JPMorgan Mid Cap Equity Fund Class I (VSNGX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2018 through October 31, 2019

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1).

Annual Report

J.P. Morgan Specialty Funds

October 31, 2019

JPMorgan Opportunistic Equity Long/Short Fund

JPMorgan Research Market Neutral Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Opportunistic Equity Long/Short Fund	3
JPMorgan Research Market Neutral Fund	6
Schedules of Portfolio Investments	9
Financial Statements	18
Financial Highlights	24
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	38
Trustees	39
Officers	42
Schedule of Shareholder Expenses	43
Board Approval of Investment Advisory Agreements	44
Tax Letter	48
Privacy Policy — Located at back of this Annual Report

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 at1-800-480-4111 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

December 12, 2019 (Unaudited)

Dear Shareholders,

By way of introduction, I am head of the Americas Client organization for J.P. Morgan Asset Management, as well as a twenty year veteran of J.P. Morgan, nearly all of those years with Asset Management. The reason I joined J.P. Morgan Asset Management over twenty years ago is the same reason I still come to work energized every day; shareholders & clients. Shareholders & clients are our highest priority and at the center of everything we do. As such, I plan to use our Letter to Shareholders as an opportunity to provide updates on recent market events and may, from time to time, also highlight initiatives happening within J.P. Morgan Asset Management that are designed in part to continue to improve the shareholder & client experiences.

  “Shareholders and clients are our highest priority and at the center of everything we do.”
— Andrea L. Lisher

Financial markets have largely provided positive returns in 2019, supported by leading central banks and a slowing but still expanding global economy. U.S. equity markets continued to lead the way, rebounding from a sharpsell-off in late 2018 and withstanding intermittent volatility driven partly by ongoing

U.S.-China trade tensions. In July, the U.S. Federal Reserve cut interest rates for the first time in more than a decade amid concerns about slowing economic growth and then cut rates again in September and once more in October. Notably, the S&P 500 Index rallied in October and reached record highs in the final week of the month. Elsewhere, the European Central Bank announced in September it would resume monthly asset purchases to bolster flagging economic growth and below-target inflation and China’s central bank also responded to a slowdown in economic output with measures to increase lending by banks. International equity markets may exhibit continued volatility in the coming year but a reduction in trade tensions could provide support to financial markets. Given this outlook, we believe investors can benefit from a patient outlook and a well-diversified investment portfolio.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

Global equity markets generally provided positive returns for the reporting period amid slowing but continued growth in both the global economy and corporate profits. Investor optimism over U.S.-China trade negotiations and an extension of the deadline for Britain’s exit from the European Union (“Brexit”) also bolstered investor sentiment. Bond markets also provided positive returns for the period but generally underperformed equity markets. Emerging markets debt and U.S. investment grade bonds largely outperformed U.S. Treasury bonds.

In the final months of 2018, global equity markets generally slumped as investors faced both slowing global economic growth — particularly in China and Europe — and the prospect of rising U.S. interest rates. Equity prices largely rebounded in the first months of 2019, and markets remained buoyant through April 2019. Global equity markets were hit with a selloff in May 2019 and leading indexes in the U.S. and Asian developed markets, as well as in emerging markets, dropped by more than 6%. Equity prices rebounded again in June and received further support at the end of July 2019, when the U.S. Federal Reserve (the “Fed”) responded to slowing economic growth by raising interest rates for the first time in more than a decade.

Investor concerns about increased U.S.-China trade tensions and uncertainty over the U.K.’s Brexit strategy led to increased market volatility in the final months of the reporting period. However, the Fed cut interest rates again inmid-September 2019 and, by the end of October 2019, leading U.S. equity indexes had returned to record highs.

For the twelve months ended October 31, 2019, the S&P 500 returned 14.33%, the MSCI EAFE Index returned 11.63% and the MSCI Emerging Markets Index returned 12.29%. Within bond markets, the Bloomberg Barclays Emerging Markets Aggregate Index returned 12.73% and the Bloomberg Barclays U.S. Aggregate Index returned 11.51%.

2 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(2.84)%
S&P 500 Index		14.33%
ICE BofAML3-Month US Treasury Bill Index		2.40%
Net Assets as of 10/31/2019 (In Thousands)	$	319,035

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended October 31, 2019.

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

Leading individual detractors from absolute performance included the Fund’s long positions in Cigna Corp. and UnitedHealth Group Inc. and its short position in Southern Co. Shares of Cigna and UnitedHealth Group, both health insurance providers, fell amid regulatory uncertainty surrounding drug pricing and the Affordable Care Act. Shares of Southern Co., an electricity utility, rose after the company reported better-than-expected earnings for the third quarter of 2019.

Leading individual contributors to absolute performance included the Fund’s long positions in Altice USA Inc., NextEra Energy Inc. and Fiserv Inc. Shares of Altice USA, a provider of

broadband and subscription TV services, rose early in the reporting period after the company reported better-than-expected earnings for the third quarter of 2018. Shares of NextEra Energy, an electricity utility, rose after the company reported better-than-expected earnings for the third quarter of 2019. Shares of Fiserv, a provider of financial services technology, rose amid investor expectations for earning growth in 2019.

HOW WAS THE FUND POSITIONED?

During the twelve months ended October 31, 2019, the Fund invested an average of 88% of its assets in long and short positions in equity securities, selecting from a universe of equity securities with market capitalizations similar to those included in the Russell 1000 Index and/or the Benchmark. The Fund’s manager sought to achieve lower volatility than the Benchmark through a disciplined research process, security selection and risk management. For the twelve month reporting period, the Fund’s average gross exposure was 88% and its average net exposure was 45%.

* 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.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Fiserv, Inc.	7.0	%
	2.	Alphabet, Inc., Class A	6.6
	3.	United Parcel Service, Inc., Class B	5.0
	4.	Cigna Corp.	4.2
	5.	Fidelity National Information Services, Inc.	4.2
	6.	Microsoft Corp.	4.1
	7.	American Express Co.	3.5
	8.	Berkshire Hathaway, Inc., Class A	3.4
	9.	McKesson Corp.	3.3
	10.	Altice USA, Inc., Class A	3.2

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Clorox Co. (The)	14.7	%
	2.	Hershey Co. (The)	12.4
	3.	SPDR S&P 500 ETF Trust	12.1
	4.	Molson Coors Brewing Co., Class B	8.8
	5.	Harley-Davidson, Inc.	7.9
	6.	Cummins, Inc.	6.0
	7.	Align Technology, Inc.	6.0
	8.	Host Hotels & Resorts, Inc.	5.9
	9.	Mohawk Industries, Inc.	5.4
	10.	General Electric Co.	5.1

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	16.8	%
Health Care	14.3
Communication Services	12.6
Financials	11.8
Industrials	6.9
Consumer Discretionary	4.6
Utilities	2.5
Short-Term Investments	30.5

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Consumer Staples	35.8	%
Industrials	22.3
Consumer Discretionary	13.4
Mutual Funds	12.1
Health Care	7.5
Real Estate	5.9
Utilities	3.0

*** Percentages indicated are based on total long investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	August 29, 2014
With Sales Charge*			(8.18	)%		3.18	%		4.05	%
Without Sales Charge			(3.10	)		4.30			5.14
CLASS C SHARES	August 29, 2014
With CDSC**			(4.57	)		3.79			4.62
Without CDSC			(3.57	)		3.79			4.62
CLASS I SHARES	August 29, 2014		(2.84	)		4.57			5.40
CLASS R6 SHARES	August 29, 2014		(2.59	)		4.83			5.67

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE(8/29/14 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

The Fund commenced operations on August 29, 2014.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Opportunistic Equity Long/Short Fund, the S&P 500 Index, the ICE BofAML 3-Month US Treasury Bill Index and Lipper Alternative Long/Short Equity Funds Index from August 29, 2014 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML

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

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

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

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

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

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		2.36%
ICE BofAML3-Month US Treasury Bill Index		2.40%
Net Assets as of 10/31/2019 (In Thousands)	$	62,397

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares underperformed the ICE BofAML3-Month US Treasury Bill Index (the “Benchmark”) for the twelve months ended October 31, 2019.

The Fund’s security selection in the semiconductors and consumer stable sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the basic materials and software & hardware sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s short positions in Chipotle Mexican Grill Inc. and Enbridge Inc., and its long position in Nvidia Corp. Shares of Chipotle Mexican Grill, a fast food chain, rose after the company reported better-than-expected earnings and sales for the third quarter of 2019. Shares of Enbridge, an operator of petroleum and natural gas pipelines and terminals, rose after the company reported continued growth in earnings during the reporting period. Shares of Nvidia, a maker of semiconductors, fell amid weak demand for semiconductors during the reporting period.

Leading individual contributors to relative performance included the Fund’s short positions in Albemarle Corp. and

Range Resources Corp. and its long position in Anaplan Inc. Shares of Albemarle, a specialty chemicals manufacturer, fell in late 2018 after the company lowered its 2019 earnings forecast amid weakness in prices for lithium products. Shares of Range Resources, an oil and gas producer, fell amid investor concerns about the company’s debt level and 2019 production outlook. Shares of Anaplan, a provider of cloud-based software, rose amid investor expectations for further growth.

HOW WAS THE FUND POSITIONED?

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

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

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

6 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C	2.9	%
	2.	Norfolk Southern Corp.	2.7
	3.	Amazon.com, Inc.	2.4
	4.	NextEra Energy, Inc.	1.9
	5.	NVIDIA Corp.	1.7
	6.	Microsoft Corp.	1.7
	7.	Prologis, Inc.	1.6
	8.	Linde plc	1.5
	9.	Fidelity National Information Services, Inc.	1.4
	10.	Fiserv, Inc.	1.4

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Dominion Energy, Inc.	2.7	%
	2.	AT&T, Inc.	1.9
	3.	eBay, Inc.	1.9
	4.	Omnicom Group, Inc.	1.8
	5.	Duke Energy Corp.	1.7
	6.	Robert Half International, Inc.	1.7
	7.	Huntington Ingalls Industries, Inc.	1.6
	8.	Intel Corp.	1.6
	9.	Seagate Technology plc	1.6
	10.	Heartland Express, Inc.	1.5

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	16.4	%
Industrials	13.1
Consumer Discretionary	12.1
Health Care	7.5
Communication Services	6.6
Energy	6.2
Financials	6.0
Utilities	5.4
Materials	4.6
Consumer Staples	3.9
Real Estate	3.2
Short-Term Investments	15.0

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Industrials	16.3	%
Information Technology	13.7
Consumer Discretionary	13.5
Financials	9.3
Communication Services	8.6
Health Care	8.2
Energy	8.1
Utilities	6.9
Consumer Staples	6.8
Materials	4.8
Real Estate	3.8

*** Percentages indicated are based on total long investments as ofOctober 31, 2019. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge*			(3.34	)%		(0.80	)%		(0.44	)%
Without Sales Charge			2.01			0.27			0.09
CLASS C SHARES	November 2, 2009
With CDSC**			0.52			(0.23	)		(0.40	)
Without CDSC			1.52			(0.23	)		(0.40	)
CLASS I SHARES	November 2, 2009		2.27			0.53			0.34
CLASS L SHARES	December 31, 1998		2.36			0.67			0.55

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR FUND PERFORMANCE(10/31/09 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Research Market Neutral Fund, ICE BofAML3-Month US Treasury Bill Index and Lipper Alternative Equity Market Neutral Funds Index from October 31, 2009 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect

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

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

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

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

8 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 97.4%
Common Stocks — 67.7%
Air Freight & Logistics — 4.9%
United Parcel Service, Inc., Class B		135			15,508
Consumer Finance — 3.4%
American Express Co. (a)		94			10,993
Diversified Financial Services — 5.1%
Berkshire Hathaway, Inc., Class A *		—	(b)		10,525
Berkshire Hathaway, Inc., Class B *		27			5,635
					16,160
Electric Utilities — 2.5%
NextEra Energy, Inc. (a)		33			7,982
Health Care Equipment & Supplies — 2.0%
Zimmer Biomet Holdings, Inc. (a)		47			6,533
Health Care Providers & Services — 10.4%
Cigna Corp.		72			12,926
McKesson Corp.		77			10,194
UnitedHealth Group, Inc. (a)		39			9,932
					33,052
Insurance — 3.0%
Willis Towers Watson plc		50			9,430
Interactive Media & Services — 6.4%
Alphabet, Inc., Class A * (a)		16			20,536
Internet & Direct Marketing Retail — 1.5%
Amazon.com, Inc. *		3			4,800
IT Services — 12.4%
Fidelity National Information Services, Inc.		98			12,894
Fiserv, Inc. * (a)		204			21,674
Global Payments, Inc.		10			1,664
Mastercard, Inc., Class A (a)		6			1,633
Visa, Inc., Class A (a)		9			1,643
					39,508
Life Sciences Tools & Services — 1.5%
Thermo Fisher Scientific, Inc.		16			4,831
Media — 5.8%
Altice USA, Inc., Class A * (a)		321			9,940
Comcast Corp., Class A (a)		192			8,590
					18,530
Road & Rail — 1.8%
Kansas City Southern		42			5,854
Software — 4.0%
Microsoft Corp. (a)		88			12,670

INVESTMENTS	SHARES (000)			VALUE ($000)
Specialty Retail — 3.0%
Lowe’s Cos., Inc.		84			9,420
Total Common Stocks (Cost $192,104)					215,807
Short-Term Investments — 29.7%
Investment Companies — 29.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (c) (d) (Cost $94,815)		94,791			94,829
Total Long Positions (Cost $286,919)					310,636
Short Positions — (16.5)%
Common Stocks — (14.5)%
Automobiles — (1.3)%
Harley-Davidson, Inc.		(107	)		(4,182	)
Beverages — (1.5)%
Molson Coors Brewing Co., Class B		(88	)		(4,617	)
Building Products — (0.5)%
Lennox International, Inc.		(6	)		(1,592	)
Electric Utilities — (0.5)%
Pinnacle West Capital Corp.		(17	)		(1,585	)
Electrical Equipment — (0.2)%
Eaton Corp. plc		(9	)		(787	)
Equity Real Estate Investment Trusts (REITs) — (1.0)%
Host Hotels & Resorts, Inc.		(189	)		(3,096	)
Food Products — (2.0)%
Hershey Co. (The)		(44	)		(6,528	)
Health Care Equipment & Supplies — (1.0)%
Align Technology, Inc. *		(12	)		(3,145	)
Health Care Providers & Services — (0.3)%
Henry Schein, Inc. *		(13	)		(801	)
Household Durables — (0.9)%
Mohawk Industries, Inc. *		(20	)		(2,856	)
Household Products — (2.4)%
Clorox Co. (The)		(52	)		(7,739	)
Industrial Conglomerates — (1.2)%
3M Co.		(7	)		(1,188	)
General Electric Co.		(269	)		(2,684	)
					(3,872	)
Machinery — (1.7)%
Caterpillar, Inc.		(17	)		(2,353	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Machinery — continued
Cummins, Inc.		(18	)		(3,157	)
					(5,510	)
Total Common Stocks (Proceeds $(46,157))					(46,310	)
Exchange-Traded Funds — (2.0)%
U.S. Equity — (2.0)%
SPDR S&P 500 ETF Trust (Proceeds $(6,378))		(21	)		(6,387	)
Total Short Positions (Proceeds $(52,535))					(52,697	)
Total Investments — 80.9% (Cost $234,384)					257,939
Other Assets Less Liabilities — 19.1%					61,096
NET ASSETS — 100.0%					319,035

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange-Traded Fund
SPDR	Standard & Poor’s Depository Receipts
(a)	All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is $31,237,000 and $40,437,000 respectively.
(b)	Amount rounds to less than one thousand.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 100.3%
Common Stocks — 85.2%
Aerospace & Defense — 2.5%
General Dynamics Corp. (a)		4			722
Northrop Grumman Corp.		2			618
United Technologies Corp.		1			203
					1,543
Airlines — 0.5%
United Airlines Holdings, Inc. *		3			295
Banks — 2.7%
Bank of America Corp.		6			185
Citigroup, Inc.		10			711
First Horizon National Corp.		13			215
KeyCorp		20			363
Regions Financial Corp.		14			221
					1,695
Beverages — 1.5%
Coca-Cola Co. (The)		9			499
Constellation Brands, Inc., Class A		1			270
PepsiCo, Inc.		1			189
					958
Biotechnology — 1.7%
AbbVie, Inc.		3			256
Alexion Pharmaceuticals, Inc. *		1			151
Celgene Corp. *		6			675
					1,082
Building Products — 0.2%
Masco Corp.		3			141
Capital Markets — 1.6%
Ameriprise Financial, Inc.		1			211
BlackRock, Inc.		—	(b)		225
Intercontinental Exchange, Inc.		2			161
S&P Global, Inc.		1			197
T. Rowe Price Group, Inc.		2			201
					995
Chemicals — 4.3%
Air Products & Chemicals, Inc.		2			428
Celanese Corp.		3			406
CF Industries Holdings, Inc.		2			89
Corteva, Inc.		4			95
DuPont de Nemours, Inc.		6			382
FMC Corp.		4			330
Linde plc (United Kingdom)		5			925
					2,655

INVESTMENTS	SHARES (000)		VALUE ($000)
Commercial Services & Supplies — 0.7%
Waste Management, Inc.		4		452
Consumer Finance — 0.5%
Synchrony Financial		9		314
Containers & Packaging — 0.4%
Crown Holdings, Inc. *		3		221
Electric Utilities — 4.8%
American Electric Power Co., Inc.		1		100
Edison International		12		734
Entergy Corp.		3		356
NextEra Energy, Inc. (a)		5		1,176
Xcel Energy, Inc.		10		623
				2,989
Electrical Equipment — 0.5%
Eaton Corp. plc		3		301
Entertainment — 0.3%
Netflix, Inc. *		1		181
Equity Real Estate Investment Trusts (REITs) — 3.2%
Equinix, Inc.		1		351
Invitation Homes, Inc.		10		297
Prologis, Inc.		11		972
Ventas, Inc.		2		154
VICI Properties, Inc.		9		201
				1,975
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		1		222
Food Products — 1.1%
Conagra Brands, Inc.		4		120
General Mills, Inc.		1		57
Mondelez International, Inc., Class A		10		533
				710
Health Care Equipment & Supplies — 2.5%
Boston Scientific Corp. *		19		788
Intuitive Surgical, Inc. *		1		415
Medtronic plc		1		131
Zimmer Biomet Holdings, Inc.		2		234
				1,568
Health Care Providers & Services — 2.5%
Cigna Corp.		4		625
HCA Healthcare, Inc.		3		413
UnitedHealth Group, Inc. (a)		2		426

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Health Care Providers & Services — continued
Universal Health Services, Inc., Class B		1			84
					1,548
Hotels, Restaurants & Leisure — 1.7%
Hilton Worldwide Holdings, Inc.		2			146
Royal Caribbean Cruises Ltd.		1			133
Yum! Brands, Inc.		7			755
					1,034
Household Durables — 0.9%
DR Horton, Inc.		3			155
Lennar Corp., Class A		7			403
					558
Household Products — 0.5%
Procter & Gamble Co. (The)		3			322
Industrial Conglomerates — 1.3%
Honeywell International, Inc.		5			843
Insurance — 1.3%
Aon plc		—	(b)		96
Axis Capital Holdings Ltd.		3			207
Hartford Financial Services Group, Inc. (The)		2			139
Progressive Corp. (The)		2			146
Prudential Financial, Inc.		2			196
					784
Interactive Media & Services — 3.7%
Alphabet, Inc., Class C * (a)		1			1,823
Facebook, Inc., Class A *		1			193
Snap, Inc., Class A *		19			289
					2,305
Internet & Direct Marketing Retail — 3.1%
Amazon.com, Inc. * (a)		1			1,531
Expedia Group, Inc.		3			398
					1,929
IT Services — 6.4%
Automatic Data Processing, Inc. (a)		3			474
Fidelity National Information Services, Inc.		7			885
Fiserv, Inc. *		8			852
Leidos Holdings, Inc.		4			366
Mastercard, Inc., Class A (a)		3			770
PayPal Holdings, Inc. *		2			252
WEX, Inc. *		2			422
					4,021

INVESTMENTS	SHARES (000)		VALUE ($000)
Life Sciences Tools & Services — 0.4%
Thermo Fisher Scientific, Inc.		1		281
Machinery — 2.3%
Deere & Co.		2		301
Ingersoll-Rand plc		5		631
Parker-Hannifin Corp.		1		182
Stanley Black & Decker, Inc.		2		295
				1,409
Media — 2.6%
Altice USA, Inc., Class A *		14		432
Charter Communications, Inc., Class A *		1		558
Comcast Corp., Class A		6		279
Discovery, Inc., Class A *		11		298
Discovery, Inc., Class C *		3		87
				1,654
Multiline Retail — 0.3%
Dollar General Corp.		1		187
Multi-Utilities — 0.6%
CMS Energy Corp.		3		195
Sempra Energy		1		173
				368
Oil, Gas & Consumable Fuels — 6.3%
Chevron Corp.		5		638
ConocoPhillips		3		187
Diamondback Energy, Inc.		6		519
EOG Resources, Inc.		4		299
Marathon Petroleum Corp.		11		678
ONEOK, Inc.		7		465
Parsley Energy, Inc., Class A		15		237
Pioneer Natural Resources Co. (a)		3		410
TC Energy Corp. (Canada)		9		472
				3,905
Pharmaceuticals — 0.3%
Merck & Co., Inc.		2		186
Road & Rail — 5.2%
Canadian Pacific Railway Ltd. (Canada)		1		330
Kansas City Southern		4		625
Lyft, Inc., Class A *		3		120
Norfolk Southern Corp. (a)		9		1,687
Union Pacific Corp.		3		480
				3,242

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 5.6%
Advanced Micro Devices, Inc. *		15			508
Analog Devices, Inc.		3			276
NVIDIA Corp. (a)		5			1,074
NXP Semiconductors NV (Netherlands)		5			514
ON Semiconductor Corp. *		3			70
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		10			494
Teradyne, Inc.		4			227
Texas Instruments, Inc. (a)		3			349
					3,512
Software — 4.3%
Intuit, Inc.		1			283
Microsoft Corp. (a)		7			1,052
salesforce.com, Inc. *		5			730
ServiceNow, Inc. *		1			329
Slack Technologies, Inc., Class A *		10			216
Workday, Inc., Class A *		1			97
					2,707
Specialty Retail — 5.2%
AutoZone, Inc. *		—	(b)		477
Best Buy Co., Inc.		4			315
Home Depot, Inc. (The)		1			333
Lowe’s Cos., Inc.		5			547
O’Reilly Automotive, Inc. *		2			662
Ross Stores, Inc.		3			322
TJX Cos., Inc. (The)		11			618
					3,274
Textiles, Apparel & Luxury Goods — 0.9%
NIKE, Inc., Class B		6			559
Tobacco — 0.4%
Philip Morris International, Inc.		3			234
Total Common Stocks (Cost $41,232)					53,159
Short-Term Investments — 15.1%
Investment Companies — 15.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (c) (d) (Cost $9,416)		9,415			9,419
Total Long Positions (Cost $50,648)					62,578

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — (83.5)%
Common Stocks — (83.5)%
Aerospace & Defense — (1.7)%
Boeing Co. (The)		(1	)		(250	)
Huntington Ingalls Industries, Inc.		(4	)		(836	)
					(1,086	)
Air Freight & Logistics — (1.8)%
CH Robinson Worldwide, Inc.		(6	)		(454	)
Expeditors International of Washington, Inc.		(4	)		(273	)
United Parcel Service, Inc., Class B		(4	)		(429	)
					(1,156	)
Auto Components — (1.2)%
Autoliv, Inc. (Sweden)		(9	)		(664	)
BorgWarner, Inc.		(2	)		(101	)
					(765	)
Automobiles — (1.2)%
General Motors Co.		(10	)		(362	)
Harley-Davidson, Inc.		(5	)		(197	)
Tesla, Inc. *		(1	)		(173	)
					(732	)
Banks — (3.4)%
Associated Banc-Corp.		(19	)		(383	)
BancorpSouth Bank		(10	)		(296	)
Bank of Hawaii Corp.		(3	)		(275	)
Commerce Bancshares, Inc.		(4	)		(272	)
Huntington Bancshares, Inc.		(20	)		(287	)
People’s United Financial, Inc.		(23	)		(378	)
PNC Financial Services Group, Inc. (The)		(2	)		(236	)
					(2,127	)
Beverages — (1.1)%
Brown-Forman Corp., Class B		(10	)		(673	)
Biotechnology — (1.5)%
Amgen, Inc.		(3	)		(612	)
Gilead Sciences, Inc.		(5	)		(312	)
					(924	)
Building Products — (1.0)%
Johnson Controls International plc		(3	)		(149	)
Lennox International, Inc.		(2	)		(480	)
					(629	)
Capital Markets — (3.0)%
Bank of New York Mellon Corp. (The)		(8	)		(390	)
Charles Schwab Corp. (The)		(11	)		(428	)
Franklin Resources, Inc.		(7	)		(184	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Capital Markets — continued
Northern Trust Corp.		(2	)		(195	)
State Street Corp.		(5	)		(353	)
Waddell & Reed Financial, Inc., Class A		(21	)		(356	)
					(1,906	)
Chemicals — (1.3)%
Albemarle Corp.		(7	)		(410	)
Ecolab, Inc.		(1	)		(192	)
LyondellBasell Industries NV, Class A		(3	)		(225	)
					(827	)
Communications Equipment — (1.2)%
Cisco Systems, Inc.		(6	)		(292	)
Juniper Networks, Inc.		(18	)		(436	)
					(728	)
Containers & Packaging — (2.5)%
Avery Dennison Corp.		(2	)		(308	)
Ball Corp.		(6	)		(389	)
International Paper Co.		(11	)		(479	)
Sonoco Products Co.		(6	)		(367	)
					(1,543	)
Diversified Telecommunication Services — (1.6)%
AT&T, Inc.		(26	)		(987	)
Electric Utilities — (2.9)%
Duke Energy Corp.		(9	)		(889	)
Eversource Energy		(5	)		(394	)
Pinnacle West Capital Corp.		(5	)		(433	)
Southern Co. (The)		(2	)		(112	)
					(1,828	)
Electrical Equipment — (2.0)%
Acuity Brands, Inc.		(4	)		(479	)
Hubbell, Inc.		(2	)		(269	)
Rockwell Automation, Inc.		(3	)		(477	)
					��
					(1,225	)
Electronic Equipment, Instruments & Components — (0.1)%
Amphenol Corp., Class A		(1	)		(87	)
Energy Equipment & Services — (1.9)%
Baker Hughes Co.		(5	)		(103	)
Halliburton Co.		(34	)		(650	)
National Oilwell Varco, Inc.		(6	)		(139	)
Schlumberger Ltd.		(9	)		(295	)
					(1,187	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Entertainment — (1.8)%
Activision Blizzard, Inc.		(4	)		(199	)
Cinemark Holdings, Inc.		(17	)		(611	)
Take-Two Interactive Software, Inc. *		(2	)		(202	)
Walt Disney Co. (The)		(1	)		(95	)
					(1,107	)
Equity Real Estate Investment Trusts (REITs) — (3.2)%
Apartment Investment & Management Co., Class A		(4	)		(211	)
Apple Hospitality REIT, Inc.		(8	)		(133	)
Iron Mountain, Inc.		(4	)		(128	)
Macerich Co. (The)		(9	)		(236	)
Realty Income Corp.		(6	)		(519	)
Regency Centers Corp.		(3	)		(173	)
Simon Property Group, Inc.		(4	)		(594	)
					(1,994	)
Food & Staples Retailing — (2.0)%
Kroger Co. (The)		(29	)		(720	)
Walgreens Boots Alliance, Inc.		(10	)		(542	)
					(1,262	)
Food Products — (0.9)%
Hershey Co. (The)		(2	)		(235	)
Kellogg Co.		(5	)		(307	)
					(542	)
Health Care Equipment & Supplies — (0.7)%
Abbott Laboratories		(2	)		(195	)
Dentsply Sirona, Inc.		(4	)		(242	)
					(437	)
Health Care Providers & Services — (3.1)%
AmerisourceBergen Corp.		(5	)		(422	)
Cardinal Health, Inc.		(15	)		(738	)
Henry Schein, Inc. *		(9	)		(589	)
Patterson Cos., Inc.		(10	)		(176	)
					(1,925	)
Health Care Technology — (0.7)%
Cerner Corp.		(6	)		(422	)
Hotels, Restaurants & Leisure — (1.8)%
Chipotle Mexican Grill, Inc. *		(1	)		(785	)
Domino’s Pizza, Inc.		(1	)		(189	)
Starbucks Corp.		(2	)		(129	)
					(1,103	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Household Durables — (0.6)%
PulteGroup, Inc.		(3	)		(103	)
Toll Brothers, Inc.		(8	)		(300	)
					(403	)
Household Products — (1.7)%
Clorox Co. (The)		(4	)		(571	)
Colgate-Palmolive Co.		(7	)		(490	)
					(1,061	)
Industrial Conglomerates — (1.1)%
3M Co.		(4	)		(717	)
Insurance — (1.3)%
Everest Re Group Ltd.		(1	)		(228	)
Principal Financial Group, Inc.		(3	)		(177	)
Travelers Cos., Inc. (The)		(2	)		(253	)
Unum Group		(5	)		(133	)
					(791	)
Internet & Direct Marketing Retail — (1.6)%
eBay, Inc.		(28	)		(971	)
IT Services — (2.4)%
Infosys Ltd., ADR (India)		(24	)		(231	)
Jack Henry & Associates, Inc.		(3	)		(381	)
Paychex, Inc.		(2	)		(181	)
Western Union Co. (The)		(29	)		(731	)
					(1,524	)
Leisure Products — (0.5)%
Hasbro, Inc.		(1	)		(90	)
Mattel, Inc. *		(21	)		(248	)
					(338	)
Life Sciences Tools & Services — (0.9)%
PerkinElmer, Inc.		(2	)		(193	)
Waters Corp. *		(2	)		(379	)
					(572	)
Machinery — (1.5)%
Donaldson Co., Inc.		(9	)		(489	)
Illinois Tool Works, Inc.		(3	)		(427	)
					(916	)
Media — (3.8)%
AMC Networks, Inc., Class A *		(11	)		(493	)
Fox Corp., Class A		(13	)		(421	)
Interpublic Group of Cos., Inc. (The)		(13	)		(288	)
Omnicom Group, Inc.		(12	)		(953	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Media — continued
Sirius XM Holdings, Inc.		(31	)		(211	)
					(2,366	)
Multiline Retail — (1.0)%
Kohl’s Corp.		(8	)		(393	)
Macy’s, Inc.		(14	)		(218	)
					(611	)
Multi-Utilities — (2.9)%
Consolidated Edison, Inc.		(3	)		(279	)
Dominion Energy, Inc.		(17	)		(1,412	)
DTE Energy Co.		(1	)		(94	)
					(1,785	)
Oil, Gas & Consumable Fuels — (4.9)%
Apache Corp.		(28	)		(609	)
Enbridge, Inc. (Canada)		(17	)		(631	)
Exxon Mobil Corp.		(11	)		(762	)
Hess Corp.		(3	)		(187	)
Kinder Morgan, Inc.		(5	)		(93	)
Occidental Petroleum Corp.		(9	)		(346	)
Phillips 66		(2	)		(207	)
Range Resources Corp.		(23	)		(94	)
Valero Energy Corp.		(1	)		(101	)
					(3,030	)
Paper & Forest Products — (0.2)%
Domtar Corp.		(4	)		(127	)
Professional Services — (1.4)%
Robert Half International, Inc.		(15	)		(881	)
Road & Rail — (2.6)%
Heartland Express, Inc.		(38	)		(805	)
JB Hunt Transport Services, Inc.		(3	)		(376	)
Knight-Swift Transportation Holdings, Inc.		(3	)		(98	)
Schneider National, Inc., Class B		(11	)		(243	)
Werner Enterprises, Inc.		(2	)		(80	)
					(1,602	)
Semiconductors & Semiconductor Equipment — (2.6)%
Applied Materials, Inc.		(1	)		(69	)
Intel Corp.		(15	)		(830	)
Micron Technology, Inc. *		(2	)		(115	)
Qorvo, Inc. *		(2	)		(200	)
QUALCOMM, Inc.		(5	)		(426	)
					(1,640	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Software — (1.5)%
Citrix Systems, Inc.		(4	)		(448	)
Splunk, Inc. *		(1	)		(102	)
Teradata Corp. *		(13	)		(388	)
					(938	)
Specialty Retail — (2.8)%
Abercrombie & Fitch Co., Class A		(2	)		(38	)
Ascena Retail Group, Inc. *		(103	)		(36	)
Bed Bath & Beyond, Inc.		(21	)		(285	)
Buckle, Inc. (The)		(5	)		(98	)
CarMax, Inc. *		(1	)		(118	)
Designer Brands, Inc., Class A		(14	)		(227	)
Express, Inc. *		(12	)		(38	)
Gap, Inc. (The)		(14	)		(225	)
L Brands, Inc.		(11	)		(189	)
Williams-Sonoma, Inc.		(7	)		(468	)
					(1,722	)
Technology Hardware, Storage & Peripherals — (3.5)%
Hewlett Packard Enterprise Co.		(24	)		(399	)
HP, Inc.		(6	)		(103	)
NetApp, Inc.		(8	)		(421	)
Seagate Technology plc		(14	)		(824	)
Western Digital Corp.		(9	)		(462	)
					(2,209	)
Textiles, Apparel & Luxury Goods — (0.7)%
Canada Goose Holdings, Inc. (Canada) *		(2	)		(93	)
Under Armour, Inc., Class A *		(10	)		(201	)
Under Armour, Inc., Class C *		(6	)		(117	)
					(411	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Trading Companies & Distributors — (0.4)%
Fastenal Co.		(8	)		(274	)
Total Common Stocks (Proceeds $(57,317))					(52,091	)
Total Short Positions (Proceeds $(57,317))					(52,091	)
Total Investments — 16.8% (Cost $(6,669))					10,487
Other Assets Less Liabilities — 83.2%					51,910
NET ASSETS — 100.0%					62,397

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
(a)	All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is $11,076,000 and $52,245,000 respectively.
(b)	Amount rounds to less than one thousand.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2019 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF CONTRACTS

EXPIRATION DATE

TRADING CURRENCY

NOTIONAL AMOUNT ($)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Short Contracts

S&P 500E-Mini Index

(5

)

12/2019

USD

(759

)

1

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 17

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019

(Amounts in thousands, except per share amounts)

	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
ASSETS:
Investments innon-affiliates, at value	$	215,807		$	53,159
Investments in affiliates, at value		94,829			9,419
Cash		—	(a)		—
Deposits at broker for futures contracts		—			29
Deposits at broker for securities sold short		40,437			52,245
Receivables:
Investment securities sold		25,259			1,009
Fund shares sold		363			143
Dividends fromnon-affiliates		223			111
Dividends from affiliates		153			20
Variation margin on futures contracts		—			3
Total Assets		377,071			116,138
LIABILITIES:
Payables:
Due to broker		—			1
Securities sold short, at value		52,697			52,091
Dividend expense tonon-affiliates on securities sold short		85			60
Investment securities purchased		4,421			1,314
Fund shares redeemed		310			140
Accrued liabilities:
Investment advisory fees		314			15
Administration fees		21			—
Distribution fees		6			5
Service fees		34			10
Custodian and accounting fees		7			6
Other		141			99
Total Liabilities		58,036			53,741
Net Assets	$	319,035		$	62,397

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	315,490		$	75,127
Total distributable earnings (loss)		3,545			(12,730	)
Total Net Assets	$	319,035		$	62,397
Net Assets:
Class A	$	19,352		$	14,276
Class C		2,599			3,731
Class I		132,665			27,694
Class L		—			16,696
Class R6		164,419			—
Total	$	319,035		$	62,397
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,116			1,089
Class C		154			309
Class I		7,546			2,007
Class L		—			1,182
Class R6		9,223			—
Net Asset Value (a):
Class A — Redemption price per share	$	17.34		$	13.11
Class C — Offering price per share (b)		16.87			12.06
Class I — Offering and redemption price per share		17.58			13.80
Class L — Offering and redemption price per share		—			14.13
Class R6 — Offering and redemption price per share		17.83			—
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.30		$	13.84
Cost of investments innon-affiliates	$	192,104		$	41,232
Cost of investments in affiliates		94,815			9,416
Proceeds from securities sold short		52,535			57,317

(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.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 19

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2019

(Amounts in thousands)

	JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	—	(a)	$	3
Interest income from affiliates		—	(a)		—	(a)
Interest income fromnon-affiliates on securities sold short		1,293			2,070
Dividend income fromnon-affiliates		3,739			1,647
Dividend income from affiliates		2,250			392
Total investment income		7,282			4,112
EXPENSES:
Investment advisory fees		3,545			906
Administration fees		224			90
Distribution fees:
Class A		75			37
Class C		25			36
Class R2 (b)		—	(a)		—
Service fees:
Class A		75			37
Class C		9			12
Class I		401			81
Class L		—			65
Class R2 (b)		—	(a)		—
Class R5 (b)		—	(a)		—
Custodian and accounting fees		38			38
Interest expense to affiliates		1			—	(a)
Professional fees		94			71
Trustees’ and Chief Compliance Officer’s fees		26			25
Printing and mailing costs		40			20
Registration and filing fees		116			64
Transfer agency fees (See Note 2.H.)		12			13
Dividend expense tonon-affiliates on securities sold short		1,363			2,894
Other		15			7
Total expenses		6,059			4,396
Less fees waived		(316	)		(392	)
Less expense reimbursements		—	(a)		—
Net expenses		5,743			4,004
Net investment income (loss)		1,539			108
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		4,360			29,124
Investments in affiliates		(11	)		9
Options purchased		(954	)		—
Futures contracts		(130	)		142
Securities sold short		(19,409	)		(3,018	)
Foreign currency transactions		—			—	(a)
Net realized gain (loss)		(16,144	)		26,257
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		8,093			(14,300	)
Investments in affiliates		14			—	(a)
Futures contracts		—			(14	)
Securities sold short		(2,093	)		(9,062	)
Change in net unrealized appreciation/depreciation		6,014			(23,376	)
Net realized/unrealized gains (losses)		(10,130	)		2,881
Change in net assets resulting from operations	$	(8,591	)	$	2,989

(a) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,539		$	(1,930	)	$	108		$	(870	)
Net realized gain (loss)		(16,144	)		3,133			26,257			8,762
Change in net unrealized appreciation/depreciation		6,014			2,382			(23,376	)		(7,278	)
Change in net assets resulting from operations		(8,591	)		3,585			2,989			614
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(720	)		(640	)		(1,481	)		(490	)
Class C		(66	)		(37	)		(543	)		(254	)
Class I		(2,975	)		(1,327	)		(3,249	)		(1,120	)
Class L		—			—			(8,556	)		(3,655	)
Class R2 (a)		—	(b)		—	(b)		—			—
Class R5 (a)		—	(b)		—	(b)		—			—
Class R6		(1,030	)		(80	)		—			—
Total distributions to shareholders		(4,791	)		(2,084	)		(13,829	)		(5,519	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		70,324			99,171			(111,968	)		(29,421	)
NET ASSETS:
Change in net assets		56,942			100,672			(122,808	)		(34,326	)
Beginning of period		262,093			161,421			185,205			219,531
End of period	$	319,035		$	262,093		$	62,397		$	185,205

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

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 21

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	4,832		$	27,343		$	3,101		$	4,543
Distributions reinvested		717			638			1,394			465
Cost of shares redeemed		(35,501	)		(26,682	)		(4,003	)		(7,463	)
Change in net assets resulting from Class A capital transactions	$	(29,952	)	$	1,299		$	492		$	(2,455	)
Class C
Proceeds from shares issued	$	825		$	1,606		$	446		$	797
Distributions reinvested		66			37			506			226
Cost of shares redeemed		(1,660	)		(690	)		(2,914	)		(5,489	)
Change in net assets resulting from Class C capital transactions	$	(769	)	$	953		$	(1,962	)	$	(4,466	)
Class I
Proceeds from shares issued	$	145,908		$	112,834		$	11,144		$	14,372
Distributions reinvested		2,820			1,327			3,139			1,064
Cost of shares redeemed		(159,718	)		(67,068	)		(18,992	)		(23,736	)
Change in net assets resulting from Class I capital transactions	$	(10,990	)	$	47,093		$	(4,709	)	$	(8,300	)
Class L
Proceeds from shares issued	$	—		$	—		$	2,711		$	6,739
Distributions reinvested		—			—			8,526			3,591
Cost of shares redeemed		—			—			(117,026	)		(24,530	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(105,789	)	$	(14,200	)
Class R2(a)
Proceeds from shares issued	$	4		$	—		$	—		$	—
Distributions reinvested		—	(b)		—	(b)		—			—
Cost of shares redeemed		(28	)		—			—			—
Change in net assets resulting from Class R2 capital transactions	$	(24	)	$	—	(b)	$	—		$	—
Class R5(a)
Distributions reinvested	$	—	(b)	$	—	(b)	$	—		$	—
Cost of shares redeemed		(24	)		—			—			—
Change in net assets resulting from Class R5 capital transactions	$	(24	)	$	—	(b)	$	—		$	—
Class R6
Proceeds from shares issued	$	125,697		$	51,732		$	—		$	—
Distributions reinvested		375			80			—			—
Cost of shares redeemed		(13,989	)		(1,986	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	112,083		$	49,826		$	—		$	—
Total change in net assets resulting from capital transactions	$	70,324		$	99,171		$	(111,968	)	$	(29,421	)

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

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

	JPMorgan Opportunistic Equity Long/Short Fund						JPMorgan Research Market Neutral Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		273			1,489			225			316
Reinvested		40			36			106			33
Redeemed		(1,985	)		(1,459	)		(290	)		(521	)
Change in Class A Shares		(1,672	)		66			41			(172	)
Class C
Issued		47			90			34			59
Reinvested		4			2			42			17
Redeemed		(96	)		(39	)		(229	)		(406	)
Change in Class C Shares		(45	)		53			(153	)		(330	)
Class I
Issued		8,147			6,124			765			966
Reinvested		156			73			228			72
Redeemed		(8,966	)		(3,627	)		(1,325	)		(1,590	)
Change in Class I Shares		(663	)		2,570			(332	)		(552	)
Class L
Issued		—			—			183			441
Reinvested		—			—			603			240
Redeemed		—			—			(8,081	)		(1,606	)
Change in Class L Shares		—			—			(7,295	)		(925	)
Class R2(a)
Issued		—	(b)		—			—			—
Reinvested		—	(b)		—	(b)		—			—
Redeemed		(1	)		—			—			—
Change in Class R2 Shares		(1	)		—	(b)		—			—
Class R5(a)
Reinvested		—	(b)		—	(b)		—			—
Redeemed		(1	)		—			—			—
Change in Class R5 Shares		(1	)		—	(b)		—			—
Class R6
Issued		6,949			2,787			—			—
Reinvested		20			4			—			—
Redeemed		(775	)		(106	)		—			—
Change in Class R6 Shares		6,194			2,685			—			—

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

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Year Ended October 31, 2019	$	18.22	$	—	(e)	$	(0.55	)	$	(0.55	)	$	(0.33	)
Year Ended October 31, 2018		18.13		(0.21	)		0.53			0.32			(0.23	)
Year Ended October 31, 2017		17.12		(0.19	)		2.46			2.27			(1.26	)
Year Ended October 31, 2016		17.37		(0.16	)		0.07			(0.09	)		(0.16	)
Year Ended October 31, 2015		15.75		(0.25	)		1.93			1.68			(0.06	)
Class C
Year Ended October 31, 2019		17.83		(0.08	)		(0.55	)		(0.63	)		(0.33	)
Year Ended October 31, 2018		17.83		(0.29	)		0.52			0.23			(0.23	)
Year Ended October 31, 2017		16.94		(0.27	)		2.42			2.15			(1.26	)
Year Ended October 31, 2016		17.27		(0.24	)		0.07			(0.17	)		(0.16	)
Year Ended October 31, 2015		15.73		(0.37	)		1.97			1.60			(0.06	)
Class I
Year Ended October 31, 2019		18.43		0.07			(0.59	)		(0.52	)		(0.33	)
Year Ended October 31, 2018		18.28		(0.16	)		0.54			0.38			(0.23	)
Year Ended October 31, 2017		17.21		(0.14	)		2.47			2.33			(1.26	)
Year Ended October 31, 2016		17.42		(0.12	)		0.07			(0.05	)		(0.16	)
Year Ended October 31, 2015		15.75		(0.26	)		1.99			1.73			(0.06	)
Class R6
Year Ended October 31, 2019		18.63		0.17			(0.64	)		(0.47	)		(0.33	)
Year Ended October 31, 2018		18.44		(0.12	)		0.54			0.42			(0.23	)
Year Ended October 31, 2017		17.31		(0.10	)		2.49			2.39			(1.26	)
Year Ended October 31, 2016		17.48		(0.08	)		0.07			(0.01	)		(0.16	)
Year Ended October 31, 2015		15.76		(0.23	)		2.01			1.78			(0.06	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.79% and 1.90% for the year ended October 31, 2019, 1.82% and 1.90% for the year ended October 31, 2018, 1.83% and 2.02% for the year ended October 31, 2017, 1.80% and 2.07% for the year ended October 31, 2016 and 1.81% and 2.20% for the year ended October 31, 2015; for Class C are 2.28% and 2.39% for the year ended October 31, 2019, 2.32% and 2.40% for the year ended October 31, 2018, 2.31% and 2.52% for the year ended October 31, 2017, 2.29% and 2.52% for the year ended October 31, 2016 and 2.39% and 3.18% for the year ended October 31, 2015; for Class I are 1.53% and 1.64% for the year ended October 31, 2019, 1.57% and 1.65% for the year ended October 31, 2018, 1.56% and 1.73% for the year ended October 31, 2017, 1.54% and 1.71% for the year ended October 31, 2016 and 1.66% and 2.20% for the year ended October 31, 2015; for Class R6 are 1.29% and 1.39% for the year ended October 31, 2019, 1.32% and 1.38% for the year ended October 31, 2018, 1.31% and 1.47% for the year ended October 31, 2017, 1.29% and 1.60% for the year ended October 31, 2016 and 1.47% and 3.39% for the year ended October 31, 2015, respectively.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

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

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (c)(d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (d)			Portfolio turnover rate (excluding securities sold short)			Portfolio turnover rate (including securities sold short)
$	17.34		(3.10	)%	$	19,352		2.25	%		—	%(f)		2.36	%		636	%		1,232	%
	18.22		1.80			50,803		2.55			(1.11	)		2.63			548			995
	18.13		13.58			49,338		2.42			(1.05	)		2.61			493			795
	17.12		(0.53	)		43,298		2.26			(0.96	)		2.53			463			749
	17.37		10.74			30,480		2.38	(g)		(1.70	)(g)		2.77	(g)		347			734
	16.87		(3.62	)		2,599		2.74			(0.45	)		2.85			636			1,232
	17.83		1.32			3,544		3.05			(1.61	)		3.13			548			995
	17.83		13.00			2,594		2.90			(1.53	)		3.11			493			795
	16.94		(1.00	)		3,273		2.75			(1.46	)		2.98			463			749
	17.27		10.25			823		2.96	(g)		(2.17	)(g)		3.75	(g)		347			734
	17.58		(2.89	)		132,665		1.99			0.40			2.10			636			1,232
	18.43		2.12			151,261		2.30			(0.87	)		2.38			548			995
	18.28		13.86			103,091		2.15			(0.81	)		2.32			493			795
	17.21		(0.29	)		158,589		2.00			(0.69	)		2.17			463			749
	17.42		11.06			116,091		2.23	(g)		(1.53	)(g)		2.77	(g)		347			734
	17.83		(2.59	)		164,419		1.75			0.91			1.85			636			1,232
	18.63		2.32			56,436		2.05			(0.66	)		2.11			548			995
	18.44		14.13			6,350		1.90			(0.56	)		2.06			493			795
	17.31		(0.06	)		8,432		1.75			(0.45	)		2.06			463			749
	17.48		11.37			21		2.04	(g)		(1.27	)(g)		3.96	(g)		347			734

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and  unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Research Market Neutral Fund
Class A
Year Ended October 31, 2019	$	14.29	$	(0.04	)	$	0.31		$	0.27		$	(1.45	)
Year Ended October 31, 2018		14.69		(0.11	)		0.10			(0.01	)		(0.39	)
Year Ended October 31, 2017		13.84		(0.22	)		1.07			0.85			—
Year Ended October 31, 2016		14.25		(0.28	)		(0.13	)		(0.41	)		—
Year Ended October 31, 2015		15.17		(0.31	)		(0.22	)		(0.53	)		(0.39	)
Class C
Year Ended October 31, 2019		13.32		(0.10	)		0.29			0.19			(1.45	)
Year Ended October 31, 2018		13.79		(0.17	)		0.09			(0.08	)		(0.39	)
Year Ended October 31, 2017		13.06		(0.27	)		1.00			0.73			—
Year Ended October 31, 2016		13.51		(0.32	)		(0.13	)		(0.45	)		—
Year Ended October 31, 2015		14.48		(0.35	)		(0.23	)		(0.58	)		(0.39	)
Class I
Year Ended October 31, 2019		14.93		—	(e)		0.32			0.32			(1.45	)
Year Ended October 31, 2018		15.30		(0.07	)		0.09			0.02			(0.39	)
Year Ended October 31, 2017		14.37		(0.18	)		1.11			0.93			—
Year Ended October 31, 2016		14.76		(0.25	)		(0.14	)		(0.39	)		—
Year Ended October 31, 2015		15.66		(0.26	)		(0.25	)		(0.51	)		(0.39	)
Class L
Year Ended October 31, 2019		15.24		0.04			0.30			0.34			(1.45	)
Year Ended October 31, 2018		15.58		(0.05	)		0.10			0.05			(0.39	)
Year Ended October 31, 2017		14.62		(0.17	)		1.13			0.96			—
Year Ended October 31, 2016		14.99		(0.23	)		(0.14	)		(0.37	)		—
Year Ended October 31, 2015		15.87		(0.23	)		(0.26	)		(0.49	)		(0.39	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.22% and 1.62% for the year ended October 31, 2019, 1.22% and 1.55% for the year ended October 31, 2018, 1.24% and 1.53% for the year ended October 31, 2017, 1.22% and 1.53% for the year ended October 31, 2016 and 1.43% and 1.89% for the year ended October 31, 2015; for Class C are 1.73% and 2.09% for the year ended October 31, 2019, 1.73% and 2.02% for the year ended October 31, 2018, 1.72% and 2.07% for the year ended October 31, 2017, 1.72% and 2.02% for the year ended October 31, 2016 and 1.90% and 2.32% for the year ended October 31, 2015; for Class I are 0.96% and 1.32% for the year ended October 31, 2019, 0.96% and 1.25% for the year ended October 31, 2018, 0.96% and 1.25% for the year ended October 31, 2017, 0.96% and 1.27% for the year ended October 31, 2016 and 1.18% and 1.57% for the year ended October 31, 2015; for Class L are 0.83% and 1.13% for the year ended October 31, 2019, 0.82% and 1.10% for the year ended October 31, 2018, 0.82% and 1.10% for the year ended October 31, 2017, 0.81% and 1.06% for the year ended October 31, 2016 and 0.95% and 1.44% for the year ended October 31, 2015, respectively.

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (c)(d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (d)			Portfolio turnover rate (excluding securities sold short)			Portfolio turnover rate (including securities sold short)
$	13.11		2.01	%	$	14,276		3.69	%		(0.26	)%		4.09	%		125	%		356	%
	14.29		(0.01	)		14,973		3.50			(0.73	)		3.83			131			252
	14.69		6.14			17,932		3.66			(1.51	)		3.95			109			278
	13.84		(2.88	)		25,393		3.33			(2.07	)		3.64			133			298
	14.25		(3.59	)		62,910		3.57			(1.94	)		4.03			163			370
	12.06		1.52			3,731		4.20			(0.74	)		4.56			125			356
	13.32		(0.53	)		6,155		4.01			(1.26	)		4.30			131			252
	13.79		5.59			10,920		4.14			(2.01	)		4.49			109			278
	13.06		(3.33	)		15,003		3.83			(2.53	)		4.13			133			298
	13.51		(4.12	)		23,790		4.04			(2.63	)		4.46			163			370
	13.80		2.27			27,694		3.43			0.01			3.79			125			356
	14.93		0.20			34,927		3.24			(0.47	)		3.53			131			252
	15.30		6.47			44,219		3.37			(1.24	)		3.68			109			278
	14.37		(2.64	)		53,221		3.07			(1.82	)		3.38			133			298
	14.76		(3.34	)		337,990		3.32			(1.74	)		3.71			163			370
	14.13		2.36			16,696		3.30			0.26			3.60			125			356
	15.24		0.39			129,150		3.10			(0.33	)		3.38			131			252
	15.58		6.57			146,460		3.26			(1.13	)		3.52			109			278
	14.62		(2.47	)		253,734		2.92			(1.61	)		3.17			133			298
	14.99		(3.17	)		232,339		3.09			(1.48	)		3.58			163			370

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019

1. Organization

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

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

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

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

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

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

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

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

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

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

2. Significant Accounting Policies

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies excluding exchange-traded funds (“ETFs”) (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

28 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

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

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

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

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

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

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

Opportunistic Equity Long/Short Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	310,636		$	—	$	—	$	310,636
Total Liabilities for Securities Sold Short(a)	$	(52,697	)	$	—	$	—	$	(52,697	)
Research Market Neutral Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	62,578		$	—	$	—	$	62,578
Total Liabilities for Securities Sold Short(a)	$	(52,091	)	$	—	$	—	$	(52,091	)
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1		$	—	$	—	$	1

(a) All portfolio holdings designated as level 1 are disclosed individually on the SOIs.

There were no transfers into or out of level 3 for the year ended October 31, 2019.

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

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

The table below discloses the volume of the Fund’s options contracts activity during the year ended October 31, 2019 (amounts in thousands):

	Opportunistic Equity Long/Short Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		228

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).

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

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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

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

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

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

As of October 31, 2019, the Funds had outstanding short sales as listed on their SOIs.

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

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

The table below discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2019 (amounts in thousands):

	Opportunistic Equity Long/Short Fund			Research Market Neutral Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	—		$	949	(a)
Average Notional Balance Short		6,726	(b)		800
Ending Notional Balance Short		—			759

(a) The average notional represents the futures contracts held for 1 day during the year.

(b) For the period August 1, 2019 through August 31, 2019.

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

E. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security

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

is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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

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

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

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

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

The Funds did not lend out any securities during the year ended October 31, 2019.

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

Opportunistic Equity Long/Short Fund

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	641,768	$	546,942	$	(11	)	$	14	$	94,829		94,791	$	1,551	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		110,482		236,768		347,250		—			—		—		—		699		—
Total	$	110,482	$	878,536	$	894,192	$	(11	)	$	14	$	94,829			$	2,250	$	—

Research Market Neutral Fund

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2019		Shares at October 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	22,866	$	274,424	$	287,880	$	9	$	—	(c)	$	9,419		9,415	$	392	$	—

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

(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 October 31, 2019.

(c) Amount rounds to less than one thousand

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

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

H. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the 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 year ended October 31, 2019 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class L		R2			R5			R6			Total
Opportunistic Equity Long/Short Fund
Transfer agency fees	$	3	$	—	(a)	$	9		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	12
Research Market Neutral Fund
Transfer agency fees		8		1			2	$	2		n/a			n/a			n/a			13

(a) Amount rounds to less than one thousand.

I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Opportunistic Equity Long/Short Fund	$	—		$	618	$	(618	)
Research Market Neutral Fund		(455	)		456		(1	)

The reclassifications for the Funds relate primarily to non-taxable dividends, dividend expense for securities sold short and net operating losses.

32 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

3. Fees and Other Transactions with Affiliates

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

Opportunistic Equity Long/Short Fund	1.20	%
Research Market Neutral Fund	0.60	(1)

⁽¹⁾   Prior to August 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.80% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2019 the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, 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
Opportunistic Equity Long/Short Fund		0.25	%		0.75	%		0.50	%
Research Market Neutral Fund		0.25			0.75			n/a

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2019, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Opportunistic Equity Long/Short Fund	$	5		$	—
Research Market Neutral Fund		—	(a)		—

(a) Amount rounds to less than one thousand.

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

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

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. 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.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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

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

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

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

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

The expense limitation agreements were in effect for the year ended October 31, 2019 and are in place until at least February 29, 2020.

For the year ended October 31, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Opportunistic Equity Long/Short Fund	$	65	$	43	$	11	$	119	$	—	(a)
Research Market Neutral Fund		256		90		12		358		—

(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.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the year ended October 31, 2019 were as follows (amounts in thousands):

Opportunistic Equity Long/Short Fund	$	197
Research Market Neutral Fund		34

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

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

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

During the year ended October 31, 2019, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

34 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

4. Investment Transactions

During the year ended October 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Opportunistic Equity Long/Short Fund	$	1,257,514	$	1,229,758	$	1,151,431	$	1,164,766
Research Market Neutral Fund		125,501		245,203		114,072		231,054

During the year ended October 31, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2019 were as follows (amounts in thousands):

	Aggregate Cost*			Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	241,066		$	20,082	$	3,209	$	16,873
Research Market Neutral Fund		(4,591	)		18,112		3,033		15,079

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

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2019 was as follows (amounts in thousands):

	Ordinary Income*			Net Long-Term Capital Gains		Total Distributions Paid
Opportunistic Equity Long/Short Fund	$	—	(a)	$	4,791	$	4,791
Research Market Neutral Fund		—			13,829		13,829

(a) Amount rounds to less than one thousand.

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2018 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Opportunistic Equity Long/Short Fund	$	1,101	$	983	$	2,084
Research Market Neutral Fund		—		5,519		5,519

* Short-term gain distributions are treated as ordinary income for income tax purposes.

At October 31, 2019, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain		(Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	918	$	—	$	(14,061	)	$	16,713
Research Market Neutral Fund		—		6,188		(33,682	)		14,801

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals, loss deferrals on unsettled short sales, trustee deferred compensation and straddle loss deferral.

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

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

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

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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

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

6. Borrowings

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

The Funds had no borrowings outstanding from another fund during the year ended October 31, 2019.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2019.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 2019.

7. Risks, Concentrations and Indemnifications

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

As of October 31, 2019, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Opportunistic Equity Long/Short Fund		3		63.8	%
Research Market Neutral Fund		3		46.7

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

Because Opportunistic Equity Long/Short Fund may invest a substantial portion of its assets in REITs, the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by

36 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

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

As of October 31, 2019, the Funds pledged substantially all of their assets to Citigroup Global Markets, Inc. for securities sold short. For the Funds, deposits at broker for securities sold short, as noted on the Statements of Assets and Liabilities, are held at Citigroup Global Markets, Inc.

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

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 37

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of JPMorgan Trust IandShareholders of JPMorgan Opportunistic Equity Long/Short Fund and JPMorgan Research Market Neutral Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Opportunistic Equity Long/Short Fund and JPMorgan Research Market Neutral Fund (two of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019 and each of the financial highlights for each of the five years in the period ended October 31, 2019in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 20, 2019

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

38 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	130	Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	130	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	130	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	130	Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	130	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	130	None

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 39

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	130	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	130	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	130	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	130	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	130	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002).	130	Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006).	130	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

(1) Dr. Goldstein is retiring from the Board of Trustees effective the close of business on December 31, 2019. The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

40 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (130 funds).

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 41

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

    * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

  ** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

42 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2019, and continued to hold your shares at the end of the reporting period, October 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

		Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Actual		$	1,000.00	$	974.20	$	11.30		2.27	%
Hypothetical			1,000.00		1,013.76		11.52		2.27
Class C
Actual			1,000.00		972.30		13.77		2.77
Hypothetical			1,000.00		1,011.24		14.04		2.77
Class I
Actual	��		1,000.00		975.60		10.01		2.01
Hypothetical			1,000.00		1,015.07		10.21		2.01
Class R6
Actual			1,000.00		977.00		8.82		1.77
Hypothetical			1,000.00		1,016.28		9.00		1.77
JPMorgan Research Market Neutral Fund
Class A
Actual			1,000.00		1,007.80		19.13		3.78
Hypothetical			1,000.00		1,006.15		19.11		3.78
Class C
Actual			1,000.00		1,005.20		21.63		4.28
Hypothetical			1,000.00		1,003.63		21.62		4.28
Class I
Actual			1,000.00		1,008.90		17.77		3.51
Hypothetical			1,000.00		1,007.51		17.76		3.51
Class L
Actual			1,000.00		1,009.40		17.12		3.38
Hypothetical			1,000.00		1,008.17		17.11		3.38

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 14, 2019.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to each Fund’s objectives and peer group. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for theday-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

44 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds

complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted each Fund with fee waivers and contractual expense limitations (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale, as well as each Fund that had achieved scale and no longer had a Fee Cap in place for some or all of its classes. The Trustees noted that the fees remain competitive with peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders, and that, for those Funds that had achieved scale and no longer had Fee Caps in place for some or all of their classes, through lower average expenses as asset levels had increased, in addition to the reinvestment that ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

offered to other clients of the Adviser, including institutional separate accounts and/or fundssub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as asub-adviser and observed thatsub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays thesub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicableone-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant, and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Opportunistic Equity Long/Short Fund’s performance for Class A shares was in the first and second quintiles based upon both the Peer Group and Universe for theone- and three-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Peer

Group for both theone- and three-year periods ended December 31, 2018, and in the first and second quintiles based upon the Universe for theone- and three-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for theone-year period ended December 31, 2018, and in the first and second quintiles based upon the Universe for theone- and three-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Research Market Neutral Fund’s performance for Class A shares was in the third and second quintiles based upon the Peer Group for theone- and three-year periods ended December 31, 2018, respectively, and in the second, second and fourth quintiles based upon the Universe for theone-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the first and third quintiles based upon the Peer Group for theone- and three-year periods ended December 31, 2018, respectively, and in the second, second and third quintiles based upon the Universe for theone-, three- and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019, if applicable, were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio after taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees,

46 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Opportunistic Equity Long/Short Fund’s net advisory fee for Class A shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6

shares were in the fourth and third quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Research Market Neutral Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the second and first quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, and noting a reduction in the contractual advisory fee effective August 1, 2019, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

OCTOBER 31, 2019 J.P. MORGAN SPECIALTY FUNDS 47

Tax Letter

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2019. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Long Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2019 (amounts in thousands):

	Long Term Capital Gain
JPMorgan Opportunistic Equity Long/Short Fund	$	4,791
JPMorgan Research Market Neutral Fund		13,829

48 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2019

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you areno longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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. at1-800-480-4111 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 at202-371-8300.

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

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

A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 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 recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2019. All rights reserved. October 2019. AN-SPEC-1019

Annual Report

J.P. Morgan International Equity Funds

October 31, 2019

JPMorgan Emerging Markets Equity Fund

JPMorgan Emerging Markets Research Enhanced Equity Fund

JPMorgan Europe Dynamic Fund

JPMorgan Global Research Enhanced Index Fund

JPMorgan International Advantage Fund

JPMorgan International Equity Fund

JPMorgan International Hedged Equity Fund

JPMorgan International Research Enhanced Equity Fund

JPMorgan International Unconstrained Equity Fund

JPMorgan International Value Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries/Summaries:
JPMorgan Emerging Markets Equity Fund	3
JPMorgan Emerging Markets Research Enhanced Equity Fund	7
JPMorgan Europe Dynamic Fund	9
JPMorgan Global Research Enhanced Index Fund	12
JPMorgan International Advantage Fund	14
JPMorgan International Equity Fund	16
JPMorgan International Hedged Equity Fund	18
JPMorgan International Research Enhanced Equity Fund	20
JPMorgan International Unconstrained Equity Fund	22
JPMorgan International Value Fund	25
Schedules of Portfolio Investments	28
Financial Statements	74
Financial Highlights	98
Notes to Financial Statements	118
Report of Independent Registered Public Accounting Firm	150
Trustees	151
Officers	154
Schedule of Shareholder Expenses	155
Board Approval of Investment Advisory Agreements	159
Tax Letter	165
Privacy Policy — Located at the back of this Annual Report

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 at1-800-480-4111 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

December 12, 2019 (Unaudited)

Dear Shareholders,

By way of introduction, I am head of the Americas Client organization for J.P. Morgan Asset Management, as well as a twenty year veteran of J.P. Morgan, nearly all of those years with Asset Management. The reason I joined J.P. Morgan Asset Management over twenty years ago is the same reason I still come to work energized every day; shareholders & clients. Shareholders & clients are our highest priority and at the center of everything we do. As such, I plan to use our Letter to Shareholders as an opportunity to provide updates on recent market events and may, from time to time, also highlight initiatives happening within J.P. Morgan Asset Management that are designed in part to continue to improve the shareholder & client experiences.

  “Shareholders and clients are our highest priority and at the center of everything we do.”
— Andrea L. Lisher

Financial markets have largely provided positive returns in 2019, supported by leading central banks and a slowing but still expanding global economy. U.S. equity markets continued to lead the way, rebounding from a sharpsell-off in late 2018 and withstanding intermittent volatility driven partly by ongoing

U.S.-China trade tensions. In July, the U.S. Federal Reserve cut interest rates for the first time in more than a decade amid concerns about slowing economic growth and then cut rates again in September and once more in October. Notably, the S&P 500 Index rallied in October and reached record highs in the final week of the month. Elsewhere, the European Central Bank announced in September it would resume monthly asset purchases to bolster flagging economic growth and below-target inflation and China’s central bank also responded to a slowdown in economic output with measures to increase lending by banks. International equity markets may exhibit continued volatility in the coming year but a reduction in trade tensions could provide support to financial markets. Given this outlook, we believe investors can benefit from a patient outlook and a well-diversified investment portfolio.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

Global equity markets generally provided positive returns for the reporting period amid slowing but continued growth in both the global economy and corporate profits. Investor optimism over U.S.-China trade negotiations and an extension of the deadline for Britain’s exit from the European Union (“Brexit”) also bolstered investor sentiment. Bond markets also provided positive returns for the period but generally underperformed equity markets. Emerging markets debt and U.S. investment grade bonds largely outperformed U.S. Treasury bonds.

In the final months of 2018, global equity markets generally slumped as investors faced both slowing global economic growth — particularly in China and Europe — and the prospect of rising U.S. interest rates. Equity prices largely rebounded in the first months of 2019, and markets remained buoyant through April 2019. Global equity markets were hit with a selloff in May 2019 and leading indexes in the U.S. and Asian developed markets, as well as in emerging markets, dropped by more than 6%. Equity prices rebounded again in June and received further support at the end of July 2019, when the U.S. Federal Reserve (the “Fed”) responded to slowing economic growth by raising interest rates for the first time in more than a decade.

Investor concerns about increased U.S.-China trade tensions and uncertainty over Britain’s Brexit strategy led to increased market volatility in the final months of the reporting period. However, the Fed cut interest rates again in mid-September 2019 and, by the end of October 2019, leading U.S. equity indexes had returned to record highs.

For the twelve months ended October 31, 2019, the S&P 500 returned 14.33%, the MSCI EAFE Index returned 11.63% and the MSCI Emerging Markets Index returned 12.29%. Within bond markets, the Bloomberg Barclays Emerging Markets Aggregate Index returned 12.73% and the Bloomberg Barclays U.S. Aggregate Index returned 11.51%.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

Reporting Period Return:
Fund (Class L Shares)*		27.20%
MSCI Emerging Markets Index (net of foreign withholding taxes)		11.86%
Net Assets as of 10/31/2019 (In Thousands)	$	6,313,677

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2019.

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

By country, the Fund’s security selection in China and its security selection and overweight position in India were leading contributors to performance relative to the Benchmark, while the Fund’s out-of-Benchmark position in Spain and its overweight position in Peru were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in AIA Group Ltd., MercadoLibre Inc. and HDFC Bank Ltd. Shares of AIA Group, a Hong Kong life insurer, rose after the company reported a 20% increase in the value of new business in the first half of 2019. Shares of MercadoLibre, an Argentinian provider of e-commerce and related services, rose after the company reported better-than-expected earnings and revenue for the second quarter of 2019. Shares of HDFC Bank, an Indian banking and financial services company, rose amid continued growth in earnings during the twelve months ended October 31, 2109.

Leading individual detractors from relative performance included the Fund’s underweight positions in Gazprom PJSC,

Naspers Ltd. and Reliance Industries Ltd. Shares of Gazprom, a Russian natural gas producer and distributor not held in the Fund, rose after the company said it planned to raise its dividend payout ratio to 50% of the company’s net profits. Shares of Naspers, a South African internet commerce company not held in the Fund, rose after the company reported strong investment gains from its stake in Tencent Holdings Ltd. Shares of Reliance Industries, an Indian energy and retail conglomerate, rose after the company reported better-than-expected earnings for the third quarter of 2019.

HOW WAS THE FUND POSITIONED?

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

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

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

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alibaba Group Holding Ltd., ADR (China)	5.3	%
	2.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	5.2
	3.	AIA Group Ltd. (Hong Kong)	4.4
	4.	Housing Development Finance Corp. Ltd. (India)	4.0
	5.	Tencent Holdings Ltd. (China)	3.5
	6.	Samsung Electronics Co. Ltd. (South Korea)	3.4
	7.	Sberbank of Russia PJSC (Russia)	3.1
	8.	HDFC Bank Ltd. (India)	2.5
	9.	Ping An Insurance Group Co. of China Ltd., Class H (China)	2.5
	10.	Techtronic Industries Co. Ltd. (Hong Kong)	2.0

PORTFOLIO COMPOSITION BY COUNTRY***
China	28.8	%
India	19.5
Hong Kong	7.5
Taiwan	6.7
Brazil	5.4
South Korea	4.7
South Africa	4.0
Mexico	3.8
Russia	3.1
Indonesia	2.4
United States	1.8
Argentina	1.5
Portugal	1.4
Hungary	1.2
Macau	1.2
Peru	1.1
Others (each less than 1.0%)	3.2
Short-Term Investments	2.7

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			20.12	%		4.28	%		4.65	%
Without Sales Charge			26.77			5.41			5.22
CLASS C SHARES	February 28, 2006
With CDSC**			25.12			4.89			4.69
Without CDSC			26.12			4.89			4.69
CLASS I SHARES	September 10, 2001		27.04			5.67			5.48
CLASS L SHARES	November 15, 1993		27.20			5.81			5.63
CLASS R2 SHARES	July 31, 2017		26.35			5.20			5.11
CLASS R3 SHARES	July 31, 2017		26.67			5.39			5.21
CLASS R4 SHARES	July 31, 2017		26.98			5.65			5.47
CLASS R5 SHARES	September 9, 2016		27.19			5.81			5.63
CLASS R6 SHARES	December 23, 2013		27.36			5.93			5.69

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE(10/31/09 TO 10/31/19)

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Emerging Markets Equity Fund, the MSCI Emerging Markets Index (net of foreign withholding taxes) and the Lipper Emerging Markets Funds Index from October 31, 2009 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index (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. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

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

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

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

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

6 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

FOR THE PERIOD DECEMBER 11, 2018 (INCEPTION DATE) THROUGH OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R6 Shares)*		12.60%
MSCI Emerging Markets Index (net of foreign withholding taxes)		10.73%
Net Assets as of 10/31/2019 (In Thousands)	$	2,090,574

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class R6 Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the period from the Fund’s inception on December 11, 2018 to October 31, 2019.

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

By country, the Fund’s security selection and underweight position in China and its security selection in Mexico were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and underweight position in Taiwan and its underweight position in Russia were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Taiwan Semiconductor Manufacturing Co., Country Garden Holdings Co. and Luxshare Precision Industry Co. Shares of Taiwan Semiconductor Manufacturing, a maker of integrated circuits and wafer semiconductor devices, rebounded from a slowdown in global demand for semiconductors during the early part of the reporting period. Shares of Country Garden Holdings, a Chinese real estate developer, rose after the company reported strong revenue and profit growth for 2018. Shares of Luxshare Precision Industry, a China-based manufacturer of electronic components and a leading supplier to Apple Inc., rose after the company reported growth in earnings during the reporting period.

Leading individual detractors from relative performance included the Fund’s underweight positions in Reliance Industries Ltd., Gazprom PJSC and New Oriental Education & Technology Group Inc. Shares of Reliance Industries, an Indian business conglomerate not held in the Fund, rose after the company reported better-than-expected profit for the three months ended June 30, 2019. Shares of Gazprom, a Russian natural gas producer and distributor, rose after the company said it planned to raise its dividend payout ratio to 50% of the company’s net profits. Shares of New Oriental Education & Technology Group, a Chinese private education provider not held in the Fund, rose amid continued growth in revenue.

HOW WAS THE FUND POSITIONED?

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

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	iShares MSCI India ETF (United States)	8.7	%
	2.	Alibaba Group Holding Ltd., ADR (China)	4.8
	3.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	4.7
	4.	Samsung Electronics Co. Ltd. (South Korea)	4.5
	5.	Tencent Holdings Ltd. (China)	4.5
	6.	China Construction Bank Corp., Class H (China)	1.6
	7.	Ping An Insurance Group Co. of China Ltd., Class H (China)	1.5
	8.	Industrial & Commercial Bank of China Ltd., Class H (China)	1.2
	9.	Itau Unibanco Holding SA (Preference) (Brazil)	1.1
	10.	Petroleo Brasileiro SA (Preference) (Brazil)	1.1

PORTFOLIO COMPOSITION BY COUNTRY***
China	32.0	%
South Korea	13.0
Taiwan	11.5
United States	8.7
Brazil	7.2
Russia	4.5
South Africa	4.2
Mexico	3.3
Thailand	2.3
Indonesia	2.1
Saudi Arabia	2.1
Malaysia	1.2
Poland	1.1
Others (each less than 1.0%)	5.7
Short-Term Investments	1.1

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

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

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

FOR THE PERIOD DECEMBER 11, 2018 (INCEPTION DATE) THROUGH OCTOBER 31, 2019 (Unaudited) (continued)

TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	SINCE INCEPTION*
CLASS I SHARES	January 30, 2019		12.46	%
CLASS R6 SHARES	December 11, 2018		12.60

* Not annualized.

LIFE OF FUND PERFORMANCE(12/11/18 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information pleasecall 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 October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of

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

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

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

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

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

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		8.14%
MSCI Europe Index (net of foreign withholding taxes)		10.90%
Net Assets as of 10/31/2019 (In Thousands)	$	542,245

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2019.

By sector, the Fund’s security selection in the food, beverages & tobacco sector and in the diversified financial sector was a leading detractor from performance relative to the Benchmark. The Fund’s overweight position and security selection in the insurance sector and its security selection in the utilities sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Burford Capital Ltd., ABN Amro Bank NV and ASR Nederland NV. Shares of Burford Capital, a U.K. provider of litigation financing that was not held in the Benchmark, fell after an investment group claimed the company inflated the value of its assets. Shares of ABN Amro Bank, a Netherlands bank, fell amid an anti-money

laundering investigation by Dutch prosecutors. Shares of ASR Nederland, a Netherlands insurance company not held in the Benchmark, fell after the company failed to complete a large corporate acquisition.

Leading individual contributors to relative performance included the Fund’s overweight positions in Enel SpA and Zurich Insurance Group AG and its underweight position in Royal Dutch Shell PLC. Shares of Enel SpA, an Italian electric utility, rose amid an easing of political tensions between the European Union and Italy’s government. Shares of Zurich Insurance Group, a Swiss insurance company, rose after the company reported growth in earnings and forecast it would meet or surpass its 2019 financial targets. Shares of Royal Dutch Shell, a petroleum oil and natural gas producer not held in the Fund, fell amid lower energy prices during the reporting period.

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 onbottom-up security selection rather thantop-down asset allocation decisions.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	5.0	%
	2.	Roche Holding AG (Switzerland)	4.8
	3.	Novartis AG (Registered) (Switzerland)	4.0
	4.	Allianz SE (Registered) (Germany)	3.1
	5.	GlaxoSmithKline plc (United Kingdom)	2.9
	6.	Zurich Insurance Group AG (Switzerland)	2.8
	7.	TOTAL SA (France)	2.6
	8.	SAP SE (Germany)	2.4
	9.	Linde plc (United Kingdom)	2.3
	10.	LVMH Moet Hennessy Louis Vuitton SE (France)	2.1

PORTFOLIO COMPOSITION BY COUNTRY***
Switzerland	21.6	%
United Kingdom	18.1
France	16.1
Germany	12.6
Netherlands	8.0
Italy	4.6
Sweden	3.2
Finland	3.1
Spain	2.6
Australia	2.4
Norway	1.8
Belgium	1.6
Russia	1.4
South Africa	1.2
United States	1.0
Others (each less than 1.0%)	0.7
Short-Term Investments	0.0	(a)

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

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

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

(a) Amount rounds to less than 0.05%.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge*			2.48	%		0.77	%		5.01	%
Without Sales Charge			8.14			1.86			5.57
CLASS C SHARES	November 1, 1998
With CDSC**			6.59			1.35			5.04
Without CDSC			7.59			1.35			5.04
CLASS I SHARES	September 10, 2001		8.44			2.17			5.86
CLASS L SHARES	September 10, 2001		8.49			2.31			6.06
CLASS R6 SHARES	October 1, 2018		8.60			2.33			6.07

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE(10/31/09 TO 10/31/19)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Europe Dynamic Fund, the MSCI Europe Index (net of foreign withholding taxes) and the Lipper European Region Funds Index from October 31, 2009 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI Europe Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper European Region Funds Index includes expenses associated with a mutual fund, such as investment management fees.

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

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

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

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

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		13.38%
MSCI World Index (net of foreign withholding taxes)		12.69%
Net Assets as of 10/31/2019 (In Thousands)	$	4,230,153

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2019.

By sector, the Fund’s security selection in the utilities and industrial cyclical sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the financial services and automobiles & auto parts sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in continental Europe and the U.K. was a leading contributor to relative performance. There were no significant regional detractors from relative performance during the reporting period.

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

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc. (United States)	2.9	%
	2.	Microsoft Corp. (United States)	2.8
	3.	Amazon.com, Inc. (United States)	1.9
	4.	Alphabet, Inc., Class C (United States)	1.1
	5.	Alphabet, Inc., Class A (United States)	1.0
	6.	Bank of America Corp. (United States)	0.9
	7.	Facebook, Inc., Class A (United States)	0.9
	8.	Mastercard, Inc., Class A (United States)	0.9
	9.	Nestle SA (Registered) (Switzerland)	0.9
	10.	Coca-Cola Co. (The) (United States)	0.8

PORTFOLIO COMPOSITION BY COUNTRY***
United States	62.4	%
Japan	8.2
United Kingdom	4.8
France	4.3
Canada	3.5
Australia	3.0
Germany	2.8
Switzerland	2.8
Netherlands	2.1
Hong Kong	1.1
Others (each less than 1.0%)	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.

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	February 28, 2013		13.38	%		7.46	%		9.45	%
CLASS R6 SHARES	November 1, 2017		13.50			7.50			9.48

LIFE OF FUND PERFORMANCE(2/28/13 TO 10/31/19)

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

The Fund commenced operations on February 28, 2013.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Global Research Enhanced Index Fund, the MSCI World Index (net of foreign withholding taxes) and the Lipper Global Large-Cap Core Funds Index from February 28, 2013 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Global Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan International Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	4.51%
MSCI EAFE Index (net of foreign withholding taxes)	11.04%
Net Assets as of 10/31/2019 (In Thousands)	$1,811,349

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2019.

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

By country, the Fund’s security selection in Japan and Australia was a leading detractor from relative performance, while the Fund’s security selection in Germany and Israel was a leading contributor to relative performance.

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

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	3.0	%
	2.	Roche Holding AG (Switzerland)	2.4
	3.	Novartis AG (Registered) (Switzerland)	2.3
	4.	Royal Dutch Shell plc, Class B (Netherlands)	2.1
	5.	BHP Group Ltd. (Australia)	1.8
	6.	Allianz SE (Registered) (Germany)	1.7
	7.	Toyota Motor Corp. (Japan)	1.6
	8.	Rio Tinto plc (Australia)	1.5
	9.	Unilever plc (United Kingdom)	1.4
	10.	adidas AG (Germany)	1.3

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.9	%
United Kingdom	12.6
Switzerland	11.4
Australia	8.6
France	8.3
Germany	8.2
Netherlands	6.4
Spain	4.0
Norway	2.0
Singapore	1.8
Belgium	1.8
Sweden	1.1
Finland	1.1
South Africa	1.1
Denmark	1.0
Others (each less than 1.0%)	4.3
Short-Term Investments	2.4

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

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

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge*			(0.98	)%		1.15	%		3.96	%
Without Sales Charge			4.51			2.25			4.52
CLASS C SHARES	February 28, 2006
With CDSC**			2.92			1.74			4.00
Without CDSC			3.92			1.74			4.00
CLASS I SHARES	February 28, 2006		4.70			2.55			4.81
CLASS R2 SHARES	November 3, 2008		4.15			1.97			4.25
CLASS R6 SHARES	May 29, 2015		4.94			2.74			5.04

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE(10/31/09 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan International Advantage Fund, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper InternationalMulti-Cap Core Funds Index from October 31, 2009 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (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 Lipper InternationalMulti-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI

EAFE Index (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 Lipper InternationalMulti-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		15.20%
MSCI EAFE Index (net of foreign withholding taxes)		11.04%
Net Assets as of 10/31/2019 (In Thousands)	$	2,997,006

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2019.

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

By region, the Fund’s security selection in continental Europe and the U.K. was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in Japan was the smallest contributor to relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in ASML Holding NV, HDFC Bank Ltd. and London Stock Exchange Group PLC. Shares of ASML Holding, a Netherlands semiconductor manufacturer, rose after the company reported better-than-expected earnings growth for the fourth quarter of 2018 and proposed raising its full-year dividend. Shares of HDFC Bank, an Indian banking and financial services company not held in the Benchmark, rose amid continued growth in earnings during the reporting period. Shares of London Stock Exchange Group, an operator of financial exchanges, rose following a $39 million takeover offer from Hong Kong Exchanges & Clearing Ltd. that was subsequently withdrawn.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Continental AG and Sumitomo Mitsui Financial Group Ltd. and its position in Anheuser-Busch InBev SA. Shares of Continental, a German tire and auto parts manufacturer, fell after the company reported a decline in 2019 second quarter earnings. Shares of Sumitomo Mitsui Financial Group, a Japanese financial services provider, fell as yields on its foreign bond holdings declined. Shares of Anheuser-Busch InBev, a brewery and beverages company, fell late in the reporting period after the company reported flat profits for the third quarter of 2019.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	4.1	%
	2.	Royal Dutch Shell plc, Class A (Netherlands)	2.8
	3.	Roche Holding AG (Switzerland)	2.7
	4.	Novartis AG (Registered) (Switzerland)	2.6
	5.	AIA Group Ltd. (Hong Kong)	2.6
	6.	GlaxoSmithKline plc (United Kingdom)	2.2
	7.	SAP SE (Germany)	2.1
	8.	Diageo plc (United Kingdom)	2.0
	9.	ASML Holding NV (Netherlands)	2.0
	10.	Unilever plc (United Kingdom)	1.8

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	16.9	%
United Kingdom	15.1
France	14.8
Switzerland	11.7
Germany	7.9
Netherlands	5.7
Hong Kong	4.2
China	3.0
United States	3.0
Sweden	2.3
Australia	1.9
Denmark	1.7
Belgium	1.7
India	1.5
Taiwan	1.4
South Korea	1.3
Singapore	1.3
Spain	1.1
Others (each less than 1.0%)	1.9
Short-Term Investments	1.6

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

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

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge*			8.91	%		3.11	%		4.59	%
Without Sales Charge			14.93			4.22			5.15
CLASS C SHARES	January 31, 2003
With CDSC**			13.39			3.71			4.62
Without CDSC			14.39			3.71			4.62
CLASS I SHARES	January 1, 1997		15.20			4.49			5.42
CLASS R2 SHARES	November 3, 2008		14.58			3.94			4.88
CLASS R5 SHARES	May 15, 2006		15.38			4.65			5.60
CLASS R6 SHARES	November 30, 2010		15.50			4.73			5.66

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE(10/31/09 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper InternationalLarge-Cap Core Funds Index from October 31, 2009 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (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 Lipper InternationalLarge-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are

not identical to the expenses incurred by the Fund. The MSCI EAFE Index (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 Lipper InternationalLarge-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Hedged Equity Fund

FUND SUMMARY

FOR THE PERIOD MARCH 15, 2019 (INCEPTION DATE) THROUGH OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	4.07%
MSCI EAFE Index (net of foreign withholding taxes)	5.79%
ICE BofAML3-Month U.S. Treasury Bill Index	1.51%
Net Assets as of 10/31/2019 (In Thousands)	$60,242

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 BofAML3-Month U.S. Treasury Bill Index for the period from the Fund’s inception on March 15, 2019 to October 31, 2019.

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

By region, the Fund’s security selection in Germany and Italy was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in Finland and Australia was a leading detractor from relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Wartsila Oyj, Renault SA and ArcelorMittal SA. Shares of Wartsila, a Finnish maker of power plants and engines, fell after the company reported lower-than-expected results for the second quarter of 2019 and forecast lower demand for its marine and energy businesses. Shares of Renault, a French automaker, fell after the company lowered its 2019 revenue forecast. Shares of ArcelorMittal, a Luxembourg-based steelmaker, fell amid low steel prices and high costs of raw materials.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Enel SpA and Daikin Industries Ltd. and its position in Nintendo Co. Shares of Enel, an Italian electric utility, rose amid easing of political tensions between the European Union and the Italian government. Shares of Daikin Industries, a Japanese maker of air conditioning and refrigeration equipment, rose amid investor expectations that it would benefit from a reduction in U.S.-China trade tensions. Shares of Nintendo, a Japanese maker of home entertainment products, fell after the company issued a lower-than-expected forecast for sales of its Switch console.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	3.1	%
	2.	Roche Holding AG (Switzerland)	2.3
	3.	Toyota Motor Corp. (Japan)	1.8
	4.	SAP SE (Germany)	1.7
	5.	Novartis AG (Registered) (Switzerland)	1.6
	6.	Enel SpA (Italy)	1.6
	7.	BP plc (United Kingdom)	1.5
	8.	Novo Nordisk A/S, Class B (Denmark)	1.5
	9.	TOTAL SA (France)	1.4
	10.	Air Liquide SA (France)	1.4

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.5	%
United Kingdom	15.2
France	13.7
Switzerland	10.2
Germany	8.8
Netherlands	5.0
Australia	4.9
Spain	3.2
Italy	2.6
Hong Kong	2.4
Denmark	1.8
Sweden	1.4
Belgium	1.0
Others (each less than 1.0%)	4.9
Short-Term Investments	1.4

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

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

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS		SINCE INCEPTION*
CLASS A SHARES		March 15, 2019
With Sales Charge**				(1.58	)%
Without Sales Charge				3.87
CLASS C SHARES		March 15, 2019
With CDSC***				2.53
Without CDSC				3.53
CLASS I SHARES		March 15, 2019		4.07
CLASS R5 SHARES		March 15, 2019		4.13
CLASS R6 SHARES		March 15, 2019		4.20

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE(3/15/19 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

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 BofAML3-Month US Treasury Bill Index from March 15, 2019 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (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 tonon-resident institutional investors who do not benefit from double taxation treaties. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI EAFE Index (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 BofAML3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

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

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

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		10.65%
MSCI EAFE Index (net of foreign withholding taxes)		11.04%
Net Assets as of 10/31/2019 (In Thousands)	$	4,834,474

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2019.

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

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

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

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	3.1	%
	2.	Roche Holding AG (Switzerland)	2.3
	3.	Toyota Motor Corp. (Japan)	1.8
	4.	SAP SE (Germany)	1.8
	5.	Novartis AG (Registered) (Switzerland)	1.6
	6.	Enel SpA (Italy)	1.6
	7.	BP plc (United Kingdom)	1.5
	8.	Novo Nordisk A/S, Class B (Denmark)	1.5
	9.	TOTAL SA (France)	1.4
	10.	Air Liquide SA (France)	1.4

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	22.6	%
United Kingdom	14.7
France	13.2
Switzerland	9.8
Germany	8.5
Netherlands	4.8
Australia	4.8
Spain	3.1
United States	2.7
Italy	2.5
Hong Kong	2.3
Denmark	1.7
Sweden	1.3
Belgium	1.0
Others (each less than 1.0%)	3.9
Short-Term Investments	3.1

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

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

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge*			4.59	%		2.67	%		3.94	%
Without Sales Charge			10.39			3.79			4.50
CLASS I SHARES	October 28, 1992		10.65			4.05			4.77
CLASS R6 SHARES	November 1, 2017		10.78			4.10			4.79

* Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE(10/31/09 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Research Enhanced Equity Fund, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper InternationalLarge-Cap Core Funds Index from October 31, 2009 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (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 Lipper InternationalLarge-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index (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 Lipper InternationalLarge-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares) *	18.62%
MSCI All Country World Index,Ex-U.S. (net of foreign withholding taxes)	11.27%
Net Assets as of 10/31/2019 (In Thousands)	$2,599,641

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the MSCI All Country World Index,Ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2019.

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

By region, the Fund’s security selection across all regions made a positive contribution to relative performance. The largest contribution came from security selection in the U.K. and emerging markets, while the smallest contribution came from the Pacific region, excluding Japan.

Leading individual contributors to the Fund’s relative performance included its overweight positions in HDFC Bank Ltd., AIA Group Ltd. and PT Bank Central Asia. Shares of HDFC Bank, an Indian banking and financial services company not held in the Benchmark, rose amid continued growth in earnings during the reporting period. Shares of AIA Group, a Hong Kong life insurer, rose amid investor optimism for reduced U.S.-China trade tensions. Shares of PT Bank Central Asia, an Indonesian bank, rose amid growth in profits during the reporting period.

Leading individual detractors from the Fund’s relative performance included its underweight positions in Enel SpA and Roche Holding AG and its overweight position in Fanuc Corp. Shares of Enel, an Italian electric utility not held in the Fund, rose amid easing political tensions between the European Union and the Italian government. Shares of Roche Holding, a Swiss pharmaceuticals manufacturer not held in the Fund, rose after the company reported strong revenue growth for the first nine months of 2019 and raised its forecast for revenue growth for the full year. Shares of Fanuc, a Japanese robotics company, fell after the company reduced its profit forecast amid U.S.-China trade tensions.

HOW WAS THE FUND POSITIONED?

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

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

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

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	4.7	%
	2.	HDFC Bank Ltd., ADR (India)	3.6
	3.	AIA Group Ltd. (Hong Kong)	3.5
	4.	Ping An Insurance Group Co. of China Ltd., Class H (China)	3.3
	5.	Royal Dutch Shell plc, Class A (Netherlands)	3.0
	6.	Tencent Holdings Ltd. (China)	2.8
	7.	Alibaba Group Holding Ltd., ADR (China)	2.7
	8.	GlaxoSmithKline plc (United Kingdom)	2.6
	9.	SAP SE (Germany)	2.5
	10.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	2.5

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	17.7	%
Germany	9.4
Switzerland	9.2
China	8.4
France	7.2
Japan	7.2
Canada	7.0
Hong Kong	5.2
Netherlands	5.1
United States	4.9
India	3.4
Taiwan	2.4
Denmark	2.1
Indonesia	1.8
Australia	1.7
Austria	1.6
Sweden	1.6
Brazil	1.4
Others (each less than 1.0%)	0.9
Short-Term Investments	1.8

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge*			12.14	%		4.27	%		6.87	%
Without Sales Charge			18.35			5.40			7.60
CLASS C SHARES	November 30, 2011
With CDSC**			16.73			4.85			7.05
Without CDSC			17.73			4.85			7.05
CLASS I SHARES	November 30, 2011		18.62			5.71			7.90
CLASS R2 SHARES	November 30, 2011		18.01			5.10			7.31
CLASS R5 SHARES	November 30, 2011		18.76			5.82			8.05
CLASS R6 SHARES	November 30, 2011		18.89			5.90			8.12

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE(11/30/11 TO 10/31/19)

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

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Unconstrained Equity Fund, the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) and the Lipper International Large-Cap Growth Funds Index from November 30, 2011 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index, ex-U.S. (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 Lipper International Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI All Country World Index, ex-U.S. (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. The Lipper International Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

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

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	2.69%
MSCI EAFE Value Index (net of foreign withholding taxes)	5.51%
Net Assets as of 10/31/2019 (In Thousands)	$393,272

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2019.

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

By region, the Fund’s security selection across all regions detracted from relative performance. The Fund’s security selection in Europe, excluding the U.K., and its security selection and underweight exposure to the Pacific region, excluding Japan, were leading detractors from performance. The Fund’s security selection in the U.K. and Japan was the smallest detractor from relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Commonwealth Bank of Australia, Vodafone Group and National Australia Bank Ltd. Shares of Commonwealth Bank of Australia, a banking and financial services company not held in the Fund, rose as investors responded positively to there-election of Australia’s conservative coalition government in May 2019. Shares of Vodafone Group, a U.K. telecommunications provider, rose after the company unveiled plans to sell its European

telecommunications tower business. Shares of National Australia Bank, a banking and financial services company, fell amid declining earnings during the reporting period.

Leading individual contributors to relative performance included the Fund’s overweight positions in BHP Group Ltd., Dialog Semiconductor PLC and Advantest Corp. Shares of BHP Group, an Australian mining and minerals company, rose amid strong profit growth during the reporting period. Shares of Dialog Semiconductor, a U.K. semiconductor manufacturer not held in the Benchmark, rose after the company reported better-than-expected earnings for the second quarter of 2019, bolstered by licensing revenue from the transfer of patents to Apple Inc. Shares of Advantest, a Japanese maker of semiconductor manufacturing equipment that was not held in the Benchmark, rose after the company reported better-than-expected sales during the reporting period.

HOW WAS THE FUND POSITIONED?

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

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

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	3.6	%
	2.	Toyota Motor Corp. (Japan)	2.5
	3.	HSBC Holdings plc (United Kingdom)	2.3
	4.	TOTAL SA (France)	2.1
	5.	BP plc (United Kingdom)	2.0
	6.	BHP Group Ltd. (Australia)	1.9
	7.	GlaxoSmithKline plc (United Kingdom)	1.8
	8.	Rio Tinto plc (Australia)	1.4
	9.	British American Tobacco plc (United Kingdom)	1.4
	10.	Allianz SE (Registered) (Germany)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	21.8	%
United Kingdom	17.4
Australia	9.2
Germany	8.0
France	8.0
Switzerland	6.2
Netherlands	5.8
Sweden	2.9
Italy	2.9
Spain	2.7
Norway	2.5
Hong Kong	2.0
Singapore	1.4
Finland	1.3
United States	1.2
Austria	1.2
Belgium	1.2
Others (each less than 1.0%)	3.4
Short-Term Investments	0.9

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			(3.07	)%		(0.71	)%		2.39	%
Without Sales Charge			2.30			0.37			2.94
CLASS C SHARES	July 11, 2006
With CDSC**			0.82			(0.13	)		2.42
Without CDSC			1.82			(0.13	)		2.42
CLASS I SHARES	September 10, 2001		2.56			0.66			3.21
CLASS L SHARES	November 4, 1993		2.69			0.77			3.35
CLASS R2 SHARES	November 3, 2008		2.08			0.11			2.67
CLASS R5 SHARES	September 9, 2016		2.64			0.76			3.34
CLASS R6 SHARES	November 30, 2010		2.83			0.91			3.46

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE(10/31/09 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111. Effective May 2018, some of the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund was managed under the current strategies.

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index (net of foreign withholding taxes) and the Lipper InternationalLarge-Cap Value Funds Average from October 31, 2009 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index (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 Lipper InternationalLarge-Cap Value

Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Value Index (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. The Lipper InternationalLarge-Cap Value Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%
Argentina — 1.5%
MercadoLibre, Inc. *		183		95,260
Australia — 0.3%
Oil Search Ltd.		3,787		18,691
Brazil — 5.5%
Ambev SA, ADR *		17,247		74,336
B3 SA — Brasil Bolsa Balcao		7,991		96,461
Itau Unibanco Holding SA, ADR		8,271		74,687
Lojas Renner SA		5,329		67,617
Raia Drogasil SA *		1,163		31,885
				344,986
China — 29.0%
Alibaba Group Holding Ltd., ADR *		1,869		330,150
Budweiser Brewing Co. APAC Ltd.* (a)		34,773		127,137
Foshan Haitian Flavouring & Food Co. Ltd., Class A		5,182		82,226
Hangzhou Robam Appliances Co. Ltd., Class A		7,247		32,414
Huazhu Group Ltd., ADR (b)		2,030		76,870
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		14,983		61,704
Kweichow Moutai Co. Ltd., Class A		456		76,386
Meituan Dianping, Class B * (a)		7,649		91,244
Midea Group Co. Ltd., Class A		9,820		77,387
NetEase, Inc., ADR		287		82,021
New Oriental Education & Technology Group, Inc., ADR *		874		106,735
Ping An Bank Co. Ltd., Class A		32,804		75,742
Ping An Insurance Group Co. of China Ltd., Class H		13,918		160,633
Shenzhou International Group Holdings Ltd.		3,907		53,985
Tencent Holdings Ltd.		5,483		222,419
Wuxi Biologics Cayman, Inc. * (a) (b)		7,284		85,592
Yum China Holdings, Inc.		2,112		89,741
				1,832,386
Egypt — 0.9%
Commercial International Bank Egypt SAE (Registered), GDR (a)		11,635		57,475
Hong Kong — 7.6%
AIA Group Ltd.		795		7,918
AIA Group Ltd.		26,257		261,475
Hong Kong Exchanges & Clearing Ltd.		2,637		82,153
Techtronic Industries Co. Ltd.		16,325		127,576
				479,122
Hungary — 1.2%
OTP Bank Nyrt.		1,662		76,660

INVESTMENTS	SHARES (000)		VALUE ($000)
India — 19.6%
Asian Paints Ltd.		1,695		43,204
Britannia Industries Ltd.		879		40,460
HDFC Bank Ltd.		9,359		162,165
HDFC Bank Ltd., ADR		1,947		118,930
HDFC Life Insurance Co. Ltd. (a)		10,579		93,290
Hindustan Unilever Ltd.		2,784		85,331
Housing Development Finance Corp. Ltd.		8,380		251,494
IndusInd Bank Ltd.		3,123		57,762
ITC Ltd.		22,200		80,567
Kotak Mahindra Bank Ltd.		4,888		108,413
Maruti Suzuki India Ltd.		943		100,423
Tata Consultancy Services Ltd.		3,003		96,081
				1,238,120
Indonesia — 2.4%
Bank Central Asia Tbk. PT		32,830		73,484
Bank Rakyat Indonesia Persero Tbk. PT		261,981		78,499
				151,983
Macau — 1.2%
Sands China Ltd.		15,304		75,382
Mexico — 3.9%
Fomento Economico Mexicano SAB de CV, ADR		449		39,935
Grupo Financiero Banorte SAB de CV, Class O		16,949		92,674
Infraestructura Energetica Nova SAB de CV *		8,509		37,601
Wal-Mart de Mexico SAB de CV		24,832		74,418
				244,628
Panama — 0.9%
Copa Holdings SA, Class A		579		58,883
Peru — 1.1%
Credicorp Ltd.		316		67,581
Portugal — 1.4%
Jeronimo Martins SGPS SA		5,296		88,997
Russia — 3.1%
Sberbank of Russia PJSC		53,721		196,883
South Africa — 4.0%
Bid Corp. Ltd.		4,328		100,972
Capitec Bank Holdings Ltd. (b)		930		84,519
Mr Price Group Ltd.		2,200		23,263
Sanlam Ltd.		8,699		45,781
				254,535
South Korea — 4.8%
NCSoft Corp.		183		81,353
Samsung Electronics Co. Ltd.		5,049		218,200
				299,553

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Spain — 0.3%
Prosegur Cia de Seguridad SA		4,280		16,614
Taiwan — 6.7%
Largan Precision Co. Ltd.		315		46,221
President Chain Store Corp.		5,581		55,677
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		6,265		323,436
				425,334
Turkey — 0.8%
BIM Birlesik Magazalar A/S		4,889		40,462
Ford Otomotiv Sanayi A/S		1,070		12,067
				52,529
United States — 1.6%
EPAM Systems, Inc. *		563		99,098
Total Common Stocks (Cost $4,432,405)				6,174,700
Short-Term Investments — 2.7%
Investment Companies — 2.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (c) (d) (Cost $168,352)		168,301		168,369
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (c) (d)		8,001		8,001
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c) (d)		5,485		5,485
Total Investment of Cash Collateral from Securities Loaned (Cost $13,486)				13,486
Total Investments — 100.7% (Cost $4,614,243)				6,356,555
Liabilities in Excess of Other Assets — (0.7)%				(42,878	)
NET ASSETS — 100.0%				6,313,677

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Banks		20.9	%
Insurance		9.0
Internet & Direct Marketing Retail		8.1
Food & Staples Retailing		6.2
Semiconductors & Semiconductor Equipment		5.1
Beverages		5.0
Thrifts & Mortgage Finance		4.0
Hotels, Restaurants & Leisure		3.7
Interactive Media & Services		3.5
Technology Hardware, Storage & Peripherals		3.4
IT Services		3.1
Food Products		2.9
Capital Markets		2.8
Entertainment		2.6
Machinery		2.0
Automobiles		1.8
Household Durables		1.7
Diversified Consumer Services		1.7
Life Sciences Tools & Services		1.3
Household Products		1.3
Tobacco		1.3
Multiline Retail		1.1
Others (each less than 1.0%)		4.9
Short-Term Investments		2.6

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PJSC	Public Joint Stock Company
PT	Limited liability company
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 October 31, 2019. The total value of securities on loan at October 31, 2019 is approximately $13,200,000.
(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 October 31, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 90.1%
Argentina — 0.1%
MercadoLibre, Inc. *		4		2,089
Brazil — 7.2%
Ambev SA *		2,921		12,642
B3 SA — Brasil Bolsa Balcao		1,013		12,227
Banco Bradesco SA (Preference)		1,659		14,590
Banco do Brasil SA *		362		4,333
Cogna Educacao		1,152		2,782
CVC Brasil Operadora e Agencia de Viagens SA		224		2,859
Equatorial Energia SA		284		7,209
Gerdau SA (Preference)		1,755		5,875
Itau Unibanco Holding SA (Preference)		2,435		22,020
Lojas Renner SA		718		9,108
Petroleo Brasileiro SA (Preference)		2,893		21,916
Raia Drogasil SA *		213		5,833
Telefonica Brasil SA (Preference)		540		7,150
TIM Participacoes SA, ADR (a)		365		5,163
Vale SA, ADR *		1,378		16,182
				149,889
Chile — 0.2%
Cencosud SA		1,133		1,538
Cia Cervecerias Unidas SA, ADR		93		1,838
				3,376
China — 32.0%
51job, Inc., ADR *		55		4,362
Alibaba Group Holding Ltd., ADR *		558		98,657
ANTA Sports Products Ltd.		446		4,363
Baidu, Inc., ADR *		91		9,298
Bank of China Ltd., Class H		39,080		15,936
Baoshan Iron & Steel Co. Ltd., Class A		6,133		5,051
Beijing Enterprises Holdings Ltd.		445		2,095
BOE Technology Group Co. Ltd., Class A		2,782		1,409
CGN Power Co. Ltd., Class H (b)		16,202		4,208
China Conch Venture Holdings Ltd.		1,158		4,529
China Construction Bank Corp., Class H		42,018		33,668
China Everbright International Ltd.		5,742		4,340
China Life Insurance Co. Ltd., Class H		4,718		12,133
China Longyuan Power Group Corp. Ltd., Class H		7,745		4,184
China Merchants Bank Co. Ltd., Class H		2,270		10,826
China Mobile Ltd.		2,003		16,278
China Oilfield Services Ltd., Class H		4,362		6,073
China Overseas Land & Investment Ltd.		2,848		8,987
China Pacific Insurance Group Co. Ltd., Class H		1,638		5,943
China Petroleum & Chemical Corp., Class H		17,092		9,722

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
China Railway Group Ltd., Class H		4,540		2,736
China Resources Land Ltd.		980		4,168
China Shenhua Energy Co. Ltd., Class H		3,472		7,051
China State Construction International Holdings Ltd.		2,136		1,967
China Unicom Hong Kong Ltd.		7,300		7,187
China Vanke Co. Ltd., Class H		2,185		7,969
CNOOC Ltd.		3,828		5,697
Country Garden Holdings Co. Ltd.		6,810		9,454
Country Garden Services Holdings Co. Ltd.		1,291		4,374
CSPC Pharmaceutical Group Ltd.		3,116		7,980
Ctrip.com International Ltd., ADR *		204		6,715
Far East Horizon Ltd.		3,472		3,287
Fosun International Ltd.		2,048		2,677
Geely Automobile Holdings Ltd.		4,540		8,591
Greentown Service Group Co. Ltd. (b)		2,226		2,526
Hangzhou Robam Appliances Co. Ltd., Class A		1,451		6,490
Huayu Automotive Systems Co. Ltd., Class A		632		2,254
Industrial & Commercial Bank of China Ltd., Class H		33,872		24,266
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		552		2,273
JD.com, Inc., ADR *		307		9,565
Jiangsu Hengrui Medicine Co. Ltd., Class A		475		6,133
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		312		4,453
Jointown Pharmaceutical Group Co. Ltd., Class A		1,611		2,957
Kingdee International Software Group Co. Ltd.		3,784		4,146
Kunlun Energy Co. Ltd.		4,630		4,309
Kweichow Moutai Co. Ltd., Class A		44		7,452
KWG Group Holdings Ltd. *		3,383		3,407
Longfor Group Holdings Ltd. (b)		1,736		7,205
Luxshare Precision Industry Co. Ltd., Class A		1,323		5,967
Meituan Dianping, Class B * (b)		258		3,080
Midea Group Co. Ltd., Class A		717		5,647
NARI Technology Co. Ltd., Class A		1,255		3,911
NetEase, Inc., ADR		45		12,749
Nexteer Automotive Group Ltd.		1,202		1,120
PetroChina Co. Ltd., Class H		8,990		4,384
PICC Property & Casualty Co. Ltd., Class H		5,876		7,436
Ping An Bank Co. Ltd., Class A		256		590
Ping An Bank Co. Ltd., Class A		2,179		5,031
Ping An Insurance Group Co. of China Ltd., Class H		2,760		31,850
Postal Savings Bank of China Co. Ltd., Class H (b)		11,795		7,563
Prosus NV *		96		6,627
SAIC Motor Corp. Ltd., Class A		1,603		5,351

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
China — continued
Shenzhou International Group Holdings Ltd.		570		7,873
Sinopharm Group Co. Ltd., Class H		1,816		6,504
Sunny Optical Technology Group Co. Ltd.		525		8,442
Suofeiya Home Collection Co. Ltd., Class A		1,349		3,322
Tencent Holdings Ltd.		2,275		92,260
Wuxi Biologics Cayman, Inc. * (b)		557		6,540
Xinyangfeng Agricultural Technology Co. Ltd., Class A		2,435		2,922
Yum China Holdings, Inc.		248		10,533
				669,053
Colombia — 0.3%
Bancolombia SA		275		3,348
Ecopetrol SA, ADR		119		2,178
				5,526
Czech Republic — 0.3%
Komercni banka A/S		127		4,282
Moneta Money Bank A/S (b)		966		3,206
				7,488
Greece — 0.1%
OPAP SA		188		2,043
Hong Kong — 0.7%
China Gas Holdings Ltd.		1,691		7,205
Haier Electronics Group Co. Ltd.		1,068		3,049
Hutchison China MediTech Ltd., ADR *		98		1,858
Techtronic Industries Co. Ltd.		379		2,958
				15,070
Hungary — 0.7%
OTP Bank Nyrt.		209		9,650
Richter Gedeon Nyrt.		231		4,282
				13,932
India — 0.7%
HDFC Bank Ltd., ADR		67		4,105
ICICI Bank Ltd., ADR		348		4,529
Infosys Ltd., ADR		692		6,637
				15,271
Indonesia — 2.1%
Astra International Tbk. PT		11,604		5,739
Bank Central Asia Tbk. PT		6,280		14,057
Bank Rakyat Indonesia Persero Tbk. PT		35,550		10,652
Hanjaya Mandala Sampoerna Tbk. PT		17,007		2,579
Telekomunikasi Indonesia Persero Tbk. PT		35,319		10,307

INVESTMENTS	SHARES (000)		VALUE ($000)
Indonesia — continued
United Tractors Tbk. PT		890		1,374
				44,708
Malaysia — 1.2%
CIMB Group Holdings Bhd.		2,991		3,754
IHH Healthcare Bhd.		2,404		3,276
Petronas Chemicals Group Bhd.		3,129		5,590
Public Bank Bhd.		1,571		7,626
Tenaga Nasional Bhd.		1,727		5,719
				25,965
Mexico — 3.3%
Alfa SAB de CV, Class A		2,930		2,550
America Movil SAB de CV, Series L		17,212		13,627
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		2,526		3,398
Fomento Economico Mexicano SAB de CV, ADR		111		9,886
Grupo Aeroportuario del Pacifico SAB de CV, Class B		441		4,621
Grupo Aeroportuario del Sureste SAB de CV, Class B		333		5,455
Grupo Financiero Banorte SAB de CV, Class O		1,870		10,226
Grupo Mexico SAB de CV, Series B		3,025		7,987
Wal-Mart de Mexico SAB de CV		3,468		10,393
				68,143
Peru — 0.5%
Credicorp Ltd.		48		10,318
Philippines — 0.5%
Ayala Corp.		198		3,346
Ayala Land, Inc.		4,635		4,429
International Container Terminal Services, Inc.		1,174		2,744
				10,519
Poland — 1.1%
Bank Polska Kasa Opieki SA		253		7,151
CCC SA		69		2,016
CD Projekt SA		75		4,945
Dino Polska SA * (b)		78		3,049
Polski Koncern Naftowy ORLEN SA		213		5,831
				22,992
Qatar — 0.4%
Qatar National Bank QPSC		1,527		8,049
Russia — 4.5%
Alrosa PJSC		4,254		4,946
Gazprom PJSC, ADR		1,784		14,299

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Russia — continued
LUKOIL PJSC, ADR		216		19,889
Magnitogorsk Iron & Steel Works PJSC		5,273		3,006
MMC Norilsk Nickel PJSC, ADR		121		3,359
Mobile TeleSystems PJSC, ADR		365		3,265
Moscow Exchange MICEX-RTS PJSC		3,604		5,342
Novatek PJSC, GDR (b)		16		3,524
Rosneft Oil Co. PJSC, GDR (b)		405		2,690
Sberbank of Russia PJSC, ADR		1,342		19,732
Severstal PJSC, GDR (b)		348		4,759
Tatneft PJSC, ADR		69		4,808
X5 Retail Group NV, GDR (b)		166		5,536
				95,155
Saudi Arabia — 2.1%
Al Rajhi Bank		712		11,469
Alinma Bank		945		5,285
Almarai Co. JSC		297		3,952
Bupa Arabia for Cooperative Insurance Co.		87		2,483
Mouwasat Medical Services Co.		134		2,923
National Commercial Bank		642		7,456
Saudi Basic Industries Corp.		216		5,041
Saudi Telecom Co.		179		4,583
				43,192
Singapore — 0.1%
BOC Aviation Ltd. (b)		218		2,049
South Africa — 4.2%
Absa Group Ltd.		661		6,781
Bid Corp. Ltd.		389		9,065
Capitec Bank Holdings Ltd.		67		6,126
Clicks Group Ltd.		392		6,368
FirstRand Ltd. (a)		2,066		8,933
Mr Price Group Ltd.		114		1,206
MTN Group Ltd.		321		1,988
Naspers Ltd., Class N		138		19,500
Pick n Pay Stores Ltd.		805		3,522
Sanlam Ltd.		1,593		8,384
Sappi Ltd.		610		1,566
Shoprite Holdings Ltd.		256		2,298
SPAR Group Ltd. (The)		364		4,893
Vodacom Group Ltd.		831		7,263
				87,893
South Korea — 12.9%
BGF retail Co. Ltd.		14		2,100
Daelim Industrial Co. Ltd.		38		2,989

INVESTMENTS	SHARES (000)		VALUE ($000)
South Korea — continued
Hana Financial Group, Inc.		284		8,209
HDC Hyundai Development Co-Engineering & Construction, Class E		43		1,138
Hyundai Glovis Co. Ltd.		25		3,217
Hyundai Heavy Industries Holdings Co. Ltd.		11		3,337
Hyundai Mobis Co. Ltd.		50		10,166
Hyundai Motor Co.		108		11,362
Industrial Bank of Korea		195		1,971
KB Financial Group, Inc.		287		10,324
Kia Motors Corp.		148		5,422
KIWOOM Securities Co. Ltd.		32		1,901
Korea Electric Power Corp. *		131		2,855
KT&G Corp.		97		8,318
LG Chem Ltd.		32		8,514
Lotte Chemical Corp.		27		5,343
Mando Corp.		112		3,424
NAVER Corp.		74		10,468
NCSoft Corp.		17		7,408
POSCO		51		9,223
Samsung Electronics Co. Ltd.		2,162		93,460
Samsung SDI Co. Ltd.		43		8,417
Shinhan Financial Group Co. Ltd.		292		10,634
SK Holdings Co. Ltd.		29		6,369
SK Hynix, Inc.		267		18,791
SK Innovation Co. Ltd.		49		6,639
S-Oil Corp.		81		6,921
Woori Financial Group, Inc.		189		1,908
				270,828
Taiwan — 11.5%
Advantech Co. Ltd.		445		4,396
ASE Technology Holding Co. Ltd.		1,869		4,849
Catcher Technology Co. Ltd.		846		7,171
Chailease Holding Co. Ltd.		1,692		7,623
China Life Insurance Co. Ltd. *		6,332		5,219
CTBC Financial Holding Co. Ltd.		14,866		10,335
Delta Electronics, Inc.		1,869		8,206
E.Sun Financial Holding Co. Ltd.		9,886		8,933
Formosa Chemicals & Fibre Corp.		1,113		3,235
Formosa Plastics Corp.		3,427		11,000
Fubon Financial Holding Co. Ltd.		5,475		8,010
Globalwafers Co. Ltd.		312		3,723
Hon Hai Precision Industry Co. Ltd.		2,582		6,819
Inventec Corp.		5,297		3,838
Largan Precision Co. Ltd.		75		11,005

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Taiwan — continued
MediaTek, Inc.		757		10,110
Quanta Computer, Inc.		2,760		5,294
Taiwan Mobile Co. Ltd.		1,158		4,318
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,860		96,014
Uni-President Enterprises Corp.		3,561		8,797
Vanguard International Semiconductor Corp.		2,582		5,517
Yuanta Financial Holding Co. Ltd.		9,213		5,758
				240,170
Thailand — 2.3%
Kasikornbank PCL		1,660		7,658
Minor International PCL		4,389		5,233
PTT Exploration & Production PCL		1,803		7,192
PTT Global Chemical PCL		1,059		1,789
PTT PCL		7,562		11,337
Siam Cement PCL (The) (Registered)		672		8,236
Thai Oil PCL		2,559		5,806
				47,251
Turkey — 0.9%
BIM Birlesik Magazalar A/S		536		4,440
Eregli Demir ve Celik Fabrikalari TAS		3,405		3,892
Ford Otomotiv Sanayi A/S		224		2,530
KOC Holding A/S		1,029		3,374
Tofas Turk Otomobil Fabrikasi A/S		724		2,831
Turkcell Iletisim Hizmetleri A/S		1,216		2,674
				19,741
United Arab Emirates — 0.1%
DP World plc		164		2,173
United Kingdom — 0.1%
Mondi plc		84		1,733
Total Common Stocks (Cost $1,850,526)				1,884,616
Exchange-Traded Funds — 8.6%
United States — 8.6%
iShares MSCI India ETF (Cost $172,153)		5,164		178,948
Short-Term Investments — 1.1%
Investment Companies — 1.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (c) (d) (Cost $22,222)		22,217		22,226

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c) (d) (Cost $2,216)		2,216		2,216
Total Investments — 99.9% (Cost $2,047,117)				2,088,006
Other Assets Less Liabilities — 0.1%				2,568
NET ASSETS — 100.0%				2,090,574

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Banks		17.2	%
Mutual Funds		8.6
Internet & Direct Marketing Retail		7.0
Oil, Gas & Consumable Fuels		6.8
Semiconductors & Semiconductor Equipment		6.7
Technology Hardware, Storage & Peripherals		5.5
Interactive Media & Services		5.4
Insurance		3.9
Metals & Mining		3.1
Food & Staples Retailing		2.8
Wireless Telecommunication Services		2.6
Electronic Equipment, Instruments & Components		2.4
Real Estate Management & Development		2.2
Chemicals		2.1
Automobiles		2.0
Beverages		1.7
Diversified Telecommunication Services		1.4
Capital Markets		1.2
Entertainment		1.2
Hotels, Restaurants & Leisure		1.0
Pharmaceuticals		1.0
Diversified Financial Services		1.0
Others (each less than 1.0%)		12.1
Short-Term Investments		1.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Abbreviations

ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
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 October 31, 2019. The total value of securities on loan at October 31, 2019 is approximately $2,092,000.

(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.6%
Australia — 2.4%
BHP Group plc		270		5,727
Rio Tinto plc		133		6,939
				12,666
Austria — 0.7%
Wienerberger AG		137		3,723
Belgium — 1.6%
KBC Group NV		122		8,595
Finland — 3.1%
Fortum OYJ		248		6,059
Neste OYJ		116		4,205
UPM-Kymmene OYJ		204		6,644
				16,908
France — 16.1%
Airbus SE		33		4,721
Capgemini SE		33		3,724
Eiffage SA		64		6,850
Faurecia SE		91		4,260
Ingenico Group SA		50		5,329
Kering SA		17		9,913
LVMH Moet Hennessy Louis Vuitton SE		27		11,586
Peugeot SA		326		8,260
Safran SA		65		10,312
Schneider Electric SE		88		8,159
TOTAL SA		263		13,882
				86,996
Germany — 12.6%
Allianz SE (Registered)		68		16,541
Deutsche Telekom AG (Registered)		552		9,707
MTU Aero Engines AG		27		7,220
SAP SE		100		13,219
Stroeer SE & Co. KGaA		66		5,281
TeamViewer AG *		178		4,696
Varta AG *		33		3,714
Volkswagen AG (Preference)		41		7,746
				68,124
Italy — 4.6%
Enel SpA		1,441		11,171
Eni SpA		578		8,762
Poste Italiane SpA (a)		411		4,997
				24,930
Netherlands — 7.9%
ABN AMRO Bank NV, CVA (a)		283		5,267

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — continued
ASM International NV		84		8,491
ASML Holding NV		22		5,716
ASR Nederland NV		150		5,484
Koninklijke Ahold Delhaize NV		217		5,409
NN Group NV		208		7,954
Wolters Kluwer NV		63		4,676
				42,997
Norway — 1.8%
DNB ASA		544		9,902
Russia — 1.4%
Polymetal International plc		448		7,370
South Africa — 1.2%
Anglo American plc		260		6,688
Spain — 2.6%
Masmovil Ibercom SA *		193		4,480
Repsol SA		588		9,684
				14,164
Sweden — 3.2%
Evolution Gaming Group AB (a) (b)		180		4,317
Telefonaktiebolaget LM Ericsson, Class B		894		7,810
Volvo AB, Class B		354		5,299
				17,426
Switzerland — 21.5%
LafargeHolcim Ltd. (Registered) *		158		8,177
Logitech International SA (Registered)		97		3,979
Nestle SA (Registered)		253		27,058
Novartis AG (Registered)		244		21,361
Roche Holding AG		87		26,058
STMicroelectronics NV		282		6,409
Swisscom AG (Registered)		17		8,536
Zurich Insurance Group AG		39		15,163
				116,741
United Kingdom — 18.0%
Ashtead Group plc		207		6,304
Avast plc (a)		1,329		7,136
Diageo plc		250		10,229
GlaxoSmithKline plc		690		15,812
Intermediate Capital Group plc		332		6,388
Linde plc		63		12,370
Prudential plc		472		8,246
Segro plc, REIT		703		7,694
Serco Group plc *		2,758		5,573

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Taylor Wimpey plc		3,789		8,127
Trainline plc * (a)		466		2,512
WPP plc		593		7,395
				97,786
United States — 0.9%
Softwareone Holding AG *		272		4,970
Total Common Stocks (Cost $494,606)				539,986
Short-Term Investments — 0.0% (c)
Investment Companies — 0.0% (c)
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (d) (e) (Cost $130)		130		130
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (d) (e) (Cost $286)		286		286
Total Investments — 99.7% (Cost $495,022)				540,402
Other Assets Less Liabilities — 0.3%				1,843
NET ASSETS — 100.0%				542,245

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		11.7	%
Insurance		10.8
Oil, Gas & Consumable Fuels		6.8
Food Products		5.0
Metals & Mining		4.9
Software		4.6
Banks		4.4
Diversified Telecommunication Services		4.2
Aerospace & Defense		4.1
Textiles, Apparel & Luxury Goods		4.0
Semiconductors & Semiconductor Equipment		3.8
Electric Utilities		3.2
Automobiles		3.0
Media		2.3
Chemicals		2.3
Construction Materials		2.2
Electrical Equipment		2.2
Beverages		1.9
IT Services		1.6
Household Durables		1.5
Communications Equipment		1.4
Equity Real Estate Investment Trusts (REITs)		1.4
Construction & Engineering		1.3
Paper & Forest Products		1.2
Capital Markets		1.2
Trading Companies & Distributors		1.2
Commercial Services & Supplies		1.0
Food & Staples Retailing		1.0
Electronic Equipment, Instruments & Components		1.0
Machinery		1.0
Others (each less than 1.0%)		3.8
Short-Term Investments		0.0	(f)

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

Abbreviations

CVA	Dutch Certification
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
(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 October 31, 2019. The total value of securities on loan at October 31, 2019 is approximately $275,000.
(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 October 31, 2019.
(f)	Amount rounds to less than 0.1%.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
EURO STOXX 50 Index		(137)		12/2019		EUR		(5,508)		(9)
FTSE 100 Index		(19)		12/2019		GBP		(1,783)		(3)
										(12)

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%
Argentina — 0.0% (a)
MercadoLibre, Inc. *		4		2,054
Australia — 2.9%
AGL Energy Ltd.		56		764
Alumina Ltd.		580		905
APA Group		158		1,266
Aristocrat Leisure Ltd.		38		829
Aurizon Holdings Ltd.		347		1,413
Australia & New Zealand Banking Group Ltd.		400		7,351
BHP Group Ltd.		361		8,853
BHP Group plc		355		7,531
Boral Ltd.		144		500
Brambles Ltd.		165		1,366
Caltex Australia Ltd.		40		752
Coca-Cola Amatil Ltd.		124		867
Cochlear Ltd.		10		1,388
Coles Group Ltd.		116		1,202
Commonwealth Bank of Australia		168		9,135
Computershare Ltd.		91		998
Crown Resorts Ltd.		10		87
CSL Ltd.		51		8,969
Fortescue Metals Group Ltd.		85		523
Goodman Group, REIT		225		2,229
GPT Group (The), REIT		702		2,880
Incitec Pivot Ltd.		183		434
Insurance Australia Group Ltd.		220		1,203
Lendlease Group		62		805
Macquarie Group Ltd.		37		3,414
Mirvac Group, REIT		1,466		3,249
National Australia Bank Ltd.		246		4,829
Newcrest Mining Ltd.		77		1,676
Oil Search Ltd.		175		864
Orica Ltd.		67		1,056
Origin Energy Ltd.		163		886
QBE Insurance Group Ltd.		271		2,354
Ramsay Health Care Ltd.		20		936
REA Group Ltd. (b)		13		952
Rio Tinto Ltd.		57		3,537
Rio Tinto plc		162		8,437
Santos Ltd.		192		1,075
SEEK Ltd.		6		97
Sonic Healthcare Ltd.		33		640
South32 Ltd.		704		1,233
Stockland, REIT		332		1,122
Suncorp Group Ltd.		245		2,274

INVESTMENTS	SHARES (000)		VALUE ($000)
Australia — continued
Sydney Airport		186		1,127
Tabcorp Holdings Ltd.		264		875
Telstra Corp. Ltd.		160		386
TPG Telecom Ltd.		106		478
Transurban Group		267		2,734
Treasury Wine Estates Ltd.		67		807
Wesfarmers Ltd.		116		3,190
Westpac Banking Corp.		421		8,182
Woodside Petroleum Ltd.		77		1,697
Woolworths Group Ltd.		161		4,147
				124,504
Austria — 0.1%
Erste Group Bank AG		179		6,320
Belgium — 0.2%
Anheuser-Busch InBev SA/NV		62		4,990
KBC Group NV		76		5,338
				10,328
Canada — 3.5%
Agnico Eagle Mines Ltd.		27		1,654
Alimentation Couche-Tard, Inc., Class B		108		3,230
Bank of Montreal (b)		80		5,928
Bank of Nova Scotia (The)		145		8,309
Barrick Gold Corp.		142		2,473
BCE, Inc.		20		937
Brookfield Asset Management, Inc., Class A		114		6,310
Canadian Imperial Bank of Commerce		51		4,318
Canadian National Railway Co.		97		8,677
Canadian Natural Resources Ltd.		140		3,522
Canadian Pacific Railway Ltd.		19		4,223
Canadian Tire Corp. Ltd., Class A (b)		9		957
Cenovus Energy, Inc.		108		920
CGI, Inc. *		28		2,200
Constellation Software, Inc.		2		2,404
Dollarama, Inc.		45		1,498
Enbridge, Inc.		100		3,652
Encana Corp.		109		428
Fairfax Financial Holdings Ltd.		3		1,210
Fortis, Inc.		36		1,482
Franco-Nevada Corp.		22		2,136
George Weston Ltd.		4		313
Gildan Activewear, Inc.		31		789
Great-West Lifeco, Inc.		37		909
Imperial Oil Ltd.		38		944

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Canada — continued
Intact Financial Corp.		17		1,727
Inter Pipeline Ltd.		45		764
Kinross Gold Corp. *		160		776
Loblaw Cos. Ltd. (b)		29		1,542
Magna International, Inc.		51		2,731
Manulife Financial Corp.		251		4,677
Metro, Inc.		32		1,364
National Bank of Canada		42		2,193
Nutrien Ltd.		84		4,037
Open Text Corp.		32		1,312
Pembina Pipeline Corp.		48		1,697
Power Corp. of Canada		48		1,105
Power Financial Corp.		34		784
Restaurant Brands International, Inc.		28		1,830
Rogers Communications, Inc., Class B		46		2,174
Royal Bank of Canada		174		13,997
Saputo, Inc.		33		947
Shaw Communications, Inc., Class B		52		1,061
SNC-Lavalin Group, Inc.		20		361
Sun Life Financial, Inc.		79		3,522
Suncor Energy, Inc.		198		5,881
TC Energy Corp.		90		4,554
Teck Resources Ltd., Class B		69		1,085
Thomson Reuters Corp.		44		2,948
Toronto-Dominion Bank (The)		219		12,492
Wheaton Precious Metals Corp.		53		1,494
				146,478
China — 0.1%
BOC Hong Kong Holdings Ltd.		736		2,529
Prosus NV *		23		1,612
Yangzijiang Shipbuilding Holdings Ltd.		311		218
				4,359
Denmark — 0.7%
Carlsberg A/S, Class B		37		5,171
Chr Hansen Holding A/S (b)		44		3,369
Novo Nordisk A/S, Class B		281		15,467
Novozymes A/S, Class B (b)		93		4,365
				28,372
Finland — 0.4%
Elisa OYJ		73		3,984
Nokia OYJ		413		1,515
UPM-Kymmene OYJ		220		7,181
Wartsila OYJ Abp		224		2,366
				15,046

INVESTMENTS	SHARES (000)		VALUE ($000)
France — 4.2%
Accor SA		110		4,736
Air Liquide SA		60		7,955
Airbus SE		99		14,143
Alstom SA		97		4,182
Arkema SA		47		4,826
AXA SA		284		7,510
BioMerieux		51		4,179
BNP Paribas SA		208		10,855
Capgemini SE		39		4,372
Dassault Systemes SE (b)		29		4,380
Eiffage SA		51		5,430
Kering SA		13		7,617
L’Oreal SA		18		5,339
LVMH Moet Hennessy Louis Vuitton SE		33		14,091
Orange SA		406		6,542
Pernod Ricard SA		32		5,954
Renault SA		72		3,657
Safran SA		60		9,493
Sanofi		76		6,974
Schneider Electric SE		120		11,108
Thales SA		47		4,595
TOTAL SA		280		14,805
Valeo SA		84		3,117
Vinci SA (b)		85		9,541
Vivendi SA		149		4,152
				179,553
Germany — 2.8%
adidas AG		26		8,079
Allianz SE (Registered)		57		13,811
BASF SE		60		4,538
Bayer AG (Registered)		90		6,994
Daimler AG (Registered)		55		3,203
Deutsche Post AG (Registered)		266		9,434
Deutsche Telekom AG (Registered)		530		9,332
Fresenius SE & Co. KGaA		113		5,951
Infineon Technologies AG		339		6,573
Merck KGaA		46		5,544
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		31		8,500
RWE AG		170		5,168
SAP SE		108		14,253
Siemens AG (Registered)		71		8,150
Volkswagen AG (Preference)		49		9,389
				118,919

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hong Kong — 1.1%
AIA Group Ltd.		1,291		12,860
ASM Pacific Technology Ltd.		45		627
Bank of East Asia Ltd. (The)		41		99
CK Asset Holdings Ltd.		228		1,589
CK Infrastructure Holdings Ltd.		188		1,349
CLP Holdings Ltd.		209		2,165
Hang Lung Properties Ltd.		59		130
Hang Seng Bank Ltd. (b)		90		1,884
Henderson Land Development Co. Ltd.		231		1,156
HKT Trust & HKT Ltd.		371		577
Hong Kong & China Gas Co. Ltd.		771		1,497
Hong Kong Exchanges & Clearing Ltd.		182		5,667
Hongkong Land Holdings Ltd.		125		688
Jardine Matheson Holdings Ltd.		13		713
Kerry Properties Ltd.		177		572
Link, REIT		202		2,195
MTR Corp. Ltd.		135		771
New World Development Co. Ltd.		410		587
NWS Holdings Ltd.		274		408
Power Assets Holdings Ltd.		222		1,584
Sino Land Co. Ltd.		606		906
Sun Hung Kai Properties Ltd.		188		2,849
Swire Pacific Ltd., Class A		106		1,010
Techtronic Industries Co. Ltd.		135		1,051
WH Group Ltd. (c)		692		730
Wharf Holdings Ltd. (The)		232		526
Wharf Real Estate Investment Co. Ltd.		189		1,112
Wheelock & Co. Ltd.		174		1,076
Yue Yuen Industrial Holdings Ltd.		167		469
				46,847
Ireland — 0.6%
CRH plc		208		7,589
Kerry Group plc, Class A		48		5,801
Kingspan Group plc		91		4,721
Kingspan Group plc		8		392
Ryanair Holdings plc, ADR *		64		4,792
				23,295
Israel — 0.0% (a)
Teva Pharmaceutical Industries Ltd., ADR *		155		1,261
Italy — 0.7%
Davide Campari-Milano SpA (b)		455		4,176
Enel SpA		1,418		10,989
FinecoBank Banca Fineco SpA		254		2,861

INVESTMENTS	SHARES (000)			VALUE ($000)
Italy — continued
Snam SpA		955			4,904
UniCredit SpA (b)		432			5,480
					28,410
Japan — 8.2%
Alfresa Holdings Corp.		22			498
Amada Holdings Co. Ltd.		116			1,315
Asahi Group Holdings Ltd.		71			3,560
Asahi Intecc Co. Ltd.		11			314
Asahi Kasei Corp.		243			2,700
Astellas Pharma, Inc.		162			2,785
Bandai Namco Holdings, Inc.		31			1,925
Bridgestone Corp.		39			1,612
Canon, Inc.		70			1,918
Central Japan Railway Co.		15			3,077
Chubu Electric Power Co., Inc.		106			1,586
Chugai Pharmaceutical Co. Ltd.		14			1,161
Dai Nippon Printing Co. Ltd.		25			676
Daicel Corp.		85			759
Daifuku Co. Ltd.		4			228
Dai-ichi Life Holdings, Inc.		84			1,366
Daiichi Sankyo Co. Ltd.		74			4,846
Daikin Industries Ltd.		33			4,549
Daito Trust Construction Co. Ltd.		4			504
Daiwa House Industry Co. Ltd.		106			3,649
Daiwa House REIT Investment Corp., REIT		—	(d)		402
Denso Corp.		75			3,478
Dentsu, Inc.		33			1,162
East Japan Railway Co.		46			4,185
Eisai Co. Ltd.		6			456
Electric Power Development Co. Ltd.		70			1,697
FANUC Corp.		13			2,466
Fast Retailing Co. Ltd.		5			3,145
FUJIFILM Holdings Corp.		63			2,748
Fujitsu Ltd.		14			1,214
Fukuoka Financial Group, Inc.		59			1,132
Hankyu Hanshin Holdings, Inc.		38			1,501
Hino Motors Ltd.		96			910
Hitachi High-Technologies Corp.		20			1,251
Hitachi Ltd.		140			5,218
Honda Motor Co. Ltd.		222			6,003
Hoya Corp.		46			4,083
Idemitsu Kosan Co. Ltd.		14			417
Inpex Corp.		41			374
ITOCHU Corp.		188			3,939

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Japan — continued
J Front Retailing Co. Ltd.		120			1,522
Japan Airlines Co. Ltd.		56			1,729
Japan Exchange Group, Inc.		102			1,689
Japan Post Holdings Co. Ltd.		49			446
Japan Prime Realty Investment Corp., REIT		—	(d)		481
Japan Real Estate Investment Corp., REIT		—	(d)		764
Japan Retail Fund Investment Corp., REIT		—	(d)		908
Japan Tobacco, Inc.		119			2,678
JFE Holdings, Inc.		24			303
JTEKT Corp.		26			326
JXTG Holdings, Inc.		627			2,931
Kajima Corp.		157			2,162
Kansai Paint Co. Ltd.		18			443
Kao Corp.		71			5,732
KDDI Corp.		139			3,846
Keikyu Corp.		30			587
Keyence Corp.		11			7,082
Kikkoman Corp.		7			356
Kintetsu Group Holdings Co. Ltd.		14			758
Kirin Holdings Co. Ltd.		101			2,143
Komatsu Ltd.		119			2,775
Konami Holdings Corp.		20			878
Kubota Corp.		185			2,932
Kuraray Co. Ltd.		79			936
Kyocera Corp.		33			2,132
Kyowa Kirin Co. Ltd.		104			1,906
M3, Inc.		68			1,618
Marui Group Co. Ltd. (b)		87			1,943
MEIJI Holdings Co. Ltd.		7			476
MINEBEA MITSUMI, Inc.		60			1,141
MISUMI Group, Inc.		16			392
Mitsubishi Corp.		197			5,013
Mitsubishi Electric Corp.		166			2,373
Mitsubishi Estate Co. Ltd.		160			3,105
Mitsubishi UFJ Financial Group, Inc.		1,416			7,340
Mitsui & Co. Ltd.		188			3,225
Mitsui Chemicals, Inc.		82			1,957
Mitsui Fudosan Co. Ltd.		155			3,960
Mizuho Financial Group, Inc.		1,353			2,100
MS&AD Insurance Group Holdings, Inc.		30			969
Murata Manufacturing Co. Ltd.		31			1,704
Nabtesco Corp.		46			1,471
Nexon Co. Ltd. *		39			448
NGK Spark Plug Co. Ltd.		79			1,594
NH Foods Ltd.		23			945
Nidec Corp.		31			4,623

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Nintendo Co. Ltd.		14			5,135
Nippon Building Fund, Inc., REIT		—	(d)		850
Nippon Prologis REIT, Inc., REIT		—	(d)		385
Nippon Steel Corp.		124			1,803
Nippon Telegraph & Telephone Corp.		97			4,835
Nippon Yusen KK		50			900
Nissan Motor Co. Ltd.		225			1,419
Nissin Foods Holdings Co. Ltd.		19			1,420
Nitori Holdings Co. Ltd.		16			2,466
Nitto Denko Corp.		33			1,842
Nomura Holdings, Inc.		241			1,096
Nomura Real Estate Master Fund, Inc., REIT		—	(d)		759
Nomura Research Institute Ltd.		92			1,962
NTT DOCOMO, Inc.		197			5,409
Obic Co. Ltd.		5			639
Oji Holdings Corp.		72			374
Olympus Corp.		80			1,087
Ono Pharmaceutical Co. Ltd.		57			1,066
Oriental Land Co. Ltd.		11			1,642
ORIX Corp.		178			2,804
Otsuka Corp.		46			1,863
Otsuka Holdings Co. Ltd.		82			3,431
Pan Pacific International Holdings Corp.		23			359
Panasonic Corp.		279			2,348
PeptiDream, Inc. *		6			286
Persol Holdings Co. Ltd.		59			1,127
Rakuten, Inc.		45			424
Recruit Holdings Co. Ltd.		106			3,513
Renesas Electronics Corp. *		195			1,319
Resona Holdings, Inc.		440			1,911
Ricoh Co. Ltd.		35			312
Rohm Co. Ltd.		20			1,569
Ryohin Keikaku Co. Ltd.		63			1,403
Santen Pharmaceutical Co. Ltd.		25			443
SBI Holdings, Inc.		52			1,140
Secom Co. Ltd.		11			1,047
Sega Sammy Holdings, Inc.		106			1,492
Seibu Holdings, Inc.		111			1,956
Sekisui House Ltd.		73			1,579
Seven & i Holdings Co. Ltd.		91			3,442
Shimadzu Corp.		36			967
Shimano, Inc.		6			1,065
Shimizu Corp.		114			1,058
Shin-Etsu Chemical Co. Ltd.		51			5,709
Shionogi & Co. Ltd.		12			744
Shiseido Co. Ltd.		51			4,221

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Japan — continued
SMC Corp.		6			2,765
Softbank Corp.		99			1,353
SoftBank Group Corp.		154			5,924
Sompo Holdings, Inc.		21			821
Sony Corp.		146			8,881
Stanley Electric Co. Ltd.		13			354
Subaru Corp.		21			608
Sumitomo Electric Industries Ltd.		114			1,556
Sumitomo Metal Mining Co. Ltd.		16			545
Sumitomo Mitsui Financial Group, Inc.		173			6,153
Sumitomo Mitsui Trust Holdings, Inc.		44			1,593
Suntory Beverage & Food Ltd.		13			560
Suzuken Co. Ltd.		31			1,666
Suzuki Motor Corp.		62			2,918
T&D Holdings, Inc.		163			1,820
Taiheiyo Cement Corp.		38			1,061
Takeda Pharmaceutical Co. Ltd.		163			5,904
TDK Corp.		8			799
Terumo Corp.		56			1,834
Tohoku Electric Power Co., Inc.		74			758
Tokio Marine Holdings, Inc.		81			4,390
Tokyo Electric Power Co. Holdings, Inc. *		73			337
Tokyo Electron Ltd.		8			1,560
Tokyo Gas Co. Ltd.		74			1,797
Tokyu Corp.		143			2,699
Tokyu Fudosan Holdings Corp.		143			947
Toppan Printing Co. Ltd.		29			533
Toray Industries, Inc.		101			714
Toshiba Corp.		43			1,453
Toyota Industries Corp.		9			540
Toyota Motor Corp.		249			17,255
Toyota Tsusho Corp.		13			442
Trend Micro, Inc.		7			358
Unicharm Corp.		18			600
United Urban Investment Corp., REIT		—	(d)		480
Yakult Honsha Co. Ltd.		7			424
Yamato Holdings Co. Ltd.		40			673
Yaskawa Electric Corp.		11			430
Z Holdings Corp.		145			445
					346,222
Macau — 0.1%
Galaxy Entertainment Group Ltd.		289			1,990
Sands China Ltd.		339			1,671
Wynn Macau Ltd.		211			457
					4,118

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — 2.1%
Akzo Nobel NV		78		7,197
ASML Holding NV		55		14,511
Heineken NV		45		4,643
ING Groep NV		866		9,811
Koninklijke Ahold Delhaize NV		325		8,089
Koninklijke Philips NV		110		4,841
NN Group NV		137		5,210
NXP Semiconductors NV		34		3,835
Randstad NV		53		2,923
Royal Dutch Shell plc, Class A		569		16,487
Royal Dutch Shell plc, Class B		274		7,880
Wolters Kluwer NV		68		5,011
				90,438
New Zealand — 0.1%
Auckland International Airport Ltd.		178		1,061
Fletcher Building Ltd.		159		468
Ryman Healthcare Ltd.		79		652
Spark New Zealand Ltd.		341		978
				3,159
Norway — 0.1%
Telenor ASA		290		5,424
Singapore — 0.5%
Ascendas, REIT		401		934
CapitaLand Ltd.		446		1,180
CapitaLand Mall Trust, REIT		299		559
ComfortDelGro Corp. Ltd.		260		439
DBS Group Holdings Ltd.		274		5,213
Genting Singapore Ltd.		582		402
Jardine Cycle & Carriage Ltd.		13		305
Keppel Corp. Ltd.		220		1,109
Oversea-Chinese Banking Corp. Ltd.		587		4,722
Singapore Airlines Ltd.		64		440
Singapore Press Holdings Ltd.		153		249
Singapore Telecommunications Ltd.		1,372		3,322
United Overseas Bank Ltd.		40		793
Wilmar International Ltd.		400		1,099
				20,766
Spain — 0.8%
Amadeus IT Group SA		88		6,483
Banco Santander SA (b)		1,036		4,160
Endesa SA		163		4,426
Iberdrola SA		1,039		10,677
Industria de Diseno Textil SA		130		4,063

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Spain — continued
Telefonica SA		352		2,702
				32,511
Sweden — 0.6%
Boliden AB		129		3,478
Lundin Petroleum AB (b)		92		3,039
Sandvik AB		260		4,601
SKF AB, Class B		117		2,119
Svenska Handelsbanken AB, Class A (b)		718		7,205
Volvo AB, Class B		213		3,185
				23,627
Switzerland — 2.8%
ABB Ltd. (Registered)		159		3,333
Cie Financiere Richemont SA (Registered)		55		4,310
Credit Suisse Group AG (Registered) *		545		6,750
LafargeHolcim Ltd. (Registered) *		92		4,771
Lonza Group AG (Registered) *		18		6,581
Nestle SA (Registered)		333		35,643
Novartis AG (Registered)		260		22,720
Roche Holding AG		88		26,407
UBS Group AG (Registered) *		322		3,808
Zurich Insurance Group AG		9		3,528
				117,851
United Kingdom — 4.8%
3i Group plc		444		6,481
AstraZeneca plc		83		8,096
Barclays plc		2,931		6,359
Beazley plc		531		4,035
BP plc		2,747		17,419
British American Tobacco plc		145		5,074
Burberry Group plc		164		4,340
CK Hutchison Holdings Ltd.		345		3,184
Compass Group plc		101		2,688
Diageo plc		337		13,807
Fiat Chrysler Automobiles NV		256		3,979
GlaxoSmithKline plc		296		6,783
HSBC Holdings plc		1,573		11,884
Imperial Brands plc		148		3,255
InterContinental Hotels Group plc		60		3,654
Intertek Group plc		57		3,922
Liberty Global plc, Class C *		19		459
Linde plc		56		11,068
Lloyds Banking Group plc		5,868		4,316
London Stock Exchange Group plc		62		5,547

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
M&G plc *		525		1,454
Persimmon plc		109		3,215
Prudential plc		525		9,168
Reckitt Benckiser Group plc		74		5,692
RELX plc		282		6,789
SSE plc		409		6,808
St James’s Place plc		284		3,836
Standard Chartered plc		715		6,489
Taylor Wimpey plc		2,443		5,240
Tesco plc		1,811		5,527
Unilever NV (b)		196		11,561
Unilever plc		84		5,041
Vodafone Group plc		2,146		4,379
				201,549
United States — 61.1%
Abbott Laboratories		60		5,012
AbbVie, Inc.		250		19,906
Accenture plc, Class A		93		17,263
Adobe, Inc. *		23		6,281
Advance Auto Parts, Inc.		41		6,733
Advanced Micro Devices, Inc. *		258		8,739
AES Corp.		67		1,143
Akamai Technologies, Inc. *		10		869
Alexion Pharmaceuticals, Inc. *		60		6,352
Alleghany Corp. *		1		516
Allergan plc		33		5,782
Allstate Corp. (The)		65		6,885
Alphabet, Inc., Class A *		32		39,692
Alphabet, Inc., Class C *		37		47,013
Altice USA, Inc., Class A *		153		4,746
Altria Group, Inc.		179		8,015
Amazon.com, Inc. *		45		80,005
American Electric Power Co., Inc.		88		8,282
American Express Co.		96		11,270
American International Group, Inc.		259		13,713
American Tower Corp., REIT		6		1,372
Ameriprise Financial, Inc.		62		9,430
Amgen, Inc.		15		3,274
Analog Devices, Inc.		150		15,972
Anthem, Inc.		50		13,339
Apple, Inc.		482		119,865
Aramark		25		1,107
Arch Capital Group Ltd. *		15		613
Arrow Electronics, Inc. *		9		726

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
AT&T, Inc.		372		14,310
Automatic Data Processing, Inc.		121		19,709
AutoZone, Inc. *		11		12,269
AvalonBay Communities, Inc., REIT		25		5,452
Avery Dennison Corp.		32		4,100
Bank of America Corp.		1,240		38,786
BB&T Corp.		77		4,058
Becton Dickinson and Co.		42		10,818
Berkshire Hathaway, Inc., Class B *		127		26,993
Best Buy Co., Inc.		153		11,015
Biogen, Inc. *		34		10,274
BioMarin Pharmaceutical, Inc. *		16		1,156
BlackRock, Inc.		28		12,971
Boeing Co. (The)		27		9,012
Booking Holdings, Inc. *		4		7,240
BorgWarner, Inc.		31		1,297
Boston Properties, Inc., REIT		14		1,974
Boston Scientific Corp. *		374		15,605
Bristol-Myers Squibb Co.		233		13,369
Broadcom, Inc.		12		3,409
Cadence Design Systems, Inc. *		28		1,852
Camden Property Trust, REIT		7		821
Capital One Financial Corp.		115		10,681
Caterpillar, Inc.		67		9,267
CBRE Group, Inc., Class A *		34		1,817
CDK Global, Inc.		13		675
CDW Corp.		15		1,878
Celanese Corp.		84		10,150
Celgene Corp. *		96		10,318
Cerner Corp.		10		702
Charles Schwab Corp. (The)		156		6,365
Charter Communications, Inc., Class A *		44		20,726
Cheniere Energy, Inc. *		22		1,381
Chevron Corp.		256		29,687
Chubb Ltd.		17		2,564
Cigna Corp.		101		18,046
Cincinnati Financial Corp.		16		1,793
Cisco Systems, Inc.		236		11,210
Citigroup, Inc.		417		29,933
Citizens Financial Group, Inc.		184		6,482
CME Group, Inc.		8		1,581
CMS Energy Corp.		106		6,744
Coca-Cola Co. (The)		632		34,378
Cognizant Technology Solutions Corp., Class A		185		11,291

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Comcast Corp., Class A		678		30,409
Conagra Brands, Inc.		51		1,385
Concho Resources, Inc.		53		3,548
Constellation Brands, Inc., Class A		24		4,588
Cooper Cos., Inc. (The)		4		1,177
Corteva, Inc.		242		6,377
Crown Holdings, Inc. *		101		7,327
Cummins, Inc.		64		10,967
CVS Health Corp.		31		2,085
Danaher Corp.		46		6,406
Darden Restaurants, Inc.		11		1,188
DaVita, Inc. *		10		596
Deere & Co.		61		10,674
Dell Technologies, Inc., Class C *		14		736
Delta Air Lines, Inc.		143		7,849
DexCom, Inc. *		3		516
Diamondback Energy, Inc.		82		7,036
Digital Realty Trust, Inc., REIT		10		1,214
Discovery, Inc., Class A * (b)		159		4,281
Discovery, Inc., Class C *		190		4,806
Dow, Inc.		118		5,939
DuPont de Nemours, Inc.		97		6,404
E *TRADE Financial Corp.		24		1,015
Eastman Chemical Co.		113		8,616
Eaton Corp. plc		195		16,991
Edison International		159		10,006
Edwards Lifesciences Corp. *		9		2,179
Electronic Arts, Inc. *		87		8,346
Eli Lilly & Co.		154		17,542
Emerson Electric Co.		28		1,954
Entergy Corp.		90		10,934
EOG Resources, Inc.		195		13,508
Equinix, Inc., REIT		12		6,652
Equity Residential, REIT		95		8,430
Essex Property Trust, Inc., REIT		20		6,601
Estee Lauder Cos., Inc. (The), Class A		8		1,412
Everest Re Group Ltd.		5		1,164
Exelon Corp.		119		5,431
Expedia Group, Inc.		81		11,022
Exxon Mobil Corp.		231		15,617
F5 Networks, Inc. *		5		779
Facebook, Inc., Class A *		200		38,404
Federal Realty Investment Trust, REIT		43		5,900
Ferguson plc		28		2,430

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Fidelity National Financial, Inc.		11		521
Fidelity National Information Services, Inc.		10		1,272
Fifth Third Bancorp		239		6,959
Fiserv, Inc. *		53		5,674
Flex Ltd. *		25		300
Ford Motor Co.		415		3,562
Fortinet, Inc. *		14		1,166
Franklin Resources, Inc.		177		4,883
Freeport-McMoRan, Inc.		135		1,322
General Dynamics Corp.		91		16,121
General Mills, Inc.		150		7,612
General Motors Co.		173		6,442
Gilead Sciences, Inc.		83		5,297
H&R Block, Inc.		19		486
Hartford Financial Services Group, Inc. (The)		228		13,010
Hasbro, Inc.		22		2,092
HD Supply Holdings, Inc. *		103		4,068
Hilton Worldwide Holdings, Inc.		83		8,089
Hologic, Inc. *		28		1,362
Home Depot, Inc. (The)		145		34,011
Honeywell International, Inc.		146		25,222
Host Hotels & Resorts, Inc., REIT		212		3,470
HP, Inc.		415		7,211
IDEXX Laboratories, Inc. *		8		2,288
Illumina, Inc. *		14		4,078
Ingersoll-Rand plc		93		11,748
Intel Corp.		218		12,343
Intercontinental Exchange, Inc.		194		18,263
International Business Machines Corp.		62		8,247
Intuit, Inc.		70		17,945
Intuitive Surgical, Inc. *		11		6,104
Invesco Ltd.		97		1,636
Invitation Homes, Inc., REIT		19		595
James Hardie Industries plc, CHDI		69		1,186
JM Smucker Co. (The)		11		1,143
Johnson & Johnson		201		26,574
Jones Lang LaSalle, Inc.		4		534
Kansas City Southern		52		7,373
KeyCorp		519		9,327
Kimberly-Clark Corp.		34		4,474
KLA Corp.		17		2,829
Las Vegas Sands Corp.		33		2,014
Lear Corp.		5		533
Leidos Holdings, Inc.		57		4,907

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Lennar Corp., Class A		123		7,325
Liberty Broadband Corp., Class C *		11		1,303
Lincoln National Corp.		39		2,208
Lowe’s Cos., Inc.		158		17,672
Lyft, Inc., Class A *		42		1,752
LyondellBasell Industries NV, Class A		28		2,546
ManpowerGroup, Inc.		7		612
Marathon Petroleum Corp.		202		12,928
Marvell Technology Group Ltd.		131		3,202
Masco Corp.		184		8,507
Mastercard, Inc., Class A		138		38,315
McDonald’s Corp.		66		13,080
McKesson Corp.		46		6,129
Medtronic plc		206		22,390
Merck & Co., Inc.		329		28,545
MetLife, Inc.		226		10,577
Microsoft Corp.		801		114,861
Mid-America Apartment Communities, Inc., REIT		12		1,677
Mondelez International, Inc., Class A		328		17,222
Morgan Stanley		423		19,468
Motorola Solutions, Inc.		12		1,947
National Retail Properties, Inc., REIT		14		806
Netflix, Inc. *		56		16,230
Newmont Goldcorp Corp.		38		1,487
NextEra Energy, Inc.		90		21,497
Nielsen Holdings plc		54		1,088
NIKE, Inc., Class B		151		13,484
Norfolk Southern Corp.		99		17,935
Northrop Grumman Corp.		27		9,486
Nucor Corp.		31		1,694
NVIDIA Corp.		79		15,819
ON Semiconductor Corp. *		240		4,898
ONEOK, Inc.		180		12,536
Oracle Corp.		44		2,407
O’Reilly Automotive, Inc. *		17		7,345
Owens Corning		10		629
PACCAR, Inc.		52		3,969
Packaging Corp. of America		40		4,344
Palo Alto Networks, Inc. *		7		1,682
Parker-Hannifin Corp.		43		7,833
Parsley Energy, Inc., Class A		103		1,623
PayPal Holdings, Inc. *		224		23,355
PepsiCo, Inc.		50		6,849
Pfizer, Inc.		333		12,795

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Philip Morris International, Inc.		272		22,118
Pioneer Natural Resources Co.		92		11,339
Principal Financial Group, Inc.		28		1,471
Procter & Gamble Co. (The)		243		30,293
Prologis, Inc., REIT		132		11,572
Prudential Financial, Inc.		65		5,928
Public Storage, REIT		15		3,396
PulteGroup, Inc.		23		913
QUALCOMM, Inc.		15		1,207
Ralph Lauren Corp.		21		2,049
Regeneron Pharmaceuticals, Inc. *		16		4,843
Regions Financial Corp.		60		973
Reinsurance Group of America, Inc.		6		969
Ross Stores, Inc.		85		9,301
Royal Caribbean Cruises Ltd.		59		6,418
S&P Global, Inc.		24		6,089
Sabre Corp.		25		596
salesforce.com, Inc. *		130		20,311
SBA Communications Corp., REIT		11		2,676
Sempra Energy		63		9,113
ServiceNow, Inc. *		17		4,203
Snap, Inc., Class A * (b)		76		1,150
Snap-on, Inc.		40		6,572
Southern Co. (The)		39		2,422
Spirit AeroSystems Holdings, Inc., Class A		5		442
Stanley Black & Decker, Inc.		52		7,914
Steel Dynamics, Inc.		10		318
SunTrust Banks, Inc.		98		6,689
Synchrony Financial		161		5,699
Target Corp.		17		1,819
TD Ameritrade Holding Corp.		113		4,318
Teradyne, Inc.		185		11,318
Texas Instruments, Inc.		190		22,407
Thermo Fisher Scientific, Inc.		66		19,823
TJX Cos., Inc. (The)		233		13,445
T-Mobile US, Inc. *		48		3,991
Tyson Foods, Inc., Class A		30		2,495
Union Pacific Corp.		102		16,796
United Airlines Holdings, Inc. *		6		511
United Technologies Corp.		130		18,706
UnitedHealth Group, Inc.		128		32,246
Ventas, Inc., REIT		89		5,810
VEREIT, Inc., REIT		118		1,158
Verizon Communications, Inc.		475		28,737

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Vertex Pharmaceuticals, Inc. *		61		11,980
Viacom, Inc., Class B		68		1,469
VICI Properties, Inc., REIT (b)		47		1,100
Visa, Inc., Class A		175		31,266
VMware, Inc., Class A		8		1,285
Walmart, Inc.		63		7,397
Walt Disney Co. (The)		96		12,525
Waste Management, Inc.		84		9,466
Wells Fargo & Co.		497		25,679
Weyerhaeuser Co., REIT		44		1,287
Workday, Inc., Class A *		27		4,359
Xcel Energy, Inc.		190		12,079
Xilinx, Inc.		36		3,272
Yum! Brands, Inc.		118		11,984
Zimmer Biomet Holdings, Inc.		104		14,404
				2,584,981
Total Common Stocks (Cost $2,936,016)				4,166,392
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (e) (f)		27,501		27,504
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (e) (f)		11,680		11,680
Total Investment of Cash Collateral from Securities Loaned (Cost $39,184)				39,184
Total Investments — 99.4% (Cost $2,975,200)				4,205,576
Other Assets Less Liabilities — 0.6%				24,576
NET ASSETS — 100.0%				4,230,152

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Banks		7.6	%
Pharmaceuticals		5.4
Oil, Gas & Consumable Fuels		4.7
Software		4.7
IT Services		4.3
Insurance		3.7
Semiconductors & Semiconductor Equipment		3.2
Technology Hardware, Storage & Peripherals		3.1
Capital Markets		3.1
Interactive Media & Services		3.0
Specialty Retail		2.9
Electric Utilities		2.7
Health Care Equipment & Supplies		2.5
Chemicals		2.5
Machinery		2.5
Internet & Direct Marketing Retail		2.4
Beverages		2.2
Equity Real Estate Investment Trusts (REITs)		2.1
Health Care Providers & Services		2.0
Biotechnology		2.0
Diversified Telecommunication Services		2.0
Aerospace & Defense		1.9
Food Products		1.8
Road & Rail		1.8
Media		1.6
Hotels, Restaurants & Leisure		1.5
Automobiles		1.4
Textiles, Apparel & Luxury Goods		1.3
Metals & Mining		1.3
Entertainment		1.2
Tobacco		1.0
Household Products		1.0
Electrical Equipment		1.0
Industrial Conglomerates		1.0
Others (each less than 1.0%)		13.4
Short-Term Investments		0.2

Abbreviations

ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
(a)	Amount rounds to less than 0.1% of net assets.
(b)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is approximately $37,095,000.
(c)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(d)	Amount rounds to less than one thousand.
(e)	Investment in 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 October 31, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Futures contracts outstanding as of October 31, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500E-Mini Index		279		12/2019		USD		42,338		30

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.1%
Australia — 8.5%
AGL Energy Ltd.		384		5,248
Alumina Ltd.		4,467		6,974
Aurizon Holdings Ltd.		3,099		12,608
Beach Energy Ltd.		5,285		8,313
BHP Group Ltd.		1,248		30,593
Evolution Mining Ltd.		3,097		8,834
Fortescue Metals Group Ltd.		784		4,800
Independence Group NL		1,231		5,390
IPH Ltd.		195		1,086
JB Hi-Fi Ltd.		289		7,395
Magellan Financial Group Ltd.		250		8,286
Metcash Ltd.		1,747		3,395
Newcrest Mining Ltd.		173		3,782
Orica Ltd.		211		3,341
Qantas Airways Ltd.		3,141		13,894
Regis Resources Ltd.		1,080		3,660
Rio Tinto plc		512		26,676
				154,275
Austria — 0.9%
OMV AG		254		14,865
Verbund AG		29		1,552
				16,417
Belgium — 1.7%
Ageas		310		17,902
Barco NV		19		4,096
Telenet Group Holding NV *		190		9,320
				31,318
China — 0.2%
BOC Hong Kong Holdings Ltd.		1,141		3,918
Denmark — 1.0%
Carlsberg A/S, Class B		36		5,009
Novo Nordisk A/S, Class B		186		10,236
Topdanmark A/S		77		3,437
				18,682
Finland — 1.1%
Neste OYJ		547		19,779
France — 8.2%
Airbus SE		31		4,477
Capgemini SE		155		17,498
Cie de Saint-Gobain		189		7,704
Dassault Aviation SA		4		5,225

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
Edenred		147		7,752
Eiffage SA		142		15,251
Gaztransport Et Technigaz SA		67		6,151
Ingenico Group SA		46		4,916
LVMH Moet Hennessy Louis Vuitton SE (a)		3		1,258
Peugeot SA		703		17,793
Safran SA		138		21,863
Sanofi		50		4,571
Schneider Electric SE		232		21,607
Sodexo SA		30		3,331
SPIE SA		325		6,855
TOTAL SA		44		2,314
				148,566
Germany — 8.1%
adidas AG		71		21,968
Allianz SE (Registered)		122		29,757
CANCOM SE		17		916
CECONOMY AG *		440		2,215
Deutsche Pfandbriefbank AG (b)		202		2,755
E.ON SE		604		6,094
Hannover Rueck SE		63		11,196
HeidelbergCement AG		80		5,955
METRO AG		602		9,826
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		78		21,809
RWE AG (a)		574		17,506
SAP SE		73		9,667
Stroeer SE & Co. KGaA (a)		86		6,906
				146,570
Ghana — 0.3%
Tullow Oil plc		2,215		5,920
Hong Kong — 0.9%
AIA Group Ltd.		790		7,867
Hang Seng Bank Ltd.		426		8,888
				16,755
India — 0.1%
Rhi Magnesita NV		35		1,589
Ireland — 0.2%
Greencore Group plc		1,067		3,208
Israel — 0.4%
Israel Discount Bank Ltd., Class A		1,447		6,611

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Italy — 0.9%
Snam SpA		3,055		15,684
Japan — 23.6%
Advantest Corp.		210		9,543
Alfresa Holdings Corp.		98		2,193
Amano Corp.		103		3,034
Bandai Namco Holdings, Inc.		159		9,789
Brother Industries Ltd.		363		6,817
Capcom Co. Ltd.		273		6,448
Dai-ichi Life Holdings, Inc.		327		5,332
Digital Garage, Inc.		119		3,909
DMG Mori Co. Ltd.		496		8,037
Fuji Electric Co. Ltd.		210		6,665
FUJIFILM Holdings Corp.		235		10,304
GungHo Online Entertainment, Inc.		113		2,438
Hikari Tsushin, Inc.		18		3,836
Hitachi Ltd.		343		12,794
ITOCHU Corp.		576		12,045
Japan Aviation Electronics Industry Ltd.		114		2,129
Kaken Pharmaceutical Co. Ltd.		29		1,427
Kamigumi Co. Ltd.		55		1,248
KDDI Corp.		523		14,469
K’s Holdings Corp.		263		3,004
Kureha Corp.		15		965
Marubeni Corp.		1,391		9,789
Medipal Holdings Corp.		147		3,347
Meitec Corp.		45		2,351
Mitsubishi Heavy Industries Ltd.		207		8,381
Mitsubishi UFJ Financial Group, Inc.		3,067		15,901
Mitsubishi UFJ Lease & Finance Co. Ltd.		938		5,757
Mitsui Fudosan Co. Ltd.		421		10,765
Morinaga & Co. Ltd.		88		4,342
Nexon Co. Ltd. *		587		6,798
Nihon Unisys Ltd.		207		6,846
Nippon Telegraph & Telephone Corp.		262		12,982
NOF Corp.		107		3,608
Nomura Real Estate Holdings, Inc.		355		8,418
NS Solutions Corp.		59		2,002
Obayashi Corp.		300		3,086
ORIX Corp.		604		9,496
Otsuka Corp.		94		3,782
Sankyu, Inc.		99		5,043
SCSK Corp.		51		2,591
Sekisui House Ltd.		495		10,677
Shinsei Bank Ltd.		556		8,662

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Shionogi & Co. Ltd.		174		10,432
Ship Healthcare Holdings, Inc.		34		1,466
Showa Denko KK		254		7,112
Sony Corp.		308		18,772
Sumitomo Corp.		372		6,039
Sumitomo Mitsui Financial Group, Inc.		403		14,304
Sumitomo Mitsui Trust Holdings, Inc.		262		9,549
Taiheiyo Cement Corp.		169		4,784
Teijin Ltd.		164		3,276
TIS, Inc.		117		7,070
Tokuyama Corp.		133		3,553
Tokyo Electron Ltd.		57		11,548
Tokyo Tatemono Co. Ltd.		474		6,741
Toyota Motor Corp.		411		28,495
Toyota Tsusho Corp.		167		5,751
TS Tech Co. Ltd.		111		3,545
West Japan Railway Co.		60		5,231
Yokohama Rubber Co. Ltd. (The)		202		4,505
Zeon Corp.		368		4,192
				427,415
Netherlands — 6.3%
Adyen NV * (b)		11		7,858
ASM International NV		156		15,733
BE Semiconductor Industries NV		127		4,701
Euronext NV (b)		83		6,719
EXOR NV		143		10,973
Intertrust NV (b)		128		2,429
Koninklijke Ahold Delhaize NV		117		2,922
Royal Dutch Shell plc, Class B		1,283		36,943
Signify NV (b)		238		6,965
Wolters Kluwer NV		257		18,919
				114,162
Norway — 1.9%
DNB ASA		1,026		18,679
Telenor ASA		869		16,260
				34,939
Russia — 0.3%
Evraz plc		1,019		4,864
Singapore — 1.7%
DBS Group Holdings Ltd.		979		18,666
Jardine Cycle & Carriage Ltd.		55		1,313
United Overseas Bank Ltd.		579		11,407
				31,386

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Africa — 1.1%
Anglo American plc		741		19,074
Spain — 3.9%
ACS Actividades de Construccion y Servicios SA		437		17,730
Aena SME SA (b)		83		15,273
CIE Automotive SA		44		1,106
Enagas SA		433		10,723
Endesa SA		647		17,624
Mediaset Espana Comunicacion SA		827		5,059
Repsol SA		233		3,846
				71,361
Sweden — 1.1%
Betsson AB *		188		927
Skandinaviska Enskilda Banken AB, Class A		955		9,158
SKF AB, Class B		536		9,702
				19,787
Switzerland — 11.3%
Adecco Group AG (Registered)		273		16,256
Bucher Industries AG (Registered)		9		2,875
LafargeHolcim Ltd. (Registered) *		74		3,805
Landis+Gyr Group AG *		101		9,383
Logitech International SA (Registered)		290		11,904
Nestle SA (Registered)		484		51,816
Novartis AG (Registered)		454		39,643
Roche Holding AG		142		42,594
Swiss Life Holding AG (Registered)		38		18,897
Swisscom AG (Registered)		14		6,999
				204,172
United Kingdom — 12.4%
3i Group plc		726		10,607
Ashtead Group plc		509		15,491
Avast plc (b)		2,815		15,117
Barratt Developments plc		834		6,819
Berkeley Group Holdings plc		155		8,860
Bovis Homes Group plc		123		1,859
BP plc		316		2,007
Britvic plc		180		2,306
Coca-Cola European Partners plc		325		17,373
Computacenter plc		99		1,749
Diageo plc		102		4,166
Dialog Semiconductor plc *		266		11,966
Dunelm Group plc		508		5,190
Firstgroup plc *		888		1,484

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
GlaxoSmithKline plc		920		21,077
Howden Joinery Group plc		270		2,022
HSBC Holdings plc		819		6,190
Legal & General Group plc		5,644		19,294
National Express Group plc		182		1,053
Next plc		234		19,934
Pets at Home Group plc		412		1,102
Redrow plc		1,138		8,870
Savills plc		77		914
Tate & Lyle plc		461		4,024
Taylor Wimpey plc		3,088		6,623
Ultra Electronics Holdings plc		172		4,340
Unilever plc		396		23,709
				224,146
Total Common Stocks (Cost $1,555,196)				1,740,598
Short-Term Investments — 2.3%
Investment Companies — 2.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (c) (d) (Cost $42,359)		42,349		42,366
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (c) (d)		1,005		1,005
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c) (d)		966		966
Total Investment of Cash Collateral from Securities Loaned (cost $1,971)				1,971
Total Investments — 98.5% (Cost $1,599,526)				1,784,935
Other Assets Less Liabilities — 1.5%				26,414
NET ASSETS — 100.0%				1,811,349

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Insurance		7.6	%
Banks		7.4
Pharmaceuticals		7.3
Metals & Mining		6.4
Oil, Gas & Consumable Fuels		5.6
Food Products		3.6
Household Durables		3.5
IT Services		3.0
Semiconductors & Semiconductor Equipment		3.0
Trading Companies & Distributors		2.9
Automobiles		2.6
Professional Services		2.3
Electronic Equipment, Instruments & Components		2.0
Diversified Telecommunication Services		2.0
Construction & Engineering		2.0
Aerospace & Defense		2.0
Electrical Equipment		2.0
Technology Hardware, Storage & Peripherals		1.6
Machinery		1.6
Beverages		1.6
Multi-Utilities		1.6
Real Estate Management & Development		1.5
Gas Utilities		1.5
Diversified Financial Services		1.5
Chemicals		1.5
Capital Markets		1.4
Road & Rail		1.4
Software		1.4
Personal Products		1.3
Textiles, Apparel & Luxury Goods		1.3
Specialty Retail		1.3
Media		1.2
Multiline Retail		1.1
Electric Utilities		1.1
Others (each less than 1.0%)		8.5
Short-Term Investments		2.4

Abbreviations
OYJ	Public Limited Company
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is approximately $1,858,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

Futures contracts outstanding as of October 31, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		505		12/2019		EUR		20,304		1,035
FTSE 100 Index		111		12/2019		GBP		10,414		179
TOPIX Index		79		12/2019		JPY		12,111		803
										2,017

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.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.7%
Australia — 1.9%
BHP Group Ltd.		1,399		34,287
BHP Group plc		1,057		22,413
				56,700
Austria — 0.5%
Erste Group Bank AG		392		13,853
Belgium — 1.7%
Anheuser-Busch InBev SA/NV		433		34,926
KBC Group NV		221		15,536
				50,462
Brazil — 0.7%
Itau Unibanco Holding SA, ADR		2,258		20,387
China — 3.1%
Alibaba Group Holding Ltd., ADR *		135		23,883
Ping An Insurance Group Co. of China Ltd., Class H		3,043		35,116
Prosus NV *		171		11,805
Tencent Holdings Ltd.		535		21,705
				92,509
Denmark — 1.7%
Novo Nordisk A/S, Class B		943		51,841
France — 15.0%
Accor SA (a)		618		26,601
Airbus SE		249		35,775
AXA SA		961		25,427
Capgemini SE		276		31,123
EssilorLuxottica SA		177		26,965
Legrand SA		377		29,436
L’Oreal SA		112		32,643
LVMH Moet Hennessy Louis Vuitton SE		120		51,073
Orange SA		1,997		32,138
Pernod Ricard SA		193		35,717
Safran SA		204		32,360
Schneider Electric SE		433		40,251
TOTAL SA		951		50,265
				449,774
Germany — 8.0%
adidas AG		93		28,689
Allianz SE (Registered)		213		52,116
Continental AG		185		24,760
Deutsche Boerse AG		186		28,818
Fresenius Medical Care AG & Co. KGaA		261		18,823
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		91		25,162

INVESTMENTS	SHARES (000)		VALUE ($000)
Germany — continued
SAP SE		461		61,143
				239,511
Hong Kong — 4.2%
AIA Group Ltd.		7,504		74,723
CK Asset Holdings Ltd.		3,906		27,173
Hong Kong Exchanges & Clearing Ltd.		783		24,390
				126,286
India — 1.6%
HDFC Bank Ltd., ADR		764		46,674
Japan — 17.1%
Daikin Industries Ltd.		232		32,401
FANUC Corp.		123		24,262
Honda Motor Co. Ltd.		827		22,360
Kao Corp.		378		30,407
Keyence Corp.		70		44,387
Komatsu Ltd.		1,386		32,441
Kubota Corp.		1,985		31,520
Makita Corp.		704		23,673
Mitsui Fudosan Co. Ltd.		1,118		28,609
Nidec Corp.		194		28,562
Recruit Holdings Co. Ltd.		729		24,238
Shin-Etsu Chemical Co. Ltd.		342		38,167
Shiseido Co. Ltd.		336		27,669
SMC Corp.		64		27,521
Sony Corp.		813		49,474
Sumitomo Mitsui Financial Group, Inc.		1,277		45,320
				511,011
Macau — 0.8%
Sands China Ltd.		4,872		24,000
Netherlands — 5.8%
ASML Holding NV		223		58,505
ING Groep NV		2,783		31,510
Royal Dutch Shell plc, Class A		2,838		82,268
				172,283
Singapore — 1.3%
DBS Group Holdings Ltd.		2,062		39,309
South Korea — 1.3%
Samsung Electronics Co. Ltd., GDR (b)		37		39,189
Samsung Electronics Co. Ltd., GDR (b)		1		1,041
				40,230
Spain — 1.1%
Industria de Diseno Textil SA (a)		1,066		33,220

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Sweden — 2.3%
Atlas Copco AB, Class A (a)		864		30,482
Epiroc AB, Class A		1,179		13,285
Svenska Handelsbanken AB, Class A		2,575		25,845
				69,612
Switzerland — 11.8%
Alcon, Inc. *		337		19,953
Cie Financiere Richemont SA (Registered)		367		28,861
LafargeHolcim Ltd. (Registered) *		589		30,378
Nestle SA (Registered)		1,119		119,701
Novartis AG (Registered)		879		76,809
Roche Holding AG		261		78,494
				354,196
Taiwan — 1.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		813		41,995
United Kingdom — 15.2%
Aviva plc		4,163		22,441
Burberry Group plc		1,341		35,551
Diageo plc		1,432		58,604
GlaxoSmithKline plc		2,765		63,325
Legal & General Group plc		8,085		27,636
Linde plc		195		38,477
London Stock Exchange Group plc		373		33,610
M&G plc *		1,707		4,727
Prudential plc		1,707		29,811
RELX plc		1,412		33,979
Smith & Nephew plc		1,348		28,935
Unilever plc		902		54,019
WPP plc		2,061		25,719
				456,834
United States — 1.2%
Ferguson plc		438		37,404
Total Common Stocks (Cost $2,167,677)				2,928,091
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (c) (d) (Cost $49,188)		49,177		49,197

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 1.8%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (c) (d)		39,999		40,003
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c) (d)		12,516		12,516
Total Investment of Cash Collateral from Securities Loaned (cost $52,519)				52,519
Total Investments — 101.1% (Cost $2,269,384)				3,029,807
Liabilities in Excess of Other Assets — (1.1)%				(32,801	)
NET ASSETS — 100.0%				2,997,006

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Insurance		9.8	%
Pharmaceuticals		8.9
Banks		7.9
Machinery		6.0
Textiles, Apparel & Luxury Goods		5.6
Personal Products		4.8
Oil, Gas & Consumable Fuels		4.4
Beverages		4.3
Food Products		4.0
Semiconductors & Semiconductor Equipment		3.3
Electrical Equipment		3.2
Capital Markets		2.9
Chemicals		2.5
Aerospace & Defense		2.2
Software		2.0
Professional Services		1.9
Metals & Mining		1.9
Real Estate Management & Development		1.8
Investment of cash collateral from securities loaned		1.7
Hotels, Restaurants & Leisure		1.7
Household Durables		1.6
Health Care Equipment & Supplies		1.6
Electronic Equipment, Instruments & Components		1.5
Technology Hardware, Storage & Peripherals		1.3
Trading Companies & Distributors		1.2
Internet & Direct Marketing Retail		1.2
Specialty Retail		1.1
Building Products		1.1
Diversified Telecommunication Services		1.1
IT Services		1.0
Construction Materials		1.0
Others (each less than 1.0%)		3.9
Short-Term Investments		1.6

Abbreviations
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is approximately $49,506,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%
Australia — 4.9%
Australia & New Zealand Banking Group Ltd.		29		527
BHP Group Ltd.		25		621
Commonwealth Bank of Australia		2		118
CSL Ltd.		2		318
Dexus, REIT		34		278
Goodman Group, REIT		31		309
Macquarie Group Ltd.		1		56
National Australia Bank Ltd.		4		70
Rio Tinto Ltd.		7		429
Rio Tinto plc		2		130
Westpac Banking Corp.		6		110
				2,966
Austria — 0.6%
Erste Group Bank AG		11		374
Belgium — 1.0%
Anheuser-Busch InBev SA/NV		8		608
Denmark — 1.8%
Chr Hansen Holding A/S		2		171
Novo Nordisk A/S, Class B		16		892
				1,063
Finland — 0.6%
Nokia OYJ		25		94
Wartsila OYJ Abp		27		287
				381
France — 13.6%
Air Liquide SA		6		844
Airbus SE		4		574
Alstom SA		9		375
AXA SA		7		183
BNP Paribas SA		13		654
Capgemini SE		2		273
Natixis SA		59		273
Orange SA		20		318
Pernod Ricard SA		3		628
Renault SA		7		364
Safran SA		3		544
Sanofi		9		824
Schneider Electric SE		7		681
Sodexo SA		2		198
Thales SA		3		318
TOTAL SA		16		847
Unibail-Rodamco-Westfield, REIT		1		169
Vinci SA		1		155
				8,222

INVESTMENTS	SHARES (000)		VALUE ($000)
Germany — 8.8%
adidas AG		1		307
Allianz SE (Registered)		1		130
BASF SE		2		130
Bayer AG (Registered)		4		343
Brenntag AG		7		365
Daimler AG (Registered)		10		581
Deutsche Bank AG (Registered)		9		68
Deutsche Boerse AG		2		369
Deutsche Post AG (Registered)		12		428
Deutsche Telekom AG (Registered)		30		531
Henkel AG & Co. KGaA (Preference)		4		380
Infineon Technologies AG		16		318
RWE AG		4		134
SAP SE		8		1,037
Siemens AG (Registered)		1		161
				5,282
Hong Kong — 2.3%
AIA Group Ltd.		77		771
CK Asset Holdings Ltd.		29		202
Hong Kong Exchanges & Clearing Ltd.		14		442
				1,415
Ireland — 0.8%
CRH plc		3		124
Ryanair Holdings plc, ADR *		5		356
				480
Italy — 2.6%
Assicurazioni Generali SpA		14		293
Enel SpA		119		921
FinecoBank Banca Fineco SpA		25		283
UniCredit SpA		4		47
				1,544
Japan — 23.4%
Asahi Group Holdings Ltd.		1		65
Bridgestone Corp.		8		332
Central Japan Railway Co.		2		349
Daicel Corp.		33		292
Daikin Industries Ltd.		4		546
DMG Mori Co. Ltd.		24		380
Electric Power Development Co. Ltd.		4		104
Hitachi Ltd.		6		213
Honda Motor Co. Ltd.		20		536
Japan Airlines Co. Ltd.		7		203
Japan Tobacco, Inc.		14		305
Kao Corp.		7		571

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Japan — continued
Keyence Corp.		—	(a)		126
Mabuchi Motor Co. Ltd.		11			434
Marui Group Co. Ltd.		16			351
Mitsubishi Corp.		14			364
Mitsubishi UFJ Financial Group, Inc.		104			539
Mitsui Fudosan Co. Ltd.		15			371
NGK Spark Plug Co. Ltd.		13			268
Nintendo Co. Ltd.		2			660
Nippon Telegraph & Telephone Corp.		12			576
Nomura Research Institute Ltd.		7			147
Olympus Corp.		8			114
Otsuka Corp.		10			399
Otsuka Holdings Co. Ltd.		12			484
Panasonic Corp.		32			268
Persol Holdings Co. Ltd.		10			192
Renesas Electronics Corp. *		21			142
Ryohin Keikaku Co. Ltd.		10			218
Seven & i Holdings Co. Ltd.		13			502
Sony Corp.		5			292
Sumitomo Electric Industries Ltd.		13			182
Sumitomo Mitsui Financial Group, Inc.		14			479
T&D Holdings, Inc.		30			336
Tokio Marine Holdings, Inc.		10			514
Tokyo Gas Co. Ltd.		5			117
Tokyu Corp.		26			496
Toray Industries, Inc.		35			250
Toyota Motor Corp.		15			1,041
West Japan Railway Co.		3			252
Yamato Holdings Co. Ltd.		6			96
					14,106
Luxembourg — 0.3%
ArcelorMittal		13			199
Netherlands — 5.0%
Akzo Nobel NV		5			431
ASML Holding NV		3			818
Heineken NV		2			178
ING Groep NV		37			418
Koninklijke Philips NV		4			193
Royal Dutch Shell plc, Class A		16			468
Royal Dutch Shell plc, Class B		17			485
					2,991
Norway — 0.8%
Telenor ASA		25			470

INVESTMENTS	SHARES (000)			VALUE ($000)
Singapore — 0.9%
DBS Group Holdings Ltd.		27			511
United Overseas Bank Ltd.		3			57
					568
Spain — 3.2%
Banco Santander SA		59			237
Bankia SA		93			177
Iberdrola SA		78			806
Industria de Diseno Textil SA		19			605
Telefonica SA		15			119
					1,944
Sweden — 1.4%
Lundin Petroleum AB		13			414
Svenska Handelsbanken AB, Class A		43			428
					842
Switzerland — 10.2%
Cie Financiere Richemont SA (Registered)		7			573
Credit Suisse Group AG (Registered) *		20			250
LafargeHolcim Ltd. (Registered) *		10			501
Nestle SA (Registered)		17			1,832
Novartis AG (Registered)		11			966
Roche Holding AG		4			1,336
Swiss Re AG		5			484
Zurich Insurance Group AG		—	(a)		175
					6,117
United Kingdom — 15.2%
3i Group plc		38			562
AstraZeneca plc		3			281
Aviva plc		27			143
Barratt Developments plc		33			266
BP plc		144			913
British American Tobacco plc		19			671
Burberry Group plc		14			376
CK Hutchison Holdings Ltd.		24			217
Diageo plc		2			93
Dixons Carphone plc		99			169
GlaxoSmithKline plc		33			760
HSBC Holdings plc		65			491
InterContinental Hotels Group plc		10			592
ITV plc		180			312
Lloyds Banking Group plc		295			217
M&G plc *		94			261
Prudential plc		36			635
SSE plc		32			528

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Standard Chartered plc		53		484
Taylor Wimpey plc		110		237
Unilever NV		12		709
Vodafone Group plc		44		90
Whitbread plc		3		141
				9,148
United States — 0.6%
Ferguson plc		4		358
Total Common Stocks (Cost $57,538)				59,078
	NO. OF CONTRACTS		MARKET VALUE ($000)
Options Purchased — 0.3%
Put Options Purchased — 0.3%
Mauritius — 0.3%
MSCI EAFE Index 12/20/2019 at USD 1,810.00, Vanilla, European Style Notional Amount: USD 60,424,000 Exchange-Traded * (Cost $547)		309		162
	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.4%
Investment Companies — 1.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (b) (c) (Cost $850)		850		850
Total Investments — 99.7% (Cost $58,935)				60,090
Other Assets Less Liabilities — 0.3%				152
NET ASSETS — 100.0%				60,242

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Banks		10.4	%
Pharmaceuticals		9.8
Insurance		6.1
Oil, Gas & Consumable Fuels		5.2
Automobiles		4.2
Electric Utilities		3.8
Chemicals		3.5
Capital Markets		3.4
Diversified Telecommunication Services		3.4
Food Products		3.0
Beverages		2.6
Aerospace & Defense		2.4
Metals & Mining		2.3
Personal Products		2.1
Semiconductors & Semiconductor Equipment		2.1
Textiles, Apparel & Luxury Goods		2.1
Electrical Equipment		1.9
Road & Rail		1.8
Trading Companies & Distributors		1.8
Household Durables		1.8
Machinery		1.7
Software		1.7
Tobacco		1.6
Hotels, Restaurants & Leisure		1.5
IT Services		1.4
Auto Components		1.3
Specialty Retail		1.3
Equity Real Estate Investment Trusts (REITs)		1.3
Entertainment		1.1
Construction Materials		1.0
Real Estate Management & Development		1.0
Others (each less than 1.0%)		10.0
Short-Term Investments		1.4

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Abbreviations
ADR	American Depositary Receipt
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)	Amount rounds to less than one thousand.
(b)	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.
(c)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
SPI 200 Index		8		12/2019		AUD		914		(4	)

Abbreviations
AUD	Australian Dollar
SPI	Australian Securities Exchange

Written Call Options contracts as of October 31, 2019 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

309

USD 60,424

USD 1,980

12/20/2019

(581

)

Written Put Options contracts as of October 31, 2019 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

309

USD 60,424

USD 1,530

12/20/2019

(11

)

Total Written Options contracts (Premiums Received $512)

(592

)

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

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.0%
Australia — 4.8%
Australia & New Zealand Banking Group Ltd.		2,252		41,392
BHP Group Ltd.		1,981		48,568
Commonwealth Bank of Australia		174		9,411
CSL Ltd.		141		24,915
Dexus, REIT		2,646		21,821
Goodman Group, REIT		2,444		24,271
Macquarie Group Ltd.		50		4,592
National Australia Bank Ltd.		292		5,727
Rio Tinto Ltd.		538		33,644
Rio Tinto plc		199		10,356
Westpac Banking Corp.		452		8,780
				233,477
Austria — 0.6%
Erste Group Bank AG		830		29,363
IMMOFINANZ AG *		1		41
				29,404
Belgium — 1.0%
Anheuser-Busch InBev SA/NV		591		47,700
Denmark — 1.7%
Chr Hansen Holding A/S (a)		176		13,474
Novo Nordisk A/S, Class B		1,275		70,113
				83,587
Finland — 0.6%
Nokia OYJ		1,995		7,323
Wartsila OYJ Abp		2,137		22,580
				29,903
France — 13.4%
Air Liquide SA		498		66,242
Airbus SE		314		45,023
Alstom SA		682		29,498
AXA SA		543		14,375
BNP Paribas SA		984		51,417
Capgemini SE		190		21,436
Natixis SA		4,665		21,432
Orange SA		1,552		24,973
Pernod Ricard SA		267		49,288
Renault SA		560		28,605
Safran SA		270		42,742
Sanofi		702		64,728
Schneider Electric SE		576		53,524
Sodexo SA		142		15,565
Thales SA		255		24,941

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
TOTAL SA		1,256		66,418
Unibail-Rodamco-Westfield, REIT		86		13,284
Vinci SA (a)		111		12,418
				645,909
Germany — 8.6%
adidas AG		78		24,026
Allianz SE (Registered)		43		10,415
BASF SE		137		10,423
Bayer AG (Registered)		348		26,996
Brenntag AG		572		28,652
Daimler AG (Registered)		781		45,656
Deutsche Bank AG (Registered) (a)		776		5,625
Deutsche Boerse AG		187		28,972
Deutsche Post AG (Registered)		950		33,662
Deutsche Telekom AG (Registered)		2,373		41,748
Henkel AG & Co. KGaA (Preference)		288		29,897
Infineon Technologies AG (a)		1,289		24,971
RWE AG		345		10,514
SAP SE		614		81,320
Siemens AG (Registered)		111		12,864
				415,741
Hong Kong — 2.3%
AIA Group Ltd.		6,062		60,367
CK Asset Holdings Ltd.		2,247		15,632
Hong Kong Exchanges & Clearing Ltd.		1,106		34,444
I-CABLE Communications Ltd. *		254		2
				110,445
Ireland — 0.8%
CRH plc		272		9,914
Ryanair Holdings plc, ADR *		375		27,988
				37,902
Italy — 2.5%
Assicurazioni Generali SpA		1,134		22,990
Enel SpA		9,337		72,365
FinecoBank Banca Fineco SpA (a)		1,971		22,215
UniCredit SpA		306		3,879
				121,449
Japan — 22.9%
Asahi Group Holdings Ltd.		96		4,782
Bridgestone Corp.		624		25,923
Central Japan Railway Co.		132		27,037
Daicel Corp.		2,557		22,862

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Daikin Industries Ltd.		305		42,756
DMG Mori Co. Ltd.		1,839		29,769
Electric Power Development Co. Ltd.		337		8,173
Hitachi Ltd.		435		16,250
Honda Motor Co. Ltd.		1,553		42,026
Japan Airlines Co. Ltd.		511		15,908
Japan Tobacco, Inc.		1,061		23,984
Kao Corp.		558		44,879
Keyence Corp.		18		11,571
Mabuchi Motor Co. Ltd.		838		33,953
Marui Group Co. Ltd.		1,244		27,646
Mitsubishi Corp.		1,123		28,555
Mitsubishi UFJ Financial Group, Inc.		8,130		42,149
Mitsui Fudosan Co. Ltd.		1,144		29,254
NGK Spark Plug Co. Ltd.		1,027		20,829
Nintendo Co. Ltd.		139		50,873
Nippon Telegraph & Telephone Corp.		920		45,681
Nomura Research Institute Ltd.		548		11,626
Olympus Corp.		671		9,127
Otsuka Corp.		778		31,375
Otsuka Holdings Co. Ltd.		916		38,184
Panasonic Corp.		2,486		20,897
Persol Holdings Co. Ltd.		785		15,075
Renesas Electronics Corp. *		1,643		11,121
Ryohin Keikaku Co. Ltd.		787		17,527
Seven & i Holdings Co. Ltd.		1,042		39,363
Sony Corp.		383		23,324
Sumitomo Electric Industries Ltd.		1,054		14,453
Sumitomo Mitsui Financial Group, Inc.		1,055		37,452
T&D Holdings, Inc.		2,373		26,432
Tokio Marine Holdings, Inc.		748		40,414
Tokyo Gas Co. Ltd.		389		9,506
Tokyu Corp.		2,049		38,752
Toray Industries, Inc.		2,766		19,545
Toyota Motor Corp.		1,174		81,482
West Japan Railway Co.		220		19,081
Yamato Holdings Co. Ltd.		446		7,474
				1,107,070
Luxembourg — 0.3%
ArcelorMittal		1,051		15,620
Malta — 0.0% (b)
BGP Holdings plc * ‡		449		1
Netherlands — 4.8%
Akzo Nobel NV		366		33,780

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — continued
ASML Holding NV		245		64,287
Heineken NV		137		13,945
ING Groep NV		2,903		32,872
Koninklijke Philips NV		346		15,160
Royal Dutch Shell plc, Class A		1,267		36,734
Royal Dutch Shell plc, Class B		1,322		38,069
				234,847
Norway — 0.8%
Telenor ASA		1,970		36,872
Singapore — 0.9%
DBS Group Holdings Ltd.		2,090		39,842
United Overseas Bank Ltd.		230		4,518
				44,360
Spain — 3.2%
Banco Santander SA (a)		4,638		18,623
Bankia SA		7,282		13,892
Iberdrola SA		6,155		63,272
Industria de Diseno Textil SA (a)		1,527		47,593
Telefonica SA		1,235		9,488
				152,868
Sweden — 1.4%
Lundin Petroleum AB		981		32,479
Svenska Handelsbanken AB, Class A		3,354		33,662
				66,141
Switzerland — 9.9%
Cie Financiere Richemont SA (Registered)		572		44,982
Credit Suisse Group AG (Registered) *		1,584		19,606
LafargeHolcim Ltd. (Registered) *		762		39,330
Nestle SA (Registered)		1,346		144,001
Novartis AG (Registered)		869		75,931
Roche Holding AG		349		104,935
Swiss Re AG		363		38,048
Zurich Insurance Group AG		37		14,306
				481,139
United Kingdom — 14.9%
3i Group plc		3,023		44,182
AstraZeneca plc		226		22,079
Aviva plc		2,089		11,258
Barratt Developments plc		2,558		20,918
BP plc		11,310		71,721
British American Tobacco plc		1,509		52,771

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Burberry Group plc		1,114		29,549
CK Hutchison Holdings Ltd.		1,827		16,866
Diageo plc		182		7,435
Dixons Carphone plc		7,955		13,528
GlaxoSmithKline plc		2,607		59,708
HSBC Holdings plc		5,104		38,564
InterContinental Hotels Group plc		769		46,543
ITV plc		14,154		24,554
Lloyds Banking Group plc		23,170		17,044
M&G plc *		7,384		20,450
Prudential plc		2,854		49,854
SSE plc		2,492		41,462
Standard Chartered plc		4,185		37,978
Taylor Wimpey plc		8,665		18,583
Unilever NV (a)		943		55,708
Vodafone Group plc		3,472		7,085
Whitbread plc		214		11,265
				719,105
United States — 0.6%
Ferguson plc		330		28,150
Total Common Stocks (Cost $4,420,959)				4,641,690
Short-Term Investments — 3.2%
Investment Companies — 3.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (c) (d) (Cost $154,133)		154,089		154,151
Investment of Cash Collateral from Securities Loaned — 2.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (c) (d)		75,998		76,005
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c) (d)		30,261		30,261
Total Investment of Cash Collateral from Securities Loaned (Cost $106,266)				106,266
Total Investments — 101.4% (Cost $4,681,358)				4,902,107
Liabilities in Excess of Other Assets — (1.4)%				(67,633	)
NET ASSETS — 100.0%				4,834,474

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Banks		10.0	%
Pharmaceuticals		9.4
Insurance		5.9
Oil, Gas & Consumable Fuels		5.0
Automobiles		4.0
Electric Utilities		3.6
Chemicals		3.4
Capital Markets		3.2
Diversified Telecommunication Services		3.2
Food Products		2.9
Beverages		2.5
Aerospace & Defense		2.3
Metals & Mining		2.2
Investment of cash collateral from securities loaned		2.2
Personal Products		2.1
Semiconductors & Semiconductor Equipment		2.1
Textiles, Apparel & Luxury Goods		2.0
Electrical Equipment		1.8
Trading Companies & Distributors		1.7
Road & Rail		1.7
Household Durables		1.7
Machinery		1.7
Software		1.7
Tobacco		1.6
Hotels, Restaurants & Leisure		1.5
IT Services		1.3
Auto Components		1.3
Specialty Retail		1.3
Equity Real Estate Investment Trusts (REITs)		1.2
Entertainment		1.0
Construction Materials		1.0
Others (each less than 1.0%)		10.4
Short-Term Investments		3.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Abbreviations

ADR	American Depositary Receipt
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is approximately $99,554,000.

(b)	Amount rounds to less than 0.1% of net assets.
(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 October 31, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
SPI 200 Index	784		12/2019		AUD		89,619		(410	)
TOPIX Index	229		12/2019		JPY		35,106		1,967
									1,557

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%
Australia — 1.8%
BHP Group plc		2,175		46,135
Austria — 1.7%
Erste Group Bank AG		1,213		42,914
Belgium — 0.9%
Anheuser-Busch InBev SA/NV		301		24,287
Brazil — 1.5%
Itau Unibanco Holding SA (Preference)		4,177		37,762
Canada — 7.2%
Alimentation Couche-Tard, Inc., Class B		1,630		48,891
Canadian National Railway Co.		543		48,583
Canadian Pacific Railway Ltd.		198		44,935
Toronto-Dominion Bank (The)		788		44,997
				187,406
China — 8.7%
Alibaba Group Holding Ltd., ADR *		396		69,896
Ping An Insurance Group Co. of China Ltd., Class H		7,234		83,493
Tencent Holdings Ltd.		1,793		72,734
				226,123
Denmark — 2.2%
Novo Nordisk A/S, Class B		1,032		56,772
France — 7.4%
Airbus SE		297		42,567
LVMH Moet Hennessy Louis Vuitton SE		128		54,571
Safran SA		208		33,002
Schneider Electric SE		679		63,113
				193,253
Germany — 9.7%
Continental AG		384		51,448
Delivery Hero SE * (a) (b)		613		28,782
Deutsche Boerse AG		310		47,953
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		214		59,574
SAP SE		480		63,667
				251,424
Hong Kong — 5.4%
AIA Group Ltd.		9,081		90,433
CK Asset Holdings Ltd.		7,033		48,930
				139,363
India — 3.5%
HDFC Bank Ltd., ADR		1,508		92,096

INVESTMENTS	SHARES (000)		VALUE ($000)
Indonesia — 1.9%
Bank Central Asia Tbk. PT		21,893		49,003
Japan — 7.4%
Keyence Corp.		62		39,013
Komatsu Ltd.		1,724		40,358
Shiseido Co. Ltd.		373		30,745
SMC Corp.		80		34,736
Sony Corp.		791		48,159
				193,011
Netherlands — 5.3%
ASML Holding NV		231		60,570
Royal Dutch Shell plc, Class A (a)		2,667		77,469
				138,039
Sweden — 1.6%
Svenska Handelsbanken AB, Class A		4,264		42,792
Switzerland — 9.5%
Alcon, Inc. *		474		28,022
LafargeHolcim Ltd. (Registered) *		777		40,084
Nestle SA (Registered)		1,121		119,943
Novartis AG (Registered)		682		59,599
				247,648
Taiwan — 2.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,233		63,645
United Kingdom — 18.2%
Burberry Group plc		1,482		39,301
Diageo plc		1,412		57,805
GlaxoSmithKline plc		2,867		65,663
Legal & General Group plc		17,475		59,737
Linde plc		261		51,544
London Stock Exchange Group plc		509		45,842
RELX plc		1,783		42,908
Smith & Nephew plc		2,250		48,290
Unilever NV (a)		1,065		62,922
				474,012
United States — 2.1%
Ferguson plc		640		54,630
Total Common Stocks (Cost $2,428,039)				2,560,315
Short-Term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (c) (d) (Cost $48,912)		48,902		48,921

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 2.9%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (c) (d)		54,995		55,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (c) (d)		20,853		20,853
Total Investment of Cash Collateral from Securities Loaned (Cost $75,853)				75,853
Total Investments — 103.3% (Cost $2,552,804)				2,685,089
Liabilities in Excess of Other Assets — (3.3)%				(85,448	)
NET ASSETS — 100.0%				2,599,641

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Banks		11.5	%
Insurance		10.9
Pharmaceuticals		6.8
Semiconductors & Semiconductor Equipment		4.6
Food Products		4.5
Internet & Direct Marketing Retail		3.7
Textiles, Apparel & Luxury Goods		3.5
Capital Markets		3.5
Personal Products		3.5
Road & Rail		3.5
Beverages		3.1
Oil, Gas & Consumable Fuels		2.9
Health Care Equipment & Supplies		2.8
Investment of cash collateral from securities loaned		2.8

INDUSTRY	PERCENTAGE
Aerospace & Defense		2.8	%
Machinery		2.8
Interactive Media & Services		2.7
Software		2.4
Electrical Equipment		2.4
Trading Companies & Distributors		2.0
Chemicals		1.9
Auto Components		1.9
Real Estate Management & Development		1.8
Food & Staples Retailing		1.8
Household Durables		1.8
Metals & Mining		1.7
Professional Services		1.6
Construction Materials		1.5
Electronic Equipment, Instruments & Components		1.5
Short-Term Investments		1.8

Abbreviations

ADR	American Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
(a)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is approximately $70,848,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.3%
Australia — 9.2%
AGL Energy Ltd.		59		809
Alumina Ltd.		567		885
Australia & New Zealand Banking Group Ltd.		201		3,688
Beach Energy Ltd.		342		538
BHP Group Ltd.		302		7,397
BlueScope Steel Ltd.		80		734
Challenger Ltd.		122		669
CSR Ltd.		182		522
Downer EDI Ltd.		83		462
Fortescue Metals Group Ltd.		200		1,227
Harvey Norman Holdings Ltd.		196		552
Incitec Pivot Ltd.		190		453
IOOF Holdings Ltd.		117		593
JB Hi-Fi Ltd.		32		822
Metcash Ltd.		365		709
National Australia Bank Ltd.		183		3,583
Origin Energy Ltd.		101		547
Qantas Airways Ltd.		172		761
QBE Insurance Group Ltd.		61		533
Rio Tinto plc		102		5,322
Santos Ltd.		106		591
St Barbara Ltd.		229		442
Westpac Banking Corp.		219		4,249
				36,088
Austria — 1.2%
AT&S Austria Technologie & Systemtechnik AG		31		583
BAWAG Group AG (a)		18		731
Erste Group Bank AG		30		1,077
OMV AG		22		1,286
Raiffeisen Bank International AG		27		653
Telekom Austria AG *		65		504
				4,834
Belgium — 1.2%
Ageas		24		1,367
bpost SA		46		529
KBC Group NV		24		1,668
Orange Belgium SA		24		530
Telenet Group Holding NV *		10		486
				4,580
China — 0.3%
BOC Hong Kong Holdings Ltd.		349		1,199
Denmark — 0.6%
Pandora A/S		14		681
Scandinavian Tobacco Group A/S, Class A (a)		63		748

INVESTMENTS	SHARES (000)		VALUE ($000)
Denmark — continued
Sydbank A/S		25		496
TCM Group A/S (a)		16		263
				2,188
Finland — 1.3%
Cramo OYJ		44		468
Sanoma OYJ		72		751
Tieto OYJ		17		483
Tokmanni Group Corp.		70		899
UPM-Kymmene OYJ		46		1,493
Valmet OYJ		23		524
YIT OYJ		78		467
				5,085
France — 8.0%
Air France-KLM *		53		632
ALD SA (a) (b)		41		577
Arkema SA		5		554
Atos SE		8		593
AXA SA		138		3,656
BNP Paribas SA		73		3,816
Cie Generale des Etablissements Michelin SCA		10		1,212
CNP Assurances		34		675
Credit Agricole SA		101		1,317
Derichebourg SA (b)		124		447
Eutelsat Communications SA (b)		34		637
Faurecia SE		13		607
Gecina SA, REIT		6		947
Groupe Crit		9		679
IPSOS		20		603
Kaufman & Broad SA		19		740
Metropole Television SA		27		469
Peugeot SA		40		1,016
Publicis Groupe SA		21		924
Quadient		23		503
Rexel SA		54		668
Rothschild & Co.		18		493
Sopra Steria Group		5		691
SPIE SA		28		591
Television Francaise 1 (b)		50		417
TOTAL SA		151		7,964
				31,428
Georgia — 0.1%
Bank of Georgia Group plc		29		482

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Germany — 8.0%
Allianz SE (Registered)		19		4,620
Bayer AG (Registered)		59		4,582
CECONOMY AG *		94		473
Covestro AG (a)		22		1,043
Deutsche Pfandbriefbank AG (a)		45		609
Deutsche Post AG (Registered)		70		2,474
Deutsche Telekom AG (Registered)		235		4,131
Evonik Industries AG		39		1,028
Freenet AG		23		515
HeidelbergCement AG		13		993
JOST Werke AG (a)		25		698
KION Group AG		8		533
METRO AG		39		630
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		7		1,909
RWE AG		46		1,399
Siltronic AG (b)		6		555
Software AG		20		621
Takkt AG		55		659
Volkswagen AG (Preference)		17		3,188
Wuestenrot & Wuerttembergische AG		40		812
				31,472
Ghana — 0.1%
Tullow Oil plc		216		578
Hong Kong — 2.0%
CK Asset Holdings Ltd.		209		1,454
Hang Lung Properties Ltd.		325		714
Hysan Development Co. Ltd.		153		603
New World Development Co. Ltd.		685		980
Sun Hung Kai Properties Ltd.		121		1,834
Swire Properties Ltd.		143		449
VTech Holdings Ltd.		61		535
Wheelock & Co. Ltd.		151		934
Xinyi Glass Holdings Ltd.		462		519
				8,022
India — 0.1%
Rhi Magnesita NV		10		441
Ireland — 0.4%
AerCap Holdings NV *		17		961
Smurfit Kappa Group plc		18		598
				1,559

INVESTMENTS	SHARES (000)		VALUE ($000)
Israel — 0.5%
Bank Leumi Le-Israel BM		155		1,128
Israel Discount Bank Ltd., Class A		142		650
				1,778
Italy — 2.9%
ASTM SpA		23		731
Banca Farmafactoring SpA (a)		84		512
Eni SpA		193		2,934
Intesa Sanpaolo SpA		1,035		2,592
Mediaset SpA *		153		457
Mediobanca Banca di Credito Finanziario SpA		106		1,263
Poste Italiane SpA (a)		70		850
Rizzoli Corriere Della Sera Mediagroup SpA (b)		601		618
Unieuro SpA (a)		56		807
Unipol Gruppo SpA		102		571
				11,335
Japan — 21.8%
Acom Co. Ltd.		120		481
AEON Financial Service Co. Ltd.		35		539
Aeon Mall Co. Ltd.		33		534
Aozora Bank Ltd.		25		636
Bridgestone Corp.		44		1,828
Brother Industries Ltd.		53		1,002
Concordia Financial Group Ltd.		177		722
Dai-ichi Life Holdings, Inc.		111		1,803
DIC Corp.		16		455
DMG Mori Co. Ltd.		52		848
Dowa Holdings Co. Ltd.		15		504
Fuji Electric Co. Ltd.		24		763
FUJIFILM Holdings Corp.		11		483
Fuyo General Lease Co. Ltd.		8		528
GS Yuasa Corp.		15		275
Hitachi Ltd.		39		1,459
Hokuhoku Financial Group, Inc.		48		468
ITOCHU Corp.		113		2,367
Iwatani Corp.		14		472
Jafco Co. Ltd.		13		481
Japan Airlines Co. Ltd.		21		664
Kaken Pharmaceutical Co. Ltd.		10		471
KDDI Corp.		129		3,567
K’s Holdings Corp.		46		522
Kureha Corp.		9		556
Kyudenko Corp.		15		503
Kyushu Financial Group, Inc.		112		450
Marubeni Corp.		198		1,396

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
MINEBEA MITSUMI, Inc.		26		496
Mitsubishi Heavy Industries Ltd.		31		1,267
Mitsubishi UFJ Financial Group, Inc.		830		4,302
Mitsubishi UFJ Lease & Finance Co. Ltd.		150		923
Mitsui & Co. Ltd.		121		2,075
Mitsui Fudosan Co. Ltd.		56		1,433
MS&AD Insurance Group Holdings, Inc.		37		1,185
Nexon Co. Ltd. *		41		479
Nichias Corp.		26		542
Nippon Light Metal Holdings Co. Ltd.		245		476
Nippon Telegraph & Telephone Corp.		52		2,596
Nomura Real Estate Holdings, Inc.		30		706
NTT DOCOMO, Inc.		93		2,561
ORIX Corp.		111		1,743
Rakuten, Inc.		50		473
Rengo Co. Ltd.		68		491
Resona Holdings, Inc.		226		983
Sankyu, Inc.		9		437
Sawai Pharmaceutical Co. Ltd.		9		491
SBI Holdings, Inc.		35		768
Sekisui House Ltd.		60		1,285
Shinsei Bank Ltd.		63		987
Shizuoka Bank Ltd. (The)		101		764
Showa Denko KK		22		606
Sojitz Corp.		162		509
Sompo Holdings, Inc.		10		405
Sony Corp.		13		767
Subaru Corp.		54		1,556
SUMCO Corp.		40		664
Sumitomo Bakelite Co. Ltd.		12		489
Sumitomo Chemical Co. Ltd.		180		824
Sumitomo Corp.		96		1,559
Sumitomo Forestry Co. Ltd.		33		475
Sumitomo Heavy Industries Ltd.		28		857
Sumitomo Mitsui Financial Group, Inc.		97		3,458
Sumitomo Mitsui Trust Holdings, Inc.		40		1,440
Taiheiyo Cement Corp.		34		967
Teijin Ltd.		39		771
THK Co. Ltd.		24		690
Tokuyama Corp.		27		732
Tokyo Tatemono Co. Ltd.		41		576
Tokyu Fudosan Holdings Corp.		121		801
Tosoh Corp.		54		733
Toyota Motor Corp.		141		9,783
Toyota Tsusho Corp.		34		1,187

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
TS Tech Co. Ltd.		23		743
Ube Industries Ltd.		24		503
Yamaguchi Financial Group, Inc.		69		487
Yamato Kogyo Co. Ltd.		19		488
Yokohama Rubber Co. Ltd. (The)		44		981
Zeon Corp.		48		543
				85,834
Luxembourg — 0.2%
RTL Group SA		15		783
Malta — 0.1%
Kindred Group plc, SDR		62		450
Netherlands — 5.8%
Arcadis NV		27		540
ASR Nederland NV		20		744
Heijmans NV, CVA * (b)		80		647
ING Groep NV		263		2,982
Intertrust NV (a)		25		474
NIBC Holding NV (a)		89		726
NN Group NV		29		1,111
Randstad NV		18		1,008
Royal Dutch Shell plc, Class A		483		13,990
Signify NV (a)		26		752
				22,974
New Zealand — 0.3%
Air New Zealand Ltd.		386		698
Z Energy Ltd.		123		423
				1,121
Norway — 2.5%
DNB ASA		97		1,772
Elkem ASA (a)		145		345
Equinor ASA (b)		67		1,252
Europris ASA (a)		157		425
Komplett Bank ASA *		409		489
Kvaerner ASA		285		362
Norwegian Finans Holding ASA *		85		825
Olav Thon Eiendomsselskap ASA		27		429
Selvaag Bolig ASA		106		583
SpareBank 1 Nord Norge		105		815
SpareBank 1 SMN		68		732
SpareBank 1 SR-Bank ASA		74		792
Stolt-Nielsen Ltd.		29		357
Storebrand ASA		88		625
				9,803

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Portugal — 0.1%
Altri SGPS SA		66		405
Russia — 0.2%
Evraz plc		139		662
Singapore — 1.4%
BW LPG Ltd. (a)		38		263
DBS Group Holdings Ltd.		70		1,332
Jardine Cycle & Carriage Ltd.		27		659
Oversea-Chinese Banking Corp. Ltd.		180		1,450
United Overseas Bank Ltd.		65		1,270
Venture Corp. Ltd.		42		481
				5,455
South Africa — 0.6%
Anglo American plc		91		2,331
Spain — 2.7%
ACS Actividades de Construccion y Servicios SA		34		1,373
Banco Bilbao Vizcaya Argentaria SA (b)		464		2,441
Enagas SA		29		725
Mediaset Espana Comunicacion SA		77		472
Repsol SA		132		2,168
Talgo SA * (a)		80		499
Telefonica SA		367		2,815
				10,493
Sweden — 2.9%
Betsson AB *		96		474
Boliden AB		29		776
Dometic Group AB (b) (c)		60		558
Granges AB		43		419
Intrum AB (b)		19		500
Inwido AB		84		561
LeoVegas AB (a) (b)		111		389
Lindab International AB		64		720
Resurs Holding AB (a)		123		727
Scandic Hotels Group AB (a)		52		498
Skandinaviska Enskilda Banken AB, Class A		173		1,655
SKF AB, Class B		27		492
Svenska Handelsbanken AB, Class A		143		1,439
Swedbank AB, Class A		82		1,154
Tethys Oil AB		93		706
Volvo AB, Class B		33		497
				11,565
Switzerland — 6.2%
Adecco Group AG (Registered)		19		1,156
Credit Suisse Group AG (Registered) *		98		1,209

INVESTMENTS	SHARES (000)		VALUE ($000)
Switzerland — continued
Glencore plc *		769		2,320
Julius Baer Group Ltd. *		10		447
LafargeHolcim Ltd. (Registered) *		25		1,279
Novartis AG (Registered)		49		4,306
Roche Holding AG		3		772
Swiss Life Holding AG (Registered)		3		1,738
Swiss Re AG		25		2,580
Swisscom AG (Registered)		2		1,222
UBS Group AG (Registered) *		268		3,175
Zurich Insurance Group AG		11		4,142
				24,346
United Kingdom — 17.4%
Babcock International Group plc		85		613
Barratt Developments plc		113		925
Bellway plc		15		594
Berkeley Group Holdings plc		17		964
Bovis Homes Group plc		49		748
BP plc		1,229		7,797
British American Tobacco plc		151		5,279
British Land Co. plc (The), REIT		116		936
Card Factory plc		247		543
CK Hutchison Holdings Ltd.		203		1,870
Countryside Properties plc (a)		145		664
Crest Nicholson Holdings plc		116		586
Dart Group plc		50		824
Derwent London plc, REIT		11		506
Dialog Semiconductor plc *		16		731
Fiat Chrysler Automobiles NV		56		862
Firstgroup plc *		453		758
Forterra plc (a)		214		742
Gamesys Group plc *		75		785
Genel Energy plc		251		620
GlaxoSmithKline plc		303		6,939
Great Portland Estates plc, REIT		46		469
Gulf Keystone Petroleum Ltd.		183		487
GVC Holdings plc		75		860
HSBC Holdings plc		1,202		9,081
Imperial Brands plc		82		1,807
Inchcape plc		94		783
International Consolidated Airlines Group SA		118		810
ITV plc		688		1,193
John Laing Group plc (a)		105		495
Legal & General Group plc		577		1,972
M&G plc *		175		483

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Micro Focus International plc		38		526
Mitchells & Butlers plc *		165		908
Morgan Sindall Group plc		44		727
National Express Group plc		80		465
OneSavings Bank plc		156		728
Paragon Banking Group plc		83		539
Playtech plc		91		461
Prudential plc		175		3,049
Reach plc		217		277
Redrow plc		73		573
Savills plc		43		514
Scottish Salmon Co. plc (The)		143		441
St Modwen Properties plc		82		477
Taylor Wimpey plc		409		877
Vodafone Group plc		1,754		3,580
WPP plc		130		1,627
				68,495
United States — 0.2%
Samsonite International SA (a) (b)		207		422
TI Fluid Systems plc (a)		190		452
				874
Total Common Stocks (Cost $391,873)				386,660
	NO. OF RIGHTS (000)
Rights — 0.0%(d)
Italy — 0.0%(d)
Mediaset SpA, expiring 11/7/2019 * (Cost $—)		187		—	(e)
	SHARES (000)
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (f) (g) (Cost $3,486)		3,486		3,487

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 1.0%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (f) (g)		2,000		2,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (f) (g)		2,026		2,026
Total Investment of Cash Collateral from Securities Loaned (Cost $4,026)				4,026
Total Investments — 100.2% (Cost $399,385)				394,173
Liabilities in Excess of Other Assets — (0.2)%				(901	)
NET ASSETS — 100.0%				393,272

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Banks		18.3	%
Oil, Gas & Consumable Fuels		10.8
Insurance		8.7
Metals & Mining		6.1
Pharmaceuticals		4.5
Automobiles		4.2
Real Estate Management & Development		3.3
Diversified Telecommunication Services		2.9
Trading Companies & Distributors		2.8
Wireless Telecommunication Services		2.7
Media		2.5
Chemicals		2.4
Household Durables		2.4
Tobacco		2.0
Machinery		1.9
Capital Markets		1.8
Auto Components		1.7
Construction Materials		1.3
Diversified Financial Services		1.2
Hotels, Restaurants & Leisure		1.2
Construction & Engineering		1.2
Airlines		1.1
Investment of cash collateral from securities loaned		1.0
Others (each less than 1.0%)		13.1
Short-Term Investments		0.9

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Abbreviations

CVA	Dutch Certification
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital
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 October 31, 2019. The total value of securities on loan at October 31, 2019 is approximately $3,789,000.
(c)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	Amount rounds to less than one thousand.
(f)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		41		12/2019		EUR		1,648		20
FTSE 100 Index		13		12/2019		GBP		1,220		(7	)
TOPIX Index		8		12/2019		JPY		1,226		30
										43

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.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund
ASSETS:
Investments in non-affiliates, at value	$	6,174,700		$	2,063,564		$	539,986
Investments in affiliates, at value		168,369			22,226			130
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		13,486			2,216			286
Cash		178			2,379			100
Foreign currency, at value		669			3,113			1,182
Deferred offering cost (See Note 2.G.)		—			5			—
Receivables:
Due from custodian		—			—			3,487
Investment securities sold		—			1,097			12,560
Fund shares sold		13,722			2			1
Dividends from non-affiliates		3,671			959			307
Dividends from affiliates		200			245			8
Tax reclaims		996			23			3,918
Securities lending income (See Note 2.C.)		5			—	(a)		3
Total Assets		6,375,996			2,095,829			561,968
LIABILITIES:
Payables:
Investment securities purchased		17,380			544			18,649
Collateral received on securities loaned (See Note 2.C.)		13,486			2,216			286
Fund shares redeemed		6,204			1,977			199
Variation margin on futures contracts		—			—			12
Accrued liabilities:
Investment advisory fees		3,042			268			269
Administration fees		92			36			34
Distribution fees		142			—			33
Service fees		436			—	(a)		45
Custodian and accounting fees		478			111			42
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—			—	(a)
Deferred foreign capital gains tax		20,407			—			—
Audit fees		67			70			80
Other		585			33			74
Total Liabilities		62,319			5,255			19,723
Net Assets	$	6,313,677		$	2,090,574		$	542,245

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund
NET ASSETS:
Paid-in-Capital	$	4,675,089		$	2,036,055		$	596,615
Total distributable earnings (loss)		1,638,588			54,519			(54,370	)
Total Net Assets	$	6,313,677		$	2,090,574		$	542,245
Net Assets:
Class A	$	524,357		$	—		$	98,294
Class C		56,830			—			19,798
Class I		1,725,882			5			86,582
Class L		926,781			—			65,686
Class R2		145			—			—	��
Class R3		2,151			—			—
Class R4		1,300			—			—
Class R5		41,872			—			—
Class R6		3,034,359			2,090,569			271,885
Total	$	6,313,677		$	2,090,574		$	542,245
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		17,439			—			4,053
Class C		1,955			—			922
Class I		56,049			—	(a)		3,499
Class L		29,867			—			2,622
Class R2		5			—			—
Class R3		72			—			—
Class R4		42			—			—
Class R5		1,352			—			—
Class R6		97,896			124,461			10,895
Net Asset Value (b):
Class A — Redemption price per share	$	30.07		$	—		$	24.25
Class C — Offering price per share (c)		29.07			—			21.47
Class I — Offering and redemption price per share		30.79			16.78			24.75
Class L — Offering and redemption price per share		31.03			—			25.05
Class R2 — Offering and redemption price per share		29.78			—			—
Class R3 — Offering and redemption price per share		29.96			—			—
Class R4 — Offering and redemption price per share		30.68			—			—
Class R5 — Offering and redemption price per share		30.96			—			—
Class R6 — Offering and redemption price per share		31.00			16.80			24.96
Class A maximum sales charge		5.25	%		—	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	31.74		$	—		$	25.59
Cost of investments in non-affiliates	$	4,432,405		$	2,022,679		$	494,606
Cost of investments in affiliates		168,352			22,222			130
Cost of foreign currency		666			3,098			1,178
Investment securities on loan, at value (See Note 2.C.)		13,200			2,092			275
Cost of investment of cash collateral (See Note 2.C.)		13,486			2,216			286

(a) Amount rounds to less than one thousand.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Global Research Enhanced Index Fund			JPMorgan International Advantage Fund		JPMorgan International Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	4,166,392		$	1,740,598	$	2,928,091
Investments in affiliates, at value		—			42,366		49,197
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		39,184			1,971		52,519
Cash		65			88		286
Foreign currency, at value		—			191		—
Deposits at broker for futures contracts		1,934			2,497		—
Receivables:
Due from custodian		—			—		2,053
Investment securities sold		56,232			6,075		1
Fund shares sold		131			60		4,369
Dividends from non-affiliates		6,782			8,282		6,800
Dividends from affiliates		28			65		74
Tax reclaims		7,735			12,740		12,561
Securities lending income (See Note 2.C.)		9			40		4
Total Assets		4,278,492			1,814,973		3,055,955
LIABILITIES:
Payables:
Foreign currency due to custodian, at value		6			—		222
Investment securities purchased		2,436			—		2,941
Collateral received on securities loaned (See Note 2.C.)		39,184			1,971		52,519
Interfund lending		3,663			—		—
Fund shares redeemed		1,527			335		1,611
Variation margin on futures contracts		179			138		1
Accrued liabilities:
Investment advisory fees		611			759		1,125
Administration fees		204			54		59
Distribution fees		—			46		77
Service fees		27			36		84
Custodian and accounting fees		67			83		98
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—		—	(a)
Audit fees		77			74		85
Other		359			128		127
Total Liabilities		48,340			3,624		58,949
Net Assets	$	4,230,152		$	1,811,349	$	2,997,006

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	JPMorgan Global Research Enhanced Index Fund			JPMorgan International Advantage Fund			JPMorgan International Equity Fund
NET ASSETS:
Paid-in-Capital	$	2,671,923		$	1,815,564		$	2,208,654
Total distributable earnings (loss)		1,558,229			(4,215	)		788,352
Total Net Assets	$	4,230,152		$	1,811,349		$	2,997,006
Net Assets:
Class A	$	—		$	156,230		$	328,312
Class C		—			1,210			14,549
Class I		354,659			67,146			190,885
Class R2		—			30,819			2,099
Class R5		—			—			3,778
Class R6		3,875,493			1,555,944			2,457,383
Total	$	4,230,152		$	1,811,349		$	2,997,006
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		—			7,852			19,007
Class C		—			60			893
Class I		15,784			3,242			10,867
Class R2		—			1,575			122
Class R5		—			—			215
Class R6		174,523			76,272			139,533
Net Asset Value (a):
Class A — Redemption price per share	$	—		$	19.90		$	17.27
Class C — Offering price per share (b)		—			20.13			16.29
Class I — Offering and redemption price per share		22.47			20.71			17.56
Class R2 — Offering and redemption price per share		—			19.57			17.14
Class R5 — Offering and redemption price per share		—			—			17.60
Class R6 — Offering and redemption price per share		22.21			20.40			17.61
Class A maximum sales charge		—	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	—		$	21.00		$	18.23
Cost of investments in non-affiliates	$	2,936,016		$	1,555,196		$	2,167,677
Cost of investments in affiliates		—			42,359			49,188
Cost of foreign currency		—			190			—
Investment securities on loan, at value (See Note 2.C.)		37,095			1,858			49,506
Cost of investment of cash collateral (See Note 2.C.)		39,184			1,971			52,519

(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.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund			JPMorgan International Value Fund
ASSETS:
Investments in non-affiliates, at value	$	59,078		$	4,641,690		$	2,560,315		$	386,660
Investments in affiliates, at value		850			154,151			48,921			3,487
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			106,266			75,853			4,026
Options purchased, at value		162			—			—			—
Cash		367			50			201			50
Foreign currency, at value		20			5,806			346			106
Deposits at broker for futures contracts		171			5,552			—			242
Deposits at broker for options contracts		100			—			—			—
Deferred offering cost (See Note 2.G.)		39			—			—			—
Receivables:
Investment securities sold		—			—			—	(a)		328
Fund shares sold		20			2,644			925			398
Dividends from non-affiliates		183			14,403			1,695			1,385
Dividends from affiliates		2			287			143			12
Tax reclaims		74			13,392			661			2,852
Securities lending income (See Note 2.C.)		—			10			6			3
Due from adviser		4			—			—			—
Total Assets		61,070			4,944,251			2,689,066			399,549
LIABILITIES:
Payables:
Due to broker for options contracts		100			—			—			—
Investment securities purchased		—			285			622			494
Collateral received on securities loaned (See Note 2.C.)		—			106,266			75,853			4,026
Fund shares redeemed		—			490			11,755			1,054
Variation margin on futures contracts		12			1,377			2			14
Outstanding options written, at fair value		592			—			—			—
Accrued liabilities:
Investment advisory fees		—			639			900			137
Administration fees		—			214			29			—
Distribution fees		—	(a)		44			36			44
Service fees		12			28			50			42
Custodian and accounting fees		13			125			28			41
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—			—	(a)
Audit fees		88			54			74			87
Other		11			255			76			338
Total Liabilities		828			109,777			89,425			6,277
Net Assets	$	60,242		$	4,834,474		$	2,599,641		$	393,272

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund			JPMorgan International Value Fund
NET ASSETS:
Paid-in-Capital	$	58,037		$	4,705,353		$	2,510,664		$	430,573
Total distributable earnings (loss)		2,205			129,121			88,977			(37,301	)
Total Net Assets	$	60,242		$	4,834,474		$	2,599,641		$	393,272
Net Assets:
Class A	$	330		$	213,256		$	114,629		$	181,458
Class C		119			—			18,447			9,358
Class I		59,751			185,680			177,764			45,503
Class L		—			—			—			30,256
Class R2		—			—			1,049			722
Class R5		21			—			3,082			88
Class R6		21			4,435,538			2,284,670			125,887
Total	$	60,242		$	4,834,474		$	2,599,641		$	393,272
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		21			11,894			5,421			14,846
Class C		8			—			884			792
Class I		3,829			10,220			8,294			3,629
Class L		—			—			—			2,427
Class R2		—			—			50			60
Class R5		1			—			144			7
Class R6		1			244,980			106,575			10,130
Net Asset Value (a):
Class A — Redemption price per share	$	15.58		$	17.93		$	21.15		$	12.22
Class C — Offering price per share (b)		15.53			—			20.86			11.81
Class I — Offering and redemption price per share		15.61			18.17			21.43			12.54
Class L — Offering and redemption price per share		—			—			—			12.47
Class R2 — Offering and redemption price per share		—			—			20.99			11.96
Class R5 — Offering and redemption price per share		15.62			—			21.42			12.40
Class R6 — Offering and redemption price per share		15.63			18.11			21.44			12.43
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	16.44		$	18.92		$	22.32		$	12.90
Cost of investments in non-affiliates	$	57,538		$	4,420,959		$	2,428,039		$	391,873
Cost of investments in affiliates		850			154,133			48,912			3,486
Cost of options purchased		547			—			—			—	��
Cost of foreign currency		19			5,733			346			106
Investment securities on loan, at value (See Note 2.C.)		—			99,554			70,848			3,789
Cost of investment of cash collateral (See Note 2.C.)		—			106,266			75,853			4,026
Premiums received from options written		512			—			—			—

(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.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2019

(Amounts in thousands)

	JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund (a)			JPMorgan Europe Dynamic Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	10		$	6		$	253
Interest income from affiliates		11			8			1
Dividend income from non-affiliates		107,796			10,003			22,256
Dividend income from affiliates		1,919			463			306
Non-cash dividend income from non-affiliates		—			2,910			1,313
Income from securities lending (net) (See Note 2.C.)		592			2			203
Foreign taxes withheld		(5,470	)		(846	)		(1,835	)
Total investment income		104,858			12,546			22,497
EXPENSES:
Investment advisory fees		44,342			967			3,695
Administration fees		4,192			290			441
Distribution fees:
Class A		1,082			—			269
Class C		385			—			179
Class R2		1			—			—
Class R3		3			—			—
Service fees:
Class A		1,082			—			269
Class C		128			—			60
Class I (b)		2,877			8			254
Class L		658			—			79
Class R2		—	(c)		—			—
Class R3		3			—			—
Class R4		3			—			—
Class R5		33			—			—
Custodian and accounting fees		3,143			343			148
Interest expense to affiliates		64			—	(c)		11
Professional fees		154			79			100
Trustees’ and Chief Compliance Officer’s fees		46			21			28
Printing and mailing costs		582			11			35
Registration and filing fees		401			18			115
Transfer agency fees (See Note 2.I.)		179			2			34
Offering costs (See Note 2.G.)		—			43			—
Other		94			8			21
Total expenses		59,452			1,790			5,738
Less fees waived		(10,418	)		(410	)		(182	)
Less expense reimbursements		(36	)		(47	)		—
Net expenses		48,998			1,333			5,556
Net investment income (loss)		55,860			11,213			16,941
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(2,860	)(d)		(2,167	)		(56,959	)
Investments in affiliates		3			3			—	(c)
Futures contracts		2,644			5,136			529
Foreign currency transactions		(1,928	)		(549	)		(109	)
Net realized gain (loss)		(2,141	)		2,423			(56,539	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,186,355	(e)		40,885			83,496
Investments in affiliates		17			4			—	(c)
Futures contracts		—			—			(213	)
Foreign currency translations		48			20			42
Change in net unrealized appreciation/depreciation		1,186,420			40,909			83,325
Net realized/unrealized gains (losses)		1,184,279			43,332			26,786
Change in net assets resulting from operations	$	1,240,139		$	54,545		$	43,727

(a) Commencement of operations was December 11, 2018.

(b) Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund.

(c) Amount rounds to less than one thousand.

(d) Net of foreign capital gains tax of approximately $(842,000) for JPMorgan Emerging Markets Equity Fund.

(e) Net of change in foreign capital gains tax of approximately $(16,616,000) for JPMorgan Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	JPMorgan Global Research Enhanced Index Fund			JPMorgan International Advantage Fund			JPMorgan International Equity Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	55		$	486		$	—
Interest income from affiliates		5			—	(a)		4
Dividend income fromnon-affiliates		118,601			129,476			131,173
Dividend income from affiliates		630			1,280			1,713
Income from securities lending (net) (See Note 2.C.)		652			974			538
Foreign taxes withheld		(4,987	)		(9,948	)		(9,280	)
Total investment income		114,956			122,268			124,148
EXPENSES:
Investment advisory fees		9,234			18,706			25,617
Administration fees		3,521			2,462			3,194
Distribution fees:
Class A		—			383			683
Class C		—			11			126
Class R2		—			155			8
Service fees:
Class A		—			383			683
Class C		—			4			42
Class I		955			160			436
Class R2		—			78			4
Class R5		—			—			18
Custodian and accounting fees		397			558			598
Interest expense to affiliates		111			36			40
Professional fees		187			162			188
Trustees’ and Chief Compliance Officer’s fees		44			38			42
Printing and mailing costs		226			84			127
Registration and filing fees		131			106			126
Transfer agency fees (See Note 2.I.)		43			117			87
Other		81			76			73
Total expenses		14,930			23,519			32,092
Less fees waived		(2,984	)		(5,791	)		(9,447	)
Less expense reimbursements		—			—			(3	)
Net expenses		11,946			17,728			22,642
Net investment income (loss)		103,010			104,540			101,506
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		387,148			(248,044	)		(45,984	)
Investments in affiliates		4			10			8
Futures contracts		(894	)		(1,247	)		(3,617	)
Foreign currency transactions		966			2,445			2,853
Net realized gain (loss)		387,224			(246,836	)		(46,740	)
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		38,268			251,551			522,433
Investments in affiliates		—	(a)		7			9
Futures contracts		(898	)		2,869			—
Foreign currency translations		84			228			169
Change in net unrealized appreciation/depreciation		37,454			254,655			522,611
Net realized/unrealized gains (losses)		424,678			7,819			475,871
Change in net assets resulting from operations	$	527,688		$	112,359		$	577,377

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2019 (continued)

(Amounts in thousands)

	JPMorgan International Hedged Equity Fund (a)			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Unconstrained Equity Fund			JPMorgan International Value Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	2		$	147		$	—	(b)	$	953
Interest income from affiliates		2			1			1			1
Dividend income from non-affiliates		1,429			172,717			13,772			19,714
Dividend income from affiliates		19			2,748			468			169
Income from securities lending (net) (See Note 2.C.)		—			1,066			33			122
Foreign taxes withheld		(132	)		(13,684	)		(873	)		(1,256	)
Total investment income		1,320			162,995			13,401			19,703
EXPENSES:
Investment advisory fees		83			9,019			4,133			2,474
Administration fees		25			3,431			489			320
Distribution fees:
Class A		—	(b)		509			239			474
Class C		—	(b)		—			149			82
Class R2		—			—			5			5
Service fees:
Class A		—	(b)		509			239			474
Class C		—	(b)		—			50			27
Class I		83			411			441			135
Class L		—			—			—			42
Class R2		—			—			3			3
Class R5		—	(b)		—			3			—	(b)
Custodian and accounting fees		39			651			137			129
Interest expense to affiliates		—	(b)		10			12			18
Professional fees		88			175			83			159
Trustees’ and Chief Compliance Officer’s fees		13			43			27			27
Printing and mailing costs		9			227			58			5
Registration and filing fees		5			53			153			87
Transfer agency fees (See Note 2.I.)		2			95			37			28
Offering costs (See Note 2.G.)		64			—			—			—
Other		8			114			12			12
Total expenses		419			15,247			6,270			4,501
Less fees waived		(112	)		(3,292	)		(1,752	)		(1,067	)
Less expense reimbursements		(109	)		—			(1	)		—	(b)
Net expenses		198			11,955			4,517			3,434
Net investment income (loss)		1,122			151,040			8,884			16,269
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(61	)		(174,555	)		(22,834	)		(47,702	)
Investments in affiliates		—	(b)		6			—	(b)		—	(b)
Options purchased		(956	)		—			—			—
Futures contracts		82			13,990			144			1,233
Foreign currency transactions		14			(595	)		1,289			237
Forward foreign currency exchange contracts		—			—			(1,105	)		—
Options written		931			—			—			—
Net realized gain (loss)		10			(161,154	)		(22,506	)		(46,232	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,540			479,719			157,776			36,124
Investments in affiliates		—			18			9			1
Options purchased		(385	)		—			—			—
Futures contracts		(4	)		3,708			—			43
Foreign currency translations		2			386			14			(4	)
Options written		(80	)		—			—			—
Change in net unrealized appreciation/depreciation		1,073			483,831			157,799			36,164
Net realized/unrealized gains (losses)		1,083			322,677			135,293			(10,068	)
Change in net assets resulting from operations	$	2,205		$	473,717		$	144,177		$	6,201

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

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

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
	Year Ended October 31, 2019			Year Ended October 31, 2018			Period Ended October 31, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	55,860		$	45,111		$	11,213
Net realized gain (loss)		(2,141	)		(15,331	)		2,423
Change in net unrealized appreciation/depreciation		1,186,420			(763,494	)		40,909
Change in net assets resulting from operations		1,240,139			(733,714	)		54,545
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,554	)		(788	)		—
Class C		(59	)		(4	)		—
Class I (b)		(6,646	)		(2,829	)		—
Class L		(4,471	)		(2,054	)		—
Class R2		(1	)		—	(c)		—
Class R3		(1	)		—	(c)		—
Class R4		(11	)		—	(c)		—
Class R5		(296	)		(1	)		—
Class R6		(30,900	)		(16,464	)		(26	)
Total distributions to shareholders		(43,939	)		(22,140	)		(26	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		516,272			909,171			2,036,055
NET ASSETS:
Change in net assets		1,712,472			153,317			2,090,574
Beginning of period		4,601,205			4,447,888			—
End of period	$	6,313,677		$	4,601,205		$	2,090,574

(a) Commencement of operations was December 11, 2018.

(b) Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Europe Dynamic Fund						JPMorgan Global Research Enhanced Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,941		$	16,413		$	103,010		$	165,412
Net realized gain (loss)		(56,539	)		2,070			387,224			641,468
Change in net unrealized appreciation/depreciation		83,325			(138,449	)		37,454			(659,780	)
Change in net assets resulting from operations		43,727			(119,966	)		527,688			147,100
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(2,841	)		(2,283	)		—			—
Class C		(583	)		(435	)		—			—
Class I		(3,245	)		(2,988	)		(40,630	)		(14,541	)
Class L		(2,456	)		(9,949	)		—			—
Class R6 (a)(b)		(7,813	)		—			(509,389	)		(144,723	)
Total distributions to shareholders		(16,938	)		(15,655	)		(550,019	)		(159,264	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(169,891	)		(156,528	)		(1,594,493	)		(2,804,320	)
NET ASSETS:
Change in net assets		(143,102	)		(292,149	)		(1,616,824	)		(2,816,484	)
Beginning of period		685,347			977,496			5,846,976			8,663,460
End of period	$	542,245		$	685,347		$	4,230,152		$	5,846,976

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Europe Dynamic Fund.

(b) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan Global Research Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	JPMorgan International Advantage Fund						JPMorgan International Equity Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	104,540		$	90,413		$	101,506		$	105,451
Net realized gain (loss)		(246,836	)		(37,511	)		(46,740	)		91,823
Change in net unrealized appreciation/depreciation		254,655			(455,595	)		522,611			(738,163	)
Change in net assets resulting from operations		112,359			(402,693	)		577,377			(540,889	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,427	)		(4,177	)		(8,158	)		(4,237	)
Class C		(25	)		(19	)		(520	)		(224	)
Class I		(1,458	)		(1,091	)		(5,904	)		(2,341	)
Class R2		(638	)		(172	)		(56	)		(26	)
Class R5		—			—			(691	)		(355	)
Class R6		(82,457	)		(61,869	)		(140,365	)		(59,589	)
Total distributions to shareholders		(88,005	)		(67,328	)		(155,694	)		(66,772	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,616,261	)		717,668			(1,693,771	)		869,664
NET ASSETS:
Change in net assets		(1,591,907	)		247,647			(1,272,088	)		262,003
Beginning of period		3,403,256			3,155,609			4,269,094			4,007,091
End of period	$	1,811,349		$	3,403,256		$	2,997,006		$	4,269,094

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Hedged Equity Fund		JPMorgan International Research Enhanced Equity Fund
	Period Ended October 31, 2019 (a)		Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,122	$	151,040		$	155,204
Net realized gain (loss)		10		(161,154	)		(30,100	)
Change in net unrealized appreciation/depreciation		1,073		483,831			(588,793	)
Change in net assets resulting from operations		2,205		473,717			(463,689	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—		(6,271	)		(6,079	)
Class I		—		(5,060	)		(22,656	)
Class R6 (b)		—		(149,729	)		(79,541	)
Total distributions to shareholders		—		(161,060	)		(108,276	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		58,037		(178,801	)		233,881
NET ASSETS:
Change in net assets		60,242		133,856			(338,084	)
Beginning of period		—		4,700,618			5,038,702
End of period	$	60,242	$	4,834,474		$	4,700,618

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

(b) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	JPMorgan International Unconstrained Equity Fund						JPMorgan International Value Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,884		$	10,358		$	16,269		$	19,670
Net realized gain (loss)		(22,506	)		(26,039	)		(46,232	)		29,907
Change in net unrealized appreciation/depreciation		157,799			(65,981	)		36,164			(113,795	)
Change in net assets resulting from operations		144,177			(81,662	)		6,201			(64,218	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,618	)		(451	)		(7,451	)		(6,784	)
Class C		(296	)		(86	)		(419	)		(316	)
Class I		(3,745	)		(1,315	)		(2,481	)		(3,872	)
Class L		—			—			(2,611	)		(4,302	)
Class R2		(15	)		(2	)		(40	)		(27	)
Class R5		(72	)		(1	)		(3	)		(2	)
Class R6		(4,394	)		(1,288	)		(5,309	)		(2,922	)
Total distributions to shareholders		(10,140	)		(3,143	)		(18,314	)		(18,225	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,990,374			202,406			(116,184	)		(189,775	)
NET ASSETS:
Change in net assets		2,124,411			117,601			(128,297	)		(272,218	)
Beginning of period		475,230			357,629			521,569			793,787
End of period	$	2,599,641		$	475,230		$	393,272		$	521,569

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

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
	Year Ended October 31, 2019			Year Ended October 31, 2018			Period Ended October 31, 2019 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	312,341		$	170,141		$	—
Distributions reinvested		1,529			781			—
Cost of shares redeemed		(252,175	)		(268,020	)		—
Change in net assets resulting from Class A capital transactions	$	61,695		$	(97,098	)	$	—
Class C
Proceeds from shares issued	$	19,144		$	18,903		$	—
Distributions reinvested		58			4			—
Cost of shares redeemed		(17,205	)		(15,849	)		—
Change in net assets resulting from Class C capital transactions	$	1,997		$	3,058		$	—
Class I(b)
Proceeds from shares issued	$	1,177,539		$	573,932		$	12,188
Distributions reinvested		5,945			2,460			—
Cost of shares redeemed		(465,628	)		(295,493	)		(11,910	)
Change in net assets resulting from Class I capital transactions	$	717,856		$	280,899		$	278
Class L
Proceeds from shares issued	$	534,452		$	284,033		$	—
Distributions reinvested		3,845			1,682			—
Cost of shares redeemed		(228,859	)		(159,480	)		—
Change in net assets resulting from Class L capital transactions	$	309,438		$	126,235		$	—
Class R2
Proceeds from shares issued	$	51		$	94		$	—
Distributions reinvested		1			—	(c)		—
Cost of shares redeemed		(26	)		(5	)		—
Change in net assets resulting from Class R2 capital transactions	$	26		$	89		$	—
Class R3
Proceeds from shares issued	$	2,108		$	460		$	—
Distributions reinvested		1			—	(c)		—
Cost of shares redeemed		(478	)		(40	)		—
Change in net assets resulting from Class R3 capital transactions	$	1,631		$	420		$	—
Class R4
Proceeds from shares issued	$	1,602		$	42		$	—
Distributions reinvested		11			—	(c)		—
Cost of shares redeemed		(608	)		(30	)		—
Change in net assets resulting from Class R4 capital transactions	$	1,005		$	12		$	—
Class R5
Proceeds from shares issued	$	42,685		$	2,991		$	—
Distributions reinvested		296			1			—
Cost of shares redeemed		(9,680	)		(1,077	)		—
Change in net assets resulting from Class R5 capital transactions	$	33,301		$	1,915		$	—
Class R6
Proceeds from shares issued	$	1,266,740		$	968,052		$	2,052,510
Distributions reinvested		30,363			16,155			26
Cost of shares redeemed		(1,907,780	)		(390,566	)		(16,759	)
Change in net assets resulting from Class R6 capital transactions	$	(610,677	)	$	593,641		$	2,035,777
Total change in net assets resulting from capital transactions	$	516,272		$	909,171		$	2,036,055

(a) Commencement of operations was December 11, 2018.

(b) Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	JPMorgan Emerging Markets Equity Fund						JPMorgan Emerging Markets Research Enhanced Equity Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Period Ended October 31, 2019 (a)
SHARE TRANSACTIONS:
Class A
Issued		11,352			5,977			—
Reinvested		64			28			—
Redeemed		(9,475	)		(9,556	)		—
Change in Class A Shares		1,941			(3,551	)		—
Class C
Issued		712			679			—
Reinvested		3			—	(b)		—
Redeemed		(650	)		(598	)		—
Change in Class C Shares		65			81			—
Class I(c)
Issued		41,001			19,902			744
Reinvested		243			84			—
Redeemed		(16,821	)		(10,613	)		(744	)
Change in Class I Shares		24,423			9,373			—	(b)
Class L
Issued		18,682			9,765			—
Reinvested		156			57			—
Redeemed		(8,295	)		(5,623	)		—
Change in Class L Shares		10,543			4,199			—
Class R2
Issued		2			3			—
Reinvested		—	(b)		—	(b)		—
Redeemed		(1	)		—	(b)		—
Change in Class R2 Shares		1			3			—
Class R3
Issued		75			15			—
Reinvested		—	(b)		—	(b)		—
Redeemed		(17	)		(2	)		—
Change in Class R3 Shares		58			13			—
Class R4
Issued		62			1			—
Reinvested		—	(b)		—	(b)		—
Redeemed		(21	)		(1	)		—
Change in Class R4 Shares		41			—	(b)		—
Class R5
Issued		1,616			100			—
Reinvested		12			—	(b)		—
Redeemed		(344	)		(39	)		—
Change in Class R5 Shares		1,284			61			—
Class R6
Issued		43,818			33,718			125,486
Reinvested		1,233			550			2
Redeemed		(66,518	)		(13,768	)		(1,027	)
Change in Class R6 Shares		(21,467	)		20,500			124,461

(a) Commencement of operations was December 11, 2018.

(b) Amount rounds to less than one thousand.

(c) Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Europe Dynamic Fund						JPMorgan Global Research Enhanced Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	5,583		$	26,652		$	—		$	—
Distributions reinvested		2,751			2,203			—			—
Cost of shares redeemed		(39,739	)		(46,333	)		—			—
Change in net assets resulting from Class A capital transactions	$	(31,405	)	$	(17,478	)	$	—		$	—
Class C
Proceeds from shares issued	$	246		$	6,854		$	—		$	—
Distributions reinvested		552			395			—			—
Cost of shares redeemed		(12,991	)		(16,722	)		—			—
Change in net assets resulting from Class C capital transactions	$	(12,193	)	$	(9,473	)	$	—		$	—
Class I
Proceeds from shares issued	$	10,005		$	40,086		$	41,718		$	388,984
Distributions reinvested		3,023			2,739			38,286			14,320
Cost of shares redeemed		(69,458	)		(63,918	)		(169,787	)		(8,753,055	)
Change in net assets resulting from Class I capital transactions	$	(56,430	)	$	(21,093	)	$	(89,783	)	$	(8,349,751	)
Class L
Proceeds from shares issued	$	13,398		$	55,265		$	—		$	—
Distributions reinvested		2,405			8,412			—			—
Cost of shares redeemed		(346,212	)		(172,181	)		—			—
Change in net assets resulting from Class L capital transactions	$	(330,409	)	$	(108,504	)	$	—		$	—
Class R6(a)(b)
Proceeds from shares issued	$	294,863		$	20		$	53,701		$	9,245,823
Distributions reinvested		7,813			—			506,228			144,635
Cost of shares redeemed		(42,130	)		—			(2,064,639	)		(3,845,027	)
Change in net assets resulting from Class R6 capital transactions	$	260,546		$	20		$	(1,504,710	)	$	5,545,431
Total change in net assets resulting from capital transactions	$	(169,891	)	$	(156,528	)	$	(1,594,493	)	$	(2,804,320	)

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Europe Dynamic Fund.

(b) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan Global Research Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	JPMorgan Europe Dynamic Fund						JPMorgan Global Research Enhanced Index Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		248			1,011			—			—
Reinvested		131			83			—			—
Redeemed		(1,745	)		(1,777	)		—			—
Change in Class A Shares		(1,366	)		(683	)		—			—
Class C
Issued		12			288			—			—
Reinvested		30			17			—			—
Redeemed		(646	)		(721	)		—			—
Change in Class C Shares		(604	)		(416	)		—			—
Class I
Issued		440			1,455			2,067			17,041
Reinvested		141			102			1,955			633
Redeemed		(3,038	)		(2,401	)		(8,197	)		(388,734	)
Change in Class I Shares		(2,457	)		(844	)		(4,175	)		(371,060	)
Class L
Issued		577			2,041			—			—
Reinvested		111			310			—			—
Redeemed		(14,510	)		(6,665	)		—			—
Change in Class L Shares		(13,822	)		(4,314	)		—			—
Class R6(a)(b)
Issued		12,295			1			2,688			411,331
Reinvested		363			—			26,139			6,466
Redeemed		(1,764	)		—			(102,812	)		(169,289	)
Change in Class R6 Shares		10,894			1			(73,985	)		248,508

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Europe Dynamic Fund.

(b) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan Global Research Enhanced Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Advantage Fund						JPMorgan International Equity Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	38,451		$	51,817		$	125,560		$	100,845
Distributions reinvested		3,422			4,173			8,068			4,198
Cost of shares redeemed		(45,280	)		(109,134	)		(76,633	)		(131,999	)
Change in net assets resulting from Class A capital transactions	$	(3,407	)	$	(53,144	)	$	56,995		$	(26,956	)
Class C
Proceeds from shares issued	$	175		$	733		$	2,176		$	5,285
Distributions reinvested		25			19			495			210
Cost of shares redeemed		(662	)		(631	)		(8,733	)		(7,946	)
Change in net assets resulting from Class C capital transactions	$	(462	)	$	121		$	(6,062	)	$	(2,451	)
Class I
Proceeds from shares issued	$	19,041		$	29,375		$	77,428		$	111,356
Distributions reinvested		1,457			1,088			5,819			2,206
Cost of shares redeemed		(15,652	)		(15,042	)		(90,398	)		(47,783	)
Change in net assets resulting from Class I capital transactions	$	4,846		$	15,421		$	(7,151	)	$	65,779
Class R2
Proceeds from shares issued	$	6,565		$	36,008		$	1,194		$	597
Distributions reinvested		631			165			29			12
Cost of shares redeemed		(8,605	)		(8,962	)		(1,136	)		(597	)
Change in net assets resulting from Class R2 capital transactions	$	(1,409	)	$	27,211		$	87		$	12
Class R5
Proceeds from shares issued	$	—		$	—		$	744		$	547
Distributions reinvested		—			—			691			354
Cost of shares redeemed		—			—			(18,958	)		(461	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(17,523	)	$	440
Class R6
Proceeds from shares issued	$	108,992		$	857,123		$	458,174		$	1,112,330
Distributions reinvested		82,457			61,869			140,364			59,589
Cost of shares redeemed		(1,807,278	)		(190,933	)		(2,318,655	)		(339,079	)
Change in net assets resulting from Class R6 capital transactions	$	(1,615,829	)	$	728,059		$	(1,720,117	)	$	832,840
Total change in net assets resulting from capital transactions	$	(1,616,261	)	$	717,668		$	(1,693,771	)	$	869,664

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	JPMorgan International Advantage Fund						JPMorgan International Equity Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		2,015			2,376			7,833			5,747
Reinvested		193			191			554			235
Redeemed		(2,379	)		(5,011	)		(4,832	)		(7,496	)
Change in Class A Shares		(171	)		(2,444	)		3,555			(1,514	)
Class C
Issued		8			33			147			309
Reinvested		2			1			36			12
Redeemed		(34	)		(29	)		(577	)		(477	)
Change in Class C Shares		(24	)		5			(394	)		(156	)
Class I
Issued		962			1,323			4,793			6,224
Reinvested		79			48			394			122
Redeemed		(792	)		(665	)		(5,690	)		(2,700	)
Change in Class I Shares		249			706			(503	)		3,646
Class R2
Issued		348			1,658			74			35
Reinvested		36			7			2			1
Redeemed		(455	)		(418	)		(73	)		(35	)
Change in Class R2 Shares		(71	)		1,247			3			1
Class R5
Issued		—			—			45			30
Reinvested		—			—			47			19
Redeemed		—			—			(1,108	)		(26	)
Change in Class R5 Shares		—			—			(1,016	)		23
Class R6
Issued		5,671			37,675			27,715			61,155
Reinvested		4,558			2,771			9,522			3,289
Redeemed		(91,586	)		(8,343	)		(137,801	)		(18,321	)
Change in Class R6 Shares		(81,357	)		32,103			(100,564	)		46,123

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Hedged  Equity Fund			JPMorgan International Research Enhanced Equity Fund
	Period Ended October 31, 2019 (a)			Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	321		$	51,799		$	49,806
Distributions reinvested		—			6,196			6,000
Cost of shares redeemed		—			(62,547	)		(125,460	)
Change in net assets resulting from Class A capital transactions	$	321		$	(4,552	)	$	(69,654	)
Class C
Proceeds from shares issued	$	118		$	—		$	—
Change in net assets resulting from Class C capital transactions	$	118		$	—		$	—
Class I
Proceeds from shares issued	$	57,561		$	82,525		$	296,315
Distributions reinvested		—			5,050			22,644
Cost of shares redeemed		(3	)		(66,489	)		(4,846,022	)
Change in net assets resulting from Class I capital transactions	$	57,558		$	21,086		$	(4,527,063	)
Class R5
Proceeds from shares issued	$	20		$	—		$	—
Change in net assets resulting from Class R5 capital transactions	$	20		$	—		$	—
Class R6(b)
Proceeds from shares issued	$	20		$	567,656		$	6,049,894
Distributions reinvested		—			149,727			79,541
Cost of shares redeemed		—			(912,718	)		(1,298,837	)
Change in net assets resulting from Class R6 capital transactions	$	20		$	(195,335	)	$	4,830,598
Total change in net assets resulting from capital transactions	$	58,037		$	(178,801	)	$	233,881

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

(b) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	JPMorgan International Hedged  Equity Fund			JPMorgan International Research Enhanced Equity Fund
	Period Ended October 31, 2019 (a)			Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		21			3,097			2,675
Reinvested		—			402			321
Redeemed		—			(3,722	)		(6,773	)
Change in Class A Shares		21			(223	)		(3,777	)
Class C
Issued		8			—			—
Change in Class C Shares		8			—			—
Class I
Issued		3,829			4,837			15,589
Reinvested		—			324			1,199
Redeemed		—	(b)		(3,915	)		(258,407	)
Change in Class I Shares		3,829			1,246			(241,619	)
Class R5
Issued		1			—			—
Change in Class R5 Shares		1			—			—
Class R6(c)
Issued		1			32,819			321,785
Reinvested		—			9,647			4,222
Redeemed		—			(53,561	)		(69,932	)
Change in Class R6 Shares		1			(11,095	)		256,075

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

(b) Amount rounds to less than one thousand.

(c) Commencement of offering of class of shares effective November 1, 2017 for JPMorgan International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Unconstrained Equity Fund						JPMorgan International Value Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	47,607		$	70,900		$	27,178		$	59,408
Distributions reinvested		1,609			450			7,349			6,704
Cost of shares redeemed		(32,948	)		(40,013	)		(90,605	)		(101,490	)
Change in net assets resulting from Class A capital transactions	$	16,268		$	31,337		$	(56,078	)	$	(35,378	)
Class C
Proceeds from shares issued	$	2,738		$	20,087		$	419		$	2,122
Distributions reinvested		294			85			378			287
Cost of shares redeemed		(10,067	)		(7,910	)		(5,138	)		(7,191	)
Change in net assets resulting from Class C capital transactions	$	(7,035	)	$	12,262		$	(4,341	)	$	(4,782	)
Class I
Proceeds from shares issued	$	86,285		$	234,151		$	8,440		$	38,003
Distributions reinvested		3,656			1,282			2,109			3,381
Cost of shares redeemed		(125,224	)		(139,690	)		(29,305	)		(109,004	)
Change in net assets resulting from Class I capital transactions	$	(35,283	)	$	95,743		$	(18,756	)	$	(67,620	)
Class L
Proceeds from shares issued	$	—		$	—		$	2,046		$	6,316
Distributions reinvested		—			—			762			1,069
Cost of shares redeemed		—			—			(42,881	)		(122,248	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(40,073	)	$	(114,863	)
Class R2
Proceeds from shares issued	$	494		$	887		$	312		$	224
Distributions reinvested		15			2			15			9
Cost of shares redeemed		(377	)		(88	)		(590	)		(420	)
Change in net assets resulting from Class R2 capital transactions	$	132		$	801		$	(263	)	$	(187	)
Class R5
Proceeds from shares issued	$	603		$	5,082		$	16		$	16
Distributions reinvested		72			1			3			2
Cost of shares redeemed		(1,414	)		(952	)		—	(a)		—	(a)
Change in net assets resulting from Class R5 capital transactions	$	(739	)	$	4,131		$	19		$	18
Class R6
Proceeds from shares issued	$	2,126,631		$	67,300		$	40,286		$	59,355
Distributions reinvested		4,394			1,288			4,629			2,922
Cost of shares redeemed		(113,994	)		(10,456	)		(41,607	)		(29,240	)
Change in net assets resulting from Class R6 capital transactions	$	2,017,031		$	58,132		$	3,308		$	33,037
Total change in net assets resulting from capital transactions	$	1,990,374		$	202,406		$	(116,184	)	$	(189,775	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	JPMorgan International Unconstrained Equity Fund						JPMorgan International Value Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		2,430			3,352			2,279			4,254
Reinvested		93			21			663			472
Redeemed		(1,724	)		(1,953	)		(7,568	)		(7,447	)
Change in Class A Shares		799			1,420			(4,626	)		(2,721	)
Class C
Issued		141			952			37			155
Reinvested		17			4			35			21
Redeemed		(527	)		(398	)		(449	)		(531	)
Change in Class C Shares		(369	)		558			(377	)		(355	)
Class I
Issued		4,374			10,891			695			2,606
Reinvested		209			60			186			233
Redeemed		(6,516	)		(6,860	)		(2,449	)		(7,550	)
Change in Class I Shares		(1,933	)		4,091			(1,568	)		(4,711	)
Class L
Issued		—			—			184			432
Reinvested		—			—			67			74
Redeemed		—			—			(3,624	)		(8,567	)
Change in Class L Shares		—			—			(3,373	)		(8,061	)
Class R2
Issued		25			42			27			16
Reinvested		1			—	(a)		1			1
Redeemed		(19	)		(4	)		(52	)		(31	)
Change in Class R2 Shares		7			38			(24	)		(14	)
Class R5
Issued		30			223			2			1
Reinvested		4			—	(a)		—	(a)		—	(a)
Redeemed		(71	)		(46	)		—	(a)		—	(a)
Change in Class R5 Shares		(37	)		177			2			1
Class R6
Issued		102,465			3,197			3,351			4,227
Reinvested		252			61			412			203
Redeemed		(5,610	)		(513	)		(3,438	)		(2,078	)
Change in Class R6 Shares		97,107			2,745			325			2,352

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

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
Year Ended October 31, 2019	$	23.84	$	0.19		$	6.16		$	6.35		$	(0.12	)
Year Ended October 31, 2018		27.58		0.14			(3.84	)		(3.70	)		(0.04	)
Year Ended October 31, 2017		21.79		0.09			5.80			5.89			(0.10	)
Year Ended October 31, 2016		19.53		0.09			2.28			2.37			(0.11	)
Year Ended October 31, 2015		23.72		0.12	(f)		(4.12	)		(4.00	)		(0.19	)
Class C
Year Ended October 31, 2019		23.08		0.04			5.98			6.02			(0.03	)
Year Ended October 31, 2018		26.80		0.02			(3.74	)		(3.72	)		—	(g)
Year Ended October 31, 2017		21.18		(0.04	)		5.67			5.63			(0.01	)
Year Ended October 31, 2016		18.96		(0.01	)		2.23			2.22			—
Year Ended October 31, 2015		23.03		0.03	(f)		(4.02	)		(3.99	)		(0.08	)
Class I
Year Ended October 31, 2019		24.45		0.27			6.29			6.56			(0.22	)
Year Ended October 31, 2018		28.29		0.24			(3.96	)		(3.72	)		(0.12	)
Year Ended October 31, 2017		22.33		0.16			5.94			6.10			(0.14	)
Year Ended October 31, 2016		19.98		0.13			2.35			2.48			(0.13	)
Year Ended October 31, 2015		24.24		0.19	(f)		(4.21	)		(4.02	)		(0.24	)
Class L
Year Ended October 31, 2019		24.63		0.29			6.35			6.64			(0.24	)
Year Ended October 31, 2018		28.49		0.26			(3.99	)		(3.73	)		(0.13	)
Year Ended October 31, 2017		22.49		0.21			5.96			6.17			(0.17	)
Year Ended October 31, 2016		20.15		0.17			2.35			2.52			(0.18	)
Year Ended October 31, 2015		24.42		0.23	(f)		(4.26	)		(4.03	)		(0.24	)
Class R2
Year Ended October 31, 2019		23.73		0.08			6.13			6.21			(0.16	)
Year Ended October 31, 2018		27.57		0.07			(3.83	)		(3.76	)		(0.08	)
July 31, 2017 (h) through October 31, 2017		26.40		(0.01	)		1.18			1.17			—
Class R3
Year Ended October 31, 2019		23.78		0.25			6.06			6.31			(0.13	)
Year Ended October 31, 2018		27.59		0.22			(3.92	)		(3.70	)		(0.11	)
July 31, 2017 (h) through October 31, 2017		26.40		0.01			1.18			1.19			—
Class R4
Year Ended October 31, 2019		24.42		0.27			6.25			6.52			(0.26	)
Year Ended October 31, 2018		28.28		0.18			(3.91	)		(3.73	)		(0.13	)
July 31, 2017 (h) through October 31, 2017		27.05		0.02			1.21			1.23			—
Class R5
Year Ended October 31, 2019		24.60		0.31			6.31			6.62			(0.26	)
Year Ended October 31, 2018		28.47		0.39			(4.11	)		(3.72	)		(0.15	)
Year Ended October 31, 2017		22.49		0.15			6.01			6.16			(0.18	)
September 9, 2016 (h) through October 31, 2016		22.40		0.01			0.08			0.09			—
Class R6
Year Ended October 31, 2019		24.60		0.31			6.35			6.66			(0.26	)
Year Ended October 31, 2018		28.46		0.29			(3.99	)		(3.70	)		(0.16	)
Year Ended October 31, 2017		22.46		0.21			5.98			6.19			(0.19	)
Year Ended October 31, 2016		20.13		0.19			2.35			2.54			(0.21	)
Year Ended October 31, 2015		24.44		0.22	(f)		(4.23	)		(4.01	)		(0.30	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	30.07		26.77	%	$	524,357		1.24	%		0.69	%		1.47	%		34	%
	23.84		(13.44	)		369,490		1.24			0.51			1.52			13
	27.58		27.22			525,451		1.35			0.36			1.58			22
	21.79		12.25			411,713		1.44			0.44			1.76			23
	19.53		(16.95	)		274,710		1.61			0.57	(f)		1.88			35
	29.07		26.12			56,830		1.74			0.15			1.98			34
	23.08		(13.87	)		43,612		1.74			0.06			2.02			13
	26.80		26.58			48,497		1.85			(0.15	)		2.09			22
	21.18		11.71			39,568		1.95			(0.06	)		2.26			23
	18.96		(17.38	)		43,387		2.10			0.13	(f)		2.33			35
	30.79		27.04			1,725,882		0.99			0.94			1.21			34
	24.45		(13.23	)		773,142		0.99			0.84			1.26			13
	28.29		27.54			629,451		1.10			0.62			1.30			22
	22.33		12.51			301,959		1.20			0.66			1.43			23
	19.98		(16.70	)		502,729		1.35			0.88	(f)		1.48			35
	31.03		27.20			926,781		0.89			1.00			1.06			34
	24.63		(13.16	)		475,997		0.89			0.91			1.11			13
	28.49		27.72			430,860		0.95			0.84			1.14			22
	22.49		12.71			390,647		1.04			0.84			1.22			23
	20.15		(16.60	)		316,635		1.21			1.05	(f)		1.31			35
	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
	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
	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
	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
	31.00		27.36			3,034,359		0.79			1.09			0.96			34
	24.60		(13.08	)		2,936,830		0.79			1.00			1.01			13
	28.46		27.87			2,813,349		0.85			0.85			1.01			22
	22.46		12.83			1,980,671		0.94			0.96			1.08			23
	20.13		(16.54	)		1,128,390		1.10			0.99	(f)		1.16			35

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
January 30, 2019 (g) through October 31, 2019	$	16.22	$	0.31	$	0.25	$	0.56	$	—
Class R6
December 11, 2018 (h) through October 31, 2019		15.00		0.42		1.46		1.88		(0.08	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

(g) Commencement of offering of class of shares.

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (f)			Expenses without waivers and reimbursements (f)			Portfolio turnover rate (c)
$	16.78		3.45	%	$	5		0.44	%		2.52	%		0.70	%		28	%
	16.80		12.60			2,090,569		0.34			2.90			0.46			28

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

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
Year Ended October 31, 2019	$	23.01	$	0.61	$	1.18		$	1.79		$	(0.55	)
Year Ended October 31, 2018		27.04		0.42		(4.08	)		(3.66	)		(0.37	)
Year Ended October 31, 2017		21.94		0.37		5.15			5.52			(0.42	)
Year Ended October 31, 2016		24.41		0.37		(2.55	)		(2.18	)		(0.29	)
Year Ended October 31, 2015		24.54		0.36		0.32			0.68			(0.81	)
Class C
Year Ended October 31, 2019		20.39		0.44		1.06			1.50			(0.42	)
Year Ended October 31, 2018		24.00		0.25		(3.62	)		(3.37	)		(0.24	)
Year Ended October 31, 2017		19.52		0.23		4.58			4.81			(0.33	)
Year Ended October 31, 2016		21.77		0.23		(2.27	)		(2.04	)		(0.21	)
Year Ended October 31, 2015		21.99		0.21		0.29			0.50			(0.72	)
Class I
Year Ended October 31, 2019		23.48		0.67		1.21			1.88			(0.61	)
Year Ended October 31, 2018		27.60		0.49		(4.17	)		(3.68	)		(0.44	)
Year Ended October 31, 2017		22.37		0.46		5.25			5.71			(0.48	)
Year Ended October 31, 2016		24.83		0.44		(2.59	)		(2.15	)		(0.31	)
Year Ended October 31, 2015		24.95		0.45		0.32			0.77			(0.89	)
Class L
Year Ended October 31, 2019		23.70		0.65		1.27			1.92			(0.57	)
Year Ended October 31, 2018		27.85		0.51		(4.18	)		(3.67	)		(0.48	)
Year Ended October 31, 2017		22.61		0.52		5.27			5.79			(0.55	)
Year Ended October 31, 2016		25.13		0.49		(2.60	)		(2.11	)		(0.41	)
Year Ended October 31, 2015		25.23		0.54		0.28			0.82			(0.92	)
Class R6
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.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements				Portfolio turnover rate (c)
$	24.25		8.14	%	$	98,294		1.24	%		2.67	%		1.31	%			83	%
	23.01		(13.72	)		124,681		1.24			1.58			1.29				149
	27.04		25.65			165,020		1.36			1.52			1.36				189
	21.94		(8.98	)		162,767		1.42			1.66			1.43				142
	24.41		2.86			219,548		1.41			1.48			1.41				167
	21.47		7.64			19,798		1.74			2.15			1.80				83
	20.39		(14.18	)		31,125		1.74			1.08			1.79				149
	24.00		25.02			46,615		1.85			1.07			1.86				189
	19.52		(9.42	)		50,152		1.91			1.16			1.92				142
	21.77		2.37			75,145		1.91			0.98			1.91				167
																��
	24.75		8.44			86,582		0.99			2.86			1.05				83
	23.48		(13.53	)		139,858		0.99			1.84			1.04				149
	27.60		26.06			187,678		1.06			1.85			1.07				189
	22.37		(8.73	)		145,080		1.10			1.95			1.10				142
	24.83		3.22			579,389		1.07			1.81			1.07				167
	25.05		8.49			65,686		0.89			2.77			0.90				83
	23.70		(13.41	)		389,665		0.88			1.88			0.89				149
	27.85		26.22			578,183		0.90			2.07			0.91				189
	22.61		(8.48	)		424,388		0.90			2.16			0.90				142
	25.13		3.36			194,930		0.90			2.16			0.91				167
	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.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Global Research Enhanced Index Fund
Class I
Year Ended October 31, 2019	$	21.98	$	0.45	$	2.13		$	2.58	$	(0.58	)	$	(1.51	)	$	(2.09	)
Year Ended October 31, 2018		22.16		0.43		(0.41	)		0.02		(0.20	)		—			(0.20	)
Year Ended October 31, 2017		18.37		0.39		3.82			4.21		(0.42	)		—			(0.42	)
Year Ended October 31, 2016		18.56		0.39		(0.24	)		0.15		(0.34	)		—			(0.34	)
Year Ended October 31, 2015		18.81		0.39		(0.12	)		0.27		(0.27	)		(0.25	)		(0.52	)
Class R6
Year Ended October 31, 2019		21.76		0.47		2.10			2.57		(0.61	)		(1.51	)		(2.12	)
November 1, 2017 (f) through October 31, 2018		22.19		0.47		(0.45	)		0.02		(0.45	)		—			(0.45	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	22.47		13.38	%	$	354,659		0.34	%		2.15	%		0.55	%		29	%
	21.98		0.09			438,715		0.34			1.88			0.55			45
	22.16		23.29			8,663,460		0.34			1.93			0.55			33
	18.37		0.91			6,907,246		0.34			2.19			0.55			35
	18.56		1.51			7,415,218		0.33			2.06			0.56			44
	22.21		13.50			3,875,493		0.25			2.24			0.30			29
	21.76		0.03			5,408,261		0.25			2.07			0.30			45

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Advantage Fund
Class A
Year Ended October 31, 2019	$	19.49	$	0.52		$	0.31		$	0.83		$	(0.42	)
Year Ended October 31, 2018		22.22		0.44			(2.77	)		(2.33	)		(0.40	)
Year Ended October 31, 2017		18.44		0.33			3.83			4.16			(0.38	)
Year Ended October 31, 2016		19.36		0.40	(f)		(0.99	)		(0.59	)		(0.33	)
Year Ended October 31, 2015		19.49		0.34	(f)		(0.26	)		0.08			(0.21	)
Class C
Year Ended October 31, 2019		19.70		0.43			0.31			0.74			(0.31	)
Year Ended October 31, 2018		22.40		0.37			(2.83	)		(2.46	)		(0.24	)
Year Ended October 31, 2017		18.57		0.22			3.87			4.09			(0.26	)
Year Ended October 31, 2016		19.52		0.28	(f)		(0.97	)		(0.69	)		(0.26	)
Year Ended October 31, 2015		19.63		0.23	(f)		(0.24	)		(0.01	)		(0.10	)
Class I
Year Ended October 31, 2019		20.30		0.60			0.29			0.89			(0.48	)
Year Ended October 31, 2018		23.12		0.54			(2.90	)		(2.36	)		(0.46	)
Year Ended October 31, 2017		19.20		0.42			3.97			4.39			(0.47	)
Year Ended October 31, 2016		20.13		0.46	(f)		(1.01	)		(0.55	)		(0.38	)
Year Ended October 31, 2015		20.22		0.42	(f)		(0.26	)		0.16			(0.25	)
Class R2
Year Ended October 31, 2019		19.21		0.46			0.29			0.75			(0.39	)
Year Ended October 31, 2018		22.01		0.52			(2.88	)		(2.36	)		(0.44	)
Year Ended October 31, 2017		18.29		0.01			4.07			4.08			(0.36	)
Year Ended October 31, 2016		19.21		0.36	(f)		(1.01	)		(0.65	)		(0.27	)
Year Ended October 31, 2015		19.31		0.38	(f)		(0.34	)		0.04			(0.14	)
Class R6
Year Ended October 31, 2019		20.00		0.64			0.28			0.92			(0.52	)
Year Ended October 31, 2018		22.78		0.58			(2.87	)		(2.29	)		(0.49	)
Year Ended October 31, 2017		18.91		0.43			3.92			4.35			(0.48	)
Year Ended October 31, 2016		19.84		0.49	(f)		(1.01	)		(0.52	)		(0.41	)
May 29, 2015 (g) through October 31, 2015		21.08		0.12	(f)		(1.36	)		(1.24	)		—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	19.90		4.51	%	$	156,230		0.96	%		2.72	%		1.20	%		74	%
	19.49		(10.69	)		156,382		1.00			2.02			1.22			51
	22.22		22.98			232,530		1.21			1.66			1.22			82
	18.44		(3.07	)		164,327		1.25			2.21	(f)		1.29			38
	19.36		0.45			152,834		1.29			1.75	(f)		1.49			33
	20.13		3.92			1,210		1.47			2.19			1.72			74
	19.70		(11.08	)		1,652		1.50			1.69			1.74			51
	22.40		22.30			1,773		1.75			1.07			1.81			82
	18.57		(3.56	)		2,287		1.75			1.52	(f)		1.87			38
	19.52		(0.05	)		2,789		1.78			1.17	(f)		1.91			33
	20.71		4.70			67,146		0.71			3.02			0.94			74
	20.30		(10.43	)		60,739		0.75			2.37			0.96			51
	23.12		23.39			52,871		0.90			1.99			0.99			82
	19.20		(2.73	)		16,363		0.90			2.44	(f)		1.08			38
	20.13		0.80			19,292		0.97			2.04	(f)		1.12			33
	19.57		4.15			30,819		1.26			2.44			1.66			74
	19.21		(10.93	)		31,619		1.30			2.45			1.69			51
	22.01		22.70			8,790		1.49			0.07			1.54			82
	18.29		(3.36	)		503		1.50			2.02	(f)		1.75			38
	19.21		0.24			227		1.52			1.91	(f)		1.69			33
	20.40		4.94			1,555,944		0.52			3.27			0.69			74
	20.00		(10.26	)		3,152,864		0.55			2.59			0.71			51
	22.78		23.59			2,859,645		0.71			2.12			0.71			82
	18.91		(2.59	)		2,487,086		0.71			2.65	(f)		0.72			38
	19.84		(5.88	)		1,854,941		0.73			1.47	(f)		0.74			33

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		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
Year Ended October 31, 2019	$	15.56	$	0.33	$	1.89		$	2.22		$	(0.33	)	$	(0.18	)	$	(0.51	)
Year Ended October 31, 2018		17.81		0.33		(2.33	)		(2.00	)		(0.25	)		—			(0.25	)
Year Ended October 31, 2017		14.24		0.22		3.39			3.61			(0.04	)		—			(0.04	)
Year Ended October 31, 2016		14.75		0.22		(0.51	)		(0.29	)		(0.22	)		—			(0.22	)
Year Ended October 31, 2015		15.25		0.23		(0.50	)		(0.27	)		(0.23	)		—			(0.23	)
Class C
Year Ended October 31, 2019		14.68		0.23		1.80			2.03			(0.24	)		(0.18	)		(0.42	)
Year Ended October 31, 2018		16.83		0.25		(2.23	)		(1.98	)		(0.17	)		—			(0.17	)
Year Ended October 31, 2017		13.50		0.12		3.22			3.34			(0.01	)		—			(0.01	)
Year Ended October 31, 2016		14.02		0.13		(0.47	)		(0.34	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2015		14.52		0.15		(0.48	)		(0.33	)		(0.17	)		—			(0.17	)
Class I
Year Ended October 31, 2019		15.82		0.36		1.93			2.29			(0.37	)		(0.18	)		(0.55	)
Year Ended October 31, 2018		18.09		0.41		(2.40	)		(1.99	)		(0.28	)		—			(0.28	)
Year Ended October 31, 2017		14.45		0.26		3.44			3.70			(0.06	)		—			(0.06	)
Year Ended October 31, 2016		14.95		0.24		(0.48	)		(0.24	)		(0.26	)		—			(0.26	)
Year Ended October 31, 2015		15.45		0.29		(0.53	)		(0.24	)		(0.26	)		—			(0.26	)
Class R2
Year Ended October 31, 2019		15.44		0.28		1.88			2.16			(0.28	)		(0.18	)		(0.46	)
Year Ended October 31, 2018		17.70		0.29		(2.33	)		(2.04	)		(0.22	)		—			(0.22	)
Year Ended October 31, 2017		14.17		0.17		3.38			3.55			(0.02	)		—			(0.02	)
Year Ended October 31, 2016		14.69		0.18		(0.50	)		(0.32	)		(0.20	)		—			(0.20	)
Year Ended October 31, 2015		15.19		0.20		(0.51	)		(0.31	)		(0.19	)		—			(0.19	)
Class R5
Year Ended October 31, 2019		15.85		0.38		1.94			2.32			(0.39	)		(0.18	)		(0.57	)
Year Ended October 31, 2018		18.13		0.41		(2.40	)		(1.99	)		(0.29	)		—			(0.29	)
Year Ended October 31, 2017		14.47		0.21		3.52			3.73			(0.07	)		—			(0.07	)
Year Ended October 31, 2016		14.97		0.27		(0.49	)		(0.22	)		(0.28	)		—			(0.28	)
Year Ended October 31, 2015		15.46		0.29		(0.49	)		(0.20	)		(0.29	)		—			(0.29	)
Class R6
Year Ended October 31, 2019		15.86		0.40		1.93			2.33			(0.40	)		(0.18	)		(0.58	)
Year Ended October 31, 2018		18.13		0.43		(2.39	)		(1.96	)		(0.31	)		—			(0.31	)
Year Ended October 31, 2017		14.46		0.29		3.46			3.75			(0.08	)		—			(0.08	)
Year Ended October 31, 2016		14.97		0.29		(0.51	)		(0.22	)		(0.29	)		—			(0.29	)
Year Ended October 31, 2015		15.46		0.32		(0.52	)		(0.20	)		(0.29	)		—			(0.29	)

(a) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	17.27		14.93	%	$	328,312		0.95	%		2.03	%		1.22	%		25	%
	15.56		(11.42	)		240,394		0.95			1.88			1.32			33
	17.81		25.43			302,130		1.23			1.39			1.35			17
	14.24		(1.83	)		216,932		1.31			1.62			1.49			11
	14.75		(1.89	)		224,370		1.31			1.50			1.59			13
	16.29		14.39			14,549		1.45			1.51			1.74			25
	14.68		(11.89	)		18,899		1.45			1.48			1.83			33
	16.83		24.79			24,281		1.74			0.83			1.88			17
	13.50		(2.31	)		22,235		1.81			0.97			2.06			11
	14.02		(2.36	)		28,313		1.81			1.02			2.05			13
	17.56		15.20			190,885		0.70			2.22			0.96			25
	15.82		(11.20	)		179,831		0.70			2.30			1.06			33
	18.09		25.69			139,715		0.99			1.59			1.10			17
	14.45		(1.50	)		94,362		1.06			1.69			1.24			11
	14.95		(1.66	)		522,402		1.06			1.84			1.19			13
	17.14		14.58			2,099		1.25			1.75			1.57			25
	15.44		(11.68	)		1,833		1.25			1.64			1.60			33
	17.70		25.12			2,096		1.49			1.07			1.71			17
	14.17		(2.08	)		1,461		1.56			1.28			1.95			11
	14.69		(2.14	)		1,203		1.56			1.28			1.92			13
	17.60		15.38			3,778		0.60			2.31			0.83			25
	15.85		(11.16	)		19,516		0.60			2.31			0.91			33
	18.13		25.88			21,891		0.84			1.36			0.93			17
	14.47		(1.34	)		58,836		0.86			1.93			1.02			11
	14.97		(1.42	)		57,500		0.86			1.88			1.06			13
	17.61		15.50			2,457,383		0.50			2.46			0.72			25
	15.86		(11.04	)		3,808,621		0.50			2.42			0.81			33
	18.13		26.04			3,516,978		0.74			1.84			0.81			17
	14.46		(1.36	)		3,030,640		0.81			2.05			0.91			11
	14.97		(1.37	)		2,088,835		0.80			2.03			0.91			13

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations
JPMorgan International Hedged Equity Fund
Class A
March 15, 2019 (g) through October 31, 2019	$	15.00	$	0.19	$	0.39	$	0.58
Class C
March 15, 2019 (g) through October 31, 2019		15.00		0.16		0.37		0.53
Class I
March 15, 2019 (g) through October 31, 2019		15.00		0.32		0.29		0.61
Class R5
March 15, 2019 (g) through October 31, 2019		15.00		0.34		0.28		0.62
Class R6
March 15, 2019 (g) through October 31, 2019		15.00		0.35		0.28		0.63

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

(g) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (f)			Expenses without waivers and reimbursements (f)			Portfolio turnover rate (c)
$	15.58		3.87	%	$	330		0.85	%		1.95	%		1.31	%		9	%
	15.53		3.53			119		1.35			1.73			1.92			9
	15.61		4.07			59,751		0.60			3.38			1.19			9
	15.62		4.13			21		0.45			3.59			1.03			9
	15.63		4.20			21		0.35			3.69			0.93			9

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

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
Year Ended October 31, 2019	$	16.79	$	0.51		$	1.15		$	1.66		$	(0.52	)	$	—		$	(0.52	)
Year Ended October 31, 2018		18.76		0.45			(2.04	)		(1.59	)		(0.19	)		(0.19	)		(0.38	)
Year Ended October 31, 2017		15.54		0.34			3.23			3.57			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		16.54		0.40	(f)		(0.89	)		(0.49	)		(0.36	)		(0.15	)		(0.51	)
Year Ended October 31, 2015		20.38		0.43			(0.60	)		(0.17	)		(0.40	)		(3.27	)		(3.67	)
Class I
Year Ended October 31, 2019		17.01		0.56			1.16			1.72			(0.56	)		—			(0.56	)
Year Ended October 31, 2018		18.92		0.35			(1.91	)		(1.56	)		(0.16	)		(0.19	)		(0.35	)
Year Ended October 31, 2017		15.68		0.41			3.23			3.64			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		16.70		0.46	(f)		(0.92	)		(0.46	)		(0.41	)		(0.15	)		(0.56	)
Year Ended October 31, 2015		20.54		0.48			(0.60	)		(0.12	)		(0.45	)		(3.27	)		(3.72	)
Class R6
Year Ended October 31, 2019		16.97		0.57			1.16			1.73			(0.59	)		—			(0.59	)
November 1, 2017 (h) through October 31, 2018		18.98		0.56			(2.16	)		(1.60	)		(0.22	)		(0.19	)		(0.41	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Amount rounds to less than 0.005%.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	17.93		10.39	%	$	213,256		0.60	%		3.00	%		0.83	%		22	%
	16.79		(8.66	)		203,437		0.60			2.40			0.84			42
	18.76		23.41			298,112		0.59			1.98			0.90			33
	15.54		(2.94	)		69,626		0.60			2.60	(f)		1.02			24
	16.54		(0.29	)		82,667		0.60			2.51			0.99			39
	18.17		10.65			185,680		0.35			3.28			0.56			22
	17.01		(8.42	)		152,610		0.35			1.85			0.56			42
	18.92		23.71			4,740,590		0.34			2.37			0.58			33
	15.68		(2.72	)		1,241,856		0.34			2.98	(f)		0.59			24
	16.70		0.00	(g)		779,908		0.35			2.79			0.60			39
	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.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Unconstrained Equity Fund
Class A
Year Ended October 31, 2019	$	18.24	$	0.26		$	3.02		$	3.28		$	(0.37	)	$	—		$	(0.37	)
Year Ended October 31, 2018		21.14		0.36			(3.13	)		(2.77	)		(0.13	)		—			(0.13	)
Year Ended October 31, 2017		17.24		0.16			4.09			4.25			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		17.61		0.22	(d)		(0.55	)		(0.33	)		(0.04	)		—			(0.04	)
Year Ended October 31, 2015		18.59		0.09	(d)		0.39			0.48			(0.17	)		(1.29	)		(1.46	)
Class C
Year Ended October 31, 2019		17.98		0.16			2.97			3.13			(0.25	)		—			(0.25	)
Year Ended October 31, 2018		20.90		0.26			(3.09	)		(2.83	)		(0.09	)		—			(0.09	)
Year Ended October 31, 2017		17.04		0.05			4.06			4.11			(0.25	)		—			(0.25	)
Year Ended October 31, 2016		17.45		0.13	(d)		(0.53	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended October 31, 2015		18.44		(0.02	)(d)		0.39			0.37			(0.07	)		(1.29	)		(1.36	)
Class I
Year Ended October 31, 2019		18.49		0.31			3.04			3.35			(0.41	)		—			(0.41	)
Year Ended October 31, 2018		21.41		0.44			(3.19	)		(2.75	)		(0.17	)		—			(0.17	)
Year Ended October 31, 2017		17.45		0.23			4.13			4.36			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		17.71		0.24	(d)		(0.50	)		(0.26	)		—			—			—
Year Ended October 31, 2015		18.67		0.15	(d)		0.38			0.53			(0.20	)		(1.29	)		(1.49	)
Class R2
Year Ended October 31, 2019		18.14		0.21			2.98			3.19			(0.34	)		—			(0.34	)
Year Ended October 31, 2018		21.11		0.35			(3.17	)		(2.82	)		(0.15	)		—			(0.15	)
Year Ended October 31, 2017		17.21		0.06			4.14			4.20			(0.30	)		—			(0.30	)
Year Ended October 31, 2016		17.57		0.15	(d)		(0.51	)		(0.36	)		—			—			—
Year Ended October 31, 2015		18.55		0.03	(d)		0.39			0.42			(0.11	)		(1.29	)		(1.40	)
Class R5
Year Ended October 31, 2019		18.49		0.34			3.03			3.37			(0.44	)		—			(0.44	)
Year Ended October 31, 2018		21.39		0.53			(3.25	)		(2.72	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.44		0.20			4.17			4.37			(0.42	)		—			(0.42	)
Year Ended October 31, 2016		17.75		0.27	(d)		(0.52	)		(0.25	)		(0.06	)		—			(0.06	)
Year Ended October 31, 2015		18.72		0.16	(d)		0.39			0.55			(0.23	)		(1.29	)		(1.52	)
Class R6
Year Ended October 31, 2019		18.50		0.27			3.13			3.40			(0.46	)		—			(0.46	)
Year Ended October 31, 2018		21.40		0.44			(3.16	)		(2.72	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.45		0.26			4.12			4.38			(0.43	)		—			(0.43	)
Year Ended October 31, 2016		17.76		0.29	(d)		(0.52	)		(0.23	)		(0.08	)		—			(0.08	)
Year Ended October 31, 2015		18.73		(0.01	)(d)		0.57			0.56			(0.24	)		(1.29	)		(1.53	)

(a) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) 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.

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	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	(d)		1.61			51
	17.61		3.04			5,824		1.24			0.49	(d)		2.31			42
	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	(d)		2.14			51
	17.45		2.39			3,439		1.74			(0.12	)(d)		2.79			42
	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	(d)		1.35			51
	17.71		3.29			59,858		0.89			0.83	(d)		1.84			42
	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	(d)		4.37			51
	17.57		2.67			20		1.51			0.19	(d)		5.11			42
	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	(d)		3.59			51
	17.75		3.43			20		0.81			0.89	(d)		4.43			42
	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	(d)		1.02			51
	17.76		3.48			5,335		0.74			(0.05	)(d)		2.87			42

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

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
Year Ended October 31, 2019	$	12.44	$	0.44		$	(0.20	)	$	0.24		$	(0.46	)
Year Ended October 31, 2018		14.26		0.36			(1.87	)		(1.51	)		(0.31	)
Year Ended October 31, 2017		12.23		0.22			2.50			2.72			(0.69	)
Year Ended October 31, 2016		13.02		0.23			(0.88	)		(0.65	)		(0.14	)
Year Ended October 31, 2015		14.14		0.18	(f)		(0.83	)		(0.65	)		(0.47	)
Class C
Year Ended October 31, 2019		12.02		0.36			(0.18	)		0.18			(0.39	)
Year Ended October 31, 2018		13.78		0.28			(1.82	)		(1.54	)		(0.22	)
Year Ended October 31, 2017		11.88		0.15			2.42			2.57			(0.67	)
Year Ended October 31, 2016		12.65		0.17			(0.87	)		(0.70	)		(0.07	)
Year Ended October 31, 2015		13.72		0.10	(f)		(0.78	)		(0.68	)		(0.39	)
Class I
Year Ended October 31, 2019		12.76		0.48			(0.20	)		0.28			(0.50	)
Year Ended October 31, 2018		14.62		0.41			(1.92	)		(1.51	)		(0.35	)
Year Ended October 31, 2017		12.57		0.28			2.55			2.83			(0.78	)
Year Ended October 31, 2016		13.37		0.28			(0.91	)		(0.63	)		(0.17	)
Year Ended October 31, 2015		14.48		0.23	(f)		(0.84	)		(0.61	)		(0.50	)
Class L
Year Ended October 31, 2019		12.70		0.46			(0.17	)		0.29			(0.52	)
Year Ended October 31, 2018		14.55		0.41			(1.90	)		(1.49	)		(0.36	)
Year Ended October 31, 2017		12.50		0.27			2.57			2.84			(0.79	)
Year Ended October 31, 2016		13.29		0.31			(0.93	)		(0.62	)		(0.17	)
Year Ended October 31, 2015		14.41		0.23	(f)		(0.83	)		(0.60	)		(0.52	)
Class R2
Year Ended October 31, 2019		12.20		0.40			(0.20	)		0.20			(0.44	)
Year Ended October 31, 2018		14.01		0.31			(1.84	)		(1.53	)		(0.28	)
Year Ended October 31, 2017		12.04		0.19			2.46			2.65			(0.68	)
Year Ended October 31, 2016		12.83		0.19			(0.87	)		(0.68	)		(0.11	)
Year Ended October 31, 2015		13.93		0.14	(f)		(0.81	)		(0.67	)		(0.43	)
Class R5
Year Ended October 31, 2019		12.65		0.49			(0.21	)		0.28			(0.53	)
Year Ended October 31, 2018		14.51		0.42			(1.91	)		(1.49	)		(0.37	)
Year Ended October 31, 2017		12.51		0.23			2.59			2.82			(0.82	)
September 9, 2016 (g) through October 31, 2016		12.55		0.03			(0.07	)		(0.04	)		—
Class R6
Year Ended October 31, 2019		12.67		0.51			(0.21	)		0.30			(0.54	)
Year Ended October 31, 2018		14.53		0.43			(1.91	)		(1.48	)		(0.38	)
Year Ended October 31, 2017		12.51		0.31			2.53			2.84			(0.82	)
Year Ended October 31, 2016		13.31		0.37			(0.96	)		(0.59	)		(0.21	)
Year Ended October 31, 2015		14.42		0.18	(f)		(0.76	)		(0.58	)		(0.53	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	12.22		2.30	%	$	181,458		1.00	%		3.69	%		1.28	%		61	%
	12.44		(10.88	)		242,231		1.00			2.59			1.27			90
	14.26		23.30			316,510		1.35			1.71			1.35			31
	12.23		(5.01	)		573,449		1.35			1.91			1.43			61
	13.02		(4.63	)		695,251		1.35			1.31	(f)		1.45			74
	11.81		1.82			9,358		1.50			3.15			1.80			61
	12.02		(11.37	)		14,055		1.50			2.06			1.78			90
	13.78		22.67			20,997		1.85			1.21			1.87			31
	11.88		(5.54	)		24,453		1.85			1.43			1.91			61
	12.65		(5.01	)		31,296		1.85			0.79	(f)		1.90			74
	12.54		2.56			45,503		0.75			3.91			1.03			61
	12.76		(10.62	)		66,291		0.75			2.84			1.02			90
	14.62		23.66			144,875		1.04			2.07			1.04			31
	12.57		(4.74	)		157,867		1.01			2.28			1.02			61
	13.37		(4.28	)		233,045		1.03			1.62	(f)		1.03			74
	12.47		2.69			30,256		0.65			3.81			0.87			61
	12.70		(10.57	)		73,651		0.65			2.84			0.87			90
	14.55		23.88			201,672		0.87			2.03			0.88			31
	12.50		(4.63	)		523,251		0.90			2.53			0.91			61
	13.29		(4.23	)		1,480,321		0.95			1.63	(f)		0.99			74
	11.96		2.00			722		1.30			3.47			1.69			61
	12.20		(11.19	)		1,025		1.30			2.27			1.59			90
	14.01		23.02			1,369		1.58			1.52			1.73			31
	12.04		(5.28	)		1,182		1.59			1.65			1.91			61
	12.83		(4.84	)		1,929		1.60			1.01	(f)		2.01			74
	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
	12.43		2.83			125,887		0.55			4.22			0.77			61
	12.67		(10.49	)		124,246		0.55			3.06			0.77			90
	14.53		23.99			108,302		0.80			2.28			0.82			31
	12.51		(4.45	)		27,998		0.72			3.00			0.73			61
	13.31		(4.04	)		2,354		0.73			1.32	(f)		0.73			74

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004, November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004, November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), asopen-end management investment companies.

The following are 10 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
JPMorgan Emerging Markets Equity Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Emerging Markets Research Enhanced Equity Fund(1)	Class I(2) and Class R6	JPM IV	Diversified
JPMorgan Europe Dynamic Fund	Class A, Class C, Class I, Class L and Class R6(3)	JPM I	Diversified
JPMorgan Global Research Enhanced Index Fund	Class I and Class R6(4)	JPM I	Diversified
JPMorgan International Advantage Fund	Class A, Class C, Class I, Class R2 and Class R6	JPM I	Diversified
JPMorgan International Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Hedged Equity Fund(5)	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(4)	JPM II	Diversified
JPMorgan International Unconstrained Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾  The JPMorgan Emerging Markets Research Enhanced Equity Fund commenced operations on December 11, 2018.

⁽²⁾  Class I commenced operations on January 30, 2019.

⁽³⁾  Class R6 Shares commenced operations on October 1, 2018.

⁽⁴⁾  Class R6 Shares commenced operations on November 1, 2017.

⁽⁵⁾  The JPMorgan International Hedged Equity Fund commenced operations on March 15, 2019.

Class L Shares of the JPMorgan Emerging Markets Equity Fund (“Emerging Markets Equity Fund”), JPMorgan Europe Dynamic Fund (“Europe Dynamic Fund”) and JPMorgan International Value Fund (“International Value Fund”) are publicly offered on a limited basis.

As of October 9, 2017, Class A Shares of the JPMorgan International Research Enhanced Equity Fund (“International Research Enhanced Equity Fund”) were publicly offered on a limited basis.

The investment objective of Emerging Markets Equity Fund is to seek to provide high total return.

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

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

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

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

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

Class A Shares generally provide for afront-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 whichfront-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

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

2. Significant Accounting Policies

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

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

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

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

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

Investments inopen-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.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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

Emerging Markets Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	18,691	$	—	$	18,691
China		812,654		1,019,732		—		1,832,386
Hong Kong		—		479,122		—		479,122
Hungary		—		76,660		—		76,660
India		215,011		1,023,109		—		1,238,120
Indonesia		—		151,983		—		151,983
Macau		—		75,382		—		75,382
Portugal		—		88,997		—		88,997
Russia		33,911		162,972		—		196,883
South Africa		—		254,535		—		254,535
South Korea		—		299,553		—		299,553
Taiwan		323,436		101,898		—		425,334
Turkey		40,462		12,067		—		52,529
Other Common Stocks		984,525		—		—		984,525
Total Common Stocks		2,409,999		3,764,701		—		6,174,700
Short-Term Investments
Investment Companies		168,369		—		—		168,369
Investment of cash collateral from securities loaned		13,486		—		—		13,486
Total Investments in Securities	$	2,591,854	$	3,764,701	$	—	$	6,356,555

Emerging Markets Research Enhanced Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
China	$	158,506	$	510,547	$	—	$	669,053
Czech Republic		—		7,488		—		7,488
Greece		—		2,043		—		2,043
Hong Kong		1,858		13,212		—		15,070
Hungary		4,282		9,650		—		13,932
Indonesia		—		44,708		—		44,708
Malaysia		—		25,965		—		25,965
Philippines		—		10,519		—		10,519
Poland		—		22,992		—		22,992
Qatar		—		8,049		—		8,049
Russia		21,318		73,837		—		95,155
Saudi Arabia		2,923		40,269		—		43,192
Singapore		—		2,049		—		2,049
South Africa		3,522		84,371		—		87,893
South Korea		—		270,828		—		270,828
Taiwan		96,014		144,156		—		240,170
Thailand		21,064		26,187		—		47,251
Turkey		4,440		15,301		—		19,741
United Arab Emirates		—		2,173		—		2,173
United Kingdom		—		1,733		—		1,733
Other Common Stocks		254,612		—		—		254,612
Total Common Stocks		568,539		1,316,077		—		1,884,616

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

Emerging Markets Research Enhanced Equity Fund(continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Exchange-Traded Funds	$	178,948	$	—	$	—	$	178,948
Short-Term Investments
Investment Companies		22,226		—		—		22,226
Investment of cash collateral from securities loaned		2,216		—		—		2,216
Total Investments in Securities	$	771,929	$	1,316,077	$	—	$	2,088,006

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	$	—		$	12,666	$	—	$	12,666
Austria		—			3,723		—		3,723
Belgium		—			8,595		—		8,595
Finland		—			16,908		—		16,908
France		—			86,996		—		86,996
Germany		4,696			63,428		—		68,124
Italy		—			24,930		—		24,930
Netherlands		—			42,997		—		42,997
Norway		—			9,902		—		9,902
Russia		—			7,370		—		7,370
South Africa		—			6,688		—		6,688
Spain		—			14,164		—		14,164
Sweden		—			17,426		—		17,426
Switzerland		—			116,741		—		116,741
United Kingdom		8,085			89,701		—		97,786
Other Common Stocks		4,970			—		—		4,970
Total Common Stocks		17,751			522,235		—		539,986
Short-Term Investments
Investment Companies		130			—		—		130
Investment of cash collateral from securities loaned		286			—		—		286
Total Investments in Securities	$	18,167		$	522,235	$	—	$	540,402
Depreciation in Other Financial Instruments
Futures Contracts	$	(12	)	$	—	$	—	$	(12	)

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Global Research Enhanced Index Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	124,504	$	—	$	124,504
Austria		—		6,320		—		6,320
Belgium		—		10,328		—		10,328
China		1,612		2,747		—		4,359
Denmark		—		28,372		—		28,372
Finland		3,984		11,062		—		15,046
France		—		179,553		—		179,553
Germany		11,282		107,637		—		118,919
Hong Kong		—		46,847		—		46,847
Ireland		5,184		18,111		—		23,295
Italy		—		28,410		—		28,410
Japan		1,389		344,833		—		346,222
Macau		—		4,118		—		4,118
Netherlands		3,835		86,603		—		90,438
New Zealand		—		3,159		—		3,159
Norway		—		5,424		—		5,424
Singapore		—		20,766		—		20,766
Spain		—		32,511		—		32,511
Sweden		—		23,627		—		23,627
Switzerland		—		117,851		—		117,851
United Kingdom		12,981		188,568		—		201,549
United States		2,581,365		3,616		—		2,584,981
Other Common Stocks		149,793		—		—		149,793
Total Common Stocks		2,771,425		1,394,967		—		4,166,392
Investment of cash collateral from securities loaned		39,184		—		—		39,184
Total Investments in Securities	$	2,810,609	$	1,394,967	$	—		4,205,576
Appreciation in Other Financial Instruments
Futures Contracts	$	30	$	—	$	—	$	30

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

International Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	154,275	$	—	$	154,275
Austria		—		16,417		—		16,417
Belgium		—		31,318		—		31,318
China		—		3,918		—		3,918
Denmark		3,437		15,245		—		18,682
Finland		—		19,779		—		19,779
France		3,331		145,235		—		148,566
Germany		21,968		124,602		—		146,570
Ghana		—		5,920		—		5,920
Hong Kong		—		16,755		—		16,755
India		—		1,589		—		1,589
Ireland		—		3,208		—		3,208
Israel		—		6,611		—		6,611
Italy		—		15,684		—		15,684
Japan		—		427,415		—		427,415
Netherlands		—		114,162		—		114,162
Norway		—		34,939		—		34,939
Russia		—		4,864		—		4,864
Singapore		—		31,386		—		31,386
South Africa		—		19,074		—		19,074
Spain		—		71,361		—		71,361
Sweden		—		19,787		—		19,787
Switzerland		—		204,172		—		204,172
United Kingdom		28,061		196,085		—		224,146
Total Common Stocks		56,797		1,683,801		—		1,740,598
Short-Term Investments
Investment Companies		42,366		—		—		42,366
Investment of cash collateral from securities loaned		1,971		—		—		1,971
Total Investments in Securities	$	101,134	$	1,683,801	$	—	$	1,784,935
Appreciation in Other Financial Instruments
Futures Contracts	$	2,017	$	—	$	—	$	2,017

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

International Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	56,700	$	—	$	56,700
Austria		—		13,853		—		13,853
Belgium		—		50,462		—		50,462
China		35,688		56,821		—		92,509
Denmark		—		51,841		—		51,841
France		—		449,774		—		449,774
Germany		28,689		210,822		—		239,511
Hong Kong		—		126,286		—		126,286
Japan		—		511,011		—		511,011
Macau		—		24,000		—		24,000
Netherlands		—		172,283		—		172,283
Singapore		—		39,309		—		39,309
South Korea		—		40,230		—		40,230
Spain		—		33,220		—		33,220
Sweden		—		69,612		—		69,612
Switzerland		—		354,196		—		354,196
United Kingdom		4,727		452,107		—		456,834
United States		—		37,404		—		37,404
Other Common Stocks		109,056		—		—		109,056
Total Common Stocks		178,160		2,749,931		—		2,928,091
Short-Term Investments
Investment Companies		49,197		—		—		49,197
Investment of cash collateral from securities loaned		52,519		—		—		52,519
Total Investments in Securities	$	279,876	$	2,749,931	$	—	$	3,029,807

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

International Hedged Equity Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	2,966		$	—	$	2,966
Austria		—			374			—		374
Belgium		—			608			—		608
Denmark		—			1,063			—		1,063
Finland		—			381			—		381
France		367			7,855			—		8,222
Germany		888			4,394			—		5,282
Hong Kong		—			1,415			—		1,415
Ireland		356			124			—		480
Italy		—			1,544			—		1,544
Japan		—			14,106			—		14,106
Luxembourg		—			199			—		199
Netherlands		—			2,991			—		2,991
Norway		—			470			—		470
Singapore		—			568			—		568
Spain		—			1,944			—		1,944
Sweden		—			842			—		842
Switzerland		—			6,117			—		6,117
United Kingdom		261			8,887			—		9,148
United States		—			358			—		358
Total Common Stocks		1,872			57,206			—		59,078
Options Purchased		162			—			—		162
Short-Term Investments
Investment Companies		850			—			—		850
Total Investments in Securities	$	2,884		$	57,206		$	—	$	60,090
Depreciation in Other Financial Instruments
Futures Contracts	$	—		$	(4	)	$	—	$	(4	)
Options Written
Call Options Written		(581	)		—			—		(581	)
Put Options Written		(11	)		—			—		(11	)
Total Depreciation in Other Financial Instruments	$	(592	)	$	(4	)	$	—	$	(596	)

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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	$	—	$	233,477		$	—	$	233,477
Austria		—		29,404			—		29,404
Belgium		—		47,700			—		47,700
Denmark		—		83,587			—		83,587
Finland		—		29,903			—		29,903
France		28,849		617,060			—		645,909
Germany		69,682		346,059			—		415,741
Hong Kong		—		110,445			—		110,445
Ireland		27,988		9,914			—		37,902
Italy		—		121,449			—		121,449
Japan		—		1,107,070			—		1,107,070
Luxembourg		—		15,620			—		15,620
Malta		—		—			1		1
Netherlands		—		234,847			—		234,847
Norway		—		36,872			—		36,872
Singapore		—		44,360			—		44,360
Spain		—		152,868			—		152,868
Sweden		—		66,141			—		66,141
Switzerland		—		481,139			—		481,139
United Kingdom		20,450		698,655			—		719,105
United States		—		28,150			—		28,150
Total Common Stocks		146,969		4,494,720			1		4,641,690
Short-Term Investments
Investment Companies		154,151		—			—		154,151
Investment of cash collateral from securities loaned		106,266		—			—		106,266
Total Investments in Securities	$	407,386	$	4,494,720		$	1	$	4,902,107
Appreciation in Other Financial Instruments
Futures Contracts	$	1,967	$	—		$	—	$	1,967
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(410	)	$	—	$	(410	)

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

International Unconstrained Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	46,135	$	—	$	46,135
Austria		—		42,914		—		42,914
Belgium		—		24,287		—		24,287
China		69,896		156,227		—		226,123
Denmark		—		56,772		—		56,772
France		—		193,253		—		193,253
Germany		—		251,424		—		251,424
Hong Kong		—		139,363		—		139,363
Indonesia		—		49,003		—		49,003
Japan		—		193,011		—		193,011
Netherlands		—		138,039		—		138,039
Sweden		—		42,792		—		42,792
Switzerland		—		247,648		—		247,648
United Kingdom		—		474,012		—		474,012
United States		—		54,630		—		54,630
Other Common Stocks		380,909		—		—		380,909
Total Common Stocks		450,805		2,109,510		—		2,560,315
Short-Term Investments
Investment Companies		48,921		—		—		48,921
Investment of cash collateral from securities loaned		75,853		—		—		75,853
Total Investments in Securities	$	575,579	$	2,109,510	$	—	$	2,685,089

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

International Value Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	36,088		$	—	$	36,088
Austria		504			4,330			—		4,834
Belgium		530			4,050			—		4,580
China		—			1,199			—		1,199
Denmark		1,507			681			—		2,188
Finland		2,601			2,484			—		5,085
France		—			31,428			—		31,428
Georgia		—			482			—		482
Germany		2,169			29,303			—		31,472
Ghana		—			578			—		578
Hong Kong		—			8,022			—		8,022
India		—			441			—		441
Ireland		961			598			—		1,559
Israel		—			1,778			—		1,778
Italy		731			10,604			—		11,335
Japan		—			85,834			—		85,834
Malta		—			450			—		450
Netherlands		647			22,327			—		22,974
New Zealand		—			1,121			—		1,121
Norway		1,375			8,428			—		9,803
Portugal		—			405			—		405
Russia		—			662			—		662
Singapore		—			5,455			—		5,455
South Africa		—			2,331			—		2,331
Spain		—			10,493			—		10,493
Sweden		389			11,176			—		11,565
Switzerland		—			24,346			—		24,346
United Kingdom		8,676			59,819			—		68,495
United States		452			422			—		874
Other Common Stocks		783			—			—		783
Total Common Stocks		21,325			365,335			—		386,660
Rights		—			—	(a)		—		—	(a)
Short-Term Investments
Investment Companies		3,487			—			—		3,487
Investment of cash collateral from securities loaned		4,026			—			—		4,026
Total Investments in Securities	$	28,838		$	365,335		$	—	$	394,173
Appreciation in Other Financial Instruments
Futures Contracts	$	50		$	—		$	—	$	50
Depreciation in Other Financial Instruments
Futures Contracts	$	(7	)	$	—		$	—	$	(7	)

(a) Amount rounds to less than one thousand.

There were no transfers into or out of level 3 for the year ended October 31, 2019.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of October 31, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

C. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in IM Shares of JPMorgan U.S. Government Money Market Fund and/or the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-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 ofnon-U.S. securities), subject to certainde minimis amounts.

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

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of October 31, 2019 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Emerging Markets Equity Fund	$	13,200	$	(13,200	)	$	—
Emerging Markets Research Enhanced Equity Fund		2,092		(2,092	)		—
Europe Dynamic Fund		275		(275	)		—
Global Research Enhanced Index Fund		37,095		(37,095	)		—
International Advantage Fund		1,858		(1,858	)		—
International Equity Fund		49,506		(49,506	)		—
International Research Enhanced Equity Fund		99,554		(99,554	)		—
International Unconstrained Equity Fund		70,848		(70,848	)		—
International Value Fund		3,789		(3,789	)		—

* 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 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Emerging Markets Equity Fund	$	7
Emerging Markets Research Enhanced Equity Fund		—	(a)
Europe Dynamic Fund		4
Global Research Enhanced Index Fund		7
International Advantage Fund		9
International Equity Fund		9
International Research Enhanced Equity Fund		13
International Unconstrained Equity Fund		3
International Value Fund		3

(a) Amount rounds to less than one thousand.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

International Hedged Equity Fund did not have any securities out on loan at October 31, 2019.

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

Emerging Markets Equity Fund
For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	1,291,368	$	1,123,019	$	3		$	17		$	168,369		168,301	$	1,368		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a) (b)		—		327,000		319,000		1	*		—	(d)		8,001		8,001		616	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		188,694		183,209		—			—			5,485		5,485		191	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		58,479		728,130		786,609		—			—			—		—		551			—
Total	$	58,479	$	2,535,192	$	2,411,837	$	4		$	17		$	181,855			$	2,726		$	—
Emerging Markets Research Enhanced Equity Fund
For the period ended October 31, 2019
Security Description	Value at December 11, 2018 (c)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	1,047,506	$	1,025,287	$	3		$	4		$	22,226		22,217	$	378		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		13,455		11,239		—			—			2,216		2,216		9	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		—		234,153		234,153		—			—			—		—		85			—
Total	$	—	$	1,295,114	$	1,270,679	$	3		$	4		$	24,442			$	472		$	—

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

Europe Dynamic Fund
For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	158,446	$	158,316	$	—	(d)	$	—	(d)	$	130		130	$	120		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares (a)		—		137,000		137,000		—			—			—		—		158	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		146,507		146,221		—			—			286		286		116	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		51,037		162,751		213,788		—			—			—		—		186			—
Total	$	51,037	$	604,704	$	655,325	$	—	(d)	$	—	(d)	$	416			$	580		$	—
Global Research Enhanced Index Fund
For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	458,029	$	458,033	$	4		$	—		$	—		—	$	360		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a) (b)		—		419,000		391,500		4	*		—	(d)		27,504		27,501		625	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		385,683		374,003		—			—			11,680		11,680		211	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		—		639,681		639,681		—			—			—		—		270			—
Total	$	—	$	1,902,393	$	1,863,217	$	8		$	—	(d)	$	39,184			$	1,466		$	—

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

International Advantage Fund
For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	554,637	$	512,288	$	10		$	7		$	42,366		42,349	$	733		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a) (b)		—		537,000		536,000		5	*		—	(d)		1,005		1,005		873	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		363,391		362,425		—			—			966		966		264	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		52,914		397,224		450,138		—			—			—		—		547			—
Total	$	52,914	$	1,852,252	$	1,860,851	$	15		$	7		$	44,337			$	2,417		$	—
International Equity Fund
For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	777,161	$	727,981	$	8		$	9		$	49,197		49,177	$	1,007		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a) (b)		—		764,000		724,000		3	*		—			40,003		39,999		755	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		399,925		387,409		—			—			12,516		12,516		260	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		166,797		311,392		478,189		—			—			—		—		706			—
Total	$	166,797	$	2,252,478	$	2,317,579	$	11		$	9		$	101,716			$	2,728		$	—

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

International Hedged Equity Fund
For the period ended October 31, 2019
Security Description	Value at March 15, 2019 (e)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a) (b)	$	—	$	11,038	$	10,188	$	—	(d)	$	—	$	850		850	$	19		$	—
International Research Enhanced Equity Fund
For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	948,493	$	794,366	$	6		$	18	$	154,151		154,809	$	1,992		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a) (b)		—		832,000		756,000		5	*		—		76,005		75,998		1,157	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		555,506		525,245		—			—		30,261		30,261		361	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		56,728		434,807		491,535		—			—		—		—		756			—
Total	$	56,728	$	2,770,806	$	2,567,146	$	11		$	18	$	260,417			$	4,266		$	—
International Unconstrained Equity Fund
For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	836,644	$	787,732	$	—	(d)	$	9	$	48,921		48,902	$	410		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a) (b)		—		150,000		95,000		—			—		55,000		54,995		63	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		132,839		111,986		—			—		20,853		20,853		99	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		1,995		88,014		90,009		—			—		—		—		58			—
Total	$	1,995	$	1,207,497	$	1,084,727	$	—	(d)	$	9	$	124,774			$	630		$	—

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

International Value Fund
For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	59,834	$	56,348	$	—	(d)	$	1	$	3,487		3,486	$	100		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (a) (b)		—		17,000		15,000		—			—		2,000		2,000		29	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		81,513		79,487		—			—		2,026		2,026		94	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		—		51,039		51,039		—			—		—		—		69			—
Total	$	—	$	209,386	$	201,874	$	—	(d)	$	1	$	7,513			$	292		$	—

(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 October 31, 2019.

(c) Commencement of operations was December 11, 2018.

(d) Amount rounds to less than one thousand.

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

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

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

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

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

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

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

(1). Options — International Hedged Equity Fund purchased and sold (“wrote”) put and call options on indices to manage and hedge equity risk within its portfolio. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased —Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written —Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

The Fund may be required to post or receive collateral for OTC options. Cash collateral posted by the Fund is considered restricted.

The table below discloses the volume of the Fund’s options contracts activity during the year ended October 31, 2019 (amounts in thousands, except number of contracts):

	International Hedged Equity Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		280	(a)
Average Number of Contracts Written		560	(a)
Ending Number of Contracts Purchased		309
Ending Number of Contracts Written		618

(a) For the period March 15, 2019 through October 31, 2019.

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

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

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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).

	Emerging Markets Equity Fund			Emerging Markets Research Enhanced Equity Fund		Europe Dynamic Fund			Global Research Enhanced Index Fund		International Advantage Fund		International Equity Fund			International Hedged Equity Fund			International Research Enhanced Equity Fund		International Unconstrained Equity Fund			International Value Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	70,560	(a)	$	11,177	$	7,718		$	50,186	$	57,014	$	4,497,350	(b)	$	1,231	(c)	$	121,732	$	2,533,321	(b)	$	8,684	(d)
Average Notional Balance Short		—			—		7,291	(e)		—		—		—			—			—		2,274,798	(b)		—
Ending Notional Balance Long		—			—		—			42,338		42,829		—			914			124,725		—			4,094
Ending Notional Balance Short		—			—		7,291			—		—		—			—			—		—			—

(a) For the period January 1, 2019 through January 31, 2019.

(b) For the period September 1, 2019 through October 31, 2019.

(c) For the period March 15, 2019 through October 31, 2019.

(d) For the period January 1, 2019 through October 31, 2019.

(e) For the period October 1, 2019 through October 31, 2019.

(3). Forward Foreign Currency Exchange Contracts — International Unconstrained Equity 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. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Fund may be required to post or receive collateral fornon-deliverable forward foreign currency exchange contracts.

The table below discloses the volume of the Fund’s forward foreign currency exchange contracts activity during the year ended October 31, 2019 (amounts in thousands):

	International Unconstrained Equity Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	54,509	(a)
Average Settlement Value Sold		26,478	(a)

(a) For the period February 1, 2019 through February 28, 2019.

(4). Summary of Derivatives Information— The following tables present the value of derivatives held as of October 31, 2019, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Europe Dynamic Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Liabilities:		Futures Contracts (a)
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(12	)

Global Research Enhanced Index Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	30

136 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

International Advantage Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,017

International Hedged Equity Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Options			Futures Contracts (a)			Total
Equity contracts	Receivables	$	162		$	—		$	162
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(592	)	$	(4	)	$	(596	)

International Research Enhanced Equity Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,967
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(410	)

International Value Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	50
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(7	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2019, by primary underlying risk exposure (amounts in thousands):

Emerging Markets Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	2,644

Emerging Markets Research Enhanced Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	5,136

Europe Dynamic Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	529

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(213	)

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Global Research Enhanced Index Fund

	Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts		Futures Contracts
Equity contracts		$	(894	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(898	)

International Advantage Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,247	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	2,869

International Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(3,617	)

International Hedged Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts		Total
Equity contracts	$	(25	)	$	82	$	57

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Total
Equity contracts	$	(465	)	$	(4	)	$	(469	)

International Research Enhanced Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	13,990

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	3,708

International Unconstrained Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	144	$	—		$	144
Foreign exchange contracts		—		(1,105	)		(1,105	)
	$	144	$	(1,105	)	$	(961	)

138 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

International Value Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,233

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	43

The Funds’ derivatives contracts held at October 31, 2019 are not accounted for as hedging instruments under GAAP.

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

G. Offering and Organization Costs — Total offering costs of approximately $48,000 and $103,000 paid in connection with the offering of shares of Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, respectively, are amortized on a straight line basis over 12 months from the date the Funds commenced operations. Costs paid in connection with the organization of Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, if any, were recorded as an expense at the time it commenced operations and are included as part of Professional fees on the Statements of Operations. For the year ended October 31, 2019, total offering costs amortized were approximately $43,000 and $64,000 for the Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, respectively.

H. Security Transactions and Investment Income ��� Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on theex-dividend date or when a Fund first learns of the dividend. Certain Funds may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income fromnon-affiliates on the Statements of Operations.

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the year ended October 31, 2019 are as follows (amounts in thousands):

	Class A			Class C			Class I			Class L		Class R2		Class R3			Class R4			Class R5			Class R6			Total
Emerging Markets Equity Fund
Transfer agency fees	$	58		$	7		$	56		$	14	$	1	$	—	(a)	$	—	(a)	$	7		$	36		$	179
Emerging Markets Research Enhanced Equity Fund
Transfer agency fees		n/a			n/a			—	(a)		n/a		n/a		n/a			n/a			n/a			2			2
Europe Dynamic Fund
Transfer agency fees		22			1			6			3		n/a		n/a			n/a			n/a			2			34
Global Research Enhanced Index Fund
Transfer agency fees		n/a			n/a			2			n/a		n/a		n/a			n/a			n/a			41			43
International Advantage Fund
Transfer agency fees		24			1			2			n/a		69		n/a			n/a			n/a			21			117
International Equity Fund
Transfer agency fees		46			4			7			n/a		2		n/a			n/a			1			27			87
International Hedged Equity Fund
Transfer agency fees		—	(a)		—	(a)		2			n/a		n/a		n/a			n/a			—	(a)		—	(a)		2
International Research Enhanced Equity Fund
Transfer agency fees		57			n/a			4			n/a		n/a		n/a			n/a			n/a			34			95
International Unconstrained Equity Fund
Transfer agency fees		10			4			16			n/a		2		n/a			n/a			4			1			37
International Value Fund
Transfer agency fees		18			3			4			1		2		n/a			n/a			—	(a)		—	(a)		28

(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 October 31, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

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

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

140 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Emerging Markets Equity Fund	$	—		$	(2,770	)	$	2,770
Emerging Markets Research Enhanced Equity Fund		—			(549	)		549
Europe Dynamic Fund		—			(91	)		91
Global Research Enhanced Index Fund		59,296			2,304			(61,600	)
International Advantage Fund		—			5,017			(5,017	)
International Equity Fund		—			(883	)		883
International Hedged Equity Fund		—	(a)		14			(14	)
International Research Enhanced Equity Fund		—	(a)		1,022			(1,022	)
International Unconstrained Equity Fund		—			183			(183	)
International Value Fund		—			237			(237	)

(a) Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to foreign currency gains or losses, investments in passive foreign investment companies (“PFICs”) and tax equalization.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.

The annual rate for each Fund is as follows:

Emerging Markets Equity Fund	0.68	%(1)
Emerging Markets Research Enhanced Equity Fund	0.25
Europe Dynamic Fund	0.60	( 2 )
Global Research Enhanced Index Fund	0.20
International Advantage Fund	0.50	( 3 )
International Equity Fund	0.50	( 4 )
International Hedged Equity Fund	0.25
International Research Enhanced Equity Fund	0.20
International Unconstrained Equity Fund	0.60	( 5 )
International Value Fund	0.55	( 3 )

(1) Prior to August 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.85% of the Fund’s respective average daily net assets.

(2) Prior to August 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.65% of the Fund’s respective average daily net assets.

(3) Prior to August 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.60% of each Fund’s respective average daily net assets.

(4) Prior to March 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.70%. Prior to August 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.60% of the Fund’s respective average daily net assets.

(5) Prior to March 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.70%. Prior to August 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.65% of the Fund’s respective average daily net assets.

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2019, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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 asSub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Funds’ 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 Rule12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Emerging Markets Equity Fund		0.25	%		0.75	%		0.50	%		0.25	%
Europe Dynamic Fund		0.25			0.75			n/a			n/a
International Advantage Fund		0.25			0.75			0.50			n/a
International Equity Fund		0.25			0.75			0.50			n/a
International Hedged Equity Fund		0.25			0.75			n/a			n/a
International Research Enhanced Equity Fund		0.25			n/a			n/a			n/a
International Unconstrained Equity Fund		0.25			0.75			0.50			n/a
International Value Fund		0.25			0.75			0.50			n/a

In addition, JPMDS is entitled to receive thefront-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for whichfront-end sales charges have been waived. For the year ended October 31, 2019, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Emerging Markets Equity Fund	$	83		$	1
Europe Dynamic Fund		2			—
International Advantage Fund		2			—
International Equity Fund		97			—
International Hedged Equity Fund		1			—
International Research Enhanced Equity Fund		—	(a)		—
International Unconstrained Equity Fund		44			1
International Value Fund		34			—

(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
Global Research Enhanced Index Fund		n/a			n/a			0.25			n/a			n/a			n/a			n/a			n/a
International Advantage Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			n/a
International Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
International Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
International Research Enhanced Equity Fund		0.25			n/a			0.25			n/a			n/a			n/a			n/a			n/a
International Unconstrained Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
International Value Fund		0.25			0.25			0.25			0.10			0.25			n/a			n/a			0.10

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. 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.

142 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

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, plusout-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Emerging Markets Equity Fund		1.24	%		1.74	%		0.99	%		0.95	%		1.54	%		1.29	%		1.04	%		0.89	%		0.79	%
Emerging Markets Research Enhanced Equity Fund		n/a			n/a			0.45	(1)		n/a			n/a			n/a			n/a			n/a			0.35	(1)
Europe Dynamic Fund		1.24			1.74			0.99			n/a	(2)		n/a			n/a			n/a			n/a			n/a	(3)
Global Research Enhanced Index Fund		n/a			n/a			0.34			n/a			n/a			n/a			n/a			n/a			0.25
International Advantage Fund(4)		0.95			1.45			0.70			n/a			1.25			n/a			n/a			n/a			0.50
International Equity Fund		0.95			1.45			0.70			n/a			1.25			n/a			n/a			0.60			0.50
International Hedged Equity Fund(5)		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
International Research Enhanced Equity Fund		0.60			n/a			0.35			n/a			n/a			n/a			n/a			n/a			0.25
International Unconstrained Equity Fund		1.00			1.50			0.75			n/a			1.30			n/a			n/a			0.65			0.55
International Value Fund		1.00			1.50			0.75			n/a	(6)		1.30			n/a			n/a			0.65			0.55

⁽¹⁾   The contractual expense percentages in the table above are in place until at least December 31, 2019. Effective December 19, 2019, the contractual expense percentages in the table above were extended and are in place until at least February 28, 2021.

⁽²⁾  Effective March 1, 2019, the contractual expense limitation for Class L Shares expired. Prior to March 1, 2019, the contractual expense limitation was 1.00% for Class L Shares.

⁽³⁾  Effective October 1, 2019, the contractual expense limitation for Class R6 Shares expired. Prior to October 1, 2019, the contractual expense limitation was 0.84% for Class R6 Shares.

⁽⁴⁾  Prior to March 1, 2019, the contractual expense limitations were 1.00%, 1.50%, 0.75%, 1.30% and 0.55% for Class A, Class C, Class I, Class R2 and Class R6 Shares, respectively.

⁽⁵⁾  The contractual expense percentages in the table above are in place until at least January 31, 2020. Effective December 19, 2019, the contractual expense percentages in the table above were extended and are in place until at least February 28, 2021.

⁽⁶⁾  Effective March 1, 2019, the contractual expense limitation for Class L Shares expired. Prior to March 1, 2019, the contractual expense limitation was 0.95% for Class L Shares.

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2019 and are in place until February 29, 2020.

For the year ended October 31, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Emerging Markets Equity Fund	$	5,898	$	3,416	$	946	$	10,260	$	36
Emerging Markets Research Enhanced Equity Fund		247		141		5		393		47
Europe Dynamic Fund		—		—		150		150		—
Global Research Enhanced Index Fund		1,391		926		610		2,927		—
International Advantage Fund		3,387		2,083		203		5,673		—
International Equity Fund		6,092		2,898		288		9,278		3
International Hedged Equity Fund		83		25		2		110		109
International Research Enhanced Equity Fund		1,466		978		610		3,054		—
International Unconstrained Equity Fund		1,083		460		180		1,723		1
International Value Fund		583		316		154		1,053		—	(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.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2019 were as follows (amounts in thousands):

Emerging Markets Equity Fund	$	158
Emerging Markets Research Enhanced Equity Fund		17
Europe Dynamic Fund		32
Global Research Enhanced Index Fund		57
International Advantage Fund		118
International Equity Fund		169
International Hedged Equity Fund		2
International Research Enhanced Equity Fund		238
International Unconstrained Equity Fund		29
International Value Fund		14

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 Rule38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on apro-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 year ended October 31, 2019, Global Research Enhanced Index Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the year ended October 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Markets Equity Fund	$	2,272,301	$	1,858,138
Emerging Markets Research Enhanced Equity Fund		2,156,547		131,715
Europe Dynamic Fund		474,065		657,040
Global Research Enhanced Index Fund		1,338,109		3,347,914
International Advantage Fund		2,280,936		3,862,461
International Equity Fund		1,003,517		2,650,774
International Hedged Equity Fund		62,168		4,632
International Research Enhanced Equity Fund		963,928		1,246,386
International Unconstrained Equity Fund		2,184,981		234,602
International Value Fund		250,793		367,626

During the year ended October 31, 2019, there were no purchases or sales of U.S. Government securities.

144 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2019 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity Fund	$	4,627,320	$	1,778,340	$	49,105	$	1,729,235
Emerging Markets Research Enhanced Equity Fund		2,049,376		72,213		33,583		38,630
Europe Dynamic Fund		497,631		54,386		11,627		42,759
Global Research Enhanced Index Fund		3,034,304		1,256,565		85,263		1,171,302
International Advantage Fund		1,619,466		210,993		43,507		167,486
International Equity Fund		2,276,533		805,120		51,845		753,275
International Hedged Equity Fund		58,043		3,747		2,296		1,451
International Research Enhanced Equity Fund		4,754,816		505,425		356,577		148,848
International Unconstrained Equity Fund		2,555,811		143,607		14,329		129,278
International Value Fund		400,355		23,303		29,442		(6,139	)

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in PFICs, mark to market of futures contracts, mark to market of options contracts and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Markets Equity Fund	$	43,939	$	—	$	43,939
Emerging Markets Research Enhanced Equity Fund		26		—		26
Europe Dynamic Fund		16,938		—		16,938
Global Research Enhanced Index Fund		157,658		392,361		550,019
International Advantage Fund		88,005		—		88,005
International Equity Fund		107,522		48,172		155,694
International Research Enhanced Equity Fund		161,060		—		161,060
International Unconstrained Equity Fund		10,140		—		10,140
International Value Fund		18,314		—		18,314

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2018 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Markets Equity Fund	$	22,140	$	—	$	22,140
Europe Dynamic Fund		15,655		—		15,655
Global Research Enhanced Index Fund		159,264		—		159,264
International Advantage Fund		67,328		—		67,328
International Equity Fund		66,772		—		66,772
International Research Enhanced Equity Fund		75,137		33,139		108,276
International Unconstrained Equity Fund		3,143		—		3,143
International Value Fund		18,225		—		18,225

* Short-term gain distributions are treated as ordinary income for income tax purposes.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

As of October 31, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Markets Equity Fund	$	52,211	$	(124,268	)	$	1,709,824
Emerging Markets Research Enhanced Equity Fund		12,791		3,082			38,650
Europe Dynamic Fund		16,767		(114,081	)		42,725
Global Research Enhanced Index Fund		85,164		301,927			1,171,164
International Advantage Fund		105,858		(277,463	)		167,409
International Equity Fund		92,835		(57,757	)		753,238
International Hedged Equity Fund		1,206		(450	)		1,453
International Research Enhanced Equity Fund		142,376		(162,632	)		148,779
International Unconstrained Equity Fund		8,733		(49,027	)		129,275
International Value Fund		14,808		(46,060	)		(6,202	)

For the Funds, the cumulative timing differences primarily consist of foreign taxes, mark to market of futures contracts, mark to market of options contracts, investments in PFICs and wash sale loss deferrals.

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

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

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

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

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

6. Borrowings

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

The following Fund had borrowings outstanding from another fund at October 31, 2019 (amounts in thousands, except number of days outstanding):

	Borrowings Outstanding		Interest Rate Paid			Number of Days Outstanding		Interest Paid
Global Research Enhanced Index Fund	$	3,663		2.29	%		1	$	—	(a)

(a) Amount rounds to less than one thousand.

146 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

Average borrowings from the Facility during the year ended October 31, 2019, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Markets Equity Fund	$	23,479		3.01	%		31	$	63
Europe Dynamic Fund		21,938		2.94			4		7
Global Research Enhanced Index Fund		20,790		3.10			52		96
International Advantage Fund		35,705		2.89			7		20
International Equity Fund		64,779		3.19			6		34
International Value Fund		5,131		3.05			27		12

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.

The Funds had no borrowings outstanding from the unsecured, uncommitted facility at October 31, 2019.

The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately. Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds had no borrowings outstanding from the Credit Facility at October 31, 2019. Average borrowings from the Credit Facility during the year ended October 31, 2019 were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Markets Equity Fund	$	12,000		3.38	%		1	$	1

7. Risks, Concentrations and Indemnifications

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

As of October 31, 2019, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/ or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/ orNon-Affiliated Omnibus Accounts		% of the Fund
Emerging Markets Equity Fund		—		—	%		2		27.0	%
Emerging Markets Research Enhanced Equity Fund		4		60.1			—		—
Europe Dynamic Fund		4		58.8			1		12.1
Global Research Enhanced Index Fund		1		85.4	��		—		—
International Advantage Fund		5		65.5			—		—
International Equity Fund		3		52.7			1		11.8
International Hedged Equity Fund		1		86.4			1		10.7
International Research Enhanced Equity Fund		3		31.4			—		—
International Unconstrained Equity Fund		4		70.8			—		—
International Value Fund		—		—			1		66.9

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

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period depending on the Fund. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2019, the J.P. Morgan Investor Funds, the JPMorgan SmartRetirement Funds and the SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds			JPMorgan SmartRetirement Blend Funds
Emerging Markets Equity Fund		—	%		14.5	%		—	%
Emerging Markets Research Enhanced Equity Fund		10.5			66.3			20.0
Europe Dynamic Fund		47.1			—			—
International Advantage Fund		—			84.6			—
International Equity Fund		—			57.5			—
International Research Enhanced Equity Fund		15.2			64.7			—
International Unconstrained Equity Fund		—			78.0			—

As of October 31, 2019, the following Funds hadnon-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:

	China			France			Germany			India			Japan
Emerging Markets Equity Fund		28.9	%		—	%		—	%		19.5	%		—	%
Emerging Markets Research Enhanced Equity Fund		32.1			—			—			—			—
Europe Dynamic Fund		—			16.1			12.6	%		—			—
International Advantage Fund		—			—			—			—			24.0
International Equity Fund		—			15.1			—			—			17.2
International Hedged Equity Fund		—			13.7			—			—			23.5
International Research Enhanced Equity Fund		—			13.5			—			—			23.1
International Value Fund		—			—			—			—			22.0

	South Korea			Switzerland			Taiwan			United Kingdom
Emerging Markets Research Enhanced Equity Fund		13.0	%		—	%		11.5	%		—	%
Europe Dynamic Fund		—			21.6			—			18.1
International Advantage Fund		—			11.5			—			12.6
International Equity Fund		—			11.9			—			15.3
International Hedged Equity Fund		—			10.2			—			15.2
International Research Enhanced Equity Fund		—			10.0			—			15.0
International Unconstrained Equity Fund		—			—			—			18.2
International Value Fund		—			—			—			17.6

148 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

As of October 31, 2019, a significant portion of each Fund’s investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

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

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 149

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoards of Trustees of JPMorgan Trust I, JPMorgan Trust IIandJPMorgan Trust IV andShareholders of JPMorgan Emerging Markets Equity Fund, JPMorgan Emerging Markets Research Enhanced Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan International Advantage Fund, JPMorgan International Equity Fund, JPMorgan International Hedged Equity Fund, JPMorgan International Research Enhanced Equity Fund, JPMorgan International Unconstrained Equity Fund and JPMorgan International Value Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, ofJPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan International Advantage Fund, JPMorgan International Equity Fund, JPMorgan International Unconstrained Equity Fund and JPMorgan International Value Fund (seven of the funds constituting JPMorgan Trust I) , JPMorgan International Research Enhanced Equity Fund (one of the funds constituting JPMorgan Trust II) and JPMorgan Emerging Markets Research Enhanced Equity Fund and JPMorgan International Hedged Equity Fund (two of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below,and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan Emerging Markets Equity Fund (1)	JPMorgan International Equity Fund (1)
JPMorgan Emerging Markets Research Enhanced Equity Fund (2)	JPMorgan International Hedged Equity Fund (3)
JPMorgan Europe Dynamic Fund (1)	JPMorgan International Research Enhanced Equity Fund (1)
JPMorgan Global Research Enhanced Index Fund (1)	JPMorgan International Unconstrained Equity Fund (1)
JPMorgan International Advantage Fund (1)	JPMorgan International Value Fund (1)
(1) Statement of operations for the year ended October 31, 2019 and statements of changes in net assets for each of the two years ended October 31, 2019.
(2)   Statement of operations and statement of changes in net assets for the period December 11, 2018 (commencement of operations) through October 31, 2019.
(3)   Statement of operations and statement of changes in net assets for the period March 15, 2019 (commencement of operations) through October 31, 2019.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 20, 2019

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

150 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	130	Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	130	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	130	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	130	Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	130	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	130	None

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 151

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	130	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	130	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	130	None
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	130	None
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	130	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002).	130	Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006).	130	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

152 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

(1) Dr. Goldstein is retiring from the Board of Trustees effective the close of business on December 31, 2019. The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (130 funds).

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 153

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

    * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

  ** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

154 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2019, and continued to hold your shares at the end of the reporting period, October 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Equity Fund
Class A
Actual	$	1,000.00	$	1,029.10	$	6.34		1.24	%
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		1,026.10		8.89		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,030.10		5.07		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class L
Actual		1,000.00		1,030.60		4.56		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R2
Actual		1,000.00		1,027.30		7.87		1.54
Hypothetical		1,000.00		1,017.44		7.83		1.54
Class R3
Actual		1,000.00		1,028.50		6.60		1.29
Hypothetical		1,000.00		1,018.70		6.56		1.29
Class R4
Actual		1,000.00		1,029.90		5.32		1.04
Hypothetical		1,000.00		1,019.96		5.30		1.04
Class R5
Actual		1,000.00		1,030.60		4.56		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R6
Actual		1,000.00		1,031.30		4.04		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 155

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Actual	$	1,000.00	$	990.60	$	2.26		0.45	%
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		991.20		1.76		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
JPMorgan Europe Dynamic Fund
Class A
Actual		1,000.00		1,020.20		6.31		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		1,018.00		8.85		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,021.90		5.05		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class L
Actual		1,000.00		1,022.00		4.48		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R6
Actual		1,000.00		1,023.00		3.98		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78
JPMorgan Global Research Enhanced Index Fund
Class I
Actual		1,000.00		1,034.10		1.74		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
Class R6
Actual		1,000.00		1,035.00		1.28		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
JPMorgan International Advantage Fund
Class A
Actual		1,000.00		1,008.10		4.81		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Class C
Actual		1,000.00		1,005.00		7.33		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class I
Actual		1,000.00		1,008.80		3.54		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class R2
Actual		1,000.00		1,006.20		6.32		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class R6
Actual		1,000.00		1,009.90		2.53		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
JPMorgan International Equity Fund
Class A
Actual		1,000.00		1,038.40		4.88		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Class C
Actual		1,000.00		1,035.50		7.44		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45

156 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan International Equity Fund (continued)
Class I
Actual	$	1,000.00	$	1,039.60	$	3.60		0.70	%
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class R2
Actual		1,000.00		1,036.80		6.42		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class R5
Actual		1,000.00		1,040.10		3.09		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R6
Actual		1,000.00		1,040.70		2.57		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
JPMorgan International Hedged Equity Fund
Class A
Actual		1,000.00		1,023.70		4.28		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class C
Actual		1,000.00		1,021.00		6.88		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class I
Actual		1,000.00		1,025.00		3.06		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R5
Actual		1,000.00		1,025.60		2.30		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		1,026.30		1.79		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
JPMorgan International Research Enhanced Equity Fund
Class A
Actual		1,000.00		1,026.30		3.01		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class I
Actual		1,000.00		1,027.70		1.74		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
Class R6
Actual		1,000.00		1,028.40		1.23		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24
JPMorgan International Unconstrained Equity Fund
Class A
Actual		1,000.00		1,028.20		5.11		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class C
Actual		1,000.00		1,025.10		7.66		1.50
Hypothetical		1,000.00		1,017.64		7.63		1.50
Class I
Actual		1,000.00		1,029.30		3.84		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R2
Actual		1,000.00		1,026.40		6.64		1.30
Hypothetical		1,000.00		1,018.65		6.61		1.30

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 157

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During the Period*			Annualized Expense Ratio
JPMorgan International Unconstrained Equity Fund (continued)
Class R5
Actual	$	1,000.00	$	1,029.80	$	3.33			0.65	%
Hypothetical		1,000.00		1,021.93		3.31			0.65
Class R6
Actual		1,000.00		1,030.30		2.81			0.55
Hypothetical		1,000.00		1,022.43		2.80			0.55
JPMorgan International Value Fund
Class A
Actual		1,000.00		991.90		5.02			1.00
Hypothetical		1,000.00		1,020.16		5.09			1.00
Class C
Actual		1,000.00		989.10		7.52			1.50
Hypothetical		1,000.00		1,017.64		7.63			1.50
Class I
Actual		1,000.00		992.90		3.77			0.75
Hypothetical		1,000.00		1,021.42		3.82			0.75
Class L
Actual		1,000.00		993.60		3.27			0.65
Hypothetical		1,000.00		1,021.93		3.31			0.65
Class R2
Actual		1,000.00		990.10		6.52			1.30
Hypothetical		1,000.00		1,018.65		6.61	��		1.30
Class R5
Actual		1,000.00		993.60		3.27			0.65
Hypothetical		1,000.00		1,021.93		3.31			0.65
Class R6
Actual		1,000.00		994.40		2.76			0.55
Hypothetical		1,000.00		1,022.43		2.80			0.55

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

158 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, at which the Trustees considered the continuation of the investment advisory agreements for the Emerging Markets Equity Fund, Europe Dynamic Fund, Global Research Enhanced Index Fund, International Advantage Fund, International Equity Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund, and International Value Fund whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 14, 2019.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal

standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 159

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the Funds’ operating accounts are held at JPMCB,

which, as a result, will receive float benefits for certain J.P. Morgan Funds. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted each Fund with fee waivers and contractual expense limitations (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale, as well as each Fund that had achieved scale and no longer had a Fee Cap in place for some or all of its classes. The Trustees noted that the fees remain competitive with peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders, and that, for those Funds that had achieved scale and no longer had Fee Caps in place for some or all of their classes, through lower average expenses as asset levels had increased, in addition to the reinvestment that ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the International Equity Fund and International Research Enhanced Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the

160 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Emerging Markets Equity Fund, Europe Dynamic Fund, Global Research Enhanced Index Fund, International Advantage Fund, International Unconstrained Equity Fund and International Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three-, and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance

against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Emerging Markets Equity Fund’s performance for Class A shares was in the third, first and second quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the third, first and first quintiles based upon both the Peer Group and Universe for the one-, three- and five-year periods ended December 31, 2018, respectively. Trustees noted that the performance for Class R6 shares was in the third and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2018, respectively, and in the third, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Europe Dynamic Fund’s performance for Class A shares was in the fourth, third and second quintiles based upon the Peer Group, and in the fourth, fifth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that performance for Class I shares was in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regularly scheduled meetings over the course of the next year.

The Trustees noted that based upon the Universe, the Global Research Enhanced Index Fund’s performance for Class I

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 161

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

shares was in the second, third and first quintiles for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Universe for the one-year period ended December 31, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the performance was satisfactory.

The Trustees noted that the International Advantage Fund’s performance for Class A shares was in the fourth quintile based upon the Peer Group, and in the fifth, fifth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2018, and in the fifth, fifth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and fifth quintiles based upon the Peer Group and Universe, respectively, for both the one- and three-year periods ended December 31, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regularly scheduled meetings over the course of the next year.

The Trustees noted that the International Equity Fund’s performance for Class A shares was in the fourth, second and fourth quintiles based upon the Peer Group, and in the fifth, third and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for the Class I shares was in the fourth, third and fourth quintiles based upon the Peer Group, and in the fifth, third and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth and third quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2018, respectively , and in the fifth, third and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these

discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the InternationalResearch Enhanced Equity Fund’s performance for Class A shares was in the third, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that performance for Class I shares was in the second, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the International Unconstrained Equity Fund’s performance for Class A shares was in the fifth, fourth and third quintiles based upon the Peer Group, and in the fourth, third and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the fourth quintile based upon the Peer Group for the one-year period ended December 31, 2018, and in the fourth, third and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth quintile based upon the Peer Group for the one-year period ended December 31, 2018, and in the fourth, third and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the International Value Fund’s performance for Class A shares was in the fifth, fourth and fifth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the fifth, third and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2018, and in the fourth, third and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018,

162 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019, if applicable, were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Emerging Markets Equity Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors

identified above, and noting a reduction in the contractual advisory fee effective August 1, 2019, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Europe Dynamic Fund’s net advisory fee and actual total expenses for Class A shares were in the third and first quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that both the net advisory fee and actual total expenses for Class I shares were in the second quintile based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the second and first quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, and noting a reduction in the contractual advisory fee effective August 1, 2019, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Global Research Enhanced Index Fund’s net advisory fee and actual total expenses for both Class I and Class R6 shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Advantage Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for the Class I shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, and noting a reduction in the contractual advisory fee effective August 1, 2019, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Equity Fund’s net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, and noting a reduction in the contractual advisory fee effective August 1, 2019, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 163

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees noted that the International Research Enhanced Equity Fund’s net advisory fee and actual total expenses for both Class A and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Unconstrained Equity Fund’s net advisory fee and total actual expenses for Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors

identified above, and noting a reduction in the contractual advisory fee effective August 1, 2019, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Value Fund’s net advisory fee and total actual expenses for Class A, Class I and Class R6 shares were in the first quintile based upon the Peer Group and Universe. After considering the factors identified above, and noting a reduction in the contractual advisory fee effective August 1, 2019, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

164 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2019

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2019. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2019:

	Dividends Received Deduction
JPMorgan Emerging Markets Equity Fund		1.80	%
JPMorgan Emerging Markets Research Enhanced Equity Fund		1.46
JPMorgan Global Research Enhanced Index Fund		32.13

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2019 (amounts in thousands):

	Long-Term Capital Gain Distribution
JPMorgan Global Research Enhanced Index Fund	$	451,912
JPMorgan International Equity Fund		48,172

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2019 (amounts in thousands):

	Qualified Dividend Income
JPMorgan Emerging Markets Equity Fund	$	52,198
JPMorgan Emerging Markets Research Enhanced Equity Fund		1,090
JPMorgan Europe Dynamic Fund		18,083
JPMorgan Global Research Enhanced Index Fund		103,134
JPMorgan International Advantage Fund		95,074
JPMorgan International Equity Fund		108,080
JPMorgan International Hedged Equity Fund		131
JPMorgan International Research Enhanced Equity Fund		137,047
JPMorgan International Unconstrained Equity Fund		9,960
JPMorgan International Value Fund		16,541

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2019, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
JPMorgan Emerging Markets Equity Fund	$	109,184	$	8,259
JPMorgan Emerging Markets Research Enhanced Equity Fund		12,820		1,064
JPMorgan Europe Dynamic Fund		23,802		1,145
JPMorgan International Advantage Fund		129,942		7,069
JPMorgan International Equity Fund		132,647		7,654
JPMorgan International Hedged Equity Fund		1,431		131
JPMorgan International Research Enhanced Equity Fund		172,142		10,421
JPMorgan International Unconstrained Equity Fund		13,916		856
JPMorgan International Value Fund		20,833		200

OCTOBER 31, 2019 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 165

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you areno longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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. at1-800-480-4111 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 at202-371-8300.

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

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

A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 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 recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2019.  All rights reserved. October 2019. AN-INTEQ-1019

Annual Report

J.P. Morgan Tax Aware Funds

October 31, 2019

JPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware Real Return Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Tax Aware Equity Fund	3
JPMorgan Tax Aware Real Return Fund	6
Schedules of Portfolio Investments	10
Financial Statements	24
Financial Highlights	30
Notes to Financial Statements	34
Report of Independent Registered Public Accounting Firm	44
Trustees	45
Officers	48
Schedule of Shareholder Expenses	49
Board Approval of Investment Advisory Agreements	50
Tax Letter	54
Privacy Policy — Located at the back of this Annual Report

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 at1-800-480-4111 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

December 12, 2019 (Unaudited)

Dear Shareholders,

By way of introduction, I am head of the Americas Client organization for J.P. Morgan Asset Management, as well as a twenty year veteran of J.P. Morgan, nearly all of those years with Asset Management. The reason I joined J.P. Morgan Asset Management over twenty years ago is the same reason I still come to work energized every day; shareholders & clients. Shareholders & clients are our highest priority and at the center of everything we do. As such, I plan to use our Letter to Shareholders as an opportunity to provide updates on recent market events and may, from time to time, also highlight initiatives happening within J.P. Morgan Asset Management that are designed in part to continue to improve the shareholder & client experiences.

��    “Shareholders and clients are our highest priority and at the center of everything we do.”
— Andrea L. Lisher

Financial markets have largely provided positive returns in 2019, supported by leading central banks and a slowing but still expanding global economy. U.S. equity markets continued to lead the way, rebounding from a sharpsell-off in late 2018 and withstanding intermittent volatility driven partly by ongoing

U.S.-China trade tensions. In July, the U.S. Federal Reserve cut interest rates for the first time in more than a decade amid concerns about slowing economic growth and then cut rates again in September and once more in October. Notably, the S&P 500 Index rallied in October and reached record highs in the final week of the month. Elsewhere, the European Central Bank announced in September it would resume monthly asset purchases to bolster flagging economic growth and below-target inflation and China’s central bank also responded to a slowdown in economic output with measures to increase lending by banks. International equity markets may exhibit continued volatility in the coming year but a reduction in trade tensions could provide support to financial markets. Given this outlook, we believe investors can benefit from a patient outlook and a well-diversified investment portfolio.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

U.S. equity markets generally provided positive returns for the reporting period amid slowing but continued growth in both the global economy and corporate profits. Investor optimism over U.S.-China trade negotiations and an extension of the deadline for Britain’s exit from the European Union (“Brexit”) also bolstered investor sentiment. Bond markets also provided positive returns for the period but generally underperformed equity markets. Emerging markets debt and U.S. investment grade bonds largely outperformed U.S. Treasury bonds.

In the final months of 2018, equity markets generally slumped as investors faced both slowing global economic growth — particularly in China and Europe — and the prospect of rising U.S. interest rates. Equity prices largely rebounded in the first months of 2019, and markets remained buoyant through April 2019. Equity markets were hit with a selloff in May 2019 and leading indexes in the U.S. dropped by more than 6%. Equity prices rebounded again in June and received further support at the end of July 2019, when the U.S. Federal Reserve (the “Fed”) responded to slowing economic growth by raising interest rates for the first time in more than a decade.

Investor concerns about increased U.S.-China trade tensions and uncertainty over the U.K.’s Brexit strategy led to increased market volatility in the final months of the reporting period. However, the Fed cut interest rates again inmid-September 2019 and, by the end of October 2019, leading U.S. equity indexes had returned to record highs.

For the twelve months ended October 31, 2019, the S&P 500 returned 14.33% and the Bloomberg Barclays U.S.1-15 Year Blend(1-17) Municipal Bond Index returned 8.12%.

2 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		14.45%
S&P 500 Index		14.33%
Net Assets as of 10/31/2019 (In Thousands)	$	1,274,490

INVESTMENT OBJECTIVE**

The JPMorgan Tax Aware Equity Fund (the “Fund”) seeks to provide high after-tax total return from a portfolio of selected equity securities.

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended October 31, 2019. The Fund’s overweight position in the financial services sector and its security selection in the industrial cyclical sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the energy sector and the big banks & brokers sector was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Broadcom Ltd. and Microsoft Corp. and its underweight position in Johnson & Johnson. Shares of Broadcom, a semiconductor manufacturer, rose amid investor expectations that the company will gain from the coming development of fifth generation or 5G networks. Shares of Microsoft, a software and technology services company, rose after the company won a $10 billion cloud computing contract from the U.S. Department of Defense. Shares of Johnson & Johnson, a consumer products maker not held in the Fund, fell after the company recalled certain baby powder products over concerns that the product included trace amounts of asbestos.

Leading individual detractors from the Fund’s relative performance included its overweight positions in EOG Resources Inc. and Pfizer Inc. and its underweight position in Procter & Gamble Co. Shares of EOG Resources, an oil and gas exploration and production company, rose amid a cutback in petroleum output from Saudi Arabia following a September 2019 drone strike that damaged Saudi oil processing facilities. Shares of Pfizer, a pharmaceutical company, fell along with the broader health care sector amid investor uncertainty over U.S. government policy regarding drug prices and health insurance. Shares of Procter & Gamble, a consumer products maker not held in the Fund, rose after the company reported strong sales growth and said it was well-positioned should U.S. consumer spending weaken.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, researching companies to determine what the portfolio managers believed to be the companies’ underlying value and potential for future earnings growth.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	7.1	%
	2.	Amazon.com, Inc.	4.9
	3.	Apple, Inc.	4.5
	4.	Broadcom, Inc.	3.7
	5.	Honeywell International, Inc.	3.6
	6.	UnitedHealth Group, Inc.	3.5
	7.	Alphabet, Inc., Class C	3.3
	8.	Alphabet, Inc., Class A	3.1
	9.	Mastercard, Inc., Class A	3.1
	10.	Home Depot, Inc. (The)	2.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	28.8	%
Health Care	14.0
Communication Services	12.1
Industrials	11.8
Consumer Discretionary	11.0
Financials	10.5
Consumer Staples	4.5
Energy	2.9
Utilities	2.3
Materials	2.0
Short-Term Investments	0.1

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

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

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
			1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class		Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES		March 22, 2011
With Sales Charge*				8.00	%		7.08	%		5.23	%		8.96	%		7.72	%		6.83	%		12.40	%		11.65	%		10.22	%
Without Sales Charge				13.99			13.02			8.81			10.15			8.89			7.80			13.00			12.25			10.76
CLASS C SHARES		March 22, 2011
With CDSC**				12.42			11.56			7.82			9.60			8.44			7.37			12.52			11.85			10.36
Without CDSC				13.42			12.56			8.41			9.60			8.44			7.37			12.52			11.85			10.36
CLASS I SHARES		January 30, 1997		14.45			13.39			9.13			10.62			9.26			8.16			13.42			12.59			11.11
CLASS R6 SHARES		October 1, 2018		14.55			13.47			9.21			10.65			9.28			8.18			13.43			12.60			11.12

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR FUND PERFORMANCE(10/31/09 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware Equity Fund, the S&P 500 Index and the LipperLarge-Cap Core Funds Index from October 31, 2009 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The

performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the LipperLarge-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The LipperLarge-Cap Core Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

4 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

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

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

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		3.38%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		8.12%
Tax Aware Real Return Composite Benchmark**		4.84%
Net Assets as of 10/31/2019 (In Thousands)	$	748,834

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

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

The Fund’s Class I Shares had a positive absolute return and underperformed both the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) and the Tax Aware Real Return Composite Benchmark for the twelve months ended October 31, 2019.

The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, detracted from absolute performance and performance relative to the Benchmark. During the reporting period, Bloomberg Barclays inflation swap indexes generally fell amid increased volatility in global petroleum prices.

Relative to the Benchmark, the Fund’s underweight allocations to bonds rated single-A and BBB detracted from performance as lower quality bonds generally outperformed higher quality bonds during the reporting period. The Fund’s overweight allocations to the leasing, special tax and water & sewer sectors were leading positive contributors to relative performance as they outperformed the broader municipal bond market largely due to their longer duration. Generally, bonds with longer duration experience a larger increase in price compared with shorter duration bonds as interest rates fall.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security-selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its bias to high quality debt securities, as the Fund’s portfolio managers preferred higher quality issuances. The Fund’s portfolio managers also maintained an inflation-overlay hedging strategy, using zero

coupon inflation linked swaps (“inflation swaps”) to purchase protection against inflation along the yield curve.

During the reporting period, the Fund’s portfolio managers decreased the hedge ratio to 92% from 96%.

INVESTMENT APPROACH

The Fund uses inflation swaps in combination with tax-exempt municipal bonds to seek to replicate a portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers believe that matching the duration of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

6 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

PORTFOLIO COMPOSITION****
Municipal Bonds	98.7	%
Short-Term Investments	1.3

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

** The Fund’s Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

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

**** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
			1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class		Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES		August 31, 2005
With Sales Charge*				(0.75	)%		(0.76	)%		0.53	%		0.19	%		0.15	%		0.68	%		1.47	%		1.45	%		1.67	%
Without Sales Charge				3.14			3.13			2.87			0.96			0.92			1.27			1.86			1.83			1.98
CLASS C SHARES		August 31, 2005
With CDSC**				1.60			1.60			1.74			0.41			0.38			0.74			1.25			1.23			1.38
Without CDSC				2.60			2.60			2.33			0.41			0.38			0.74			1.25			1.23			1.38
CLASS I SHARES		August 31, 2005		3.38			3.38			3.11			1.21			1.16			1.52			2.12			2.09			2.24
CLASS R6 SHARES		August 16, 2013		3.49			3.48			3.22			1.31			1.30			1.66			2.18			2.18			2.32

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR FUND PERFORMANCE(10/31/09 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware Real Return Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index, the Tax Aware Real Return Composite Benchmark and the Lipper Intermediate Municipal Debt Funds Index from October 31, 2009 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if

any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S.1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund.

The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Tax Aware Real Return Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index. The Lipper Intermediate Municipal Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

8 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

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

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these

waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares, with the exception of returns noted above as returns after taxes.

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

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.9%
Aerospace & Defense — 0.9%
Northrop Grumman Corp.		33		11,667
Banks — 4.8%
Bank of America Corp.		726		22,716
Citigroup, Inc.		272		19,533
Wells Fargo & Co.		374		19,318
				61,567
Beverages — 3.4%
Coca-Cola Co. (The)		269		14,620
Constellation Brands, Inc., Class A		33		6,326
PepsiCo, Inc.		160		21,961
				42,907
Biotechnology — 1.6%
AbbVie, Inc.		119		9,466
Vertex Pharmaceuticals, Inc. *		55		10,728
				20,194
Building Products — 0.8%
Allegion plc		87		10,072
Capital Markets — 3.1%
Intercontinental Exchange, Inc.		234		22,100
Morgan Stanley		371		17,092
				39,192
Chemicals — 2.0%
Corteva, Inc.		73		1,928
DuPont de Nemours, Inc.		91		5,989
Linde plc (United Kingdom)		87		17,269
				25,186
Commercial Services & Supplies — 1.1%
Waste Connections, Inc.		158		14,562
Consumer Finance — 1.0%
American Express Co.		108		12,713
Electric Utilities — 1.7%
NextEra Energy, Inc.		90		21,431
Entertainment — 1.3%
Electronic Arts, Inc. *		48		4,637
Walt Disney Co. (The)		89		11,612
				16,249
Food Products — 1.2%
Mondelez International, Inc., Class A		281		14,731
Health Care Equipment & Supplies — 4.1%
Boston Scientific Corp. *		460		19,194

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — continued
Danaher Corp.		113		15,615
Zimmer Biomet Holdings, Inc.		131		18,089
				52,898
Health Care Providers & Services — 3.5%
UnitedHealth Group, Inc.		177		44,765
Hotels, Restaurants & Leisure — 0.8%
Yum! Brands, Inc.		96		9,715
Industrial Conglomerates — 3.6%
Honeywell International, Inc.		268		46,351
Insurance — 1.6%
Chubb Ltd.		131		19,975
Interactive Media & Services — 7.6%
Alphabet, Inc., Class A *		31		38,999
Alphabet, Inc., Class C *		33		42,020
Facebook, Inc., Class A *		84		16,091
				97,110
Internet & Direct Marketing Retail — 4.9%
Amazon.com, Inc. *		35		62,823
IT Services — 10.2%
Automatic Data Processing, Inc.		66		10,633
Fidelity National Information Services, Inc.		106		13,951
Fiserv, Inc. *		191		20,273
Mastercard, Inc., Class A		141		38,972
PayPal Holdings, Inc. *		157		16,390
Visa, Inc., Class A		97		17,278
WEX, Inc. *		68		12,864
				130,361
Machinery — 1.4%
Stanley Black & Decker, Inc.		119		18,054
Media — 3.2%
Charter Communications, Inc., Class A *		40		18,777
Comcast Corp., Class A		483		21,670
				40,447
Multi-Utilities — 0.6%
NiSource, Inc.		287		8,048
Oil, Gas & Consumable Fuels — 2.9%
Diamondback Energy, Inc.		104		8,928
EOG Resources, Inc.		95		6,609
Marathon Petroleum Corp.		152		9,713
Pioneer Natural Resources Co.		94		11,552
				36,802

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — 4.8%
Bristol-Myers Squibb Co.		148		8,462
Eli Lilly & Co.		130		14,799
Merck & Co., Inc.		193		16,743
Pfizer, Inc.		541		20,777
				60,781
Road & Rail — 3.9%
Norfolk Southern Corp.		118		21,504
Union Pacific Corp.		170		28,079
				49,583
Semiconductors & Semiconductor Equipment — 5.9%
Broadcom, Inc.		161		47,164
NVIDIA Corp.		29		5,830
Texas Instruments, Inc.		187		22,100
				75,094
Software — 8.1%
Microsoft Corp.		630		90,267
salesforce.com, Inc. *		87		13,543
				103,810
Specialty Retail — 5.4%
AutoZone, Inc. *		10		11,182
Home Depot, Inc. (The)		151		35,476
Lowe’s Cos., Inc.		195		21,742
				68,400

INVESTMENTS	SHARES (000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — 4.5%
Apple, Inc.		230		57,297
Total Common Stocks (Cost $558,580)				1,272,785
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class IM Shares, 1.94% (a) (b) (Cost $1,620)		1,619		1,620
Total Investments — 100.0% (Cost $560,200)				1,274,405
Other Assets Less Liabilities — 0.0% (c)				85
NET ASSETS — 100.0%				1,274,490

Percentages indicated are based on net assets.

(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 October 31, 2019.
(c)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
MUNICIPAL BONDS — 95.7% (a)
Alaska — 2.1%
Other Revenue — 2.1%
Borough of Matanuska-Susitna, Goose Creek Correctional Center Project
Series 2016, Rev., 5.00%, 9/1/2024		15		18
Rev., 5.25%, 9/1/2029		13,490		16,039
				16,057
Total Alaska				16,057
Arizona — 0.2%
General Obligation — 0.0% (b)
Pima County Unified School District No. 16 Catalina Foothills, School Improvement ProjectsSeries 2018-B, GO, 5.00%, 7/1/2028		10		12
Other Revenue — 0.2%
City of San Luis Series A, Rev., AGM, 5.00%, 7/1/2025		50		59
Phoenix Civic Improvement Corp., Senior Lien Series 2011C, Rev., 5.00%, 7/1/2024		1,000		1,064
Town of Queen Creek, Excise Tax
Series 2016, Rev., 4.00%, 8/1/2026		25		29
Rev., 5.00%, 8/1/2029		10		12
				1,164
Transportation — 0.0% (b)
Pima County Regional Transportation Authority Series 2014, Rev., 5.00%, 6/1/2025		20		23
Utility — 0.0% (b)
Salt River Project Agricultural Improvement & Power District, Electric System Series A, Rev., 5.00%, 1/1/2028		185		235
Total Arizona				1,434
Arkansas — 0.0% (b)
Other Revenue — 0.0% (b)
City of Springdale Public Facilities Board Hospital, Arkansas Children’s Northwest Project Series 2016, Rev., 5.00%, 3/1/2030		10		12
California — 19.0%
Certificate of Participation/Lease — 0.0% (b)
Los Angeles Unified School District, Headquarters Building Projects Series B, COP, 5.00%, 10/1/2031		80		88
Education — 0.6%
California Municipal Finance Authority, Lutheran University
Rev., 5.00%, 10/1/2029		225		283

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Rev., 5.00%, 10/1/2030		225		280
Rev., 5.00%, 10/1/2031		225		279
California State University, Systemwide Series 2015A, Rev., 5.00%, 11/1/2024		3,000		3,578
				4,420
General Obligation — 5.1%
Briggs Elementary School District, Election of 2014 Series B, GO, 4.00%, 8/1/2030		5		6
Center Unified School District, Election of 1991 GO, NATL-RE, 0.00%, 8/1/2026		750		549
Lompoc Valley Medical Center GO, 5.00%, 8/1/2024		15		18
Los Angeles Community College District, Election of 2008 Series G, GO, 4.00%, 8/1/2039		145		159
Los Angeles Unified School District
Series B, GO, 5.00%, 7/1/2026		10,010		12,379
Series C, GO, 5.00%, 7/1/2026		9,000		10,526
San Diego Unified School District, Election of 1998Series F-1, GO, AGM, 5.25%, 7/1/2028		1,000		1,303
State Center Community College District GO, 5.00%, 8/1/2024		1,000		1,108
State of California, Various Purpose GO, 5.00%, 8/1/2030		10,370		12,252
Westminster School District Series 2016, GO, 5.00%, 8/1/2030		5		6
				38,306
Hospital — 0.4%
California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038		1,000		1,135
California Municipal Finance Authority, Community Medical Centers Series 2017A, Rev., 5.00%, 2/1/2031		1,750		2,103
				3,238
Other Revenue — 0.8%
Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2034		4,950		5,808
Turlock Irrigation District, First Priority Rev., 5.00%, 1/1/2022		10		11
				5,819
Prerefunded — 1.5%
California State Public Works Board, California State University Series H, Rev., 5.00%, 9/1/2023 (c)		8,700		9,988

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Prerefunded — continued
City of Los Angeles, Department of Water and Power, Power System Series A, Rev., 5.00%, 1/1/2023 (c)		15		17
Contra Costa Community College District GO, 5.00%, 8/1/2021 (c)		1,000		1,068
				11,073
Transportation — 1.3%
California Infrastructure and Economic Development Bank Bay Area Toll Authority, Toll Bridge Rev., AGM, 5.00%, 7/1/2022 (c)		340		376
California Infrastructure and Economic Development Bank, Bay Area Toll Bridges, First Lien Rev., FGIC, 5.00%, 7/1/2025 (c)		2,315		2,819
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2025		395		481
Series A, Rev., 5.00%, 7/1/2026		225		274
San Joaquin County Transportation Authority, Measure K Sales Tax
Rev., 5.00%, 3/1/2029		2,285		2,867
Rev., 5.00%, 3/1/2030		2,000		2,495
				9,312
Utility — 8.7%
City of Los Angeles, Department of Water and Power, Power System
Series B, Rev., 5.00%, 7/1/2028		25,385		28,953
Series B, Rev., 5.00%, 7/1/2029		8,580		10,709
Series B, Rev., 5.00%, 7/1/2031		2,100		2,419
Series A, Rev., 5.00%, 7/1/2032		2,550		3,143
Series B, Rev., 5.00%, 7/1/2032		1,925		2,211
Series D, Rev., 5.00%, 7/1/2032		3,300		3,854
Series A, Rev., 5.00%, 7/1/2033		5,000		6,132
Series A, Rev., 5.00%, 7/1/2034		710		869
Long Beach Bond Finance Authority, Natural Gas Series A, Rev., 5.25%, 11/15/2021		5,000		5,366
Sacramento Municipal Utility District Financing Authority, Cosumnes Project Rev., 5.00%, 7/1/2028		1,290		1,555
				65,211
Water & Sewer — 0.6%
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, 0.00%, 9/1/2023		4,750		4,517

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Water & Sewer — continued
South Placer Wastewater Authority Rev., 5.00%, 11/1/2024		10		12
				4,529
Total California				141,996
Colorado — 1.3%
Certificate of Participation/Lease — 0.6%
Pueblo County School District No. 70 Series 2014, COP, 3.30%, 1/15/2027		15		15
State of Colorado, Building Excellent Schools Today Series 2018M, COP, 5.00%, 3/15/2029		3,150		3,982
				3,997
General Obligation — 0.4%
Douglas County School DistrictNo. Re-1 GO, 5.25%, 12/15/2025		2,345		2,896
Hospital — 0.3%
Denver Health and Hospital Authority, Healthcare
Series 2019-A, Rev., 4.00%, 12/1/2038		1,250		1,383
Series 2019-A, Rev., 4.00%, 12/1/2039		1,000		1,104
				2,487
Total Colorado				9,380
Connecticut — 1.4%
General Obligation — 1.2%
City of Greenwich GO, 5.00%, 6/1/2020		200		201
State of Connecticut Series E, GO, 5.00%, 8/15/2030		8,200		9,200
Town of Stafford GO, 3.00%, 8/1/2026		10		10
				9,411
Water & Sewer — 0.2%
South Central Connecticut Regional Water Authority, Water System Series A, Rev.,NATL-RE, 5.25%, 8/1/2020		1,290		1,329
Total Connecticut				10,740
Delaware — 0.6%
General Obligation — 0.6%
County of New Castle Series 2012B, GO, 5.00%, 7/15/2021		20		21
State of Delaware
Series 2018A, GO, 5.00%, 2/1/2028		2,355		3,025
Series 2018A, GO, 5.00%, 2/1/2029		1,370		1,756
				4,802
Total Delaware				4,802

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
District of Columbia — 1.8%
General Obligation — 0.3%
District of Columbia
Series 2017A, GO, 5.00%, 6/1/2029		290		360
Series 2017A, GO, 5.00%, 6/1/2030		400		494
Series 2017A, GO, 5.00%, 6/1/2031		600		739
Series 2017A, GO, 5.00%, 6/1/2032		665		815
				2,408
Water & Sewer — 1.5%
District of Columbia Water & Sewer Authority, Public Utility Subordinate Lien
Series 2012C, Rev., 5.00%, 10/1/2025		5,000		5,519
Series 2012C, Rev., 5.00%, 10/1/2029		5,000		5,514
				11,033
Total District of Columbia				13,441
Florida — 6.0%
General Obligation — 4.6%
Florida State Board of Education, Public Education Capital Outlay Series D, GO, 5.00%, 6/1/2025		32,375		34,314
Utility — 0.6%
JEA Electric System Subseries-B, Rev., 5.00%, 10/1/2033		4,000		4,813
Water & Sewer — 0.8%
Broward County, Florida Water and Sewer Utility Series 2015B, Rev., 5.00%, 10/1/2030		5,000		5,964
Total Florida				45,091
Georgia — 0.5%
General Obligation — 0.1%
Polk School District, Sales Tax
GO, 5.00%, 3/1/2024		175		203
GO, 5.00%, 3/1/2025		350		416
State of Georgia Series 2015A, GO, 5.00%, 2/1/2025		130		155
				774
Water & Sewer — 0.4%
County of Fulton, Water & Sewerage Rev., 5.00%, 1/1/2023		2,700		2,819
Henry County, Water & Sewerage Authority Rev., 5.00%, 2/1/2029		125		135
				2,954
Total Georgia				3,728

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hawaii — 1.1%
General Obligation — 1.1%
State of Hawaii
Series FT, GO, 5.00%, 1/1/2026		4,000		4,873
Series FG, GO, 5.00%, 10/1/2028		2,500		3,068
				7,941
Total Hawaii				7,941
Illinois — 0.8%
General Obligation — 0.0% (b)
Du Page & Will Counties Community School District No. 204 Indian Prairie Series A, GO, AGM-CR, FGIC, 6.25%, 12/30/2021		140		154
Other Revenue — 0.0% (b)
City of Chicago, Motor Fuel Tax
Rev., 5.00%, 1/1/2020		75		75
Rev., 5.00%, 1/1/2022		105		110
				185
Transportation — 0.6%
Illinois State Toll Highway Authority Series A, Rev., 5.00%, 12/1/2022		3,000		3,330
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		750		898
				4,228
Water & Sewer — 0.2%
City of Chicago, 2nd Lien Waterworks Project
Rev., 5.00%, 11/1/2022		400		438
Rev., 5.00%, 11/1/2029		1,000		1,136
				1,574
Total Illinois				6,141
Indiana — 1.6%
Education — 0.0% (b)
Lake Ridge School Building Corp., First Mortgage Rev., 4.00%, 7/15/2028		125		137
Other Revenue — 0.2%
Fort Wayne Redevelopment Authority, Harrison Square Project Rev., 5.00%, 2/1/2026		1,110		1,265
Prerefunded — 0.7%
Indiana Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 2/1/2022 (c)		5,000		5,441
Utility — 0.6%
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2026		4,050		4,527

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Water & Sewer — 0.1%
City of Evansville, Waterworks District Series 2014B, Rev., 5.00%, 1/1/2023		375		404
Total Indiana				11,774
Iowa — 0.0% (b)
Other Revenue — 0.0% (b)
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2032		20		24
Louisiana — 0.7%
General Obligation — 0.0% (b)
Terrebonne Parish Recreation District No. 5 GO, 5.00%, 3/1/2027		20		24
Hospital — 0.0% (b)
St. Tammany Parish Hospital Service District No. 1Series 2018-A, Rev., 5.00%, 7/1/2032		15		18
Other Revenue — 0.5%
Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project Rev., 5.00%, 10/1/2032		3,000		3,425
Louisiana Local Government Environmental Facilities and Community Development Authority, Bossier City Project Rev., 5.00%, 10/1/2027		25		31
				3,456
Transportation — 0.0% (b)
State of Louisiana, State Highway ImprovementSeries 2013-A, Rev., 5.00%, 6/15/2023		40		45
Utility — 0.2%
City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2043		1,250		1,377
Lafayette Public Power Authority Rev., 5.00%, 11/1/2025		15		18
				1,395
Total Louisiana				4,938
Maryland — 1.4%
General Obligation — 1.4%
Baltimore County, Consolidated Public Improvement GO, 5.00%, 3/1/2032		7,090		8,895
County of Anne Arundel, Consolidated Water and Sewer GO, 5.00%, 10/1/2029		1,450		1,823
				10,718
Total Maryland				10,718

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Massachusetts — 5.6%
Education — 1.1%
Massachusetts School Building Authority, Senior Dedicated Sales Tax Series B, Rev., 5.00%, 8/15/2030		7,420		8,153
General Obligation — 1.2%
Commonwealth of Massachusetts Series C, GO, AGM, 5.50%, 12/1/2022		200		226
Commonwealth of Massachusetts, Consolidated Loan of 2014 Series C, GO, 4.00%, 7/1/2031		5,000		5,341
Commonwealth of Massachusetts, Consolidated Loan of 2018 Series B, GO, 5.00%, 1/1/2027		3,000		3,740
				9,307
Transportation — 2.0%
Massachusetts Bay Transportation Authority
Series A, Rev., 5.25%, 7/1/2027		10,000		12,819
Series 2006-A, Rev., 5.25%, 7/1/2031		1,500		2,060
				14,879
Water & Sewer — 1.3%
Massachusetts Clean Water Trust (The) Series 20, Rev., 5.00%, 2/1/2036		8,280		9,691
Total Massachusetts				42,030
Michigan — 0.8%
Education — 0.3%
Eastern Michigan University, Board of Regents
Series 2017A, Rev., 5.00%, 3/1/2027		750		924
Series 2017A, Rev., 5.00%, 3/1/2033		1,000		1,199
				2,123
General Obligation — 0.3%
Avondale School District GO, Q-SBLF, 5.00%, 11/1/2027		15		18
Hastings Area School System, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2020		50		51
Huron Valley School District GO, Q-SBLF, 5.00%, 5/1/2024		2,000		2,109
Onekama Consolidated Schools GO, AGM, 4.00%, 5/1/2025		15		17
Watervliet Public Schools, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2025		10		12
Wayne-Westland Community Schools Series 2019, GO, Q-SBLF, 4.00%, 11/1/2031		10		11
				2,218

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — 0.2%
State of Michigan, Trunk Line Fund Rev., 5.00%, 11/15/2028		1,240		1,333
Total Michigan				5,674
Minnesota — 1.8%
General Obligation — 0.4%
County of Hennepin Series 2016B, GO, 5.00%, 12/1/2027		2,135		2,651
Other Revenue — 1.4%
State of Minnesota, General Fund Refunding Appropriation Series 2012B, Rev., 5.00%, 3/1/2025		9,705		10,554
Total Minnesota				13,205
Missouri — 0.0% (b)
Prerefunded — 0.0% (b)
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Rev., 5.00%, 1/1/2021 (c)		20		20
Utility — 0.0% (b)
City of Springfield, Public Utility Rev., 5.00%, 8/1/2022		100		110
Total Missouri				130
Montana — 0.0% (b)
General Obligation — 0.0% (b)
Silver Bow County School District No. 1 GO, 5.00%, 7/1/2029		5		6
Nebraska — 0.7%
Prerefunded — 0.7%
Omaha Public Power District, Electric System Series A, Rev., 4.00%, 2/1/2022 (c)		5,000		5,304
Nevada — 0.0% (b)
Other Revenue — 0.0% (b)
County of Clark, Nevada Improvement District No. 158 5.00%, 8/1/2034		10		12
New Jersey — 3.2%
Education — 1.5%
New Jersey Economic Development Authority, School Facilities Construction
Series XX, Rev., 5.00%, 6/15/2021		5,145		5,425
Series PP, Rev., 5.00%, 6/15/2029		5,000		5,603
				11,028
General Obligation — 0.4%
County of Morris GO, 3.00%, 2/1/2030		20		21

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
North Brunswick Township Board of Education GO, 5.00%, 7/15/2022		850		872
Township of Woodbridge
GO, 5.00%, 7/15/2022		1,100		1,128
GO, 5.00%, 7/15/2023		1,200		1,230
				3,251
Other Revenue — 0.5%
Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027		2,800		3,405
Transportation — 0.8%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2028		3,000		3,527
New Jersey Transportation Trust Fund Authority, Transportation Program Series AA, Rev., 5.00%, 6/15/2036		2,500		2,704
				6,231
Water & Sewer — 0.0% (b)
Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation Series B, Rev., AGM, 0.00%, 12/1/2020		195		193
Total New Jersey				24,108
New Mexico — 0.0% (b)
Other Revenue — 0.0% (b)
State of New Mexico Severance Tax Permanent Fund Series 2018A, Rev., 5.00%, 7/1/2022		25		28
New York — 24.5%
Certificate of Participation/Lease — 0.1%
Rensselaer City School District Series 2016, COP, AGM, 5.00%, 6/1/2028		400		481
Education — 1.7%
Monroe County IDA, School Facility, Modernization Project Rev., 5.00%, 5/1/2030		2,100		2,615
New York State Dormitory Authority
Series 2018A, Rev., 5.00%, 10/1/2030		875		1,062
Series 2019-A, Rev., 5.00%, 3/15/2032		3,780		4,815
Series 2018A, Rev., 5.00%, 7/1/2038		3,500		4,358
Syracuse Industrial Development Agency, School DistrictSeries 2019-A, Rev., 4.00%, 5/1/2034		10		12
				12,862
General Obligation — 1.5%
City of New York, Fiscal Year 2013
Series D, GO, 5.00%, 8/1/2028		6,085		6,801

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Series F, Subseries F-1, GO, 5.00%, 3/1/2030		4,055		4,539
City of New York, Fiscal Year 2018 GO, 5.00%, 8/1/2030		20		25
City of Rome, Public Improvement GO, 4.00%, 8/1/2020		5		5
Corning City School District Series 2016, GO, 5.00%, 6/15/2021		15		16
County of St Lawrence GO, AGM, 3.00%, 5/15/2034		10		10
County of Suffolk
Series B, GO, AGM, 4.00%, 10/15/2024		50		56
Series B, GO, AGM, 5.00%, 10/15/2026		25		31
Island Park Union Free School District Series 2019, GO, 4.00%, 7/15/2033		40		46
Village of Stewart Manor, Public Improvement
GO, 5.00%, 8/1/2026		20		25
GO, 4.00%, 8/1/2028		20		23
Wellsville Central School District GO, AGM, 5.00%, 6/15/2023		20		23
West Genesee Central School DistrictSeries 2013-A, GO, 3.00%, 6/15/2021		15		15
				11,615
Housing — 0.0% (b)
New York City Transitional Finance Authority Building Aid, Fiscal Year 2019 SubseriesS-2A, Rev., 5.00%, 7/15/2032		40		50
Industrial Development Revenue/Pollution Control Revenue — 1.4%
New York Liberty Development Corp., World Trade Center Projects Class 1, Rev., 5.00%, 9/15/2030		9,475		10,297
Other Revenue — 5.7%
Hudson Yards Infrastructure Corp. Series A, Rev., 5.00%, 2/15/2033		1,500		1,821
New York City Transitional Finance Authority, Future Tax Secured Subseries F-1, Rev., 5.00%, 2/1/2031		10,000		11,158
New York Convention Center Development Corp., Subordinated Lien Series 2016B, Rev.,AGM-CR, 0.00%, 11/15/2052		10,000		3,562
New York State Dormitory Authority, State Sales Tax
Series 2014A, Rev., 5.00%, 3/15/2028		3,000		3,469
Series 2014A, Rev., 5.00%, 3/15/2029		5,000		5,775
Series 2014A, Rev., 5.00%, 3/15/2033		1,000		1,144
Series 2014A, Rev., 5.00%, 3/15/2034		4,225		4,812

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue —continued
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series A, Rev., 5.00%, 10/15/2029		7,500		8,839
Series A, Rev., 5.00%, 10/15/2031		1,890		2,213
				42,793
Prerefunded — 3.2%
Metropolitan Transportation Authority Series 2011A, Rev., 5.00%, 11/15/2021 (c)		925		998
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010 Series FF, Rev., 5.00%, 6/15/2020 (c)		6,335		6,488
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Series B, Rev., 5.00%, 11/1/2019 (c)		5		5
New York State Thruway Authority, Second General Highway and BridgeTrust Fund Series 2010-A, Rev., 5.00%, 4/1/2020 (c)		15		15
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2011A, Rev., 5.00%, 1/1/2022 (c)		15,000		16,257
				23,763
Special Tax — 4.4%
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series 2014C, Rev., 5.00%, 3/15/2031		7,250		8,353
Series 2014C, Rev., 5.00%, 3/15/2033		12,500		14,365
Series 2011C, Rev., 5.00%, 3/15/2041		3,500		3,661
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2017C, Rev., 5.00%, 3/15/2027		5,475		6,845
				33,224
Transportation — 3.2%
Hudson Yards Infrastructure Corp., Second Indenture, Fiscal Year 2017 Series A, Rev., 5.00%, 2/15/2034		40		49
Metropolitan Transportation Authority Subseries C-1, Rev., 5.25%, 11/15/2028		5,000		6,002
New York State Thruway Authority
Series L, Rev., 5.00%, 1/1/2024		3,145		3,629
Series J, Rev., 5.00%, 1/1/2025		5		6
New York State Thruway Authority, Junior LienSeries 2016-A, Rev., 5.00%, 1/1/2025		25		30

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — continued
Port Authority of New York & New Jersey, Consolidated
Rev., 5.00%, 5/1/2034		2,965		3,019
Rev., 5.00%, 5/1/2035		2,000		2,036
Rev., 5.00%, 10/15/2041		6,500		7,655
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2012B, Rev., 5.00%, 11/15/2031		1,250		1,391
				23,817
Utility — 1.3%
Utility Debt Securitization Authority
Series 2013TE, Rev., 5.00%, 12/15/2028		4,000		4,590
Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,815
				9,405
Water & Sewer — 2.0%
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031		3,000		3,567
New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects — Second Resolution
Series 2017A, Rev., 5.00%, 6/15/2026		2,750		3,403
Series 2017A, Rev., 5.00%, 6/15/2027		3,500		4,427
Series 2017A, Rev., 5.00%, 6/15/2028		3,000		3,792
				15,189
Total New York				183,496
North Carolina — 0.3%
Other Revenue — 0.2%
City of Sanford, Enterprise System
Rev., 5.00%, 6/1/2030		425		548
Rev., 5.00%, 6/1/2031		570		730
				1,278
Transportation — 0.1%
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien Rev., AGM, 5.00%, 1/1/2029		700		844
Total North Carolina				2,122
Ohio — 1.2%
General Obligation — 0.0% (b)
City of Washington Court House, Various Purpose GO, 4.00%, 12/1/2020		15		15

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prerefunded — 0.7%
City of ColumbusSeries 2013-1, GO, 5.00%, 7/1/2023 (c)		4,750		5,400
Transportation — 0.2%
State of Ohio, Capital Facilities Lease Appropriation Series 2018A, Rev., 5.00%, 4/1/2028		1,020		1,298
Water & Sewer — 0.3%
Northeast Ohio Regional Sewer District, Wastewater Improvement
Rev., 5.00%, 11/15/2025		555		656
Rev., 5.00%, 11/15/2027		1,500		1,762
				2,418
Total Ohio				9,131
Oklahoma — 0.8%
Education — 0.2%
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Rev., 5.00%, 10/1/2022		250		276
Rev., 5.00%, 10/1/2023		180		205
Rev., 5.00%, 10/1/2025		500		597
Rev., 5.00%, 10/1/2026		500		609
				1,687
Transportation — 0.6%
Oklahoma Turnpike Authority, Turnpike System, Second Senior
Series 2011A, Rev., 5.00%, 1/1/2024		2,000		2,088
Series 2017A, Rev., 5.00%, 1/1/2038		2,000		2,370
				4,458
Total Oklahoma				6,145
Oregon — 0.9%
General Obligation — 0.4%
County of Marion GO, AMBAC, 5.50%, 6/1/2023		100		115
Linn & Benton Counties, School District No. 8J, Greater Albany
GO, 5.00%, 6/15/2030		500		621
GO, 5.00%, 6/15/2031		1,180		1,460
Washington Counties, Hillsboro School District No. 1J GO, 5.00%, 6/15/2027		570		717
				2,913

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 0.2%
Oregon State Department of Administrative Services, Lottery Series A, Rev., 5.00%, 4/1/2027		1,500		1,688
Transportation — 0.0% (b)
Tri-County Metropolitan Transportation District of OregonSeries 2017-A, Rev., 5.00%, 10/1/2023		50		57
Water & Sewer — 0.3%
City of Portland, Second Lien Sewer System Series B, Rev., 4.00%, 10/1/2036		2,180		2,392
Total Oregon				7,050
Pennsylvania — 1.4%
Education — 0.3%
County of Montgomery Higher Education And Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2043		2,000		2,159
General Obligation — 0.0% (b)
County of LancasterSeries 2016-A, GO, 4.00%, 5/1/2026		15		17
Fairview School District Series A, GO, 4.00%, 2/1/2028		10		11
				28
Hospital — 0.6%
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2027		350		425
Rev., 5.00%, 11/1/2028		450		543
Rev., 5.00%, 11/1/2029		150		179
Rev., 5.00%, 11/1/2030		150		178
Sayre Health Care Facilities Authority, Guthrie Health Issue Rev., ((ICE LIBOR USD 3 Month * 0.67) + 0.78%, 15.00% Cap), 2.21%, 12/1/2024 (d)		2,645		2,663
				3,988
Other Revenue — 0.5%
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Rev., 5.00%, 6/1/2024		500		575
Rev., 5.00%, 6/1/2025		630		743
Rev., 5.00%, 6/1/2026		380		458
Rev., 5.00%, 6/1/2027		500		614
Rev., 5.00%, 6/1/2028		880		1,095
Rev., 5.00%, 6/1/2029		380		473
				3,958
Total Pennsylvania				10,133

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Rhode Island — 0.2%
Education — 0.1%
Rhode Island Health & Educational Building Corp., Brown University Series A, Rev., 5.00%, 9/1/2025		655		701
General Obligation — 0.1%
State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014 Series A, GO, 5.00%, 11/1/2024		1,000		1,145
Total Rhode Island				1,846
South Carolina — 0.2%
Certificate of Participation/Lease — 0.0% (b)
Spartanburg County Tourist Public Facilities Corp. COP, 4.00%, 4/1/2028		10		11
Water & Sewer — 0.2%
City of Charleston, Waterworks & Sewer System Rev., 5.00%, 1/1/2028		15		18
City of Columbia, Waterworks and Sewer System Rev., 5.00%, 2/1/2026		1,500		1,628
				1,646
Total South Carolina				1,657
Tennessee — 1.4%
General Obligation — 0.2%
City of Maryville Series 2017A, GO, 5.00%, 6/1/2026		1,245		1,527
Utility — 1.2%
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (e)		8,000		8,894
Total Tennessee				10,421
Texas — 10.0%
Education — 0.8%
University of Texas System, Board of Regents, Financing System Series 2014B, Rev., 5.00%, 8/15/2026		5,000		6,173
General Obligation — 4.7%
Bexar County Hospital District GO, 4.00%, 2/15/2035		10		11
City of Austin, Public Improvement Series 2019, GO, 5.00%, 9/1/2033		2,000		2,561
City of Houston, Public Improvement Series 2014A, GO, 5.00%, 3/1/2030		4,000		4,584
City of Lubbock GO, 5.00%, 2/15/2025		3,150		3,631
City of San Antonio, General Improvement
GO, 5.00%, 8/1/2023		700		745

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
GO, 5.00%, 8/1/2024		3,500		3,728
GO, 5.00%, 8/1/2026		4,735		5,041
GO, 5.00%, 8/1/2027		2,735		2,911
County of El Paso GO, 5.00%, 2/15/2032		1,490		1,815
Crandall Independent School District
Series 2012A, GO, PSF-GTD, 0.00%, 8/15/2025		1,150		998
Series 2012A, GO, PSF-GTD, 0.00%, 8/15/2026		2,140		1,799
Series 2012A, GO, PSF-GTD, 0.00%, 8/15/2027		2,145		1,743
Judson Independent School District, School Building Series 2016, GO, PSF-GTD, 4.00%, 2/1/2041		4,000		4,415
San Jacinto College District Series 2011, GO, 5.00%, 2/15/2040		710		740
Tyler Independent School District GO, PSF-GTD, 5.00%, 2/15/2028		175		217
				34,939
Other Revenue — 0.3%
Trinity River Authority, Walker-Calloway System
Rev., 5.00%, 2/1/2026		275		332
Rev., 5.00%, 2/1/2027		290		357
Rev., 5.00%, 2/1/2028		305		383
Rev., 5.00%, 2/1/2029		320		401
Rev., 5.00%, 2/1/2030		340		422
Rev., 5.00%, 2/1/2031		355		439
				2,334
Transportation — 2.0%
City of Houston, Airport System Subordinate Lien Series 2011B, Rev., 5.00%, 7/1/2026		3,000		3,185
Grand Parkway Transportation Corp. Series 2013B, Rev., 5.25%, 10/1/2051		7,660		8,592
North Texas Tollway Authority System, First Tier
Series 2017A, Rev., 5.00%, 1/1/2026		200		223
Series 2017A, Rev., 5.00%, 1/1/2027		550		663
Series 2017A, Rev., 5.00%, 1/1/2030		360		428
Series 2017A, Rev., 5.00%, 1/1/2035		600		718
North Texas Tollway Authority System, Second Tier
Series 2017B, Rev., 5.00%, 1/1/2026		150		167
Series 2017B, Rev., 5.00%, 1/1/2027		300		361
Series 2017B, Rev., 5.00%, 1/1/2030		400		476
				14,813

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Utility — 0.5%
City of San Antonio, Electric and Gas Systems Rev., 5.00%, 2/1/2026		3,000		3,645
Water & Sewer — 1.7%
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (c)		5,550		8,074
City of San Antonio, Water System, Junior Lien Series 2013E, Rev., 5.00%, 5/15/2024		1,250		1,412
Coastal Water Authority, City of Houston Projects Rev., 5.00%, 12/15/2023		3,315		3,453
				12,939
Total Texas				74,843
Utah — 0.2%
Prerefunded — 0.1%
Utah Infrastructure Agency Telecommunications and Franchise Tax Rev., 4.00%, 10/15/2025 (c)		250		289
Water & Sewer — 0.1%
Weber Basin Water Conservancy District
Series 2017B, Rev., 5.00%, 10/1/2030		250		310
Series 2017B, Rev., 5.00%, 10/1/2031		470		582
				892
Total Utah				1,181
Virginia — 1.9%
General Obligation — 0.7%
County of Arlington, Public Improvement GO, 5.00%, 8/15/2031		4,000		5,090
Prerefunded — 0.0% (b)
City of Richmond, Public Improvement Series 2010D, GO, 5.00%, 7/15/2020 (c)		205		210
Transportation — 1.2%
Hampton Roads Transportation Accountability Commission, Senior Lien Series 2018A, Rev., 5.00%, 7/1/2029		2,985		3,796
Virginia Commonwealth Transportation Board, Capital Projects Series 2017A, Rev., 5.00%, 5/15/2033		3,955		4,900
				8,696
Total Virginia				13,996

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Washington — 2.1%
General Obligation — 0.3%
Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/1/2033		1,100		1,269
State of WashingtonSeries R-2018C, GO, 5.00%, 8/1/2034		900		1,102
Yakima County, School District No. 7 GO, 5.50%, 12/1/2023		275		276
				2,647
Hospital — 0.9%
Washington Health Care Facilities Authority, Providence St. Joseph Health
Series 2018B, Rev., 5.00%, 10/1/2025		1,250		1,500
Series 2018B, Rev., 5.00%, 10/1/2026		1,500		1,837
Series 2018B, Rev., 5.00%, 10/1/2027		2,500		3,120
				6,457
Transportation — 0.7%
Port of Seattle, Intermediate Lien
Series 2015B, Rev., 5.00%, 3/1/2033		3,750		4,329
Series 2015B, Rev., 5.00%, 3/1/2034		1,000		1,148
				5,477
Water & Sewer — 0.2%
City of Seattle, Washington Drainage and Wastewater Improvement Rev., 5.00%, 9/1/2026		1,325		1,439
Total Washington				16,020
Total Municipal Bonds (Cost $668,283)				716,755
INVESTMENTS	SHARES (000)
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.10% (f) (g) (Cost $9,622)		9,622		9,622
Total Investments — 97.0% (Cost $677,905)				726,377
Other Assets Less Liabilities — 3.0%				22,457
NET ASSETS — 100.0%				748,834

Percentages indicated are based on net assets.

Abbreviations
AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
COP	Certificate of Participation
CR	Custodial Receipts
FGIC	Insured by Financial Guaranty Insurance Co.
GO	General Obligation
ICE	Intercontinental Exchange
IDA	Industrial Development Authority
LIBOR	London Interbank Offered Rate
MTA	Metropolitan Transportation Authority
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RE	Reinsured
Rev.	Revenue
USD	United States Dollar
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Security is prerefunded or escrowed to maturity.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2019.
(e)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2019.
(f)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)	The rate shown is the current yield as of October 31, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 21

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Over-the-Counter (“OTC”) Inflation-linked swap contracts outstanding as of October 31, 2019 (amounts in thousands):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/RECEIVE FLOATING RATE	COUNTERPARTY	MATURITY DATE		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
CPI-U at termination	2.32% at termination	Receive	Bank of America NA		7/31/2024		USD 11,000		(482	)
CPI-U at termination	2.33% at termination	Receive	NatWest Markets		8/9/2024		USD 71,000		(3,142	)
CPI-U at termination	2.44% at termination	Receive	Barclays Bank plc		5/15/2024	USD	18,000		(1,788	)
CPI-U at termination	2.48% at termination	Receive	Citibank, NA		9/2/2024		USD 15,000		(1,602	)
CPI-U at termination	2.48% at termination	Receive	Deutsche Bank AG		2/21/2024		USD 40,000		(4,053	)
CPI-U at termination	2.48% at termination	Receive	NatWest Markets		3/17/2024	USD	7,000		(714	)
									(11,781	)

Centrally Cleared Inflation-linked swap contracts outstanding as of October 31, 2019 (amounts in thousands):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
CPI-U at termination	1.57% at termination		Receive		10/15/2024	USD	46,468		76
CPI-U at termination	1.61% at termination		Receive		10/15/2024	USD	29,835		(17	)
CPI-U at termination	1.86% at termination		Receive		5/14/2022	USD	43,917		(328	)
CPI-U at termination	1.89% at termination		Receive		1/10/2024	USD	31,454		(501	)
CPI-U at termination	1.89% at termination		Receive		1/10/2024	USD	55,423		(892	)
CPI-U at termination	1.93% at termination		Receive		10/29/2049	USD	20,159		(659	)
CPI-U at termination	1.93% at termination		Receive		1/11/2024	USD	69,000		(1,243	)
CPI-U at termination	1.97% at termination		Receive		3/18/2022	USD	61,891		(596	)
CPI-U at termination	2.00% at termination		Receive		3/11/2025	USD	13,293		(265	)
CPI-U at termination	2.01% at termination		Receive		3/18/2024	USD	49,585		(887	)
CPI-U at termination	2.14% at termination		Receive		2/1/2049	USD	10,303		(1,091	)
CPI-U at termination	2.21% at termination		Receive		11/9/2023	USD	11,000		(344	)
CPI-U at termination	2.22% at termination		Receive		3/8/2049	USD	4,622		(605	)
CPI-U at termination	2.25% at termination		Receive		10/26/2025	USD	3,000		(130	)
CPI-U at termination	2.26% at termination		Receive		10/25/2025	USD	8,000		(350	)
CPI-U at termination	2.31% at termination		Receive		10/12/2023	USD	47,000		(1,727	)
									(9,635	)
									(9,559	)

There are no upfront payments (receipts) on the swap contracts listed above.

Summary of total OTC swap contracts outstanding as of October 31, 2019 (amounts in thousands):

	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Liabilities
OTC inflation-linked swaps outstanding		—		(11,781	)

Abbreviations
CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar
(a)	Value of floating rate index at October 31, 2019 was 1.80%.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 23

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019

(Amounts in thousands, except per share amounts)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
ASSETS:
Investments in non-affiliates, at value	$	1,272,785		$	716,755
Investments in affiliates, at value		1,620			9,622
Restricted cash for OTC derivatives		—			10,760
Cash		2			—
Deposits at broker for centrally cleared swaps		—			15,819
Receivables:
Fund shares sold		920			2,190
Interest and dividends from non-affiliates		860			8,270
Dividends from affiliates		—	(a)		5
Total Assets		1,276,187			763,421
LIABILITIES:
Payables:
Due to custodian		—			788
Fund shares redeemed		1,074			749
Variation margin on centrally cleared swaps		—			829
Outstanding OTC swap contracts, at value		—			11,781
Accrued liabilities:
Investment advisory fees		358			185
Administration fees		72			23
Distribution fees		12			14
Service fees		61			37
Custodian and accounting fees		6			35
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—
Other		114			146
Total Liabilities		1,697			14,587
Net Assets	$	1,274,490		$	748,834

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	487,070		$	842,272
Total distributable earnings (loss)		787,420			(93,438	)
Total Net Assets	$	1,274,490		$	748,834
Net Assets:
Class A	$	25,640		$	39,846
Class C		11,345			8,353
Class I		586,825			384,626
Class R6		650,680			316,009
Total	$	1,274,490		$	748,834
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		696			4,308
Class C		312			906
Class I		15,838			41,496
Class R6		17,557			34,087
Net Asset Value (a):
Class A — Redemption price per share	$	36.83		$	9.25
Class C — Offering price per share (b)		36.42			9.23
Class I — Offering and redemption price per share		37.05			9.27
Class R6 — Offering and redemption price per share		37.06			9.27
Class A maximum sales charge		5.25	%		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	38.87		$	9.61
Cost of investments in non-affiliates	$	558,580		$	668,283
Cost of investments in affiliates		1,620			9,622

(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.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 25

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2019

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	26,286
Interest income from affiliates		—	(a)		96
Dividend income from non-affiliates		20,523			—
Dividend income from affiliates		104			240
Total investment income		20,627			26,622
EXPENSES:
Investment advisory fees		4,436			3,011
Administration fees		964			656
Distribution fees:
Class A		63			86
Class C		85			103
Service fees:
Class A		63			86
Class C		28			34
Class I		1,728			971
Custodian and accounting fees		36			174
Interest expense to affiliates		—			4
Professional fees		82			105
Trustees’ and Chief Compliance Officer’s fees		30			29
Printing and mailing costs		131			49
Registration and filing fees		94			49
Transfer agency fees (See Note 2.G.)		23			8
Other		26			76
Total expenses		7,789			5,441
Less fees waived		(1,216	)		(1,325	)
Less expense reimbursements		(4	)		—
Net expenses		6,569			4,116
Net investment income (loss)		14,058			22,506
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		88,126			10,272
Investments in affiliates		—	(a)		4
Swaps		—			(30,859	)
Net realized gain (loss)		88,126			(20,583	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		66,019			27,433
Swaps		—			132
Change in net unrealized appreciation/depreciation		66,019			27,565
Net realized/unrealized gains (losses)		154,145			6,982
Change in net assets resulting from operations	$	168,203		$	29,488

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,058		$	13,111		$	22,506		$	33,596
Net realized gain (loss)		88,126			41,045			(20,583	)		(29,159	)
Change in net unrealized appreciation/depreciation		66,019			11,892			27,565			(4,198	)
Change in net assets resulting from operations		168,203			66,048			29,488			239
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(899	)		(1,582	)		(838	)		(1,075	)
Class C		(362	)		(623	)		(260	)		(453	)
Class I		(43,309	)		(97,554	)		(10,392	)		(10,240	)
Class R6 (a)		(5,174	)		—			(11,582	)		(21,893	)
Total distributions to shareholders		(49,744	)		(99,759	)		(23,072	)		(33,661	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(245,851	)		161,596			(309,257	)		(434,345	)
NET ASSETS:
Change in net assets		(127,392	)		127,885			(302,841	)		(467,767	)
Beginning of period		1,401,882			1,273,997			1,051,675			1,519,442
End of period	$	1,274,490		$	1,401,882		$	748,834		$	1,051,675

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Tax Aware Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	5,356		$	9,168		$	19,087		$	13,648
Distributions reinvested		898			1,579			811			1,055
Cost of shares redeemed		(8,379	)		(4,668	)		(13,239	)		(37,279	)
Change in net assets resulting from Class A capital transactions	$	(2,125	)	$	6,079		$	6,659		$	(22,576	)
Class C
Proceeds from shares issued	$	1,868		$	4,461		$	1,028		$	2,059
Distributions reinvested		362			623			199			343
Cost of shares redeemed		(4,064	)		(1,457	)		(11,318	)		(10,055	)
Change in net assets resulting from Class C capital transactions	$	(1,834	)	$	3,627		$	(10,091	)	$	(7,653	)
Class I
Proceeds from shares issued	$	104,970		$	521,721		$	152,860		$	186,669
Distributions reinvested		42,748			96,506			7,702			7,619
Cost of shares redeemed		(932,134	)		(466,357	)		(189,974	)		(94,876	)
Change in net assets resulting from Class I capital transactions	$	(784,416	)	$	151,870		$	(29,412	)	$	99,412
Class R6 (a)
Proceeds from shares issued	$	698,978		$	20		$	14,869		$	507,822
Distributions reinvested		5,168			—			11,527			21,804
Cost of shares redeemed		(161,622	)		—			(302,809	)		(1,033,154	)
Change in net assets resulting from Class R6 capital transactions	$	542,524		$	20		$	(276,413	)	$	(503,528	)
Total change in net assets resulting from capital transactions	$	(245,851	)	$	161,596		$	(309,257	)	$	(434,345	)

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Tax Aware Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		159			267			2,056			1,453
Reinvested		28			47			88			113
Redeemed		(255	)		(135	)		(1,431	)		(3,969	)
Change in Class A Shares		(68	)		179			713			(2,403	)
Class C
Issued		54			128			112			220
Reinvested		12			19			21			37
Redeemed		(122	)		(43	)		(1,225	)		(1,074	)
Change in Class C Shares		(56	)		104			(1,092	)		(817	)
Class I
Issued		3,100			15,116			16,503			19,848
Reinvested		1,324			2,888			830			812
Redeemed		(29,095	)		(13,501	)		(20,535	)		(10,085	)
Change in Class I Shares		(24,671	)		4,503			(3,202	)		10,575
Class R6(a)
Issued		22,042			—	(b)		1,596			53,787
Reinvested		146			—			1,244			2,323
Redeemed		(4,631	)		—			(32,639	)		(109,669	)
Change in Class R6 Shares		17,557			—	(b)		(29,799	)		(53,559	)

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Tax Aware Equity Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Tax Aware Equity Fund
Class A
Year Ended October 31, 2019	$	33.50	$	0.23		$	4.28		$	4.51		$	(0.25	)	$	(0.93	)	$	(1.18	)
Year Ended October 31, 2018		34.41		0.17			1.46			1.63			(0.18	)		(2.36	)		(2.54	)
Year Ended October 31, 2017		28.82		0.17			6.87			7.04			(0.19	)		(1.26	)		(1.45	)
Year Ended October 31, 2016		29.60		0.20			0.47			0.67			(0.22	)		(1.23	)		(1.45	)
Year Ended October 31, 2015		29.01		0.20			1.41			1.61			(0.21	)		(0.81	)		(1.02	)
Class C
Year Ended October 31, 2019		33.17		0.07			4.22			4.29			(0.11	)		(0.93	)		(1.04	)
Year Ended October 31, 2018		34.13		—	(f)		1.44			1.44			(0.04	)		(2.36	)		(2.40	)
Year Ended October 31, 2017		28.62		0.01			6.83			6.84			(0.07	)		(1.26	)		(1.33	)
Year Ended October 31, 2016		29.43		0.06			0.46			0.52			(0.10	)		(1.23	)		(1.33	)
Year Ended October 31, 2015		28.88		0.05			1.40			1.45			(0.09	)		(0.81	)		(0.90	)
Class I
Year Ended October 31, 2019		33.67		0.40			4.28			4.68			(0.37	)		(0.93	)		(1.30	)
Year Ended October 31, 2018		34.57		0.32			1.45			1.77			(0.31	)		(2.36	)		(2.67	)
Year Ended October 31, 2017		28.94		0.31			6.91			7.22			(0.33	)		(1.26	)		(1.59	)
Year Ended October 31, 2016		29.70		0.34			0.46			0.80			(0.33	)		(1.23	)		(1.56	)
Year Ended October 31, 2015		29.10		0.34			1.39			1.73			(0.32	)		(0.81	)		(1.13	)
Class R6
Year Ended October 31, 2019		33.68		0.38			4.33			4.71			(0.40	)		(0.93	)		(1.33	)
October 1, 2018 (g) through October 31, 2018		37.04		0.01			(3.37	)		(3.36	)		—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets(a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	36.83		13.99	%	$	25,640		0.96	%		0.67	%		0.98	%		14	%
	33.50		4.83			25,594		0.96			0.50			0.96			38
	34.41		25.25			20,140		0.99			0.53			0.99			28
	28.82		2.47			13,971		1.03			0.71			1.03			41
	29.60		5.71			12,164		0.99			0.70			0.99			59
	36.42		13.42			11,345		1.44			0.19			1.46			14
	33.17		4.31			12,197		1.46			(0.01	)		1.47			38
	34.13		24.65			8,988		1.48			0.04			1.48			28
	28.62		1.95			5,729		1.52			0.21			1.52			41
	29.43		5.18			4,680		1.50			0.16			1.50			59
	37.05		14.45			586,825		0.55			1.16			0.71			14
	33.67		5.26			1,364,073		0.55			0.91			0.70			38
	34.57		25.82			1,244,869		0.55			0.99			0.65			28
	28.94		2.94			1,068,546		0.55			1.19			0.56			41
	29.70		6.16			1,265,581		0.55			1.16			0.55			59
	37.06		14.55			650,680		0.44			1.08			0.46			14
	33.68		(9.07	)		18		0.44			0.31			0.48			38

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period		Total return (excludes sales charge) (b)
JPMorgan Tax Aware Real Return Fund
Class A
Year Ended October 31, 2019	$	9.19	$	0.22	$	0.07		$	0.29		$	(0.23	)	$	9.25		3.14	%
Year Ended October 31, 2018		9.46		0.23		(0.26	)		(0.03	)		(0.24	)		9.19		(0.36	)
Year Ended October 31, 2017		9.59		0.23		(0.13	)		0.10			(0.23	)		9.46		1.12
Year Ended October 31, 2016		9.49		0.24		0.10			0.34			(0.24	)		9.59		3.64
Year Ended October 31, 2015		10.01		0.25		(0.51	)		(0.26	)		(0.26	)		9.49		(2.59	)
Class C
Year Ended October 31, 2019		9.17		0.17		0.07			0.24			(0.18	)		9.23		2.60
Year Ended October 31, 2018		9.43		0.18		(0.25	)		(0.07	)		(0.19	)		9.17		(0.76	)
Year Ended October 31, 2017		9.57		0.19		(0.14	)		0.05			(0.19	)		9.43		0.50
Year Ended October 31, 2016		9.47		0.18		0.10			0.28			(0.18	)		9.57		2.98
Year Ended October 31, 2015		9.98		0.19		(0.50	)		(0.31	)		(0.20	)		9.47		(3.16	)
Class I
Year Ended October 31, 2019		9.21		0.24		0.07			0.31			(0.25	)		9.27		3.38
Year Ended October 31, 2018		9.48		0.26		(0.27	)		(0.01	)		(0.26	)		9.21		(0.10	)
Year Ended October 31, 2017		9.61		0.26		(0.13	)		0.13			(0.26	)		9.48		1.35
Year Ended October 31, 2016		9.51		0.26		0.11			0.37			(0.27	)		9.61		3.89
Year Ended October 31, 2015		10.03		0.27		(0.50	)		(0.23	)		(0.29	)		9.51		(2.33	)
Class R6
Year Ended October 31, 2019		9.21		0.25		0.07			0.32			(0.26	)		9.27		3.49
Year Ended October 31, 2018		9.48		0.27		(0.27	)		—	(d)		(0.27	)		9.21		0.00	(e)
Year Ended October 31, 2017		9.61		0.26		(0.12	)		0.14			(0.27	)		9.48		1.47
Year Ended October 31, 2016		9.51		0.27		0.11			0.38			(0.28	)		9.61		3.99
Year Ended October 31, 2015		10.03		0.28		(0.50	)		(0.22	)		(0.30	)		9.51		(2.24	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) Amount rounds to less than $0.005.

(e) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
		Ratios to average net assets
Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	39,846		0.76	%		2.32	%		0.99	%		4	%
	33,051		0.74			2.47			0.98			30
	56,720		0.73			2.47			0.97			20
	47,268		0.75			2.50			0.98			7
	56,660		0.75			2.58			0.97			18
	8,353		1.26			1.85			1.48			4
	18,315		1.24			1.97			1.48			30
	26,545		1.23			1.98			1.49			20
	33,016		1.40			1.85			1.50			7
	42,843		1.40			1.93			1.49			18
	384,626		0.51			2.58			0.73			4
	411,760		0.49			2.72			0.73			30
	323,320		0.48			2.74			0.65			20
	1,144,534		0.50			2.75			0.57			7
	1,302,381		0.50			2.83			0.56			18
	316,009		0.41			2.70			0.48			4
	588,549		0.39			2.82			0.48			30
	1,112,857		0.38			2.75			0.47			20
	197,981		0.40			2.84			0.46			7
	183,464		0.40			2.93			0.45			18

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019

1. Organization

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

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

	Classes Offered	Diversification Classification
JPMorgan Tax Aware Equity Fund	Class A, Class C, Class I and Class R6(1)	Diversified
JPMorgan Tax Aware Real Return Fund	Class A, Class C, Class I and Class R6	Diversified

⁽¹⁾  Class R6 Shares commenced operations on October 1, 2018 for JPMorgan Tax Aware Equity Fund.

The investment objective of JPMorgan Tax Aware Equity Fund (“Tax Aware Equity Fund”) is to seek to provide high after-tax total return from a portfolio of selected equity securities.

The investment objective of JPMorgan Tax Aware Real Return Fund (“Tax Aware Real Return Fund”) is to seek to maximize after-tax inflation protected return.

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

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

2. Significant Accounting Policies

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

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

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

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

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

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

Swaps are valued utilizing market quotations from approved Pricing Services.

34 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

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

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

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

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

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

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

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

Tax Aware Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,274,405	$	—		$	—	$	1,274,405
Tax Aware Real Return Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	9,622	$	716,755		$	—	$	726,377
Appreciation in Other Financial Instruments
Swaps (c)	$	—	$	76		$	—	$	76
Depreciation in Other Financial Instruments
Swaps (c)	$	—	$	(21,416	)	$	—	$	(21,416	)

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

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

(c) All portfolio holdings designated as level 2 are disclosed individually on the SOI.

There were no transfers into or out of level 3 for the year ended October 31, 2019.

B. Swaps — Tax Aware Real Return Fund engaged in inflation-linked swaps to provide inflation protection within its portfolio. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.F.). Otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Tax Aware Real Return Fund’s swap contracts at net value and collateral posted by counterparty as of October 31, 2019 are as follows (amounts in thousands):

Fund Counterparty		Value of swap contracts			Collateral amount
Bank of America NA	Collateral Posted	$	(482	)	$	280
Barclays Bank plc			(1,788	)		1,650
Citibank, NA			(1,602	)		1,610
Deutsche Bank AG			(4,053	)		3,900
NatWest Markets			(3,856	)		3,320

Inflation-Linked Swaps

Tax Aware Real Return Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

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

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

The Fund’s swap contracts are subject to master netting arrangements.

The table below discloses the volume of the Fund’s swap activity during the year ended October 31, 2019 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	800,716
Ending Notional Balance — Pays Fixed Rate		666,950

C. Summary of Derivatives Information

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of October 31, 2019 (amounts in thousands):

Tax Aware Real Return Fund

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statements of Assets and Liabilities (a)		Derivatives Available for offset		Collateral Posted (b)			Net Amount Due To Counterparty (Not less than zero)
Bank of America NA	$	482	$	—	$	(280	)	$	202
Barclays Bank plc		1,788		—		(1,650	)		138
Citibank, NA		1,602		—		(1,602	)		—
Deutsche Bank AG		4,053		—		(3,900	)		153
NatWest Markets		3,856		—		(3,320	)		536
	$	11,781	$	—	$	(10,752	)	$	1,029

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts.

36 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

The Fund’s derivatives contracts held at October 31, 2019 are not accounted for as hedging instruments under GAAP.

D. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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

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

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

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

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

The Funds did not lend out any securities during the year ended October 31, 2019.

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

Tax Aware Equity Fund

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.94% (a)(b)	$	—	$	119,325	$	117,705	$	—	(c)	$	—	$	1,620		1,619	$	41	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		6,144		112,000		118,144		—			—		—		—		63		—
Total	$	6,144	$	231,325	$	235,849	$	—	(c)	$	—	$	1,620		—	$	104	$	—
Tax Aware Real Return Fund
	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.10% (a)(b)	$	25,260	$	322,794	$	338,436	$	4		$	—	$	9,622		9,622	$	240	$	—

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

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

(b) The rate shown is the current yield as of October 31, 2019.

(c) Amount rounds to less than one thousand.

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency and sub-transfer agency fees charged to each share class of the Funds for the year ended October 31, 2019 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class R6		Total
Tax Aware Equity Fund
Transfer agency fees	$	5	$	—	(a)	$	14	$	4	$	23
Tax Aware Real Return Fund
Transfer agency fees		1		—	(a)		4		3		8

(a) Amount rounds to less than one thousand.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Tax Aware Equity Fund	$	11,506		$	—		$(11,506)
Tax Aware Real Return Fund		(379	)		255		124

The reclassifications for the Funds relate primarily to tax equalization.

J. Recent Accounting Pronouncements —In March 2017, the FASB issuedAccounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has evaluated the implications of these changes and has determined that the amendments will have no effect on the Funds’ net assets or results of operations.

38 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

3. Fees and Other Transactions with Affiliates

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

Tax Aware Equity Fund	0.35	%
Tax Aware Real Return Fund	0.35

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2019, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Funds’ principal underwriter and promotes and arranges for the sale of each Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds pursuant to Rule 12b-1 under the 1940 Act. The Class I and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C
Tax Aware Equity Fund		0.25	%		0.75	%
Tax Aware Real Return Fund		0.25			0.75

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2019, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Tax Aware Equity Fund	$	4	$	—
Tax Aware Real Return Fund		3		—

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

	Class A			Class C			Class I
Tax Aware Equity Fund		0.25	%		0.25	%		0.25	%
Tax Aware Real Return Fund		0.25			0.25			0.25

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

JPMDS waived service fees as outlined in Note 3.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.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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

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

	Class A			Class C			Class I			Class R6
Tax Aware Equity Fund		n/a	(1)		n/a	(1)		0.55	%		0.44	%
Tax Aware Real Return Fund		0.75	%		1.25	%		0.50			0.40

(1) Effective March 1, 2019, the contractual expense limitation for Class A and Class C Shares expired. Prior to March 1, 2019, the contractual expense limitation was 1.05% and 1.55% for Class A and Class C Shares, respectively.

The expense limitation agreements were in effect for the year ended October 31, 2019 and are in place until at least February 29, 2020.

For the year ended October 31, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Tax Aware Equity Fund	$	134	$	89	$	982	$	1,205	$	4
Tax Aware Real Return Fund		392		261		656		1,309		—

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

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2019 were as follows (amounts in thousands):

Tax Aware Equity Fund	$	11
Tax Aware Real Return Fund		16

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

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

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

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

4. Investment Transactions

During the year ended October 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Tax Aware Equity Fund	$	182,310	$	458,310
Tax Aware Real Return Fund		30,540		347,284

During the year ended October 31, 2019, there were no purchases or sales of U.S. Government securities.

40 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2019 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	564,098	$	711,161	$	854	$	710,307
Tax Aware Real Return Fund		677,905		48,583		21,451		27,132

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	13,909	$	—	$	35,835	$	49,744
Tax Aware Real Return Fund		3		23,069		—		23,072

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2018 was as follows (amounts in thousands):

	Total Distributions Paid From:
	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	12,960	$	—	$	86,799	$	99,759
Tax Aware Real Return Fund		769		32,892		—		33,661

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2019, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	1,151	$	76,026		$	710,307
Tax Aware Real Return Fund		—		(120,504	)		27,132

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals.

As of October 31, 2019, the following Fund had net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Tax Aware Real Return Fund	$	120,504	$	—

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

	2019
Tax Aware Real Return Fund	$	124

6. Borrowings

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

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The Funds had no borrowings outstanding from another fund during the year ended October 31, 2019.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2019.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds had no borrowings outstanding from the Credit Facility at October 31, 2019. Average borrowings from the Credit Facility during the year ended October 31, 2019 were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Tax Aware Real Return Fund	$	14,000		3.38	%		1	$	1

7. Risks, Concentrations and Indemnifications

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

As of October 31, 2019, the Funds had individual shareholder and/or omnibus accounts which owed more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Tax Aware Equity Fund		1		59.6	%		1		25.7	%
Tax Aware Real Return Fund		1		50.6			2		28.9

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

Tax Aware Real Return Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

42 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

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

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 43

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of JPMorgan Trust IandShareholders of JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, ofJPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund(two of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year endedOctober 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 20, 2019

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

44 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	130	Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	130	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	130	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	130	Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	130	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	130	None

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 45

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	130	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	130	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	130	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	130	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	130	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002).	130	Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006).	130	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

46 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

(1) Dr. Goldstein is retiring from the Board of Trustees effective the close of business on December 31, 2019. The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (130 funds).

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 47

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

  * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

48 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2019, and continued to hold your shares at the end of the reporting period, October 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	1,027.90	$	4.91		0.96	%
Hypothetical		1,000.00		1,020.37		4.89		0.96
Class C
Actual		1,000.00		1,025.50		7.35		1.44
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,029.90		2.81		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class R6
Actual		1,000.00		1,030.70		2.25		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
JPMorgan Tax Aware Real Return Fund
Class A
Actual		1,000.00		1,005.00		3.84		0.76
Hypothetical		1,000.00		1,021.37		3.87		0.76
Class C
Actual		1,000.00		1,002.30		6.36		1.26
Hypothetical		1,000.00		1,018.85		6.41		1.26
Class I
Actual		1,000.00		1,006.30		2.58		0.51
Hypothetical		1,000.00		1,022.63		2.60		0.51
Class R6
Actual		1,000.00		1,006.80		2.07		0.41
Hypothetical		1,000.00		1,023.14		2.09		0.41

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 49

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 14, 2019.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. (together, “Broadridge/Lipper”), independent providers of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of the Tax Aware Real Return Fund, as compared to the Fund’s objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for theday-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes

50 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule12b-1 fees to JPMDS, which also acts as the Funds’ distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential“fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds. The Trustees also noted that the Adviser supports a diverse set of products and services, which

benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted each Fund with fee waivers and contractual expense limitations (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale, as well as each Fund that had achieved scale and no longer had a Fee Cap in place for some or all of its classes. The Trustees noted that the fees remain competitive with peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders, and that, for those Funds that had achieved scale and no longer had Fee Caps in place for some or all of their classes, through lower average expenses as asset levels had increased, in addition to the reinvestment that ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 51

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or fundssub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as asub-adviser and observed thatsub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays thesub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicableone-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. For the Tax Aware Real Return Fund, the Trustees and Adviser determined that the Peer Group and/or Universe were less meaningful and the independent consultant prepared an analysis of the Fund across various risk and return metrics including tracking error, volatility, total/excess return versus various indices and customized peer groups of funds with similar portfolio objectives (as selected by the independent consultant). The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance,

as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for each of theone-, three- and five-year periods ended December 31, 2018, and in the third, second and second quintiles based upon the Universe, for theone-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that performance for the Class I shares was in the first quintile based upon the Peer Group for each of theone-, three-, and five-year periods ended December 31, 2018, and in the second, second and first quintiles based upon the Universe for theone-, three- and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Tax Aware Real Return Fund’s performance for Class A shares was in the fifth quintile for each of theone-, three-, and five-year periods ended December 31, 2018, based upon both the Peer Group and Universe. The Trustees noted that performance for Class I and Class R6 shares was in the fifth quintile based upon the Peer Group, and in the fifth, fourth and fifth quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019, if applicable, were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the

52 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

Trustees considered the net advisory fee rate and net expense ratio after taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second

and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Tax Aware Real Return Fund’s net advisory fee for Class A shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

OCTOBER 31, 2019 J.P. MORGAN TAX AWARE FUNDS 53

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2019. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Dividends Received Deduction (DRD)

The Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2019:

	Dividends Received Deduction
JPMorgan Tax Aware Equity Fund		100.00	%

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2019 (amounts in thousands):

	Long-Term Capital Gain
JPMorgan Tax Aware Equity Fund	$	47,341

Qualified Dividend Income (QDI)

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2019 (amounts in thousands):

	Qualified Dividend Income
JPMorgan Tax Aware Equity Fund	$	13,909

Tax-Exempt Income

The Fund listed below had the following percentage, or maximum allowable percentage, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2019 (amount in thousands):

	Exempt Distributions Paid
JPMorgan Tax Aware Real Return Fund	$	23,068

54 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2019

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you areno longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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. at1-800-480-4111 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 at202-371-8300.

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

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

A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 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 recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2019.  All rights reserved. October 2019. AN-TA-1019

Annual Report

J.P. Morgan Funds

October 31, 2019

JPMorgan Global Allocation Fund

JPMorgan Income Builder Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Global Allocation Fund	3
JPMorgan Income Builder Fund	7
Schedules of Portfolio Investments	9
Financial Statements	140
Financial Highlights	148
Notes to Financial Statements	152
Report of Independent Registered Public Accounting Firm	177
Trustees	178
Officers	181
Schedule of Shareholder Expenses	182
Board Approval of Investment Advisory Agreements	184
Tax Letter	188
Privacy Policy — Located at the back of this Annual Report

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 at1-800-480-4111 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

December 12, 2019 (Unaudited)

Dear Shareholders,

By way of introduction, I am head of the Americas Client organization for J.P. Morgan Asset Management, as well as a twenty year veteran of J.P. Morgan, nearly all of those years with Asset Management. The reason I joined J.P. Morgan Asset Management over twenty years ago is the same reason I still come to work energized every day; shareholders & clients. Shareholders & clients are our highest priority and at the center of everything we do. As such, I plan to use our Letter to Shareholders as an opportunity to provide updates on recent market events and may, from time to time, also highlight initiatives happening within J.P. Morgan Asset Management that are designed in part to continue to improve the shareholder & client experiences.

  “Shareholders and clients are our highest priority and at the center of everything we do.”
— Andrea L. Lisher

Financial markets have largely provided positive returns in 2019, supported by leading central banks and a slowing but still expanding global economy. U.S. equity markets continued to lead the way, rebounding from a sharpsell-off in late 2018 and withstanding intermittent volatility driven partly by ongoing

U.S.-China trade tensions. In July, the U.S. Federal Reserve cut interest rates for the first time in more than a decade amid concerns about slowing economic growth and then cut rates again in September and once more in October. Notably, the S&P 500 Index rallied in October and reached record highs in the final week of the month. Elsewhere, the European Central Bank announced in September it would resume monthly asset purchases to bolster flagging economic growth and below-target inflation and China’s central bank also responded to a slowdown in economic output with measures to increase lending by banks. International equity markets may exhibit continued volatility in the coming year but a reduction in trade tensions could provide support to financial markets. Given this outlook, we believe investors can benefit from a patient outlook and a well-diversified investment portfolio.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

		��
OCTOBER 31, 2019	J.P. MORGAN FUNDS		1

J.P. Morgan Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

Global equity markets generally provided positive returns for the reporting period amid slowing but continued growth in both the global economy and corporate profits. Investor optimism over U.S.-China trade negotiations and an extension of the deadline for Britain’s exit from the European Union (“Brexit”) also bolstered investor sentiment. Bond markets also provided positive returns for the period but generally underperformed equity markets. Emerging markets debt and U.S. investment grade bonds largely outperformed U.S. Treasury bonds.

In the final months of 2018, global equity markets generally slumped as investors faced both slowing global economic growth — particularly in China and Europe — and the prospect of rising U.S. interest rates. Equity prices largely rebounded in the first months of 2019, and markets remained buoyant through April 2019. Global equity markets were hit with a selloff in May 2019 and leading indexes in the U.S. and Asian developed markets, as well as in emerging markets, dropped by more than 6%. Equity prices rebounded again in June and received further support at the end of July 2019, when the U.S. Federal Reserve (the “Fed”) responded to slowing economic growth by raising interest rates for the first time in more than a decade.

Investor concerns about increased U.S.-China trade tensions and uncertainty over Britain’s Brexit strategy led to increased market volatility in the final months of the reporting period. However, the Fed cut interest rates again in mid-September 2019 and, by the end of October 2019, leading U.S. equity indexes had returned to record highs.

For the twelve months ended October 31, 2019, the S&P 500 returned 14.33%, the MSCI EAFE Index returned 11.63% and the MSCI Emerging Markets Index returned 12.29%. Within bond markets, the Bloomberg Barclays Emerging Markets Aggregate Index returned 12.73% and the Bloomberg Barclays U.S. Aggregate Index returned 11.51%.

2 J.P. MORGAN FUNDS OCTOBER 31, 2019

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		9.42%
MSCI World Index (net of foreign withholding taxes)		12.69%
Bloomberg Barclays Global Aggregate Index (Unhedged USD)		9.54%
Global Allocation Composite Benchmark		11.77%
Net Assets as of 10/31/2019 (In Thousands)	$	3,674,813

INVESTMENT OBJECTIVE**

The JPMorgan Global Allocation Fund (the “Fund”) seeks to maximize long-term total return.

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

For the twelve months ended October 31, 2019, the Fund’s Class I Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”), Bloomberg Barclays Global Aggregate Index (Unhedged USD) and the Global Allocation Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index.

During the reporting period, the Fund’s allocation to bonds was a leading detractor from performance relative to the Benchmark, which is an equity index and holds no bonds. Relative to

the Composite Benchmark, the Fund’s underweight allocation to equity detracted from performance, as global equity markets rallied in the second half of the reporting period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers added to positions in U.S. equity and emerging markets equity through the use of call options in response to a more neutral policy stance from the U.S. Federal Reserve, better-than-expected corporate earnings and easing U.S.-China trade tensions.

In fixed income assets, the portfolio managers also increased the Fund’s allocation to high yield bonds (also known as “junk bonds”) given their expectations for low but positive economic growth. The portfolio managers also took advantage of the strength of the U.S. consumer market by incrementally increasing their allocation to securitized credit.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO***
	1.	Canadian Treasury Bills, 1.13%, 4/2/2020 (Canada)	1.5	%
	2.	Canadian Treasury Bills, 1.13%, 4/30/2020 (Canada)	1.5
	3.	Canadian Treasury Bills, 1.13%, 5/28/2020 (Canada)	1.5
	4.	U.S. Treasury Notes, 2.00%, 1/31/2020	1.1
	5.	Microsoft Corp.	1.0
	6.	HDFC Bank Ltd. (India)	0.8
	7.	Nestle SA (Registered) (Switzerland)	0.7
	8.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	0.7
	9.	Alphabet, Inc., Class C	0.7
	10.	Amazon.com, Inc.	0.6

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO****
	1.	Clorox Co. (The)	14.7	%
	2.	Hershey Co. (The)	12.4
	3.	SPDR S&P 500 ETF Trust	12.1
	4.	Molson Coors Brewing Co., Class B	8.7
	5.	Harley-Davidson, Inc.	7.9
	6.	Align Technology, Inc.	6.0
	7.	Cummins, Inc.	6.0
	8.	Host Hotels & Resorts, Inc.	5.9
	9.	Mohawk Industries, Inc.	5.5
	10.	General Electric Co.	5.1

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	49.8	%
Corporate Bonds	12.6
Foreign Government Securities	9.7
Asset-Backed Securities	5.3
Commercial Mortgage-Backed Securities	4.7
Collateralized Mortgage Obligations	4.0
U.S. Treasury Obligations	1.3
Others (each less than 1.0%)	2.3
Short-Term Investments	10.3

SHORT POSITION PORTFOLIO COMPOSITION****
Common Stocks	87.9	%
Exchange-Traded Fund	12.1

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

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

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN FUNDS OCTOBER 31, 2019

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 31, 2011
With Sales Charge*			4.20	%		4.04	%		5.11	%
Without Sales Charge			9.08			5.00			5.69
CLASS C SHARES	May 31, 2011
With CDSC**			7.60			4.50			5.16
Without CDSC			8.60			4.50			5.16
CLASS I SHARES	May 31, 2011		9.42			5.27			5.96
CLASS R2 SHARES	May 31, 2011		8.69			4.71			5.40
CLASS R3 SHARES	October 1, 2018		8.97			4.97			5.67
CLASS R4 SHARES	October 1, 2018		9.20			5.23			5.93
CLASS R5 SHARES	October 1, 2018		9.39			5.28			5.96
CLASS R6 SHARES	November 1, 2017		9.50			5.32			5.98

* Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE(5/31/11 TO 10/31/19)

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

The Fund commenced operations on May 31, 2011.

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Global Allocation Fund, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays Global Aggregate Index – (Unhedged USD), the Global Allocation Composite Benchmark and the Lipper Flexible Portfolio Funds Index from May 31, 2011 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays Global Aggregate Index – (Unhedged USD) and the Global Allocation Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Global Allocation Composite Benchmark does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Flexible Portfolio Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization

OCTOBER 31, 2019 J.P. MORGAN FUNDS 5

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

weighted index that is designed to measure the equity market performance of developed markets. The Global Allocation Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index (Unhedged USD). The Bloomberg Barclays Global Aggregate Index – (Unhedged USD) provides a broad-based measure of the global investment-grade fixed income markets. The Lipper Flexible Portfolio Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

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

6 J.P. MORGAN FUNDS OCTOBER 31, 2019

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		10.20%
MSCI World Index (net of foreign withholding taxes)		12.69%
Bloomberg Barclays U.S. Aggregate Index		11.51%
Income Builder Composite Benchmark		12.59%
Net Assets as of 10/31/2019 (In Thousands)	$	13,520,145

INVESTMENT OBJECTIVE**

The JPMorgan Income Builder Fund (the “Fund”) seeks to maximize income while maintaining prospects for capital appreciation.

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

For the twelve months ended October 31, 2019, the Fund’s Class A Shares, without a sales charge, underperformed the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index and the Income Builder Composite Benchmark (the “Composite Benchmark”), which is comprised of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Index.

During the reporting period, the Fund’s allocation to bonds detracted from performance relative to the MSCI World Index, which is an equity index and holds no bonds. The Fund’s allocation to U.S. equity and global real estate investment trusts, and its opportunistic investment in high yield bonds (also known as “junk bonds”), made positive contributions to relative performance.

The Fund’s allocation to U.S. high yield bonds (also known as “junk bonds”) and non-agency securitized credit detracted from performance relative to the Bloomberg Barclays U.S. Aggregate Index.

Relative to the Composite Benchmark, the Fund’s underweight allocation to equity detracted from performance, as global equity markets rebounded in the second half of the reporting period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers responded to an increase in market volatility and a divergence in economic growth across certain regions by reducing the Fund’s allocation to equity, particularly in Europe. The Fund’s largest equity allocation was in the U.S. Early in 2019, the portfolio managers incrementally increased the Fund’s allocations to high-yield debt and non-agency securitized credit, while continuing to hold some higher-quality fixed income securities, including short-duration fixed income and agency securitized debt.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Coca-Cola Co. (The)	0.7	%
	2.	Verizon Communications, Inc.	0.6
	3.	Merck & Co., Inc.	0.6
	4.	U.S. Treasury Notes, 2.00%, 1/31/2020	0.5
	5.	Pfizer, Inc.	0.5
	6.	FHLMC UMBS, 30 Year, Pool # SD0011, 3.50%, 7/1/2049	0.4
	7.	Chevron Corp.	0.4
	8.	Prologis, Inc.	0.4
	9.	FNMA UMBS, 30 Year, Pool # BM3788, 3.50%, 3/1/2048	0.4
	10.	Novartis AG (Registered) (Switzerland)	0.4

PORTFOLIO COMPOSITION***
Common Stocks	34.8	%
Corporate Bonds	34.0
Collateralized Mortgage Obligations	5.9
Asset-Backed Securities	5.2
Mortgage-Backed Securities	4.2
Commercial Mortgage-Backed Securities	2.6
Loan Assignments	2.5
Foreign Government Securities	1.9
Convertible Bonds	1.3
Others (each less than 1.0%)	2.2
Short-Term Investments	5.4

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

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

*** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2007
With Sales Charge*			5.21	%		3.89	%		6.70	%
Without Sales Charge			10.20			4.85			7.19
CLASS C SHARES	May 31, 2007
With CDSC**			8.67			4.32			6.66
Without CDSC			9.67			4.32			6.66
CLASS I SHARES	May 31, 2007		10.35			5.00			7.35
CLASS R6 SHARES	November 1, 2017		10.44			5.04			7.37

* Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE(10/31/09 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Income Builder Fund, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index, the Income Builder Composite Benchmark and the Lipper Flexible Portfolio Funds Index from October 31, 2009 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index and the Income Builder Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index (net of foreign withholding taxes) assumes the dividend is reinvested after deduction of withholding tax, applying the maximum rate tonon-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Flexible Portfolio Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of

developed markets. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Income Builder Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Index. The Lipper Flexible Portfolio Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

From April 30, 2008 through December 18, 2009, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted. Class A Shares have a $1,000 minimum initial investment and carry a 4.50% sales charge.

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

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

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

8 J.P. MORGAN FUNDS OCTOBER 31, 2019

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — 99.0%
Common Stocks — 49.3%
Argentina — 0.1%
MercadoLibre, Inc.*		8		4,035
Australia — 0.9%
AGL Energy Ltd.		16		222
Alumina Ltd.		61		95
AMP Ltd.		83		105
APA Group		29		235
Aristocrat Leisure Ltd.		14		311
ASX Ltd.		5		273
Aurizon Holdings Ltd.		49		201
AusNet Services		22		28
Australia & New Zealand Banking Group Ltd.		70		1,293
Bank of Queensland Ltd.		11		66
Bendigo & Adelaide Bank Ltd.		13		94
BHP Group Ltd.		73		1,793
BHP Group plc		214		4,538
BlueScope Steel Ltd.		13		119
Boral Ltd.		29		101
Brambles Ltd.		40		327
Caltex Australia Ltd.		6		115
Challenger Ltd.		14		78
CIMIC Group Ltd.		3		58
Coca-Cola Amatil Ltd.		13		92
Cochlear Ltd.		1		209
Coles Group Ltd.		28		291
Commonwealth Bank of Australia		44		2,383
Computershare Ltd.		12		132
Crown Resorts Ltd.		9		76
CSL Ltd.		11		1,984
Dexus, REIT		28		233
Flight Centre Travel Group Ltd.		1		42
Fortescue Metals Group Ltd.		34		211
Goodman Group, REIT		41		403
GPT Group (The), REIT		48		197
Harvey Norman Holdings Ltd.		14		39
Incitec Pivot Ltd.		40		95
Insurance Australia Group Ltd.		57		314
Lendlease Group		14		181
Macquarie Group Ltd.		8		741
Magellan Financial Group Ltd.		3		102
Medibank Pvt Ltd.		68		159
Mirvac Group, REIT		97		215
National Australia Bank Ltd.		70		1,370
Newcrest Mining Ltd.		19		417

INVESTMENTS	SHARES (000)		VALUE (000)
Australia — continued
Oil Search Ltd.		33		165
Orica Ltd.		9		149
Origin Energy Ltd.		44		237
QBE Insurance Group Ltd.		33		286
Ramsay Health Care Ltd.		4		190
REA Group Ltd.		1		98
Rio Tinto Ltd.		9		576
Rio Tinto plc		62		3,249
Santos Ltd.		44		246
Scentre Group, REIT		132		349
SEEK Ltd.		8		130
Sonic Healthcare Ltd.		11		220
South32 Ltd.		125		219
Stockland, REIT		59		200
Suncorp Group Ltd.		31		291
Sydney Airport		27		166
Tabcorp Holdings Ltd.		50		166
Telstra Corp. Ltd.		103		249
TPG Telecom Ltd.		10		43
Transurban Group		66		680
Treasury Wine Estates Ltd.		18		217
Vicinity Centres, REIT		83		153
Washington H Soul Pattinson & Co. Ltd.		3		46
Wesfarmers Ltd.		28		773
Westpac Banking Corp.		86		1,662
Woodside Petroleum Ltd.		23		515
Woolworths Group Ltd.		31		806
Worley Ltd.		9		82
				32,101
Austria — 0.2%
ANDRITZ AG		2		85
BAWAG Group AG (a)		13		520
Erste Group Bank AG		182		6,454
OMV AG		4		214
Raiffeisen Bank International AG		4		91
Verbund AG		2		92
voestalpine AG		3		69
Wienerberger AG		27		732
				8,257
Belgium — 0.2%
Ageas		4		256
Anheuser-Busch InBev SA/NV		41		3,331

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Belgium — continued
Colruyt SA		1		74
Euronav NV		59		666
Groupe Bruxelles Lambert SA		2		201
KBC Group NV		24		1,687
Proximus SA		4		116
Solvay SA		2		200
Telenet Group Holding NV*		1		59
UCB SA		3		253
Umicore SA (b)		5		202
				7,045
Brazil — 0.5%
Ambev SA, ADR*		549		2,365
Itau Unibanco Holding SA (Preference)		739		6,683
Lojas Renner SA		297		3,774
Raia Drogasil SA*		61		1,676
WEG SA		327		2,095
				16,593
Canada — 0.5%
Advanz Pharma Corp.*		18		179
Alimentation Couche-Tard, Inc., Class B		123		3,683
Canadian National Railway Co.		41		3,671
Canadian Pacific Railway Ltd.		15		3,406
Fairfax Financial Holdings Ltd.		4		1,632
Shopify, Inc., Class A*		4		1,163
Toronto-Dominion Bank (The)		61		3,485
				17,219
Chile — 0.0%(c)
Antofagasta plc		10		107
Banco Santander Chile, ADR		52		1,249
				1,356
China — 1.9%
Alibaba Group Holding Ltd., ADR*		79		13,918
Baidu, Inc., ADR*		9		945
BeiGene Ltd., ADR*		1		124
BOC Hong Kong Holdings Ltd.		92		314
Budweiser Brewing Co. APAC Ltd.* (a)		1,125		4,113
Foshan Haitian Flavouring & Food Co. Ltd., Class A		91		1,443
Huazhu Group Ltd., ADR		57		2,140
JD.com, Inc., ADR*		102		3,170
Kweichow Moutai Co. Ltd., Class A		16		2,601
Midea Group Co. Ltd., Class A		356		2,805

INVESTMENTS	SHARES (000)			VALUE (000)
China — continued
Ping An Insurance Group Co. of China Ltd., Class H		1,325			15,287
Prosus NV*		12			832
Tencent Holdings Ltd.		439			17,807
Yangzijiang Shipbuilding Holdings Ltd.		62			43
Yum China Holdings, Inc.		59			2,517
					68,059
Colombia — 0.0%(c)
Millicom International Cellular SA, SDR		2			78
Denmark — 0.4%
AP Moller-Maersk A/S, Class A		—	(d)		113
AP Moller-Maersk A/S, Class B		—	(d)		207
Carlsberg A/S, Class B		3			374
Chr Hansen Holding A/S		3			201
Coloplast A/S, Class B		3			355
Danske Bank A/S		16			230
Demant A/S*		3			67
DSV Panalpina A/S		5			526
Genmab A/S*		2			352
H Lundbeck A/S		2			62
ISS A/S		4			102
Novo Nordisk A/S, Class B		200			10,978
Novozymes A/S, Class B		5			250
Orsted A/S (a)		5			412
Pandora A/S		2			122
Tryg A/S		3			88
Vestas Wind Systems A/S		5			382
					14,821
Finland — 0.2%
Elisa OYJ		4			193
Fortum OYJ		62			1,521
Kemira OYJ		46			754
Kone OYJ, Class B		8			537
Metso OYJ		3			99
Neste OYJ		26			933
Nokia OYJ		140			514
Nokian Renkaat OYJ		3			88
Nordea Bank Abp		80			589
Orion OYJ, Class B		3			115
Sampo OYJ, Class A		11			451
Stora Enso OYJ, Class R		14			188
UPM-Kymmene OYJ		41			1,323
Wartsila OYJ Abp		11			116
					7,421

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
France — 2.6%
Accor SA		5			196
Aeroports de Paris		1			140
Air Liquide SA		12			1,560
Airbus SE		86			12,304
Alstom SA		36			1,567
Amundi SA (a)		2			112
Arkema SA		2			175
Atos SE		2			189
AXA SA		48			1,275
BioMerieux		1			88
BNP Paribas SA		75			3,931
Bollore SA		23			99
Bouygues SA		6			235
Bureau Veritas SA		7			182
Capgemini SE		25			2,788
Carrefour SA		15			250
Casino Guichard Perrachon SA (b)		1			77
Cie de Saint-Gobain		12			497
Cie Generale des Etablissements Michelin SCA		4			517
CNP Assurances		4			88
Covivio, REIT		1			125
Credit Agricole SA		28			371
Danone SA		15			1,270
Dassault Aviation SA		—	(d)		90
Dassault Systemes SE		3			496
Edenred		6			313
Eiffage SA		11			1,217
Electricite de France SA		15			154
Engie SA		45			759
EssilorLuxottica SA		7			1,075
Eurazeo SE		1			73
Eutelsat Communications SA		5			86
Faurecia SE		14			670
Gecina SA, REIT		1			195
Getlink SE		11			183
Hermes International		1			567
ICADE, REIT		—	(d)		33
Iliad SA		1			71
Imerys SA		1			27
Ingenico Group SA		8			905
Ipsen SA		1			100
JCDecaux SA		2			53
Kering SA		4			2,395

INVESTMENTS	SHARES (000)		VALUE (000)
France — continued
Klepierre SA, REIT		5		185
Legrand SA		7		517
L’Oreal SA		6		1,833
LVMH Moet Hennessy Louis Vuitton SE		27		11,735
Natixis SA		25		113
Orange SA		156		2,515
Pernod Ricard SA		5		974
Peugeot SA		58		1,474
Publicis Groupe SA		5		226
Remy Cointreau SA (b)		1		78
Renault SA		5		244
Safran SA		55		8,759
Sanofi		28		2,575
Sartorius Stedim Biotech		1		103
Schneider Electric SE		132		12,250
SCOR SE		4		166
SEB SA		1		85
Societe BIC SA		1		46
Societe Generale SA		19		542
Sodexo SA		2		242
Suez		8		132
Teleperformance		1		330
Thales SA		3		259
TOTAL SA		95		5,006
Ubisoft Entertainment SA*		2		123
Unibail-Rodamco-Westfield, REIT		3		531
Valeo SA		6		222
Veolia Environnement SA		13		351
Vinci SA (b)		55		6,127
Vivendi SA		23		634
Wendel SA		1		100
Worldline SA* (a)		2		124
				96,099
Germany — 1.9%
1&1 Drillisch AG		1		37
adidas AG		4		1,383
Allianz SE (Registered)		39		9,418
Aroundtown SA		23		191
BASF SE		23		1,734
Bayer AG (Registered)		23		1,796
Bayerische Motoren Werke AG		8		630
Bayerische Motoren Werke AG (Preference)		1		90

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Germany — continued
Beiersdorf AG		3		296
Brenntag AG		4		192
Carl Zeiss Meditec AG		1		109
Commerzbank AG		25		149
Continental AG		32		4,342
Covestro AG (a)		4		207
Daimler AG (Registered)		23		1,320
Delivery Hero SE* (a)		53		2,485
Deutsche Bank AG (Registered) (b)		49		354
Deutsche Boerse AG		27		4,209
Deutsche Lufthansa AG (Registered)		6		102
Deutsche Post AG (Registered)		25		870
Deutsche Telekom AG (Registered)		173		3,037
Deutsche Wohnen SE		9		334
E.ON SE		55		551
Evonik Industries AG		5		122
Fraport AG Frankfurt Airport Services Worldwide		1		76
Fresenius Medical Care AG & Co. KGaA		5		386
Fresenius SE & Co. KGaA		10		546
FUCHS PETROLUB SE (Preference)		2		77
GEA Group AG		4		117
Hannover Rueck SE		1		265
HeidelbergCement AG		4		274
Henkel AG & Co. KGaA		3		259
Henkel AG & Co. KGaA (Preference)		4		460
HOCHTIEF AG		1		80
HUGO BOSS AG		2		64
Infineon Technologies AG		232		4,493
KION Group AG		2		107
Knorr-Bremse AG		1		121
LANXESS AG		2		140
Merck KGaA		3		383
METRO AG		5		76
MTU Aero Engines AG		5		1,320
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		19		5,271
Porsche Automobil Holding SE (Preference)		4		280
Puma SE		2		155
RWE AG		14		414
SAP SE		75		9,993
Sartorius AG (Preference)		1		172
Siemens AG (Registered)		19		2,192
Siemens Healthineers AG (a)		4		158

INVESTMENTS	SHARES (000)		VALUE (000)
Germany — continued
Stroeer SE & Co. KGaA		9		720
Symrise AG		3		307
TeamViewer AG*		24		628
Telefonica Deutschland Holding AG		18		56
thyssenkrupp AG		10		143
TUI AG		11		143
Uniper SE		5		156
United Internet AG (Registered)		3		92
Varta AG*		4		497
Volkswagen AG		1		159
Volkswagen AG (Preference)		28		5,289
Vonovia SE		13		672
Wirecard AG (b)		3		369
Zalando SE* (a)		3		149
				71,217
Hong Kong — 1.1%
AIA Group Ltd.		2,302		22,928
ASM Pacific Technology Ltd.		8		110
Bank of East Asia Ltd. (The)		34		81
CK Asset Holdings Ltd.		592		4,122
CK Infrastructure Holdings Ltd.		17		122
CLP Holdings Ltd.		41		426
Dairy Farm International Holdings Ltd.		9		53
Hang Lung Properties Ltd.		52		114
Hang Seng Bank Ltd.		19		396
Henderson Land Development Co. Ltd.		36		180
HK Electric Investments & HK Electric Investments Ltd. (a)		69		68
HKT Trust & HKT Ltd.		93		145
Hong Kong & China Gas Co. Ltd.		253		491
Hong Kong Exchanges & Clearing Ltd.		98		3,062
Hongkong Land Holdings Ltd.		29		159
Hysan Development Co. Ltd.		6		24
Jardine Matheson Holdings Ltd.		71		4,025
Jardine Strategic Holdings Ltd.		6		184
Kerry Properties Ltd.		17		55
Link, REIT		52		566
Melco Resorts & Entertainment Ltd., ADR		5		112
MTR Corp. Ltd.		38		218
New World Development Co. Ltd.		153		219
NWS Holdings Ltd.		41		61
PCCW Ltd.		110		65
Power Assets Holdings Ltd.		35		246

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Hong Kong — continued
Shangri-La Asia Ltd.		18		19
Sino Land Co. Ltd.		76		114
Sun Hung Kai Properties Ltd.		40		599
Swire Pacific Ltd., Class A		13		119
Swire Properties Ltd.		30		96
Techtronic Industries Co. Ltd.		297		2,321
Vitasoy International Holdings Ltd.		18		73
WH Group Ltd. (a)		238		251
Wharf Holdings Ltd. (The)		32		73
Wharf Real Estate Investment Co. Ltd.		30		176
Wheelock & Co. Ltd.		21		130
Yue Yuen Industrial Holdings Ltd.		19		54
				42,257
India — 1.0%
HDFC Bank Ltd., ADR		457		27,906
Infosys Ltd., ADR		766		7,350
Mahindra & Mahindra Ltd., GDR (a)		345		2,948
				38,204
Indonesia — 0.4%
Astra International Tbk. PT		4,021		1,989
Bank Central Asia Tbk. PT		3,281		7,343
Bank Rakyat Indonesia Persero Tbk. PT		9,037		2,708
Unilever Indonesia Tbk. PT		343		1,068
				13,108
Ireland — 0.1%
AerCap Holdings NV*		3		181
AIB Group plc		21		68
Bank of Ireland Group plc		24		116
CRH plc		20		727
Flutter Entertainment plc		2		200
Kerry Group plc, Class A		4		477
Kingspan Group plc		4		197
Smurfit Kappa Group plc		6		187
				2,153
Israel — 0.1%
Azrieli Group Ltd.		1		85
Bank Hapoalim BM		28		225
Bank LeumiLe-Israel BM		37		270
Check Point Software Technologies Ltd.*		3		340
Elbit Systems Ltd.		1		99
Israel Chemicals Ltd.		18		81

INVESTMENTS	SHARES (000)		VALUE (000)
Israel — continued
Israel Discount Bank Ltd., Class A		28		128
Mizrahi Tefahot Bank Ltd.		4		90
Nice Ltd.*		2		244
Teva Pharmaceutical Industries Ltd., ADR*		27		221
Wix.com Ltd.*		1		144
				1,927
Italy — 0.4%
Assicurazioni Generali SpA		27		553
Atlantia SpA		12		304
Davide Campari-Milano SpA		14		132
Enel SpA		735		5,695
Eni SpA		153		2,319
Ferrari NV		3		486
FinecoBank Banca Fineco SpA		276		3,114
Intesa Sanpaolo SpA		370		926
Leonardo SpA		10		117
Mediobanca Banca di Credito Finanziario SpA		15		177
Moncler SpA		4		173
Pirelli & C SpA (a)		10		60
Poste Italiane SpA (a)		66		804
Prysmian SpA (b)		6		139
Recordati SpA		3		109
Snam SpA		51		260
Telecom Italia SpA		156		90
Telecom Italia SpA*		226		132
Terna Rete Elettrica Nazionale SpA		35		230
UniCredit SpA		50		633
				16,453
Japan — 3.3%
ABC-Mart, Inc.		1		62
Acom Co. Ltd.		5		22
Advantest Corp.		5		228
Aeon Co. Ltd.		16		328
AEON Financial Service Co. Ltd.		3		44
Aeon Mall Co. Ltd.		3		43
AGC, Inc.		5		165
Air Water, Inc.		4		73
Aisin Seiki Co. Ltd.		4		160
Ajinomoto Co., Inc.		11		209
Alfresa Holdings Corp.		5		103
Alps Alpine Co. Ltd.		5		116
Amada Holdings Co. Ltd.		9		98

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
Japan — continued
ANA Holdings, Inc.		3			93
Aozora Bank Ltd.		3			72
Asahi Group Holdings Ltd.		9			451
Asahi Intecc Co. Ltd.		5			132
Asahi Kasei Corp.		31			349
Astellas Pharma, Inc.		47			803
Bandai Namco Holdings, Inc.		5			301
Bank of Kyoto Ltd. (The)		1			55
Benesse Holdings, Inc.		2			51
Bridgestone Corp.		14			590
Brother Industries Ltd.		6			109
Calbee, Inc.		2			70
Canon, Inc.		25			683
Casio Computer Co. Ltd.		5			81
Central Japan Railway Co.		4			718
Chiba Bank Ltd. (The)		14			77
Chubu Electric Power Co., Inc.		16			240
Chugai Pharmaceutical Co. Ltd.		6			463
Chugoku Electric Power Co., Inc. (The)		7			96
Coca-Cola Bottlers Japan Holdings, Inc.		3			73
Concordia Financial Group Ltd.		28			112
Credit Saison Co. Ltd.		4			59
CyberAgent, Inc.		3			85
Dai Nippon Printing Co. Ltd.		6			163
Daicel Corp.		7			58
Daifuku Co. Ltd.		3			133
Dai-ichi Life Holdings, Inc.		27			435
Daiichi Sankyo Co. Ltd.		14			921
Daikin Industries Ltd.		6			854
Daito Trust Construction Co. Ltd.		2			225
Daiwa House Industry Co. Ltd.		14			485
Daiwa House REIT Investment Corp., REIT		—	(d)		140
Daiwa Securities Group, Inc.		38			171
Denso Corp.		11			501
Dentsu, Inc.		5			190
Disco Corp.		1			131
East Japan Railway Co.		8			681
Eisai Co. Ltd.		6			456
Electric Power Development Co. Ltd.		4			92
FamilyMart Co. Ltd.		6			156
FANUC Corp.		5			967
Fast Retailing Co. Ltd.		1			863
Fuji Electric Co. Ltd.		3			105

INVESTMENTS	SHARES (000)			VALUE (000)
Japan — continued
FUJIFILM Holdings Corp.		9			395
Fujitsu Ltd.		5			434
Fukuoka Financial Group, Inc.		4			81
GMO Payment Gateway, Inc.		1			74
Hakuhodo DY Holdings, Inc.		6			91
Hamamatsu Photonics KK		4			140
Hankyu Hanshin Holdings, Inc.		6			228
Hikari Tsushin, Inc.		1			110
Hino Motors Ltd.		7			70
Hirose Electric Co. Ltd.		1			88
Hisamitsu Pharmaceutical Co., Inc.		1			56
Hitachi Chemical Co. Ltd.		3			82
Hitachi Construction Machinery Co. Ltd.		3			72
Hitachi High-Technologies Corp.		2			106
Hitachi Ltd.		24			900
Hitachi Metals Ltd.		6			70
Honda Motor Co. Ltd.		41			1,096
Hoshizaki Corp.		1			111
Hoya Corp.		10			840
Hulic Co. Ltd.		7			75
Idemitsu Kosan Co. Ltd.		5			141
IHI Corp.		4			89
Iida Group Holdings Co. Ltd.		4			63
Inpex Corp.		25			235
Isetan Mitsukoshi Holdings Ltd.		9			69
Isuzu Motors Ltd.		14			159
ITOCHU Corp.		34			700
Itochu Techno-Solutions Corp.		3			67
J Front Retailing Co. Ltd.		6			76
Japan Airlines Co. Ltd.		3			87
Japan Airport Terminal Co. Ltd.		1			64
Japan Exchange Group, Inc.		13			208
Japan Post Bank Co. Ltd.		11			104
Japan Post Holdings Co. Ltd.		39			360
Japan Prime Realty Investment Corp., REIT		—	(d)		96
Japan Real Estate Investment Corp., REIT		—	(d)		232
Japan Retail Fund Investment Corp., REIT		—	(d)		159
Japan Tobacco, Inc.		30			674
JFE Holdings, Inc.		12			150
JGC Holdings Corp.		6			82
JSR Corp.		5			94
JTEKT Corp.		1			12
JXTG Holdings, Inc.		80			373

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Kajima Corp.		11		154
Kakaku.com, Inc.		3		77
Kamigumi Co. Ltd.		3		63
Kaneka Corp.		1		40
Kansai Electric Power Co., Inc. (The)		18		204
Kansai Paint Co. Ltd.		4		104
Kao Corp.		12		981
Kawasaki Heavy Industries Ltd.		4		89
KDDI Corp.		44		1,212
Keihan Holdings Co. Ltd.		3		118
Keikyu Corp.		6		113
Keio Corp.		3		155
Keisei Electric Railway Co. Ltd.		3		131
Keyence Corp.		12		7,524
Kikkoman Corp.		4		173
Kintetsu Group Holdings Co. Ltd.		4		234
Kirin Holdings Co. Ltd.		21		435
Kobayashi Pharmaceutical Co. Ltd.		1		96
Kobe Steel Ltd.		8		43
Koito Manufacturing Co. Ltd.		3		131
Komatsu Ltd.		165		3,861
Konami Holdings Corp.		2		105
Konica Minolta, Inc.		12		86
Kose Corp.		1		142
Kubota Corp.		26		413
Kuraray Co. Ltd.		8		99
Kurita Water Industries Ltd.		3		75
Kyocera Corp.		8		525
Kyowa Kirin Co. Ltd.		6		110
Kyushu Electric Power Co., Inc.		10		98
Kyushu Railway Co.		4		135
Lawson, Inc.		1		72
LINE Corp.*		2		55
Lion Corp.		6		115
LIXIL Group Corp.		7		128
M3, Inc.		11		261
Makita Corp.		6		185
Marubeni Corp.		39		273
Marui Group Co. Ltd.		5		109
Maruichi Steel Tube Ltd.		2		41
Mazda Motor Corp.		14		129
McDonald’s Holdings Co. Japan Ltd.		2		85
Mebuki Financial Group, Inc.		12		30

INVESTMENTS	SHARES (000)			VALUE (000)
Japan — continued
Medipal Holdings Corp.		5			103
MEIJI Holdings Co. Ltd.		3			202
Mercari, Inc.*		2			43
MINEBEA MITSUMI, Inc.		9			173
MISUMI Group, Inc.		7			176
Mitsubishi Chemical Holdings Corp.		32			242
Mitsubishi Corp.		34			855
Mitsubishi Electric Corp.		45			649
Mitsubishi Estate Co. Ltd.		29			569
Mitsubishi Gas Chemical Co., Inc.		4			59
Mitsubishi Heavy Industries Ltd.		8			324
Mitsubishi Materials Corp.		3			83
Mitsubishi Motors Corp.		17			79
Mitsubishi Tanabe Pharma Corp.		6			69
Mitsubishi UFJ Financial Group, Inc.		305			1,583
Mitsubishi UFJ Lease & Finance Co. Ltd.		11			64
Mitsui & Co. Ltd.		41			706
Mitsui Chemicals, Inc.		5			109
Mitsui Fudosan Co. Ltd.		99			2,535
Mitsui OSK Lines Ltd.		3			76
Mizuho Financial Group, Inc.		599			930
MonotaRO Co. Ltd.		3			97
MS&AD Insurance Group Holdings, Inc.		12			378
Murata Manufacturing Co. Ltd.		14			779
Nabtesco Corp.		3			92
Nagoya Railroad Co. Ltd.		5			153
NEC Corp.		6			242
Nexon Co. Ltd.*		12			141
NGK Insulators Ltd.		7			104
NGK Spark Plug Co. Ltd.		4			77
NH Foods Ltd.		2			88
Nidec Corp.		6			824
Nikon Corp.		8			102
Nintendo Co. Ltd.		3			1,027
Nippon Building Fund, Inc., REIT		—	(d)		250
Nippon Electric Glass Co. Ltd.		2			47
Nippon Express Co. Ltd.		2			114
Nippon Paint Holdings Co. Ltd.		4			196
Nippon Prologis REIT, Inc., REIT		—	(d)		145
Nippon Steel Corp.		20			292
Nippon Telegraph & Telephone Corp.		16			794
Nippon Yusen KK		4			72
Nissan Chemical Corp.		3			127

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Nissan Motor Co. Ltd.		58			364
Nisshin Seifun Group, Inc.		5			101
Nissin Foods Holdings Co. Ltd.		2			121
Nitori Holdings Co. Ltd.		2			304
Nitto Denko Corp.		4			221
Nomura Holdings, Inc.		83			375
Nomura Real Estate Holdings, Inc.		3			76
Nomura Real Estate Master Fund, Inc., REIT		—	(d)		195
Nomura Research Institute Ltd.		8			178
NSK Ltd.		9			82
NTT Data Corp.		16			206
NTT DOCOMO, Inc.		33			910
Obayashi Corp.		17			173
Obic Co. Ltd.		2			200
Odakyu Electric Railway Co. Ltd.		7			180
Oji Holdings Corp.		22			111
Olympus Corp.		29			393
Omron Corp.		5			281
Ono Pharmaceutical Co. Ltd.		9			177
Oracle Corp.		1			79
Oriental Land Co. Ltd.		5			733
ORIX Corp.		33			517
Osaka Gas Co. Ltd.		9			184
Otsuka Corp.		3			109
Otsuka Holdings Co. Ltd.		10			400
Pan Pacific International Holdings Corp.		11			173
Panasonic Corp.		55			461
Park24 Co. Ltd.		3			71
PeptiDream, Inc.*		2			115
Persol Holdings Co. Ltd.		4			85
Pigeon Corp.		3			137
Pola Orbis Holdings, Inc.		2			45
Rakuten, Inc.		21			203
Recruit Holdings Co. Ltd.		34			1,120
Renesas Electronics Corp.*		19			129
Resona Holdings, Inc.		52			226
Ricoh Co. Ltd.		17			149
Rinnai Corp.		1			51
Rohm Co. Ltd.		2			182
Ryohin Keikaku Co. Ltd.		103			2,293
Sankyo Co. Ltd.		1			42
Santen Pharmaceutical Co. Ltd.		9			159
SBI Holdings, Inc.		6			128

INVESTMENTS	SHARES (000)		VALUE (000)
Japan — continued
Secom Co. Ltd.		5		482
Sega Sammy Holdings, Inc.		5		63
Seibu Holdings, Inc.		5		92
Seiko Epson Corp.		7		98
Sekisui Chemical Co. Ltd.		9		159
Sekisui House Ltd.		16		334
Seven & i Holdings Co. Ltd.		19		707
Seven Bank Ltd.		16		45
SG Holdings Co. Ltd.		4		92
Sharp Corp.		6		63
Shimadzu Corp.		6		150
Shimamura Co. Ltd.		1		42
Shimano, Inc.		2		300
Shimizu Corp.		15		137
Shin-Etsu Chemical Co. Ltd.		9		1,004
Shinsei Bank Ltd.		5		78
Shionogi & Co. Ltd.		7		402
Shiseido Co. Ltd.		39		3,183
Shizuoka Bank Ltd. (The)		11		85
Showa Denko KK		4		98
SMC Corp.		7		3,197
Softbank Corp.		42		572
SoftBank Group Corp.		41		1,577
Sohgo Security Services Co. Ltd.		2		92
Sompo Holdings, Inc.		8		326
Sony Corp.		85		5,180
Sony Financial Holdings, Inc.		4		84
Stanley Electric Co. Ltd.		3		94
Subaru Corp.		15		438
SUMCO Corp.		7		108
Sumitomo Chemical Co. Ltd.		37		169
Sumitomo Corp.		30		481
Sumitomo Dainippon Pharma Co. Ltd.		4		72
Sumitomo Electric Industries Ltd.		19		258
Sumitomo Heavy Industries Ltd.		3		84
Sumitomo Metal Mining Co. Ltd.		6		194
Sumitomo Mitsui Financial Group, Inc.		33		1,172
Sumitomo Mitsui Trust Holdings, Inc.		8		299
Sumitomo Realty & Development Co. Ltd.		8		301
Sumitomo Rubber Industries Ltd.		4		58
Sundrug Co. Ltd.		2		63
Suntory Beverage & Food Ltd.		3		145
Suzuken Co. Ltd.		2		96

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Suzuki Motor Corp.		9			430
Sysmex Corp.		4			268
T&D Holdings, Inc.		14			154
Taiheiyo Cement Corp.		3			88
Taisei Corp.		5			201
Taisho Pharmaceutical Holdings Co. Ltd.		1			50
Taiyo Nippon Sanso Corp.		3			80
Takeda Pharmaceutical Co. Ltd.		37			1,337
TDK Corp.		3			326
Teijin Ltd.		3			54
Terumo Corp.		16			522
THK Co. Ltd.		3			89
Tobu Railway Co. Ltd.		5			160
Toho Co. Ltd.		3			113
Toho Gas Co. Ltd.		2			74
Tohoku Electric Power Co., Inc.		11			114
Tokio Marine Holdings, Inc.		62			3,325
Tokyo Century Corp.		1			51
Tokyo Electric Power Co. Holdings, Inc.*		38			176
Tokyo Electron Ltd.		4			790
Tokyo Gas Co. Ltd.		10			234
Tokyu Corp.		129			2,436
Tokyu Fudosan Holdings Corp.		16			105
Toppan Printing Co. Ltd.		7			130
Toray Industries, Inc.		35			244
Toshiba Corp.		13			441
Tosoh Corp.		7			92
TOTO Ltd.		4			147
Toyo Seikan Group Holdings Ltd.		4			59
Toyo Suisan Kaisha Ltd.		2			97
Toyoda Gosei Co. Ltd.		2			40
Toyota Industries Corp.		4			216
Toyota Motor Corp.		144			10,012
Toyota Tsusho Corp.		5			179
Trend Micro, Inc.		3			157
Tsuruha Holdings, Inc.		1			101
Unicharm Corp.		10			339
United Urban Investment Corp., REIT		—	(d)		145
USS Co. Ltd.		6			110
Welcia Holdings Co. Ltd.		1			63
West Japan Railway Co.		4			356
Yakult Honsha Co. Ltd.		3			172
Yamada Denki Co. Ltd.		16			79

INVESTMENTS	SHARES (000)			VALUE (000)
Japan — continued
Yamaha Corp.		4			168
Yamaha Motor Co. Ltd.		7			135
Yamato Holdings Co. Ltd.		8			128
Yamazaki Baking Co. Ltd.		3			53
Yaskawa Electric Corp.		6			224
Yokogawa Electric Corp.		6			108
Yokohama Rubber Co. Ltd. (The)		2			40
Z Holdings Corp.		66			204
ZOZO, Inc.		5			116
					120,178
Luxembourg — 0.0% (c)
ArcelorMittal		16			245
Eurofins Scientific SE		—	(d)		145
RTL Group SA		1			32
SES SA, FDR		9			175
Tenaris SA		12			119
					716
Macau — 0.1%
Galaxy Entertainment Group Ltd.		53			365
MGM China Holdings Ltd.		25			39
Sands China Ltd.		657			3,237
SJM Holdings Ltd.		51			55
Wynn Macau Ltd.		38			83
					3,779
Malaysia — 0.0% (c)
Public Bank Bhd.		186			904
Mexico — 0.2%
Fomento Economico Mexicano SAB de CV, ADR		23			2,006
Fresnillo plc		6			53
Grupo Financiero Banorte SAB de CV, Class O		616			3,368
Wal-Mart de Mexico SAB de CV		892			2,673
					8,100
Netherlands — 1.1%
ABN AMRO Bank NV, CVA (a)		49			918
Adyen NV* (a)		—	(d)		182
Aegon NV		44			192
Akzo Nobel NV		40			3,712
ASM International NV		11			1,139
ASML Holding NV		48			12,471
ASR Nederland NV		21			758
EXOR NV		3			206

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
Netherlands — continued
Heineken Holding NV		3		273
Heineken NV		6		657
ING Groep NV		97		1,095
Koninklijke Ahold Delhaize NV		59		1,474
Koninklijke DSM NV		5		535
Koninklijke KPN NV		89		275
Koninklijke Philips NV		23		1,009
Koninklijke Vopak NV		2		96
NN Group NV		37		1,399
NXP Semiconductors NV		7		805
Randstad NV		3		164
Royal Dutch Shell plc, Class A		108		3,133
Royal Dutch Shell plc, Class A (b)		200		5,796
Royal Dutch Shell plc, Class B		93		2,678
Wolters Kluwer NV		16		1,191
				40,158
New Zealand — 0.0% (c)
a2 Milk Co. Ltd.*		18		151
Auckland International Airport Ltd.		24		143
Fisher & Paykel Healthcare Corp. Ltd.		14		175
Fletcher Building Ltd.		22		65
Meridian Energy Ltd.		31		91
Ryman Healthcare Ltd.		10		86
Spark New Zealand Ltd.		46		131
				842
Norway — 0.1%
Aker BP ASA		3		78
DNB ASA		99		1,803
Equinor ASA		25		461
Gjensidige Forsikring ASA		5		87
Mowi ASA		11		266
Norsk Hydro ASA		33		118
Orkla ASA		19		182
Schibsted ASA, Class B		3		71
Telenor ASA		87		1,630
Yara International ASA		4		172
				4,868
Peru — 0.2%
Credicorp Ltd.		30		6,435

INVESTMENTS	SHARES (000)		VALUE (000)
Portugal — 0.0% (c)
EDP — Energias de Portugal SA		64		262
Galp Energia SGPS SA		12		199
Jeronimo Martins SGPS SA		6		105
				566
Russia — 0.1%
Evraz plc		12		59
Sberbank of Russia PJSC		1,081		3,961
Sberbank of Russia PJSC, ADR		74		1,094
Sberbank of Russia PJSC, ADR		10		154
				5,268
Singapore — 0.1%
Ascendas, REIT		65		150
CapitaLand Commercial Trust, REIT		59		88
CapitaLand Ltd.		64		168
CapitaLand Mall Trust, REIT		64		120
City Developments Ltd.		12		93
ComfortDelGro Corp. Ltd.		54		91
DBS Group Holdings Ltd.		45		848
Genting Singapore Ltd.		157		108
Golden Agri-Resources Ltd.		166		25
Jardine Cycle & Carriage Ltd.		3		63
Keppel Corp. Ltd.		36		182
Oversea-Chinese Banking Corp. Ltd.		79		637
SATS Ltd.		13		47
Sembcorp Industries Ltd.		12		21
Singapore Airlines Ltd.		14		97
Singapore Exchange Ltd.		21		137
Singapore Press Holdings Ltd.		42		68
Singapore Technologies Engineering Ltd.		41		119
Singapore Telecommunications Ltd.		203		491
Suntec, REIT		51		69
United Overseas Bank Ltd.		31		614
UOL Group Ltd.		12		69
Venture Corp. Ltd.		7		82
Wilmar International Ltd.		48		131
				4,518
South Africa — 0.4%
Anglo American plc		26		673
Bid Corp. Ltd.		121		2,825
Bidvest Group Ltd. (The)		73		999
Capitec Bank Holdings Ltd.		22		2,027
FirstRand Ltd.		698		3,019

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
South Africa — continued
Investec plc		17		96
Mr Price Group Ltd.		51		537
RMB Holdings Ltd.		183		963
Sanlam Ltd.		296		1,560
Tiger Brands Ltd.		54		765
				13,464
South Korea — 0.3%
NAVER Corp.		15		2,124
Samsung Electronics Co. Ltd.		217		9,380
				11,504
Spain — 0.4%
ACS Actividades de Construccion y Servicios SA		7		264
Aena SME SA (a)		2		308
Amadeus IT Group SA		11		806
Banco Bilbao Vizcaya Argentaria SA		166		872
Banco de Sabadell SA		140		154
Banco Santander SA		417		1,676
Bankia SA		32		61
Bankinter SA		17		121
CaixaBank SA		89		256
Cellnex Telecom SA* (a)		6		268
Enagas SA		6		139
Endesa SA		8		215
Ferrovial SA		12		354
Grifols SA		7		239
Iberdrola SA		323		3,323
Industria de Diseno Textil SA		85		2,640
Mapfre SA		25		69
Masmovil Ibercom SA*		26		608
Naturgy Energy Group SA		7		203
Red Electrica Corp. SA		11		216
Repsol SA		137		2,264
Siemens Gamesa Renewable Energy SA		6		81
Telefonica SA		116		891
				16,028
Sweden — 0.5%
Alfa Laval AB		8		189
Assa Abloy AB, Class B		25		591
Atlas Copco AB, Class A		17		589
Atlas Copco AB, Class B		10		301
Boliden AB		7		183
Electrolux AB, Series B		6		147

INVESTMENTS	SHARES (000)			VALUE (000)
Sweden — continued
Epiroc AB, Class A		16			184
Epiroc AB, Class B		10			110
Essity AB, Class B		15			471
Evolution Gaming Group AB (a)		25			586
Hennes & Mauritz AB, Class B		20			418
Hexagon AB, Class B		6			331
Husqvarna AB, Class B		11			83
ICA Gruppen AB		2			99
Industrivarden AB, Class C		3			68
Investor AB, Class B		11			580
Kinnevik AB, Class B		6			164
L E Lundbergforetagen AB, Class B		2			74
Lundin Petroleum AB		5			154
Sandvik AB		28			495
Securitas AB, Class B		8			125
Skandinaviska Enskilda Banken AB, Class A		40			388
Skanska AB, Class B		8			180
SKF AB, Class B		9			171
Svenska Handelsbanken AB, Class A		625			6,271
Swedbank AB, Class A		22			315
Swedish Match AB		4			198
Tele2 AB, Class B		12			178
Telefonaktiebolaget LM Ericsson, Class B		196			1,710
Telia Co. AB		68			299
Volvo AB, Class B		87			1,305
					16,957
Switzerland — 2.2%
ABB Ltd. (Registered)		46			961
Adecco Group AG (Registered)		4			234
Alcon, Inc.*		45			2,675
Baloise Holding AG (Registered)		1			234
Barry Callebaut AG (Registered)		—	(d)		120
Chocoladefabriken Lindt & Spruengli AG		—	(d)		201
Chocoladefabriken Lindt & Spruengli AG (Registered)		—	(d)		164
Cie Financiere Richemont SA (Registered)		13			1,018
Clariant AG (Registered)*		5			101
Coca-Cola HBC AG*		5			157
Credit Suisse Group AG (Registered)*		63			786
Dufry AG (Registered)*		1			97
EMS-Chemie Holding AG (Registered)		—	(d)		133
Geberit AG (Registered)		1			467
Givaudan SA (Registered)		—	(d)		676

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
Switzerland — continued
Glencore plc*		273			823
Julius Baer Group Ltd.*		6			246
Kuehne + Nagel International AG (Registered)		1			216
LafargeHolcim Ltd. (Registered)*		92			4,726
Logitech International SA (Registered)		20			829
Lonza Group AG (Registered)*		2			666
Nestle SA (Registered)		238			25,499
Novartis AG (Registered)		186			16,248
Pargesa Holding SA		1			79
Partners Group Holding AG		—	(d)		363
Roche Holding AG		29			8,667
Schindler Holding AG		1			248
Schindler Holding AG (Registered)		1			124
SGS SA (Registered)		—	(d)		347
Sika AG (Registered)		3			545
Sonova Holding AG (Registered)		1			316
STMicroelectronics NV		55			1,247
Straumann Holding AG (Registered)		—	(d)		231
Swatch Group AG (The)		1			202
Swatch Group AG (The) (Registered)		1			78
Swiss Life Holding AG (Registered)		1			425
Swiss Prime Site AG (Registered)*		2			203
Swiss Re AG		34			3,574
Swisscom AG (Registered)		3			1,508
Temenos AG (Registered)*		2			231
UBS Group AG (Registered)*		96			1,134
Vifor Pharma AG		1			178
Zurich Insurance Group AG		9			3,716
					80,693
Taiwan — 0.9%
Delta Electronics, Inc.		432			1,896
Largan Precision Co. Ltd.		8			1,174
President Chain Store Corp.		376			3,751
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		488			25,208
					32,029
Thailand — 0.1%
Siam Cement PCL (The) (Registered)		153			1,875
Siam Commercial Bank PCL (The)		205			765
					2,640
Turkey — 0.0% (c)
KOC Holding A/S		204			668

INVESTMENTS	SHARES (000)		VALUE (000)
United Arab Emirates — 0.0% (c)
NMC Health plc		2		66
United Kingdom — 2.8%
3i Group plc		24		353
Admiral Group plc		4		113
Ashtead Group plc		12		353
Associated British Foods plc		9		255
AstraZeneca plc		33		3,176
Auto Trader Group plc (a)		23		168
Aviva plc		97		524
BAE Systems plc		80		594
Barclays plc		428		928
Barratt Developments plc		25		206
Berkeley Group Holdings plc		3		173
BP plc		1,535		9,737
British American Tobacco plc		57		1,992
British Land Co. plc (The), REIT		22		180
BT Group plc		209		556
Bunzl plc		8		217
Burberry Group plc		118		3,121
Centrica plc		142		134
CK Hutchison Holdings Ltd.		67		622
CNH Industrial NV		25		275
Coca-Cola European Partners plc		6		313
Compass Group plc		39		1,049
Croda International plc		3		199
DCC plc		2		229
Diageo plc		256		10,479
Direct Line Insurance Group plc		36		126
easyJet plc		4		66
Experian plc		23		712
Fiat Chrysler Automobiles NV		27		418
G4S plc		39		103
GlaxoSmithKline plc		331		7,592
GVC Holdings plc		14		167
Halma plc		9		229
Hargreaves Lansdown plc		7		162
HSBC Holdings plc		502		3,796
Imperial Brands plc		24		521
Informa plc		31		312
InterContinental Hotels Group plc		4		260
Intertek Group plc		4		278
ITV plc		90		156

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
United Kingdom — continued
J Sainsbury plc		44		116
John Wood Group plc		17		74
Johnson Matthey plc		5		191
Kingfisher plc		52		141
Land Securities Group plc, REIT		17		213
Legal & General Group plc		1,359		4,647
Linde plc		27		5,412
Lloyds Banking Group plc		1,761		1,296
London Stock Exchange Group plc		45		4,022
M&G plc*		531		1,469
Marks & Spencer Group plc		48		114
Meggitt plc		19		156
Melrose Industries plc		121		333
Merlin Entertainments plc (a)		18		105
Micro Focus International plc		9		117
Mondi plc		12		250
National Grid plc		85		990
Next plc		3		287
Ocado Group plc*		11		195
Pearson plc		19		171
Persimmon plc		8		233
Prudential plc		295		5,160
Reckitt Benckiser Group plc		18		1,360
RELX plc		48		1,166
RELX plc		137		3,291
Rentokil Initial plc		46		270
Rolls-Royce Holdings plc*		43		392
Royal Bank of Scotland Group plc		120		332
RSA Insurance Group plc		26		173
Sage Group plc (The)		27		251
Schroders plc		3		124
Segro plc, REIT		27		297
Severn Trent plc		6		172
Smith & Nephew plc		195		4,180
Smiths Group plc		10		205
Spirax-Sarco Engineering plc		2		188
SSE plc		26		427
St James’s Place plc		13		178
Standard Chartered plc		69		629
Standard Life Aberdeen plc		60		237
Taylor Wimpey plc		81		175
Tesco plc		243		742
Unilever NV (b)		115		6,813

INVESTMENTS	SHARES (000)			VALUE (000)
United Kingdom — continued
Unilever plc		28			1,650
United Utilities Group plc		17			191
Vodafone Group plc		664			1,354
Weir Group plc (The)		6			113
Whitbread plc		3			175
Wm Morrison Supermarkets plc		59			153
WPP plc		31			391
					102,165
United States — 24.0%
AbbVie, Inc.		33			2,610
Acadia Healthcare Co., Inc.*		32			965
Advanced Micro Devices, Inc.*		94			3,190
AdvanSix, Inc.*		28			648
Alexion Pharmaceuticals, Inc.*		23			2,440
Alleghany Corp.*		2			1,663
Allergan plc		20			3,471
Alphabet, Inc., Class A*		4			4,724
Alphabet, Inc., Class C* (e)		19			24,488
Altice USA, Inc., Class A*		74			2,284
Amazon.com, Inc.*		13			23,168
American Electric Power Co., Inc.		55			5,178
American Express Co.		51			6,036
American Homes 4 Rent, Class A, REIT		79			2,081
American International Group, Inc.		81			4,276
AmerisourceBergen Corp.		22			1,867
AMETEK, Inc.		20			1,806
Amphenol Corp., Class A		18			1,784
Analog Devices, Inc.		58			6,190
Anthem, Inc.		7			1,872
Apple, Inc. (e)		89			22,055
Arista Networks, Inc.*		6			1,373
Arrow Electronics, Inc.*		38			3,021
Automatic Data Processing, Inc.		23			3,735
AutoZone, Inc.*		5			5,409
Avaya Holdings Corp.*		19			232
Avery Dennison Corp.		17			2,223
Ball Corp.		93			6,485
Bank of America Corp.		415			12,983
Berkshire Hathaway, Inc., Class A*		—	(d)		2,552
Berkshire Hathaway, Inc., Class B*		5			1,169
Best Buy Co., Inc.		26			1,894
BlackRock, Inc.		4			1,724
Boeing Co. (The)		4			1,455

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Common Stocks — continued
United States — continued
Booz Allen Hamilton Holding Corp.		33			2,311
Boston Scientific Corp.*		104			4,330
Brinker International, Inc. (b)		39			1,738
Bristol-Myers Squibb Co.		67			3,823
Brixmor Property Group, Inc., REIT		140			3,090
Capital One Financial Corp. (e)		85			7,928
Carlisle Cos., Inc.		13			1,948
Carnival plc		4			163
Catalent, Inc.*		25			1,207
CBRE Group, Inc., Class A* (e)		110			5,898
CBS Corp.(Non-Voting), Class B		45			1,639
Celgene Corp.*		33			3,542
Charles Schwab Corp. (The)		123			4,988
Charter Communications, Inc., Class A*		24			11,380
Chevron Corp.		110			12,816
Chubb Ltd.		19			2,910
Cigna Corp.		45			7,991
Cisco Systems, Inc. (e)		63			2,975
Citigroup, Inc.		194			13,967
Citizens Financial Group, Inc.		105			3,701
Claire’s Stores, Inc.* ‡		—	(d)		212
Clear Channel Outdoor Holdings, Inc.*		61			142
Clorox Co. (The)		6			956
Coca-Cola Co. (The)		180			9,797
Columbia Sportswear Co.		16			1,406
Comcast Corp., Class A		201			9,013
CommScope Holding Co., Inc.*		118			1,327
ConocoPhillips		88			4,836
Copart, Inc.*		32			2,609
Coty, Inc., Class A		108			1,260
CyberArk Software Ltd.*		1			95
Delta Air Lines, Inc. (e)		103			5,682
DexCom, Inc.*		12			1,821
Diamondback Energy, Inc.		62			5,295
Discovery, Inc., Class A* (b)		73			1,967
DISH Network Corp., Class A*		76			2,606
Dover Corp.		28			2,876
Duke Energy Corp.		22			2,081
DuPont de Nemours, Inc.		30			1,968
East West Bancorp, Inc.		34			1,477
EastGroup Properties, Inc., REIT		11			1,540
Edison International		39			2,470
Elanco Animal Health, Inc.*		41			1,118

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Eli Lilly & Co.		40		4,554
Energizer Holdings, Inc. (b)		55		2,335
Entercom Communications Corp., Class A (e)		260		904
EOG Resources, Inc.		17		1,158
EQT Corp.		115		1,235
Equitrans Midstream Corp.		80		1,119
Eversource Energy		27		2,292
Exact Sciences Corp.*		18		1,575
Exelixis, Inc.*		64		986
Expedia Group, Inc.		28		3,788
Facebook, Inc., Class A* (e)		10		1,836
Fair Isaac Corp.*		3		847
Federal Realty Investment Trust, REIT		16		2,201
Ferguson plc		52		4,477
Fidelity National Information Services, Inc.		22		2,964
Fifth Third Bancorp		65		1,900
First Republic Bank		37		3,901
Fiserv, Inc.* (e)		67		7,145
Fortune Brands Home & Security, Inc.		34		2,048
FTI Consulting, Inc.*		8		912
Garmin Ltd.		20		1,889
Generac Holdings, Inc.*		27		2,644
Genuine Parts Co.		9		961
Global Payments, Inc.		26		4,413
Goodman Networks, Inc.* ‡		2		—
Graphic Packaging Holding Co.		144		2,253
Hartford Financial Services Group, Inc. (The)		50		2,855
HCA Healthcare, Inc.		12		1,596
Hewlett Packard Enterprise Co.		51		838
Hilton Worldwide Holdings, Inc.		35		3,411
Home Depot, Inc. (The)		58		13,491
Honeywell International, Inc.		85		14,750
iHeartMedia, Inc., Class A*		1		8
IHS Markit Ltd.*		28		1,947
Illinois Tool Works, Inc. (e)		21		3,546
Illumina, Inc.*		6		1,816
Ingersoll-Rand plc		12		1,485
Intercept Pharmaceuticals, Inc.*		7		500
Intercontinental Exchange, Inc.		35		3,326
Intuit, Inc.		13		3,225
Intuitive Surgical, Inc.*		4		2,274
Invesco Ltd.		53		897
James Hardie Industries plc, CHDI		11		187

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
United States — continued
Jazz Pharmaceuticals plc*		14		1,736
Johnson & Johnson		29		3,764
Kansas City Southern		24		3,318
Keurig Dr Pepper, Inc. (b)		55		1,540
KeyCorp		226		4,062
Keysight Technologies, Inc.*		23		2,339
Kimco Realty Corp., REIT		121		2,617
Kinder Morgan, Inc.		187		3,729
KLA Corp.		12		2,074
Kohl’s Corp.		46		2,334
Loews Corp. (e)		135		6,619
Lowe’s Cos., Inc.		19		2,166
Lululemon Athletica, Inc.*		10		1,998
Lyft, Inc., Class A*		18		729
M&T Bank Corp.		34		5,253
Marathon Petroleum Corp.		51		3,263
Marsh & McLennan Cos., Inc.		30		3,072
Martin Marietta Materials, Inc.		21		5,376
Mastercard, Inc., Class A		49		13,636
McKesson Corp.		18		2,343
Medtronic plc		25		2,722
Merck & Co., Inc.		145		12,539
Microchip Technology, Inc.		10		962
Microsoft Corp. (e)		261		37,448
Mid-America Apartment Communities, Inc., REIT		32		4,407
Middleby Corp. (The)*		13		1,522
Molson Coors Brewing Co., Class B		16		817
Morgan Stanley		266		12,235
Murphy USA, Inc.*		18		2,077
Nasdaq, Inc.		18		1,827
National Vision Holdings, Inc.*		33		784
Netflix, Inc.*		20		5,868
New York Times Co. (The), Class A		33		1,032
Nexstar Media Group, Inc., Class A		26		2,488
NextEra Energy, Inc.		59		13,963
NiSource, Inc.		33		918
Nordson Corp.		8		1,328
Nordstrom, Inc.		54		1,950
Norfolk Southern Corp.		29		5,356
Northern Trust Corp.		24		2,360
NVIDIA Corp. (e)		26		5,249
Old Dominion Freight Line, Inc.		11		2,010
O’Reilly Automotive, Inc.*		18		7,775

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Outfront Media, Inc., REIT		92		2,427
Packaging Corp. of America		25		2,741
Parker-Hannifin Corp.		7		1,300
Parsley Energy, Inc., Class A		81		1,282
PayPal Holdings, Inc.*		41		4,247
PBF Energy, Inc., Class A		45		1,439
Penn Virginia Corp.*		1		13
Pfizer, Inc.		200		7,662
Philip Morris International, Inc.		44		3,602
Phillips 66		24		2,846
Pioneer Natural Resources Co.		31		3,796
PNC Financial Services Group, Inc. (The)		51		7,477
Post Holdings, Inc.*		28		2,831
Procter & Gamble Co. (The)		41		5,136
Progressive Corp. (The)		32		2,230
Prologis, Inc., REIT		31		2,698
Prudential Financial, Inc.		12		1,085
Public Storage, REIT		15		3,425
QIAGEN NV*		6		169
QUALCOMM, Inc. (e)		42		3,410
Rayonier, Inc., REIT		71		1,904
Regeneron Pharmaceuticals, Inc.*		5		1,633
Remington Outdoor Co., Inc.* ‡		2		3
Ross Stores, Inc.		42		4,555
S&P Global, Inc.		13		3,367
Sage Therapeutics, Inc.*		5		663
salesforce.com, Inc.* (e)		53		8,319
ServiceNow, Inc.*		10		2,410
Slack Technologies, Inc., Class A* (b)		56		1,237
Softwareone Holding AG*		36		665
Southwest Airlines Co.		23		1,286
Splunk, Inc.*		8		986
Spotify Technology SA*		14		2,063
Stanley Black & Decker, Inc.		33		5,045
SunTrust Banks, Inc.		68		4,658
Synopsys, Inc.*		14		1,845
T. Rowe Price Group, Inc.		42		4,892
Take-Two Interactive Software, Inc.*		28		3,374
TD Ameritrade Holding Corp.		14		545
Teladoc Health, Inc.* (b)		37		2,827
Tesla, Inc.* (b)		6		1,959
Texas Instruments, Inc. (e)		31		3,676
TherapeuticsMD, Inc.* (b)		138		368

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Long Positions — continued
Common Stocks — continued
United States — continued
Thermo Fisher Scientific, Inc.		12		3,610
Tiffany & Co.		23		2,865
TJX Cos., Inc. (The)		85		4,890
Tractor Supply Co.		20		1,874
Trade Desk, Inc. (The), Class A*		7		1,410
Travelers Cos., Inc. (The)		34		4,444
Union Pacific Corp.		18		2,941
United Parcel Service, Inc., Class B		31		3,569
United Technologies Corp.		26		3,681
UnitedHealth Group, Inc. (e)		83		20,923
US Bancorp		69		3,938
Veeva Systems, Inc., Class A*		10		1,411
Ventas, Inc., REIT		49		3,175
Verizon Communications, Inc. (e)		93		5,651
Vertex Pharmaceuticals, Inc.*		23		4,476
Visa, Inc., Class A (e)		28		4,966
Vistra Energy Corp.		17		463
Vulcan Materials Co.		17		2,404
Walgreens Boots Alliance, Inc.		53		2,919
Waste Connections, Inc.		53		4,880
Wayfair, Inc., Class A* (e)		8		677
Wells Fargo & Co. (e)		164		8,487
Westrock Co.		63		2,357
Weyerhaeuser Co., REIT		45		1,306
Williams Cos., Inc. (The)		126		2,805
Willis Towers Watson plc		12		2,165
Xcel Energy, Inc.		120		7,641
Xilinx, Inc.		13		1,208
Zebra Technologies Corp., Class A*		10		2,424
Zimmer Biomet Holdings, Inc.		38		5,315
Zscaler, Inc.*		17		761
				881,776
Total Common Stocks (Cost $1,507,129)				1,812,725
	PRINCIPAL AMOUNT (000)
Corporate Bonds — 12.4%
Argentina — 0.0%(c)
YPF Energia Electrica SA 10.00%, 7/25/2026 (f)		75		57
YPF SA
8.75%, 4/4/2024 (a)		40		33
6.95%, 7/21/2027 (a)		27		20

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Argentina — continued
8.50%, 6/27/2029 (f)		150		114
				224
Australia — 0.2%
Australia & New Zealand Banking Group Ltd.
2.13%, 8/19/2020		250		251
2.70%, 11/16/2020		300		302
Commonwealth Bank of Australia
2.25%, 3/10/2020 (f)		83		83
2.55%, 3/15/2021		250		253
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (f)		168		173
5.13%, 3/15/2023 (f)		140		146
5.13%, 5/15/2024 (f)		230		242
Macquarie Bank Ltd. (ICE LIBOR USD 3 Month + 0.45%), 2.62%, 8/6/2021 (f) (g)		450		450
Macquarie Group Ltd. 6.25%, 1/14/2021 (f)		805		843
National Australia Bank Ltd.
(ICE LIBOR USD 3 Month + 0.51%), 2.66%, 5/22/2020 (f) (g)		250		251
2.50%, 1/12/2021		1,050		1,056
Scentre Group Trust 1
REIT, 2.38%, 11/5/2019 (f)		190		190
REIT, 2.38%, 4/28/2021 (f)		52		52
Suncorp-Metway Ltd. 2.35%, 4/27/2020 (f)		233		233
Westpac Banking Corp.
2.65%, 1/25/2021		300		303
2.10%, 5/13/2021		640		642
				5,470
Bahrain — 0.0%(c)
Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020 (a)		300		300
BBK BSC 5.50%, 7/9/2024 (a)		200		203
Oil and Gas Holding Co. BSCC (The) 7.63%, 11/7/2024 (f)		200		227
				730
Belarus — 0.0%(c)
Development Bank of the Republic of Belarus JSC
6.75%, 5/2/2024 (f)		200		210
Brazil — 0.0% (c)
Braskem Netherlands Finance BV 4.50%, 1/31/2030 (f)		200		198

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
Brazil — continued
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (f)		200		233
Itau Unibanco Holding SA 6.20%, 12/21/2021 (a)		200		213
Klabin Austria GmbH 7.00%, 4/3/2049 (f)		200		217
MV24 Capital BV 6.75%, 6/1/2034 (f)		200		209
Petrobras Global Finance BV
5.09%, 1/15/2030 (f)		19		20
6.90%, 3/19/2049		370		429
				1,519
Canada — 0.6%
1011778 BC ULC 4.25%, 5/15/2024 (f)		3,602		3,697
Advanz Pharma Corp. 8.00%, 9/6/2024		361		344
Alimentation Couche-Tard, Inc. 2.35%, 12/13/2019 (f)		96		96
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (f)		294		304
Bank of Montreal
(ICE LIBOR USD 3 Month + 0.40%), 2.35%, 1/22/2021 (g)		641		642
(ICE LIBOR USD 3 Month + 0.40%), 2.53%, 9/10/2021 (g)		700		702
Bank of Nova Scotia (The)
2.15%, 7/14/2020		700		701
2.35%, 10/21/2020		90		90
(ICE LIBOR USD 3 Month + 0.42%), 2.36%, 1/25/2021 (g)		650		652
3.13%, 4/20/2021		680		693
Bombardier, Inc.
6.00%, 10/15/2022 (f)		1,256		1,224
7.50%, 3/15/2025 (f)		93		89
7.88%, 4/15/2027 (f)		769		727
Canadian Imperial Bank of Commerce 2.70%, 2/2/2021		845		854
Federation des Caisses Desjardins du Quebec 2.25%, 10/30/2020 (f)		300		301
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (f)		1,003		1,031
Hudbay Minerals, Inc.
7.25%, 1/15/2023 (f)		145		150
7.63%, 1/15/2025 (f)		145		147
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (f)		199		208
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (f)		348		304

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Canada — continued
MEG Energy Corp.
7.00%, 3/31/2024 (b) (f)		302		283
6.50%, 1/15/2025 (f)		120		125
National Bank of Canada 2.20%, 11/2/2020		1,050		1,053
NOVA Chemicals Corp.
5.00%, 5/1/2025 (f)		538		541
5.25%, 6/1/2027 (f)		331		340
Open Text Corp. 5.88%, 6/1/2026 (f)		873		931
Precision Drilling Corp.
5.25%, 11/15/2024		45		38
7.13%, 1/15/2026 (f)		517		447
Quebecor Media, Inc. 5.75%, 1/15/2023		81		88
Royal Bank of Canada
2.35%, 10/30/2020		1,050		1,056
2.50%, 1/19/2021		300		302
Stars Group Holdings BV 7.00%, 7/15/2026 (f)		335		361
Toronto-Dominion Bank (The)
2.50%, 12/14/2020		1,050		1,058
2.55%, 1/25/2021		300		302
Videotron Ltd.
5.38%, 6/15/2024 (f)		116		126
5.13%, 4/15/2027 (f)		315		335
				20,342
Cayman Islands — 0.0% (c)
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (f)		360		250
Global Aircraft Leasing Co. Ltd. 13.75% (Blend (cash 6.50% + PIK 7.25%)), 9/15/2024 (f) (h)		610		623
				873
Chile — 0.0% (c)
Corp. Nacional del Cobre de Chile
3.00%, 9/30/2029 (f)		360		359
4.38%, 2/5/2049 (f)		300		331
4.38%, 2/5/2049 (a)		200		221
3.70%, 1/30/2050 (f)		250		245
Empresa Nacional del Petroleo
3.75%, 8/5/2026 (a)		200		205
5.25%, 11/6/2029 (f)		200		224
				1,585
China — 0.2%
China Development Bank
0.38%, 11/16/2021 (a)		EUR 1,270		1,427
2.63%, 1/24/2022 (a)		3,000		3,023

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
China — continued
Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021(a)		200		202
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (a)		200		211
Guangxi Communications Investment Group Co. Ltd. 3.00%, 11/4/2019 (a)		200		201
Hongkong International Qingdao Co. Ltd. 4.25%, 12/4/2022 (a)		250		250
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026 (a)		200		212
Tencent Holdings Ltd.
3.98%, 4/11/2029 (f)		200		215
				5,741
Colombia — 0.0%(c)
Ecopetrol SA
5.88%, 9/18/2023		200		222
5.38%, 6/26/2026		228		256
Empresas Publicas de Medellin ESP 4.25%, 7/18/2029 (f)		200		209
Millicom International Cellular SA 5.13%, 1/15/2028 (a)		200		206
				893
Ecuador — 0.0%(c)
Petroamazonas EP
4.63%, 2/16/2020 (a)		67		67
4.63%, 11/6/2020 (f)		450		443
				510
Finland — 0.1%
Nokia OYJ 4.38%, 6/12/2027		699		712
Nordea Bank Abp
2.13%, 5/29/2020 (f)		688		689
2.50%, 9/17/2020 (f)		200		201
2.25%, 5/27/2021 (f)		350		352
				1,954
France — 0.5%
Altice France SA
7.38%, 5/1/2026 (f)		1,684		1,803
8.13%, 2/1/2027 (f)		400		444
Banque Federative du Credit Mutuel SA 2.75%, 10/15/2020 (f)		800		807
BNP Paribas SA 5.00%, 1/15/2021		800		830
Credit Agricole Corporate & Investment Bank SA
(ICE LIBOR USD 3 Month + 0.29%), 2.55%, 11/2/2020 (f) (g)		350		350

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
France — continued
Credit Agricole SA 2.75%, 6/10/2020 (f)		730		733
(ICE LIBOR USD 3 Month + 0.97%), 3.10%, 6/10/2020 (f) (g)		283		284
Dexia Credit Local SA
0.75%, 1/25/2023 (a)	EUR	3,500		4,037
1.63%, 12/8/2023 (a)	GBP	2,800		3,718
1.25%, 11/26/2024 (a)	EUR	2,100		2,512
Orange SA 1.63%, 11/3/2019		191		191
Societe Generale SA
2.50%, 4/8/2021 (f)		200		201
5.20%, 4/15/2021 (f)		200		209
(USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (f) (g) (i) (j)		660		695
				16,814
Georgia — 0.0%(c)
Georgian Railway JSC 7.75%, 7/11/2022 (a)		200		219
Germany — 0.1%
BMW US Capital LLC
3.25%, 8/14/2020 (f)		1,002		1,013
3.10%, 4/12/2021 (f)		380		387
Daimler Finance North America LLC 2.70%, 8/3/2020 (f)		762		766
Deutsche Telekom International Finance BV 2.23%, 1/17/2020 (f)		745		745
				2,911
Hong Kong — 0.0%(c)
Melco Resorts Finance Ltd. 5.63%, 7/17/2027 (f)		800		837
Metropolitan Light Co. Ltd. 5.50%, 11/21/2022 (f)		180		186
				1,023
Hungary — 0.0%(c)
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020 (a)		200		207
India — 0.0%(c)
Greenko Mauritius Ltd. 6.25%, 2/21/2023 (f)		200		203
Indonesia — 0.0%(c)
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023 (f)		200		220
6.53%, 11/15/2028 (f)		200		242
6.76%, 11/15/2048 (f)		200		257
LLPL Capital Pte. Ltd. 6.88%, 2/4/2039 (f)		198		231

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
Indonesia — continued
Pertamina Persero PT 6.50%, 11/7/2048 (a)		200		261
Perusahaan Listrik Negara PT 4.13%, 5/15/2027 (a)		200		210
				1,421
Ireland — 0.1%
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (f)		800		840
5.25%, 8/15/2027 (f)		834		855
Avolon Holdings Funding Ltd. 5.25%, 5/15/2024 (f)		1,924		2,098
Park Aerospace Holdings Ltd. 5.50%, 2/15/2024 (f)		1,019		1,120
				4,913
Italy — 0.0%(c)
Telecom Italia Capital SA 6.38%, 11/15/2033		405		447
Telecom Italia SpA 5.30%, 5/30/2024 (f)		305		326
				773
Japan — 0.1%
Development Bank of Japan, Inc. 3.13%, 9/6/2023 (f)		1,850		1,925
Mizuho Bank Ltd. 2.70%, 10/20/2020 (f)		200		202
MUFG Bank Ltd.
2.30%, 3/5/2020 (f)		200		200
2.75%, 9/14/2020 (f)		1,050		1,058
Sumitomo Mitsui Banking Corp. (ICE LIBOR USD 3 Month + 0.37%), 2.37%, 10/16/2020 (g)		400		401
				3,786
Kazakhstan — 0.0%(c)
KazMunayGas National Co. JSC
3.88%, 4/19/2022 (a)		200		205
4.75%, 4/19/2027 (a)		200		218
5.75%, 4/19/2047 (a)		200		233
6.38%, 10/24/2048 (a)		200		252
KazTransGas JSC 4.38%, 9/26/2027 (a)		200		210
				1,118
Luxembourg — 0.2%
Altice Financing SA
6.63%, 2/15/2023 (f)		200		205
7.50%, 5/15/2026 (f)		1,075		1,142
Altice Luxembourg SA
7.63%, 2/15/2025 (f)		670		691
10.50%, 5/15/2027 (f)		373		422

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Luxembourg — continued
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		1,568		1,466
8.00%, 2/15/2024 (f)		1,125		1,160
8.50%, 10/15/2024 (f)		1,330		1,340
9.75%, 7/15/2025 (f)		435		452
				6,878
Malaysia — 0.0%(c)
Petronas Capital Ltd. 4.50%, 3/18/2045 (a)		200		243
Mexico — 0.1%
America Movil SAB de CV 5.00%, 3/30/2020		104		105
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025 (a)		200		212
Cemex SAB de CV 7.75%, 4/16/2026 (f)		1,185		1,277
Petroleos Mexicanos
(ICE LIBOR USD 3 Month + 3.65%), 5.79%, 3/11/2022 (g)		200		208
5.38%, 3/13/2022		50		52
3.50%, 1/30/2023		150		151
6.49%, 1/23/2027 (f)		90		96
5.50%, 6/27/2044		236		211
5.63%, 1/23/2046		100		90
6.75%, 9/21/2047		75		75
7.69%, 1/23/2050 (f)		272		295
				2,772
Mongolia — 0.0%(c)
Trade & Development Bank of Mongolia LLC 9.38%, 5/19/2020 (a)		350		359
Morocco — 0.0% (c)
OCP SA 6.88%, 4/25/2044 (a)		310		387
Netherlands — 0.3%
ABN AMRO Bank NV 2.65%, 1/19/2021 (f)		1,050		1,057
BNG Bank NV
2.50%, 2/16/2021 (b) (f)		3,538		3,570
4.75%, 3/6/2023 (a)		AUD 602		462
Cooperatieve Rabobank UA
4.50%, 1/11/2021		409		422
2.50%, 1/19/2021		850		856
3.13%, 4/26/2021		850		865
ING Bank NV
2.70%, 8/17/2020 (f)		299		301
2.75%, 3/22/2021 (b) (f)		200		202
Starfruit Finco BV 8.00%, 10/1/2026 (b) (f)		280		279

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
Netherlands — continued
Trivium Packaging Finance BV
5.50%, 8/15/2026 (f) (k)		249		261
8.50%, 8/15/2027 (f) (k)		227		241
UPC Holding BV 5.50%, 1/15/2028 (f)		200		204
UPCB Finance IV Ltd. 5.38%, 1/15/2025 (f)		450		464
				9,184
New Zealand — 0.0%(c)
ANZ New Zealand Int’l Ltd. 2.85%, 8/6/2020 (f)		800		805
Nigeria — 0.0%(c)
IHS Netherlands Holdco BV 8.00%, 9/18/2027 (f)		200		209
Norway — 0.0%(c)
Aker BP ASA
4.75%, 6/15/2024 (f)		310		323
5.88%, 3/31/2025 (f)		406		429
DNB Bank ASA (ICE LIBOR USD 3 Month + 0.37%), 2.46%, 10/2/2020 (f) (g)		250		250
DNO ASA 8.75%, 5/31/2023 (a)		200		203
Equinor ASA 2.25%, 11/8/2019		135		135
				1,340
Panama — 0.0%(c)
Aeropuerto Internacional de Tocumen SA 6.00%, 11/18/2048 (f)		200		249
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (f)		200		228
				477
Peru — 0.1%
Consorcio Transmantaro SA 4.70%, 4/16/2034 (f)		200		219
Corp. Financiera de Desarrollo SA 4.75%, 7/15/2025 (a)		200		220
Fondo MIVIVIENDA SA 3.50%, 1/31/2023 (a)		200		204
Inkia Energy Ltd. 5.88%, 11/9/2027 (f)		230		239
Lima Metro Line 2 Finance Ltd. 4.35%, 4/5/2036 (f)		200		212
Petroleos del Peru SA
4.75%, 6/19/2032 (a)		400		428
5.63%, 6/19/2047 (a)		200		233
				1,755
Qatar — 0.0%(c)
ABQ Finance Ltd. 3.50%, 2/22/2022 (a)		380		386

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Qatar — continued
QNB Finance Ltd. 2.13%, 9/7/2021 (a)		200		198
				584
Saudi Arabia — 0.0%(c)
Saudi Arabian Oil Co. 3.50%, 4/16/2029 (a)		300		310
Singapore — 0.3%
Temasek Financial I Ltd.
0.50%, 3/1/2022 (a)		EUR 2,000		2,266
3.63%, 8/1/2028 (f)		6,158		6,813
United Overseas Bank Ltd. (ICE LIBOR USD 3 Month + 0.48%), 2.41%, 4/23/2021 (f) (g)		300		300
				9,379
South Africa — 0.0% (c)
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021 (a)		200		202
6.75%, 8/6/2023 (a)		200		206
8.45%, 8/10/2028 (a)		200		219
Liquid Telecommunications Financing plc 8.50%, 7/13/2022 (f)		260		259
				886
South Korea — 0.2%
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2022 (a) (g) (i) (j)		330		324
Korea Development Bank (The)
3.00%, 3/19/2022		1,087		1,112
1.75%, 12/15/2022 (a)		GBP 2,450		3,235
2.13%, 10/1/2024		1,826		1,826
				6,497
Spain — 0.0% (c)
AI Candelaria Spain SLU 7.50%, 12/15/2028 (f)		340		383
International Airport Finance SA 12.00%, 3/15/2033 (f)		200		216
				599
Sweden — 0.0%(c)
Skandinaviska Enskilda Banken AB 2.63%, 11/17/2020 (f)		200		201
Svenska Handelsbanken AB
1.95%, 9/8/2020		572		572
2.40%, 10/1/2020		250		252
				1,025

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
Switzerland — 0.0% (c)
UBS AG 2.20%, 6/8/2020 (f)		300		301
UBS Group AG 3.00%, 4/15/2021 (f)		428		434
				735
Trinidad and Tobago — 0.0% (c)
Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026 (f)		150		168
Turkey — 0.0% (c)
Turkcell Iletisim Hizmetleri A/S 5.80%, 4/11/2028 (a)		200		195
United Arab Emirates — 0.1%
DAE Funding LLC 5.00%, 8/1/2024 (f)		754		788
EA Partners I BV 6.88%, 9/28/2020 (a) (l)		590		243
MDGH—GMTN BV
3.75%, 4/19/2029 (a)		200		213
2.88%, 11/7/2029 (f)		200		198
3.70%, 11/7/2049 (f)		200		201
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (f)		1,082		909
				2,552
United Kingdom — 0.3%
Barclays Bank plc
2.65%, 1/11/2021		700		706
7.63%, 11/21/2022		400		447
Barclays plc
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (g) (i) (j)		211		225
4.38%, 9/11/2024		1,319		1,382
BAT International Finance plc 2.75%, 6/15/2020 (f)		252		253
BP Capital Markets plc (ICE LIBOR USD 3 Month + 0.25%), 2.38%, 11/24/2020 (g)		454		455
Diageo Capital plc 4.83%, 7/15/2020		1,000		1,021
eG Global Finance plc 6.75%, 2/7/2025 (f)		481		481
HSBC Holdings plc
3.40%, 3/8/2021		700		712
2.95%, 5/25/2021		208		211
Ithaca Energy North Sea plc 9.38%, 7/15/2024 (f)		646		656
Lloyds Bank plc 2.70%, 8/17/2020		749		754
Nationwide Building Society 2.35%, 1/21/2020 (f)		237		237
Royal Bank of Scotland Group plc
(USD Swap Semi 5 Year + 5.80%), 7.50%, 8/10/2020 (g) (i) (j)		200		204

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United Kingdom — continued
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (g) (i) (j)		628		677
6.00%, 12/19/2023		855		949
Standard Chartered plc 3.05%, 1/15/2021 (f)		1,070		1,079
Virgin Media Secured Finance plc
5.50%, 8/15/2026 (f)		260		273
5.50%, 5/15/2029 (f)		200		213
				10,935
United States — 8.9%
AbbVie, Inc. 2.50%, 5/14/2020		642		644
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		713		724
6.50%, 3/1/2024		237		245
ACCO Brands Corp. 5.25%, 12/15/2024 (f)		219		227
ACE Cash Express, Inc. 12.00%, 12/15/2022 (f)		485		449
Adient US LLC 7.00%, 5/15/2026 (f)		445		468
ADT Security Corp. (The) 4.88%, 7/15/2032 (f)		630		545
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (f)		134		137
AECOM 5.13%, 3/15/2027		769		811
AES Corp. 6.00%, 5/15/2026		810		865
Ahern Rentals, Inc. 7.38%, 5/15/2023 (f)		918		744
AIG Global Funding (ICE LIBOR USD 3 Month + 0.65%), 2.60%, 1/22/2021 (f) (g)		281		282
Air Lease Corp. (ICE LIBOR USD 3 Month + 0.67%), 2.81%, 6/3/2021 (g)		544		546
AK Steel Corp. 6.38%, 10/15/2025 (b)		685		565
Albertsons Cos., Inc.
6.63%, 6/15/2024		765		803
5.75%, 3/15/2025		210		217
7.50%, 3/15/2026 (f)		1,950		2,167
5.88%, 2/15/2028 (f)		1,467		1,575
Alcoa Nederland Holding BV 6.75%, 9/30/2024 (f)		202		213
Allegheny Technologies, Inc.
5.95%, 1/15/2021		86		89
7.88%, 8/15/2023 (k)		225		245
Allied Universal Holdco LLC
6.63%, 7/15/2026 (f)		170		181
9.75%, 7/15/2027 (f)		175		183
Allison Transmission, Inc. 4.75%, 10/1/2027 (f)		473		484

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Ally Financial, Inc.
4.63%, 3/30/2025		1,117		1,210
5.75%, 11/20/2025		840		936
8.00%, 11/1/2031		639		893
Altria Group, Inc. 2.63%, 1/14/2020		478		478
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		739		702
5.88%, 11/15/2026		328		299
6.13%, 5/15/2027 (b)		317		287
AMC Networks, Inc.
5.00%, 4/1/2024		60		61
4.75%, 8/1/2025		408		412
American Airlines Group, Inc. 5.00%, 6/1/2022 (f)		373		389
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025 (b)		1,825		1,761
6.25%, 3/15/2026		158		150
6.50%, 4/1/2027		842		798
American Honda Finance Corp.
(ICE LIBOR USD 3 Month + 0.15%), 2.33%, 11/13/2019 (g)		45		45
1.95%, 7/20/2020		350		350
AmeriGas Partners LP
5.50%, 5/20/2025		615		660
5.88%, 8/20/2026		262		290
Amkor Technology, Inc. 6.63%, 9/15/2027 (f)		817		895
AMN Healthcare, Inc. 5.13%, 10/1/2024 (f)		175		182
Amsted Industries, Inc.
5.38%, 9/15/2024 (f)		127		130
5.63%, 7/1/2027 (f)		201		212
Antero Midstream Partners LP 5.38%, 9/15/2024		115		93
Antero Resources Corp.
5.38%, 11/1/2021		144		129
5.13%, 12/1/2022		196		147
5.63%, 6/1/2023		149		104
Arconic, Inc.
5.13%, 10/1/2024		508		545
5.90%, 2/1/2027		1,458		1,621
Athene Global Funding 2.75%, 4/20/2020 (f)		923		926
Avaya, Inc. 7.00%, 4/1/2019 ‡ (f) (l)		561		—	(d)
Avis Budget Car Rental LLC
5.25%, 3/15/2025 (b) (f)		720		734
5.75%, 7/15/2027 (f)		387		395

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
B&G Foods, Inc. 5.25%, 4/1/2025		1,761		1,798
Bank of America Corp.
5.63%, 7/1/2020		300		307
2.63%, 4/19/2021		319		323
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (g) (i) (j)		968		1,071
Bank of America NA (ICE LIBOR USD 3 Month + 0.35%), 2.48%, 5/24/2021 (g)		756		757
Bank of New York Mellon (The) (ICE LIBOR USD 3 Month + 0.30%), 2.43%, 12/4/2020 (g)		250		250
Bank of New York Mellon Corp. (The) 2.60%, 8/17/2020		271		272
Bausch Health Americas, Inc. 9.25%, 4/1/2026 (f)		228		258
Bausch Health Cos., Inc.
5.50%, 3/1/2023 (f)		11		11
5.88%, 5/15/2023 (f)		592		601
7.00%, 3/15/2024 (f)		847		886
6.13%, 4/15/2025 (f)		1,048		1,088
5.50%, 11/1/2025 (f)		1,202		1,256
9.00%, 12/15/2025 (f)		1,800		2,027
5.75%, 8/15/2027 (f)		344		373
7.00%, 1/15/2028 (f)		287		310
7.25%, 5/30/2029 (f)		315		347
BB&T Corp.
2.45%, 1/15/2020		43		43
2.63%, 6/29/2020		750		753
Berry Global, Inc.
5.50%, 5/15/2022		40		41
4.88%, 7/15/2026 (f)		468		492
Big River Steel LLC 7.25%, 9/1/2025 (f)		298		306
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (f)		369		381
Boston Properties LP REIT, 4.13%, 5/15/2021		700		719
Boyd Gaming Corp.
6.38%, 4/1/2026		825		876
6.00%, 8/15/2026		212		225
Boyne USA, Inc. 7.25%, 5/1/2025 (f)		652		712
BP Capital Markets America, Inc. 4.50%, 10/1/2020		700		716
Brazos Valley Longhorn LLC 6.88%, 2/1/2025		613		481
Brink’s Co. (The) 4.63%, 10/15/2027 (f)		1,065		1,078
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026 (f)		852		888

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (g)		515		376
Cablevision Systems Corp.
8.00%, 4/15/2020		584		599
5.88%, 9/15/2022		215		232
Caleres, Inc. 6.25%, 8/15/2023		102		105
Callon Petroleum Co.
6.13%, 10/1/2024		340		323
6.38%, 7/1/2026		147		137
Calpine Corp.
5.75%, 1/15/2025		612		627
5.25%, 6/1/2026 (f)		910		947
Capital One Financial Corp.
2.50%, 5/12/2020		487		488
3.45%, 4/30/2021		700		715
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023 (b)		447		416
Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027 (f)		850		888
Caterpillar Financial Services Corp.
(ICE LIBOR USD 3 Month + 0.25%), 2.38%, 8/26/2020 (g)		350		350
Series I, 2.65%, 5/17/2021		560		567
CCM Merger, Inc. 6.00%, 3/15/2022 (f)		300		307
CCO Holdings LLC
5.13%, 2/15/2023		589		601
5.75%, 9/1/2023		545		556
5.88%, 4/1/2024 (f)		1,414		1,474
5.38%, 5/1/2025 (f)		265		275
5.75%, 2/15/2026 (f)		2,066		2,182
5.50%, 5/1/2026 (f)		1,205		1,270
5.13%, 5/1/2027 (f)		1,715		1,807
5.88%, 5/1/2027 (f)		773		819
5.00%, 2/1/2028 (f)		487		509
5.38%, 6/1/2029 (f)		543		580
4.75%, 3/1/2030 (f)		892		909
CDK Global, Inc. 5.25%, 5/15/2029 (f)		873		927
CDW LLC
5.50%, 12/1/2024		120		134
5.00%, 9/1/2025		190		198
4.25%, 4/1/2028		572		593
Cedar Fair LP 5.38%, 4/15/2027		31		33
Centene Corp.
6.13%, 2/15/2024		83		86

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
4.75%, 1/15/2025		598		619
5.38%, 6/1/2026 (f)		660		699
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		700		716
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022		395		418
Series Y, 7.50%, 4/1/2024		220		250
5.63%, 4/1/2025		840		885
Chemours Co. (The) 7.00%, 5/15/2025		870		840
Cheniere Energy Partners LP
5.25%, 10/1/2025		268		277
5.63%, 10/1/2026		268		283
Chevron Phillips Chemical Co. LLC 2.45%, 5/1/2020 (f)		221		221
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (b) (f)		672		606
8.00%, 10/15/2025 (f)		56		50
Cinemark USA, Inc. 4.88%, 6/1/2023		335		340
CIT Group, Inc.
4.75%, 2/16/2024		875		936
6.13%, 3/9/2028		300		354
CITGO Petroleum Corp. 6.25%, 8/15/2022 (f)		100		101
Citibank NA (ICE LIBOR USD 3 Month + 0.30%), 2.27%, 10/20/2020 (g)		250		250
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (g) (i) (j)		359		371
2.70%, 3/30/2021		660		666
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (g) (i) (j)		805		861
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (g) (i) (j)		210		237
Citizens Bank NA
2.45%, 12/4/2019		349		349
(ICE LIBOR USD 3 Month + 0.57%), 2.70%, 5/26/2020 (g)		258		259
2.55%, 5/13/2021		700		705
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024 (f)		2,360		2,596
5.13%, 8/15/2027 (f)		629		655
Clearwater Paper Corp.
4.50%, 2/1/2023		219		220
5.38%, 2/1/2025 (f)		739		724

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Clearway Energy Operating LLC 5.00%, 9/15/2026		525		525
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024 (f)		35		36
5.75%, 3/1/2025		238		235
CNG Holdings, Inc. 12.50%, 6/15/2024 (f)		1,520		1,429
CNO Financial Group, Inc. 5.25%, 5/30/2025		589		645
CNX Midstream Partners LP 6.50%, 3/15/2026 (f)		152		142
Coeur Mining, Inc. 5.88%, 6/1/2024		289		287
Colfax Corp.
6.00%, 2/15/2024 (f)		216		230
6.38%, 2/15/2026 (f)		120		130
Columbia Pipeline Group, Inc. 3.30%, 6/1/2020		320		322
Comcast Corp. (ICE LIBOR USD 3 Month + 0.33%), 2.43%, 10/1/2020 (g)		550		551
Comerica Bank 2.50%, 6/2/2020		250		251
Commercial Metals Co.
4.88%, 5/15/2023		84		87
5.38%, 7/15/2027		361		370
CommScope Technologies LLC 6.00%, 6/15/2025 (f)		222		199
CommScope, Inc.
5.50%, 3/1/2024 (f)		741		751
5.50%, 6/15/2024 (f)		604		571
6.00%, 3/1/2026 (f)		735		755
8.25%, 3/1/2027 (f)		725		687
Community Health Systems, Inc.
5.13%, 8/1/2021		329		328
6.25%, 3/31/2023		962		937
8.63%, 1/15/2024 (f)		725		741
8.13%, 6/30/2024 (f)		806		613
8.00%, 3/15/2026 (f)		154		151
Consolidated Edison, Inc. 2.00%, 5/15/2021		700		701
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (f)		553		393
Constellium SE 5.75%, 5/15/2024 (f)		255		262
Covanta Holding Corp. 5.88%, 3/1/2024		206		212
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (k)		19		19
5.75%, 4/1/2025		676		698
Crown Americas LLC 4.75%, 2/1/2026		419		440

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
CSC Holdings LLC
6.75%, 11/15/2021		304		328
5.38%, 7/15/2023 (f)		480		492
5.25%, 6/1/2024		650		700
7.75%, 7/15/2025 (f)		427		458
6.63%, 10/15/2025 (f)		450		479
5.50%, 5/15/2026 (f)		1,350		1,423
5.50%, 4/15/2027 (f)		1,473		1,561
5.38%, 2/1/2028 (f)		690		730
6.50%, 2/1/2029 (f)		760		851
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (f)		477		506
Curo Group Holdings Corp. 8.25%, 9/1/2025 (f)		1,190		1,047
CVR Partners LP 9.25%, 6/15/2023 (f)		2,575		2,697
Darling Ingredients, Inc. 5.25%, 4/15/2027 (f)		380		399
DaVita, Inc.
5.13%, 7/15/2024		1,182		1,206
5.00%, 5/1/2025		781		791
DCP Midstream Operating LP
3.88%, 3/15/2023		320		323
5.38%, 7/15/2025		373		393
Delek Logistics Partners LP 6.75%, 5/15/2025		851		849
Dell International LLC
5.88%, 6/15/2021 (f)		128		130
7.13%, 6/15/2024 (f)		180		191
Delphi Technologies plc 5.00%, 10/1/2025 (f)		200		173
Denbury Resources, Inc. 9.00%, 5/15/2021 (f)		195		171
Diamond Offshore Drilling, Inc. 5.70%, 10/15/2039		197		103
Diamond Sports Group LLC
5.38%, 8/15/2026 (f)		541		565
6.63%, 8/15/2027 (b) (f)		215		221
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		521		449
DISH DBS Corp.
5.13%, 5/1/2020		335		338
6.75%, 6/1/2021		1,221		1,285
5.88%, 7/15/2022		479		501
5.00%, 3/15/2023		198		200
5.88%, 11/15/2024		420		421
7.75%, 7/1/2026		664		670
Dole Food Co., Inc. 7.25%, 6/15/2025 (f)		693		660
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		101		102

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Dominion Energy, Inc. 2.52%, 7/1/2020 (k)		400		401
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (f)		1,507		1,586
Duke Energy Carolinas LLC 4.30%, 6/15/2020		740		751
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (f)		292		319
DuPont de Nemours, Inc. (ICE LIBOR USD 3 Month + 0.71%), 2.87%, 11/15/2020 (g)		65		65
Edgewell Personal Care Co. 4.70%, 5/24/2022		43		44
Embarq Corp. 8.00%, 6/1/2036		1,742		1,725
EMC Corp. 3.38%, 6/1/2023		403		405
Emerson Electric Co. 4.25%, 11/15/2020		395		404
Enbridge Energy Partners LP 4.38%, 10/15/2020		550		561
Encompass Health Corp. 5.75%, 11/1/2024		445		450
Endo Dac
6.00%, 7/15/2023 (f)		265		175
6.00%, 2/1/2025 (f) (k)		200		128
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (g) (i) (j)		760		522
4.40%, 4/1/2024		340		319
4.15%, 6/1/2025		249		224
Entegris, Inc. 4.63%, 2/10/2026 (f)		392		404
Entercom Media Corp.
7.25%, 11/1/2024 (b) (f)		700		730
6.50%, 5/1/2027 (f)		233		243
Enterprise Development Authority (The) 12.00%, 7/15/2024 (f)		1,144		1,253
Enterprise Products Operating LLC
5.25%, 1/31/2020		534		538
5.20%, 9/1/2020		169		173
Envision Healthcare Corp. 8.75%, 10/15/2026 (f)		321		181
EOG Resources, Inc.
2.45%, 4/1/2020		124		124
4.10%, 2/1/2021		660		678
EP Energy LLC
8.00%, 11/29/2024 (f) (l)		396		162
8.00%, 2/15/2025 (f) (l)		406		8
7.75%, 5/15/2026 (b) (f) (l)		418		291
ERP Operating LP REIT, 4.75%, 7/15/2020		730		739

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
ESH Hospitality, Inc.
REIT, 5.25%, 5/1/2025 (f)		300		310
REIT, 4.63%, 10/1/2027 (f)		450		451
Eversource Energy 2.50%, 3/15/2021		700		704
Exela Intermediate LLC 10.00%, 7/15/2023 (f)		1,600		764
Exelon Corp. 5.15%, 12/1/2020		602		617
Exelon Generation Co. LLC 2.95%, 1/15/2020		77		77
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (f)		607		648
FirstCash, Inc. 5.38%, 6/1/2024 (f)		447		463
Freeport-McMoRan, Inc. 3.88%, 3/15/2023		1,260		1,279
Frontier Communications Corp.
7.13%, 1/15/2023		215		97
7.63%, 4/15/2024		100		45
6.88%, 1/15/2025		525		234
11.00%, 9/15/2025		615		289
8.50%, 4/1/2026 (f)		1,020		1,022
General Dynamics Corp. 3.00%, 5/11/2021		292		297
Genesis Energy LP
6.75%, 8/1/2022		50		50
6.00%, 5/15/2023		215		209
5.63%, 6/15/2024		607		566
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (f)		326		352
Getty Images, Inc. 9.75%, 3/1/2027 (f)		33		33
Global Partners LP
7.00%, 6/15/2023		330		341
7.00%, 8/1/2027 (f)		518		539
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (f)		521		552
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 1.16%), 3.09%, 4/23/2020 (g)		260		261
2.75%, 9/15/2020		500		503
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026 (b)		1,239		1,281
4.88%, 3/15/2027 (b)		700		703
Gray Television, Inc.
5.13%, 10/15/2024 (f)		311		322
5.88%, 7/15/2026 (f)		302		317
7.00%, 5/15/2027 (f)		845		925
Greif, Inc. 6.50%, 3/1/2027 (f)		594		639
Group 1 Automotive, Inc. 5.25%, 12/15/2023 (f)		393		403

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
H&E Equipment Services, Inc. 5.63%, 9/1/2025		345		363
Hanesbrands, Inc. 4.88%, 5/15/2026 (f)		532		563
Harsco Corp. 5.75%, 7/31/2027 (f)		172		179
HAT Holdings I LLC REIT, 5.25%, 7/15/2024 (f)		189		199
HCA Healthcare, Inc. 6.25%, 2/15/2021		675		707
HCA, Inc.
7.50%, 2/15/2022		532		590
5.88%, 5/1/2023		784		860
5.38%, 2/1/2025		1,293		1,421
5.88%, 2/15/2026		1,030		1,159
5.63%, 9/1/2028		573		644
Hecla Mining Co. 6.88%, 5/1/2021		665		655
Herc Holdings, Inc. 5.50%, 7/15/2027 (f)		355		368
Hertz Corp. (The)
7.63%, 6/1/2022 (f)		376		391
5.50%, 10/15/2024 (f)		1,025		1,017
7.13%, 8/1/2026 (f)		410		423
Hilcorp Energy I LP
5.00%, 12/1/2024 (f)		229		203
5.75%, 10/1/2025 (f)		25		22
6.25%, 11/1/2028 (f)		227		192
Hill-Rom Holdings, Inc.
5.00%, 2/15/2025 (f)		310		321
Hilton Domestic Operating Co., Inc.
5.13%, 5/1/2026		205		215
4.88%, 1/15/2030 (f)		337		358
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		367		390
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		209		215
4.88%, 4/1/2027		302		319
Holly Energy Partners LP 6.00%, 8/1/2024 (f)		379		395
Hologic, Inc. 4.38%, 10/15/2025 (f)		592		607
HSBC USA, Inc. 2.75%, 8/7/2020		160		161
Hughes Satellite Systems Corp.
7.63%, 6/15/2021		85		91
6.63%, 8/1/2026		300		325
Huntington National Bank (The)
2.38%, 3/10/2020		700		701
2.88%, 8/20/2020		200		201
(ICE LIBOR USD 3 Month + 0.55%), 2.84%, 2/5/2021 (g)		250		251
Icahn Enterprises LP
6.75%, 2/1/2024		690		719

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
6.38%, 12/15/2025		681		715
6.25%, 5/15/2026		416		441
iHeartCommunications, Inc.
9.00%, 12/15/2019 ‡ (l)		442		—
6.38%, 5/1/2026		277		298
8.38%, 5/1/2027		1,673		1,794
5.25%, 8/15/2027 (f)		315		325
ILFCE-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 3.77%, 12/21/2065 (f) (g)		1,015		749
ILFCE-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.02%, 12/21/2065 (f) (g)		880		675
Infor US, Inc. 6.50%, 5/15/2022		204		207
International Game Technology plc 6.50%, 2/15/2025 (f)		800		889
IQVIA, Inc. 5.00%, 10/15/2026 (f)		200		211
IRB Holding Corp. 6.75%, 2/15/2026 (f)		812		826
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (f)		2,130		2,194
REIT, 5.25%, 3/15/2028 (f)		583		612
Jackson National Life Global Funding 2.60%, 12/9/2020 (f)		700		705
(ICE LIBOR USD 3 Month + 0.31%), 2.43%, 3/16/2021 (f) (g)		500		501
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (f)		398		415
JBS USA LUX SA
5.88%, 7/15/2024 (f)		349		361
5.75%, 6/15/2025 (f)		1,041		1,085
6.75%, 2/15/2028 (f)		883		973
6.50%, 4/15/2029 (f)		1,166		1,297
5.50%, 1/15/2030 (f)		685		738
John Deere Capital Corp.
1.95%, 6/22/2020		700		700
2.30%, 6/7/2021		466		470
Kaiser Aluminum Corp. 5.88%, 5/15/2024		171		178
KeyBank NA 2.25%, 3/16/2020		250		250
LABL Escrow Issuer LLC 6.75%, 7/15/2026 (f)		275		285
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (f)		699		709
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (f)		959		1,008

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Lennar Corp.
5.88%, 11/15/2024		255		284
5.25%, 6/1/2026		65		72
5.00%, 6/15/2027		1,110		1,199
Level 3 Financing, Inc.
5.63%, 2/1/2023		92		93
5.13%, 5/1/2023		223		226
5.38%, 1/15/2024		97		99
5.38%, 5/1/2025		506		523
5.25%, 3/15/2026		1,612		1,682
Levi Strauss & Co. 5.00%, 5/1/2025		5		5
LG&E & KU Energy LLC 3.75%, 11/15/2020		700		709
Liberty Interactive LLC 8.25%, 2/1/2030		550		560
Liberty Mutual Group, Inc. 3.95%, 10/15/2050 (f)		196		202
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (f)		463		493
4.75%, 10/15/2027 (f)		175		183
LPL Holdings, Inc. 5.75%, 9/15/2025 (f)		510		529
Mallinckrodt International Finance SA 5.50%, 4/15/2025 (f)		90		30
Manufacturers & Traders Trust Co. 2.63%, 1/25/2021		1,050		1,059
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026		712		770
4.75%, 1/15/2028 (f)		84		86
Martin Midstream Partners LP 7.25%, 2/15/2021		793		713
MassMutual Global Funding II 1.95%, 9/22/2020 (f)		200		200
MasTec, Inc. 4.88%, 3/15/2023		877		889
Mattel, Inc.
2.35%, 8/15/2021		175		171
3.15%, 3/15/2023		173		165
6.75%, 12/31/2025 (f)		2,639		2,761
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (f)		1,041		1,071
7.25%, 4/15/2025 (f)		445		425
Metropolitan Life Global Funding I
2.05%, 6/12/2020 (f)		200		200
2.50%, 12/3/2020 (f)		280		282
MGM Growth Properties Operating Partnership LP REIT, 5.75%, 2/1/2027 (f)		347		392
MGM Resorts International 4.63%, 9/1/2026		344		360
Midcontinent Communications 5.38%, 8/15/2027 (f)		420		440

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Mississippi Power Co. (ICE LIBOR USD 3 Month + 0.65%), 2.75%, 3/27/2020 (g)		370		370
Morgan Stanley
5.75%, 1/25/2021		500		522
2.50%, 4/21/2021		900		907
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (f)		1,378		1,285
MSCI, Inc. 5.38%, 5/15/2027 (f)		664		709
MTS Systems Corp. 5.75%, 8/15/2027 (f)		343		359
National CineMedia LLC 5.88%, 4/15/2028 (f)		230		242
National Rural Utilities Cooperative Finance Corp. 2.30%, 11/1/2020		97		97
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (f)		1,048		1,111
9.13%, 7/15/2026 (f)		413		452
Nationstar Mortgage LLC 6.50%, 6/1/2022		353		354
NCR Corp.
5.75%, 9/1/2027 (f)		430		440
6.13%, 9/1/2029 (f)		435		456
Neiman Marcus Group Ltd. LLC
14.00% (Blend (cash 8.00% + PIK 6.00%)), 4/25/2024 (f) (h)		163		84
8.00%, 10/25/2024 (f)		232		62
Netflix, Inc.
4.38%, 11/15/2026		500		509
4.88%, 4/15/2028		540		558
5.38%, 11/15/2029 (f)		222		234
New Albertsons LP
7.75%, 6/15/2026		15		15
6.63%, 6/1/2028		251		229
7.45%, 8/1/2029		40		40
8.70%, 5/1/2030		899		940
8.00%, 5/1/2031		420		428
New York Life Global Funding
(ICE LIBOR USD 3 Month + 0.28%), 2.22%, 1/28/2021 (f) (g)		135		135
(ICE LIBOR USD 3 Month + 0.32%), 2.56%, 8/6/2021 (f) (g)		42		42
(ICE LIBOR USD 3 Month + 0.28%), 2.23%, 1/21/2022 (f) (g)		290		291
Newmont Goldcorp Corp. 3.63%, 6/9/2021		225		230
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022 (f)		35		35
5.63%, 8/1/2024 (f)		573		598
5.63%, 7/15/2027 (f)		384		405

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (f)		360		370
4.50%, 9/15/2027 (f)		464		473
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (b) (f)		175		174
Nielsen Finance LLC 5.00%, 4/15/2022 (f)		252		253
Nissan Motor Acceptance Corp. 2.25%, 1/13/2020 (f)		37		37
Noble Holding International Ltd. 6.20%, 8/1/2040		321		124
Northern Oil and Gas, Inc. 8.50% (cash), 5/15/2023 (h)		411		424
Northwest Acquisitions ULC 7.13%, 11/1/2022 (f)		170		85
Novelis Corp.
6.25%, 8/15/2024 (f)		371		388
5.88%, 9/30/2026 (f)		294		309
NRG Energy, Inc.
6.63%, 1/15/2027		667		723
5.25%, 6/15/2029 (f)		624		669
Nuance Communications, Inc. 5.63%, 12/15/2026		856		908
NuStar Logistics LP
6.00%, 6/1/2026		186		199
5.63%, 4/28/2027		382		397
Oasis Petroleum, Inc.
6.88%, 3/15/2022		348		309
6.25%, 5/1/2026 (b) (f)		483		329
Oceaneering International, Inc. 6.00%, 2/1/2028		158		146
Outfront Media Capital LLC
5.88%, 3/15/2025		375		387
5.00%, 8/15/2027 (f)		217		228
PACCAR Financial Corp. (ICE LIBOR USD 3 Month + 0.20%), 2.38%, 11/13/2020 (g)		250		250
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (f)		445		423
Parsley Energy LLC 5.63%, 10/15/2027 (f)		173		179
Party City Holdings, Inc. 6.63%, 8/1/2026 (b) (f)		367		355
PBF Holding Co. LLC
7.00%, 11/15/2023		139		143
7.25%, 6/15/2025		561		586
PBF Logistics LP 6.88%, 5/15/2023		242		248

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Peabody Energy Corp.
6.00%, 3/31/2022 (f)		92		85
6.38%, 3/31/2025 (f)		280		232
Penske Automotive Group, Inc. 5.50%, 5/15/2026		1,387		1,449
Penske Truck Leasing Co. LP 3.20%, 7/15/2020 (f)		449		452
Performance Food Group, Inc. 5.50%, 10/15/2027 (f)		288		305
PetSmart, Inc.
7.13%, 3/15/2023 (f)		419		388
5.88%, 6/1/2025 (f)		980		965
Philip Morris International, Inc. 2.00%, 2/21/2020		150		150
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (f)		825		726
Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (f)		1,190		1,235
Pitney Bowes, Inc.
5.20%, 4/1/2023 (k)		472		465
4.63%, 3/15/2024		66		62
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (g) (i) (j)		157		146
Plantronics, Inc. 5.50%, 5/31/2023 (f)		706		718
PNC Bank NA 2.45%, 11/5/2020		1,050		1,056
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (f) (h)		752		632
Post Holdings, Inc.
5.00%, 8/15/2026 (f)		1,233		1,282
5.50%, 12/15/2029 (f)		402		424
Pricoa Global Funding I 2.55%, 11/24/2020 (f)		1,050		1,058
Prime Security Services Borrower LLC
9.25%, 5/15/2023 (f)		199		209
5.75%, 4/15/2026 (f)		2,733		2,803
Principal Life Global Funding II (ICE LIBOR USD 3 Month + 0.33%), 2.47%, 3/2/2021 (f) (g)		438		438
Protective Life Global Funding
2.26%, 4/8/2020 (f)		317		317
2.16%, 9/25/2020 (f)		700		702
2.92%, 4/15/2022 (f)		263		268
QEP Resources, Inc.
5.25%, 5/1/2023		266		253
5.63%, 3/1/2026		459		413

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Qorvo, Inc. 5.50%, 7/15/2026		832		888
Quad/Graphics, Inc. 7.00%, 5/1/2022		10		10
Quicken Loans, Inc.
5.75%, 5/1/2025 (f)		516		531
5.25%, 1/15/2028 (f)		895		923
Qwest Corp. 6.88%, 9/15/2033		455		458
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (b) (f)		1,160		1,061
Radian Group, Inc.
4.50%, 10/1/2024		307		321
4.88%, 3/15/2027		604		627
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (f)		326		354
8.25%, 11/15/2026 (f)		474		532
Reliance Standard Life Global Funding II 2.50%, 1/15/2020 (f)		538		538
Republic Services, Inc. 5.00%, 3/1/2020		48		48
Revlon Consumer Products Corp. 6.25%, 8/1/2024		563		282
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		170		170
6.87%, 2/15/2021 (k)		35		35
Rite Aid Corp. 6.13%, 4/1/2023 (f)		430		366
Rutas 2 and 7 Finance Ltd. 0.00%, 9/30/2036 (f)		200		130
Ryder System, Inc. 2.88%, 9/1/2020		158		159
Ryman Hospitality Properties, Inc. REIT, 4.75%, 10/15/2027 (f)		255		264
Schlumberger Norge A/S 4.20%, 1/15/2021 (f)		157		160
Scientific Games International, Inc.
10.00%, 12/1/2022		66		68
5.00%, 10/15/2025 (f)		1,598		1,646
Sealed Air Corp. 5.25%, 4/1/2023 (f)		100		107
SemGroup Corp.
5.63%, 7/15/2022		298		301
5.63%, 11/15/2023		320		327
6.38%, 3/15/2025		358		371
7.25%, 3/15/2026		283		306
Sensata Technologies BV 5.00%, 10/1/2025 (f)		678		731
Service Corp. International
8.00%, 11/15/2021		95		105
4.63%, 12/15/2027		520		543
5.13%, 6/1/2029		75		80

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (f)		654		674
5.88%, 3/15/2026 (f)		104		108
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (f)		148		150
4.63%, 7/15/2024 (f)		103		108
5.38%, 4/15/2025 (f)		656		682
5.38%, 7/15/2026 (f)		1,030		1,087
5.00%, 8/1/2027 (f)		700		736
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (f)		213		220
5.50%, 4/15/2027 (f)		168		176
SM Energy Co.
6.75%, 9/15/2026		250		215
6.63%, 1/15/2027 (b)		254		213
Solera LLC 10.50%, 3/1/2024 (f)		156		163
Spectrum Brands, Inc.
6.13%, 12/15/2024		300		310
5.75%, 7/15/2025		1,076		1,122
5.00%, 10/1/2029 (f)		89		91
Springleaf Finance Corp.
6.88%, 3/15/2025		540		612
7.13%, 3/15/2026		1,897		2,167
6.63%, 1/15/2028		755		836
Sprint Capital Corp. 8.75%, 3/15/2032		1,097		1,338
Sprint Communications, Inc. 6.00%, 11/15/2022		542		573
Sprint Corp.
7.25%, 9/15/2021		406		433
7.88%, 9/15/2023		1,072		1,183
7.13%, 6/15/2024		559		607
7.63%, 2/15/2025		2,604		2,861
7.63%, 3/1/2026		1,560		1,726
Sprint eWireless, Inc. 7.00%, 3/1/2020 (l)		269		—
SRC Energy, Inc. 6.25%, 12/1/2025		39		36
SS&C Technologies, Inc. 5.50%, 9/30/2027 (f)		1,191		1,271
Standard Industries, Inc.
6.00%, 10/15/2025 (f)		170		178
5.00%, 2/15/2027 (f)		677		707
4.75%, 1/15/2028 (f)		390		405
Staples, Inc.
7.50%, 4/15/2026 (f)		535		558
10.75%, 4/15/2027 (b) (f)		345		359

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
State Street Corp. 2.55%, 8/18/2020		1,050		1,056
Station Casinos LLC 5.00%, 10/1/2025 (f)		551		559
Steel Dynamics, Inc.
4.13%, 9/15/2025		495		504
5.00%, 12/15/2026		26		28
Summit Materials LLC
5.13%, 6/1/2025 (f)		530		544
6.50%, 3/15/2027 (f)		40		43
Summit Midstream Holdings LLC 5.75%, 4/15/2025		828		642
Sunoco LP
4.88%, 1/15/2023		285		293
5.50%, 2/15/2026		616		637
6.00%, 4/15/2027		229		240
5.88%, 3/15/2028		41		43
Symantec Corp. 5.00%, 4/15/2025 (f)		533		546
Tallgrass Energy Partners LP
4.75%, 10/1/2023 (f)		70		68
5.50%, 9/15/2024 (f)		335		326
Targa Resources Partners LP
5.25%, 5/1/2023		430		431
5.13%, 2/1/2025		190		195
5.88%, 4/15/2026		63		66
Team Health Holdings, Inc. 6.38%, 2/1/2025 (b) (f)		1,475		951
TECO Finance, Inc. 5.15%, 3/15/2020		228		230
TEGNA, Inc. 5.50%, 9/15/2024 (f)		194		200
Teleflex, Inc.
5.25%, 6/15/2024		298		306
4.88%, 6/1/2026		582		610
Tempur Sealy International, Inc.
5.63%, 10/15/2023		832		857
5.50%, 6/15/2026		1,292		1,352
Tenet Healthcare Corp.
4.63%, 7/15/2024		539		555
4.63%, 9/1/2024 (f)		180		184
5.13%, 5/1/2025		1,053		1,078
4.88%, 1/1/2026 (f)		1,418		1,467
6.25%, 2/1/2027 (f)		534		564
5.13%, 11/1/2027 (f)		679		708
Tennant Co. 5.63%, 5/1/2025		782		811
Tenneco, Inc. 5.00%, 7/15/2026		215		171
Terraform Global Operating LLC 6.13%, 3/1/2026 (f)		455		465

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
TerraForm Power Operating LLC
4.25%, 1/31/2023 (f)		429		442
5.00%, 1/31/2028 (f)		467		492
Texas Competitive Electric Holdings Co. LLC 11.50%, 10/1/2020 ‡ (l)		1,000		4
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		123		—
T-Mobile USA, Inc.
6.00%, 4/15/2024		119		123
6.38%, 3/1/2025		121		126
6.38%, 3/1/2025 ‡		696		—	(d)
5.13%, 4/15/2025		260		270
6.50%, 1/15/2026 ‡		780		—	(d)
4.50%, 2/1/2026		2,808		2,896
4.75%, 2/1/2028		137		144
4.75%, 2/1/2028 ‡		123		—
TransDigm, Inc. 6.25%, 3/15/2026 (f)		994		1,065
TransMontaigne Partners LP 6.13%, 2/15/2026		217		208
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024 (f)		102		105
Transocean Pontus Ltd. 6.13%, 8/1/2025 (f)		464		463
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (f)		502		506
Transocean, Inc.
9.00%, 7/15/2023 (f)		111		113
7.50%, 1/15/2026 (f)		281		250
7.50%, 4/15/2031		98		66
9.35%, 12/15/2041 (k)		508		350
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (f)		922		891
Tronox, Inc. 6.50%, 4/15/2026 (f)		563		540
Ultra Resources, Inc. 11.00% (Blend (cash 9.00% + PIK 2.00%)), 7/12/2024 (h)		1,147		165
Unit Corp. 6.63%, 5/15/2021		21		14
United Airlines Holdings, Inc.
5.00%, 2/1/2024 (b)		364		386
4.88%, 1/15/2025		495		520
United Rentals North America, Inc.
4.63%, 10/15/2025		175		179
6.50%, 12/15/2026		1,792		1,940
5.50%, 5/15/2027		30		31
4.88%, 1/15/2028		1,070		1,105
United States Steel Corp.
6.88%, 8/15/2025 (b)		412		369
6.25%, 3/15/2026		268		224

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
UnitedHealth Group, Inc. 3.88%, 10/15/2020		700		710
US Bank NA 2.05%, 10/23/2020		1,100		1,103
USAA Capital Corp.
2.45%, 8/1/2020 (f)		310		311
2.63%, 6/1/2021 (f)		351		356
Valaris plc 5.75%, 10/1/2044		693		281
Verizon Communications, Inc. (ICE LIBOR USD 3 Month + 0.55%), 2.70%, 5/22/2020 (g)		800		802
Vertiv Group Corp. 9.25%, 10/15/2024 (f)		252		237
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (g)		889		923
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (g)		1,328		1,448
Vistra Operations Co. LLC
5.50%, 9/1/2026 (f)		1,023		1,081
5.00%, 7/31/2027 (f)		650		673
VOC Escrow Ltd. 5.00%, 2/15/2028 (f)		377		392
W&T Offshore, Inc. 9.75%, 11/1/2023 (f)		925		867
WEC Energy Group, Inc. 2.45%, 6/15/2020		320		321
WellCare Health Plans, Inc. 5.25%, 4/1/2025		1,149		1,203
Wells Fargo & Co.
2.60%, 7/22/2020		200		201
2.55%, 12/7/2020		430		433
3.00%, 1/22/2021		700		710
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.38%), 2.53%, 5/21/2021 (g)		760		760
WESCO Distribution, Inc. 5.38%, 6/15/2024		336		347
Western Digital Corp. 4.75%, 2/15/2026		893		910
Whiting Petroleum Corp.
5.75%, 3/15/2021		271		255
6.63%, 1/15/2026		165		102
Windstream Services LLC 8.63%, 10/31/2025 (f) (k)		409		410
Wisconsin Power & Light Co. 4.60%, 6/15/2020		119		121
WMG Acquisition Corp. 5.50%, 4/15/2026 (f)		965		1,013
Wyndham Destinations, Inc.
5.40%, 4/1/2024 (k)		184		195
6.35%, 10/1/2025 (k)		391		433
5.75%, 4/1/2027 (k)		287		313
Wynn Las Vegas LLC 5.50%, 3/1/2025 (f)		863		917
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (f)		335		350

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Xerox Corp. 4.12%, 3/15/2023 (k)		624		637
XPO Logistics, Inc.
6.13%, 9/1/2023 (f)		396		408
6.75%, 8/15/2024 (f)		1,189		1,284
Yum! Brands, Inc. 4.75%, 1/15/2030 (f)		351		368
Zayo Group LLC
6.00%, 4/1/2023		226		233
6.38%, 5/15/2025		620		637
				325,420
Venezuela, Bolivarian Republic of — 0.0%(c)
Petroleos de Venezuela SA
8.50%, 10/27/2020 (a) (l)		75		23
9.00%, 11/17/2021 (a) (l)		50		3
12.75%, 2/17/2022 (a) (l)		120		7
				33
Total Corporate Bonds (Cost $452,601)				457,166
Foreign Government Securities — 9.7%
Angola — 0.0%(c)
Republic of Angola
9.50%, 11/12/2025 (a)		450		507
8.25%, 5/9/2028 (a)		400		418
9.38%, 5/8/2048 (a)		200		211
				1,136
Argentina — 0.0%(c)
Republic of Argentina
6.88%, 4/22/2021		150		68
5.88%, 1/11/2028		377		144
6.63%, 7/6/2028		500		196
8.28%, 12/31/2033		332		170
7.63%, 4/22/2046		175		70
6.88%, 1/11/2048		367		145
7.13%, 6/28/2117		18		7
				800
Armenia — 0.0%(c)
Republic of Armenia 3.95%, 9/26/2029 (f)		400		389
Australia — 0.2%
Australia Government Bond
2.00%, 12/21/2021 (a)		AUD 1,060		749
2.75%, 4/21/2024 (a)		AUD 1,082		808
4.75%, 4/21/2027 (a)		AUD 1,260		1,099

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Australia — continued
2.75%, 6/21/2035 (a)		AUD 1,165		959
2.75%, 5/21/2041 (a)		AUD    360		299
3.00%, 3/21/2047 (a)		AUD    282		249
				4,163
Azerbaijan — 0.0%(c)
Republic of Azerbaijan
4.75%, 3/18/2024 (a)		300		318
3.50%, 9/1/2032 (a)		200		194
				512
Bahrain — 0.0%(c)
Kingdom of Bahrain
7.00%, 10/12/2028 (a)		200		231
6.75%, 9/20/2029 (a)		300		341
6.00%, 9/19/2044 (a)		400		403
				975
Belarus — 0.0%(c)
Republic of Belarus 6.20%, 2/28/2030 (a)		200		214
Belgium — 0.3%
Belgium Government Bond
0.50%, 10/22/2024 (a)		EUR 1,380		1,612
0.80%, 6/22/2025 (a)		EUR 2,630		3,133
0.80%, 6/22/2027 (a)		EUR    845		1,018
1.00%, 6/22/2031 (a)		EUR 2,175		2,699
1.90%, 6/22/2038 (a)		EUR    910		1,289
1.60%, 6/22/2047 (a)		EUR    365		506
2.15%, 6/22/2066 (a)		EUR    397		643
				10,900
Benin — 0.0%(c)
Benin Government International Bond 5.75%, 3/26/2026 (f)		EUR    100		115
Bermuda — 0.0%(c)
Government of Bermuda 4.85%, 2/6/2024 (a)		200		218
Bolivia, Plurinational State of — 0.0%(c)
Plurinational State of Bolivia 4.50%, 3/20/2028 (a)		200		187
Brazil — 0.0%(c)
Federative Republic of Brazil
4.63%, 1/13/2028		500		535
8.25%, 1/20/2034		92		127
				662

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Canada — 0.1%
Canada Government Bond
0.50%, 3/1/2022		CAD        7		5
2.25%, 6/1/2029		CAD    810		661
5.00%, 6/1/2037		CAD    560		648
4.00%, 6/1/2041		CAD    480		524
3.50%, 12/1/2045		CAD    274		292
2.75%, 12/1/2048		CAD    390		376
2.75%, 12/1/2064		CAD    130		136
				2,642
China — 0.1%
Export-Import Bank of China (The) 0.75%, 5/28/2023 (a)		EUR 3,800		4,331
Colombia — 0.0%(c)
Republic of Colombia
4.00%, 2/26/2024		200		212
3.88%, 4/25/2027		400		426
5.00%, 6/15/2045		400		466
				1,104
Costa Rica — 0.0%(c)
Instituto Costarricense de Electricidad 6.38%, 5/15/2043 (a)		200		163
Republic of Costa Rica 4.38%, 4/30/2025 (a)		200		191
				354
Croatia — 0.0%(c)
Republic of Croatia 6.00%, 1/26/2024 (a)		562		647
Czech Republic — 0.0%(c)
Czech Republic Government Bond
2.00%, 10/13/2033		CZK 9,160		428
4.85%, 11/26/2057 (a)		CZK 1,460		108
				536
Denmark — 0.1%
Denmark Government Bond
0.25%, 11/15/2020		DKK 1,930		291
0.50%, 11/15/2027		DKK 4,619		747
4.50%, 11/15/2039		DKK 3,810		1,111
				2,149
Dominican Republic — 0.1%
Government of Dominican Republic
5.88%, 4/18/2024 (a)		400		428
5.50%, 1/27/2025 (a)		100		107
6.88%, 1/29/2026 (a)		250		285

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Dominican Republic — continued
9.75%, 6/5/2026 (f)		DOP 17,350		333
5.95%, 1/25/2027 (a)		250		275
7.45%, 4/30/2044 (a)		100		120
6.85%, 1/27/2045 (a)		200		226
6.40%, 6/5/2049 (f)		360		389
6.40%, 6/5/2049 (a)		300		325
				2,488
Ecuador — 0.1%
Republic of Ecuador
10.75%, 3/28/2022 (a)		600		639
7.95%, 6/20/2024 (a)		200		194
8.88%, 10/23/2027 (a)		150		141
7.88%, 1/23/2028 (a)		400		359
10.75%, 1/31/2029 (f)		400		407
9.50%, 3/27/2030 (f)		270		259
				1,999
Egypt — 0.0%(c)
Arab Republic of Egypt
5.88%, 6/11/2025 (a)		300		311
7.50%, 1/31/2027 (a)		400		433
8.50%, 1/31/2047 (a)		200		210
				954
El Salvador — 0.0%(c)
El Salvador Government Bond
8.63%, 2/28/2029 (a)		120		142
7.12%, 1/20/2050 (a)		200		205
Republic of El Salvador
7.38%, 12/1/2019 (a)		150		150
7.75%, 1/24/2023 (a)		100		109
5.88%, 1/30/2025 (a)		240		250
6.38%, 1/18/2027 (a)		100		105
7.12%, 1/20/2050 (f)		150		154
				1,115
Ethiopia — 0.0%(c)
Republic of Ethiopia 6.63%, 12/11/2024 (a)		200		210
France — 0.8%
Republic of France 0.00%, 5/25/2021 (a)		EUR   2,130		2,399
0.00%, 5/25/2022 (a)		EUR   3,020		3,423
1.75%, 11/25/2024 (a)		EUR   1,741		2,164
0.50%, 5/25/2026 (a)		EUR   3,280		3,870

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
France — continued
1.50%, 5/25/2031 (a)		EUR         4,358		5,714
1.75%, 6/25/2039 (a)		EUR         3,828		5,374
3.25%, 5/25/2045 (a)		EUR            689		1,262
2.00%, 5/25/2048 (a)		EUR         1,155		1,744
1.75%, 5/25/2066 (a)		EUR            844		1,259
				27,209
Gabon — 0.0%(c)
Gabonese Republic 6.38%, 12/12/2024 (a)		500		497
Germany — 0.1%
Federal Republic of Germany
4.75%, 7/4/2034 (a)		EUR            950		1,856
4.75%, 7/4/2040 (a)		EUR            390		877
				2,733
Ghana — 0.0%(c)
Republic of Ghana 7.88%, 8/7/2023 (a)		300		327
Guatemala — 0.0%(c)
Republic of Guatemala 4.90%, 6/1/2030 (a)		200		213
Honduras — 0.0%(c)
Republic of Honduras 7.50%, 3/15/2024 (a)		200		221
Hungary — 0.0%(c)
Republic of Hungary
5.38%, 3/25/2024		700		789
3.00%, 10/27/2038		HUF       98,730		353
				1,142
Indonesia — 0.3%
Republic of Indonesia
2.88%, 7/8/2021 (a)		EUR         1,200		1,396
5.88%, 1/15/2024 (a)		300		338
2.15%, 7/18/2024 (a)		EUR         1,120		1,332
1.75%, 4/24/2025		EUR         2,260		2,643
1.45%, 9/18/2026		EUR            100		115
4.35%, 1/8/2027 (a)		200		218
8.25%, 5/15/2029		IDR 11,400,000		883
1.40%, 10/30/2031		EUR         1,365		1,519
6.75%, 1/15/2044 (a)		200		286
7.38%, 5/15/2048		IDR   4,835,000		334
				9,064
Iraq — 0.0%(c)
Republic of Iraq 5.80%, 1/15/2028 (a)		250		240

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 41

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Italy — 1.3%
Italy Buoni Poliennali Del Tesoro
4.50%, 2/1/2020 (a)	EUR	3,856		4,349
3.75%, 8/1/2021 (a)	EUR	2,270		2,703
1.85%, 5/15/2024	EUR	1,109		1,324
3.00%, 8/1/2029 (a)	EUR	608		809
Italy Government Bond
0.65%, 11/1/2020	EUR	2,093		2,355
1.00%, 7/15/2022 (a)	EUR	438		502
0.95%, 3/1/2023	EUR	3,819		4,379
2.45%, 10/1/2023 (a)	EUR	2,947		3,575
2.38%, 10/17/2024		7,742		7,675
1.50%, 6/1/2025	EUR	5,812		6,854
1.65%, 3/1/2032 (a)	EUR	3,948		4,639
2.25%, 9/1/2036 (a)	EUR	2,152		2,663
4.75%, 9/1/2044 (a)	EUR	675		1,175
2.70%, 3/1/2047 (a)	EUR	110		144
3.45%, 3/1/2048 (a)	EUR	1,534		2,272
3.85%, 9/1/2049 (a)	EUR	861		1,354
2.80%, 3/1/2067 (a)	EUR	252		324
				47,096
Ivory Coast — 0.0% (c)
Republic of Cote d’Ivoire
5.88%, 10/17/2031 (f)	EUR	330		375
6.13%, 6/15/2033 (a)		300		295
6.88%, 10/17/2040 (f)	EUR	390		446
				1,116
Jamaica — 0.0%(c)
Jamaica Government International Bond
6.75%, 4/28/2028		200		237
8.00%, 3/15/2039		300		399
				636
Japan — 3.0%
Japan Bank for International Cooperation 3.13%, 7/20/2021		1,298		1,326
Japan Finance Organization for Municipalities
2.13%, 4/13/2021 (a)		1,800		1,804
0.88%, 9/22/2021 (a)	EUR	2,800		3,191
3.25%, 4/24/2023 (f)		1,890		1,973
Japan Government Bond
0.10%, 6/20/2022	JPY	816,150		7,625

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Japan — continued
0.80%, 9/20/2022	JPY	878,450		8,380
0.10%, 12/20/2022	JPY	1,045,200		9,786
0.80%, 9/20/2023	JPY	227,900		2,197
0.10%, 6/20/2024	JPY	459,150		4,322
0.50%, 9/20/2024	JPY	305,150		2,931
0.10%, 6/20/2026	JPY	601,000		5,700
0.10%, 3/20/2029	JPY	392,650		3,730
1.60%, 3/20/2032	JPY	777,100		8,649
1.50%, 6/20/2034	JPY	517,600		5,794
1.40%, 9/20/2034	JPY	557,700		6,177
0.70%, 3/20/2037	JPY	623,200		6,307
0.60%, 9/20/2037	JPY	1,286,050		12,794
2.00%, 9/20/2040	JPY	62,400		783
1.50%, 3/20/2045	JPY	197,150		2,349
1.40%, 12/20/2045	JPY	353,000		4,137
0.80%, 12/20/2047	JPY	509,850		5,263
0.90%, 3/20/2057	JPY	461,700		4,983
				110,201
Kazakhstan — 0.0%(c)
Republic of Kazakhstan
3.88%, 10/14/2024 (a)		200		213
1.50%, 9/30/2034 (f)	EUR	156		173
				386
Kenya — 0.0%(c)
Republic of Kenya
6.88%, 6/24/2024 (a)		200		213
Kuwait — 0.0% (c)
Kuwait Government Bond 2.75%, 3/20/2022 (a)		700		711
Lebanon — 0.1%
Republic of Lebanon
6.38%, 3/9/2020		249		204
6.00%, 1/27/2023 (a)		187		111
6.65%, 4/22/2024 (a)		718		409
6.60%, 11/27/2026 (a)		235		130
6.85%, 3/23/2027 (a)		537		298
6.65%, 11/3/2028 (a)		695		388
6.65%, 2/26/2030 (a)		30		17
7.00%, 3/23/2032 (a)		16		9
7.25%, 3/23/2037 (a)		39		22
				1,588

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Macedonia, the Former Yugoslav Republic of — 0.0%(c)
Republic of North Macedonia
2.75%, 1/18/2025 (f)		EUR        114		137
2.75%, 1/18/2025 (a)		EUR        100		120
				257
Mexico — 0.1%
United Mexican States
2.38%, 4/9/2021		EUR     2,400		2,766
4.50%, 4/22/2029		200		220
4.75%, 3/8/2044		100		109
5.55%, 1/21/2045		100		122
4.60%, 1/23/2046		200		214
5.75%, 10/12/2110		100		117
				3,548
Mongolia — 0.0%(c)
Mongolia Government International Bond 8.75%, 3/9/2024 (a)		200		226
Montenegro — 0.0%(c)
Republic of Montenegro 3.38%, 4/21/2025 (f)		EUR        100		119
Namibia — 0.0%(c)
Republic of Namibia 5.25%, 10/29/2025 (a)		200		204
Nigeria — 0.1%
Federal Republic of Nigeria 6.75%, 1/28/2021 (a)		200		207
7.63%, 11/21/2025 (f)		200		218
13.98%, 2/23/2028		NGN 125,000		355
7.14%, 2/23/2030 (a)		200		201
8.75%, 1/21/2031 (f)		200		220
9.25%, 1/21/2049 (a)		200		222
				1,423
Oman — 0.0%(c)
Oman Government International Bond
4.75%, 6/15/2026 (a)		300		291
5.38%, 3/8/2027 (a)		250		248
6.75%, 1/17/2048 (a)		300		281
				820
Pakistan — 0.0%(c)
Republic of Pakistan 6.88%, 12/5/2027 (a)		200		200

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Panama — 0.0% (c)
Republic of Panama 3.75%, 4/17/2026 (f)		240		250
Paraguay — 0.0%(c)
Republic of Paraguay
4.63%, 1/25/2023 (a)		200		212
4.70%, 3/27/2027 (a)		150		164
6.10%, 8/11/2044 (a)		150		183
				559
Peru — 0.1%
Republic of Peru
5.94%, 2/12/2029 (f)		PEN          60		20
6.95%, 8/12/2031 (a)		PEN     3,300		1,191
5.40%, 8/12/2034 (a)		PEN          90		29
5.63%, 11/18/2050		200		293
				1,533
Philippines — 0.0%(c)
Republic of the Philippines
0.88%, 5/17/2027		EUR        100		115
7.75%, 1/14/2031		200		297
3.70%, 2/2/2042		300		338
				750
Qatar — 0.1%
State of Qatar
3.88%, 4/23/2023 (f)		860		908
4.50%, 4/23/2028 (a)		400		458
4.82%, 3/14/2049 (a)		400		492
4.82%, 3/14/2049 (f)		200		246
				2,104
Romania — 0.1%
Republic of Romania
2.12%, 7/16/2031 (f)		EUR   1,502		1,732
5.13%, 6/15/2048 (a)		220		253
4.63%, 4/3/2049 (a)		EUR      272		396
4.63%, 4/3/2049 (f)		EUR      150		218
				2,599
Russia — 0.1%
Russian Federation
4.88%, 9/16/2023 (a)		600		659
7.75%, 9/16/2026		RUB 43,930		742
8.15%, 2/3/2027		RUB 78,000		1,347
7.25%, 5/10/2034		RUB 26,000		430
5.88%, 9/16/2043 (a)		600		766
				3,944

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 43

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Saudi Arabia — 0.2%
Kingdom of Saudi Arabia
2.38%, 10/26/2021 (a)		3,700		3,706
0.75%, 7/9/2027 (f)		EUR   1,540		1,754
4.38%, 4/16/2029 (a)		200		223
2.00%, 7/9/2039 (f)		EUR      100		118
5.00%, 4/17/2049 (a)		200		237
				6,038
Serbia — 0.0%(c)
Republic of Serbia
7.25%, 9/28/2021 (a)		200		218
1.50%, 6/26/2029 (f)		EUR      440		506
				724
South Africa — 0.1%
Republic of South Africa
5.88%, 5/30/2022		100		108
4.67%, 1/17/2024		100		104
10.50%, 12/21/2026		ZAR   5,200		380
4.30%, 10/12/2028		300		289
8.00%, 1/31/2030		ZAR   9,500		579
8.88%, 2/28/2035		ZAR   8,500		523
9.00%, 1/31/2040		ZAR   3,500		211
5.38%, 7/24/2044		200		192
				2,386
South Korea — 0.1%
Export-Import Bank of Korea 4.38%, 9/15/2021		2,900		3,025
Spain — 1.0%
Kingdom of Spain
0.05%, 1/31/2021		EUR 1,237		1,388
0.40%, 4/30/2022		EUR 1,965		2,235
0.45%, 10/31/2022		EUR 1,040		1,189
0.35%, 7/30/2023		EUR 2,656		3,032
2.75%, 10/31/2024 (a)		EUR 6,509		8,330
1.60%, 4/30/2025 (a)		EUR 4,043		4,940
1.50%, 4/30/2027 (a)		EUR    619		765
1.45%, 10/31/2027 (a)		EUR 2,682		3,315
1.40%, 7/30/2028 (a)		EUR    102		126
1.45%, 4/30/2029 (a)		EUR    974		1,212
1.95%, 7/30/2030 (a)		EUR    729		954
2.35%, 7/30/2033 (a)		EUR 2,065		2,862
4.70%, 7/30/2041 (a)		EUR    696		1,360

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Spain — continued
5.15%, 10/31/2044 (a)		EUR    600		1,284
2.90%, 10/31/2046 (a)		EUR    554		881
2.70%, 10/31/2048 (a)		EUR    215		333
3.45%, 7/30/2066 (a)		EUR    290		539
				34,745
Sri Lanka — 0.0%(c)
Republic of Sri Lanka
6.25%, 10/4/2020 (a)		300		305
5.75%, 4/18/2023 (a)		200		200
6.35%, 6/28/2024 (f)		200		202
6.85%, 11/3/2025 (a)		200		203
6.20%, 5/11/2027 (a)		200		192
6.75%, 4/18/2028 (a)		300		293
				1,395
Sweden — 0.1%
Svensk Exportkredit AB 2.88%, 3/14/2023		3,300		3,433
Sweden Government Bond 5.00%, 12/1/2020		SEK 1,630		178
1.50%, 11/13/2023 (a)		SEK 4,690		523
0.75%, 5/12/2028		SEK 4,740		531
3.50%, 3/30/2039		SEK 1,520		255
				4,920
Tajikistan — 0.0%(c)
Republic of Tajikistan International Bond 7.13%, 9/14/2027 (a)		200		169
Turkey — 0.1%
Republic of Turkey
5.75%, 3/22/2024		200		202
5.20%, 2/16/2026		EUR   120		140
4.88%, 10/9/2026		200		188
11.00%, 2/24/2027		TRY 5,550		902
7.63%, 4/26/2029		230		247
4.88%, 4/16/2043		740		589
				2,268
Ukraine — 0.1%
Republic of Ukraine
Zero Coupon, 12/4/2019 (a)		UAH 3,000		119
Zero Coupon, 1/29/2020 (a)		UAH 7,500		291
7.75%, 9/1/2021 (a)		150		157
7.75%, 9/1/2022 (a)		235		250

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Foreign Government Securities — continued
Ukraine — continued
7.75%, 9/1/2024 (a)		250		268
15.84%, 2/26/2025 (a)		UAH 8,800		373
7.38%, 9/25/2032 (a)		550		575
Zero Coupon, 5/31/2040 (a) (m)		471		442
				2,475
United Arab Emirates — 0.0%(c)
Abu Dhabi Government Bond
4.13%, 10/11/2047 (a)		400		460
United Kingdom — 0.9%
U.K. Treasury Bonds
1.50%, 1/22/2021 (a)		GBP 2,950		3,862
4.00%, 3/7/2022 (a)		GBP      80		112
0.50%, 7/22/2022 (a)		GBP 2,149		2,789
2.00%, 9/7/2025 (a)		GBP 1,730		2,451
4.25%, 6/7/2032 (a)		GBP 2,555		4,700
1.75%, 9/7/2037 (a)		GBP 5,782		8,373
4.75%, 12/7/2038 (a)		GBP    363		777
4.25%, 12/7/2046 (a)		GBP    215		482
1.50%, 7/22/2047 (a)		GBP 2,280		3,212
1.75%, 1/22/2049 (a)		GBP    441		659
3.75%, 7/22/2052 (a)		GBP    423		948
1.75%, 7/22/2057 (a)		GBP 1,775		2,799
2.50%, 7/22/2065 (a)		GBP 1,172		2,329
				33,493
Uruguay — 0.0%(c)
Republic of Uruguay
7.88%, 1/15/2033		400		598
4.98%, 4/20/2055		280		328
				926
Uzbekistan — 0.0%(c)
Republic of Uzbekistan
4.75%, 2/20/2024 (a)		300		316
Venezuela, Bolivarian Republic of — 0.0%(c)
Republic of Venezuela
7.75%, 10/13/2019 (a) (l)		10		1
12.75%, 8/23/2022 (a) (l)		180		17
9.25%, 5/7/2028 (a) (l)		180		17
				35
Zambia — 0.0%(c)
Republic of Zambia 8.97%, 7/30/2027 (a)		200		141
Total Foreign Government Securities (Cost $345,175)				354,445

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — 5.3%
Cayman Islands — 0.3%
BlueMountain CLO Ltd.
Series2015-1A, Class C, 5.75%, 4/13/2027 ‡ (f) (m)		300		298
Series2012-2A, Class DR2, 5.04%, 11/20/2028 ‡ (f) (m)		1,585		1,477
Series2014-2A, Class DR2, 5.07%, 10/20/2030 ‡ (f) (m)		490		444
Series2018-3A, Class D, 5.19%, 10/25/2030 ‡ (f) (m)		1,355		1,242
CIFC Funding Ltd.
Series2014-5A, Class BR2, 3.80%, 10/17/2031 ‡ (f) (m)		995		985
Series2014-5A, Class DR2, 5.40%, 10/17/2031 ‡ (f) (m)		280		260
LCM 28 Ltd. Series 28A, Class B, 3.57%, 10/20/2030 ‡ (f) (m)		1,040		1,026
Voya CLO Ltd.
Series2019-1A, Class A, 3.17%, 4/15/2029 (f) (m)		1,134		1,135
Series2019-1A, Class D, 5.30%, 4/15/2029 ‡ (f) (m)		990		969
Series2016-3A, Class CR, 5.25%, 10/18/2031 ‡ (f) (m)		1,110		1,050
				8,886
United States — 5.0%
ABFC Trust Series2004-HE1, Class M1, 2.72%, 3/25/2034 ‡ (m)		356		356
ACC Trust
Series2018-1, Class B, 4.82%, 5/20/2021 (f)		965		972
Series2019-1, Class B, 4.47%, 10/20/2022 (f)		700		715
Series2018-1, Class C, 6.81%, 2/21/2023 (f)		755		775
ACE Securities Corp. Home Equity Loan Trust
Series2002-HE3, Class M1, 3.62%, 10/25/2032 ‡ (m)		242		245
Series2003-NC1, Class M1, 2.99%, 7/25/2033 ‡ (m)		224		223
Series2003-OP1, Class M1, 2.87%, 12/25/2033 ‡ (m)		329		328
Series2004-OP1, Class M3, 3.70%, 4/25/2034 (m)		372		363
Series2004-HE4, Class M2, 2.80%, 12/25/2034 ‡ (m)		112		111

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 45

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Ally Auto Receivables Trust
Series2018-3, Class A2, 2.72%, 5/17/2021		142		142
Series2017-2, Class A3, 1.78%, 8/16/2021		222		222
Series2017-3, Class A3, 1.74%, 9/15/2021		216		216
Series2017-4, Class A3, 1.75%, 12/15/2021		588		587
Series2017-5, Class A3, 1.99%, 3/15/2022		211		212
Series2019-1, Class A2, 2.85%, 3/15/2022		429		430
Series2018-1, Class A3, 2.35%, 6/15/2022		1,632		1,636
American Credit Acceptance Receivables Trust
Series2018-3, Class D, 4.14%, 10/15/2024 (f)		1,915		1,961
Series2018-3, Class E, 5.17%, 10/15/2024 (f)		1,630		1,688
Series2017-4, Class E, 5.02%, 12/10/2024 (f)		445		455
Series2018-4, Class D, 4.40%, 1/13/2025 (f)		3,455		3,572
Series2018-4, Class E, 5.38%, 1/13/2025 (f)		765		798
Series2019-1, Class D, 3.81%, 4/14/2025 (f)		1,450		1,486
Series2019-2, Class D, 3.41%, 6/12/2025 (f)		370		377
Series2019-2, Class E, 4.29%, 6/12/2025 (f)		350		354
Series2018-3, Class F, 6.44%, 6/12/2025 (f)		1,320		1,360
Series2019-3, Class D, 2.89%, 9/12/2025 (f)		1,132		1,140
Series2019-3, Class E, 3.80%, 9/12/2025 (f)		493		494
Series2018-4, Class F, 6.94%, 10/13/2025 (f)		1,100		1,149
Series2019-3, Class F, 5.42%, 5/12/2026 (f)		710		713
AmeriCredit Automobile Receivables Trust
Series2017-2, Class A3, 1.98%, 12/20/2021		180		180
Series2018-3, Class A3, 3.38%, 7/18/2023		600		610

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W, Class A6, 4.26%, 5/25/2034 ‡ (k)		244		249
Amortizing Residential Collateral Trust Series2004-1, Class M5, 3.70%, 10/25/2034 ‡ (m)		45		46
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series2003-W5, Class M2, 4.37%, 10/25/2033 ‡ (m)		644		637
Series2004-W1, Class M2, 3.74%, 3/25/2034 ‡ (m)		825		825
Series2004-W5, Class M1, 2.72%, 4/25/2034 ‡ (m)		106		107
Asset-Backed Securities Corp. Home Equity Loan Trust
Series2003-HE2, Class M1, 3.26%, 4/15/2033 ‡ (m)		933		935
Series2003-HE7, Class M1, 2.89%, 12/15/2033 ‡ (m)		1,901		1,918
Series2004-HE2, Class M2, 3.70%, 4/25/2034 ‡ (m)		479		478
Series2004-HE3, Class M2, 3.50%, 6/25/2034 ‡ (m)		896		897
Bear Stearns Asset-Backed Securities I Trust
Series2004-FR2, Class M3, 3.62%, 6/25/2034 (m)		148		149
Series2004-HE6, Class M2, 3.70%, 8/25/2034 ‡ (m)		523		524
Bear Stearns Asset-Backed Securities Trust
Series2004-1, Class M1, 2.80%, 6/25/2034 ‡ (m)		397		403
Series2004-2, Class M1, 3.02%, 8/25/2034 ‡ (m)		185		183
BMW Vehicle Lease Trust
Series2017-2, Class A3, 2.07%, 10/20/2020		45		45
Series2018-1, Class A3, 3.26%, 7/20/2021		390		394
CarMax Auto Owner Trust
Series2016-3, Class A3, 1.39%, 5/17/2021		138		138
Series2017-1, Class A3, 1.98%, 11/15/2021		103		103
Series2017-2, Class A3, 1.93%, 3/15/2022		244		244
Series2019-1, Class A2A, 3.02%, 7/15/2022		260		262

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Chase Funding Trust Series2003-2, Class 2M1, 2.65%, 11/25/2032 ‡ (m)		1,181		1,179
Citibank Credit Card Issuance Trust Series2014-A1, Class A1, 2.88%, 1/23/2023		992		1,005
Citifinancial Mortgage Securities, Inc. Series2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (k)		708		741
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates Series 2005-OPT3, Class M3, 2.54%, 5/25/2035 ‡ (m)		399		399
CNH Equipment Trust
Series2016-C, Class A3, 1.44%, 12/15/2021		35		35
Series2018-B, Class A2, 2.93%, 12/15/2021		447		448
Series2017-C, Class A3, 2.08%, 2/15/2023		1,191		1,193
Conn’s Receivables Funding LLC
Series2018-A, Class B, 4.65%, 1/15/2023 ‡ (f)		807		813
Series2019-A, Class C, 5.29%, 10/16/2023 (f)		440		444
Consumer Loan Underlying Bond Credit Trust Series2018-NP1, Class C, 4.74%, 5/15/2024 ‡ (f)		1,609		1,620
Countrywide Asset-Backed Certificates
Series2002-4, Class M1, 2.95%, 12/25/2032 ‡ (m)		26		26
Series2003-BC6, Class M2, 3.55%, 10/25/2033 ‡ (m)		19		18
Series2004-2, Class M1, 2.57%, 5/25/2034 ‡ (m)		49		49
Series2004-3, Class M1, 2.57%, 6/25/2034 ‡ (m)		100		99
Series2005-12, Class M2, 2.31%, 2/25/2036 ‡ (m)		1,000		1,000
Countrywide Partnership Trust Series2004-EC1, Class M2, 2.77%, 1/25/2035 ‡ (m)		485		487
CPS Auto Receivables Trust Series2019-A, Class D, 4.35%, 12/16/2024 (f)		870		904
Credit Acceptance Auto Loan Trust Series2019-1A, Class B, 3.75%, 4/17/2028 (f)		2,345		2,427

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Credit-Based Asset Servicing & Securitization LLC
Series2005-CB1, Class M2, 2.92%, 1/25/2035 ‡ (m)		126		126
Series2004-CB4, Class A5, 6.78%, 5/25/2035 (k)		1,116		1,152
CWABS, Inc. Asset-Backed Certificates Trust
Series2004-5, Class M3, 3.55%, 7/25/2034 ‡ (m)		67		67
Series2004-6, Class M1, 2.72%, 10/25/2034 (m)		194		187
Series2004-6, Class M2, 2.80%, 10/25/2034 ‡ (m)		56		56
Dell Equipment Finance Trust
Series2018-2, Class A2, 3.16%, 2/22/2021 (f)		270		271
Series2017-2, Class A3, 2.19%, 10/24/2022 (f)		136		136
Drive Auto Receivables Trust
Series2018-4, Class A3, 3.04%, 11/15/2021		3		3
Series2019-4, Class A2A, 2.32%, 6/15/2022		544		544
Series2018-4, Class D, 4.09%, 1/15/2026		2,025		2,080
Series2018-5, Class D, 4.30%, 4/15/2026		1,930		1,999
Series2019-1, Class D, 4.09%, 6/15/2026		1,775		1,836
DT Auto Owner Trust
Series2018-3A, Class D, 4.19%, 7/15/2024 (f)		2,745		2,837
Series2019-1A, Class D, 3.87%, 11/15/2024 (f)		3,070		3,159
Series2017-4A, Class E, 5.15%, 11/15/2024 (f)		1,610		1,665
Series2018-2A, Class E, 5.54%, 6/16/2025 (f)		725		761
Series2018-3A, Class E, 5.33%, 11/17/2025 (f)		2,126		2,222
Series2019-1A, Class E, 4.94%, 2/17/2026 (f)		2,315		2,403
Series2019-3A, Class E, 3.85%, 8/17/2026 (f)		2,270		2,281
Exeter Automobile Receivables Trust
Series2016-2A, Class D, 8.25%, 4/17/2023 (f)		995		1,047

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 47

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Series2018-4A, Class C, 3.97%, 9/15/2023 (f)		3,090		3,154
Series2018-2A, Class D, 4.04%, 3/15/2024 (f)		580		595
Series2018-3A, Class E, 5.43%, 8/15/2024 (f)		480		504
Series2018-4A, Class D, 4.35%, 9/16/2024 (f)		1,255		1,301
Series2019-1A, Class C, 3.82%, 12/16/2024 (f)		1,310		1,341
Series2019-1A, Class D, 4.13%, 12/16/2024 (f)		2,445		2,537
Series2019-2A, Class D, 3.71%, 3/17/2025 (f)		360		371
Series2018-4A, Class E, 5.38%, 7/15/2025 (f)		1,110		1,159
Series2019-3A, Class D, 3.11%, 8/15/2025 (f)		1,385		1,405
Series2019-1A, Class E, 5.20%, 1/15/2026 (f)		3,310		3,465
Series2019-2A, Class E, 4.68%, 5/15/2026 (f)		3,000		3,084
Series2019-3A, Class E, 4.00%, 8/17/2026 (f)		810		820
First Franklin Mortgage Loan Trust Series 2005-FF10, Class A1, 2.12%, 11/25/2035 ‡ (m)		353		347
Flagship Credit Auto Trust Series2018-4, Class C, 4.11%, 10/15/2024 (f)		870		906
Ford Credit Auto Owner Trust
Series2016-C, Class A3, 1.22%, 3/15/2021		134		134
Series2018-B, Class A2A, 2.96%, 9/15/2021		151		152
Series2017-C, Class A3, 2.01%, 3/15/2022		268		268
Series2017-A, Class A4, 1.92%, 4/15/2022		1,920		1,918
FREED ABS Trust Series2018-2, Class B, 4.61%, 10/20/2025 ‡ (f)		1,195		1,227
Fremont Home Loan Trust
Series2003-B, Class M2, 4.25%, 12/25/2033 ‡ (m)		4		4
Series2004-B, Class M7, 4.82%, 5/25/2034 (m)		43		42
Series2004-2, Class M2, 2.75%, 7/25/2034 (m)		147		148

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
GLS Auto Receivables Issuer Trust
Series2019-4A, Class A, 2.47%, 11/15/2023 (f)		460		460
Series2019-4A, Class B, 2.78%, 9/16/2024 (f)		770		770
Series2019-1A, Class C, 3.87%, 12/16/2024 (f)		1,570		1,611
Series2019-4A, Class C, 3.06%, 8/15/2025 (f)		620		620
Series2019-1A, Class D, 4.94%, 12/15/2025 (f)		560		584
Series2019-4A, Class D, 4.09%, 8/17/2026 (f)		900		900
GLS Auto Receivables Trust
Series2018-3A, Class C, 4.18%, 7/15/2024 (f)		855		883
Series2018-3A, Class D, 5.34%, 8/15/2025 (f)		910		960
GM Financial Automobile Leasing Trust
Series2018-3, Class A3, 3.18%, 6/21/2021		703		708
Series2019-4, Class A2A, 1.84%, 11/16/2022		1,270		1,269
GM Financial Consumer Automobile Receivables Trust
Series2019-1, Class A2, 2.99%, 3/16/2022		490		492
Series2019-2, Class A2A, 2.66%, 6/16/2022		729		731
GSAMP Trust
Series2004-OPT, Class M1, 2.69%, 11/25/2034 ‡ (m)		562		560
Series2006-HE3, Class A2C, 1.98%, 5/25/2046 (m)		192		190
Home Equity Asset Trust Series2004-7, Class M1, 2.75%, 1/25/2035 (m)		166		166
Home Equity Mortgage Loan Asset-Backed Trust
Series2004-B, Class M3, 3.02%, 11/25/2034 ‡ (m)		195		195
Series2004-B, Class M8, 4.89%, 11/25/2034 ‡ (m)		219		215
Series2004-C, Class M1, 2.66%, 3/25/2035 ‡ (m)		2,199		2,203
Honda Auto Receivables Owner Trust
Series2016-4, Class A3, 1.21%, 12/18/2020		84		84

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Series2018-3, Class A2, 2.67%, 12/22/2020		79		79
Series2017-2, Class A3, 1.68%, 8/16/2021		366		366
Hyundai Auto Lease Securitization Trust Series2018-B, Class A2, 2.81%, 12/15/2020 (f)		118		118
Hyundai Auto Receivables Trust Series2019-B, Class A2, 1.93%, 7/15/2022		260		260
John Deere Owner Trust Series2019-A, Class A2, 2.85%, 12/15/2021		482		484
KREF Ltd. Series2018-FL1, Class D, 4.43%, 6/15/2036 ‡ (f) (m)		600		603
Lendmark Funding Trust
Series2017-2A, Class C, 4.33%, 5/20/2026 ‡ (f)		695		696
Series2018-1A, Class C, 5.03%, 12/21/2026 ‡ (f)		1,165		1,200
Long Beach Mortgage Loan Trust
Series2004-3, Class M2, 2.72%, 7/25/2034 ‡ (m)		742		736
Series2004-3, Class M4, 3.44%, 7/25/2034 ‡ (m)		427		427
Series2004-6, Class A3, 3.12%, 11/25/2034 ‡ (m)		236		237
Mariner Finance Issuance Trust Series2018-AA, Class A, 4.20%, 11/20/2030 (f)		2,175		2,227
MASTR Asset-Backed Securities Trust
Series2003-NC1, Class M5, 4.61%, 4/25/2033 ‡ (m)		87		83
Series2005-NC1, Class M2, 2.57%, 12/25/2034 ‡ (m)		211		210
ME Funding LLC Series2019-1, Class A2, 6.45%, 7/30/2049 (f)		1,337		1,392
Mercedes-Benz Auto Receivables Trust Series2018-1, Class A2A, 2.71%, 4/15/2021		26		26
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (f) (k)		550		555
Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (f) (k)		2,215		2,230
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (f) (k)		3,089		3,092
Morgan Stanley ABS Capital I, Inc. Trust
Series2003-HE2, Class M2, 4.30%, 8/25/2033 ‡ (m)		27		27

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series2004-NC5, Class M1, 2.72%, 5/25/2034 ‡ (m)		303		300
Series2004-NC7, Class M2, 2.75%, 7/25/2034 ‡ (m)		108		109
Series2004-NC6, Class M2, 3.70%, 7/25/2034 ‡ (m)		344		341
Series2004-HE6, Class M1, 2.65%, 8/25/2034 ‡ (m)		326		326
Series2004-HE8, Class M3, 2.95%, 9/25/2034 ‡ (m)		23		23
Series2005-HE1, Class M3, 2.60%, 12/25/2034 ‡ (m)		44		43
Morgan Stanley Dean Witter Capital I, Inc. Trust Series2002-AM3, Class A3, 2.80%, 2/25/2033 ‡ (m)		281		281
New Century Home Equity Loan Trust Series2004-2, Class M3, 2.83%, 8/25/2034 ‡ (m)		398		398
New Residential Mortgage LLC Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (f)		308		312
Nissan Auto Lease Trust Series2017-B, Class A3, 2.05%, 9/15/2020		47		47
Nissan Auto Receivables Owner Trust
Series2018-B, Class A2A, 2.76%, 7/15/2021		293		293
Series2017-B, Class A3, 1.75%, 10/15/2021		295		294
Series2015-C, Class A4, 1.67%, 2/15/2022		288		288
Series2019-B, Class A2, 2.56%, 3/15/2022		681		684
Series2017-C, Class A3, 2.12%, 4/18/2022		1,515		1,517
NovaStar Mortgage Funding Trust
Series2003-2, Class M3, 5.20%, 9/25/2033 ‡ (m)		510		512
OnDeck Asset Securitization Trust LLC
Series2018-1A, Class C, 4.52%, 4/18/2022 ‡ (f)		250		252
OneMain Financial Issuance Trust
Series2015-1A, Class C, 5.12%, 3/18/2026 ‡ (f)		422		422
Series2015-3A, Class C, 5.82%, 11/20/2028 ‡ (f)		965		1,020
Series2019-1A, Class B, 3.79%, 2/14/2031 ‡ (f)		1,045		1,077

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 49

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Option One Mortgage Acceptance Corp. Asset-Backed Certificates
Series2003-4, Class M1, 2.84%, 7/25/2033 ‡ (m)		1,233		1,232
Option One Mortgage Loan Trust
Series2004-1, Class M1, 2.72%, 1/25/2034 ‡ (m)		540		536
Series2004-1, Class M2, 3.47%, 1/25/2034 ‡ (m)		556		549
Series2004-3, Class M2, 2.68%, 11/25/2034 ‡ (m)		26		26
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-WWF1, Class M4, 3.47%, 12/25/2034 ‡ (m)		2,122		2,167
Series 2005-WCH1, Class M4, 3.07%, 1/25/2036 ‡ (m)		500		503
PNMAC FMSR Issuer Trust Series2018-FT1, Class A, 4.17%, 4/25/2023 (f) (m)		1,655		1,636
PNMAC GMSR Issuer Trust Series2018-GT1, Class A, 4.67%, 2/25/2023 (f) (m)		3,940		3,964
Prestige Auto Receivables Trust Series2018-1A, Class E, 5.03%, 1/15/2026 (f)		680		708
Pretium Mortgage Credit Partners I LLC
Series 2018-NPL4, Class A2, 6.05%, 9/25/2058 ‡ (f) (k)		1,000		1,006
Series 2019-NPL2, Class A1, 3.84%, 12/25/2058 (f) (k)		1,516		1,524
Prosper Marketplace Issuance TrustSeries 2019-2A, Class B, 3.69%, 9/15/2025 ‡ (f)		670		678
PRPM LLC
Series2019-2A, Class A1, 3.97%, 4/25/2024 ‡ (f) (k)		1,152		1,157
Series2019-3A, Class A1, 3.35%, 7/25/2024 ‡ (f) (k)		2,413		2,417
Renaissance Home Equity Loan Trust
Series2003-2, Class M1, 3.06%, 8/25/2033 ‡ (m)		243		236
Series2004-1, Class M4, 4.52%, 5/25/2034 ‡ (m)		738		612
Series2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (k)		38		39

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Santander Drive Auto Receivables Trust
Series2019-1, Class C, 3.42%, 4/15/2025		1,022		1,044
Series2019-1, Class D, 3.65%, 4/15/2025		1,940		1,988
Saxon Asset Securities Trust
Series2003-3, Class M1, 2.80%, 12/25/2033 ‡ (m)		303		295
Securitized Asset-Backed Receivables LLC Trust
Series2004-NC1, Class M2, 3.55%, 2/25/2034 ‡ (m)		529		528
Soundview Home Loan Trust Series 2005-OPT1, Class M2, 2.50%, 6/25/2035 ‡ (m)		367		366
Specialty Underwriting & Residential Finance Trust Series2003-BC4, Class M1, 2.72%, 11/25/2034 ‡ (m)		515		509
Structured Asset Investment Loan Trust
Series 2003-BC11, Class M1, 2.80%, 10/25/2033 ‡ (m)		113		113
Series2004-7, Class M2, 2.95%, 8/25/2034 ‡ (m)		183		182
Series 2004-BNC1, Class A5, 3.06%, 9/25/2034 ‡ (m)		28		29
Series2004-8, Class M9, 5.57%, 9/25/2034 (m)		644		628
Structured Asset Securities Corp. Mortgage Loan Trust Series2006-BC4, Class A4, 1.99%, 12/25/2036 ‡ (m)		314		305
T-Mobile USA, Inc. 6.00%, 4/15/2024‡		482		—
Toyota Auto Receivables Series2016-C, Class A4, 1.32%, 11/15/2021		613		612
Toyota Auto Receivables Owner Trust
Series2018-B, Class A2A, 2.64%, 3/15/2021		157		157
Series2019-A, Class A2A, 2.83%, 10/15/2021		1,490		1,495
Series2017-D, Class A3, 1.93%, 1/18/2022		351		351
Tricolor Auto Securitization Trust Series2018-2A, Class A, 3.96%, 10/15/2021 (f)		919		923
Upgrade Receivables Trust Series2018-1A, Class A, 3.76%, 11/15/2024 (f)		346		347
USAA Auto Owner Trust Series2017-1, Class A4, 1.88%, 9/15/2022		575		575

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Vantage Data Centers Issuer LLC Series2018-1A, Class A2, 4.07%, 2/16/2043 (f)		723		751
Vericrest Opportunity Loan Trust
Series 2019-NPL2, Class A1, 3.97%, 2/25/2049 ‡ (f) (k)		1,827		1,833
Series 2019-NPL3, Class A1, 3.97%, 3/25/2049 ‡ (f) (k)		973		979
Series 2019-NPL3, Class A2, 6.17%, 3/25/2049 ‡ (f) (k)		3,000		3,031
Series 2019-NPL4, Class A2, 5.44%, 8/25/2049 ‡ (f) (k)		630		632
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 (f) (k)		3,000		2,997
Verizon Owner Trust
Series2017-2A, Class A, 1.92%, 12/20/2021 (f)		1,011		1,010
Series2018-1A, Class A1A, 2.82%, 9/20/2022 (f)		1,051		1,059
VOLT LXXV LLC Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 ‡ (f) (k)		416		419
Wells Fargo Home Equity Asset-Backed Securities Trust
Series2004-2, Class M6, 4.64%, 10/25/2034 (m)		289		248
Series2004-2, Class M8A, 6.32%, 10/25/2034‡ (f) (m)		97		89
Westlake Automobile Receivables Trust
Series2019-1A, Class C, 3.45%, 3/15/2024 (f)		1,465		1,487
Series2019-1A, Class D, 3.67%, 3/15/2024 (f)		1,330		1,355
Series2019-2A, Class C, 2.84%, 7/15/2024 (f)		1,000		1,010
Series2019-1A, Class E, 4.49%, 7/15/2024 (f)		435		445
Series2019-2A, Class D, 3.20%, 11/15/2024 (f)		390		396
Series2018-3A, Class F, 6.02%, 2/18/2025 (f)		2,000		2,066
Series2019-1A, Class F, 5.67%, 2/17/2026 (f)		1,240		1,274
Series2019-3A, Class F, 4.72%, 4/15/2026 (f)		1,000		1,002
				183,716
Total Asset-Backed Securities (Cost $189,179)				192,602

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Mortgage-Backed Securities — 4.6%
Cayman Islands — 0.1%
GPMT Ltd.
Series2018-FL1, Class AS, 3.05%, 11/21/2035 ‡ (f) (m)		1,000		998
Series2018-FL1, Class B, 3.40%, 11/21/2035 ‡ (f) (m)		1,000		997
				1,995
United States — 4.5%
Banc of America Commercial Mortgage Trust Series 2017-BNK3, Class D, 3.25%, 2/15/2050 ‡ (f)		670		621
BANK
Series 2019-BN16, Class D, 3.00%, 2/15/2052 ‡ (f)		500		465
Series 2019-BN16, Class E, 3.00%, 2/15/2052 ‡ (f)		480		401
Series 2017-BNK9, Class D, 2.80%, 11/15/2054 ‡ (f)		1,570		1,383
Series 2018-BN12, Class D, 3.00%, 5/15/2061 ‡ (f)		1,590		1,446
Series 2019-BN19, Class D, 3.00%, 8/15/2061 ‡ (f)		2,250		2,057
Series 2019-BN20, Class E, 2.50%, 9/15/2061 ‡ (f)		350		288
Series 2019-BN22, Class E, 2.50%, 11/15/2062 (f) (n)		700		568
Barclays Commercial Mortgage TrustSeries 2019-C4, Class D, 3.25%, 8/15/2052 ‡ (f)		1,500		1,398
BBCMS Mortgage Trust Series2018-C2, Class C, 4.97%, 12/15/2051 ‡ (m)		800		889
BENCHMARK Mortgage TrustSeries 2018-B1, Class D, 2.75%, 1/15/2051 ‡ (f)		1,203		1,065
Braemar Hotels & Resorts Trust Series 2018-PRME, Class C, 3.16%, 6/15/2035 ‡ (f) (m)		1,500		1,494
BX Commercial Mortgage Trust Series2018-IND, Class E, 3.61%, 11/15/2035 ‡ (f) (m)		538		540
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class C, 3.37%, 12/15/2037 ‡ (f) (m)		2,900		2,910
Series 2019-LIFE, Class E, 4.07%, 12/15/2037 ‡ (f) (m)		2,845		2,870
Series 2019-LIFE, Class G, 5.17%, 12/15/2037 ‡ (f) (m)		2,560		2,587

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 51

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
CD Mortgage Trust
Series2017-CD4, Class C, 4.35%, 5/10/2050 ‡ (m)		800		859
Series2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (f)		351		314
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.74%, 1/10/2036 ‡ (f) (m)		3,160		3,365
Series2019-PRM, Class E, 4.89%, 5/10/2036 ‡ (f)		1,650		1,709
Series2015-P1, Class C, 4.34%, 9/15/2048 ‡ (m)		1,225		1,297
Series2016-C1, Class D, 4.95%, 5/10/2049 ‡ (f) (m)		585		608
Series2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		960		1,033
Series 2019-GC41, Class AS, 3.02%, 8/10/2056 ‡		1,500		1,541
Commercial Mortgage Trust
Series 2014-LC15, Class D, 4.99%, 4/10/2047 ‡ (f) (m)		1,000		1,023
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 ‡ (f)		550		488
Series 2014-CR20, Class D, 3.22%, 11/10/2047 (f)		1,450		1,372
Series 2015-CR23, Class CME, 3.68%, 5/10/2048 ‡ (f) (m)		4,738		4,738
Series 2015-LC21, Class D, 4.30%, 7/10/2048 ‡ (m)		2,151		2,157
Series 2016-CR28, Class D, 3.90%, 2/10/2049 ‡ (m)		1,500		1,554
Series 2016-CR28, Class E, 4.15%, 2/10/2049 ‡ (f) (m)		1,458		1,449
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class D, 3.51%, 5/15/2036 ‡ (f) (m)		3,000		3,009
CSAIL Commercial Mortgage Trust
Series2016-C5, Class D, 3.54%, 11/15/2048 ‡ (f) (m)		1,000		973
Series2019-C16, Class C, 4.24%, 6/15/2052 ‡ (m)		1,255		1,330
DBGS Mortgage Trust
Series2018-5BP, Class D, 3.26%, 6/15/2033 ‡ (f) (m)		4,000		4,000
Series 2019-1735, Class E, 4.19%, 4/10/2037 ‡ (f) (m)		865		892

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
DBJPM Mortgage Trust Series2017-C6, Class D, 3.24%, 6/10/2050 ‡ (f) (m)		1,520		1,409
FHLMC, Multifamily Structured Pass-Through Certificates
Series K721, Class X3, IO, 1.30%, 9/25/2022 (m)		22,604		798
Series K033, Class X1, IO, 0.30%, 7/25/2023 (m)		107,343		1,124
Series KC03, Class X1, IO, 0.49%, 11/25/2024 (m)		29,800		684
Series K734, Class X3, IO, 2.17%, 7/25/2026 (m)		7,480		914
Series KC04, Class X1, IO, 1.25%, 12/25/2026 (m)		13,000		871
Series K064, Class X3, IO, 2.13%, 5/25/2027 (m)		14,685		2,000
Series K078, Class X1, IO, 0.09%, 6/25/2028 (m)		63,746		650
Series K082, Class X1, IO, 0.01%, 9/25/2028 (m)		420,905		2,115
Series K083, Class X1, IO, 0.03%, 9/25/2028 (m)		134,074		886
Series K082, Class X3, IO, 2.21%, 10/25/2028 (m)		9,250		1,508
Series K084, Class X3, IO, 2.24%, 11/25/2028 (m)		10,000		1,654
Series K094, Class X1, IO, 0.88%, 6/25/2029 (m)		40,631		2,958
Series K092, Class X3, IO, 2.25%, 7/25/2029 (m)		7,055		1,242
Series K723, Class X3, IO, 1.92%, 10/25/2034 (m)		6,909		471
Series K153, Class X3, IO, 3.77%, 4/25/2035 (m)		5,395		1,844
Series K716, Class X3, IO, 1.79%, 8/25/2042 (m)		16,608		481
Series K040, Class X3, IO, 2.04%, 11/25/2042 (m)		13,397		1,226
Series K726, Class X3, IO, 2.13%, 7/25/2044 (m)		15,363		1,299
Series K059, Class X3, IO, 1.92%, 11/25/2044 (m)		15,200		1,767
Series K070, Class X3, IO, 2.04%, 12/25/2044 (m)		7,175		1,002
Series K065, Class X3, IO, 2.18%, 7/25/2045 (m)		16,900		2,372

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series K728, Class X3, IO, 1.95%, 11/25/2045 (m)		8,624		729
Series K071, Class X3, IO, 2.01%, 11/25/2045 (m)		8,000		1,106
Series K072, Class X3, IO, 2.14%, 12/25/2045 (m)		5,200		774
Series K081, Class X3, IO, 2.23%, 9/25/2046 (m)		15,822		2,592
Series K088, Class X3, IO, 2.35%, 2/25/2047 (m)		16,690		3,002
Series K094, Class X3, IO, 2.12%, 7/25/2047 (m)		14,794		2,479
Series K087, Class X3, IO, 2.32%, 1/25/2051 (m)		11,320		1,959
FNMA ACES Series2019-M21, Class X2, IO, 1.47%, 2/25/2031 (m)		3,740		427
FREMF Series 2018-KF46, Class B, 3.97%, 3/25/2028 (f) (m)		549		542
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.37%, 5/25/2022 (f) (m)		118		120
Series 2015-KF10, Class B, 8.12%, 7/25/2022 (f) (m)		429		450
Series 2018-KI01, Class B, 4.47%, 9/25/2022 (f) (m)		1,692		1,701
Series 2017-KF31, Class B, 4.92%, 4/25/2024 (f) (m)		210		212
Series 2017-KF32, Class B, 4.57%, 5/25/2024 (f) (m)		545		551
Series 2017-KF36, Class B, 4.67%, 8/25/2024 (f) (m)		594		597
Series 2017-KF38, Class B, 4.52%, 9/25/2024 (f) (m)		516		518
Series 2018-KF42, Class B, 4.22%, 12/25/2024 (f) (m)		511		515
Series 2018-K731, Class B, 3.93%, 2/25/2025 (f) (m)		1,450		1,520
Series 2018-KF45, Class B, 3.97%, 3/25/2025 (f) (m)		1,118		1,101
Series 2018-KF47, Class B, 4.02%, 5/25/2025 (f) (m)		1,115		1,109
Series 2018-KF49, Class B, 3.92%, 6/25/2025 (f) (m)		609		604
Series 2018-KC02, Class B, 4.09%, 7/25/2025 (f) (m)		1,530		1,561
Series 2018-KF53, Class B, 4.07%, 10/25/2025 (m)		2,533		2,531

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2019-KC03, Class B, 4.37%, 1/25/2026 (f) (m)		1,325		1,381
Series 2019-KF62, Class B, 4.07%, 4/25/2026 (f) (m)		1,030		1,030
Series 2019-K736, Class C, 3.76%, 7/25/2026 (f) (m)		1,500		1,529
Series 2018-KF48, Class B, 4.07%, 6/25/2028 (f) (m)		1,553		1,536
Series 2018-KF50, Class B, 3.92%, 7/25/2028 (f) (m)		274		274
Series2018-K82, Class B, 4.13%, 9/25/2028 (f) (m)		725		783
Series 2019-KF63, Class B, 4.37%, 5/25/2029 (f) (m)		1,895		1,900
Series 2019-KF65, Class B, 4.42%, 7/25/2029 (f) (m)		1,125		1,129
Series2012-K19, Class C, 4.03%, 5/25/2045 (f) (m)		480		499
Series2017-K67, Class C, 3.94%, 9/25/2049 (f) (m)		770		802
Series2016-K60, Class B, 3.54%, 12/25/2049 (f) (m)		355		367
Series2017-K65, Class B, 4.07%, 7/25/2050 (f) (m)		2,000		2,139
Series2019-K87, Class C, 4.32%, 1/25/2051 (f) (m)		783		836
Series2018-K74, Class B, 4.09%, 2/25/2051 (f) (m)		930		999
Series2018-K75, Class B, 3.98%, 4/25/2051 (f) (m)		600		639
Series2019-K94, Class C, 3.97%, 7/25/2052 (f) (m)		2,257		2,348
GNMA
Series2012-44, IO, 0.40%, 3/16/2049 (m)		6,656		75
Series2015-86, IO, 0.75%, 5/16/2052 (m)		6,444		301
Series2013-7, IO, 0.35%, 5/16/2053 (m)		17,436		389
Series2014-186, IO, 0.76%, 8/16/2054 (m)		14,268		639
Series2013-178, IO, 0.65%, 6/16/2055 (m)		3,716		107
Series2015-33, IO, 0.74%, 2/16/2056 (m)		16,374		771
Series2015-59, IO, 1.01%, 6/16/2056 (m)		7,189		394

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 53

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series2015-172, IO, 0.84%, 3/16/2057 (m)		3,631		187
Series2016-40, IO, 0.72%, 7/16/2057 (m)		11,737		570
Series2016-157, IO, 0.95%, 11/16/2057 (m)		10,587		765
Series2016-71, Class QI, IO, 0.97%, 11/16/2057 (m)		27,857		1,898
Series2016-96, IO, 0.98%, 12/16/2057 (m)		1,721		125
Series2016-155, IO, 0.94%, 2/16/2058 (m)		21,996		1,653
Series2016-151, IO, 1.09%, 6/16/2058 (m)		20,538		1,574
Series2017-54, IO, 0.65%, 12/16/2058 (m)		8,051		461
Series2017-86, IO, 0.77%, 5/16/2059 (m)		5,527		339
Series2017-69, IO, 0.80%, 7/16/2059 (m)		3,049		200
Series2017-171, IO, 0.70%, 9/16/2059 (m)		2,684		168
Series2018-119, IO, 0.65%, 5/16/2060 (m)		8,011		533
GRACE Mortgage Trust Series 2014-GRCE, Class F, 3.59%, 6/10/2028 ‡ (f) (m)		3,260		3,287
GS Mortgage Securities Corp. Trust Series 2016-RENT, Class E, 4.07%, 2/10/2029 ‡ (f) (m)		2,500		2,519
GS Mortgage Securities Trust
Series 2013-GC12, Class E, 3.25%, 6/10/2046 (f)		400		332
Series 2013-GC12, Class D, 4.45%, 6/10/2046 ‡ (f) (m)		500		498
Series 2015-GC32, Class C, 4.41%, 7/10/2048 ‡ (m)		1,530		1,633
Series 2015-GC34, Class D, 2.98%, 10/10/2048		505		456
Series2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (f) (m)		2,809		2,676
Hudson Yards Mortgage Trust Series 2019-30HY, Class E, 3.44%, 7/10/2039 ‡ (f) (m)		2,000		2,014
JP Morgan Chase Commercial Mortgage Securities Trust
Series2013-C16, Class D, 5.03%, 12/15/2046 ‡ (f) (m)		500		528

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2007-LDPX, Class AM, 5.46%, 1/15/2049 (m)		71		71
KNDL Mortgage Trust Series 2019-KNSQ, Class E, 3.72%, 5/15/2036 ‡ (f) (m)		990		990
LB Commercial Mortgage Trust Series2007-C3, Class AJ, 5.88%, 7/15/2044 (m)		345		346
LB-UBS Commercial Mortgage TrustSeries 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (m)		1,650		963
Morgan Stanley Bank of America Merrill Lynch Trust Series2014-C15, Class D, 4.91%, 4/15/2047 ‡ (f) (m)		385		408
Morgan Stanley Capital I Trust
Series2018-MP, Class D, 4.28%, 7/11/2040 ‡ (f) (m)		770		822
Series2006-T23, Class D, 6.18%, 8/12/2041 ‡ (f) (m)		943		959
Series2019-H7, Class D, 3.00%, 7/15/2052‡(f)		1,746		1,588
Multifamily Connecticut Avenue Securities Trust
Series2019-01, Class M7, 3.50%, 10/15/2049 (f) (m)		400		403
Series2019-01, Class M10, 5.05%, 10/15/2049 (f) (m)		800		823
Nationslink Funding Corp. Commercial Loan Pass-Through Certificates Series 1999-LTL1, Class E, 5.00%, 1/22/2026 ‡ (f)		2,460		2,514
Velocity Commercial Capital Loan Trust
Series2018-2, Class M2, 4.51%, 10/26/2048 ‡ (f) (m)		350		359
Series2018-2, Class M3, 4.72%, 10/26/2048 ‡ (f) (m)		500		514
Wells Fargo Commercial Mortgage Trust
Series2018-C48, Class C, 5.12%, 1/15/2052 ‡ (m)		635		721
Series2019-C52, Class XA, IO, 1.62%, 8/15/2052 (m)		3,996		478
WFRBS Commercial Mortgage Trust
Series2014-C22, Class D, 3.90%, 9/15/2057 ‡ (f) (m)		1,565		1,294
				167,204
Total Commercial Mortgage-backed Securities (Cost $165,620)				169,199

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Collateralized Mortgage Obligations — 3.9%
Bermuda — 0.1%
Bellemeade Re Ltd.
Series2018-3A, Class M1B, 3.67%, 10/25/2028 ‡ (f) (m)		1,660		1,660
Series2018-3A, Class M2, 4.57%, 10/25/2028 ‡ (f) (m)		1,440		1,443
				3,103
United States — 3.8%
Alternative Loan Trust
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		413		417
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		96		100
Series 2005-11CB, Class 2A1, 5.50%, 6/25/2035		75		75
Series 2005-19CB, Class A2, IF, 12.93%, 6/25/2035 (m)		18		22
Series2005-27, Class 1A6, 2.64%, 8/25/2035 (m)		990		974
Series 2005-28CB, Class 2A6, 5.00%, 8/25/2035		972		836
Series 2005-50CB, Class 1A1, 5.50%, 11/25/2035		962		945
Series2006-4CB, Class 2A6, 5.50%, 4/25/2036		2,435		2,380
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		710		565
Angel Oak Mortgage Trust
Series2019-3, Class B1, 4.10%, 5/25/2059 ‡ (f) (m)		2,203		2,217
Angel Oak Mortgage Trust I LLC
Series2018-2, Class A1, 3.67%, 7/27/2048 (f) (m)		2,468		2,494
Series2018-3, Class A1, 3.65%, 9/25/2048 (f) (m)		660		667
Series2019-2, Class B1, 5.02%, 3/25/2049 ‡ (f) (m)		1,000		1,027
Antler Mortgage Trust
Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (f)		800		803
Arroyo Mortgage Trust
Series2018-1, Class A1, 3.76%, 4/25/2048 (f) (m)		1,063		1,086
Series2019-3, Class M1, 4.20%, 10/25/2048 ‡ (f) (m)		2,000		2,047
Series2019-1, Class A1, 3.80%, 1/25/2049 (f) (m)		858		877

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series2019-2, Class A3, 3.80%, 4/25/2049 (f) (m)		3,195		3,254
Banc of America Funding Trust Series2005-6, Class 1A2, 5.50%, 10/25/2035		55		52
Bear StearnsALT-A Trust
Series2003-6, Class 2A2, 4.31%, 1/25/2034 (m)		1,492		1,503
Series2005-4, Class 23A1, 4.44%, 5/25/2035 (m)		60		61
Series2005-4, Class 23A2, 4.44%, 5/25/2035 (m)		461		471
Series2005-7, Class 12A3, 2.50%, 8/25/2035 (m)		49		49
Bear Stearns ARM Trust
Series2005-9, Class A1, 4.27%, 10/25/2035 (m)		161		166
Series2006-1, Class A1, 4.91%, 2/25/2036 (m)		278		286
Bear Stearns Asset-Backed Securities I Trust Series2004-AC3, Class M1, 2.65%, 6/25/2034 ‡ (m)		544		481
Chase Mortgage Finance Trust
Series2006-S4, Class A5, 6.00%, 12/25/2036		266		200
Series2007-A1, Class 8A1, 4.37%, 2/25/2037 (m)		110		116
Series2007-A1, Class 1A1, 4.70%, 2/25/2037 (m)		82		84
CHL GMSR Issuer Trust
Series2018-GT1, Class A, 4.57%, 5/25/2023 (f) (m)		4,120		4,133
Series2018-GT1, Class B, 5.32%, 5/25/2023 ‡ (f) (m)		840		841
CHL Mortgage Pass-Through Trust
Series2004-9, Class A7, 5.25%, 6/25/2034		80		83
Series2004-25, Class 2A1, 2.50%, 2/25/2035 (m)		394		384
Series2005-26, Class 1A11, 5.50%, 11/25/2035		562		518
Series2005-31, Class 2A1, 3.78%, 1/25/2036 (m)		412		394
Series2006-21, Class A14, 6.00%, 2/25/2037		182		158
Series2007-10, Class A4, 5.50%, 7/25/2037		222		175

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 55

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series2007-9, Class A11, 5.75%, 7/25/2037		2,011		1,657
Citigroup Mortgage Loan Trust
Series2005-3, Class 2A2A, 4.54%, 8/25/2035 (m)		274		280
Series2005-11, Class A2A, 4.38%, 10/25/2035 (m)		79		82
Series 2019-IMC1, Class B1, 3.97%, 7/25/2049‡(f) (m)		2,123		2,130
Series 2019-IMC1, Class B2, 5.41%, 7/25/2049 ‡ (f) (m)		2,000		2,005
Citigroup Mortgage Loan Trust, Inc.
Series2005-4, Class A, 4.63%, 8/25/2035 (m)		339		350
Civic Mortgage LLC
Series2018-2, Class A1, 4.35%, 11/25/2022 (f) (k)		942		944
Series2018-2, Class A2, 5.32%, 11/25/2022 (f) (k)		330		329
COLT Mortgage Loan Trust
Series2018-2, Class A1, 3.47%, 7/27/2048 (f) (m)		1,573		1,579
Series2018-4, Class A1, 4.01%, 12/28/2048 (f) (m)		1,946		1,970
Connecticut Avenue Securities Trust
Series2018-R07, Class 1M2, 4.22%, 4/25/2031 ‡ (f) (m)		3,000		3,024
Series2019-R01, Class 2M1, 2.67%, 7/25/2031 ‡ (f) (m)		1,447		1,448
Series2019-R01, Class 2M2, 4.27%, 7/25/2031 ‡ (f) (m)		3,000		3,024
Series2019-R02, Class 1M2, 4.12%, 8/25/2031 ‡ (f) (m)		3,200		3,219
Series2019-R03, Class 1M2, 3.97%, 9/25/2031 (f) (m)		850		853
Series2019-R05, Class 1B1, 5.92%, 7/25/2039 (f) (m)		1,000		1,038
Series2019-R07, Class 1M2, 3.92%, 10/25/2039 (f) (m)		2,660		2,660
CSFB Mortgage-Backed Pass-Through Certificates Series2004-8, Class 5A1, 6.00%, 12/25/2034		393		415
Deephave Residential Mortgage Trust Series2019-2A, Class M1, 3.92%, 4/25/2059 ‡ (f) (m)		250		255

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Deephaven Residential Mortgage Trust
Series2017-3A, Class B2, 6.25%, 10/25/2047 ‡ (f) (m)		2,000		2,019
Series2018-2A, Class A1, 3.48%, 4/25/2058 (f) (m)		1,411		1,423
Series2019-3A, Class B2, 5.66%, 7/25/2059 ‡ (f) (m)		2,000		2,013
DeutscheAlt-A Securities Mortgage Loan Trust
Series2006-AF1, Class A4, 2.12%, 4/25/2036 (m)		639		622
Series2007-3, Class 2A1, 2.57%, 10/25/2047 (m)		3,020		2,900
FHLMC STACR Series 2019-HQA3, Class M2, 3.67%, 9/25/2049 (f) (m)		1,500		1,498
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA1, Class M2, 5.07%, 7/25/2029 (m)		2,932		3,073
Series 2018-HQA1, Class M2, 4.12%, 9/25/2030 (m)		3,000		3,022
FNMA, Connecticut Avenue Securities
Series2015-C03, Class 1M2, 6.82%, 7/25/2025 ‡ (m)		372		402
Series2017-C07, Class 1M2, 4.22%, 5/25/2030 (m)		2,000		2,030
Series2018-C05, Class 1M2, 4.17%, 1/25/2031 (m)		3,250		3,282
GCAT Trust Series 2019-NQM2, Class M1, 3.31%, 9/25/2059 (f) (m)		2,337		2,347
GSR Mortgage Loan Trust Series2004-11, Class 2A2, 4.45%, 9/25/2034 (m)		236		242
Homeward Opportunities Fund I Trust
Series2018-1, Class A1, 3.77%, 6/25/2048 (f) (m)		2,344		2,365
Series2019-1, Class M1, 3.95%, 1/25/2059 ‡ (f) (m)		500		509
Series2019-1, Class B1, 4.80%, 1/25/2059 ‡ (f) (m)		500		510
Impac CMB Trust
Series2004-6, Class 1A2, 2.60%, 10/25/2034 (m)		67		67
Series2005-2, Class 2A2, 2.62%, 4/25/2035 (m)		372		364
Series2005-4, Class 2A2, 2.58%, 5/25/2035 (m)		279		270
Series2005-4, Class 2M2, 2.95%, 5/25/2035 (m)		197		188

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series2005-4, Class 2B1, 4.30%, 5/25/2035 ‡ (m)		296		292
JP Morgan Alternative Loan Trust Series2007-A2, Class 12A3, 2.01%, 6/25/2037 (m)		8		8
JP Morgan Mortgage Trust
Series2005-A8, Class 2A3, 3.93%, 11/25/2035 (m)		170		165
Series2006-A7, Class 2A2, 4.08%, 1/25/2037 (m)		1,116		1,091
Lehman XS Trust Series2006-16N, Class A4A, 2.01%, 11/25/2046 (m)		2,092		1,998
LHOME Mortgage Trust
Series 2019-RTL2, Class A1, 3.84%, 3/25/2024 (f)		2,130		2,130
Series 2019-RTL2, Class A2, 4.34%, 3/25/2024 (f) (k)		340		340
MASTR Adjustable Rate Mortgages TrustSeries 2004-13, Class 2A1, 4.71%, 4/21/2034 (m)		179		183
MASTR Alternative Loan Trust
Series2003-5, Class 30B1, 5.92%, 8/25/2033 ‡ (m)		742		760
Series2004-6, Class 8A1, 5.50%, 7/25/2034		64		66
Merrill Lynch Mortgage Investors Trust
Series2003-A4, Class 3A, 4.87%, 5/25/2033 (m)		80		81
Series2005-A2, Class A3, 4.43%, 2/25/2035 (m)		39		40
Series2005-1, Class 2A1, 4.06%, 4/25/2035 (m)		43		43
Morgan Stanley Mortgage Loan Trust
Series2004-5AR, Class 4A, 4.73%, 7/25/2034 (m)		90		91
Series2004-7AR, Class 2A6, 4.41%, 9/25/2034 (m)		224		232
Series 2004-11AR, Class 1A2A, 2.13%, 1/25/2035 (m)		190		190
MortgageIT Mortgage Loan Trust Series2006-1, Class 1A2, 2.02%, 4/25/2036 (m)		2,529		2,257
MortgageIT Trust Series2005-1, Class 1B1, 3.32%, 2/25/2035 ‡ (m)		249		244
New Residential Mortgage Loan Trust
Series 2018-NQM1, Class B1, 5.28%, 11/25/2048 (f) (m)		1,184		1,207

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2019-NQM1, Class A1, 3.67%, 1/25/2049 (f) (m)		1,076		1,091
Series 2019-NQM4, Class B2, 5.06%, 9/25/2059 ‡ (f) (m)		2,000		1,999
OBX Trust Series 2018-EXP1, Class 2A1B, 2.67%, 4/25/2048 (f) (m)		2,235		2,214
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series2005-4, Class 1A2, 2.21%, 11/25/2035 (m)		256		258
Series2005-5, Class 1APT, 2.10%, 12/25/2035 (m)		630		596
Opteum Mortgage Acceptance Corp. Trust
Series2006-1, Class 1APT, 2.03%, 4/25/2036 (m)		749		721
Series2006-1, Class 1AC1, 2.12%, 4/25/2036 (m)		535		523
PMT Credit Risk Transfer Trust Series2019-2R, Class A, 4.80%, 5/27/2023 (f) (m)		386		388
PRPM LLC Series2019-1A, Class A1, 4.50%, 1/25/2024 (f) (k)		1,812		1,822
RALI Trust Series2006-QS3, Class 1A10, 6.00%, 3/25/2036		626		618
Residential Asset Securitization Trust Series2006-A8, Class 3A1, 6.00%, 8/25/2036		2,688		2,157
RFMSI Trust
Series2006-S10, Class 1A1, 6.00%, 10/25/2036		589		558
Series2007-S6, Class 2A5, 2.32%, 6/25/2037 (m)		2,113		1,729
Spruce Hill Mortgage Loan Trust Series2019-SH1, Class A1, 3.40%, 4/29/2049 (f) (m)		2,241		2,258
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A1, 3.79%, 3/25/2048 (f) (m)		2,652		2,676
Series2019-1, Class A1, 2.94%, 6/25/2049 (f) (m)		2,799		2,808
Series2019-1, Class M1, 3.76%, 6/25/2049 ‡ (f) (m)		2,000		2,009
Series 2019-INV1, Class M1, 3.06%, 8/25/2049 (f) (m)		500		498
Toorak Mortgage Corp. Ltd.
Series2018-1, Class A1, 4.34%, 8/25/2021 (f) (k)		660		667
Series2019-2, Class A1, 3.72%, 9/25/2022 (k)		3,250		3,259

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 57

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Verus Securitization Trust
Series2018-2, Class A1, 3.68%, 6/1/2058 (f) (m)		2,382		2,397
Series 2019-INV2, Class M1, 3.50%, 7/25/2059 ‡ (f) (m)		2,000		2,021
Series 2019-INV2, Class B1, 4.45%, 7/25/2059 ‡ (f) (m)		1,500		1,516
Series 2019-INV1, Class M1, 4.03%, 12/25/2059 ‡ (f) (m)		1,000		1,025
WaMu Mortgage Pass-Through CertificatesSeries 2005-AR8, Class 2AB2, 2.66%, 7/25/2045 (m)		1,834		1,854
WaMu Mortgage Pass-Through Certificates Trust
Series2005-AR3, Class A1, 4.43%, 3/25/2035 (m)		484		483
Series2005-AR5, Class A6, 4.36%, 5/25/2035 (m)		338		348
Series2005-AR7, Class A3, 4.26%, 8/25/2035 (m)		251		256
Series 2005-AR10, Class 1A3, 4.19%, 9/25/2035 (m)		184		187
Series 2005-AR14, Class 1A4, 4.10%, 12/25/2035 (m)		235		235
Wells Fargo Mortgage-Backed Securities Trust
Series2003-H, Class A1, 4.76%, 9/25/2033 (m)		84		86
Series2003-M, Class A1, 4.66%, 12/25/2033 (m)		171		178
Series2004-H, Class A1, 4.99%, 6/25/2034 (m)		62		64
Series2004-K, Class 1A2, 4.99%, 7/25/2034 (m)		46		48
Series2004-EE, Class 2A2, 4.91%, 12/25/2034 (m)		59		62
Series2004-DD, Class 1A1, 5.01%, 1/25/2035 (m)		177		187
Series2005-AR1, Class 1A1, 5.08%, 2/25/2035 (m)		457		474
Series2005-AR3, Class 1A1, 4.95%, 3/25/2035 (m)		228		238
Series2005-AR2, Class 2A2, 5.12%, 3/25/2035 (m)		152		157
Series2005-AR2, Class 3A1, 5.13%, 3/25/2035 (m)		49		50
Series 2005-AR10, Class 2A1, 4.93%, 6/25/2035 (m)		264		276

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2005-AR14, Class A1, 4.85%, 8/25/2035 (m)		284		293
Series 2005-AR16, Class 6A3, 4.91%, 10/25/2035 (m)		132		136
Series2005-17, Class 2A1, 5.50%, 1/25/2036		995		1,021
Series2006-AR6, Class 7A1, 4.78%, 3/25/2036 (m)		263		270
Series2006-AR2, Class 2A3, 4.93%, 3/25/2036 (m)		28		29
Series2006-AR3, Class A3, 5.23%, 3/25/2036 (m)		92		93
				141,600
Total Collateralized Mortgage Obligations (Cost $143,657)				144,703
U.S. Treasury Obligations — 1.3%
U.S. Treasury Notes
2.00%, 1/31/2020 (o)		38,499		38,537
3.63%, 2/15/2020		1,700		1,709
1.38%, 3/31/2020		1,900		1,898
1.13%, 4/30/2020		1,900		1,896
2.00%, 7/31/2020		2,500		2,507
Total U.S. Treasury Obligations (Cost $46,450)				46,547
Loan Assignments — 0.6%(p)
Canada—0.0%(c)
Concordia Healthcare Corp., Initial Dollar Term Loan (1 Week LIBOR + 5.50%), 7.25%, 9/6/2024 (g)		1,047		979
United States—0.6%
Albertson’s LLC, 1st Lien Term LoanB-8 (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 8/17/2026 (g)		72		72
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.10%, 4/6/2024 (g)		108		103
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.17%, 12/15/2024 (g)		162		154
Axalta Dupont PC, Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 3.85%, 6/1/2024 (g)		654		653
Berry Global, Inc., 1st Lien Term Loan W (ICE LIBOR USD 1 Month + 2.00%), 3.88%, 10/1/2022 (g)		100		100

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Loan Assignments — continued
United States — continued
Buckeye Partners LP, 1st Lien Term Loan 4.53%, 11/15/2026 (q)		350		352
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 6.55%, 12/31/2022 (g)		2,861		2,447
Centurylink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 1/31/2025 (g)		305		302
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 10/2/2024 (g)		607		602
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038 ‡ (g) (r)		133		233
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.56%, 4/6/2024 (g)		407		400
Ensemble RCM, LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 6.00%, 8/3/2026 (g)		72		72
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.10%, 5/15/2022 ‡ (g)		21		20
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.10%, 12/1/2023 (g)		249		243
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 12/1/2023 (g)		278		271
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 7.32%, 8/25/2023 (g)		489		357
iHeartCommunications, Inc., Exit Term Loan (ICE LIBOR USD 1 Month + 4.00%), 6.03%, 5/1/2026 (g) (q)		783		785
II-VI, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.32%, 5/8/2026 (g)		181		180
JBS USA LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 5/1/2026 (g)		497		498
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 1/31/2025 (g)		322		323
MGM Resorts International, 1st Lien Term Loan A (1 Week LIBOR + 2.00%), 3.71%, 12/21/2023 (g)		775		771
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.10%, 12/5/2023 (g)		1,331		528

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
MotorCity Casino aka CCM Merger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.04%, 8/6/2021 (g)		277		277
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.85%, 6/7/2023 (g)		1,895		1,773
Neiman Marcus Group Ltd., Term Loan (ICE LIBOR USD 1 Month + 6.50%), 8.49%, 10/25/2023 (g)		270		196
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.55%, 9/18/2026 (g)		350		351
NVA Holdings, Inc., 1st Lien Term LoanB-3 (ICE LIBOR USD 1 Month + 3.50%), 5.29%, 2/2/2025 (g)		176		176
Party City Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 8/19/2022 (g)		242		240
PetSmart, Inc., Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 5.93%, 3/11/2022 (g)		1,216		1,184
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 2/5/2023 (g)		363		363
Scientific Games International, Inc., 1st Lien Term LoanB-5 (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 8/14/2024 (g)		1,008		995
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.29%, 11/1/2024 (g)		762		591
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.10%, 9/25/2026 (g)		395		376
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 5.66%, 2/14/2025 (g)		205		202
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 6.92%, 3/9/2023 (g)		650		584
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 4/29/2026 (g)		336		336
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 4.00%), 5.80%, 4/12/2024 (g)		132		78
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.04%, 10/22/2025 (g)		374		299

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 59

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Long Positions — continued
Loan Assignments — continued
United States — continued
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.92%, 6/2/2025 (g)		1,718		1,724
Vertiv Co., Term B Loan (ICE LIBOR USD 1 Month + 4.00%), 5.93%, 11/30/2023 (g)		1,071		1,007
Viskase Companies, Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.35%, 1/30/2021 (g)		780		756
Windstream Corp., 1st lien Term Loan B(1-MONTH PRIME + 5.00%), 7.25%, 3/29/2021 (g) (q)		58		58
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 3.91%, 11/1/2023 (g)		350		350
				21,382
Total Loan Assignments (Cost $23,365)				22,361
Options Purchased — 0.6%
Call Options Purchased — 0.6%
Australia — 0.0%(c)
Foreign Exchange USD/AUD 12/3/2019 at AUD 0.70, Vanilla, European Style Notional Amount: AUD 5,366 Counterparty: Goldman Sachs International*		AUD 5,366		16
United States — 0.6%
Foreign Exchange ILS/USD 11/27/2019 at USD 3.57, Vanilla, European Style Notional Amount: USD 3,597 Counterparty: Citibank, NA*		3,597		5
Foreign Exchange MXN/USD 1/16/2020 at USD 20.44, Vanilla, European Style Notional Amount: USD 1,800 Counterparty: Goldman Sachs International*		1,800		8
Foreign Exchange SGD/USD 1/28/2020 at USD 1.41, Vanilla, European Style Notional Amount: USD 7,177 Counterparty: Standard Chartered Bank*		7,177		3
Foreign Exchange ZAR/USD 1/24/2020 at USD 15.45, Vanilla, European Style Notional Amount: USD 3,602 Counterparty: Citibank, NA*		3,602		83
	NO. OF CONTRACTS
iShares MSCI Emerging Markets ETF 12/20/2019 at USD 41.00, American Style Notional Amount: USD 13,508 Exchange-Traded*		70,353		14,422

INVESTMENTS	NO. OF CONTRACTS		VALUE (000)
United States — continued
S&P 500 Index 12/20/2019 at USD 3,025.00, European Style Notional Amount: USD 346,585 Exchange-Traded*		1,141		6,858
				21,379
				21,395
	PRINCIPAL AMOUNT (000)
Put Options Purchased — 0.0%(c)
European Union — 0.0%(c)
Foreign Exchange JPY/EUR 1/14/2020 at EUR 115.65, Vanilla, European Style Notional Amount: EUR 3,268 Counterparty: Barclays Bank plc *		EUR 3,268		8
United States — 0.0%(c)
Foreign Exchange CLP/USD 1/9/2020 at USD 697.00, Vanilla, European Style Notional Amount: USD 3,604 Counterparty: Goldman Sachs International*		3,604		5
				13
Total Options Purchased (Cost $16,226)				21,408
Supranational — 0.2%
Supranational — 0.2%
African Export-Import Bank (The) 5.25%, 10/11/2023 (a)		200		215
European Investment Bank
2.80%, 1/15/2021	AUD	1,837		1,291
2.25%, 7/30/2021 (f)	CAD	1,990		1,525
0.50%, 6/21/2023	AUD	1,210		808
Inter-American Development Bank
0.50%, 5/23/2023	CAD	3,650		2,645
1.70%, 10/10/2024	CAD	800		605
4.40%, 1/26/2026	CAD	614		534
Total Supranational (Cost $7,763)				7,623
	SHARES (000)
Preferred Stocks — 0.0%(c)
United Kingdom — 0.0%(c)
Rolls-Royce Holdings plc*		1,958		2

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Preferred Stocks — continued
United States — 0.0%(c)
Claire’s Stores, Inc.* ‡		—	(d)		331
GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 7.94%, 2/15/2040 ($25 par value) (g)		1			17
Goodman Networks, Inc. (Preference)* ‡		3			—	(d)
MYT Holding Co., 10.00%, 6/7/2029 (f)		47			41
					389
Total Preferred Stocks (Cost $183)					391
	PRINCIPAL AMOUNT (000)
Convertible Bonds — 0.0%(c)
United States — 0.0%(c)
Liberty Interactive LLC
4.00%, 11/15/2029		55			39
3.75%, 2/15/2030		100			70
Whiting Petroleum Corp. 1.25%, 4/1/2020		168			165
Total Convertible Bonds (Cost $273)					274
	NO. OF WARRANTS (000)
Warrants — 0.0%(c)
Canada — 0.0%(c)
Ultra Petroleum Corp.
expiring 7/14/2025, price 1.00 USD*		28			2
United States — 0.0%(c)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD* ‡		4			57
Total Warrants (Cost $75)					59
	NO. OF RIGHTS (000)
Rights — 0.0%(c)
United States — 0.0%(c)
Media General, Inc., CVR*‡		44			—	(d)
Vistra Energy Corp., expiring 12/31/2049*‡		17			15
Total Rights (Cost $ — )					15

INVESTMENTS	SHARES (000)		VALUE (000)
Short-Term Investments — 10.2%
Certificates Of Deposit — 0.2%
Barclays Bank plc 2.95%, 4/9/2020		477		479
Chiba Bank Ltd. 2.26%, 12/12/2019		1,800		1,801
Credit Agricole Corporate and Investment Bank (ICE LIBOR USD 3 Month + 0.48%), 2.64%, 9/17/2021 (g)		700		700
Credit Suisse AG 1.86%, 10/9/2020		850		849
MUFG Bank Ltd. 2.80%, 2/26/2020 (f)		500		502
Sumitomo Mitsui Trust Bank Ltd. 2.02%, 2/14/2020		1,500		1,500
Total Certificates Of Deposit (Cost $5,827)				5,831
	PRINCIPAL AMOUNT (000)
Commercial Paper — 0.1%
AT&T, Inc. 2.75%, 12/10/2019 (s)		250		249
Bank of China Ltd. 2.35%, 12/24/2019 (s)		1,450		1,445
Entergy Corp. 2.28%, 11/26/2019 (s) (f)		700		699
Reckitt Benckiser Treasury Services plc
2.51%, 7/7/2020 (s) (f)		950		935
Total Commercial Paper (Cost $3,327)				3,328
Foreign Government Treasury Bills — 5.6%
Canadian Treasury Bills
2.12%, 11/14/2019 (s)		CAD   23,099		17,526
2.02%, 12/12/2019 (s)		CAD   23,128		17,526
1.13%, 4/2/2020 (s)		CAD   73,530		55,431
1.13%, 4/30/2020 (s)		CAD   73,620		55,423
1.13%, 5/28/2020 (s)		CAD   73,736		55,416
Italy Buoni Ordinari del Tesoro BOT (0.22)%, 1/14/2020 (a) (s)		EUR     4,604		5,139
Nigeria OMO Bill 17.07%, 1/2/2020 (s)		NGN 125,000		339
Total Foreign Government Treasury Bills (Cost $206,486)				206,800
	SHARES (000)
Investment Companies — 4.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (t) (u) (Cost $158,600)		158,566		158,629
Total Short-term Investments (Cost $374,240)				374,588

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 61

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Investment of Cash Collateral From Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98% (t) (u)		20,000			20,002
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (t) (u)		12,304			12,304
Total Investment Of Cash Collateral From Securities Loaned (Cost $32,304)					32,306
Total Long Positions (Cost $3,304,240)					3,636,412
Short Positions — (0.3)%
Common Stocks — (0.3)%
United States — (0.3)%
3M Co.		(2	)		(274	)
Align Technology, Inc.*		(3	)		(726	)
Caterpillar, Inc.		(4	)		(541	)
Clorox Co. (The)		(12	)		(1,777	)
Cummins, Inc.		(4	)		(726	)
Eaton Corp. plc		(2	)		(181	)
General Electric Co.		(62	)		(616	)
Harley-Davidson, Inc.		(25	)		(962	)
Henry Schein, Inc.*		(3	)		(183	)
Hershey Co. (The)		(10	)		(1,501	)
Host Hotels & Resorts, Inc., REIT		(44	)		(716	)
Lennox International, Inc.		(1	)		(366	)
Mohawk Industries, Inc.*		(5	)		(665	)
Molson Coors Brewing Co., Class B		(20	)		(1,060	)
Pinnacle West Capital Corp.		(4	)		(361	)
Total Common Stocks (Proceeds $(10,766))					(10,655	)
Exchange-traded Funds — 0.0% (c)
United States — 0.0% (c)
SPDR S&P 500 ETF Trust (Proceeds $(1,463))		(5	)		(1,466	)
Total Short Positions (Proceeds $(12,229))					(12,121	)
Total Investments — 98.7% (Cost $3,292,011)					3,624,291
Other Assets Less Liabilities — 1.3%					50,522
Net Assets — 100.0%					3,674,813

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		9.6	%
Banks		7.3
Foreign Government Treasury Bills		5.6
Asset-Backed Securities		5.2
Commercial Mortgage-Backed Securities		4.7
Collateralized Mortgage Obligations		4.0
Insurance		3.5
Oil, Gas & Consumable Fuels		3.3
Pharmaceuticals		3.0
Software		2.1
Semiconductors & Semiconductor Equipment		2.1
Capital Markets		2.0
Media		2.0
Health Care Providers & Services		1.7
IT Services		1.7
Specialty Retail		1.7
Electric Utilities		1.6
Internet & Direct Marketing Retail		1.5
Interactive Media & Services		1.5
Diversified Telecommunication Services		1.5
Food Products		1.3
U.S. Treasury Notes		1.3
Equity Real Estate Investment Trusts (REITs)		1.2
Beverages		1.2
Hotels, Restaurants & Leisure		1.1
Machinery		1.1
Technology Hardware, Storage & Peripherals		1.1
Aerospace & Defense		1.0
Others (each less than 1.0%)		20.7
Short-Term Investments		4.4

INDUSTRY(SHORT)	PERCENTAGE
Household Products		14.7	%
Food Products		12.4
Mutual Funds		12.1
Machinery		10.5
Beverages		8.7
Automobiles		7.9
Industrial Conglomerates		7.3
Health Care Equipment & Supplies		6.0
Equity Real Estate Investment Trusts (REITs)		5.9
Household Durables		5.5
Building Products		3.0
Electric Utilities		3.0
Health Care Providers & Services		1.5
Electrical Equipment		1.5

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS OCTOBER 31, 2019

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
APAC	Asia Pacific
AUD	Australian Dollar
CAD	Canadian Dollar
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CLO	Collateralized Loan Obligations
CLP	Chilean Peso
CVA	Dutch Certification
CVR	Contingent Value Rights
CZK	Czech Republic Koruna
DKK	Danish Krone
DOP	Dominican Republic Peso
ETF	Exchange-Traded Fund
EUR	Euro
FDR	Fiduciary Depository Receipt
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
HUF	Hungarian Forint
ICE	Intercontinental Exchange
IDR	Indonesian Rupiah
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of October 31, 2019. The rate may be subject to a cap and floor.
ILS	Israeli Shekel
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY	Japanese Yen
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MXN	Mexican Peso
NGN	Nigeria Naira
OYJ	Public Limited Company
PEN	Peruvian Nuevo Sol
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REIT	Real Estate Investment Trust
RUB	Russian Ruble
SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt
SEK	Swedish Krona
SGD	Singapore Dollar

SGPS	Holding company
SPDR	Standard & Poor’s Depository Receipts
TRY	Turkish Lira
UAH	Ukrainian Hryvnia
USD	United States Dollar
ZAR	South African Rand
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is approximately $31,088,000.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Amount rounds to less than one thousand.
(e)	All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is approximately $23,970,000 and $22,769,000 respectively.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2019.
(h)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(i)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2019.
(j)	Security is an interest bearing note with preferred security characteristics.
(k)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2019.
(l)	Defaulted security.
(m)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2019.
(n)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(o)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(p)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(q)	All or a portion of this security is unsettled as of October 31, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(r)	Fund is subject to legal or contractual restrictions on the resale of the security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 63

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

(s)	The rate shown is the effective yield as of October 31, 2019.
(t)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(u)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
3 Month Sterling		28			03/2021		GBP		4,504			2
Japan 10 Year Bond Mini		94			12/2019		JPY		13,422			(67	)
Australia 10 Year Bond		99			12/2019		AUD		9,951			(46	)
Euro-BTP		46			12/2019		EUR		7,412			20
Euro-Bund		6			12/2019		EUR		1,150			6
Euro-Buxl		27			12/2019		EUR		6,330			(332	)
Euro-OAT		83			12/2019		EUR		15,587			(300	)
Euro-Schatz		22			12/2019		EUR		2,750			(9	)
Foreign Exchange EUR/USD		993			12/2019		USD		138,834			1,018
Foreign Exchange JPY/USD		1,405			12/2019		USD		163,033			(629	)
FTSE 100 Index		118			12/2019		GBP		11,070			(42	)
Japan 10 Year Bond		5			12/2019		JPY		7,140			(33	)
MSCI EAFEE-Mini Index		27			12/2019		USD		2,644			76
S&P 500E-Mini Index		1,594			12/2019		USD		241,889			2,368
Short-TermEuro-BTP		50			12/2019		EUR		6,272			2
TOPIX Index		69			12/2019		JPY		10,578			729
U.S. Treasury 2 Year Note		46			12/2019		USD		9,919			20
U.S. Treasury 5 Year Note		1,844			12/2019		USD		219,854			(1,387	)
U.S. Treasury 10 Year Note		1,230			12/2019		USD		160,304			933
3 Month Euro Euribor		128			03/2021		EUR		35,848			(36	)
3 Month Sterling		28			03/2021		GBP		4,505			2
3 Month Euro Euribor		128			06/2021		EUR		35,845			(40	)
3 Month Sterling		28			06/2021		GBP		4,505			2
3 Month Sterling		28			09/2021		GBP		4,504			3
												2,260
Short Contracts
Euro-Bobl		(54	)		12/2019		EUR		(8,110	)		73
Euro-Bund		(419	)		12/2019		EUR		(80,326	)		(400	)
Long Gilt		(35	)		12/2019		GBP		(6,023	)		(38	)
MSCI Emerging MarketsE-Mini Index		(2,513	)		12/2019		USD		(130,877	)		(2,493	)
MSCI Europe Equity Index		(2,916	)		12/2019		EUR		(75,728	)		(1,682	)
Russell 2000E-Mini Index		(1,538	)		12/2019		USD		(120,187	)		1,880
U.S. Treasury 2 Year Note		(38	)		12/2019		USD		(8,194	)		7
U.S. Treasury 5 Year Note		(146	)		12/2019		USD		(17,407	)		113
U.S. Treasury 10 Year Ultra Note		(42	)		12/2019		USD		(5,969	)		75
3 Month Euro Euribor		(128	)		03/2020		EUR		(35,845	)		24
3 Month Euro Euribor		(128	)		06/2020		EUR		(35,850	)		27
												(2,414	)
												(154	)

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS OCTOBER 31, 2019

Abbreviations

AUD	Australian Dollar
EAFE	Europe, Australasia, and Far East
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
FTSE	Financial Times and the London Stock Exchange

GBP	British Pound
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of October 31, 2019 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
CAD	769	USD	577	HSBC Bank, NA		11/5/2019		7
CAD	847	USD	637	State Street Corp.		11/5/2019		7
EUR	2,695	USD	3,005	Barclays Bank plc		11/5/2019		—	(a)
EUR	5,096	USD	5,614	HSBC Bank, NA		11/5/2019		71
EUR	1,164	USD	1,292	Merrill Lynch International		11/5/2019		7
EUR	5,859	USD	6,478	State Street Corp.		11/5/2019		57
EUR	3,269	USD	3,641	TD Bank Financial Group		11/5/2019		5
GBP	686	USD	845	BNP Paribas		11/5/2019		44
USD	102,247	JPY	11,009,149	Barclays Bank plc		11/5/2019		295
EUR	207	USD	231	Barclays Bank plc		11/15/2019		—	(a)
EUR	95	USD	105	BNP Paribas		11/15/2019		—	(a)
EUR	106	USD	117	Citibank, NA		11/15/2019		2
BRL	996	USD	244	Goldman Sachs International**		11/25/2019		4
CNY	639	USD	90	Goldman Sachs International**		11/25/2019		1
CZK	1,738	USD	74	Barclays Bank plc		11/25/2019		2
CZK	2,493	USD	108	Citibank, NA		11/25/2019		1
EUR	14	USD	15	State Street Corp.		11/25/2019		—	(a)
MXN	1,758	USD	90	Barclays Bank plc		11/25/2019		1
MXN	3,555	USD	183	Goldman Sachs International		11/25/2019		1
RON	375	EUR	79	Citibank, NA		11/25/2019		—	(a)
RUB	5,605	USD	87	Goldman Sachs International**		11/25/2019		—	(a)
SGD	123	USD	90	Goldman Sachs International		11/25/2019		—	(a)
TRY	539	USD	90	Barclays Bank plc		11/25/2019		4
USD	91	CLP	65,263	Goldman Sachs International**		11/25/2019		3
USD	32	RUB	2,027	Barclays Bank plc**		11/25/2019		—	(a)
USD	58	RUB	3,682	Goldman Sachs International**		11/25/2019		—	(a)
USD	2	TRY	9	Barclays Bank plc		11/25/2019		—	(a)
EUR	378	USD	421	TD Bank Financial Group		12/4/2019		1
USD	6,712	AUD	9,722	BNP Paribas		12/4/2019		5
USD	7,774	CAD	10,229	TD Bank Financial Group		12/4/2019		7
USD	1,391	DKK	9,288	TD Bank Financial Group		12/4/2019		1
USD	151,579	EUR	135,464	Barclays Bank plc		12/4/2019		204
USD	42,144	GBP	32,500	Goldman Sachs International		12/4/2019		7
USD	1,206	SEK	11,615	BNP Paribas		12/4/2019		2
CHF	1,436	USD	1,459	Royal Bank of Canada		12/27/2019		3
DKK	24,409	USD	3,622	Goldman Sachs International		12/27/2019		37
EUR	1,042	CHF	1,143	State Street Corp.		12/27/2019		2
EUR	1,175	DKK	8,772	Goldman Sachs International		12/27/2019		—	(a)
EUR	1,703	SEK	18,323	Merrill Lynch International		12/27/2019		3
EUR	1,709	USD	1,884	Barclays Bank plc		12/27/2019		29
EUR	800	USD	884	BNP Paribas		12/27/2019		11
EUR	2,661	USD	2,956	Merrill Lynch International		12/27/2019		23
EUR	563	USD	623	State Street Corp.		12/27/2019		7
EUR	757	USD	846	TD Bank Financial Group		12/27/2019		2
GBP	24,149	USD	30,134	Citibank, NA		12/27/2019		1,208
SEK	26,777	USD	2,761	Barclays Bank plc		12/27/2019		21
USD	5,800	CHF	5,673	Merrill Lynch International		12/27/2019		23
USD	777	NOK	7,010	BNP Paribas		12/27/2019		14

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 65

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
	USD	597	NOK	5,479	State Street Corp.		12/27/2019		—	(a)
	AUD	1,052	USD	725	Citibank, NA		1/6/2020		2
	BRL	1,489	USD	358	Citibank, NA**		1/6/2020		12
	BRL	1,440	USD	353	Goldman Sachs International**		1/6/2020		5
	CZK	34,182	EUR	1,316	Citibank, NA		1/6/2020		22
	CZK	41,473	USD	1,786	Citibank, NA		1/6/2020		29
	CZK	259	USD	11	Credit Suisse International		1/6/2020		—	(a)
	EUR	979	USD	1,094	Standard Chartered Bank		1/6/2020		3
	HUF	40,896	USD	137	Goldman Sachs International		1/6/2020		2
	HUF	32,158	USD	108	HSBC Bank, NA		1/6/2020		2
	HUF	217,234	USD	723	Merrill Lynch International		1/6/2020		17
	IDR	5,098,501	USD	359	Citibank, NA**		1/6/2020		—	(a)
	ILS	34	USD	10	Credit Suisse International		1/6/2020		—	(a)
	KRW	439,381	USD	374	Citibank, NA**		1/6/2020		2
	MXN	14,578	USD	737	State Street Corp.		1/6/2020		13
	PEN	1,201	USD	356	Merrill Lynch International**		1/6/2020		2
	RON	1,278	USD	297	Goldman Sachs International		1/6/2020		3
	RON	2,888	USD	672	Merrill Lynch International		1/6/2020		4
	SGD	1,993	USD	1,446	Standard Chartered Bank		1/6/2020		19
	THB	20,751	USD	686	BNP Paribas		1/6/2020		2
	TRY	2,052	USD	353	Barclays Bank plc		1/6/2020		—	(a)
	TRY	2,075	USD	351	HSBC Bank, NA		1/6/2020		6
	USD	519	IDR	7,315,795	Barclays Bank plc**		1/6/2020		3
	USD	379	ILS	1,330	TD Bank Financial Group		1/6/2020		1
	USD	1,418	JPY	151,806	Citibank, NA		1/6/2020		6
	USD	1	MXN	21	Goldman Sachs International		1/6/2020		—	(a)
	USD	430	PEN	1,432	Barclays Bank plc**		1/6/2020		2
	USD	699	ZAR	10,487	Goldman Sachs International		1/6/2020		11
	USD	671	ZAR	9,894	Merrill Lynch International		1/6/2020		22
	USD	396	ZAR	5,988	Royal Bank of Canada		1/6/2020		3
	PLN	79	USD	21	State Street Corp.		1/7/2020		—	(a)
	RUB	42,307	USD	645	Barclays Bank plc**		1/9/2020		9
	RUB	47,206	USD	714	Goldman Sachs International**		1/9/2020		15
	USD	1,925	RUB	124,121	Citibank, NA**		1/9/2020		8
	USD	569	RUB	36,817	Goldman Sachs International**		1/9/2020		—	(a)
	Total unrealized appreciation								2,347
	AUD	9,722	USD	6,707	BNP Paribas		11/5/2019		(5	)
	CAD	10,229	USD	7,773	TD Bank Financial Group		11/5/2019		(6	)
	DKK	9,288	USD	1,388	TD Bank Financial Group		11/5/2019		(1	)
	EUR	135,464	USD	151,296	Barclays Bank plc		11/5/2019		(202	)
	GBP	32,500	USD	42,106	Goldman Sachs International		11/5/2019		(7	)
	JPY	182,807	USD	1,713	Merrill Lynch International		11/5/2019		(20	)
	SEK	11,615	USD	1,205	BNP Paribas		11/5/2019		(2	)
	USD	6,569	AUD	9,722	Merrill Lynch International		11/5/2019		(133	)
	USD	8,326	CAD	11,022	BNP Paribas		11/5/2019		(42	)
	USD	621	CAD	824	HSBC Bank, NA		11/5/2019		(4	)
	USD	1,362	DKK	9,288	TD Bank Financial Group		11/5/2019		(24	)
	USD	166,110	EUR	151,794	HSBC Bank, NA		11/5/2019		(3,198	)
	USD	1,920	EUR	1,754	Royal Bank of Canada		11/5/2019		(36	)
	USD	39,455	GBP	32,022	Goldman Sachs International		11/5/2019		(2,026	)
	USD	1,462	GBP	1,164	Standard Chartered Bank		11/5/2019		(45	)
	USD	2,313	JPY	249,854	Merrill Lynch International		11/5/2019		(1	)
	USD	1,187	SEK	11,615	Barclays Bank plc		11/5/2019		(16	)
	EUR	108	USD	121	TD Bank Financial Group		11/15/2019		—	(a)
	USD	533	EUR	480	Australia & New Zealand Banking Group Ltd.		11/15/2019		(3	)

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS OCTOBER 31, 2019

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	530	EUR	478	BNP Paribas		11/15/2019		(3	)
USD	3,127	EUR	2,845	Merrill Lynch International		11/15/2019		(48	)
USD	146,487	CAD	193,619	Merrill Lynch International		11/19/2019		(521	)
CLP	130,952	USD	181	Goldman Sachs International**		11/25/2019		(4	)
EUR	65	CZK	1,662	Citibank, NA		11/25/2019		—	(a)
SGD	125	USD	92	Goldman Sachs International		11/25/2019		—	(a)
USD	91	COP	306,457	Goldman Sachs International**		11/25/2019		—	(a)
USD	112	CZK	2,570	Citibank, NA		11/25/2019		(1	)
USD	181	KRW	213,726	Goldman Sachs International**		11/25/2019		(2	)
USD	89	RON	386	Goldman Sachs International		11/25/2019		(1	)
USD	91	SGD	124	Barclays Bank plc		11/25/2019		(1	)
USD	90	SGD	124	Goldman Sachs International		11/25/2019		(1	)
USD	88	TRY	530	HSBC Bank, NA		11/25/2019		(4	)
USD	665	AUD	966	State Street Corp.		12/4/2019		(2	)
USD	1,494	EUR	1,342	Merrill Lynch International		12/4/2019		(6	)
USD	102,587	JPY	11,076,197	HSBC Bank, NA		12/4/2019		(156	)
EUR	5,125	CHF	5,639	Goldman Sachs International		12/27/2019		(3	)
EUR	1,514	GBP	1,312	Credit Suisse International		12/27/2019		(7	)
EUR	8,999	GBP	7,769	State Street Corp.		12/27/2019		(6	)
EUR	794	USD	890	State Street Corp.		12/27/2019		(1	)
USD	1,025	CHF	1,016	Barclays Bank plc		12/27/2019		(9	)
USD	1,731	EUR	1,554	BNP Paribas		12/27/2019		(8	)
USD	4,229	EUR	3,829	Citibank, NA		12/27/2019		(59	)
USD	1,110	EUR	1,000	Credit Suisse International		12/27/2019		(10	)
USD	2,219	EUR	2,000	Merrill Lynch International		12/27/2019		(21	)
USD	119,038	EUR	107,491	State Street Corp.		12/27/2019		(1,321	)
USD	7,519	EUR	6,763	TD Bank Financial Group		12/27/2019		(54	)
USD	241	GBP	186	Royal Bank of Canada		12/27/2019		(1	)
USD	725	GBP	563	State Street Corp.		12/27/2019		(5	)
USD	941	SEK	9,073	Merrill Lynch International		12/27/2019		(2	)
USD	446	SEK	4,295	State Street Corp.		12/27/2019		(1	)
EUR	1,312	CZK	34,101	Barclays Bank plc		1/6/2020		(22	)
EUR	1,296	CZK	33,334	State Street Corp.		1/6/2020		(7	)
ILS	1,297	USD	369	Standard Chartered Bank		1/6/2020		—	(a)
JPY	151,806	USD	1,419	Standard Chartered Bank		1/6/2020		(7	)
MXN	302	USD	16	Royal Bank of Canada		1/6/2020		—	(a)
MXN	13,749	USD	711	Standard Chartered Bank		1/6/2020		(3	)
USD	342	BRL	1,440	Barclays Bank plc**		1/6/2020		(16	)
USD	892	CZK	20,769	Merrill Lynch International		1/6/2020		(17	)
USD	1,085	EUR	974	Citibank, NA		1/6/2020		(6	)
USD	1,347	HUF	400,304	Merrill Lynch International		1/6/2020		(17	)
USD	368	KRW	439,381	Merrill Lynch International**		1/6/2020		(8	)
USD	707	MXN	14,202	Goldman Sachs International		1/6/2020		(24	)
USD	19	MXN	377	Royal Bank of Canada		1/6/2020		—	(a)
USD	973	RON	4,165	Standard Chartered Bank		1/6/2020		(4	)
USD	732	SGD	996	HSBC Bank, NA		1/6/2020		—	(a)
USD	732	SGD	997	Standard Chartered Bank		1/6/2020		(1	)
USD	1,495	TRY	8,982	HSBC Bank, NA		1/6/2020		(50	)
USD	16	PLN	60	Citibank, NA		1/7/2020		—	(a)
USD	5	PLN	19	HSBC Bank, NA		1/7/2020		—	(a)
RUB	45,990	USD	716	Goldman Sachs International**		1/9/2020		(5	)
USD	353	RUB	23,150	Citibank, NA**		1/9/2020		(5	)
USD	1,775	RUB	115,746	Standard Chartered Bank**		1/9/2020		(14	)
Total unrealized depreciation								(8,235	)
Net unrealized depreciation								(5,888	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 67

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Abbreviations

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chile Peso
CNY	China Yuan
COP	Colombian Peso
CZK	Czech Republic Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
JPY	Japanese Yen

KRW	Korean Republic Won
MXN	Mexican Peso
NOK	Norwegian Krone
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
**	Non-deliverable forward.

Over-the-Counter (“OTC”) Credit default swap contracts outstanding — buy protection(a) as of October 31, 2019 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)	PAYMENT FREQUENCY	COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (b)		NOTIONAL AMOUNT (c)		UPFRONT PAYMENTS (RECEIPTS) ($) (d)			UNREALIZED APPRECIATION (DEPRECIATION)($)			VALUE($)
People’s Republic of China, 7.50%, 10/28/2027	1.00	Quarterly		Goldman Sachs International		12/20/2024		0.41		USD 1,400		(36	)		(7	)		(43	)
Republic of Korea, 7.13%, 4/16/2019	1.00	Quarterly		Goldman Sachs International		12/20/2023		0.22		USD 2,700		(58	)		(31	)		(89	)
United Mexican States, 4.15%, 3/28/2027	1.00	Quarterly		Citibank, NA		12/20/2023		0.70		USD 800		14			(23	)		(9	)
												(80	)		(61	)		(141	)

Centrally Cleared Credit default swap contracts outstanding — buy protection(a) as of October 31, 2019 (amounts in thousands):

REFERENCE OBLIGATION/INDEX

FINANCING RATE PAID BY THE FUND (%)

PAYMENT FREQUENCY

MATURITY DATE

IMPLIED CREDIT SPREAD (%) (b)

NOTIONAL AMOUNT (c)

UPFRONT PAYMENTS (RECEIPTS) ($) (d)

UNREALIZED APPRECIATION (DEPRECIATION)($)

VALUE($)

iTraxx.Asia.ex-Japan.IG.30-V1

1.00

Quarterly

12/20/2023

0.38

USD 600

(1

)

(14

)

(15

)

(a) The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

(b) Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

(c) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(d) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS OCTOBER 31, 2019

Centrally Cleared Interest rate swap contracts outstanding as of October 31, 2019 (amounts in thousands):

FLOATING RATE INDEX (a)

FIXED RATE

PAY/ RECEIVE FLOATING RATE

MATURITY DATE

NOTIONAL AMOUNT

UPFRONT PAYMENTS (RECEIPTS)($)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

6 month WIBOR semi-annually

1.64 annually

Receive

9/2/2021

PLN   14,000

—

8

6 month WIBOR semi-annually

1.69 annually

Receive

9/10/2024

PLN     2,900

—

2

1 day CDI at maturity

6.22 at maturity

Pay

1/2/2025

BRL     4,166

—

19

4 week TIIE monthly

6.51 monthly

Pay

10/13/2022

MXN  50,000

—

12

1 day CDI at maturity

6.51 at maturity

Pay

1/2/2025

BRL     4,098

—

35

—

76

6 month BUBOR semi-annually

1.30 annually

Receive

10/15/2029

HUF 220,000

—

(3

)

6 month BUBOR semi-annually

1.35 annually

Receive

10/18/2029

HUF 220,000

—

(6

)

1 day CDI at maturity

4.66 at maturity

Receive

1/4/2021

BRL   22,717

—

(10

)

1 day CDI at maturity

4.97 at maturity

Receive

1/4/2021

BRL   22,594

—

(29

)

—

(48

)

—

28

Abbreviations

BRL	Brazilian Real
BUBOR	Budapest Interbank Offered Rate
CDI	Certificate of interbank deposits
HUF	Hungarian Forint
MXN	Mexican Peso
PLN	Polish Zloty
TIIE	Interbank Equilibrium Interest Rate
USD	United States Dollar
WIBOR	Warsaw Interbank Offered Rate
(a)	Value of floating rate index at October 31, 2019 was as follows:

FLOATING RATE INDEX	VALUE
1 Day CDI		5.38	%
6 Month BUBOR		0.24
4 Week TIIE		7.82
6 Month WIBOR		1.69

OTC Total Return Basket Swaps Outstanding at October 31, 2019 (amounts in thousands):
COUNTERPARTY		DESCRIPTION	TERMINATION DATE		ABSOLUTE NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
	Bank of America, NA	The Fund receives the total return on a portfolio of long equity positions and pays net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.35% to 0.55%), which is denominated in GBP based on the local currencies of the positions within the swaps.		10/30/2020	$	15,783	$	725	$	427	$	1,152

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 69

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
United Kingdom
Ashtead Group plc		32		978		82			0.0	(a)
Avast plc*		174		936		100			0.0	(a)
Diageo plc		35		1,428		(75	)		0.0	(a)
GlaxoSmithKline plc		106		2,428		73			0.0	(a)
Intermediate Capital Group plc		48		926		91			0.0	(a)
Prudential plc		65		1,134		113			0.0	(a)
Segro plc		97		1,058		54			0.0	(a)
Serco Group plc*		379		766		44			0.0	(a)
Taylor Wimpey plc		521		1,118		106			0.0	(a)
Trainline plc* (b)		63		338		4			0.0	(a)
WPP plc		80		996		(6	)		0.0	(a)
		1,600		12,106		586			0.0	(a)
Australia
BHP Group plc		37		776		(23	)		0.0	(a)
Rio Tinto plc		18		961		(8	)		0.0	(a)
		55		1,737		(31	)		0.0	(a)
Russia
Polymetal International plc		64		1,052		103			0.0	(a)
South Africa
Anglo American plc		35		888		67			0.0	(a)
Total Long Positions of Total Return Basket Swap		1,754		15,783		725			0.0	(a)

The following reference rates, and their values as ofperiod-end, are used for security descriptions:
	VALUE
GBP LIBOR		0.71	%

Abbreviations

GBP	British Pound
LIBOR	London Interbank Offered Rate
(a)	Amount rounds to less than 0.1% of net assets.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(1)	Notional value represents market value as of October 31, 2019 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	Unrealized appreciation (depreciation) represents the unrealized gain (loss) of the positions subsequent to the swap reset.
*	Non-income producing security.

Summary of total OTC swap contracts outstanding as of October 31, 2019 (amounts in thousands):
	Net Upfront Payments (Receipts)($)			Value($)
Assets
OTC total return basket swaps contracts outstanding		—			1,152
Liabilities
OTC Credit default swap contracts outstanding—buy protection		(80	)		(141	)

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS OCTOBER 31, 2019

Written Call Options contracts as of October 31, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	COUNTERPARTY	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		EXERCISE PRICE		EXPIRATION DATE		VALUE($)
Foreign Exchange ILS/USD	Citibank, NA	3,596,600		USD 3,596		USD 3.57		11/27/2019		(5	)
Foreign Exchange USD/AUD	Citibank, NA	5,366,000		AUD 5,366		AUD 0.70		12/3/2019		(16	)
Foreign Exchange ZAR/USD	Citibank, NA	3,601,845		USD 3,602		USD 16.15		1/24/2020		(39	)
Total Written Options contracts (Premiums Received $56)										(60	)

Abbreviations

AUD	Australian Dollar
ILS	Israeli Shekel
USD	United States Dollar
ZAR	South African Rand

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

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

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — 34.3%
Australia — 0.7%
Adelaide Brighton Ltd.		675		1,434
AGL Energy Ltd.		207		2,824
Alumina Ltd.		1,242		1,939
Bank of Queensland Ltd.		385		2,400
BHP Group plc		121		2,557
CSR Ltd.		481		1,375
Dexus, REIT		1,567		12,923
Goodman Group, REIT		1,568		15,570
IOOF Holdings Ltd.		350		1,780
Mirvac Group, REIT		6,835		15,146
Rio Tinto plc		590		30,732
Sonic Healthcare Ltd.		70		1,374
Wesfarmers Ltd.		113		3,113
Woodside Petroleum Ltd.		90		1,997
				95,164
Austria — 0.1%
Erste Group Bank AG		339		12,001
OMV AG		36		2,116
				14,117
Belgium — 0.2%
Ageas		31		1,797
KBC Group NV		36		2,523
Proximus SADP		77		2,377
Shurgard Self Storage SA		255		8,630
Telenet Group Holding NV*		29		1,442
Warehouses De Pauw CVA, REIT, CVA		57		10,634
				27,403
Brazil — 0.3%
Ambev SA, ADR*		3,030		13,058
BB Seguridade Participacoes SA		1,420		12,020
Itau Unibanco Holding SA (Preference)		1,550		14,012
				39,090
Canada — 0.8%
Advanz Pharma Corp.*		174		1,790
Allied Properties, REIT		441		17,950
BCE, Inc.		57		2,725
Canadian Apartment Properties, REIT		323		13,440
Canadian Imperial Bank of Commerce		23		1,966
Canadian Utilities Ltd., Class A		76		2,213
Enbridge, Inc.		75		2,738
Fortis, Inc.		65		2,709
Great-West Lifeco, Inc.		42		1,014

INVESTMENTS	SHARES (000)		VALUE (000)
Canada — continued
Hydro One Ltd. (a)		149		2,773
IGM Financial, Inc.		47		1,317
Inter Pipeline Ltd.		168		2,825
Nutrien Ltd.		48		2,292
Pembina Pipeline Corp.		70		2,475
Power Corp. of Canada		122		2,820
Power Financial Corp.		113		2,635
Rogers Communications, Inc., Class B		28		1,318
Shaw Communications, Inc., Class B		131		2,666
TC Energy Corp.		595		29,969
TELUS Corp.		71		2,525
Thomson Reuters Corp.		40		2,655
				102,815
Cayman Islands — 0.0%(b)
Telford Offshore Holdings Ltd.* ‡		58		25
Chile — 0.0%(b)
Banco Santander Chile, ADR		136		3,307
China — 1.3%
China Construction Bank Corp., Class H		25,820		20,689
China Life Insurance Co. Ltd., Class H		1,953		5,023
China Mobile Ltd.		1,105		8,980
China Overseas Land & Investment Ltd.		5,088		16,055
China Pacific Insurance Group Co. Ltd., Class H		2,512		9,116
China Petroleum & Chemical Corp., Class H		17,624		10,024
CNOOC Ltd.		5,162		7,682
Fuyao Glass Industry Group Co. Ltd., Class A		3,539		10,684
Fuyao Glass Industry Group Co. Ltd., Class H (a)		233		659
Guangdong Investment Ltd.		2,712		5,870
Huayu Automotive Systems Co. Ltd., Class A		3,994		14,242
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,339		13,750
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		796		11,375
Midea Group Co. Ltd., Class A		2,268		17,872
Ping An Insurance Group Co. of China Ltd., Class H		2,168		25,023
SAIC Motor Corp. Ltd., Class A		899		2,998
				180,042
Colombia — 0.0%(b)
Frontera Energy Corp.		41		330
Frontera Energy Corp.		17		134
				464

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
Czech Republic — 0.1%
Komercni banka A/S		279		9,428
Moneta Money Bank A/S (a)		522		1,733
				11,161
Denmark — 0.0%(b)
Tryg A/S		57		1,580
Finland — 0.2%
Elisa OYJ		35		1,927
Fortum OYJ		204		4,988
Kone OYJ, Class B		34		2,168
Metso OYJ		42		1,601
Neste OYJ		62		2,246
Nordea Bank Abp		373		2,727
Orion OYJ, Class B		81		3,614
UPM-Kymmene OYJ		71		2,328
				21,599
France — 1.8%
Airbus SE		6		803
Airbus SE		88		12,617
Alstom SA		45		1,946
Amundi SA (a)		32		2,286
Atos SE		27		2,130
AXA SA		170		4,489
BNP Paribas SA		86		4,486
Bouygues SA		59		2,501
Casino Guichard Perrachon SA		41		2,216
Cie de Saint-Gobain		48		1,955
Cie Generale des Etablissements Michelin SCA		24		2,871
CNP Assurances		99		1,960
Covivio, REIT		151		17,059
Credit Agricole SA		177		2,310
Eiffage SA		19		2,044
Engie SA		399		6,682
Eutelsat Communications SA		62		1,167
Gecina SA, REIT		16		2,745
ICADE, REIT		18		1,791
LVMH Moet Hennessy Louis Vuitton SE		18		7,853
Natixis SA		394		1,810
Orange SA		796		12,814
Peugeot SA		94		2,378
Publicis Groupe SA		45		1,940
Rexel SA		121		1,503
Sanofi		171		15,808
Schneider Electric SE		383		35,586

INVESTMENTS	SHARES (000)		VALUE (000)
France — continued
SCOR SE		44		1,869
Societe Generale SA		104		2,969
Suez		111		1,729
TOTAL SA		667		35,258
Veolia Environnement SA		117		3,082
Vinci SA		391		43,826
				242,483
Germany — 1.1%
Allianz SE (Registered)		175		42,641
Aroundtown SA		1,196		10,108
BASF SE		66		4,997
Bayer AG (Registered)		99		7,706
Deutsche Post AG (Registered)		79		2,805
Deutsche Telekom AG (Registered)		1,086		19,101
E.ON SE		237		2,389
Hannover Rueck SE		11		1,915
HeidelbergCement AG		30		2,255
HOCHTIEF AG		15		1,821
METRO AG		118		1,919
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		75		20,798
ProSiebenSat.1 Media SE		159		2,350
RWE AG		107		3,253
Telefonica Deutschland Holding AG		949		3,011
TUI AG		272		3,555
Volkswagen AG (Preference)		49		9,344
Vonovia SE		258		13,765
				153,733
Hong Kong — 0.4%
Hang Seng Bank Ltd.		604		12,592
HKT Trust & HKT Ltd.		11,203		17,428
Hong Kong Exchanges & Clearing Ltd.		302		9,402
Sun Hung Kai Properties Ltd.		633		9,592
VTech Holdings Ltd.		117		1,028
WH Group Ltd. (a)		6,107		6,446
Yue Yuen Industrial Holdings Ltd.		680		1,915
				58,403
Hungary — 0.1%
OTP Bank Nyrt.		402		18,559
India — 0.3%
Coal India Ltd.		1,065		3,111
Infosys Ltd., ADR		959		9,195
ITC Ltd.		1,618		5,871

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
India — continued
Tata Consultancy Services Ltd.		614		19,636
				37,813
Indonesia — 0.1%
Telekomunikasi Indonesia Persero Tbk. PT		50,710		14,798
Ireland — 0.0%(b)
Smurfit Kappa Group plc		60		2,011
Italy — 0.5%
Assicurazioni Generali SpA		162		3,287
Enel SpA		3,150		24,411
Eni SpA		364		5,516
FinecoBank Banca Fineco SpA		857		9,658
Intesa Sanpaolo SpA		2,603		6,524
Mediobanca Banca di Credito Finanziario SpA		176		2,087
Poste Italiane SpA (a)		155		1,883
Snam SpA		510		2,620
Telecom Italia SpA		3,096		1,792
Terna Rete Elettrica Nazionale SpA		293		1,936
				59,714
Japan — 1.2%
Aozora Bank Ltd.		110		2,820
FANUC Corp.		17		3,294
Invesco Office J-Reit, Inc., REIT		52		10,591
Japan Airlines Co. Ltd.		36		1,128
Japan Hotel REIT Investment Corp., REIT		15		12,776
Japan Post Holdings Co. Ltd.		149		1,369
Japan Tobacco, Inc.		74		1,668
JFE Holdings, Inc.		216		2,703
JXTG Holdings, Inc.		575		2,690
Kansai Electric Power Co., Inc. (The)		183		2,134
KDDI Corp.		59		1,624
Kenedix Office Investment Corp., REIT		2		11,829
Kenedix Retail REIT Corp., REIT		2		5,457
Lawson, Inc.		49		2,709
Matsui Securities Co. Ltd.		247		2,036
Miraca Holdings, Inc.		60		1,411
Mitsubishi Chemical Holdings Corp.		195		1,486
Mitsui Fudosan Co. Ltd.		280		7,173
Mitsui Fudosan Logistics Park, Inc., REIT		1		5,623
Nippon Accommodations Fund, Inc., REIT		2		10,904
Nippon Prologis REIT, Inc., REIT		4		11,285
Nissan Motor Co. Ltd.		397		2,507
NTT DOCOMO, Inc.		119		3,249
Orix JREIT, Inc., REIT		5		10,216

INVESTMENTS	SHARES (000)		VALUE (000)
Japan — continued
Otsuka Corp.		113		4,568
Takeda Pharmaceutical Co. Ltd.		33		1,203
Tohoku Electric Power Co., Inc.		204		2,101
Tokio Marine Holdings, Inc.		315		17,014
Tokyo Electron Ltd.		15		2,999
Toyota Motor Corp.		277		19,232
				165,799
Macau — 0.1%
Sands China Ltd.		2,174		10,706
Mexico — 0.3%
Bolsa Mexicana de Valores SAB de CV		1,340		2,932
Fibra Uno Administracion SA de CV, REIT		5,731		8,712
Kimberly-Clark de Mexico SAB de CV, Class A*		6,169		12,394
Wal-Mart de Mexico SAB de CV		4,836		14,494
				38,532
Netherlands — 0.3%
Aegon NV		505		2,190
Akzo Nobel NV		99		9,142
Eurocommercial Properties NV, REIT, CVA		193		6,149
Koninklijke Ahold Delhaize NV		112		2,780
Koninklijke KPN NV		744		2,309
NN Group NV		65		2,466
Royal Dutch Shell plc, Class B		459		13,221
				38,257
New Zealand — 0.0%(b)
Contact Energy Ltd.		245		1,157
Spark New Zealand Ltd.		880		2,524
UCI Holdings LLC* ‡		65		1,488
				5,169
Norway — 0.2%
Aker BP ASA		90		2,490
DNB ASA		155		2,822
Equinor ASA		151		2,808
Gjensidige Forsikring ASA		110		2,052
Telenor ASA		955		17,869
Yara International ASA		49		1,897
				29,938
Peru — 0.0%(b)
Southern Copper Corp.		66		2,352
Portugal — 0.0%(b)
EDP — Energias de Portugal SA		665		2,739

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
Portugal — continued
Galp Energia SGPS SA		127		2,030
				4,769
Russia — 0.4%
Alrosa PJSC		4,599		5,346
Evraz plc		430		2,053
Moscow ExchangeMICEX-RTS PJSC		8,242		12,217
Sberbank of Russia PJSC		8,305		30,439
Sberbank of Russia PJSC		191		699
Severstal PJSC, GDR (a)		192		2,621
Severstal PJSC, GDR (a)		10		141
				53,516
Singapore — 0.1%
Ascendas, REIT		6,160		14,346
StarHub Ltd.		860		822
				15,168
South Africa — 0.3%
Absa Group Ltd.		1,096		11,236
Anglo American plc		135		3,474
AVI Ltd.		863		4,945
Bid Corp. Ltd.		409		9,531
FirstRand Ltd.		1,802		7,792
SPAR Group Ltd. (The)		221		2,979
Vodacom Group Ltd.		684		5,975
				45,932
South Korea — 0.4%
KT&G Corp.		123		10,601
Samsung Electronics Co. Ltd.		647		27,956
Samsung Fire & Marine Insurance Co. Ltd.		29		5,454
SK Telecom Co. Ltd., ADR		278		6,401
				50,412
Spain — 0.7%
ACS Actividades de Construccion y Servicios SA		51		2,075
Aena SME SA (a)		14		2,644
Banco Bilbao Vizcaya Argentaria SA		624		3,288
Enagas SA		80		1,974
Endesa SA		93		2,542
Iberdrola SA		3,038		31,231
Industria de Diseno Textil SA		442		13,765
Inmobiliaria Colonial Socimi SA, REIT		223		2,885
Mapfre SA		591		1,650
Merlin Properties Socimi SA, REIT		821		12,091
Naturgy Energy Group SA		170		4,638

INVESTMENTS	SHARES (000)		VALUE (000)
Spain — continued
Red Electrica Corp. SA		115		2,305
Repsol SA		195		3,221
Telefonica SA		476		3,658
				87,967
Sweden — 0.4%
Autoliv, Inc.		28		2,192
Boliden AB		79		2,141
Electrolux AB, Series B		77		2,034
Hennes & Mauritz AB, Class B		127		2,666
Lundin Petroleum AB		69		2,295
Skandinaviska Enskilda Banken AB, Class A		295		2,832
Skanska AB, Class B		88		1,877
SKF AB, Class B		101		1,829
Svenska Handelsbanken AB, Class A		1,555		15,609
Swedbank AB, Class A		183		2,566
Swedish Match AB		48		2,241
Tele2 AB, Class B		180		2,583
Telia Co. AB		522		2,296
Volvo AB, Class B		361		5,416
				48,577
Switzerland — 1.0%
Adecco Group AG (Registered)		38		2,266
Credit Suisse Group AG (Registered)*		266		3,287
Nestle SA (Registered)		83		8,898
Novartis AG (Registered)		575		50,221
OC Oerlikon Corp. AG (Registered)		256		2,627
Roche Holding AG		135		40,553
Swiss Re AG		165		17,259
UBS Group AG (Registered)*		310		3,673
Zurich Insurance Group AG		12		4,548
				133,332
Taiwan — 1.2%
Asustek Computer, Inc.		699		4,742
Chicony Electronics Co. Ltd.		841		2,614
Delta Electronics, Inc.		1,232		5,410
MediaTek, Inc.		972		12,981
Mega Financial Holding Co. Ltd.		7,723		7,580
Novatek Microelectronics Corp.		1,735		11,114
President Chain Store Corp.		514		5,128
Quanta Computer, Inc.		5,804		11,134
Taiwan Mobile Co. Ltd.		3,605		13,442
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,652		85,284

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
Taiwan — continued
Vanguard International Semiconductor Corp.		3,427		7,322
				166,751
Thailand — 0.2%
Siam Cement PCL (The) (Registered)		675		8,267
Siam Commercial Bank PCL (The)		3,214		11,995
Thai Oil PCL		1,456		3,303
				23,565
Turkey — 0.0%(b)
Tupras Turkiye Petrol Rafinerileri A/S		128		2,789
United Arab Emirates — 0.1%
First Abu Dhabi Bank PJSC		1,535		6,352
United Kingdom — 1.8%
3i Group plc		178		2,596
Admiral Group plc		67		1,742
AstraZeneca plc		77		7,557
Aviva plc		513		2,763
BAE Systems plc		278		2,079
Barclays plc		1,591		3,450
Barratt Developments plc		664		5,430
Berkeley Group Holdings plc		46		2,641
BP plc		2,789		17,685
British American Tobacco plc		156		5,442
BT Group plc		1,183		3,141
Centrica plc		2,291		2,156
Diageo plc		333		13,615
Direct Line Insurance Group plc		811		2,858
easyJet plc		102		1,634
Fiat Chrysler Automobiles NV		156		2,426
G4S plc		730		1,959
GlaxoSmithKline plc		455		10,423
GVC Holdings plc		244		2,814
HSBC Holdings plc		1,220		9,219
Imperial Brands plc		110		2,410
ITV plc		933		1,619
John Wood Group plc		481		2,114
Legal & General Group plc		863		2,950
M&G plc*		1,082		2,998
Meggitt plc		167		1,348
Micro Focus International plc		188		2,574
National Grid plc		348		4,064
NewRiver REIT plc, REIT		1,711		4,455
Next plc		35		3,003
Persimmon plc		105		3,099

INVESTMENTS	SHARES (000)		VALUE (000)
United Kingdom — continued
Prudential plc		564		9,859
RELX plc		158		3,798
Safestore Holdings plc, REIT		1,008		9,150
Schroders plc		28		1,133
Segro plc, REIT		1,423		15,572
Severn Trent plc		87		2,538
SSE plc		336		5,592
Standard Chartered plc		244		2,211
Standard Life Aberdeen plc		577		2,270
Taylor Wimpey plc		4,428		9,496
Tritax Big Box REIT plc, REIT		4,047		7,882
Tritax EuroBox plc(a)		3,184		3,817
Unilever plc		156		9,371
UNITE Group plc (The), REIT		782		11,388
United Utilities Group plc		215		2,432
Vodafone Group plc		3,788		7,730
Workspace Group plc, REIT		498		6,548
WPP plc		194		2,420
				245,471
United States — 17.6%
3M Co.		15		2,547
AbbVie, Inc.		34		2,721
Accenture plc, Class A		44		8,136
AES Corp.		160		2,736
AGNC Investment Corp., REIT		160		2,726
Air Products & Chemicals, Inc.		77		16,353
Alliant Energy Corp.		37		1,979
Altria Group, Inc.		64		2,866
American Electric Power Co., Inc.		29		2,712
American Tower Corp., REIT		59		12,910
Americold Realty Trust, REIT		323		12,963
Amgen, Inc.		14		3,069
Analog Devices, Inc.		199		21,272
Annaly Capital Management, Inc., REIT		289		2,597
Apple, Inc.		66		16,535
Arthur J Gallagher & Co.		102		9,265
AT&T, Inc.		82		3,149
Automatic Data Processing, Inc.		219		35,589
AvalonBay Communities, Inc., REIT		178		38,649
Avangrid, Inc.		50		2,518
Avaya Holdings Corp.*		200		2,420
Bank of America Corp.		863		26,979
BB&T Corp.		299		15,850
BlackRock, Inc.		22		9,968

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
United States — continued
Brandywine Realty Trust, REIT		605		9,240
Bristol-Myers Squibb Co.		807		46,273
Brixmor Property Group, Inc., REIT		51		1,129
Broadcom, Inc.		10		2,872
Caesars Entertainment Corp.*		252		3,096
Cardinal Health, Inc.		58		2,880
Carnival Corp.		56		2,394
CenterPoint Energy, Inc.		87		2,526
CenturyLink, Inc.		229		2,968
CF Industries Holdings, Inc.		56		2,517
Chevron Corp.		495		57,436
Chubb Ltd.		70		10,739
Cincinnati Financial Corp.		73		8,240
Cisco Systems, Inc.		162		7,713
Citigroup, Inc.		129		9,264
Claire’s Stores, Inc.* ‡		4		2,721
Clear Channel Outdoor Holdings, Inc.*		287		669
CME Group, Inc.		143		29,480
CMS Energy Corp.		213		13,632
CNA Financial Corp.		55		2,464
Coca-Cola Co. (The)		1,679		91,374
Comcast Corp., Class A		1,104		49,463
ConocoPhillips		309		17,065
Consolidated Edison, Inc.		29		2,704
Coty, Inc., Class A		252		2,944
Deere & Co.		71		12,420
Diamondback Energy, Inc.		27		2,345
Digital Realty Trust, Inc., REIT		201		25,516
Dominion Energy, Inc.		34		2,785
Douglas Emmett, Inc., REIT		316		13,686
Dover Corp.		172		17,866
DTE Energy Co.		67		8,573
Duke Energy Corp.		30		2,787
DuPont de Nemours, Inc.		197		12,952
Eastman Chemical Co.		34		2,595
Eaton Corp. plc		335		29,144
Edison International		40		2,510
Eli Lilly & Co.		292		33,263
Emerson Electric Co.		28		1,936
Entergy Corp.		25		3,039
Equinix, Inc., REIT		37		21,138
Equitrans Midstream Corp.		171		2,386
Equity LifeStyle Properties, Inc., REIT		373		26,086
Essex Property Trust, Inc., REIT		75		24,602

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Evergy, Inc.		43		2,719
Exelon Corp.		54		2,460
Exxon Mobil Corp.		179		12,078
Federal Realty Investment Trust, REIT		111		15,090
Ferguson plc		30		2,596
Fidelity National Information Services, Inc.		115		15,088
FirstEnergy Corp.		60		2,887
Ford Motor Co.		284		2,444
Gap, Inc. (The)		149		2,426
General Dynamics Corp.		78		13,841
General Motors Co.		71		2,650
Gilead Sciences, Inc.		38		2,450
Goodman Networks, Inc.* ‡		53		—	(c)
Halcon Resources Corp.* ‡		18		277
Hanesbrands, Inc.		118		1,800
Harley-Davidson, Inc.		74		2,865
HCP, Inc., REIT		682		25,655
Healthcare Trust of America, Inc., Class A, REIT		504		15,624
Helmerich & Payne, Inc.		51		1,906
Highwoods Properties, Inc., REIT		250		11,700
Home Depot, Inc. (The)		75		17,608
Honeywell International, Inc.		103		17,790
HP, Inc.		121		2,095
iHeartMedia, Inc., Class A*		14		206
Illinois Tool Works, Inc.		41		6,964
Intercontinental Exchange, Inc.		117		11,076
International Business Machines Corp.		210		28,032
International Flavors & Fragrances, Inc.		6		687
International Paper Co.		60		2,611
Invesco Ltd.		153		2,580
Invitation Homes, Inc., REIT		740		22,778
Iron Mountain, Inc., REIT		446		14,616
Johnson & Johnson		93		12,273
Johnson Controls International plc		41		1,794
Kellogg Co.		47		2,975
Kilroy Realty Corp., REIT		185		15,492
Kimco Realty Corp., REIT		137		2,964
Kohl’s Corp.		55		2,803
Kraft Heinz Co. (The)		93		2,991
L Brands, Inc.		141		2,399
Las Vegas Sands Corp.		46		2,871
Leggett & Platt, Inc.		68		3,479
LyondellBasell Industries NV, Class A		30		2,712
M&T Bank Corp.		45		7,071

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued
United States — continued
Macerich Co. (The), REIT		81		2,214
Macy’s, Inc.		167		2,538
Maxim Integrated Products, Inc.		217		12,725
McDonald’s Corp.		175		34,471
MDU Resources Group, Inc.		99		2,870
Medtronic plc		59		6,476
Merck & Co., Inc.		798		69,126
Microsoft Corp.		195		27,973
Mid-America Apartment Communities, Inc., REIT		157		21,780
Mondelez International, Inc., Class A		278		14,594
Morgan Stanley		345		15,905
National Retail Properties, Inc., REIT		340		20,008
Newell Brands, Inc.		169		3,207
Newmont Goldcorp Corp.		70		2,774
NextEra Energy, Inc.		168		40,047
Nielsen Holdings plc		116		2,347
NiSource, Inc.		138		3,863
Nordstrom, Inc.		81		2,893
Norfolk Southern Corp.		162		29,511
Northern Trust Corp.		117		11,672
Nucor Corp.		48		2,602
Occidental Petroleum Corp.		52		2,102
Old Republic International Corp.		98		2,181
ONEOK, Inc.		38		2,650
PACCAR, Inc.		37		2,785
Packaging Corp. of America		27		2,984
Park Hotels & Resorts, Inc., REIT		823		19,138
Parker-Hannifin Corp.		62		11,460
Penn Virginia Corp.*		12		279
PepsiCo, Inc.		251		34,463
Pfizer, Inc.		1,641		62,947
Philip Morris International, Inc.		474		38,585
Pinnacle West Capital Corp.		27		2,520
PNC Financial Services Group, Inc. (The)		137		20,165
PPG Industries, Inc.		130		16,211
PPL Corp.		83		2,766
Procter & Gamble Co. (The)		167		20,756
Prologis, Inc., REIT		637		55,928
Prudential Financial, Inc.		162		14,806
Public Service Enterprise Group, Inc.		43		2,715
Public Storage, REIT		149		33,281
QUALCOMM, Inc.		37		2,951
Remington Outdoor Co., Inc.* ‡		16		24
Republic Services, Inc.		64		5,569

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Rexford Industrial Realty, Inc., REIT		317		15,261
Schlumberger Ltd.		68		2,218
Seagate Technology plc		56		3,251
Service Properties Trust, REIT		82		2,081
Simon Property Group, Inc., REIT		17		2,541
Southern Co. (The)		47		2,942
Steel Dynamics, Inc.		89		2,704
Sunstone Hotel Investors, Inc., REIT		568		7,677
T. Rowe Price Group, Inc.		141		16,361
Tapestry, Inc.		104		2,682
Targa Resources Corp.		67		2,610
Texas Instruments, Inc.		272		32,049
TJX Cos., Inc. (The)		117		6,742
Travelers Cos., Inc. (The)		109		14,274
United Parcel Service, Inc., Class B		26		2,952
United Technologies Corp.		76		10,918
UnitedHealth Group, Inc.		146		36,870
US Bancorp		444		25,310
Ventas, Inc., REIT		606		39,435
VEREIT, Inc., REIT		2,235		21,992
Verizon Communications, Inc.		1,380		83,448
VF Corp.		98		8,060
VICI Properties, Inc., REIT		1,548		36,451
Vistra Energy Corp.		145		3,931
Vornado Realty Trust, REIT		294		19,281
Weingarten Realty Investors, REIT		233		7,396
Wells Fargo & Co.		339		17,491
Western Digital Corp.		50		2,577
Westrock Co.		71		2,645
Williams Cos., Inc. (The)		95		2,111
WP Carey, Inc., REIT		90		8,271
Xcel Energy, Inc.		736		46,764
				2,383,522
Total Common Stocks (Cost $3,839,609)				4,643,157
	Principal Amount (000)
Corporate Bonds — 33.6%
Argentina — 0.0% (b)
YPF SA
8.50%, 3/23/2021 (a)		690		630
8.75%, 4/4/2024 (a)		660		548

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Argentina — continued
6.95%, 7/21/2027 (a)		2,000		1,495
				2,673
Australia — 0.4%
Australia & New Zealand Banking Group Ltd.
5.10%, 1/13/2020 (d)		1,999		2,011
(ICE LIBOR USD 3 Month + 0.32%), 2.50%, 11/9/2020 (d) (e)		1,950		1,953
(ICE LIBOR USD 3 Month + 0.46%), 2.58%, 5/17/2021 (d) (e)		2,210		2,218
(USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (d) (e) (f) (g)		12,431		14,001
BHP Billiton Finance USA Ltd. (USD Swap Semi 5 Year + 5.09%), 6.75%, 10/19/2075 (d) (e)		1,720		2,017
Commonwealth Bank of Australia
1.75%, 11/7/2019 (d)		405		405
2.25%, 3/10/2020 (d)		2,197		2,200
2.30%, 3/12/2020		840		841
5.00%, 3/19/2020 (d)		260		263
(ICE LIBOR USD 3 Month + 0.32%), 2.43%, 6/25/2020 (d) (e)		540		541
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (d)		1,290		1,329
5.13%, 5/15/2024 (d)		1,089		1,143
Macquarie Bank Ltd.
2.40%, 1/21/2020 (d)		4,352		4,356
(ICE LIBOR USD 3 Month + 0.45%), 2.62%, 8/6/2021 (d) (e)		2,950		2,950
National Australia Bank Ltd. (ICE LIBOR USD 3 Month + 0.59%), 2.60%, 1/10/2020 (d) (e)		1,516		1,517
(ICE LIBOR USD 3 Month + 0.51%), 2.66%, 5/22/2020 (d) (e)		3,224		3,233
4.38%, 12/10/2020 (d)		1,600		1,641
2.50%, 1/12/2021		611		615
(ICE LIBOR USD 3 Month + 0.71%), 2.95%, 11/4/2021 (d) (e)		3,070		3,102
Scentre Group Trust 1
REIT, 2.38%, 11/5/2019 (d)		2,602		2,602
REIT, 2.38%, 4/28/2021 (d)		515		517
Suncorp-Metway Ltd. 2.35%, 4/27/2020 (d)		2,127		2,128
Westpac Banking Corp. 2.65%, 1/25/2021		3,400		3,432
				55,015
Azerbaijan — 0.1%
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (a)		950		1,107

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Azerbaijan — continued
State Oil Co. of the Azerbaijan Republic
4.75%, 3/13/2023 (a)		1,716		1,786
6.95%, 3/18/2030 (a)		2,380		2,855
				5,748
Bahrain — 0.0% (b)
Oil and Gas Holding Co. BSCC (The) 7.50%, 10/25/2027 (a)		1,150		1,285
Belarus — 0.0% (b)
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (d)		750		787
Brazil — 0.1%
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (a)		1,320		1,539
GTL Trade Finance, Inc. 5.89%, 4/29/2024 (a)		496		547
JSL Europe SA 7.75%, 7/26/2024 (a)		1,537		1,620
MV24 Capital BV 6.75%, 6/1/2034 (d)		1,190		1,243
Petrobras Global Finance BV
5.09%, 1/15/2030 (d)		692		732
6.90%, 3/19/2049		1,030		1,194
6.85%, 6/5/2115		900		1,032
Suzano Austria GmbH 6.00%, 1/15/2029		1,050		1,158
Votorantim Cimentos International SA 7.25%, 4/5/2041 (a)		1,840		2,331
				11,396
Canada — 1.3%
1011778 BC ULC
4.25%, 5/15/2024 (d)		8,332		8,551
3.88%, 1/15/2028 (d)		3,073		3,089
Advanz Pharma Corp. 8.00%, 9/6/2024		2,095		1,996
Alimentation Couche-Tard, Inc. 2.35%, 12/13/2019 (d)		2,339		2,340
ATS Automation Tooling Systems, Inc. 6.50%, 6/15/2023 (d)		1,570		1,621
Bank of Montreal
(ICE LIBOR USD 3 Month + 0.34%), 2.34%, 7/13/2020 (e)		2,990		2,994
(ICE LIBOR USD 3 Month + 0.40%), 2.53%, 9/10/2021 (e)		2,950		2,958
Bank of Nova Scotia (The)
2.15%, 7/14/2020		2,950		2,956
2.35%, 10/21/2020		376		378
Bombardier, Inc.
6.00%, 10/15/2022 (d)		2,688		2,621

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Canada — continued
6.13%, 1/15/2023 (d)		3,228		3,155
7.50%, 12/1/2024 (d)		3,887		3,768
7.50%, 3/15/2025 (d)		6,539		6,253
Calfrac Holdings LP 8.50%, 6/15/2026 (d)		1,200		515
Canadian Imperial Bank of Commerce 2.70%, 2/2/2021		1,858		1,877
Emera, Inc. Series16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (e)		17,630		19,824
Enbridge, Inc.
Series16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (e)		2,730		2,880
(ICE LIBOR USD 3 Month + 3.42%), 5.50%, 7/15/2077 (e)		5,156		5,259
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (e)		6,659		7,162
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (d)		6,048		6,214
Hudbay Minerals, Inc.
7.25%, 1/15/2023 (d)		1,140		1,178
7.63%, 1/15/2025 (d)		825		840
Intertape Polymer Group, Inc. 7.00%, 10/15/2026 (d)		1,465		1,533
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (d)		1,913		1,669
MEG Energy Corp.
6.38%, 1/30/2023 (d)		7,577		7,160
7.00%, 3/31/2024 (d)		1,573		1,478
6.50%, 1/15/2025 (d)		4,311		4,483
NOVA Chemicals Corp.
4.88%, 6/1/2024 (d)		5,040		5,115
5.00%, 5/1/2025 (d)		3,340		3,357
5.25%, 6/1/2027 (d)		4,106		4,219
Open Text Corp.
5.63%, 1/15/2023 (d)		1,957		1,994
5.88%, 6/1/2026 (d)		1,781		1,899
Precision Drilling Corp.
7.75%, 12/15/2023		1,540		1,455
5.25%, 11/15/2024		248		209
7.13%, 1/15/2026 (d)		5,484		4,744
Quebecor Media, Inc. 5.75%, 1/15/2023		7,193		7,784
Royal Bank of Canada 2.15%, 10/26/2020		2,950		2,959
2.50%, 1/19/2021		4,850		4,889
Stars Group Holdings BV 7.00%, 7/15/2026 (d)		3,481		3,755
Toronto-Dominion Bank (The) 2.55%, 1/25/2021		4,850		4,894

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Canada — continued
TransCanada PipeLines Ltd. 2.13%, 11/15/2019		1,259		1,259
Transcanada Trust
Series16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (e)		2,515		2,729
(ICE LIBOR USD 3 Month + 4.15%), 5.50%, 9/15/2079 (e)		6,202		6,620
Videotron Ltd.
5.38%, 6/15/2024 (d)		5,053		5,489
5.13%, 4/15/2027 (d)		2,590		2,752
				170,874
Cayman Islands — 0.0%(b)
Bioceanico Sovereign Certificate Ltd. 0.00%, 6/5/2034 (d)		420		292
Global Aircraft Leasing Co. Ltd. 13.75% (Blend cash 6.50% + PIK 7.25%)), 9/15/2024 (d) (h)		2,470		2,522
				2,814
Chile — 0.1%
Corp. Nacional del Cobre de Chile
3.00%, 9/30/2029 (d)		1,990		1,982
4.88%, 11/4/2044 (a)		1,700		1,992
4.38%, 2/5/2049 (a)		1,430		1,579
3.70%, 1/30/2050 (d)		1,400		1,374
Empresa Electrica Angamos SA 4.88%, 5/25/2029 (a)		606		629
Empresa Nacional del Petroleo 3.75%, 8/5/2026 (a)		1,900		1,945
				9,501
China — 0.0%(b)
Alibaba Group Holding Ltd. 2.50%, 11/28/2019		1,794		1,794
Sinopec Group Overseas Development Ltd. 3.68%, 8/8/2049 (d)		500		527
State Grid Overseas Investment 2016 Ltd. 2.25%, 5/4/2020 (d)		360		360
				2,681
Colombia — 0.1%
Ecopetrol SA
5.88%, 9/18/2023		950		1,057
5.38%, 6/26/2026		1,610		1,808
7.38%, 9/18/2043		1,642		2,183
5.88%, 5/28/2045		730		841
				5,889

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Croatia — 0.0%(b)
Hrvatska Elektroprivreda 5.88%, 10/23/2022 (d)		600		656
Finland — 0.1%
Nokia OYJ
4.38%, 6/12/2027		1,875		1,910
6.63%, 5/15/2039		1,134		1,295
Nordea Bank Abp
4.88%, 1/27/2020 (d)		5,472		5,509
2.13%, 5/29/2020 (d)		1,040		1,041
(ICE LIBOR USD 3 Month + 0.47%), 2.59%, 5/29/2020 (d) (e)		720		722
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.11%), 6.63%, 3/26/2026 (d) (e) (f) (g)		3,870		4,218
				14,695
France — 0.6%
Air Liquide Finance SA 1.75%, 9/27/2021 (d)		3,000		2,988
Altice France SA
7.38%, 5/1/2026 (d)		11,448		12,259
8.13%, 2/1/2027 (d)		5,809		6,441
Banque Federative du Credit Mutuel SA 2.75%, 10/15/2020 (d)		3,273		3,300
BNP Paribas SA 5.00%, 1/15/2021		3,920		4,067
BPCE SA 2.25%, 1/27/2020		1,469		1,469
Credit Agricole Corporate & Investment Bank SA
(ICE LIBOR USD 3 Month + 0.29%), 2.55%, 11/2/2020 (d) (e)		1,903		1,903
(ICE LIBOR USD 3 Month + 0.40%), 2.69%, 5/3/2021 (d) (e)		1,900		1,903
Credit Agricole SA
(ICE LIBOR USD 3 Month + 0.97%), 3.10%, 6/10/2020 (d) (e)		4,561		4,584
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (d) (e) (f) (g)		6,835		8,185
Orange SA 1.63%, 11/3/2019		3,954		3,954
Societe Generale SA
2.63%, 9/16/2020 (d)		2,786		2,801
2.50%, 4/8/2021 (d)		623		626
5.20%, 4/15/2021 (d)		1,200		1,253
(USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (d) (e) (f) (g)		15,320		16,124
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (d) (e) (f) (g)		2,530		2,891

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
France — continued
(USD Swap Semi 5 Year + 3.93%), 6.75%, 4/6/2028 (d) (e) (f) (g)		7,680		8,103
WEA Finance LLC REIT, 3.25%, 10/5/2020 (d)		1,676		1,694
				84,545
Germany — 0.1%
BMW US Capital LLC
(ICE LIBOR USD 3 Month + 0.38%), 2.42%, 4/6/2020 (d) (e)		1,040		1,041
(ICE LIBOR USD 3 Month + 0.37%), 2.55%, 8/14/2020 (d) (e)		501		502
Daimler Finance North America LLC
(ICE LIBOR USD 3 Month + 0.39%), 2.68%, 5/4/2020 (d) (e)		1,220		1,221
2.20%, 5/5/2020 (d)		300		300
(ICE LIBOR USD 3 Month + 0.53%), 2.82%, 5/5/2020 (d) (e)		1,705		1,707
2.45%, 5/18/2020 (d)		2,590		2,597
Deutsche Telekom International Finance BV 2.23%, 1/17/2020 (d)		5,143		5,143
Volkswagen Group of America Finance LLC 2.50%, 9/24/2021 (d)		390		393
				12,904
Guatemala — 0.0%(b)
Energuate Trust 5.88%, 5/3/2027 (a)		1,147		1,153
Hong Kong — 0.0%(b)
HPHT Finance 15 Ltd. 2.88%, 3/17/2020 (d)		867		868
Melco Resorts Finance Ltd. 5.63%, 7/17/2027 (d)		4,614		4,828
				5,696
Hungary — 0.0%(b)
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020 (d)		990		1,025
India — 0.0%(b)
Reliance Holding USA, Inc. 5.40%, 2/14/2022 (a)		830		882
Indonesia — 0.1%
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023 (d)		990		1,089
6.53%, 11/15/2028 (d)		2,600		3,149
6.76%, 11/15/2048 (d)		650		834
Minejesa Capital BV 4.63%, 8/10/2030 (d)		824		847
Pertamina Persero PT
4.30%, 5/20/2023 (a)		1,860		1,965

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Indonesia — continued
6.50%, 5/27/2041 (a)		580		733
6.00%, 5/3/2042 (a)		880		1,058
6.45%, 5/30/2044 (a)		1,990		2,543
6.45%, 5/30/2044 (d)		1,600		2,045
Perusahaan Listrik Negara PT
4.13%, 5/15/2027 (a)		680		713
6.25%, 1/25/2049 (a)		810		1,030
				16,006
Ireland — 0.3%
AerCap Global Aviation Trust (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (d) (e)		3,073		3,369
Allied Irish Banks plc (EUR Swap Annual 5 Year + 7.34%), 7.38%, 12/3/2020 (a) (e) (f) (g)		EUR      244		290
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (d)		15,005		15,755
5.25%, 8/15/2027 (d)		3,499		3,587
Avolon Holdings Funding Ltd.
5.50%, 1/15/2023 (d)		1,226		1,323
5.13%, 10/1/2023 (d)		3,433		3,704
5.25%, 5/15/2024 (d)		3,725		4,062
4.38%, 5/1/2026 (d)		1,765		1,867
Bank of Ireland (EUR Swap Annual 5 Year + 6.96%), 7.38%, 6/18/2020 (a) (e) (f) (g)		EUR      577		666
Park Aerospace Holdings Ltd.
5.25%, 8/15/2022 (d)		992		1,056
5.50%, 2/15/2024 (d)		3,512		3,861
				39,540
Italy — 0.2%
Enel SpA (USD Swap Semi 5 Year + 5.88%), 8.75%, 9/24/2073 (d) (e)		4,590		5,393
F-Brasile SpA Series XR, 7.38%, 8/15/2026 (d)		885		925
Telecom Italia Capital SA
6.38%, 11/15/2033		4,109		4,529
6.00%, 9/30/2034		4,390		4,686
Telecom Italia SpA 5.30%, 5/30/2024 (d)		3,510		3,756
				19,289
Japan — 0.1%
Mizuho Bank Ltd. 2.70%, 10/20/2020 (d)		1,428		1,439
MUFG Bank Ltd. 2.75%, 9/14/2020 (d)		2,236		2,252
Nomura Holdings, Inc. 6.70%, 3/4/2020		2,711		2,753

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Japan — continued
Sumitomo Mitsui Banking Corp.
2.45%, 1/16/2020		1,580		1,582
2.51%, 1/17/2020		750		751
Sumitomo Mitsui Financial Group, Inc. 2.93%, 3/9/2021		2,750		2,781
				11,558
Kazakhstan — 0.1%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (a)		2,045		2,748
Kazakhstan Temir Zholy National Co. JSC 4.85%, 11/17/2027 (d)		1,876		2,153
KazMunayGas National Co. JSC
4.40%, 4/30/2023 (a)		1,150		1,214
4.75%, 4/24/2025 (d)		300		327
4.75%, 4/19/2027 (a)		500		545
5.38%, 4/24/2030 (d)		980		1,131
6.38%, 10/24/2048 (a)		2,040		2,569
Tengizchevroil Finance Co. International Ltd. 4.00%, 8/15/2026 (a)		800		839
				11,526
Luxembourg — 0.5%
Altice Financing SA
6.63%, 2/15/2023 (d)		4,642		4,769
7.50%, 5/15/2026 (d)		8,435		8,962
Altice Luxembourg SA
7.63%, 2/15/2025 (d)		4,010		4,135
10.50%, 5/15/2027 (d)		6,764		7,652
INEOS Group Holdings SA 5.63%, 8/1/2024 (d)		9,470		9,683
Intelsat Jackson Holdings SA
5.50%, 8/1/2023		11,539		10,789
8.00%, 2/15/2024 (d)		6,965		7,185
8.50%, 10/15/2024 (d)		15,182		15,291
9.75%, 7/15/2025 (d)		3,340		3,468
				71,934
Mexico — 0.2%
Alfa SAB de CV 6.88%, 3/25/2044 (d)		712		841
America Movil SAB de CV 5.00%, 3/30/2020		1,136		1,149
BBVA Bancomer SA 6.75%, 9/30/2022 (a)		900		987
Cemex SAB de CV
5.70%, 1/11/2025 (d)		985		1,011
7.75%, 4/16/2026 (d)		8,620		9,288
Grupo KUO SAB de CV 5.75%, 7/7/2027 (d)		1,850		1,899

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Mexico — continued
Petroleos Mexicanos
5.38%, 3/13/2022		2,850		3,000
6.49%, 1/23/2027 (d)		247		263
6.50%, 3/13/2027		1,870		1,983
5.35%, 2/12/2028		1,200		1,185
5.63%, 1/23/2046		1,999		1,792
6.75%, 9/21/2047		2,050		2,040
6.35%, 2/12/2048		500		478
7.69%, 1/23/2050 (d)		352		382
				26,298
Mongolia — 0.0%(b)
Trade & Development Bank of Mongolia LLC 9.38%, 5/19/2020 (a)		1,900		1,949
Morocco — 0.0%(b)
OCP SA
5.63%, 4/25/2024 (a)		2,180		2,390
6.88%, 4/25/2044 (a)		1,670		2,082
				4,472
Netherlands — 0.4%
ABN AMRO Bank NV 2.45%, 6/4/2020 (d)		4,037		4,047
(ICE LIBOR USD 3 Month + 0.57%), 2.70%, 8/27/2021 (d) (e)		2,220		2,228
Cooperatieve Rabobank UA
4.50%, 1/11/2021		1,579		1,628
2.50%, 1/19/2021		5,900		5,944
(EUR Swap Annual 5 Year + 6.70%), 6.62%, 6/29/2021 (a) (e) (f) (g)		EUR 2,000		2,429
ING Bank NV
(ICE LIBOR USD 3 Month + 0.97%), 3.09%, 8/17/2020 (d) (e)		401		403
2.75%, 3/22/2021 (d)		612		619
ING Groep NV
(USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (a) (e) (f) (g)		5,348		5,642
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (e) (f) (g)		1,580		1,620
NXP BV 4.63%, 6/1/2023 (d)		4,085		4,356
OCI NV 5.25%, 11/1/2024 (d)		1,740		1,801
Starfruit Finco BV 8.00%, 10/1/2026 (d)		5,890		5,860
Trivium Packaging Finance BV
5.50%, 8/15/2026 (d) (i)		2,741		2,875
8.50%, 8/15/2027 (d) (i)		2,181		2,317

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Netherlands — continued
UPCB Finance IV Ltd. 5.38%, 1/15/2025 (d)		8,895		9,173
				50,942
New Zealand — 0.0%(b)
ANZ New Zealand Int’l Ltd. 2.85%, 8/6/2020 (d)		3,000		3,020
BNZ International Funding Ltd. 2.40%, 2/21/2020 (d)		838		839
				3,859
Norway — 0.1%
Aker BP ASA
6.00%, 7/1/2022 (d)		373		385
4.75%, 6/15/2024 (d)		1,640		1,706
5.88%, 3/31/2025 (d)		1,966		2,079
DNB Bank ASA 2.13%, 10/2/2020 (d)		618		619
(ICE LIBOR USD 3 Month + 0.37%), 2.46%, 10/2/2020 (d) (e)		5,000		5,010
(USD Swap Semi 5 Year + 5.08%), 6.50%, 3/26/2022 (a) (e) (f) (g)		972		1,021
				10,820
Panama — 0.0%(b)
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (d)		580		663
Peru — 0.1%
Banco BBVA Peru SA 5.00%, 8/26/2022 (a)		990		1,056
Consorcio Transmantaro SA 4.38%, 5/7/2023 (a)		874		914
Nexa Resources SA 5.38%, 5/4/2027 (a)		2,590		2,742
Petroleos del Peru SA 4.75%, 6/19/2032 (d)		2,100		2,249
Southern Copper Corp. 5.88%, 4/23/2045		2,435		2,945
				9,906
Qatar — 0.0%(b)
ABQ Finance Ltd.
3.63%, 4/13/2021 (a)		1,550		1,568
3.50%, 2/22/2022 (a)		2,570		2,610
Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.30%, 9/30/2020 (a)		380		384
				4,562
South Africa — 0.0%(b)
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021 (a)		350		353
6.75%, 8/6/2023 (a)		600		619

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
South Africa — continued
7.13%, 2/11/2025 (a)		850		874
				1,846
South Korea — 0.0%(b)
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2022 (a) (e) (f) (g)		2,350		2,310
MagnaChip Semiconductor Corp. 6.63%, 7/15/2021 (i)		2,445		2,431
				4,741
Spain — 0.0%(b)
Banco Bilbao Vizcaya Argentaria SA
(EUR Swap Annual 5 Year + 9.18%), 8.88%, 4/14/2021 (a) (e) (f) (g)	EUR	2,600		3,190
Series 9, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.19%), 6.50%, 3/5/2025 (e) (f) (g)		2,000		2,063
				5,253
Sweden — 0.1%
Skandinaviska Enskilda Banken AB
2.45%, 5/27/2020 (d)		1,389		1,392
(ICE LIBOR USD 3 Month + 0.43%), 2.55%, 5/17/2021 (d) (e)		3,100		3,109
Svenska Handelsbanken AB 2.40%, 10/1/2020		1,906		1,917
				6,418
Switzerland — 0.4%
Credit Suisse Group AG
(USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023 (d) (e) (f) (g)		1,825		1,968
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (d) (e) (f) (g)		6,891		7,640
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (d) (e) (f) (g)		7,005		7,469
(USD Swap Semi 5 Year + 4.33%), 7.25%, 9/12/2025 (d) (e) (f) (g)		1,733		1,885
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026 (d) (e) (f) (g)		6,040		6,365
UBS Group AG
2.95%, 9/24/2020 (d)		2,741		2,766
(USD ICE Swap Rate 5 Year + 5.50%), 6.87%, 3/22/2021 (a) (e) (f) (g)		4,355		4,523
(USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024 (d) (e) (f) (g)		10,430		11,186

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Switzerland — continued
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (e) (f) (g)		7,000		7,805
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025 (a) (e) (f) (g)		3,000		3,250
				54,857
Trinidad and Tobago — 0.0%(b)
Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026 (d)		1,565		1,756
Turkey — 0.0%(b)
KOC Holding A/S 5.25%, 3/15/2023 (a)		1,119		1,127
Turkiye Is Bankasi A/S 5.00%, 4/30/2020 (a)		1,240		1,246
				2,373
United Arab Emirates — 0.1%
DAE Funding LLC
4.50%, 8/1/2022 (d)		1,205		1,229
5.75%, 11/15/2023 (d)		665		697
5.00%, 8/1/2024 (d)		1,489		1,556
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (d)		5,717		4,802
Telford Offshore Ltd. Series B, 12.00% (Blend (cash 4.00% + PIK 8.00%)), 2/12/2024 (h)		1,197		459
				8,743
United Kingdom — 0.7%
Afren plc 6.63%, 12/9/2020 (a) (j)		3,001		—	(c)
Ashtead Capital, Inc.
5.63%, 10/1/2024 (d)		1,114		1,147
4.13%, 8/15/2025 (d)		2,645		2,698
4.38%, 8/15/2027 (d)		500		515
Barclays Bank plc
5.13%, 1/8/2020		1,402		1,410
2.65%, 1/11/2021		2,950		2,974
Barclays plc
4.38%, 9/11/2024		3,678		3,856
5.20%, 5/12/2026		4,730		5,130
4.84%, 5/9/2028		1,277		1,363
(ICE LIBOR USD 3 Month + 3.05%), 5.09%, 6/20/2030 (e)		1,190		1,293
BAT International Finance plc 2.75%, 6/15/2020 (d)		2,767		2,780
BG Energy Capital plc 4.00%, 12/9/2020 (d)		2,200		2,248
BP Capital Markets plc
2.32%, 2/13/2020		950		951
(ICE LIBOR USD 3 Month + 0.25%), 2.38%, 11/24/2020 (e)		1,655		1,658

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United Kingdom — continued
CK Hutchison International II Ltd. 2.25%, 9/29/2020 (d)		591		591
Diageo Capital plc (ICE LIBOR USD 3 Month + 0.24%), 2.36%, 5/18/2020 (e)		450		450
eG Global Finance plc 6.75%, 2/7/2025 (d)		2,078		2,078
HSBC Holdings plc
3.40%, 3/8/2021		1,435		1,460
(ICE LIBOR USD 3 Month + 0.60%), 2.72%, 5/18/2021 (e)		3,290		3,293
(USD ICE Swap Rate 5 Year + 5.51%), 6.87%, 6/1/2021 (e) (f) (g)		1,556		1,624
(EUR Swap Annual 5 Year + 5.34%), 6.00%, 9/29/2023 (a) (e) (f) (g)		EUR      3,970		5,031
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025 (e) (f) (g)		3,000		3,197
(USD ICE Swap Rate 5 Year + 3.61%), 6.50%, 3/23/2028 (e) (f) (g)		8,180		8,660
Ithaca Energy North Sea plc 9.38%, 7/15/2024 (d)		2,534		2,572
Jaguar Land Rover Automotive plc 4.50%, 10/1/2027 (d)		3,091		2,651
Lloyds Bank plc 5.80%, 1/13/2020 (d)		270		272
Lloyds Banking Group plc (USD Swap Semi 5 Year + 4.50%), 7.50%, 9/27/2025 (e) (f) (g)		3,721		4,094
Royal Bank of Scotland Group plc
6.13%, 12/15/2022		14,167		15,451
6.00%, 12/19/2023		1,194		1,326
Santander UK plc 2.38%, 3/16/2020		1,240		1,242
Standard Chartered plc 2.25%, 4/17/2020 (d)		4,057		4,056
Virgin Media Secured Finance plc
5.50%, 8/15/2026 (d)		2,545		2,675
5.50%, 5/15/2029 (d)		201		214
Vodafone Group plc (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (e)		3,190		3,694
				92,654
United States — 27.3%
Acadia Healthcare Co., Inc.
6.13%, 3/15/2021		528		529
5.63%, 2/15/2023		1,836		1,863
6.50%, 3/1/2024		3,004		3,109
ACCO Brands Corp. 5.25%, 12/15/2024 (d)		6,624		6,872
ACE Cash Express, Inc. 12.00%, 12/15/2022 (d)		2,638		2,440
ACI Worldwide, Inc. 5.75%, 8/15/2026 (d)		3,105		3,291

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (d)		5,880		4,616
Adient US LLC 7.00%, 5/15/2026 (d)		7,125		7,499
ADT Security Corp. (The)
4.13%, 6/15/2023		1,501		1,524
4.88%, 7/15/2032 (d)		3,300		2,855
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (d)		1,438		1,470
AECOM
5.88%, 10/15/2024		346		373
5.13%, 3/15/2027		4,166		4,394
AES Corp.
5.50%, 4/15/2025		6,707		6,965
6.00%, 5/15/2026		1,765		1,885
Ahern Rentals, Inc. 7.38%, 5/15/2023 (d)		4,316		3,496
AIG Global Funding (ICE LIBOR USD 3 Month + 0.46%), 2.57%, 6/25/2021 (d) (e)		785		788
Air Lease Corp. (ICE LIBOR USD 3 Month + 0.67%), 2.81%, 6/3/2021 (e)		4,409		4,423
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (d)		3,800		3,235
AK Steel Corp.
6.38%, 10/15/2025		2,436		2,009
7.00%, 3/15/2027		2,343		1,942
Albertsons Cos., Inc.
6.63%, 6/15/2024		9,925		10,409
5.75%, 3/15/2025		5,729		5,928
7.50%, 3/15/2026 (d)		6,422		7,136
5.88%, 2/15/2028 (d)		5,282		5,672
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (d)		7,276		7,667
7.00%, 9/30/2026 (d)		1,650		1,792
Allegheny Technologies, Inc.
5.95%, 1/15/2021		947		975
7.88%, 8/15/2023 (i)		500		545
Allied Universal Holdco LLC
6.63%, 7/15/2026 (d)		909		970
9.75%, 7/15/2027 (d)		907		948
Allison Transmission, Inc.
5.00%, 10/1/2024 (d)		5,325		5,458
4.75%, 10/1/2027 (d)		2,545		2,602
5.88%, 6/1/2029 (d)		1,410		1,520
Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (e)		7,449		8,010

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Ally Financial, Inc.
4.63%, 5/19/2022		11,066		11,594
5.13%, 9/30/2024		1,908		2,096
4.63%, 3/30/2025		6,778		7,346
5.75%, 11/20/2025		3,605		4,015
8.00%, 11/1/2031		2,055		2,872
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		6,249		5,937
5.88%, 11/15/2026		1,663		1,516
6.13%, 5/15/2027		2,144		1,939
AMC Networks, Inc.
5.00%, 4/1/2024		3,610		3,677
4.75%, 8/1/2025		831		839
American Airlines Group, Inc. 5.00%, 6/1/2022 (d)		1,634		1,703
American Axle & Manufacturing, Inc.
6.63%, 10/15/2022		339		341
6.25%, 4/1/2025		14,334		13,832
6.25%, 3/15/2026		8,918		8,472
6.50%, 4/1/2027		4,572		4,332
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (d)		4,195		4,185
American Express Co.
Series C, (ICE LIBOR USD 3 Month + 3.29%), 4.90%, 3/15/2020 (e) (f) (g)		4,215		4,257
(ICE LIBOR USD 3 Month + 0.60%), 2.89%, 11/5/2021 (e)		2,000		2,011
American Express Credit Corp.
2.38%, 5/26/2020		499		500
2.25%, 5/5/2021		192		193
American International Group, Inc.
6.40%, 12/15/2020		2,800		2,936
SeriesA-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (e)		7,598		8,223
American Woodmark Corp. 4.88%, 3/15/2026 (d)		4,775		4,859
AmeriGas Partners LP
5.63%, 5/20/2024		515		555
5.50%, 5/20/2025		5,898		6,326
5.88%, 8/20/2026		2,714		3,006
5.75%, 5/20/2027		1,024		1,121
Amkor Technology, Inc. 6.63%, 9/15/2027 (d)		4,478		4,903
AMN Healthcare, Inc. 5.13%, 10/1/2024 (d)		1,775		1,843
Amsted Industries, Inc.
5.38%, 9/15/2024 (d)		176		180

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
5.63%, 7/1/2027 (d)		1,629		1,719
Anixter, Inc.
5.50%, 3/1/2023		3,646		3,739
6.00%, 12/1/2025		1,595		1,639
Antero Midstream Partners LP
5.38%, 9/15/2024		2,975		2,410
5.75%, 1/15/2028 (d)		1,425		1,058
Antero Resources Corp.
5.38%, 11/1/2021		749		669
5.13%, 12/1/2022		1,244		931
5.63%, 6/1/2023		7,057		4,949
Aramark Services, Inc. 5.00%, 2/1/2028 (d)		5,520		5,775
Archrock Partners LP 6.00%, 10/1/2022		5,065		5,103
Arconic, Inc.
5.13%, 10/1/2024		6,366		6,828
5.90%, 2/1/2027		4,185		4,653
Arizona Public Service Co. 2.20%, 1/15/2020		36		36
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026 (d)		755		578
Ashland LLC 4.75%, 8/15/2022 (i)		3,172		3,323
AT&T, Inc. 2.45%, 6/30/2020		2,950		2,959
Athene Global Funding 2.75%, 4/20/2020 (d)		4,100		4,113
Avantor, Inc. 6.00%, 10/1/2024 (d)		3,880		4,147
Avaya, Inc.
7.00%, 4/1/2019 ‡ (d) (j)		5,950		1
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (d)		7,460		7,768
5.25%, 3/15/2025 (d)		8,155		8,318
5.75%, 7/15/2027 (d)		5,358		5,465
Axalta Coating Systems LLC 4.88%, 8/15/2024 (d)		2,480		2,561
B&G Foods, Inc. 5.25%, 4/1/2025		10,104		10,319
Bank of America Corp. 2.63%, 4/19/2021		1,116		1,128
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.13%, 6/20/2024 (e) (f) (g)		5,970		6,291
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (e) (f) (g)		4,560		5,170
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (f) (g)		9,348		10,346
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (e) (f) (g)		13,939		15,849
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (e) (f) (g)		23,645		25,997

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Bank of America NA (ICE LIBOR USD 3 Month + 0.35%), 2.48%, 5/24/2021 (e)		3,887		3,891
Bank of New York Mellon (The) (ICE LIBOR USD 3 Month + 0.30%), 2.43%, 12/4/2020 (e)		4,385		4,387
Bank of New York Mellon Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.42%), 4.95%, 6/20/2020 (e) (f) (g)		1,555		1,571
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (e) (f) (g)		5,520		5,570
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (e) (f) (g)		10,103		10,467
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (d)		3,511		3,972
8.50%, 1/31/2027 (d)		3,011		3,387
Bausch Health Cos., Inc.
6.50%, 3/15/2022 (d)		1,266		1,304
5.50%, 3/1/2023 (d)		77		78
5.88%, 5/15/2023 (d)		5,527		5,607
7.00%, 3/15/2024 (d)		12,562		13,142
6.13%, 4/15/2025 (d)		24,517		25,452
5.50%, 11/1/2025 (d)		9,060		9,468
9.00%, 12/15/2025 (d)		22,377		25,197
5.75%, 8/15/2027 (d)		965		1,048
7.00%, 1/15/2028 (d)		3,489		3,764
7.25%, 5/30/2029 (d)		1,679		1,849
BB&T Corp.
2.45%, 1/15/2020		1,684		1,685
(ICE LIBOR USD 3 Month + 0.72%), 2.72%, 1/15/2020 (e)		263		263
3.20%, 9/3/2021		2,750		2,810
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (e) (f) (g)		4,260		4,343
BCPE Cycle Merger Sub II, Inc. 10.63%, 7/15/2027 (d)		900		841
Berry Global, Inc.
6.00%, 10/15/2022		500		509
5.13%, 7/15/2023		725		743
4.88%, 7/15/2026 (d)		5,550		5,835
5.63%, 7/15/2027 (d)		1,179		1,251
Big River Steel LLC 7.25%, 9/1/2025 (d)		1,470		1,510
Blue Racer Midstream LLC
6.13%, 11/15/2022 (d)		7,845		7,708
6.63%, 7/15/2026 (d)		1,510		1,412
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (d)		1,783		1,839

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Boston Properties LP REIT, 4.13%, 5/15/2021		2,700		2,774
Boyd Gaming Corp.
6.88%, 5/15/2023		5,315		5,515
6.38%, 4/1/2026		1,760		1,870
6.00%, 8/15/2026		3,654		3,873
Boyne USA, Inc. 7.25%, 5/1/2025 (d)		4,052		4,427
Branch Banking & Trust Co. 2.10%, 1/15/2020		310		310
Brazos Valley Longhorn LLC 6.88%, 2/1/2025		8,090		6,351
Brink’s Co. (The) 4.63%, 10/15/2027 (d)		5,525		5,594
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026 (d)		4,531		4,724
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (e)		2,200		1,606
BWX Technologies, Inc. 5.38%, 7/15/2026 (d)		675		715
Cablevision Systems Corp.
8.00%, 4/15/2020		4,792		4,912
5.88%, 9/15/2022		1,585		1,710
Caleres, Inc. 6.25%, 8/15/2023		659		677
Callon Petroleum Co.
6.13%, 10/1/2024		568		540
6.38%, 7/1/2026		487		454
Calpine Corp.
5.88%, 1/15/2024 (d)		1,510		1,543
5.50%, 2/1/2024		990		993
5.75%, 1/15/2025		2,320		2,378
5.25%, 6/1/2026 (d)		4,880		5,075
Capital One Financial Corp.
2.50%, 5/12/2020		2,133		2,137
3.45%, 4/30/2021		2,300		2,348
Capital One NA 2.35%, 1/31/2020		1,150		1,151
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		2,653		2,467
Catalent Pharma Solutions, Inc.
4.88%, 1/15/2026 (d)		2,188		2,259
5.00%, 7/15/2027 (d)		2,038		2,130
Caterpillar Financial Services Corp.
(ICE LIBOR USD 3 Month + 0.18%), 2.34%, 5/15/2020 (e)		2,786		2,788
Series I, 2.65%, 5/17/2021		3,338		3,377
CCM Merger, Inc. 6.00%, 3/15/2022 (d)		1,601		1,639
CCO Holdings LLC
5.13%, 2/15/2023		2,604		2,660
5.75%, 1/15/2024		296		303
5.88%, 4/1/2024 (d)		30,567		31,866
5.38%, 5/1/2025 (d)		3,790		3,932

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 87

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
5.75%, 2/15/2026 (d)		20,736		21,897
5.50%, 5/1/2026 (d)		17,215		18,140
5.13%, 5/1/2027 (d)		27,437		28,912
5.00%, 2/1/2028 (d)		4,023		4,209
5.38%, 6/1/2029 (d)		1,758		1,877
4.75%, 3/1/2030 (d)		4,656		4,743
CDK Global, Inc.
5.88%, 6/15/2026		1,115		1,193
5.25%, 5/15/2029 (d)		7,151		7,594
CDW LLC
5.50%, 12/1/2024		635		707
5.00%, 9/1/2025		4,835		5,053
4.25%, 4/1/2028		6,711		6,954
Cedar Fair LP
5.38%, 4/15/2027		160		170
5.25%, 7/15/2029 (d)		895		960
Centene Corp.
6.13%, 2/15/2024		2,730		2,838
4.75%, 1/15/2025		1,626		1,682
5.38%, 6/1/2026 (d)		889		941
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (e) (f) (g)		5,645		5,998
Central Garden & Pet Co.
6.13%, 11/15/2023		4,700		4,858
5.13%, 2/1/2028		4,900		5,034
CenturyLink, Inc.
Series V, 5.63%, 4/1/2020		1,960		1,984
Series T, 5.80%, 3/15/2022		3,290		3,479
Series W, 6.75%, 12/1/2023		7,115		7,924
Series Y, 7.50%, 4/1/2024		7,501		8,514
5.63%, 4/1/2025		4,229		4,457
Series G, 6.88%, 1/15/2028		799		847
Charles Schwab Corp. (The) Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (e) (f) (g)		9,264		9,496
Chemours Co. (The)
6.63%, 5/15/2023		4,450		4,427
7.00%, 5/15/2025		7,765		7,493
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		2,960		3,282
5.13%, 6/30/2027		895		965
Cheniere Energy Partners LP
5.25%, 10/1/2025		1,258		1,302

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
5.63%, 10/1/2026		1,278		1,350
4.50%, 10/1/2029 (d)		4,325		4,417
Chesapeake Energy Corp.
7.00%, 10/1/2024		1,681		1,130
8.00%, 1/15/2025		800		528
8.00%, 6/15/2027		4,739		2,962
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (d)		4,656		4,202
8.00%, 10/15/2025 (d)		2,388		2,131
Cinemark USA, Inc. 4.88%, 6/1/2023		5,466		5,548
CIT Group, Inc.
4.75%, 2/16/2024		1,001		1,071
5.25%, 3/7/2025		4,078		4,491
6.13%, 3/9/2028		1,838		2,169
CITGO Petroleum Corp. 6.25%, 8/15/2022 (d)		1,172		1,184
Citibank NA
(ICE LIBOR USD 3 Month + 0.30%), 2.27%, 10/20/2020 (e)		2,980		2,984
(ICE LIBOR USD 3 Month + 0.53%), 2.65%, 2/19/2022 (e)		3,700		3,706
Citigroup, Inc.
Series N, (ICE LIBOR USD 3 Month + 4.09%), 5.80%, 11/15/2019 (e) (f) (g)		4,456		4,458
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 3/27/2020(e)(f)(g)		1,116		1,131
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (e) (f) (g)		1,670		1,725
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (e) (f) (g)		9,608		10,171
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (e) (f) (g)		9,315		9,851
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (e) (f) (g)		8,545		8,823
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (e) (f) (g)		6,479		6,968
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (e) (f) (g)		7,762		8,034
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (e) (f) (g)		12,962		13,869
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (e) (f) (g)		7,815		8,811
Citizens Bank NA
2.25%, 3/2/2020		750		751
(ICE LIBOR USD 3 Month + 0.57%), 2.70%, 5/26/2020 (e)		658		660
2.55%, 5/13/2021		4,500		4,535

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Citizens Financial Group, Inc. Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (e) (f) (g)		5,691		6,047
Clean Harbors, Inc. 4.88%, 7/15/2027 (d)		785		818
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024 (d)		20,339		22,373
5.13%, 8/15/2027 (d)		6,843		7,123
Clearwater Paper Corp.
4.50%, 2/1/2023		2,836		2,847
5.38%, 2/1/2025 (d)		2,056		2,015
Clearway Energy Operating LLC
5.75%, 10/15/2025		20		21
5.00%, 9/15/2026		2,612		2,612
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024 (d)		1,305		1,341
5.75%, 3/1/2025		332		328
CNG Holdings, Inc. 12.50%, 6/15/2024 (d)		6,640		6,242
CNO Financial Group, Inc. 5.25%, 5/30/2025		2,217		2,428
CNX Midstream Partners LP 6.50%, 3/15/2026 (d)		667		622
Coeur Mining, Inc. 5.88%, 6/1/2024		932		925
Cogent Communications Group, Inc.
5.63%, 4/15/2021 (d)		2,669		2,699
5.38%, 3/1/2022 (d)		3,480		3,619
Colfax Corp.
6.00%, 2/15/2024 (d)		2,761		2,934
6.38%, 2/15/2026 (d)		850		921
Comcast Corp. (ICE LIBOR USD 3 Month + 0.33%), 2.43%, 10/1/2020 (e)		1,960		1,965
Commercial Metals Co.
4.88%, 5/15/2023		627		648
5.38%, 7/15/2027		1,415		1,452
CommScope Technologies LLC
6.00%, 6/15/2025 (d)		11,815		10,592
5.00%, 3/15/2027 (d)		2,405		1,966
CommScope, Inc.
5.00%, 6/15/2021 (d)		905		905
5.50%, 3/1/2024 (d)		1,923		1,949
5.50%, 6/15/2024 (d)		1,435		1,358
6.00%, 3/1/2026 (d)		8,265		8,492
8.25%, 3/1/2027 (d)		5,814		5,507
Community Health Systems, Inc.
5.13%, 8/1/2021		1,837		1,832
6.25%, 3/31/2023		4,798		4,675

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
8.63%, 1/15/2024 (d)		7,722		7,892
8.13%, 6/30/2024 (d)		4,054		3,081
8.00%, 3/15/2026 (d)		848		829
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (d)		2,652		1,883
Constellium SE
5.75%, 5/15/2024 (d)		466		479
6.63%, 3/1/2025 (d)		1,650		1,727
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (d)		6,858		5,829
CoreCivic, Inc.
REIT, 5.00%, 10/15/2022		430		426
REIT, 4.63%, 5/1/2023		4,230		3,961
Coty, Inc. 6.50%, 4/15/2026 (d)		2,725		2,792
Covanta Holding Corp.
5.88%, 3/1/2024		1,220		1,254
5.88%, 7/1/2025		379		393
Covey Park Energy LLC 7.50%, 5/15/2025 (d)		2,075		1,535
Credit Acceptance Corp. 6.63%, 3/15/2026 (d)		1,650		1,753
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (i)		3,589		3,651
5.75%, 4/1/2025		4,586		4,735
5.63%, 5/1/2027 (d)		2,445		2,460
Crown Americas LLC
4.75%, 2/1/2026		681		715
4.25%, 9/30/2026		815		851
CSC Holdings LLC
6.75%, 11/15/2021		2,089		2,251
5.38%, 7/15/2023 (d)		4,070		4,172
5.25%, 6/1/2024		1,349		1,453
7.75%, 7/15/2025 (d)		725		778
6.63%, 10/15/2025 (d)		5,030		5,357
10.88%, 10/15/2025 (d)		7,057		7,963
5.50%, 5/15/2026 (d)		6,208		6,542
5.50%, 4/15/2027 (d)		5,420		5,745
5.38%, 2/1/2028 (d)		2,010		2,126
7.50%, 4/1/2028 (d)		2,260		2,542
6.50%, 2/1/2029 (d)		5,144		5,761
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (d)		1,475		1,563
Curo Group Holdings Corp. 8.25%, 9/1/2025 (d)		5,322		4,683
CVR Partners LP 9.25%, 6/15/2023 (d)		13,447		14,086

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 89

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
CyrusOne LP
REIT, 5.00%, 3/15/2024		500		516
REIT, 5.38%, 3/15/2027		1,735		1,854
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (d)		4,645		4,877
Dana, Inc.
6.00%, 9/15/2023		3,874		3,956
5.50%, 12/15/2024		1,297		1,331
Darling Ingredients, Inc. 5.25%, 4/15/2027 (d)		1,636		1,718
DaVita, Inc.
5.13%, 7/15/2024		7,963		8,128
5.00%, 5/1/2025		15,258		15,449
DCP Midstream Operating LP
3.88%, 3/15/2023		2,613		2,639
5.38%, 7/15/2025		1,919		2,020
6.75%, 9/15/2037 (d)		1,740		1,814
5.60%, 4/1/2044		525		496
Delek Logistics Partners LP 6.75%, 5/15/2025		3,673		3,664
Dell International LLC
5.88%, 6/15/2021 (d)		939		954
7.13%, 6/15/2024 (d)		1,465		1,553
6.02%, 6/15/2026 (d)		4,575		5,221
Delphi Technologies plc 5.00%, 10/1/2025 (d)		7,985		6,907
Denbury Resources, Inc.
9.00%, 5/15/2021 (d)		1,017		890
9.25%, 3/31/2022 (d)		2,114		1,733
Diamond Offshore Drilling, Inc. 5.70%, 10/15/2039		1,035		543
Diamond Sports Group LLC
5.38%, 8/15/2026 (d)		6,143		6,412
6.63%, 8/15/2027 (d)		971		1,000
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		2,776		2,394
Discover Financial Services Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027 (e) (f) (g)		5,045		5,184
DISH DBS Corp.
6.75%, 6/1/2021		8,412		8,854
5.88%, 7/15/2022		2,197		2,298
5.00%, 3/15/2023		14,999		15,111
5.88%, 11/15/2024		28,105		28,175
7.75%, 7/1/2026		12,410		12,520
Dole Food Co., Inc. 7.25%, 6/15/2025 (d)		3,818		3,637
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		3,194		3,219

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Dominion Energy, Inc. (ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/1/2054 (e)		4,140		4,469
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (d)		6,676		7,026
Duke Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.39%), 4.88%, 9/16/2024 (e) (f) (g)		2,885		3,044
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (d)		2,590		2,832
DuPont de Nemours, Inc. (ICE LIBOR USD 3 Month + 0.71%), 2.87%, 11/15/2020 (e)		1,481		1,488
Edgewell Personal Care Co. 4.70%, 5/24/2022		194		200
Embarq Corp. 8.00%, 6/1/2036		9,098		9,007
EMC Corp. 3.38%, 6/1/2023		2,029		2,039
Encompass Health Corp.
5.75%, 11/1/2024		4,407		4,456
5.75%, 9/15/2025		4,690		4,895
4.50%, 2/1/2028		2,340		2,393
Endo Dac
6.00%, 7/15/2023 (d)		8,971		5,932
5.88%, 10/15/2024 (d)		925		844
6.00%, 2/1/2025 (d) (i)		1,770		1,129
Energizer Holdings, Inc.
5.50%, 6/15/2025 (d)		4,950		5,136
7.75%, 1/15/2027 (d)		5,370		5,947
Energy Transfer Operating LP
Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 2/15/2023 (e) (f) (g)		1,717		1,597
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (e) (f) (g)		6,074		5,793
EnLink Midstream LLC 5.38%, 6/1/2029		803		713
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (e) (f) (g)		3,862		2,652
4.40%, 4/1/2024		4,535		4,252
4.15%, 6/1/2025		1,060		956
4.85%, 7/15/2026		2,940		2,690
5.60%, 4/1/2044		522		401
EnPro Industries, Inc. 5.75%, 10/15/2026		2,337		2,471
Entegris, Inc. 4.63%, 2/10/2026 (d)		7,396		7,614
Entercom Media Corp.
7.25%, 11/1/2024 (d)		4,240		4,420
6.50%, 5/1/2027 (d)		2,609		2,727

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Enterprise Development Authority (The) 12.00%, 7/15/2024 (d)		6,059		6,635
Enterprise Products Operating LLC
5.25%, 1/31/2020		3,269		3,294
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (e)		4,380		4,499
Envision Healthcare Corp. 8.75%, 10/15/2026 (d)		7,419		4,173
EOG Resources, Inc.
2.45%, 4/1/2020		3,877		3,883
4.10%, 2/1/2021		1,900		1,952
EP Energy LLC
9.38%, 5/1/2024 (d) (j)		6,625		128
8.00%, 11/29/2024 (d) (j)		5,606		2,299
8.00%, 2/15/2025 (d) (j)		4,503		87
7.75%, 5/15/2026 (d) (j)		12,831		8,918
Equinix, Inc.
REIT, 5.38%, 1/1/2022		1,794		1,829
REIT, 5.38%, 4/1/2023		950		970
REIT, 5.75%, 1/1/2025		2,389		2,470
REIT, 5.88%, 1/15/2026		9,840		10,452
ESH Hospitality, Inc.
REIT, 5.25%, 5/1/2025 (d)		7,377		7,608
REIT, 4.63%, 10/1/2027 (d)		5,963		5,978
Eversource Energy 4.50%, 11/15/2019		2,505		2,507
Exela Intermediate LLC 10.00%, 7/15/2023 (d)		6,862		3,278
Exelon Generation Co. LLC 2.95%, 1/15/2020		2,909		2,911
Fair Isaac Corp. 5.25%, 5/15/2026 (d)		1,314		1,426
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (d)		1,741		1,859
Fifth Third Bancorp (ICE LIBOR USD 3 Month + 3.03%), 5.10%, 6/30/2023 (e) (f) (g)		1,520		1,542
Fifth Third Bank (ICE LIBOR USD 3 Month + 0.25%), 2.19%, 10/30/2020 (e)		1,775		1,777
FirstCash, Inc. 5.38%, 6/1/2024 (d)		1,807		1,870
Ford Motor Credit Co. LLC
4.69%, 6/9/2025		8,825		9,026
4.54%, 8/1/2026		1,725		1,735
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		13,005		13,200
4.55%, 11/14/2024		6,535		6,797
5.40%, 11/14/2034		375		366
Frontier Communications Corp.
7.63%, 4/15/2024		882		397

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
6.88%, 1/15/2025		9,178		4,084
11.00%, 9/15/2025		6,729		3,163
8.50%, 4/1/2026 (d)		8,283		8,304
8.00%, 4/1/2027 (d)		3,050		3,202
Gartner, Inc. 5.13%, 4/1/2025 (d)		3,500		3,670
Gates Global LLC 6.00%, 7/15/2022 (d)		5,120		5,120
GCI LLC
6.63%, 6/15/2024 (d)		1,395		1,512
6.88%, 4/15/2025		1,400		1,472
GCP Applied Technologies, Inc. 5.50%, 4/15/2026 (d)		6,630		6,796
General Dynamics Corp. (ICE LIBOR USD 3 Month + 0.29%), 2.47%, 5/11/2020 (e)		738		739
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021 (e) (f) (g)		38,481		37,113
General Motors Financial Co., Inc. Series A, (ICE LIBOR USD 3 Month + 3.60%), 5.75%, 9/30/2027 (e) (f) (g)		7,287		7,037
Genesis Energy LP
6.75%, 8/1/2022		955		960
6.00%, 5/15/2023		1,359		1,318
5.63%, 6/15/2024		1,553		1,448
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (d)		2,182		2,357
GEO Group, Inc. (The)
REIT, 5.88%, 1/15/2022		7,125		6,893
REIT, 5.88%, 10/15/2024		2,215		1,850
Getty Images, Inc. 9.75%, 3/1/2027 (d)		423		428
Global Partners LP
7.00%, 6/15/2023		2,560		2,645
7.00%, 8/1/2027 (d)		1,916		1,993
GLP Capital LP
REIT, 5.25%, 6/1/2025		2,780		3,048
REIT, 5.75%, 6/1/2028		2,780		3,147
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (d)		1,581		1,676
Goldman Sachs Bank USA (SOFR + 0.60%), 2.42%, 5/24/2021 (e)		963		964
Goldman Sachs Group, Inc. (The)
Series L, (ICE LIBOR USD 3 Month + 3.88%), 6.06%, 12/6/2019 (e) (f) (g)		4,269		4,281
Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020 (e) (f) (g)		7,291		7,397
2.75%, 9/15/2020		1,000		1,006

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 91

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
(ICE LIBOR USD 3 Month + 0.73%), 2.83%, 12/27/2020 (e)		250		250
2.88%, 2/25/2021		3,450		3,486
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (e) (f) (g)		22,110		21,933
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026		5,160		5,334
4.88%, 3/15/2027		4,396		4,418
Gray Television, Inc.
5.13%, 10/15/2024 (d)		1,385		1,435
5.88%, 7/15/2026 (d)		2,102		2,210
7.00%, 5/15/2027 (d)		6,085		6,659
Greif, Inc. 6.50%, 3/1/2027 (d)		3,826		4,113
Group 1 Automotive, Inc. 5.25%, 12/15/2023 (d)		1,875		1,922
Gulfport Energy Corp.
6.63%, 5/1/2023		745		557
6.00%, 10/15/2024		3,135		2,014
6.38%, 5/15/2025		1,370		829
6.38%, 1/15/2026		3,775		2,265
H&E Equipment Services, Inc. 5.63%, 9/1/2025		1,753		1,843
Hanesbrands, Inc. 4.88%, 5/15/2026 (d)		2,975		3,146
Harsco Corp. 5.75%, 7/31/2027 (d)		757		786
HAT Holdings I LLC
REIT, 5.25%, 7/15/2024 (d)		973		1,023
HCA Healthcare, Inc. 6.25%, 2/15/2021		3,847		4,030
HCA, Inc.
7.50%, 2/15/2022		7,438		8,252
5.88%, 5/1/2023		3,940		4,323
5.38%, 2/1/2025		39,771		43,698
5.88%, 2/15/2026		15,105		16,993
5.38%, 9/1/2026		4,251		4,634
5.63%, 9/1/2028		9,601		10,789
5.88%, 2/1/2029		684		776
Hecla Mining Co. 6.88%, 5/1/2021		2,791		2,749
Herc Holdings, Inc. 5.50%, 7/15/2027 (d)		7,863		8,148
Hertz Corp. (The)
7.63%, 6/1/2022 (d)		6,625		6,882
6.25%, 10/15/2022		1,106		1,115
5.50%, 10/15/2024 (d)		13,220		13,116
7.13%, 8/1/2026 (d)		5,730		5,916
Hess Infrastructure Partners LP 5.63%, 2/15/2026 (d)		1,315		1,376

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Hexion, Inc. 7.88%, 7/15/2027 (d)		2,444		2,352
Hilcorp Energy I LP
5.00%, 12/1/2024 (d)		1,369		1,215
5.75%, 10/1/2025 (d)		320		286
6.25%, 11/1/2028 (d)		2,000		1,690
Hillman Group, Inc. (The) 6.38%, 7/15/2022 (d)		865		796
Hill-Rom Holdings, Inc. 5.00%, 2/15/2025 (d)		3,197		3,313
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		375		382
5.13%, 5/1/2026		4,904		5,149
4.88%, 1/15/2030 (d)		1,473		1,565
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		2,845		3,023
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		5,530		5,682
4.88%, 4/1/2027		2,719		2,875
Holly Energy Partners LP 6.00%, 8/1/2024 (d)		1,650		1,718
Hologic, Inc. 4.38%, 10/15/2025 (d)		7,396		7,577
HSBC USA, Inc. 2.75%, 8/7/2020		2,800		2,821
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		3,080		3,299
6.63%, 8/1/2026		2,485		2,690
Huntington Bancshares, Inc.
7.00%, 12/15/2020		1,800		1,895
Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (e) (f) (g)		1,920		1,980
Huntington National Bank (The)
2.38%, 3/10/2020		1,710		1,712
3.25%, 5/14/2021		2,200		2,242
Huntsman International LLC 5.13%, 11/15/2022		5,105		5,456
Icahn Enterprises LP
5.88%, 2/1/2022		3,154		3,182
6.75%, 2/1/2024		800		834
4.75%, 9/15/2024 (d)		2,865		2,904
6.38%, 12/15/2025		2,340		2,457
6.25%, 5/15/2026		3,065		3,249
iHeartCommunications, Inc.
9.00%, 12/15/2019 ‡ (j)		4,183		—	(c)
6.38%, 5/1/2026		2,920		3,143
8.38%, 5/1/2027		6,901		7,402
5.25%, 8/15/2027 (d)		3,190		3,291

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
ILFCE-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 3.77%, 12/21/2065 (d) (e)		7,148		5,272
ILFCE-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.02%, 12/21/2065 (d) (e)		2,205		1,692
Infor US, Inc. 6.50%, 5/15/2022		21,485		21,780
Informatica LLC 7.13%, 7/15/2023 (d)		4,200		4,268
International Game Technology plc
6.50%, 2/15/2025 (d)		9,688		10,766
6.25%, 1/15/2027 (d)		1,879		2,090
IQVIA, Inc.
5.00%, 10/15/2026 (d)		5,793		6,112
5.00%, 5/15/2027 (d)		1,635		1,733
IRB Holding Corp. 6.75%, 2/15/2026 (d)		4,363		4,439
Iron Mountain, Inc.
REIT, 5.75%, 8/15/2024		3,197		3,225
REIT, 4.88%, 9/15/2027 (d)		5,611		5,779
REIT, 5.25%, 3/15/2028 (d)		4,263		4,476
Jack Ohio Finance LLC
6.75%, 11/15/2021 (d)		8,835		9,023
10.25%, 11/15/2022 (d)		1,462		1,549
Jackson National Life Global Funding
2.20%, 1/30/2020 (d)		1,991		1,992
(ICE LIBOR USD 3 Month + 0.30%), 2.24%, 4/27/2020 (d) (e)		85		85
2.60%, 12/9/2020 (d)		2,950		2,972
(ICE LIBOR USD 3 Month + 0.31%), 2.43%, 3/16/2021 (d) (e)		2,200		2,202
(ICE LIBOR USD 3 Month + 0.48%), 2.62%, 6/11/2021 (d) (e)		3,840		3,855
Jagged Peak Energy LLC 5.88%, 5/1/2026		1,315		1,328
James Hardie International Finance DAC 4.75%, 1/15/2025 (d)		1,080		1,120
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (d)		1,631		1,700
JBS USA LUX SA
5.88%, 7/15/2024 (d)		3,968		4,107
5.75%, 6/15/2025 (d)		5,467		5,696
6.75%, 2/15/2028 (d)		3,302		3,639
6.50%, 4/15/2029 (d)		5,243		5,833
5.50%, 1/15/2030 (d)		3,115		3,356

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
JELD-WEN, Inc.
4.63%, 12/15/2025 (d)		2,505		2,480
4.88%, 12/15/2027 (d)		1,890		1,852
John Deere Capital Corp. 2.30%, 6/7/2021		810		816
Kaiser Aluminum Corp. 5.88%, 5/15/2024		813		846
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		1,247		1,291
Keurig Dr Pepper, Inc. 3.55%, 5/25/2021		2,900		2,967
KeyCorp Series D, (ICE LIBOR USD 3 Month + 3.61%), 5.00%, 9/15/2026 (e) (f) (g)		6,695		7,121
L Brands, Inc. 6.75%, 7/1/2036		2,560		2,125
LABL Escrow Issuer LLC
6.75%, 7/15/2026 (d)		7,395		7,654
10.50%, 7/15/2027 (d)		2,020		2,025
Ladder Capital Finance Holdings LLLP
REIT, 5.25%, 3/15/2022 (d)		1,514		1,569
REIT, 5.25%, 10/1/2025 (d)		2,172		2,204
Lamar Media Corp. 5.75%, 2/1/2026		1,998		2,115
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (d)		4,360		4,583
Lennar Corp.
8.38%, 1/15/2021		295		314
5.38%, 10/1/2022		600		642
4.50%, 4/30/2024		1,455		1,539
5.88%, 11/15/2024		2,770		3,088
5.25%, 6/1/2026		1,630		1,793
5.00%, 6/15/2027		535		578
Level 3 Financing, Inc.
5.63%, 2/1/2023		561		567
5.13%, 5/1/2023		3,136		3,175
5.38%, 1/15/2024		4,086		4,163
5.38%, 5/1/2025		10,443		10,795
5.25%, 3/15/2026		2,170		2,265
Level 3 Parent LLC 5.75%, 12/1/2022		2,630		2,637
Liberty Interactive LLC 8.25%, 2/1/2030		2,370		2,411
Liberty Mutual Group, Inc. 3.95%, 10/15/2050 (d)		1,538		1,587
Live Nation Entertainment, Inc.
4.88%, 11/1/2024 (d)		2,560		2,650
5.63%, 3/15/2026 (d)		4,047		4,310
4.75%, 10/15/2027 (d)		865		902
Lockheed Martin Corp. 4.25%, 11/15/2019		214		214
LPL Holdings, Inc. 5.75%, 9/15/2025 (d)		3,564		3,698
LTF Merger Sub, Inc. 8.50%, 6/15/2023 (d)		5,407		5,542

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 93

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Mallinckrodt International Finance SA
5.63%, 10/15/2023 (d)		2,615		941
5.50%, 4/15/2025 (d)		5,555		1,847
Manufacturers & Traders Trust Co.
2.10%, 2/6/2020		798		798
2.05%, 8/17/2020		2,950		2,954
2.63%, 1/25/2021		2,100		2,118
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026		8,128		8,788
4.75%, 1/15/2028 (d)		438		448
Martin Midstream Partners LP 7.25%, 2/15/2021		3,546		3,186
Masonite International Corp.
5.75%, 9/15/2026 (d)		2,890		3,067
5.38%, 2/1/2028 (d)		1,680		1,777
MassMutual Global Funding II 2.45%, 11/23/2020 (d)		1,567		1,577
MasTec, Inc. 4.88%, 3/15/2023		4,614		4,677
Matador Resources Co. 5.88%, 9/15/2026		1,977		1,898
Mattel, Inc.
3.15%, 3/15/2023		1,000		952
6.75%, 12/31/2025 (d)		21,854		22,865
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (d)		6,572		6,761
7.25%, 4/15/2025 (d)		3,000		2,869
Meredith Corp. 6.88%, 2/1/2026		3,545		3,654
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 6/15/2020 (e) (f) (g)		12,884		13,000
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (e) (f) (g)		8,293		9,044
6.40%, 12/15/2036		12,634		15,345
Metropolitan Life Global Funding I
(SOFR + 0.57%), 2.39%, 9/7/2020 (d) (e)		5,630		5,644
2.50%, 12/3/2020 (d)		1,558		1,570
2.40%, 1/8/2021 (d)		2,949		2,968
MGM Growth Properties Operating Partnership LP
REIT, 5.63%, 5/1/2024		1,490		1,641
REIT, 4.50%, 9/1/2026		995		1,057
REIT, 5.75%, 2/1/2027 (d)		3,004		3,395
REIT, 4.50%, 1/15/2028		555		581
MGM Resorts International
6.00%, 3/15/2023		11,330		12,495
5.75%, 6/15/2025		12,105		13,436

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
4.63%, 9/1/2026		3,676		3,851
5.50%, 4/15/2027		4,000		4,400
Midcontinent Communications 5.38%, 8/15/2027 (d)		2,488		2,606
Mississippi Power Co. (ICE LIBOR USD 3 Month + 0.65%), 2.75%, 3/27/2020 (e)		1,581		1,582
Mondelez International, Inc. 3.00%, 5/7/2020		2,578		2,591
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.61%, 1/15/2020 (e) (f) (g)		14,143		14,228
Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 7/15/2020 (e) (f) (g)		8,388		8,509
5.50%, 7/24/2020		2,900		2,973
5.75%, 1/25/2021		2,750		2,875
Motors Liquidation Co.
6.75%, 5/1/2028 ‡ (j) (k)		10		—
8.38%, 7/15/2033 ‡ (j)		115		—
7.75%, 3/15/2036 ‡ (j)		11		—
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (d)		6,229		5,809
MPLX LP
6.25%, 10/15/2022 (d)		894		910
6.38%, 5/1/2024 (d)		1,540		1,617
MSCI, Inc. 5.38%, 5/15/2027 (d)		6,475		6,912
MTS Systems Corp. 5.75%, 8/15/2027 (d)		2,772		2,904
Mueller Water Products, Inc. 5.50%, 6/15/2026 (d)		1,425		1,494
Nabors Industries, Inc. 5.75%, 2/1/2025		4,085		3,045
National CineMedia LLC 5.88%, 4/15/2028 (d)		1,130		1,188
National Rural Utilities Cooperative Finance Corp.
2.30%, 11/1/2020		403		404
(ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (e)		3,053		3,301
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (d)		2,707		2,870
9.13%, 7/15/2026 (d)		2,360		2,584
Nationstar Mortgage LLC
6.50%, 7/1/2021		1,140		1,144
6.50%, 6/1/2022		2,678		2,685
NBCUniversal Media LLC 4.38%, 4/1/2021		2,500		2,587
NCR Corp.
5.75%, 9/1/2027 (d)		5,400		5,528
6.13%, 9/1/2029 (d)		5,370		5,625

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Neiman Marcus Group Ltd. LLC
14.00% (Blend (cash 8.00% + PIK 6.00%)), 4/25/2024 (d) (h)		7,942		4,107
8.00%, 10/25/2024 (d)		7,847		2,099
8.75%, 10/25/2024 (d)		5,573		1,505
Netflix, Inc.
4.38%, 11/15/2026		2,786		2,835
4.88%, 4/15/2028		7,150		7,388
5.88%, 11/15/2028		5,453		6,005
5.38%, 11/15/2029 (d)		2,603		2,743
4.88%, 6/15/2030 (d)		1,805		1,825
Nevada Power Co. Series BB, 2.75%, 4/15/2020		817		820
New Albertsons LP
7.75%, 6/15/2026		1,535		1,550
6.63%, 6/1/2028		613		558
7.45%, 8/1/2029		392		396
8.70%, 5/1/2030		2,663		2,783
8.00%, 5/1/2031		3,108		3,170
New York Life Global Funding
1.95%, 2/11/2020 (d)		1,081		1,081
2.00%, 4/9/2020 (d)		2,626		2,627
(ICE LIBOR USD 3 Month + 0.16%), 2.26%, 10/1/2020 (d) (e)		175		175
(ICE LIBOR USD 3 Month + 0.32%), 2.56%, 8/6/2021 (d) (e)		1,310		1,313
(ICE LIBOR USD 3 Month + 0.28%), 2.23%, 1/21/2022 (d) (e)		1,460		1,462
Newfield Exploration Co.
5.63%, 7/1/2024		2,010		2,202
5.38%, 1/1/2026		1,515		1,639
Newmont Goldcorp Corp. 3.63%, 6/9/2021		1,087		1,112
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022 (d)		2,044		2,072
5.88%, 11/15/2022		1,387		1,408
5.63%, 8/1/2024 (d)		2,155		2,249
5.63%, 7/15/2027 (d)		4,487		4,732
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (e)		2,100		2,316
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (d)		1,811		1,860
4.25%, 9/15/2024 (d)		637		662
4.50%, 9/15/2027 (d)		986		1,006

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (d)		914		911
Nielsen Finance LLC 5.00%, 4/15/2022 (d)		8,847		8,891
NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (e) (f) (g)		2,492		2,529
Nissan Motor Acceptance Corp. 2.25%, 1/13/2020 (d)		1,106		1,106
Noble Holding International Ltd.
6.20%, 8/1/2040		1,121		432
5.25%, 3/15/2042		915		348
8.95%, 4/1/2045 (i)		410		175
Northern Oil and Gas, Inc. 8.50% (cash), 5/15/2023 (h)		3,215		3,320
Northern Trust Corp. Series D, (ICE LIBOR USD 3 Month + 3.20%), 4.60%, 10/1/2026 (e) (f) (g)		1,523		1,572
Northwest Acquisitions ULC 7.13%, 11/1/2022 (d)		831		415
Novelis Corp.
6.25%, 8/15/2024 (d)		4,815		5,044
5.88%, 9/30/2026 (d)		3,615		3,796
NRG Energy, Inc.
7.25%, 5/15/2026		2,340		2,562
6.63%, 1/15/2027		7,041		7,631
5.75%, 1/15/2028		880		953
5.25%, 6/15/2029 (d)		1,892		2,029
Nuance Communications, Inc. 5.63%, 12/15/2026		3,789		4,021
NuStar Logistics LP
6.00%, 6/1/2026		992		1,060
5.63%, 4/28/2027		2,195		2,283
Oasis Petroleum, Inc.
6.88%, 3/15/2022		6,561		5,823
6.88%, 1/15/2023		1,505		1,302
6.25%, 5/1/2026 (d)		4,347		2,958
Oceaneering International, Inc. 6.00%, 2/1/2028		1,175		1,087
Outfront Media Capital LLC
5.63%, 2/15/2024		1,650		1,693
5.88%, 3/15/2025		750		774
5.00%, 8/15/2027 (d)		2,982		3,124
Owens-Brockway Glass Container, Inc.
5.00%, 1/15/2022 (d)		810		836
6.38%, 8/15/2025 (d)		1,084		1,141

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 95

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Panther BF Aggregator 2 LP 6.25%, 5/15/2026 (d)		4,076		4,309
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (d)		4,796		4,556
Parsley Energy LLC
5.38%, 1/15/2025 (d)		1,125		1,158
5.25%, 8/15/2025 (d)		2,975		3,050
5.63%, 10/15/2027 (d)		904		933
Party City Holdings, Inc. 6.63%, 8/1/2026 (d)		972		940
PBF Holding Co. LLC
7.00%, 11/15/2023		1,431		1,474
7.25%, 6/15/2025		2,675		2,795
PBF Logistics LP 6.88%, 5/15/2023		1,254		1,285
PDC Energy, Inc. 6.13%, 9/15/2024		116		113
Peabody Energy Corp.
6.00%, 3/31/2022 (d)		502		464
6.38%, 3/31/2025 (d)		1,130		935
Penske Automotive Group, Inc. 5.50%, 5/15/2026		5,777		6,037
Penske Truck Leasing Co. LP 3.20%, 7/15/2020 (d)		1,730		1,741
Performance Food Group, Inc. 5.50%, 10/15/2027 (d)		4,211		4,453
PetSmart, Inc.
7.13%, 3/15/2023 (d)		9,130		8,445
5.88%, 6/1/2025 (d)		10,344		10,189
8.88%, 6/1/2025 (d)		2,365		2,223
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026 (d)		2,080		2,236
Philip Morris International, Inc. 2.00%, 2/21/2020		2,423		2,423
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (d)		10,815		9,517
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (d)		5,329		5,529
5.88%, 9/30/2027 (d)		2,116		2,267
Pitney Bowes, Inc. 5.20%, 4/1/2023 (i)		1,676		1,651
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (e) (f) (g)		825		769
Plantronics, Inc. 5.50%, 5/31/2023 (d)		7,166		7,291
PNC Bank NA 2.15%, 4/29/2021		1,250		1,255
PNC Financial Services Group, Inc. (The)
5.13%, 2/8/2020		270		272
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (e) (f) (g)		8,222		8,478

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (e) (f) (g)		4,756		5,036
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (d) (h)		3,361		2,823
Post Holdings, Inc.
5.50%, 3/1/2025 (d)		7,164		7,505
5.00%, 8/15/2026 (d)		2,728		2,837
5.75%, 3/1/2027 (d)		2,730		2,906
5.63%, 1/15/2028 (d)		1,470		1,573
5.50%, 12/15/2029 (d)		1,875		1,977
Prestige Brands, Inc. 6.38%, 3/1/2024 (d)		3,220		3,361
Pricoa Global Funding I 2.20%, 6/3/2021 (d)		176		177
Prime Security Services Borrower LLC
9.25%, 5/15/2023 (d)		3,071		3,231
5.25%, 4/15/2024 (d)		2,327		2,382
5.75%, 4/15/2026 (d)		8,426		8,642
Principal Life Global Funding II
2.15%, 1/10/2020 (d)		2,320		2,321
2.20%, 4/8/2020 (d)		3,523		3,526
Progress Energy, Inc. 4.88%, 12/1/2019		1,700		1,704
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (e) (f) (g)		5,340		5,579
Protective Life Global Funding 2.92%, 4/15/2022 (d)		2,021		2,058
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 9/15/2042 (e)		8,461		9,170
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (e)		25,119		27,223
Public Service Enterprise Group, Inc. 1.60%, 11/15/2019		1,476		1,476
QEP Resources, Inc.
5.38%, 10/1/2022		1,144		1,121
5.25%, 5/1/2023		1,072		1,019
5.63%, 3/1/2026		1,350		1,215
Qorvo, Inc. 5.50%, 7/15/2026		3,537		3,776
Quad/Graphics, Inc. 7.00%, 5/1/2022		1,000		990
Quicken Loans, Inc.
5.75%, 5/1/2025 (d)		4,479		4,611
5.25%, 1/15/2028 (d)		4,925		5,079
Qwest Corp.
7.25%, 9/15/2025		325		373
6.88%, 9/15/2033		1,902		1,913

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (d)		5,072		4,641
Radian Group, Inc.
4.50%, 10/1/2024		2,265		2,370
4.88%, 3/15/2027		1,859		1,928
Rain CII Carbon LLC 7.25%, 4/1/2025 (d)		4,225		4,109
Range Resources Corp. 4.88%, 5/15/2025		4,950		3,972
Raytheon Co. 3.13%, 10/15/2020		2,900		2,934
RBS Global, Inc. 4.88%, 12/15/2025 (d)		1,560		1,609
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (d)		2,627		2,854
8.25%, 11/15/2026 (d)		3,869		4,343
Regions Financial Corp. 3.20%, 2/8/2021		2,900		2,940
Reliance Standard Life Global Funding II 2.50%, 1/15/2020 (d)		895		896
Republic Services, Inc. 5.00%, 3/1/2020		1,400		1,413
Revlon Consumer Products Corp. 6.25%, 8/1/2024		3,002		1,501
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020		9,425		9,457
6.87%, 2/15/2021 (i)		1,646		1,648
RHP Hotel Properties LP REIT, 5.00%, 4/15/2023		3,363		3,430
Rite Aid Corp. 6.13%, 4/1/2023 (d)		7,680		6,538
RR Donnelley & Sons Co. 7.00%, 2/15/2022		58		60
Ryder System, Inc. 2.88%, 9/1/2020		1,167		1,175
Ryman Hospitality Properties, Inc. REIT, 4.75%, 10/15/2027 (d)		4,012		4,148
Sabre GLBL, Inc.
5.38%, 4/15/2023 (d)		6,087		6,247
5.25%, 11/15/2023 (d)		2,152		2,206
SBA Communications Corp.
REIT, 4.00%, 10/1/2022		314		321
REIT, 4.88%, 9/1/2024		3,980		4,134
Scientific Games International, Inc.
10.00%, 12/1/2022		2,340		2,407
5.00%, 10/15/2025 (d)		6,792		6,996
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026		2,180		2,295
4.50%, 10/15/2029 (d)		640		643
Scripps Escrow, Inc. 5.88%, 7/15/2027 (d)		880		902
Sealed Air Corp.
5.25%, 4/1/2023 (d)		633		676
5.13%, 12/1/2024 (d)		355		382

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
SemGroup Corp.
5.63%, 7/15/2022		1,506		1,522
5.63%, 11/15/2023		3,190		3,262
7.25%, 3/15/2026		1,509		1,630
Sensata Technologies BV
4.88%, 10/15/2023 (d)		4,531		4,786
5.63%, 11/1/2024 (d)		1,825		2,003
5.00%, 10/1/2025 (d)		895		964
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (d)		12,061		12,905
Service Corp. International
8.00%, 11/15/2021		1,240		1,364
5.38%, 5/15/2024		6,180		6,373
7.50%, 4/1/2027		2,735		3,337
4.63%, 12/15/2027		825		862
5.13%, 6/1/2029		2,457		2,617
Sinclair Television Group, Inc.
6.13%, 10/1/2022		3,230		3,270
5.63%, 8/1/2024 (d)		3,933		4,051
5.88%, 3/15/2026 (d)		205		214
5.13%, 2/15/2027 (d)		2,890		2,912
Sirius XM Radio, Inc.
4.63%, 5/15/2023 (d)		2,336		2,373
4.63%, 7/15/2024 (d)		3,140		3,281
5.38%, 4/15/2025 (d)		8,871		9,226
5.38%, 7/15/2026 (d)		7,266		7,666
5.00%, 8/1/2027 (d)		5,329		5,602
5.50%, 7/1/2029 (d)		1,642		1,774
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (d)		3,845		3,970
5.50%, 4/15/2027 (d)		874		915
SM Energy Co.
5.00%, 1/15/2024		1,445		1,275
5.63%, 6/1/2025		2,535		2,149
6.75%, 9/15/2026		968		830
6.63%, 1/15/2027		3,281		2,756
Solera LLC 10.50%, 3/1/2024 (d)		2,308		2,415
Southwestern Energy Co.
6.20%, 1/23/2025 (i)		2,409		2,120
7.50%, 4/1/2026		1,165		1,022
7.75%, 10/1/2027		1,165		1,002
Spectrum Brands, Inc.
6.13%, 12/15/2024		3,812		3,941
5.75%, 7/15/2025		6,763		7,050

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 97

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
5.00%, 10/1/2029 (d)		2,486		2,542
Springleaf Finance Corp.
7.75%, 10/1/2021		854		931
6.13%, 5/15/2022		1,830		1,970
5.63%, 3/15/2023		4,267		4,592
6.13%, 3/15/2024		1,060		1,159
6.88%, 3/15/2025		2,110		2,390
7.13%, 3/15/2026		8,673		9,909
6.63%, 1/15/2028		5,378		5,956
Sprint Capital Corp. 8.75%, 3/15/2032		19,964		24,344
Sprint Communications, Inc.
11.50%, 11/15/2021		305		353
6.00%, 11/15/2022		2,967		3,137
Sprint Corp. 7.25%, 9/15/2021		1,006		1,073
7.88%, 9/15/2023		15,649		17,273
7.13%, 6/15/2024		6,327		6,865
7.63%, 2/15/2025		32,781		36,018
7.63%, 3/1/2026		14,478		16,016
Sprint eWireless, Inc. 7.00%, 3/1/2020 (j)		2,186		—	(c)
SPX FLOW, Inc.
5.63%, 8/15/2024 (d)		1,969		2,050
5.88%, 8/15/2026 (d)		2,175		2,279
SRC Energy, Inc. 6.25%, 12/1/2025		212		198
SS&C Technologies, Inc. 5.50%, 9/30/2027 (d)		6,318		6,741
Standard Industries, Inc.
6.00%, 10/15/2025 (d)		3,115		3,271
5.00%, 2/15/2027 (d)		837		874
4.75%, 1/15/2028 (d)		8,598		8,920
Staples, Inc.
7.50%, 4/15/2026 (d)		9,770		10,185
10.75%, 4/15/2027 (d)		6,344		6,598
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 9/15/2020 (e) (f) (g)		1,650		1,690
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (e) (f) (g)		2,460		2,595
Station Casinos LLC 5.00%, 10/1/2025 (d)		2,690		2,727
Steel Dynamics, Inc.
5.25%, 4/15/2023		780		796
4.13%, 9/15/2025		1,440		1,467
5.00%, 12/15/2026		1,085		1,156
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (d)		1,940		2,085

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Summit Materials LLC
6.13%, 7/15/2023		1,475		1,503
5.13%, 6/1/2025 (d)		1,270		1,304
Summit Midstream Holdings LLC
5.50%, 8/15/2022		1,559		1,395
5.75%, 4/15/2025		3,155		2,445
Sunoco LP 4.88%, 1/15/2023		1,540		1,580
5.50%, 2/15/2026		931		963
6.00%, 4/15/2027		2,890		3,035
5.88%, 3/15/2028		423		444
SunTrust Bank (ICE LIBOR USD 3 Month + 0.30%), 2.59%, 1/29/2021 (e)		337		337
SunTrust Banks, Inc.
Series G, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 6/15/2022 (e) (f) (g)		3,398		3,457
Series H, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (e) (f) (g)		9,023		9,215
Symantec Corp. 5.00%, 4/15/2025 (d)		2,321		2,379
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (d)		2,040		1,984
5.50%, 1/15/2028 (d)		710		666
Targa Resources Partners LP
4.25%, 11/15/2023		2,888		2,901
6.75%, 3/15/2024		9,065		9,401
5.13%, 2/1/2025		2,869		2,941
5.88%, 4/15/2026		3,123		3,260
6.50%, 7/15/2027 (d)		3,538		3,786
5.00%, 1/15/2028		1,745		1,732
6.88%, 1/15/2029 (d)		1,906		2,061
Team Health Holdings, Inc. 6.38%, 2/1/2025 (d)		7,717		4,977
TECO Finance, Inc. 5.15%, 3/15/2020		1,524		1,540
TEGNA, Inc.
6.38%, 10/15/2023		7,080		7,284
5.50%, 9/15/2024 (d)		725		747
Teleflex, Inc.
5.25%, 6/15/2024		2,295		2,357
4.88%, 6/1/2026		368		386
Tempur Sealy International, Inc.
5.63%, 10/15/2023		4,942		5,090
5.50%, 6/15/2026		9,236		9,663
Tenet Healthcare Corp.
8.13%, 4/1/2022		2,093		2,266
6.75%, 6/15/2023		8,835		9,365

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
4.63%, 7/15/2024		2,933		3,021
4.63%, 9/1/2024 (d)		788		808
5.13%, 5/1/2025		6,321		6,471
7.00%, 8/1/2025		870		898
4.88%, 1/1/2026 (d)		21,011		21,733
6.25%, 2/1/2027 (d)		11,868		12,536
5.13%, 11/1/2027 (d)		6,816		7,106
Tennant Co. 5.63%, 5/1/2025		4,377		4,541
Tenneco, Inc. 5.00%, 7/15/2026		4,155		3,303
Terex Corp. 5.63%, 2/1/2025 (d)		5,590		5,632
Terraform Global Operating LLC 6.13%, 3/1/2026 (d)		1,712		1,751
TerraForm Power Operating LLC
4.25%, 1/31/2023 (d)		1,869		1,925
5.00%, 1/31/2028 (d)		1,839		1,940
Texas Competitive Electric Holdings Co. LLC 8.50%, 5/1/2020 ‡ (j)		29,250		10
T-Mobile US, Inc. 4.50%, 2/1/2026 ‡		1,188		—	(c)
T-Mobile USA, Inc.
6.00%, 3/1/2023		1,598		1,628
6.00%, 3/1/2023 ‡		1,598		—	(c)
6.50%, 1/15/2024		665		691
6.50%, 1/15/2024 ‡		665		—	(c)
6.38%, 3/1/2025		2,030		2,107
6.38%, 3/1/2025 ‡		5,377		—	(c)
5.13%, 4/15/2025		1,704		1,770
5.13%, 4/15/2025 ‡		1,704		—	(c)
6.50%, 1/15/2026		17,580		18,812
6.50%, 1/15/2026 ‡		17,335		—	(c)
4.50%, 2/1/2026		5,110		5,270
4.75%, 2/1/2028		13,510		14,236
4.75%, 2/1/2028 ‡		2,933		—	(c)
TransDigm, Inc.
6.50%, 7/15/2024		3,961		4,090
6.50%, 5/15/2025		1,650		1,714
6.25%, 3/15/2026 (d)		8,380		8,977
TransMontaigne Partners LP 6.13%, 2/15/2026		1,007		965
Transocean Guardian Ltd. 5.88%, 1/15/2024 (d)		1,830		1,830
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024 (d)		613		635
Transocean Pontus Ltd. 6.13%, 8/1/2025 (d)		3,783		3,773
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (d)		2,486		2,507

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Transocean Proteus Ltd. 6.25%, 12/1/2024 (d)		462		463
Transocean, Inc.
9.00%, 7/15/2023 (d)		902		919
7.25%, 11/1/2025 (d)		3,541		3,125
7.50%, 1/15/2026 (d)		2,710		2,412
7.50%, 4/15/2031		809		542
9.35%, 12/15/2041 (i)		1,938		1,337
TreeHouse Foods, Inc. 6.00%, 2/15/2024 (d)		4,010		4,160
TriMas Corp. 4.88%, 10/15/2025 (d)		2,315		2,356
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (d)		8,920		8,619
Triumph Group, Inc.
6.25%, 9/15/2024 (d)		545		572
7.75%, 8/15/2025		1,670		1,670
Tronox Finance plc 5.75%, 10/1/2025 (d)		1,222		1,152
Tronox, Inc. 6.50%, 4/15/2026 (d)		1,755		1,685
Ultra Resources, Inc. 11.00% (Blend (cash 9.00% + PIK 2.00%)), 7/12/2024 (h)		8,211		1,182
Unit Corp. 6.63%, 5/15/2021		281		185
United Airlines Holdings, Inc.
5.00%, 2/1/2024		2,404		2,551
4.88%, 1/15/2025		2,345		2,462
United Rentals North America, Inc.
5.50%, 7/15/2025		3,281		3,408
4.63%, 10/15/2025		8,030		8,200
5.88%, 9/15/2026		931		988
6.50%, 12/15/2026		8,158		8,831
5.50%, 5/15/2027		6,690		7,054
4.88%, 1/15/2028		4,455		4,600
5.25%, 1/15/2030		2,500		2,628
United States Cellular Corp. 6.70%, 12/15/2033		1,860		2,019
United States Steel Corp.
6.88%, 8/15/2025		808		723
6.25%, 3/15/2026		2,223		1,861
UnitedHealth Group, Inc. 1.95%, 10/15/2020		2,950		2,954
Uniti Group LP
REIT, 6.00%, 4/15/2023 (d)		2,600		2,476
REIT, 8.25%, 10/15/2023		2,020		1,727
REIT, 7.13%, 12/15/2024 (d)		55		46
Univar USA, Inc. 6.75%, 7/15/2023 (d)		1,103		1,121
US Bank NA (ICE LIBOR USD 3 Month + 0.14%), 2.07%, 10/23/2020 (e)		3,098		3,094

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 99

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
United States — continued
USAA Capital Corp. 3.00%, 7/1/2020 (d)		3,307		3,331
Valaris plc
7.75%, 2/1/2026		374		196
5.75%, 10/1/2044		2,122		860
Venator Finance SARL 5.75%, 7/15/2025 (d)		3,375		2,685
Verizon Communications, Inc. 4.60%, 4/1/2021		2,800		2,905
Vertiv Group Corp. 9.25%, 10/15/2024 (d)		1,337		1,258
Viacom, Inc.
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (e)		5,029		5,224
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (e)		10,033		10,936
VICI Properties 1 LLC REIT, 8.00%, 10/15/2023		6,263		6,819
Vista Outdoor, Inc. 5.88%, 10/1/2023		7,094		6,491
Vistra Energy Corp. 5.88%, 6/1/2023		3,604		3,681
Vistra Operations Co. LLC
5.50%, 9/1/2026 (d)		212		224
5.63%, 2/15/2027 (d)		3,500		3,710
VOC Escrow Ltd. 5.00%, 2/15/2028 (d)		2,198		2,286
Voya Financial, Inc. (ICE LIBOR USD 3 Month + 3.58%), 5.65%, 5/15/2053 (e)		7,060		7,466
W&T Offshore, Inc. 9.75%, 11/1/2023 (d)		4,630		4,341
Wabash National Corp. 5.50%, 10/1/2025 (d)		3,730		3,637
Walt Disney Co. (The) 5.65%, 8/15/2020 (d)		401		413
Welbilt, Inc. 9.50%, 2/15/2024		2,435		2,593
WellCare Health Plans, Inc. 5.25%, 4/1/2025		4,503		4,713
Wells Fargo & Co.
(ICE LIBOR USD 3 Month + 0.88%), 2.83%, 7/22/2020 (e)		1,857		1,867
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (e) (f) (g)		15,983		17,261
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (e) (f) (g)		8,919		9,878
Wells Fargo Bank NA
2.60%, 1/15/2021		3,350		3,379
(ICE LIBOR USD 3 Month + 0.38%), 2.53%, 5/21/2021 (e)		2,770		2,772
WESCO Distribution, Inc. 5.38%, 6/15/2024		1,777		1,835
Western Digital Corp. 4.75%, 2/15/2026		8,222		8,376
Whiting Petroleum Corp.
5.75%, 3/15/2021		2,310		2,171
6.25%, 4/1/2023		2,140		1,552
6.63%, 1/15/2026		6,703		4,156

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
William Carter Co. (The) 5.63%, 3/15/2027 (d)		7,290		7,773
Windstream Services LLC
9.00%, 6/30/2025 (d) (j)		15,731		8,141
8.63%, 10/31/2025 (d) (i)		2,498		2,501
Wisconsin Power & Light Co. 4.60%, 6/15/2020		3,329		3,383
WMG Acquisition Corp.
5.00%, 8/1/2023 (d)		1,420		1,455
4.88%, 11/1/2024 (d)		930		963
5.50%, 4/15/2026 (d)		3,018		3,169
WPX Energy, Inc.
8.25%, 8/1/2023		720		803
5.75%, 6/1/2026		1,479		1,486
WR Grace & Co.-Conn 5.63%, 10/1/2024 (d)		1,010		1,091
Wyndham Destinations, Inc.
4.25%, 3/1/2022		162		165
5.40%, 4/1/2024 (i)		1,513		1,604
6.35%, 10/1/2025 (i)		1,258		1,393
5.75%, 4/1/2027 (i)		1,602		1,746
Wynn Las Vegas LLC 5.50%, 3/1/2025 (d)		13,248		14,076
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (d)		6,040		6,312
Xcel Energy, Inc. 2.40%, 3/15/2021		3,000		3,017
Xerox Corp. 4.12%, 3/15/2023 (i)		2,347		2,397
XPO Logistics, Inc.
6.50%, 6/15/2022 (d)		2,310		2,353
6.13%, 9/1/2023 (d)		4,967		5,116
6.75%, 8/15/2024 (d)		4,161		4,494
Yum! Brands, Inc. 4.75%, 1/15/2030 (d)		1,834		1,923
Zayo Group LLC
6.00%, 4/1/2023		5,695		5,857
6.38%, 5/15/2025		7,813		8,032
				3,685,051
Total Corporate Bonds (Cost $4,465,614)				4,537,235
Collateralized Mortgage Obligations — 5.9%
Bermuda — 0.1%
Bellemeade Re Ltd.
Series2018-3A, Class M1B, 3.67%, 10/25/2028 ‡ (d) (k)		1,486		1,486
Series2018-3A, Class M2, 4.57%, 10/25/2028 ‡ (d) (k)		1,365		1,369
Series2019-1A, Class M2, 4.52%, 3/25/2029 ‡ (d) (k)		1,000		1,000

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)
Collateralized Mortgage Obligations — continued
Bermuda — continued
Eagle RE Ltd.
Series2019-1, Class M1B, 3.62%, 4/25/2029 ‡ (d) (k)		810			812
Series2019-1, Class M2, 5.12%, 4/25/2029 ‡ (d) (k)		1,980			2,013
					6,680
United States — 5.8%
Adjustable Rate Mortgage Trust
Series2004-2, Class 6A1, 4.25%, 2/25/2035 (k)		2,028			2,071
Series2004-4, Class 4A1, 4.30%, 3/25/2035 (k)		3,376			3,500
Series2005-2, Class 3A1, 4.74%, 6/25/2035 (k)		809			817
Alternative Loan Trust
Series 2004-16CB, Class 2A1, 5.00%, 8/25/2019		—	(c)		—	(c)
Series 2004-28CB, Class 4A1, 5.00%, 1/25/2020		9			9
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		13			13
Series2005-J11, Class 5A1, 5.50%, 11/25/2020		202			202
Series 2005-85CB, Class 3A2, 5.25%, 2/25/2021		286			281
Series2007-25, Class 2A1, 6.00%, 11/25/2022		87			82
Series2005-J6, Class 2A1, 5.50%, 7/25/2025		191			186
Series2006-J3, Class 4A1, 5.75%, 5/25/2026		385			338
Series2005-J1, Class 3A1, 6.50%, 8/25/2032		103			106
Series 2004-12CB, Class 2A1, 6.00%, 6/25/2034		518			536
Series2005-J3, Class 3A1, 6.50%, 9/25/2034		23			23
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		5,452			5,549
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		354			357
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035		505			514
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		942			976
Series 2004-32CB, Class 2A5, 5.50%, 2/25/2035		3,354			3,460

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series2005-3CB, Class 1A4, 5.25%, 3/25/2035		84		83
Series2005-3CB, Class 1A13, 5.50%, 3/25/2035		10,058		10,119
Series2005-J2, Class 1A5, 2.32%, 4/25/2035(k)		6,076		5,174
Series2005-6CB, Class 1A4, 5.50%, 4/25/2035		4,031		4,034
Series2005-6CB, Class 1A6, 5.50%, 4/25/2035		472		483
Series 2005-10CB, Class 1A5, 5.50%, 5/25/2035		4,062		3,972
Series 2005-10CB, Class 1A8, 5.50%, 5/25/2035		2,335		2,387
Series 2005-13CB, Class A4, 5.50%, 5/25/2035		1,773		1,772
Series 2005-21CB, Class A4, 5.25%, 6/25/2035		881		868
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		3,919		3,999
Series 2005-20CB, Class 1A1, 5.50%, 7/25/2035		202		195
Series 2005-23CB, Class A15, 5.50%, 7/25/2035		2,005		2,013
Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035		778		773
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		1,969		1,955
Series2005-J14, Class A3, 5.50%, 12/25/2035		380		324
Series2005-J14, Class A7, 5.50%, 12/25/2035		2,006		1,709
Series2005-J14, Class A8, 5.50%, 12/25/2035		1,677		1,429
Series 2005-86CB, Class A4, 5.50%, 2/25/2036		464		401
Series2006-J1, Class 1A13, 5.50%, 2/25/2036		180		161
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		5,749		5,868
Series2006-4CB, Class 2A5, 5.50%, 4/25/2036		1,055		1,031
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		1,692		1,346
Series 2006-19CB, Class A15, 6.00%, 8/25/2036		657		574
Series 2006-25CB, Class A2, 6.00%, 10/25/2036		311		262

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 101

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		3,308		2,748
Series2007-8CB, Class A9, 6.00%, 5/25/2037		218		186
Series2007-19, Class 1A8, 6.00%, 8/25/2037		191		153
American Home Mortgage Investment Trust
Series2007-2, Class 12A1, 2.09%, 3/25/2037 (k)		6,139		3,826
Series2005-1, Class 6A, 4.06%, 6/25/2045 (k)		208		213
Angel Oak Mortgage Trust Series2019-3, Class B1, 4.10%, 5/25/2059‡ (d) (k)		7,000		7,046
Angel Oak Mortgage Trust I LLC
Series2018-2, Class A1, 3.67%, 7/27/2048 (d) (k)		8,825		8,918
Series2018-3, Class A1, 3.65%, 9/25/2048 (d) (k)		6,400		6,470
Series2019-2, Class B1, 5.02%, 3/25/2049‡ (d) (k)		4,000		4,107
Series2019-4, Class A3, 3.30%, 7/26/2049 (d) (k)		6,089		6,133
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (d)		6,760		6,783
Arroyo Mortgage Trust
Series2018-1, Class A1, 3.76%, 4/25/2048 (d) (k)		7,085		7,243
Series2019-3, Class M1, 4.20%, 10/25/2048 ‡ (d) (k)		3,000		3,069
Banc of America Alternative Loan Trust
Series2005-3, Class 2A1, 5.50%, 4/25/2020		25		25
Series2005-12, Class 5A1, 5.25%, 1/25/2021		140		135
Series2006-4, Class 2A1, 6.00%, 5/25/2021		6		6
Series2005-11, Class 4A5, 5.75%, 12/25/2035		687		641
Series2006-4, Class 3CB4, 6.00%, 5/25/2046		757		751
Series2006-4, Class 4CB1, 6.50%, 5/25/2046		2,898		3,030
Series2006-5, Class CB7, 6.00%, 6/25/2046		487		485
Banc of America Funding Trust
Series2007-4, Class 8A1, 5.50%, 11/25/2034		58		51

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series2005-6, Class 1A2, 5.50%, 10/25/2035		2,174		2,065
Series2005-7, Class 4A7, 6.00%, 11/25/2035		429		432
Series2006-A, Class 1A1, 4.54%, 2/20/2036 (k)		971		975
Series2006-2, Class 2A20, 5.75%, 3/25/2036		510		502
Series2007-5, Class 4A1, 2.19%, 7/25/2037 (k)		4,162		2,776
Banc of America Mortgage Trust
Series2004-A, Class 2A2, 4.80%, 2/25/2034 (k)		564		574
Series2007-3, Class 1A1, 6.00%, 9/25/2037		309		301
Bear StearnsALT-A Trust Series2006-8, Class 3A1, 1.98%, 2/25/2034 (k)		341		329
Bear Stearns Asset-Backed Securities I Trust Series2004-AC5, Class M1, 2.83%, 10/25/2034 ‡ (k)		511		96
Chase Mortgage Finance Trust
Series2006-S3, Class 1A2, 6.00%, 11/25/2036		1,381		991
Series2006-S4, Class A5, 6.00%, 12/25/2036		1,028		773
Series2007-S2, Class 1A8, 6.00%, 3/25/2037		277		212
Series2007-A2, Class 3A1, 4.85%, 7/25/2037 (k)		6,036		6,185
CHL GMSR Issuer Trust
Series2018-GT1, Class A, 4.57%, 5/25/2023 (d) (k)		4,530		4,544
Series2018-GT1, Class B, 5.32%, 5/25/2023 ‡ (d) (k)		795		796
CHL Mortgage Pass-Through Trust
Series2005-20, Class A7, 5.25%, 12/25/2027		155		141
Series2004-25, Class 2A1, 2.50%, 2/25/2035 (k)		3,283		3,204
Series2005-26, Class 1A11, 5.50%, 11/25/2035		2,247		2,074
Series2005-31, Class 2A1, 3.78%, 1/25/2036 (k)		1,114		1,065
Series2005-30, Class A5, 5.50%, 1/25/2036		231		210
Series 2006-HYB1, Class 2A2C, 3.74%, 3/20/2036 (k)		3,202		3,024

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2006-HYB2, Class 2A1B, 4.14%, 4/20/2036 (k)		1,220		1,137
Series2006-J2, Class 1A1, 6.00%, 4/25/2036		129		110
Series2006-10, Class 1A16, 6.00%, 5/25/2036		1,674		1,315
Series2006-15, Class A1, 6.25%, 10/25/2036		120		96
Series2006-17, Class A2, 6.00%, 12/25/2036		464		354
Series2006-18, Class 2A4, 6.00%, 12/25/2036		3,022		2,559
Series2007-2, Class A2, 6.00%, 3/25/2037		177		146
Series2007-3, Class A18, 6.00%, 4/25/2037		1,304		1,081
Series2007-10, Class A4, 5.50%, 7/25/2037		160		126
Series2007-13, Class A4, 6.00%, 8/25/2037		338		275
Series2007-16, Class A1, 6.50%, 10/25/2037		3,075		2,551
Series2007-18, Class 2A1, 6.50%, 11/25/2037		623		438
CIM Trust Series 2019-INV1, Class A2, 2.82%, 2/25/2049 (d) (k)		3,169		3,211
Citicorp Mortgage Securities TrustSeries 2007-4, Class 1A9, 6.00%, 5/25/2037		724		708
Citigroup Mortgage Loan Trust
Series2005-3, Class 2A2A, 4.54%, 8/25/2035 (k)		190		194
Series2005-11, Class A2A, 4.38%, 10/25/2035 (k)		337		349
Series2006-AR3, Class 1A1A, 4.77%, 6/25/2036 (k)		1,730		1,779
Series2006-AR5, Class 1A5A, 4.04%, 7/25/2036 (k)		955		927
Citigroup Mortgage Loan Trust, Inc.
Series2005-4, Class A, 4.63%, 8/25/2035 (k)		507		523
Series2005-6, Class A1, 3.84%, 9/25/2035 (k)		630		650
Series2006-8, Class A3, 2.17%, 10/25/2035 (d) (k)		843		624
Series2005-9, Class 2A2, 5.50%, 11/25/2035		247		248

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Civic Mortgage LLC
Series2018-2, Class A1, 4.35%, 11/25/2022 (d) (i)		893		894
Series2018-2, Class A2, 5.32%, 11/25/2022 (d) (i)		313		313
COLT Mortgage Loan Trust
Series2018-4, Class A1, 4.01%, 12/28/2048 (d) (k)		5,189		5,252
Series2019-1, Class A1, 3.71%, 3/25/2049 (d) (k)		9,022		9,112
Connecticut Avenue Securities Trust
Series2018-R07, Class 1M2, 4.22%, 4/25/2031 ‡ (d) (k)		14,500		14,617
Series2019-R01, Class 2M1, 2.67%, 7/25/2031 ‡ (d) (k)		4,054		4,057
Series2019-R01, Class 2M2, 4.27%, 7/25/2031 ‡ (d) (k)		4,000		4,031
Series2019-R02, Class 1M2, 4.12%, 8/25/2031 ‡ (d) (k)		13,500		13,582
Series2019-R03, Class 1M2, 3.97%, 9/25/2031 (d) (k)		2,150		2,157
Series2019-R04, Class 2M2, 3.92%, 6/25/2039 (d) (k)		2,500		2,507
Series2019-R05, Class 1M2, 3.82%, 7/25/2039 (d) (k)		8,500		8,516
Series2019-R07, Class 1M2, 3.92%, 10/25/2039 (d) (k)		12,000		12,000
CSFB Mortgage-Backed Pass-Through Certificates
Series2005-10, Class 11A1, 5.50%, 11/25/2020		720		279
Series2003-29, Class 3A1, 5.50%, 12/25/2033		373		382
Series2004-AR4, Class 4A1, 4.19%, 5/25/2034 (k)		2,595		2,689
Series2004-AR4, Class 2A1, 4.40%, 5/25/2034 (k)		497		518
Series2004-AR5, Class 6A1, 4.54%, 6/25/2034 (k)		616		639
Series2004-4, Class 4A1, 5.50%, 8/25/2034		3,844		3,996
Series2004-8, Class 4A3, 5.50%, 12/25/2034		134		139
Series2005-4, Class 2A5, 2.37%, 6/25/2035 (k)		4,019		3,262
Series2005-10, Class 5A3, 5.50%, 11/25/2035		451		430

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 103

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
CSFB Mortgage-Backed Trust Series2004-AR6, Class 7A1, 4.26%, 10/25/2034(k)		1,304		1,340
CSMC Mortgage-Backed Trust
Series2006-8, Class 5A1, 5.68%, 10/25/2026 (k)		52		52
Series2007-2, Class 3A13, 5.50%, 3/25/2037		594		508
Series2007-3, Class 4A5, 5.00%, 4/25/2037		118		116
Deephave Residential Mortgage Trust
Series2019-2A, Class B1, 4.72%, 4/25/2059 ‡ (d) (k)		1,900		1,937
Series2019-2A, Class B2, 5.79%, 4/25/2059 ‡ (d) (k)		3,100		3,148
Deephaven Residential Mortgage Trust
Series2018-3A, Class A1, 3.79%, 8/25/2058 (d) (k)		4,920		4,957
Series2019-1A, Class B1, 5.25%, 1/25/2059 ‡ (d) (k)		4,750		4,847
Series2019-3A, Class B1, 4.26%, 7/25/2059 ‡ (d) (k)		3,900		3,946
Series2019-3A, Class B2, 5.66%, 7/25/2059 ‡ (d) (k)		6,000		6,039
DeutscheAlt-A Securities, Inc. Mortgage Loan Trust
Series2005-1, Class 2A1, 5.20%, 2/25/2020 (k)		53		53
Series2005-2, Class 2A1, 2.12%, 3/25/2020 (k)		6		6
DSLA Mortgage Loan Trust Series2005-AR4, Class 2A1A, 2.11%, 8/19/2045 (k)		2,531		2,490
FHLMC STACR Series 2019-HQA3, Class M2, 3.67%, 9/25/2049 (d) (k)		5,500		5,492
FHLMC Structured Agency Credit Risk Debt Notes
Series 2016-DNA3, Class M2, 3.82%, 12/25/2028 (k)		796		798
Series 2017-DNA1, Class M2, 5.07%, 7/25/2029 (k)		3,000		3,145
Series 2017-DNA2, Class M2, 5.27%, 10/25/2029 (k)		4,000		4,247
Series 2017-DNA3, Class M2, 4.32%, 3/25/2030 (k)		6,000		6,120
Series 2018-HQA1, Class M2, 4.12%, 9/25/2030 (k)		10,500		10,577
FHLMC, REMIC
Series 4068, Class DS, IF, IO, 4.08%, 6/15/2042 (k)		5,085		819

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 4097, Class ES, IF, IO, 4.18%, 8/15/2042 (k)		7,129		1,237
Series 4103, Class SB, IF, IO, 4.13%, 9/15/2042 (k)		7,347		1,259
Series 4425, Class SA, IF, IO, 4.13%, 1/15/2045 (k)		7,484		1,241
Series 4594, Class SG, IF, IO, 4.08%, 6/15/2046 (k)		6,112		1,321
Series 4606, Class SB, IF, IO, 4.08%, 8/15/2046 (k)		10,420		2,264
Series 4614, Class SK, IF, IO, 4.08%, 9/15/2046 (k)		19,469		4,179
Series 4616, Class HS, IF, IO, 4.08%, 9/15/2046 (k)		8,431		1,544
Series 4703, Class SA, IF, IO, 4.23%, 7/15/2047 (k)		12,649		2,548
Series 4718, Class SD, IF, IO, 4.23%, 9/15/2047 (k)		7,238		1,372
Series 4768, Class SG, IF, IO, 4.28%, 3/15/2048 (k)		5,716		1,030
Series 4820, Class ES, IF, IO, 4.28%, 3/15/2048 (k)		5,442		802
Series 4834, Class SA, IF, IO, 4.23%, 10/15/2048 (k)		11,380		1,829
Series 4839, Class WS, IF, IO, 4.18%, 8/15/2056 (k)		11,793		2,679
FHLMC, STRIPS
Series 264, Class S1, IF, IO, 4.03%, 7/15/2042 (k)		4,974		818
Series 274, Class S1, IF, IO, 4.08%, 8/15/2042 (k)		6,631		1,099
Series 278, Class S1, IF, IO, 4.13%, 9/15/2042 (k)		6,527		1,071
Series 279, Class S6, IF, IO, 4.13%, 9/15/2042 (k)		4,646		755
Series 300, Class S1, IF, IO, 4.18%, 1/15/2043 (k)		5,614		954
Series 311, Class S1, IF, IO, 4.03%, 8/15/2043 (k)		3,213		628
Series 316, Class S7, IF, IO, 4.18%, 11/15/2043 (k)		5,081		849
Series 326, Class S2, IF, IO, 4.03%, 3/15/2044 (k)		6,659		1,204
Series 336, Class S1, IF, IO, 4.13%, 8/15/2044 (k)		3,987		694
Series 337, Class S1, IF, IO, 4.13%, 9/15/2044 (k)		2,906		479

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 356, Class S5, IF, IO, 4.08%, 9/15/2047 (k)		17,190		3,359
First Horizon Alternative Mortgage Securities Trust Series2006-FA6, Class 3A1, 5.75%, 11/25/2021		183		180
FNMA, Connecticut Avenue Securities
Series2017-C05, Class 1M2, 4.22%, 1/25/2030 (k)		3,000		3,035
Series2017-C07, Class 2M2, 4.32%, 5/25/2030 (k)		3,100		3,138
Series2018-C01, Class 1M2, 4.07%, 7/25/2030 (k)		8,000		8,078
Series2018-C05, Class 1M2, 4.17%, 1/25/2031 (k)		8,000		8,079
FNMA, REMIC
Series2011-126, Class SM, IF, IO, 4.13%, 12/25/2041 (k)		6,518		1,008
Series2012-20, Class SL, IF, IO, 4.63%, 3/25/2042 (k)		7,472		1,315
Series2012-35, Class SN, IF, IO, 4.63%, 4/25/2042 (k)		7,774		1,493
Series2012-75, Class DS, IF, IO, 4.13%, 7/25/2042 (k)		7,316		1,187
Series2012-128, Class MS, IF, IO, 4.33%, 11/25/2042 (k)		2,410		538
Series2013-124, Class SB, IF, IO, 4.13%, 12/25/2043 (k)		6,968		1,314
Series2013-136, Class SB, IF, IO, 4.08%, 1/25/2044 (k)		8,306		1,447
Series2015-35, Class SA, IF, IO, 3.78%, 6/25/2045 (k)		7,521		990
Series2015-37, Class ST, IF, IO, 3.80%, 6/25/2045 (k)		6,765		1,138
Series2016-1, Class SJ, IF, IO, 4.33%, 2/25/2046 (k)		7,589		1,242
Series2016-77, Class SA, IF, IO, 4.18%, 10/25/2046 (k)		6,280		1,145
Series2017-1, Class SA, IF, IO, 4.23%, 2/25/2047 (k)		5,981		1,209
Series2017-16, Class SM, IF, IO, 4.23%, 3/25/2047 (k)		3,918		762
Series2017-37, Class AS, IF, IO, 4.28%, 5/25/2047 (k)		17,920		3,501
Series2018-14, Class SA, IF, IO, 4.38%, 3/25/2048 (k)		14,173		2,417
Series2018-15, Class JS, IF, IO, 4.38%, 3/25/2048 (k)		7,908		1,385

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series2018-16, Class SN, IF, IO, 4.43%, 3/25/2048 (k)		3,621		614
Series2018-27, Class SE, IF, IO, 4.38%, 5/25/2048 (k)		4,760		999
Series2018-60, Class SK, IF, IO, 3.88%, 8/25/2048 (k)		6,316		932
Series2018-73, Class SC, IF, IO, 4.38%, 10/25/2048 (k)		11,751		2,115
Series2019-9, Class SM, IF, IO, 4.23%, 3/25/2049 (k)		8,913		1,398
Series2019-20, Class BS, IF, IO, 4.23%, 5/25/2049 (k)		5,089		663
Fremont Home Loan Trust Series2004-A, Class M1, 2.65%, 1/25/2034 ‡ (k)		2,852		2,855
GCAT LLC Series 2019-NQM1, Class M1, 3.85%, 2/25/2059 ‡ (d) (k)		2,500		2,517
GCAT Trust
Series 2019-NQM2, Class M1, 3.31%, 9/25/2059 (d) (k)		10,000		10,041
Series 2019-NQM2, Class B1, 4.01%, 9/25/2059 (d) (k)		5,000		5,020
GMACM Mortgage Loan Trust
Series2004-AR2, Class 3A, 4.67%, 8/19/2034 (k)		559		555
Series2005-AR1, Class 3A, 4.72%, 3/18/2035 (k)		286		290
GNMA
Series2014-25, Class HS, IF, IO, 4.25%, 2/20/2044 (k)		4,753		942
Series2015-149, Class GS, IF, IO, 4.40%, 10/20/2045 (k)		7,295		1,436
Series2016-111, Class SA, IF, IO, 4.25%, 8/20/2046 (k)		3,814		800
Series2016-120, Class NS, IF, IO, 4.25%, 9/20/2046 (k)		10,200		2,150
Series2017-11, Class AS, IF, IO, 4.25%, 1/20/2047 (k)		4,620		882
Series2017-55, Class AS, IF, IO, 4.30%, 4/20/2047 (k)		3,822		668
Series2017-56, Class SC, IF, IO, 4.30%, 4/20/2047 (k)		7,011		1,329
Series2017-68, Class SA, IF, IO, 4.30%, 5/20/2047 (k)		6,358		1,327
Series2017-67, Class ST, IF, IO, 4.35%, 5/20/2047 (k)		10,746		2,322
Series2017-75, Class SD, IF, IO, 4.35%, 5/20/2047 (k)		3,438		560

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 105

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series2017-80, Class AS, IF, IO, 4.35%, 5/20/2047 (k)		7,308		1,392
Series2017-93, Class SE, IF, IO, 4.35%, 6/20/2047 (k)		5,073		994
Series2017-107, Class SL, IF, IO, 4.35%, 7/20/2047 (k)		12,733		2,669
Series2017-112, Class S, IF, IO, 4.35%, 7/20/2047 (k)		11,690		2,252
Series2017-120, Class QS, IF, IO, 4.35%, 8/20/2047 (k)		5,952		1,093
Series2017-134, Class SB, IF, IO, 4.35%, 9/20/2047 (k)		6,891		1,180
Series2017-141, Class QS, IF, IO, 4.35%, 9/20/2047 (k)		14,471		2,403
Series2017-149, Class QS, IF, IO, 4.35%, 10/20/2047 (k)		6,855		1,200
Series2018-1, Class ST, IF, IO, 4.35%, 1/20/2048 (k)		12,103		2,575
Series2018-11, Class SA, IF, IO, 4.35%, 1/20/2048 (k)		10,404		1,379
Series2018-6, Class CS, IF, IO, 4.35%, 1/20/2048 (k)		3,934		883
Series2018-36, Class SG, IF, IO, 4.35%, 3/20/2048 (k)		11,744		2,490
Series2018-63, Class SB, IF, IO, 4.35%, 4/20/2048 (k)		2,642		543
Series2018-64, Class GS, IF, IO, 4.35%, 5/20/2048 (k)		11,326		1,731
Series2018-65, Class SE, IF, IO, 4.35%, 5/20/2048 (k)		11,011		2,114
Series2018-92, Class SH, IF, IO, 4.35%, 7/20/2048 (k)		6,509		1,036
Series2018-115, Class DS, IF, IO, 4.35%, 8/20/2048 (k)		15,415		2,908
Series2018-126, Class CS, IF, IO, 4.35%, 9/20/2048 (k)		10,101		1,507
Series2018-146, Class S, IF, IO, 4.30%, 10/20/2048 (k)		8,421		1,305
Series2018-147, Class SD, IF, IO, 4.30%, 10/20/2048 (k)		18,325		3,218
Series2018-168, Class SA, IF, IO, 4.25%, 12/20/2048 (k)		6,684		1,226
Series2019-16, Class SB, IF, IO, 4.20%, 2/20/2049 (k)		14,087		2,433
Series2019-22, Class SM, IF, IO, 4.20%, 2/20/2049 (k)		25,908		5,268
Series2019-23, Class JS, IF, IO, 4.20%, 2/20/2049 (k)		11,270		1,746

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series2019-30, Class SA, IF, IO, 4.20%, 3/20/2049 (k)		16,412		3,138
Series2019-38, Class SN, IF, IO, 4.20%, 3/20/2049 (k)		11,798		2,521
Series2019-41, Class CS, IF, IO, 4.20%, 3/20/2049 (k)		14,450		2,120
Series2019-42, Class SJ, IF, IO, 4.20%, 4/20/2049 (k)		14,771		2,644
Series2019-56, Class GS, IF, IO, 4.30%, 5/20/2049 (k)		8,005		1,376
Series2019-70, Class SM, IF, IO, 4.25%, 6/20/2049 (k)		8,421		1,486
GSMSC Pass-Through Trust Series2008-2R, Class 2A1, 7.50%, 10/25/2036 (d) (k)		1,426		915
GSR Mortgage Loan Trust
Series2004-15F, Class 1A2, 5.50%, 12/25/2034		296		318
Series2005-1F, Class 2A3, 6.00%, 2/25/2035		259		258
Series2005-AR3, Class 6A1, 4.38%, 5/25/2035 (k)		131		129
Series2005-AR4, Class 3A5, 4.50%, 7/25/2035 (k)		2,222		2,126
Series2005-6F, Class 3A18, 5.50%, 7/25/2035		1,306		1,374
Series2005-AR7, Class 6A1, 4.19%, 11/25/2035 (k)		1,270		1,305
Series2006-1F, Class 2A16, 6.00%, 2/25/2036		916		752
Series2006-1F, Class 2A9, 6.00%, 2/25/2036		1,484		1,217
Series2006-9F, Class 3A1, 6.25%, 10/25/2036		829		826
Series2007-1F, Class 3A13, 6.00%, 1/25/2037		427		403
HarborView Mortgage Loan TrustSeries 2005-11, Class 2A1A, 2.47%, 8/19/2045 (k)		294		295
Homeward Opportunities Fund I Trust
Series2018-2, Class A1, 3.98%, 11/25/2058 (d) (k)		3,614		3,683
Series2019-1, Class M1, 3.95%, 1/25/2059 ‡ (d) (k)		2,000		2,038
Series2019-1, Class B1, 4.80%, 1/25/2059 ‡ (d) (k)		1,850		1,886

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Impac CMB Trust
Series2004-5, Class 1A1, 2.54%, 10/25/2034 (k)		678		687
Series2004-6, Class 1A2, 2.60%, 10/25/2034 (k)		1,742		1,744
Series2004-5, Class 1M2, 2.69%, 10/25/2034 ‡ (k)		247		240
Series2004-7, Class 1A2, 2.74%, 11/25/2034 (k)		717		714
Series2004-9, Class 1A1, 2.58%, 1/25/2035 (k)		3,078		3,131
Series2004-10, Class 2A, 2.46%, 3/25/2035 (k)		854		825
Series2004-10, Class 3A1, 2.52%, 3/25/2035 (k)		2,713		2,633
Series2005-1, Class 1A1, 2.34%, 4/25/2035 (k)		547		543
Series2005-1, Class 1A2, 2.44%, 4/25/2035 (k)		669		662
Series2005-2, Class 1A2, 2.44%, 4/25/2035 (k)		599		592
Series2005-4, Class 1A1A, 2.36%, 5/25/2035 (k)		433		433
Impac Secured Assets CMN Owner Trust
Series2003-2, Class A4, 3.75%, 8/25/2033		323		317
Impac Secured Assets Trust
Series2007-3, Class A1B, 2.06%, 9/25/2037 (k)		3,166		2,771
Series2007-3, Class A1C, 2.18%, 9/25/2037 (k)		5,306		4,674
IndyMac INDX Mortgage Loan Trust
Series2005-AR3, Class 3A1, 4.13%, 4/25/2035 (k)		393		397
Series 2005-AR14, Class 2A1A, 2.12%, 7/25/2035 (k)		1,207		1,176
JP Morgan Alternative Loan TrustSeries 2006-A2, Class 1A1, 2.00%, 5/25/2036 (k)		4,199		3,864
JP Morgan Mortgage Trust
Series2006-S2, Class 2A1, 5.00%, 6/25/2021		39		36
Series2006-S3, Class 2A4, 5.50%, 8/25/2021		22		23
Series2007-S3, Class 2A3, 6.00%, 8/25/2022		31		32
Series2004-A6, Class 1A1, 3.85%, 12/25/2034 (k)		163		164

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series2005-A3, Class 6A6, 4.52%, 6/25/2035 (k)		503		514
Series2007-A1, Class 2A2, 4.33%, 7/25/2035 (k)		311		323
Series2005-A6, Class 1A2, 4.33%, 9/25/2035 (k)		444		456
Series2005-A8, Class 1A1, 4.00%, 11/25/2035 (k)		172		161
Series2005-A8, Class 4A1, 4.06%, 11/25/2035 (k)		2,254		2,106
Series2006-A7, Class 2A4, 4.08%, 1/25/2037 (k)		837		818
Series2007-S1, Class 2A17, 2.15%, 3/25/2037 (k)		5,161		2,342
Lehman Mortgage Trust Series2005-2, Class 2A5, 5.50%, 12/25/2035		1,246		1,142
Lehman XS Trust
Series2005-5N, Class 3A1A, 2.12%, 11/25/2035 (k)		6,145		6,139
Series2005-7N, Class 1A1A, 2.36%, 12/25/2035 (k)		4,757		4,706
LHOME Mortgage Trust
Series 2019-RTL1, Class A1, 4.58%, 10/25/2023 (d) (i)		2,900		2,943
Series 2019-RTL2, Class A1, 3.84%, 3/25/2024 (d)		3,660		3,659
Series 2019-RTL2, Class A2, 4.34%, 3/25/2024 (d) (i)		580		580
MASTR Alternative Loan Trust
Series2006-3, Class 3A1, 5.50%, 6/25/2021		195		199
Series2004-8, Class 1A1, 6.50%, 9/25/2034		454		488
Series2004-12, Class 3A1, 6.00%, 12/25/2034		1,109		1,192
Series2005-3, Class 1A1, 5.50%, 4/25/2035		360		369
Series2005-5, Class 3A1, 5.75%, 8/25/2035		287		233
Series2005-6, Class 1A2, 5.50%, 12/25/2035		731		696
Merrill Lynch Mortgage Investors Trust
Series2005-1, Class 2A1, 4.06%, 4/25/2035 (k)		88		87
Series2005-1, Class 2A2, 4.06%, 4/25/2035 (k)		278		278

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 107

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series2006-1, Class 2A1, 4.20%, 2/25/2036 (k)		1,257		1,278
Series2006-AF2, Class AF2, 6.25%, 10/25/2036		325		273
Metlife Securitization Trust Series2017-1A, Class A, 3.00%, 4/25/2055 (d) (k)		6,449		6,564
Morgan Stanley Mortgage Loan Trust
Series2006-2, Class 1A, 5.25%, 2/25/2021		735		723
Series2004-8AR, Class 4A1, 4.38%, 10/25/2034 (k)		1,035		1,076
Series2004-9, Class 1A, 5.38%, 11/25/2034 (k)		694		746
Series2005-4, Class 1A, 5.00%, 8/25/2035		28		28
MortgageIT Trust
Series2005-3, Class A1, 2.42%, 8/25/2035 (k)		3,136		3,141
Series2005-5, Class A1, 2.34%, 12/25/2035 (k)		454		454
New Residential Mortgage Loan Trust
Series 2018-NQM1, Class A1, 3.99%, 11/25/2048 (d) (k)		6,388		6,484
Series 2019-NQM1, Class A1, 3.67%, 1/25/2049 (d) (k)		7,176		7,276
Series 2019-NQM2, Class M1, 4.27%, 4/25/2049 ‡ (d) (k)		2,000		2,047
Series 2019-NQM4, Class B1, 3.74%, 9/25/2059 ‡ (d) (k)		2,500		2,479
Series 2019-NQM4, Class B2, 5.06%, 9/25/2059 ‡ (d) (k)		4,000		3,999
Nomura Asset Acceptance Corp. Alternative Loan Trust Series2005-WF1, Class 2A5, 5.16%, 3/25/2035 (i)		24		25
OBX Trust Series 2018-EXP1, Class 2A1B, 2.67%, 4/25/2048 (d) (k)		2,120		2,100
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series2005-4, Class 1A2, 2.21%, 11/25/2035 (k)		291		293
Series2005-5, Class 1APT, 2.10%, 12/25/2035 (k)		2,051		1,938
Opteum Mortgage Acceptance Corp. Trust
Series2006-1, Class 1APT, 2.03%, 4/25/2036 (k)		662		637
Series2006-1, Class 1AC1, 2.12%, 4/25/2036 (k)		2,366		2,316
PMT Credit Risk Transfer Trust Series2019-2R, Class A, 4.80%, 5/27/2023 (d) (k)		802		806

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Provident Funding Mortgage Loan TrustSeries 2005-1, Class 2A1, 4.79%, 5/25/2035 (k)		116		116
PRPM LLC Series2019-1A, Class A1, 4.50%, 1/25/2024 (d) (i)		12,944		13,014
RALI Trust
Series 2003-QS20, Class CB, 5.00%, 11/25/2018		4		4
Series2005-QS2, Class A1, 5.50%, 2/25/2035		96		98
Series2005-QA5, Class A2, 5.16%, 4/25/2035 (k)		1,768		1,747
Series2005-QS6, Class A1, 5.00%, 5/25/2035		1,964		1,902
Series 2005-QS17, Class A3, 6.00%, 12/25/2035		1,055		1,038
Series2006-QS3, Class 1A10, 6.00%, 3/25/2036		1,708		1,686
Series2006-QS4, Class A2, 6.00%, 4/25/2036		1,959		1,897
Series 2006-QS17, Class A5, 6.00%, 12/25/2036		3,132		2,966
Residential Asset Securitization Trust
Series2004-A6, Class A1, 5.00%, 8/25/2019		18		18
Series2005-A3, Class A2, 5.50%, 4/25/2035		3,500		3,250
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035		2,097		1,990
Series2005-A14, Class A1, 5.50%, 12/25/2035		176		145
Series2006-A8, Class 3A1, 6.00%, 8/25/2036		3,680		2,953
Series2007-A5, Class 2A2, 6.00%, 5/25/2037		8,788		7,420
RFMSI Trust
Series2004-S9, Class 2A1, 4.75%, 12/25/2019		1		1
Series2005-SA1, Class 3A, 4.30%, 3/25/2035 (k)		121		123
Series2005-S7, Class A6, 5.50%, 11/25/2035		129		125
Series2006-S10, Class 1A1, 6.00%, 10/25/2036		2,406		2,278
Series2006-SA4, Class 2A1, 5.24%, 11/25/2036 (k)		2,371		2,285

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Seasoned Credit Risk Transfer Trust
Series2017-3, Class AIO, IO, 0.02%, 7/25/2056 (k)		305,141		452
Sequoia Mortgage Trust
Series2007-3, Class 1A1, 2.05%, 7/20/2036 (k)		826		806
Series2018-2, Class A4, 3.50%, 2/25/2048 (d) (k)		6,633		6,725
Spruce Hill Mortgage Loan Trust
Series2019-SH1, Class A1, 3.40%, 4/29/2049 (d) (k)		3,361		3,387
Series2019-SH1, Class A3, 3.65%, 4/29/2049 (d) (k)		4,227		4,260
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A1, 3.79%, 3/25/2048 (d) (k)		5,304		5,352
Series2019-1, Class A1, 2.94%, 6/25/2049 (d) (k)		8,397		8,425
Series2019-1, Class M1, 3.76%, 6/25/2049 ‡ (d) (k)		6,250		6,278
Structured Adjustable Rate Mortgage Loan Trust Series2005-1, Class 1A1, 4.16%, 2/25/2035 (k)		422		433
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series2003-35, Class B1, 5.42%, 12/25/2033 ‡ (k)		714		561
Toorak Mortgage Corp. Ltd.
Series2018-1, Class A1, 4.34%, 8/25/2021 (d) (i)		5,620		5,677
Series2019-1, Class A1, 4.46%, 3/25/2022 (d) (i)		7,400		7,516
Series2019-2, Class A1, 3.72%, 9/25/2022 (i)		1,970		1,976
Verus Securitization Trust
Series2018-2, Class A1, 3.68%, 6/1/2058 (d) (k)		5,955		5,993
Series2018-3, Class A1, 4.11%, 10/25/2058 (d) (k)		4,115		4,165
Series2019-1, Class A1, 3.84%, 2/25/2059 (d) (k)		4,980		5,042
Series2019-2, Class B1, 4.44%, 4/25/2059 ‡ (d) (k)		1,700		1,727
Series 2019-INV2, Class M1, 3.50%, 7/25/2059 ‡ (d) (k)		2,000		2,021
Series 2019-INV2, Class B1, 4.45%, 7/25/2059 ‡ (d) (k)		2,000		2,021

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2019-INV1, Class M1, 4.03%, 12/25/2059 ‡ (d) (k)		1,000		1,025
Series 2019-INV1, Class B1, 4.99%, 12/25/2059 ‡ (d)		1,100		1,128
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR11, Class A, 4.21%, 10/25/2034 (k)		1,248		1,270
Series2005-AR5, Class A6, 4.36%, 5/25/2035 (k)		3,168		3,258
Series2005-AR7, Class A3, 4.26%, 8/25/2035 (k)		1,122		1,147
Series 2005-AR14, Class 1A3, 4.10%, 12/25/2035 (k)		1,784		1,782
Series 2005-AR14, Class 1A4, 4.10%, 12/25/2035 (k)		1,190		1,189
Series 2005-AR16, Class 1A1, 4.21%, 12/25/2035 (k)		779		781
Series 2005-AR18, Class 1A3A, 4.25%, 1/25/2036 (k)		83		85
Series2006-AR2, Class 1A1, 4.25%, 3/25/2036 (k)		373		366
Series 2004-AR10, Class A1B, 2.24%, 7/25/2044 (k)		1,103		1,102
Series 2005-AR15, Class A1A1, 2.08%, 11/25/2045 (k)		50		49
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series2006-3, Class 5A2, 5.50%, 3/25/2021		530		518
Series2007-1, Class 2A1, 6.00%, 1/25/2022		881		835
Series2005-1, Class 1A3, 5.50%, 3/25/2035		944		931
Series2005-4, Class CB7, 5.50%, 6/25/2035		629		624
Series2005-10, Class 2A5, 5.75%, 11/25/2035		3,070		3,005
Series2005-10, Class 4CB1, 5.75%, 12/25/2035		973		985
Series2006-5, Class 2CB5, 6.50%, 7/25/2036		224		212
Series2007-1, Class 1A7, 2.42%, 2/25/2037 (k)		4,535		3,404
Wells Fargo Mortgage-Backed Securities Trust
Series2004-Q, Class 1A1, 4.81%, 9/25/2034 (k)		470		488

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 109

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued
United States — continued
Series2004-Q, Class 1A2, 4.81%, 9/25/2034 (k)		290		302
Series2004-BB, Class A5, 4.92%, 1/25/2035 (k)		311		321
Series2004-DD, Class 2A6, 5.00%, 1/25/2035 (k)		290		302
Series2004-DD, Class 1A1, 5.01%, 1/25/2035 (k)		3,286		3,467
Series2005-AR3, Class 2A1, 4.84%, 3/25/2035 (k)		334		345
Series2005-AR2, Class 2A2, 5.12%, 3/25/2035 (k)		71		73
Series2005-AR4, Class 2A2, 5.08%, 4/25/2035 (k)		152		154
Series2005-AR5, Class 1A1, 5.22%, 4/25/2035 (k)		909		926
Series2005-AR7, Class 2A1, 5.11%, 5/25/2035 (k)		18		18
Series 2005-AR11, Class 1A1, 4.75%, 6/25/2035 (k)		377		387
Series 2005-AR10, Class 1A1, 4.94%, 6/25/2035 (k)		1,409		1,430
Series2005-AR8, Class 1A1, 4.96%, 6/25/2035 (k)		1,710		1,727
Series 2005-AR15, Class 1A6, 4.77%, 9/25/2035 (k)		309		309
Series 2005-AR16, Class 7A1, 4.53%, 10/25/2035 (k)		165		167
Series 2005-AR16, Class 6A3, 4.91%, 10/25/2035 (k)		1,050		1,078
Series2006-AR6, Class 5A1, 4.91%, 3/25/2036 (k)		537		549
Series2006-AR2, Class 2A1, 4.93%, 3/25/2036 (k)		930		958
Series2006-AR2, Class 2A3, 4.93%, 3/25/2036 (k)		164		168
Series2006-4, Class 1A9, 5.75%, 4/25/2036		177		178
Series 2006-AR19, Class A3, 4.74%, 12/25/2036 (k)		259		260
Series2007-15, Class A1, 6.00%, 11/25/2037		351		358
				784,542
Total Collateralized Mortgage Obligations (Cost $773,496)				791,222

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — 5.1%
Cayman Islands — 0.1%
BlueMountain CLO Ltd.
Series2015-1A, Class C, 5.75%, 4/13/2027 ‡ (d) (k)		285		283
Series2012-2A, Class DR2, 5.04%, 11/20/2028 ‡ (d) (k)		1,500		1,398
Series2014-2A, Class DR2, 5.07%, 10/20/2030 ‡ (d) (k)		1,675		1,518
Series2018-3A, Class D, 5.19%, 10/25/2030 ‡ (d) (k)		1,285		1,177
Carlyle Global Market Strategies CLO Ltd.Series 2016-1A, Class CR, 4.72%, 4/20/2027 ‡ (d) (k)		1,250		1,206
CIFC Funding Ltd.
Series2014-5A, Class BR2, 3.80%, 10/17/2031 ‡ (d) (k)		943		934
Series2014-5A, Class DR2, 5.40%, 10/17/2031 ‡ (d) (k)		275		255
LCM 28 Ltd. Series 28A, Class B, 3.57%, 10/20/2030 ‡ (d) (k)		975		962
Voya CLO Ltd.
Series2019-1A, Class A, 3.17%, 4/15/2029 (d) (k)		2,366		2,367
Series2019-1A, Class D, 5.30%, 4/15/2029 ‡ (d) (k)		2,060		2,016
Series2016-3A, Class CR, 5.25%, 10/18/2031 ‡ (d) (k)		1,050		994
				13,110
United States — 5.0%
ABFC Trust
Series 2003-OPT1, Class A1A, 2.64%, 4/25/2033 ‡ (k)		219		219
Series 2004-OPT3, Class M1, 2.57%, 9/25/2033 ‡ (k)		667		654
Series2004-HE1, Class M1, 2.72%, 3/25/2034 ‡ (k)		1,311		1,310
Series2005-WF1, Class M1, 2.36%, 11/25/2034 ‡ (k)		804		805
ACC Trust
Series2018-1, Class B, 4.82%, 5/20/2021 (d)		915		922
Series2019-1, Class A, 3.75%, 5/20/2022 (d)		582		585
Series2019-1, Class B, 4.47%, 10/20/2022 (d)		3,145		3,211
Series2018-1, Class C, 6.81%, 2/21/2023 (d)		715		735

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series2019-1, Class C, 6.41%, 2/20/2024 (d)		2,050		2,105
Accredited Mortgage Loan Trust Series2004-4, Class M1, 2.69%, 1/25/2035 ‡ (k)		755		758
ACE Securities Corp. Home Equity Loan Trust
Series2003-FM1, Class M1, 3.11%, 11/25/2032 ‡ (k)		829		852
Series2003-NC1, Class M1, 2.99%, 7/25/2033 ‡ (k)		535		533
Series2003-HE1, Class M1, 2.80%, 11/25/2033 (k)		1,001		995
Series2003-OP1, Class M1, 2.87%, 12/25/2033 ‡ (k)		2,992		2,980
Series2004-OP1, Class M2, 3.40%, 4/25/2034 ‡ (k)		3,152		3,134
Series2004-HE4, Class M2, 2.80%, 12/25/2034 ‡ (k)		1,210		1,203
Ally Auto Receivables Trust
Series2018-3, Class A2, 2.72%, 5/17/2021		390		391
Series2017-1, Class A3, 1.70%, 6/15/2021		350		349
Series2017-3, Class A3, 1.74%, 9/15/2021		2,333		2,330
Series2017-4, Class A3, 1.75%, 12/15/2021		1,323		1,322
American Credit Acceptance Receivables Trust
Series2018-3, Class D, 4.14%, 10/15/2024 (d)		1,816		1,859
Series2018-3, Class E, 5.17%, 10/15/2024 (d)		1,545		1,600
Series2017-4, Class E, 5.02%, 12/10/2024 (d)		420		430
Series2018-4, Class D, 4.40%, 1/13/2025 (d)		3,280		3,391
Series2018-4, Class E, 5.38%, 1/13/2025 (d)		725		756
Series2019-1, Class D, 3.81%, 4/14/2025 (d)		3,850		3,945
Series2019-1, Class E, 4.84%, 4/14/2025 (d)		2,505		2,577
Series2019-2, Class D, 3.41%, 6/12/2025 (d)		610		622
Series2019-2, Class E, 4.29%, 6/12/2025 (d)		480		486
Series2018-3, Class F, 6.44%, 6/12/2025 (d)		1,255		1,293
Series2019-3, Class D, 2.89%, 9/12/2025 (d)		1,899		1,912

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series2019-3, Class E, 3.80%, 9/12/2025 (d)		847		849
Series2018-4, Class F, 6.94%, 10/13/2025 (d)		1,045		1,091
Series2019-1, Class F, 6.06%, 12/12/2025 (d)		1,630		1,674
Series2019-3, Class F, 5.42%, 5/12/2026 (d)		1,210		1,215
Series2019-2, Class F, 5.81%, 6/12/2026 (d)		510		520
AmeriCredit Automobile Receivables Trust
Series2017-1, Class A3, 1.87%, 8/18/2021		191		191
Series2018-2, Class A2A, 2.86%, 11/18/2021		998		1,000
Series2017-2, Class A3, 1.98%, 12/20/2021		759		758
Series2018-3, Class A2A, 3.11%, 1/18/2022		1,875		1,881
Series2019-1, Class A2A, 2.93%, 6/20/2022		2,110		2,118
Series2018-2, Class A3, 3.15%, 3/20/2023		5,850		5,922
Series2018-3, Class A3, 3.38%, 7/18/2023		2,920		2,970
Series2019-1, Class C, 3.36%, 2/18/2025		925		954
Series2019-1, Class D, 3.62%, 3/18/2025		1,185		1,223
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
Series2002-AR1, Class M1, 3.09%, 9/25/2032 ‡ (k)		475		486
Series2004-R8, Class M1, 2.78%, 9/25/2034 ‡ (k)		46		46
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities
Series2004-R1, Class A2, 2.42%, 2/25/2034 ‡ (k)		752		734
Series2004-R1, Class M1, 2.62%, 2/25/2034 ‡ (k)		2,012		2,025
Series2004-R1, Class M2, 2.69%, 2/25/2034 ‡ (k)		361		351
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series2003-W5, Class M2, 4.37%, 10/25/2033 ‡ (k)		868		859
Series2004-W3, Class A3, 2.64%, 2/25/2034 ‡ (k)		1,468		1,430
Series2004-W2, Class M2, 3.70%, 4/25/2034 ‡ (k)		537		547

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 111

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series2004-W2, Class M3, 3.92%, 4/25/2034 ‡ (k)		396		394
Series2004-W6, Class M1, 2.65%, 5/25/2034 ‡ (k)		773		777
Series2004-W7, Class M2, 2.72%, 5/25/2034 ‡ (k)		429		432
Asset-Backed Securities Corp. Home Equity Loan Trust
Series2001-HE3, Class A1, 2.45%, 11/15/2031 (k)		1,537		1,516
Series2003-HE3, Class M2, 4.91%, 6/15/2033 ‡ (k)		71		72
Series2003-HE4, Class M1, 3.16%, 8/15/2033 (k)		1,305		1,313
Series2003-HE4, Class M2, 4.69%, 8/15/2033 ‡ (k)		963		967
Series2004-HE2, Class M2, 3.70%, 4/25/2034 ‡ (k)		1,322		1,318
Series2004-HE7, Class M2, 3.40%, 10/25/2034 ‡ (k)		916		931
Series2005-HE6, Class M4, 2.78%, 7/25/2035 ‡ (k)		500		502
BA Credit Card Trust Series2017-A1, Class A1, 1.95%, 8/15/2022		1,654		1,654
Bayview Financial Acquisition TrustSeries 2006-D, Class 1A5, 5.67%, 12/28/2036 ‡ (i)		267		279
Bayview Financial Mortgage Pass-Through Trust Series2006-C, Class 1A2, 5.64%, 11/28/2036 ‡ (i)		151		152
Bear Stearns Asset-Backed Securities I Trust
Series2004-HE6, Class M2, 3.70%, 8/25/2034 ‡ (k)		3,140		3,143
Series 2004-HE11, Class M2, 3.40%, 12/25/2034 ‡ (k)		1,120		1,132
Bear Stearns Asset-Backed Securities Trust
Series2003-SD1, Class A, 2.72%, 12/25/2033 ‡ (k)		376		374
Series2003-SD1, Class M1, 3.10%, 12/25/2033 ‡ (k)		388		380
Series2004-HE2, Class M2, 3.62%, 3/25/2034 ‡ (k)		1,059		1,073
Series2003-1, Class M1, 3.47%, 11/25/2042 ‡ (k)		335		320
Series2004-SD4, Class A1, 2.72%, 8/25/2044‡ (k)		1,338		1,336

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
BMW Vehicle Lease Trust
Series2017-2, Class A3, 2.07%, 10/20/2020		178		178
Series2018-1, Class A3, 3.26%, 7/20/2021		1,878		1,900
Capital One Multi-Asset Execution Trust
Series2017-A4, Class A4, 1.99%, 7/17/2023		4,671		4,677
Series2015-A8, Class A8, 2.05%, 8/15/2023		2,122		2,126
CarMax Auto Owner Trust
Series2016-2, Class A4, 1.68%, 9/15/2021		2,892		2,888
Series2018-3, Class A2A, 2.88%, 10/15/2021		44		44
Series2017-1, Class A3, 1.98%, 11/15/2021		107		107
Series2017-2, Class A3, 1.93%, 3/15/2022		1,515		1,515
CDC Mortgage Capital Trust Series2003-HE1, Class M1, 3.17%, 8/25/2033 (k)		347		347
Centex Home Equity Loan Trust
Series2004-A, Class M1, 2.42%, 1/25/2034 ‡ (k)		3,416		3,380
Series2004-C, Class M2, 2.62%, 6/25/2034 ‡ (k)		561		561
Series2004-D, Class MV2, 2.51%, 9/25/2034 ‡ (k)		189		188
Series2004-D, Class MF2, 5.56%, 9/25/2034 ‡ (i)		603		623
Series2004-D, Class MF3, 5.76%, 9/25/2034 ‡ (i)		1,640		1,711
Chase Funding Loan Acquisition Trust
Series2004-AQ1, Class M1, 2.92%, 5/25/2034 ‡ (k)		1,116		1,108
Series 2004-OPT1, Class M2, 3.32%, 6/25/2034 ‡ (k)		758		757
Chase Funding Trust
Series2003-5, Class 1M2, 5.64%, 9/25/2032 ‡ (k)		214		208
Series2003-4, Class 2M1, 2.72%, 3/25/2033‡ (k)		110		107
Series2004-1, Class 1M1, 4.73%, 5/25/2033‡		841		914
Series2003-4, Class 1A5, 5.14%, 5/25/2033 ‡ (i)		1,041		1,072
Series2004-1, Class 2M1, 2.57%, 9/25/2033 ‡ (k)		330		327
Series2003-6, Class 2A2, 2.40%, 11/25/2034 ‡ (k)		2,345		2,296

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series2003-6, Class 2M1, 2.57%, 11/25/2034 ‡ (k)		1,345		1,345
Series2004-2, Class 1M1, 5.70%, 2/26/2035 ‡ (k)		1,803		1,922
CHEC Loan Trust
Series2004-1, Class M1, 2.72%, 7/25/2034‡ (d) (k)		949		911
Citibank Credit Card Issuance Trust
Series2016-A1, Class A1, 1.75%, 11/19/2021		6,440		6,439
Series2014-A1, Class A1, 2.88%, 1/23/2023		4,788		4,849
Citifinancial Mortgage Securities, Inc.
Series2004-1, Class AF4, 5.07%, 4/25/2034‡ (i)		3,011		3,149
Citigroup Mortgage Loan Trust, Inc.
Series 2005-OPT1, Class M4, 2.87%, 2/25/2035 ‡ (k)		210		207
Series2005-WF2, Class AF7, 5.25%, 8/25/2035 ‡ (i)		45		44
Conn’s Receivables Funding LLC
Series2018-A, Class B, 4.65%, 1/15/2023‡(d)		781		786
Series2018-A, Class C, 6.02%, 1/15/2023‡(d)		613		618
Series2019-A, Class B, 4.36%, 10/16/2023 ‡ (d)		1,600		1,617
Series2019-A, Class C, 5.29%, 10/16/2023 (d)		2,370		2,395
Consumer Loan Underlying Bond Credit Trust Series2018-NP1, Class C, 4.74%, 5/15/2024 ‡ (d)		1,565		1,576
Countrywide Asset-Backed Certificates
Series2002-4, Class M1, 2.95%, 12/25/2032 ‡ (k)		486		486
Series2004-BC1, Class M1, 2.57%, 2/25/2034 (k)		927		926
Series2004-2, Class M1, 2.57%, 5/25/2034 ‡ (k)		4,353		4,355
Series2004-3, Class M1, 2.57%, 6/25/2034‡ (k)		752		747
Series2004-3, Class M2, 2.65%, 6/25/2034 ‡ (k)		419		419
Series2004-BC4, Class M1, 2.87%, 11/25/2034 ‡ (k)		156		157
Series 2004-ECC2, Class M2, 2.80%, 12/25/2034 ‡ (k)		345		345

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series2005-12, Class M2, 2.31%, 2/25/2036 ‡ (k)		3,000		2,999
Series2005-AB4, Class 2A1, 2.09%, 3/25/2036 ‡ (k)		1,886		1,742
Series2006-19, Class 2A2, 1.98%, 3/25/2037 ‡ (k)		5,658		5,629
Countrywide Partnership TrustSeries 2004-EC1, Class M2, 2.77%, 1/25/2035 ‡ (k)		675		677
CPS Auto Receivables Trust Series2019-A, Class D, 4.35%, 12/16/2024 (d)		820		852
Credit Acceptance Auto Loan Trust Series2019-1A, Class B, 3.75%, 4/17/2028 (d)		4,875		5,045
Credit-Based Asset Servicing & Securitization LLC
Series2004-CB2, Class M1, 2.60%, 7/25/2033 ‡ (k)		1,155		1,139
Series2003-CB6, Class M1, 2.87%, 12/25/2033‡ (k)		1,966		1,959
CWABS Asset-Backed Certificates TrustSeries 2005-11, Class AF6, 5.05%, 2/25/2036‡ (k)		598		614
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M3, 2.80%, 2/25/2034‡ (k)		991		991
Series2004-1, Class M2, 2.65%, 3/25/2034‡ (k)		552		551
CWABS, Inc. Asset-Backed Certificates Trust
Series2004-5, Class M2, 2.83%, 7/25/2034‡ (k)		1,314		1,321
Series2004-6, Class M2, 2.80%, 10/25/2034‡ (k)		512		510
Dell Equipment Finance Trust Series2017-2, Class A3, 2.19%, 10/24/2022 (d)		999		999
Drive Auto Receivables Trust
Series2018-4, Class A3, 3.04%, 11/15/2021		22		22
Series2019-4, Class A2A, 2.32%, 6/15/2022		2,333		2,335
Series2019-3, Class C, 2.90%, 8/15/2025		2,390		2,423
Series2018-4, Class D, 4.09%, 1/15/2026		1,920		1,972
Series2018-5, Class D, 4.30%, 4/15/2026		1,830		1,896
Series2019-1, Class D, 4.09%, 6/15/2026		1,685		1,743
Series2019-3, Class D, 3.18%, 10/15/2026		2,010		2,045
Driven Brands Funding LLC Series2019-1A, Class A2, 4.64%, 4/20/2049 (d)		2,074		2,196

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 113

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
DT Auto Owner Trust
Series2018-3A, Class D, 4.19%, 7/15/2024 (d)		2,620		2,708
Series2019-1A, Class D, 3.87%, 11/15/2024 (d)		3,285		3,381
Series2017-4A, Class E, 5.15%, 11/15/2024 (d)		1,525		1,577
Series2018-2A, Class E, 5.54%, 6/16/2025 (d)		685		719
Series2018-3A, Class E, 5.33%, 11/17/2025 (d)		2,732		2,855
Series2019-1A, Class E, 4.94%, 2/17/2026 (d)		3,690		3,830
Series2019-2A, Class E, 4.46%, 5/15/2026 (d)		4,167		4,288
Series2019-3A, Class E, 3.85%, 8/17/2026 (d)		3,900		3,919
Exeter Automobile Receivables Trust
Series2016-2A, Class D, 8.25%, 4/17/2023 (d)		940		989
Series2018-4A, Class C, 3.97%, 9/15/2023 (d)		2,930		2,991
Series2018-2A, Class D, 4.04%, 3/15/2024 (d)		550		565
Series2018-3A, Class E, 5.43%, 8/15/2024 (d)		990		1,040
Series2018-4A, Class D, 4.35%, 9/16/2024 (d)		1,190		1,234
Series2019-1A, Class C, 3.82%, 12/16/2024 (d)		1,240		1,269
Series2019-1A, Class D, 4.13%, 12/16/2024 (d)		2,320		2,407
Series2019-2A, Class D, 3.71%, 3/17/2025 (d)		620		639
Series2018-4A, Class E, 5.38%, 7/15/2025 (d)		1,050		1,096
Series2019-3A, Class D, 3.11%, 8/15/2025 (d)		2,385		2,418
Series2019-1A, Class E, 5.20%, 1/15/2026 (d)		2,900		3,036
Series2019-2A, Class E, 4.68%, 5/15/2026 (d)		10,840		11,142
Series2019-3A, Class E, 4.00%, 8/17/2026 (d)		833		844
FFMLT Trust Series 2005-FF11, Class M1, 2.47%, 11/25/2035‡ (k)		4,593		4,593

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Finance America Mortgage Loan Trust Series2004-3, Class M2, 2.77%, 11/25/2034‡ (k)		157		148
First Franklin Mortgage Loan Asset-Backed Certificates Series2004-FF3, Class M1, 2.65%, 5/25/2034‡ (k)		640		638
First Franklin Mortgage Loan Trust
Series2003-FF5, Class M1, 2.72%, 3/25/2034‡ (k)		3,423		3,442
Series2004-FF5, Class A1, 2.54%, 8/25/2034‡ (k)		1,619		1,618
Series 2005-FF10, Class A1, 2.12%, 11/25/2035‡ (k)		7,698		7,557
Series2006-FF8, Class IIA3, 1.97%, 7/25/2036‡ (k)		466		465
Flagship Credit Auto Trust
Series2016-3, Class E, 6.25%, 10/15/2023 (d)		1,460		1,534
Series2018-4, Class C, 4.11%, 10/15/2024 (d)		825		859
Ford Credit Auto Owner Trust
Series 2018-A,Class A2A, 2.59%, 2/15/2021		446		446
Series2016-C, Class A3, 1.22%, 3/15/2021		496		496
Series2017-A, Class A3, 1.67%, 6/15/2021		1,750		1,748
Series2017-C, Class A3, 2.01%, 3/15/2022		1,638		1,638
FREED ABS Trust
Series2018-2, Class B, 4.61%, 10/20/2025 ‡ (d)		1,135		1,166
Series2019-1, Class A, 3.42%, 6/18/2026 (d)		1,549		1,558
Series2019-1, Class B, 3.87%, 6/18/2026 ‡ (d)		2,320		2,359
Series2019-1, Class C, 5.39%, 6/18/2026 ‡ (d)		1,760		1,804
Fremont Home Loan Trust
Series2003-A, Class M1, 2.80%, 8/25/2033 ‡ (k)		1,565		1,544
Series2002-1, Class M1, 3.07%, 8/25/2033 ‡ (k)		1,612		1,627
Series2004-B, Class M2, 2.77%, 5/25/2034 ‡ (k)		398		408
Series2004-2, Class M2, 2.75%, 7/25/2034 (k)		384		385
Series2004-C, Class M1, 2.80%, 8/25/2034 ‡ (k)		698		691
Series2004-D, Class M1, 2.69%, 11/25/2034 (k)		1,789		1,800

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series2004-D, Class M2, 2.72%, 11/25/2034 (k)		247		239
GLS Auto Receivables Issuer Trust
Series2019-4A, Class A, 2.47%, 11/15/2023 (d)		780		780
Series2019-4A, Class B, 2.78%, 9/16/2024 (d)		1,330		1,330
Series2019-1A, Class C, 3.87%, 12/16/2024 (d)		1,485		1,524
Series2019-4A, Class C, 3.06%, 8/15/2025 (d)		1,050		1,050
Series2019-1A, Class D, 4.94%, 12/15/2025 (d)		540		563
Series2019-2A, Class D, 4.52%, 2/17/2026 (d)		1,000		1,023
GLS Auto Receivables Trust
Series2018-3A, Class C, 4.18%, 7/15/2024 (d)		820		847
Series2018-3A, Class D, 5.34%, 8/15/2025 (d)		860		907
GM Financial Automobile Leasing Trust
Series2017-2, Class A3, 2.02%, 9/21/2020		881		881
Series2018-3, Class A3, 3.18%, 6/21/2021		3,399		3,423
Series2019-4, Class A2A, 1.84%, 11/16/2022		4,678		4,675
GM Financial Consumer Automobile Series2017-1A, Class A3, 1.78%, 10/18/2021 (d)		1,121		1,120
GM Financial Consumer Automobile Receivables Trust
Series2018-3, Class A2A, 2.74%, 7/16/2021		818		819
Series2019-2, Class A2A, 2.66%, 6/16/2022		3,886		3,898
GSAA Home Equity Trust Series2005-6, Class A3, 2.19%, 6/25/2035 ‡ (k)		182		182
GSAMP Trust
Series2003-SEA, Class A1, 2.22%, 2/25/2033 ‡ (k)		919		914
Series2003-HE1, Class M1, 3.09%, 6/20/2033 ‡ (k)		1,609		1,624
Series2005-NC1, Class M1, 2.50%, 2/25/2035 ‡ (k)		1,133		1,138
Series2005-HE3, Class M2, 2.83%, 6/25/2035 ‡ (k)		50		50
Series2006-FM1, Class A2C, 1.98%, 4/25/2036 ‡ (k)		2,806		2,071
Series2006-HE4, Class A2C, 1.97%, 6/25/2036 ‡ (k)		806		803

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2007-SEA1, Class A, 2.12%, 12/25/2036 ‡ (d) (k)		5,184		5,018
Series2006-HE3, Class A2C, 1.98%, 5/25/2046 (k)		3,616		3,579
Home Equity Asset Trust
Series2002-5, Class M1, 3.52%, 5/25/2033 ‡ (k)		2,721		2,730
Series2003-3, Class M1, 3.11%, 8/25/2033 ‡ (k)		671		672
Series2004-6, Class M2, 2.72%, 12/25/2034 ‡ (k)		443		441
Home Equity Mortgage Loan Asset-Backed Trust
Series2004-B, Class M2, 2.95%, 11/25/2034 ‡ (k)		390		392
Series2004-C, Class M1, 2.66%, 3/25/2035 ‡ (k)		6,663		6,675
Series2004-C, Class M2, 2.72%, 3/25/2035 ‡ (k)		756		759
Honda Auto Receivables Owner Trust
Series2018-3, Class A2, 2.67%, 12/22/2020		1,494		1,496
Series2017-1, Class A3, 1.72%, 7/21/2021		1,965		1,963
Series2017-2, Class A3, 1.68%, 8/16/2021		2,298		2,296
Hyundai Auto Lease Securitization TrustSeries 2017-B, Class A3, 1.97%, 7/15/2020 (d)		596		596
Hyundai Auto Receivables Trust
Series2016-B, Class A3, 1.29%, 4/15/2021		264		263
Series2019-B, Class A2, 1.93%, 7/15/2022		1,298		1,298
John Deere Owner Trust Series2019-A, Class A2, 2.85%, 12/15/2021		2,338		2,347
Lendmark Funding Trust
Series2017-2A, Class C, 4.33%, 5/20/2026 ‡ (d)		655		656
Series2018-1A, Class C, 5.03%, 12/21/2026 ‡ (d)		1,110		1,143
Long Beach Mortgage Loan Trust
Series2001-2, Class M1, 2.38%, 7/25/2031 ‡ (k)		390		391
Series2002-5, Class M1, 3.07%, 11/25/2032 ‡ (k)		2,007		2,008
Series2003-4, Class M1, 2.84%, 8/25/2033 ‡ (k)		160		159
Series2004-3, Class M2, 2.72%, 7/25/2034 ‡ (k)		669		663
Series2004-3, Class M4, 3.44%, 7/25/2034 ‡ (k)		436		436

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 115

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series2004-3, Class M6, 3.96%, 7/25/2034 ‡ (k)		469		466
Series2004-4, Class M1, 2.72%, 10/25/2034 ‡ (k)		1,250		1,252
Mariner Finance Issuance Trust Series2018-AA, Class A, 4.20%, 11/20/2030 (d)		2,050		2,099
MASTR Asset-Backed Securities Trust
Series 2003-OPT1, Class M3, 5.95%, 12/25/2032 ‡ (k)		2,312		2,372
Series 2004-OPT2, Class M1, 2.72%, 9/25/2034 ‡ (k)		427		418
Series 2004-OPT2, Class M2, 2.80%, 9/25/2034 ‡ (k)		723		715
Series2005-NC1, Class M2, 2.57%, 12/25/2034 ‡ (k)		627		624
Series2005-NC1, Class M4, 2.96%, 12/25/2034 ‡ (k)		787		797
ME Funding LLC Series2019-1, Class A2, 6.45%, 7/30/2049 (d)		2,773		2,888
Mercedes-Benz Auto Lease Trust Series2018-B, Class A2, 3.04%, 12/15/2020		1,452		1,455
Mercedes-Benz Auto Receivables Trust
Series2018-1, Class A2A, 2.71%, 4/15/2021		166		166
Series2019-1, Class A2A, 2.04%, 6/15/2022		5,553		5,558
Merrill Lynch Mortgage Investors Trust
Series 2003-OPT1, Class M1, 2.80%, 7/25/2034 (k)		349		343
Series 2004-WMC5, Class M5, 3.55%, 7/25/2035 ‡ (k)		30		30
Series2004-HE2, Class M1, 3.02%, 8/25/2035 ‡ (k)		190		192
Series2005-FM1, Class M1, 2.54%, 5/25/2036 (k)		1,278		1,266
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (d) (i)		5,719		5,772
Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (d) (i)		13,293		13,378
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (d) (i)		10,811		10,824
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, Class M1, 2.84%, 10/25/2033 ‡ (k)		654		651
Series2004-HE1, Class M1, 2.68%, 1/25/2034 ‡ (k)		2,194		2,174

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series2004-NC3, Class M1, 2.62%, 3/25/2034 ‡ (k)		1,975		1,961
Series2004-HE3, Class M1, 2.68%, 3/25/2034 ‡ (k)		2,802		2,757
Series2004-HE2, Class M2, 3.62%, 3/25/2034 ‡ (k)		160		149
Series2004-HE3, Class M2, 3.70%, 3/25/2034 ‡ (k)		737		719
Series2004-HE2, Class M3, 4.00%, 3/25/2034 ‡ (k)		1,033		710
Series2004-NC5, Class M1, 2.72%, 5/25/2034 ‡ (k)		4,023		3,984
Series 2004-WMC2, Class M1, 2.74%, 7/25/2034 ‡ (k)		1,495		1,501
Series 2004-WMC2, Class M2, 3.62%, 7/25/2034 ‡ (k)		414		415
Series2004-NC6, Class M2, 3.70%, 7/25/2034 ‡ (k)		499		494
Series2004-HE6, Class M1, 2.65%, 8/25/2034 ‡ (k)		571		570
Series2004-HE6, Class M2, 2.72%, 8/25/2034 ‡ (k)		932		927
Series2004-HE7, Class M2, 2.77%, 8/25/2034 ‡ (k)		239		242
Series2004-HE6, Class M3, 2.80%, 8/25/2034 ‡ (k)		639		639
Series2004-HE7, Class M3, 2.84%, 8/25/2034 ‡ (k)		62		62
Series2004-HE8, Class M1, 2.78%, 9/25/2034 ‡ (k)		2,010		2,018
Series2004-HE8, Class M2, 2.84%, 9/25/2034 ‡ (k)		327		327
Series2004-NC8, Class M3, 2.93%, 9/25/2034 ‡ (k)		500		496
Series2004-HE8, Class M3, 2.95%, 9/25/2034 ‡ (k)		575		575
Series2005-HE1, Class M2, 2.53%, 12/25/2034 ‡ (k)		360		343
Series2005-HE1, Class M3, 2.60%, 12/25/2034 ‡ (k)		984		954
Series2005-NC1, Class M3, 2.59%, 1/25/2035 ‡ (k)		263		261
Series 2004-WMC3, Class M2, 2.62%, 1/25/2035 ‡ (k)		2,778		2,763
Morgan Stanley Mortgage Loan TrustSeries 2007-5AX, Class 2A2, 1.97%, 2/25/2037 ‡ (k)		3,790		1,689

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
New Century Home Equity Loan Trust
Series2003-3, Class M1, 3.01%, 7/25/2033 ‡ (k)		75		75
Series2003-B, Class M2, 4.30%, 11/25/2033 ‡ (k)		535		538
Series2004-1, Class M1, 2.71%, 5/25/2034 ‡ (k)		2,165		2,173
Series2004-2, Class M2, 2.75%, 8/25/2034 ‡ (k)		163		163
Series2004-2, Class M4, 3.62%, 8/25/2034 ‡ (k)		760		761
Series2004-2, Class M6, 4.07%, 8/25/2034 ‡ (k)		648		653
Series2004-3, Class M2, 2.80%, 11/25/2034 ‡ (k)		428		430
Series2004-3, Class M3, 2.89%, 11/25/2034 ‡ (k)		332		331
Series2004-4, Class M1, 2.59%, 2/25/2035 ‡ (k)		3,731		3,704
Series2004-4, Class M2, 2.62%, 2/25/2035 ‡ (k)		416		416
Series2005-1, Class M3, 2.60%, 3/25/2035 ‡ (k)		292		289
Series2006-2, Class A2B, 1.98%, 8/25/2036 ‡ (k)		1,732		1,670
New Residential Mortgage LLC
Series 2018-FNT1, Class D, 4.69%, 5/25/2023 ‡ (d)		876		889
Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (d)		717		727
Nissan Auto Receivables Owner Trust
Series2016-B, Class A3, 1.32%, 1/15/2021		44		44
Series2017-A, Class A3, 1.74%, 8/16/2021		1,913		1,911
Series2019-B, Class A2, 2.56%, 3/15/2022		4,543		4,561
NovaStar Mortgage Funding Trust
Series2003-2, Class M2, 4.60%, 9/25/2033 ‡ (k)		1,191		1,192
Series2004-2, Class M4, 3.62%, 9/25/2034 ‡ (k)		2,092		2,056
Oak Hill Advisors Residential Loan Trust
Series 2017-NPL1, Class A1, 3.00%, 6/25/2057 ‡ (d) (i)		149		149
Series 2017-NPL2, Class A1, 3.00%, 7/25/2057 ‡ (d) (i)		280		280
OnDeck Asset Securitization Trust LLC Series2018-1A, Class C, 4.52%, 4/18/2022 ‡ (d)		250		252

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
OneMain Financial Issuance Trust
Series2015-1A, Class C, 5.12%, 3/18/2026 ‡ (d)		397		397
Series2015-3A, Class C, 5.82%, 11/20/2028 ‡ (d)		915		967
Series2019-1A, Class B, 3.79%, 2/14/2031 ‡ (d)		990		1,020
Option One Mortgage Acceptance Corp.Asset-Backed Certificates
Series2003-5, Class A2, 2.46%, 8/25/2033 ‡ (k)		393		389
Series2003-5, Class M2, 4.15%, 8/25/2033 ‡ (k)		182		189
Option One Mortgage Loan Trust
Series2002-3, Class A1, 2.32%, 8/25/2032 ‡ (k)		3,145		3,116
Series2002-3, Class A2, 2.36%, 8/25/2032 ‡ (k)		599		593
Series2004-3, Class M2, 2.68%, 11/25/2034 ‡ (k)		535		539
People’s Choice Home Loan Securities Trust Series2004-2, Class M3, 3.55%, 10/25/2034 ‡ (k)		1,910		1,938
PNMAC FMSR Issuer Trust Series2018-FT1, Class A, 4.17%, 4/25/2023 (d) (k)		2,878		2,845
PNMAC GMSR Issuer Trust Series2018-GT1, Class A, 4.67%, 2/25/2023 (d) (k)		3,715		3,738
Prestige Auto Receivables Trust
Series2017-1A, Class E, 4.89%, 5/15/2024 (d)		780		803
Series2018-1A, Class D, 4.14%, 10/15/2024 (d)		865		901
Series2018-1A, Class E, 5.03%, 1/15/2026 (d)		635		661
Pretium Mortgage Credit Partners I LLC
Series 2019-NPL2, Class A1, 3.84%, 12/25/2058 (d) (i)		4,295		4,317
Series 2019-NPL2, Class A2, 5.93%, 12/25/2058 ‡ (d) (i)		5,500		5,517
Series 2019-NPL3, Class A2, 4.58%, 7/27/2059 ‡ (d) (i)		2,500		2,501
Series 2019-NPL1, Class A1, 4.21%, 7/25/2060 ‡ (d) (i)		7,556		7,620
Series 2019-NPL1, Class A2, 5.93%, 7/25/2060 ‡ (d) (i)		5,000		5,047

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 117

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
PRPM LLC
Series2017-2A, Class A1, 3.47%, 9/25/2022 ‡ (d) (i)		1,231		1,233
Series2019-2A, Class A1, 3.97%, 4/25/2024 ‡ (d) (i)		8,708		8,743
Series2019-2A, Class A2, 5.44%, 4/25/2024 ‡ (d) (i)		3,250		3,286
Series2019-3A, Class A1, 3.35%, 7/25/2024 ‡ (d) (i)		4,826		4,835
RAMP Trust
Series2002-RS2, Class AI5, 5.90%, 3/25/2032 ‡ (k)		417		436
Series2006-RZ3, Class M1, 2.17%, 8/25/2036 ‡ (k)		5,500		5,364
RASC Trust
Series2001-KS3, Class AII, 2.28%, 9/25/2031 ‡ (k)		363		360
Series 2005-EMX1, Class M1, 2.47%, 3/25/2035 ‡ (k)		1,839		1,841
Series2005-KS2, Class M1, 2.47%, 3/25/2035 ‡ (k)		866		867
Renaissance Home Equity Loan Trust
Series2002-3, Class M1, 3.32%, 12/25/2032 ‡ (k)		819		827
Series2003-1, Class M1, 3.32%, 6/25/2033 ‡ (k)		315		314
Series2003-4, Class M1, 2.67%, 3/25/2034 ‡ (k)		1,556		1,549
Series2003-4, Class M2F, 6.24%, 3/25/2034 ‡ (i)		837		855
Series2004-1, Class M1, 2.69%, 5/25/2034 ‡ (k)		354		346
Series2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (i)		163		170
Series2005-2, Class AV3, 2.19%, 8/25/2035 ‡ (k)		903		883
Santander Drive Auto Receivables Trust
Series2018-5, Class A2A, 2.97%, 7/15/2021		159		159
Series2019-1, Class C, 3.42%, 4/15/2025		2,123		2,169
Series2019-1, Class D, 3.65%, 4/15/2025		4,025		4,124
Santander Prime Auto Issuance Notes Trust
Series2018-A, Class E, 5.04%, 9/15/2025 (d)		1,576		1,607
Series2018-A, Class F, 6.80%, 9/15/2025 (d)		2,388		2,454

INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)
United States — continued
SASCO Mortgage Loan Trust Series 2004-GEL3, Class M1, 3.40%, 8/25/2034 ‡ (k)		668			670
Saxon Asset Securities Trust
Series2003-3, Class M1, 2.80%, 12/25/2033 ‡ (k)		3,851			3,749
Series2004-2, Class MV2, 3.62%, 8/25/2035 ‡ (k)		979			986
Series2004-2, Class AF3, 4.19%, 8/25/2035 ‡ (k)		50			52
Series2005-2, Class M2, 2.48%, 10/25/2035 (k)		3,138			3,081
Securitized Asset-Backed Receivables LLC Trust
Series2004-NC1, Class M1, 2.60%, 2/25/2034 ‡ (k)		1,859			1,859
Series2004-OP1, Class M2, 3.47%, 2/25/2034 ‡ (k)		532			532
Series2004-OP2, Class M1, 2.80%, 8/25/2034 ‡ (k)		2,543			2,536
Series2005-OP1, Class M2, 2.50%, 1/25/2035 ‡ (k)		954			945
Series2005-FR2, Class M2, 2.80%, 3/25/2035 ‡ (k)		610			611
Specialty Underwriting & Residential Finance Trust
Series2004-BC1, Class M2, 3.43%, 2/25/2035 ‡ (k)		604			605
Series2004-BC3, Class M1, 2.75%, 7/25/2035 ‡ (k)		886			886
Stanwich Mortgage Loan Trust Series 2018-NPB2, Class A1, 4.50%, 10/18/2023 ‡ (d) (i)		6,152			6,194
Structured Asset Investment Loan Trust
Series2003-BC6, Class M1, 2.95%, 7/25/2033 ‡ (k)		538			539
Series2003-BC7, Class M1, 2.95%, 7/25/2033 ‡ (k)		179			179
Series 2003-BC11, Class M2, 4.37%, 10/25/2033 ‡ (k)		37			42
Series 2003-BC12, Class M1, 2.80%, 11/25/2033 ‡ (k)		251			244
Series2004-1, Class M1, 2.80%, 2/25/2034 ‡ (k)		37			35
Series2004-1, Class M2, 4.52%, 2/25/2034 ‡ (k)		—	(c)		–	(c)
Series2004-5, Class M3, 2.75%, 5/25/2034 ‡ (k)		135			134

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued
United States — continued
Series2004-6, Class M1, 2.72%, 7/25/2034 ‡ (k)		1,242		1,235
Series2004-7, Class M1, 2.87%, 8/25/2034 ‡ (k)		1,029		1,027
Series2004-8, Class M2, 2.75%, 9/25/2034 ‡ (k)		401		399
Series 2004-BNC1, Class A5, 3.06%, 9/25/2034 ‡ (k)		182		183
Series2005-HE2, Class M1, 2.54%, 7/25/2035 ‡ (k)		468		469
Structured Asset Securities Corp. Mortgage Loan Trust
Series2006-BC4, Class A4, 1.99%, 12/25/2036 ‡ (k)		3,417		3,319
Series2006-BC6, Class A4, 1.99%, 1/25/2037 (k)		6,976		6,885
Structured Asset Securities Corp. Pass-Through Certificates Series2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		2,461		2,393
Toyota Auto Receivables Owner Trust
Series2018-C, Class A2A, 2.77%, 8/16/2021		3,077		3,086
Series2017-D, Class A3, 1.93%, 1/18/2022		785		784
Series2019-B, Class A2A, 2.59%, 2/15/2022		3,201		3,214
Tricolor Auto Securitization Trust Series2018-2A, Class A, 3.96%, 10/15/2021 (d)		872		876
Upgrade Receivables Trust Series2018-1A, Class A, 3.76%, 11/15/2024 (d)		336		337
Vericrest Opportunity Loan Trust
Series 2019 NPL2, Class A1, 3.97%, 2/25/2049‡ (d) (i)		13,248		13,289
Series 2019-NPL3, Class A1, 3.97%, 3/25/2049 ‡ (d) (i)		1,947		1,957
Series 2019-NPL3, Class A2, 6.17%, 3/25/2049 ‡ (d) (i)		9,000		9,095
Series 2019-NPL4, Class A2, 5.44%, 8/25/2049 ‡ (d) (i)		540		542
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 (d) (i)		15,227		15,213
Verizon Owner Trust
Series2017-2A, Class A, 1.92%, 12/20/2021 (d)		4,804		4,802
Series2018-1A, Class A1A, 2.82%, 9/20/2022 (d)		5,166		5,204
VOLT LXII LLC Series 2017-NPL9, Class A1, 3.13%, 9/25/2047 ‡ (d) (i)		3,533		3,536

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
VOLT LXIV LLC Series 2017-NP11, Class A1, 3.38%, 10/25/2047 ‡ (d) (i)		1,412		1,415
VOLT LXXV LLC Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 ‡ (d) (i)		12,404		12,495
Wells Fargo Home Equity Asset-Backed Securities Trust
Series2004-2, Class M4, 3.62%, 12/25/2033 (k)		1,212		1,190
Series2004-2, Class M1, 2.72%, 10/25/2034 ‡ (k)		662		657
Series2004-2, Class M5, 3.70%, 10/25/2034 ‡ (k)		584		556
Series2004-2, Class M8B, 5.00%, 10/25/2034 ‡ (d) (k)		290		271
Series2004-2, Class M8A, 6.32%, 10/25/2034 ‡ (d) (k)		290		266
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
Series2004-1, Class M2, 2.45%, 4/25/2034 ‡ (k)		313		307
Series2004-1, Class M4, 2.97%, 4/25/2034 ‡ (k)		630		583
Westlake Automobile Receivables Trust
Series2019-1A, Class C, 3.45%, 3/15/2024 (d)		3,040		3,085
Series2019-1A, Class D, 3.67%,3/15/2024 (d)		2,765		2,817
Series2019-2A, Class C, 2.84%, 7/15/2024 (d)		1,700		1,716
Series2019-1A, Class E, 4.49%, 7/15/2024 (d)		2,865		2,934
Series2019-2A, Class D, 3.20%, 11/15/2024 (d)		760		772
Series2018-3A, Class F, 6.02%, 2/18/2025 (d)		3,605		3,725
Series2019-2A, Class E, 4.02%, 4/15/2025 (d)		920		928
Series2019-1A, Class F, 5.67%, 2/17/2026 (d)		1,769		1,817
Series2019-2A, Class F, 5.00%, 3/16/2026 (d)		1,880		1,897
				674,408
TOTAL ASSET-BACKED SECURITIES (Cost $665,818)				687,518

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 119

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Mortgage-Backed Securities — 4.2%
United States — 4.2%
FHLMC Gold Pools, 30 Year
Pool # G67700, 3.50%, 8/1/2046		20,630		21,789
Pool # G60852, 4.00%, 8/1/2046		12,491		13,388
Pool # G67702, 4.00%, 1/1/2047		5,086		5,451
Pool # G61096, 3.50%, 2/1/2047		26,684		28,073
Pool # G67703, 3.50%, 4/1/2047		8,457		8,932
Pool # G67704, 4.00%, 8/1/2047		1,347		1,465
Pool # G67705, 4.00%, 10/1/2047		4,704		5,042
Pool # Q52307, 3.50%, 11/1/2047		5,092		5,376
Pool # G67706, 3.50%, 12/1/2047		13,532		14,291
Pool # G67708, 3.50%, 3/1/2048		42,896		45,051
Pool # G67714, 4.00%, 7/1/2048		8,370		8,918
FHLMC UMBS
Pool # SD0011, 3.50%, 7/1/2049		54,687		57,569
FNMA, Other
Pool # AN5676, 3.25%, 6/1/2029		1,691		1,831
Pool # AN6368, 3.09%, 9/1/2029		1,700		1,821
Pool # AN7845, 3.08%, 12/1/2029		6,650		7,125
Pool # AN8281, 3.19%, 2/1/2030		2,560		2,748
Pool # AN8572, 3.55%, 4/1/2030		2,710		2,994
Pool # AN9116, 3.61%, 5/1/2030		1,930		2,154
Pool # AN6122, 3.06%, 8/1/2032		4,820		5,112
Pool # BM3226, 3.44%, 10/1/2032		2,390		2,628
Pool # AN7633, 3.13%, 12/1/2032		1,880		2,019
Pool # AN8095, 3.24%, 1/1/2033		4,010		4,320
FNMA UMBS, 20 Year
Pool # BM3100, 4.00%, 11/1/2037		4,412		4,698
Pool # BM3569, 3.50%, 2/1/2038		11,193		11,707
Pool # CA1231, 3.50%, 2/1/2038		633		659
Pool # BM3791, 3.50%, 4/1/2038		9,532		9,921
FNMA UMBS, 30 Year
Pool # AS4085, 4.00%, 12/1/2044		1,411		1,512
Pool # BM1909, 4.00%, 2/1/2045		8,105		8,727
Pool # MA2670, 3.00%, 7/1/2046		7,069		7,264
Pool # AS8295, 3.00%, 11/1/2046		6,141		6,339
Pool # AS8650, 3.00%, 1/1/2047		13,258		13,603
Pool # MA2863, 3.00%, 1/1/2047		22,813		23,394
Pool # AS8684, 3.50%, 1/1/2047		2,578		2,710
Pool # AL9859, 3.00%, 3/1/2047		6,365		6,534
Pool # AS9313, 4.00%, 3/1/2047		7,651		8,171
Pool # AS9403, 3.50%, 4/1/2047		628		669
Pool # FM1504, 3.50%, 6/1/2047		6,716		7,086
Pool # AS9960, 4.00%, 7/1/2047		2,448		2,636
Pool # BH9923, 3.50%, 9/1/2047		10,545		10,931

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Pool # BM4028, 3.50%, 10/1/2047		3,497		3,690
Pool # BM3141, 3.50%, 11/1/2047		2,797		2,965
Pool # BM3357, 3.50%, 11/1/2047		13,919		14,653
Pool # BH7061, 3.50%, 12/1/2047		16,848		17,663
Pool # BM3778, 3.50%, 12/1/2047		23,457		24,754
Pool # CA0906, 3.50%, 12/1/2047		26,579		28,042
Pool # BH9215, 3.50%, 1/1/2048		6,242		6,467
Pool # CA0995, 3.50%, 1/1/2048		6,093		6,428
Pool # BJ0645, 3.50%, 3/1/2048		18,919		19,954
Pool # BM3788, 3.50%, 3/1/2048		47,840		50,461
Pool # BM5483, 3.50%, 4/1/2048		4,092		4,238
Pool # BM5897, 3.50%, 5/1/2048		4,309		4,462
Pool # MA3803, 3.50%, 10/1/2049		2,788		2,868
Total Mortgage-Backed Securities (Cost $537,056)				561,303
Commercial Mortgage-Backed Securities — 2.5%
Cayman Islands — 0.0%(b)
GPMT Ltd. Series2018-FL1, Class B, 3.40%, 11/21/2035 ‡ (d)(k)		3,000		2,992
United States — 2.5%
Banc of America Commercial Mortgage Trust Series 2017-BNK3, Class D, 3.25%, 2/15/2050 ‡ (d)		655		607
BANK
Series 2019-BN16, Class D, 3.00%, 2/15/2052 ‡ (d)		1,100		1,022
Series 2019-BN16, Class E, 3.00%, 2/15/2052 ‡ (d)		1,740		1,455
Series 2019-BN17, Class E, 3.00%, 4/15/2052 ‡ (d)		1,750		1,484
Series 2019-BN19, Class D, 3.00%, 8/15/2061 ‡ (d)		4,750		4,342
Series 2019-BN20, Class E, 2.50%, 9/15/2061 ‡ (d)		615		507
Series 2019-BN18, Class D, 3.00%, 5/15/2062 ‡ (d)		1,500		1,385
Series 2019-BN18, Class E, 3.00%, 5/15/2062 ‡ (d)		792		686
Series 2019-BN22, Class E, 2.50%, 11/15/2062 (d) (l)		1,200		974
Barclays Commercial Mortgage Trust Series2019-C4, Class D, 3.25%, 8/15/2052 ‡ (d)		2,641		2,461
BENCHMARK Mortgage Trust Series2018-B1, Class D, 2.75%, 1/15/2051 ‡ (d)		975		863

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Mortgage-Backed Securities — continued
United States — continued
BX Commercial Mortgage Trust
Series2018-IND, Class E, 3.61%, 11/15/2035 ‡ (d) (k)		510		512
Series 2018-BIOA, Class D, 3.23%, 3/15/2037 ‡ (d) (k)		6,000		6,015
BX Trust
Series 2018-MCSF, Class B, 2.72%, 4/15/2035 ‡ (d) (k)		1,500		1,495
Series 2018-MCSF, Class C, 2.92%, 4/15/2035 ‡ (d) (k)		1,000		996
BXMT Ltd.
Series2017-FL1, Class B, 3.38%, 6/15/2035 ‡ (d) (k)		3,000		3,000
Series2017-FL1, Class C, 3.83%, 6/15/2035 ‡ (d) (k)		1,500		1,495
Series2017-FL1, Class D, 4.58%, 6/15/2035 ‡ (d) (k)		3,000		3,000
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class E, 4.07%, 12/15/2037 ‡ (d) (k)		2,690		2,713
Series 2019-LIFE, Class G, 5.17%, 12/15/2037 ‡ (d) (k)		2,420		2,446
CD Mortgage Trust Series2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (d)		331		296
CFCRE Commercial Mortgage TrustSeries 2016-C6, Class D, 4.22%, 11/10/2049 ‡ (d) (k)		1,000		976
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.74%, 1/10/2036 ‡ (d) (k)		2,500		2,662
Series2019-PRM, Class E, 4.89%, 5/10/2036 ‡ (d)		2,750		2,849
Series2015-P1, Class D, 3.23%, 9/15/2048 (d)		2,500		2,341
Series2016-C1, Class D, 4.95%, 5/10/2049 ‡ (d) (k)		2,225		2,312
Series2016-P6, Class D, 3.25%, 12/10/2049 ‡ (d)		1,325		1,226
Series2017-P7, Class B, 4.14%, 4/14/2050 ‡ (k)		910		979
Commercial Mortgage Trust
Series 2014-CR15, Class C, 4.75%, 2/10/2047 ‡ (k)		3,375		3,656
Series 2014-CR19, Class D, 4.75%, 8/10/2047 ‡ (d) (k)		1,250		1,253
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 ‡ (d)		3,100		2,751

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2014-CR20, Class D, 3.22%, 11/10/2047 (d)		3,000		2,839
Series 2015-CR23, Class CMC, 3.68%, 5/10/2048 ‡ (d) (k)		6,400		6,415
Series 2015-CR23, Class CME, 3.68%, 5/10/2048 ‡ (d) (k)		4,036		4,036
Series 2015-LC21, Class D, 4.30%, 7/10/2048 ‡ (k)		900		902
Series 2016-CR28, Class D, 3.90%, 2/10/2049 ‡ (k)		2,350		2,435
Credit Suisse Commercial Mortgage Trust Series2007-C1, Class AM, 5.42%, 2/15/2040		33		32
Credit Suisse Mortgage Capital Certificates Series 2019-ICE4, Class D, 3.51%, 5/15/2036 ‡ (d) (k)		4,500		4,514
CSAIL Commercial Mortgage Trust
Series2019-C15, Class C, 4.98%, 3/15/2052 ‡ (k)		3,835		4,325
Series2019-C16, Class C, 4.24%, 6/15/2052 ‡ (k)		2,700		2,862
DBGS Mortgage Trust
Series2018-5BP, Class D, 3.26%, 6/15/2033 ‡ (d) (k)		7,000		7,000
Series 2018-BIOD, Class C, 2.86%, 5/15/2035 ‡ (d) (k)		3,016		2,998
Series 2018-BIOD, Class D, 3.21%, 5/15/2035 ‡ (d) (k)		6,033		6,027
Series 2019-1735, Class E, 4.19%, 4/10/2037 ‡ (d) (k)		1,785		1,840
FHLMC, Multifamily Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.30%, 7/25/2023 (k)		109,950		1,151
Series KC03, Class X1, IO, 0.49%, 11/25/2024 (k)		65,000		1,491
Series K734, Class X3, IO, 2.17%, 7/25/2026 (k)		13,025		1,592
Series KC04, Class X1, IO, 1.25%, 12/25/2026 (k)		15,000		1,005
Series K082, Class X3, IO, 2.21%, 10/25/2028 (k)		11,750		1,916
Series K084, Class X3, IO, 2.24%, 11/25/2028 (k)		6,000		992
Series K087, Class A2, 3.77%, 12/25/2028		6,000		6,726
Series KL05, Class A2HG, 2.65%, 2/25/2029 (k)		3,750		3,902

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 121

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series K094, Class X1, IO, 0.88%, 6/25/2029 (k)		39,356		2,865
Series K092, Class X3, IO, 2.25%, 7/25/2029 (k)		21,150		3,723
Series K723, Class X3, IO, 1.92%, 10/25/2034 (k)		6,552		447
Series K716, Class X3, IO, 1.79%, 8/25/2042 (k)		15,656		454
Series K040, Class X3, IO, 2.04%, 11/25/2042 (k)		21,000		1,922
Series K054, Class X3, IO, 1.60%, 4/25/2043 (k)		17,000		1,493
Series K067, Class X3, IO, 2.11%, 9/25/2044 (k)		34,106		4,832
Series K727, Class X3, IO, 2.00%, 10/25/2044 (k)		33,818		2,977
Series K068, Class X3, IO, 2.06%, 10/25/2044 (k)		11,050		1,520
Series K059, Class X3, IO, 1.92%, 11/25/2044 (k)		24,693		2,871
Series K729, Class X3, IO, 1.97%, 11/25/2044 (k)		37,637		3,352
Series K728, Class X3, IO, 1.95%, 11/25/2045 (k)		8,120		686
Series K071, Class X3, IO, 2.01%, 11/25/2045 (k)		5,000		691
Series K090, Class X3, IO, 2.31%, 2/25/2047 (k)		1,750		319
Series K088, Class X3, IO, 2.35%, 2/25/2047 (k)		11,130		2,002
Series K094, Class X3, IO, 2.12%, 7/25/2047 (k)		14,206		2,381
Series K087, Class X3, IO, 2.32%, 1/25/2051 (k)		18,300		3,166
FNMA ACES
Series2019-M21, Class X2, IO, 1.47%, 2/25/2031 (k)		6,560		748
Series2019-M4, Class A2, 3.61%, 2/25/2031		15,070		16,730
Series2016-M4, Class X2, IO, 2.65%, 1/25/2039 (k)		17,807		1,445
FREMF Mortgage Trust
Series 2015-KF09, Class B, 7.37%, 5/25/2022 (d) (k)		111		113
Series 2015-KF10, Class B, 8.12%, 7/25/2022 (d) (k)		405		424

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Series 2017-KF31, Class B, 4.92%, 4/25/2024 (d) (k)		1,962		1,984
Series 2017-KF32, Class B, 4.57%, 5/25/2024 (d) (k)		2,890		2,924
Series 2017-KF38, Class B, 4.52%, 9/25/2024 (d) (k)		1,676		1,685
Series 2018-K731, Class C, 3.93%, 2/25/2025 (d) (k)		2,000		2,058
Series 2018-KF47, Class B, 4.02%, 5/25/2025 (d) (k)		6,649		6,611
Series 2018-KF49, Class B, 3.92%, 6/25/2025 (d) (k)		578		572
Series 2019-KF58, Class B, 4.17%, 1/25/2026 (d) (k)		2,681		2,700
Series 2019-KC03, Class B, 4.37%, 1/25/2026 (d) (k)		2,304		2,401
Series 2019-KF62, Class B, 4.07%, 4/25/2026 (d) (k)		2,310		2,310
Series 2019-K736, Class C, 3.76%, 7/25/2026 (d) (k)		475		484
Series 2017-KF33, Class B, 4.57%, 6/25/2027 (d) (k)		816		827
Series 2017-KF40, Class B, 4.72%, 11/25/2027 (d) (k)		2,160		2,181
Series 2018-KF43, Class B, 4.17%, 1/25/2028 (d) (k)		3,552		3,550
Series 2018-KF50, Class B, 3.92%, 7/25/2028 (d) (k)		819		816
Series2018-K82, Class B, 4.13%, 9/25/2028 (d) (k)		1,460		1,577
Series 2019-KF59, Class B, 4.37%, 2/25/2029 (d) (k)		4,000		4,030
Series 2019-KF63, Class B, 4.37%, 5/25/2029 (d) (k)		4,710		4,722
Series2017-K67, Class C, 3.94%, 9/25/2049 (d) (k)		730		760
Series 2017-K729, Class B, 3.67%, 11/25/2049 (d) (k)		1,400		1,455
Series2017-K65, Class B, 4.07%, 7/25/2050 (d) (k)		5,365		5,738
Series2017-K71, Class B, 3.75%, 11/25/2050 (d) (k)		1,280		1,347
Series2019-K87, Class B, 4.32%, 1/25/2051 (d) (k)		3,600		3,959
Series2019-K87, Class C, 4.32%, 1/25/2051 (d) (k)		2,000		2,136
Series2018-K75, Class B, 3.98%, 4/25/2051 (d) (k)		1,235		1,316

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series2019-K88, Class C, 4.38%, 2/25/2052 (d) (k)		3,750		4,028
Series2019-K94, Class C, 3.97%, 7/25/2052 (d) (k)		2,000		2,081
GNMA
Series2012-44, IO, 0.40%, 3/16/2049 (k)		13,825		156
Series2015-86, IO, 0.75%, 5/16/2052 (k)		26,788		1,250
Series2013-7, IO, 0.35%, 5/16/2053 (k)		72,438		1,618
Series2012-89, IO, 0.72%, 12/16/2053 (k)		15,334		372
Series2014-186, IO, 0.76%, 8/16/2054 (k)		29,631		1,328
Series2013-178, IO, 0.65%, 6/16/2055 (k)		6,366		183
Series2015-33, IO, 0.74%, 2/16/2056 (k)		17,091		805
Series2015-59, IO, 1.01%, 6/16/2056 (k)		7,145		392
Series2015-172, IO, 0.84%, 3/16/2057 (k)		6,220		320
Series2016-40, IO, 0.72%, 7/16/2057 (k)		20,129		978
Series2016-157, IO, 0.95%, 11/16/2057 (k)		22,026		1,592
Series2016-71, Class QI, IO, 0.97%, 11/16/2057 (k)		122,600		8,354
Series2016-155, IO, 0.94%, 2/16/2058 (k)		37,728		2,835
Series2016-151, IO, 1.09%, 6/16/2058 (k)		85,310		6,539
Series2017-54, IO, 0.65%, 12/16/2058 (k)		16,733		957
Series2017-86, IO, 0.77%, 5/16/2059 (k)		5,242		321
Series2017-148, IO, 0.66%, 7/16/2059 (k)		19,882		1,090
Series2017-69, IO, 0.80%, 7/16/2059 (k)		2,891		190
Series2019-53, Class IA, IO, 0.88%, 6/16/2061 (k)		22,486		1,826
GRACE Mortgage Trust Series 2014-GRCE, Class F, 3.59%, 6/10/2028 ‡ (d) (k)		4,700		4,740
GS Mortgage Securities Trust
Series2006-GG8, Class AJ, 5.62%, 11/10/2039		1,779		1,530
Series 2013-GC12, Class E, 3.25%, 6/10/2046 (d)		800		664
Series 2013-GC12, Class D, 4.45%, 6/10/2046 ‡ (d) (k)		750		747
Series 2013-GC14, Class D, 4.75%, 8/10/2046 (d) (k)		2,500		2,590
Series 2015-GC32, Class C, 4.41%, 7/10/2048 ‡ (k)		5,275		5,631
Series 2015-GC34, Class D, 2.98%, 10/10/2048		1,380		1,247
Series2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (d) (k)		2,000		1,905
Hudson Yards Mortgage Trust Series 2019-30HY, Class E, 3.44%, 7/10/2039 ‡ (d) (k)		2,000		2,014

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX, Class AM, 5.46%, 1/15/2049 (k)		357		356
JPMBB Commercial Mortgage Securities Trust Series2013-C17, Class D, 4.89%, 1/15/2047 ‡ (d) (k)		3,750		3,951
KNDL Mortgage Trust Series 2019-KNSQ, Class E, 3.72%, 5/15/2036 ‡ (d) (k)		2,040		2,040
LB Commercial Mortgage Trust Series2007-C3, Class AJ, 5.88%, 7/15/2044 (k)		346		346
LB-UBS Commercial Mortgage Trust
Series2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (k)		4,197		2,449
Series2007-C6, Class AJ, 6.27%, 7/15/2040 (k)		5,428		5,447
Morgan Stanley Bank of America Merrill Lynch Trust
Series2012-C5, Class G, 4.50%, 8/15/2045 (d)		1,500		1,513
Series2014-C15, Class D, 4.91%, 4/15/2047 ‡ (d) (k)		365		386
Series2014-C17, Class D, 4.74%, 8/15/2047 ‡ (d) (k)		601		589
Morgan Stanley Capital I Trust
Series2018-MP, Class D, 4.28%, 7/11/2040 ‡ (d) (k)		730		780
Series2006-T23, Class D, 6.18%, 8/12/2041 ‡ (d) (k)		1,946		1,977
Series2007-T27, Class C, 5.95%, 6/11/2042 ‡ (d) (k)		2,000		2,085
Series 2007-HQ11, Class B, 5.54%, 2/12/2044 ‡ (k)		136		136
Series2006-HQ8, Class D, 5.60%, 3/12/2044 ‡ (k)		254		258
Series2019-L2, Class D, 3.00%, 3/15/2052 ‡ (d)		4,075		3,756
Series2019-L2, Class E, 3.00%, 3/15/2052 ‡ (d)		2,575		2,212
Multifamily Connecticut Avenue Securities Trust
Series2019-01, Class M7, 3.50%, 10/15/2049 (d) (k)		600		604
Series2019-01, Class M10, 5.05%, 10/15/2049 (d) (k)		1,200		1,235
Velocity Commercial Capital Loan Trust
Series2018-2, Class A, 4.05%, 10/26/2048 (d) (k)		7,253		7,402
Series2018-2, Class M2, 4.51%, 10/26/2048 ‡ (d) (k)		330		339

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 123

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series2018-2, Class M3, 4.72%, 10/26/2048 ‡ (d) (k)		471		484
Wachovia Bank Commercial Mortgage Trust
Series2007-C34, Class AJ, 6.10%, 5/15/2046 (k)		415		419
Series2007-C34, Class B, 6.17%, 5/15/2046 ‡ (k)		1,500		1,514
Wells Fargo Commercial Mortgage Trust
Series2019-C50, Class E, 3.00%, 5/15/2052 (d)		2,000		1,721
Series2019-C52, Class XA, IO, 1.62%, 8/15/2052 (k)		3,996		478
WFRBS Commercial Mortgage Trust
Series2014-C22, Class D, 3.90%, 9/15/2057 ‡ (d) (k)		3,005		2,484
				340,307
Total Commercial Mortgage-backed Securities (Cost $336,485)				343,299
Loan Assignments — 2.4%(m)
Canada — 0.0%(b)
1011778 BC ULC, 1st Lien Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 4.04%, 2/16/2024 (e) (n)		1,347		1,348
Concordia Healthcare Corp., Initial Dollar Term Loan (1 Week LIBOR + 5.50%), 7.25%, 9/6/2024 (e) (n)		5,602		5,239
				6,587
France — 0.0%(b)
Altice France SA, 1st Lien Term LoanB-13 (ICE LIBOR USD 1 Month + 4.00%), 5.92%, 8/14/2026 (e)		2,729		2,683
United States — 2.4%
Acadia Healthcare Co., Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 2/16/2023 (e) (n)		861		861
Access Information, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 5.54%, 2/27/2025 (e) (n)		343		334
Advanced Drainage Systems, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.06%, 7/31/2026 (e)		365		366
AES Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 3.87%, 5/31/2022 (e)		101		101
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 8/30/2024 (e)		1,383		1,341

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Albertson’s LLC, 1st Lien Term LoanB-8 (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 8/17/2026 (e) (n)		2,016		2,026
Aleris International, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.75%), 6.54%, 2/27/2023 (e)		494		493
Allied Universal Holdco LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 6.51%, 7/10/2026 (e) (n)		338		335
Altice Financing SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 4.66%, 7/15/2025 (e) (n)		907		875
AMC Entertainment Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 3.00%), 5.23%, 4/22/2026 (e)		674		673
American Airlines, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 3.92%, 12/14/2023 (e)		676		675
American Axle & Manufacturing, Inc., 1st Lien Term Loan B ((ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%)), 4.10%, 4/6/2024 (e) (n)		1,608		1,528
API Group DE., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.53%, 10/1/2026 (e) (n)		671		673
Applied Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.10%, 9/19/2024 (e) (n)		405		402
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 8.29%, 8/4/2025 (e)		182		183
Asurion LLC, TermB-7 Loan (ICE LIBOR USD 1 Month + 3.00%), 4.79%, 11/3/2024 (e)		1,683		1,684
At Home Holding III, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.43%, 6/3/2022 (e) (n)		296		266
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.17%, 12/15/2024 (e) (n)		2,318		2,206
Axalta Dupont PC, Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 3.85%, 6/1/2024 (e) (n)		2,514		2,510
B&G Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.50%), 4.48%, 10/10/2026 (e) (n)		268		269
Barracuda Networks, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.40%, 2/12/2025 (e) (n)		336		334

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Berry Global, Inc., 1st Lien Term Loan W (ICE LIBOR USD 1 Month + 2.00%), 3.88%, 10/1/2022 (e)		750		752
BJ’s Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 4.67%, 2/3/2024 (e) (n)		404		404
Blackstone CQP Holdco LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.66%, 9/30/2024 (e)		653		649
BMC Software Finance, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.04%, 10/2/2025 (e) (n)		357		329
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 3.79%, 5/23/2025 (e) (n)		541		539
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.29%, 8/1/2025 (e)		611		607
Buckeye Partners LP, 1st Lien Term Loan 4.53%, 11/15/2026 (n)		2,765		2,778
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.23%, 4/3/2024 (e) (n)		6,081		5,912
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 6.55%, 12/31/2022 (e) (n)		11,561		9,890
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 1/15/2025 (e) (n)		1,011		1,010
Carbonite, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 5.68%, 3/26/2026 (e) (n)		324		323
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.60%, 2/16/2026 (e)		867		869
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.55%, 11/18/2024 (e) (n)		337		337
Centurylink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 1/31/2025 (e) (n)		4,225		4,179
CEOC LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 3.79%, 10/7/2024 (e) (n)		809		809
Charter Communications Operating, LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 1.75%), 4.05%, 2/1/2027 (e)		1,989		1,992

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Chemours Co. (The), Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 3.54%, 4/3/2025 (e) (n)		1,070		1,009
CHG Healthcare Services, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.79%, 6/7/2023 (e) (n)		1,012		1,010
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 10/2/2024 (e) (n)		3,471		3,444
Cineworld Finance US Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.04%, 2/28/2025 (e) (n)		545		537
CITGO Holding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 7.00%), 9.04%, 8/1/2023 (e) (n)		334		337
CityCenter Holdings LLC, Term B Loan (ICE LIBOR USD 1 Month + 2.25%), 4.04%, 4/18/2024 (e) (n)		1,012		1,012
Claire’s Stores, Inc., 1st Lien Term Loan (ICE LIBOR USD 6 Month + 7.25%), 9.94%, 10/12/2038 ‡ (e) (o)		945		1,653
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.29%, 8/21/2026 (e)		2,375		2,379
Clover Merger Sub, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.29%, 9/26/2024 (e) (n)		736		670
Club Corp Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.85%, 9/18/2024 (e)		381		334
CommScope, Inc., 1st Lien Term LoanB-2 (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 4/6/2026 (e)		1,425		1,396
Consolidated Communications, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.79%, 10/5/2023 (e)		1,442		1,335
CPV Shore Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 5.54%, 12/29/2025 (e) (n)		336		335
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.17%, 7/17/2025 (e)		2,055		2,043
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.17%, 1/15/2026 (e)		2,491		2,471
Cumulus Media New Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 5.54%, 3/31/2026 (e)		1,100		1,104

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 125

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 6.04%, 7/31/2026 (e) (n)		273		269
CVS Holdings I LP, Delayed Draw Term Loan(3-MONTH UNFND + 2.13%), 6.05%, 8/31/2026 (e)		19		19
Dawn Acquisition LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 5.85%, 12/31/2025 (e) (n)		508		468
Dell International LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 3.79%, 9/19/2025 (e) (n)		469		471
Diamond Sports Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.08%, 8/24/2026 (e) (n)		630		632
Digicert, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 5.79%, 10/16/2026 (e) (n)		339		332
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.56%, 4/6/2024 (e) (n)		3,606		3,540
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 6.80%, 2/6/2026 (e) (n)		335		336
Edgewater Generation, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 5.54%, 12/13/2025 (e) (n)		424		405
EG Finco Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.10%, 2/7/2025 (e)		696		671
EG Group Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.10%, 2/7/2025 (e)		309		297
EIF Channelview Cogeneration LLC, Term Loan (ICE LIBOR USD 1 Month + 4.25%), 6.04%, 5/3/2025 (e) (n)		333		335
Endo Pharmaceutical, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.06%, 4/29/2024 (e) (n)		433		398
Ensemble RCM, LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 6.00%, 8/3/2026 (e)		777		776
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 5.54%, 10/10/2025 (e) (n)		834		672
Epic Crude Services LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 7.04%, 3/2/2026 (e)		11,565		10,864

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Equinox Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 4.79%, 3/8/2024 (e) (n)		674		671
ESH Hospitality, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 3.79%, 9/18/2026 (e)		677		678
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 6.50%), 8.85%, 7/12/2023 (e) (n)		581		288
ExGen Renewables IV LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.13%, 11/28/2024 (e)		719		674
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 10.00%), 12.10%, 5/15/2022 ‡ (e)		194		189
Flex Acquisition Co., Inc., Term Loan ((ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%)), 5.10%, 12/29/2023 (e)		500		472
Fluidra SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.04%, 7/2/2025 (e) (n)		404		404
Formula One 1st Lien Term loan B (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 2/1/2024 (e) (n)		467		460
Frontera Generation Holdings LLC, 1st Lien Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.17%, 5/2/2025 (e)		1,955		1,803
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 4/1/2024 (e)		5,411		5,293
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.10%, 12/1/2023 (e)		2,297		2,239
Getty Images, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 6.31%, 2/19/2026 (e) (n)		3,424		3,330
GGP, Inc., 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 8/27/2025 (e) (n)		1,367		1,344
Golden Nugget, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 2.75%), 4.72%, 10/4/2023 (e) (n)		75		75
((ICE LIBOR USD 1 Month + 4.72%; ICE LIBOR USD 3 Month + 2.75%)), 4.69%, 10/4/2023 (e) (n)		8,200		8,178
Goodrx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 4.60%, 10/10/2025 (e) (n)		675		673

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Gray Television, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.51%, 1/2/2026 (e) (n)		935		936
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 12/1/2023 (e) (n)		1,370		1,336
Grizzly Acquisition Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.35%, 10/1/2025 (e)		320		315
Gulf Finance LLC, 1st Lien Term Loan B ((ICE LIBOR USD 1 Month + 5.25%; ICE LIBOR USD 3 Month + 5.25%)), 7.32%, 8/25/2023 (e)		3,058		2,234
Hanjin International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.30%, 10/19/2020 (e)		676		673
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.79%, 5/16/2024 (e) (n)		1,219		1,215
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 5.47%, 5/23/2025 (e) (n)		507		469
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 6/30/2023 (e) (n)		673		673
Hostess Brands, LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 4.28%, 8/3/2025 (e)		548		545
Hoya Midco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.29%, 6/30/2024 (e) (n)		694		672
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.94%, 4/25/2025 (e)		982		960
iHeartCommunications, Inc., Exit Term Loan (ICE LIBOR USD 1 Month + 4.00%), 6.03%, 5/1/2026 (e) (n)		4,687		4,700
II-VI, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.32%, 5/8/2026 (e) (n)		8,880		8,863
Ineos Enterprises, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.12%, 8/28/2026 (e) (n)		1,025		1,027
Infor US, Inc., TrancheB-6 Term Loan (ICE LIBOR USD 3 Month + 2.75%), 4.85%, 2/1/2022 (e)		1,313		1,313
Intelsat Jackson Holdings SA, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 5.68%, 11/27/2023 (e) (n)		2,357		2,353

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Invenergy Thermal Operating I LLC, Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.29%, 8/28/2025 (e) (n)		335		336
IRB Holding Corp., 1st Lien Term Loan B ((ICE LIBOR USD 2 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%)), 5.22%, 2/5/2025 (e) (n)		1,345		1,333
Iridium Communications, Inc., 1st Lien Term Loan B 4.25%, 10/16/2026 (n)		200		201
JBS USA LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 5/1/2026 (e) (n)		4,049		4,059
Kestrel Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.04%, 6/2/2025 (e) (n)		966		889
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 5.54%, 1/30/2024 (e)		792		736
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 5.54%, 1/30/2024 (e)		45		41
Lumentum Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 12/10/2025 (e) (n)		188		188
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.85%, 10/4/2024 (e) (n)		609		537
Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 10/30/2024 (e) (n)		356		333
MedRisk, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 12/27/2024 (e) (n)		627		605
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 1/31/2025 (e)		1,400		1,404
MGM Resorts International, 1st Lien Term Loan A (1 Week LIBOR + 2.00%), 3.71%, 12/21/2023 (e)		3,885		3,866
Midcontinent Communications, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.16%, 8/15/2026 (e)		352		354
Misys, Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.70%, 6/13/2024 (e) (n)		349		333
Moda Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 9/29/2025 (e) (n)		337		336

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 127

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Momentive Performance Materials USA LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 5/15/2024 (e) (n)		684		671
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.10%, 12/5/2023 (e)		8,512		3,374
MotorCity Casino aka CCM Merger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.04%, 8/6/2021 (e) (n)		1,998		1,994
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 4.85%, 6/7/2023 (e) (n)		9,984		9,341
NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 5/8/2025 (e) (n)		337		336
Navistar, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.42%, 11/6/2024 (e)		5,229		5,167
Neiman Marcus Group Ltd., Term Loan (ICE LIBOR USD 1 Month + 6.50%), 8.49%, 10/25/2023 (e)		7,283		5,299
Nestle Skin Health, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 6.35%, 10/1/2026 (e) (n)		6,625		6,628
Nielsen Finance LLC, 1st Lien Term LoanB-4 (ICE LIBOR USD 1 Month + 2.00%), 3.94%, 10/4/2023 (e)		473		472
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.69%), 5.61%, 1/31/2026 (e)		1,583		1,542
NVA Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 2/2/2025 (e) (n)		1,481		1,479
NVA Holdings, Inc., 1st Lien Term LoanB-3 (ICE LIBOR USD 1 Month + 3.50%), 5.29%, 2/2/2025 (e)		249		249
ON Semiconductor Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 3.79%, 9/19/2026 (e)		593		595
Oryx Midstream Services, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 5.80%, 5/22/2026 (e) (n)		360		334
Party City Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 8/19/2022 (e) (n)		2,023		2,004
Pearl Intermediate Parent LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 2/14/2025 (e)		912		895

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.42%, 5/1/2025 (e)		1,248		1,174
Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 7.75%), 9.67%, 5/1/2026 (e)		592		565
PetSmart, Inc., Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 5.93%, 3/11/2022 (e) (n)		6,378		6,209
Pike Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 7/24/2026 (e) (n)		742		741
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 7/2/2025 (e)		5,186		5,154
Prestige Brands, Inc., 1st Lien Term LoanB-4 (ICE LIBOR USD 1 Month + 2.00%), 3.79%, 1/26/2024 (e) (n)		1,007		1,008
Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.25%, 9/23/2026 (e) (n)		1,399		1,350
Project Boost Purchaser, LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.29%, 6/1/2026 (e) (n)		410		403
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.29%, 12/22/2025 (e)		10,298		9,114
Qlik Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.49%, 4/26/2024 (e)		349		341
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 6.18%, 5/16/2025 (e) (n)		546		532
Quidditch Acquisition, Inc., 1st Cov-Lite Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 8.80%, 3/21/2025 (e)		148		148
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.29%, 11/3/2023 (e) (n)		598		531
Red Ventures LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.80%, 11/8/2024 (e) (n)		338		336
Refinitiv US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 5.54%, 10/1/2025 (e)		1,697		1,705
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 2/5/2023 (e)		3,246		3,244

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
Ring Container Technologies LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 10/31/2024 (e) (n)		339		335
Samsonite IP Holdings SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 3.54%, 4/25/2025 (e) (n)		365		357
Scientific Games International, Inc., 1st Lien Term LoanB-5 (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 8/14/2024 (e) (n)		5,598		5,530
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 6.29%, 11/1/2024 (e)		2,403		1,864
Securus Technologies Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 8.25%), 10.04%, 11/1/2025 (e)		361		171
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.10%, 9/25/2026 (e) (n)		2,342		2,227
Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 6/27/2025 (e) (n)		403		401
Spin Holdco, Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.25%, 11/14/2022 (e) (n)		344		333
Sprint Communications, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 4.31%, 2/2/2024 (e)		3,222		3,183
St. George’s University Scholastic Services, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.29%, 7/17/2025 (e)		1,170		1,170
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 7.12%, 4/16/2026 (e) (n)		2,046		2,015
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 5.66%, 2/14/2025 (e)		6,732		6,631
Stetson Midstream., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.13%, 7/18/2025 (e) (n)		214		196
Summit Materials Co. I LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 3.79%, 11/21/2024 (e) (n)		471		472
Syniverse Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 6.92%, 3/9/2023 (e) (n)		3,129		2,810
Talen Energy Supply LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.02%, 12/3/2025 (e)		755		755

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
Telenet Financing LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.17%, 8/15/2026 (e) (n)		674		673
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 2/6/2024 (e)		2,641		2,027
The Go Daddy Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 3.79%, 2/15/2024 (e) (n)		1,270		1,271
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.79%, 3/28/2025 (e)		6,550		6,185
Tivity Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 7.04%, 3/6/2026 (e) (n)		336		336
Trans Union LLC, 1st Lien Term LoanB-4 (ICE LIBOR USD 1 Month + 2.00%), 3.80%, 6/19/2025 (e) (n)		672		673
Transdigm Group, Inc., 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 5/30/2025 (e) (n)		1,093		1,084
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 6/9/2023 (e)		1,786		1,777
TransDigm Group, Inc., 1st Lien Term Loan G (ICE LIBOR USD 1 Month + 2.50%), 4.29%, 8/22/2024 (e) (n)		830		823
Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 3.79%, 9/6/2024 (e) (n)		345		341
Tronox Finance LLC, 1st Lien Term Loan B ((ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%)), 4.66%, 9/23/2024 (e) (n)		476		472
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.04%, 4/29/2026 (e) (n)		3,063		3,059
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 4.00%), 5.80%, 4/12/2024 (e) (n)		6,639		3,910
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.04%, 10/22/2025 (e) (n)		2,767		2,211
Univision Communications, Inc., 1st Lien Term LoanC-5 (ICE LIBOR USD 1 Month + 2.75%), 4.54%, 3/15/2024 (e) (n)		491		473
US Renal Care, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 6.79%, 6/26/2026 (e)		2,450		2,259

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 129

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued
United States — continued
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.10%, 5/16/2024 (e) (n)		551		535
Valeant Pharmaceuticals International, Inc.,1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.92%, 6/2/2025 (e)		14,340		14,386
VeriFone Systems, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 6.14%, 8/20/2025 (e) (n)		355		332
Vertiv Co., Term B Loan (ICE LIBOR USD 1 Month + 4.00%), 5.93%, 11/30/2023 (e) (n)		6,274		5,896
Viskase Companies, Inc., Initial Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.35%, 1/30/2021 (e)		2,593		2,514
Web.com Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 5.66%, 10/10/2025 (e) (n)		485		472
WestJet Airlines Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.00%, 8/7/2026 (e) (n)		1,160		1,165
Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.52%, 8/2/2026 (e)		260		261
Windstream Corp., 1st lien Term Loan B(1-MONTH PRIME + 5.00%), 7.75%, 3/29/2021(e)(n)		1,385		1,398
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 3.91%, 11/1/2023 (e) (n)		2,020		2,019
XPO Logistics, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.00%), 3.79%, 2/24/2025 (e)		625		625
Ziggo Secured Finance Partnership, 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.50%), 4.42%, 4/15/2025 (e) (n)		681		672
				320,908
Total Loan Assignments (Cost $344,130)				330,178
Foreign Government Securities — 1.9%
Angola — 0.1%
Republic of Angola 9.50%, 11/12/2025 (a)		1,890		2,128
8.25%, 5/9/2028 (d)		1,350		1,410
9.38%, 5/8/2048 (a)		2,400		2,538
				6,076
Argentina — 0.0%(b)
Republic of Argentina 6.88%, 4/22/2021		850		383
5.88%, 1/11/2028		1,668		638

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Argentina — continued
8.28%, 12/31/2033		3,099		1,583
7.63%, 4/22/2046		1,020		411
6.88%, 1/11/2048		1,160		457
7.13%, 6/28/2117		852		342
				3,814
Armenia — 0.0%(b)
Republic of Armenia 7.15%, 3/26/2025 (a)		580		675
Azerbaijan — 0.0%(b)
Republic of Azerbaijan 4.75%, 3/18/2024 (a)		880		932
Bahrain — 0.0%(b)
Kingdom of Bahrain
6.00%, 9/19/2044 (a)		300		302
7.50%, 9/20/2047 (a)		1,410		1,651
				1,953
Belarus — 0.0%(b)
Republic of Belarus
6.88%, 2/28/2023 (d)		360		387
7.63%, 6/29/2027 (d)		361		414
6.20%, 2/28/2030 (d)		1,450		1,549
				2,350
Bermuda — 0.0%(b)
Government of Bermuda 3.72%, 1/25/2027 (a)		930		977
Brazil — 0.1%
Federative Republic of Brazil
4.25%, 1/7/2025		1,340		1,419
6.00%, 4/7/2026		1,880		2,184
8.25%, 1/20/2034		1,305		1,808
				5,411
Chile — 0.0%(b)
Republic of Chile
3.13%, 1/21/2026		600		633
3.86%, 6/21/2047		700		804
3.50%, 1/25/2050		990		1,065
				2,502
Colombia — 0.0%(b)
Republic of Colombia
3.88%, 4/25/2027		540		575
7.38%, 9/18/2037		1,000		1,420
6.13%, 1/18/2041		950		1,232

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Colombia — continued
5.00%, 6/15/2045		650		758
5.20%, 5/15/2049		440		530
				4,515
Costa Rica — 0.1%
Instituto Costarricense de Electricidad
6.95%, 11/10/2021 (a)		1,290		1,315
Republic of Costa Rica
4.25%, 1/26/2023 (a)		950		931
4.38%, 4/30/2025 (a)		1,930		1,849
7.00%, 4/4/2044 (a)		1,100		1,087
7.16%, 3/12/2045 (a)		1,410		1,404
				6,586
Croatia — 0.0%(b)
Republic of Croatia
5.50%, 4/4/2023 (a)		850		939
6.00%, 1/26/2024 (a)		1,970		2,268
				3,207
Dominican Republic — 0.1%
Government of Dominican Republic
7.50%, 5/6/2021 (a)		347		362
5.88%, 4/18/2024 (a)		510		546
5.50%, 1/27/2025 (a)		1,810		1,936
6.88%, 1/29/2026 (a)		2,220		2,535
9.75%, 6/5/2026 (d)	DOP	47,550		912
5.95%, 1/25/2027 (a)		1,240		1,364
7.45%, 4/30/2044 (a)		4,480		5,377
				13,032
Ecuador — 0.1%
Republic of Ecuador
10.50%, 3/24/2020 (a)		200		203
10.75%, 3/28/2022 (a)		2,290		2,437
8.75%, 6/2/2023 (d)		2,080		2,113
7.95%, 6/20/2024 (a)		680		658
8.88%, 10/23/2027 (a)		250		234
7.88%, 1/23/2028 (a)		3,800		3,414
10.75%, 1/31/2029 (d)		470		479
				9,538
Egypt — 0.1%
Arab Republic of Egypt
6.13%, 1/31/2022 (a)		1,400		1,447
5.88%, 6/11/2025 (a)		1,490		1,543

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Egypt — continued
7.50%, 1/31/2027 (a)		1,280		1,387
7.60%, 3/1/2029 (d)		1,090		1,156
8.50%, 1/31/2047 (a)		1,079		1,133
8.70%, 3/1/2049 (d)		1,260		1,350
				8,016
El Salvador — 0.1%
Republic of El Salvador
7.38%, 12/1/2019 (a)		1,790		1,795
7.75%, 1/24/2023 (a)		1,590		1,740
5.88%, 1/30/2025 (a)		970		1,008
6.38%, 1/18/2027 (a)		2,230		2,339
				6,882
Ethiopia — 0.0%(b)
Republic of Ethiopia
6.63%, 12/11/2024 (a)		3,117		3,279
Gabon — 0.0%(b)
Gabonese Republic
6.38%, 12/12/2024 (a)		1,680		1,671
6.95%, 6/16/2025 (a)		1,130		1,140
				2,811
Ghana — 0.0%(b)
Republic of Ghana
7.88%, 3/26/2027 (a)		360		375
7.63%, 5/16/2029 (a)		760		769
10.75%, 10/14/2030 (a)		1,325		1,676
8.63%, 6/16/2049 (a)		1,290		1,288
				4,108
Guatemala — 0.0%(b)
Republic of Guatemala
4.50%, 5/3/2026 (a)		655		687
6.13%, 6/1/2050 (d)		720		848
				1,535
Honduras — 0.0%(b)
Republic of Honduras
8.75%, 12/16/2020 (a)		2,278		2,422
7.50%, 3/15/2024 (a)		1,006		1,111
				3,533
Hungary — 0.0%(b)
Republic of Hungary
5.38%, 2/21/2023		950		1,040

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 131

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Hungary — continued
5.75%, 11/22/2023		1,234		1,395
5.38%, 3/25/2024		720		812
7.63%, 3/29/2041		952		1,564
				4,811
Indonesia — 0.0%(b)
Republic of Indonesia
4.13%, 1/15/2025 (a)		600		638
4.35%, 1/8/2027 (a)		1,010		1,101
3.50%, 1/11/2028		670		697
6.75%, 1/15/2044 (a)		650		929
				3,365
Ivory Coast — 0.0%(b)
Republic of Cote d’Ivoire
6.13%, 6/15/2033 (a)		2,030		1,993
Jamaica — 0.0%(b)
Jamaica Government International Bond
8.00%, 3/15/2039		2,243		2,985
7.88%, 7/28/2045		1,200		1,589
				4,574
Jordan — 0.0%(b)
Kingdom of Jordan
6.13%, 1/29/2026 (a)		1,010		1,066
5.75%, 1/31/2027 (a)		1,430		1,481
7.38%, 10/10/2047 (a)		400		422
				2,969
Kenya — 0.0%(b)
Republic of Kenya
6.88%, 6/24/2024 (a)		2,713		2,886
8.00%, 5/22/2032 (d)		920		981
				3,867
Lebanon — 0.1%
Republic of Lebanon
6.38%, 3/9/2020		2,900		2,378
6.00%, 1/27/2023 (a)		1,250		741
6.65%, 4/22/2024 (a)		1,250		712
6.85%, 3/23/2027 (a)		3,135		1,740
6.65%, 11/3/2028 (a)		2,705		1,508
7.25%, 3/23/2037 (a)		580		328
				7,407

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Mexico — 0.0%(b)
United Mexican States
5.55%, 1/21/2045		1,200		1,462
4.60%, 1/23/2046		1,210		1,296
				2,758
Mongolia — 0.0%(b)
Mongolia Government International Bond
10.88%, 4/6/2021 (a)		480		527
5.13%, 12/5/2022 (a)		903		916
5.63%, 5/1/2023(d)		810		830
				2,273
Nigeria — 0.1%
Federal Republic of Nigeria
6.38%, 7/12/2023 (a)		720		757
6.50%, 11/28/2027 (a)		920		922
6.50%, 11/28/2027(d)		1,220		1,223
8.75%, 1/21/2031 (a)		1,580		1,740
7.88%, 2/16/2032 (a)		1,460		1,506
7.70%, 2/23/2038 (d)		820		819
7.63%, 11/28/2047 (d)		1,030		1,004
9.25%, 1/21/2049 (a)		330		366
				8,337
Oman — 0.1%
Oman Government International Bond
4.13%, 1/17/2023 (a)		540		542
4.75%, 6/15/2026 (a)		2,240		2,173
5.38%, 3/8/2027 (a)		1,050		1,040
5.63%, 1/17/2028 (d)		1,140		1,126
5.63%, 1/17/2028 (a)		700		691
6.50%, 3/8/2047 (a)		1,660		1,535
6.75%, 1/17/2048 (a)		1,870		1,752
				8,859
Pakistan — 0.0%(b)
Republic of Pakistan
8.25%, 4/15/2024 (a)		930		1,011
8.25%, 9/30/2025 (a)		550		600
6.88%, 12/5/2027 (a)		1,560		1,558
				3,169
Panama — 0.1%
Republic of Panama
3.75%, 3/16/2025		1,300		1,375
3.88%, 3/17/2028		1,480		1,611

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Panama — continued
6.70%, 1/26/2036		1,150		1,622
4.50%, 5/15/2047		1,230		1,451
4.30%, 4/29/2053		2,020		2,346
3.87%, 7/23/2060		380		406
				8,811
Paraguay — 0.1%
Republic of Paraguay
4.70%, 3/27/2027 (a)		1,750		1,916
6.10%, 8/11/2044 (a)		2,930		3,573
5.60%, 3/13/2048 (a)		350		404
				5,893
Peru — 0.0%(b)
Republic of Peru
4.13%, 8/25/2027		760		852
6.35%, 8/12/2028 (a)	PEN	3,900		1,345
				2,197
Philippines — 0.0%(b)
Republic of the Philippines
10.63%, 3/16/2025		1,395		1,993
3.00%, 2/1/2028		1,100		1,147
7.75%, 1/14/2031		270		401
3.70%, 2/2/2042		730		823
				4,364
Poland — 0.0%(b)
Republic of Poland
3.25%, 4/6/2026		1,060		1,131
Qatar — 0.0%(b)
State of Qatar
3.88%, 4/23/2023 (d)		500		528
4.00%, 3/14/2029 (d)		410		456
5.10%, 4/23/2048 (a)		1,700		2,171
5.10%, 4/23/2048 (d)		1,060		1,353
4.82%, 3/14/2049 (d)		430		529
				5,037
Romania — 0.0%(b)
Republic of Romania
4.38%, 8/22/2023 (a)		2,110		2,253
6.13%, 1/22/2044 (a)		1,160		1,509
5.13%, 6/15/2048 (a)		730		840
				4,602

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Russia — 0.1%
Russian Federation
4.88%, 9/16/2023 (a)		800		878
12.75%, 6/24/2028 (a)		1,390		2,370
5.10%, 3/28/2035 (d)		2,600		3,000
5.88%, 9/16/2043 (a)		3,200		4,084
				10,332
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia
3.25%, 10/26/2026 (a)		600		620
3.63%, 3/4/2028 (a)		1,900		1,997
4.38%, 4/16/2029 (a)		710		793
4.63%, 10/4/2047 (a)		2,010		2,252
5.00%, 4/17/2049 (a)		2,650		3,141
				8,803
Senegal — 0.0%(b)
Republic of Senegal
6.75%, 3/13/2048 (d)		1,160		1,139
Serbia — 0.0%(b)
Republic of Serbia
4.88%, 2/25/2020 (a)		677		684
7.25%, 9/28/2021 (a)		1,190		1,297
				1,981
South Africa — 0.1%
Republic of South Africa
5.88%, 5/30/2022		500		539
5.88%, 9/16/2025		2,144		2,336
4.88%, 4/14/2026		3,830		3,947
6.25%, 3/8/2041		2,500		2,689
				9,511
Sri Lanka — 0.1%
Republic of Sri Lanka
6.25%, 10/4/2020 (a)		700		711
6.25%, 7/27/2021 (a)		1,500		1,523
5.88%, 7/25/2022 (a)		2,610		2,633
6.35%, 6/28/2024 (d)		460		466
6.13%, 6/3/2025 (a)		200		197
6.85%, 11/3/2025 (a)		1,746		1,769
6.75%, 4/18/2028 (a)		1,600		1,562
7.85%, 3/14/2029 (d)		520		536
7.55%, 3/28/2030 (d)		660		666
				10,063

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 133

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Tajikistan — 0.0%(b)
Republic of Tajikistan International Bond 7.13%, 9/14/2027 (a)		800		675
Turkey — 0.1%
Republic of Turkey
6.25%, 9/26/2022		600		621
3.25%, 3/23/2023		580		551
5.75%, 3/22/2024		800		806
4.25%, 4/14/2026		600		547
4.88%, 10/9/2026		900		844
6.00%, 3/25/2027		950		943
5.13%, 2/17/2028		1,090		1,017
6.00%, 1/14/2041		2,020		1,810
4.88%, 4/16/2043		510		406
6.63%, 2/17/2045		1,600		1,520
				9,065
Ukraine — 0.1%
Republic of Ukraine
7.75%, 9/1/2020 (a)		360		370
7.75%, 9/1/2021 (a)		730		763
7.75%, 9/1/2022 (a)		2,060		2,190
7.75%, 9/1/2023 (a)		1,910		2,044
7.75%, 9/1/2024 (a)		1,190		1,274
7.75%, 9/1/2027 (a)		930		1,001
9.75%, 11/1/2028 (a)		840		1,000
7.38%, 9/25/2032 (a)		2,860		2,990
				11,632
United Arab Emirates — 0.0%(b)
Abu Dhabi Government Bond 4.13%, 10/11/2047 (a)		2,500		2,877
Uruguay — 0.1%
Republic of Uruguay
4.38%, 10/27/2027		1,060		1,171
7.88%, 1/15/2033		800		1,196
7.63%, 3/21/2036		790		1,171
5.10%, 6/18/2050		4,200		5,020
4.98%, 4/20/2055		1,620		1,900
				10,458
Zambia — 0.0%(b)
Republic of Zambia 8.97%, 7/30/2027 (a)		1,950		1,374
Total Foreign Government Securities (Cost $249,317)				256,059

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Convertible Bonds — 1.4%
Australia — 0.0%(b)
DEXUS Finance Pty. Ltd. REIT, 2.30%, 6/19/2026 (a)	AUD	2,000		1,413
Bermuda — 0.0%(b)
Golar LNG Ltd. 2.75%, 2/15/2022		1,886		1,670
China — 0.2%
China Conch Venture Holdings International Ltd. 9/5/2023 (a)	HKD	15,000		2,018
CRRC Corp. Ltd. 2/5/2021 (a)		2,000		1,934
Ctrip.com International Ltd.
1.00%, 7/1/2020		4,005		3,909
1.99%, 7/1/2025		2,425		2,520
Harvest International Co. 11/21/2022 (a)	HKD	26,000		3,358
Huazhu Group Ltd. 0.38%, 11/1/2022		1,288		1,410
Momo, Inc. 1.25%, 7/1/2025		3,345		3,074
Weibo Corp. 1.25%, 11/15/2022		2,660		2,499
Zhejiang Expressway Co. Ltd. 4/21/2022 (a)	EUR	1,600		1,805
Zhongsheng Group Holdings Ltd. 5/23/2023 (a)	HKD	21,000		2,938
				25,465
France — 0.0% (b)
Orpar SA Zero Coupon, 6/20/2024 (a)	EUR	3,400		4,072
Hong Kong — 0.1%
China Overseas Finance Investment Cayman V Ltd. Zero Coupon, 1/5/2023 (a)		7,400		8,205
Mexico — 0.0% (b)
Cemex SAB de CV 3.72%, 3/15/2020		1,274		1,272
Singapore — 0.1%
CapitaLand Ltd.
1.85%, 6/19/2020 (a)	SGD	7,000		5,117
2.95%, 6/20/2022 (a)	SGD	5,000		3,657
				8,774
South Africa — 0.0% (b)
Remgro Jersey GBP Ltd. 2.63%, 3/22/2021 (a)	GBP	2,800		3,578
Spain — 0.0% (b)
Cellnex Telecom SA 0.50%, 7/5/2028 (a)	EUR	2,200		2,661
Switzerland — 0.0% (b)
Glencore Funding LLC Zero Coupon, 3/27/2025 (a)		3,000		2,535
United Arab Emirates — 0.1%
Borr Drilling Ltd. 3.88%, 5/23/2023 (a)		3,000		2,267
DP World plc 1.75%, 6/19/2024 (a)		6,400		6,312
				8,579

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Convertible Bonds — continued
United Kingdom — 0.0% (b)
Intu Jersey 2 Ltd. REIT, 2.88%, 11/1/2022 (a)	GBP	1,000		985
TechnipFMC plc 0.88%, 1/25/2021 (a)	EUR	1,700		1,919
				2,904
United States — 0.9%
Ares Capital Corp.
3.75%, 2/1/2022		4,716		4,818
4.63%, 3/1/2024		2,550		2,703
BlackRock Capital Investment Corp. 5.00%, 6/15/2022		2,580		2,577
BlackRock TCP Capital Corp. 4.63%, 3/1/2022		2,536		2,596
BofA Finance LLC 0.25%, 5/1/2023		2,670		2,680
Colony Capital, Inc.
REIT, 3.88%, 1/15/2021		1,455		1,430
REIT, 5.00%, 4/15/2023		3,721		3,628
DISH Network Corp.
2.38%, 3/15/2024		9,116		8,172
3.38%, 8/15/2026		2,415		2,258
Ensco Jersey Finance Ltd. 3.00%, 1/31/2024		6,158		3,941
FireEye, Inc. Series B, 1.63%, 6/1/2035		6,958		6,659
Hercules Capital, Inc. 4.38%, 2/1/2022		3,031		3,105
Intercept Pharmaceuticals, Inc. 3.25%, 7/1/2023		1,293		1,133
Liberty Interactive LLC
4.00%, 11/15/2029		6,966		4,850
3.75%, 2/15/2030		320		225
1.75%, 9/30/2046 (d)		2,426		3,433
Macquarie Infrastructure Corp. 2.00%, 10/1/2023		4,269		4,014
Meritor, Inc.
3.25%, 10/15/2037		1,220		1,253
MFA Financial, Inc. REIT, 6.25%, 6/15/2024		3,208		3,343
Nabors Industries, Inc. 0.75%, 1/15/2024		1,435		909
Oasis Petroleum, Inc. 2.63%, 9/15/2023		865		596
Okta, Inc. 0.13%, 9/1/2025 (d)		4,311		4,085
Pluralsight, Inc. 0.38%, 3/1/2024 (d)		4,910		4,308
QIAGEN NV 1.00%, 11/13/2024 (a)		1,400		1,337
Redwood Trust, Inc. REIT, 4.75%, 8/15/2023		1,300		1,310
RWT Holdings, Inc. 5.63%, 11/15/2019		2,926		2,928
Snap, Inc. 0.75%, 8/1/2026 (d)		2,785		2,815
Spirit Realty Capital, Inc. REIT, 3.75%, 5/15/2021		3,821		3,951
Starwood Property Trust, Inc. REIT, 4.38%, 4/1/2023		3,788		3,925

INVESTMENTS		PRINCIPAL AMOUNT (000)		VALUE (000)
United States — continued
SunPower Corp. 0.88%, 6/1/2021	��		3,183		2,913
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023			2,705		2,490
TPG Specialty Lending, Inc. 4.50%, 8/1/2022			959		1,006
Twitter, Inc.
1.00%, 9/15/2021			4,079		3,947
0.25%, 6/15/2024			3,146		3,004
Veeco Instruments, Inc. 2.70%, 1/15/2023			3,193		2,918
VEREIT, Inc. REIT, 3.75%, 12/15/2020			2,552		2,587
Vishay Intertechnology, Inc. 2.25%, 6/15/2025			2,638		2,599
Vonage Holdings Corp. 1.75%, 6/1/2024 (d)			2,505		2,422
Whiting Petroleum Corp. 1.25%, 4/1/2020			3,000		2,949
Zillow Group, Inc. 1.50%, 7/1/2023			2,103		1,865
					117,682
Total Convertible Bonds (Cost $193,005)					188,810
U.S. Treasury Obligations — 0.8%
U.S. Treasury Notes
2.00%, 1/31/2020 (p)			63,148		63,210
2.75%, 9/30/2020			4,000		4,041
2.88%, 10/31/2020			4,000		4,049
1.75%, 11/15/2020			4,000		4,005
2.50%, 1/31/2021			5,000		5,056
1.13%, 6/30/2021			6,000		5,955
1.75%, 7/31/2021			5,950		5,968
2.75%, 8/15/2021			11,600		11,839
1.88%, 1/31/2022			5,550		5,591
Total U.S. Treasury Obligations (Cost $109,378)					109,714
		SHARES (000)
Preferred Stocks — 0.7%
United States — 0.7%
Bank of America Corp.,
Series GG, 6.00%, 5/16/2023 ($25 par value) (q)			203		5,532
Series HH, 5.88%, 7/24/2023 ($25 par value) (q)			181		4,912
BB&T Corp., Series F, 5.20%, 12/1/2019 ($25 par value) (q)			350		8,940
Capital One Financial Corp., Series I, 5.00%, 12/1/2024 ($25 par value) (q)			35		881

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 135

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES (000)		VALUE (000)
Preferred Stocks — continued
United States — continued
Claire’s Stores, Inc. *‡		3		4,229
Dominion Energy, Inc.,
Series A, 7.25%, 6/1/2022 ($100 par value)		61		6,585
Series A, 5.25%, 7/30/2076 ($25 par value)		52		1,355
Duke Energy Corp., Series A, 5.75%, 6/15/2024 ($25 par value) (q)		141		3,928
Energy Transfer Operating LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 ($25 par value) (e) (q)		304		7,681
GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 7.94%, 2/15/2040 ($25 par value) (e)		12		317
Goldman Sachs Group, Inc. (The), Series J, (ICE LIBOR USD 3 Month + 3.64%), 5.50%, 5/10/2023 ($25 par value) (e) (q)		71		1,913
Goodman Networks, Inc. (Preference) *‡		64		1
Morgan Stanley,
Series I, (ICE LIBOR USD 3 Month + 3.71%), 6.38%, 10/15/2024 ($25 par value) (e) (q)		197		5,546
Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (e) (q)		407		11,252
MYT Holding Co., 10.00%, 6/7/2029(d)		2,731		2,362
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		119		3,305
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value) (e) (q)		60		1,655
SCE Trust II, 5.10%, 12/5/2019 ($25 par value) (q)		110		2,491
SCE Trust VI, 5.00%, 6/26/2022 ($25 par value) (q)		124		2,768
Sempra Energy, 5.75%, 7/1/2079 ($25 par value)		18		472
Southern Co. (The), 5.25%, 10/1/2076 ($25 par value)		44		1,144
State Street Corp.,
Series D, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 3/15/2024 ($25 par value) (e) (q)		166		4,580
Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (e) (q)		43		1,195
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (q)		150		4,082

INVESTMENTS	SHARES (000)		VALUE (000)
United States — continued
Wells Fargo & Co.,
Series X, 5.50%, 9/15/2021 ($25 par value) (q)		19		506
Series Y, 5.63%, 6/15/2022 ($25 par value) (q)		177		4,679
Total Preferred Stocks (Cost $84,216)				92,311
	SHARES (000)
Convertible Preferred Stocks — 0.5%
United States — 0.5%
AMG Capital Trust II 5.15%, 10/15/2037 ($50 par value)		86		4,093
Aqua America, Inc. 6.00%, 4/30/2022 ($50 par value)		34		2,062
Bank of America Corp. Series L, 7.25% ($1,000 par value)		9		14,200
Becton Dickinson and Co. Series A, 6.13%, 5/1/2020 ($50 par value)		98		6,034
Broadcom, Inc. Series A, ($1,000 par value)*		3		2,742
Bunge Ltd. 4.88% ($100 par value)		40		4,068
Crown Castle International Corp. Series A, REIT, 6.88%, 8/1/2020 ($1,000 par value)		4		4,849
Energizer Holdings, Inc.
Series A, 7.50%, 1/15/2022 ($100 par value)		18		1,710
International Flavors & Fragrances, Inc. 6.00%, 9/15/2021 ($50 par value)		63		2,945
NextEra Energy, Inc. 4.87%, 9/1/2022 ($50 par value)		42		2,116
Sempra Energy Series B, 6.75%, 7/15/2021 ($100 par value)		33		3,862
Stanley Black & Decker, Inc. 5.38%, 5/15/2020 ($100 par value)		39		3,975
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		9		14,155
Total Convertible Preferred Stocks (Cost $61,273)				66,811
	SHARES (000)
Exchange-traded Funds — 0.1%
United States — 0.1%
iShares iBoxx High Yield Corporate Bond ETF (Cost $14,638)		171		14,805

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)
U.S. Government Agency Securities — 0.0%(b)
Israel — 0.0%(b)
Israel Government AID Bond
4.50%, 1/30/2043		2,003			2,417
4.13%, 1/17/2048		1,516			1,759
Total U.s. Government Agency Securities (Cost $3,736)					4,176
	NO. OF WARRANTS (000)
Warrants — 0.0%(b)
United States — 0.0%(b)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*‡		108			1,482
Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00 USD * ‡		—	(c)		—
					1,482
Total Warrants (Cost $1,929)					1,482
	PRINCIPAL AMOUNT (000)
Supranational — 0.0%(b)
Supranational — 0.0%(b)
African Export-Import Bank (The) 4.13%, 6/20/2024(a)(Cost $981)		1,000			1,036
	NO. OF RIGHTS (000)
Rights — 0.0%(b)
United States — 0.0%(b)
Vistra Energy Corp., expiring 12/31/2049*‡ (Cost $—)		483			432
	PRINCIPAL AMOUNT (000)
Short-term Investments — 5.3%
Certificates Of Deposit — 0.1%
Barclays Bank plc 2.95%, 4/9/2020		2,000			2,008
Credit Suisse AG 1.86%, 10/9/2020		4,100			4,097
MUFG Bank Ltd. 1.98%, 10/15/2020 (d)		6,000			6,002
Societe Generale 2.19%, 7/31/2020		2,646			2,652
Total Certificates of Deposit (Cost $14,746)					14,759
Commercial Paper — 0.1%
Bank of China Ltd. 2.35%, 12/24/2019 (r)		3,000			2,990

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Paper — continued
Federation des caisses Desjardins du Quebec (The) 2.02%, 9/22/2020 (d) (r)		4,540		4,454
Nutrien Ltd. 2.01%, 11/27/2019 (d) (r)		300		300
Total Commercial Paper (Cost $7,748)				7,744
Investment Companies — 5.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (s) (t)		607,651		607,894
JPMorgan Prime Money Market Fund Class IM Shares, 1.94% (s) (t)		83,828		83,862
Total Investment Companies (Cost $691,686)				691,756
Total Short-term Investments (Cost $714,180)				714,259
Total Investments — 98.7% (Cost $12,394,861)				13,343,807
Other Assets Less Liabilities — 1.3%				176,338
Net Assets — 100.0%				13,520,145

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 137

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

Summary of Investments by Industry, October 31, 2019

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

INDUSTRY	PERCENTAGE
Equity Real Estate Investment Trusts (REITs)		7.8	%
Banks		7.2
Collateralized Mortgage Obligations		5.9
Asset-Backed Securities		5.1
Oil, Gas & Consumable Fuels		5.1
Mortgage-Backed Securities		4.2
Diversified Telecommunication Services		4.2
Pharmaceuticals		3.7
Media		3.4
Insurance		3.2
Capital Markets		2.9
Commercial Mortgage-Backed Securities		2.6
Health Care Providers & Services		2.4
Hotels, Restaurants & Leisure		2.2

INDUSTRY	PERCENTAGE
Electric Utilities		2.1	%
Foreign Government Securities		1.9
Semiconductors & Semiconductor Equipment		1.8
Chemicals		1.5
Wireless Telecommunication Services		1.5
Beverages		1.2
IT Services		1.2
Metals & Mining		1.2
Food Products		1.1
Auto Components		1.0
Machinery		1.0
Others (each less than 1.0%)		19.4
Short-Term Investments		5.2

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
AUD	Australian Dollar
CIFC	Commercial Industrial Finance Corp.
CJSC	Closed Joint Stock Company
CLO	Collateralized Loan Obligations
CSMC	Credit Suisse Mortgage Trust
CVA	Dutch Certification
DOP	Dominican Republic Peso
ETF	Exchange-Traded Fund
EUR	Euro
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GDR	Global Depositary Receipt
GMAC	General Motors Acceptance Corp.
GNMA	Government National Mortgage Association
HKD	Hong Kong Dollar
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of October 31, 2019. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate

OYJ	Public Limited Company
PEN	Peruvian Nuevo Sol
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RTS	Russian Trading System
SCA	Limited partnership with share capital
SGD	Singapore Dollar
SGPS	Holding company
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS	Uniform Mortgage-Backed Securities
UNFND	Unfunded
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 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN FUNDS OCTOBER 31, 2019

(f)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2019.
(g)	Security is an interest bearing note with preferred security characteristics.
(h)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(i)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2019.
(j)	Defaulted security.
(k)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2019.
(l)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

(m)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(n)	All or a portion of this security is unsettled as of October 31, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(o)	Fund is subject to legal or contractual restrictions on the resale of the security.
(p)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(q)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of October 31, 2019.
(r)	The rate shown is the effective yield as of October 31, 2019.
(s)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(t)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
EURO STOXX 50 Index		73			12/2019		EUR		2,935			81
FTSE 100 Index		18			12/2019		GBP		1,689			11
S&P 500E-Mini Index		1,757			12/2019		USD		266,625			2,937
U.S. Treasury 10 Year Note		10,062			12/2019		USD		1,311,361			(6,390	)
												(3,361	)
Short Contracts
EURO STOXX 50 Index		(10,182	)		12/2019		EUR		(409,383	)		(11,489	)
Foreign Exchange GBP/USD		(3,336	)		12/2019		USD		(270,425	)		(12,470	)
MSCI Emerging MarketsE-Mini Index		(3,637	)		12/2019		USD		(189,415	)		(3,608	)
												(27,567	)
												(30,928	)

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 139

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019

(Amounts in thousands, except per share amounts)

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
ASSETS:
Investments innon-affiliates, at value	$	3,424,069		$	12,652,051
Investments in affiliates, at value		158,629			691,756
Investment of cash collateral received from securities loaned, at value (See Note 2.F.)		32,306			—
Options purchased, at value		21,408			—
Restricted cash for OTC derivatives		260			—
Cash		937			2,602
Foreign currency, at value		5,557			1,590
Deposits at broker for futures contracts		10,742			534
Deposits at broker for securities sold short		22,769			—
Deposits at broker for centrally cleared swaps		254			—
Receivables:
Investment securities sold		132,029			121,567
Fund shares sold		4,673			24,674
Interest and dividends fromnon-affiliates		12,233			86,083
Dividends from affiliates		290			953
Tax reclaims		2,219			9,049
Securities lending income (See Note 2.F.)		23			—
Variation margin on futures contracts		5,533			8,430
Variation margin on centrally cleared swaps (net upfront receipts of $1)		41			—
Unrealized appreciation on forward foreign currency exchange contracts		2,347			—
Outstanding OTC swap contracts, at value		1,152			—
Total Assets		3,837,471			13,599,289
LIABILITIES:
Payables:
Securities sold short, at value		12,121			—
Dividend expense tonon-affiliates on securities sold short		48			—
Investment securities purchased		102,896			55,889
Investment securities purchased—delayed delivery securities		568			974
Collateral received on securities loaned (See Note 2.F.)		32,306			—
Fund shares redeemed		3,077			11,526
Unrealized depreciation on forward foreign currency exchange contracts		8,235			—
Unrealized depreciation on unfunded commitments		18			31
Outstanding options written, at fair value		60			—
Outstanding OTC swap contracts, at value (net upfront receipts of $80)		141			—
Accrued liabilities:
Investment advisory fees		1,642			4,427
Administration fees		215			697
Distribution fees		427			3,190
Service fees		338			395
Custodian and accounting fees		88			299
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Deferred foreign capital gains tax		21			632
Other		457			1,084
Total Liabilities		162,658			79,144
Net Assets	$	3,674,813		$	13,520,145

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN FUNDS OCTOBER 31, 2019

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	3,423,362		$	12,607,249
Total distributable earnings (loss)		251,451			912,896
Total Net Assets	$	3,674,813		$	13,520,145
Net Assets:
Class A	$	443,776		$	3,678,891
Class C		526,390			3,814,158
Class I		2,170,359			5,672,266
Class R2		5,394			—
Class R3		50			—
Class R4		631			—
Class R5		21			—
Class R6		528,192			354,830
Total	$	3,674,813		$	13,520,145
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		23,580			342,898
Class C		28,386			356,513
Class I		114,747			527,932
Class R2		288			—
Class R3		3			—
Class R4		33			—
Class R5		1			—
Class R6		27,936			33,023
Net Asset Value (a):
Class A — Redemption price per share	$	18.82		$	10.73
Class C — Offering price per share (b)		18.54			10.70
Class I — Offering and redemption price per share		18.91			10.74
Class R2 — Offering and redemption price per share		18.73			—
Class R3 — Offering and redemption price per share		18.90			—
Class R4 — Offering and redemption price per share		18.81			—
Class R5 — Offering and redemption price per share		18.92			—
Class R6 — Offering and redemption price per share		18.91			10.74
Class A maximum sales charge		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	19.71		$	11.24
Cost of investments innon-affiliates	$	3,097,110		$	11,703,175
Cost of investments in affiliates		158,600			691,686
Cost of options purchased		16,226			—
Cost of foreign currency		5,574			1,375
Investment securities on loan, at value (See Note 2.F.)		31,088			—
Cost of investment of cash collateral (See Note 2.F.)		32,304			—
Proceeds from securities sold short		12,229			—
Premiums received from options written		56			—

(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.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 141

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2019

(Amounts in thousands)

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	54,484		$	415,428
Interest income from affiliates		23			36
Interest income fromnon-affiliates on securities sold short		875			—
Dividend income fromnon-affiliates		48,051			171,163
Dividend income from affiliates		5,288			11,705
Income from securities lending (net) (See Note 2.F.)		59			—
Foreign taxes withheld (net)		(2,687	)		(9,264	)
Total investment income		106,093			589,068
EXPENSES:
Investment advisory fees		20,600			56,138
Administration fees		2,648			9,053
Distribution fees:
Class A		983			8,292
Class C		3,906			29,682
Class R2		24			—
Class R3		—	(a)		—
Service fees:
Class A		983			8,292
Class C		1,302			9,894
Class I		5,148			12,672
Class R2		12			—
Class R3		—	(a)		—
Class R4		1			—
Class R5		—	(a)		—
Custodian and accounting fees		664			1,701
Interest expense to affiliates		32			16
Professional fees		227			372
Trustees’ and Chief Compliance Officer’s fees		39			74
Printing and mailing costs		391			1,373
Registration and filing fees		348			386
Transfer agency fees (See Note 2.L.)		105			344
Dividend expense tonon-affiliates on securities sold short		919			—
Other		185			284
Total expenses		38,517			138,573
Less fees waived		(6,431	)		(32,017	)
Less expense reimbursements		(3	)		(1,145	)
Net expenses		32,083			105,411
Net investment income (loss)	$	74,010		$	483,657

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN FUNDS OCTOBER 31, 2019

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates	$	(17,370	)(a)	$	2,078
Investments in affiliates		(10	)		(46	)
Options purchased		(5,492	)		—
Futures contracts		(8,902	)		4,489
Securities sold short		(12,316	)		—
Foreign currency transactions		(1,218	)		(1,136	)
Forward foreign currency exchange contracts		32,375			—
Options written		124			—
Swaps		(610	)		—
Net realized gain (loss)		(13,419	)		5,385
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		243,672	(b)		701,632	(c)
Investments in affiliates		31			70
Options purchased		13,293			—
Futures contracts		7,494			19,875
Securities sold short		(1,621	)		—
Foreign currency translations		520			98
Forward foreign currency exchange contracts		(19,561	)		—
Options written		(4	)		—
Swaps		1,329			—
Unfunded commitments		(18	)		(31	)
Change in net unrealized appreciation/depreciation		245,135			721,644
Net realized/unrealized gains (losses)		231,716			727,029
Change in net assets resulting from operations	$	305,726		$	1,210,686

(a) Net of foreign capital gains tax of approximately $(12,000) for JPMorgan Global Allocation Fund.

(b) Net of change in foreign capital gains tax of approximately $(6,000) for JPMorgan Global Allocation Fund.

(c) Net of change in foreign capital gains tax of approximately $927,000 for JPMorgan Income Builder Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 143

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	74,010		$	58,278		$	483,657		$	498,656
Net realized gain (loss)		(13,419	)		(25,035	)		5,385			371,408
Change in net unrealized appreciation/depreciation		245,135			(131,491	)		721,644			(958,355	)
Change in net assets resulting from operations		305,726			(98,248	)		1,210,686			(88,291	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(9,986	)		(11,125	)		(130,780	)		(146,489	)
Class C		(11,406	)		(12,666	)		(136,430	)		(157,942	)
Class I		(56,951	)		(60,697	)		(208,281	)		(191,878	)
Class R2		(103	)		(106	)		—			—
Class R3 (a)		(1	)		—			—			—
Class R4 (a)		(6	)		—			—			—
Class R5 (a)		(1	)		—			—			—
Class R6 (b)		(14,152	)		(11,305	)		(11,756	)		(4,716	)
Class T (c)		—			—	(d)		—			(1	)
Total distributions to shareholders		(92,606	)		(95,899	)		(487,247	)		(501,026	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(96,230	)		1,425,685			636,913			(40,626	)
NET ASSETS:
Change in net assets		116,890			1,231,538			1,360,352			(629,943	)
Beginning of period		3,557,923			2,326,385			12,159,793			12,789,736
End of period	$	3,674,813		$	3,557,923		$	13,520,145		$	12,159,793

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Global Allocation Fund.

(b) Commencement of offering of class of shares effective November 1, 2017.

(c) Class T Shares had no assets from the close of business on June 5, 2018.

(d) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN FUNDS OCTOBER 31, 2019

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	217,930		$	157,578		$	1,647,527		$	626,796
Distributions reinvested		9,209			10,567			126,307			141,940
Cost of shares redeemed		(152,045	)		(110,141	)		(1,668,716	)		(949,476	)
Change in net assets resulting from Class A capital transactions	$	75,094		$	58,004		$	105,118		$	(180,740	)
Class C
Proceeds from shares issued	$	97,211		$	209,930		$	433,833		$	503,643
Distributions reinvested		9,866			11,050			121,362			141,096
Cost of shares redeemed		(124,058	)		(88,033	)		(1,084,073	)		(937,699	)
Change in net assets resulting from Class C capital transactions	$	(16,981	)	$	132,947		$	(528,878	)	$	(292,960	)
Class I
Proceeds from shares issued	$	892,758		$	1,193,262		$	2,066,543		$	1,303,164
Distributions reinvested		45,377			50,298			182,360			164,519
Cost of shares redeemed		(751,445	)		(895,192	)		(1,314,086	)		(1,254,375	)
Change in net assets resulting from Class I capital transactions	$	186,690		$	348,368		$	934,817		$	213,308
Class R2
Proceeds from shares issued	$	2,438		$	2,435		$	—		$	—
Distributions reinvested		103			104			—			—
Cost of shares redeemed		(1,073	)		(1,123	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	1,468		$	1,416		$	—		$	—
Class R3(a)
Proceeds from shares issued	$	29		$	20		$	—		$	—
Distributions reinvested		1			—			—			—
Change in net assets resulting from Class R3 capital transactions	$	30		$	20		$	—		$	—
Class R4(a)
Proceeds from shares issued	$	653		$	20		$	—		$	—
Distributions reinvested		6			—			—			—
Cost of shares redeemed		(64	)		—			—			—
Change in net assets resulting from Class R4 capital transactions	$	595		$	20		$	—		$	—
Class R5(a)
Proceeds from shares issued	$	—		$	20		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(b)	$	20		$	—		$	—
Class R6(c)
Proceeds from shares issued	$	102,415		$	906,032		$	161,099		$	236,390
Distributions reinvested		14,078			11,208			11,748			4,714
Cost of shares redeemed		(459,619	)		(32,328	)		(46,991	)		(21,317	)
Change in net assets resulting from Class R6 capital transactions	$	(343,126	)	$	884,912		$	125,856		$	219,787
Class T(d)
Distributions reinvested		—			—	(b)		—			—	(b)
Cost of shares redeemed		—			(22	)		—			(21	)
Change in net assets resulting from Class T capital transactions	$	—		$	(22	)	$	—		$	(21	)
Total change in net assets resulting from capital transactions	$	(96,230	)	$	1,425,685		$	636,913		$	(40,626	)

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Global Allocation Fund.

(b) Amount rounds to less than one thousand.

(c) Commencement of offering of class of shares effective November 1, 2017.

(d) Class T Shares had no assets from the close of business on June 5, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 145

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		12,001			8,415			157,460			59,444
Reinvested		517			570			12,156			13,531
Redeemed		(8,386	)		(5,928	)		(161,130	)		(90,054	)
Change in Class A Shares		4,132			3,057			8,486			(17,079	)
Class C
Issued		5,479			11,350			41,729			47,760
Reinvested		566			604			11,724			13,490
Redeemed		(6,953	)		(4,791	)		(104,351	)		(89,241	)
Change in Class C Shares		(908	)		7,163			(50,898	)		(27,991	)
Class I
Issued		49,612			63,387			199,051			123,104
Reinvested		2,537			2,704			17,480			15,661
Redeemed		(41,703	)		(47,941	)		(126,882	)		(118,968	)
Change in Class I Shares		10,446			18,150			89,649			19,797
Class R2
Issued		133			132			—			—
Reinvested		6			6			—			—
Redeemed		(59	)		(61	)		—			—
Change in Class R2 Shares		80			77			—			—
Class R3(a)
Issued		2			1			—			—
Reinvested		—	(b)		—			—			—
Change in Class R3 Shares		2			1			—			—
Class R4(a)
Issued		35			1			—			—
Reinvested		—	(b)		—			—			—
Redeemed		(3	)		—			—			—
Change in Class R4 Shares		32			1			—			—
Class R5(a)
Issued		—			1			—			—
Reinvested		—	(b)		—			—			—
Change in Class R5 Shares		—	(b)		1			—			—
Class R6(c)
Issued		5,601			48,503			15,445			22,557
Reinvested		787			604			1,125			454
Redeemed		(25,785	)		(1,774	)		(4,513	)		(2,045	)
Change in Class R6 Shares		(19,397	)		47,333			12,057			20,966
Class T(d)
Reinvested		—			—	(b)		—			—	(b)
Redeemed		—			(1	)		—			(2	)
Change in Class T Shares		—			(1	)		—			(2	)

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Global Allocation Fund.

(b) Amount rounds to less than one thousand.

(c) Commencement of offering of class of shares effective November 1, 2017.

(d) Class T Shares had no assets from the close of business on June 5, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN FUNDS OCTOBER 31, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2019 J.P. MORGAN FUNDS 147

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Global Allocation Fund
Class A
Year Ended October 31, 2019	$	17.71	$	0.36	$	1.22		$	1.58		$	(0.47	)	$	—		$	(0.47	)
Year Ended October 31, 2018		18.63		0.31		(0.63	)		(0.32	)		(0.31	)		(0.29	)		(0.60	)
Year Ended October 31, 2017		16.38		0.34		2.23			2.57			(0.32	)		—			(0.32	)
Year Ended October 31, 2016		16.47		0.34		(0.10	)		0.24			(0.31	)		(0.02	)		(0.33	)
Year Ended October 31, 2015		17.15		0.23		(0.01	)		0.22			(0.34	)		(0.56	)		(0.90	)
Class C
Year Ended October 31, 2019		17.47		0.27		1.19			1.46			(0.39	)		—			(0.39	)
Year Ended October 31, 2018		18.39		0.22		(0.63	)		(0.41	)		(0.22	)		(0.29	)		(0.51	)
Year Ended October 31, 2017		16.20		0.25		2.20			2.45			(0.26	)		—			(0.26	)
Year Ended October 31, 2016		16.30		0.26		(0.10	)		0.16			(0.24	)		(0.02	)		(0.26	)
Year Ended October 31, 2015		17.04		0.15		(0.02	)		0.13			(0.31	)		(0.56	)		(0.87	)
Class I
Year Ended October 31, 2019		17.79		0.41		1.22			1.63			(0.51	)		—			(0.51	)
Year Ended October 31, 2018		18.71		0.37		(0.65	)		(0.28	)		(0.35	)		(0.29	)		(0.64	)
Year Ended October 31, 2017		16.45		0.38		2.23			2.61			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		16.53		0.39		(0.10	)		0.29			(0.35	)		(0.02	)		(0.37	)
Year Ended October 31, 2015		17.19		0.27		(0.01	)		0.26			(0.36	)		(0.56	)		(0.92	)
Class R2
Year Ended October 31, 2019		17.64		0.30		1.20			1.50			(0.41	)		—			(0.41	)
Year Ended October 31, 2018		18.57		0.25		(0.62	)		(0.37	)		(0.27	)		(0.29	)		(0.56	)
Year Ended October 31, 2017		16.36		0.28		2.22			2.50			(0.29	)		—			(0.29	)
Year Ended October 31, 2016		16.44		0.31		(0.10	)		0.21			(0.27	)		(0.02	)		(0.29	)
Year Ended October 31, 2015		17.13		0.19		(0.01	)		0.18			(0.31	)		(0.56	)		(0.87	)
Class R3
Year Ended October 31, 2019		17.79		0.34		1.22			1.56			(0.45	)		—			(0.45	)
October 1, 2018 (j) through October 31, 2018		18.65		0.02		(0.88	)		(0.86	)		—			—			—
Class R4
Year Ended October 31, 2019		17.71		0.42		1.17			1.59			(0.49	)		—			(0.49	)
October 1, 2018 (j) through October 31, 2018		18.56		0.02		(0.87	)		(0.85	)		—			—			—
Class R5
Year Ended October 31, 2019		17.80		0.42		1.22			1.64			(0.52	)		—			(0.52	)
October 1, 2018 (j) through October 31, 2018		18.65		0.02		(0.87	)		(0.85	)		—			—			—
Class R6
Year Ended October 31, 2019		17.79		0.43		1.22			1.65			(0.53	)		—			(0.53	)
November 1, 2017 (j) through October 31, 2018		18.74		0.37		(0.65	)		(0.28	)		(0.38	)		(0.29	)		(0.67	)

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

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

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

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

(f) Does not include expenses of Underlying Funds.

(g) Includes interest expenses, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Commencing on October 31, 2017, the Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For periods prior to October 31, 2016, the Fund did not transact in securities sold short.

(i) The net expenses and expenses without waivers (excluding dividend expense for securities sold short) for Class A are 1.02% and 1.23% for the year ended October 31, 2019, 1.02% and 1.24% for the year ended October 31, 2018, 1.02% and 1.27% for the year ended October 31, 2017, Class C are 1.52% and 1.73% for the year ended October 31, 2019, 1.52% and 1.74% for the for the year ended October 31, 2018, 1.52% and 1.77% for the year ended October 31, 2017, Class I are 0.77% and 0.97% for the year ended October 31, 2019, 0.78% and 0.99% for the year ended October 31, 2018, 0.77% and 1.00% for the year ended October 31, 2017, Class R2 are 1.39% and 1.53% for the year ended October 31, 2019, 1.35% and 1.52% for the year ended October 31, 2018, 1.27% and 1.60% for the year ended October 31, 2017, Class R3 are 1.14% and 1.41% for the year ended October 31, 2019, 1.19% and 1.34% for the period ended October 31, 2018, Class R4 are 0.89% and 0.99% for the year ended October 31, 2019, 0.94% and 1.09% for the period ended October 31, 2018, Class R5 are 0.75% and 0.97% for the year ended October 31, 2019, 0.69% and 0.84% for the period ended October 31, 2018 and Class R6 are 0.64% and 0.72% for the year ended October 31, 2019, 0.64% and 0.74% for the period ended October 31, 2018, respectively.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (including dividend expense for securities sold short) (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements (including dividend expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (d)(h)			Portfolio turnover rate (including securities sold short) (d)(h)
$	18.82		9.08	%	$	443,776		1.05	%(i)		2.00	%		1.26	%(i)		111	%		139	%
	17.71		(1.81	)		344,414		1.06	(i)		1.67			1.28	(i)		108			131
	18.63		15.88			305,300		1.04	(i)		1.96			1.29	(i)		83			95
	16.38		1.50			289,961		1.02			2.12			1.32			64			—
	16.47		1.38			211,120		1.02			1.40			1.43			44			—
	18.54		8.54			526,390		1.55	(i)		1.49			1.76	(i)		111			139
	17.47		(2.32	)		511,863		1.56	(i)		1.18			1.78	(i)		108			131
	18.39		15.29			406,887		1.54	(i)		1.45			1.79	(i)		83			95
	16.20		1.03			357,682		1.52			1.63			1.82			64			—
	16.30		0.84			198,888		1.51			0.90			1.92			44			—
	18.91		9.36			2,170,359		0.80	(i)		2.25			1.00	(i)		111			139
	17.79		(1.58	)		1,855,964		0.82	(i)		1.95			1.03	(i)		108			131
	18.71		16.12			1,611,736		0.79	(i)		2.14			1.02	(i)		83			95
	16.45		1.79			782,381		0.77			2.39			1.04			64			—
	16.53		1.62			364,206		0.77			1.61			1.19			44			—
	18.73		8.69			5,394		1.42	(i)		1.64			1.56	(i)		111			139
	17.64		(2.09	)		3,658		1.39	(i)		1.35			1.56	(i)		108			131
	18.57		15.50			2,441		1.29	(i)		1.58			1.62	(i)		83			95
	16.36		1.30			758		1.27			1.93			1.75			64			—
	16.44		1.14			203		1.27			1.17			1.77			44			—
	18.90		8.97			50		1.17	(i)		1.83			1.44	(i)		111			139
	17.79		(4.61	)		19		1.23	(i)		1.08			1.38	(i)		108			131
	18.81		9.20			631		0.92	(i)		2.29			1.02	(i)		111			139
	17.71		(4.58	)		19		0.98	(i)		1.33			1.13	(i)		108			131
	18.92		9.39			21		0.78	(i)		2.27			1.00	(i)		111			139
	17.80		(4.56	)		19		0.73	(i)		1.58			0.88	(i)		108			131
	18.91		9.50			528,192		0.67	(i)		2.35			0.75	(i)		111			139
	17.79		(1.58	)		841,967		0.68	(i)		2.02			0.78	(i)		108			131

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 149

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan Income Builder Fund
Class A
Year Ended October 31, 2019	$	10.13	$	0.41	$	0.60		$	1.01		$	(0.41)		$	—		$	—		$	(0.41	)
Year Ended October 31, 2018		10.62		0.42		(0.48	)		(0.06	)		(0.43	)		—			—			(0.43	)
Year Ended October 31, 2017		9.95		0.41		0.67			1.08			(0.41	)		—			—			(0.41	)
Year Ended October 31, 2016		9.96		0.42		(0.01	)		0.41			(0.42	)		—			—			(0.42	)
Year Ended October 31, 2015		10.41		0.41		(0.41	)		—	(f)		(0.41	)		(0.02	)		(0.02	)		(0.45	)
Class C
Year Ended October 31, 2019		10.10		0.36		0.60			0.96			(0.36	)		—			—			(0.36	)
Year Ended October 31, 2018		10.59		0.37		(0.49	)		(0.12	)		(0.37	)		—			—			(0.37	)
Year Ended October 31, 2017		9.92		0.36		0.67			1.03			(0.36	)		—			—			(0.36	)
Year Ended October 31, 2016		9.93		0.37		(0.01	)		0.36			(0.37	)		—			—			(0.37	)
Year Ended October 31, 2015		10.38		0.35		(0.40	)		(0.05	)		(0.36	)		(0.02	)		(0.02	)		(0.40	)
Class I
Year Ended October 31, 2019		10.14		0.43		0.60			1.03			(0.43	)		—			—			(0.43	)
Year Ended October 31, 2018		10.63		0.44		(0.49	)		(0.05	)		(0.44	)		—			—			(0.44	)
Year Ended October 31, 2017		9.96		0.43		0.67			1.10			(0.43	)		—			—			(0.43	)
Year Ended October 31, 2016		9.97		0.43		(0.01	)		0.42			(0.43	)		—			—			(0.43	)
Year Ended October 31, 2015		10.42		0.42		(0.40	)		0.02			(0.43	)		(0.02	)		(0.02	)		(0.47	)
Class R6
Year Ended October 31, 2019		10.14		0.43		0.61			1.04			(0.44	)		—			—			(0.44	)
November 1, 2017 (g) through October 31, 2018		10.64		0.46		(0.51	)		(0.05	)		(0.45	)		—			—			(0.45	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
					Ratios to average net assets(a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	10.73		10.20	%	$	3,678,891		0.74	%		3.90	%		1.05	%		48	%
	10.13		(0.67	)		3,386,949		0.75			4.02			1.07			59
	10.62		11.11			3,731,312		0.75			4.02			1.08			52
	9.95		4.23			3,991,877		0.75			4.25			1.10			52
	9.96		(0.03	)		4,262,148		0.75			3.97			1.11			48
	10.70		9.67			3,814,158		1.24			3.43			1.55			48
	10.10		(1.17	)		4,114,927		1.25			3.52			1.57			59
	10.59		10.58			4,609,784		1.25			3.53			1.59			52
	9.92		3.70			4,968,359		1.25			3.76			1.61			52
	9.93		(0.53	)		5,120,797		1.25			3.47			1.63			48
	10.74		10.35			5,672,266		0.59			4.08			0.80			48
	10.14		(0.52	)		4,445,260		0.60			4.17			0.81			59
	10.63		11.26			4,448,619		0.60			4.15			0.83			52
	9.96		4.36			3,198,358		0.60			4.39			0.86			52
	9.97		0.12			3,138,405		0.60			4.12			0.87			48
	10.74		10.44			354,830		0.51			4.15			0.55			48
	10.14		(0.51	)		212,657		0.50			4.37			0.57			59

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019

1. Organization

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

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

	Classes Offered	Diversification Classification
JPMorgan Global Allocation Fund	Class A, Class C, Class I, Class R2, Class R3(1), Class R4(1), Class R5(1), Class R6(2) and Class T(3)	Diversified
JPMorgan Income Builder Fund	Class A, Class C, Class I, Class R6(2) and Class T(3)	Diversified

⁽¹⁾  Class R3, Class R4 and Class R5 Shares commenced operations on October 1, 2018.

⁽²⁾  Class R6 Shares commenced operations on November 1, 2017.

⁽³⁾  Class T Shares had no assets from the close of business on June 5, 2018 and are not offered to the public.

The investment objective of JPMorgan Global Allocation Fund (“Global Allocation Fund”) is to seek to maximize long-term total return.

The investment objective of JPMorgan Income Builder Fund (“Income Builder Fund”) is to seek to maximize income while maintaining prospects for capital appreciation.

Class A and Class T Shares generally provide for afront-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to the Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for whichfront-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

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

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

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

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

152 J.P. MORGAN FUNDS OCTOBER 31, 2019

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

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

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

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Funds at October 31, 2019.

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

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

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

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

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

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

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

Global Allocation Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	32,101	$	—	$	32,101
Austria		—		8,257		—		8,257
Belgium		74		6,971		—		7,045
Chile		1,249		107		—		1,356
China		27,759		40,300		—		68,059
Colombia		—		78		—		78
Denmark		—		14,821		—		14,821
Finland		193		7,228		—		7,421
France		929		95,170		—		96,099
Germany		4,234		66,983		—		71,217
Hong Kong		233		42,024		—		42,257
Indonesia		—		13,108		—		13,108
Ireland		1,123		1,030		—		2,153
Israel		705		1,222		—		1,927
Italy		—		16,453		—		16,453
Japan		255		119,923		—		120,178
Luxembourg		32		684		—		716
Macau		—		3,779		—		3,779
Malaysia		—		904		—		904
Mexico		8,047		53		—		8,100
Netherlands		805		39,353		—		40,158

OCTOBER 31, 2019 J.P. MORGAN FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Global Allocation Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
New Zealand	$	—	$	842	$	—	$	842
Norway		—		4,868		—		4,868
Portugal		—		566		—		566
Russia		—		5,268		—		5,268
Singapore		—		4,518		—		4,518
South Africa		—		13,464		—		13,464
South Korea		—		11,504		—		11,504
Spain		—		16,028		—		16,028
Sweden		—		16,957		—		16,957
Switzerland		365		80,328		—		80,693
Taiwan		25,208		6,821		—		32,029
Thailand		1,875		765		—		2,640
Turkey		—		668		—		668
United Arab Emirates		—		66		—		66
United Kingdom		1,954		100,211		—		102,165
United States		876,564		4,997		215		881,776
Other Common Stocks		82,486		—		—		82,486
Total Common Stocks		1,034,090		778,420		215		1,812,725
Preferred Stocks
United Kingdom		2		—		—		2
United States		17		41		331		389
Total Preferred Stocks		19		41		331		391
Debt Securities
Asset-Backed Securities
Cayman Islands		—		1,135		7,751		8,886
United States		—		127,840		55,876		183,716
Total Asset-Backed Securities		—		128,975		63,627		192,602
Collateralized Mortgage Obligations
Bermuda		—		—		3,103		3,103
United States		—		104,563		37,037		141,600
Total Collateralized Mortgage Obligations		—		104,563		40,140		144,703
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		1,995		1,995
United States		—		88,755		78,449		167,204
Total Commercial Mortgage-Backed Securities		—		88,755		80,444		169,199
Convertible Bonds		—		274		—		274
Corporate Bonds
United States		—		325,416		4		325,420
Other Corporate Bonds		—		131,746		—		131,746
Total Corporate Bonds		—		457,162		4		457,166
Loan Assignments
United States		—		21,129		253		21,382
Other Loan Assignments		—		979		—		979
Total Loan Assignments		—		22,108		253		22,361
Foreign Government Securities		—		354,445		—		354,445
Supranational		—		7,623		—		7,623
U.S. Treasury Obligations		—		46,547		—		46,547
Options Purchased
Call Options Purchased		21,280		115		—		21,395
Put Options Purchased		—		13		—		13
Total Options Purchased		21,280		128		—		21,408

154 J.P. MORGAN FUNDS OCTOBER 31, 2019

Global Allocation Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Rights	$	—		$	—		$	15	$	15
Warrants
United States		—			—			57		57
Other Warrants		—			2			—		2
Total Warrants		—			2			57		59
Short-Term Investments
Certificates of Deposit		—			5,831			—		5,831
Commercial Paper		—			3,328			—		3,328
Foreign Government Treasury Bills		—			206,800			—		206,800
Investment Companies		158,629			—			—		158,629
Total Short-Term Investments		158,629			215,959			—		374,588
Investment of cash collateral from securities loaned		32,306			—			—		32,306
Total Investments in Securities	$	1,246,324		$	2,205,002		$	185,086	$	3,636,412
Liabilities
Common Stocks	$	(10,655	)	$	—		$	—	$	(10,655	)
Exchange Traded Funds		(1,466	)		—			—		(1,466	)
Total Liabilities in Securities Sold Short	$	(12,121	)	$	—		$	—	$	(12,121	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,347		$	—	$	2,347
Futures Contracts		7,380			—			—		7,380
Swaps		—			801			—		801
Total Appreciation in Other Financial Instruments	$	7,380		$	3,148		$	—	$	10,528
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(8,235	)	$	—	$	(8,235	)
Futures Contracts		(7,534	)		—			—		(7,534	)
Options Written
Call Options Written		—			(60	)		—		(60	)
Swaps		—			(123	)		—		(123	)
Total Depreciation in Other Financial Instruments	$	(7,534	)	$	(8,418	)	$	—	$	(15,952	)

Income Builder Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	95,164	$	—	$	95,164
Austria		—		14,117		—		14,117
Belgium		19,264		8,139		—		27,403
Cayman Islands		—		—		25		25
China		—		180,042		—		180,042
Czech Republic		—		11,161		—		11,161
Denmark		—		1,580		—		1,580
Finland		1,927		19,672		—		21,599
France		4,007		238,476		—		242,483
Germany		5,361		148,372		—		153,733
Hong Kong		—		58,403		—		58,403
Hungary		—		18,559		—		18,559
India		28,831		8,982		—		37,813
Indonesia		—		14,798		—		14,798

OCTOBER 31, 2019 J.P. MORGAN FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Income Builder Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Ireland	$	—	$	2,011	$	—	$	2,011
Italy		—		59,714		—		59,714
Japan		35,685		130,114		—		165,799
Macau		—		10,706		—		10,706
Netherlands		6,149		32,108		—		38,257
New Zealand		—		3,681		1,488		5,169
Norway		—		29,938		—		29,938
Portugal		—		4,769		—		4,769
Russia		20,883		32,633		—		53,516
Singapore		—		15,168		—		15,168
South Africa		4,945		40,987		—		45,932
South Korea		6,401		44,011		—		50,412
Spain		—		87,967		—		87,967
Sweden		2,192		46,385		—		48,577
Switzerland		—		133,332		—		133,332
Taiwan		85,284		81,467		—		166,751
Thailand		11,570		11,995		—		23,565
Turkey		—		2,789		—		2,789
United Arab Emirates		—		6,352		—		6,352
United Kingdom		29,506		215,965		—		245,471
United States		2,377,904		2,596		3,022		2,383,522
Other Common Stocks		186,560		—		—		186,560
Total Common Stocks		2,826,469		1,812,153		4,535		4,643,157
Convertible Preferred Stocks
United States		62,718		4,093		—		66,811
Preferred Stocks
United States		85,719		2,362		4,230		92,311
Exchange Traded Funds		14,805		—		—		14,805
Debt Securities
Asset-Backed Securities
Cayman Islands		—		2,367		10,743		13,110
United States		—		317,344		357,064		674,408
Total Asset-Backed Securities		—		319,711		367,807		687,518
Collateralized Mortgage Obligations
Bermuda		—		—		6,680		6,680
United States		—		680,402		104,140		784,542
Total Collateralized Mortgage Obligations		—		680,402		110,820		791,222
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		2,992		2,992
United States		—		201,032		139,275		340,307
Total Commercial Mortgage-Backed Securities		—		201,032		142,267		343,299
Convertible Bonds		—		188,810		—		188,810
Corporate Bonds
United States		—		3,685,040		11		3,685,051
Other Corporate Bonds		—		852,184		—		852,184
Total Corporate Bonds		—		4,537,224		11		4,537,235
Loan Assignments
United States		—		319,066		1,842		320,908
Other Loan Assignments		—		9,270		—		9,270
Total Loan Assignments		—		328,336		1,842		330,178
Foreign Government Securities		—		256,059		—		256,059
Mortgage-Backed Securities		—		561,303		—		561,303
U.S. Government Agency Securities		—		4,176		—		4,176

156 J.P. MORGAN FUNDS OCTOBER 31, 2019

Income Builder Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
U.S. Treasury Obligations	$	—		$	109,714	$	—	$	109,714
Supranational		—			1,036		—		1,036
Rights		—			—		432		432
Warrants		—			—		1,482		1,482
Short-Term Investments
Certificates of Deposit		—			14,759		—		14,759
Commercial Paper		—			7,744		—		7,744
Investment Companies		691,756			—		—		691,756
Total Short-Term Investments		691,756			22,503		—		714,259
Total Investments in Securities	$	3,681,467		$	9,028,914	$	633,426	$	13,343,807
Appreciation in Other Financial Instruments
Futures Contracts	$	3,029		$	—	$	—	$	3,029
Depreciation in Other Financial Instruments
Futures Contracts	$	(33,957	)	$	—	$	—	$	(33,957	)

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

Global Allocation Fund	Balance as of October 31, 2018		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3			Transfers out of Level 3			Balance as of October 31, 2019
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	490	$	—		$	(395	)	$	—	(a)	$	2,876	$	—		$	4,780		$	—		$	7,751
Asset-Backed Securities — United States		56,852		37			229			78			20,414		(29,656	)		7,922			—			55,876
Collateralized Mortgage Obligations — Bermuda		—		—			—	(a)		—			—		—			3,103			—			3,103
Collateralized Mortgage Obligations — United States		1,269		—	(a)		203			3			36,298		(736	)		—			—			37,037
Commercial Mortgage-Backed Securities — Cayman Islands		2,001		—			(6	)		—			—		—			—			—			1,995
Commercial Mortgage-Backed Securities — United States		19,382		632			2,358			31			69,015		(19,411	)		8,452			(2,010	)		78,449
Common Stock — Canada		313		—			(113	)		—			—		(200	)		—			—			—
Common Stock — United States		14		—			(76	)		—			296		(19	)		—			—			215
Convertible Bond — United States		69		—			(70	)		1			—		—			—			—			—
Corporate Bonds — United States		1,516		(136	)		771			5			37		(2,189	)		—	(a)		—			4
Foreign Government Securities		754		(125	)		96			22			—		(747	)		—			—			—
Loan Assignments — United States		212		—			40			—	(a)		153		(152	)		—			—			253
Preferred Stocks — United States		298		—			34			—			118		(119	)		—			—			331
Rights — United States		16		—			(1	)		—			—		—			—			—			15
Warrants — United States		—		—			(17	)		—			74		—			—			—			57
Total	$	83,186	$	408		$	3,053		$	140		$	129,281	$	(53,229	)	$	24,257		$	(2,010	)	$	185,086

OCTOBER 31, 2019 J.P. MORGAN FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Income Builder Fund	Balance as of October 31, 2018			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3			Transfers out of Level 3			Balance as of October 31, 2019
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	1,675		$	—		$	(538	)	$	1		$	5,077	$	—		$	4,528		$	—		$	10,743
Asset-Backed Securities — United States		412,897			150			(2,261	)		1,178			100,387		(178,084	)		22,797			—			357,064
Collateralized Mortgage Obligations — Bermuda		—			—			35			—			3,791		—			2,854			—			6,680
Collateralized Mortgage Obligations — United States		2,700			—			797			24			100,601		1,529			—			(1,511	)		104,140
Commercial Mortgage-Backed Securities — Cayman Islands		4,945			—			(5	)		—	(a)		—		(1,948	)		—			—			2,992
Commercial Mortgage-Backed Securities — United States		53,699			(7,574	)		10,406			40			92,464		(19,960	)		10,200			—			139,275
Common Stocks — Canada		3,149			—			(1,138	)		—			—		(2,011	)		—			—			—
Common Stocks — Cayman Islands		87			—			(62	)		—			—		—			—			—			25
Common Stocks — New Zealand		1,262			—			226			—			—		—			—			—			1,488
Common Stocks — United States		3,631			—	(a)		(3,638	)		—			3,819		(790	)		—			—			3,022
Convertible Bonds — United States		219			—			—			—			—		—			—	(a)		(219	)		—
Corporate Bonds — United Arab Emirates		695			—			—			—			—		31			—			(726	)		—
Corporate Bonds — United States		11,235			(9,486	)		8,401			19			—		(6,340	)		—			(3,818	)		11
Loan Assignments — United States		1,543			(595	)		882			—			12		—			—			—			1,842
Preferred Stocks — United States		3,800			—			430			—			219		(219	)		—			—			4,230
Rights — United States		377			—			55			—			—		—			—			—			432
Warrants — United States		—	(b)		—			(447	)		—			1,929		—			—			—			1,482
Total	$	501,914		$	(17,505	)	$	13,143		$	1,262		$	308,299	$	(207,792	)	$	40,379		$	(6,274	)	$	633,426

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

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

(a) Amount rounds to less than one thousand.

(b) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at October 31, 2019, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Global Allocation Fund	$	2,364
Income Builder Fund		2,028

These amounts are included in Change in net unrealized appreciation/depreciation of investments innon-affiliates on the Statements of Operations.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the year ended October 31, 2019 for Global Allocation Fund.

158 J.P. MORGAN FUNDS OCTOBER 31, 2019

There were no significant transfers into or out of level 3 during the year ended October 31, 2019 for Income Builder Fund.

Global Allocation Fund

Quantitative Information about Level 3 Fair Value Measurements#

(Amounts in thousands)

	Fair Value at October 31, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	55,274		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 48.00% (14.86%)
					Constant Default Rate		0.00% - 5.00% (1.43%)
					Yield (Discount Rate of Cash Flows)		1.13% - 10.09% (3.48%)
Asset-Backed Securities		55,274
		78,448		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (1.11%)
					Constant Default Rate		0.00% - 5.00% (0.06%)
					Yield (Discount Rate of Cash Flows)		(42.70)% - 162.68% (4.96%)
Commercial Mortgage Backed Securities		78,448
		38,142		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 27.86% (17.25%)
					Constant Default Rate		0.00% - 2.95% (0.08%)
					Yield (Discount Rate of Cash Flows)		2.54% - 5.43% (4.09%)
Collateralized Mortgage Obligation		38,142
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
				Market Comparable Companies	Liquidity Discount		30.00% (30.00%)
Common Stock		—	(b)
		—	(d)	Pending Distribution	Discount for Potential Outcome (e)		99.99% (99.99%)
Corporate Bonds		—	(d)
		21		Pending Distribution	Expected Recovery		100.00% (100.00%)
Loan Assignments		21
		—	(d)	Pending Distribution	Discount for Potential Outcome (e)		100.00% (100.00%)
Rights		—	(d)
Total	$	171,885

# The table above does not include level 3 investments that are valued by brokers and pricing services. At October 31, 2019, the value of these investments was approximately $13,201,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Senior-ranking securities in the issuing entity capital structure result in this security being valued at zero.

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

(d) Amount rounds to less than one thousand.

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

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

OCTOBER 31, 2019 J.P. MORGAN FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements#

(Amounts in thousands)

	Fair Value at October 31, 2019			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	—	(b)	Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
Common Stock		—	(b)
		1		Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
Preferred Stock		1
		1		Pending Distribution	Discount for Potential Outcome (d)		99.99% - 100.00% (99.99%)
Corporate Bond		1
		357,062		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 48.00% (12.75%)
					Constant Default Rate		0.00% - 9.40% (1.85%)
					Yield (Discount Rate of Cash Flows)		1.13% - 62.00% (3.44%)
Asset-Backed Securities		357,062
		106,821		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 25.00% (17.51%)
					Constant Default Rate		0.00% - 4.80% (0.15%)
					Yield (Discount Rate of Cash Flows)		2.51% - 5.82% (3.98%)
Collateralized Mortgage Obligations		106,821
		131,780		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.62%)
					Constant Default Rate		0.00% - 5.00% (0.03%)
					Yield (Discount Rate of Cash Flows)		-42.70% - 162.68% (5.80%)
Commercial Mortgage-Backed Securities		131,780
		—	(e)	Terms of Exchange Offer	Expected Recovery		0.00% (0.00%)
Warrants		—	(e)
		189		Pending Distribution	Expected Recovery		100.00% (100.00%)
Loan Assignments		189
Total	$	595,854

# The table above does not include level 3 investments that are valued by brokers and pricing services. At October 31, 2019, the value of these investments was approximately $37,572,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Senior-ranking securities in the issuing entity capital structure result in this security being valued at zero.

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

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

(e) Value is zero.

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

160 J.P. MORGAN FUNDS OCTOBER 31, 2019

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of October 31, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Funds purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until settlement date.

The Funds had delayed delivery securities outstanding as of October 31, 2019, which are shown as a Payable for Investment securities purchased – delayed delivery securities on the Statements of Assets and Liabilities. The values of these securities held at October 31, 2019 are detailed on the SOIs.

D. Loan Assignments — The Funds invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Funds invest in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund’s rights may be more limited than the Lender from which they acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, the Fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). A fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to materialnon-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a fund could experience delays or limitations in realizing the value on such collateral or have their interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

E. Unfunded Commitments — The Funds have entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Funds to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.D). The value of the unfunded portion of the investment is determined using apro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Funds may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of Interest income fromnon-affiliates on the Statements of Operations.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 161

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

At October 31, 2019, the Funds had the following loan commitments in which all or a portion of the commitment was unfunded which could be extended at the options of the borrower (amounts in thousands):

											Unfunded Commitment				Funded Commitment				Total Commitment
	Security Description	Term	Maturity Date		Commitment Fee Rate			Rate if Funded			Par Amount		Value		Par Amount		Value		Par Amount		Value
Global Allocation Fund	Securus Technologies Holdings, Inc.	Term Loan		11/1/2024		0.000	%		0.000	%	$	252	$	233	$	—	$	—	$	252	$	233
Income Builder Fund	CVS Holdings I LP	Delayed Draw Term Loan		8/31/2026		0.000	%		6.050	%		117		114		19		19		136		133
	Securus Technologies Holdings, Inc.	Term Loan		11/1/2024		0.000	%		0.000	%		420		389		—		—		420		389

F. Securities Lending— Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retains loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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 ofnon-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 ofnon-U.S. securities), subject to certainde minimisamounts.

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

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

The following table presents for each lending Fund, the value of securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of October 31, 2019 (amounts in thousands):

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to counterparty (not less than zero)
Global Allocation Fund	$	31,088	($	31,088	)	$	—

* 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 0.16% to 0.06%. JPMIM waived fees associated with the Fund’s investments in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Global Allocation Fund $ 1

162 J.P. MORGAN FUNDS OCTOBER 31, 2019

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).

Income Builder Fund did not lend out any securities during the year ended October 31, 2019.

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

Global Allocation Fund

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88%(a)(b)	$	—	$	1,408,846	$	1,250,236	$	(10	)	$	29	$	158,629		158,566	$	3,410		$	—
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 1.98%(a)(b)		—		20,000		—		—			2		20,002		20,000		29	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70%(a)(b)		—		57,027		44,723		—			—		12,304		12,304		40	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		183,639		681,011		864,650		—			—		—		—		1,508			—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		57,217		189,408		246,625		—			—		—		—		370			—
Total	$	240,856	$	2,356,292	$	2,406,234	$	(10	)	$	31	$	190,935			$	5,357		$	—

Income Builder Fund

	For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 1.94%(a)(b)	$	—	$	599,179	$	515,321	$	(5	)	$	9	$	83,862		83,828	$	1,140	$	—
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88%(a)(b)		—		2,286,208		1,678,334		(41	)		61		607,894		607,651		6,303		—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		1,171,854		912,988		2,084,842		—			—		—		—		3,506		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)		12,630		294,530		307,160		—			—		—		—		756		—
Total	$	1,184,484	$	4,092,905	$	4,585,657	$	(46	)	$	70	$	691,756			$	11,705	$	—

(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 October 31, 2019.

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

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

OCTOBER 31, 2019 J.P. MORGAN FUNDS 163

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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

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

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

Notes H(1) — H(5) below describe the various derivatives used by the Funds.

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

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

Options Written— Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change is recorded as Change in net unrealized appreciation/depreciation of options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

The Fund’sover-the-counter (“OTC”) options are subject to master netting agreements.

The Fund may be required to post or receive collateral forover-the-counter options. Cash collateral posted by the Fund is considered restricted.

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

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to 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

164 J.P. MORGAN FUNDS OCTOBER 31, 2019

appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

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

(3). Forward Foreign Currency Exchange Contracts — The Funds are exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral fornon-deliverable forward foreign currency exchange contracts.

(4). Swaps — Global Allocation Fund engaged in various swap transactions, including interest rate swaps, credit default swaps and total return basket swaps, to manage interest rate (e.g., duration, yield curve), credit risks and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiatedover-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral for OTC swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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

Credit Default Swaps

Global Allocation Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit

OCTOBER 31, 2019 J.P. MORGAN FUNDS 165

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

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

Total Return Basket Swaps

Global Allocation Fund entered into a total return basket swap agreement to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity.

Under the terms of the agreement, the swap is designed to function as a portfolio of direct investments in long and/or short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within the swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap value. The swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as “financing costs” and net dividends. Positions within the swap, accrued financing costs and net dividends, are part of the periodic reset. During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty on swap contract on the Statements of Assets and Liabilities and as Net realized gain (loss) on transactions from swap on the Statements of Operations.

Swaps involve additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of the swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for the swap contract, which may limit the ability of the Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swap consists of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Fund��s activities in the total return basket swap are concentrated with one counterparty. Investing in swaps results in a form of leverage (i.e., the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the Statements of Assets and Liabilities).

The value of the swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap and/or other receivables (payables) from gains/ (losses) realized when the swap resets; and (v) other factors, as applicable. The value of the swap is reflected on the Statements of Assets and Liabilities as Outstanding swap contracts, at value. Changes in the value of the swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the Statements of Operations.

The total return basket swap contract is subject to a master netting arrangement. The Fund may be required to post or receive collateral for the total return basket swap.

166 J.P. MORGAN FUNDS OCTOBER 31, 2019

(5). Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2019, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Allocation Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Centrally Cleared Swaps (a)			OTC Swaps			Options			Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	—		$	1,152		$	21,280		$	5,053		$	—		$	27,485
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		—			—			128			1,018			2,347			3,493
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		76			—			—			1,309			—			1,385
Total		$	76		$	1,152		$	21,408		$	7,380		$	2,347		$	32,363
Gross Liabilities:
Credit contracts	Payables, Net Assets — Unrealized Depreciation	$	(15	)	$	(141	)	$	—		$	—		$	—		$	(156	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		—			—			—			(4,217	)		—			(4,217	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		—			—			(60	)		(629	)		(8,235	)		(8,924	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(48	)		—			—			(2,688	)		—			(2,736	)
Total		$	(63	)	$	(141	)	$	(60	)	$	(7,534	)	$	(8,235	)	$	(16,033	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts and centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

Income Builder Fund

Derivative Contract	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	3,029
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(15,097	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		(12,470	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(6,390	)
Total		$	(33,957	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 167

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2019, by primary underlying risk exposure (amounts in thousands):

Global Allocation Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	(468	)	$	(468	)
Equity contracts		(5,266	)		(21,747	)		—			(220	)		(27,233	)
Foreign exchange contracts		(102	)		(9,450	)		32,375			—			22,823
Interest rate contracts		—			22,295			—			78			22,373
Total	$	(5,368	)	$	(8,902	)	$	32,375		$	(610	)	$	17,495
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	(85	)	$	(85	)
Equity contracts		13,259			(1,592	)		—			1,385			13,052
Foreign exchange contracts		30			4,671			(19,561	)		—			(14,860	)
Interest rate contracts		—			4,415			—			29			4,444
Total	$	13,289		$	7,494		$	(19,561	)	$	1,329		$	2,551

Income Builder Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(96,955	)
Foreign exchange contracts		19,880
Interest rate contracts		81,564
Total	$	4,489

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	369
Foreign exchange contracts		25,896
Interest rate contracts		(6,390	)
Total	$	19,875

168 J.P. MORGAN FUNDS OCTOBER 31, 2019

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts, forward foreign currency exchange contracts, options and swaps activity during the year ended October 31, 2019. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):

	Global Allocation Fund			Income Builder Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	321,939		$	197,435
Average Notional Balance Short		477,140			511,112
Ending Notional Balance Long		266,181			271,249
Ending Notional Balance Short		326,792			598,798
Futures Contracts — Foreign Exchange:
Average Notional Balance Long		304,015			—
Average Notional Balance Short		61,953	(a)		270,890
Ending Notional Balance Long		301,867			—
Ending Notional Balance Short		—			270,425
Futures Contracts — Interest Rate:
Average Notional Balance Long		476,493			1,667,583
Average Notional Balance Short		102,591			—
Ending Notional Balance Long		549,802			1,311,361
Ending Notional Balance Short		197,724			—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		239,656			—
Average Settlement Value Sold		770,396			—
Ending Settlement Value Purchased		324,720			—
Ending Settlement Value Sold		962,972			—
Exchange-Traded Options:
Average Number of Contracts Purchased		46,948			—
Ending Number of Contracts Purchased		71,494			—
Swaptions & OTC Options:
Average Notional Balance Purchased		12,102			—
Average Notional Balance Written		2,266			—
Ending Notional Balance Purchased		27,123			—
Ending Notional Balance Written		10,897			—
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed rate		4,220			—
Average Notional Balance — Receives Fixed rate		2,705			—
Ending Notional Balance — Pays Fixed Rate		19,275			—
Ending Notional Balance — Receives Fixed Rate		2,599			—
Credit Default Swaps:
Average Notional Balance — Buy Protection		12,867			—
Average Notional Balance — Sell Protection		54			—
Ending Notional Balance — Buy Protection		5,500			—
Total Return Basket Swaps:
Average Notional Balance Long		31,574			—
Ending Notional Balance Long		15,783			—

(a) For the period November 1, 2018 through January 31, 2019.

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts,non-deliverable forward foreign currency exchange contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.G.). Otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in escrow in accounts

OCTOBER 31, 2019 J.P. MORGAN FUNDS 169

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Funds, which provides collateral management services to the Funds (See Note 3.F.). These amounts are not reflected on the Funds’ Statements of Assets and Liabilities and are disclosed in the table below.

Global Allocation Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of October 31, 2019 are as follows (amounts in thousands):

Fund Counterparty		Value of swap contracts			Collateral amount
Bank of America, NA	Collateral Received	$	1,152		$	(1,180	)
Goldman Sachs International	Collateral Posted		(132	)		260

The Funds’ derivatives contracts held at October 31, 2019 are not accounted for as hedging instruments under GAAP.

I. Short Sales — Global Allocation Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

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

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

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

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates. As of October 31, 2019, the Fund had outstanding short sales as listed on the SOI.

J. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

K. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Security gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on theex-dividend date or when a Fund first learns of the dividend. The Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income fromnon-affiliates on the Statements of Operations.

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

170 J.P. MORGAN FUNDS OCTOBER 31, 2019

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended October 31, 2019 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2		Class R3			Class R4			Class R5			Class R6		Total
Global Allocation Fund
Transfer agency fees	$	29	$	32	$	34	$	3	$	—	(a)	$	—	(a)	$	—	(a)	$	7	$	105
Income Builder Fund
Transfer agency fees		126		148		65		n/a		n/a			n/a			n/a			5		344

(a) Amount rounds to less than one thousand.

M. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

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

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Global Allocation Fund	$	—	(a)	$	28,681		$	(28,681	)
Income Builder Fund		—	(a)		(9,177	)		9,177

(a) Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to foreign currency gains or losses, investments in swap contracts and investments in passive foreign investment companies (“PFICs”).

P. Recent Accounting Pronouncement — In March 2017, the Financial Accounting Standards Board (“FASB”) issuedAccounting Standards Update (“ASU”)2017-08 (“ASU2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchasednon-contingently callable debt securities. ASU2017-08 requires that the premium be amortized to the earliest call date, for purchasednon-contingently callable debt securities. ASU2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has evaluated the implications of these changes and has determined that the amendments will have no effect on the Funds’ net assets or results of operations.

3. Fees and Other Transactions with Affiliates

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

Global Allocation Fund	0.55	%(1)
Income Builder Fund	0.42	(2)

⁽¹⁾   Prior to September 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.60% of the Fund’s average daily net assets.

⁽²⁾ Prior to September 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.45% of the Fund’s average daily net assets.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 171

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2019, the effective rate for Global Allocation Fund and Income Builder Fund was 0.08% and 0.07%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2, Class R3 and Class T Shares of the Funds, pursuant to Rule12b-1 under the 1940 Act. The Class I, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Global Allocation Fund		0.25	%		0.75	%		0.50	%		0.25	%
Income Builder Fund		0.25			0.75			n/a			n/a

In addition, JPMDS is entitled to receive thefront-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for whichfront-end sales charges have been waived. For the year ended October 31, 2019, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	71	$	1
Income Builder Fund		556		1

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

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5
Global Allocation Fund		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.10	%
Income Builder Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a

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

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

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

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

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

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for Global Allocation Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral management fees on the Statements of Operations.

172 J.P. MORGAN FUNDS OCTOBER 31, 2019

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

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
Global Allocation Fund		1.03	%		1.53	%		0.78	%		1.40	%		1.15	%		0.90	%		0.75	%		0.65	%
Income Builder Fund		0.75			1.25			0.60			n/a			n/a			n/a			n/a			0.52

The expense limitation agreements were in effect for the year ended October 31, 2019 and are in place until at least May 31, 2020.

For the year ended October 31, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Global Allocation Fund	$	1,416	$	944	$	3,643	$	6,003	$	3
Income Builder Fund		2,759		1,838		26,509		31,106		1,145

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

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2019 were as follows (amounts in thousands):

Global Allocation Fund	$	428
Income Builder Fund		911

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

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on apro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the year ended October 31, 2019, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the year ended October 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government		Securities Sold Short		Covers on Securities Sold Short
Global Allocation Fund	$	3,376,799	$	3,533,763	$	37,117	$	27,274	$	802,568	$	843,558
Income Builder Fund		6,563,676		5,620,507		128,058		40,144		—		—

OCTOBER 31, 2019 J.P. MORGAN FUNDS 173

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2019 were as follows (amounts in thousands):

	Aggregate Cost		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund*	$	3,322,564	$	359,911	$	63,262	$	296,649
Income Builder Fund		12,439,748		1,146,539		273,408		873,131

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

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, investments in perpetual bonds, mark to market of forward foreign currency contracts, mark to market of futures contracts, investments in contingent payment debt instruments, and investments in PFICs.

The tax character of distributions paid during the year ended October 31, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Total Distributions Paid
Global Allocation Fund	$	92,606	$	92,606
Income Builder Fund		487,247		487,247

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2018 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Global Allocation Fund	$	72,079	$	23,820	$	95,899
Income Builder Fund		501,026		—		501,026

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Global Allocation Fund	$	41,019	$	(37,893	)	$	248,340
Income Builder Fund		21,606		19,179			872,235

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, mark to market of forward foreign currency contracts, mark to market of futures contracts, investments in contingent payment debt instruments, straddle loss deferrals, investments in perpetual bonds and investments In PFICs.

As of October 31, 2019, the following Fund had net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Global Allocation Fund	$	37,893	$	—

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

	Capital Loss Utilized
	Short-Term		Long-Term
Income Builder Fund	$	14,741	$	—

174 J.P. MORGAN FUNDS OCTOBER 31, 2019

6. Borrowings

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

The Funds had no borrowings outstanding from another fund during the year ended October 31, 2019.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2019.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 2019.

7. Risks, Concentrations and Indemnifications

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

As of October 31, 2019, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder  and/or Non-Affiliated Omnibus Accounts		% of the Fund
Global Allocation Fund		—		—	%		2		26.9	%
Income Builder Fund		1		15.9			2		22.8

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

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period. Such concentrations may subject each Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. The ability of the

OCTOBER 31, 2019 J.P. MORGAN FUNDS 175

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap and option contracts, credit linked notes, exchange-traded notes, forward foreign currency exchange contracts andTo-Be-Announced securities.

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed bysub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Funds invest in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds.”) These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

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

176 J.P. MORGAN FUNDS OCTOBER 31, 2019

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of JPMorgan Trust IandShareholders of JPMorgan Global Allocation Fund and JPMorgan Income Builder Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, ofJPMorgan Global Allocation Fund and JPMorgan Income Builder Fund(two of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year endedOctober 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included physical inspection of securities owned as of October 31, 2019 and held by custodian and confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 20, 2019

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 177

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	130	Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	130	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	130	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	130	Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	130	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	130	None

178 J.P. MORGAN FUNDS OCTOBER 31, 2019

Name (Year of Birth); Positions With the Funds(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	130	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	130	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	130	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	130	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	130	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002).	130	Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006).	130	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

⁽¹⁾  Dr. Goldstein is retiring from the Board of Trustees effective the close of business on December 31, 2019. The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 179

TRUSTEES

(Unaudited) (continued)

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (130 funds).

    ^* Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ^** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

^*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

180 J.P. MORGAN FUNDS OCTOBER 31, 2019

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

    * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

  ** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 181

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, May 1, 2019, and continued to hold your shares at the end of the reporting period, October 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Global Allocation Fund
Class A
Actual	$	1,000.00	$	1,025.20	$	5.31		1.04	%
Hypothetical		1,000.00		1,019.96		5.30		1.04
Class C
Actual		1,000.00		1,022.50		7.85		1.54
Hypothetical		1,000.00		1,017.44		7.83		1.54
Class I
Actual		1,000.00		1,026.30		4.03		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R2
Actual		1,000.00		1,023.60		7.19		1.41
Hypothetical		1,000.00		1,018.10		7.17		1.41
Class R3
Actual		1,000.00		1,024.40		5.92		1.16
Hypothetical		1,000.00		1,019.36		5.90		1.16
Class R4
Actual		1,000.00		1,025.90		4.65		0.91
Hypothetical		1,000.00		1,020.62		4.63		0.91
Class R5
Actual		1,000.00		1,026.50		3.88		0.76
Hypothetical		1,000.00		1,021.37		3.87		0.76
Class R6
Actual		1,000.00		1,027.00		3.37		0.66
Hypothetical		1,000.00		1,021.88		3.36		0.66

182 J.P. MORGAN FUNDS OCTOBER 31, 2019

	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Income Builder Fund
Class A
Actual	$	1,000.00	$	1,039.90	$	3.80		0.74	%
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class C
Actual		1,000.00		1,037.40		6.37		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class I
Actual		1,000.00		1,039.60		3.03		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class R6
Actual		1,000.00		1,040.00		2.62		0.51
Hypothetical		1,000.00		1,022.63		2.60		0.51

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2019 J.P. MORGAN FUNDS 183

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for each Fund and the other J.P. Morgan Funds overseen by the Board in which the Funds may invest (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 14, 2019.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their

consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for theday-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to each Fund and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high

184 J.P. MORGAN FUNDS OCTOBER 31, 2019

quality service to each Fund and Underlying Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund and Underlying Funds. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to each Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser and the Adviser, earn fees from each Fund and/or Underlying Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule12b-1 fees to JPMDS, which also acts as the Funds’ distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for each Fund and/or Underlying Funds.

Fall-Out Benefits

The Trustees reviewed information regarding potential“fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the J.P. Morgan Funds. The Trustees considered that the Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including the benefits received by the Adviser and its affiliates in connection with the Funds’ investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which each Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale, as well as each Fund that had achieved scale and no longer had a Fee Cap in place for some or all of its classes. The Trustees noted that the fees remain competitive with peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders, and that, for those Funds that had achieved scale and no longer had Fee Caps in place for some or all of their classes, through lower average expenses as asset levels had increased, in addition to the reinvestment that ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 185

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or fundssub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as asub-adviser and observed thatsub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays thesub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for each Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of each Fund within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicableone-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for each Fund at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared by the independent consultant. The Trustees

also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Global Allocation Fund’s performance for Class A shares was in the third, second and third quintiles based upon the Peer Group, and the second, second and first quintiles based upon the Universe, for theone-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Peer Group, and in the second, second and first quintiles based upon the Universe, for theone-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group, and in the second quintile based upon the Universe, for theone-year period ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Income Builder Fund’s performance for Class A shares was in the second, third and second quintiles based upon the Peer Group, and in the first, second and second quintiles based upon the Universe, for theone-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that performance for Class I shares was in the first quintile based upon the Peer Group, and in the first, second and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that performance for Class R6 shares was in the first quintile based upon both the Peer Group and the Universe for theone-year period ended December 31, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes

186 J.P. MORGAN FUNDS OCTOBER 31, 2019

made to the administration agreement in January 2019, if applicable, were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio after taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Global Allocation Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile based upon both the Peer Group and Universe, and the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer

Group and Universe. After considering the factors identified above, and noting a reduction in the contractual advisory fee effective September 1, 2019, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund invests.

The Trustees noted that the Income Builder Fund’s net advisory fee for Class A shares was in the second and first quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that net advisory fee for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, and noting a reduction in the contractual advisory fee effective September 1, 2019, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund may invest.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 187

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2019. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2019:

	Dividends Received Deduction
Global Allocation Fund		15.62	%
Income Builder Fund		10.73

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2019 (amounts in thousands):

	Qualified Dividend Income
Global Allocation Fund	$	43,808
Income Builder Fund		129,217

188 J.P. MORGAN FUNDS OCTOBER 31, 2019

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you areno longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
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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. at1-800-480-4111 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 at202-371-8300.

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

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

A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 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 recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2019.  All rights reserved. October 2019 AN-IB-GAL-1019

Annual Report

J.P. Morgan Funds

October 31, 2019

JPMorgan Emerging Markets Strategic Debt Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	20
Financial Highlights	26
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	42
Trustees	43
Officers	46
Schedule of Shareholder Expenses	47
Board Approval of Investment Advisory Agreement	48
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Fund’s prospectuses for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

December 12, 2019 (Unaudited)

Dear Shareholders,

By way of introduction, I am head of the Americas Client organization for J.P. Morgan Asset Management, as well as a twenty year veteran of J.P. Morgan, nearly all of those years with Asset Management. The reason I joined J.P. Morgan Asset Management over twenty years ago is the same reason I still come to work energized every day; shareholders & clients. Shareholders & clients are our highest priority and at the center of everything we do. As such, I plan to use our Letter to Shareholders as an opportunity to provide updates on recent market events and may, from time to time, also highlight initiatives happening within J.P. Morgan Asset Management that are designed in part to continue to improve the shareholder & client experiences.

  “Shareholders and clients are our highest priority and at the center of everything we do.”
— Andrea L. Lisher

Financial markets have largely provided positive returns in 2019, supported by leading central banks and a slowing but still expanding global economy. U.S. equity markets continued to lead the way, rebounding from a sharpsell-off in late 2018 and withstanding intermittent volatility driven partly by ongoing

U.S.-China trade tensions. In July, the U.S. Federal Reserve cut interest rates for the first time in more than a decade amid concerns about slowing economic growth and then cut rates again in September and once more in October. Notably, the S&P 500 Index rallied in October and reached record highs in the final week of the month. Elsewhere, the European Central Bank announced in September it would resume monthly asset purchases to bolster flagging economic growth and below-target inflation and China’s central bank also responded to a slowdown in economic output with measures to increase lending by banks. International equity markets may exhibit continued volatility in the coming year but a reduction in trade tensions could provide support to financial markets. Given this outlook, we believe investors can benefit from a patient outlook and a well-diversified investment portfolio.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

OCTOBER 31, 2019 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		11.36%
J.P. Morgan Emerging Markets Bond Index Global Diversified		14.35%
Emerging Markets Strategic Debt Composite Benchmark**		14.10%
Net Assets as of 10/31/2019 (In Thousands)	$	727,125
Duration as of 10/31/2019		8.0 years

INVESTMENT OBJECTIVE***

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

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

The Fund’s Class I Shares had a positive absolute performance and underperformed both the J.P. Morgan Emerging Markets Bond Index Global Diversified (the “Index”) and the Emerging Markets Strategic Debt Composite Benchmark for the twelve months ended October 31, 2019.

Relative to the Index, the Fund’s underweight allocation to emerging markets sovereign bonds was a leading detractor from performance amid a broad and rapid rebound in sovereign debt markets at the start of 2019. The Fund’s overweight allocation to local currency-denominated bonds and emerging markets corporate bonds contributed to relative performance.

The Fund’s underweight position in Turkey was the largest detractor from relative performance. Turkish bonds performed well during the reporting period amid strong domestic consumer demand and economic growth as well as positive investor sentiment toward the broader market for emerging markets debt. The Fund’s overweight position in Lebanon and its security selection in South Africa also detracted from relative performance. Lebanese bonds were hurt by ongoing political uncertainty, while South African bonds were hurt by investor concerns about the country’s fiscal policies and rising government debt.

The Fund’s underweight positions in Argentina and its security selection in Ukraine were the largest contributors to relative performance. Argentinian bonds decreased significantly in value following a poor showing by President Mauricio Macri in the preliminary round of presidential voting inmid-August 2019. Ukrainian bonds were among the top performers over the reporting period amid economic reforms adopted under an International Monetary Fund program and an improved macro-economic outlook.

Relative to the Composite Benchmark, the Fund’s security selection in emerging market sovereign bonds and its out-of-Benchmark allocations to emerging markets local currency bonds and emerging markets corporate bonds detracted from performance.

HOW WAS THE FUND POSITIONED?

The Fund invested primarily in debt securities from emerging market countries that the Fund’s portfolio managers believed had the potential to provide total return. At the end of the reporting period, the Fund largest overweight positions were in investments in the currencies of Peru, Indonesia and Mexico, while the Fund’s largest underweight positions were in investments in the currencies of South Africa, South Korea, and Colombia. In terms of sovereign debt, the Fund was overweight in Russia, Peru and Serbia and underweight in the Philippines, Poland and China.

2 J.P. MORGAN FUNDS OCTOBER 31, 2019

PORTFOLIO COMPOSITION BY SECURITY TYPE****
Foreign Government Securities	70.5	%
Corporate Bonds	27.3
Supranational	0.3
Options Purchased	0.2
Short-Term Investments	1.7

PORTFOLIO COMPOSITION BY COUNTRY****
Russia	5.5	%
Indonesia	5.2
South Africa	4.5
Peru	4.5
Ukraine	3.5
Mexico	3.5
Turkey	3.4
Dominican Republic	3.4
Ecuador	3.2
Chile	2.9
Brazil	2.5
Colombia	2.5
Lebanon	2.3
Kazakhstan	2.1
China	2.1
United Arab Emirates	2.1
Qatar	2.0
Sri Lanka	2.0
Nigeria	1.9
Bahrain	1.9
Hungary	1.8
Serbia	1.6
Panama	1.6
Saudi Arabia	1.6
El Salvador	1.5
Angola	1.4
Argentina	1.4
Ivory Coast	1.4
Oman	1.4
Uruguay	1.3
Romania	1.3
Egypt	1.1
Jamaica	1.1
Paraguay	1.0
Mongolia	1.0
Others (each less than 1.0%)	16.9
Short-Term Investments	1.6

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

    ** The Emerging Markets Strategic Debt Composite Benchmark is made up of an equally weighted average of the J.P. Morgan Emerging Markets Bond Index Global Diversified, JPM Government Bond Index-Emerging Markets Global Diversified and the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified.

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

**** Percentages indicated are based on total investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	June 29, 2012
With Sales Charge*			6.77	%		(1.23	)%		(1.55	)%
Without Sales Charge			10.97			(0.47	)		(1.04	)
CLASS C SHARES	June 29, 2012
With CDSC**			9.50			(0.97	)		(1.52	)
Without CDSC			10.50			(0.97	)		(1.52	)
CLASS I SHARES	June 29, 2012		11.36			(0.21	)		(0.79	)
CLASS R2 SHARES	June 29, 2012		10.81			(0.70	)		(1.27	)
CLASS R5 SHARES	June 29, 2012		11.63			0.00	***		(0.58	)
CLASS R6 SHARES	June 29, 2012		11.58			0.04			(0.53	)

* Sales Charge for Class A Shares is 3.75%.

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

*** Amount rounds to less than 0.005%.

LIFE OF FUND PERFORMANCE(6/29/12 TO 10/31/19)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-date,month-end performance information please call1-800-480-4111. Effective September 30, 2016, some of the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund were managed using the current strategies.

The Fund commenced operations on June 29, 2012.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Emerging Markets Strategic Debt Fund, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified, Emerging Markets Strategic Debt Composite Benchmark and the Lipper Emerging Markets Hard Currency Debt Funds Index from June 29, 2012 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. The Emerging Markets Strategic Debt Composite Benchmark does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of fund expenses, including sales charges if applicable. The performance of the Lipper Emerging Markets Hard Currency Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The J.P. Morgan Emerging Markets Bond Index (EMBI)

Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds and Eurobonds. The diversified index limits the exposure of some of the larger countries. The Emerging Markets Strategic Debt Composite Benchmark is comprised of unmanaged indices that include an equally weighted average of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified, J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified. The Lipper Emerging Markets Hard Currency Debt Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

4 J.P. MORGAN FUNDS OCTOBER 31, 2019

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — 68.5%
Albania — 0.0% (a)
Republic of Albania 3.50%, 10/9/2025 (b)		EUR194		235
Angola — 1.4%
Republic of Angola
9.50%, 11/12/2025 (c)		5,010		5,643
8.25%, 5/9/2028 (c)		2,300		2,402
9.38%, 5/8/2048 (c)		2,000		2,115
				10,160
Argentina — 1.1%
Republic of Argentina
6.88%, 4/22/2021		2,512		1,133
5.88%, 1/11/2028		2,845		1,088
6.63%, 7/6/2028		4,300		1,684
8.28%, 12/31/2033		2,821		1,441
7.13%, 7/6/2036		603		236
7.63%, 4/22/2046		2,798		1,126
6.88%, 1/11/2048		2,682		1,056
7.13%, 6/28/2117		182		73
				7,837
Armenia — 0.4%
Republic of Armenia 3.95%, 9/26/2029 (b)		2,740		2,665
Azerbaijan — 0.6%
Republic of Azerbaijan
4.75%, 3/18/2024 (c)		2,349		2,487
3.50%, 9/1/2032 (c)		1,700		1,651
				4,138
Bahrain — 1.1%
Kingdom of Bahrain
6.13%, 8/1/2023 (c)		500		544
7.00%, 1/26/2026 (c)		1,100		1,257
7.00%, 10/12/2028 (c)		1,200		1,384
6.75%, 9/20/2029 (c)		544		619
6.00%, 9/19/2044 (c)		4,489		4,520
				8,324
Belarus — 0.2%
Republic of Belarus
6.88%, 2/28/2023 (c)		790		849
6.20%, 2/28/2030 (c)		500		534
				1,383
Benin — 0.2%
Benin Government International Bond 5.75%, 3/26/2026 (b)		EUR 1,520		1,746

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Bermuda — 0.2%
Government of Bermuda
4.85%, 2/6/2024 (c)		643		701
3.72%, 1/25/2027 (c)		576		605
				1,306
Bolivia — 0.2%
Plurinational State of Bolivia 4.50%, 3/20/2028 (c)		1,500		1,404
Brazil — 1.0%
Federative Republic of Brazil
6.00%, 4/7/2026		1,760		2,044
4.63%, 1/13/2028		3,439		3,678
8.25%, 1/20/2034		1,043		1,445
				7,167
Chile — 0.2%
Republic of Chile 3.50%, 1/25/2050		1,600		1,721
Colombia — 1.5%
Republic of Colombia
3.88%, 4/25/2027		4,200		4,471
4.50%, 3/15/2029		528		588
7.38%, 9/18/2037		1,000		1,420
5.00%, 6/15/2045		3,271		3,814
5.20%, 5/15/2049		300		361
				10,654
Costa Rica — 0.7%
Instituto Costarricense de Electricidad
6.95%, 11/10/2021 (c)		600		611
6.38%, 5/15/2043 (c)		700		570
Republic of Costa Rica
4.25%, 1/26/2023 (c)		1,600		1,569
4.38%, 4/30/2025 (c)		1,106		1,060
5.63%, 4/30/2043 (c)		1,500		1,300
				5,110
Croatia — 0.5%
Republic of Croatia
5.50%, 4/4/2023 (c)		931		1,029
6.00%, 1/26/2024 (c)		2,063		2,375
				3,404
Czech Republic — 0.8%
Czech Republic Government Bond
2.00%, 10/13/2033		CZK 100,840		4,718
4.85%, 11/26/2057 (c)		CZK15,500		1,142
				5,860

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Dominican Republic — 3.3%
Government of Dominican Republic
8.90%, 2/15/2023 (c)		DOP19,350		369
5.88%, 4/18/2024 (c)		3,200		3,424
5.50%, 1/27/2025 (c)		900		963
6.88%, 1/29/2026 (c)		1,900		2,170
9.75%, 6/5/2026 (b)		DOP 195,000		3,741
5.95%, 1/25/2027 (c)		1,610		1,771
6.00%, 7/19/2028 (c)		555		615
7.45%, 4/30/2044 (c)		2,176		2,612
6.85%, 1/27/2045 (c)		997		1,125
6.40%, 6/5/2049 (b)		3,890		4,210
6.40%, 6/5/2049 (c)		2,500		2,705
				23,705
Ecuador — 2.7%
Republic of Ecuador
10.75%, 3/28/2022 (c)		5,620		5,980
8.75%, 6/2/2023 (c)		1,050		1,067
7.95%, 6/20/2024 (c)		200		193
9.65%, 12/13/2026 (c)		1,200		1,183
9.63%, 6/2/2027 (c)		705		686
8.88%, 10/23/2027 (c)		2,400		2,251
7.88%, 1/23/2028 (c)		2,759		2,479
10.75%, 1/31/2029 (b)		2,670		2,719
9.50%, 3/27/2030 (b)		3,469		3,330
				19,888
Egypt — 1.1%
Arab Republic of Egypt
5.88%, 6/11/2025 (c)		1,900		1,968
4.75%, 4/16/2026 (c)		EUR677		775
7.50%, 1/31/2027 (c)		3,400		3,685
8.50%, 1/31/2047 (c)		1,433		1,505
				7,933
El Salvador — 1.4%
El Salvador Government Bond
8.63%, 2/28/2029 (c)		1,320		1,568
7.12%, 1/20/2050 (c)		350		358
Republic of El Salvador
7.38%, 12/1/2019 (c)		2,328		2,334
7.75%, 1/24/2023 (c)		1,820		1,992
5.88%, 1/30/2025 (c)		720		749
8.25%, 4/10/2032 (c)		558		644
7.65%, 6/15/2035 (c)		917		1,000
7.12%, 1/20/2050 (b)		1,590		1,628
				10,273

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Ethiopia — 0.4%
Republic of Ethiopia 6.63%, 12/11/2024 (c)		2,937		3,089
Gabon — 0.7%
Gabonese Republic
6.38%, 12/12/2024 (c)		4,517		4,493
6.95%, 6/16/2025 (c)		802		809
				5,302
Ghana — 0.6%
Republic of Ghana
7.88%, 8/7/2023 (c)		2,180		2,378
7.63%, 5/16/2029 (c)		1,600		1,620
				3,998
Guatemala — 0.4%
Republic of Guatemala
4.50%, 5/3/2026 (c)		884		926
4.90%, 6/1/2030 (b)		930		990
6.13%, 6/1/2050 (b)		530		625
				2,541
Honduras — 0.2%
Republic of Honduras 6.25%, 1/19/2027 (c)		1,295		1,389
Hungary — 1.6%
Republic of Hungary
5.75%, 11/22/2023		3,124		3,531
5.38%, 3/25/2024		3,800		4,284
3.00%, 10/27/2038		HUF998,100		3,572
				11,387
Indonesia — 3.3%
Republic of Indonesia
5.88%, 1/15/2024 (c)		2,100		2,366
1.45%, 9/18/2026		EUR573		661
4.35%, 1/8/2027 (c)		2,000		2,179
8.25%, 5/15/2029		IDR 113,800,000		8,813
1.40%, 10/30/2031		EUR2,467		2,746
6.63%, 2/17/2037 (c)		900		1,213
6.75%, 1/15/2044 (c)		1,500		2,143
7.38%, 5/15/2048		IDR51,143,000		3,532
				23,653
Iraq — 0.3%
Republic of Iraq 5.80%, 1/15/2028 (c)		2,600		2,493

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Ivory Coast — 1.3%
Republic of Cote d’Ivoire
5.88%, 10/17/2031 (b)		EUR 3,270		3,716
6.13%, 6/15/2033 (c)		1,539		1,511
6.88%, 10/17/2040 (b)		EUR 3,850		4,406
				9,633
Jamaica — 1.1%
Jamaica Government International Bond
6.75%, 4/28/2028		2,000		2,368
8.00%, 3/15/2039		1,261		1,678
7.88%, 7/28/2045		2,705		3,583
				7,629
Jordan — 0.1%
Kingdom of Jordan 5.75%, 1/31/2027 (c)		806		835
Kazakhstan — 0.2%
Republic of Kazakhstan 1.50%, 9/30/2034 (b)		EUR 1,546		1,717
Kenya — 0.5%
Republic of Kenya 6.88%, 6/24/2024 (c)		3,400		3,617
Lebanon — 2.2%
Republic of Lebanon
6.38%, 3/9/2020		2,400		1,968
6.00%, 1/27/2023 (c)		1,308		775
6.65%, 4/22/2024 (c)		8,517		4,855
6.60%, 11/27/2026 (c)		2,293		1,273
6.85%, 3/23/2027 (c)		5,886		3,267
6.65%, 11/3/2028 (c)		5,891		3,284
6.65%, 2/26/2030 (c)		930		518
7.00%, 3/23/2032 (c)		145		81
7.25%, 3/23/2037 (c)		470		265
				16,286
Macedonia, the Former Yugoslav Republic of — 0.4%
Republic of North Macedonia
2.75%, 1/18/2025 (c)		EUR 2,100		2,523
2.75%, 1/18/2025 (b)		EUR432		519
				3,042
Malaysia — 0.3%
1MDB Global Investments Ltd. 4.40%, 3/9/2023 (c)		2,400		2,307
Mexico — 1.3%
United Mexican States
4.15%, 3/28/2027		1,000		1,071
3.75%, 1/11/2028		900		939

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Mexico — continued
4.50%, 4/22/2029		2,100		2,312
4.75%, 3/8/2044		1,400		1,530
5.55%, 1/21/2045		790		962
4.60%, 1/23/2046		1,000		1,071
4.60%, 2/10/2048		1,000		1,083
5.75%, 10/12/2110		400		466
				9,434
Mongolia — 0.5%
Mongolia Government International Bond
10.88%, 4/6/2021 (c)		200		219
5.63%, 5/1/2023 (c)		1,100		1,127
8.75%, 3/9/2024 (c)		1,700		1,923
				3,269
Montenegro — 0.2%
Republic of Montenegro 3.38%, 4/21/2025 (b)		EUR1,440		1,718
Morocco — 0.1%
Kingdom of Morocco 5.50%, 12/11/2042 (c)		800		963
Namibia — 0.1%
Republic of Namibia
5.50%, 11/3/2021 (c)		299		309
5.25%, 10/29/2025 (c)		701		713
				1,022
Nigeria — 1.8%
Federal Republic of Nigeria
6.75%, 1/28/2021 (c)		800		829
7.63%, 11/21/2025 (c)		1,600		1,743
7.63%, 11/21/2025 (b)		1,020		1,111
6.50%, 11/28/2027 (c)		1,000		1,002
13.98%, 2/23/2028		NGN 1,270,000		3,611
7.14%, 2/23/2030 (c)		2,000		2,007
8.75%, 1/21/2031 (c)		800		881
7.88%, 2/16/2032 (c)		514		530
9.25%, 1/21/2049 (c)		1,200		1,330
				13,044
Oman — 1.2%
Oman Government International Bond
4.75%, 6/15/2026 (c)		3,700		3,589
5.38%, 3/8/2027 (c)		1,800		1,782
6.75%, 1/17/2048 (c)		3,222		3,019
				8,390

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Pakistan — 0.5%
Republic of Pakistan
8.25%, 4/15/2024 (c)		1,800		1,956
6.88%, 12/5/2027 (c)		1,815		1,813
				3,769
Panama — 1.2%
Republic of Panama
3.75%, 3/16/2025		2,400		2,539
3.75%, 4/17/2026 (b)		2,840		2,961
3.88%, 3/17/2028		2,400		2,613
9.38%, 4/1/2029		400		612
				8,725
Paraguay — 0.9%
Republic of Paraguay
4.63%, 1/25/2023 (c)		1,700		1,797
4.70%, 3/27/2027 (c)		2,550		2,791
6.10%, 8/11/2044 (c)		1,368		1,668
				6,256
Peru — 2.1%
Republic of Peru
5.94%, 2/12/2029 (b)		PEN670		225
6.95%, 8/12/2031 (c)		PEN 33,430		12,064
8.75%, 11/21/2033		500		826
5.40%, 8/12/2034 (c)		PEN900		286
5.63%, 11/18/2050		1,500		2,198
				15,599
Philippines — 0.8%
Republic of the Philippines
0.88%, 5/17/2027		EUR1,180		1,355
7.75%, 1/14/2031		2,000		2,968
3.70%, 2/2/2042		1,600		1,804
				6,127
Qatar — 1.7%
State of Qatar
4.50%, 4/23/2028 (c)		4,100		4,689
4.82%, 3/14/2049 (c)		4,100		5,043
4.82%, 3/14/2049 (b)		2,000		2,460
				12,192
Romania — 1.2%
Republic of Romania
5.13%, 6/15/2048 (c)		2,300		2,646
4.63%, 4/3/2049 (b)		EUR2,000		2,908

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Romania — continued
4.63%, 4/3/2049 (c)		EUR2,389		3,474
				9,028
Russia — 5.2%
Russian Federation
4.88%, 9/16/2023 (c)		4,400		4,829
7.75%, 9/16/2026		RUB 471,740		7,969
8.15%, 2/3/2027		RUB 785,000		13,554
7.25%, 5/10/2034		RUB 265,000		4,386
5.88%, 9/16/2043 (c)		5,800		7,402
				38,140
Saudi Arabia — 1.2%
Kingdom of Saudi Arabia
0.75%, 7/9/2027 (b)		EUR3,040		3,463
4.38%, 4/16/2029 (c)		2,000		2,234
2.00%, 7/9/2039 (b)		EUR1,040		1,225
5.00%, 4/17/2049 (c)		400		474
5.25%, 1/16/2050 (c)		800		987
				8,383
Senegal — 0.0% (a)
Republic of Senegal 6.25%, 7/30/2024 (c)		200		218
Serbia — 1.7%
Republic of Serbia
7.25%, 9/28/2021 (c)		1,171		1,276
4.50%, 1/11/2026		RSD 439,890		4,541
5.88%, 2/8/2028		RSD 270,000		3,093
1.50%, 6/26/2029 (b)		EUR2,820		3,244
				12,154
South Africa — 3.3%
Republic of South Africa
4.67%, 1/17/2024		1,700		1,774
5.88%, 9/16/2025		200		218
10.50%, 12/21/2026		ZAR53,000		3,874
4.30%, 10/12/2028		3,449		3,329
8.00%, 1/31/2030		ZAR95,400		5,812
8.88%, 2/28/2035		ZAR85,500		5,258
9.00%, 1/31/2040		ZAR35,500		2,138
6.25%, 3/8/2041		1,200		1,291
5.00%, 10/12/2046		400		367
				24,061

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Foreign Government Securities — continued
Sri Lanka — 1.9%
Republic of Sri Lanka
6.25%, 10/4/2020 (c)		1,300		1,321
6.25%, 7/27/2021 (c)		1,700		1,726
5.75%, 4/18/2023 (c)		2,700		2,707
6.35%, 6/28/2024 (b)		720		729
6.85%, 11/3/2025 (c)		500		507
6.20%, 5/11/2027 (c)		600		575
6.75%, 4/18/2028 (c)		6,358		6,207
				13,772
Tajikistan — 0.3%
Republic of Tajikistan International Bond 7.13%, 9/14/2027 (c)		2,400		2,027
Turkey — 3.1%
Export Credit Bank of Turkey 8.25%, 1/24/2024 (b)		340		363
Republic of Turkey
5.75%, 3/22/2024		1,450		1,462
5.20%, 2/16/2026		EUR1,130		1,323
4.88%, 10/9/2026		2,000		1,876
11.00%, 2/24/2027		TRY 55,750		9,059
7.63%, 4/26/2029		2,350		2,523
4.88%, 4/16/2043		6,537		5,207
6.63%, 2/17/2045		700		665
				22,478
Ukraine — 3.3%
Republic of Ukraine
Zero Coupon, 12/4/2019 (c)		UAH 35,000		1,392
Zero Coupon, 1/29/2020 (c)		UAH 79,000		3,068
7.75%, 9/1/2021 (c)		2,500		2,614
7.75%, 9/1/2022 (c)		642		682
7.75%, 9/1/2024 (c)		3,260		3,491
15.84%, 2/26/2025 (c)		UAH 88,180		3,733
7.38%, 9/25/2032 (c)		4,418		4,620
0.00%, 5/31/2040 (c) (d)		4,847		4,552
				24,152
United Arab Emirates — 0.7%
Abu Dhabi Government Bond 4.13%, 10/11/2047 (c)		4,200		4,833
Uruguay — 1.3%
Republic of Uruguay
7.88%, 1/15/2033		2,900		4,334
5.10%, 6/18/2050		2,138		2,555
4.98%, 4/20/2055		1,960		2,299
				9,188

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Uzbekistan — 0.3%
Republic of Uzbekistan 4.75%, 2/20/2024 (c)		2,100		2,209
Venezuela, Bolivarian Republic of — 0.0% (a)
Republic of Venezuela
7.75%, 10/13/2019 (c) (e)		91		9
12.75%, 8/23/2022 (c) (e)		1,470		140
9.25%, 5/7/2028 (c) (e)		2,130		202
				351
Vietnam — 0.2%
Republic of Vietnam 4.80%, 11/19/2024 (c)		1,200		1,311
Zambia — 0.2%
Republic of Zambia 8.97%, 7/30/2027 (c)		2,145		1,512
Total Foreign Government Securities (Cost $491,053)				498,156
Corporate Bonds — 26.6%
Argentina — 0.3%
YPF Energia Electrica SA 10.00%, 7/25/2026 (b)		476		359
YPF SA
8.75%, 4/4/2024 (c)		320		266
6.95%, 7/21/2027 (c)		535		400
8.50%, 6/27/2029 (b) (f)		1,640		1,245
				2,270
Azerbaijan — 0.2%
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030 (c)		1,400		1,680
				1,680
Bahrain — 0.7%
Batelco International Finance No. 1 Ltd. 4.25%, 5/1/2020 (c)		1,040		1,040
BBK BSC 5.50%, 7/9/2024 (c)		1,220		1,235
Oil and Gas Holding Co. BSCC (The)
7.63%, 11/7/2024 (b)		1,100		1,249
8.38%, 11/7/2028 (b)		1,100		1,291
				4,815
Belarus — 0.3%
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (b)		2,270		2,383
Brazil — 1.4%
Banco Votorantim SA 4.00%, 9/24/2022 (b)		450		459
Braskem America Finance Co. 7.13%, 7/22/2041 (c)		380		449
Braskem Netherlands Finance BV 4.50%, 1/31/2030 (b)		550		545

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Brazil — continued
Cemig Geracao e Transmissao SA 9.25%, 12/5/2024 (b)		1,600		1,866
Itau Unibanco Holding SA 6.20%, 12/21/2021 (c)		520		553
JSL Europe SA 7.75%, 7/26/2024 (b)		531		560
Klabin Austria GmbH 7.00%, 4/3/2049 (b)		320		347
MV24 Capital BV 6.75%, 6/1/2034 (b)		360		376
Petrobras Global Finance BV
5.09%, 1/15/2030 (b)		126		133
6.90%, 3/19/2049		3,380		3,917
Prumo Participacoes e Investimentos S/A 7.50%, 12/31/2031 (b)		470		489
Vale Overseas Ltd. 6.88%, 11/21/2036		320		404
Votorantim Cimentos International SA 7.25%, 4/5/2041 (c)		200		253
				10,351
Cayman Islands — 0.4%
Bioceanico Sovereign Certificate Ltd. 0.00%, 6/5/2034 (b)		4,310		2,995
Chile — 2.6%
Celulosa Arauco y Constitucion SA
4.20%, 1/29/2030 (b)		400		399
5.50%, 4/30/2049 (b)		280		295
Corp. Nacional del Cobre de Chile
3.63%, 8/1/2027 (c)		266		279
3.00%, 9/30/2029 (b)		3,620		3,605
4.38%, 2/5/2049 (b)		3,200		3,533
4.38%, 2/5/2049 (c)		1,500		1,656
3.70%, 1/30/2050 (b)		2,906		2,854
Empresa de Transporte de Pasajeros Metro SA
4.75%, 2/4/2024 (c)		1,100		1,181
5.00%, 1/25/2047 (c)		400		468
Empresa Electrica Cochrane SpA 5.50%, 5/14/2027 (b)		220		227
Empresa Nacional del Petroleo
3.75%, 8/5/2026 (c)		1,200		1,229
5.25%, 11/6/2029 (b)		1,750		1,959
5.25%, 11/6/2029 (c)		720		806
4.50%, 9/14/2047 (c)		400		419
				18,910
China — 2.0%
Agile Group Holdings Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 11.25%), 8.38%, 12/4/2023 (c) (g) (h) (i)		410		422

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
China — continued
Avi Funding Co. Ltd. 3.80%, 9/16/2025 (c)		900		948
CCCI Treasure Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.19%), 3.50%, 4/21/2020 (c) (g) (h) (i)		470		471
CDBL Funding 1 4.25%, 12/2/2024 (c)		452		479
China Aoyuan Group Ltd. 8.50%, 1/23/2022 (c)		1,180		1,242
Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021 (c)		1,100		1,108
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (c)		1,100		1,159
CNOOC Finance Ltd. 3.30%, 9/30/2049		221		216
ENN Clean Energy International Investment Ltd. 7.50%, 2/27/2021 (c)		240		249
GCL New Energy Holdings Ltd. 7.10%, 1/30/2021 (c)		570		529
Guangxi Communications Investment Group Co. Ltd. 3.00%, 11/4/2019 (c)		200		201
Hong Kong Red Star Macalline Universal Home Furnishings Ltd. 3.38%, 9/21/2022 (c)		200		179
Hongkong International Qingdao Co. Ltd. 4.25%, 12/4/2022 (c)		1,370		1,371
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026 (c)		1,000		1,062
New Metro Global Ltd. 6.50%, 4/23/2021 (c)		540		532
Sinopec Group Overseas Development Ltd. 5.38%, 10/17/2043 (c)		672		885
Tencent Holdings Ltd. 3.98%, 4/11/2029 (b)		1,830		1,971
Three Gorges Finance I Cayman Islands Ltd. 3.70%, 6/10/2025 (c)		800		849
Yango Justice International Ltd. 10.25%, 3/18/2022 (c)		770		741
				14,614
Colombia — 0.9%
Ecopetrol SA
5.88%, 9/18/2023		1,300		1,446
5.38%, 6/26/2026		1,418		1,593
5.88%, 5/28/2045		370		426
Empresas Publicas de Medellin ESP 4.25%, 7/18/2029 (b)		1,520		1,586
Geopark Ltd. 6.50%, 9/21/2024 (b)		510		526
Millicom International Cellular SA 5.13%, 1/15/2028 (c)		1,200		1,237
				6,814
Congo, Democratic Republic of the — 0.1%
HTA Group Ltd. 9.13%, 3/8/2022 (c)		660		687

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Ecuador — 0.4%
Petroamazonas EP
4.63%, 2/16/2020 (c)		867		863
4.63%, 11/6/2020 (b)		1,980		1,951
				2,814
Georgia — 0.3%
Georgian Railway JSC 7.75%, 7/11/2022 (c)		1,100		1,204
TBC Bank JSC 5.75%, 6/19/2024 (b)		1,100		1,129
				2,333
Guatemala — 0.1%
Energuate Trust 5.88%, 5/3/2027 (c)		730		734
Hong Kong — 0.3%
China CITIC Bank International Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.25%), 4.62%, 2/28/2029 (c) (h)		440		459
King Power Capital Ltd. 5.63%, 11/3/2024 (c)		900		1,012
Metropolitan Light Co. Ltd. 5.50%, 11/21/2022 (b)		325		336
NWD MTN Ltd. 4.13%, 7/18/2029 (c)		220		221
Sun Hung Kai Properties Capital Market Ltd. 3.75%, 2/25/2029 (c)		400		428
				2,456
Hungary — 0.1%
MFB Magyar Fejlesztesi Bank Zrt. 6.25%, 10/21/2020 (c)		1,000		1,035
India — 0.6%
Bharat Petroleum Corp. Ltd. 4.63%, 10/25/2022 (c)		350		367
Canara Bank 3.88%, 3/28/2024 (c)		690		713
Greenko Dutch BV 5.25%, 7/24/2024 (b)		1,200		1,211
Greenko Mauritius Ltd. 6.25%, 2/21/2023 (b)		1,098		1,116
Oil India Ltd. 5.13%, 2/4/2029 (c)		320		361
Vedanta Resources Ltd. 6.38%, 7/30/2022 (c)		360		356
				4,124
Indonesia — 1.9%
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023 (b)		2,310		2,541
6.53%, 11/15/2028 (b)		1,352		1,638
6.76%, 11/15/2048 (b)		1,538		1,972
LLPL Capital Pte. Ltd. 6.88%, 2/4/2039 (b)		751		877
Medco Platinum Road Pte. Ltd. 6.75%, 1/30/2025 (b)		408		412
Minejesa Capital BV 5.63%, 8/10/2037 (b)		370		401

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Indonesia — continued
Pertamina Persero PT
4.30%, 5/20/2023 (b)		510		539
6.50%, 11/7/2048 (c)		300		392
Perusahaan Listrik Negara PT
4.13%, 5/15/2027 (c)		1,100		1,154
3.88%, 7/17/2029 (b)		1,500		1,556
5.25%, 5/15/2047 (c)		700		781
4.88%, 7/17/2049 (b)		1,153		1,229
				13,492
Kazakhstan — 1.9%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (c)		586		787
Kazakhstan Temir Zholy National Co. JSC
4.85%, 11/17/2027 (c)		900		1,033
4.85%, 11/17/2027 (b)		400		459
KazMunayGas National Co. JSC
3.88%, 4/19/2022 (c)		3,500		3,589
4.75%, 4/19/2027 (c)		2,200		2,400
5.75%, 4/19/2047 (c)		1,548		1,806
6.38%, 10/24/2048 (c)		1,450		1,826
KazTransGas JSC 4.38%, 9/26/2027 (c)		1,450		1,522
				13,422
Kuwait — 0.1%
Al Ahli Bank of Kuwait KSCP (USD Swap Semi 5 Year + 4.17%), 7.25%, 9/26/2023 (c) (g) (h) (i)		490		520
Kuwait Projects Co. SPC Ltd. 4.50%, 2/23/2027 (c)		420		428
				948
Macau — 0.2%
Sands China Ltd.
5.13%, 8/8/2025		630		692
5.40%, 8/8/2028		940		1,054
				1,746
Malaysia — 0.3%
Petronas Capital Ltd. 4.50%, 3/18/2045 (c)		1,800		2,190
Mexico — 2.1%
Alpek SAB de CV 4.25%, 9/18/2029 (b)		200		204
Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029 (b) (g) (h) (i)		200		208

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 11

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
Mexico — continued
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025 (c)		500		529
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026 (c) (h)		500		509
BBVA Bancomer SA 6.50%, 3/10/2021 (c)		1,360		1,427
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (c) (h)		220		213
Controladora Mabe SA de CV 5.60%, 10/23/2028 (c)		330		363
Petroleos Mexicanos (ICE LIBOR USD 3 Month + 3.65%), 5.79%, 3/11/2022 (h)		1,349		1,407
5.38%, 3/13/2022		2,100		2,210
3.50%, 1/30/2023		500		503
6.49%, 1/23/2027 (b)		903		962
5.50%, 6/27/2044		1,995		1,788
5.63%, 1/23/2046		1,600		1,434
6.75%, 9/21/2047		831		827
7.69%, 1/23/2050 (b)		2,422		2,627
				15,211
Mongolia — 0.5%
Trade & Development Bank of Mongolia LLC 9.38%, 5/19/2020 (c)		3,500		3,590
Morocco — 0.6%
OCP SA 6.88%, 4/25/2044 (c)		3,450		4,302
Netherlands — 0.1%
VEON Holdings BV 4.00%, 4/9/2025 (b)		370		379
Nigeria — 0.0% (a)
IHS Netherlands Holdco BV 8.00%, 9/18/2027 (b)		200		209
Norway — 0.1%
DNO ASA 8.75%, 5/31/2023 (c)		800		812
Oman — 0.2%
Bank Muscat SAOG 4.88%, 3/14/2023 (c)		520		527
Oztel Holdings SPC Ltd. 6.63%, 4/24/2028 (c)		600		619
				1,146
Panama — 0.4%
Aeropuerto Internacional de Tocumen SA 6.00%, 11/18/2048 (c)		700		870
Banistmo SA 3.65%, 9/19/2022 (b) (f)		574		581
Cable Onda SA 4.50%, 1/30/2030 (b)		460		465
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (b)		850		972
				2,888

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Paraguay — 0.1%
Telefonica Celular del Paraguay SA 5.88%, 4/15/2027 (b)		690		743
Peru — 2.2%
Banco Internacional del Peru SAA Interbank 3.25%, 10/4/2026 (b)		280		279
Consorcio Transmantaro SA 4.70%, 4/16/2034 (b)		991		1,087
Corp. Financiera de Desarrollo SA
4.75%, 2/8/2022 (c)		1,000		1,046
4.75%, 7/15/2025 (c)		1,300		1,427
Fondo MIVIVIENDA SA 3.50%, 1/31/2023 (c)		1,300		1,329
Inkia Energy Ltd. 5.88%, 11/9/2027 (b)		898		932
Lima Metro Line 2 Finance Ltd. 4.35%, 4/5/2036 (b)		2,110		2,242
Nexa Resources SA 5.38%, 5/4/2027 (c)		330		349
Petroleos del Peru SA
4.75%, 6/19/2032 (c)		5,000		5,354
5.63%, 6/19/2047 (c)		1,287		1,496
Southern Copper Corp. 5.88%, 4/23/2045		290		351
				15,892
Philippines — 0.1%
Philippine National Bank 3.28%, 9/27/2024 (c)		420		426
Qatar — 0.3%
ABQ Finance Ltd. 3.63%, 4/13/2021 (c)		510		516
AKCB Finance Ltd. 4.75%, 10/9/2023 (c)		970		1,035
QNB Finance Ltd. 2.13%, 9/7/2021 (c)		600		595
				2,146
Russia — 0.1%
Russian Agricultural Bank OJSC 8.50%, 10/16/2023 (c)		590		667
Sovcombank (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.43%), 8.00%, 4/7/2030 (b) (h)		300		312
				979
Saudi Arabia — 0.4%
Saudi Arabian Oil Co. 3.50%, 4/16/2029 (c)		3,000		3,105
South Africa — 1.1%
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021 (c)		800		807
6.75%, 8/6/2023 (c)		2,350		2,423
8.45%, 8/10/2028 (c)		2,485		2,721
FirstRand Bank Ltd. 4.25%, 4/30/2020 (c)		560		565
Liquid Telecommunications Financing plc 8.50%, 7/13/2022 (b)		400		398

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued
South Africa — continued
Sasol Financing USA LLC 5.88%, 3/27/2024		240		259
Standard Bank Group Ltd. (USD ICE Swap Rate 5 Year + 3.75%), 5.95%, 5/31/2029 (c) (h)		270		283
Transnet SOC Ltd. 4.00%, 7/26/2022 (c)		600		607
				8,063
South Korea — 0.3%
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2022 (c) (g) (h) (i)		1,330		1,308
Shinhan Financial Group Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.50%), 3.34%, 2/5/2030 (b) (h)		451		459
Woori Bank (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.25%, 10/4/2024 (b) (g) (h) (i)		320		319
				2,086
Spain — 0.3%
AI Candelaria Spain SLU 7.50%, 12/15/2028 (b)		1,250		1,409
Ajecorp BV 6.50%, 5/14/2022 (c)		190		186
International Airport Finance SA 12.00%, 3/15/2033 (b)		500		539
				2,134
Thailand — 0.2%
Siam Commercial Bank PCL 3.90%, 2/11/2024 (c)		340		359
Thaioil Treasury Center Co. Ltd. 4.63%, 11/20/2028 (c)		790		890
				1,249
Trinidad and Tobago — 0.6%
Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026 (b)		4,000		4,488
Turkey — 0.2%
Ronesans Gayrimenkul Yatirim A/S 7.25%, 4/26/2023 (b)		481		423
Turk Telekomunikasyon A/S 6.88%, 2/28/2025 (b)		405		430
Turkcell Iletisim Hizmetleri A/S 5.80%, 4/11/2028 (c)		290		282
Turkiye Vakiflar Bankasi TAO 8.13%, 3/28/2024 (c)		200		206
				1,341

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Ukraine — 0.1%
State Savings Bank of Ukraine 9.63%, 3/20/2025 (c) (j)		600		627
United Arab Emirates — 1.3%
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (c)		1,050		1,216
ADCB Finance Cayman Ltd. 4.00%, 3/29/2023 (c)		340		355
EA Partners I BV 6.88%, 9/28/2020 (c)		2,751		1,134
EA Partners II BV 6.75%, 6/1/2021 (c) (e)		1,076		510
Emirates NBD PJSC (USD Swap Semi 6 Year + 3.66%), 6.13%, 3/20/2025 (c) (g) (h) (i)		400		417
MAF Global Securities Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.54%), 6.37%, 3/20/2026 (c) (g) (h) (i)		540		539
MDGH — GMTN BV
3.75%, 4/19/2029 (c)		861		919
2.88%, 11/7/2029 (b)		2,400		2,373
3.70%, 11/7/2049 (b)		2,200		2,209
				9,672
United States — 0.1%
Rutas 2 and 7 Finance Ltd. 0.00%, 9/30/2036 (b)		600		390
Venezuela, Bolivarian Republic of — 0.1%
Petroleos de Venezuela SA
8.50%, 10/27/2020 (c) (e)		624		187
9.00%, 11/17/2021 (c) (e)		1,240		76
12.75%, 2/17/2022 (c) (e)		770		47
5.38%, 4/12/2027 (c) (e)		730		45
				355
Total Corporate Bonds (Cost $186,768)				193,046
Supranational — 0.3%
Supranational — 0.3%
Africa Finance Corp.
4.38%, 4/17/2026 (b)		550		576
4.38%, 4/17/2026 (c)		280		294
African Export-Import Bank (The) 4.13%, 6/20/2024 (c)		860		892
Eastern & Southern African Trade & Development Bank 4.88%, 5/23/2024 (c)		340		350
Total Supranational (Cost $2,081)				2,112

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 13

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

	PRINCIPAL AMOUNT (000)		VALUE (000)
Options Purchased — 0.2%
Call Options Purchased — 0.2%
Australia — 0.0% (a)
Foreign Exchange USD/AUD 12/3/2019 at AUD 0.70, Vanilla, European Style Notional Amount: AUD 54,597 Counterparty: Goldman Sachs International *		AUD 54,597		163
United States — 0.2%
Foreign Exchange ILS/USD 11/27/2019 at USD 3.57, Vanilla, European Style Notional Amount: USD 36,597 Counterparty: Citibank, NA *		36,597		53
Foreign Exchange MXN/USD 1/16/2020 at USD 20.44, Vanilla, European Style Notional Amount: USD 18,086 Counterparty: Goldman Sachs International *		18,086		80
Foreign Exchange SGD/USD 1/28/2020 at USD 1.41, Vanilla, European Style Notional Amount: USD 75,386 Counterparty: Standard Chartered Bank *		75,386		31
Foreign Exchange ZAR/USD 1/24/2020 at USD 15.45, Vanilla, European Style Notional Amount: USD 36,226 Counterparty: Citibank, NA *		36,226		831
				1,158
Put Options Purchased — 0.0% (a)
European Union — 0.0% (a)
Foreign Exchange JPY/EUR 1/14/2020 at EUR 115.65, Vanilla, European Style Notional Amount: EUR 32,880 Counterparty: Barclays Bank plc *		EUR 32,880		79
United States — 0.0% (a)
Foreign Exchange CLP/USD 1/9/2020 at USD 697.00, Vanilla, European Style Notional Amount: USD 36,245 Counterparty: Goldman Sachs International *		36,245		54
				133
Total Options Purchased (Cost $1,581)				1,291

INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Short-Term Investments — 1.6%
Foreign Government Treasury Bills — 0.6%
Nigeria OMO Bill 17.19%, 1/2/2020 (k) (Cost $4,304)		NGN 1,600,000		4,336
	Shares (000)
Investment Companies — 0.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (l) (m) (Cost $6,874)		6,872		6,875
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (l) (m) (Cost $987)		987		987
Total Short-Term Investments (Cost $12,165)				12,198
Total Investments — 97.2% (Cost $693,648)				706,803
Other Assets Less Liabilities — 2.8%				20,322
NET ASSETS — 100.0%				727,125

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2019

Abbreviations

AUD	Australian Dollar
CLP	Chilean Peso
CZK	Czech Republic Koruna
DOP	Dominican Republic Peso
EUR	Euro
GMTN	Global medium term note
HUF	Hungarian Forint
ICE	Intercontinental Exchange
IDR	Indonesian Rupiah
ILS	Israeli Shekel
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MTN	Medium term note
MXN	Mexican Peso
NGN	Nigeria Naira
OJSC	Open Joint Stock Company
PEN	Peruvian Nuevo Sol
PJSC	Public Joint Stock Company
PT	Limited liability company
RSD	Serbian dinar
RUB	Russian Ruble
SGD	Singapore Dollar
SPC	Special purpose company
TRY	Turkish Lira
UAH	Ukrainian Hryvnia
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than 0.1% of net assets.
(b)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(c)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(d)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2019.
(e)	Defaulted security.
(f)	The security or a portion of this security is on loan at October 31, 2019. The total value of securities on loan at October 31, 2019 is approximately $925,000.
(g)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2019.
(h)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2019.
(i)	Security is an interest bearing note with preferred security characteristics.
(j)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2019.
(k)	The rate shown is the effective yield as of October 31, 2019.
(l)	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.
(m)	The rate shown is the current yield as of October 31, 2019.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2019 (amounts in thousands, except number of contracts):
DESCRIPTION		NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
	Long Contracts
	U.S. Treasury 2 Year Note	460		12/2019		USD		99,188		200
	U.S. Treasury 10 Year Note	751		12/2019		USD		97,876		(83	)
										117

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 15

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Forward foreign currency exchange contracts outstanding as of October 31, 2019 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
EUR	110	USD	122	Australia & New Zealand Banking Group Ltd.		11/15/2019		—	(a)
EUR	258	USD	287	Barclays Bank plc		11/15/2019		2
EUR	654	USD	728	Citibank, NA		11/15/2019		2
EUR	854	USD	944	HSBC Bank, NA		11/15/2019		10
EUR	2,063	USD	2,295	TD Bank Financial Group		11/15/2019		8
BRL	10,378	USD	2,538	Goldman Sachs International **		11/25/2019		46
CNY	6,426	USD	905	Goldman Sachs International **		11/25/2019		7
CZK	17,484	USD	748	Barclays Bank plc		11/25/2019		17
CZK	25,056	USD	1,085	Citibank, NA		11/25/2019		10
EUR	129	USD	143	Barclays Bank plc		11/25/2019		1
MXN	17,673	USD	905	Barclays Bank plc		11/25/2019		11
MXN	35,740	USD	1,839	Goldman Sachs International		11/25/2019		13
RON	3,723	EUR	781	Citibank, NA		11/25/2019		1
RUB	61,512	USD	951	Goldman Sachs International **		11/25/2019		5
SGD	1,234	USD	904	Goldman Sachs International		11/25/2019		3
TRY	5,421	USD	904	Barclays Bank plc		11/25/2019		39
USD	912	CLP	656,488	Goldman Sachs International **		11/25/2019		26
USD	348	RUB	22,242	Barclays Bank plc **		11/25/2019		3
USD	579	RUB	37,036	Goldman Sachs International **		11/25/2019		3
USD	15	TRY	88	Barclays Bank plc		11/25/2019		—	(a)
EUR	274	USD	307	State Street Corp.		12/16/2019		—	(a)
AUD	10,576	USD	7,285	Citibank, NA		1/6/2020		18
BRL	14,960	USD	3,597	Citibank, NA **		1/6/2020		120
BRL	14,840	USD	3,636	Goldman Sachs International **		1/6/2020		51
CZK	343,795	EUR	13,232	Citibank, NA		1/6/2020		219
CZK	337,278	USD	14,485	Citibank, NA		1/6/2020		277
CZK	91,577	USD	3,996	Credit Suisse International		1/6/2020		12
EUR	9,707	USD	10,850	Standard Chartered Bank		1/6/2020		27
HUF	381,804	USD	1,278	Goldman Sachs International		1/6/2020		23
HUF	325,423	USD	1,090	HSBC Bank, NA		1/6/2020		19
HUF	1,765,325	USD	5,888	Merrill Lynch International		1/6/2020		127
IDR	51,241,799	USD	3,611	Citibank, NA **		1/6/2020		2
ILS	488	USD	139	Credit Suisse International		1/6/2020		—	(a)
KRW	4,418,141	USD	3,756	Citibank, NA **		1/6/2020		25
MXN	142,307	USD	7,196	State Street Corp.		1/6/2020		130
PEN	12,817	USD	3,806	Merrill Lynch International **		1/6/2020		19
RON	13,596	USD	3,156	Goldman Sachs International		1/6/2020		31
RON	30,038	USD	6,993	Merrill Lynch International		1/6/2020		49
SGD	20,029	USD	14,537	Standard Chartered Bank		1/6/2020		196
THB	208,551	USD	6,894	BNP Paribas		1/6/2020		18
TRY	20,561	USD	3,534	Barclays Bank plc		1/6/2020		2
TRY	20,858	USD	3,533	HSBC Bank, NA		1/6/2020		54
USD	5,445	IDR	76,744,396	Barclays Bank plc **		1/6/2020		32
USD	3,879	ILS	13,603	TD Bank Financial Group		1/6/2020		6
USD	14,461	JPY	1,548,069	Citibank, NA		1/6/2020		59
USD	4,467	PEN	14,885	Barclays Bank plc **		1/6/2020		25
USD	6,989	ZAR	104,820	Goldman Sachs International		1/6/2020		113
USD	6,735	ZAR	99,292	Merrill Lynch International		1/6/2020		221
USD	4,035	ZAR	61,027	Royal Bank of Canada		1/6/2020		31
PLN	654	USD	169	State Street Corp.		1/7/2020		2
RUB	425,521	USD	6,483	Barclays Bank plc **		1/9/2020		90
RUB	474,443	USD	7,179	Goldman Sachs International **		1/9/2020		149
USD	19,502	RUB	1,257,598	Citibank, NA **		1/9/2020		77
USD	5,720	RUB	370,288	Goldman Sachs International **		1/9/2020		—	(a)
Total unrealized appreciation								2,431

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2019

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	2,419	EUR	2,178	Australia & New Zealand Banking Group Ltd.		11/15/2019		(12	)
USD	7,754	EUR	6,994	BNP Paribas		11/15/2019		(52	)
USD	31,907	EUR	29,028	Merrill Lynch International		11/15/2019		(493	)
CLP	1,317,273	USD	1,819	Goldman Sachs International **		11/25/2019		(42	)
EUR	652	CZK	16,713	Citibank, NA		11/25/2019		(2	)
SGD	1,252	USD	921	Goldman Sachs International		11/25/2019		—	(a)
USD	911	COP	3,082,718	Goldman Sachs International **		11/25/2019		(1	)
USD	1,123	CZK	25,826	Citibank, NA		11/25/2019		(5	)
USD	1,909	KRW	2,258,742	Goldman Sachs International **		11/25/2019		(21	)
USD	890	RON	3,840	Goldman Sachs International		11/25/2019		(11	)
USD	908	SGD	1,242	Barclays Bank plc		11/25/2019		(6	)
USD	905	SGD	1,244	Goldman Sachs International		11/25/2019		(9	)
USD	887	TRY	5,333	HSBC Bank, NA		11/25/2019		(40	)
EUR	13,145	CZK	341,615	Barclays Bank plc		1/6/2020		(222	)
EUR	13,035	CZK	335,260	State Street Corp.		1/6/2020		(66	)
ILS	13,115	USD	3,744	Standard Chartered Bank		1/6/2020		(11	)
JPY	1,548,069	USD	14,476	Standard Chartered Bank		1/6/2020		(75	)
MXN	138,292	USD	7,148	Standard Chartered Bank		1/6/2020		(29	)
USD	3,522	BRL	14,840	Barclays Bank plc **		1/6/2020		(165	)
USD	10,105	CZK	235,333	Merrill Lynch International		1/6/2020		(195	)
USD	11,164	EUR	10,019	Citibank, NA		1/6/2020		(63	)
USD	6,804	EUR	6,075	TD Bank Financial Group		1/6/2020		(4	)
USD	11,981	HUF	3,559,505	Merrill Lynch International		1/6/2020		(147	)
USD	3,697	KRW	4,418,141	Merrill Lynch International **		1/6/2020		(84	)
USD	7,083	MXN	142,307	Goldman Sachs International		1/6/2020		(242	)
USD	10,189	RON	43,634	Standard Chartered Bank		1/6/2020		(39	)
USD	7,364	SGD	10,015	HSBC Bank, NA		1/6/2020		(2	)
USD	7,357	SGD	10,014	Standard Chartered Bank		1/6/2020		(9	)
USD	14,991	TRY	90,187	HSBC Bank, NA		1/6/2020		(518	)
USD	171	PLN	654	Citibank, NA		1/7/2020		(1	)
RUB	462,628	USD	7,200	Goldman Sachs International **		1/9/2020		(54	)
USD	3,532	RUB	231,931	Citibank, NA **		1/9/2020		(50	)
USD	18,487	RUB	1,205,744	Standard Chartered Bank **		1/9/2020		(135	)
Total unrealized depreciation								(2,805	)
Net unrealized depreciation								(374	)

Abbreviations

AUD	Australian Dollar
BRL	Brazilian Real
CLP	Chile Peso
CNY	China Yuan
COP	Colombian Peso
CZK	Czech Republic Koruna
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	Korean Republic Won
MXN	Mexican Peso

PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
**	Non-deliverable forward.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 17

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Over-the-Counter (“OTC”) Credit default swap contracts outstanding — buy protection(a) as of October 31, 2019 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (b)		NOTIONAL AMOUNT (c)		UPFRONT PAYMENTS (RECEIPTS) ($) (d)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
People’s Republic of China, 7.50%, 10/28/2027		1.00		Quarterly		Goldman Sachs International		12/20/2024		0.41		USD 14,000		(357	)		(70	)		(427	)
Republic of Korea, 7.13%, 4/16/2019		1.00		Quarterly		Goldman Sachs International		12/20/2023		0.22		USD 27,300		(583	)		(307	)		(890	)
United Mexican States, 4.15%, 3/28/2027		1.00		Quarterly		Citibank, NA		12/20/2023		0.70		USD 9,000		164			(283	)		(119	)
														(776	)		(660	)		(1,436	)

Centrally Cleared Credit default swap contracts outstanding — buy protection(a) as of October 31, 2019 (amounts in thousands):

REFERENCE OBLIGATION/INDEX

FINANCING RATE PAID BY THE FUND (%)

PAYMENT FREQUENCY

MATURITY DATE

IMPLIED CREDIT SPREAD (%) (b)

NOTIONAL AMOUNT (c)

UPFRONT PAYMENTS (RECEIPTS) ($) (d)

UNREALIZED APPRECIATION (DEPRECIATION) ($)

VALUE ($)

iTraxx.Asia.ex-Japan.IG.30-V1

1.00

Quarterly

12/20/2023

0.38

USD 8,000

(6

)

(204

)

(210

)

(a) The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

(b) Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

(c) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(d) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Centrally Cleared Interest rate swap contracts outstanding as of October 31, 2019 (amounts in thousands):
FLOATING RATE INDEX (a)	FIXED RATE		PAY/RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
6 month WIBORsemi-annually		1.64 annually		Receive		9/2/2021		PLN	150,000		—		86
6 monthWIBOR semi-annually		1.69 annually		Receive		9/10/2024		PLN	28,700		—		20
1 day CDI at maturity		6.22 at maturity		Receive		1/2/2025		BRL	41,663		—		190
4 week TIIE monthly		6.51 monthly		Pay		10/13/2022		MXN	500,000		—		127
1 day CDI at maturity		6.51 at maturity		Receive		1/2/2025		BRL	40,979		—		349
											—		772
6 month BUBORsemi-annually		1.30 annually		Receive		10/15/2029		HUF	2,300,000		—		(28	)
6 month BUBORsemi-annually		1.35 annually		Receive		10/18/2029		HUF	2,300,000		—		(69	)
1 day CDI at maturity		4.66 at maturity		Receive		1/4/2021		BRL	227,169		—		(98	)
1 day CDI at maturity		4.97 at maturity		Receive		1/4/2021		BRL	225,938		—		(291	)
											—		(486	)
											—		286

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2019

Abbreviations

BRL	Brazilian Real
BUBOR	Budapest Interbank Offered Rate
CDI	Certificate of interbank deposits
HUF	Hungarian Forint
MXN	Mexican Peso
PLN	Polish Zloty
TIIE	Interbank Equilibrium Interest Rate
USD	United States Dollar
WIBOR	Warsaw Interbank Offered Rate

(a) Value of floating rate index at October 31, 2019 was as follows:

Floating Rate Index	Value
1 Day CDI		5.38	%
6 Month BUBOR		0.24
4 Week TIIE		7.82
6 Month WIBOR		1.69

Summary of total OTC swap contracts outstanding as of October 31, 2019 (amounts in thousands):
	NET UPFRONT PAYMENTS (RECEIPTS) ($)			VALUE ($)
Liabilities
OTC Credit default swap contracts outstanding — buy protection		(776	)		(1,436	)

Written Call Options contracts as of October 31, 2019 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

Foreign Exchange ILS/USD

Citibank, NA

36,596,501

USD 36,597

USD

3.57

11/27/2019

(53

)

Foreign Exchange USD/AUD

Citibank, NA

54,597,250

AUD 54,597

AUD

0.70

12/3/2019

(163

)

Foreign Exchange ZAR/USD

Citibank, NA

36,225,634

USD 36,226

USD

16.15

1/24/2020

(392

)

Total Written Options contracts (Premiums Received $572)

(608

)

Abbreviations

AUD	Australian Dollar
ILS	Israeli Shekel
USD	United States Dollar
ZAR	South African Rand

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 19

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Markets Strategic Debt Fund
ASSETS:
Investments innon-affiliates, at value	$	697,650
Investments in affiliates, at value		6,875
Investment of cash collateral received from securities loaned, at value (See Note 2.D.)		987
Options purchased, at value		1,291
Restricted cash for OTC derivatives		770
Cash		4,628
Foreign currency, at value		1,548
Deposits at broker for futures contracts		1,399
Deposits at broker for centrally cleared swaps		2,679
Receivables:
Investment securities sold		18,061
Fund shares sold		2,043
Interest and dividends fromnon-affiliates		9,588
Dividends from affiliates		14
Tax reclaims		110
Securities lending income (See Note 2.D.)		—	(a)
Variation margin on futures contracts		810
Variation margin on centrally cleared swaps (net upfront receipts of $6)		220
Unrealized appreciation on forward foreign currency exchange contracts		2,431
Total Assets		751,104
LIABILITIES:
Payables:
Investment securities purchased		17,242
Collateral received on securities loaned (See Note 2.D.)		987
Fund shares redeemed		15
Unrealized depreciation on forward foreign currency exchange contracts		2,805
Outstanding options written, at fair value		608
Outstanding OTC swap contracts, at value (net upfront receipts of $776)		1,436
Accrued liabilities:
Investment advisory fees		340
Administration fees		9
Distribution fees		—	(a)
Service fees		1
Custodian and accounting fees		37
Deferred foreign capital gains tax		220
Other		279
Total Liabilities		23,979
Net Assets	$	727,125

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2019

	JPMorgan Emerging Markets Strategic Debt Fund
NET ASSETS:
Paid-in-Capital	$	762,568
Total distributable earnings (loss)		(35,443	)
Total Net Assets	$	727,125
Net Assets:
Class A	$	560
Class C		90
Class I		727
Class R2		27
Class R5		23
Class R6		725,698
Total	$	727,125
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		69
Class C		11
Class I		89
Class R2		4
Class R5		3
Class R6		88,076
Net Asset Value (a):
Class A — Redemption price per share	$	8.10
Class C — Offering price per share (b)		7.93
Class I — Offering and redemption price per share		8.16
Class R2 — Offering and redemption price per share		8.01
Class R5 — Offering and redemption price per share		8.23
Class R6 — Offering and redemption price per share		8.24
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	8.42
Cost of investments innon-affiliates	$	684,206
Cost of investments in affiliates		6,874
Cost of options purchased		1,581
Cost of foreign currency		1,226
Investment securities on loan, at value (See Note 2.D.)		925
Cost of investment of cash collateral (See Note 2.D.)		987
Premiums received from options written		572

(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.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 21

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2019

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	43,798
Interest income from affiliates		48
Dividend income from affiliates		503
Income from securities lending (net) (See Note 2.D.)		5
Foreign taxes withheld (net)		(69	)
Total investment income		44,285
EXPENSES:
Investment advisory fees		5,149
Administration fees		572
Distribution fees:
Class A		17
Class C		1
Class R2		—	(a)
Service fees:
Class A		17
Class C		1
Class I		17
Class R2		—	(a)
Class R5		—	(a)
Custodian and accounting fees		184
Interest expense to affiliates		8
Professional fees		110
Trustees’ and Chief Compliance Officer’s fees		28
Printing and mailing costs		61
Registration and filing fees		48
Transfer agency fees (See Note 2.H.)		18
Other		31
Total expenses		6,262
Less fees waived		(942	)
Less expense reimbursements		(14	)
Net expenses		5,306
Net investment income (loss)		38,979
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		1,774	(b)
Investments in affiliates		9
Options purchased		(2,187	)
Futures contracts		2,361
Foreign currency transactions		(292	)
Forward foreign currency exchange contracts		(2,991	)
Options written		1,426
Swaps		(3,695	)
Net realized gain (loss)		(3,595	)
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		49,056	(c)
Investments in affiliates		1
Options purchased		143
Futures contracts		210
Foreign currency translations		158
Forward foreign currency exchange contracts		(1,241	)
Options written		(36	)
Swaps		(661	)
Change in net unrealized appreciation/depreciation		47,630
Net realized/unrealized gains (losses)		44,035
Change in net assets resulting from operations	$	83,014

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of approximately $(144).

(c) Net of change in foreign capital gains tax of approximately $(57).

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2019

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	38,979		$	36,886
Net realized gain (loss)		(3,595	)		(37,255	)
Change in net unrealized appreciation/depreciation		47,630			(40,868	)
Change in net assets resulting from operations		83,014			(41,237	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(402	)		(2,968	)
Class C		(11	)		(5	)
Class I		(330	)		(623	)
Class R2		(1	)		(1	)
Class R5		(1	)		(1	)
Class R6		(34,359	)		(27,908	)
Total distributions to shareholders		(35,104	)		(31,506	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(5,990	)		96,935
NET ASSETS:
Change in net assets		41,920			24,192
Beginning of period		685,205			661,013
End of period	$	727,125		$	685,205

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 23

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,349		$	80,393
Distributions reinvested		402			2,967
Cost of shares redeemed		(43,448	)		(109,088	)
Change in net assets resulting from Class A capital transactions	$	(40,697	)	$	(25,728	)
Class C
Proceeds from shares issued	$	485		$	—	(a)
Distributions reinvested		11			5
Cost of shares redeemed		(506	)		(200	)
Change in net assets resulting from Class C capital transactions	$	(10	)	$	(195	)
Class I
Proceeds from shares issued	$	10,081		$	34,802
Distributions reinvested		330			623
Cost of shares redeemed		(23,973	)		(31,966	)
Change in net assets resulting from Class I capital transactions	$	(13,562	)	$	3,459
Class R2
Proceeds from shares issued	$	1		$	7
Distributions reinvested		1			1
Cost of shares redeemed		—	(a)		(2	)
Change in net assets resulting from Class R2 capital transactions	$	2		$	6
Class R5
Distributions reinvested	$	1		$	1
Cost of shares redeemed		—	(a)		—
Change in net assets resulting from Class R5 capital transactions	$	1		$	1
Class R6
Proceeds from shares issued	$	230,565		$	256,274
Distributions reinvested		34,359			27,908
Cost of shares redeemed		(216,648	)		(164,790	)
Change in net assets resulting from Class R6 capital transactions	$	48,276		$	119,392
Total change in net assets resulting from capital transactions	$	(5,990	)	$	96,935

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2019

	JPMorgan Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		310			9,943
Reinvested		54			370
Redeemed		(5,749	)		(13,977	)
Change in Class A Shares		(5,385	)		(3,664	)
Class C
Issued		64			—	(a)
Reinvested		2			1
Redeemed		(68	)		(25	)
Change in Class C Shares		(2	)		(24	)
Class I
Issued		1,299			4,293
Reinvested		43			78
Redeemed		(3,085	)		(3,998	)
Change in Class I Shares		(1,743	)		373
Class R2
Issued		—	(a)		1
Reinvested		1			—	(a)
Redeemed		—	(a)		—	(a)
Change in Class R2 Shares		1			1
Class R5
Reinvested		—	(a)		1
Redeemed		—	(a)		—
Change in Class R5 Shares		—	(a)		1
Class R6
Issued		29,498			30,744
Reinvested		4,336			3,435
Redeemed		(27,012	)		(20,742	)
Change in Class R6 Shares		6,822			13,437

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Return of capital			Total distributions
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Year Ended October 31, 2019	$	7.61	$	0.39		$	0.43		$	0.82		$	(0.33	)	$	—		$	(0.33	)
Year Ended October 31, 2018		8.31		0.35			(0.75	)		(0.40	)		(0.30	)		—			(0.30	)
Year Ended October 31, 2017		8.18		0.37			0.05			0.42			(0.29	)		—			(0.29	)
Year Ended October 31, 2016		7.56		0.28			0.34			0.62			—			—			—
Year Ended October 31, 2015		9.30		0.31	(d)		(2.05	)		(1.74	)		—			—	(e)		—	(e)
Class C
Year Ended October 31, 2019		7.47		0.32			0.45			0.77			(0.31	)		—			(0.31	)
Year Ended October 31, 2018		8.15		0.31			(0.74	)		(0.43	)		(0.25	)		—			(0.25	)
Year Ended October 31, 2017		8.05		0.33			0.03			0.36			(0.26	)		—			(0.26	)
Year Ended October 31, 2016		7.47		0.24			0.34			0.58			—			—			—
Year Ended October 31, 2015		9.23		0.28	(d)		(2.04	)		(1.76	)		—			—			—
Class I
Year Ended October 31, 2019		7.67		0.40			0.45			0.85			(0.36	)		—			(0.36	)
Year Ended October 31, 2018		8.37		0.36			(0.74	)		(0.38	)		(0.32	)		—			(0.32	)
Year Ended October 31, 2017		8.25		0.39			0.05			0.44			(0.32	)		—			(0.32	)
Year Ended October 31, 2016		7.61		0.31			0.33			0.64			—			—			—
Year Ended October 31, 2015		9.33		0.34	(d)		(2.05	)		(1.71	)		—	(e)		(0.01	)		(0.01	)
Class R2
Year Ended October 31, 2019		7.54		0.34			0.45			0.79			(0.32	)		—			(0.32	)
Year Ended October 31, 2018		8.23		0.32			(0.73	)		(0.41	)		(0.28	)		—			(0.28	)
Year Ended October 31, 2017		8.12		0.33			0.05			0.38			(0.27	)		—			(0.27	)
Year Ended October 31, 2016		7.52		0.26			0.34			0.60			—			—			—
Year Ended October 31, 2015		9.27		0.30	(d)		(2.05	)		(1.75	)		—			—			—
Class R5
Year Ended October 31, 2019		7.73		0.41			0.47			0.88			(0.38	)		—			(0.38	)
Year Ended October 31, 2018		8.43		0.38			(0.75	)		(0.37	)		(0.33	)		—			(0.33	)
Year Ended October 31, 2017		8.31		0.40			0.05			0.45			(0.33	)		—			(0.33	)
Year Ended October 31, 2016		7.64		0.32			0.35			0.67			—			—			—
Year Ended October 31, 2015		9.36		0.37	(d)		(2.08	)		(1.71	)		—	(e)		(0.01	)		(0.01	)
Class R6
Year Ended October 31, 2019		7.75		0.41			0.46			0.87			(0.38	)		—			(0.38	)
Year Ended October 31, 2018		8.45		0.39			(0.76	)		(0.37	)		(0.33	)		—			(0.33	)
Year Ended October 31, 2017		8.32		0.42			0.05			0.47			(0.34	)		—			(0.34	)
Year Ended October 31, 2016		7.65		0.32			0.35			0.67			—			—			—
Year Ended October 31, 2015		9.37		0.36	(d)		(2.07	)		(1.71	)		—	(e)		(0.01	)		(0.01	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) 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.

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	8.10		10.97	%	$	560		1.20	%		5.18	%		1.49	%		164	%
	7.61		(4.95	)		41,505		1.19			4.32			1.33			172
	8.31		5.21			75,732		1.19			4.50			1.48			148
	8.18		8.20			1,036		1.13			3.70			2.43			189
	7.56		(18.67	)		27,511		1.16			3.75	(d)		1.91			134
	7.93		10.50			90		1.69			4.17			1.85			164
	7.47		(5.38	)		94		1.69			3.84			1.84			172
	8.15		4.56			301		1.69			4.03			2.66			148
	8.05		7.76			52		1.63			3.14			3.65			189
	7.47		(19.07	)		18		1.67			3.37	(d)		2.24			134
	8.16		11.36			727		0.95			5.12			1.08			164
	7.67		(4.71	)		14,057		0.94			4.53			1.07			172
	8.37		5.40			12,211		0.94			4.67			1.43			148
	8.25		8.41			3,723		0.89			3.99			1.51			189
	7.61		(18.38	)		29,405		0.92			4.04	(d)		1.21			134
	8.01		10.81			27		1.45			4.42			6.24			164
	7.54		(5.11	)		24		1.44			4.06			2.20			172
	8.23		4.83			21		1.44			4.12			3.49			148
	8.12		7.98			20		1.38			3.37			4.61			189
	7.52		(18.88	)		18		1.41			3.61	(d)		2.00			134
	8.23		11.63			23		0.80			5.08			0.94			164
	7.73		(4.53	)		20		0.76			4.72			1.07			172
	8.43		5.56			21		0.74			4.82			2.82			148
	8.31		8.77			20		0.68			4.07			3.86			189
	7.64		(18.29	)		19		0.71			4.31	(d)		1.29			134
	8.24		11.58			725,698		0.70			5.17			0.82			164
	7.75		(4.45	)		629,505		0.69			4.81			0.82			172
	8.45		5.73			572,727		0.69			4.94			1.08			148
	8.32		8.76			76,275		0.63			4.12			1.25			189
	7.65		(18.26	)		135,050		0.66			4.29	(d)		0.97			134

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019

1. Organization

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

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversification Classification
JPMorgan Emerging Markets Strategic Debt Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	Non-Diversified

The investment objective of the Fund is to seek to provide total return.

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

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

2. Significant Accounting Policies

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

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

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

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

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

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

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

28 J.P. MORGAN FUNDS OCTOBER 31, 2019

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

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

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

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

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds	$	—		$	193,046		$	—	$	193,046
Foreign Government Securities		—			498,156			—		498,156
Supranational		—			2,112			—		2,112
Options Purchased
Call Options Purchased		—			1,158			—		1,158
Put Options Purchased		—			133			—		133
Total Options Purchased		—			1,291			—		1,291
Short-Term Investments
Foreign Government
Treasury Bills		—			4,336			—		4,336
Investment Companies		6,875			—			—		6,875
Investment of cash collateral from securities loaned		987			—			—		987
Total Short-Term Investments		7,862			4,336			—		12,198
Total Investments in Securities	$	7,862		$	698,941		$	—	$	706,803
Appreciation in Other Financial Instruments
Forward Foreign Currency
Exchange Contracts	$	—		$	2,431		$	—	$	2,431
Futures Contracts		200			—			—		200
Swaps		—			772			—		772
Total Appreciation in Other Financial Instruments	$	200		$	3,203		$	—	$	3,403
Depreciation in Other Financial Instruments
Forward Foreign Currency
Exchange Contracts	$	—		$	(2,805	)	$	—	$	(2,805	)
Futures Contracts		(83	)		—			—		(83	)
Swaps		—			(1,350	)		—		(1,350	)
Options Written
Call Options Written		—			(608	)		—		(608	)
Total Depreciation in Other Financial Instruments	$	(83	)	$	(4,763	)	$	—	$	(4,846	)

OCTOBER 31, 2019 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

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

Emerging Markets Strategic Debt Fund	Balance as of October 31, 2018		Realized gain (loss)			Change in unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of October 31, 2019
Investments in Securities
Foreign Government Securities	$	3,772	$	(626	)	$	478	$	109	$	—	$	(3,733	)	$	—	$	—	$	—

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

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

There were no transfers into or out of level 3 for the year ended October 31, 2019.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund.

As of October 31, 2019, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

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

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

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

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

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

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

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

Options Written —Premiums received by the Fund for options written are included on the Statement of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as

30 J.P. MORGAN FUNDS OCTOBER 31, 2019

Change in net unrealized appreciation/depreciation of options written on the Statement of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’sover-the-counter (“OTC”) options are subject to master netting agreements.

The Fund may be required to post or receive collateral forover-the-counter options. Cash collateral posted by the Fund is considered restricted.

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

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

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

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

(3). Forward Foreign Currency Exchange Contracts — The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Fund may be required to post or receive collateral fornon-deliverable forward foreign currency exchange contracts.

(4). Swaps — The Fund engaged in various swap transactions, including credit default and interest rate swaps to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiatedover-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets

OCTOBER 31, 2019 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/ depreciation on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral for OTC swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearinghouse.

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

Credit Default Swaps

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

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

(5). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 2019, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Options			Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Centrally Cleared Swaps (b)			OTC Swaps			Total
Foreign exchange contracts	Receivables	$	1,291		$	—		$	2,431		$	—		$	—		$	3,722
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		—			200			—			772			—			972
Total		$	1,291		$	200		$	2,431		$	772		$	—		$	4,694
Gross Liabilities:
Credit contracts	Payables	$	—		$	—		$	—		$	(210	)	$	(1,436	)	$	(1,646	)
Foreign exchange contracts	Payables		(608	)		—			(2,805	)		—			—			(3,413	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—			(83	)		—			(486	)		—			(569	)
Total		$	(608	)	$	(83	)	$	(2,805	)	$	(696	)	$	(1,436	)	$	(5,628	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

32 J.P. MORGAN FUNDS OCTOBER 31, 2019

(b) This amount represents the value of centrally cleared swaps as reported on the SOI. The Statement of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2019 (amounts in thousands):

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented on the Statement of Assets and Liabilities(a)			Derivatives Available for offset			Collateral Received			Net Amount Due From Counterparty (Not less than zero)
Australia & New Zealand Banking Group Ltd.	$	—	(b)	$	—	(b)	$	—		$	—
Barclays Bank plc		303			(303	)		—			—
BNP Paribas		18			(18	)		—			—
Citibank, NA		1,692			(848	)		—			844
Credit Suisse International		12			—			—			12
Goldman Sachs International		767			(767	)		—			—
HSBC Bank, NA		83			(83	)		—			—
Merrill Lynch International		416			(416	)		—			—
Royal Bank of Canada		31			—			—			31
Standard Chartered Bank		254			(254	)		—			—
State Street Corp.		132			(66	)		—			66
TD Bank Financial Group		14			(4	)		—			10
	$	3,722		$	(2,759	)	$	—		$	963
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities(a)			Derivatives Available for Offset			Collateral Posted			Net Amount Due To Counterparty (Not less than zero)
Australia & New Zealand Banking Group Ltd.	$	12		$	—	(b)	$	—		$	12
Barclays Bank plc		393			(303	)		—			90
BNP Paribas		52			(18	)		—			34
Citibank, NA		848			(848	)		—			—
Goldman Sachs International		1,697			(767	)		(770	)(c)		160
HSBC Bank, NA		560			(83	)		—			477
Merrill Lynch International		919			(416	)		—			503
Standard Chartered Bank		298			(254	)		—			44
State Street Corp.		66			(66	)		—			—
TD Bank Financial Group		4			(4	)		—			—
	$	4,849		$	(2,759)		$	(770	)	$	1,320

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statement of Assets and Liabilities.

(b) Amount rounds to less than one thousand.

(c) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The following tables present the effect of derivatives on the Statement of Operations for the year ended October 31, 2019, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options			Futures Contracts		Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—	$	—		$	(4,660	)	$	(4,660	)
Foreign exchange contracts		(761	)		—		(2,991	)		—			(3,752	)
Interest rate contracts		—			2,361		—			965			3,326
Total	$	(761	)	$	2,361	$	(2,991	)	$	(3,695	)	$	(5,086	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options			Futures Contracts		Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—	$	—		$	(963	)	$	(963)
Foreign exchange contracts		107			—		(1,241	)		—			(1,134	)
Interest rate contracts		—			210		—			302			512
Total	$	107		$	210	$	(1,241	)	$	(661	)	$	(1,585	)

The Fund’s derivatives contracts held at October 31, 2019 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts, options and swaps activity during the year ended October 31, 2019 (amounts in thousands). Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts — Interest Rate:
Average Notional Balance Long	$	71,949	(a)
Average Notional Balance Short		41,837
Ending Notional Balance Long		197,064
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	159,405
Average Settlement Value Sold		196,373
Ending Settlement Value Purchased		220,056
Ending Settlement Value Sold		239,147
OTC Options:
Average Notional Balance Purchased	$	125,133
Average Notional Balance Written		24,743
Ending Notional Balance Purchased		276,847
Ending Notional Balance Written		110,459
Credit Default Swaps:
Average Notional Balance — Buy Protection	$	124,120
Average Notional Balance — Sell Protection		654
Ending Notional Balance — Buy Protection		58,300
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed Rate	$	43,903
Average Notional Balance — Receives Fixed Rate		28,312
Ending Notional Balance — Pays Fixed Rate		195,973
Ending Notional Balance — Receives Fixed Rate		25,992

(a) For the period January 1, 2019 through October 31, 2019.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts,non-deliverable forward foreign currency contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund. Otherwise the cash collateral is included on the

34 J.P. MORGAN FUNDS OCTOBER 31, 2019

Statement of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in escrow in accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G.). These amounts are not reflected on the Fund’s Statement of Assets and Liabilities and are disclosed in the table below.

The Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of October 31, 2019 are as follows (amounts in thousands):

Fund Counterparty		Value of swap contracts			Collateral amount
Goldman Sachs International	Collateral Posted	$	(1,317	)	$	770

D. Securities Lending — Effective October 5, 2018, the Fund became authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-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 ofnon-U.S. securities), subject to certain de minimisamounts.

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

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

The following table presents the Fund’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of October 31, 2019 (amounts in thousands).

Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
$	925	$	(925	)	$	—

* 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 Fund from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Fund to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Fund’s investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

$ 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 Statement of Operations as Income from securities lending (net).

E. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in

OCTOBER 31, 2019 J.P. MORGAN FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	17,423	$	582,285	$	592,843	$	9	$	1	$	6,875		6,872	$	503		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.70% (a) (b)		—		24,406		23,419		—		—		987		987		32	*		—
Total	$	17,423	$	606,691	$	616,262	$	9	$	1	$	7,862			$	535		$	—

(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 October 31, 2019.

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

F. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the year ended October 31, 2019 are as follows (amounts in thousands):

	Class A		Class C			Class I			Class R2		Class R5			Class R6		Total
Transfer agency fees	$	10	$	—	(a)	$	—	(a)	$	1	$	—	(a)	$	7	$	18

(a) Amount rounds to less than one thousand.

I. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 2019, no liability for Federal income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

36 J.P. MORGAN FUNDS OCTOBER 31, 2019

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

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

The following amounts were reclassified within the capital accounts (amounts in thousands):

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	—	$	(7,072	)	$	7,072

The reclassifications for the Fund relate primarily to investments in swaps and foreign currency gains or losses.

L. Recent Accounting Pronouncement — In March 2017, the FASB issuedAccounting Standards Update (“ASU”)2017-08 (“ASU2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchasednon-contingently callable debt securities. ASU2017-08 requires that the premium be amortized to the earliest call date, for purchasednon-contingently callable debt securities.ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has evaluated the implications of these changes and has determined that the amendments will have no effect on the Fund’s net assets or results of operations.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate equal to 0.65% of the Fund’s average daily net assets. Prior to August 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.70% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2019, the rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMCB, a wholly-owned subsidiary of JPMorgan, serves as the Fund’ssub-administrator (the“Sub-administrator”). For its services asSub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Fund, as applicable, pursuant to Rule12b-1 under the 1940 Act. Class I, Class R5 and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C			Class R2
0.25%		0.75	%		0.50	%

OCTOBER 31, 2019 J.P. MORGAN FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

In addition, JPMDS is entitled to receive thefront-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for whichfront-end sales charges have been waived. For the year ended October 31, 2019, JPMDS retained the following (amounts in thousands):

Front-End Sales Charge	CDSC
$—(a)	$—

(a) Amount rounds to less than one thousand.

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

Class A			Class C			Class I			Class R2			Class R5
	0.25	%		0.25	%		0.25	%		0.25	%		0.10	%

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset based-fees that vary according to the number of transactions and positions, plusout-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. The Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately on the Statement of Operations.

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

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

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

Class A			Class C			Class I			Class R2			Class R5			Class R6
	1.20	%		1.70	%		0.95	%		1.45	%		0.80	%		0.70	%

The expense limitation agreements were in effect for the year ended October 31, 2019 and are in place until at least February 29, 2020.

For the year ended October 31, 2019, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total		Reimbursements
$	539	$	359	$	3	$	901	$	14

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

The amount of these waivers/reimbursements resulting from investments in these money market funds for the year ended October 31, 2019 was approximately $41,000.

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for the Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral management fees on the Statement of Operations.

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

38 J.P. MORGAN FUNDS OCTOBER 31, 2019

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on apro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

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

During the year ended October 31, 2019, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the year ended October 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$1,159,903	$	1,171,409

During the year ended October 31, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2019 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	692,796	$	37,714	$	25,932	$	11,782

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals and mark to

market of forward foreign currency contracts.

The tax character of distributions paid during the year ended October 31, 2019 was as follows (amounts in thousands):

Ordinary Income*		Total Distributions Paid
$	35,104	$	35,104

* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2018 was as follows (amounts in thousands):

Ordinary Income*		Total Distributions Paid
$	31,506	$	31,506

* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2019, the components of net assets (excludingpaid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss  Carryover)			Unrealized Appreciation (Depreciation)
$	4,247	$	(46,774	)	$	7,111

OCTOBER 31, 2019 J.P. MORGAN FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The cumulative timing differences primarily consist of mark to market of forward foreign currency contracts, wash sale loss deferrals and straddle loss deferrals.

At October 31, 2019, the Fund had post-enactment net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

Capital Loss Carryforward Character
Short-Term		Long-Term
$	28,598	$	18,176

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

Capital Loss Utilized
Short-Term		Long-Term
$	7,892	$	—

6. Borrowings

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

The Fund had no borrowings outstanding from another fund at October 31, 2019. Average borrowings from the Facility during the year ended October 31, 2019, were as follows (amounts in thousands, except number of days outstanding):

Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
$	3,646		3.11	%		3	$	1

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility at October 31, 2019.

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

administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the year ended October 31, 2019.

7. Risks, Concentrations and Indemnifications

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

40 J.P. MORGAN FUNDS OCTOBER 31, 2019

As of October 31, 2019, the Fund had three individual shareholder and/or affiliated omnibus accounts, which owned 41.0% of the Fund’s outstanding shares.

As of October 31, 2019, the JPMorgan SmartRetirement Funds and JPMorgan SmartRetirment Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

JPMorgan SmartRetirement Funds			JPMorgan SmartRetirement Blend Funds
	69.6	%		11.6	%

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2019, a significant portion of the Fund’s investments consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would have been if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund, such as swap and option contracts and credit linked notes.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund is subject to the risk that should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems to be representative of its value, the value of the Fund’s net assets could be adversely affected.

The Fund’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Fund’s investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

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

OCTOBER 31, 2019 J.P. MORGAN FUNDS 41

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TotheBoard of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Emerging Markets Strategic Debt Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, ofJPMorgan Emerging Markets Strategic Debt Fund (one of the funds constituting JPMorgan Trust I, referred to hereafter as the “Fund”) as of October 31, 2019, the related statement of operations for the year ended October 31, 2019,the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes,and the financial highlightsfor each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019and the financial highlights for each of the five years in the period ended October 31, 2019in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 20, 2019

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

42 J.P. MORGAN FUNDS OCTOBER 31, 2019

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	130	Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	130	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	130	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	130	Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	130	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	130	None

OCTOBER 31, 2019 J.P. MORGAN FUNDS 43

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Fund(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	130	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	130	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	130	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	130	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	130	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002).	130	Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006).	130	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

44 J.P. MORGAN FUNDS OCTOBER 31, 2019

(1) Dr. Goldstein is retiring from the Board of Trustees effective the close of business on December 31, 2019. The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (130 funds).

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Fund’s independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Fund’s financial statements and do not provide other services to the Fund. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 45

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

    * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

  ** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

46 J.P. MORGAN FUNDS OCTOBER 31, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2019, and continued to hold your shares at the end of the reporting period, October 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Actual	$	1,000.00	$	1,054.40	$	6.42		1.24	%
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		1,052.50		8.79		1.70
Hypothetical		1,000.00		1,016.64		8.64		1.70
Class I
Actual		1,000.00		1,055.90		4.92		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Class R2
Actual		1,000.00		1,053.70		7.51		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class R5
Actual		1,000.00		1,056.90		4.15		0.80
Hypothetical		1,000.00		1,021.17		4.08		0.80
Class R6
Actual		1,000.00		1,057.30		3.63		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2019 J.P. MORGAN FUNDS 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory annual renewals. The Board of Trustees held meetings in person in June and August 2019, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 14, 2019.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund as compared to the Fund’s objectives and peer group. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to

the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team, including personnel changes, if any. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

48 J.P. MORGAN FUNDS OCTOBER 31, 2019

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Fund for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees considered that the Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that

there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted the Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Fund’s shareholders to share potential economies of scale from its inception and that the fees remain competitive with peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Fund, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including any Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels, was reasonable. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders, and that, for those J.P. Morgan Funds that had achieved scale and no longer had Fee Caps in place for some or all of their classes, through lower average expenses as asset levels had increased, in addition to the reinvestment that ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater

OCTOBER 31, 2019 J.P. MORGAN FUNDS 49

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicableone-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance for Class A shares was in the fourth, fifth and fifth quintiles based upon the Peer Group, and in the fourth, fourth and fifth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the Fund’s performance for Class I shares was in the second and fifth quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2018, and in the third, fourth and fifth quintiles based upon the Universe for the one-, three- and five-year period ended December 31, 2018, respectively. The Trustees noted that the Fund’s performance for Class R6 shares was in the third, fifth and fifth quintiles based upon the Peer Group, and in the third, third and fifth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees discussed the

performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019, if applicable, were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for the Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum, For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio after taking into account any waivers and/or reimbursements, The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee for Class A shares was in the second and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective August 1, 2019, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

50 J.P. MORGAN FUNDS OCTOBER 31, 2019

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you areno longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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. at1-800-480-4111 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 at202-371-8300.

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

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

A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2019.  All rights reserved. October 2019. AN-EMSD-1019

Annual Report

J.P. Morgan Funds

October 31, 2019

JPMorgan Systematic Alpha Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	64
Consolidated Financial Highlights	70
Notes to Consolidated Financial Statements	72
Report of Independent Registered Public Accounting Firm	86
Trustees	87
Officers	90
Schedule of Shareholder Expenses	91
Board Approval of Investment Advisory Agreement	92
Tax Letter	95
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Fund’s prospectuses for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

December 12, 2019 (Unaudited)

Dear Shareholders,

By way of introduction, I am head of the Americas Client organization for J.P. Morgan Asset Management, as well as a twenty year veteran of J.P. Morgan, nearly all of those years with Asset Management. The reason I joined J.P. Morgan Asset Management over twenty years ago is the same reason I still come to work energized every day; shareholders & clients. Shareholders & clients are our highest priority and at the center of everything we do. As such, I plan to use our Letter to Shareholders as an opportunity to provide updates on recent market events and may, from time to time, also highlight initiatives happening within J.P. Morgan Asset Management that are designed in part to continue to improve the shareholder & client experiences.

  “Shareholders and clients are our highest priority and at the center of everything we do.”
— Andrea L. Lisher

Financial markets have largely provided positive returns in 2019, supported by leading central banks and a slowing but still expanding global economy. U.S. equity markets continued to lead the way, rebounding from a sharpsell-off in late 2018 and withstanding intermittent volatility driven partly by ongoing

U.S.-China trade tensions. In July, the U.S. Federal Reserve cut interest rates for the first time in more than a decade amid concerns about slowing economic growth and then cut rates again in September and once more in October. Notably, the S&P 500 Index rallied in October and reached record highs in the final week of the month. Elsewhere, the European Central Bank announced in September it would resume monthly asset purchases to bolster flagging economic growth and below-target inflation and China’s central bank also responded to a slowdown in economic output with measures to increase lending by banks. International equity markets may exhibit continued volatility in the coming year but a reduction in trade tensions could provide support to financial markets. Given this outlook, we believe investors can benefit from a patient outlook and a well-diversified investment portfolio.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

OCTOBER 31, 2019 J.P. MORGAN FUNDS 1

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)*		(0.11)%
ICE BofAML3-Month US Treasury Bill Index		2.40%
Net Assets as of 10/31/2019	$	359,193,652

INVESTMENT OBJECTIVE**

The JPMorgan Systematic Alpha Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

Global equity markets generally provided positive returns for the reporting period amid slowing but continued growth in both the global economy and corporate profits. Investor optimism over U.S.-China trade negotiations and an extension of the deadline for Britain’s exit from the European Union (“Brexit”) also bolstered investor sentiment. Bond markets also provided positive returns for the period but generally underperformed equity markets. Emerging markets debt and U.S. investment grade bonds largely outperformed U.S. Treasury bonds.

In the final months of 2018, global equity markets generally slumped as investors faced both slowing global economic growth — particularly in China and Europe — and the prospect of rising U.S. interest rates. Equity prices largely rebounded in the first months of 2019, and markets remained buoyant through April 2019. Global equity markets were hit with a selloff in May 2019 and leading indexes in the U.S. and Asian developed markets, as well as in emerging markets, dropped by more than 6%. Equity prices rebounded again in June and received further support at the end of July 2019, when the U.S. Federal Reserve (the “Fed”) responded to slowing economic growth by raising interest rates for the first time in more than a decade.

Investor concerns about increased U.S.-China trade tensions and uncertainty over the U.K.’s Brexit strategy led to increased market volatility in the final months of the reporting period. However, the Fed cut interest rates again inmid-September 2019 and, by the end of October 2019, leading U.S. equity indexes had returned to record highs.

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

The Fund’s Class I Shares underperformed the ICE BofAML3-Month US Treasury Bill Index (the “Benchmark”) for the twelve months ended October 31, 2019. References to the Benchmark and to other indexes mentioned herein are for informational purposes and are not an indication of how the Fund is managed. The use of the Benchmark does not imply the Fund is being managed to the Benchmark and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

During the reporting period, the Fund’s alternative investment strategies experienced negative performance, with gains from its event-driven and macro strategies offset by the Fund’s equity market neutral strategy. The Fund’s equity market neutral strategy had negative returns for the reporting period. From a return perspective, the Fund’s value factor was the worst performing factor over the reporting period.

The Fund’s macro strategies were the leading contributors to absolute performance, with gains driven by relative value fixed income factors. The Fund’s event driven strategy generated positive returns, with gains led by the merger arbitrage factor. The Fund’s convertible bond arbitrage strategy’s performance was slightly positive over the reporting period.

HOW WAS THE FUND POSITIONED?

During the twelve month reporting period, the Fund’s risk was diversified across its investment strategies. Risk within the event-driven strategy increased over the reporting period and is near its historical average. In the equity market neutral strategy, aggregate risk was also within the typical range for much of the reporting period. The macro strategy was below its long-term target risk levels, though risk increased over the reporting period.

2 J.P. MORGAN FUNDS OCTOBER 31, 2019

RISK ALLOCATION AS OF OCTOBER 31, 2019
Asset Class / Strategy	% of Risk Allocation***
Convertible Arbitrage (1)		4.4	%
Equity Market Neutral (2)		36.0
Event Driven (3)		32.3
Macro Based (4)		27.3

TOP TEN HOLDINGS OF THE PORTFOLIO (a)
	1.	Japan Treasury Bills, (0.27)%, 3/10/2020 (Japan)	2.1	%
	2.	Zayo Group Holdings, Inc.	1.9
	3.	Cypress Semiconductor Corp.	1.8
	4.	Spark Therapeutics, Inc.	1.6
	5.	Cambrex Corp.	1.5
	6.	Genomic Health, Inc.	1.5
	7.	Acacia Communications, Inc.	1.4
	8.	Ra Pharmaceuticals, Inc.	1.3
	9.	Canfor Corp. (Canada)	1.2
	10.	Pivotal Software, Inc., Class A	1.1

* 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.

*** Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of October 31, 2019 and are not representative of the targeted equal risk allocation across asset classes over the long-term. Holdings and allocations may vary over time.

(1) Convertible Arbitrage strategies seek to profit from the complexity of the pricing of convertible bonds (which contain elements of both a fixed income security and an equity option).

(2) Equity Market Neutral strategies involve simultaneous investing in equities (i.e. investing long) that the Adviser expects to increase in value and selling equities (i.e. selling short) that the Adviser expects to decrease in value.

(3) Event Driven strategies (e.g. merger arbitrage) seek to profit from investing in securities of companies on the basis that a specific event or catalyst will affect future pricing.

(4) Macro Based strategies aim to exploit macro economic imbalances across the globe through a broad range of asset classes including, but not limited to fixed income, currency and commodities.

(a) Percentages indicated are based upon total market value of investments as of October 31, 2019. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 3

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNSAS OF OCTOBER 31, 2019

	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		February 12, 2013
With Sales Charge*				(4.89	)%		(1.95	)%		(0.21	)%
Without Sales Charge				(0.40	)		(1.05	)		0.48
CLASS C SHARES		February 12, 2013
With CDSC**				(1.92	)		(1.53	)		(0.02	)
Without CDSC				(0.92	)		(1.53	)		(0.02	)
CLASS I SHARES		February 12, 2013		(0.11	)		(0.80	)		0.73
CLASS R6 SHARES		February 12, 2013		0.10			(0.55	)		0.95

* Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE(2/12/13 TO 10/31/19)

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

The Fund commenced operations on February 12, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Systematic Alpha Fund and the ICE BofAML3-Month US Treasury Bill Index from February 12, 2013 to October 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

From the inception of the Fund through July 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

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

4 J.P. MORGAN FUNDS OCTOBER 31, 2019

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019

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

INVESTMENTS	SHARES		VALUE
Common Stocks — 44.2%
Aerospace & Defense — 0.2%
HEICO Corp.		4,564		562,924
Airlines — 0.1%
Qantas Airways Ltd. (Australia)		107,017		473,351
Auto Components — 0.1%
Gentex Corp.		18,713		524,900
Banks — 1.4%
Pacific Premier Bancorp, Inc.		25,394		857,175
SunTrust Banks, Inc.		49,683		3,395,336
Synovus Financial Corp.		22,693		768,612
				5,021,123
Biotechnology — 4.7%
Biogen, Inc. *		3,430		1,024,575
Genomic Health, Inc. *		77,501		5,167,767
Ligand Pharmaceuticals, Inc. *		6,649		723,478
Ra Pharmaceuticals, Inc. *		94,995		4,471,414
Spark Therapeutics, Inc. *		50,316		5,492,998
				16,880,232
Building Products — 0.2%
Johnson Controls International plc		18,244		790,512
Capital Markets — 0.2%
Lazard Ltd., Class A		22,612		844,106
Chemicals — 1.2%
DIC Corp. (Japan)		18,900		541,393
Eastman Chemical Co.		6,851		520,950
Ecolab, Inc.		8,200		1,574,974
Huntsman Corp.		20,810		460,525
Kronos Worldwide, Inc.		8,126		103,038
LyondellBasell Industries NV, Class A		9,090		815,373
Tokuyama Corp. (Japan)		7,000		186,998
				4,203,251
Commercial Services & Supplies — 0.6%
Brady Corp., Class A		10,555		594,669
Deluxe Corp.		4,038		209,289
Herman Miller, Inc.		11,831		550,141
Pitney Bowes, Inc.		185,662		816,913
				2,171,012
Communications Equipment — 1.5%
Acacia Communications, Inc. *		74,648		4,901,388
Cisco Systems, Inc.		8,554		406,400
				5,307,788

INVESTMENTS	SHARES		VALUE
Construction & Engineering — 0.1%
Arcosa, Inc.		10,800		414,828
Construction Materials — 0.1%
Eagle Materials, Inc.		3,500		319,690
Consumer Finance — 0.4%
Navient Corp.		26,400		363,528
SLM Corp.		31,900		269,236
World Acceptance Corp. *		6,398		664,176
				1,296,940
Containers & Packaging — 0.0% (a)
Owens-Illinois, Inc.		20,100		170,850
Distributors — 0.1%
LKQ Corp. *		7,900		268,521
Diversified Consumer Services — 0.1%
H&R Block, Inc.		18,853		471,136
Diversified Financial Services — 0.2%
AXA Equitable Holdings, Inc.		36,531		789,070
Diversified Telecommunication Services — 1.8%
Zayo Group Holdings, Inc. *		190,819		6,514,561
Electric Utilities — 0.2%
Evergy, Inc.		12,674		809,995
Electrical Equipment — 1.7%
Eaton Corp. plc		23,760		2,069,734
OSRAM Licht AG (Germany)		75,373		3,362,540
Regal Beloit Corp.		8,083		598,546
				6,030,820
Electronic Equipment, Instruments & Components — 0.3%
Avnet, Inc.		17,657		698,511
Dolby Laboratories, Inc., Class A		8,246		530,465
				1,228,976
Energy Equipment & Services — 0.5%
Patterson-UTI Energy, Inc.		95,283		792,755
TechnipFMC plc (United Kingdom)		45,300		893,769
				1,686,524
Entertainment — 0.4%
Madison Square Garden Co. (The), Class A *		5,100		1,361,292
Food & Staples Retailing — 0.4%
FamilyMart Co. Ltd. (Japan)		7,300		181,085
Lawson, Inc. (Japan)		11,700		645,447
Metcash Ltd. (Australia)		221,374		430,331
				1,256,863

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 5

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES		VALUE
Common Stocks — continued
Food Products — 0.1%
Ingredion, Inc.		5,218		412,222
Health Care Equipment & Supplies — 0.9%
Danaher Corp.		19,322		2,662,958
STERIS plc		3,540		501,158
				3,164,116
Health Care Providers & Services — 1.0%
Acadia Healthcare Co., Inc. *		7,700		230,923
Chemed Corp.		440		173,320
Encompass Health Corp.		8,787		562,544
Magellan Health, Inc. *		4,700		305,030
Sigma Healthcare Ltd. (Australia)		2,438,298		976,950
Tenet Healthcare Corp. *		51,300		1,299,942
UnitedHealth Group, Inc.		759		191,799
				3,740,508
Hotels, Restaurants & Leisure — 1.0%
Aramark		6,300		275,688
Bloomin’ Brands, Inc.		54,824		1,086,064
Cracker Barrel Old Country Store, Inc.		1,900		295,450
Dave & Buster’s Entertainment, Inc.		20,073		798,504
Koshidaka Holdings Co. Ltd. (Japan)		29,200		424,013
SeaWorld Entertainment, Inc. *		30,191		797,646
				3,677,365
Household Durables — 0.6%
Electrolux AB, Series B (Sweden)		55,158		1,450,178
PulteGroup, Inc.		14,794		580,516
				2,030,694
Independent Power and Renewable Electricity Producers — 0.2%
Clearway Energy, Inc., Class C		30,563		554,107
Industrial Conglomerates — 0.5%
Smiths Group plc (United Kingdom)		80,740		1,687,759
Insurance — 0.4%
Athene Holding Ltd., Class A *		19,324		837,695
MBIA, Inc.*		82,337		764,911
				1,602,606
Interactive Media & Services — 0.7%
Alphabet, Inc., Class A *		427		537,508
IAC/InterActiveCorp *		4,900		1,113,525
Yelp, Inc. *		22,508		776,751
				2,427,784

INVESTMENTS	SHARES		VALUE
Internet & Direct Marketing Retail — 0.5%
Booking Holdings, Inc. *		406		831,800
Quotient Technology, Inc. *		100,865		868,448
				1,700,248
IT Services — 0.8%
Otsuka Corp. (Japan)		15,900		641,056
Presidio, Inc.		97,395		1,616,757
Visa, Inc., Class A		2,957		528,889
				2,786,702
Leisure Products — 0.1%
Tomy Co. Ltd. (Japan)		46,900		508,597
Life Sciences Tools & Services — 1.9%
Agilent Technologies, Inc.		6,683		506,238
Cambrex Corp. *		87,351		5,217,475
Pacific Biosciences of California, Inc. *		203,312		984,030
				6,707,743
Machinery — 2.1%
Allison Transmission Holdings, Inc.		11,004		479,884
CNH Industrial NV (United Kingdom)		82,300		897,893
Cummins, Inc.		3,136		540,897
DMG Mori Co. Ltd. (Japan)		10,700		173,235
Fortive Corp.		16,200		1,117,800
Ingersoll-Rand plc		10,500		1,332,345
JTEKT Corp. (Japan)		43,700		557,367
Meritor, Inc. *		11,200		246,736
Milacron Holdings Corp. *		137,408		2,297,462
				7,643,619
Media — 1.5%
Gannett Co., Inc.		295,001		3,200,761
iHeartMedia, Inc., Class A *		17,000		243,780
Omnicom Group, Inc.		6,221		480,199
Sinclair Broadcast Group, Inc., Class A		10,690		425,889
Sirius XM Holdings, Inc.		122,276		821,695
TEGNA, Inc.		17,500		263,025
				5,435,349
Metals & Mining — 0.8%
Cleveland-Cliffs, Inc.		107,906		780,160
Regis Resources Ltd. (Australia)		143,089		484,937
Sandstorm Gold Ltd. (Canada) *		44,200		315,451
Schnitzer Steel Industries, Inc., Class A		20,510		437,683
Steel Dynamics, Inc.		14,043		426,346
Tokyo Steel Manufacturing Co. Ltd. (Japan)		66,100		532,153
				2,976,730

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	SHARES		VALUE
Common Stocks — continued
Multiline Retail — 0.2%
Dillard’s, Inc., Class A		11,471		791,270
Oil, Gas & Consumable Fuels — 1.4%
CNX Resources Corp. *		110,746		933,589
CONSOL Energy, Inc. *		4,620		61,123
HollyFrontier Corp.		9,375		515,062
Murphy Oil Corp.		35,530		732,984
PDC Energy, Inc. *		29,561		589,742
Peabody Energy Corp.		6,800		71,604
Phillips 66		5,544		647,650
Tallgrass Energy LP, Class A		69,788		1,302,244
				4,853,998
Paper & Forest Products — 1.3%
Canfor Corp. (Canada)*		349,139		4,220,099
Louisiana-Pacific Corp.		20,277		592,697
				4,812,796
Pharmaceuticals — 0.6%
Eli Lilly & Co.		6,852		780,785
Horizon Therapeutics plc *		19,974		577,448
Johnson & Johnson		1,437		189,742
Pfizer, Inc.		11,499		441,217
Sumitomo Dainippon Pharma Co. Ltd. (Japan)		8,400		146,606
				2,135,798
Professional Services — 0.6%
FTI Consulting, Inc. *		4,746		516,697
Meitec Corp. (Japan)		11,600		604,712
Nielsen Holdings plc		14,700		296,352
TechnoPro Holdings, Inc. (Japan)		9,200		565,854
				1,983,615
Real Estate Management & Development — 1.0%
Unizo Holdings Co. Ltd. (Japan)		76,200		3,514,537
Road & Rail — 0.5%
Genesee & Wyoming, Inc., Class A *		11,300		1,254,639
Hitachi Transport System Ltd. (Japan)		18,800		535,100
				1,789,739
Semiconductors & Semiconductor Equipment — 2.6%
Cypress Semiconductor Corp.		266,201		6,194,497
Lam Research Corp.		2,232		604,961
Mellanox Technologies Ltd. *		8,655		975,419
MKS Instruments, Inc.		1,770		191,550
NXP Semiconductors NV (Netherlands)		7,227		821,565
Teradyne, Inc.		8,959		548,470
				9,336,462

INVESTMENTS	SHARES		VALUE
Software — 2.3%
Cision Ltd. *		270,906		2,728,023
ForeScout Technologies, Inc. *		8,800		270,688
Oracle Corp.		7,844		427,420
Pivotal Software, Inc., Class A *		250,600		3,751,482
Progress Software Corp.		13,855		552,537
TiVo Corp.		81,900		666,666
				8,396,816
Specialty Retail — 2.6%
ABC-Mart, Inc. (Japan)		9,500		651,372
American Eagle Outfitters, Inc.		18,654		286,899
Best Buy Co., Inc.		3,520		252,842
Conn’s, Inc. *		31,134		753,131
Designer Brands, Inc., Class A		42,379		699,253
Dick’s Sporting Goods, Inc.		35,629		1,387,037
Foot Locker, Inc.		18,685		812,984
Gap, Inc. (The)		55,500		902,430
Genesco, Inc. *		18,766		729,059
Guess?, Inc.		49,780		833,815
Tiffany & Co.		10,594		1,319,059
Urban Outfitters, Inc. *		27,778		797,229
				9,425,110
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.		656		163,186
Seagate Technology plc		14,663		850,894
				1,014,080
Textiles, Apparel & Luxury Goods — 0.3%
Ralph Lauren Corp.		3,654		351,003
Wolverine World Wide, Inc.		28,715		852,261
				1,203,264
Trading Companies & Distributors — 0.9%
HD Supply Holdings, Inc. *		29,500		1,166,430
Triton International Ltd. (Bermuda)		22,948		842,192
WESCO International, Inc. *		23,134		1,160,170
				3,168,792
Total Common Stocks (Cost $151,764,626)				158,881,691
	PRINCIPAL AMOUNT
Convertible Bonds — 8.0%
Biotechnology — 1.1%
Acorda Therapeutics, Inc. 1.75%, 6/15/2021		764,000		527,117

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 7

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Convertible Bonds — continued
Biotechnology — continued
AMAG Pharmaceuticals, Inc. 3.25%, 6/1/2022		515,000		389,105
BioMarin Pharmaceutical, Inc. 1.50%, 10/15/2020		351,000		368,396
Exact Sciences Corp.
1.00%, 1/15/2025		320,000		445,045
0.38%, 3/15/2027		186,000		199,332
Intercept Pharmaceuticals, Inc. 3.25%, 7/1/2023		588,000		515,105
Ionis Pharmaceuticals, Inc. 1.00%, 11/15/2021		317,000		349,011
Medicines Co. (The) 2.50%, 1/15/2022		378,000		606,690
Neurocrine Biosciences, Inc. 2.25%, 5/15/2024		291,000		424,692
				3,824,493
Capital Markets — 0.1%
Ares Capital Corp. 3.75%, 2/1/2022		381,000		389,251
Communications Equipment — 0.4%
InterDigital, Inc. 1.50%, 3/1/2020		417,000		414,775
Lumentum Holdings, Inc. 0.25%, 3/15/2024		375,000		473,208
Viavi Solutions, Inc. 1.00%, 3/1/2024		383,000		513,220
				1,401,203
Electronic Equipment, Instruments & Components — 0.1%
Vishay Intertechnology, Inc. 2.25%, 6/15/2025		430,000		423,707
Energy Equipment & Services — 0.2%
Ensco Jersey Finance Ltd. 3.00%, 1/31/2024		513,000		328,320
Nabors Industries, Inc. 0.75%, 1/15/2024		581,000		367,955
				696,275
Entertainment — 0.2%
Live Nation Entertainment, Inc. 2.50%, 3/15/2023		443,000		541,962
Equity Real Estate Investment Trusts (REITs) — 0.3%
Colony Capital, Inc. 3.88%, 1/15/2021		412,000		404,791
Extra Space Storage LP 3.13%, 10/1/2035 (b)		353,000		433,341
Spirit Realty Capital, Inc.
3.75%, 5/15/2021		148,000		153,026
3.75%, 5/15/2021		121,000		125,109
				1,116,267

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Health Care Equipment & Supplies — 0.2%
NuVasive, Inc. 2.25%, 3/15/2021		384,000		481,801
Wright Medical Group, Inc. 1.63%, 6/15/2023		379,000		362,016
				843,817
Health Care Providers & Services — 0.2%
Anthem, Inc.
2.75%, 10/15/2042		101,000		381,713
2.75%, 10/15/2042		51,000		192,746
				574,459
Health Care Technology — 0.2%
Allscripts Healthcare Solutions, Inc. 1.25%, 7/1/2020		564,000		558,200
Interactive Media & Services — 0.1%
Momo, Inc. (China) 1.25%, 7/1/2025		476,000		437,497
Internet & Direct Marketing Retail — 0.4%
Booking Holdings, Inc.
0.35%, 6/15/2020		182,000		283,251
0.90%, 9/15/2021		182,000		213,902
Etsy, Inc. 3/1/2023		248,000		350,610
MercadoLibre, Inc. (Argentina) 2.00%, 8/15/2028		387,000		546,902
				1,394,665
IT Services — 0.5%
Akamai Technologies, Inc. 0.13%, 5/1/2025		416,000		465,920
Euronet Worldwide, Inc. 0.75%, 3/15/2049 (b)		187,000		212,663
KBR, Inc. 2.50%, 11/1/2023 (b)		408,000		510,845
Okta, Inc. 0.25%, 2/15/2023		246,000		568,208
				1,757,636
Life Sciences Tools & Services — 0.1%
Illumina, Inc. 0.50%, 6/15/2021		206,000		267,810
Machinery — 0.1%
Fortive Corp. 0.88%, 2/15/2022 (b)		484,000		477,503
Media — 0.3%
Liberty Interactive LLC 1.75%, 9/30/2046 (b)		375,000		530,639
Liberty Media Corp. 2.13%, 3/31/2048 (b)		405,000		420,795
				951,434
Oil, Gas & Consumable Fuels — 0.4%
Cheniere Energy, Inc. 4.25%, 3/15/2045		717,000		561,949
Chesapeake Energy Corp. 5.50%, 9/15/2026 (c)		445,000		245,584
Oasis Petroleum, Inc. 2.63%, 9/15/2023		490,000		337,634

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2019

INVESTMENTS	PRINCIPAL AMOUNT		VALUE
Convertible Bonds — continued
Oil, Gas & Consumable Fuels — continued
Whiting Petroleum Corp. 1.25%, 4/1/2020		403,000		396,114
				1,541,281
Personal Products — 0.1%
Herbalife Nutrition Ltd. 2.63%, 3/15/2024		353,000		355,588
Pharmaceuticals — 0.4%
Assertio Therapeutics, Inc. 2.50%, 9/1/2021		552,000		359,150
Jazz Investments I Ltd. 1.88%, 8/15/2021		715,000		713,203
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023		397,000		365,473
				1,437,826
Semiconductors & Semiconductor Equipment — 1.1%
Intel Corp. 3.25%, 8/1/2039		198,000		551,460
Microchip Technology, Inc. 1.63%, 2/15/2025		396,000		764,032
NXP Semiconductors NV (Netherlands) 1.00%, 12/1/2019		458,000		502,390
ON Semiconductor Corp.
1.00%, 12/1/2020		157,000		189,994
1.63%, 10/15/2023		160,000		199,272
Silicon Laboratories, Inc. 1.38%, 3/1/2022		351,000		443,547
Synaptics, Inc. 0.50%, 6/15/2022		438,000		413,363
Teradyne, Inc. 1.25%, 12/15/2023		322,000		640,022
Veeco Instruments, Inc. 2.70%, 1/15/2023		427,000		390,258
				4,094,338
Software — 1.3%
FireEye, Inc. 0.88%, 6/1/2024		409,000		403,496
j2 Global, Inc. 3.25%, 6/15/2029		575,000		846,759
Nuance Communications, Inc. 1.00%, 12/15/2035		416,000		404,404
Palo Alto Networks, Inc. 0.75%, 7/1/2023		386,000		424,586
RingCentral, Inc. 3/15/2023		276,000		557,865
ServiceNow, Inc. 6/1/2022		263,000		492,672
Splunk, Inc. 1.13%, 9/15/2025		359,000		397,409
Verint Systems, Inc. 1.50%, 6/1/2021		596,000		607,175
Workday, Inc. 0.25%, 10/1/2022		382,000		485,826
				4,620,192
Technology Hardware, Storage & Peripherals — 0.1%
Western Digital Corp. 1.50%, 2/1/2024 (c)		462,000		438,128
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp. 2.00%, 10/1/2023		439,000		412,806
Total Convertible Bonds (Cost $27,054,242)				28,556,338

INVESTMENTS	SHARES		VALUE
Convertible Preferred Stocks — 1.0%
Banks — 0.3%
Bank of America Corp. Series L, 7.25% ($1,000 par value)		376		570,238
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		363		547,948
				1,118,186
Health Care Equipment & Supplies — 0.2%
Becton Dickinson and Co. Series A, 6.13%, 5/1/2020 ($50 par value)		9,000		555,120
Machinery — 0.3%
Colfax Corp. 5.75%, 1/15/2022 ($100 par value)		4,180		612,830
Stanley Black & Decker, Inc. 5.38%, 5/15/2020 ($100 par value)		4,700		479,118
				1,091,948
Multi-Utilities — 0.2%
CenterPoint Energy, Inc. Series B, 7.00%, 9/1/2021 ($100 par value)		7,499		382,449
Sempra Energy Series B, 6.75%, 7/15/2021 ($100 par value)		3,802		441,754
				824,203
Total Convertible Preferred Stocks (Cost $3,213,976)				3,589,457
	PRINCIPAL AMOUNT
Short-Term Investments — 42.9%
Foreign Government Treasury Bills — 2.0%
Japan Treasury Bills (Japan) (0.27)%, 3/10/2020 (f) (Cost $7,142,658)		JPY 771,500,000		7,149,504
	SHARES
Investment Companies — 40.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (d) (e)		101,031,498		101,071,910

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 9

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

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

INVESTMENTS	SHARES		VALUE
Short-Term Investments — continued
Investment Companies — continued
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (d) (e)		45,730,579		45,730,579
Total Investment Companies (Cost $146,783,112)				146,802,489
TotalShort-Term Investments (Cost $153,925,770)				153,951,993
Total Investments — 96.0% (Cost $335,958,614)				344,979,479
Other Assets Less Liabilities — 4.0%				14,214,173
NET ASSETS — 100.0%				359,193,652

Percentages indicated are based on net assets.

Abbreviations
JPY	Japanese Yen
(a)	Amount rounds to less than 0.1% of net assets.
(b)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(c)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2019.
(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 October 31, 2019.
(f)	The rate shown is the effective yield as of October 31, 2019.
*	Non-income producing security.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2019

Futures contracts outstanding as of October 31, 2019:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
CAC 40 10 Euro Index		24			11/2019		EUR		1,535,634			8,969
Feeder Cattle		49			11/2019		USD		3,616,200			340,843
IBEX 35 Index		4			11/2019		EUR		414,310			(1,002	)
LME Aluminum Base Metal		38			11/2019		USD		1,673,425			(15,675	)
LME Nickel Base Metal		40			11/2019		USD		4,005,840			(209,589	)
LME Zinc Base Metal		55			11/2019		USD		3,471,875			382,057
Natural Gas		7			11/2019		USD		184,450			14,260
100 oz Gold		50			12/2019		USD		7,568,500			319,267
Australia 10 Year Bond		170			12/2019		AUD		17,087,280			(44,465	)
Australia 3 Year Bond		255			12/2019		AUD		20,279,836			(20,924	)
Canada 10 Year Bond		24			12/2019		CAD		2,588,596			(24,295	)
Cocoa		18			12/2019		USD		432,540			(10,824	)
DAX Index		2			12/2019		EUR		718,644			28,482
EURO STOXX 50 Index		61			12/2019		EUR		2,452,600			52,919
Euro-Bobl		121			12/2019		EUR		18,172,542			(232,362	)
Euro-Buxl		10			12/2019		EUR		2,344,361			(114,754	)
Euro-Schatz		137			12/2019		EUR		17,124,623			(90,263	)
FTSE 100 Index		6			12/2019		GBP		562,894			(4,667	)
FTSE/MIB Index		18			12/2019		EUR		2,276,962			66,053
Japan 10 Year Bond		33			12/2019		JPY		47,127,141			(253,193	)
Live Cattle		16			12/2019		USD		750,240			23,433
LME Aluminum Base Metal		61			12/2019		USD		2,693,150			58,331
LME Nickel Base Metal		21			12/2019		USD		2,102,814			(58,096	)
LME Zinc Base Metal		50			12/2019		USD		3,133,750			124,937
Silver		21			12/2019		USD		1,900,500			165,194
SPI 200 Index		16			12/2019		AUD		1,828,950			(7,573	)
TOPIX Index		4			12/2019		JPY		613,205			5,725
U.S. Treasury 2 Year Note		70			12/2019		USD		15,093,750			(23,073	)
U.S. Treasury 5 Year Note		79			12/2019		USD		9,418,898			(29,369	)
U.S. Treasury 10 Year Note		109			12/2019		USD		14,205,766			(87,841	)
U.S. Treasury Long Bond		31			12/2019		USD		4,999,719			(36,601	)
WTI Crude Oil		12			12/2019		USD		649,800			(7,152	)
Feeder Cattle		33			01/2020		USD		2,387,138			103,653
Cocoa		79			03/2020		USD		1,932,340			99,752
Copper		31			03/2020		USD		2,052,588			33,017
Silver		29			03/2020		USD		2,647,700			135,298
Cocoa		35			05/2020		USD		859,250			(5,275	)
Copper		18			05/2020		USD		1,193,625			18,102
												703,299
Short Contracts
Hang Seng Index		(10	)		11/2019		HKD		(1,716,785	)		1,499
LME Aluminum Base Metal		(133	)		11/2019		USD		(5,856,988	)		(76,172	)
LME Nickel Base Metal		(7	)		11/2019		USD		(701,022	)		18,837
Natural Gas		(149	)		11/2019		USD		(3,926,150	)		(188,276	)
WTI Crude Oil		(20	)		11/2019		USD		(1,081,800	)		8,237
Coffee ‘C’		(28	)		12/2019		USD		(1,070,475	)		38,691
Copper		(40	)		12/2019		USD		(2,639,500	)		(67,206	)
Corn		(38	)		12/2019		USD		(741,000	)		61,688
Cotton No. 2		(120	)		12/2019		USD		(3,866,400	)		(104,921	)
Euro-Bund		(3	)		12/2019		EUR		(575,127	)		14,218
Lean Hogs		(112	)		12/2019		USD		(2,956,800	)		78,580

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 11

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Short Contracts — continued
Live Cattle		(45	)		12/2019		USD		(2,110,050	)		(126,063	)
LME Aluminum Base Metal		(61	)		12/2019		USD		(2,693,150	)		2,947
LME Zinc Base Metal		(18	)		12/2019		USD		(1,128,150	)		(107,592	)
Long Gilt		(93	)		12/2019		GBP		(16,002,909	)		190,809
Natural Gas		(57	)		12/2019		USD		(1,558,380	)		(60,600	)
Russell 2000E-Mini Index		(276	)		12/2019		USD		(21,568,020	)		(58,223	)
S&P 500E-Mini Index		(468	)		12/2019		USD		(71,019,000	)		(586,355	)
Wheat		(12	)		12/2019		USD		(305,250	)		(13,210	)
LME Aluminum Base Metal		(74	)		01/2020		USD		(3,241,200	)		(64,750	)
LME Zinc Base Metal		(14	)		01/2020		USD		(872,725	)		(3,280	)
Soybean		(23	)		01/2020		USD		(1,072,088	)		20,582
Lean Hogs		(41	)		02/2020		USD		(1,202,530	)		1,219
Live Cattle		(28	)		02/2020		USD		(1,370,320	)		(143,273	)
Sugar No. 11		(388	)		02/2020		USD		(5,423,309	)		122,738
Coffee ‘C’		(39	)		03/2020		USD		(1,542,206	)		(16,692	)
Coffee ‘C’		(52	)		05/2020		USD		(2,097,225	)		(14,238	)
Corn		(52	)		05/2020		USD		(1,052,350	)		(29,779	)
												(1,100,585	)
												(397,286	)

Abbreviations

AUD	Australian Dollar
CAC	Continuous Assisted Quotation
CAD	Canadian Dollar
DAX	Deutscher Aktien Index
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
HKD	Hong Kong Dollar
IBEX	International Business Exchange

JPY	Japanese Yen
LME	London Metal Exchange
MIB	Milan, Italian Stock Exchange
S&P	Standard & Poor’s
SPI	Australian Securities Exchange
TOPIX	Tokyo Stock Price Index
USD	United States Dollar
WTI	West Texas Intermediate

Forward foreign currency exchange contracts outstanding as of October 31, 2019:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
AUD	332,748	USD	224,696	State Street Corp.		11/15/2019		4,759
EUR	210,155	USD	233,129	Barclays Bank plc		11/15/2019		1,435
EUR	834,115	USD	921,467	HSBC Bank, NA		11/15/2019		9,531
EUR	2,545,554	USD	2,788,695	State Street Corp.		11/15/2019		52,526
USD	1,480,198	CAD	1,936,179	Australia & New Zealand Banking Group Ltd.		11/15/2019		10,138
USD	10,814,201	JPY	1,152,827,187	Australia & New Zealand Banking Group Ltd.		11/15/2019		132,130
AUD	3,638,756	USD	2,455,167	Merrill Lynch International		11/18/2019		54,227
CAD	38,303,718	USD	28,753,061	Citibank, NA		11/18/2019		329,534
EUR	175,002	USD	192,412	Citibank, NA		11/18/2019		2,953
EUR	1,109,349	USD	1,236,178	Merrill Lynch International		11/18/2019		2,251
GBP	195,909	CAD	325,283	Barclays Bank plc		11/18/2019		6,910
GBP	2,869,381	CAD	4,859,036	Citibank, NA		11/18/2019		29,252
GBP	1,545,938	NOK	18,313,539	HSBC Bank, NA		11/18/2019		11,830
GBP	554,391	SEK	6,918,860	Merrill Lynch International		11/18/2019		1,336
GBP	243,245	USD	305,747	Citibank, NA		11/18/2019		9,483

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2019

CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
	GBP	1,450,603	USD	1,866,758	State Street Corp.		11/18/2019		13,133
	IDR	47,800,459,576	USD	3,359,180	Merrill Lynch International * *		11/18/2019		29,012
	INR	238,644,680	USD	3,343,627	Merrill Lynch International * *		11/18/2019		8,648
	NZD	807,368	USD	514,514	Citibank, NA		11/18/2019		3,258
	RUB	218,486,322	USD	3,351,953	Goldman Sachs International * *		11/18/2019		48,602
	SEK	4,796,469	USD	493,020	Barclays Bank plc		11/18/2019		4,120
	USD	3,356,203	ILS	11,704,462	Merrill Lynch International		11/18/2019		32,891
	ZAR	51,058,434	USD	3,352,831	BNP Paribas		11/18/2019		19,522
	MXN	66,486,247	USD	3,373,491	Merrill Lynch International		11/19/2019		74,354
	USD	618,093	EUR	551,831	State Street Corp.		12/16/2019		796
	USD	7,224,534	JPY	771,500,000	Standard Chartered Bank		3/10/2020		20,599
	Total unrealized appreciation								913,230
	JPY	102,465,472	USD	952,285	State Street Corp.		11/15/2019		(2,842	)
	JPY	16,654,182	USD	154,613	TD Bank Financial Group		11/15/2019		(296	)
	USD	3,338,369	AUD	4,948,085	BNP Paribas		11/15/2019		(73,713	)
	USD	647,994	CAD	863,230	BNP Paribas		11/15/2019		(7,421	)
	USD	3,530,127	EUR	3,177,345	BNP Paribas		11/15/2019		(16,269	)
	USD	2,447,653	EUR	2,226,793	Merrill Lynch International		11/15/2019		(37,783	)
	USD	1,260,354	GBP	1,023,815	Citibank, NA		11/15/2019		(66,327	)
	USD	257,577	JPY	27,944,462	Standard Chartered Bank		11/15/2019		(1,356	)
	JPY	153,078,694	USD	1,436,762	Citibank, NA		11/18/2019		(18,096	)
	NOK	42,224,227	USD	4,629,418	Merrill Lynch International		11/18/2019		(37,509	)
	USD	109,298	CHF	108,317	BNP Paribas		11/18/2019		(618	)
	USD	16,251,429	EUR	14,779,766	Citibank, NA		11/18/2019		(248,072	)
	USD	16,166,105	GBP	13,130,804	Citibank, NA		11/18/2019		(850,594	)
	USD	3,413,500	HUF	1,034,641,543	Merrill Lynch International		11/18/2019		(100,827	)
	USD	3,364,827	KRW	4,027,933,781	Goldman Sachs International * *		11/18/2019		(77,763	)
	USD	436,531	NZD	692,936	Merrill Lynch International		11/18/2019		(7,854	)
	USD	3,422,531	PLN	13,500,473	Merrill Lynch International		11/18/2019		(111,296	)
	USD	27,196,836	SEK	268,363,016	Citibank, NA		11/18/2019		(618,214	)
	USD	3,393,393	TWD	104,472,375	Merrill Lynch International * *		11/18/2019		(39,529	)
	USD	1,301,620	CAD	1,714,108	HSBC Bank, NA		12/16/2019		(56	)
	Total unrealized depreciation								(2,316,435	)
	Net unrealized depreciation								(1,403,205	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Republic Won

MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand
**	Non-deliverable forward.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 13

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

Over-the-Counter (“OTC”) Total return swap contracts outstanding as of October 31, 2019:

REFERENCE ENTITY

PAYMENTS MADE BY FUND

PAYMENTS RECEIVED BY FUND

FREQUENCY OF PAYMENTS MADE/ RECEIVED

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

UPFRONT PAYMENTS (RECEIPTS)($)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Media General, Inc., CVR ‡

Total appreciation of the position at maturity

Total depreciation of the position at maturity

At Termination

Union Bank of Switzerland AG

3/12/2021

USD 48,548

—

—

—

—

OTC Total Return Basket Swaps Outstanding at October 31, 2019
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in GBP based on the local currencies of the positions within the swaps.		11/29/2019	$	6,116,042	$	4,795	$	—	$	4,795

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Meggitt plc		70,486		570,326		223			0.0	(a)
Airlines
Wizz Air Holdings plc * (b)		11,926		590,582		1,382			0.0	(a)
Capital Markets
3i Group plc		19,027		278,039		26			0.0	(a)
Construction Materials
Rhi Magnesita NV		10,497		473,086		173			0.0	(a)
Distributors
Inchcape plc		82,317		688,215		456			0.0	(a)
Energy Equipment & Services
Petrofac Ltd.		109,943		548,711		1,411			0.0	(a)
Health Care Equipment & Supplies
Smith & Nephew plc		22,003		472,326		1,337			0.0	(a)
Hotels, Restaurants & Leisure
Greggs plc		27,804		639,525		(117	)		(0.0	)(a)
Household Durables
Berkeley Group Holdings plc		5,884		335,385		(53	)		(0.0	)(a)
Bovis Homes Group plc		38,704		586,582		—			0.0	(a)
Redrow plc		75,306		587,073		(164	)		(0.0	)(a)
Taylor Wimpey plc		273,258		586,057		246			0.0	(a)
		393,152		2,095,097		29			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Interactive Media & Services
Auto Trader Group plc (b)		101,985			743,093			391			0.0	(a)
Metals & Mining
Rio Tinto plc		8,984			467,723			597			0.0	(a)
Oil, Gas & Consumable Fuels
Royal Dutch Shell plc		21,246			611,880			1,464			0.0	(a)
Tullow Oil plc		244,675			653,851			1,272			0.0	(a)
		265,921			1,265,731			2,736			0.0	(a)
Personal Products
Unilever plc		8,344			499,630			12			0.0	(a)
Software
Avast plc (b)		115,922			622,432			(429	)		(0.0	)(a)
AVEVA Group plc		11,801			639,434			155			0.0	(a)
		127,723			1,261,866			(274	)		(0.0	)(a)
Trading Companies & Distributors
Travis Perkins plc		33,471			621,695			394			0.0	(a)
Total Long Positions of Total Return Basket Swap		1,293,583			11,215,645			8,776			0.0	(a)
Short Positions
Common Stocks
Capital Markets
Standard Life Aberdeen plc		(107,622	)		(423,134	)		(30	)		(0.0	)(a)
Chemicals
Johnson Matthey plc		(12,299	)		(488,601	)		496			0.0	(a)
Electrical Equipment
Melrose Industries plc		(41,132	)		(113,676	)		(135	)		(0.0	)(a)
Health Care Providers & Services
NMC Health plc		(12,816	)		(363,291	)		(887	)		(0.0	)(a)
Hotels, Restaurants & Leisure
TUI AG		(50,130	)		(655,814	)		39			0.0	(a)
Insurance
Beazley plc		(57,347	)		(435,856	)		(178	)		(0.0	)(a)
Machinery
IMI plc		(38,889	)		(505,719	)		(459	)		(0.0	)(a)
Weir Group plc (The)		(24,428	)		(426,685	)		(614	)		(0.0	)(a)
		(63,317	)		(932,404	)		(1,073	)		(0.0	)(a)
Media
ITV plc		(319,176	)		(553,695	)		(713	)		(0.0	)(a)
Metals & Mining
Fresnillo plc		(26,214	)		(242,185	)		(1,096	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 15

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Multiline Retail
B&M European Value Retail SA		(53,437	)		(256,358	)		(38	)		(0.0	)(a)
Professional Services
Capita plc *		(41,824	)		(84,603	)		(33	)		(0.0	)(a)
Real Estate Management & Development
Capital & Counties Properties plc		(166,403	)		(549,986	)		(333	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(951,717	)		(5,099,603	)		(3,981	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		341,866			6,116,042			4,795			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in USD based on the local currencies of the positions within the swaps.		11/29/2019 — 3/31/2020	$	72,184,504	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Delta Air Lines, Inc.		8,854		487,678		—		0.0	(a)
Southwest Airlines Co.		9,688		543,788		—		0.0	(a)
		18,542		1,031,466		—		0.0	(a)
Banks
OFG Bancorp		27,693		562,445		—		0.0	(a)
Beverages
Coca-Cola European Partners plc		9,118		487,904		—		0.0	(a)
Molson Coors Brewing Co.		9,204		485,235		—		0.0	(a)
		18,322		973,139		—		0.0	(a)
Building Products
American Woodmark Corp. *		5,955		590,498		—		0.0	(a)
Gibraltar Industries, Inc. *		13,255		705,563		—		0.0	(a)
		19,210		1,296,061		—		0.0	(a)
Capital Markets
Cohen & Steers, Inc.		11,347		742,548		—		0.0	(a)
Federated Investors, Inc.		19,694		629,026		—		0.0	(a)
Legg Mason, Inc.		15,845		590,385		—		0.0	(a)
		46,886		1,961,959		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Chemicals
Celanese Corp.		4,039		489,325		—		0.0	(a)
CF Industries Holdings, Inc.		11,743		532,545		—		0.0	(a)
Huntsman Corp.		2,167		47,956		—		0.0	(a)
Kronos Worldwide, Inc.		42,100		533,828		—		0.0	(a)
		60,049		1,603,654		—		0.0	(a)
Commercial Services & Supplies
ABM Industries, Inc.		12,986		473,470		—		0.0	(a)
Deluxe Corp.		5,405		280,141		—		0.0	(a)
HNI Corp.		17,850		678,300		—		0.0	(a)
MSA Safety, Inc.		5,100		612,357		—		0.0	(a)
Tetra Tech, Inc.		6,349		555,347		—		0.0	(a)
		47,690		2,599,615		—		0.0	(a)
Communications Equipment
Acacia Communications, Inc. *		11,847		777,874		—		0.0	(a)
Cisco Systems, Inc.		1,186		56,347		—		0.0	(a)
Juniper Networks, Inc.		23,513		583,593		—		0.0	(a)
NetScout Systems, Inc. *		22,332		540,881		—		0.0	(a)
		58,878		1,958,695		—		0.0	(a)
Construction & Engineering
MasTec, Inc. *		8,000		503,520		—		0.0	(a)
Consumer Finance
Ally Financial, Inc.		16,755		513,206		—		0.0	(a)
Encore Capital Group, Inc. *		19,231		638,277		—		0.0	(a)
OneMain Holdings, Inc.		17,295		691,800		—		0.0	(a)
		53,281		1,843,283		—		0.0	(a)
Containers & Packaging
International Paper Co.		14,301		624,668		—		0.0	(a)
Silgan Holdings, Inc.		16,959		521,828		—		0.0	(a)
Sonoco Products Co.		7,971		459,927		—		0.0	(a)
Westrock Co.		16,388		612,419		—		0.0	(a)
		55,619		2,218,842		—		0.0	(a)
Distributors
Core-Mark Holding Co., Inc.		21,088		643,606		—		0.0	(a)
Diversified Consumer Services
H&R Block, Inc.		2,973		74,295		—		0.0	(a)
K12, Inc. *		23,093		457,011		—		0.0	(a)
		26,066		531,306		—		0.0	(a)
Diversified Telecommunication Services
CenturyLink, Inc.		52,638		681,136		—		0.0	(a)
Verizon Communications, Inc.		8,766		530,080		—		0.0	(a)
		61,404		1,211,216		—		0.0	(a)
Electric Utilities
Exelon Corp.		12,388		563,530		—		0.0	(a)
OGE Energy Corp.		11,959		514,955		—		0.0	(a)
Pinnacle West Capital Corp.		5,510		518,601		—		0.0	(a)
		29,857		1,597,086		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 17

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Electrical Equipment
Atkore International Group, Inc. *		17,426		604,682		—		0.0	(a)
Generac Holdings, Inc. *		7,483		722,708		—		0.0	(a)
nVent Electric plc		4,580		105,615		—		0.0	(a)
		29,489		1,433,005		—		0.0	(a)
Electronic Equipment, Instruments & Components
CDW Corp.		4,720		603,735		—		0.0	(a)
Fabrinet *		11,920		670,262		—		0.0	(a)
Insight Enterprises, Inc. *		9,208		565,187		—		0.0	(a)
SYNNEX Corp.		5,418		637,915		—		0.0	(a)
Tech Data Corp. *		4,938		599,967		—		0.0	(a)
Zebra Technologies Corp. *		273		64,939		—		0.0	(a)
		36,477		3,142,005		—		0.0	(a)
Energy Equipment & Services
Helix Energy Solutions Group, Inc. *		66,506		571,286		—		0.0	(a)
Liberty Oilfield Services, Inc. *		47,600		438,396		—		0.0	(a)
ProPetro Holding Corp. *		70,409		545,670		—		0.0	(a)
		184,515		1,555,352		—		0.0	(a)
Food Products
B&G Foods, Inc.		28,297		440,018		—		0.0	(a)
General Mills, Inc.		9,869		501,937		—		0.0	(a)
Hershey Co. (The)		3,293		483,643		—		0.0	(a)
Hostess Brands, Inc. *		41,646		532,236		—		0.0	(a)
Ingredion, Inc.		2,447		193,313		—		0.0	(a)
Mondelez International, Inc.		9,483		497,383		—		0.0	(a)
Simply Good Foods Co. (The) *		22,840		560,494		—		0.0	(a)
TreeHouse Foods, Inc. *		9,682		523,022		—		0.0	(a)
Tyson Foods, Inc.		7,181		594,515		—		0.0	(a)
		134,738		4,326,561		—		0.0	(a)
Health Care Equipment & Supplies
Abbott Laboratories		6,884		575,571		—		0.0	(a)
Baxter International, Inc.		5,897		452,300		—		0.0	(a)
DENTSPLY SIRONA, Inc.		10,446		572,232		—		0.0	(a)
Hill-Rom Holdings, Inc.		5,160		540,200		—		0.0	(a)
Hologic, Inc. *		10,499		507,207		—		0.0	(a)
Integer Holdings Corp. *		7,835		606,742		—		0.0	(a)
Masimo Corp. *		3,444		502,101		—		0.0	(a)
Medtronic plc		4,764		518,800		—		0.0	(a)
		54,929		4,275,153		—		0.0	(a)
Health Care Providers & Services
Encompass Health Corp.		143		9,155		—		0.0	(a)
Ensign Group, Inc. (The)		15,339		648,073		—		0.0	(a)
Premier, Inc. *		20,964		683,007		—		0.0	(a)
UnitedHealth Group, Inc.		550		138,985		—		0.0	(a)
Universal Health Services, Inc.		4,073		559,874		—		0.0	(a)
US Physical Therapy, Inc.		3,813		539,425		—		0.0	(a)
		44,882		2,578,519		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Health Care Technology
Cerner Corp.		9,121		612,201		—		0.0	(a)
Hotels, Restaurants & Leisure
Dine Brands Global, Inc.		7,306		534,434		—		0.0	(a)
Starbucks Corp.		6,001		507,444		—		0.0	(a)
		13,307		1,041,878		—		0.0	(a)
Household Durables
Garmin Ltd.		6,608		619,500		—		0.0	(a)
La-Z-Boy, Inc.		19,243		683,319		—		0.0	(a)
Meritage Homes Corp. *		7,827		564,248		—		0.0	(a)
Toll Brothers, Inc.		14,139		562,308		—		0.0	(a)
TRI Pointe Group, Inc. *		37,048		583,136		—		0.0	(a)
Whirlpool Corp.		3,478		529,073		—		0.0	(a)
		88,343		3,541,584		—		0.0	(a)
Household Products
Church & Dwight Co., Inc.		6,983		488,391		—		0.0	(a)
Kimberly-Clark Corp.		3,849		511,455		—		0.0	(a)
Procter & Gamble Co. (The)		4,649		578,847		—		0.0	(a)
Spectrum Brands Holdings, Inc.		8,925		448,124		—		0.0	(a)
		24,406		2,026,817		—		0.0	(a)
Insurance
MetLife, Inc.		13,455		629,559		—		0.0	(a)
Interactive Media & Services
Facebook, Inc. *		2,724		522,054		—		0.0	(a)
Liberty TripAdvisor Holdings, Inc. *		20,589		198,684		—		0.0	(a)
		23,313		720,738		—		0.0	(a)
IT Services
Accenture plc		2,751		510,090		—		0.0	(a)
Automatic Data Processing, Inc.		3,060		496,424		—		0.0	(a)
CSG Systems International, Inc.		10,726		618,247		—		0.0	(a)
Euronet Worldwide, Inc. *		4,049		567,144		—		0.0	(a)
EVERTEC, Inc.		16,030		490,358		—		0.0	(a)
ManTech International Corp.		8,001		633,519		—		0.0	(a)
MAXIMUS, Inc.		6,530		501,112		—		0.0	(a)
PayPal Holdings, Inc. *		5,952		619,603		—		0.0	(a)
Perficient, Inc. *		15,476		606,659		—		0.0	(a)
		72,575		5,043,156		—		0.0	(a)
Life Sciences Tools & Services
Agilent Technologies, Inc.		249		18,862		—		0.0	(a)
Charles River Laboratories International, Inc. *		3,741		486,255		—		0.0	(a)
Medpace Holdings, Inc. *		6,340		466,814		—		0.0	(a)
Thermo Fisher Scientific, Inc.		1,949		588,559		—		0.0	(a)
		12,279		1,560,490		—		0.0	(a)
Machinery
AGCO Corp.		6,868		526,707		—		0.0	(a)
Federal Signal Corp.		16,217		526,080		—		0.0	(a)
ITT, Inc.		8,143		484,101		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 19

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Machinery — continued
Meritor, Inc. *		31,605		696,258		—		0.0	(a)
Oshkosh Corp.		7,579		647,095		—		0.0	(a)
Parker-Hannifin Corp.		2,898		531,754		—		0.0	(a)
Snap-on, Inc.		3,932		639,619		—		0.0	(a)
Watts Water Technologies, Inc.		5,749		536,094		—		0.0	(a)
		82,991		4,587,708		—		0.0	(a)
Media
Comcast Corp.		11,078		496,516		—		0.0	(a)
Gray Television, Inc. *		32,310		530,207		—		0.0	(a)
Liberty Global plc *		25,086		598,803		—		0.0	(a)
Nexstar Media Group, Inc.		5,126		498,709		—		0.0	(a)
Omnicom Group, Inc.		1,634		126,128		—		0.0	(a)
Sinclair Broadcast Group, Inc.		4,062		161,830		—		0.0	(a)
TEGNA, Inc.		34,183		513,770		—		0.0	(a)
		113,479		2,925,963		—		0.0	(a)
Metals & Mining
Royal Gold, Inc.		4,118		475,382		—		0.0	(a)
Schnitzer Steel Industries, Inc.		942		20,102		—		0.0	(a)
Steel Dynamics, Inc.		3,675		111,573		—		0.0	(a)
Warrior Met Coal, Inc.		23,080		449,599		—		0.0	(a)
		31,815		1,056,656		—		0.0	(a)
Multiline Retail
Kohl’s Corp.		11,118		569,908		—		0.0	(a)
Nordstrom, Inc.		16,313		585,637		—		0.0	(a)
		27,431		1,155,545		—		0.0	(a)
Multi-Utilities
CenterPoint Energy, Inc.		17,868		519,423		—		0.0	(a)
NorthWestern Corp.		7,044		510,831		—		0.0	(a)
		24,912		1,030,254		—		0.0	(a)
Oil, Gas & Consumable Fuels
Cabot Oil & Gas Corp.		30,841		574,876		—		0.0	(a)
Chevron Corp.		4,509		523,675		—		0.0	(a)
ConocoPhillips		11,077		611,450		—		0.0	(a)
CONSOL Energy, Inc. *		24,028		317,891		—		0.0	(a)
CVR Energy, Inc.		14,198		673,269		—		0.0	(a)
Delek US Holdings, Inc.		14,253		569,407		—		0.0	(a)
Devon Energy Corp.		22,299		452,224		—		0.0	(a)
Exxon Mobil Corp.		8,892		600,833		—		0.0	(a)
HollyFrontier Corp.		2,247		123,450		—		0.0	(a)
Marathon Oil Corp.		23,713		273,411		—		0.0	(a)
		156,057		4,720,486		—		0.0	(a)
Paper & Forest Products
Domtar Corp.		13,144		478,310		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Personal Products
Estee Lauder Cos., Inc. (The)		2,856		531,987		—		0.0	(a)
Medifast, Inc.		5,062		561,578		—		0.0	(a)
		7,918		1,093,565		—		0.0	(a)
Pharmaceuticals
Eli Lilly & Co.		4,523		515,396		—		0.0	(a)
Jazz Pharmaceuticals plc *		1,666		209,300		—		0.0	(a)
Johnson & Johnson		462		61,002		—		0.0	(a)
Merck & Co., Inc.		6,161		533,912		—		0.0	(a)
Pfizer, Inc.		5,381		206,469		—		0.0	(a)
		18,193		1,526,079		—		0.0	(a)
Professional Services
Korn Ferry		7,830		287,283		—		0.0	(a)
ManpowerGroup, Inc.		5,680		516,425		—		0.0	(a)
Robert Half International, Inc.		4,429		253,649		—		0.0	(a)
		17,939		1,057,357		—		0.0	(a)
Road & Rail
ArcBest Corp.		20,069		579,793		—		0.0	(a)
CSX Corp.		8,287		582,328		—		0.0	(a)
Genesee & Wyoming, Inc. *		5,897		654,744		—		0.0	(a)
Norfolk Southern Corp.		2,639		480,298		—		0.0	(a)
Schneider National, Inc.		22,524		515,124		—		0.0	(a)
		59,416		2,812,287		—		0.0	(a)
Semiconductors & Semiconductor Equipment
Analog Devices, Inc.		4,618		492,417		—		0.0	(a)
Cabot Microelectronics Corp.		3,900		589,368		—		0.0	(a)
Diodes, Inc. *		13,078		610,089		—		0.0	(a)
Intel Corp.		556		31,431		—		0.0	(a)
Kulicke & Soffa Industries, Inc.		23,205		551,003		—		0.0	(a)
Mellanox Technologies Ltd. *		6,133		691,189		—		0.0	(a)
MKS Instruments, Inc.		5,010		542,182		—		0.0	(a)
ON Semiconductor Corp. *		29,781		607,532		—		0.0	(a)
Qorvo, Inc. *		6,766		547,099		—		0.0	(a)
Xperi Corp.		26,530		538,692		—		0.0	(a)
		119,577		5,201,002		—		0.0	(a)
Software
Cadence Design Systems, Inc. *		9,220		602,527		—		0.0	(a)
Check Point Software Technologies Ltd. *		4,926		553,732		—		0.0	(a)
Citrix Systems, Inc.		6,210		676,021		—		0.0	(a)
CyberArk Software Ltd. *		5,728		581,850		—		0.0	(a)
Intuit, Inc.		1,864		479,980		—		0.0	(a)
LogMeIn, Inc.		7,726		507,444		—		0.0	(a)
Microsoft Corp.		3,843		550,971		—		0.0	(a)
Oracle Corp.		3,193		173,986		—		0.0	(a)
		42,710		4,126,511		—		0.0	(a)
Specialty Retail
Abercrombie & Fitch Co.		42,265		684,270		—		0.0	(a)
American Eagle Outfitters, Inc.		22,772		350,234		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 21

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES				NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Specialty Retail — continued
Best Buy Co., Inc.		3,748				269,219			—		0.0	(a)
Dick’s Sporting Goods, Inc.		796				30,988			—		0.0	(a)
Foot Locker, Inc.		14,694				639,336			—		0.0	(a)
Genesco, Inc. *		13,600				528,360			—		0.0	(a)
Office Depot, Inc.		294,733				607,150			—		0.0	(a)
Rent-A-Center, Inc.		19,063				493,160			—		0.0	(a)
Signet Jewelers Ltd.		37,150				595,886			—		0.0	(a)
Williams-Sonoma, Inc.		2,694				179,932			—		0.0	(a)
		451,515				4,378,535			—		0.0	(a)
Technology Hardware, Storage & Peripherals
Apple, Inc.		899				223,635			—		0.0	(a)
Seagate Technology plc		9,387				544,728			—		0.0	(a)
Xerox Holdings Corp.		16,429				557,436			—		0.0	(a)
		26,715				1,325,799			—		0.0	(a)
Textiles, Apparel & Luxury Goods
Columbia Sportswear Co.		2,128				192,477			—		0.0	(a)
Deckers Outdoor Corp. *		4,203				642,639			—		0.0	(a)
Ralph Lauren Corp.		2,952				283,569			—		0.0	(a)
Steven Madden Ltd.		14,209				585,127			—		0.0	(a)
		23,492				1,703,812			—		0.0	(a)
Thrifts & Mortgage Finance
MGIC Investment Corp.		47,088				645,577			—		0.0	(a)
Radian Group, Inc.		22,113				555,036			—		0.0	(a)
		69,201				1,200,613			—		0.0	(a)
Trading Companies & Distributors
BMC Stock Holdings, Inc. *		20,479				552,728			—		0.0	(a)
Total Long Positions of Total Return Basket Swap		2,601,398				93,956,121			—		0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Cubic Corp.		(2,537	)			(187,078	)		—		0.0	(a)
Mercury Systems, Inc. *		(71	)			(5,230	)		—		0.0	(a)
		(2,608	)			(192,308	)		—		0.0	(a)
Auto Components
Cooper-Standard Holdings, Inc. *		(10,564	)	��		(336,569	)		—		0.0	(a)
Beverages
MGP Ingredients, Inc.		(6,437	)			(276,083	)		—		0.0	(a)
National Beverage Corp.		(9,280	)			(407,949	)		—		0.0	(a)
		(15,717	)			(684,032	)		—		0.0	(a)
Chemicals
DuPont de Nemours, Inc.		(6,818	)			(449,374	)		—		0.0	(a)
RPM International, Inc.		(5,846	)			(423,426	)		—		0.0	(a)
Sensient Technologies Corp.		(5,533	)			(346,145	)		—		0.0	(a)
		(18,197	)			(1,218,945	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Communications Equipment
Infinera Corp. *		(22,405	)		(125,244	)		—		0.0	(a)
NETGEAR, Inc. *		(14,782	)		(401,627	)		—		0.0	(a)
ViaSat, Inc. *		(4,332	)		(298,215	)		—		0.0	(a)
		(41,519	)		(825,086	)		—		0.0	(a)
Construction & Engineering
Dycom Industries, Inc. *		(5,804	)		(264,604	)		—		0.0	(a)
Granite Construction, Inc.		(8,609	)		(202,656	)		—		0.0	(a)
		(14,413	)		(467,260	)		—		0.0	(a)
Construction Materials
Martin Marietta Materials, Inc.		(266	)		(69,668	)		—		0.0	(a)
Containers & Packaging
Crown Holdings, Inc. *		(6,481	)		(472,076	)		—		0.0	(a)
Diversified Telecommunication Services
ORBCOMM, Inc. *		(51,641	)		(207,080	)		—		0.0	(a)
Electrical Equipment
Bloom Energy Corp. *		(45,939	)		(140,573	)		—		0.0	(a)
Electronic Equipment, Instruments & Components
nLight, Inc. *		(22,834	)		(305,062	)		—		0.0	(a)
Rogers Corp. *		(2,541	)		(344,255	)		—		0.0	(a)
		(25,375	)		(649,317	)		—		0.0	(a)
Energy Equipment & Services
Core Laboratories NV		(6,345	)		(279,434	)		—		0.0	(a)
Diamond Offshore Drilling, Inc. *		(57,433	)		(303,821	)		—		0.0	(a)
Oceaneering International, Inc. *		(19,420	)		(274,987	)		—		0.0	(a)
Oil States International, Inc. *		(22,423	)		(319,976	)		—		0.0	(a)
		(105,621	)		(1,178,218	)		—		0.0	(a)
Entertainment
Netflix, Inc. *		(719	)		(206,648	)		—		0.0	(a)
Food Products
Hain Celestial Group, Inc. (The) *		(2,164	)		(51,157	)		—		0.0	(a)
Kraft Heinz Co. (The)		(4,423	)		(142,996	)		—		0.0	(a)
		(6,587	)		(194,153	)		—		0.0	(a)
Health Care Equipment & Supplies
Cerus Corp. *		(40,145	)		(174,631	)		—		0.0	(a)
Penumbra, Inc. *		(2,854	)		(445,138	)		—		0.0	(a)
ViewRay, Inc. *		(30,868	)		(80,257	)		—		0.0	(a)
		(73,867	)		(700,026	)		—		0.0	(a)
Health Care Providers & Services
Guardant Health, Inc. *		(4,730	)		(328,735	)		—		0.0	(a)
PetIQ, Inc. *		(4,311	)		(106,568	)		—		0.0	(a)
		(9,041	)		(435,303	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 23

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Health Care Technology
Evolent Health, Inc. *		(8,088	)		(61,630	)		—		0.0	(a)
Tabula Rasa HealthCare, Inc. *		(7,822	)		(398,453	)		—		0.0	(a)
Teladoc Health, Inc. *		(5,305	)		(406,363	)		—		0.0	(a)
		(21,215	)		(866,446	)		—		0.0	(a)
Hotels, Restaurants & Leisure
Red Rock Resorts, Inc.		(15,580	)		(339,332	)		—		0.0	(a)
Household Durables
iRobot Corp. *		(2,916	)		(140,143	)		—		0.0	(a)
Insurance
Markel Corp. *		(319	)		(373,549	)		—		0.0	(a)
Interactive Media & Services
Snap, Inc. *		(13,068	)		(196,804	)		—		0.0	(a)
TrueCar, Inc. *		(19,274	)		(63,219	)		—		0.0	(a)
		(32,342	)		(260,023	)		—		0.0	(a)
Internet & Direct Marketing Retail
Wayfair, Inc. *		(1,888	)		(155,250	)		—		0.0	(a)
IT Services
MongoDB, Inc. *		(2,586	)		(330,413	)		—		0.0	(a)
Life Sciences Tools & Services
NanoString Technologies, Inc. *		(17,545	)		(396,517	)		—		0.0	(a)
Machinery
Navistar International Corp. *		(10,699	)		(334,665	)		—		0.0	(a)
Welbilt, Inc. *		(30,816	)		(584,271	)		—		0.0	(a)
		(41,515	)		(918,936	)		—		0.0	(a)
Media
Liberty Broadband Corp. *		(2,388	)		(281,951	)		—		0.0	(a)
Metals & Mining
Alcoa Corp. *		(18,568	)		(386,029	)		—		0.0	(a)
Coeur Mining, Inc. *		(62,024	)		(342,372	)		—		0.0	(a)
United States Steel Corp.		(25,124	)		(289,177	)		—		0.0	(a)
		(105,716	)		(1,017,578	)		—		0.0	(a)
Multi-Utilities
Consolidated Edison, Inc.		(4,539	)		(418,587	)		—		0.0	(a)
NiSource, Inc.		(6,137	)		(172,081	)		—		0.0	(a)
		(10,676	)		(590,668	)		—		0.0	(a)
Oil, Gas & Consumable Fuels
Antero Resources Corp. *		(98,824	)		(247,060	)		—		0.0	(a)
California Resources Corp. *		(7,422	)		(41,489	)		—		0.0	(a)
Centennial Resource Development, Inc. *		(1,648	)		(5,603	)		—		0.0	(a)
Chesapeake Energy Corp. *		(267,558	)		(358,528	)		—		0.0	(a)
Matador Resources Co. *		(8,594	)		(119,543	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Parsley Energy, Inc.		(9,740	)		(153,989	)		—		0.0	(a)
WPX Energy, Inc. *		(2,602	)		(25,968	)		—		0.0	(a)
		(396,388	)		(952,180	)		—		0.0	(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc. *		(4,691	)		(104,094	)		—		0.0	(a)
Theravance Biopharma, Inc. *		(10,184	)		(164,166	)		—		0.0	(a)
WaVe Life Sciences Ltd. *		(6,890	)		(174,248	)		—		0.0	(a)
		(21,765	)		(442,508	)		—		0.0	(a)
Professional Services
TransUnion		(5,461	)		(451,188	)		—		0.0	(a)
TriNet Group, Inc. *		(5,789	)		(306,759	)		—		0.0	(a)
		(11,250	)		(757,947	)		—		0.0	(a)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc. *		(12,256	)		(415,846	)		—		0.0	(a)
Impinj, Inc. *		(12,201	)		(401,352	)		—		0.0	(a)
		(24,457	)		(817,198	)		—		0.0	(a)
Software
2U, Inc. *		(13,059	)		(234,083	)		—		0.0	(a)
Benefitfocus, Inc. *		(10,228	)		(232,533	)		—		0.0	(a)
Coupa Software, Inc. *		(2,931	)		(402,983	)		—		0.0	(a)
FireEye, Inc. *		(15,557	)		(246,423	)		—		0.0	(a)
LivePerson, Inc. *		(12,017	)		(493,298	)		—		0.0	(a)
New Relic, Inc. *		(5,194	)		(332,728	)		—		0.0	(a)
Nutanix, Inc. *		(8,104	)		(236,799	)		—		0.0	(a)
PROS Holdings, Inc. *		(6,152	)		(315,228	)		—		0.0	(a)
Q2 Holdings, Inc. *		(4,318	)		(308,694	)		—		0.0	(a)
Varonis Systems, Inc. *		(6,595	)		(471,872	)		—		0.0	(a)
		(84,155	)		(3,274,641	)		—		0.0	(a)
Specialty Retail
CarMax, Inc. *		(700	)		(65,219	)		—		0.0	(a)
Carvana Co. *		(5,335	)		(432,562	)		—		0.0	(a)
		(6,035	)		(497,781	)		—		0.0	(a)
Technology Hardware, Storage & Peripherals
3D Systems Corp. *		(39,605	)		(375,851	)		—		0.0	(a)
Trading Companies & Distributors
SiteOne Landscape Supply, Inc. *		(2,993	)		(263,564	)		—		0.0	(a)
Water Utilities
Aqua America, Inc.		(7,470	)		(338,615	)		—		0.0	(a)
California Water Service Group		(7,205	)		(403,264	)		—		0.0	(a)
		(14,675	)		(741,879	)		—		0.0	(a)
Total Short Positions of Total Return Basket Swap		(1,284,564	)		(21,771,617	)		—		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		1,316,834			72,184,504			—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 25

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, which is denominated in CAD based on the local currencies of the positions within the swaps.		11/12/2019 — 11/29/2019	$	(5,335,147	)	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food & Staples Retailing
Empire Co. Ltd.		20,829			553,026			—		0.0	(a)
Insurance
iA Financial Corp., Inc.		12,747			613,881			—		0.0	(a)
Oil, Gas & Consumable Fuels
Parex Resources, Inc. *		32,385			438,898			—		0.0	(a)
Whitecap Resources, Inc.		137,932			384,337			—		0.0	(a)
		170,317			823,235			—		0.0	(a)
Real Estate Management & Development
First Capital Realty, Inc.		35,818			592,842			—		0.0	(a)
Road & Rail
TFI International, Inc.		17,109			545,186			—		0.0	(a)
Total Long Positions of Total Return Basket Swap		256,820			3,128,170			—		0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc. *		(262,976	)		(331,440	)		—		0.0	(a)
CAE, Inc.		(17,420	)		(436,856	)		—		0.0	(a)
		(280,396	)		(768,296	)		—		0.0	(a)
Construction & Engineering
SNC-Lavalin Group, Inc.		(34,886	)		(630,655	)		—		0.0	(a)
Diversified Financial Services
Onex Corp.		(8,145	)		(478,830	)		—		0.0	(a)
Food Products
Premium Brands Holdings Corp.		(5,687	)		(375,175	)		—		0.0	(a)
Saputo, Inc.		(16,349	)		(474,172	)		—		0.0	(a)
		(22,036	)		(849,347	)		—		0.0	(a)
Gas Utilities
AltaGas Ltd.		(33,473	)		(486,936	)		—		0.0	(a)
Metals & Mining
Agnico Eagle Mines Ltd.		(7,685	)		(472,326	)		—		0.0	(a)
First Quantum Minerals Ltd.		(63,157	)		(533,701	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Metals & Mining — continued
Franco-Nevada Corp.		(3,867	)		(375,220	)		—		0.0	(a)
Kinross Gold Corp. *		(79,978	)		(388,626	)		—		0.0	(a)
Pan American Silver Corp.		(23,911	)		(406,111	)		—		0.0	(a)
Yamana Gold, Inc.		(131,312	)		(479,547	)		—		0.0	(a)
		(309,910	)		(2,655,531	)		—		0.0	(a)
Multiline Retail
Dollarama, Inc.		(13,739	)		(462,209	)		—		0.0	(a)
Multi-Utilities
Atco Ltd.		(11,779	)		(414,067	)		—		0.0	(a)
Oil, Gas & Consumable Fuels
Keyera Corp.		(17,294	)		(400,870	)		—		0.0	(a)
MEG Energy Corp. *		(102,560	)		(394,012	)		—		0.0	(a)
Vermilion Energy, Inc.		(32,230	)		(425,786	)		—		0.0	(a)
		(152,084	)		(1,220,668	)		—		0.0	(a)
Software
BlackBerry Ltd. *		(94,553	)		(496,778	)		—		0.0	(a)
Total Short Positions of Total Return Basket Swap		(961,001	)		(8,463,317	)		—		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(704,181	)		(5,335,147	)		—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, which is denominated in EUR based on the local currencies of the positions within the swaps.		11/29/2019	$	(1,815,301	)	$	(2,876	)	$	—	$	(2,876	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Automobiles
Peugeot SA		6,388		161,783		56		0.0	(a)
Chemicals
Covestro AG (b)		9,231		443,290		76		0.0	(a)
Commercial Services & Supplies
Edenred		10,445		550,532		685		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 27

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Construction & Engineering
Koninklijke BAM Groep NV		148,259		376,407		724			0.0	(a)
Construction Materials
Imerys SA		12,992		501,864		221			0.0	(a)
Diversified Telecommunication Services
Telefonica SA		74,330		570,801		862			0.0	(a)
Electric Utilities
Enel SpA		31,547		244,501		321			0.0	(a)
Iberdrola SA		54,386		559,034		507			0.0	(a)
Verbund AG		10,039		543,863		834			0.0	(a)
		95,972		1,347,398		1,662			0.0	(a)
Food & Staples Retailing
Kesko OYJ		8,040		535,690		539			0.0	(a)
Food Products
Danone SA		6,970		577,404		(644	)		(0.0	)(a)
Gas Utilities
Italgas SpA		75,999		489,259		354			0.0	(a)
Snam SpA		87,632		449,895		309			0.0	(a)
		163,631		939,154		663			0.0	(a)
Health Care Equipment & Supplies
Koninklijke Philips NV		439		19,261		34			0.0	(a)
Insurance
ASR Nederland NV		1,516		55,574		99			0.0	(a)
Unipol Gruppo SpA		98,449		549,451		560			0.0	(a)
		99,965		605,025		659			0.0	(a)
Machinery
Valmet OYJ		24,472		547,696		732			0.0	(a)
Media
ProSiebenSat.1 Media SE		16,459		243,043		—			0.0	(a)
Publicis Groupe SA		11,503		495,073		503			0.0	(a)
		27,962		738,116		503			0.0	(a)
Oil, Gas & Consumable Fuels
Neste OYJ		586		21,174		24			0.0	(a)
Semiconductors & Semiconductor Equipment
Dialog Semiconductor plc *		11,040		496,583		1,481			0.0	(a)
Siltronic AG		2,653		252,670		513			0.0	(a)
		13,693		749,253		1,994			0.0	(a)
Software
Software AG		19,581		622,891		489			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Textiles, Apparel & Luxury Goods
adidas AG		1,659			512,251			—			0.0	(a)
Total Long Positions of Total Return Basket Swap		724,615			9,819,990			9,279			0.0	(a)
Short Positions
Common Stocks
Air Freight & Logistics
PostNL NV		(258,900	)		(594,855	)		(605	)		(0.0	)(a)
Banks
Banco BPM SpA *		(189,320	)		(430,961	)		(851	)		(0.0	)(a)
Banco de Sabadell SA		(386,947	)		(425,344	)		(774	)		(0.0	)(a)
Bankia SA		(65,574	)		(125,103	)		(189	)		(0.0	)(a)
		(641,841	)		(981,408	)		(1,814	)		(0.0	)(a)
Beverages
Anheuser-Busch InBev SA/NV		(19	)		(1,534	)		(7	)		(0.0	)(a)
Chemicals
BASF SE		(5,695	)		(432,929	)		443			0.0	(a)
Umicore SA		(8,563	)		(353,481	)		(406	)		(0.0	)(a)
		(14,258	)		(786,410	)		37			0.0	(a)
Construction & Engineering
Bouygues SA		(11,118	)		(471,604	)		(408	)		(0.0	)(a)
Containers & Packaging
Huhtamaki OYJ		(9,931	)		(459,860	)		(204	)		(0.0	)(a)
Diversified Financial Services
Groupe Bruxelles Lambert SA		(5,169	)		(519,257	)		(523	)		(0.0	)(a)
Wendel SA		(2,128	)		(301,744	)		(328	)		(0.0	)(a)
		(7,297	)		(821,001	)		(851	)		(0.0	)(a)
Diversified Telecommunication Services
Cellnex Telecom SA * (b)		(13,306	)		(574,139	)		(417	)		(0.0	)(a)
Iliad SA		(2,379	)		(246,549	)		(323	)		(0.0	)(a)
United Internet AG (Registered)		(719	)		(21,705	)		(46	)		(0.0	)(a)
		(16,404	)		(842,393	)		(786	)		(0.0	)(a)
Energy Equipment & Services
Tenaris SA		(29,171	)		(295,937	)		(1,370	)		(0.0	)(a)
Food & Staples Retailing
Jeronimo Martins SGPS SA		(643	)		(10,805	)		(16	)		(0.0	)(a)
Gas Utilities
Rubis SCA		(7,422	)		(430,385	)		(355	)		(0.0	)(a)
Health Care Providers & Services
Orpea		(306	)		(36,856	)		(31	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 29

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure
Autogrill SpA		(43,796	)		(433,001	)		(473	)		(0.0	)(a)
Elior Group SA (b)		(3,071	)		(39,771	)		(75	)		(0.0	)(a)
Flutter Entertainment plc		(2,991	)		(308,968	)		—			0.0	(a)
		(49,858	)		(781,740	)		(548	)		(0.0	)(a)
Industrial Conglomerates
Rheinmetall AG		(3,447	)		(415,731	)		(1,109	)		(0.0	)(a)
Internet & Direct Marketing Retail
Delivery Hero SE * (b)		(9,025	)		(423,477	)		(421	)		(0.0	)(a)
Zalando SE * (b)		(8,691	)		(376,816	)		(240	)		(0.0	)(a)
		(17,716	)		(800,293	)		(661	)		(0.0	)(a)
Life Sciences Tools & Services
Eurofins Scientific SE		(1,018	)		(516,121	)		(433	)		(0.0	)(a)
Machinery
ANDRITZ AG		(897	)		(40,335	)		(38	)		(0.0	)(a)
GEA Group AG		(10,885	)		(332,758	)		—			0.0	(a)
Wartsila OYJ Abp		(1,723	)		(18,203	)		(20	)		(0.0	)(a)
		(13,505	)		(391,296	)		(58	)		(0.0	)(a)
Media
RTL Group SA		(9,193	)		(467,125	)		—			0.0	(a)
Metals & Mining
ArcelorMittal		(23,391	)		(347,800	)		(2,657	)		(0.0	)(a)
thyssenkrupp AG		(22,106	)		(315,245	)		214			0.0	(a)
		(45,497	)		(663,045	)		(2,443	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
Infineon Technologies AG		(25,267	)		(489,391	)		326			0.0	(a)
SOITEC *		(1,532	)		(168,981	)		(424	)		(0.0	)(a)
		(26,799	)		(658,372	)		(98	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
S&T AG		(2,670	)		(56,941	)		55			0.0	(a)
Textiles, Apparel & Luxury Goods
Puma SE		(6,990	)		(525,837	)		—			0.0	(a)
Transportation Infrastructure
Aeroports de Paris		(2,604	)		(495,253	)		(370	)		(0.0	)(a)
Getlink SE		(7,790	)		(130,489	)		(80	)		(0.0	)(a)
		(10,394	)		(625,742	)		(450	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(1,184,397	)		(11,635,291	)		(12,155	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(459,782	)		(1,815,301	)		(2,876	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in CHF based on the local currencies of the positions within the swaps.		11/29/2019	$	2,231,250	$	2,126	$	—	$	2,126

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Swisscom AG (Registered)		1,162			594,357			695			0.0	(a)
Electronic Equipment, Instruments & Components
Landis+Gyr Group AG *		6,142			570,305			932			0.0	(a)
Health Care Equipment & Supplies
Sonova Holding AG (Registered)		2,708			621,427			1,044			0.0	(a)
Pharmaceuticals
Novartis AG (Registered)		6,442			562,871			690			0.0	(a)
Roche Holding AG		186			55,452			57			0.0	(a)
		6,628			618,323			747			0.0	(a)
Professional Services
Adecco Group AG (Registered)		9,695			576,331			1,608			0.0	(a)
Real Estate Management & Development
PSP Swiss Property AG (Registered)		4,424			585,583			350			0.0	(a)
Total Long Positions of Total Return Basket Swap		30,759			3,566,326			5,376			0.0	(a)
Short Positions
Common Stocks
Chemicals
Givaudan SA (Registered)		(146	)		(428,939	)		(188	)		(0.0	)(a)
Pharmaceuticals
Vifor Pharma AG		(3,147	)		(495,587	)		(968	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
ams AG *		(9,137	)		(410,550	)		(2,094	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(12,430	)		(1,335,076	)		(3,250	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		18,329			2,231,250			2,126			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, which is denominated in AUD based on the local currencies of the positions within the swaps.		11/29/2019	$	1,106,343	$	(3,520	)	$	—	$	(3,520	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 31

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Qantas Airways Ltd.		15,906			70,354			70			0.0	(a)
Food & Staples Retailing
Metcash Ltd.		32,805			63,770			(2	)		(0.0	)(a)
Metals & Mining
Alumina Ltd.		360,827			563,291			(1,339	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Beach Energy Ltd.		358,199			563,440			(2,018	)		(0.0	)(a)
Santos Ltd.		108,684			607,926			(435	)		(0.0	)(a)
Woodside Petroleum Ltd.		21,492			476,337			(722	)		(0.0	)(a)
		488,375			1,647,703			(3,175	)		(0.0	)(a)
Specialty Retail
JB Hi-Fi Ltd.		22,277			569,304			493			0.0	(a)
Total Long Positions of Total Return Basket Swap		920,190			2,914,422			(3,953	)		0.0	(a)
Short Positions
Common Stocks
Chemicals
Nufarm Ltd. *		(85,024	)		(346,967	)		12			0.0	(a)
Food Products
Costa Group Holdings Ltd.		(62,408	)		(122,737	)		(128	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(1,115	)		(39,228	)		(20	)		(0.0	)(a)
Star Entertainment Grp Ltd. (The)		(129,668	)		(420,447	)		(330	)		(0.0	)(a)
		(130,783	)		(459,675	)		(350	)		(0.0	)(a)
IT Services
Afterpay Touch Group Ltd. *		(20,650	)		(409,945	)		880			0.0	(a)
NEXTDC Ltd. *		(25,324	)		(111,913	)		(14	)		(0.0	)(a)
		(45,974	)		(521,858	)		866			0.0	(a)
Oil, Gas & Consumable Fuels
Oil Search Ltd.		(70,844	)		(349,636	)		33			0.0	(a)
Total Short Positions of Total Return Basket Swap		(395,033	)		(1,800,873	)		433			0.0	(a)
Rights
Food Products
Costa Group Holdings Ltd. *		(15,602	)		(7,206	)		—			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		509,555			1,106,343			(3,520	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in JPY based on the local currencies of the positions within the swaps.		11/29/2019	$	(7,277,721	)	$	70,856	$	—	$	70,856

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Auto Components
TS Tech Co. Ltd.		100			3,203			(47	)		(0.0	)(a)
Pharmaceuticals
Kaken Pharmaceutical Co. Ltd.		7,500			367,715			(1,763	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		7,600			370,918			(1,810	)		0.0	(a)
Short Positions
Common Stocks
Auto Components
Toyo Tire Corp.		(4,000	)		(55,793	)		546			0.0	(a)
Banks
Concordia Financial Group Ltd.		(104,700	)		(426,960	)		5,453			0.0	(a)
Building Products
TOTO Ltd.		(1,800	)		(73,486	)		770			0.0	(a)
Chemicals
JSR Corp.		(5,200	)		(97,623	)		1,041			0.0	(a)
Toray Industries, Inc.		(56,400	)		(398,587	)		3,927			0.0	(a)
		(61,600	)		(496,210	)		4,968			0.0	(a)
Electrical Equipment
Fujikura Ltd.		(3,100	)		(14,384	)		170			0.0	(a)
Nidec Corp.		(3,000	)		(441,678	)		5,169			0.0	(a)
		(6,100	)		(456,062	)		5,339			0.0	(a)
Electronic Equipment, Instruments & Components
Murata Manufacturing Co. Ltd.		(10,500	)		(571,706	)		(1,639	)		(0.0	)(a)
TDK Corp.		(5,100	)		(503,236	)		8,227			0.0	(a)
Yaskawa Electric Corp.		(100	)		(3,804	)		67			0.0	(a)
		(15,700	)		(1,078,746	)		6,655			0.0	(a)
Food & Staples Retailing
Aeon Co. Ltd.		(24,600	)		(494,961	)		2,780			0.0	(a)
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(10,600	)		(275,078	)		1,332			0.0	(a)
Kyoritsu Maintenance Co. Ltd.		(7,000	)		(309,651	)		2,137			0.0	(a)
		(17,600	)		(584,729	)		3,469			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 33

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Household Durables
Panasonic Corp.		(46,200	)		(388,282	)		3,984		0.0	(a)
Sharp Corp. *		(10,000	)		(114,712	)		1,873		0.0	(a)
		(56,200	)		(502,994	)		5,857		0.0	(a)
Machinery
FANUC Corp.		(2,200	)		(433,948	)		6,092		0.0	(a)
Komatsu Ltd.		(20,500	)		(480,006	)		5,775		0.0	(a)
Makita Corp.		(11,900	)		(400,207	)		5,863		0.0	(a)
MISUMI Group, Inc.		(2,700	)		(67,875	)		732		0.0	(a)
Nabtesco Corp.		(1,600	)		(50,936	)		921		0.0	(a)
SMC Corp.		(1,100	)		(475,245	)		5,438		0.0	(a)
		(40,000	)		(1,908,217	)		24,821		0.0	(a)
Metals & Mining
Hitachi Metals Ltd.		(2,300	)		(28,866	)		270		0.0	(a)
Multiline Retail
Marui Group Co. Ltd.		(15,300	)		(340,125	)		2,316		0.0	(a)
Personal Products
Shiseido Co. Ltd.		(5,400	)		(445,219	)		3,223		0.0	(a)
Pharmaceuticals
Takeda Pharmaceutical Co. Ltd.		(11,300	)		(408,304	)		2,719		0.0	(a)
Semiconductors & Semiconductor Equipment
Rohm Co. Ltd.		(2,500	)		(198,072	)		2,409		0.0	(a)
Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(10,600	)		(149,895	)		1,071		0.0	(a)
Total Short Positions of Total Return Basket Swap		(379,700	)		(7,648,639	)		72,666		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(372,100	)		(7,277,721	)		70,856		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions, which is denominated in GBP based on the local currencies of the positions within the swaps.		11/29/2019 — 12/31/2019	$	9,450,401	$	6,606	$	—	$	6,606

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Aerospace & Defense
Cobham plc		889,035		1,818,505		1,262			0.0	(a)
Capital Markets
Sole Realisation Co. plc * ‡		5,123		—		(1	)		(0.0	)(a)
Entertainment
Entertainment One Ltd.		229,756		1,659,296		3,072			0.0	(a)
Hotels, Restaurants & Leisure
EI Group plc *		169,127		616,925		—			0.0	(a)
Merlin Entertainments plc (b)		509,301		3,000,526		2,084			0.0	(a)
		678,428		3,617,451		2,084			0.0	(a)
Internet & Direct Marketing Retail
Just Eat plc *		141,596		1,348,299		189			0.0	(a)
Specialty Retail
BCA Marketplace plc		329,356		1,006,850		—			0.0	(a)
Total Long Positions of Total Return Basket Swap		2,273,294		9,450,401		6,606			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps.		4/30/2020	$	(1,396,350	)	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Media
New Media Investment Group, Inc.		(158,496	)		(1,396,350	)		—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America NA	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions, which is denominated in EUR based on the local currencies of the positions within the swaps.		7/31/2020	$	3,526,439	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 35

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Media
Axel Springer SE *		50,590		3,526,439		—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in USD based on the local currencies of the positions within the swaps.		3/12/2021	$	41,109,917	$	(15,078	)	$	—	$	(15,078	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Air Freight & Logistics
XPO Logistics, Inc. *		11,266		860,722		—			0.0	(a)
Banks
LegacyTexas Financial Group, Inc.		101,591		4,321,680		(100,575	)		(0.0	)(a)
Biotechnology
Celgene Corp. *		21,095		2,278,893		—			0.0	(a)
Ironwood Pharmaceuticals, Inc. *		24,200		242,968		—			0.0	(a)
Spark Therapeutics, Inc. *		4,100		447,597		—			0.0	(a)
		49,395		2,969,458		—			0.0	(a)
Building Products
Apogee Enterprises, Inc.		8,100		304,074		—			0.0	(a)
Commercial Services & Supplies
Advanced Disposal Services, Inc. *		125,785		4,123,232		—			0.0	(a)
Construction & Engineering
AECOM *		33,200		1,328,332		—			0.0	(a)
Construction Materials
Eagle Materials, Inc.		13,400		1,223,956		—			0.0	(a)
Diversified Consumer Services
Regis Corp. *		29,156		600,614		—			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Diversified Financial Services
Voya Financial, Inc.		13,861		747,940		—			0.0	(a)
Electronic Equipment, Instruments & Components
Anixter International, Inc. *		51,876		4,292,739		—			0.0	(a)
Benchmark Electronics, Inc.		30,988		1,050,493		—			0.0	(a)
		82,864		5,343,232		—			0.0	(a)
Health Care Providers & Services
WellCare Health Plans, Inc. *		22,203		6,585,410		—			0.0	(a)
Hotels, Restaurants & Leisure
Caesars Entertainment Corp. *		490,004		6,017,249		—			0.0	(a)
Hilton Grand Vacations, Inc. *		23,866		828,866		—			0.0	(a)
		513,870		6,846,115		—			0.0	(a)
Independent Power and Renewable Electricity Producers
NRG Energy, Inc.		19,942		800,073		—			0.0	(a)
Leisure Products
Brunswick Corp.		24,000		1,397,760		—			0.0	(a)
Callaway Golf Co.		14,700		297,234		—			0.0	(a)
		38,700		1,694,994		—			0.0	(a)
Life Sciences Tools & Services
Waters Corp. *		3,553		751,886		—			0.0	(a)
Machinery
WABCO Holdings, Inc. *		48,270		6,498,107		—			0.0	(a)
Media
Altice USA, Inc. *		26,948		834,041		—			0.0	(a)
Oil, Gas & Consumable Fuels
Arch Coal, Inc.		10,225		806,650		—			0.0	(a)
Carrizo Oil & Gas, Inc. *		210,125		1,546,520		—			0.0	(a)
Devon Energy Corp.		28,427		576,500		—			0.0	(a)
Ship Finance International Ltd.		24,671		356,989		—			0.0	(a)
		273,448		3,286,659		—			0.0	(a)
Pharmaceuticals
Allergan plc		34,208		6,024,371		—			0.0	(a)
Road & Rail
Genesee & Wyoming, Inc. *		35,122		3,899,596		—			0.0	(a)
Specialty Retail
Abercrombie & Fitch Co.		53,121		860,029		—			0.0	(a)
Asbury Automotive Group, Inc. *		4,900		505,337		—			0.0	(a)
RH *		4,658		846,359		—			0.0	(a)
		62,679		2,211,725		—			0.0	(a)
Technology Hardware, Storage & Peripherals
Stratasys Ltd. *		63,300		1,309,044		—			0.0	(a)
Total Long Positions of Total Return Basket Swap		1,610,861		62,565,261		(100,575	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 37

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Banks
BB&T Corp.		(63,696	)		(3,379,073	)		—			0.0	(a)
Prosperity Bancshares, Inc.		(53,104	)		(3,665,237	)		85,497			0.0	(a)
		(116,800	)		(7,044,310	)		85,497			0.0	(a)
Biotechnology
AbbVie, Inc.		(29,328	)		(2,333,042	)		—			0.0	(a)
Exact Sciences Corp. *		(33,163	)		(2,885,181	)		—			0.0	(a)
		(62,491	)		(5,218,223	)		—			0.0	(a)
Health Care Providers & Services
Centene Corp. *		(74,296	)		(3,943,632	)		—			0.0	(a)
Hotels, Restaurants & Leisure
Eldorado Resorts, Inc. *		(43,610	)		(1,952,420	)		—			0.0	(a)
Machinery
Hillenbrand, Inc.		(21,929	)		(675,194	)		—			0.0	(a)
Oil, Gas & Consumable Fuels
Callon Petroleum Co. *		(374,592	)		(1,423,450	)		—			0.0	(a)
Pharmaceuticals
Bristol-Myers Squibb Co.		(20,884	)		(1,198,115	)		—			0.0	(a)
Total Short Positions of Total Return Basket Swap		(714,602	)		(21,455,344	)		85,497			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		896,259			41,109,917			(15,078	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in AUD based on the local currencies of the positions within the swaps.		3/12/2021	$	3,177,026	$	(13,468	)	$	—	$	(13,468	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food Products
Bellamy’s Australia Ltd. *		323,970			2,856,620			(8,687	)		(0.0	)(a)
Metals & Mining
South32 Ltd.		573,821			1,004,148			(4,540	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		897,791			3,860,768			(13,227	)		0.0	(a)
Short Positions
Common Stocks
Health Care Providers & Services
Australian Pharmaceutical Industries Ltd.		(748,313	)		(683,742	)		(241	)		(0.0	)(a)
Total of Long and Short Positions of Total Return Basket Swap		149,478			3,177,026			(13,468	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.		12/3/2019 — 3/12/2021	$	4,388,298	$	7,805	$	—	$	7,805

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
IT Services
Altran Technologies SA		276,011		4,388,298		7,805		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in CAD based on the local currencies of the positions within the swaps.		3/12/2021	$	4,768,619	$	—	$	—	$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 39

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
WestJet Airlines Ltd.		174,310			4,053,690			—		0.0	(a)
Multiline Retail
Hudson’s Bay Co.		95,091			720,529			—		0.0	(a)
Oil, Gas & Consumable Fuels
Kinder Morgan Canada Ltd. (b)		88,020			935,601			—		0.0	(a)
Total Long Positions of Total Return Basket Swap		357,421			5,709,820			—		0.0	(a)
Short Positions
Common Stocks
Oil, Gas & Consumable Fuels
Pembina Pipeline Corp.		(26,734	)		(941,201	)		—		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		330,687			4,768,619			—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in GBP based on the local currencies of the positions within the swaps.		3/12/2021	$	(4,503,783	)	$	(2,938	)	$	—	$	(2,938	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Capital Markets
3i Group plc		18,275		267,050		24			0.0	(a)
Food Products
Tate & Lyle plc		65,984		575,532		303			0.0	(a)
Household Durables
Berkeley Group Holdings plc		5,397		307,626		(48	)		(0.0	)(a)
Metals & Mining
Rio Tinto plc		1,683		87,620		112			0.0	(a)
Total Long Positions of Total Return Basket Swap		91,339		1,237,828		391			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Capital Markets
Hargreaves Lansdown plc		(18,626	)		(427,714	)		(180	)		(0.0	)(a)
IG Group Holdings plc		(54,301	)		(446,933	)		—			0.0	(a)
Standard Life Aberdeen plc		(30,865	)		(121,351	)		(9	)		(0.0	)(a)
		(103,792	)		(995,998	)		(189	)		(0.0	)(a)
Diversified Telecommunication Services
BT Group plc		(201,400	)		(534,487	)		(458	)		(0.0	)(a)
Electrical Equipment
Melrose Industries plc		(169,963	)		(469,724	)		(560	)		(0.0	)(a)
Food & Staples Retailing
J Sainsbury plc		(174,492	)		(459,835	)		133			0.0	(a)
Hotels, Restaurants & Leisure
SSP Group plc		(52,861	)		(435,899	)		277			0.0	(a)
Insurance
Hiscox Ltd.		(23,023	)		(444,595	)		(533	)		(0.0	)(a)
Metals & Mining
Fresnillo plc		(20,070	)		(185,422	)		(839	)		(0.0	)(a)
Multiline Retail
B&M European Value Retail SA		(60,255	)		(289,066	)		(43	)		(0.0	)(a)
Paper & Forest Products
Mondi plc		(23,454	)		(486,293	)		(954	)		(0.0	)(a)
Professional Services
Capita plc *		(206,681	)		(418,080	)		(163	)		(0.0	)(a)
Water Utilities
Pennon Group plc		(48,954	)		(569,572	)		—			0.0	(a)
Severn Trent plc		(15,496	)		(452,640	)		—			0.0	(a)
		(64,450	)		(1,022,212	)		—			0.0	(a)
Total Short Positions of Total Return Basket Swap		(1,100,441	)		(5,741,611	)		(3,329	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(1,009,102	)		(4,503,783	)		(2,938	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in USD based on the local currencies of the positions within the swaps.		3/12/2021	$	(67,386,992	)	$	1	$	—	$	1

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 41

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Banks
Popular, Inc.		10,500		571,830		—		0.0	(a)
Commercial Services & Supplies
Deluxe Corp.		1,362		70,592		—		0.0	(a)
Communications Equipment
Cisco Systems, Inc.		1,808		85,898		—		0.0	(a)
Consumer Finance
Santander Consumer USA Holdings, Inc.		20,543		515,218		—		0.0	(a)
Electrical Equipment
nVent Electric plc		18,525		427,187		—		0.0	(a)
Electronic Equipment, Instruments & Components
Zebra Technologies Corp. *		2,701		642,487		—		0.0	(a)
Health Care Providers & Services
Chemed Corp.		770		303,311		—		0.0	(a)
UnitedHealth Group, Inc.		1,425		360,097		—		0.0	(a)
		2,195		663,408		—		0.0	(a)
IT Services
Mastercard, Inc.		1,917		530,645		—		0.0	(a)
Oil, Gas & Consumable Fuels
Marathon Oil Corp.		19,748		227,694		—		0.0	(a)
Pharmaceuticals
Jazz Pharmaceuticals plc *		3,150		395,735		—		0.0	(a)
Johnson & Johnson		2,550		336,702		—		0.0	(a)
		5,700		732,437		—		0.0	(a)
Professional Services
Korn Ferry		6,378		234,009		—		0.0	(a)
Robert Half International, Inc.		5,858		335,488		—		0.0	(a)
		12,236		569,497		—		0.0	(a)
Semiconductors & Semiconductor Equipment
Intel Corp.		11,014		622,621		—		0.0	(a)
Specialty Retail
Williams-Sonoma, Inc.		6,343		423,649		—		0.0	(a)
Technology Hardware, Storage & Peripherals
Apple, Inc.		1,063		264,432		—		0.0	(a)
Textiles, Apparel & Luxury Goods
Columbia Sportswear Co.		3,805		344,162		—		0.0	(a)
Trading Companies & Distributors
MSC Industrial Direct Co., Inc.		7,489		548,270		—		0.0	(a)
Total Long Positions of Total Return Basket Swap		126,949		7,240,027		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Aerospace & Defense
AeroVironment, Inc. *		(8,731	)		(506,223	)		—		0.0	(a)
Cubic Corp.		(3,455	)		(254,772	)		—		0.0	(a)
Kratos Defense & Security Solutions, Inc. *		(20,363	)		(384,454	)		—		0.0	(a)
Mercury Systems, Inc. *		(5,767	)		(424,797	)		—		0.0	(a)
		(38,316	)		(1,570,246	)		—		0.0	(a)
Air Freight & Logistics
Air Transport Services Group, Inc. *		(22,146	)		(463,073	)		—		0.0	(a)
Atlas Air Worldwide Holdings, Inc. *		(19,882	)		(436,012	)		—		0.0	(a)
FedEx Corp.		(2,974	)		(454,011	)		—		0.0	(a)
		(45,002	)		(1,353,096	)		—		0.0	(a)
Airlines
American Airlines Group, Inc.		(16,865	)		(506,962	)		—		0.0	(a)
Spirit Airlines, Inc. *		(12,253	)		(460,223	)		—		0.0	(a)
		(29,118	)		(967,185	)		—		0.0	(a)
Auto Components
Autoliv, Inc.		(5,670	)		(441,353	)		—		0.0	(a)
Cooper-Standard Holdings, Inc. *		(3,168	)		(100,933	)		—		0.0	(a)
Veoneer, Inc. *		(33,408	)		(531,855	)		—		0.0	(a)
		(42,246	)		(1,074,141	)		—		0.0	(a)
Banks
First Republic Bank		(5,106	)		(543,074	)		—		0.0	(a)
Pacific Premier Bancorp, Inc.		(13,057	)		(440,739	)		—		0.0	(a)
		(18,163	)		(983,813	)		—		0.0	(a)
Beverages
Constellation Brands, Inc.		(2,257	)		(429,575	)		—		0.0	(a)
MGP Ingredients, Inc.		(1,792	)		(76,859	)		—		0.0	(a)
		(4,049	)		(506,434	)		—		0.0	(a)
Capital Markets
Charles Schwab Corp. (The)		(13,608	)		(553,982	)		—		0.0	(a)
Interactive Brokers Group, Inc.		(9,768	)		(464,664	)		—		0.0	(a)
PJT Partners, Inc.		(10,674	)		(443,291	)		—		0.0	(a)
WisdomTree Investments, Inc.		(97,654	)		(499,012	)		—		0.0	(a)
		(131,704	)		(1,960,949	)		—		0.0	(a)
Chemicals
Albemarle Corp.		(6,156	)		(373,915	)		—		0.0	(a)
Element Solutions, Inc. *		(39,828	)		(432,532	)		—		0.0	(a)
International Flavors & Fragrances, Inc.		(3,692	)		(450,461	)		—		0.0	(a)
Mosaic Co. (The)		(20,727	)		(412,053	)		—		0.0	(a)
Orion Engineered Carbons SA		(23,986	)		(397,208	)		—		0.0	(a)
RPM International, Inc.		(722	)		(52,295	)		—		0.0	(a)
		(95,111	)		(2,118,464	)		—		0.0	(a)
Commercial Services & Supplies
Brink’s Co. (The)		(4,676	)		(397,273	)		—		0.0	(a)
Cimpress NV *		(3,714	)		(490,694	)		—		0.0	(a)
Stericycle, Inc. *		(9,499	)		(547,142	)		—		0.0	(a)
		(17,889	)		(1,435,109	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 43

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Communications Equipment
Infinera Corp. *		(62,425	)		(348,956	)		—		0.0	(a)
ViaSat, Inc. *		(2,434	)		(167,556	)		—		0.0	(a)
		(64,859	)		(516,512	)		—		0.0	(a)
Construction & Engineering
Dycom Industries, Inc. *		(2,698	)		(123,002	)		—		0.0	(a)
Granite Construction, Inc.		(6,509	)		(153,222	)		—		0.0	(a)
Tutor Perini Corp. *		(30,960	)		(478,951	)		—		0.0	(a)
WillScot Corp. *		(26,381	)		(415,764	)		—		0.0	(a)
		(66,548	)		(1,170,939	)		—		0.0	(a)
Construction Materials
Martin Marietta Materials, Inc.		(1,496	)		(391,817	)		—		0.0	(a)
Summit Materials, Inc. *		(17,462	)		(400,404	)		—		0.0	(a)
		(18,958	)		(792,221	)		—		0.0	(a)
Consumer Finance
Green Dot Corp. *		(20,704	)		(597,103	)		—		0.0	(a)
LendingClub Corp. *		(42,132	)		(532,549	)		—		0.0	(a)
		(62,836	)		(1,129,652	)		—		0.0	(a)
Containers & Packaging
AptarGroup, Inc.		(3,231	)		(381,743	)		—		0.0	(a)
Graphic Packaging Holding Co.		(28,457	)		(445,636	)		—		0.0	(a)
		(31,688	)		(827,379	)		—		0.0	(a)
Diversified Telecommunication Services
Iridium Communications, Inc. *		(18,910	)		(462,728	)		—		0.0	(a)
Electric Utilities
Edison International		(5,769	)		(362,870	)		—		0.0	(a)
Electrical Equipment
GrafTech International Ltd.		(37,674	)		(455,102	)		—		0.0	(a)
Sunrun, Inc. *		(29,619	)		(460,279	)		—		0.0	(a)
TPI Composites, Inc. *		(25,160	)		(516,535	)		—		0.0	(a)
Vicor Corp. *		(13,114	)		(476,694	)		—		0.0	(a)
		(105,567	)		(1,908,610	)		—		0.0	(a)
Electronic Equipment, Instruments & Components
ePlus, Inc. *		(5,282	)		(412,683	)		—		0.0	(a)
Flex Ltd. *		(41,973	)		(493,183	)		—		0.0	(a)
Itron, Inc. *		(6,094	)		(464,728	)		—		0.0	(a)
KEMET Corp.		(21,642	)		(470,497	)		—		0.0	(a)
nLight, Inc. *		(9,189	)		(122,765	)		—		0.0	(a)
Plexus Corp. *		(7,963	)		(588,784	)		—		0.0	(a)
Rogers Corp. *		(663	)		(89,823	)		—		0.0	(a)
		(92,806	)		(2,642,463	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Energy Equipment & Services
Core Laboratories NV		(3,426	)		(150,881	)		—		0.0	(a)
Diamond Offshore Drilling, Inc. *		(37,905	)		(200,517	)		—		0.0	(a)
Forum Energy Technologies, Inc. *		(72,910	)		(84,575	)		—		0.0	(a)
Nabors Industries Ltd.		(307,269	)		(568,448	)		—		0.0	(a)
National Oilwell Varco, Inc.		(23,316	)		(527,408	)		—		0.0	(a)
Oceaneering International, Inc. *		(11,692	)		(165,559	)		—		0.0	(a)
Oil States International, Inc. *		(8,382	)		(119,611	)		—		0.0	(a)
Valaris plc		(112,189	)		(461,097	)		—		0.0	(a)
		(577,089	)		(2,278,096	)		—		0.0	(a)
Entertainment
Netflix, Inc. *		(746	)		(214,408	)		—		0.0	(a)
Spotify Technology SA *		(4,164	)		(600,865	)		—		0.0	(a)
		(4,910	)		(815,273	)		—		0.0	(a)
Food & Staples Retailing
PriceSmart, Inc.		(7,060	)		(523,146	)		—		0.0	(a)
Food Products
Archer-Daniels-Midland Co.		(11,919	)		(501,075	)		—		0.0	(a)
Calavo Growers, Inc.		(4,876	)		(422,896	)		—		0.0	(a)
Cal-Maine Foods, Inc.		(10,152	)		(404,963	)		—		0.0	(a)
Hain Celestial Group, Inc. (The) *		(19,552	)		(462,209	)		—		0.0	(a)
Kellogg Co.		(7,344	)		(466,564	)		—		0.0	(a)
Kraft Heinz Co. (The)		(11,548	)		(373,347	)		—		0.0	(a)
		(65,391	)		(2,631,054	)		—		0.0	(a)
Gas Utilities
South Jersey Industries, Inc.		(14,762	)		(474,746	)		—		0.0	(a)
Southwest Gas Holdings, Inc.		(4,450	)		(388,485	)		—		0.0	(a)
		(19,212	)		(863,231	)		—		0.0	(a)
Health Care Equipment & Supplies
ABIOMED, Inc. *		(2,370	)		(491,965	)		—		0.0	(a)
AtriCure, Inc. *		(18,458	)		(490,798	)		—		0.0	(a)
Avanos Medical, Inc. *		(13,238	)		(583,001	)		—		0.0	(a)
Axogen, Inc. *		(25,221	)		(313,623	)		—		0.0	(a)
Cardiovascular Systems, Inc. *		(11,014	)		(490,343	)		—		0.0	(a)
Cerus Corp. *		(64,273	)		(279,588	)		—		0.0	(a)
CryoLife, Inc. *		(19,771	)		(443,859	)		—		0.0	(a)
Insulet Corp. *		(3,432	)		(498,738	)		—		0.0	(a)
iRhythm Technologies, Inc. *		(5,693	)		(380,406	)		—		0.0	(a)
Merit Medical Systems, Inc. *		(14,317	)		(295,718	)		—		0.0	(a)
Nevro Corp. *		(5,218	)		(449,792	)		—		0.0	(a)
Penumbra, Inc. *		(57	)		(8,890	)		—		0.0	(a)
Tactile Systems Technology, Inc. *		(11,092	)		(503,799	)		—		0.0	(a)
ViewRay, Inc. *		(22,255	)		(57,863	)		—		0.0	(a)
Wright Medical Group NV *		(22,085	)		(459,368	)		—		0.0	(a)
		(238,494	)		(5,747,751	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 45

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Health Care Providers & Services
Brookdale Senior Living, Inc. *		(49,969	)		(367,272	)		—		0.0	(a)
Guardant Health, Inc. *		(3,206	)		(222,817	)		—		0.0	(a)
PetIQ, Inc. *		(11,774	)		(291,053	)		—		0.0	(a)
		(64,949	)		(881,142	)		—		0.0	(a)
Health Care Technology
Evolent Health, Inc. *		(50,718	)		(386,471	)		—		0.0	(a)
Inspire Medical Systems, Inc. *		(8,543	)		(520,952	)		—		0.0	(a)
Teladoc Health, Inc. *		(495	)		(37,917	)		—		0.0	(a)
Vocera Communications, Inc. *		(19,219	)		(382,843	)		—		0.0	(a)
		(78,975	)		(1,328,183	)		—		0.0	(a)
Hotels, Restaurants & Leisure
International Game Technology plc		(32,417	)		(429,201	)		—		0.0	(a)
PlayAGS, Inc. *		(23,758	)		(274,167	)		—		0.0	(a)
Red Rock Resorts, Inc.		(5,941	)		(129,395	)		—		0.0	(a)
Scientific Games Corp. *		(22,068	)		(529,412	)		—		0.0	(a)
		(84,184	)		(1,362,175	)		—		0.0	(a)
Household Durables
Cavco Industries, Inc. *		(2,315	)		(443,670	)		—		0.0	(a)
iRobot Corp. *		(5,291	)		(254,285	)		—		0.0	(a)
LGI Homes, Inc. *		(6,273	)		(492,305	)		—		0.0	(a)
Mohawk Industries, Inc. *		(3,118	)		(447,059	)		—		0.0	(a)
Tupperware Brands Corp.		(28,923	)		(278,529	)		—		0.0	(a)
		(45,920	)		(1,915,848	)		—		0.0	(a)
Independent Power and Renewable Electricity Producers
Ormat Technologies, Inc.		(6,191	)		(473,983	)		—		0.0	(a)
Insurance
Markel Corp. *		(104	)		(121,784	)		—		0.0	(a)
Interactive Media & Services
Cargurus, Inc. *		(15,869	)		(533,040	)		—		0.0	(a)
Eventbrite, Inc. *		(25,276	)		(454,462	)		—		0.0	(a)
Snap, Inc. *		(13,816	)		(208,069	)		—		0.0	(a)
TrueCar, Inc. *		(54,375	)		(178,350	)		—		0.0	(a)
Zillow Group, Inc. *		(14,354	)		(467,510	)		—		0.0	(a)
		(123,690	)		(1,841,431	)		—		0.0	(a)
Internet & Direct Marketing Retail
Farfetch Ltd. *		(48,289	)		(431,221	)		—		0.0	(a)
GrubHub, Inc. *		(8,782	)		(299,115	)		—		0.0	(a)
Quotient Technology, Inc. *		(56,771	)		(488,798	)		—		0.0	(a)
Wayfair, Inc. *		(2,761	)		(227,037	)		—		0.0	(a)
		(116,603	)		(1,446,171	)		—		0.0	(a)
IT Services
MongoDB, Inc. *		(785	)		(100,299	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Life Sciences Tools & Services
NanoString Technologies, Inc. *		(4,820	)		(108,932	)		—		0.0	(a)
Machinery
Actuant Corp.		(13,328	)		(330,135	)		—		0.0	(a)
Alamo Group, Inc.		(4,475	)		(479,093	)		—		0.0	(a)
Astec Industries, Inc.		(14,358	)		(503,822	)		—		0.0	(a)
Deere & Co.		(2,472	)		(430,474	)		—		0.0	(a)
Evoqua Water Technologies Corp. *		(29,310	)		(509,115	)		—		0.0	(a)
Navistar International Corp. *		(5,762	)		(180,235	)		—		0.0	(a)
Proto Labs, Inc. *		(4,282	)		(415,226	)		—		0.0	(a)
Wabtec Corp.		(5,561	)		(385,767	)		—		0.0	(a)
		(79,548	)		(3,233,867	)		—		0.0	(a)
Marine
Kirby Corp. *		(5,330	)		(421,923	)		—		0.0	(a)
Media
Altice USA, Inc. *		(16,265	)		(503,402	)		—		0.0	(a)
Liberty Broadband Corp. *		(1,379	)		(162,818	)		—		0.0	(a)
Liberty Latin America Ltd. *		(26,380	)		(485,656	)		—		0.0	(a)
		(44,024	)		(1,151,876	)		—		0.0	(a)
Metals & Mining
Century Aluminum Co. *		(60,159	)		(350,727	)		—		0.0	(a)
Coeur Mining, Inc. *		(13,805	)		(76,204	)		—		0.0	(a)
Constellium SE *		(30,792	)		(410,457	)		—		0.0	(a)
Hecla Mining Co.		(232,061	)		(533,740	)		—		0.0	(a)
United States Steel Corp.		(10,082	)		(116,044	)		—		0.0	(a)
		(346,899	)		(1,487,172	)		—		0.0	(a)
Multi-Utilities
MDU Resources Group, Inc.		(15,480	)		(447,217	)		—		0.0	(a)
NiSource, Inc.		(7,548	)		(211,646	)		—		0.0	(a)
Sempra Energy		(2,899	)		(418,935	)		—		0.0	(a)
		(25,927	)		(1,077,798	)		—		0.0	(a)
Oil, Gas & Consumable Fuels
Antero Resources Corp. *		(81,855	)		(204,638	)		—		0.0	(a)
Apache Corp.		(22,543	)		(488,281	)		—		0.0	(a)
California Resources Corp. *		(30,510	)		(170,551	)		—		0.0	(a)
Callon Petroleum Co. *		(51,856	)		(197,053	)		—		0.0	(a)
Centennial Resource Development, Inc. *		(124,308	)		(422,647	)		—		0.0	(a)
Cheniere Energy, Inc. *		(7,844	)		(482,798	)		—		0.0	(a)
Chesapeake Energy Corp. *		(95,158	)		(127,512	)		—		0.0	(a)
Concho Resources, Inc.		(7,625	)		(514,840	)		—		0.0	(a)
Golar LNG Ltd.		(34,730	)		(478,232	)		—		0.0	(a)
Kosmos Energy Ltd.		(89,170	)		(552,854	)		—		0.0	(a)
Matador Resources Co. *		(17,561	)		(244,274	)		—		0.0	(a)
Noble Energy, Inc.		(24,463	)		(471,157	)		—		0.0	(a)
Oasis Petroleum, Inc. *		(153,634	)		(400,985	)		—		0.0	(a)
Parsley Energy, Inc.		(20,279	)		(320,611	)		—		0.0	(a)
SM Energy Co.		(43,397	)		(340,232	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 47

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Targa Resources Corp.		(10,389	)		(403,924	)		—		0.0	(a)
WPX Energy, Inc. *		(40,519	)		(404,380	)		—		0.0	(a)
		(855,841	)		(6,224,969	)		—		0.0	(a)
Pharmaceuticals
Aerie Pharmaceuticals, Inc. *		(16,337	)		(362,518	)		—		0.0	(a)
Amneal Pharmaceuticals, Inc. *		(59,888	)		(184,455	)		—		0.0	(a)
Catalent, Inc. *		(9,918	)		(482,511	)		—		0.0	(a)
Intersect ENT, Inc. *		(26,919	)		(479,696	)		—		0.0	(a)
MyoKardia, Inc. *		(7,699	)		(441,384	)		—		0.0	(a)
Reata Pharmaceuticals, Inc. *		(5,929	)		(1,221,848	)		—		0.0	(a)
Revance Therapeutics, Inc. *		(37,768	)		(591,447	)		—		0.0	(a)
Theravance Biopharma, Inc. *		(15,531	)		(250,360	)		—		0.0	(a)
WaVe Life Sciences Ltd. *		(15,824	)		(400,189	)		—		0.0	(a)
Zogenix, Inc. *		(10,331	)		(461,279	)		—		0.0	(a)
		(206,144	)		(4,875,687	)		—		0.0	(a)
Professional Services
TriNet Group, Inc. *		(1,735	)		(91,938	)		—		0.0	(a)
Road & Rail
Avis Budget Group, Inc. *		(16,191	)		(481,035	)		—		0.0	(a)
Hertz Global Holdings, Inc. *		—	(c)		(4	)		—		0.0	(a)
JB Hunt Transport Services, Inc.		(3,889	)		(457,191	)		—		0.0	(a)
		(20,080	)		(938,230	)		—		0.0	(a)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc. *		(4,419	)		(149,937	)		—		0.0	(a)
Ambarella, Inc. *		(8,431	)		(443,723	)		—		0.0	(a)
Cohu, Inc.		(34,433	)		(572,276	)		—		0.0	(a)
Cree, Inc. *		(9,418	)		(449,521	)		—		0.0	(a)
Impinj, Inc. *		(3,441	)		(113,192	)		—		0.0	(a)
MACOM Technology Solutions Holdings, Inc. *		(22,969	)		(522,315	)		—		0.0	(a)
Monolithic Power Systems, Inc.		(2,879	)		(431,620	)		—		0.0	(a)
Silicon Laboratories, Inc. *		(4,549	)		(483,286	)		—		0.0	(a)
		(90,539	)		(3,165,870	)		—		0.0	(a)
Software
2U, Inc. *		(10,445	)		(187,227	)		—		0.0	(a)
Appian Corp. *		(10,584	)		(472,470	)		—		0.0	(a)
Autodesk, Inc. *		(3,269	)		(481,720	)		—		0.0	(a)
Benefitfocus, Inc. *		(10,602	)		(241,036	)		—		0.0	(a)
Elastic NV *		(5,528	)		(398,071	)		—		0.0	(a)
FireEye, Inc. *		(14,164	)		(224,358	)		—		0.0	(a)
Instructure, Inc. *		(10,678	)		(498,983	)		—		0.0	(a)
New Relic, Inc. *		(2,554	)		(163,609	)		—		0.0	(a)
Nutanix, Inc. *		(9,398	)		(274,609	)		—		0.0	(a)
Pluralsight, Inc. *		(30,113	)		(544,443	)		—		0.0	(a)
PROS Holdings, Inc. *		(1,786	)		(91,515	)		—		0.0	(a)
Q2 Holdings, Inc. *		(837	)		(59,837	)		—		0.0	(a)
Yext, Inc. *		(30,132	)		(495,973	)		—		0.0	(a)
		(140,090	)		(4,133,851	)		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Specialty Retail
CarMax, Inc. *		(4,913	)		(457,744	)		—		0.0	(a)
Carvana Co. *		(1,960	)		(158,917	)		—		0.0	(a)
Floor & Decor Holdings, Inc. *		(9,584	)		(439,235	)		—		0.0	(a)
National Vision Holdings, Inc. *		(21,002	)		(499,847	)		—		0.0	(a)
		(37,459	)		(1,555,743	)		—		0.0	(a)
Technology Hardware, Storage & Peripherals
3D Systems Corp. *		(22,562	)		(214,114	)		—		0.0	(a)
Pure Storage, Inc. *		(25,018	)		(486,850	)		—		0.0	(a)
		(47,580	)		(700,964	)		—		0.0	(a)
Trading Companies & Distributors
Herc Holdings, Inc. *		—	(c)		(6	)		1		0.0	(a)
SiteOne Landscape Supply, Inc. *		(2,661	)		(234,328	)		—		0.0	(a)
Watsco, Inc.		(2,472	)		(435,813	)		—		0.0	(a)
		(5,133	)		(670,147	)		1		0.0	(a)
Water Utilities
Aqua America, Inc.		(2,201	)		(99,771	)		—		0.0	(a)
California Water Service Group		(2,032	)		(113,731	)		—		0.0	(a)
SJW Group		(6,388	)		(462,172	)		—		0.0	(a)
		(10,621	)		(675,674	)		—		0.0	(a)
Total Short Positions of Total Return Basket Swap		(4,244,866	)		(74,627,019	)		1		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(4,117,917	)		(67,386,992	)		1		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in CAD based on the local currencies of the positions within the swaps.		3/12/2021	$	3,299,625	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Food & Staples Retailing
Alimentation Couche-Tard, Inc.		19,934		597,823		—		0.0	(a)
IT Services
CGI, Inc. *		6,684		519,557		—		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 49

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		19,695			496,599			—		0.0	(a)
Crescent Point Energy Corp.		131,847			481,501			—		0.0	(a)
Imperial Oil Ltd.		24,296			605,048			—		0.0	(a)
Parex Resources, Inc. *		10,521			142,586			—		0.0	(a)
Suncor Energy, Inc.		16,302			484,691			—		0.0	(a)
Whitecap Resources, Inc.		59,837			166,731			—		0.0	(a)
		262,498			2,377,156			—		0.0	(a)
Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc.		14,860			379,651			—		0.0	(a)
Total Long Positions of Total Return Basket Swap		303,976			3,874,187			—		0.0	(a)
Short Positions
Common Stocks
Aerospace & Defense
Bombardier, Inc. *		(57,665	)		(72,678	)		—		0.0	(a)
Metals & Mining
Franco-Nevada Corp.		(843	)		(81,797	)		—		0.0	(a)
Multi-Utilities
Canadian Utilities Ltd.		(14,405	)		(420,087	)		—		0.0	(a)
Total Short Positions of Total Return Basket Swap		(72,913	)		(574,562	)		—		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		231,063			3,299,625			—		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.		3/12/2021	$	8,616,088	$	7,039	$	—	$	7,039

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Air Freight & Logistics
Bollore SA		120,348		521,392		602			0.0	(a)
Airlines
Air France-KLM *		52,088		620,914		763			0.0	(a)
Automobiles
Peugeot SA		14,627		370,445		129			0.0	(a)
Chemicals
Covestro AG (b)		2,048		98,349		17			0.0	(a)
Koninklijke DSM NV		4,228		501,813		792			0.0	(a)
		6,276		600,162		809			0.0	(a)
Commercial Services & Supplies
SPIE SA		27,424		578,796		721			0.0	(a)
Construction & Engineering
Eiffage SA		5,021		539,287		(98	)		(0.0	)(a)
Koninklijke BAM Groep NV		74,998		190,408		367			0.0	(a)
Vinci SA		4,823		541,123		(14	)		(0.0	)(a)
		84,842		1,270,818		255			0.0	(a)
Construction Materials
HeidelbergCement AG		6,933		513,999		(1,131	)		(0.0	)(a)
Electric Utilities
EDP — Energias de Portugal SA		138,446		570,291		523			0.0	(a)
Enel SpA		41,381		320,718		421			0.0	(a)
Terna Rete Elettrica Nazionale SpA		97,834		646,625		232			0.0	(a)
		277,661		1,537,634		1,176			0.0	(a)
Electrical Equipment
Signify NV (b)		17,785		521,102		616			0.0	(a)
Energy Equipment & Services
SBM Offshore NV		37,982		655,019		2,020			0.0	(a)
Food & Staples Retailing
METRO AG		32,434		529,628		1,493			0.0	(a)
Gas Utilities
Enagas SA		26,233		649,125		(102	)		(0.0	)(a)
Snam SpA		31,036		159,336		109			0.0	(a)
		57,269		808,461		7			0.0	(a)
Health Care Equipment & Supplies
Koninklijke Philips NV		11,484		503,850		876			0.0	(a)
Independent Power and Renewable Electricity Producers
Uniper SE		16,191		504,618		82			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 51

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Insurance
Ageas		9,760		562,866		748			0.0	(a)
ASR Nederland NV		13,410		491,592		880			0.0	(a)
UnipolSai Assicurazioni SpA		230,621		643,654		367			0.0	(a)
		253,791		1,698,112		1,995			0.0	(a)
Machinery
KION Group AG		9,611		639,495		848			0.0	(a)
Kone OYJ		9,575		609,696		566			0.0	(a)
		19,186		1,249,191		1,414			0.0	(a)
Media
ProSiebenSat.1 Media SE		29,741		439,173		—			0.0	(a)
Multi-Utilities
A2A SpA		292,670		587,529		309			0.0	(a)
Engie SA		33,565		562,039		700			0.0	(a)
Hera SpA		131,197		562,009		418			0.0	(a)
RWE AG		20,545		626,099		(137	)		(0.0	)(a)
		477,977		2,337,676		1,290			0.0	(a)
Oil, Gas & Consumable Fuels
Eni SpA		40,786		618,764		1,483			0.0	(a)
Neste OYJ		14,740		532,593		610			0.0	(a)
OMV AG		10,240		598,647		1,117			0.0	(a)
Repsol SA		32,046		528,109		2,718			0.0	(a)
		97,812		2,278,113		5,928			0.0	(a)
Personal Products
Unilever NV		8,447		499,274		436			0.0	(a)
Pharmaceuticals
Ipsen SA		6,406		682,801		491			0.0	(a)
Merck KGaA		4,835		576,654		198			0.0	(a)
UCB SA		8,652		697,341		63			0.0	(a)
		19,893		1,956,796		752			0.0	(a)
Professional Services
Randstad NV		12,366		686,275		1,650			0.0	(a)
Semiconductors & Semiconductor Equipment
Siltronic AG		4,370		416,196		846			0.0	(a)
Thrifts & Mortgage Finance
Deutsche Pfandbriefbank AG (b)		49,894		681,868		195			0.0	(a)
Transportation Infrastructure
Aena SME SA (b)		2,689		493,599		256			0.0	(a)
Total Long Positions of Total Return Basket Swap		1,739,510		22,273,111		23,180			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Automobiles
Daimler AG (Registered)		(9,228	)		(539,403	)		—			0.0	(a)
Banks
Banco de Sabadell SA		(130,553	)		(143,508	)		(261	)		(0.0	)(a)
Banco Espirito Santo SA (Registered) * ‡		(35,937	)		—			—			0.0	(a)
Bankia SA		(205,766	)		(392,564	)		(594	)		(0.0	)(a)
		(372,256	)		(536,072	)		(855	)		(0.0	)(a)
Beverages
Anheuser-Busch InBev SA/NV		(4,353	)		(351,363	)		(1,616	)		(0.0	)(a)
Chemicals
Umicore SA		(3,559	)		(146,915	)		(168	)		(0.0	)(a)
Wacker Chemie AG		(5,722	)		(448,270	)		1,005			0.0	(a)
		(9,281	)		(595,185	)		837			0.0	(a)
Construction & Engineering
Ferrovial SA		(15,841	)		(467,360	)		121			0.0	(a)
Diversified Financial Services
Wendel SA		(838	)		(118,826	)		(129	)		(0.0	)(a)
Diversified Telecommunication Services
Iliad SA		(2,775	)		(287,589	)		(376	)		(0.0	)(a)
United Internet AG (Registered)		(11,458	)		(345,898	)		(735	)		(0.0	)(a)
		(14,233	)		(633,487	)		(1,111	)		(0.0	)(a)
Electric Utilities
Electricite de France SA		(37,778	)		(390,278	)		(456	)		(0.0	)(a)
Fortum OYJ		(18,435	)		(450,507	)		(437	)		(0.0	)(a)
		(56,213	)		(840,785	)		(893	)		(0.0	)(a)
Energy Equipment & Services
Tenaris SA		(9,722	)		(98,629	)		(457	)		(0.0	)(a)
Food & Staples Retailing
Jeronimo Martins SGPS SA		(28,565	)		(479,997	)		(685	)		(0.0	)(a)
Food Products
Kerry Group plc		(3,377	)		(408,274	)		—			0.0	(a)
Viscofan SA		(9,078	)		(492,330	)		(472	)		(0.0	)(a)
		(12,455	)		(900,604	)		(472	)		(0.0	)(a)
Health Care Providers & Services
Orpea		(3,118	)		(375,542	)		(319	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Elior Group SA (b)		(28,677	)		(371,386	)		(697	)		(0.0	)(a)
Flutter Entertainment plc		(2,416	)		(249,570	)		—			0.0	(a)
		(31,093	)		(620,956	)		(697	)		(0.0	)(a)
Insurance
SCOR SE		(10,767	)		(454,143	)		(464	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 53

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Internet & Direct Marketing Retail
Rocket Internet SE * (b)		(16,226	)		(430,887	)		180			0.0	(a)
Machinery
ANDRITZ AG		(10,691	)		(480,735	)		(449	)		(0.0	)(a)
Fincantieri SpA		(443,035	)		(467,508	)		(568	)		(0.0	)(a)
GEA Group AG		(4,490	)		(137,261	)		—			0.0	(a)
Wartsila OYJ Abp		(39,888	)		(421,407	)		(470	)		(0.0	)(a)
		(498,104	)		(1,506,911	)		(1,487	)		(0.0	)(a)
Media
Altice Europe NV *		(91,485	)		(523,460	)		(1,050	)		(0.0	)(a)
Metals & Mining
ArcelorMittal		(8,225	)		(122,298	)		(934	)		(0.0	)(a)
Aurubis AG		(10,022	)		(492,747	)		(1,048	)		(0.0	)(a)
Outokumpu OYJ		(124,826	)		(354,681	)		(1,205	)		(0.0	)(a)
thyssenkrupp AG		(6,527	)		(93,079	)		63			0.0	(a)
		(149,600	)		(1,062,805	)		(3,124	)		(0.0	)(a)
Paper & Forest Products
Ence Energia y Celulosa SA		(111,592	)		(440,661	)		(1,323	)		(0.0	)(a)
Professional Services
Teleperformance		(2,066	)		(468,741	)		(526	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
AIXTRON SE *		(39,347	)		(359,721	)		(753	)		(0.0	)(a)
SOITEC *		(3,459	)		(381,532	)		(957	)		(0.0	)(a)
		(42,806	)		(741,253	)		(1,710	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
S&T AG		(17,411	)		(371,309	)		361			0.0	(a)
Trading Companies & Distributors
Kloeckner & Co. SE		(71,953	)		(415,691	)		—			0.0	(a)
Transportation Infrastructure
Getlink SE		(18,190	)		(304,699	)		(186	)		(0.0	)(a)
Wireless Telecommunication Services
1&1 Drillisch AG		(14,123	)		(378,254	)		(536	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(1,611,519	)		(13,657,023	)		(16,141	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		127,991			8,616,088			7,039			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS OCTOBER 31, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in CHF based on the local currencies of the positions within the swaps.		3/12/2021	$	113,927	$	863	$	—	$	863

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Insurance
Zurich Insurance Group AG		1,362			533,496			1,259			0.0	(a)
Pharmaceuticals
Roche Holding AG		1,808			539,013			554			0.0	(a)
Total Long Positions of Total Return Basket Swap		3,170			1,072,509			1,813			0.0	(a)
Short Positions
Common Stocks
Electrical Equipment
ABB Ltd. (Registered)		(21,402	)		(449,442	)		(575	)		(0.0	)(a)
Marine
Kuehne + Nagel International AG (Registered)		(2,786	)		(450,098	)		(74	)		(0.0	)(a)
Semiconductors & Semiconductor Equipment
ams AG *		(1,314	)		(59,042	)		(301	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(25,502	)		(958,582	)		(950	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(22,332	)		113,927			863			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in JPY based on the local currencies of the positions within the swaps.		3/12/2021	$	7,210,225	$	(20,271	)	$	—	$	(20,271	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 55

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Airlines
Japan Airlines Co. Ltd.		18,100		564,034		(1,476	)		(0.0	)(a)
Auto Components
TS Tech Co. Ltd.		18,800		602,116		(8,940	)		(0.0	)(a)
Yokohama Rubber Co. Ltd. (The)		28,000		625,387		(6,487	)		(0.0	)(a)
		46,800		1,227,503		(15,427	)		(0.0	)(a)
Beverages
Asahi Group Holdings Ltd.		12,800		640,992		(2,624	)		(0.0	)(a)
Suntory Beverage & Food Ltd.		13,800		589,961		(426	)		(0.0	)(a)
		26,600		1,230,953		(3,050	)		(0.0	)(a)
Chemicals
Kureha Corp.		9,000		575,224		(6,496	)		(0.0	)(a)
Mitsui Chemicals, Inc.		22,300		530,326		(7,195	)		(0.0	)(a)
NOF Corp.		15,800		533,709		(6,174	)		(0.0	)(a)
Showa Denko KK		18,500		519,054		(7,732	)		(0.1	)
Teijin Ltd.		25,200		504,966		(4,214	)		(0.0	)(a)
Tokuyama Corp.		13,100		349,953		(3,901	)		(0.0	)(a)
Zeon Corp.		39,500		449,973		(4,685	)		(0.0	)(a)
		143,400		3,463,205		(40,397	)		(0.1	)
Construction & Engineering
Hazama Ando Corp.		77,200		598,154		(3,776	)		(0.0	)(a)
Kyowa Exeo Corp.		22,500		572,444		(5,318	)		(0.0	)(a)
Kyudenko Corp.		16,800		548,967		(6,417	)		(0.0	)(a)
		116,500		1,719,565		(15,511	)		(0.0	)(a)
Construction Materials
Taiheiyo Cement Corp.		18,600		526,175		(4,318	)		(0.0	)(a)
Containers & Packaging
Rengo Co. Ltd.		76,000		551,079		(4,898	)		(0.0	)(a)
Diversified Financial Services
Mitsubishi UFJ Lease & Finance Co. Ltd.		89,000		546,370		(4,987	)		(0.0	)(a)
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		11,900		590,751		(1,660	)		(0.0	)(a)
Electronic Equipment, Instruments & Components
Hitachi Ltd.		13,900		518,782		(4,962	)		(0.0	)(a)
Japan Aviation Electronics Industry Ltd.		36,800		685,540		(8,613	)		(0.0	)(a)
		50,700		1,204,322		(13,575	)		(0.0	)(a)
Entertainment
Capcom Co. Ltd.		20,400		481,514		(3,409	)		(0.0	)(a)
GungHo Online Entertainment, Inc. *		23,920		518,069		(2,904	)		(0.0	)(a)
		44,320		999,583		(6,313	)		(0.0	)(a)
Food & Staples Retailing
FamilyMart Co. Ltd.		13,600		337,364		(2,163	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Health Care Equipment & Supplies
Hoya Corp.		6,200		547,939		(3,396	)		(0.0	)(a)
Health Care Providers & Services
Alfresa Holdings Corp.		27,100		605,112		(5,197	)		(0.0	)(a)
Ship Healthcare Holdings, Inc.		11,800		502,937		(2,980	)		(0.0	)(a)
Suzuken Co. Ltd.		9,400		501,902		(2,959	)		(0.0	)(a)
		48,300		1,609,951		(11,136	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Round One Corp.		41,800		538,994		(3,295	)		(0.0	)(a)
Sushiro Global Holdings Ltd.		8,600		591,276		(427	)		(0.0	)(a)
		50,400		1,130,270		(3,722	)		(0.0	)(a)
Household Durables
Sekisui House Ltd.		30,700		662,026		(3,770	)		(0.0	)(a)
IT Services
NET One Systems Co. Ltd.		19,200		517,643		(5,428	)		(0.0	)(a)
Nihon Unisys Ltd.		17,700		584,268		(3,329	)		(0.0	)(a)
TIS, Inc.		10,000		606,335		(2,054	)		(0.0	)(a)
		46,900		1,708,246		(10,811	)		(0.0	)(a)
Leisure Products
Bandai Namco Holdings, Inc.		9,200		565,701		(2,367	)		(0.0	)(a)
Machinery
Amada Holdings Co. Ltd.		54,200		617,235		(6,624	)		(0.0	)(a)
DMG Mori Co. Ltd.		31,700		513,229		(7,815	)		(0.0	)(a)
Ebara Corp. *		19,400		573,975		(8,079	)		(0.0	)(a)
MINEBEA MITSUMI, Inc.		30,400		577,343		(8,193	)		(0.0	)(a)
Mitsubishi Heavy Industries Ltd.		14,900		602,994		(4,376	)		(0.0	)(a)
Shinmaywa Industries Ltd. *		46,800		576,532		(2,888	)		(0.0	)(a)
		197,400		3,461,308		(37,975	)		(0.0	)(a)
Media
Fuji Media Holdings, Inc.		45,000		608,067		(4,490	)		(0.0	)(a)
Metals & Mining
Mitsubishi Materials Corp.		18,700		537,719		(4,285	)		(0.0	)(a)
Paper & Forest Products
Oji Holdings Corp.		100,000		517,024		(6,172	)		(0.0	)(a)
Pharmaceuticals
Astellas Pharma, Inc.		36,300		623,006		(1,714	)		(0.0	)(a)
Kaken Pharmaceutical Co. Ltd.		3,000		147,086		(705	)		(0.0	)(a)
Kyowa Hakko Kirin Co. Ltd.		30,000		552,000		(2,495	)		(0.0	)(a)
Shionogi & Co. Ltd.		9,200		552,211		(3,078	)		(0.0	)(a)
Sumitomo Dainippon Pharma Co. Ltd.		25,100		438,074		(4,006	)		(0.0	)(a)
		103,600		2,312,377		(11,998	)		(0.0	)(a)
Professional Services
Persol Holdings Co. Ltd.		26,100		501,329		(3,801	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 57

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stocks — continued
Road & Rail
Sankyu, Inc.		11,300			574,505			(5,197	)		(0.0	)(a)
Seino Holdings Co. Ltd.		46,500			597,897			(3,645	)		(0.0	)(a)
		57,800			1,172,402			(8,842	)		(0.0	)(a)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		33,600			631,480			(7,913	)		(0.0	)(a)
FUJIFILM Holdings Corp.		14,000			614,631			(5,055	)		(0.0	)(a)
		47,600			1,246,111			(12,968	)		(0.0	)(a)
Trading Companies & Distributors
ITOCHU Corp.		27,300			570,785			(3,326	)		(0.0	)(a)
Kanamoto Co. Ltd.		20,000			534,683			(5,368	)		(0.0	)(a)
Sojitz Corp.		176,200			554,597			(3,421	)		(0.0	)(a)
		223,500			1,660,065			(12,115	)		(0.0	)(a)
Transportation Infrastructure
Kamigumi Co. Ltd.		22,600			511,012			(2,558	)		(0.0	)(a)
Wireless Telecommunication Services
KDDI Corp.		22,400			619,834			(2,239	)		(0.0	)(a)
Total Long Positions of Total Return Basket Swap		1,711,920			32,332,285			(256,420	)		(0.1	)
Short Positions
Common Stocks
Auto Components
Toyo Tire Corp.		(30,800	)		(429,607	)		4,200			0.0	(a)
Banks
Chiba Bank Ltd. (The)		(93,100	)		(506,031	)		6,928			0.0	(a)
Beverages
Coca-Cola Bottlers Japan Holdings, Inc.		(19,100	)		(433,648	)		2,686			0.0	(a)
Building Products
TOTO Ltd.		(10,000	)		(408,258	)		4,280			0.0	(a)
Capital Markets
Nomura Holdings, Inc.		(113,700	)		(516,765	)		4,724			0.0	(a)
Chemicals
JSR Corp.		(21,400	)		(401,758	)		4,285			0.0	(a)
Kuraray Co. Ltd.		(32,000	)		(380,714	)		3,914			0.0	(a)
Taiyo Nippon Sanso Corp.		(22,900	)		(536,083	)		5,086			0.0	(a)
		(76,300	)		(1,318,555	)		13,285			0.0	(a)
Construction & Engineering
JGC Holdings Corp.		(36,600	)		(529,362	)		7,827			0.0	(a)
SHO-BOND Holdings Co. Ltd. *		(13,700	)		(531,703	)		3,661			0.0	(a)
		(50,300	)		(1,061,065	)		11,488			0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS OCTOBER 31, 2019

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)		PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Electrical Equipment
Fujikura Ltd.		(100,800	)		(467,719	)		5,525		0.0	(a)
Mabuchi Motor Co. Ltd.		(11,500	)		(465,946	)		5,278		0.0	(a)
		(112,300	)		(933,665	)		10,803		0.0	(a)
Electronic Equipment, Instruments & Components
Keyence Corp.		(700	)		(442,608	)		3,489		0.0	(a)
Shimadzu Corp.		(19,800	)		(528,781	)		6,235		0.0	(a)
Yaskawa Electric Corp.		(12,000	)		(456,453	)		8,035		0.0	(a)
		(32,500	)		(1,427,842	)		17,759		0.0	(a)
Entertainment
Square Enix Holdings Co. Ltd.		(11,500	)		(547,265	)		101		0.0	(a)
Food & Staples Retailing
Aeon Co. Ltd.		(700	)		(14,084	)		79		0.0	(a)
Cosmos Pharmaceutical Corp.		(2,300	)		(474,975	)		615		0.0	(a)
Kusuri no Aoki Holdings Co. Ltd. *		(6,500	)		(484,753	)		2,191		0.0	(a)
		(9,500	)		(973,812	)		2,885		0.0	(a)
Food Products
Kikkoman Corp.		(9,100	)		(437,734	)		2,982		0.0	(a)
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(5,700	)		(147,920	)		716		0.0	(a)
Kyoritsu Maintenance Co. Ltd.		(4,300	)		(190,214	)		1,313		0.0	(a)
Toridoll Holdings Corp.		(19,700	)		(449,910	)		2,868		0.0	(a)
Zensho Holdings Co. Ltd. *		(20,700	)		(437,818	)		1,714		0.0	(a)
		(50,400	)		(1,225,862	)		6,611		0.0	(a)
Household Durables
Panasonic Corp.		(12,800	)		(107,576	)		1,104		0.0	(a)
Sharp Corp. *		(32,400	)		(371,666	)		6,069		0.0	(a)
		(45,200	)		(479,242	)		7,173		0.0	(a)
Interactive Media & Services
LINE Corp. *		(11,700	)		(430,407	)		1,883		0.0	(a)
Internet & Direct Marketing Retail
Mercari, Inc. *		(20,400	)		(459,950	)		3,060		0.0	(a)
IT Services
GMO Payment Gateway, Inc.		(7,000	)		(515,894	)		2,024		0.0	(a)
Leisure Products
Sega Sammy Holdings, Inc.		(31,900	)		(448,932	)		2,436		0.0	(a)
Machinery
Daifuku Co. Ltd.		(7,300	)		(387,351	)		5,399		0.0	(a)
Hino Motors Ltd.		(55,500	)		(524,714	)		5,668		0.0	(a)
IHI Corp.		(17,700	)		(436,184	)		6,521		0.0	(a)
Japan Steel Works Ltd. (The)		(21,900	)		(461,487	)		7,987		0.1
Makita Corp.		(3,300	)		(110,982	)		1,626		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 59

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
Machinery — continued
MISUMI Group, Inc.		(17,500	)		(439,928	)		4,743			0.0	(a)
Nabtesco Corp.		(12,800	)		(407,485	)		7,368			0.0	(a)
NGK Insulators Ltd.		(27,700	)		(425,548	)		3,841			0.0	(a)
NTN Corp.		(170,600	)		(528,955	)		6,589			0.0	(a)
		(334,300	)		(3,722,634	)		49,742			0.1
Marine
Kawasaki Kisen Kaisha Ltd. *		(34,400	)		(511,870	)		8,319			0.0	(a)
Nippon Yusen KK		(23,900	)		(429,365	)		5,079			0.0	(a)
		(58,300	)		(941,235	)		13,398			0.0	(a)
Metals & Mining
Hitachi Metals Ltd.		(32,200	)		(404,120	)		3,784			0.0	(a)
Kobe Steel Ltd.		(72,800	)		(391,411	)		4,981			0.0	(a)
		(105,000	)		(795,531	)		8,765			0.0	(a)
Multiline Retail
Isetan Mitsukoshi Holdings Ltd.		(55,900	)		(445,812	)		3,500			0.0	(a)
Marui Group Co. Ltd.		(5,600	)		(124,490	)		847			0.0	(a)
Ryohin Keikaku Co. Ltd.		(21,000	)		(467,508	)		4,064			0.0	(a)
Takashimaya Co. Ltd.		(37,700	)		(437,622	)		2,950			0.0	(a)
		(120,200	)		(1,475,432	)		11,361			0.0	(a)
Personal Products
Kose Corp.		(2,700	)		(478,694	)		3,851			0.0	(a)
Pharmaceuticals
Sosei Group Corp. *		(21,300	)		(498,371	)		3,606			0.0	(a)
Road & Rail
Keisei Electric Railway Co. Ltd.		(11,700	)		(478,360	)		3,226			0.0	(a)
Odakyu Electric Railway Co. Ltd.		(19,900	)		(484,409	)		2,633			0.0	(a)
Tokyu Corp.		(25,100	)		(474,732	)		1,980			0.0	(a)
		(56,700	)		(1,437,501	)		7,839			0.0	(a)
Semiconductors & Semiconductor Equipment
Disco Corp.		(2,400	)		(523,770	)		6,946			0.0	(a)
Rohm Co. Ltd.		(3,500	)		(277,301	)		3,373			0.0	(a)
SCREEN Holdings Co. Ltd. *		(8,400	)		(583,163	)		7,225			0.0	(a)
		(14,300	)		(1,384,234	)		17,544			0.0	(a)
Specialty Retail
Shimamura Co. Ltd.		(5,600	)		(474,337	)		3,262			0.0	(a)
Technology Hardware, Storage & Peripherals
Seiko Epson Corp.		(25,200	)		(356,354	)		2,546			0.0	(a)
Textiles, Apparel & Luxury Goods
Asics Corp.		(31,100	)		(533,935	)		4,030			0.0	(a)
Transportation Infrastructure
Japan Airport Terminal Co. Ltd.		(9,500	)		(469,268	)		4,897			0.0	(a)
Total Short Positions of Total Return Basket Swap		(1,519,000	)		(25,122,060	)		236,149			0.1
Total of Long and Short Positions of Total Return Basket Swap		192,920			7,210,225			(20,271	)		0.0	(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS OCTOBER 31, 2019

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.23%), which is denominated in AUD based on the local currencies of the positions within the swaps.		3/12/2021	$	362,141	$	(3,032	)	$	—	$	(3,032	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Diversified Telecommunication Services
Telstra Corp. Ltd.		259,273			624,445			679			0.0	(a)
Metals & Mining
Evolution Mining Ltd.		171,097			488,035			919			0.0	(a)
Fortescue Metals Group Ltd.		82,113			502,583			(1,764	)		(0.0	)(a)
Iluka Resources Ltd.		91,656			593,275			(645	)		(0.0	)(a)
Regis Resources Ltd.		21,666			73,427			243			0.0	(a)
Rio Tinto Ltd.		7,247			453,177			(834	)		(0.0	)(a)
		373,779			2,110,497			(2,081	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Woodside Petroleum Ltd.		7,096			157,272			(239	)		(0.0	)(a)
Road & Rail
Aurizon Holdings Ltd.		149,498			608,194			161			0.0	(a)
Total Long Positions of Total Return Basket Swap		789,646			3,500,408			(1,480	)		0.0	(a)
Short Positions
Common Stocks
Beverages
Treasury Wine Estates Ltd.		(34,733	)		(421,073	)		(391	)		(0.0	)(a)
Construction Materials
Adelaide Brighton Ltd.		(203,046	)		(431,257	)		(150	)		(0.0	)(a)
Distributors
Bapcor Ltd.		(99,795	)		(491,940	)		(65	)		(0.0	)(a)
Food Products
Costa Group Holdings Ltd.		(118,964	)		(233,966	)		(244	)		(0.0	)(a)
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(12,352	)		(434,565	)		(222	)		(0.0	)(a)
Star Entertainment Grp Ltd. (The)		(48,167	)		(156,181	)		(123	)		(0.0	)(a)
		(60,519	)		(590,746	)		(345	)		(0.0	)(a)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 61

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2019 (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($) (1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Short Positions — continued
Common Stocks — continued
IT Services
NEXTDC Ltd. *		(86,594	)		(382,682	)		(46	)		(0.0	)(a)
Oil, Gas & Consumable Fuels
Oil Search Ltd.		(30,077	)		(148,439	)		14			0.0	(a)
Transportation Infrastructure
Qube Holdings Ltd.		(189,299	)		(424,428	)		(325	)		(0.0	)(a)
Total Short Positions of Total Return Basket Swap		(823,027	)		(3,124,531	)		(1,552	)		0.0	(a)
Rights
Food Products
Costa Group Holdings Ltd. *		(29,741	)		(13,736	)		—			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(63,122	)		362,141			(3,032	)		0.0	(a)

The following reference rates, and their values as of period-end, are used for security descriptions:	VALUE
BA		1.83	%
BBR		0.75
BBSW		0.92
CDOR		1.96
CHF LIBOR		(0.79	)
EURIBOR		(0.44	)
EUR LIBOR		(0.51	)
GBP LIBOR		0.71
JPY LIBOR		(0.11	)
USD LIBOR		1.78

Summary of total OTC swap contracts outstanding as of October 31, 2019:
	NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE($)
Assets
OTC total return basket swap contracts outstanding		—		100,091
Liabilities
OTC total return basket swap contracts outstanding		—		(61,183	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS OCTOBER 31, 2019

Abbreviations

AUD	Australian Dollar
BA	Banker’s Acceptance Rate
BBR	Bank Bill Rate
BBSW	ASX Australia Bank Bill Swap Rate
CAD	Canadian Dollar
CDOR	Canadian Dollar Offered Rate
CHF	Swiss Franc
CVR	Contingent Value Rights
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GBP	British Pound
JPY	Japanese Yen
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
SCA	Limited partnership with share capital
SGPS	Holding Company
USD	United States Dollar

(1)	Notional value represents market value, as of October 31, 2019, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	Unrealized appreciation (depreciation) represents the unrealized gain (loss) of the positions subsequent to the swap reset.
(a)	Amount rounds to less than 0.1% of net assets.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, 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 represents fractional shares received that rounds to less than 1.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 63

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2019

	JPMorgan Systematic Alpha Fund
ASSETS:
Investments innon-affiliates, at value	$	198,176,990
Investments in affiliates, at value		146,802,489
Restricted cash for OTC derivatives		793,000
Cash		3,603,765
Foreign currency, at value		1,449,049
Deposits at broker for futures contracts		12,272,000
Receivables:
Fund shares sold		85,341
Interest and dividends fromnon-affiliates		335,147
Dividends from affiliates		249,503
Tax reclaims		72,978
Variation margin on futures contracts		1,019,684
Unrealized appreciation on forward foreign currency exchange contracts		913,230
Outstanding OTC swap contracts, at value		100,091
Total Assets		365,873,267
LIABILITIES:
Payables:
Investment securities purchased		2,712,658
Fund shares redeemed		67,987
Unrealized depreciation on forward foreign currency exchange contracts		2,316,435
Outstanding OTC swap contracts, at value		61,183
Due to counterparty for swap contracts		1,042,575
Accrued liabilities:
Investment advisory fees		152,748
Administration fees		5,053
Distribution fees		1,083
Service fees		36,158
Custodian and accounting fees		27,123
Other		256,612
Total Liabilities		6,679,615
Net Assets	$	359,193,652

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS OCTOBER 31, 2019

	JPMorgan Systematic Alpha Fund
NET ASSETS:
Paid-in-Capital	$	355,923,020
Total distributable earnings (loss)		3,270,632
Total Net Assets	$	359,193,652
Net Assets:
Class A	$	4,728,937
Class C		97,474
Class I		165,790,453
Class R6		188,576,788
Total	$	359,193,652
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		340,242
Class C		7,226
Class I		11,531,119
Class R6		13,151,562
Net Asset Value (a):
Class A — Redemption price per share	$	13.90
Class C — Offering price per share (b)		13.49
Class I — Offering and redemption price per share		14.38
Class R6 — Offering and redemption price per share		14.34
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	14.55
Cost of investments innon-affiliates	$	189,175,502
Cost of investments in affiliates		146,783,112
Cost of foreign currency		1,429,385

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 65

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2019

	JPMorgan Systematic Alpha Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	909,451
Interest income from affiliates		60,830
Dividend income fromnon-affiliates		3,273,080
Dividend income from affiliates		3,806,030
Foreign taxes withheld (net)		(50,845	)
Total investment income		7,998,546
EXPENSES:
Investment advisory fees		3,083,262
Administration fees		371,736
Distribution fees:
Class A		15,920
Class C		887
Service fees:
Class A		15,920
Class C		296
Class I		431,121
Custodian and accounting fees		121,084
Interest expense to affiliates		7,694
Professional fees		180,731
Trustees’ and Chief Compliance Officer’s fees		28,754
Printing and mailing costs		63,283
Registration and filing fees		79,505
Transfer agency fees (See Note 2.H.)		5,529
Other		34,657
Total expenses		4,440,379
Less fees waived		(1,180,881	)
Less expense reimbursements		(1,674	)
Net expenses		3,257,824
Net investment income (loss)		4,740,722
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		1,349,410
Investments in affiliates		4,560
Futures contracts		(6,596,850	)
Foreign currency transactions		37,619
Forward foreign currency exchange contracts		3,581,041
Swaps		(6,139,595	)
Net realized gain (loss)		(7,763,815	)
Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		5,901,312
Investments in affiliates		19,377
Futures contracts		(898,777	)
Foreign currency translations		154,495
Forward foreign currency exchange contracts		(2,761,915	)
Swaps		79,489
Change in net unrealized appreciation/depreciation		2,493,981
Net realized/unrealized gains (losses)		(5,269,834	)
Change in net assets resulting from operations	$	(529,112	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS OCTOBER 31, 2019

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Systematic Alpha Fund
	Year Ended October 31, 2019				Year Ended October 31, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,740,722			$	3,715,513
Net realized gain (loss)		(7,763,815	)			(25,742,679	)
Change in net unrealized appreciation/depreciation		2,493,981				(9,542,588	)
Change in net assets resulting from operations		(529,112	)			(31,569,754	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(2,343	)			—
Class C		(39	)			—
Class I		(55,435	)			—
Class R6		(86,474	)			—
Total distributions to shareholders		(144,291	)			—
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(123,491,634	)			41,829,502
NET ASSETS:
Change in net assets		(124,165,037	)			10,259,748
Beginning of period		483,358,689				473,098,941
End of period	$	359,193,652			$	483,358,689
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,235,248			$	5,228,907
Distributions reinvested		2,343				—
Cost of shares redeemed		(4,687,577	)			(32,913,646	)
Change in net assets resulting from Class A capital transactions	$	(3,449,986	)		$	(27,684,739	)
Class C
Proceeds from shares issued	$	1,150			$	42,758
Distributions reinvested		39				—
Cost of shares redeemed		(22,297	)			(249,635	)
Change in net assets resulting from Class C capital transactions	$	(21,108	)		$	(206,877	)
Class I
Proceeds from shares issued	$	43,307,986		��	$	102,124,397
Distributions reinvested		55,395				—
Cost of shares redeemed		(62,637,897	)			(54,868,739	)
Change in net assets resulting from Class I capital transactions	$	(19,274,516	)		$	47,255,658
Class R6
Proceeds from shares issued	$	333,585			$	32,250,091
Distributions reinvested		86,464				—
Cost of shares redeemed		(101,166,073	)			(9,784,631	)
Change in net assets resulting from Class R6 capital transactions	$	(100,746,024	)		$	22,465,460
Total change in net assets resulting from capital transactions	$	(123,491,634	)		$	41,829,502

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 67

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Systematic Alpha Fund
	Year Ended October 31, 2019			Year Ended October 31, 2018
SHARE TRANSACTIONS:
Class A
Issued		88,606			360,156
Reinvested		168			—
Redeemed		(336,451	)		(2,299,086	)
Change in Class A Shares		(247,677	)		(1,938,930	)
Class C
Issued		85			3,018
Reinvested		3			—
Redeemed		(1,660	)		(17,131	)
Change in Class C Shares		(1,572	)		(14,113	)
Class I
Issued		3,013,069			6,917,333
Reinvested		3,847	��		—
Redeemed		(4,358,076	)		(3,735,404	)
Change in Class I Shares		(1,341,160	)		3,181,929
Class R6
Issued		23,435			2,196,620
Reinvested		6,033			—
Redeemed		(7,078,881	)		(667,183	)
Change in Class R6 Shares		(7,049,413	)		1,529,437

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS OCTOBER 31, 2019

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OCTOBER 31, 2019 J.P. MORGAN FUNDS 69

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Systematic Alpha Fund
Class A
Year Ended October 31, 2019	$	13.97	$	0.10		$	(0.17	)	$	(0.07	)	$	—		$	—	(d)	$	—	(d)
Year Ended October 31, 2018		14.98		0.05			(1.06	)		(1.01	)		—			—			—
Year Ended October 31, 2017		14.85		0.04			0.12			0.16			—			(0.03	)		(0.03	)
Year Ended October 31, 2016		15.27		0.03			(0.14	)		(0.11	)		(0.31	)(e)		—			(0.31	)
Year Ended October 31, 2015		15.16		(0.01	)		0.29			0.28			(0.15	)		(0.02	)		(0.17	)
Class C
Year Ended October 31, 2019		13.62		0.04			(0.17	)		(0.13	)		—			—	(d)		—	(d)
Year Ended October 31, 2018		14.68		(0.02	)		(1.04	)		(1.06	)		—			—			—
Year Ended October 31, 2017		14.63		(0.04	)		0.12			0.08			—			(0.03	)		(0.03	)
Year Ended October 31, 2016		15.14		(0.04	)		(0.14	)		(0.18	)		(0.33	)(e)		—			(0.33	)
Year Ended October 31, 2015		15.10		(0.07	)		0.27			0.20			(0.14	)		(0.02	)		(0.16	)
Class I
Year Ended October 31, 2019		14.41		0.14			(0.17	)		(0.03	)		—			—	(d)		—	(d)
Year Ended October 31, 2018		15.41		0.10			(1.10	)		(1.00	)		—			—			—
Year Ended October 31, 2017		15.26		0.08			0.11			0.19			(0.01	)		(0.03	)		(0.04	)
Year Ended October 31, 2016		15.33		0.06			(0.13	)		(0.07	)		—	(e)		—			—
Year Ended October 31, 2015		15.19		0.04			0.28			0.32			(0.16	)		(0.02	)		(0.18	)
Class R6
Year Ended October 31, 2019		14.33		0.18			(0.17	)		0.01			—			—	(d)		—	(d)
Year Ended October 31, 2018		15.29		0.13			(1.09	)		(0.96	)		—			—			—
Year Ended October 31, 2017		15.13		0.12			0.11			0.23			(0.04	)		(0.03	)		(0.07	)
Year Ended October 31, 2016		15.56		0.11			(0.15	)		(0.04	)		(0.39	)(e)		—			(0.39	)
Year Ended October 31, 2015		15.21		0.09			0.28			0.37			—			(0.02	)		(0.02	)

(a) Calculated based upon average shares outstanding.

(b) 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.

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

(d) Amount rounds to less than $0.005.

(e) Distributions of Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS OCTOBER 31, 2019

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
	$13.90		(0.47	)%	$	4,728,937		1.17	%		0.73	%		1.46	%		169	%
	13.97		(6.74	)		8,210,471		1.18			0.36			1.57			154
	14.98		1.07			37,842,572		1.19			0.28			1.60			147
	14.85		(0.74	)		43,075,837		1.18			0.18			1.66			151
	15.27		1.87			48,072,671		1.16			(0.05	)		1.69			164
	13.49		(0.92	)		97,474		1.67			0.27			1.97			169
	13.62		(7.22	)		119,850		1.67			(0.15	)		2.09			154
	14.68		0.53			336,344		1.70			(0.27	)		2.25			147
	14.63		(1.23	)		764,511		1.69			(0.29	)		2.26			151
	15.14		1.34			457,517		1.62			(0.50	)		2.26			164
	14.38		(0.18	)		165,790,453		0.92			1.01			1.20			169
	14.41		(6.49	)		185,478,154		0.92			0.66			1.32			154
	15.41		1.24			149,359,860		0.94			0.50			1.38			147
	15.26		(0.46	)		33,006,202		0.94			0.42			1.40			151
	15.33		2.11			261,973,042		0.90			0.24			1.35			164
	14.34		0.10			188,576,788		0.67			1.25			0.96			169
	14.33		(6.28	)		289,550,214		0.67			0.89			1.07			154
	15.29		1.48			285,560,165		0.69			0.77			1.10			147
	15.13		(0.25	)		259,015,933		0.69			0.70			1.12			151
	15.56		2.44			9,762,583		0.64			0.59			1.10			164

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 71

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019

1. Organization

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

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversification Classification
JPMorgan Systematic Alpha Fund	Class A, Class C, Class I and Class R6	Diversified

The investment objective of the Fund is to seek to provide total return.

Class A Shares generally provide for afront-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for whichfront-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund.

Basis for Consolidation for the Fund

Systematic Alpha Fund CS Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on October 11, 2012 and is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectuses. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

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

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

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

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market- based approach through which trades or quotes from market makers are used to determine the valuation of fixed income instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions

72 J.P. MORGAN FUNDS OCTOBER 31, 2019

in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Airlines	$	—	$	473,351	$	—	$	473,351
Chemicals		3,474,860		728,391		—		4,203,251
Food & Staples Retailing		—		1,256,863		—		1,256,863
Health Care Providers & Services		2,763,558		976,950		—		3,740,508
Hotels, Restaurants & Leisure		3,253,352		424,013		—		3,677,365
Household Durables		580,516		1,450,178		—		2,030,694
Industrial Conglomerates		—		1,687,759		—		1,687,759
IT Services		2,145,646		641,056		—		2,786,702
Leisure Products		—		508,597		—		508,597
Machinery		6,913,017		730,602		—		7,643,619
Metals & Mining		1,959,640		1,017,090		—		2,976,730
Pharmaceuticals		1,989,192		146,606		—		2,135,798
Professional Services		813,049		1,170,566		—		1,983,615
Real Estate Management & Development		—		3,514,537		—		3,514,537
Road & Rail		1,254,639		535,100		—		1,789,739
Specialty Retail		8,773,738		651,372		—		9,425,110
Other Common Stocks		109,047,453		—		—		109,047,453
Total Common Stocks		142,968,660		15,913,031		—		158,881,691
Convertible Bonds		—		28,556,338		—		28,556,338
Convertible Preferred Stocks		3,589,457		—		—		3,589,457
Short-Term Investments
Foreign Government Treasury Bills		—		7,149,504		—		7,149,504
Investment Companies		146,802,489		—		—		146,802,489
Total Short-Term Investments		146,802,489		7,149,504		—		153,951,993
Total Investments in Securities	$	293,360,606	$	51,618,873	$	—	$	344,979,479

OCTOBER 31, 2019 J.P. MORGAN FUNDS 73

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Liabilities
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	913,230		$	—		$	913,230
Futures Contracts		2,472,785			67,552			—			2,540,337
Swaps		—			100,091			—			100,091
Total Appreciation in Other Financial Instruments	$	2,472,785		$	1,080,873		$	—		$	3,553,658
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(2,316,435	)	$	—		$	(2,316,435	)
Futures Contracts		(2,929,048	)		(8,575	)		—			(2,937,623	)
Swaps		—			(61,182	)		(1	)		(61,183	)
Total Depreciation in Other Financial Instruments	$	(2,929,048	)	$	(2,386,192	)	$	(1	)	$	(5,315,241	)

There were no transfers into or out of level 3 for the year ended October 31, 2019.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund.

As of October 31, 2019, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Securities Lending— Effective October 5, 2018, the Fund became authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e. a net payment to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

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

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 ofnon-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 ofnon-U.S. securities), subject to certainde minimis amounts.

The value of securities out on loan is recorded as an asset on the Consolidated Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Consolidated Statement of Assets and Liabilities (“CSAL”) and details of collateral investments are disclosed in the CSOI.

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

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

The Fund did not lend out any securities during the year ended October 31, 2019.

74 J.P. MORGAN FUNDS OCTOBER 31, 2019

D. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below.

For the year ended October 31, 2019
Security Description	Value at October 31, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at October 31, 2019		Shares at October 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.88% (a) (b)	$	—	$	230,191,184	$	129,143,211	$	4,560	$	19,377	$	101,071,910		101,031,498	$	1,195,176	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.64% (a) (b)		231,232,143		186,731,671		372,233,235		—		—		45,730,579		45,730,579		2,610,854		—
Total	$	231,232,143	$	416,922,855	$	501,376,446	$	4,560	$	19,377	$	146,802,489			$	3,806,030	$	—

(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 October 31, 2019.

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

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

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

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

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

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

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

OCTOBER 31, 2019 J.P. MORGAN FUNDS 75

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

opened and the value at the time it was closed, are reported on the CSOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the CSOI, while cash deposited, which is considered restricted, is recorded on the CSAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the CSAL.

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

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

(2). Forward Foreign Currency Exchange Contracts — The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Fund may be required to post or receive collateral fornon-deliverable forward foreign currency exchange contracts.

(3). Swaps — The Fund engaged in various swap transactions, including total return swaps and total return basket swaps, to manage credit and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiatedover-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the CSAL and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the CSAL at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the CSOI, while cash deposited, which is considered restricted, is recorded on the CSAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the CSAL. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the CSOP. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

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

Total Return Swaps

The Fund used total return swaps to gain long or short exposure to underlying stock. To the extent the total return of the stock underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying stock and interest rate obligations.

Total Return Basket Swaps

The Fund entered into total return basket swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of the Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and/or short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the

76 J.P. MORGAN FUNDS OCTOBER 31, 2019

long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs”. Positions within each swap, accrued financing costs and net dividends, are part of the monthly reset. During a reset, any unrealized gains (losses) on positions, accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty for swap contract on the CSAL and as Net realized gain (loss) on transactions from swaps on the CSOP.

Each swap involves additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of the Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Fund’s activities in each total return basket swap are concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP.

The total return basket swap contracts are subject to master netting arrangements. The Fund may be required to post or receive collateral for total return basket swaps.

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 2019, by their primary underlying risk exposure and respective location on the CSAL:

Derivative Contracts	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Swaps			Total
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,171,663		$	—		$	—		$	2,171,663
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		163,647			—			100,091			263,738
Foreign exchange contracts	Receivables		—			913,230			—			913,230
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		205,027			—			—			205,027
Total		$	2,540,337		$	913,230		$	100,091		$	3,553,658
Gross Liabilities:
Commodity contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,322,663	)	$	—		$	—		$	(1,322,663	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(657,820	)		—			(61,183	)		(719,003	)
Foreign exchange contracts	Payables		—			(2,316,435	)		—			(2,316,435	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(957,140	)		—			—			(957,140	)
Total		$	(2,937,623	)	$	(2,316,435	)	$	(61,183	)	$	(5,315,241	)

(a) This amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI. The CSAL only reflects the current day variation margin receivable/payable from/to brokers.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 77

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2019:

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Consolidated Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received			Net Amount Due From Counterparty (Not less than zero)
Australia & New Zealand Banking Group Ltd.	$	142,268	$	—		$	—		$	142,268
Bank of America NA		84,383		(6,396	)		—			77,987
Barclays Bank plc		12,465		—			—			12,465
BNP Paribas		19,522		(19,522	)		—			—
Citibank, NA		374,480		(374,480	)		—			—
Goldman Sachs International		48,602		(48,602	)		—			—
HSBC Bank, NA		21,361		(56	)		—			21,305
Merrill Lynch International		202,719		(202,719	)		—			—
Standard Chartered Bank		20,599		(1,356	)		—			19,243
State Street Corp.		71,214		(2,842	)		—			68,372
Union Bank of Switzerland AG		15,708		(15,708	)		—			—
	$	1,013,321	$	(671,681	)	$	—		$	341,640
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Consolidated Statement of Assets and Liabilities(a)		Derivatives Available for offset			Collateral Posted			Net Amount Due To Counterparty (Not less than zero)
Bank of America NA	$	6,396	$	(6,396	)	$	—		$	—
BNP Paribas		98,021		(19,522	)		—			78,499
Citibank, NA		1,801,303		(374,480	)		—			1,426,823
Goldman Sachs International		77,763		(48,602	)		—			29,161
HSBC Bank, NA		56		(56	)		—			—
Merrill Lynch International		334,798		(202,719	)		—			132,079
Standard Chartered Bank		1,356		(1,356	)		—			—
State Street Corp.		2,842		(2,842	)		—			—
TD Bank Financial Group		296		—			—			296
Union Bank of Switzerland AG		54,787		(15,708	)		(39,079	)(b)		—
	$	2,377,618	$	(671,681	)	$	(39,079	)	$	1,666,858

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the CSAL.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts.

78 J.P. MORGAN FUNDS OCTOBER 31, 2019

The following table presents the effect of derivatives on the CSOP for the year ended October 31, 2019, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Commodity contracts	$	(7,813,972	)	$	—		$	—		$	(7,813,972	)
Equity contracts		(8,752,590	)		—			(6,139,595	)		(14,892,185	)
Foreign exchange contracts		—			3,581,041			—			3,581,041
Interest rate contracts		9,969,712			—			—			9,969,712
Total	$	(6,596,850	)	$	3,581,041		$	(6,139,595	)	$	(9,155,404	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Commodity contracts	$	4,683,094		$	—		$	—		$	4,683,094
Equity contracts		(6,007,121	)		—			79,489			(5,927,632	)
Foreign exchange contracts		—			(2,761,915	)		—			(2,761,915	)
Interest rate contracts		425,250			—			—			425,250
Total	$	(898,777	)	$	(2,761,915	)	$	79,489		$	(3,581,203	)

The Fund’s derivatives contracts held at October 31, 2019 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended October 31, 2019. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts — Commodity:
Average Notional Balance Long	$	45,419,677
Average Notional Balance Short		53,216,205
Ending Notional Balance Long		43,255,725
Ending Notional Balance Short		48,509,068
Futures Contracts — Equity:
Average Notional Balance Long	$	5,697,658
Average Notional Balance Short		107,330,304
Ending Notional Balance Long		10,403,199
Ending Notional Balance Short		94,303,805
Futures Contracts — Interest Rate:
Average Notional Balance Long	$	223,795,550
Average Notional Balance Short		95,017,859
Ending Notional Balance Long		168,442,512
Ending Notional Balance Short		16,578,036
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	90,936,641
Average Settlement Value Sold		148,121,050
Ending Settlement Value Purchased		70,583,995
Ending Settlement Value Sold		110,031,373
Total Return Swaps:
Average Notional Balance Long	$	48,548
Ending Notional Balance Long		48,548
Total Return Basket Swaps:
Average Notional Balance Long	$	338,739,405
Average Notional Balance Short		245,935,160
Ending Notional Balance Long		286,002,934
Ending Notional Balance Short		206,057,383

OCTOBER 31, 2019 J.P. MORGAN FUNDS 79

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.F.). Otherwise the cash collateral is included on the CSAL as Restricted cash.

The Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2019 are as follows:

Fund Counterparty		Value of swap contracts			Collateral amount
Union Bank of Switzerland AG	Collateral Posted	$	(39,079	)	$	793,000
Merrill Lynch International	Collateral Received		—			(620,000	)

F. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the CSOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the CSOP.

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the year ended October 31, 2019 are as follows:

	Class A		Class C		Class I		Class R6		Total
Transfer agency fees	$	246	$	19	$	2,968	$	2,296	$	5,529

I. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 2019, no liability for Federal income tax is required in the Fund’s consolidated financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

For Federal income tax purposes, taxable income of the Fund and the Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of the Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

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

K. Distributions to Shareholders — Distributions from net investment income or net realized capital gains, if any, are generally declared and paid annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. The amount of distributions from net investment income and net realized capital gains is determined in accordance with

80 J.P. MORGAN FUNDS OCTOBER 31, 2019

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.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	(2,319,297	)	$	4,356,709	$	(2,037,412	)

The reclassifications for the Fund relate primarily to foreign currency gains or losses, investments in swap contracts and investment in the subsidiary.

L. Recent Accounting Pronouncement —In March 2017, the FASB issuedAccounting Standards Update (“ASU”)2017-08 (“ASU2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchasednon-contingently callable debt securities. ASU2017-08 requires that the premium be amortized to the earliest call date, for purchasednon-contingently callable debt securities.ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management has evaluated the implications of these changes and has determined that the amendments will have no effect on the Fund’s net assets or results of operations.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and the Subsidiary and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.60% of the Fund’s average daily net assets. Prior to March 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.75% of the Fund’s average daily net assets.

The Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.65% of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

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

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund and the Subsidiary. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at the annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2019, the effective annualized rate was 0.09% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an effective rate of 0.09% of the average daily net assets of the Subsidiary.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund pursuant toRule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

In addition, JPMDS is entitled to receive thefront-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for whichfront-end sales charges have been waived. For the year ended October 31, 2019, JPMDS did not retain anyfront-end sales charges or CDSC.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 81

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

D. Service Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets of Class A, Class C and Class I Shares.

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund. 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 Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plusout-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the CSOP.

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

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

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

Class A			Class C			Class I			Class R6
	1.25	%		1.75	%		1.00	%		0.75	%

The expense limitation agreement was in effect for the year ended October 31, 2019, and is in place until at least February 29, 2020.

For the year ended October 31, 2019, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
$	547,417	$	273,051	$	2,761	$	823,229	$	1,674

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

The amount of waivers resulting from investments in these money market funds for the year ended October 31, 2019 was $357,652.

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

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on apro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the CSOP.

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

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

4. Investment Transactions

During the year ended October 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	359,084,119	$	395,980,415

82 J.P. MORGAN FUNDS OCTOBER 31, 2019

During the year ended October 31, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including the Subsidiary, held at October 31, 2019 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	351,368,193	$	17,632,072	$	21,059,508	$	(3,427,436	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of futures contracts, mark to market of forward foreign currency contracts, wash sale loss deferrals, investments in contingent payment debt instruments and investment in the subsidiary.

The federal income tax net unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Fund’s investment in its subsidiary of $(11,816,758), which, if realized, is not deductible for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2019 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	172	$	144,119	$	144,291

* Short-term gain distributions are treated as ordinary income for income tax purposes.

During the year ended October 31, 2018, the Fund did not make any distributions.

As of October 31, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	6,628,059	$	(11,076,444	)	$	7,743,058

The cumulative timing differences primarily consist of mark to market of futures contracts, mark to market of forward foreign currency contracts, wash sale loss deferrals, straddle loss deferrals and investments in contingent payment debt instruments.

During the year ended October 31, 2019, the subsidiary had $2,404,522 of net losses for tax purposes. The subsidiary’s net losses for the current year are not available to offset its future taxable income.

As of October 31, 2019, the Fund had the following post-enactment net capital loss carryforwards:

Capital Loss Carryforward
Short-Term		Long-Term
$	7,837,061	$	3,239,383

6. Borrowings

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

The Fund had no borrowings outstanding from another fund during the year ended October 31, 2019.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 83

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2019 (continued)

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility at October 31, 2019.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the year ended October 31, 2019.

7. Risks, Concentrations and Indemnifications

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

As of October 31, 2019, the Fund had two individual shareholder and/or affiliated omnibus accounts and one individual shareholder and/ornon-affiliated omnibus account, which owned 39.7% and 31.9% of the Fund’s outstanding shares, respectively.

In addition, as of October 31, 2019, the J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, 52.4% of the net assets of the Fund.

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

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Fund will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss.

Derivatives, including swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund’s investment in convertible bonds subjects the Fund to equity price risk. Due to their conversion feature, the value of convertible bonds tends to vary with fluctuations in the market value of the underlying security.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it

84 J.P. MORGAN FUNDS OCTOBER 31, 2019

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

OCTOBER 31, 2019 J.P. MORGAN FUNDS 85

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Systematic Alpha Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, of JPMorgan Systematic Alpha Fund (one of the funds constituting JPMorgan Trust I, referred to hereafter as the “Fund”) as of October 31, 2019, the related consolidated statement of operations for the year ended October 31, 2019, the consolidated statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 20, 2019

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

86 J.P. MORGAN FUNDS OCTOBER 31, 2019

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	130	Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	130	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	130	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	130	Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	130	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	130	None

OCTOBER 31, 2019 J.P. MORGAN FUNDS 87

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Fund(1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	130	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	130	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	130	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	130	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	130	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002).	130	Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006).	130	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

88 J.P. MORGAN FUNDS OCTOBER 31, 2019

(1) Dr. Goldstein is retiring from the Board of Trustees effective the close of business on December 31, 2019. The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (130 funds).

    * Two family members of Mr. Harrington are partner and managing director, respectively, of the Fund’s independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Fund’s financial statements and do not provide other services to the Fund. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

  ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 89

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Keri E. Riemer (1976), Assistant Secretary (2019)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016).
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

    * The contact address for the officer is 4 New York Plaza, New York, NY 10004.

  ** The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

90 J.P. MORGAN FUNDS OCTOBER 31, 2019

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2019 and continued to hold your shares at the end of the reporting period, October 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Systematic Alpha Fund
Class A
Actual	$	1,000.00	$	995.70	$	5.89		1.17	%
Hypothetical		1,000.00		1,019.31		5.96		1.17
Class C
Actual		1,000.00		993.40		8.39		1.67
Hypothetical		1,000.00		1,016.79		8.49		1.67
Class I
Actual		1,000.00		997.20		4.63		0.92
Hypothetical		1,000.00		1,020.57		4.69		0.92
Class R6
Actual		1,000.00		998.60		3.38		0.67
Hypothetical		1,000.00		1,021.83		3.41		0.67

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

OCTOBER 31, 2019 J.P. MORGAN FUNDS 91

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 14, 2019.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund as compared to the Fund’s objective and peer group. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is

provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team, including personnel changes, if any. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent

92 J.P. MORGAN FUNDS OCTOBER 31, 2019

and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Fund for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted that the Fund has fee waivers and contractual expense limitations (“Fee Caps”) which allow the Fund’s shareholders to share potential economies of scale from it’s inception and that the fees remain competitive with peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Fund, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including any Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels, was reasonable. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders, and that, for those J.P. Morgan Funds that had achieved scale and no longer had Fee Caps in place for some or all of their classes, through lower average expenses as asset levels had increased, in addition to the reinvestment that ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the

OCTOBER 31, 2019 J.P. MORGAN FUNDS 93

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one- and three-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance for Class A shares was in the fourth, fifth and third quintiles based upon the Peer Group, and in the fourth, fifth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the second and fourth quintiles based upon the Peer Group, for the one- and three-year periods ended December 31, 2018, respectively, and in the fourth, fifth and fourth quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2018. The Trustees noted that the Fund’s

performance for Class R6 shares was in the fifth quintile based upon the Peer Group for the one-year period ended December 31, 2018, and in the fourth, fifth and third quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s money market and alternative products committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates and that changes made to the administration agreement in January 2019, if applicable, were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for the Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio after taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee and the actual total expenses for each of Class A, Class I and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, including a reduction to the Fund’s contractual advisory fee effective March 1, 2019, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

94 J.P. MORGAN FUNDS OCTOBER 31, 2019

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2019. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Long Term Capital Gain

The Fund distributed $144,119, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2019.

OCTOBER 31, 2019 J.P. MORGAN FUNDS 95

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you areno longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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. at1-800-480-4111 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 at202-371-8300.

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

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

A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2019.  All rights reserved. October 2019. AN-SA-1019

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.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the 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.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of FormN-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(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)).

The audit committee financial expert is Dennis P. Harrington. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(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.

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.

AUDIT FEES

2019 – $1,144,003

2018 – $1,215,508

(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.

AUDIT-RELATED FEES

2019 – $176,810

2018 – $222,110

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(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.

TAX FEES

2019 – $270,666

2018 – $296,057

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2019 and 2018, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X.

(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.

ALL OTHER FEES

2019 – Not applicable

2018 – Not applicable

(e) (1) Disclose the audit committee’spre-approval policies and procedures described in paragraph (c)(7) of Rule2-01 of RegulationS-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for thepre-approval of audit andnon-audit services (the“Pre-approval Policy”), the Audit Committeepre-approves all audit andnon-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committeepre-approves the auditor’s engagement fornon-audit services with the Registrant’s investment adviser (not including asub-adviser whose role is primarily portfolio management and issub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may bepre-approved either 1) without consideration of specificcase-by-case services or 2) require the specificpre-approval of the Audit Committee. Therefore, initially thePre-approval Policy listed a number of audit andnon-audit services that have been approved by the Audit Committee, or which were not subject topre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the

“Pre-approval List”). The Audit Committee annually reviews andpre-approves the services included on thePre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specificpre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of generalpre-approved services from time to time, based on subsequent determinations. All other audit andnon-audit services not on thePre-approval List must be specificallypre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Anypre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities topre-approve services performed by the independent public registered accounting firm are not delegated to management.

(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 Rule2-01 of RegulationS-X.

2019 – 0.0%

2018 – 0.0%

(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.

Not applicable - Less than 50%.

(g) Disclose the aggregatenon-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including anysub-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.

The aggregatenon-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2019 - $30.6 million

2018 - $32.5 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision ofnon-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 notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of thenon-audit services that were rendered to Service Affiliates that were notpre-approved (not requiringpre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to bepre-approved werepre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule10A-3 under the Exchange Act (17CFR240.10A-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 Rule10A-3(d) under the Exchange Act (17CFR240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth inSection 210.12-12 of RegulationS-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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BYCLOSED-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 CFR240.14a-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 Rule30a-3(c) under the Act (17 CFR270.30a-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 Rule30a-3(b) under the Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Exchange Act (17 CFR240.13a-15(b) or240.15d-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 FormN-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 FormN-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 Rule30a-3(d) under the Act (17 CFR270.30a-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 FORCLOSED-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.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule30a-2(a) under the Act (17 CFR270.30a-2).

Certifications pursuant to Rule30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule23c-1 under the Act (17 CFR270.23c-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 Rule30a-2(b) under the Act of 1940.

Certifications pursuant to Rule30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	January 2, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	January 2, 2020
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	January 2, 2020