$	1,234.50	$	2.49		0.45	%
Hypothetical		1,000.00		1,022.56		2.26		0.45
Class R6
Actual		1,000.00		1,235.70		1.94		0.35
Hypothetical		1,000.00		1,023.06		1.76		0.35
JPMorgan Europe Dynamic Fund
Class A
Actual		1,000.00		1,393.10		7.36		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class C
Actual		1,000.00		1,389.30		10.31		1.74
Hypothetical		1,000.00		1,016.17		8.70		1.74
Class I
Actual		1,000.00		1,394.30		5.88		0.99
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class L
Actual		1,000.00		1,395.80		5.11		0.86
Hypothetical		1,000.00		1,020.53		4.31		0.86
Class R6
Actual		1,000.00		1,396.40		4.52		0.76
Hypothetical		1,000.00		1,021.03		3.81		0.76
JPMorgan International Equity Fund
Class A
Actual		1,000.00		1,263.10		5.33		0.95
Hypothetical		1,000.00		1,020.08		4.76		0.95
Class C
Actual		1,000.00		1,259.90		8.12		1.45
Hypothetical		1,000.00		1,017.60		7.25		1.45
Class I
Actual		1,000.00		1,264.80		3.93		0.70
Hypothetical		1,000.00		1,021.32		3.51		0.70
Class R2
Actual		1,000.00		1,261.00		7.01		1.25
Hypothetical		1,000.00		1,018.60		6.26		1.25
Class R5
Actual		1,000.00		1,264.90		3.37		0.60
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class R6
Actual		1,000.00		1,265.70		2.81		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
JPMorgan International Focus Fund
Class A
Actual		1,000.00		1,238.30		5.55		1.00
Hypothetical		1,000.00		1,019.84		5.01		1.00
Class C
Actual		1,000.00		1,234.90		8.31		1.50
Hypothetical		1,000.00		1,017.36		7.50		1.50
Class I
Actual		1,000.00		1,239.60		4.16		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2020		Ending Account Value April 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan International Focus Fund (continued)
Class R2
Actual	$	1,000.00	$	1,236.50	$	7.21		1.30	%
Hypothetical		1,000.00		1,018.35		6.51		1.30
Class R5
Actual		1,000.00		1,240.20		3.61		0.65
Hypothetical		1,000.00		1,021.57		3.26		0.65
Class R6
Actual		1,000.00		1,240.60		3.06		0.55
Hypothetical		1,000.00		1,022.07		2.76		0.55
JPMorgan International Hedged Equity Fund
Class A
Actual		1,000.00		1,145.40		4.52		0.85
Hypothetical		1,000.00		1,020.58		4.26		0.85
Class C
Actual		1,000.00		1,142.20		7.17		1.35
Hypothetical		1,000.00		1,018.10		6.76		1.35
Class I
Actual		1,000.00		1,147.20		3.19		0.60
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class R5
Actual		1,000.00		1,147.70		2.40		0.45
Hypothetical		1,000.00		1,022.56		2.26		0.45
Class R6
Actual		1,000.00		1,148.00		1.86		0.35
Hypothetical		1,000.00		1,023.06		1.76		0.35
JPMorgan International Research Enhanced Equity Fund
Class A
Actual		1,000.00		1,286.90		3.40		0.60
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class I
Actual		1,000.00		1,288.60		1.99		0.35
Hypothetical		1,000.00		1,023.06		1.76		0.35
Class R6
Actual		1,000.00		1,289.20		1.42		0.25
Hypothetical		1,000.00		1,023.55		1.25		0.25
JPMorgan International Value Fund
Class A
Actual		1,000.00		1,413.10		5.98		1.00
Hypothetical		1,000.00		1,019.84		5.01		1.00
Class C
Actual		1,000.00		1,409.60		8.96		1.50
Hypothetical		1,000.00		1,017.36		7.50		1.50
Class I
Actual		1,000.00		1,414.30		4.49		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class L
Actual		1,000.00		1,415.50		3.95		0.66
Hypothetical		1,000.00		1,021.52		3.31		0.66
Class R2
Actual		1,000.00		1,411.00		7.77		1.30
Hypothetical		1,000.00		1,018.35		6.51		1.30
Class R5
Actual		1,000.00		1,415.90		3.89		0.65
Hypothetical		1,000.00		1,021.57		3.26		0.65
Class R6
Actual		1,000.00		1,416.30		3.30		0.55
Hypothetical		1,000.00		1,022.07		2.76		0.55

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

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2021

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 Liquid 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”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (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 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 the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), as well as 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 any HLIM; (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; (5) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

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, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

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 as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports 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., 2021.  All rights reserved. April 2021. SAN-INTEQ-421

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 II

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	July 1, 2021

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, 2021
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	July 1, 2021