JPMorgan U.S. Value Fund (VGRIX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2020 through April 30, 2021

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

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

Semi-Annual Report

J.P. Morgan Specialty Funds

April 30, 2021 (Unaudited)

JPMorgan Macro Opportunities Fund

JPMorgan Opportunistic Equity Long/Short Fund

JPMorgan Research Market Neutral Fund

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Macro Opportunities Fund	3
JPMorgan Opportunistic Equity Long/Short Fund	6
JPMorgan Research Market Neutral Fund	9
Schedules of Portfolio Investments	12
Financial Statements	26
Financial Highlights	34
Notes to Financial Statements	40
Schedule of Shareholder Expenses	55
Liquidity Risk Management Program	56

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

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

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

LETTER TO SHAREHOLDERS

June 16, 2021 (Unaudited)

Dear Shareholders,

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

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

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

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

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

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

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

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

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

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

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

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

2 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

JPMorgan Macro Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	9.23%
ICE BofAML 3-Month US Treasury Bill Index	0.05%
Net Assets as of 4/30/2021 (In Thousands)	$17,706

INVESTMENT OBJECTIVE**

The JPMorgan Macro Opportunities 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 posted a positive absolute performance and outperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Benchmark”) for the six months ended April 30, 2021.

The Fund’s long equity strategies were leading contributors to absolute performance during the reporting period. The Fund’s fixed income strategies also contributed to absolute performance, while the Fund’s short bias equity strategies detracted from absolute performance.

In equity, the Fund’s exposures in the technology, financials and consumer discretionary sectors were leading contributors to absolute performance. Within technology, the Fund benefitted from increased exposure to select semiconductor manufacturers that benefitted from both long term trends, including the spread of 5G networks and the transition to cloud computing, and short-term cyclical trends, particularly increased demand across most end markets amid constrained global supply. The Fund’s exposures in the financials and consumer discretionary sectors benefitted from exposure to U.S. financial services and consumer companies that were geared toward pandemic recovery and were supported by the broader expansion in economic activity during the period.

In fixed income, the Fund’s short duration strategy via bond futures also contributed to absolute performance amid an

improved outlook for the U.S. economy and rising bond yields. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with shorter duration will experience a smaller increase or decrease in price as interest rates fall or rise, respectively, versus bonds with longer duration.

The leading detractors from absolute performance included the Fund’s short positions in U.S. and European equity via options and futures as developed equity markets posted positive returns for the period. The Fund’s allocation to equity was the leading contributor to performance relative to the Benchmark, which is a fixed income index that contains no equity.

HOW WAS THE FUND POSITIONED?

During the reporting period, the portfolio managers increased the Fund’s bias toward cyclical areas of the equity market amid improved economic data and progress in mass vaccinations, particularly in developed markets. The Fund maintained some downside protection, predominantly through short-bias equity strategies, amid investor concerns about virus resurgence driven by new variants and the sharp rise in bond yields early in 2021. The portfolio managers also initiated a U.S. short duration strategy to reflect their view that bond yields would continue to move higher.

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

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

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Macro Opportunities Fund

FUND COMMENTARY

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

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	HDFC Bank Ltd., ADR (India)		2.7	%
	2.	Alphabet, Inc., Class A		2.4
	3.	Amazon.com, Inc.		2.3
	4.	Microsoft Corp.		2.0
	5.	Alibaba Group Holding Ltd. (China)		1.9
	6.	LVMH Moet Hennessy Louis Vuitton SE (France)		1.9
	7.	Visa, Inc., Class A		1.9
	8.	Mastercard, Inc., Class A		1.9
	9.	Thermo Fisher Scientific, Inc.		1.7
	10.	Samsung Electronics Co. Ltd. (South Korea)		1.6

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		20.8	%
Financials		14.4
Consumer Discretionary		13.2
Health Care		6.4
Communication Services		5.2
Industrials		4.2
Utilities		4.0
Energy		1.8
Call Options Purchased		1.3
Consumer Staples		1.2
Put Options Purchased		0.1
Short-Term Investments		27.4

4 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	April 15, 2020
With Sales Charge**			3.33	%		5.67	%		5.64	%
Without Sales Charge			9.04			11.51			11.25
CLASS C SHARES	April 15, 2020
With CDSC***			7.81			9.98			10.74
Without CDSC			8.81			10.98			10.74
CLASS I SHARES	April 15, 2020		9.23			11.84			11.56
CLASS R6 SHARES	September 30, 2020		9.29			11.98			11.69

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (4/15/20 TO 4/30/21)

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

The Fund commenced operations on April 15, 2020.

Returns for Class R6 Shares prior to its inception 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 Macro Opportunities Fund and the ICE BofAML 3-Month US Treasury Bill Index from April 15, 2020 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the 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 gains distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

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

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

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	15.74%
S&P 500 Index	28.85%
ICE BofAML 3-Month US Treasury Bill Index	0.05%
Net Assets as of 4/30/2021 (In Thousands)	$649,026

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended April 30, 2021.

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

Leading individual detractors from absolute performance included the Fund’s long position in Alibaba Group Holdings Ltd. and its short positions in Acacia Communications Inc. and Walgreen Boots Alliance Inc. Shares of Alibaba Group Holding, an electronic commerce conglomerate based in China, fell amid an antitrust review by Chinese regulators that resulted in a $2.8 billion fine against the company. Shares of Acacia Communications, a telecommunications equipment manufacturer, rose ahead of its $4.5 billion acquisition by Cisco System Inc. Shares of Walgreen Boots Alliance, a drug store chain and prescription services provider, rose after the company reported better-than-expected earnings for its fiscal second quarter and raised its earnings outlook.

Leading individual contributors to absolute performance included the Fund’s long positions in Tesla Inc., Cigna Corp. and

NXP Semiconductors NV. Shares of Tesla, a maker of electric automobiles and energy generation and storage systems, rose on growth in quarterly earnings and investor demand for large cap technology stocks. Shares of Cigna, a health insurance and pharmacy benefits provider, rose after the company reaffirmed its earnings outlook for 2021 and increased its share repurchase plan. Shares of NXP Semiconductors, a Dutch semiconductor manufacturer, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2021.

HOW WAS THE FUND POSITIONED?

During the six months ended April 30, 2021, the Fund invested an average of 138% 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 portfolio managers sought to achieve lower volatility than the Benchmark through a disciplined research process, security selection and risk management. For the six month reporting period, the Fund’s average gross exposure was 138% and its average net exposure was 70%.

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

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

6 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

TOP TEN LONG POSITIONS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Fidelity National Information Services, Inc.		8.9	%
	2.	Fiserv, Inc.		8.2
	3.	UnitedHealth Group, Inc.		8.2
	4.	Zscaler, Inc.		7.9
	5.	Cigna Corp.		7.8
	6.	Mastercard, Inc., Class A		5.9
	7.	Charter Communications, Inc., Class A		4.8
	8.	Match Group, Inc.		4.6
	9.	Tesla, Inc.		4.0
	10.	Blackstone Group, Inc. (The)		3.9

TOP TEN SHORT POSITIONS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Perspecta, Inc.		14.8	%
	2.	Navistar International Corp.		14.6
	3.	Cardtronics plc, Class A		14.5
	4.	Sirius XM Holdings, Inc.		14.4
	5.	SPDR S&P 500 ETF Trust		12.9
	6.	Magellan Health, Inc.		12.9
	7.	Kellogg Co.		4.4
	8.	Pinnacle West Capital Corp.		3.9
	9.	Entergy Corp.		1.5
	10.	Procter & Gamble Co. (The)		1.3

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		37.3	%
Communication Services		19.1
Health Care		15.9
Consumer Discretionary		10.8
Financials		9.5
Industrials		4.3
Consumer Staples		2.7
Utilities		0.1
Short-Term Investments		0.3

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		29.3	%
Industrials		14.6
Communication Services		14.4
Exchange-Traded Fund		12.9
Health Care		12.9
Consumer Staples		10.5
Utilities		5.4

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	August 29, 2014
With Sales Charge**			9.45	%		22.95	%		8.46	%		8.09	%
Without Sales Charge			15.52			29.74			9.64			8.96
CLASS C SHARES	August 29, 2014
With CDSC***			14.28			28.12			9.10			8.42
Without CDSC			15.28			29.12			9.10			8.42
CLASS I SHARES	August 29, 2014		15.74			30.10			9.92			9.24
CLASS R6 SHARES	August 29, 2014		15.86			30.43			10.20			9.52

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (8/29/14 TO 4/30/21)

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

The Fund commenced operations on August 29, 2014.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Opportunistic Equity Long/Short Fund, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from August 29, 2014 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the 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 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. 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 on gains resulting from redemptions of Fund shares.

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

8 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	1.85%
ICE BofAML 3-Month US Treasury Bill Index	0.05%
Net Assets as of 4/30/2021 (In Thousands)	$94,323

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 I Shares outperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Benchmark”) for the six months ended April 30, 2021. During the period, equity markets generally outperformed bond markets.

The Fund’s security selections in the media and semiconductors sectors were leading contributors to performance relative to the Benchmark, while the Fund’s security selections in the retail and industrial cyclical sectors were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s long positions in Diamondback Energy Inc. and Lyft Inc., and its short position in Take-Two Interactive Software Inc. Shares of Diamondback Energy, an oil and gas company focused on U.S. shale deposits, rose amid a rebound in global energy demand and the company’s improved earnings outlook. Shares of Lyft, an online ride-hailing service, rose amid a rebound in demand for its services in 2021. Shares of Take-Two Interactive Software, a video game publisher, fell after the company reported lower-than-expected results for the fourth quarter of 2020.

Leading individual detractors from relative performance included the Fund’s short positions in Acuity Brands Inc.,

ViacomCBS Inc. and General Electric Co. Shares of Acuity Brands, a provider of lighting and building management systems, rose after the company reported consecutive quarters of better-than-expected earnings. Shares of ViacomCBS, a media content and distribution company, rebounded from a sharp sell off in March 2020 amid the collapse of Archegos Capital Management. Shares of General Electric, an industrial and financial services company, rose amid investor expectations that the company would benefit from the Biden administration’s plans for infrastructure and renewable energy spending.

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.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

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

TOP TEN LONG POSITIONS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Diamondback Energy, Inc.		2.1	%
	2.	Mastercard, Inc., Class A		2.0
	3.	Amazon.com, Inc.		1.8
	4.	Alphabet, Inc., Class C		1.5
	5.	Discovery, Inc., Class C		1.5
	6.	Lyft, Inc., Class A		1.4
	7.	Seagate Technology plc		1.4
	8.	Stanley Black & Decker, Inc.		1.3
	9.	Facebook, Inc., Class A		1.2
	10.	Trane Technologies plc		1.2

TOP TEN SHORT POSITIONS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Kroger Co. (The)		2.4	%
	2.	Walmart, Inc.		2.1
	3.	Take-Two Interactive Software, Inc.		2.1
	4.	Discovery, Inc., Class A		2.0
	5.	Intel Corp.		1.9
	6.	Enbridge, Inc. (Canada)		1.8
	7.	Interpublic Group of Cos., Inc. (The)		1.7
	8.	Amgen, Inc.		1.7
	9.	HP, Inc.		1.6
	10.	3M Co.		1.5

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		14.7	%
Industrials		14.6
Consumer Discretionary		11.4
Health Care		9.2
Communication Services		9.2
Financials		8.3
Energy		6.3
Materials		4.4
Utilities		3.1
Real Estate		3.0
Consumer Staples		2.5
Short-Term Investments		13.3

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		14.8	%
Information Technology		14.0
Communication Services		13.1
Financials		12.0
Consumer Staples		10.9
Health Care		8.9
Energy		7.6
Materials		5.0
Real Estate		4.9
Utilities		4.6
Consumer Discretionary		4.2

10 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			(3.61	)%		(0.85	)%		3.20	%		1.05	%
Without Sales Charge			1.73			4.64			4.33			1.60
CLASS C SHARES	November 2, 2009
With CDSC***			0.46			3.04			3.80			1.20
Without CDSC			1.46			4.04			3.80			1.20
CLASS I SHARES	November 2, 2009		1.85			4.90			4.59			1.86

* Not annualized.

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Research Market Neutral Fund and ICE BofAML 3-Month US Treasury Bill Index from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and

the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

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

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

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

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Macro Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 64.2%
Banks — 7.3%
First Republic Bank		1			148
HDFC Bank Ltd., ADR (India) *		6			432
Huntington Bancshares, Inc.		9			141
PNC Financial Services Group, Inc. (The)		1			212
Sberbank of Russia PJSC, ADR (Russia)		15			236
Signature Bank		—	(a)		122
					1,291
Building Products — 0.6%
Trane Technologies plc		1			114
Capital Markets — 1.3%
Bank of New York Mellon Corp. (The)		2			113
S&P Global, Inc.		—	(a)		123
					236
Electric Utilities — 3.3%
EDP — Energias de Portugal SA (Portugal)		16			87
Enel SpA (Italy)		20			201
Iberdrola SA (Spain)		11			150
Orsted A/S (Denmark)(b)		1			139
					577
Electrical Equipment — 1.7%
Rockwell Automation, Inc.		1			159
Schneider Electric SE (France)		1			147
					306
Entertainment — 2.6%
Netflix, Inc. *		—	(a)		222
Walt Disney Co. (The) *		1			231
					453
Health Care Equipment & Supplies — 1.5%
Abbott Laboratories		1			109
Medtronic plc		1			157
					266
Household Durables — 1.8%
DR Horton, Inc.		2			164
Lennar Corp., Class A		2			160
					324
Insurance — 3.3%
AIA Group Ltd. (Hong Kong)		18			231
Aon plc, Class A		1			162
Ping An Insurance Group Co. of China Ltd., Class H (China)		18			191
					584

INVESTMENTS	SHARES (000)			VALUE ($000)
Interactive Media & Services — 2.2%
Alphabet, Inc., Class A *		—	(a)		388
Internet & Direct Marketing Retail — 3.9%
Alibaba Group Holding Ltd. (China) *		11			314
Amazon.com, Inc. *		—	(a)		374
					688
IT Services — 4.5%
Mastercard, Inc., Class A		1			280
PayPal Holdings, Inc. *		1			200
Visa, Inc., Class A		1			311
					791
Life Sciences Tools & Services — 1.5%
Thermo Fisher Scientific, Inc.		1			267
Machinery — 1.5%
Stanley Black & Decker, Inc.		1			110
Volvo AB, Class B (Sweden)		7			162
					272
Multi-Utilities — 0.5%
RWE AG (Germany)		2			84
Oil, Gas & Consumable Fuels — 1.7%
ConocoPhillips		2			93
EOG Resources, Inc.		1			108
Pioneer Natural Resources Co.		1			94
					295
Personal Products — 1.1%
Estee Lauder Cos., Inc. (The), Class A		1			198
Pharmaceuticals — 2.9%
AstraZeneca plc (United Kingdom)		2			223
Eli Lilly & Co.		1			113
Novo Nordisk A/S, Class B (Denmark)		2			170
					506
Semiconductors & Semiconductor Equipment — 9.1%
Analog Devices, Inc.		1			216
Applied Materials, Inc.		2			234
Lam Research Corp.		—	(a)		202
Microchip Technology, Inc.		1			209
Micron Technology, Inc. *		3			225
NVIDIA Corp.		—	(a)		121
SK Hynix, Inc. (South Korea)		2			216
Texas Instruments, Inc.		1			194
					1,617

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Software — 4.1%
Adobe, Inc. *		—	(a)		80
Atlassian Corp. plc, Class A *		—	(a)		84
Microsoft Corp.		1			321
salesforce.com, Inc. *		1			170
ServiceNow, Inc. *		—	(a)		78
					733
Specialty Retail — 2.1%
Burlington Stores, Inc. *		—	(a)		124
TJX Cos., Inc. (The)		3			247
					371
Technology Hardware, Storage & Peripherals — 1.4%
Samsung Electronics Co. Ltd. (South Korea)		3			249
Textiles, Apparel & Luxury Goods — 4.3%
Lululemon Athletica, Inc. *		1			224
LVMH Moet Hennessy Louis Vuitton SE (France)		—	(a)		313
NIKE, Inc., Class B		2			227
					764
Total Common Stocks (Cost $8,678)					11,374
	PRINCIPAL AMOUNT ($000)
Foreign Government Securities — 1.4%
Republic of South Africa (South Africa) 8.00%, 1/31/2030	ZAR	1,296			82
Romania Government Bond (Romania) 2.75%, 2/26/2026 (b)	EUR	60			79
3.62%, 5/26/2030 (b)	EUR	58			81
Total Foreign Government Securities (Cost $232)					242
	NO. OF CONTRACTS
Options Purchased — 1.3%
Call Options Purchased — 1.2%
Aerospace & Defense — 0.1%
Airbus SE (France) 12/17/2021 at EUR 100.00, American Style Notional Amount: EUR 91 Exchange-Traded *	EUR	9			11
Boeing Co. (The) 1/21/2022 at USD 300.00, American Style Notional Amount: USD 70 Exchange-Traded *		3			3

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Aerospace & Defense — continued
Safran SA (France) 3/18/2022 at EUR 140.00, American Style Notional Amount: EUR 62 Exchange-Traded *	EUR	5		4
				18
Banks — 0.6%
Natwest Group plc (United Kingdom) 12/17/2021 at GBP 160.00, American Style Notional Amount: GBP 1 Exchange-Traded *	GBP	29		17
Signature Bank 9/17/2021 at USD 250.00, American Style Notional Amount: USD 201 Exchange-Traded *		8		21
Societe Generale SA (France) 12/17/2021 at EUR 20.00, American Style Notional Amount: EUR 118 Exchange-Traded *	EUR	50		26
UniCredit SpA (Germany) 12/16/2021 at EUR 10.00, American Style Notional Amount: EUR 97 Exchange-Traded *	EUR	113		6
Wells Fargo & Co. 1/21/2022 at USD 40.00, American Style Notional Amount: USD 90 Exchange-Traded *		20		15
				85
Beverages — 0.0% (c)
Heineken NV (Netherlands) 3/18/2022 at EUR 95.00, American Style Notional Amount: EUR 68 Exchange-Traded *	EUR	7		7
Construction & Engineering — 0.0% (c)
Vinci SA (France) 3/18/2022 at EUR 100.00, American Style Notional Amount: EUR 64 Exchange-Traded *	EUR	7		4
	PRINCIPAL AMOUNT ($000)
Foreign Exchange Currency Options — 0.0% (c)
Foreign Exchange USD/RUB 5/14/2021 at USD 80.25, Vanilla, European Style Notional Amount: USD 530 Counterparty: Citibank, NA *		530		—	(a)
	NO. OF CONTRACTS
Hotels, Restaurants & Leisure — 0.1%
Compass Group plc (United Kingdom) 3/18/2022 at GBP 1,700.00, American Style Notional Amount: GBP 1 Exchange-Traded *	GBP	3		5
Las Vegas Sands Corp. 1/21/2022 at USD 72.50, American Style Notional Amount: USD 67 Exchange-Traded *		11		4

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Macro Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — continued
Hotels, Restaurants & Leisure — continued
Marriott International, Inc. 1/21/2022 at USD 170.00, American Style Notional Amount: USD 74 Exchange-Traded *		5		4
Planet Fitness, Inc. 1/21/2022 at USD 95.00, American Style Notional Amount: USD 76 Exchange-Traded *		9		9
				22
Index Funds — 0.4%
EURO STOXX 50 Index (Germany) 8/20/2021 at EUR 4,050.00, European Style Notional Amount: EUR 715 Exchange-Traded *	EUR	18		18
S&P 500 Index 7/30/2021 at USD 4,250.00, European Style Notional Amount: USD 2,508 Exchange-Traded *		6		55
				73
Total Call Options Purchased				209
Put Options Purchased — 0.1%
Index Funds — 0.1%
S&P 500 Index 5/14/2021 at USD 4,100.00, European Style Notional Amount: USD 2,509 Exchange-Traded * (Cost $14)		6		13
Total Options Purchased (Cost $197)				222
	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 25.2%
Foreign Government Treasury Bills — 10.9%
Japan Treasury Bills (Japan)
(0.10)%, 5/24/2021 (d)	JPY	89,900		822
(0.10)%, 6/21/2021 (d)	JPY	86,100		788
Letras do Tesouro Nacional (Brazil) 4.83%, 7/1/2023 (d)	BRL	2,000		318
Total Foreign Government Treasury Bills (Cost $1,984)				1,928

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 14.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.09% (e) (f) (Cost $2,542)		2,541		2,542
Total Short-Term Investments (Cost $4,526)				4,470
Total Investments — 92.1% (Cost $13,633)				16,308
Other Assets Less Liabilities — 7.9%				1,398
NET ASSETS — 100.0%				17,706

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
BRL	Brazilian Real
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
PJSC	Public Joint Stock Company
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	The rate shown is the effective yield as of April 30, 2021.
(e)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(f)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY	NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10 Year Bond		10			06/2021	AUD		1,074			4
E-Mini Industrial Select Sector		3			06/2021	USD		307			17
Euro-BTP		2			06/2021	EUR		354			(5	)
STOXX 600 Banks Index		51			06/2021	EUR		406			14
STOXX 600 Insurance Index		16			06/2021	EUR		287			(1	)
											29
Short Contracts
EURO STOXX 50 Index		(28	)		06/2021	EUR		(1,324	)		(35	)
Euro-Bund		(2	)		06/2021	EUR		(409	)		4
MSCI Emerging Markets E-Mini Index		(7	)		06/2021	USD		(468	)		5
S&P 500 E-Mini Index		(14	)		06/2021	USD		(2,922	)		(126	)
U.S. Treasury 10 Year Note		(42	)		06/2021	USD		(5,548	)		44
XAP Consumer Staples Index		(4	)		06/2021	USD		(279	)		(15	)
XAU Utilities Index		(1	)		06/2021	USD		(67	)		(4	)
XAV Health Care Index		(1	)		06/2021	USD		(122	)		(11	)
											(138	)
											(109	)

Abbreviations
AUD	Australian Dollar
EUR	Euro
MSCI	Morgan Stanley Capital International
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of April 30, 2021 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) ($)
CNY	5,473		USD	841	Goldman Sachs International**	5/10/2021		4
TWD	23,791		USD	836	Citibank, NA**	5/10/2021		16
USD	861		TWD	23,791	Goldman Sachs International**	5/10/2021		9
BRL	1,007		USD	179	Goldman Sachs International**	5/27/2021		6
RUB	5,005		USD	66	Barclays Bank plc**	5/27/2021		1
USD	778		HKD	6,041	Citibank, NA	5/27/2021		—	(a)
USD	37		INR	2,713	Citibank, NA**	5/27/2021		—	(a)
USD	179		MXN	3,612	Barclays Bank plc	5/27/2021		1
CNY	5,704		USD	865	Citibank, NA**	7/13/2021		12
NOK	5,883		USD	701	Goldman Sachs International	7/27/2021		6
USD	899		AUD	1,164	Goldman Sachs International	7/27/2021		2
USD	1,611		JPY	175,503	Goldman Sachs International	7/27/2021		4
USD	179		SEK	1,514	Goldman Sachs International	7/27/2021		—	(a)
Total unrealized appreciation								61
USD	834		CNY	5,473	Citibank, NA**	5/10/2021		(12	)
HKD	300		USD	39	Citibank, NA	5/27/2021		—	(a)
HKD	321		USD	41	TD Bank Financial Group	5/27/2021		—	(a)
KRW	64,161		USD	58	Goldman Sachs International**	5/27/2021		—	(a)
MXN	3,547		USD	178	Barclays Bank plc	5/27/2021		(3	)
USD	469		BRL	2,692	Goldman Sachs International**	5/27/2021		(25	)
USD	321		DKK	1,996	TD Bank Financial Group	5/27/2021		(2	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Macro Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	36		HKD	278	TD Bank Financial Group		5/27/2021		—	(a)
USD	45		INR	3,337	Barclays Bank plc**		5/27/2021		—	(a)
USD	361		INR	27,266	Goldman Sachs International**		5/27/2021		(6	)
USD	530		KRW	591,381	Citibank, NA**		5/27/2021		(2	)
USD	291		RUB	22,083	Citibank, NA**		5/27/2021		(2	)
USD	617		ZAR	8,987	Merrill Lynch International		5/27/2021		—	(a)
ZAR	7,653		USD	534	Goldman Sachs International		5/27/2021		(8	)
USD	841		TWD	23,791	Citibank, NA**		7/13/2021		(11	)
USD	38		TWD	1,082	Goldman Sachs International**		7/13/2021		(1	)
AUD	1,162		USD	898	Goldman Sachs International		7/27/2021		(2	)
EUR	53		USD	64	Goldman Sachs International		7/27/2021		—	(a)
USD	2,076		EUR	1,738	Goldman Sachs International		7/27/2021		(18	)
USD	227		GBP	165	Goldman Sachs International		7/27/2021		—	(a)
Total unrealized depreciation									(92	)
Net unrealized depreciation									(31	)

Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CNY	China Yuan
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
INR	Indian Rupee
JPY	Japanese Yen
KRW	Korean Republic Won
MXN	Mexican Peso
NOK	Norwegian Krone
RUB	Russian Ruble
SEK	Swedish Krona
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
**	Non-deliverable forward.

Written Call Options Contracts as of April 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	COUNTERPARTY	NUMBER OF CONTRACTS	NOTIONAL AMOUNT	EXERCISE PRICE	EXPIRATION DATE	VALUE ($)
Foreign Exchange USD/RUB	Citibank, NA	530,000	USD 530	USD 80.25	5/14/2021	—(a)
Total Written Options Contracts (Premiums Received $2)						—(a)

Abbreviations
RUB	Russian Ruble
USD	United States Dollar
(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 105.4%
Common Stocks — 105.1%
Airlines — 1.6%
United Airlines Holdings, Inc. * (a)		185			10,072
Automobiles — 8.2%
Ferrari NV (Italy)		122			25,991
Tesla, Inc. * (a)		39			27,413
					53,404
Capital Markets — 5.9%
Blackstone Group, Inc. (The) (a)		298			26,404
Open Lending Corp., Class A *		312			12,197
					38,601
Communications Equipment — 2.0%
Motorola Solutions, Inc.		69			13,001
Diversified Financial Services — 4.1%
Berkshire Hathaway, Inc., Class B * (a)		96			26,350
Electric Utilities — 0.1%
NextEra Energy, Inc. (a)		8			622
Entertainment — 0.0% (b)
Netflix, Inc. * (a)		—	(c)		61
Food Products — 2.9%
Hershey Co. (The)		113			18,599
Health Care Providers & Services — 16.8%
Cigna Corp. (a)		213			53,007
UnitedHealth Group, Inc. (a)		140			55,773
					108,780
Hotels, Restaurants & Leisure — 3.1%
Norwegian Cruise Line Holdings Ltd. *		24			742
Royal Caribbean Cruises Ltd. *		224			19,439
					20,181
Interactive Media & Services — 4.8%
Alphabet, Inc., Class A *		—	(c)		71
Match Group, Inc. *		202			31,365
					31,436
Internet & Direct Marketing Retail — 0.0% (b)
Amazon.com, Inc. * (a)		—	(c)		69
IT Services — 25.1%
Fidelity National Information Services, Inc. (a)		399			61,051
Fiserv, Inc. * (a)		466			55,977
Mastercard, Inc., Class A		106			40,382
Twilio, Inc., Class A *		2			618
Visa, Inc., Class A (a)		20			4,664
					162,692

INVESTMENTS	SHARES (000)			VALUE ($000)
Life Sciences Tools & Services — 0.0% (b)
Thermo Fisher Scientific, Inc.		—	(c)		67
Media — 15.3%
Altice USA, Inc., Class A *		654			23,731
Charter Communications, Inc., Class A * (a)		49			32,871
Liberty Media Corp.-Liberty SiriusXM, Class A * (a)		473			21,381
Liberty Media Corp.-Liberty SiriusXM, Class C * (a)		472			21,340
					99,323
Road & Rail — 3.0%
Canadian Pacific Railway Ltd. (Canada)		2			656
Lyft, Inc., Class A *		328			18,232
Uber Technologies, Inc. *		11			589
					19,477
Semiconductors & Semiconductor Equipment — 3.9%
NVIDIA Corp. (a)		1			632
NXP Semiconductors NV (Netherlands)		129			24,857
					25,489
Software — 8.3%
RingCentral, Inc., Class A * (a)		—	(c)		61
Zscaler, Inc. * (a)		287			53,938
					53,999
Technology Hardware, Storage & Peripherals — 0.0% (b)
Apple, Inc. (a)		1			66
Total Common Stocks (Cost $585,265)					682,289
Short-Term Investments — 0.3%
Investment Companies — 0.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (d) (e) (Cost $2,093)		2,092			2,093
Total Long Positions (Cost $587,358)					684,382
Short Positions — (38.1)%
Common Stocks — (33.2)%
Electric Utilities — (2.1)%
Entergy Corp.		(34	)		(3,749	)
Pinnacle West Capital Corp.		(113	)		(9,559	)
					(13,308	)
Food Products — (2.0)%
Hormel Foods Corp.		(52	)		(2,416	)
Kellogg Co.		(174	)		(10,847	)
					(13,263	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 17

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Health Care Providers & Services — (4.9)%
Magellan Health, Inc. *		(338	)		(31,851	)
Household Products — (2.0)%
Clorox Co. (The)		(17	)		(3,086	)
Colgate-Palmolive Co.		(40	)		(3,224	)
Kimberly-Clark Corp.		(24	)		(3,152	)
Procter & Gamble Co. (The)		(24	)		(3,241	)
					(12,703	)
IT Services — (11.1)%
Cardtronics plc, Class A *		(922	)		(35,812	)
Perspecta, Inc.		(1,249	)		(36,571	)
					(72,383	)
Machinery — (5.6)%
Navistar International Corp. *		(814	)		(36,041	)
Media — (5.5)%
Sirius XM Holdings, Inc.		(5,836	)		(35,599	)
Total Common Stocks (Proceeds $(212,270))					(215,148	)
Exchange-Traded Funds — (4.9)%
U.S. Equity — (4.9)%
SPDR S&P 500 ETF Trust (Proceeds $(29,679))		(76	)		(31,869	)
Total Short Positions (Proceeds $(241,949))					(247,017	)
Total Investments — 67.3% (Cost $345,409)					437,365
Other Assets Less Liabilities — 32.7%					211,661
NET ASSETS — 100.0%					649,026

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 $169,898 and $246,822 respectively.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 100.0%
Common Stocks — 86.6%
Aerospace & Defense — 1.4%
Howmet Aerospace, Inc. *		5			150
Northrop Grumman Corp.		1			337
Raytheon Technologies Corp.		10			817
					1,304
Air Freight & Logistics — 0.7%
FedEx Corp.		1			350
United Parcel Service, Inc., Class B		1			276
					626
Airlines — 0.1%
American Airlines Group, Inc. *		2			52
Auto Components — 0.6%
Aptiv plc *		—	(a)		49
Lear Corp.		—	(a)		68
Magna International, Inc. (Canada)		5			431
					548
Automobiles — 0.1%
General Motors Co. *		1			48
Banks — 3.1%
Bank of America Corp.		11			457
SVB Financial Group *		2			925
Truist Financial Corp.		8			480
Wells Fargo & Co.		23			1,045
					2,907
Beverages — 0.9%
Coca-Cola Co. (The)		4			202
Constellation Brands, Inc., Class A		1			168
PepsiCo, Inc.		4			516
					886
Biotechnology — 2.8%
AbbVie, Inc.		8			933
Biogen, Inc. *		2			451
BioMarin Pharmaceutical, Inc. *		2			194
Regeneron Pharmaceuticals, Inc. *		1			510
Vertex Pharmaceuticals, Inc. *		2			532
					2,620
Building Products — 1.9%
Carrier Global Corp.		7			318
Fortune Brands Home & Security, Inc.		1			139
Johnson Controls International plc		3			186
Trane Technologies plc		6			1,103
					1,746

INVESTMENTS	SHARES (000)			VALUE ($000)
Capital Markets — 2.4%
Ameriprise Financial, Inc.		—	(a)		56
Charles Schwab Corp. (The)		10			672
CME Group, Inc.		1			202
Intercontinental Exchange, Inc.		2			222
Morgan Stanley		5			437
State Street Corp.		6			511
T. Rowe Price Group, Inc.		1			187
					2,287
Chemicals — 3.9%
Air Products and Chemicals, Inc. (b)		1			222
Celanese Corp.		3			469
Corteva, Inc.		3			166
DuPont de Nemours, Inc.		14			1,069
Eastman Chemical Co. (b)		6			647
Linde plc (United Kingdom)		2			490
PPG Industries, Inc.		4			619
					3,682
Consumer Finance — 1.4%
American Express Co.		1			182
Capital One Financial Corp. (b)		7			1,092
					1,274
Containers & Packaging — 0.1%
Crown Holdings, Inc.		1			125
Diversified Financial Services — 0.2%
Voya Financial, Inc.		3			230
Electric Utilities — 1.7%
Evergy, Inc.		7			435
FirstEnergy Corp.		21			792
NextEra Energy, Inc.		4			281
Xcel Energy, Inc. (b)		2			124
					1,632
Electrical Equipment — 0.8%
AMETEK, Inc.		—	(a)		57
Eaton Corp. plc		5			684
					741
Electronic Equipment, Instruments & Components — 0.1%
TE Connectivity Ltd.		1			132
Energy Equipment & Services — 0.5%
Baker Hughes Co.		23			458

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 19

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Entertainment — 2.2%
Electronic Arts, Inc.		6			847
Endeavor Group Holdings, Inc., Class A *		22			611
Netflix, Inc. * (b)		1			655
					2,113
Equity Real Estate Investment Trusts (REITs) — 3.0%
Brixmor Property Group, Inc.		19			432
Camden Property Trust		3			354
Cousins Properties, Inc.		8			308
Equity LifeStyle Properties, Inc.		5			335
Host Hotels & Resorts, Inc. *		10			188
Invitation Homes, Inc.		3			102
Kimco Realty Corp.		12			248
Prologis, Inc.		2			252
SBA Communications Corp.		—	(a)		62
Sun Communities, Inc.		—	(a)		74
UDR, Inc.		7			314
Ventas, Inc.		1			69
WP Carey, Inc.		1			82
					2,820
Food Products — 0.5%
Hershey Co. (The)		1			176
Mondelez International, Inc., Class A		4			266
					442
Health Care Equipment & Supplies — 2.8%
Becton Dickinson and Co.		2			490
Boston Scientific Corp. *		10			415
Danaher Corp.		1			193
Medtronic plc		6			789
Teleflex, Inc.		—	(a)		181
Zimmer Biomet Holdings, Inc.		3			614
					2,682
Health Care Providers & Services — 2.1%
Centene Corp. *		8			486
Cigna Corp. (b)		2			575
CVS Health Corp.		7			509
UnitedHealth Group, Inc. (b)		1			392
					1,962
Hotels, Restaurants & Leisure — 2.8%
Booking Holdings, Inc. *		—	(a)		476
Darden Restaurants, Inc.		3			424
Hilton Worldwide Holdings, Inc. *		1			95

INVESTMENTS	SHARES (000)			VALUE ($000)
Hotels, Restaurants & Leisure — continued
Las Vegas Sands Corp. *		3			196
McDonald’s Corp.		3			822
Yum! Brands, Inc. (b)		6			662
					2,675
Household Durables — 1.0%
KB Home		8			400
Lennar Corp., Class A		1			126
Mohawk Industries, Inc. *		—	(a)		78
Toll Brothers, Inc.		5			300
					904
Household Products — 0.2%
Kimberly-Clark Corp.		—	(a)		30
Procter & Gamble Co. (The)		1			157
					187
Industrial Conglomerates — 0.0% (c)
Roper Technologies, Inc.		—	(a)		45
Insurance — 1.2%
Chubb Ltd.		1			189
Hartford Financial Services Group, Inc. (The)		4			281
Lincoln National Corp.		1			66
Marsh & McLennan Cos., Inc.		1			81
Progressive Corp. (The)		1			74
Prudential Financial, Inc.		4			384
RenaissanceRe Holdings Ltd. (Bermuda)		—	(a)		68
					1,143
Interactive Media & Services — 3.4%
Alphabet, Inc., Class A *		—	(a)		198
Alphabet, Inc., Class C * (b)		1			1,421
Facebook, Inc., Class A *		4			1,147
ZoomInfo Technologies, Inc., Class A *		8			409
					3,175
Internet & Direct Marketing Retail — 2.1%
Amazon.com, Inc. * (b)		—	(a)		1,647
DoorDash, Inc., Class A *		3			366
					2,013
IT Services —4.0%
Fiserv, Inc. * (b)		3			412
FleetCor Technologies, Inc. *		2			702
Mastercard, Inc., Class A (b)		5			1,906
Shopify, Inc., Class A (Canada) *		—	(a)		294
WEX, Inc. *		2			459
					3,773

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Life Sciences Tools & Services — 0.4%
Thermo Fisher Scientific, Inc.		1		373
Machinery — 3.7%
Deere & Co.		2		902
Ingersoll Rand, Inc. *		16		786
Parker-Hannifin Corp. (b)		2		602
Stanley Black & Decker, Inc. (b)		6		1,242
				3,532
Media — 2.8%
Charter Communications, Inc., Class A *		1		652
Comcast Corp., Class A		11		606
Discovery, Inc., Class C *		42		1,372
				2,630
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		9		324
Multiline Retail — 0.3%
Dollar General Corp.		1		144
Dollar Tree, Inc. *		1		137
				281
Multi-Utilities — 1.4%
CenterPoint Energy, Inc.		33		806
Sempra Energy		4		500
				1,306
Oil, Gas & Consumable Fuels — 5.8%
Cabot Oil & Gas Corp.		8		129
Cheniere Energy, Inc. *		8		649
Cimarex Energy Co.		4		236
ConocoPhillips		17		872
Diamondback Energy, Inc.		24		1,985
EOG Resources, Inc.		3		198
Pioneer Natural Resources Co. (b)		6		989
TC Energy Corp. (Canada)		4		190
Williams Cos., Inc. (The)		11		277
				5,525
Personal Products — 0.9%
Estee Lauder Cos., Inc. (The), Class A		3		820
Pharmaceuticals — 1.1%
Bristol-Myers Squibb Co.		9		561
Elanco Animal Health, Inc. *		4		139
Eli Lilly & Co.		2		373
				1,073

INVESTMENTS	SHARES (000)			VALUE ($000)
Professional Services — 1.7%
Booz Allen Hamilton Holding Corp.		3			262
IHS Markit Ltd.		6			658
Leidos Holdings, Inc. (b)		7			685
					1,605
Road & Rail — 4.3%
Canadian Pacific Railway Ltd. (Canada)		1			282
CSX Corp.		5			523
Lyft, Inc., Class A *		24			1,324
Norfolk Southern Corp. (b)		4			995
Old Dominion Freight Line, Inc.		1			381
Uber Technologies, Inc. * (b)		6			318
Union Pacific Corp.		1			265
					4,088
Semiconductors & Semiconductor Equipment — 5.3%
Advanced Micro Devices, Inc. * (b)		7			605
Analog Devices, Inc. (b)		5			752
Applied Materials, Inc.		1			143
Lam Research Corp. (b)		1			656
Marvell Technology, Inc.		6			288
Microchip Technology, Inc.		1			137
Micron Technology, Inc. *		8			730
NXP Semiconductors NV (Netherlands)		5			1,052
ON Semiconductor Corp. *		6			242
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		1			96
Texas Instruments, Inc.		2			284
					4,985
Software — 3.3%
Ceridian HCM Holding, Inc. *		11			1,084
Coupa Software, Inc. *		1			264
Intuit, Inc. (b)		1			538
Microsoft Corp. (b)		3			794
Paylocity Holding Corp. *		—	(a)		78
Workday, Inc., Class A *		1			320
					3,078
Specialty Retail — 3.7%
AutoZone, Inc. *		—	(a)		647
Best Buy Co., Inc.		2			283
Burlington Stores, Inc. *		1			305
Home Depot, Inc. (The)		1			207
Lowe’s Cos., Inc. (b)		6			1,082

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 21

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Specialty Retail — continued
O’Reilly Automotive, Inc. * (b)		2			952
Ross Stores, Inc.		—	(a)		26
TJX Cos., Inc. (The)		—	(a)		34
					3,536
Technology Hardware, Storage & Peripherals — 2.0%
Hewlett Packard Enterprise Co.		39			632
Seagate Technology plc		14			1,282
					1,914
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc. *		1			130
NIKE, Inc., Class B		4			578
					708
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc. * (b)		5			724
Total Common Stocks (Cost $54,766)					81,734
Short-Term Investments — 13.4%
Investment Companies — 13.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (d) (e) (Cost $12,593)		12,590			12,596
Total Long Positions (Cost $67,359)					94,330
Short Positions — (75.6)%
Common Stocks — (75.6)%
Aerospace & Defense — (1.8)%
Boeing Co. (The) *		(2	)		(396	)
HEICO Corp.		(1	)		(202	)
Hexcel Corp. *		(2	)		(109	)
Huntington Ingalls Industries, Inc.		(2	)		(480	)
L3Harris Technologies, Inc.		(1	)		(116	)
Lockheed Martin Corp.		—	(a)		(110	)
Textron, Inc.		(5	)		(299	)
					(1,712	)
Air Freight & Logistics — (0.7)%
CH Robinson Worldwide, Inc.		(3	)		(288	)
Expeditors International of Washington, Inc.		(3	)		(357	)
					(645	)
Airlines — (0.1)%
United Airlines Holdings, Inc. *		(1	)		(51	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Auto Components — (0.4)%
Autoliv, Inc. (Sweden) *		(4	)		(380	)
Automobiles — (0.2)%
Ford Motor Co. *		(5	)		(60	)
Harley-Davidson, Inc.		(2	)		(93	)
					(153	)
Banks — (3.2)%
Associated Banc-Corp.		(3	)		(66	)
Citizens Financial Group, Inc.		(8	)		(371	)
First Republic Bank		(2	)		(395	)
Huntington Bancshares, Inc.		(35	)		(529	)
KeyCorp		(23	)		(491	)
PNC Financial Services Group, Inc. (The)		(5	)		(887	)
US Bancorp		(5	)		(290	)
					(3,029	)
Beverages — (0.1)%
Brown-Forman Corp., Class B		(1	)		(64	)
Biotechnology — (2.3)%
Amgen, Inc.		(5	)		(1,189	)
Gilead Sciences, Inc.		(15	)		(971	)
					(2,160	)
Building Products — (0.3)%
Lennox International, Inc.		(1	)		(187	)
Masco Corp.		(1	)		(66	)
					(253	)
Capital Markets — (3.9)%
BlackRock, Inc.		(1	)		(800	)
Franklin Resources, Inc.		(7	)		(197	)
Moody’s Corp.		(2	)		(775	)
MSCI, Inc.		(1	)		(713	)
Nasdaq, Inc.		(3	)		(504	)
Northern Trust Corp.		(6	)		(668	)
					(3,657	)
Chemicals — (0.9)%
Albemarle Corp.		—	(a)		(52	)
Dow, Inc.		(4	)		(281	)
Ecolab, Inc.		—	(a)		(85	)
RPM International, Inc.		(3	)		(284	)
Sherwin-Williams Co. (The)		—	(a)		(111	)
					(813	)
Commercial Services & Supplies — (0.6)%
Republic Services, Inc.		(5	)		(531	)

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Construction Materials — (0.1)%
Martin Marietta Materials, Inc.		—	(a)		(92	)
Vulcan Materials Co.		—	(a)		(37	)
					(129	)
Consumer Finance — (0.3)%
Discover Financial Services		(3	)		(302	)
Containers & Packaging — (2.4)%
Avery Dennison Corp.		—	(a)		(60	)
Ball Corp.		(3	)		(312	)
International Paper Co.		(14	)		(783	)
Packaging Corp. of America		(1	)		(89	)
Sealed Air Corp.		(6	)		(275	)
Silgan Holdings, Inc.		(6	)		(258	)
Sonoco Products Co.		(8	)		(519	)
					(2,296	)
Diversified Telecommunication Services — (2.0)%
AT&T, Inc.		(29	)		(922	)
Lumen Technologies, Inc.		(44	)		(568	)
Verizon Communications, Inc.		(6	)		(372	)
					(1,862	)
Electric Utilities — (1.4)%
American Electric Power Co., Inc.		(7	)		(617	)
Southern Co. (The)		(11	)		(698	)
					(1,315	)
Electrical Equipment — (1.5)%
Acuity Brands, Inc.		(6	)		(1,033	)
Hubbell, Inc.		(2	)		(291	)
Rockwell Automation, Inc.		—	(a)		(94	)
					(1,418	)
Electronic Equipment, Instruments & Components — (0.2)%
Cognex Corp.		(2	)		(194	)
Energy Equipment & Services — (1.0)%
Halliburton Co.		(32	)		(633	)
Schlumberger NV		(11	)		(294	)
					(927	)
Entertainment — (3.1)%
AMC Entertainment Holdings, Inc., Class A *		(42	)		(426	)
Spotify Technology SA *		(4	)		(971	)
Take-Two Interactive Software, Inc. *		(8	)		(1,490	)
					(2,887	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — (3.7)%
AvalonBay Communities, Inc.		(1	)		(239	)
Crown Castle International Corp.		(1	)		(281	)
Duke Realty Corp.		(5	)		(243	)
Equity Residential		(5	)		(351	)
Iron Mountain, Inc.		(20	)		(790	)
National Retail Properties, Inc.		(10	)		(459	)
Simon Property Group, Inc.		(6	)		(756	)
SL Green Realty Corp.		(4	)		(271	)
Vornado Realty Trust		(2	)		(108	)
					(3,498	)
Food & Staples Retailing — (4.8)%
Costco Wholesale Corp.		(1	)		(262	)
Kroger Co. (The)		(47	)		(1,710	)
Sysco Corp.		(3	)		(223	)
Walgreens Boots Alliance, Inc.		(18	)		(941	)
Walmart, Inc.		(11	)		(1,493	)
					(4,629	)
Food Products — (1.7)%
Campbell Soup Co.		(8	)		(385	)
Conagra Brands, Inc.		(8	)		(309	)
General Mills, Inc.		(5	)		(317	)
Kellogg Co.		(10	)		(615	)
					(1,626	)
Gas Utilities — (0.1)%
National Fuel Gas Co.		(2	)		(124	)
Health Care Equipment & Supplies — (1.9)%
Abbott Laboratories		(4	)		(485	)
Baxter International, Inc.		(4	)		(372	)
Stryker Corp.		(3	)		(905	)
					(1,762	)
Health Care Providers & Services — (0.2)%
Henry Schein, Inc. *		(3	)		(208	)
Health Care Technology — (0.4)%
Cerner Corp.		(5	)		(392	)
Hotels, Restaurants & Leisure — (0.8)%
Chipotle Mexican Grill, Inc. *		—	(a)		(194	)
Marriott International, Inc., Class A *		(1	)		(82	)
Starbucks Corp.		(4	)		(475	)
					(751	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 23

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Household Durables — (0.4)%
NVR, Inc. *		—	(a)		(135	)
PulteGroup, Inc.		(4	)		(228	)
					(363	)
Household Products — (1.4)%
Clorox Co. (The)		(6	)		(1,016	)
Colgate-Palmolive Co.		(4	)		(305	)
					(1,321	)
Industrial Conglomerates — (2.3)%
3M Co.		(6	)		(1,090	)
General Electric Co.		(83	)		(1,089	)
					(2,179	)
Insurance — (1.7)%
Aflac, Inc.		(4	)		(232	)
Allstate Corp. (The)		(5	)		(614	)
Axis Capital Holdings Ltd.		(2	)		(121	)
Globe Life, Inc.		(1	)		(91	)
MetLife, Inc.		(2	)		(107	)
Travelers Cos., Inc. (The)		(3	)		(428	)
					(1,593	)
Internet & Direct Marketing Retail — (0.2)%
eBay, Inc.		(3	)		(156	)
IT Services — (3.1)%
Automatic Data Processing, Inc.		—	(a)		(87	)
Cognizant Technology Solutions Corp., Class A		(3	)		(268	)
EPAM Systems, Inc. *		—	(a)		(130	)
Global Payments, Inc.		(1	)		(225	)
Infosys Ltd., ADR (India)		(16	)		(296	)
International Business Machines Corp.		(1	)		(151	)
Paychex, Inc.		(6	)		(605	)
PayPal Holdings, Inc. *		(1	)		(142	)
Snowflake, Inc., Class A *		(1	)		(276	)
Western Union Co. (The)		(28	)		(719	)
					(2,899	)
Life Sciences Tools & Services — (0.3)%
Agilent Technologies, Inc.		(2	)		(311	)
Machinery — (1.9)%
Caterpillar, Inc.		(3	)		(742	)
Illinois Tool Works, Inc.		(3	)		(706	)
PACCAR, Inc.		(4	)		(359	)
					(1,807	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Media — (4.8)%
Discovery, Inc., Class A *		(38	)		(1,448	)
Interpublic Group of Cos., Inc. (The)		(39	)		(1,226	)
Omnicom Group, Inc.		(12	)		(982	)
ViacomCBS, Inc.		(22	)		(921	)
					(4,577	)
Multiline Retail — (0.9)%
Macy’s, Inc. *		(38	)		(636	)
Nordstrom, Inc. *		(5	)		(193	)
					(829	)
Multi-Utilities — (1.6)%
Consolidated Edison, Inc.		(12	)		(944	)
Dominion Energy, Inc.		(7	)		(575	)
					(1,519	)
Oil, Gas & Consumable Fuels — (4.7)%
APA Corp.		(9	)		(189	)
Devon Energy Corp.		(25	)		(580	)
Enbridge, Inc. (Canada)		(33	)		(1,290	)
Exxon Mobil Corp.		(18	)		(1,056	)
Hess Corp.		(11	)		(855	)
HollyFrontier Corp.		(5	)		(160	)
Marathon Oil Corp.		(35	)		(392	)
					(4,522	)
Paper & Forest Products — (0.3)%
Domtar Corp. *		(7	)		(294	)
Personal Products — (0.1)%
Coty, Inc., Class A *		(13	)		(132	)
Pharmaceuticals — (1.6)%
Johnson & Johnson		(4	)		(586	)
Pfizer, Inc.		(24	)		(917	)
Viatris, Inc. *		(1	)		(10	)
					(1,513	)
Professional Services — (0.4)%
TransUnion		(4	)		(398	)
Road & Rail — (1.4)%
Canadian National Railway Co. (Canada)		(2	)		(226	)
Heartland Express, Inc.		(16	)		(299	)
JB Hunt Transport Services, Inc.		(2	)		(358	)
Werner Enterprises, Inc.		(9	)		(394	)
					(1,277	)

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Semiconductors & Semiconductor Equipment — (3.4)%
Broadcom, Inc.		(2	)		(1,047	)
Intel Corp.		(24	)		(1,377	)
QUALCOMM, Inc.		(6	)		(786	)
					(3,210	)
Software — (1.0)%
Adobe, Inc. *		(1	)		(259	)
Anaplan, Inc. *		(2	)		(96	)
Citrix Systems, Inc.		(2	)		(206	)
Palantir Technologies, Inc., Class A *		(9	)		(203	)
VMware, Inc., Class A *		(1	)		(143	)
					(907	)
Specialty Retail — (0.2)%
Ulta Beauty, Inc. *		—	(a)		(51	)
Williams-Sonoma, Inc.		(1	)		(183	)
					(234	)
Technology Hardware, Storage & Peripherals — (3.0)%
Apple, Inc.		(8	)		(1,052	)
HP, Inc.		(33	)		(1,125	)
Western Digital Corp. *		(7	)		(514	)
Xerox Holdings Corp.		(4	)		(95	)
					(2,786	)
Textiles, Apparel & Luxury Goods — (0.2)%
Lululemon Athletica, Inc. *		—	(a)		(44	)
VF Corp.		(1	)		(120	)
					(164	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Trading Companies & Distributors — (0.3)%
Fastenal Co.		(6	)		(288	)
Water Utilities — (0.3)%
Essential Utilities, Inc.		(6	)		(306	)
Total Common Stocks (Proceeds $(65,774))					(71,353	)
Total Short Positions (Proceeds $(65,774))					(71,353	)
Total Investments — 24.4% (Cost $1,585)					22,977
Other Assets Less Liabilities — 75.6%					71,346
NET ASSETS — 100.0%					94,323

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
(a)	Amount rounds to less than one thousand.
(b)	All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is $18,431 and $71,488 respectively.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY	NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
S&P 500 E-Mini Index		(10	)		06/2021	USD		(2,087	)		3

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Macro Opportunities Fund			JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
ASSETS:
Investments in non-affiliates, at value	$	13,544		$	682,289		$	81,734
Investments in affiliates, at value		2,542			2,093			12,596
Options purchased, at value		222			—			—
Restricted cash for exchange-traded options		759			—			—
Cash		258			4			—	(a)
Foreign currency, at value		138			—			—
Deposits at broker for futures contracts		—			—			142
Deposits at broker for securities sold short		—			246,822			71,488
Receivables:
Investment securities sold		—			30,293			1,809
Fund shares sold		—			846			48
Interest from non-affiliates		4			—			—
Dividends from non-affiliates		11			410			40
Dividends from affiliates		—	(a)		—	(a)		1
Tax reclaims		2			—			—
Securities lending income (See Note 2.C.)		—	(a)		—			—
Variation margin on futures contracts		385			—			17
Unrealized appreciation on forward foreign currency exchange contracts		61			—			—
Due from adviser		9			—			—
Total Assets		17,935			962,757			167,875
LIABILITIES:
Payables:
Securities sold short, at value		—			247,017			71,353
Dividend expense to non-affiliates on securities sold short		—			94			60
Investment securities purchased		29			65,344			1,892
Interest expense to non-affiliates on securities sold short		—			242			10
Fund shares redeemed		—			215			111
Unrealized depreciation on forward foreign currency exchange contracts		92			—			—
Outstanding options written, at fair value		—	(a)		—			—
Accrued liabilities:
Investment advisory fees		—			626			13
Administration fees		—			39			—
Distribution fees		—	(a)		10			4
Service fees		4			75			19
Custodian and accounting fees		7			8			11
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Other		97			61			79
Total Liabilities		229			313,731			73,552
Net Assets	$	17,706		$	649,026		$	94,323

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

	JPMorgan Macro Opportunities Fund			JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	15,629		$	522,668		$	112,740
Total distributable earnings (loss)		2,077			126,358			(18,417	)
Total Net Assets	$	17,706		$	649,026		$	94,323
Net Assets:
Class A	$	50		$	28,818		$	13,709
Class C		22			6,377			1,559
Class I		17,612			337,882			79,055
Class R6		22			275,949			—
Total	$	17,706		$	649,026		$	94,323
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3			1,265			1,116
Class C		1			290			141
Class I		1,048			14,588			6,023
Class R6		1			11,732			—
Net Asset Value (a):
Class A — Redemption price per share	$	16.76		$	22.78		$	12.29
Class C — Offering price per share (b)		16.68			21.97			11.00
Class I — Offering and redemption price per share		16.81			23.16			13.13
Class R6 — Offering and redemption price per share		16.83			23.52			—
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.69		$	24.04		$	12.97
Cost of investments in non-affiliates	$	10,894		$	585,265		$	54,766
Cost of investments in affiliates		2,542			2,093			12,593
Cost of options purchased		197			—			—
Cost of foreign currency		139			—			—
Proceeds from securities sold short		—			241,949			65,774
Premiums received from options written		2			—			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 27

STATEMENTS OF OPERATIONS

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

(Amounts in thousands)

	JPMorgan Macro Opportunities Fund			JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	16		$	—		$	—
Dividend income from non-affiliates		73			1,980			702
Dividend income from affiliates		1			7			4
Income from securities lending (net) (See Note 2.C.)		—	(a)		—			—
Foreign taxes withheld (net)		(8	)		—			—
Total investment income		82			1,987			706
EXPENSES:
Investment advisory fees		50			3,446			190
Administration fees		6			215			41
Distribution fees:
Class A		—	(a)		32			19
Class C		—	(a)		21			7
Service fees:
Class A		—	(a)		32			19
Class C		—	(a)		7			2
Class I		21			356			115
Custodian and accounting fees		22			20			18
Interest expense to affiliates		—	(a)		—			—
Professional fees		86			49			29
Trustees’ and Chief Compliance Officer’s fees		13			14			12
Printing and mailing costs		—	(a)		19			1
Registration and filing fees		56			43			33
Transfer agency fees (See Note 2.H.)		—	(a)		5			3
Offering costs (See Note 2.F.)		10			—			—
Dividend expense to non-affiliates on securities sold short		—			2,903			1,054
Interest expense to non-affiliates on securities sold short		—			764			87
Other		5			7			3
Total expenses		269			7,933			1,633
Less fees waived		(58	)		(19	)		(101	)
Less expense reimbursements		(131	)		—			—
Net expenses		80			7,914			1,532
Net investment income (loss)		2			(5,927	)		(826	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		731			87,572			20,995
Investments in affiliates		—	(a)		1			3
Options purchased		(317	)		(1,180	)		—
Futures contracts		(473	)		—			(555	)
Securities sold short		—			(28,527	)		(18,371	)
Foreign currency transactions		60			—			—
Forward foreign currency exchange contracts		51			—			—
Options written		132			84			—
Net realized gain (loss)		184			57,950			2,072
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,532			33,785			14,117
Investments in affiliates		—	(a)		—	(a)		(3	)
Options purchased		94			—			—
Futures contracts		(327	)		—			(82	)
Securities sold short		—			(5,936	)		(14,057	)
Foreign currency translations		—	(a)		—			—
Forward foreign currency exchange contracts		(51	)		—			—
Options written		2			—			—
Change in net unrealized appreciation/depreciation		1,250			27,849			(25	)
Net realized/unrealized gains (losses)		1,434			85,799			2,047
Change in net assets resulting from operations	$	1,436		$	79,872		$	1,221

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Macro Opportunities Fund					JPMorgan Opportunistic Equity Long/Short Fund
	Six Months Ended April 30, 2021 (Unaudited)		Period Ended October 31, 2020 (a)			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2	$	6		$	(5,927	)	$	(4,527	)
Net realized gain (loss)		184		(892	)		57,950			29,177
Change in net unrealized appreciation/depreciation		1,250		1,287			27,849			40,552
Change in net assets resulting from operations		1,436		401			79,872			65,202
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—		—			(917	)		—
Class C		—		—			(222	)		—
Class I		—		—			(10,332	)		(191	)
Class R6 (b)		—		—			(9,872	)		(727	)
Total distributions to shareholders		—		—			(21,343	)		(918	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		838		15,031			104,981			102,197
NET ASSETS:
Change in net assets		2,274		15,432			163,510			166,481
Beginning of period		15,432		—			485,516			319,035
End of period	$	17,706	$	15,432		$	649,026		$	485,516

(a) Commencement of operations was April 15, 2020.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan Macro Opportunities Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Research Market Neutral Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(826	)	$	(1,092	)
Net realized gain (loss)		2,072			4,294
Change in net unrealized appreciation/depreciation		(25	)		4,263
Change in net assets resulting from operations		1,221			7,465
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,124	)		(1,559	)
Class C		(159	)		(450	)
Class I		(6,901	)		(2,527	)
Class L (a)		—			(1,689	)
Total distributions to shareholders		(8,184	)		(6,225	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(40,153	)		77,802
NET ASSETS:
Change in net assets		(47,116	)		79,042
Beginning of period		141,439			62,397
End of period	$	94,323		$	141,439

(a) On July 2, 2020, the Fund’s Class L Shares were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

	JPMorgan Macro Opportunities Fund						JPMorgan Opportunistic Equity Long/Short Fund
	Six Months Ended April 30, 2021 (Unaudited)			Period Ended October 31, 2020 (a)			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	89		$	33		$	9,261		$	10,155
Distributions reinvested		—			—			911			—
Cost of shares redeemed		(69	)		(7	)		(4,729	)		(11,256	)
Change in net assets resulting from Class A capital transactions		20			26			5,443			(1,101	)
Class C
Proceeds from shares issued		—			20			1,361			2,177
Distributions reinvested		—			—			218			—
Cost of shares redeemed		—			—			(331	)		(684	)
Change in net assets resulting from Class C capital transactions		—			20			1,248			1,493
Class I
Proceeds from shares issued		823			14,965			144,298			180,729
Distributions reinvested		—			—			10,185			185
Cost of shares redeemed		(5	)		—			(71,275	)		(115,513	)
Change in net assets resulting from Class I capital transactions		818			14,965			83,208			65,401
Class R6 (b)
Proceeds from shares issued		—			20			37,339			93,501
Distributions reinvested		—			—			2,262			131
Cost of shares redeemed		—			—			(24,519	)		(57,228	)
Change in net assets resulting from Class R6 capital transactions		—			20			15,082			36,404
Total change in net assets resulting from capital transactions	$	838		$	15,031		$	104,981		$	102,197
SHARE TRANSACTIONS:
Class A
Issued		5			2			419			515
Reinvested		—			—			43			—
Redeemed		(4	)		—	(c)		(215	)		(613	)
Change in Class A Shares		1			2			247			(98	)
Class C
Issued		—			1			64			115
Reinvested		—			—			10			—
Redeemed		—			—			(15	)		(38	)
Change in Class C Shares		—			1			59			77
Class I
Issued		51			998			6,478			9,392
Reinvested		—			—			471			11
Redeemed		(1	)		—			(3,206	)		(6,104	)
Change in Class I Shares		50			998			3,743			3,299
Class R6 (b)
Issued		—			1			1,646			4,846
Reinvested		—			—			103			7
Redeemed		—			—			(1,090	)		(3,003	)
Change in Class R6 Shares		—			1			659			1,850

(a) Commencement of operations was April 15, 2020.

(b) Commencement of offering of class of shares effective September 30, 2020 for JPMorgan Macro Opportunities Fund.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 31

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Research Market Neutral Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,200		$	10,274
Distributions reinvested		1,075			1,461
Cost of shares redeemed		(6,857	)		(7,858	)
Change in net assets resulting from Class A capital transactions		(3,582	)		3,877
Class C
Proceeds from shares issued		313			1,554
Distributions reinvested		159			426
Cost of shares redeemed		(721	)		(3,621	)
Change in net assets resulting from Class C capital transactions		(249	)		(1,641	)
Class I
Proceeds from shares issued		28,134			128,845
Distributions reinvested		6,758			2,418
Cost of shares redeemed		(71,214	)		(65,906	)
Conversion from Class L Shares		—			26,571
Change in net assets resulting from Class I capital transactions		(36,322	)		91,928
Class L (a)
Proceeds from shares issued		—			17,165
Distributions reinvested		—			1,660
Cost of shares redeemed		—			(8,616	)
Conversion to Class I Shares		—			(26,571	)
Change in net assets resulting from Class L capital transactions		—			(16,362	)
Total change in net assets resulting from capital transactions	$	(40,153	)	$	77,802
SHARE TRANSACTIONS:
Class A
Issued		179			812
Reinvested		90			126
Redeemed		(552	)		(628	)
Change in Class A Shares		(283	)		310
Class C
Issued		27			136
Reinvested		15			40
Redeemed		(67	)		(319	)
Change in Class C Shares		(25	)		(143	)
Class I
Issued		2,149			9,519
Reinvested		532			197
Redeemed		(5,436	)		(4,916	)
Conversion from Class L Shares		—			1,971
Change in Class I Shares		(2,755	)		6,771
Class L (a)
Issued		—			1,254
Reinvested		—			132
Redeemed		—			(651	)
Conversion to Class I Shares		—			(1,917	)
Change in Class L Shares		—			(1,182	)

(a) On July 2, 2020, the Fund’s Class L Shares were converted into Class I Shares. Additionally, as of July 2, 2020, the Class L Shares are no longer offered.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 33

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	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 Macro Opportunities Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	15.38	$	(0.02	)	$	1.40	$	1.38
April 15, 2020 (g) through October 31, 2020		15.00		(0.01	)		0.39		0.38
Class C
Six Months Ended April 30, 2021 (Unaudited)		15.34		(0.06	)		1.40		1.34
April 15, 2020 (g) through October 31, 2020		15.00		(0.06	)		0.40		0.34
Class I
Six Months Ended April 30, 2021 (Unaudited)		15.40		—	(h)		1.41		1.41
April 15, 2020 (g) through October 31, 2020		15.00		—	(h)		0.40		0.40
Class R6
Six Months Ended April 30, 2021 (Unaudited)		15.41		0.02			1.40		1.42
September 30, 2020 (i) through October 31, 2020		15.35		0.01			0.05		0.06

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of operations.

(h) Amount rounds to less than $0.005.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (e)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate (c)
$	16.76		8.97	%	$	50		1.21	%		(0.24	)%		3.42	%		60	%
	15.38		2.53			27		1.20			(0.18	)		5.12			49
	16.68		8.74			22		1.71			(0.73	)		3.93			60
	15.34		2.27			20		1.70			(0.70	)		5.76			49
	16.81		9.16			17,612		0.96			0.02			3.15			60
	15.40		2.67			15,365		0.95			0.05			4.24			49
	16.83		9.21			22		0.71			0.27			2.91			60
	15.41		0.39			20		0.77			0.84			7.24			49

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 35

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 Opportunistic Equity Long/Short Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	20.54	$	(0.26	)	$	3.39		$	3.13		$	—		$	(0.89	)	$	(0.89	)
Year Ended October 31, 2020		17.34		(0.29	)		3.49			3.20			—			—			—
Year Ended October 31, 2019		18.22		—	(h)		(0.55	)		(0.55	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		18.13		(0.21	)		0.53			0.32			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		17.12		(0.19	)		2.46			2.27			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.37		(0.16	)		0.07			(0.09	)		—			(0.16	)		(0.16	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		19.88		(0.31	)		3.29			2.98			—			(0.89	)		(0.89	)
Year Ended October 31, 2020		16.87		(0.39	)		3.40			3.01			—			—			—
Year Ended October 31, 2019		17.83		(0.08	)		(0.55	)		(0.63	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		17.83		(0.29	)		0.52			0.23			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		16.94		(0.27	)		2.42			2.15			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.27		(0.24	)		0.07			(0.17	)		—			(0.16	)		(0.16	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		20.84		(0.24	)		3.45			3.21			—			(0.89	)		(0.89	)
Year Ended October 31, 2020		17.58		(0.27	)		3.56			3.29			(0.03	)		—			(0.03	)
Year Ended October 31, 2019		18.43		0.07			(0.59	)		(0.52	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		18.28		(0.16	)		0.54			0.38			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		17.21		(0.14	)		2.47			2.33			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.42		(0.12	)		0.07			(0.05	)		—			(0.16	)		(0.16	)
Class R6
Six Months Ended April 30, 2021 (Unaudited)		21.13		(0.21	)		3.49			3.28			—			(0.89	)		(0.89	)
Year Ended October 31, 2020		17.83		(0.21	)		3.59			3.38			(0.08	)		—			(0.08	)
Year Ended October 31, 2019		18.63		0.17			(0.64	)		(0.47	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		18.44		(0.12	)		0.54			0.42			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		17.31		(0.10	)		2.49			2.39			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.48		(0.08	)		0.07			(0.01	)		—			(0.16	)		(0.16	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.82% and 1.83% for the six months ended April 30, 2021, 1.81% and 1.86% for the year ended October 31, 2020, 1.79% and 1.90% for the year ended October 31, 2019, 1.82% and 1.90% for the year ended October 31, 2018, 1.83% and 2.02% for the year ended October 31, 2017 and 1.80% and 2.07% for the year ended October 31, 2016; for Class C are 2.32% and 2.33% for the six months ended April 30, 2021, 2.32% and 2.38% for the year ended October 31, 2020, 2.28% and 2.39% for the year ended October 31, 2019, 2.32% and 2.40% for the year ended October 31, 2018, 2.31% and 2.52% for the year ended October 31, 2017 and 2.29% and 2.52% for the year ended October 31, 2016; for Class I are 1.57% and 1.58% for the six months ended April 30, 2021, 1.57% and 1.61% for the year ended October 31, 2020, 1.53% and 1.64% for the year ended October 31, 2019, 1.57% and 1.65% for the year ended October 31, 2018, 1.56% and 1.73% for the year ended October 31, 2017 and 1.54% and 1.71% for the year ended October 31, 2016; for Class R6 are 1.32% and 1.33% for the six months ended April 30, 2021, 1.31% and 1.35% for the year ended October 31, 2020, 1.29% and 1.39% for the year ended October 31, 2019, 1.32% and 1.38% for the year ended October 31, 2018, 1.31% and 1.47% for the year ended October 31, 2017 and 1.29% and 1.60% for the year ended October 31, 2016, respectively.

(g) Interest expense on securities sold short is 0.27%.

(h) Amount rounds to less than $0.005.

(i) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)
$	22.78		15.52	%	$	28,818		3.10	%(g)		(2.40	)%		3.11	%		261	%		477	%
	20.54		18.45			20,914		2.28			(1.54	)		2.33			511			1,058
	17.34		(3.10	)		19,352		2.25			0.00	(i)		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
	21.97		15.27			6,377		3.60	(g)		(2.91	)		3.61			261			477
	19.88		17.84			4,596		2.79			(2.12	)		2.85			511			1,058
	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
	23.16		15.68			337,882		2.85	(g)		(2.16	)		2.86			261			477
	20.84		18.71			226,048		2.04			(1.38	)		2.08			511			1,058
	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
	23.52		15.80			275,949		2.60	(g)		(1.91	)		2.61			261			477
	21.13		19.01			233,958		1.78			(1.09	)		1.82			511			1,058
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 37

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Research Market Neutral Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	13.01	$	(0.11	)	$	0.30		$	0.19		$	(0.91	)
Year Ended October 31, 2020		13.11		(0.20	)		1.59			1.39			(1.49	)
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	)		—
Class C
Six Months Ended April 30, 2021 (Unaudited)		11.77		(0.12	)		0.26			0.14			(0.91	)
Year Ended October 31, 2020		12.06		(0.23	)		1.43			1.20			(1.49	)
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	)		—
Class I
Six Months Ended April 30, 2021 (Unaudited)		13.82		(0.10	)		0.32			0.22			(0.91	)
Year Ended October 31, 2020		13.80		(0.19	)		1.70			1.51			(1.49	)
Year Ended October 31, 2019		14.93		—	(h)		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	)		—

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 0.94% and 1.13% for the six months ended April 30, 2021, 1.08% and 1.46% for the year ended October 31, 2020, 1.22% and 1.62% for the year ended October 31, 2019, 1.22% and 1.55% for the year ended October 31, 2018, 1.24% and 1.53% for the year ended October 31, 2017 and 1.22% and 1.53% for the year ended October 31, 2016; for Class C are 1.44% and 1.63% for the six months ended April 30, 2021, 1.60% and 1.95% for the year ended October 31, 2020, 1.73% and 2.09% for the year ended October 31, 2019, 1.73% and 2.02% for the year ended October 31, 2018, 1.72% and 2.07% for the year ended October 31, 2017 and 1.72% and 2.02% for the year ended October 31, 2016; for Class I are 0.68% and 0.86% for the six months ended April 30, 2021, 0.76% and 1.13% for the year ended October 31, 2020, 0.96% and 1.32% for the year ended October 31, 2019, 0.96% and 1.25% for the year ended October 31, 2018, 0.96% and 1.25% for the year ended October 31, 2017 and 0.96% and 1.27% for the year ended October 31, 2016, respectively.

(g) Interest expense on securities sold short is 0.16%.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)
$	12.29		1.73	%	$	13,709		3.04	%(g)		(1.76	)%		3.23	%		71	%		204	%
	13.01		11.97			18,205		3.23			(1.57	)		3.61			224			531
	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
	11.00		1.46			1,559		3.54	(g)		(2.25	)		3.73			71			204
	11.77		11.36			1,949		3.75			(2.00	)		4.10			224			531
	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
	13.13		1.85			79,055		2.78	(g)		(1.48	)		2.96			71			204
	13.82		12.26			121,285		2.91			(1.42	)		3.28			224			531
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited)

(Dollar values in thousands)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 3 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
JPMorgan Macro Opportunities Fund(1)	Class A, Class C, Class I and Class R6(2)	JPM IV	Diversified
JPMorgan Opportunistic Equity Long/Short Fund	Class A, Class C, Class I and Class R6	JPM I	Non-Diversified
JPMorgan Research Market Neutral Fund	Class A, Class C and Class I(3)	JPM I	Diversified

⁽¹⁾  Commenced operations on April 15, 2020.

⁽²⁾  Commenced operations on September 30, 2020.

⁽³⁾  On July 2, 2020, Class L Shares were converted into Class I Shares. Additionally, as of July 2, 2020, Class L Shares are no longer offered.

The investment objective of JPMorgan Macro Opportunities Fund (“Macro Opportunities Fund”) is to seek to provide long-term capital appreciation.

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.

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. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

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

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

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

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. Certain foreign equity instruments are

40 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies, 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. 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.

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

Macro Opportunities Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Banks	$	1,291	$	—	$	—	$	1,291
Building Products		114		—		—		114
Capital Markets		236		—		—		236
Electric Utilities		87		490		—		577
Electrical Equipment		159		147		—		306
Entertainment		453		—		—		453
Health Care Equipment & Supplies		266		—		—		266
Household Durables		324		—		—		324
Insurance		162		422		—		584
Interactive Media & Services		388		—		—		388
Internet & Direct Marketing Retail		374		314		—		688
IT Services		791		—		—		791
Life Sciences Tools & Services		267		—		—		267
Machinery		110		162		—		272
Multi-Utilities		—		84		—		84
Oil, Gas & Consumable Fuels		295		—		—		295
Personal Products		198		—		—		198
Pharmaceuticals		113		393		—		506
Semiconductors & Semiconductor Equipment		1,401		216		—		1,617
Software		733		—		—		733
Specialty Retail		371		—		—		371
Technology Hardware, Storage & Peripherals		—		249		—		249
Textiles, Apparel & Luxury Goods		451		313		—		764
Total Common Stocks		8,584		2,790		—		11,374

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 41

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

Macro Opportunities Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Foreign Government Securities	$	—		$	242		$	—	$	242
Options Purchased
Call Options Purchased		129			80			—		209
Put Options Purchased		13			—			—		13
Total Options Purchased		142			80			—		222
Short-Term Investments
Foreign Government Treasury Bills		—			1,928			—		1,928
Investment Companies		2,542			—			—		2,542
Total Short-Term Investments		2,542			1,928			—		4,470
Total Investments in Securities	$	11,268		$	5,040		$	—	$	16,308
Appreciation in Other Financial Instruments
Forward Currency Contracts	$	—		$	61		$	—	$	61
Futures Contracts		88			—			—		88
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(92	)		—		(92	)
Futures Contracts		(197	)		—			—		(197	)
Options Written
Call Options Written		—			—	(a)		—		—	(a)
Total Net Appreciation/ Depreciation in Other Financial Instruments	$	(109	)	$	(31	)	$	—	$	(140	)
(a)   Amount rounds to less than one thousand.
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)	$	684,382		$	—		$	—	$	684,382
Total Liabilities for Securities Sold Short (a)	$	(247,017	)	$	—		$	—	$	(247,017	)
(a)   Please refer to the SOI for specifics of portfolio holdings.
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)	$	94,330		$	—		$	—	$	94,330
Total Liabilities for Securities Sold Short (a)	$	(71,353	)	$	—		$	—	$	(71,353	)
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	3		$	—		$	—	$	3

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

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of April 30, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

42 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the JPMorgan U.S. Government Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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

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

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

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

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.

Opportunistic Equity Long/Short Fund and Research Market Neutral Fund did not lend out any securities during the six months ended April 30, 2021. Macro Opportunities Fund did not have any securities out on loan at April 30, 2021.

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

Macro Opportunities Fund

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2021		Shares at April 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.09% (a) (b)	$	2,356	$	5,128	$	4,942	$	—	(c)	$	—	(c)	$	2,542		2,541	$	1	$	—

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

(b) The rate shown is the current yield as of April 30, 2021.

(c) Amount rounds to less than one thousand.

Opportunistic Equity Long/Short Fund

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2021		Shares at April 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b)	$	114,889	$	417,751	$	530,548	$	1	$	—	(c)	$	2,093		2,092	$	7	$	—

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 43

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

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

(b) The rate shown is the current yield as of April 30, 2021.

(c) Amount rounds to less than one thousand.

Research Market Neutral Fund

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2021		Shares at April 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b)	$	23,773	$	85,825	$	97,002	$	3	$	(3	)	$	12,596		12,590	$	4	$	—

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

(b) The rate shown is the current yield as of April 30, 2021.

E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

F. Derivatives — The Funds used derivative instruments including options, futures contracts and forward foreign currency exchange contracts in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to effectively manage the long and short equity exposures in the portfolio, manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Funds.

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

44 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

(1). Options — Macro Opportunities Fund and Opportunistic Equity Long/Short Fund purchased and/or sold (“wrote”) put and call options on various instruments including currencies, futures, securities, options on indices and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within their portfolios 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.

Options Purchased — Premiums paid by the Funds 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 Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Funds 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 Funds record 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 Funds 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 Funds 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 Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are 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 Funds’ 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 Funds’ over-the-counter (“OTC”) options are subject to master netting agreements.

The Funds may be required to post or receive collateral for OTC options. Cash collateral posted by the Funds is considered restricted.

(2). Futures Contracts — Macro Opportunities Fund and Research Market Neutral Fund used index, interest rate, treasury or other financial futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also used index futures contracts to more effectively manage the long and short equity exposures in the portfolio. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

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

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 45

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

(3). Forward Foreign Currency Exchange Contracts — Macro Opportunities 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 the investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Summary of Derivatives Information

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

	Macro Opportunities Fund			Research Market Neutral Fund
Equity Risk Exposure:
Unrealized Appreciation on Futures Contracts*	$	36		$	3
Purchased Options at Market Value		222			—
Unrealized Depreciation on Futures Contracts*		(192	)		—
Foreign Exchange Rate Risk Exposure:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		61			—
Purchased Options at Market Value		—	(a)		—
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(92	)		—
Written Options at Market Value		—	(a)		—
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		52			—
Unrealized Depreciation on Futures Contracts*		(5	)		—
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		(109	)		3
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		(31	)		—
Purchased Options at Market Value		222			—
Written Options at Market Value		—	(a)		—

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

(a) Amount rounds to less than one thousand.

46 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

The following tables present the Funds’ gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2021:

Macro Opportunities Fund

Counterparty	Gross Amount of Derivative Assets subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)			Derivatives��Available for offset			Collateral Received		Net Amount Due from Counterparty (Not less than zero)
Barclays Bank plc	$	2		$	(2	)	$	—	$	—
Citibank, NA		28			(27	)		—		1
Goldman Sachs International		31			(31	)		—		—
	$	61		$	(60	)	$	—	$	1
Counterparty	Gross Amount of Derivative Liabilities subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)			Derivatives Available for offset			Collateral Posted		Net Amount Due to Counterparty (Not less than zero)
Barclays Bank plc	$	3		$	(2	)	$	—	$	1
Citibank, NA		27			(27	)		—		—
Goldman Sachs International		60			(31	)		—		29
Merrill Lynch International		—	(b)		—			—		—	(b)
TD Bank Financial Group		2			—			—		2
	$	92		$	(60	)	$	—	$	32

(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.

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

	Macro Opportunities Fund			Opportunistic Equity Long/ Short Fund			Research Market Neutral Fund
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Equity Risk Exposure:
Futures Contracts	$	(499	)	$	—		$	(555	)
Purchased Options		(222	)		(1,180	)		—
Written Options		108			84			—
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		51			—			—
Purchased Options		(95	)		—			—
Written Options		24			—			—
Interest Rate Risk Exposure:
Futures Contracts		26			���			—
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		(370	)		—			(82	)
Purchased Options		99			—			—
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		(51	)		—			—
Purchased Options		(5	)		—			—
Written Options		2			—			—
Interest Rate Risk Exposure:
Futures Contracts		43			—			—

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 47

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

Derivatives Volume

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

	Macro Opportunities Fund			Opportunistic Equity Long/ Short Fund		Research Market Neutral Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	907		$	—	$	—
Average Notional Balance Short		4,859			—		2,077
Ending Notional Balance Long		1,000			—		—
Ending Notional Balance Short		5,182			—		2,087
Futures Contracts — Interest Rate:
Average Notional Balance Long	$	2,527			—		—
Average Notional Balance Short		1,877			—		—
Ending Notional Balance Long		1,428			—		—
Ending Notional Balance Short		5,957			—		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	4,942			—		—
Average Settlement Value Sold		10,644			—		—
Ending Settlement Value Purchased		5,300			—		—
Ending Settlement Value Sold		11,230			—		—
Exchange-Traded Options:
Average Number of Contracts Purchased		302			42		—
Average Number of Contracts Written		4			—		—
Ending Number of Contracts Purchased		309			—		—
OTC Options:
Average Notional Balance Purchased	$	2,591	(a)		—		—
Average Notional Balance Written		575			—		—
Ending Notional Balance Purchased		530			—		—
Ending Notional Balance Written		530			—		—

(a) For the period December 1, 2020 through April 30, 2021.

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC options and non-deliverable forward foreign currency exchange 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 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.F.), otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Funds is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Funds.

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

E. Short Sales — Opportunistic Equity Long/Short Fund and Research Market Neutral Fund engaged in short sales as part of their normal investment activities. In a short sale, the Funds sell securities they do not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Funds borrow securities from a broker. To close out a short position, the Funds deliver the same securities to the broker.

The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities sold short, while cash collateral deposited at the Funds’ custodian for the benefit of the broker is recorded as Restricted cash for securities sold short 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.

48 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

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

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

As of April 30, 2021, Opportunistic Equity Long/Short Fund and Research Market Neutral Fund had outstanding short sales as listed on their SOIs.

F. Offering and Organization Costs — Total offering costs of $21,000 incurred in connection with the offering of shares of Macro Opportunities Fund’s are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations. For the six months ended April 30, 2021, total offering costs amortized were $10,000.

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 and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, 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 Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended April 30, 2021 are as follows:

	Class A			Class C			Class I			Class R6			Total
Macro Opportunities Fund
Transfer agency fees	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)
Opportunistic Equity Long/Short Fund
Transfer agency fees		1			—	(a)		4			—	(a)		5
Research Market Neutral Fund
Transfer agency fees		2			—	(a)		1			n/a			3

(a) Amount rounds to less than one thousand.

I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Opportunistic Equity Long/Short Fund’s and Research Market Neutral Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. When filed, Macro Opportunities Fund’s Federal tax return since inception will be subject to examination by the Internal Revenue Service.

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

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 49

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

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

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

3. Fees and Other Transactions with Affiliates

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

Macro Opportunities Fund	0.60	%
Opportunistic Equity Long/Short Fund	1.20
Research Market Neutral 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 each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended April 30, 2021, the effective annualized rate was 0.07% 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, a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

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

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

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2021, JPMDS retained the following:

	Front-End Sales Charge			CDSC
Macro Opportunities Fund	$	—	(a)	$	—
Opportunistic Equity Long/Short Fund		7			—
Research Market Neutral Fund		—	(a)		—

(a) Amount rounds to less than one thousand.

50 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

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
Macro Opportunities Fund		0.25	%		0.25	%		0.25	%
Opportunistic Equity Long/Short Fund		0.25			0.25			0.25
Research Market Neutral 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.

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 R6
Macro Opportunities Fund		1.20	%		1.70	%		0.95	%		0.70	%
Opportunistic Equity Long/Short Fund		1.85			2.35			1.60			1.35
Research Market Neutral Fund		0.95			1.45			0.69	(1)		n/a

⁽¹⁾  The contractual expense percentage in the table above is in place until at least May 31, 2022.

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

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

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees			Total		Contractual Reimbursements
Macro Opportunities Fund	$	51	$	6	$	—	(a)	$	57	$	131
Research Market Neutral Fund		56		34		1			91		—

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

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

Macro Opportunities Fund	$	1
Opportunistic Equity Long/Short Fund		19
Research Market Neutral Fund		10

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 51

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

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

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

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

During the six months ended April 30, 2021, Opportunistic Equity Long/Short Fund and Research Market Neutral Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

Investment Transactions

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

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Macro Opportunities Fund	$	6,710	$	6,815	$	—	$	—
Opportunistic Equity Long/Short Fund		1,636,356		1,473,420		1,223,245		1,161,837
Research Market Neutral Fund		67,552		131,432		65,257		126,246

During the six months ended April 30, 2021, there were no purchases or sales of U.S. Government securities.

Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Macro Opportunities Fund	$	13,631	$	2,944	$	407	$	2,537
Opportunistic Equity Long/Short Fund*		345,409		98,272		6,316		91,956
Research Market Neutral Fund*		1,585		29,517		8,122		21,395

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

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

	Capital Loss Carryforward
	Short-Term			Long-Term
Macro Opportunities Fund	$	—		$	408
Research Market Neutral Fund		31,380	*		—

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

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

	Capital Loss Utilized
	Short-Term		Long-Term
Opportunistic Equity Long/Short Fund	$	14,015	$	—
Research Market Neutral Fund		2,302		—

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

52 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund during the six months ended April 30, 2021.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.

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

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended April 30, 2021.

Risks, Concentrations and Indemnifications

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

As of April 30, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Macro Opportunities Fund		1		95.1	%		—		—	%
Opportunistic Equity Long/Short Fund		—		—			3		63.4
Research Market Neutral Fund		—		—			2		47.3

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

Macro Opportunities Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of April 30, 2021, a significant portion of Macro Opportunities Fund’s investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 53

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

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.

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 option contracts and forward foreign currency exchange contracts.

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

As of April 30, 2021, Opportunistic Equity Long/Short Fund and Research Market Neutral Fund 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. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

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

54 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2020, and continued to hold your shares at the end of the reporting period, April 30, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value November 1, 2020		Ending Account Value April 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Macro Opportunities Fund
Class A
Actual	$	1,000.00	$	1,089.70	$	6.27		1.21	%
Hypothetical		1,000.00		1,018.79		6.06		1.21
Class C
Actual		1,000.00		1,087.40		8.85		1.71
Hypothetical		1,000.00		1,016.31		8.55		1.71
Class I
Actual		1,000.00		1,091.60		4.98		0.96
Hypothetical		1,000.00		1,020.03		4.81		0.96
Class R6
Actual		1,000.00		1,092.10		3.68		0.71
Hypothetical		1,000.00		1,021.27		3.56		0.71
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Actual		1,000.00		1,155.20		16.57		3.10
Hypothetical		1,000.00		1,009.42		15.45		3.10
Class C
Actual		1,000.00		1,152.70		19.22		3.60
Hypothetical		1,000.00		1,006.94		17.91		3.60
Class I
Actual		1,000.00		1,156.80		15.24		2.85
Hypothetical		1,000.00		1,010.66		14.21		2.85
Class R6
Actual		1,000.00		1,158.00		13.91		2.60
Hypothetical		1,000.00		1,011.90		12.97		2.60
JPMorgan Research Market Neutral Fund
Class A
Actual		1,000.00		1,017.30		15.21		3.04
Hypothetical		1,000.00		1,009.72		15.15		3.04
Class C
Actual		1,000.00		1,014.60		17.68		3.54
Hypothetical		1,000.00		1,007.24		17.62		3.54
Class I
Actual		1,000.00		1,018.50		13.91		2.78
Hypothetical		1,000.00		1,011.01		13.86		2.78

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

APRIL 30, 2021 J.P. MORGAN SPECIALTY FUNDS 55

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

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

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (5) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

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

56 J.P. MORGAN SPECIALTY FUNDS APRIL 30, 2021

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2021. All rights reserved. April 2021. SAN-SPEC-421

Semi-Annual Report

J.P. Morgan International Equity Funds

April 30, 2021 (Unaudited)

JPMorgan Emerging Markets Equity Fund

JPMorgan Emerging Markets Research Enhanced Equity Fund

JPMorgan Europe Dynamic Fund

JPMorgan International Equity Fund

JPMorgan International Focus Fund

JPMorgan International Hedged Equity Fund

JPMorgan International Research Enhanced Equity Fund

JPMorgan International Value Fund

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries/Summaries:
JPMorgan Emerging Markets Equity Fund	3
JPMorgan Emerging Markets Research Enhanced Equity Fund	7
JPMorgan Europe Dynamic Fund	9
JPMorgan International Equity Fund	12
JPMorgan International Focus Fund	15
JPMorgan International Hedged Equity Fund	18
JPMorgan International Research Enhanced Equity Fund	21
JPMorgan International Value Fund	23
Schedules of Portfolio Investments	26
Financial Statements	58
Financial Highlights	76
Notes to Financial Statements	92
Schedule of Shareholder Expenses	118
Liquidity Risk Management Program	121

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

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

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

LETTER TO SHAREHOLDERS

June 16, 2021 (Unaudited)

Dear Shareholders,

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

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

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

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

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

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

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

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

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

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

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

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

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

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

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

amid increased global demand for metals and other commodities.

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

HOW WAS THE FUND POSITIONED?

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

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

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

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

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

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

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

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

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

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

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

* Not annualized.

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

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

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

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Emerging Markets Equity Fund and the MSCI Emerging Markets Index (net of foreign withholding taxes) from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI Emerging Markets Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Investors cannot invest directly in an index.

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

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

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

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

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

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

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

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

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

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

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

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

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

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

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

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

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

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

* Not annualized.

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

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

The Fund commenced operations on December 11, 2018.

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

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan Emerging Markets Research Enhanced Equity Fund and the MSCI Emerging Markets Index (net of foreign withholding taxes) from December 11, 2018 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI Emerging Markets Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date.

Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

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

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

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

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, outperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2021.

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

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

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

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

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

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

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

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

* Not annualized.

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

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Europe Dynamic Fund and the MSCI Europe Index (net of foreign withholding taxes) from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI Europe Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI Europe Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is

designed to measure the equity market performance of the developed markets in Europe. Investors cannot invest directly in an index.

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

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

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

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

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

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

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

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

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

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

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

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

JPMorgan International Equity Fund

FUND COMMENTARY

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

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

* Not annualized.

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund and the MSCI EAFE Index (net of foreign withholding taxes) from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.

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

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

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

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

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

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

JPMorgan International Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

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

JPMorgan International Focus Fund

FUND COMMENTARY

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

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

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

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

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

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

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

* Not annualized.

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

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

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

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

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Focus Fund and the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) from November 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Investors cannot invest directly in an index.

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

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

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

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

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

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

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

INVESTMENT OBJECTIVE**

The JPMorgan International Hedged Equity Fund (the “Fund”) seeks to provide capital appreciation.

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They

used bottom-up fundamental research to identify what they believed were attractively priced securities of companies with solid financial positions that possessed the potential to increase their earnings faster than their industry peers.

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

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

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

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

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

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

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (3/15/19 TO 4/30/21)

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

The Fund commenced operations on March 15, 2019.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Hedged Equity Fund, the MSCI EAFE Index (net of foreign withholding taxes) and the ICE BofAML 3-Month U.S. Treasury Bill Index from March 15, 2019 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the ICE BofAML 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The ICE BofAML 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the begin-

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

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

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

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

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be

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

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

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

taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

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

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

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

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		23.1	%
France		11.9
United Kingdom		11.0
Switzerland		9.7
Germany		9.3
Netherlands		6.6
Australia		5.9
Sweden		2.7
Denmark		2.6
Spain		2.4
Hong Kong		2.2
Italy		1.2
Singapore		1.0
Others (each less than 1.0%)		3.6
Short-Term Investments		6.8

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

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

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

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

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

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

* Not annualized.

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Research Enhanced Equity Fund and the MSCI EAFE Index (net of foreign withholding taxes) from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower.

Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

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

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

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

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

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

INVESTMENT OBJECTIVE**

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

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

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

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

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

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

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

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

HOW WAS THE FUND POSITIONED?

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

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

JPMorgan International Value Fund

FUND COMMENTARY

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

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

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

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

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

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

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

* Not annualized.

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

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan International Value Fund and the MSCI EAFE Value Index (net of foreign withholding taxes) from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE Value Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted

index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.

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

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

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

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

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

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

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

Abbreviations

ADR	American Depositary Receipt
PT	Limited liability company
SGPS	Holding company
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $142,764.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

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

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of Investments by Industry, April 30, 2021

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

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

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
RTS	Russian Trading System
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $25,774.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI Emerging Markets E-Mini Index		174		06/2021		USD		11,624		34

Abbreviations

MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

Abbreviations

ADR	American Depositary Receipt
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust

(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $17,245.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		132		06/2021		EUR		6,240		227
FTSE 100 Index		7		06/2021		GBP		670		18
										245

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

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

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $186,203.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

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

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

Abbreviations

ADR	American Depositary Receipt
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $12,496.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

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

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

Abbreviations

EAFE	Europe, Australasia and Far East
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
USD	United States Dollar
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	Amount rounds to less than one thousand.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

Abbreviations

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

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

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

552

USD 125,222

USD 2,300.00

6/18/2021

(1,281

)

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

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

552

USD 125,222

USD 1,760.00

6/18/2021

(134

)

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

(1,415

)

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

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

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

Abbreviations

OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $236,779.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Amount rounds to less than one thousand.
(e)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(f)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

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

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Abbreviations

ADR	American Depositary Receipt
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SDR	Swedish Depositary Receipt
SGPS	Holding company

(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $9,734.
(c)	Amount rounds to less than one thousand.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(f)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		76		06/2021		EUR		3,593		74
FTSE 100 Index		18		06/2021		GBP		1,722		45
TOPIX Index		15		06/2021		JPY		2,609		(54	)
										65

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
JPY	Japanese Yen
TOPIX	Tokyo Stock Price Index

SEE NOTES TO FINANCIAL STATEMENTS.

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

THIS PAGE IS INTENTIONALLY LEFT BLANK

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

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

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

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

	JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund			JPMorgan International Equity Fund
NET ASSETS:
Paid-in-Capital	$	8,902,080		$	2,957,105		$	705,116		$	3,291,844
Total distributable earnings (loss)		5,564,873			866,118			47,528			1,403,954
Total Net Assets	$	14,466,953		$	3,823,223		$	752,644		$	4,695,798
Net Assets:
Class A	$	766,529		$	—		$	88,051		$	389,716
Class C		94,860			—			12,479			10,740
Class I		5,170,999			5,015			233,882			490,044
Class L		2,584,295			—			78,629			—
Class R2		591			—			—			25,835
Class R3		9,515			—			—			—
Class R4		3,931			—			—			—
Class R5		66,215			—			—			11,124
Class R6		5,770,018			3,818,208			339,603			3,768,339
Total	$	14,466,953		$	3,823,223		$	752,644		$	4,695,798
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		17,983			—			2,951			18,913
Class C		2,310			—			473			551
Class I		118,382			228			7,683			23,395
Class L		58,680			—			2,552			—
Class R2		14			—			—			1,271
Class R3		225			—			—			—
Class R4		90			—			—			—
Class R5		1,506			—			—			528
Class R6		131,122			174,226			11,071			179,431
Net Asset Value (a):
Class A — Redemption price per share	$	42.62		$	—		$	29.84		$	20.61
Class C — Offering price per share (b)		41.07			—			26.37			19.49
Class I — Offering and redemption price per share		43.68			22.03			30.44			20.95
Class L — Offering and redemption price per share		44.04			—			30.82			—
Class R2 — Offering and redemption price per share		42.11			—			—			20.33
Class R3 — Offering and redemption price per share		42.39			—			—			—
Class R4 — Offering and redemption price per share		43.54			—			—			—
Class R5 — Offering and redemption price per share		43.95			—			—			21.05
Class R6 — Offering and redemption price per share		44.00			21.92			30.68			21.00
Class A maximum sales charge		5.25	%		—	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	44.98		$	—		$	31.49		$	21.75
Cost of investments in non-affiliates	$	9,007,492		$	3,045,846		$	605,392		$	3,462,057
Cost of investments in affiliates		—			—			181,345			79,740
Cost of foreign currency		—			224			250			—
Investment securities on loan, at value (See Note 2.C.)		142,764			25,774			17,245			186,203
Cost of investment of cash collateral (See Note 2.C.)		150,955			27,074			18,345			200,569

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

STATEMENTS OF ASSETS AND LIABILITIES

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

(Amounts in thousands, except per share amounts)

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

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

STATEMENTS OF OPERATIONS

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

(Amounts in thousands)

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

(a) Amount rounds to less than one thousand.

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

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

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

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

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

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Emerging Markets Equity Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	36.44	$	(0.10	)	$	6.28		$	6.18		$	—
Year Ended October 31, 2020		30.07		(0.02	)		6.56			6.54			(0.17	)
Year Ended October 31, 2019		23.84		0.19			6.16			6.35			(0.12	)
Year Ended October 31, 2018		27.58		0.14			(3.84	)		(3.70	)		(0.04	)
Year Ended October 31, 2017		21.79		0.09			5.80			5.89			(0.10	)
Year Ended October 31, 2016		19.53		0.09			2.28			2.37			(0.11	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		35.20		(0.20	)		6.07			5.87			—
Year Ended October 31, 2020		29.07		(0.18	)		6.35			6.17			(0.04	)
Year Ended October 31, 2019		23.08		0.04			5.98			6.02			(0.03	)
Year Ended October 31, 2018		26.80		0.02			(3.74	)		(3.72	)		—	(f)
Year Ended October 31, 2017		21.18		(0.04	)		5.67			5.63			(0.01	)
Year Ended October 31, 2016		18.96		(0.01	)		2.23			2.22			—
Class I
Six Months Ended April 30, 2021 (Unaudited)		37.34		(0.05	)		6.43			6.38			(0.04	)
Year Ended October 31, 2020		30.79		0.05			6.75			6.80			(0.25	)
Year Ended October 31, 2019		24.45		0.27			6.29			6.56			(0.22	)
Year Ended October 31, 2018		28.29		0.24			(3.96	)		(3.72	)		(0.12	)
Year Ended October 31, 2017		22.33		0.16			5.94			6.10			(0.14	)
Year Ended October 31, 2016		19.98		0.13			2.35			2.48			(0.13	)
Class L
Six Months Ended April 30, 2021 (Unaudited)		37.64		(0.03	)		6.49			6.46			(0.06	)
Year Ended October 31, 2020		31.03		0.08			6.80			6.88			(0.27	)
Year Ended October 31, 2019		24.63		0.29			6.35			6.64			(0.24	)
Year Ended October 31, 2018		28.49		0.26			(3.99	)		(3.73	)		(0.13	)
Year Ended October 31, 2017		22.49		0.21			5.96			6.17			(0.17	)
Year Ended October 31, 2016		20.15		0.17			2.35			2.52			(0.18	)
Class R2
Six Months Ended April 30, 2021 (Unaudited)		36.06		(0.16	)		6.21			6.05			—
Year Ended October 31, 2020		29.78		(0.13	)		6.52			6.39			(0.11	)
Year Ended October 31, 2019		23.73		0.08			6.13			6.21			(0.16	)
Year Ended October 31, 2018		27.57		0.07			(3.83	)		(3.76	)		(0.08	)
July 31, 2017 (g) through October 31, 2017		26.40		(0.01	)		1.18			1.17			—
Class R3
Six Months Ended April 30, 2021 (Unaudited)		36.25		(0.12	)		6.26			6.14			—
Year Ended October 31, 2020		29.96		(0.05	)		6.55			6.50			(0.21	)
Year Ended October 31, 2019		23.78		0.25			6.06			6.31			(0.13	)
Year Ended October 31, 2018		27.59		0.22			(3.92	)		(3.70	)		(0.11	)
July 31, 2017 (g) through October 31, 2017		26.40		0.01			1.18			1.19			—
Class R4
Six Months Ended April 30, 2021 (Unaudited)		37.20		(0.06	)		6.42			6.36			(0.02	)
Year Ended October 31, 2020		30.68		0.04			6.70			6.74			(0.22	)
Year Ended October 31, 2019		24.42		0.27			6.25			6.52			(0.26	)
Year Ended October 31, 2018		28.28		0.18			(3.91	)		(3.73	)		(0.13	)
July 31, 2017 (g) through October 31, 2017		27.05		0.02			1.21			1.23			—
Class R5
Six Months Ended April 30, 2021 (Unaudited)		37.56		(0.03	)		6.47			6.44			(0.05	)
Year Ended October 31, 2020		30.96		0.08			6.78			6.86			(0.26	)
Year Ended October 31, 2019		24.60		0.31			6.31			6.62			(0.26	)
Year Ended October 31, 2018		28.47		0.39			(4.11	)		(3.72	)		(0.15	)
Year Ended October 31, 2017		22.49		0.15			6.01			6.16			(0.18	)
September 9, 2016 (g) through October 31, 2016		22.40		0.01			0.08			0.09			—
Class R6
Six Months Ended April 30, 2021 (Unaudited)		37.61		(0.01	)		6.48			6.47			(0.08	)
Year Ended October 31, 2020		31.00		0.12			6.78			6.90			(0.29	)
Year Ended October 31, 2019		24.60		0.31			6.35			6.66			(0.26	)
Year Ended October 31, 2018		28.46		0.29			(3.99	)		(3.70	)		(0.16	)
Year Ended October 31, 2017		22.46		0.21			5.98			6.19			(0.19	)
Year Ended October 31, 2016		20.13		0.19			2.35			2.54			(0.21	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	42.62		16.96	%	$	766,529		1.24	%		(0.48	)%		1.30	%		15	%
	36.44		21.84			578,112		1.24			(0.06	)		1.33			15
	30.07		26.77			524,357		1.24			0.69			1.47			34
	23.84		(13.44	)		369,490		1.24			0.51			1.52			13
	27.58		27.22			525,451		1.35			0.36			1.58			22
	21.79		12.25			411,713		1.44			0.44			1.76			23
	41.07		16.68			94,860		1.73			(0.98	)		1.79			15
	35.20		21.24			72,364		1.74			(0.58	)		1.83			15
	29.07		26.12			56,830		1.74			0.15			1.98			34
	23.08		(13.87	)		43,612		1.74			0.06			2.02			13
	26.80		26.58			48,497		1.85			(0.15	)		2.09			22
	21.18		11.71			39,568		1.95			(0.06	)		2.26			23
	43.68		17.09			5,170,999		0.99			(0.23	)		1.04			15
	37.34		22.19			4,016,180		0.99			0.15			1.07			15
	30.79		27.04			1,725,882		0.99			0.94			1.21			34
	24.45		(13.23	)		773,142		0.99			0.84			1.26			13
	28.29		27.54			629,451		1.10			0.62			1.30			22
	22.33		12.51			301,959		1.20			0.66			1.43			23
	44.04		17.17			2,584,295		0.88			(0.13	)		0.89			15
	37.64		22.29			1,877,489		0.89			0.25			0.92			15
	31.03		27.20			926,781		0.89			1.00			1.06			34
	24.63		(13.16	)		475,997		0.89			0.91			1.11			13
	28.49		27.72			430,860		0.95			0.84			1.14			22
	22.49		12.71			390,647		1.04			0.84			1.22			23
	42.11		16.78			591		1.53			(0.78	)		1.74			15
	36.06		21.51			414		1.54			(0.41	)		2.00			15
	29.78		26.35			145		1.54			0.31			2.26			34
	23.73		(13.69	)		95		1.54			0.26			2.04			13
	27.57		4.43			21		1.60			(0.17	)		1.80			22
	42.39		16.94			9,515		1.29			(0.55	)		1.29			15
	36.25		21.80			5,797		1.29			(0.15	)		1.33			15
	29.96		26.67			2,151		1.29			0.90			1.49			34
	23.78		(13.49	)		341		1.29			0.81			1.59			13
	27.59		4.51			21		1.35			0.08			1.55			22
	43.54		17.10			3,931		1.04			(0.29	)		1.05			15
	37.20		22.09			2,962		1.04			0.12			1.08			15
	30.68		26.98			1,300		1.04			0.94			1.23			34
	24.42		(13.25	)		26		1.04			0.63			1.62			13
	28.28		4.55			21		1.10			0.33			1.30			22
	43.95		17.16			66,215		0.89			(0.15	)		0.90			15
	37.56		22.29			57,909		0.89			0.26			0.93			15
	30.96		27.19			41,872		0.89			1.08			1.08			34
	24.60		(13.14	)		1,672		0.89			1.37			1.11			13
	28.47		27.72			217		0.95			0.58			3.36			22
	22.49		0.40			20		0.90			0.28			1.08			23
	44.00		17.21			5,770,018		0.79			(0.04	)		0.79			15
	37.61		22.39			4,608,998		0.79			0.37			0.82			15
	31.00		27.36			3,034,359		0.79			1.09			0.96			34
	24.60		(13.08	)		2,936,830		0.79			1.00			1.01			13
	28.46		27.87			2,813,349		0.85			0.85			1.01			22
	22.46		12.83			1,980,671		0.94			0.96			1.08			23

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Six Months Ended April 30, 2021 (Unaudited)	$	18.11	$	0.12	$	4.11	$	4.23	$	(0.31	)	$	—		$	(0.31	)
Year Ended October 31, 2020		16.78		0.33		1.04		1.37		—			(0.04	)		(0.04	)
January 30, 2019 (f) through October 31, 2019		16.22		0.31		0.25		0.56		—			—			—
Class R6
Six Months Ended April 30, 2021 (Unaudited)		18.01		0.11		4.11		4.22		(0.31	)		—			(0.31	)
Year Ended October 31, 2020		16.80		0.31		1.07		1.38		(0.13	)		(0.04	)		(0.17	)
December 11, 2018 (h) through October 31, 2019		15.00		0.42		1.46		1.88		(0.08	)		—			(0.08	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

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

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	22.03		23.45	%	$	5,015		0.45	%		1.13	%		0.79	%		36	%
	18.11		8.15			33		0.45			1.98			1.39			47
	16.78		3.45			5		0.44	(g)		2.52	(g)		0.70	(g)		28
	21.92		23.57			3,818,208		0.35			1.06			0.39			36
	18.01		8.22			2,840,309		0.35			1.87			0.41			47
	16.80		12.60			2,090,569		0.34	(g)		2.90	(g)		0.46	(g)		28

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Europe Dynamic Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	21.64	$	0.18	$	8.29		$	8.47		$	(0.27	)
Year Ended October 31, 2020		24.25		0.25		(2.16	)		(1.91	)		(0.70	)
Year Ended October 31, 2019		23.01		0.61		1.18			1.79			(0.55	)
Year Ended October 31, 2018		27.04		0.42		(4.08	)		(3.66	)		(0.37	)
Year Ended October 31, 2017		21.94		0.37		5.15			5.52			(0.42	)
Year Ended October 31, 2016		24.41		0.37		(2.55	)		(2.18	)		(0.29	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		19.10		0.09		7.33			7.42			(0.15	)
Year Ended October 31, 2020		21.47		0.12		(1.91	)		(1.79	)		(0.58	)
Year Ended October 31, 2019		20.39		0.44		1.06			1.50			(0.42	)
Year Ended October 31, 2018		24.00		0.25		(3.62	)		(3.37	)		(0.24	)
Year Ended October 31, 2017		19.52		0.23		4.58			4.81			(0.33	)
Year Ended October 31, 2016		21.77		0.23		(2.27	)		(2.04	)		(0.21	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		22.10		0.21		8.46			8.67			(0.33	)
Year Ended October 31, 2020		24.75		0.31		(2.19	)		(1.88	)		(0.77	)
Year Ended October 31, 2019		23.48		0.67		1.21			1.88			(0.61	)
Year Ended October 31, 2018		27.60		0.49		(4.17	)		(3.68	)		(0.44	)
Year Ended October 31, 2017		22.37		0.46		5.25			5.71			(0.48	)
Year Ended October 31, 2016		24.83		0.44		(2.59	)		(2.15	)		(0.31	)
Class L
Six Months Ended April 30, 2021 (Unaudited)		22.38		0.25		8.56			8.81			(0.37	)
Year Ended October 31, 2020		25.05		0.35		(2.23	)		(1.88	)		(0.79	)
Year Ended October 31, 2019		23.70		0.65		1.27			1.92			(0.57	)
Year Ended October 31, 2018		27.85		0.51		(4.18	)		(3.67	)		(0.48	)
Year Ended October 31, 2017		22.61		0.52		5.27			5.79			(0.55	)
Year Ended October 31, 2016		25.13		0.49		(2.60	)		(2.11	)		(0.41	)
Class R6
Six Months Ended April 30, 2021 (Unaudited)		22.29		0.26		8.52			8.78			(0.39	)
Year Ended October 31, 2020		24.96		0.37		(2.22	)		(1.85	)		(0.82	)
Year Ended October 31, 2019		23.70		0.75		1.19			1.94			(0.68	)
October 1, 2018 (f) through October 31, 2018		26.32		0.01		(2.63	)		(2.62	)		—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	29.84		39.31	%	$	88,051		1.24	%		1.33	%		1.28	%		56	%
	21.64		(8.21	)		68,882		1.24			1.09			1.28			159
	24.25		8.14			98,294		1.24			2.67			1.31			83
	23.01		(13.72	)		124,681		1.24			1.58			1.29			149
	27.04		25.65			165,020		1.36			1.52			1.36			189
	21.94		(8.98	)		162,767		1.42			1.66			1.43			142
	26.37		38.93			12,479		1.74			0.78			1.78			56
	19.10		(8.68	)		11,082		1.74			0.59			1.77			159
	21.47		7.64			19,798		1.74			2.15			1.80			83
	20.39		(14.18	)		31,125		1.74			1.08			1.79			149
	24.00		25.02			46,615		1.85			1.07			1.86			189
	19.52		(9.42	)		50,152		1.91			1.16			1.92			142
	30.44		39.43			233,882		0.99			1.53			1.02			56
	22.10		(7.98	)		52,841		0.99			1.33			1.01			159
	24.75		8.44			86,582		0.99			2.86			1.05			83
	23.48		(13.53	)		139,858		0.99			1.84			1.04			149
	27.60		26.06			187,678		1.06			1.85			1.07			189
	22.37		(8.73	)		145,080		1.10			1.95			1.10			142
	30.82		39.58			78,629		0.86			1.77			0.86			56
	22.38		(7.86	)		55,597		0.85			1.49			0.86			159
	25.05		8.49			65,686		0.89			2.77			0.90			83
	23.70		(13.41	)		389,665		0.88			1.88			0.89			149
	27.85		26.22			578,183		0.90			2.07			0.91			189
	22.61		(8.48	)		424,388		0.90			2.16			0.90			142
	30.68		39.64			339,603		0.76			1.84			0.76			56
	22.29		(7.79	)		250,426		0.75			1.61			0.76			159
	24.96		8.65			271,885		0.79			3.17			0.79			83
	23.70		(9.95	)		18		0.82			0.67			0.83			149

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Equity Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	16.47	$	0.14	$	4.18		$	4.32		$	(0.18	)	$	—		$	(0.18	)
Year Ended October 31, 2020		17.27		0.19		(0.49	)		(0.30	)		(0.50	)		—			(0.50	)
Year Ended October 31, 2019		15.56		0.33		1.89			2.22			(0.33	)		(0.18	)		(0.51	)
Year Ended October 31, 2018		17.81		0.33		(2.33	)		(2.00	)		(0.25	)		—			(0.25	)
Year Ended October 31, 2017		14.24		0.22		3.39			3.61			(0.04	)		—			(0.04	)
Year Ended October 31, 2016		14.75		0.22		(0.51	)		(0.29	)		(0.22	)		—			(0.22	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		15.53		0.07		3.96			4.03			(0.07	)		—			(0.07	)
Year Ended October 31, 2020		16.29		0.09		(0.45	)		(0.36	)		(0.40	)		—			(0.40	)
Year Ended October 31, 2019		14.68		0.23		1.80			2.03			(0.24	)		(0.18	)		(0.42	)
Year Ended October 31, 2018		16.83		0.25		(2.23	)		(1.98	)		(0.17	)		—			(0.17	)
Year Ended October 31, 2017		13.50		0.12		3.22			3.34			(0.01	)		—			(0.01	)
Year Ended October 31, 2016		14.02		0.13		(0.47	)		(0.34	)		(0.18	)		—			(0.18	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		16.76		0.17		4.25			4.42			(0.23	)		—			(0.23	)
Year Ended October 31, 2020		17.56		0.21		(0.47	)		(0.26	)		(0.54	)		—			(0.54	)
Year Ended October 31, 2019		15.82		0.36		1.93			2.29			(0.37	)		(0.18	)		(0.55	)
Year Ended October 31, 2018		18.09		0.41		(2.40	)		(1.99	)		(0.28	)		—			(0.28	)
Year Ended October 31, 2017		14.45		0.26		3.44			3.70			(0.06	)		—			(0.06	)
Year Ended October 31, 2016		14.95		0.24		(0.48	)		(0.24	)		(0.26	)		—			(0.26	)
Class R2
Six Months Ended April 30, 2021 (Unaudited)		16.31		0.10		4.14			4.24			(0.22	)		—			(0.22	)
Year Ended October 31, 2020		17.14		0.13		(0.48	)		(0.35	)		(0.48	)		—			(0.48	)
Year Ended October 31, 2019		15.44		0.28		1.88			2.16			(0.28	)		(0.18	)		(0.46	)
Year Ended October 31, 2018		17.70		0.29		(2.33	)		(2.04	)		(0.22	)		—			(0.22	)
Year Ended October 31, 2017		14.17		0.17		3.38			3.55			(0.02	)		—			(0.02	)
Year Ended October 31, 2016		14.69		0.18		(0.50	)		(0.32	)		(0.20	)		—			(0.20	)
Class R5
Six Months Ended April 30, 2021 (Unaudited)		16.85		0.19		4.26			4.45			(0.25	)		—			(0.25	)
Year Ended October 31, 2020		17.60		0.24		(0.48	)		(0.24	)		(0.51	)		—			(0.51	)
Year Ended October 31, 2019		15.85		0.38		1.94			2.32			(0.39	)		(0.18	)		(0.57	)
Year Ended October 31, 2018		18.13		0.41		(2.40	)		(1.99	)		(0.29	)		—			(0.29	)
Year Ended October 31, 2017		14.47		0.21		3.52			3.73			(0.07	)		—			(0.07	)
Year Ended October 31, 2016		14.97		0.27		(0.49	)		(0.22	)		(0.28	)		—			(0.28	)
Class R6
Six Months Ended April 30, 2021 (Unaudited)		16.81		0.20		4.25			4.45			(0.26	)		—			(0.26	)
Year Ended October 31, 2020		17.61		0.26		(0.49	)		(0.23	)		(0.57	)		—			(0.57	)
Year Ended October 31, 2019		15.86		0.40		1.93			2.33			(0.40	)		(0.18	)		(0.58	)
Year Ended October 31, 2018		18.13		0.43		(2.39	)		(1.96	)		(0.31	)		—			(0.31	)
Year Ended October 31, 2017		14.46		0.29		3.46			3.75			(0.08	)		—			(0.08	)
Year Ended October 31, 2016		14.97		0.29		(0.51	)		(0.22	)		(0.29	)		—			(0.29	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c) (d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	20.61		26.31	%	$	389,716		0.95	%		1.43	%		1.11	%		26	%
	16.47		(1.88	)		263,791		0.95			1.17			1.12			28
	17.27		14.93			328,312		0.95			2.03			1.22			25
	15.56		(11.42	)		240,394		0.95			1.88			1.32			33
	17.81		25.43			302,130		1.23			1.39			1.35			17
	14.24		(1.83	)		216,932		1.31			1.62			1.49			11
	19.49		25.99			10,740		1.45			0.80			1.62			26
	15.53		(2.38	)		9,358		1.45			0.61			1.62			28
	16.29		14.39			14,549		1.45			1.51			1.74			25
	14.68		(11.89	)		18,899		1.45			1.48			1.83			33
	16.83		24.79			24,281		1.74			0.83			1.88			17
	13.50		(2.31	)		22,235		1.81			0.97			2.06			11
	20.95		26.48			490,044		0.70			1.68			0.86			26
	16.76		(1.64	)		339,416		0.70			1.26			0.86			28
	17.56		15.20			190,885		0.70			2.22			0.96			25
	15.82		(11.20	)		179,831		0.70			2.30			1.06			33
	18.09		25.69			139,715		0.99			1.59			1.10			17
	14.45		(1.50	)		94,362		1.06			1.69			1.24			11
	20.33		26.10			25,835		1.25			1.03			1.45			26
	16.31		(2.21	)		21,379		1.25			0.79			1.37			28
	17.14		14.58			2,099		1.25			1.75			1.57			25
	15.44		(11.68	)		1,833		1.25			1.64			1.60			33
	17.70		25.12			2,096		1.49			1.07			1.71			17
	14.17		(2.08	)		1,461		1.56			1.28			1.95			11
	21.05		26.49			11,124		0.60			1.86			0.71			26
	16.85		(1.52	)		6,970		0.60			1.41			0.72			28
	17.60		15.38			3,778		0.60			2.31			0.83			25
	15.85		(11.16	)		19,516		0.60			2.31			0.91			33
	18.13		25.88			21,891		0.84			1.36			0.93			17
	14.47		(1.34	)		58,836		0.86			1.93			1.02			11
	21.00		26.57			3,768,339		0.50			1.99			0.60			26
	16.81		(1.46	)		2,290,008		0.50			1.56			0.61			28
	17.61		15.50			2,457,383		0.50			2.46			0.72			25
	15.86		(11.04	)		3,808,621		0.50			2.42			0.81			33
	18.13		26.04			3,516,978		0.74			1.84			0.81			17
	14.46		(1.36	)		3,030,640		0.81			2.05			0.91			11

SEE NOTES TO FINANCIAL STATEMENTS.

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

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Focus Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	22.07	$	0.21		$	5.04		$	5.25		$	(0.19	)
Year Ended October 31, 2020		21.15		0.18			0.75			0.93			(0.01	)
Year Ended October 31, 2019		18.24		0.26			3.02			3.28			(0.37	)
Year Ended October 31, 2018		21.14		0.36			(3.13	)		(2.77	)		(0.13	)
Year Ended October 31, 2017		17.24		0.16			4.09			4.25			(0.35	)
Year Ended October 31, 2016		17.61		0.22	(f)		(0.55	)		(0.33	)		(0.04	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		21.68		0.12			4.97			5.09			(0.06	)
Year Ended October 31, 2020		20.86		0.07			0.75			0.82			—
Year Ended October 31, 2019		17.98		0.16			2.97			3.13			(0.25	)
Year Ended October 31, 2018		20.90		0.26			(3.09	)		(2.83	)		(0.09	)
Year Ended October 31, 2017		17.04		0.05			4.06			4.11			(0.25	)
Year Ended October 31, 2016		17.45		0.13	(f)		(0.53	)		(0.40	)		(0.01	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		22.39		0.23			5.12			5.35			(0.25	)
Year Ended October 31, 2020		21.43		0.23			0.78			1.01			(0.05	)
Year Ended October 31, 2019		18.49		0.31			3.04			3.35			(0.41	)
Year Ended October 31, 2018		21.41		0.44			(3.19	)		(2.75	)		(0.17	)
Year Ended October 31, 2017		17.45		0.23			4.13			4.36			(0.40	)
Year Ended October 31, 2016		17.71		0.24	(f)		(0.50	)		(0.26	)		—
Class R2
Six Months Ended April 30, 2021 (Unaudited)		21.85		0.15			5.01			5.16			(0.13	)
Year Ended October 31, 2020		20.99		0.13			0.73			0.86			—
Year Ended October 31, 2019		18.14		0.21			2.98			3.19			(0.34	)
Year Ended October 31, 2018		21.11		0.35			(3.17	)		(2.82	)		(0.15	)
Year Ended October 31, 2017		17.21		0.06			4.14			4.20			(0.30	)
Year Ended October 31, 2016		17.57		0.15	(f)		(0.51	)		(0.36	)		—
Class R5
Six Months Ended April 30, 2021 (Unaudited)		22.38		0.22			5.14			5.36			(0.26	)
Year Ended October 31, 2020		21.42		0.25			0.78			1.03			(0.07	)
Year Ended October 31, 2019		18.49		0.34			3.03			3.37			(0.44	)
Year Ended October 31, 2018		21.39		0.53			(3.25	)		(2.72	)		(0.18	)
Year Ended October 31, 2017		17.44		0.20			4.17			4.37			(0.42	)
Year Ended October 31, 2016		17.75		0.27	(f)		(0.52	)		(0.25	)		(0.06	)
Class R6
Six Months Ended April 30, 2021 (Unaudited)		22.40		0.23			5.14			5.37			(0.28	)
Year Ended October 31, 2020		21.44		0.28			0.77			1.05			(0.09	)
Year Ended October 31, 2019		18.50		0.27			3.13			3.40			(0.46	)
Year Ended October 31, 2018		21.40		0.44			(3.16	)		(2.72	)		(0.18	)
Year Ended October 31, 2017		17.45		0.26			4.12			4.38			(0.43	)
Year Ended October 31, 2016		17.76		0.29	(f)		(0.52	)		(0.23	)		(0.08	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	27.13		23.83	%	$	269,643		1.00	%		1.59	%		1.22	%		19	%
	22.07		4.39			135,527		1.00			0.86			1.22			38
	21.15		18.41			114,629		1.00			1.33			1.32			34
	18.24		(13.20	)		84,325		1.00			1.75			1.38			63
	21.14		25.16			67,684		1.24			0.83			1.46			38
	17.24		(1.86	)		14,034		1.24			1.28	(f)		1.61			51
	26.71		23.49			21,917		1.50			0.92			1.72			19
	21.68		3.93			15,463		1.50			0.32			1.73			38
	20.86		17.73			18,447		1.50			0.83			1.84			34
	17.98		(13.60	)		22,532		1.50			1.29			1.89			63
	20.90		24.51			14,534		1.74			0.27			2.00			38
	17.04		(2.28	)		4,626		1.74			0.75	(f)		2.14			51
	27.49		23.96			666,701		0.75			1.76			0.96			19
	22.39		4.71			372,068		0.75			1.05			0.96			38
	21.43		18.62			177,764		0.75			1.57			1.08			34
	18.49		(12.96	)		189,061		0.75			2.09			1.13			63
	21.41		25.60			131,356		0.89			1.14			1.19			38
	17.45		(1.47	)		9,929		0.89			1.41	(f)		1.35			51
	26.88		23.65			2,334		1.30			1.15			1.47			19
	21.85		4.10			1,441		1.30			0.61			1.51			38
	20.99		18.01			1,049		1.30			1.05			1.74			34
	18.14		(13.46	)		773		1.30			1.70			1.72			63
	21.11		24.85			97		1.49			0.31			2.79			38
	17.21		(2.05	)		20		1.49			0.87	(f)		4.37			51
	27.48		24.02			3,525		0.65			1.69			0.87			19
	22.38		4.79			2,772		0.65			1.16			0.88			38
	21.42		18.76			3,082		0.65			1.71			1.04			34
	18.49		(12.84	)		3,341		0.65			2.56			1.07			63
	21.39		25.67			90		0.79			1.01			2.44			38
	17.44		(1.38	)		20		0.80			1.57	(f)		3.59			51
	27.49		24.06			2,736,376		0.55			1.77			0.70			19
	22.40		4.89			2,274,399		0.55			1.31			0.71			38
	21.44		18.95			2,284,670		0.55			1.32			0.77			34
	18.50		(12.81	)		175,198		0.55			2.12			0.87			63
	21.40		25.72			143,868		0.74			1.37			0.95			38
	17.45		(1.29	)		81,146		0.74			1.70	(f)		1.02			51

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Hedged Equity Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	14.12	$	0.17	$	1.87		$	2.04		$	(0.27	)
Year Ended October 31, 2020		15.58		0.27		(1.49	)		(1.22	)		(0.24	)
March 15, 2019 (f) through October 31, 2019		15.00		0.19		0.39			0.58			—
Class C
Six Months Ended April 30, 2021 (Unaudited)		14.06		0.14		1.85			1.99			(0.17	)
Year Ended October 31, 2020		15.53		0.20		(1.50	)		(1.30	)		(0.17	)
March 15, 2019 (f) through October 31, 2019		15.00		0.16		0.37			0.53			—
Class I
Six Months Ended April 30, 2021 (Unaudited)		14.18		0.17		1.90			2.07			(0.28	)
Year Ended October 31, 2020		15.61		0.31		(1.50	)		(1.19	)		(0.24	)
March 15, 2019 (f) through October 31, 2019		15.00		0.32		0.29			0.61			—
Class R5
Six Months Ended April 30, 2021 (Unaudited)		14.20		0.18		1.90			2.08			(0.30	)
Year Ended October 31, 2020		15.62		0.31		(1.48	)		(1.17	)		(0.25	)
March 15, 2019 (f) through October 31, 2019		15.00		0.34		0.28			0.62			—
Class R6
Six Months Ended April 30, 2021 (Unaudited)		14.22		0.23		1.86			2.09			(0.32	)
Year Ended October 31, 2020		15.63		0.34		(1.49	)		(1.15	)		(0.26	)
March 15, 2019 (f) through October 31, 2019		15.00		0.35		0.28			0.63			—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of operations.

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

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	15.89		14.54	%	$	2,460		0.85	%		2.22	%		1.06	%		18	%
	14.12		(8.02	)		1,573		0.85			1.84			1.30			85
	15.58		3.87			330		0.85	(g)		1.95	(g)		1.31	(g)		9
	15.88		14.22			207		1.35			1.81			1.57			18
	14.06		(8.47	)		115		1.35			1.34			1.81			85
	15.53		3.53			119		1.35	(g)		1.73	(g)		1.92	(g)		9
	15.97		14.72			123,154		0.60			2.22			0.80			18
	14.18		(7.78	)		135,542		0.60			2.12			1.03			85
	15.61		4.07			59,751		0.60	(g)		3.38	(g)		1.19	(g)		9
	15.98		14.77			22		0.45			2.39			0.73			18
	14.20		(7.68	)		19		0.45			2.08			1.04			85
	15.62		4.13			21		0.45	(g)		3.59	(g)		1.03	(g)		9
	15.99		14.80			79		0.35			2.93			0.60			18
	14.22		(7.53	)		19		0.35			2.33			0.94			85
	15.63		4.20			21		0.35	(g)		3.69	(g)		0.93	(g)		9

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Research Enhanced Equity Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	15.84	$	0.22		$	4.31		$	4.53		$	(0.17	)	$	—		$	(0.17	)
Year Ended October 31, 2020		17.93		0.36			(1.96	)		(1.60	)		(0.49	)		—			(0.49	)
Year Ended October 31, 2019		16.79		0.51			1.15			1.66			(0.52	)		—			(0.52	)
Year Ended October 31, 2018		18.76		0.45			(2.04	)		(1.59	)		(0.19	)		(0.19	)		(0.38	)
Year Ended October 31, 2017		15.54		0.34			3.23			3.57			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		16.54		0.40	(f)		(0.89	)		(0.49	)		(0.36	)		(0.15	)		(0.51	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		16.05		0.24			4.37			4.61			(0.36	)		—			(0.36	)
Year Ended October 31, 2020		18.17		0.36			(1.94	)		(1.58	)		(0.54	)		—			(0.54	)
Year Ended October 31, 2019		17.01		0.56			1.16			1.72			(0.56	)		—			(0.56	)
Year Ended October 31, 2018		18.92		0.35			(1.91	)		(1.56	)		(0.16	)		(0.19	)		(0.35	)
Year Ended October 31, 2017		15.68		0.41			3.23			3.64			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		16.70		0.46	(f)		(0.92	)		(0.46	)		(0.41	)		(0.15	)		(0.56	)
Class R6
Six Months Ended April 30, 2021 (Unaudited)		16.00		0.25			4.35			4.60			(0.37	)		—			(0.37	)
Year Ended October 31, 2020		18.11		0.39			(1.94	)		(1.55	)		(0.56	)		—			(0.56	)
Year Ended October 31, 2019		16.97		0.57			1.16			1.73			(0.59	)		—			(0.59	)
November 1, 2017 (g) through October 31, 2018		18.98		0.56			(2.16	)		(1.60	)		(0.22	)		(0.19	)		(0.41	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	20.20		28.69	%	$	45,609		0.60	%		2.34	%		0.88	%		10	%
	15.84		(9.26	)		52,118		0.60			2.21			0.83			52
	17.93		10.39			213,256		0.60			3.00			0.83			22
	16.79		(8.66	)		203,437		0.60			2.40			0.84			42
	18.76		23.41			298,112		0.59			1.98			0.90			33
	15.54		(2.94	)		69,626		0.60			2.60	(f)		1.02			24
	20.30		28.86			457,832		0.35			2.49			0.56			10
	16.05		(9.05	)		472,455		0.34			2.15			0.56			52
	18.17		10.65			185,680		0.35			3.28			0.56			22
	17.01		(8.42	)		152,610		0.35			1.85			0.56			42
	18.92		23.71			4,740,590		0.34			2.37			0.58			33
	15.68		(2.72	)		1,241,856		0.34			2.98	(f)		0.59			24
	20.23		28.92			4,443,524		0.25			2.62			0.30			10
	16.00		(8.96	)		4,337,776		0.24			2.35			0.30			52
	18.11		10.78			4,435,538		0.25			3.37			0.31			22
	16.97		(8.60	)		4,344,571		0.25			3.00			0.32			42

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Value Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	9.46	$	0.18	$	3.69		$	3.87		$	(0.32	)
Year Ended October 31, 2020		12.22		0.28		(2.55	)		(2.27	)		(0.49	)
Year Ended October 31, 2019		12.44		0.44		(0.20	)		0.24			(0.46	)
Year Ended October 31, 2018		14.26		0.36		(1.87	)		(1.51	)		(0.31	)
Year Ended October 31, 2017		12.23		0.22		2.50			2.72			(0.69	)
Year Ended October 31, 2016		13.02		0.23		(0.88	)		(0.65	)		(0.14	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		9.14		0.13		3.58			3.71			(0.24	)
Year Ended October 31, 2020		11.81		0.21		(2.47	)		(2.26	)		(0.41	)
Year Ended October 31, 2019		12.02		0.36		(0.18	)		0.18			(0.39	)
Year Ended October 31, 2018		13.78		0.28		(1.82	)		(1.54	)		(0.22	)
Year Ended October 31, 2017		11.88		0.15		2.42			2.57			(0.67	)
Year Ended October 31, 2016		12.65		0.17		(0.87	)		(0.70	)		(0.07	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		9.72		0.19		3.79			3.98			(0.34	)
Year Ended October 31, 2020		12.54		0.31		(2.61	)		(2.30	)		(0.52	)
Year Ended October 31, 2019		12.76		0.48		(0.20	)		0.28			(0.50	)
Year Ended October 31, 2018		14.62		0.41		(1.92	)		(1.51	)		(0.35	)
Year Ended October 31, 2017		12.57		0.28		2.55			2.83			(0.78	)
Year Ended October 31, 2016		13.37		0.28		(0.91	)		(0.63	)		(0.17	)
Class L
Six Months Ended April 30, 2021 (Unaudited)		9.66		0.20		3.77			3.97			(0.34	)
Year Ended October 31, 2020		12.47		0.30		(2.58	)		(2.28	)		(0.53	)
Year Ended October 31, 2019		12.70		0.46		(0.17	)		0.29			(0.52	)
Year Ended October 31, 2018		14.55		0.41		(1.90	)		(1.49	)		(0.36	)
Year Ended October 31, 2017		12.50		0.27		2.57			2.84			(0.79	)
Year Ended October 31, 2016		13.29		0.31		(0.93	)		(0.62	)		(0.17	)
Class R2
Six Months Ended April 30, 2021 (Unaudited)		9.29		0.16		3.62			3.78			(0.28	)
Year Ended October 31, 2020		11.96		0.24		(2.51	)		(2.27	)		(0.40	)
Year Ended October 31, 2019		12.20		0.40		(0.20	)		0.20			(0.44	)
Year Ended October 31, 2018		14.01		0.31		(1.84	)		(1.53	)		(0.28	)
Year Ended October 31, 2017		12.04		0.19		2.46			2.65			(0.68	)
Year Ended October 31, 2016		12.83		0.19		(0.87	)		(0.68	)		(0.11	)
Class R5
Six Months Ended April 30, 2021 (Unaudited)		9.60		0.16		3.79			3.95			(0.36	)
Year Ended October 31, 2020		12.40		0.33		(2.59	)		(2.26	)		(0.54	)
Year Ended October 31, 2019		12.65		0.49		(0.21	)		0.28			(0.53	)
Year Ended October 31, 2018		14.51		0.42		(1.91	)		(1.49	)		(0.37	)
Year Ended October 31, 2017		12.51		0.23		2.59			2.82			(0.82	)
September 9, 2016 (f) through October 31, 2016		12.55		0.03		(0.07	)		(0.04	)		—
Class R6
Six Months Ended April 30, 2021 (Unaudited)		9.62		0.20		3.76			3.96			(0.37	)
Year Ended October 31, 2020		12.43		0.34		(2.60	)		(2.26	)		(0.55	)
Year Ended October 31, 2019		12.67		0.51		(0.21	)		0.30			(0.54	)
Year Ended October 31, 2018		14.53		0.43		(1.91	)		(1.48	)		(0.38	)
Year Ended October 31, 2017		12.51		0.31		2.53			2.84			(0.82	)
Year Ended October 31, 2016		13.31		0.37		(0.96	)		(0.59	)		(0.21	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

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

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	13.01		41.31	%	$	176,442		1.00	%		2.95	%		1.26	%		22	%
	9.46		(19.51	)		125,744		1.00			2.66			1.26			59
	12.22		2.30			181,458		1.00			3.69			1.28			61
	12.44		(10.88	)		242,231		1.00			2.59			1.27			90
	14.26		23.30			316,510		1.35			1.71			1.35			31
	12.23		(5.01	)		573,449		1.35			1.91			1.43			61
	12.61		40.96			4,463		1.50			2.29			1.79			22
	9.14		(19.94	)		4,202		1.50			2.07			1.78			59
	11.81		1.82			9,358		1.50			3.15			1.80			61
	12.02		(11.37	)		14,055		1.50			2.06			1.78			90
	13.78		22.67			20,997		1.85			1.21			1.87			31
	11.88		(5.54	)		24,453		1.85			1.43			1.91			61
	13.36		41.43			33,548		0.75			3.07			1.01			22
	9.72		(19.31	)		26,805		0.75			2.88			1.02			59
	12.54		2.56			45,503		0.75			3.91			1.03			61
	12.76		(10.62	)		66,291		0.75			2.84			1.02			90
	14.62		23.66			144,875		1.04			2.07			1.04			31
	12.57		(4.74	)		157,867		1.01			2.28			1.02			61
	13.29		41.55			8,875		0.66			3.32			0.87			22
	9.66		(19.25	)		5,585		0.65			2.72			0.85			59
	12.47		2.69			30,256		0.65			3.81			0.87			61
	12.70		(10.57	)		73,651		0.65			2.84			0.87			90
	14.55		23.88			201,672		0.87			2.03			0.88			31
	12.50		(4.63	)		523,251		0.90			2.53			0.91			61
	12.79		41.10			610		1.30			2.76			1.62			22
	9.29		(19.74	)		412		1.30			2.27			1.61			59
	11.96		2.00			722		1.30			3.47			1.69			61
	12.20		(11.19	)		1,025		1.30			2.27			1.59			90
	14.01		23.02			1,369		1.58			1.52			1.73			31
	12.04		(5.28	)		1,182		1.59			1.65			1.91			61
	13.19		41.59			64		0.65			2.60			0.87			22
	9.60		(19.26	)		77		0.65			3.13			0.86			59
	12.40		2.64			88		0.65			4.08			0.87			61
	12.65		(10.58	)		70		0.65			2.97			0.91			90
	14.51		23.81			62		0.93			1.69			4.00			31
	12.51		(0.32	)		20		0.79			1.52			0.79			61
	13.21		41.63			142,569		0.55			3.38			0.76			22
	9.62		(19.22	)		105,039		0.55			3.18			0.76			59
	12.43		2.83			125,887		0.55			4.22			0.77			61
	12.67		(10.49	)		124,246		0.55			3.06			0.77			90
	14.53		23.99			108,302		0.80			2.28			0.82			31
	12.51		(4.45	)		27,998		0.72			3.00			0.73			61

SEE NOTES TO FINANCIAL STATEMENTS.

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

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited)

(Dollar values in thousands)

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 8 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversification Classification
JPMorgan Emerging Markets Equity Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Emerging Markets Research Enhanced Equity Fund	Class I and Class R6	JPM IV	Diversified
JPMorgan Europe Dynamic Fund	Class A, Class C, Class I, Class L and Class R6	JPM I	Diversified
JPMorgan International Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Focus Fund(1)	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Hedged Equity Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan International Research Enhanced Equity Fund	Class A, Class I and Class R6	JPM II	Diversified
JPMorgan International Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾  Effective April 20, 2020, JPMorgan International Unconstrained Equity Fund changed its name to JPMorgan International Focus Fund.

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

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

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

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

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

Class L Shares of Emerging Markets Equity Fund, Europe Dynamic Fund and International Value Fund are publicly offered on a limited basis. Class A Shares of International Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of Emerging Markets Equity Fund, Europe Dynamic Fund and International Value Fund and Class A Shares of International Research Enhanced Equity Fund unless they meet certain requirements as described in the Funds’ prospectuses.

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

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

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

2. Significant Accounting Policies

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

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

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

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

Futures contracts and options are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

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

Emerging Markets Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	401,572	$	—	$	—	$	401,572
Brazil		660,353		—		—		660,353
China		1,323,286		4,804,651		—		6,127,937
Hong Kong		—		710,301		—		710,301
Hungary		—		4,965		—		4,965
India		207,830		1,774,885		—		1,982,715
Indonesia		—		231,539		—		231,539
Macau		—		124,871		—		124,871
Mexico		171,994		—		—		171,994
Panama		76,049		—		—		76,049
Poland		177,816		—		—		177,816
Portugal		138,384		—		—		138,384
South Africa		140,732		—		—		140,732
South Korea		—		1,267,572		—		1,267,572
Taiwan		1,480,121		69,518		—		1,549,639
Turkey		73,550		—		—		73,550
United Kingdom		—		178,975		—		178,975
United States		479,115		—		—		479,115
Total Common Stocks		5,330,802		9,167,277		—		14,498,079
Short-Term Investments
Investment of Cash Collateral from Securities Loaned		150,955		—		—		150,955
Total Investments in Securities	$	5,481,757	$	9,167,277	$	—	$	14,649,034

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

Emerging Markets Research Enhanced Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	5,399	$	—	$	—	$	5,399
Brazil		190,032		—		—		190,032
Chile		5,327		—		—		5,327
China		221,026		1,266,084		—		1,487,110
Colombia		5,608		—		—		5,608
Czech Republic		—		4,821		—		4,821
Greece		—		14,345		—		14,345
Hong Kong		3,758		9,481		—		13,239
Hungary		—		12,819		—		12,819
India		47,580		292,195		—		339,775
Indonesia		—		48,676		—		48,676
Malaysia		—		30,822		—		30,822
Mexico		81,648		—		—		81,648
Peru		9,821		—		—		9,821
Philippines		—		12,500		—		12,500
Poland		10,326		18,811		—		29,137
Qatar		10,091		—		—		10,091
Russia		69,084		82,964		—		152,048
Saudi Arabia		21,994		76,760		—		98,754
Singapore		—		3,280		—		3,280
South Africa		36,451		125,157		—		161,608
South Korea		—		505,406		—		505,406
Taiwan		52,120		469,248		—		521,368
Tanzania, United Republic of		5,203		—		—		5,203
Thailand		44,996		27,566		—		72,562
Turkey		12,551		—		—		12,551
United Arab Emirates		—		4,578		—		4,578
Total Common Stocks		833,015		3,005,513		—		3,838,528
Short-Term Investments
Investment of Cash Collateral from Securities Loaned		27,074		—		—		27,074
Total Investments in Securities	$	860,089	$	3,005,513	$	—	$	3,865,602
Appreciation in Other Financial Instruments
Futures Contracts	$	34	$	—	$	—	$	34

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

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

Europe Dynamic Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	21,323	$	—	$	21,323
Austria		—		14,336		—		14,336
Belgium		—		3,266		—		3,266
Denmark		4,581		15,457		—		20,038
Finland		—		17,458		—		17,458
France		—		93,325		—		93,325
Germany		5,238		130,358		—		135,596
Ireland		6,243		22,713		—		28,956
Italy		—		22,176		—		22,176
Luxembourg		—		6,803		—		6,803
Netherlands		—		33,489		—		33,489
South Korea		—		5,801		—		5,801
Spain		4,463		8,336		—		12,799
Sweden		—		27,891		—		27,891
Switzerland		—		134,031		—		134,031
United Kingdom		12,945		132,809		—		145,754
United States		—		8,172		—		8,172
Total Common Stocks		33,470		697,744		—		731,214
Short-Term Investments
Investment Companies		181,345		—		—		181,345
Investment of Cash Collateral from Securities Loaned		18,345		—		—		18,345
Total Short-Term Investments		199,690		—		—		199,690
Total Investments in Securities	$	233,160	$	697,744	$	—	$	930,904
Appreciation in Other Financial Instruments
Futures Contracts	$	245	$	—	$	—	$	245

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

International Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	226,310	$	—	$	226,310
Austria		—		38,503		—		38,503
Belgium		—		59,282		—		59,282
China		—		156,425		—		156,425
Denmark		—		189,335		—		189,335
Finland		—		48,929		—		48,929
France		—		796,963		—		796,963
Germany		—		361,464		—		361,464
Hong Kong		—		161,092		—		161,092
India		39,682		—		—		39,682
Japan		—		745,032		—		745,032
Macau		—		37,436		—		37,436
Netherlands		—		193,739		—		193,739
Singapore		—		52,621		—		52,621
South Africa		—		60,298		—		60,298
South Korea		—		105,976		—		105,976
Spain		—		158,034		—		158,034
Sweden		—		183,099		—		183,099
Switzerland		—		320,025		—		320,025
Taiwan		84,071		—		—		84,071
United Kingdom		—		562,817		—		562,817
United States		—		53,886		—		53,886
Total Common Stocks		123,753		4,511,266		—		4,635,019
Short-Term Investments
Investment Companies		79,740		—		—		79,740
Investment of Cash Collateral from Securities Loaned		200,569		—		—		200,569
Total Short-Term Investments		280,309		—		—		280,309
Total Investments in Securities	$	404,062	$	4,511,266	$	—	$	4,915,328

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

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

International Focus Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	87,888		$	—	$	87,888
Belgium		—		76,634			—		76,634
Canada		152,449		—			—		152,449
China		—		319,224			—		319,224
Denmark		—		104,867			—		104,867
Finland		—		61,352			—		61,352
France		—		265,841			—		265,841
Germany		—		194,903			—		194,903
Hong Kong		—		180,661			—		180,661
India		116,054		—			—		116,054
Indonesia		—		46,290	��		—		46,290
Japan		—		207,267			—		207,267
Netherlands		—		115,596			—		115,596
South Africa		—		70,615			—		70,615
South Korea		—		265,813			—		265,813
Spain		—		129,806			—		129,806
Sweden		—		126,648			—		126,648
Switzerland		—		289,286			—		289,286
Taiwan		162,939		—			—		162,939
United Kingdom		—		556,874			—		556,874
United States		—		76,737			—		76,737
Total Common Stocks		431,442		3,176,302			—		3,607,744
Short-Term Investments
Investment Companies		66,137		—			—		66,137
Investment of Cash Collateral from Securities Loaned		13,190		—			—		13,190
Total Short-Term Investments		79,327		—			—		79,327
Total Investments in Securities	$	510,769	$	3,176,302		$	—	$	3,687,071

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

International Hedged Equity Fund

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

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

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

International Research Enhanced Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—	$	301,900	$	—		$	301,900
Austria		—		26,758		—			26,758
Belgium		—		19,495		—			19,495
China		—		36,634		—			36,634
Denmark		—		133,590		—			133,590
Finland		—		13,545		—			13,545
France		—		613,996		—			613,996
Germany		—		477,467		—			477,467
Hong Kong		—		114,303		—			114,303
Ireland		—		37,778		—			37,778
Italy		—		60,056		—			60,056
Japan		—		1,191,962		—			1,191,962
Luxembourg		—		6,746		—			6,746
Malta		—		—		—	(a)		—	(a)
Netherlands		—		341,683		—			341,683
Norway		—		15,066		—			15,066
Singapore		—		49,855		—			49,855
Spain		—		123,581		—			123,581
Sweden		—		136,775		—			136,775
Switzerland		—		500,918		—			500,918
United Kingdom		51,262		514,910		—			566,172
United States		—		32,237		—			32,237
Total Common Stocks		51,262		4,749,255		—	(a)		4,800,517
Rights		—		57		—			57
Short-Term Investments
Investment Companies		98,285		—		—			98,285
Investment of Cash Collateral from Securities Loaned		251,777		—		—			251,777
Total Short-Term Investments		350,062		—		—			350,062
Total Investments in Securities	$	401,324	$	4,749,312	$	—	(a)	$	5,150,636
Appreciation in Other Financial Instruments
Futures Contracts	$	3,066	$	—	$	—		$	3,066

(a) Amount rounds to less than one thousand.

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

International Value Fund

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

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of April 30, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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

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

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

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2021.

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Emerging Markets Equity Fund	$	142,764	$	(142,764	)	$	—
Emerging Markets Research Enhanced Equity Fund		25,774		(25,774	)		—
Europe Dynamic Fund		17,245		(17,245	)		—
International Equity Fund		186,203		(186,203	)		—
International Focus Fund		12,496		(12,496	)		—
International Research Enhanced Equity Fund		236,779		(236,779	)		—
International Value Fund		9,734		(9,734	)		—

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

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended April 30, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

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

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

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

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

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

Emerging Markets Equity Fund

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

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

(b) The rate shown is the current yield as of April 30, 2021.

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

Emerging Markets Research Enhanced Equity Fund

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

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

(b) The rate shown is the current yield as of April 30, 2021.

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

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

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

Europe Dynamic Fund

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

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

(b) The rate shown is the current yield as of April 30, 2021.

(c) Amount rounds to less than one thousand.

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

International Equity Fund

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

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

(b) The rate shown is the current yield as of April 30, 2021.

(c) Amount rounds to less than one thousand.

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

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

International Focus Fund

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

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

(b) The rate shown is the current yield as of April 30, 2021.

(c) Amount rounds to less than one thousand.

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

International Hedged Equity Fund

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

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

(b) The rate shown is the current yield as of April 30, 2021.

(c) Amount rounds to less than one thousand.

International Research Enhanced Equity Fund

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

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

(b) The rate shown is the current yield as of April 30, 2021.

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

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

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

International Value Fund

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

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

(b) The rate shown is the current yield as of April 30, 2021.

(c) Amount rounds to less than one thousand.

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

E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

F. Derivatives — The Funds, except for Emerging Markets Equity Fund, used derivative instruments including options, futures contracts and forward foreign currency exchange contracts in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Funds.

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

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

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

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

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

(2). Futures Contracts — Emerging Markets Research Enhanced Equity Fund, Europe Dynamic Fund, International Equity Fund, International Hedged Equity Fund, International Research Enhanced Equity Fund and International Value Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

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

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

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

(3). Forward Foreign Currency Exchange Contracts — International Focus Fund is exposed to foreign currency risks associated with some or all of its portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

G. Summary of Derivatives Information

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

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

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

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

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

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

Derivatives Volume

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

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

I. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended April 30, 2021 are as follows:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6			Total
Emerging Markets Equity Fund
Transfer agency fees	$	30		$	3		$	39		$	10		$	1		$	—	(a)	$	—	(a)	$	4		$	98		$	185
Emerging Markets Research Enhanced Equity Fund
Transfer agency fees		n/a			n/a			1			n/a			n/a			n/a			n/a			n/a			10			11
Europe Dynamic Fund
Transfer agency fees		8			1			2			—	(a)		n/a			n/a			n/a			n/a			1			12
International Equity Fund
Transfer agency fees		20			1			8			n/a			13			n/a			n/a			1			12			55
International Focus Fund
Transfer agency fees		15			2			9			n/a			–	(a)		n/a			n/a			1			10			37
International Hedged Equity Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		n/a			n/a			n/a			n/a			—	(a)		—	(a)		—	(a)
International Research Enhanced Equity Fund
Transfer agency fees		18			n/a			9			n/a			n/a			n/a			n/a			n/a			19			46
International Value Fund
Transfer agency fees		6			1			1			1			—	(a)		n/a			n/a			—	(a)		—	(a)		9

(a) Amount rounds to less than one thousand.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund��s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

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

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

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

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

3. Fees and Other Transactions with Affiliates

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

Emerging Markets Equity Fund	0.68	%
Emerging Markets Research Enhanced Equity Fund	0.25
Europe Dynamic Fund	0.60
International Equity Fund	0.50
International Focus Fund	0.60
International Hedged Equity Fund	0.25
International Research Enhanced Equity Fund	0.20
International Value Fund	0.55

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended April 30, 2021, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Emerging Markets Equity Fund		0.25	%		0.75	%		0.50	%		0.25	%
Europe Dynamic Fund		0.25			0.75			n/a			n/a
International Equity Fund		0.25			0.75			0.50			n/a
International Focus Fund		0.25			0.75			0.50			n/a
International Hedged Equity Fund		0.25			0.75			n/a			n/a
International Research Enhanced Equity Fund		0.25			0.75			0.50			n/a
International Value Fund		0.25			0.75			0.50			n/a

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

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2021, JPMDS retained the following:

	Front-End Sales Charge			CDSC
Emerging Markets Equity Fund	$	61		$	—
Europe Dynamic Fund		2			—
International Equity Fund		50			—
International Focus Fund		53			—	(a)
International Hedged Equity Fund		—	(a)		—
International Research Enhanced Equity Fund		—	(a)		—
International Value Fund		18			—

(a) Amount rounds to less than one thousand.

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Emerging Markets Equity Fund		0.25	%		0.25	%		0.25	%		0.10	%		0.25	%		0.25	%		0.25	%		0.10	%
Emerging Markets Research Enhanced Equity Fund		n/a			n/a			0.25			n/a			n/a			n/a			n/a			n/a
Europe Dynamic Fund		0.25			0.25			0.25			0.10			n/a			n/a			n/a			n/a
International Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
International Focus Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
International Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
International Research Enhanced Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			n/a
International Value Fund		0.25			0.25			0.25			0.10			0.25			n/a			n/a			0.10

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

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

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

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

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

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

	Class A			Class C			Class I			Class L		Class R2			Class R3			Class R4			Class R5			Class R6
Emerging Markets Equity Fund		1.24	%		1.74	%		0.99	%		n/a		1.54	%		1.29	%		1.04	%		0.89	%		0.79	%
Emerging Markets Research Enhanced Equity Fund		n/a			n/a			0.45			n/a		n/a			n/a			n/a			n/a			0.35
Europe Dynamic Fund		1.24			1.74			0.99			n/a		n/a			n/a			n/a			n/a			n/a
International Equity Fund		0.95			1.45			0.70			n/a		1.25			n/a			n/a			0.60			0.50
International Focus Fund		1.00			1.50			0.75			n/a		1.30			n/a			n/a			0.65			0.55
International Hedged Equity Fund		0.85			1.35			0.60			n/a		n/a			n/a			n/a			0.45			0.35
International Research Enhanced Equity Fund		0.60			n/a			0.35			n/a		n/a			n/a			n/a			n/a			0.25
International Value Fund		1.00			1.50			0.75			n/a		1.30			n/a			n/a			0.65			0.55

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

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

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

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees			Total		Contractual Reimbursements
Emerging Markets Equity Fund	$	88	$	58	$	1,512		$	1,658	$	54
Emerging Markets Research Enhanced Equity Fund		378		252		2			632		1
Europe Dynamic Fund		—		—		28			28		—
International Equity Fund		1,137		757		230			2,124		12
International Focus Fund		1,550		1,033		207			2,790		—
International Hedged Equity Fund		73		41		—	(a)		114		—	(a)
International Research Enhanced Equity Fund		832		557		442			1,831		—
International Value Fund		221		121		57			399		—	(a)

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

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

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

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

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

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

During the six months ended April 30, 2021, Europe Dynamic Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

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

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

4. Investment Transactions

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

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

During the six months ended April 30, 2021, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2021 were as follows:

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

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

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

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

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

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

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

6. Borrowings

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

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

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

(a) Amount rounds to less than one thousand.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.

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

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

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

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

7. Risks, Concentrations and Indemnifications

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

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

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

As of April 30, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

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

As of April 30, 2021, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds			JPMorgan SmartRetirement Blend Funds
Emerging Markets Research Enhanced Equity Fund		—	%		58.3	%		24.9	%
Europe Dynamic Fund		44.7			—			—
International Equity Fund		—			54.3			—
International Focus Fund		—			61.3			—
International Hedged Equity Fund		—			—			—
International Research Enhanced Equity Fund		22.0			51.2			—

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

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of April 30, 2021, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:

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

As of April 30, 2021, a significant portion of each Fund’s investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

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

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

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

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2020, and continued to hold your shares at the end of the reporting period, April 30, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

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

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

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

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

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

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

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

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

including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this

assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (5) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

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

APRIL 30, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2021.  All rights reserved. April 2021. SAN-INTEQ-421

Semi-Annual Report

J.P. Morgan Tax Aware Funds

April 30, 2021 (Unaudited)

JPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware Real Return Fund

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Tax Aware Equity Fund	3
JPMorgan Tax Aware Real Return Fund	5
Schedules of Portfolio Investments	9
Financial Statements	20
Financial Highlights	26
Notes to Financial Statements	30
Schedule of Shareholder Expenses	40
Liquidity Risk Management Program	41

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

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

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

LETTER TO SHAREHOLDERS

June 16, 2021 (Unaudited)

Dear Shareholders,

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

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

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

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

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

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

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

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

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

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

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

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

For the six months ended April 30, 2021, the S&P 500 Index returned 28.85% and the Bloomberg Barclays U.S. Aggregate Index returned -1.52%.

2 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		28.36%
S&P 500 Index		28.85%
Net Assets as of 4/30/2021 (In Thousands)	$	1,343,080

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 underperformed the S&P 500 Index (the “Benchmark”) for the six months ended April 30, 2021.

The Fund’s underweight allocation to the energy sector and its security selection in the industrials sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the pharmaceutical/medical technology sector and the big banks sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Amazon.com Inc. and Advanced Micro Devices Inc., and its underweight position in Home Depot Inc. Shares of Amazon.com, a provider of online retail shopping and related services, fell late in the period following a run-up in the share price in the first half of the period. Shares of Advanced Micro Devices, a semiconductor manufacturer, fell amid a loss in market share to rival Nvidia Inc. in the graphics semiconductor sector. Shares of Home Depot, a home improvement retail chain, rose amid robust demand in the U.S. housing sector.

Leading individual contributors to relative performance included the Fund’s overweight positions in Alphabet Inc., ASML Holding NV and NXP Semiconductors NV. Shares of Alphabet, the parent company of Google, Inc., rose amid general investor demand for shares of large technology companies. Shares of ASML Holding, a maker of semiconductor manufacturing equipment, rose amid investor expectations the company would benefit from Intel Corp.’s planned $20 billion expansion of its manufacturing capacity. Shares of NXP Semiconductors, a semiconductor manufacturer, rose after the company reported better-than-expected earnings for the first quarter of 2021.

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 EQUITY HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		8.9	%
	2.	Amazon.com, Inc.		6.7
	3.	Alphabet, Inc., Class C		4.8
	4.	Apple, Inc.		4.4
	5.	Alphabet, Inc., Class A		4.4
	6.	Mastercard, Inc., Class A		3.7
	7.	UnitedHealth Group, Inc.		3.1
	8.	Facebook, Inc., Class A		3.0
	9.	Texas Instruments, Inc.		2.5
	10.	Norfolk Southern Corp.		2.5

PORTFOLIO COMPOSITION BY SECTOR AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		30.8	%
Communication Services		15.9
Consumer Discretionary		14.5
Health Care		12.2
Industrials		12.0
Financials		7.8
Consumer Staples		2.5
Utilities		2.3
Materials		1.8
Short-Term Investments		0.2

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

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

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

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

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
		6 MONTHS*									1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	March 22, 2011
With Sales Charge**			21.40	%		17.83	%		14.58	%		41.67	%		37.43	%		26.92	%		17.35	%		15.42	%		13.53	%		13.72	%		12.49	%		11.15	%
Without Sales Charge			28.14			24.37			18.67			49.51			45.04			31.69			18.62			16.67			14.61			14.33			13.09			11.70
CLASS C SHARES	March 22, 2011
With CDSC***			26.78			23.00			17.89			47.73			43.32			30.62			18.03			16.18			14.16			13.88			12.72			11.33
Without CDSC			27.78			24.00			18.48			48.73			44.32			31.21			18.03			16.18			14.16			13.88			12.72			11.33
CLASS I SHARES	January 30, 1997		28.36			24.54			18.82			50.09			45.50			32.08			19.11			17.06			14.99			14.81			13.48			12.08
CLASS R6 SHARES	October 1, 2018		28.45			24.62			18.88			50.24			45.61			32.19			19.18			17.11			15.04			14.84			13.50			12.11

* Not annualized.

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

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

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

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

Returns for Class R6 Shares prior to their 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 Equity Fund and the S&P 500 Index from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

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

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

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

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

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

4 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		7.38%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		1.89%
Tax Aware Real Return Composite Benchmark**		7.66%
Net Assets as of 4/30/2021 (In Thousands)	$	434,060

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 outperformed the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) and underperformed the Tax Aware Real Return Composite Benchmark for the six months ended April 30, 2021.

The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, was a leading contributor to absolute performance amid rising petroleum prices, the rollout of multiple vaccines against COVID-19 and massive fiscal stimulus from the federal government.

Relative to the Benchmark, the Fund’s underweight allocations to the housing and industrial development revenue/pollution control revenue sectors were leading detractors from relative performance, while the Fund’s overweight allocation to bonds rated single-A and BBB contributed to performance as lower rated bonds generally outperformed higher quality bonds during the period.

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. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

During the period, the Fund’s portfolio managers increased the aggregate amount of hedged positions to 94% of the portfolio from 89% at the start of the period.

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 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.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

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

PORTFOLIO COMPOSITION AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Municipal Bonds		92.6	%
Short-Term Investments		7.4

* 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 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.

6 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
		6 MONTHS*									1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	August 31, 2005
With Sales Charge**			3.30	%		3.30	%		2.30	%		10.97	%		10.97	%		7.26	%		1.65	%		1.60	%		1.73	%		1.52	%		1.50	%		1.67	%
Without Sales Charge			7.27			7.27			4.66			15.25			15.24			9.82			2.43			2.39			2.35			1.91			1.89			1.98
CLASS C SHARES	August 31, 2005
With CDSC***			5.92			5.92			3.76			13.58			13.57			8.60			1.90			1.88			1.84			1.43			1.42			1.52
Without CDSC			6.92			6.92			4.35			14.58			14.57			9.19			1.90			1.88			1.84			1.43			1.42			1.52
CLASS I SHARES	August 31, 2005		7.38			7.38			4.78			15.50			15.49			10.07			2.70			2.65			2.60			2.17			2.15			2.24
CLASS R6 SHARES	August 16, 2013		7.32			7.32			4.76			15.63			15.62			10.19			2.77			2.75			2.71			2.24			2.23			2.33

* Not annualized.

** Sales Charge for Class A Shares is 3.75%.

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware Real Return Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has

been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable.

The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Tax Aware Real Return Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index. Investors cannot invest directly in an index.

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

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

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

Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares, with the exception of returns noted above as returns after taxes.

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

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

8 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.8%
Aerospace & Defense — 0.8%
Raytheon Technologies Corp.		133		11,088
Banks — 3.7%
Bank of America Corp.		653		26,480
First Republic Bank		38		7,043
Wells Fargo & Co.		366		16,475
				49,998
Beverages — 1.2%
PepsiCo, Inc.		115		16,592
Biotechnology — 1.9%
AbbVie, Inc.		230		25,656
Building Products — 0.8%
Trane Technologies plc		64		11,177
Capital Markets — 2.9%
Charles Schwab Corp. (The)		101		7,089
Morgan Stanley		394		32,498
				39,587
Chemicals — 1.8%
Air Products and Chemicals, Inc.		25		7,068
Linde plc (United Kingdom)		61		17,426
				24,494
Commercial Services & Supplies — 1.1%
Waste Connections, Inc.		122		14,484
Consumer Finance — 1.1%
American Express Co.		101		15,442
Electric Utilities — 2.3%
NextEra Energy, Inc.		396		30,669
Entertainment — 0.8%
Netflix, Inc. *		21		10,526
Food Products — 1.3%
Mondelez International, Inc., Class A		281		17,078
Health Care Equipment & Supplies — 4.8%
Boston Scientific Corp. *		460		20,068
Danaher Corp.		76		19,299
Medtronic plc		39		5,132
Zimmer Biomet Holdings, Inc.		111		19,711
				64,210
Health Care Providers & Services — 3.1%
UnitedHealth Group, Inc.		105		41,737
Hotels, Restaurants & Leisure — 3.1%
Booking Holdings, Inc. *		6		14,673

INVESTMENTS	SHARES (000)		VALUE ($000)
Hotels, Restaurants & Leisure — continued
Hilton Worldwide Holdings, Inc. *		83		10,643
Yum! Brands, Inc.		137		16,353
				41,669
Industrial Conglomerates — 1.4%
Honeywell International, Inc.		85		18,902
Interactive Media & Services — 12.2%
Alphabet, Inc., Class A *		25		58,628
Alphabet, Inc., Class C *		27		63,980
Facebook, Inc., Class A *		122		39,777
				162,385
Internet & Direct Marketing Retail — 6.7%
Amazon.com, Inc. *		26		89,390
IT Services — 8.5%
Fiserv, Inc. *		143		17,201
Mastercard, Inc., Class A		129		49,359
PayPal Holdings, Inc. *		123		32,351
WEX, Inc. *		73		15,042
				113,953
Machinery — 2.4%
Ingersoll Rand, Inc. *		181		8,943
Stanley Black & Decker, Inc.		116		23,944
				32,887
Media — 3.1%
Charter Communications, Inc., Class A *		30		20,226
Comcast Corp., Class A		370		20,781
				41,007
Pharmaceuticals — 2.4%
Bristol-Myers Squibb Co.		148		9,257
Eli Lilly & Co.		123		22,545
				31,802
Professional Services — 0.6%
Leidos Holdings, Inc.		83		8,376
Road & Rail — 4.7%
Norfolk Southern Corp.		118		32,993
Union Pacific Corp.		138		30,693
				63,686
Semiconductors & Semiconductor Equipment — 9.1%
Advanced Micro Devices, Inc. *		174		14,177
Analog Devices, Inc.		77		11,732
ASML Holding NV (Registered), NYRS (Netherlands)		23		14,809

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
NVIDIA Corp.		25		15,250
NXP Semiconductors NV (Netherlands)		159		30,648
Texas Instruments, Inc.		187		33,809
				120,425
Software — 8.9%
Microsoft Corp.		474		119,436
Specialty Retail — 4.7%
AutoZone, Inc. *		10		14,306
Burlington Stores, Inc. *		27		8,909
Lowe’s Cos., Inc.		164		32,088
TJX Cos., Inc. (The)		108		7,689
				62,992
Technology Hardware, Storage & Peripherals — 4.4%
Apple, Inc.		454		59,742
Total Common Stocks (Cost $489,785)				1,339,390

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.2%
Investment Companies — 0.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.09% (a) (b) (Cost $3,308)		3,307		3,308
Total Investments — 100.0% (Cost $493,093)				1,342,698
Other Assets Less Liabilities — 0.0% (c)				382
NET ASSETS — 100.0%				1,343,080

Percentages indicated are based on net assets.

Abbreviations

NYRS	New York Registry Shares
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of April 30, 2021.
(c)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 89.5% (a)
Alabama — 0.9%
Alabama Public School and College Authority Series 2016-A, Rev., 4.00%, 6/1/2031		35		40
Black Belt Energy Gas District Rev., 4.00%, 12/1/2031 (b)		3,000		3,719
Total Alabama				3,759
Alaska — 1.6%
Borough of Matanuska-Susitna, Goose Creek Correctional Center Project
Series 2016, Rev., 5.00%, 9/1/2024		15		17
Rev., 5.25%, 9/1/2029		3,490		4,047
City and Borough of Juneau
GO, 4.00%, 6/1/2029		800		980
GO, 4.00%, 6/1/2030		380		472
GO, 4.00%, 6/1/2031		250		315
GO, 4.00%, 6/1/2032		855		1,069
Total Alaska				6,900
Arizona — 2.3%
City of San Luis Series A, Rev., AGM, 5.00%, 7/1/2025		50		59
County of Pima Rev., 3.00%, 7/1/2023		5		5
Maricopa County Industrial Development Authority, Banner Health Obligation Group Rev., 5.00%, 1/1/2028		5,345		6,805
Maricopa County Industrial Development Authority, Honorhealth
Series 2021A, Rev., 5.00%, 9/1/2036		750		986
Series 2021A, Rev., 4.00%, 9/1/2037		695		842
Pima County Regional Transportation Authority Series 2014, Rev., 5.00%, 6/1/2025		20		22
Pima County Unified School District No. 16 Catalina Foothills, School Improvement Projects Series 2018-B, GO, 5.00%, 7/1/2028		10		12
Pinal County Electric District No. 3
Rev., 5.00%, 7/1/2029		200		259
Rev., 5.00%, 7/1/2031		400		534
Salt River Project Agricultural Improvement & Power District, Electric System Series A, Rev., 5.00%, 1/1/2028		185		237
Town of Queen Creek, Excise Tax
Series 2016, Rev., 4.00%, 8/1/2026		25		29
Rev., 5.00%, 8/1/2029		10		12
Total Arizona				9,802

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Arkansas — 0.0% (c)
City of Springdale Public Facilities Board Hospital, Arkansas Children’s Northwest Project Series 2016, Rev., 5.00%, 3/1/2030		10		12
California — 13.1%
Briggs Elementary School District, Election of 2014 Series B, GO, 4.00%, 8/1/2030		5		6
California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038		1,000		1,161
California Infrastructure and Economic Development Bank, Bay Area Toll Bridges, First Lien Series 2003A, Rev., AGM, 5.00%, 7/1/2022 (d)		340		360
California Municipal Finance Authority, Lutheran University
Rev., 5.00%, 10/1/2029		225		283
Rev., 5.00%, 10/1/2030		225		280
Rev., 5.00%, 10/1/2031		225		279
City of Culver City, Wastewater Facilities Series A, Rev., 4.00%, 9/1/2035		25		30
City of Los Angeles, Department of Water and Power, Power System
Series A, Rev., 5.00%, 1/1/2023 (d)		15		16
Series B, Rev., 5.00%, 7/1/2031		2,100		2,359
Series A, Rev., 5.00%, 7/1/2032		2,550		3,152
Series B, Rev., 5.00%, 7/1/2032		1,925		2,162
Series D, Rev., 5.00%, 7/1/2032		3,300		3,782
Series 2019-C, Rev., 5.00%, 7/1/2034		5		7
Series A, Rev., 5.00%, 7/1/2034		710		874
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		4,750		4,704
CSCDA Community Improvement Authority, Essential Housing Series 2021A-1, Rev., 2.88%, 8/1/2041 (e)		200		198
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds Series 2015A, Rev., 5.00%, 6/1/2034		4,950		5,797
Lompoc Valley Medical Center GO, 5.00%, 8/1/2024		15		17
Long Beach Bond Finance Authority, Natural Gas Series 2007A, Rev., 5.25%, 11/15/2021		5,000		5,135
Los Angeles Community College District, Election of 2008 Series G, GO, 4.00%, 8/1/2024 (d)		145		163
Los Angeles Department of Water and Power System
Series B, Rev., 5.00%, 7/1/2029		3,580		4,460
Series 2017A, Rev., 5.00%, 7/1/2033		5,000		6,168

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
California — continued
Los Angeles Unified School District, Headquarters Building Projects Series B, COP, 5.00%, 10/1/2031		80		85
Sacramento Municipal Utility District Financing Authority, Cosumnes Project Rev., 5.00%, 7/1/2028		1,290		1,532
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2025		395		470
Series A, Rev., 5.00%, 7/1/2026		225		267
San Francisco City and County, Airport Commission, San Francisco International Airport Series 2019A, Rev., AMT, 5.00%, 5/1/2034		25		31
San Joaquin County Transportation Authority, Measure K Sales Tax Rev., 5.00%, 3/1/2030		2,000		2,466
South Placer Wastewater Authority Rev., 5.00%, 11/1/2024		10		12
State of California, Various Purpose
GO, 5.00%, 8/1/2030		5,370		6,280
GO, 5.00%, 12/1/2035		3,250		4,322
Turlock Irrigation District, First Priority Rev., 5.00%, 1/1/2022		10		10
Westminster School District Series 2016, GO, 5.00%, 8/1/2030		5		6
Total California				56,874
Colorado — 1.0%
City of Aurora COP, 5.00%, 12/1/2031		15		20
City of Greeley COP, 4.00%, 12/1/2034		10		12
Colorado Higher Education, Lease Purchase Financing Program
COP, 5.00%, 9/1/2029		775		1,022
COP, 5.00%, 9/1/2031		500		684
Denver Health and Hospital Authority, Healthcare
Series 2019-A, Rev., 4.00%, 12/1/2038		1,250		1,450
Series 2019-A, Rev., 4.00%, 12/1/2039		1,000		1,157
Total Colorado				4,345
Connecticut — 0.5%
Town of South Windsor Series 2021B, GO, 4.00%, 12/15/2027		1,760		2,136
Town of Southington Series 2020C, GO, 5.00%, 6/1/2028		5		6
Town of Stafford GO, 3.00%, 8/1/2026		10		10
Total Connecticut				2,152

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Delaware — 0.0% (c)
County of New Castle Series 2012B, GO, 5.00%, 7/15/2021		20		20
District of Columbia — 1.1%
District of Columbia
Series 2017A, GO, 5.00%, 6/1/2029		290		362
Series 2017A, GO, 5.00%, 6/1/2030		400		497
Series 2017A, GO, 5.00%, 6/1/2031		600		745
Series 2017A, GO, 5.00%, 6/1/2032		665		826
District of Columbia, Gallaudet University Project
Series 2021A, Rev., 4.00%, 4/1/2033		160		193
Series 2021A, Rev., 4.00%, 4/1/2034		165		198
Series 2021A, Rev., 4.00%, 4/1/2035		200		239
Series 2021A, Rev., 4.00%, 4/1/2036		200		238
District of Columbia, Income Tax Secured Series 2020C, Rev., 5.00%, 5/1/2037		1,000		1,309
Total District of Columbia				4,607
Florida — 4.8%
Broward County, Water and Sewer Utility Series 2015B, Rev., 5.00%, 10/1/2030		5,000		5,961
Florida Atlantic University Finance Corp., Student Housing Project Series 2019B, Rev., 5.00%, 7/1/2029		250		324
Florida Department of Management Services Series 2018A, COP, 5.00%, 11/1/2026		145		179
Florida Gulf Coast University Financing Corp., Housing Project
Series 2017A, Rev., 5.00%, 8/1/2032		500		611
Series 2020A, Rev., 4.00%, 2/1/2037		200		237
Florida Higher Educational Facilities Financial Authority, Rollins College Project Rev., 4.00%, 12/1/2037		1,590		1,884
JEA Electric System Series 2017B, Rev., 5.00%, 10/1/2033		4,000		4,937
State of Florida, Transportation Right-of-Way Acquisition and Bridge Construction Series 2021B, GO, 5.00%, 7/1/2031		5,000		6,872
Total Florida				21,005
Georgia — 0.9%
Albany-Dougherty Inner City Authority, Albany State University Projects Rev., 5.00%, 7/1/2032		2,000		2,585
Clayton County Development Authority, Clayton State University Project
Rev., 5.00%, 7/1/2025		105		123
Rev., 5.00%, 7/1/2026		50		60

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Georgia — continued
Rev., 5.00%, 7/1/2027		100		123
Rev., 5.00%, 7/1/2028		125		158
Henry County, Water & Sewerage Authority Rev., GTD, 5.00%, 2/1/2029		125		129
Polk School District, Sales Tax GO, 5.00%, 3/1/2025		325		382
State of Georgia Series 2015A, GO, 5.00%, 2/1/2025		130		153
Total Georgia				3,713
Idaho — 0.2%
Idaho Housing and Finance Association Series 2021A, Rev., 5.00%, 7/15/2035		750		997
Illinois — 3.1%
City of Chicago, Motor Fuel Tax Rev., 5.00%, 1/1/2022		105		106
City of Chicago, Second Lien Waterworks Project
Rev., 5.00%, 11/1/2022		400		428
Rev., 5.00%, 11/1/2029		1,000		1,138
City of Sterling Series 2020A, GO, AGM, 4.00%, 1/1/2025		65		73
County of Cook Series 2021A, GO, 5.00%, 11/15/2028		2,300		2,948
Du Page & Will Counties Community School District No. 204 Indian Prairie Series A, GO, AGM-CR, FGIC, 6.25%, 12/30/2021		140		146
Illinois State Toll Highway Authority Series A, Rev., 5.00%, 12/1/2022		3,000		3,226
Northern Illinois University, Auxiliary Facilities System
Rev., 5.00%, 10/1/2026 (f)		250		302
Rev., 5.00%, 10/1/2027 (f)		325		400
Rev., 5.00%, 10/1/2028 (f)		325		407
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		750		877
State of Illinois
Series 2021A, GO, 4.00%, 3/1/2038		1,000		1,153
Series 2021A, GO, 4.00%, 3/1/2039		2,000		2,297
Total Illinois				13,501
Indiana — 1.3%
Fort Wayne Redevelopment Authority, Harrison Square Project Rev., 5.00%, 2/1/2026		1,110		1,244
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2026		4,050		4,377
Lake Ridge School Building Corp., First Mortgage Rev., 4.00%, 7/15/2028		125		137
Total Indiana				5,758

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Iowa — 0.0% (c)
City of Bondurant Series 2020A, GO, 3.00%, 6/1/2029		100		111
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2032		20		24
Total Iowa				135
Louisiana — 0.9%
City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2023 (d)		1,250		1,371
Lafayette Public Power Authority Rev., 5.00%, 11/1/2025		15		18
Louisiana Local Government Environmental Facilities and Community Development Authority, Bossier City Project Rev., 5.00%, 10/1/2027		25		31
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project
Series 2020A, Rev., 5.00%, 5/15/2035		650		837
Series 2020A, Rev., 5.00%, 5/15/2036		775		994
Series 2020A, Rev., 5.00%, 5/15/2037		500		639
St. Tammany Parish Hospital Service District No. 1 Series 2018-A, Rev., 5.00%, 7/1/2032		15		19
State of Louisiana, State Highway Improvement Series 2013-A, Rev., 5.00%, 6/15/2023		40		44
Terrebonne Parish Recreation District No. 5 GO, 5.00%, 3/1/2027		20		25
Total Louisiana				3,978
Maryland — 2.1%
City of Baltimore, Water Project Series 2020A, Rev., 4.00%, 7/1/2038		1,000		1,214
County of Baltimore, Public Improvement GO, 5.00%, 3/1/2036		3,560		4,774
County of Howard Series 2019-B, GO, 5.00%, 8/15/2027		15		19
County of Montgomery, Consolidated Public Improvements
Series C, GO, 5.00%, 10/1/2027		1,000		1,274
Series A, GO, 4.00%, 12/1/2033		5		6
Maryland Health and Higher Educational Facilities Authority, Stevenson University Issue
Series 2021A, Rev., 5.00%, 6/1/2030		395		498
Series 2021A, Rev., 5.00%, 6/1/2032		450		571
Series 2021A, Rev., 4.00%, 6/1/2038		790		901
Total Maryland				9,257

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Massachusetts — 0.9%
Commonwealth of Massachusetts Series 2004C, GO, AGM, 5.50%, 12/1/2022		200		217
Massachusetts Bay Transportation Authority Series 2006-A, Rev., 5.25%, 7/1/2031		1,500		2,093
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue Series 2021G, Rev., 5.00%, 7/1/2036		200		259
University of Massachusetts Building Authority Rev., 5.00%, 11/1/2032		1,000		1,355
Total Massachusetts				3,924
Michigan — 0.6%
Avondale School District GO, Q-SBLF, 5.00%, 11/1/2027		15		19
Eastern Michigan University, Board of Regents Series 2017A, Rev., 5.00%, 3/1/2033		1,000		1,207
Grand Rapids Public Schools, Unlimited Tax GO, AGM, 5.00%, 11/1/2029		5		7
Lakeview School District, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2028		10		12
Onekama Consolidated Schools GO, AGM, 4.00%, 5/1/2025		15		17
Watervliet Public Schools, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2025		10		11
Wayne-Westland Community Schools Series 2019, GO, Q-SBLF, 4.00%, 11/1/2031		10		12
Western Michigan University, Tax Exempt
Series 2021A, Rev., AGM, 5.00%, 11/15/2034		200		264
Series 2021A, Rev., AGM, 5.00%, 11/15/2035		200		263
Series 2021A, Rev., AGM, 5.00%, 11/15/2036		200		262
Series 2021A, Rev., AGM, 5.00%, 11/15/2037		350		458
Total Michigan				2,532
Minnesota — 0.0% (c)
Duluth Independent School District No. 709 Series 2015B, GO, 5.00%, 2/1/2023		65		70
Missouri — 0.7%
City of Springfield, Public Utility Rev., 5.00%, 8/1/2022		100		106
Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Health System, Inc.
Rev., 5.00%, 11/15/2026		750		925
Rev., 5.00%, 11/15/2027		150		190
Rev., 5.00%, 11/15/2028		500		645

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Missouri — continued
Rev., 5.00%, 11/15/2029		1,000		1,315
Total Missouri				3,181
Montana — 0.0% (c)
Silver Bow County School District No. 1 GO, 5.00%, 7/1/2029		5		6
Nebraska — 0.8%
Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2042		2,550		3,658
Nevada — 0.0% (c)
County of Clark, Nevada Improvement District No. 158 5.00%, 8/1/2034		10		12
New Jersey — 5.9%
Burlington County Bridge Commission, Government Leasing Program
Rev., 5.00%, 4/1/2029		510		663
Rev., 5.00%, 4/1/2030		435		576
County of Morris GO, 3.00%, 2/1/2030		20		22
New Jersey Economic Development Authority, School Facilities Construction Series PP, Rev., 5.00%, 6/15/2029		5,000		5,652
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2028		3,000		3,598
New Jersey Transportation Trust Fund Authority, Transportation Program
Series 2013AA, Rev., 5.00%, 6/15/2036		2,500		2,708
Series 2020AA, Rev., 4.00%, 6/15/2050		1,125		1,276
Series 2020AA, Rev., 5.00%, 6/15/2050		1,000		1,233
New Jersey Turnpike Authority Series 2017B, Rev., 4.00%, 1/1/2035		5		6
State of New Jersey, Covid-19 Series 2020A, GO, 5.00%, 6/1/2029		5,000		6,512
Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027		2,800		3,478
Township of Branchburg GO, 3.00%, 9/1/2028		40		44
Total New Jersey				25,768
New Mexico — 0.0% (c)
State of New Mexico Severance Tax Permanent Fund Series 2018A, Rev., 5.00%, 7/1/2022		25		26
New York — 18.4%
Battery Park City Authority Series 2019 B, Rev., 5.00%, 11/1/2039		3,010		3,916

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
City of New York, Fiscal Year 2018
Series B, Subseries B-4, GO, VRDO, LIQ: Barclays Bank plc, 0.01%, 5/3/2021 (b)		5,000		5,000
Series 2018-1, GO, 5.00%, 8/1/2030		20		25
City of New York, Fiscal Year 2021 SubseriesF-1, GO, 4.00%, 3/1/2040		1,020		1,211
Corning City School District Series 2016, GO, 5.00%, 6/15/2021		15		15
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
East Moriches Union Free School District GO, AGM, 3.13%, 7/1/2029		25		27
Erie County Industrial Development Agency (The), School District Buffalo Project Rev., 5.00%, 5/1/2024		40		45
Hudson Yards Infrastructure Corp., Second Indenture, Fiscal Year 2017
Series A, Rev., 5.00%, 2/15/2033		1,500		1,815
Series A, Rev., 5.00%, 2/15/2034		40		48
Island Park Union Free School District Series 2019, GO, 4.00%, 7/15/2033		40		46
Long Island Power Authority Series 2019-A, Rev., 3.00%, 9/1/2036		10		11
Metropolitan Transportation Authority
Series 2015F, Rev., 5.00%, 11/15/2025		15		18
Subseries C-1, Rev., 5.25%, 11/15/2028		5,000		5,937
Nassau County Interim Finance Authority, Sales Tax Secured Series 2021A, Rev., 5.00%, 11/15/2034		1,275		1,728
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031		3,000		3,544
New York City Transitional Finance Authority Building Aid, Fiscal Year 2019 Series S-2A, Rev., 5.00%, 7/15/2032		40		51
New York City Transitional Finance Authority Future Tax Secured
Subseries 2010G-6, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 5/3/2021 (b)		4,900		4,900
Series I, Rev., 3.00%, 5/1/2022		150		154
New York Convention Center Development Corp., Subordinated Lien Series 2016B, Rev., AGM-CR, Zero Coupon, 11/15/2052		10,000		4,140

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York State Dormitory Authority
Series 2018A, Rev., 5.00%, 10/1/2030		875		1,063
Series 2018A, Rev., 5.00%, 7/1/2038		3,500		4,393
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series D, Rev., 4.00%, 2/15/2037		5,500		6,498
New York State Dormitory Authority, State Sales Tax
Series 2017-A, Rev., 5.00%, 3/15/2028		5		6
Series 2014A, Rev., 5.00%, 3/15/2033		1,000		1,131
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects, Second Resolution
Series 2017A, Rev., 5.00%, 6/15/2027		3,500		4,432
Series 2017A, Rev., 5.00%, 6/15/2028		2,000		2,525
New York State Thruway Authority Series J, Rev., 5.00%, 1/1/2025		5		6
New York State Thruway Authority, Junior Lien
Series 2016-A, Rev., 5.00%, 1/1/2025		25		29
Rev., 5.00%, 1/1/2027		125		150
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2017C, Rev., 5.00%, 3/15/2027		5,475		6,827
Port Authority of New York & New Jersey, Consolidated Series 194, Rev., 5.00%, 10/15/2041		6,500		7,671
Rensselaer City School District Series 2016, COP, AGM, 5.00%, 6/1/2028		400		482
Sales Tax Asset Receivable Corp., Fiscal Year 2015 Series A, Rev., 5.00%, 10/15/2031		1,890		2,181
Syracuse Industrial Development Agency, School District Series 2019-A, Rev., 4.00%, 5/1/2034		10		12
Utility Debt Securitization Authority
Series 2013TE, Rev., 5.00%, 12/15/2028		4,000		4,498
Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,748
Village of Stewart Manor, Public Improvement
GO, 5.00%, 8/1/2026		20		24
GO, 4.00%, 8/1/2028		20		24
Wellsville Central School District GO, AGM, 5.00%, 6/15/2023		20		22
West Genesee Central School District Series 2013-A, GO, 3.00%, 6/15/2021		15		15
Total New York				79,465

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
North Carolina — 1.0%
City of Sanford, Enterprise System Rev., 5.00%, 6/1/2031		570		733
Mecklenburg County Public Facilities Corp. Rev., 5.00%, 2/1/2026		10		12
North Carolina Capital Facilities Finance Agency, High Point University
Rev., 5.00%, 5/1/2029		525		672
Rev., 5.00%, 5/1/2030		560		727
Rev., 4.00%, 5/1/2032		1,000		1,210
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien Rev., AGM, 5.00%, 1/1/2029		700		857
University of North Carolina at Greensboro Rev., 4.00%, 4/1/2035		10		12
Total North Carolina				4,223
Ohio — 1.0%
Butler County Port Authority, Community First Solutions
Rev., 4.00%, 5/15/2038		110		127
Rev., 4.00%, 5/15/2039		110		127
Rev., 4.00%, 5/15/2040		120		138
Rev., 4.00%, 5/15/2041		125		143
City of Lakewood, Limited Tax, Various Purpose
GO, 4.00%, 12/1/2025		300		348
GO, 5.00%, 12/1/2027		350		445
County of Hamilton Series 2021A, GO, 5.00%, 12/1/2031		1,190		1,627
Northeast Ohio Medical University
Series 2021A, Rev., 5.00%, 12/1/2030		70		89
Series 2021A, Rev., 4.00%, 12/1/2035		150		173
State of Ohio, Capital Facilities Lease Appropriation Series 2018A, Rev., 5.00%, 4/1/2028		1,020		1,302
Total Ohio				4,519
Oklahoma — 1.1%
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Rev., 5.00%, 10/1/2022		250		267
Rev., 5.00%, 10/1/2023		180		200
Rev., 5.00%, 10/1/2025		500		594
Rev., 5.00%, 10/1/2026		500		610
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series 2017A, Rev., 5.00%, 1/1/2038		2,000		2,364

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oklahoma — continued
Oklahoma Water Resources Board Series 2021A, Rev., 5.00%, 10/1/2029		410		542
Total Oklahoma				4,577
Oregon — 0.9%
City of Portland, Second Lien Sewer System Series B, Rev., 4.00%, 10/1/2036		2,180		2,415
County of Marion GO, AMBAC, 5.50%, 6/1/2023		100		111
Linn & Benton Counties, School District No. 8J, Greater Albany GO, 5.00%, 6/15/2030		500		620
Tri-County Metropolitan Transportation District of Oregon Series 2017-A, Rev., 5.00%, 10/1/2023		50		56
Washington Counties, Hillsborough School District No. 1J GO, 5.00%, 6/15/2027		570		717
Total Oregon				3,919
Pennsylvania — 2.5%
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2027		350		387
Rev., 5.00%, 11/1/2028		450		489
Rev., 5.00%, 11/1/2029		150		162
Rev., 5.00%, 11/1/2030		150		161
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 5.00%, 7/1/2036		1,225		1,507
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Rev., 5.00%, 6/1/2024		500		569
Rev., 5.00%, 6/1/2025		630		740
Rev., 5.00%, 6/1/2026		380		460
Rev., 5.00%, 6/1/2027		500		620
Rev., 5.00%, 6/1/2028		880		1,114
Rev., 5.00%, 6/1/2029		380		477
County of Lancaster Series 2016-A, GO, 4.00%, 5/1/2026		15		17
County of Montgomery Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2043		2,000		2,279
Fairview School District Series A, GO, 4.00%, 2/1/2028		10		11
Sayre Health Care Facilities Authority, Guthrie Health Issue Rev., (ICE LIBOR USD 3 Month + 0.78%), 0.91%, 12/1/2024 (g)		1,895		1,899
Township of Lower Paxton Series 2020A, GO, 4.00%, 4/1/2032		15		18
Total Pennsylvania				10,910

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Rhode Island — 0.0% (c)
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2016A, Rev., 5.00%, 10/1/2029		10		12
South Carolina — 0.0% (c)
City of Charleston, Waterworks & Sewer System Rev., 5.00%, 1/1/2028		15		18
Spartanburg County Tourist Public Facilities Corp. COP, 4.00%, 4/1/2028		10		11
Total South Carolina				29
Tennessee — 2.5%
Metropolitan Government Nashville and Davidson County Health and Educational Facilities, The Blakeford at Green Hills Corp. Series 2020A, Rev., 4.00%, 11/1/2038		1,305		1,401
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2034		130		169
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (b)		8,000		9,110
Total Tennessee				10,680
Texas — 9.3%
Bexar County Hospital District GO, 4.00%, 2/15/2035		10		11
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (d)		5,550		8,279
City of Houston, Public Improvement Series 2014A, GO, 5.00%, 3/1/2030		4,000		4,499
City of Portland GO, 3.00%, 8/15/2029		100		113
County of El Paso GO, 5.00%, 2/15/2032		1,490		1,837
Crandall Independent School District Series 2012A, GO, PSF-GTD, Zero Coupon, 8/15/2021		2,140		1,854
Lower Colorado River Authority Rev., 5.00%, 5/15/2031		2,760		3,609
Lower Colorado River Authority, LCRA Transmission Services Corp. Project
Series 2020A, Rev., 5.00%, 5/15/2035		1,000		1,294
Series 2020A, Rev., 5.00%, 5/15/2036		1,000		1,291
Lower Colorado River Authority, Transmission Services Corp. Project
Rev., 5.00%, 5/15/2034		220		285
Rev., 5.00%, 5/15/2036		1,495		1,894
Rev., 5.00%, 5/15/2037		1,250		1,607
Rev., 5.00%, 5/15/2038		1,500		1,891

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
North Texas Tollway Authority System, First Tier
Series 2017A, Rev., 5.00%, 1/1/2026		200		216
Series 2017A, Rev., 5.00%, 1/1/2027		550		659
Series 2017A, Rev., 5.00%, 1/1/2030		360		428
Series 2017A, Rev., 5.00%, 1/1/2035		600		728
North Texas Tollway Authority System, Second Tier
Series 2017B, Rev., 5.00%, 1/1/2026		150		161
Series 2017B, Rev., 5.00%, 1/1/2027		300		359
Series 2017B, Rev., 5.00%, 1/1/2030		400		475
San Jacinto College District, Limited Tax Series 2019-A, GO, 5.00%, 2/15/2029		120		156
Trinity River Authority, Walker-Calloway System
Rev., 5.00%, 2/1/2026		275		331
Rev., 5.00%, 2/1/2027		290		358
Rev., 5.00%, 2/1/2028		305		386
Rev., 5.00%, 2/1/2029		320		401
Rev., 5.00%, 2/1/2030		340		423
Rev., 5.00%, 2/1/2031		355		440
Tyler Independent School District GO, PSF-GTD, 5.00%, 2/15/2028		175		217
University of Texas System (The), Board of Regents, Financing System Series 2014B, Rev., 5.00%, 8/15/2026		5,000		6,163
Total Texas				40,365
Utah — 0.7%
University of Utah (The) Series 2019-A, Rev., 5.00%, 8/1/2035		500		647
Utah Infrastructure Agency Tax-Exempt Telecommunications
Rev., 4.00%, 10/15/2031		500		599
Rev., 4.00%, 10/15/2033		525		623
Utah Infrastructure Agency Telecommunications and Franchise Tax Rev., 4.00%, 10/15/2025 (d)		250		289
Weber Basin Water Conservancy District
Series 2017B, Rev., 5.00%, 10/1/2030		250		313
Series 2017B, Rev., 5.00%, 10/1/2031		470		585
Total Utah				3,056
Virginia — 2.6%
City of Newport News Rev., 5.00%, 7/15/2029		2,975		3,933
Henrico County Economic Development Authority, Westminster Canterbury Richmond Rev., 4.00%, 10/1/2040		330		366

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Virginia — continued
Virginia Public School Authority
Series 2017C, Rev., 5.00%, 8/1/2028		500		631
Series 2021A, Rev., 5.00%, 8/1/2031 (f)		3,560		4,903
Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc. Series 2020A, Rev., 5.00%, 1/1/2034		1,200		1,459
Total Virginia				11,292
Washington — 6.2%
Energy Northwest Rev., 5.00%, 7/1/2026		10		12
Port of Seattle, Intermediate Lien
Series 2015B, Rev., 5.00%, 3/1/2033		3,750		4,286
Series 2015B, Rev., 5.00%, 3/1/2034		1,000		1,141
State of Washington, Various Purpose
Series R-2018C, GO, 5.00%, 8/1/2034		900		1,120
Series 2021C, GO, 5.00%, 2/1/2037		5,170		6,887
University of Washington
Series 2020C, Rev., 5.00%, 4/1/2034		3,695		4,883
Series 2020C, Rev., 5.00%, 4/1/2035		500		659
Washington Health Care Facilities Authority, Providence St. Joseph Health
Series 2018B, Rev., 5.00%, 10/1/2025		1,250		1,492
Series 2018B, Rev., 5.00%, 10/1/2026		1,500		1,845
Series 2018B, Rev., 5.00%, 10/1/2027		2,500		3,156
Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Tax-Exempt Series 2020A, Rev., 5.00%, 1/1/2041 (e)		1,415		1,491
Total Washington				26,972
Wisconsin — 0.6%
City of Milwaukee, Sewerage System
Series 2021-S2, Rev., 5.00%, 6/1/2029 (f)		580		756
Series 2021-S2, Rev., 5.00%, 6/1/2030 (f)		750		996
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 3.25%, 1/1/2029		860		943
Total Wisconsin				2,695
Total Municipal Bonds (Cost $365,197)				388,706

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 7.2%
Investment Companies — 7.2%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (h) (i) (Cost $31,110)		31,094		31,110
Total Investments — 96.7% (Cost $396,307)				419,816
Other Assets Less Liabilities — 3.3%				14,244
NET ASSETS — 100.0%				434,060

Percentages indicated are based on net assets.

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMBAC	Insured by American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax
COP	Certificate of Participation
CR	Custodial Receipts
FGIC	Insured by Financial Guaranty Insurance Co.
GO	General Obligation
GTD	Guaranteed
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
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
VRDO	Variable Rate Demand Obligation
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of April 30, 2021.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Security is prerefunded or escrowed to maturity.
(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2021.
(h)	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.
(i)	The rate shown is the current yield as of April 30, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

Centrally Cleared Inflation-linked swap contracts outstanding as of April 30, 2021 (amounts in thousands):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS) $			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CPI-U at termination	2.29% at termination		Receive		2/1/2026	USD	1,920		—			41			41
CPI-U at termination	2.29% at termination		Receive		2/4/2026	USD	8,216		—			191			191
CPI-U at termination	2.31% at termination		Receive		2/24/2026	USD	2,786		—			61			61
CPI-U at termination	2.31% at termination		Receive		2/24/2026	USD	2,786		—			60			60
CPI-U at termination	2.31% at termination		Receive		2/26/2026	USD	14,400		5			306			310
CPI-U at termination	2.32% at termination		Receive		2/26/2026	USD	6,660		(1	)		143			142
CPI-U at termination	2.34% at termination		Receive		2/9/2026	USD	2,685		—			56			56
CPI-U at termination	2.34% at termination		Receive		2/16/2026	USD	2,700		—			54			55
CPI-U at termination	2.36% at termination		Receive		2/12/2026	USD	77,084		—			1,509			1,509
CPI-U at termination	2.38% at termination		Receive		3/11/2026	USD	25,000		—			437			437
CPI-U at termination	2.38% at termination		Receive		3/11/2026	USD	30,000		—			522			522
CPI-U at termination	2.38% at termination		Receive		3/11/2026	USD	12,400		—			221			221
CPI-U at termination	2.38% at termination		Receive		3/4/2026	USD	7,266		—			131			131
CPI-U at termination	2.38% at termination		Receive		3/4/2026	USD	9,536		—			169			169
CPI-U at termination	2.45% at termination		Receive		4/12/2031	USD	5,983		—			66			66
CPI-U at termination	2.47% at termination		Receive		3/15/2026	USD	3,473		—			44			44
CPI-U at termination	2.47% at termination		Receive		3/22/2031	USD	8,390		—			80			80
CPI-U at termination	2.48% at termination		Receive		3/15/2026	USD	2,780		—			34			34
CPI-U at termination	2.50% at termination		Receive		3/26/2026	USD	21,268		—			234			234
CPI-U at termination	2.50% at termination		Receive		3/17/2026	USD	4,913		—			56			56
CPI-U at termination	2.52% at termination		Receive		4/29/2031	USD	3,085		—			9			9
CPI-U at termination	2.53% at termination		Receive		3/26/2026	USD	1,460		—			14			14
CPI-U at termination	2.53% at termination		Receive		4/14/2026	USD	4,561		—			38			38
CPI-U at termination	2.53% at termination		Receive		4/6/2026	USD	3,574		—			32			32
CPI-U at termination	2.55% at termination		Receive		5/5/2031	USD	3,901		—			—			—
CPI-U at termination	2.58% at termination		Receive		4/23/2026	USD	81,459		—			458			458
									4			4,966			4,970
CPI-U at termination	2.56% at termination		Receive		4/30/2031	USD	22,356		—			(45	)		(45	)
									4			4,921			4,925

Abbreviations

CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar
(a)	Value of floating rate index at April 30, 2021 was as follows:
	Floating Rate Index	Value
	CPI-U	2.67%

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 19

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
ASSETS:
Investments in non-affiliates, at value	$	1,339,390		$	388,706
Investments in affiliates, at value		3,308			31,110
Cash		7			—
Deposits at broker for centrally cleared swaps		—			13,838
Receivables:
Investment securities sold		1,063			100
Fund shares sold		1,052			5,399
Interest from non-affiliates		—			3,944
Dividends from non-affiliates		946			—
Dividends from affiliates		—	(a)		—	(a)
Variation margin on centrally cleared swaps (net upfront receipts of $0 and $4, respectively)		—			456
Total Assets		1,345,766			443,553
LIABILITIES:
Payables:
Due to custodian		—			181
Investment securities purchased		1,078			1,001
Investment securities purchased — delayed delivery securities		—			7,792
Fund shares redeemed		970			236
Accrued liabilities:
Investment advisory fees		374			92
Administration fees		77			9
Distribution fees		18			13
Service fees		80			31
Custodian and accounting fees		4			23
Trustees’ and Chief Compliance Officer’s fees		—			1
Other		85			114
Total Liabilities		2,686			9,493
Net Assets	$	1,343,080		$	434,060

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	318,739		$	525,155
Total distributable earnings (loss)		1,024,341			(91,095	)
Total Net Assets	$	1,343,080		$	434,060
Net Assets:
Class A	$	36,730		$	54,953
Class C		16,584			4,956
Class I		790,768			349,928
Class R6		498,998			24,223
Total	$	1,343,080		$	434,060
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		810			5,675
Class C		372			513
Class I		17,314			36,049
Class R6		10,923			2,496
Net Asset Value (a):
Class A — Redemption price per share	$	45.33		$	9.68
Class C — Offering price per share (b)		44.60			9.66
Class I — Offering and redemption price per share		45.67			9.71
Class R6 — Offering and redemption price per share		45.68			9.70
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)]	$	47.84		$	10.06
Cost of investments in non-affiliates	$	489,785		$	365,197
Cost of investments in affiliates		3,308			31,110

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 21

STATEMENTS OF OPERATIONS

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

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	3,885
Dividend income from non-affiliates		6,643			—
Dividend income from affiliates		2			2
Total investment income		6,645			3,887
EXPENSES:
Investment advisory fees		2,200			556
Administration fees		471			119
Distribution fees:
Class A		42			51
Class C		55			12
Service fees:
Class A		42			51
Class C		18			4
Class I		887			314
Custodian and accounting fees		20			47
Interest expense to affiliates		2			—	(a)
Professional fees		33			55
Trustees’ and Chief Compliance Officer’s fees		14			14
Printing and mailing costs		42			12
Registration and filing fees		48			39
Transfer agency fees (See Note 2.H.)		9			3
Other		12			8
Total expenses		3,895			1,285
Less fees waived		(579	)		(446	)
Less expense reimbursements		(2	)		—
Net expenses		3,314			839
Net investment income (loss)		3,331			3,048
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		175,402			111
Investments in affiliates		—	(a)		(1	)
Futures contracts		—			(88	)
Swaps		—			16,467
Net realized gain (loss)		175,402			16,489
Distributions of capital gains received from investment company affiliates		—			—	(a)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		135,045			4,480
Investments in affiliates		—	(a)		—
Futures contracts		—			31
Swaps		—			(1,416	)
Change in net unrealized appreciation/depreciation		135,045			3,095
Net realized/unrealized gains (losses)		310,447			19,584
Change in net assets resulting from operations	$	313,778		$	22,632

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,331		$	10,664		$	3,048		$	11,094
Net realized gain (loss)		175,402			192,580			16,489			(14,863	)
Distributions of capital gains received from investment company affiliates		—			—			—	(a)		—
Change in net unrealized appreciation/depreciation		135,045			355			3,095			(1,797	)
Change in net assets resulting from operations		313,778			203,599			22,632			(5,566	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(4,005	)		(1,704	)		(342	)		(765	)
Class C		(1,733	)		(712	)		(20	)		(92	)
Class I		(87,140	)		(40,616	)		(2,420	)		(7,584	)
Class R6		(68,411	)		(43,866	)		(233	)		(3,012	)
Total distributions to shareholders		(161,289	)		(86,898	)		(3,015	)		(11,453	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		16,518			(217,118	)		139,550			(456,922	)
NET ASSETS:
Change in net assets		169,007			(100,417	)		159,167			(473,941	)
Beginning of period		1,174,073			1,274,490			274,893			748,834
End of period	$	1,343,080		$	1,174,073		$	434,060		$	274,893

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 23

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,980		$	7,701		$	21,211		$	10,870
Distributions reinvested		3,935			1,701			305			717
Cost of shares redeemed		(2,868	)		(7,837	)		(4,092	)		(15,395	)
Change in net assets resulting from Class A capital transactions		3,047			1,565			17,424			(3,808	)
Class C
Proceeds from shares issued		1,761			2,778			2,432			410
Distributions reinvested		1,684			711			18			71
Cost of shares redeemed		(1,172	)		(3,562	)		(556	)		(5,805	)
Change in net assets resulting from Class C capital transactions		2,273			(73	)		1,894			(5,324	)
Class I
Proceeds from shares issued		57,988			172,254			143,768			77,698
Distributions reinvested		85,272			39,560			1,475			5,598
Cost of shares redeemed		(76,321	)		(227,978	)		(25,604	)		(243,517	)
Change in net assets resulting from Class I capital transactions		66,939			(16,164	)		119,639			(160,221	)
Class R6
Proceeds from shares issued		33,838			37,291			2,522			11,319
Distributions reinvested		68,187			43,746			230			2,990
Cost of shares redeemed		(157,766	)		(283,483	)		(2,159	)		(301,878	)
Change in net assets resulting from Class R6 capital transactions		(55,741	)		(202,446	)		593			(287,569	)
Total change in net assets resulting from capital transactions	$	16,518		$	(217,118	)	$	139,550		$	(456,922	)
SHARE TRANSACTIONS:
Class A
Issued		48			207			2,225			1,186
Reinvested		100			47			32			79
Redeemed		(69	)		(219	)		(433	)		(1,722	)
Change in Class A Shares		79			35			1,824			(457	)
Class C
Issued		42			78			255			45
Reinvested		44			20			2			8
Redeemed		(28	)		(96	)		(59	)		(644	)
Change in Class C Shares		58			2			198			(591	)
Class I
Issued		1,358			4,986			15,097			8,488
Reinvested		2,162			1,082			156			615
Redeemed		(1,827	)		(6,285	)		(2,713	)		(27,090	)
Change in Class I Shares		1,693			(217	)		12,540			(17,987	)
Class R6
Issued		795			1,011			265			1,206
Reinvested		1,728			1,196			24			321
Redeemed		(3,835	)		(7,529	)		(228	)		(33,179	)
Change in Class R6 Shares		(1,312	)		(5,322	)		61			(31,652	)

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Tax Aware Equity Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	40.37	$	0.02		$	10.46		$	10.48		$	(0.04	)	$	(5.48	)	$	(5.52	)
Year Ended October 31, 2020		36.83		0.17			5.79			5.96			(0.18	)		(2.24	)		(2.42	)
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	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		39.86		(0.08	)		10.30			10.22			—			(5.48	)		(5.48	)
Year Ended October 31, 2020		36.42		(0.02	)		5.74			5.72			(0.04	)		(2.24	)		(2.28	)
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	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		40.64		0.11			10.52			10.63			(0.12	)		(5.48	)		(5.60	)
Year Ended October 31, 2020		37.05		0.32			5.84			6.16			(0.33	)		(2.24	)		(2.57	)
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	)
Class R6
Six Months Ended April 30, 2021 (Unaudited)		40.64		0.13			10.53			10.66			(0.14	)		(5.48	)		(5.62	)
Year Ended October 31, 2020		37.06		0.37			5.82			6.19			(0.37	)		(2.24	)		(2.61	)
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.

26 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (excluding securities sold short) (c)
$	45.33		28.14	%	$	36,730		0.94	%		0.11	%		0.95	%		15	%
	40.37		16.96			29,515		0.95			0.45			0.96			19
	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
	44.60		27.81			16,584		1.44			(0.39	)		1.46			15
	39.86		16.40			12,499		1.45			(0.05	)		1.46			19
	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
	45.67		28.36			790,768		0.55			0.50			0.70			15
	40.64		17.47			634,799		0.55			0.85			0.71			19
	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
	45.68		28.45			498,998		0.44			0.62			0.45			15
	40.64		17.57			497,260		0.44			0.98			0.45			19
	37.06		14.55			650,680		0.44			1.08			0.46			14
	33.68		(9.07	)		18		0.44			0.31			0.48			38

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 27

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period		Total return (excludes sales charge) (c)(d)
JPMorgan Tax Aware Real Return Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	9.11	$	0.08	$	0.57		$	0.65		$	(0.08	)	$	9.68		7.15	%
Year Ended October 31, 2020		9.25		0.18		(0.13	)		0.05			(0.19	)		9.11		0.57
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
Class C
Six Months Ended April 30, 2021 (Unaudited)		9.09		0.06		0.57			0.63			(0.06	)		9.66		6.92
Year Ended October 31, 2020		9.23		0.14		(0.14	)		—	(f)		(0.14	)		9.09		0.04
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
Class I
Six Months Ended April 30, 2021 (Unaudited)		9.13		0.09		0.58			0.67			(0.09	)		9.71		7.38
Year Ended October 31, 2020		9.27		0.20		(0.13	)		0.07			(0.21	)		9.13		0.82
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
Class R6
Six Months Ended April 30, 2021 (Unaudited)		9.13		0.10		0.57			0.67			(0.10	)		9.70		7.32
Year Ended October 31, 2020		9.27		0.23		(0.15	)		0.08			(0.22	)		9.13		0.92
Year Ended October 31, 2019		9.21		0.25		0.07			0.32			(0.26	)		9.27		3.49
Year Ended October 31, 2018		9.48		0.27		(0.27	)		—	(f)		(0.27	)		9.21		0.00	(g)
Year Ended October 31, 2017		9.61		0.26		(0.12	)		0.14			(0.27	)		9.48		1.47
Year Ended October 31, 2016		9.51		0.27		0.11			0.38			(0.28	)		9.61		3.99

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than $0.005.

(g) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

		Ratios/Supplemental data
		Ratios to average net assets (a)
Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (excluding securities sold short) (c)
$	54,953		0.75	%		1.71	%		1.04	%		2	%
	35,094		0.75			1.96			1.01			12
	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
	4,956		1.24			1.20			1.55			2
	2,859		1.25			1.50			1.51			12
	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
	349,928		0.50			1.94			0.79			2
	214,709		0.50			2.24			0.75			12
	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
	24,223		0.40			2.08			0.54			2
	22,231		0.40			2.48			0.49			12
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited)

(Dollar values in thousands)

1. Organization

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

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

	Classes Offered	Diversification Classification
JPMorgan Tax Aware Equity Fund	Class A, Class C, Class I and Class R6	Diversified
JPMorgan Tax Aware Real Return Fund	Class A, Class C, Class I and Class R6	Diversified

The investment objective of JPMorgan Tax Aware Equity Fund (“Tax Aware Equity Fund”) is to seek to provide high after-tax total return from a portfolio of selected equity securities.

The investment objective of JPMorgan Tax Aware Real Return Fund (“Tax Aware Real Return Fund”) is to seek to maximize after-tax inflation protected return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

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

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

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

30 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

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”):

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)	$	1,342,698	$	—	$	—	$	1,342,698

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

Tax Aware Real Return Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Municipal Bonds	$	—	$	388,706		$	—	$	388,706
Short-Term Investments
Investment Companies		31,110		—			—		31,110
Total Investments in Securities	$	31,110	$	388,706		$	—	$	419,816
Appreciation in Other Financial Instruments
Swaps	$	—	$	4,966		$	—	$	4,966
Depreciation in Other Financial Instruments
Swaps	$	—	$	(45	)	$	—	$	(45	)
Total Net Appreciation/ Depreciation in Other Financial Instruments	$	—	$	4,921		$	—	$	4,921

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of April 30, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — Tax Aware Real Return 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 the 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 Fund 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 the settlement date.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 31

NOTES TO FINANCIAL STATEMENTS

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

(Dollar values in thousands)

Tax Aware Real Return had when-issued securities, delayed delivery securities or forward commitments outstanding as of April 30, 2021, which are shown as a Payable for Investment securities purchased — delayed delivery securities on the Statements of Assets and Liabilities. The values of these securities held at April 30, 2021 are detailed on the SOI.

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

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

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

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

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

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

The Funds did not lend out any securities during the six months ended April 30, 2021.

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

Tax Aware Equity Fund

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2021		Shares at April 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.09% (a)(b)	$	123	$	72,861	$	69,676	$	—	(c)	$	—	(c)	$	3,308		3,307	$	2	$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

(c) Amount rounds to less than one thousand.

32 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

Tax Aware Real Return Fund

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (a)(b)	$	6,610	$	193,489	$	168,988	$	(1	)	$	—	$	31,110		31,094	$	2	$	—	(c)

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

(c) Amount rounds to less than one thousand.

F. Futures Contracts — Tax Aware Real Return Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the 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 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 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).

G. Swaps — Tax Aware Real Return Fund engaged in various swap transactions to manage interest rate (e.g., duration, yield curve) and total return risks within their respective portfolios. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps 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 central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts and swaps activity during the six months ended April 30, 2021.

	Tax Aware Real Return Fund
Futures Contracts — Interest Rate:
Average Notional Balance Long	$	9,630	(a)
Average Notional Balance Short		12,332	(a)
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed Rate		280,703
Ending Notional Balance — Pays Fixed Rate		370,642

(a) For the period November 1, 2020 through November 30, 2020.

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 and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

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 Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended April 30, 2021 are as follows:

	Class A			Class C			Class I		Class R6			Total
Tax Aware Equity Fund
Transfer agency fees	$	—	(a)	$	—	(a)	$	6	$	3		$	9
Tax Aware Real Return Fund
Transfer agency fees		1			—	(a)		2		—	(a)		3

(a) Amount rounds to less than one thousand.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

K. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly for Tax Aware Equity Fund and declared and paid at least monthly for Tax Aware Real Return Fund. 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.

34 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

L. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.35% of each Fund’s respective average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended April 30, 2021, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The 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. 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

JPMDS waived distribution fees as outlined in Note 3.F.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2021, JPMDS retained the following:

	Front-End Sales Charge			CDSC
Tax Aware Equity Fund	$	4		$	—
Tax Aware Real Return Fund		—	(a)		—

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to 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.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class R6
Tax Aware Equity Fund		n/a			n/a			0.55	%		0.44	%
Tax Aware Real Return Fund		0.75	%		1.25	%		0.50			0.40

The expense limitation agreements were in effect for the six months ended April 30, 2021 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2022.

For the six months ended April 30, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Tax Aware Equity Fund	$	45	$	30	$	502	$	577	$	2
Tax Aware Real Return Fund		133		89		217		439		—

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2021 were as follows:

Tax Aware Equity Fund	$	2
Tax Aware Real Return Fund		7

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended April 30, 2021, JPMorgan Tax Aware Real Return Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

36 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

4. Investment Transactions

During the six months ended April 30, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Tax Aware Equity Fund	$	189,076	$	331,255
Tax Aware Real Return Fund		131,913		5,602

During the six months ended April 30, 2021, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	493,093	$	850,088	$	483	$	849,605
Tax Aware Real Return Fund		396,311		28,777		347		28,430

At October 31, 2020, the following Fund had net capital loss carryforwards which are available to offset future realized gains:

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Tax Aware Real Return Fund	$	136,069	$	—

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 at April 30, 2021.

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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2021.

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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended April 30, 2021.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of 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		46.7	%		1		31.1	%
Tax Aware Real Return Fund		1		18.2			2		54.2

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

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 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. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

Tax Aware Real Return Fund invest primarily in a portfolio of 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.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

38 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 39

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2020, and continued to hold your shares at the end of the reporting period, April 30, 2021.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2020		Ending Account Value April 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	1,281.40	$	5.32		0.94	%
Hypothetical		1,000.00		1,020.13		4.71		0.94
Class C
Actual		1,000.00		1,278.10		8.13		1.44
Hypothetical		1,000.00		1,017.65		7.20		1.44
Class I
Actual		1,000.00		1,283.60		3.11		0.55
Hypothetical		1,000.00		1,022.07		2.76		0.55
Class R6
Actual		1,000.00		1,284.50		2.49		0.44
Hypothetical		1,000.00		1,022.61		2.21		0.44
JPMorgan Tax Aware Real Return Fund
Class A
Actual		1,000.00		1,071.50		3.85		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class C
Actual		1,000.00		1,069.20		6.36		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class I
Actual		1,000.00		1,073.80		2.57		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R6
Actual		1,000.00		1,073.20		2.06		0.40
Hypothetical		1,000.00		1,022.81		2.01		0.40

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

40 J.P. MORGAN TAX AWARE FUNDS APRIL 30, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for

classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (5) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

APRIL 30, 2021 J.P. MORGAN TAX AWARE FUNDS 41

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2021.  All rights reserved. April 2021. SAN-TA-421

Semi-Annual Report

J.P. Morgan Funds

April 30, 2021 (Unaudited)

JPMorgan Global Allocation Fund

JPMorgan Income Builder Fund

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	126
Financial Highlights	134
Notes to Financial Statements	140
Schedule of Shareholder Expenses	163
Liquidity Risk Management Program	165

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

June 16, 2021 (Unaudited)

Dear Shareholders,

This year has brought a large measure of relief, hope and reflection on the pandemic and its impact on our families, our jobs and our world. It has also witnessed a remarkable rally in global equity markets, driven initially by investor expectations for an accelerated economic expansion and extended by surging corporate earnings and consumer spending.

  “In the year ahead, J.P. Morgan Asset Management will continue to strive to adapt to new challenges and provide investors with innovative and durable solutions that are backed by our deep experience in risk management.” — Andrea L. Lisher

As leading central banks maintained ultra-low interest rates and governments continued to provide or increase massive fiscal stimulus and recovery programs, many investors sought opportunities for higher returns in global equity markets. For the six months ended April 30, 2021, the MSCI EAFE Index returned 29.13%, the S&P 500 Index returned 28.85% and the MSCI Emerging Markets Index returned 23.09%. Within fixed income markets, Bloomberg Barclays High Yield Index returned 7.97%, the Bloomberg Barclays Emerging Markets Index returned 2.33% and the Bloomberg Barclays U.S. Aggregate Index returned -1.52%.

The prospects for a diminishing pandemic have brightened in 2021, particularly in the U.S. and Western Europe where vaccination rates have accelerated. However, a surge of infections of COVID-19 and its variants in Brazil, India and elsewhere demonstrated that the global crisis is ongoing and spurred

leading industrialized nations together to pledge to provide one billon doses of vaccine to emerging market nations. Meanwhile, the accelerating economic rebound in the U.S. has raised investor concerns about the potential for rising inflation and supply chain disruptions, though U.S. Federal Reserve Chairman Jerome Powell has sought to reassure financial markets that upward pressure on prices — while stronger than expected — remains likely to be temporary.

At this point, it’s worth reflecting on the fact that many of those who remained fully invested in the face of unprecedented uncertainty in 2020 likely benefitted fully from the ensuing rally in global equity markets. In the year ahead, J.P. Morgan Asset Management will continue to strive to adapt to new challenges and provide investors with innovative and durable solutions that are backed by our deep experience in risk management. We will continue to seek to operate under the same fundamental practices and principles that have driven our success for more than a century and focus on the financial needs of our clients.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

APRIL 30, 2021 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

Globally, equity market valuations climbed higher during the period, initially fueled by the massive pandemic response of leading central banks and fiscal authorities and extended by the development of multiple vaccines in late 2020 and the advent of mass vaccinations in 2021. The rebound in asset prices during the period — partly led by U.S. equity — swept across both emerging markets and developed markets.

Fixed income markets provided mixed returns. Amid extremely low yields on developed markets sovereign bonds, investors sought out emerging markets debt and high yield bonds (also known as “junk bonds”). The initial re-opening of economies at the global, national and local levels in 2021 also raised investor concerns about potential inflationary pressure.

The final months of the 2020 included a continued rebound in global prices for petroleum and a range of other commodities as manufacturing data and consumer sentiment strengthened. November and December saw broad gains in global equity, partly driven by continued investor demand for U.S. large cap stocks, particularly in the technology sector. Emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

Global equity markets surged from February through April 2021 amid a general surge in corporate earnings and consumer and business spending. Developed market equity provided strong returns, while emerging markets equity was weighed down by investor concern about large pandemic outbreaks in select nations, particularly Brazil and India.

U.S. equity markets generally led the rally, supported by a $1.9 trillion U.S. fiscal relief and recovery package and the prospect of additional federal government spending plans. Better-than-expected corporate earnings and revenues in 2021, combined with strong growth consumer spending and improved manufacturing data, drove global equity prices further upward toward the end of the period.

For the six months ended April 30, 2021, the MSCI EAFE Index returned 29.13%, the S&P 500 Index returned 28.85% and the MSCI Emerging Markets Index returned 23.09%. Within fixed income markets, Bloomberg Barclays High Yield Index returned 7.97%, the Bloomberg Barclays Emerging Markets Index returned 2.33% and the Bloomberg Barclays U.S. Aggregate Index returned -1.52%.

2 J.P. MORGAN FUNDS APRIL 30, 2021

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	21.25%
MSCI All Country World Index (net of foreign withholding taxes)1	28.29%
MSCI World Index (net of foreign withholding taxes)	29.10%
Bloomberg Barclays Global Aggregate Index (Unhedged USD)	(0.17)%
Global Allocation Composite Benchmark	16.71%
Net Assets as of 4/30/2021 (In Thousands)	$4,856,708

INVESTMENT OBJECTIVE**

The JPMorgan Global Allocation Fund (the “Fund”) seeks to maximize long-term total return.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the six months ended April 30, 2021, the Fund’s Class I Shares underperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) and outperformed the Bloomberg Barclays Global Aggregate Index (Unhedged USD) and the Global Allocation Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI All Country World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index.

Relative to the Benchmark, which is an all-equity index, the Fund’s overall underweight position in equity detracted from performance. The Fund’s allocation to U.S. equity, specifically

small cap equity, was a leading contributor to performance relative to the Benchmark.

Relative to the Composite Benchmark, the Fund’s preference for U.S. equity and its tilt toward cyclically-oriented equities, including the financials, consumer discretionary and information technology sectors, were leading contributors to outperformance. The Fund’s allocation to government bonds was a leading detractor from performance relative to the Composite Benchmark.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers increased its overall equity allocation, preferring U.S. small cap equities. The portfolio managers maintained the Fund’s allocation to corporate and non-corporate credit and continued to hold non-U.S. government bonds and U.S. Treasury futures.

¹  On November 30, 2020, the MSCI All Country World Index replaced the MSCI World Index as the Fund’s benchmark index and as a component of the Fund’s Composite Index to better reflect the Fund’s global asset allocation mandate. The MSCI All Country World Index includes emerging markets while the MSCI World Index does not.

APRIL 30, 2021 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Invesco S&P 500 Equal Weight ETF		4.3	%
	2.	U.S. Treasury Notes, 1.38%, 1/31/2022		1.2
	3.	Microsoft Corp.		1.2
	4.	Alphabet, Inc., Class C		1.2
	5.	Amazon.com, Inc.		1.0
	6.	Samsung Electronics Co. Ltd. (South Korea)		0.9
	7.	Apple, Inc.		0.9
	8.	Tencent Holdings Ltd. (China)		0.8
	9.	Mastercard, Inc., Class A		0.7
	10.	Wells Fargo & Co.		0.7

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Perspecta, Inc.		14.8	%
	2.	Navistar International Corp.		14.7
	3.	Cardtronics plc Class A		14.4
	4.	Sirius XM Holdings, Inc.		14.3
	5.	SPDR S&P 500 ETF Trust		13.0
	6.	Magellan Health, Inc.		12.9
	7.	Kellogg Co.		4.4
	8.	Pinnacle West Capital Corp.		3.8
	9.	Entergy Corp.		1.6
	10.	Procter & Gamble Co. (The)		1.3

LONG POSITION PORTFOLIO COMPOSITION AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Common Stocks		60.8	%
Corporate Bonds		14.4
Foreign Government Securities		5.6
Exchange-Traded Funds		4.7
Commercial Mortgage-Backed Securities		1.3
U.S. Treasury Obligations		1.2
Others (each less than 1.0%)		1.6
Short-Term Investments		10.4

SHORT POSITION PORTFOLIO COMPOSITION AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Common Stocks		87.0	%
Exchange-Traded Funds		13.0

* 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.

4 J.P. MORGAN FUNDS APRIL 30, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 31, 2011
With Sales Charge**			15.67	%		28.82	%		8.92	%		6.77	%
Without Sales Charge			21.14			34.93			9.93			7.27
CLASS C SHARES	May 31, 2011
With CDSC***			19.81			33.20			9.38			6.84
Without CDSC			20.81			34.20			9.38			6.84
CLASS I SHARES	May 31, 2011		21.25			35.23			10.20			7.54
CLASS R2 SHARES	May 31, 2011		20.89			34.37			9.58			6.96
CLASS R3 SHARES	October 1, 2018		20.98			34.75			9.85			7.23
CLASS R4 SHARES	October 1, 2018		21.17			35.12			10.14			7.51
CLASS R5 SHARES	October 1, 2018		21.26			35.27			10.22			7.55
CLASS R6 SHARES	November 1, 2017		21.33			35.42			10.30			7.59

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (5/31/11 TO 4/30/21)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.

The Fund commenced operations on 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 All Country World Index (net of foreign withholding taxes), the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays Global Aggregate Index – (Unhedged USD) and the Global Allocation Composite Benchmark from May 31, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index (net of foreign withholding taxes), the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays Global Aggregate Index – (Unhedged USD) and the Global Allocation Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Global Allocation Composite Benchmark does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The MSCI All Country 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

APRIL 30, 2021 J.P. MORGAN FUNDS 5

JPMorgan Global Allocation Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

developed and emerging markets. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Global Allocation Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI All Country World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index (Unhedged USD). The Bloomberg Barclays Global Aggregate Index – (Unhedged USD) provides a broad-based measure of the global investment-grade fixed income markets. Investors cannot invest directly in an index.

Subsequent to the inception date of the Fund through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower.

Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Effective November 30, 2020, the Fund’s benchmark changed from the MSCI World Index (net of foreign withholding taxes) to the MSCI All Country World Index (net of foreign withholding taxes) to better reflect how the Fund is managed for comparison purposes.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 J.P. MORGAN FUNDS APRIL 30, 2021

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	14.49%
MSCI World Index (net of foreign withholding taxes)	29.10%
Bloomberg Barclays U.S. Aggregate Index	(1.52)%
Income Builder Composite Benchmark	16.11%
Net Assets as of 4/30/21 (In Thousands)	$13,372,284

INVESTMENT OBJECTIVE**

The JPMorgan Income Builder Fund (the “Fund”) seeks to maximize income while maintaining prospects for capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the six months ended April 30, 2021, the Fund’s Class A Shares, without a sales charge, underperformed the MSCI World Index (net of foreign withholding taxes), outperformed the Bloomberg Barclays U.S. Aggregate Index and underperformed the Income Builder Composite Benchmark (the “Composite Benchmark”), which is comprised of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Index.

The Fund’s allocations to government bonds was the leading detractor from performance relative to the MSCI World Index, which is an equity index and holds no bonds.

Relative to the Bloomberg Barclays U.S. Aggregate Index, which primarily contains U.S. government bonds, the Fund’s allocations to a diversified set of equities contributed to performance.

Relative to the Composite Index, the Fund’s overall underweight allocations to both U.S. and non-U.S. equities detracted from performance, while the Fund’s allocation to U.S. equity and its tilt toward cyclically-oriented sectors, including the financials, consumer discretionary and information technology sectors, contributed to relative performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers increased its allocation to equities and preferred equity securities. The Fund largely maintained its credit allocation to participate in the global economic recovery from the pandemic as policymakers helped ease stress in credit markets. The portfolio managers also sought to balance credit allocations with more conservative exposures, including U.S. Treasury futures.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF APRIL 30, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	National Bank of Canada, ELN, 7.50%, 6/3/2021, (linked to Russell 2000 Index)		1.9	%
	2.	Barclays Bank plc, ELN, 6.50%, 6/23/2021, (linked to Russell 2000 Index)		1.0
	3.	Barclays Bank plc, ELN, 6.50%, 7/6/2021, (linked to Russell 2000 Index)		1.0
	4.	UBS AG, ELN, 7.50%, 6/9/2021, (linked to Russell 2000 Index)		1.0
	5.	Prologis, Inc., REIT		0.6
	6.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		0.5
	7.	Samsung Electronics Co. Ltd. (South Korea)		0.5
	8.	Coca-Cola Co. (The)		0.4
	9.	AbbVie, Inc.		0.4
	10.	Johnson & Johnson		0.4

PORTFOLIO COMPOSITION AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Common Stocks		39.8	%
Corporate Bonds		34.0
Equity-Linked Notes		5.0
Collateralized Mortgage Obligations		4.7
Commercial Mortgage-Backed Securities		3.1
Loan Assignments		2.2
Asset-Backed Securities		2.0
Foreign Government Securities		1.4
Others (each less than 1.0%)		2.1
Short-Term Investments		5.7

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

APRIL 30, 2021 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 31, 2007
With Sales Charge**				9.35	%		18.77	%		6.42	%		5.60	%
Without Sales Charge				14.49			24.35			7.39			6.08
CLASS C SHARES		May 31, 2007
With CDSC***				13.24			22.79			6.87			5.66
Without CDSC				14.24			23.79			6.87			5.66
CLASS I SHARES		May 31, 2007		14.65			24.61			7.56			6.24
CLASS R6 SHARES		November 1, 2017		14.70			24.72			7.63			6.28

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/11 TO 4/30/21)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Income Builder Fund, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index and the Income Builder Composite Benchmark from April 30, 2011 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index and the Income Builder Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index (net of foreign withholding taxes) assumes the dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents

securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Income Builder Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Index. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 J.P. MORGAN FUNDS APRIL 30, 2021

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 106.2%
Common Stocks — 64.5%
Argentina — 0.0% (a)
MercadoLibre, Inc. *		1		1,857
Australia — 0.7%
Afterpay Ltd. *		3		246
AGL Energy Ltd. (b)		8		55
AMP Ltd.		44		38
Ampol Ltd.		3		63
APA Group		15		117
Aristocrat Leisure Ltd.		7		210
ASX Ltd.		2		139
Aurizon Holdings Ltd.		24		69
AusNet Services		24		35
Australia & New Zealand Banking Group Ltd.		36		803
BHP Group Ltd.		38		1,373
BHP Group plc		327		9,840
BlueScope Steel Ltd.		6		107
Brambles Ltd.		19		152
CIMIC Group Ltd. * (b)		1		18
Cochlear Ltd.		1		144
Coles Group Ltd.		17		215
Commonwealth Bank of Australia		23		1,555
Computershare Ltd.		7		75
Crown Resorts Ltd. *		5		45
CSL Ltd.		6		1,217
Dexus, REIT		14		109
Evolution Mining Ltd.		21		74
Fortescue Metals Group Ltd.		22		375
Glencore plc *		128		521
Goodman Group, REIT		21		311
GPT Group (The), REIT		25		89
Insurance Australia Group Ltd.		31		118
LendLease Corp. Ltd.		9		86
Macquarie Group Ltd.		4		542
Magellan Financial Group Ltd.		2		61
Medibank Pvt Ltd.		35		84
Mirvac Group, REIT		50		105
National Australia Bank Ltd.		42		862
Newcrest Mining Ltd.		10		214
Northern Star Resources Ltd.		14		113
Oil Search Ltd.		734		2,121
Orica Ltd.		5		54
Origin Energy Ltd.		23		72
Qantas Airways Ltd. *		12		45
QBE Insurance Group Ltd.		19		143
Ramsay Health Care Ltd.		2		122

INVESTMENTS	SHARES (000)			VALUE ($000)
Australia — continued
REA Group Ltd.		1			82
Rio Tinto Ltd.		5			442
Rio Tinto plc		69			5,765
Santos Ltd.		24			127
Scentre Group, REIT		66			139
SEEK Ltd. *		4			102
Sonic Healthcare Ltd.		6			161
South32 Ltd.		62			136
Stockland, REIT		31			110
Suncorp Group Ltd.		16			133
Sydney Airport *		17			81
Tabcorp Holdings Ltd.		28			108
Telstra Corp. Ltd.		53			139
TPG Telecom Ltd.		5			20
Transurban Group		35			382
Treasury Wine Estates Ltd.		9			71
Vicinity Centres, REIT		50			61
Washington H Soul Pattinson & Co. Ltd.		1			32
Wesfarmers Ltd.		15			605
Westpac Banking Corp.		46			891
WiseTech Global Ltd.		2			45
Woodside Petroleum Ltd.		12			215
Woolworths Group Ltd.		16			492
					33,076
Austria — 0.2%
Erste Group Bank AG		207			7,348
OMV AG		2			93
Raiffeisen Bank International AG		2			41
Verbund AG (b)		1			72
voestalpine AG		1			65
Wienerberger AG		38			1,475
					9,094
Belgium — 0.2%
Ageas SA		2			136
Anheuser-Busch InBev SA		10			691
bpost SA *		79			836
Elia Group SA/NV (b)		—	(c)		43
Etablissements Franz Colruyt NV		1			41
Galapagos NV *		1			42
Groupe Bruxelles Lambert SA		1			158
KBC Group NV *		102			7,943
Proximus SADP (b)		2			42
Sofina SA		—	(c)		75

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Belgium — continued
Solvay SA		1			121
UCB SA		2			150
Umicore SA		3			153
					10,431
Brazil — 0.4%
Gerdau SA, ADR		430			2,638
Itau Unibanco Holding SA (Preference)		427			2,154
Localiza Rent a Car SA *		173			2,036
Lojas Renner SA		463			3,420
Magazine Luiza SA *		360			1,328
Porto Seguro SA		246			2,211
Raia Drogasil SA *		358			1,738
Suzano SA *		147			1,868
Yara International ASA		2			116
					17,509
Canada — 0.4%
Advanz Pharma Corp. Ltd. *		17			287
Brookfield Asset Management, Inc., Class A		22			982
Canadian National Railway Co.		62			6,715
Canadian Pacific Railway Ltd.		—	(c)		91
Fairfax Financial Holdings Ltd.		4			2,050
Toronto-Dominion Bank (The)		119			8,170
					18,295
Chile — 0.0% (a)
Antofagasta plc		5			130
China — 6.3%
Aier Eye Hospital Group Co. Ltd., Class A		114			1,301
Alibaba Group Holding Ltd., ADR *		14			3,200
Alibaba Group Holding Ltd. *		1,177			34,029
Amoy Diagnostics Co. Ltd., Class A		23			301
Angel Yeast Co. Ltd., Class A		77			695
Autobio Diagnostics Co. Ltd., Class A		31			581
Baidu, Inc., Class A *		157			4,161
Bank of Ningbo Co. Ltd., Class A		141			920
Bilibili, Inc., ADR * (b)		18			2,035
BOC Hong Kong Holdings Ltd.		47			165
BOE Technology Group Co. Ltd., Class A		5,111			5,761
BTG Hotels Group Co. Ltd., Class A		270			1,065
Budweiser Brewing Co. APAC Ltd. (d)		796			2,507
Chacha Food Co. Ltd., Class A		106			878
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		30			903
China Construction Bank Corp., Class H		8,474			6,689

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
China Gas Holdings Ltd.		548		1,974
China Lesso Group Holdings Ltd.		1,499		3,771
China Merchants Bank Co. Ltd., Class A		416		3,382
China Merchants Bank Co. Ltd., Class H		619		4,972
China Molybdenum Co. Ltd., Class H		1,599		1,080
China Resources Mixc Lifestyle Services Ltd. * (d)		437		2,565
China Tourism Group Duty Free Corp. Ltd., Class A		36		1,727
China Vanke Co. Ltd., Class A		147		638
China Vanke Co. Ltd., Class H		137		478
Chongqing Brewery Co. Ltd., Class A		23		559
Chongqing Fuling Zhacai Group Co. Ltd., Class A		87		537
Cloopen Group Holding Ltd., ADR *		101		1,012
Contemporary Amperex Technology Co. Ltd., Class A		90		5,407
ESR Cayman Ltd. * (d)		24		81
Flat Glass Group Co. Ltd., Class H (b)		168		516
Foshan Haitian Flavouring & Food Co. Ltd., Class A		117		3,046
Fu Jian Anjoy Foods Co. Ltd., Class A		107		4,160
Fuyao Glass Industry Group Co. Ltd., Class A		25		196
Fuyao Glass Industry Group Co. Ltd., Class H (d)		81		468
Glodon Co. Ltd., Class A		101		1,130
Guangdong Haid Group Co. Ltd., Class A		73		940
Guangzhou Automobile Group Co. Ltd., Class H		2,822		2,407
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		42		931
Haier Smart Home Co. Ltd., Class H *		1,198		5,152
Hangzhou Tigermed Consulting Co. Ltd., Class A		67		1,603
Han’s Laser Technology Industry Group Co. Ltd., Class A		569		3,514
Hefei Meiya Optoelectronic Technology, Inc., Class A		67		493
Hongfa Technology Co. Ltd., Class A		85		735
Hualan Biological Engineering, Inc., Class A *		150		969
Huazhu Group Ltd. *		40		2,315
Hundsun Technologies, Inc., Class A		92		1,302
Industrial Bank Co. Ltd., Class A		211		706
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		507		3,195
Jade Bird Fire Co. Ltd., Class A		333		1,922
JD.com, Inc., Class A *		55		2,119
Jiangsu Hengli Hydraulic Co. Ltd., Class A		94		1,246
Jiangsu Hengrui Medicine Co. Ltd., Class A		276		3,572
Jiangsu Hengshun Vinegar Industry Co. Ltd., Class A		217		600
Joinn Laboratories China Co. Ltd., Class A		28		651
Joinn Laboratories China Co. Ltd., Class H * (d)		16		288

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
China — continued
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		179		1,287
Joyoung Co. Ltd., Class A		407		1,996
Kangji Medical Holdings Ltd. * (b)		1,069		1,780
KE Holdings, Inc., ADR * (b)		37		1,921
Kingdee International Software Group Co. Ltd. *		856		2,819
Kingsoft Corp. Ltd.		417		2,942
Kuaishou Technology * (b) (d)		48		1,622
Kunlun Energy Co. Ltd.		2,138		2,286
Kweichow Moutai Co. Ltd., Class A		17		5,311
Laobaixing Pharmacy Chain JSC, Class A		53		435
Longfor Group Holdings Ltd. (d)		59		363
LONGi Green Energy Technology Co. Ltd., Class A		149		2,272
Maxscend Microelectronics Co. Ltd., Class A		19		1,277
Meituan * (d)		236		9,025
Minth Group Ltd.		510		2,066
Montage Technology Co. Ltd., Class A		4		34
New Oriental Education & Technology Group, Inc., ADR *		144		2,200
Pharmaron Beijing Co. Ltd., Class H (d)		46		946
Ping An Bank Co. Ltd., Class A		1,838		6,598
Ping An Insurance Group Co. of China Ltd., Class A		374		4,181
Ping An Insurance Group Co. of China Ltd., Class H		1,537		16,757
Poly Developments and Holdings Group Co. Ltd., Class A		516		1,112
Prosus NV *		6		677
Qingdao Haier Biomedical Co. Ltd., Class A		9		139
Qingdao Haier Biomedical Co. Ltd., Class A		23		351
Sangfor Technologies, Inc., Class A		28		1,196
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		123		570
Shanghai Baosight Software Co. Ltd., Class A		108		1,056
Shanghai Liangxin Electrical Co. Ltd., Class A		641		2,511
Shanghai M&G Stationery, Inc., Class A		46		648
Shanghai Putailai New Energy Technology Co. Ltd., Class A		48		603
Shenzhen Inovance Technology Co. Ltd., Class A		81		1,113
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		30		2,153
Shenzhou International Group Holdings Ltd.		91		2,002
Silergy Corp.		25		2,569
Skshu Paint Co. Ltd., Class A		22		806
Sunny Optical Technology Group Co. Ltd.		116		2,812
Tencent Holdings Ltd.		529		42,167
Three Squirrels, Inc., Class A		49		411
Toly Bread Co. Ltd., Class A		56		427

INVESTMENTS	SHARES (000)			VALUE ($000)
China — continued
Tongwei Co. Ltd., Class A		550			2,968
Trip.com Group Ltd., ADR *		43			1,680
Venustech Group, Inc., Class A		149			697
Wanhua Chemical Group Co. Ltd., Class A		236			3,737
Will Semiconductor Co. Ltd., Class A		42			1,931
Wilmar International Ltd.		25			97
Wuliangye Yibin Co. Ltd., Class A		117			5,114
Wuxi Biologics Cayman, Inc. * (d)		551			7,728
Xinyi Solar Holdings Ltd.		1,308			2,181
XPeng, Inc., ADR * (b)		29			867
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		127			868
Yonyou Network Technology Co. Ltd., Class A		119			609
Yunnan Energy New Material Co. Ltd.		201			4,161
Zai Lab Ltd. * (b)		17			2,835
Zhejiang Dingli Machinery Co. Ltd., Class A		54			605
Zhongji Innolight Co. Ltd., Class A		111			584
					305,653
Denmark — 0.9%
Ambu A/S, Class B (b)		2			117
AP Moller — Maersk A/S, Class A		—	(c)		96
AP Moller — Maersk A/S, Class B (b)		—	(c)		194
Carlsberg A/S, Class B		48			8,462
Chr Hansen Holding A/S *		1			124
Coloplast A/S, Class B		2			252
Danske Bank A/S		9			168
Demant A/S * (b)		1			69
DSV Panalpina A/S		3			590
Genmab A/S *		1			308
GN Store Nord A/S		2			148
H Lundbeck A/S		1			28
Novo Nordisk A/S, Class B		276			20,370
Novozymes A/S, Class B		3			189
Orsted A/S (d)		49			7,140
Pandora A/S		13			1,421
Rockwool International A/S, Class B		—	(c)		46
Royal Unibrew A/S		10			1,205
Tryg A/S		4			96
Vestas Wind Systems A/S		40			1,687
					42,710
Finland — 0.3%
Cargotec OYJ, Class B		27			1,583
Elisa OYJ		2			103
Fortum OYJ		6			150

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)				VALUE ($000)
Long Positions — continued
Common Stocks — continued
Finland — continued
Kesko OYJ, Class B		3				107
Kone OYJ, Class B		78				6,114
Neste OYJ		28				1,690
Nokia OYJ *		72				343
Nordea Bank Abp		41				430
Orion OYJ, Class B (b)		1				60
QT Group OYJ *		13				1,490
Sampo OYJ, Class A (b)		6				286
Stora Enso OYJ, Class R		7				143
UPM-Kymmene OYJ		7				267
Wartsila OYJ Abp		6				73
						12,839
France — 2.8%
Accor SA *		2				94
Adevinta ASA *		3				56
Aeroports de Paris *		—	(c)			49
Air Liquide SA		6				1,022
Airbus SE *		99				11,891
Alstom SA *		20				1,068
Amundi SA * (d)		1				69
Arkema SA		1				111
Atos SE		1				86
AXA SA (b)		25				700
BioMerieux		1				63
BNP Paribas SA *		121				7,757
Bollore SA		11				57
Bouygues SA		3				125
Bureau Veritas SA *		4				113
Capgemini SE		65				11,897
Carrefour SA (b)		8				152
Cie de Saint-Gobain		7				411
Cie Generale des Etablissements Michelin SCA		2				314
Cie Plastic Omnium SA		28				945
CNP Assurances (b)		2				38
Covivio, REIT		1				59
Credit Agricole SA		140				2,170
Danone SA (b)		8				559
Dassault Aviation SA		—	(c)			36
Dassault Systemes SE		2				393
Edenred		3				179
Eiffage SA *		13				1,449
Electricite de France S A *		8				116
Engie SA		23				348
EssilorLuxottica SA		4				608
Eurazeo SE		1		��		42

INVESTMENTS	SHARES (000)			VALUE ($000)
France — continued
Faurecia SE		2			81
Gecina SA, REIT		1			86
Getlink SE		6			90
Hermes International		—	(c)		510
Iliad SA		—	(c)		35
Ipsen SA		—	(c)		47
Kering SA		1			778
Klepierre SA, REIT		2			66
La Francaise des Jeux SAEM (d)		37			1,894
Legrand SA		3			333
L’Oreal SA (b)		3			1,321
LVMH Moet Hennessy Louis Vuitton SE		20			15,240
Natixis SA		12			59
Orange SA		26			318
Orpea SA		1			85
Pernod Ricard SA		3			551
Publicis Groupe SA		22			1,409
Remy Cointreau SA		—	(c)		58
Renault SA *		2			99
Safran SA		87			13,042
Sanofi (b)		15			1,521
Sartorius Stedim Biotech		—	(c)		163
Schneider Electric SE (b)		160			25,563
SCOR SE (b)		2			66
SEB SA		—	(c)		58
Societe Generale SA *		205			5,834
Sodexo SA *		1			113
Suez SA		4			106
Teleperformance		1			291
Thales SA		1			139
TOTAL SE		32			1,427
Ubisoft Entertainment SA *		1			89
Unibail-Rodamco-Westfield, REIT *		2			146
Valeo SA		3			95
Veolia Environnement SA (b)		7			220
Vinci SA		165			18,086
Vivendi SE *		11			371
Wendel SE (b)		—	(c)		46
Worldline SA * (d)		3			298
					133,711
Germany — 2.2%
adidas AG *		62			19,236
Allianz SE (Registered)		94			24,384
Aroundtown SA		13			98
BASF SE		12			948

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Germany — continued
Bayer AG (Registered)		13			814
Bayerische Motoren Werke AG		4			425
Bayerische Motoren Werke AG (Preference)		1			60
Bechtle AG		—	(c)		71
Beiersdorf AG		1			146
Brenntag SE		2			178
Carl Zeiss Meditec AG		1			91
Commerzbank AG *		13			85
Continental AG		1			190
Covestro AG (d)		2			154
Daimler AG (Registered)		40			3,575
Deutsche Bank AG (Registered) *		25			350
Deutsche Boerse AG		14			2,341
Deutsche Lufthansa AG (Registered) * (b)		4			49
Deutsche Post AG (Registered)		66			3,861
Deutsche Telekom AG (Registered)		190			3,648
Deutsche Wohnen SE		4			237
DWS Group GmbH & Co. KGaA (d)		36			1,558
E.ON SE		29			347
Eckert & Ziegler Strahlen- und Medizintechnik AG		13			1,290
Evonik Industries AG		3			94
Fresenius Medical Care AG & Co. KGaA		3			218
Fresenius SE & Co. KGaA		5			263
FUCHS PETROLUB SE (Preference)		1			47
GEA Group AG		2			86
Hannover Rueck SE		1			143
HeidelbergCement AG		2			175
HelloFresh SE *		17			1,432
Henkel AG & Co. KGaA		1			132
Henkel AG & Co. KGaA (Preference)		2			262
HOCHTIEF AG *		—	(c)		30
Infineon Technologies AG (b)		67	��		2,688
Jungheinrich AG (Preference)		37			1,952
Just Eat Takeaway.com NV * (b) (d)		2			167
KION Group AG		1			92
Knorr-Bremse AG		1			114
LANXESS AG		1			78
LEG Immobilien SE		1			128
Merck KGaA		2			291
MTU Aero Engines AG		1			171
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		2			519
Nemetschek SE		1			55
Porsche Automobil Holding SE (Preference)		2			207
Puma SE *		1			132

INVESTMENTS	SHARES (000)			VALUE ($000)
Germany — continued
Rational AG		—	(c)		54
RWE AG		128			4,855
SAP SE		13			1,873
Sartorius AG (Preference)		—	(c)		257
Schaeffler AG (Preference)		138			1,241
Scout24 AG (b) (d)		1			115
Siemens AG (Registered)		31			5,174
Siemens Energy AG *		5			171
Siemens Healthineers AG (d)		3			197
Symrise AG		2			213
TeamViewer AG * (b) (d)		2			98
Telefonica Deutschland Holding AG		13			39
Uniper SE		3			94
United Internet AG (Registered)		1			57
VERBIO Vereinigte BioEnergie AG (b)		24			1,200
Volkswagen AG		—	(c)		132
Volkswagen AG (Preference)		61			15,932
Vonovia SE		7			452
Zalando SE * (b) (d)		20			2,033
					107,799
Greece — 0.0% (a)
Hellenic Telecommunications Organization SA		98			1,668
Hong Kong — 0.6%
AIA Group Ltd.		1,451			18,414
ASM Pacific Technology Ltd.		4			59
Bank of East Asia Ltd. (The)		17			36
CK Asset Holdings Ltd.		33			209
CK Infrastructure Holdings Ltd.		8			49
CLP Holdings Ltd.		22			212
Hang Lung Properties Ltd.		25			68
Hang Seng Bank Ltd.		10			192
Henderson Land Development Co. Ltd.		19			84
HK Electric Investments & HK Electric Investments Ltd. (d)		35			35
HKT Trust & HKT Ltd.		48			70
Hong Kong & China Gas Co. Ltd.		137			220
Hong Kong Exchanges & Clearing Ltd.		114			6,845
Hongkong Land Holdings Ltd.		15			74
Jardine Matheson Holdings Ltd.		3			181
Link, REIT		26			249
Melco Resorts & Entertainment Ltd., ADR *		3			53
MTR Corp. Ltd.		20			109
New World Development Co. Ltd.		21			109
PCCW Ltd.		54			31

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Hong Kong — continued
Power Assets Holdings Ltd.		18			111
Sino Land Co. Ltd.		40			59
Sun Hung Kai Properties Ltd.		17			248
Swire Pacific Ltd., Class A		7			52
Swire Properties Ltd.		15			44
Techtronic Industries Co. Ltd.		18			318
Vitasoy International Holdings Ltd.		458			1,769
WH Group Ltd. (d)		123			107
Wharf Real Estate Investment Co. Ltd.		22			126
Xinyi Glass Holdings Ltd.		22			78
					30,211
India — 0.6%
HDFC Bank Ltd., ADR *		330			23,219
Infosys Ltd., ADR		289			5,222
					28,441
Indonesia — 0.3%
Bank Central Asia Tbk. PT		4,786			10,595
Bank Rakyat Indonesia Persero Tbk. PT		6,224			1,742
Telkom Indonesia Persero Tbk. PT		7,202			1,591
					13,928
Ireland — 0.2%
CRH plc		10			474
Flutter Entertainment plc *		2			426
Kerry Group plc, Class A		2			245
Kerry Group plc, Class A		—	(c)		19
Kingspan Group plc		2			163
Kingspan Group plc		—	(c)		13
Ryanair Holdings plc, ADR *		61			7,092
Smurfit Kappa Group plc		3			160
					8,592
Israel — 0.0% (a)
Azrieli Group Ltd.		1			38
Bank Hapoalim BM *		15			115
Bank Leumi Le-Israel BM *		19			131
Check Point Software Technologies Ltd. *		1			168
Elbit Systems Ltd.		—	(c)		47
ICL Group Ltd.		9			58
Isracard Ltd. *		—	(c)		—	(c)
Israel Discount Bank Ltd., Class A *		15			67
Mizrahi Tefahot Bank Ltd. *		2			50
Nice Ltd. *		1			194
Teva Pharmaceutical Industries Ltd., ADR *		14			150

INVESTMENTS	SHARES (000)			VALUE ($000)
Israel — continued
Wix.com Ltd. *		1			226
					1,244
Italy — 0.4%
Amplifon SpA *		2			67
Assicurazioni Generali SpA		14			283
Atlantia SpA * (b)		6			124
Davide Campari-Milano NV (b)		7			88
DiaSorin SpA		—	(c)		55
Enel SpA (b)		386			3,828
Eni SpA		32			385
Ferrari NV (b)		2			346
Ferrari NV		17			3,627
FinecoBank Banca Fineco SpA * (b)		8			134
Infrastrutture Wireless Italiane SpA (d)		4			50
Intesa Sanpaolo SpA *		1,214			3,384
Mediobanca Banca di Credito Finanziario SpA *		8			90
Moncler SpA *		2			152
Nexi SpA * (d)		6			108
Poste Italiane SpA (d)		7			87
Prysmian SpA		3			96
Recordati Industria Chimica e Farmaceutica SpA (b)		1			74
Snam SpA		26			145
Telecom Italia SpA		77			45
Telecom Italia SpA		107			59
Terna Rete Elettrica Nazionale SpA		18			133
UniCredit SpA		495			5,087
					18,447
Japan — 1.8%
ABC-Mart, Inc.		—	(c)		11
Acom Co. Ltd.		5			22
Advantest Corp.		3			246
Aeon Co. Ltd.		8			229
Aeon Mall Co. Ltd.		1			21
AGC, Inc.		3			114
Air Water, Inc.		2			38
Aisin Corp.		2			77
Ajinomoto Co., Inc.		6			120
Alfresa Holdings Corp.		2			43
Amada Co. Ltd.		4			46
ANA Holdings, Inc. *		2			48
Asahi Group Holdings Ltd.		6			242
Asahi Intecc Co. Ltd.		3			67
Asahi Kasei Corp.		16			170

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Astellas Pharma, Inc.		24			358
Azbil Corp.		2			61
Bandai Namco Holdings, Inc.		3			183
Bank of Kyoto Ltd. (The)		1			38
Bridgestone Corp.		7			277
Brother Industries Ltd.		3			61
Calbee, Inc.		1			26
Canon, Inc.		13			307
Capcom Co. Ltd.		2			71
Casio Computer Co. Ltd.		2			42
Central Japan Railway Co.		2			264
Chiba Bank Ltd. (The)		7			42
Chubu Electric Power Co., Inc.		8			101
Chugai Pharmaceutical Co. Ltd.		9			323
Chugoku Electric Power Co., Inc. (The)		4			43
Coca-Cola Bottlers Japan Holdings, Inc.		2			24
Concordia Financial Group Ltd.		13			50
Cosmos Pharmaceutical Corp.		—	(c)		29
CyberAgent, Inc.		5			98
Dai Nippon Printing Co. Ltd.		3			63
Daifuku Co. Ltd.		1			128
Dai-ichi Life Holdings, Inc.		14			249
Daiichi Sankyo Co. Ltd.		22			554
Daikin Industries Ltd.		3			625
Daito Trust Construction Co. Ltd.		1			85
Daiwa House Industry Co. Ltd.		7			216
Daiwa House REIT Investment Corp., REIT		—	(c)		67
Daiwa Securities Group, Inc.		19			99
Denso Corp.		6			362
Dentsu Group, Inc.		3			83
Disco Corp.		—	(c)		97
East Japan Railway Co.		4			260
Eisai Co. Ltd.		3			215
ENEOS Holdings, Inc.		39			169
FANUC Corp.		3			576
Fast Retailing Co. Ltd.		1			574
Fuji Electric Co. Ltd.		2			77
FUJIFILM Holdings Corp.		5			304
Fujitsu Ltd.		3			413
Fukuoka Financial Group, Inc.		2			38
GLP J-REIT, REIT		—	(c)		87
GMO Payment Gateway, Inc.		1			64
Hakuhodo DY Holdings, Inc.		3			49
Hamamatsu Photonics KK		2			99
Hankyu Hanshin Holdings, Inc.		3			95

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Harmonic Drive Systems, Inc.		1			34
Hikari Tsushin, Inc.		—	(c)		60
Hino Motors Ltd.		4			30
Hirose Electric Co. Ltd.		1			80
Hisamitsu Pharmaceutical Co., Inc.		1			35
Hitachi Construction Machinery Co. Ltd.		1			40
Hitachi Ltd.		12			614
Hitachi Metals Ltd.		3			52
Honda Motor Co. Ltd.		21			623
Hoshizaki Corp.		1			53
Hoya Corp.		5			557
Hulic Co. Ltd.		4			43
Ibiden Co. Ltd.		1			61
Idemitsu Kosan Co. Ltd.		2			57
Iida Group Holdings Co. Ltd.		2			44
Inpex Corp.		13			89
Isuzu Motors Ltd.		7			72
Ito En Ltd.		1			39
ITOCHU Corp.		17			540
Itochu Techno-Solutions Corp.		1			45
Japan Airlines Co. Ltd. *		239			5,113
Japan Airport Terminal Co. Ltd.		1			31
Japan Exchange Group, Inc.		7			152
Japan Metropolitan Fund Invest, REIT		—	(c)		88
Japan Post Bank Co. Ltd.		5			48
Japan Post Holdings Co. Ltd. *		20			170
Japan Post Insurance Co. Ltd.		3			56
Japan Real Estate Investment Corp., REIT		—	(c)		99
Japan Tobacco, Inc.		15			289
JFE Holdings, Inc.		6			82
JSR Corp.		3			80
Kajima Corp.		6			80
Kakaku.com, Inc.		2			46
Kansai Electric Power Co., Inc. (The)		9			90
Kansai Paint Co. Ltd.		2			55
Kao Corp.		6			399
KDDI Corp.		21			623
Keihan Holdings Co. Ltd.		1			44
Keikyu Corp.		3			37
Keio Corp.		1			91
Keisei Electric Railway Co. Ltd.		2			50
Keyence Corp.		15			7,105
Kikkoman Corp.		2			111
Kintetsu Group Holdings Co. Ltd. *		2			79
Kirin Holdings Co. Ltd.		11			199

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Kobayashi Pharmaceutical Co. Ltd.		1			54
Kobe Bussan Co. Ltd.		2			40
Koei Tecmo Holdings Co. Ltd.		1			29
Koito Manufacturing Co. Ltd.		1			81
Komatsu Ltd.		11			332
Konami Holdings Corp.		1			72
Kose Corp.		—	(c)		60
Kubota Corp.		13			308
Kuraray Co. Ltd.		4			45
Kurita Water Industries Ltd.		1			55
Kyocera Corp.		4			255
Kyowa Kirin Co. Ltd.		3			103
Kyushu Electric Power Co., Inc.		5			44
Kyushu Railway Co.		2			43
Lasertec Corp.		1			158
Lawson, Inc.		1			27
Lion Corp.		3			53
Lixil Corp.		3			92
M3, Inc.		6			387
Makita Corp.		3			126
Marubeni Corp.		21			176
Marui Group Co. Ltd.		3			47
Mazda Motor Corp.		7			56
McDonald’s Holdings Co. Japan Ltd.		1			37
Medipal Holdings Corp.		2			42
MEIJI Holdings Co. Ltd.		2			93
Mercari, Inc. *		1			59
MINEBEA MITSUMI, Inc.		5			118
MISUMI Group, Inc.		4			102
Mitsubishi Chemical Holdings Corp.		16			121
Mitsubishi Corp.		17			476
Mitsubishi Electric Corp.		23			361
Mitsubishi Estate Co. Ltd.		15			250
Mitsubishi Gas Chemical Co., Inc.		2			49
Mitsubishi HC Capital, Inc.		8			48
Mitsubishi Heavy Industries Ltd.		4			125
Mitsubishi UFJ Financial Group, Inc.		157			833
Mitsui & Co. Ltd.		21			441
Mitsui Chemicals, Inc.		2			76
Mitsui Fudosan Co. Ltd.		143			3,098
Miura Co. Ltd.		1			63
Mizuho Financial Group, Inc.		31			433
MonotaRO Co. Ltd.		3			81
MS&AD Insurance Group Holdings, Inc.		6			162
Murata Manufacturing Co. Ltd.		7			588

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Nabtesco Corp.		1			63
Nagoya Railroad Co. Ltd. *		3			57
NEC Corp.		3			192
Nexon Co. Ltd.		6			205
NGK Insulators Ltd.		3			62
NGK Spark Plug Co. Ltd.		2			32
NH Foods Ltd.		1			58
Nidec Corp.		6			670
Nihon M&A Center, Inc.		4			99
Nintendo Co. Ltd.		2			860
Nippon Building Fund, Inc., REIT		—	(c)		125
Nippon Express Co. Ltd.		1			77
Nippon Paint Holdings Co. Ltd.		9			129
Nippon Prologis REIT, Inc., REIT		—	(c)		83
Nippon Sanso Holdings Corp.		2			38
Nippon Shinyaku Co. Ltd.		1			40
Nippon Steel Corp.		10			182
Nippon Telegraph & Telephone Corp.		17			416
Nippon Yusen KK		2			79
Nissan Chemical Corp.		2			77
Nissan Motor Co. Ltd. *		30			150
Nisshin Seifun Group, Inc.		3			40
Nissin Foods Holdings Co. Ltd.		1			64
Nitori Holdings Co. Ltd.		1			197
Nitto Denko Corp.		2			174
Nomura Holdings, Inc.		40			217
Nomura Real Estate Holdings, Inc.		1			34
Nomura Real Estate Master Fund, Inc., REIT		—	(c)		87
Nomura Research Institute Ltd.		4			126
NSK Ltd.		5			41
NTT Data Corp.		8			126
Obayashi Corp.		8			77
Obic Co. Ltd.		1			173
Odakyu Electric Railway Co. Ltd.		4			103
Oji Holdings Corp.		11			70
Olympus Corp.		15			307
Omron Corp.		2			182
Ono Pharmaceutical Co. Ltd.		5			118
Oracle Corp.		1			47
Oriental Land Co. Ltd.		3			369
ORIX Corp.		17			273
Orix JREIT, Inc., REIT		—	(c)		58
Osaka Gas Co. Ltd.		5			95
Otsuka Corp.		1			65
Otsuka Holdings Co. Ltd.		5			192

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Pan Pacific International Holdings Corp.		5			112
Panasonic Corp.		28			332
PeptiDream, Inc. *		1			51
Persol Holdings Co. Ltd.		2			40
Pigeon Corp.		1			47
Pola Orbis Holdings, Inc.		1			28
Rakuten Group, Inc.		11			140
Recruit Holdings Co. Ltd.		17			785
Renesas Electronics Corp. *		10			115
Resona Holdings, Inc.		27			112
Ricoh Co. Ltd.		9			92
Rinnai Corp.		1			50
Rohm Co. Ltd.		1			118
Ryohin Keikaku Co. Ltd.		3			65
Santen Pharmaceutical Co. Ltd.		5			60
SBI Holdings, Inc.		3			90
SCSK Corp.		1			35
Secom Co. Ltd.		3			217
Sega Sammy Holdings, Inc.		2			32
Seibu Holdings, Inc.		3			29
Seiko Epson Corp.		4			60
Sekisui Chemical Co. Ltd.		5			80
Sekisui House Ltd.		8			160
Seven & i Holdings Co. Ltd.		10			414
SG Holdings Co. Ltd.		4			95
Sharp Corp.		3			47
Shimadzu Corp.		3			102
Shimamura Co. Ltd.		—	(c)		30
Shimano, Inc.		1			229
Shimizu Corp.		7			58
Shin-Etsu Chemical Co. Ltd.		5			776
Shinsei Bank Ltd.		2			28
Shionogi & Co. Ltd.		3			174
Shiseido Co. Ltd.		5			371
Shizuoka Bank Ltd. (The)		5			41
SMC Corp.		10			5,520
SoftBank Corp.		37			474
SoftBank Group Corp.		20			1,811
Sohgo Security Services Co. Ltd.		1			39
Sompo Holdings, Inc.		4			160
Sony Group Corp.		116			11,578
Square Enix Holdings Co. Ltd.		1			67
Stanley Electric Co. Ltd.		2			49
Subaru Corp.		8			147
SUMCO Corp.		3			88

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Sumitomo Chemical Co. Ltd.		19			97
Sumitomo Corp.		15			208
Sumitomo Dainippon Pharma Co. Ltd.		2			40
Sumitomo Electric Industries Ltd.		10			144
Sumitomo Metal Mining Co. Ltd.		3			127
Sumitomo Mitsui Financial Group, Inc.		17			587
Sumitomo Mitsui Trust Holdings, Inc.		4			147
Sumitomo Realty & Development Co. Ltd.		4			134
Sundrug Co. Ltd.		1			31
Suntory Beverage & Food Ltd.		2			64
Suzuken Co. Ltd.		1			32
Suzuki Motor Corp.		5			178
Sysmex Corp.		2			210
T&D Holdings, Inc.		7			83
Taiheiyo Cement Corp.		2			38
Taisei Corp.		2			89
Taisho Pharmaceutical Holdings Co. Ltd.		—	(c)		24
Takeda Pharmaceutical Co. Ltd.		20			675
TDK Corp.		2			231
Teijin Ltd.		2			31
Terumo Corp.		8			310
THK Co. Ltd.		2			55
TIS, Inc.		3			72
Tobu Railway Co. Ltd.		2			62
Toho Co. Ltd.		1			56
Toho Gas Co. Ltd.		1			50
Tohoku Electric Power Co., Inc.		5			48
Tokio Marine Holdings, Inc.		8			384
Tokyo Century Corp.		1			31
Tokyo Electric Power Co. Holdings, Inc. *		19			55
Tokyo Electron Ltd.		2			908
Tokyo Gas Co. Ltd.		5			99
Tokyu Corp.		7			84
Tokyu Fudosan Holdings Corp.		8			43
Toppan Printing Co. Ltd.		3			58
Toray Industries, Inc.		18			111
Toshiba Corp.		5			207
Tosoh Corp.		3			60
TOTO Ltd.		2			99
Toyo Suisan Kaisha Ltd.		1			45
Toyoda Gosei Co. Ltd.		1			20
Toyota Industries Corp.		2			145
Toyota Motor Corp.		109			8,126
Toyota Tsusho Corp.		3			114
Trend Micro, Inc.		2			81

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Tsuruha Holdings, Inc.		—	(c)		46
Unicharm Corp.		5			198
United Urban Investment Corp., REIT		—	(c)		55
USS Co. Ltd.		3			51
Welcia Holdings Co. Ltd.		1			37
West Japan Railway Co.		2			116
Yakult Honsha Co. Ltd.		2			78
Yamada Holdings Co. Ltd.		9			46
Yamaha Corp.		2			98
Yamaha Motor Co. Ltd.		4			87
Yamato Holdings Co. Ltd.		4			104
Yamazaki Baking Co. Ltd.		1			22
Yaskawa Electric Corp.		3			138
Yokogawa Electric Corp.		3			53
Z Holdings Corp.		34			157
ZOZO, Inc.		1			44
					86,124
Jordan — 0.0% (a)
Hikma Pharmaceuticals plc		2			75
Luxembourg — 0.0% (a)
ArcelorMittal SA		66			1,926
Eurofins Scientific SE		2			169
SES SA, Receipts		5			37
					2,132
Macau — 0.1%
Galaxy Entertainment Group Ltd. *		27			237
Sands China Ltd. *		552			2,614
SJM Holdings Ltd.		25			32
Wynn Macau Ltd. *		20			38
					2,921
Mexico — 0.3%
America Movil SAB de CV, Series L (b)		2,573			1,802
Fresnillo plc		2			27
Grupo Aeroportuario del Pacifico SAB de CV, Class B * (b)		200			2,059
Grupo Aeroportuario del Sureste SAB de CV, ADR * (b)		12			2,065
Grupo Financiero Banorte SAB de CV, Class O		735			4,171
Wal-Mart de Mexico SAB de CV (b)		697			2,285
					12,409
Netherlands — 1.6%
ABN AMRO Bank NV, CVA (b) (d)		5			70
Adyen NV * (d)		—	(c)		574

INVESTMENTS	SHARES (000)			VALUE ($000)
Netherlands — continued
Aegon NV		23			106
Akzo Nobel NV (b)		79			9,528
Argenx SE *		—	(c)		12
Argenx SE *		1			154
ASM International NV		5			1,460
ASML Holding NV		41			26,819
BE Semiconductor Industries NV		6			486
EXOR NV		1			114
Heineken Holding NV		1			147
Heineken NV (b)		57			6,635
ING Groep NV		536			6,842
JDE Peet’s NV *		1			37
Koninklijke Ahold Delhaize NV		88			2,367
Koninklijke DSM NV		2			396
Koninklijke KPN NV		46			158
Koninklijke Philips NV *		12			660
Koninklijke Vopak NV (b)		1			41
NN Group NV		47			2,345
NXP Semiconductors NV		83			15,890
Randstad NV		2			110
Royal Dutch Shell plc, Class A		53			988
Royal Dutch Shell plc, Class B		47			849
Wolters Kluwer NV		3			310
					77,098
New Zealand — 0.0% (a)
a2 Milk Co. Ltd. (The) *		10			52
Auckland International Airport Ltd. *		16			87
Fisher & Paykel Healthcare Corp. Ltd.		7			190
Mercury NZ Ltd.		9			43
Meridian Energy Ltd.		16			62
Ryman Healthcare Ltd.		5			52
Spark New Zealand Ltd.		24			75
Xero Ltd. *		2			169
					730
Norway — 0.0% (a)
DNB ASA		12			255
Equinor ASA		13			253
Gjensidige Forsikring ASA		3			58
Huddly A/S *		368			639
Mowi ASA		6			139
Norsk Hydro ASA		17			110
Orkla ASA		10			98
Schibsted ASA, Class A *		1			49
Schibsted ASA, Class B *		1			55

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Norway — continued
Telenor ASA		9		160
				1,816
Peru — 0.1%
Credicorp Ltd. *		52		6,252
Poland — 0.1%
Allegro.eu SA * (d)		153		2,347
Dino Polska SA * (d)		27		1,745
				4,092
Portugal — 0.0% (a)
EDP — Energias de Portugal SA		36		197
Galp Energia SGPS SA		6		74
Jeronimo Martins SGPS SA (b)		3		59
				330
Russia — 0.5%
Alrosa PJSC		1,605		2,318
Evraz plc		7		58
Fix Price Group Ltd., GDR * (e)		190		1,775
Fix Price Group Ltd., GDR * (d)		49		461
LUKOIL PJSC, ADR		60		4,629
Magnitogorsk Iron & Steel Works PJSC		4,074		3,529
Rosneft Oil Co. PJSC, GDR (d)		304		2,096
Sberbank of Russia PJSC		808		3,194
Sberbank of Russia PJSC		608		2,404
Severstal PAO, GDR (d)		120		2,830
X5 Retail Group NV, GDR (d)		76		2,329
				25,623
Singapore — 0.0% (a)
Ascendas, REIT		41		96
CapitaLand Integrated Commercial Trust, REIT		58		93
CapitaLand Ltd.		34		94
City Developments Ltd.		6		37
DBS Group Holdings Ltd.		23		516
Genting Singapore Ltd.		77		50
Keppel Corp. Ltd.		19		76
Mapletree Commercial Trust, REIT		28		45
Mapletree Logistics Trust, REIT		37		55
Oversea-Chinese Banking Corp. Ltd.		43		392
Singapore Airlines Ltd. *		17		65
Singapore Exchange Ltd.		10		81
Singapore Technologies Engineering Ltd.		20		58
Singapore Telecommunications Ltd.		105		196
Suntec, REIT		24		27

INVESTMENTS	SHARES (000)		VALUE ($000)
Singapore — continued
United Overseas Bank Ltd.		15		299
UOL Group Ltd.		6		34
Venture Corp. Ltd.		4		54
				2,268
South Africa — 0.5%
Anglo American plc		177		7,494
Bid Corp. Ltd. *		75		1,482
Bidvest Group Ltd. (The)		126		1,457
Capitec Bank Holdings Ltd. *		23		2,360
Clicks Group Ltd.		208		3,473
FirstRand Ltd.		567		1,995
MTN Group *		423		2,673
Naspers Ltd., Class N		23		5,254
				26,188
South Korea — 1.7%
Delivery Hero SE * (d)		49		7,815
KIWOOM Securities Co. Ltd.		16		1,848
LG Chem Ltd.		13		10,936
LG Household & Health Care Ltd.		1		1,667
NCSoft Corp.		3		2,316
Samsung Electronics Co. Ltd.		617		44,942
Shinhan Financial Group Co. Ltd.		81		2,918
SK Hynix, Inc.		60		6,855
S-Oil Corp. *		56		4,321
				83,618
Spain — 0.6%
ACS Actividades de Construccion y Servicios SA		3		99
Aena SME SA * (d)		1		150
Amadeus IT Group SA *		6		393
Banco Bilbao Vizcaya Argentaria SA		85		478
Banco Santander SA		222		857
CaixaBank SA *		57		182
Cellnex Telecom SA (d)		102		5,752
Enagas SA		3		69
Endesa SA		4		107
Ferrovial SA		6		177
Grifols SA (b)		4		104
Iberdrola SA		959		12,954
Industria de Diseno Textil SA (b)		229		8,131
Naturgy Energy Group SA		4		96
Red Electrica Corp. SA		6		102
Repsol SA		19		230

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Spain — continued
Siemens Gamesa Renewable Energy SA *		3		110
Telefonica SA		65		300
				30,291
Sweden — 0.9%
Alfa Laval AB		4		136
Assa Abloy AB, Class B		13		366
Atlas Copco AB, Class A (b)		114		6,911
Atlas Copco AB, Class B		5		259
Boliden AB (b)		4		136
Electrolux AB, Series B		3		81
Epiroc AB, Class A		8		183
Epiroc AB, Class B		5		98
EQT AB		3		103
Essity AB, Class B		8		254
Evolution Gaming Group AB (d)		15		2,873
Fastighets AB Balder, Class B *		1		75
H & M Hennes & Mauritz AB, Class B *		10		253
Hemnet Group AB *		17		329
Hexagon AB, Class B		4		344
Husqvarna AB, Class B		5		74
ICA Gruppen AB		1		59
Industrivarden AB, Class A (b)		1		53
Industrivarden AB, Class C		2		74
Investment AB Latour, Class B (b)		2		58
Investor AB, Class B (b)		6		495
Kinnevik AB, Class B *		3		171
L E Lundbergforetagen AB, Class B		1		56
Lundin Energy AB		2		76
Nibe Industrier AB, Class B		4		146
Sandvik AB (b)		14		358
Securitas AB, Class B		4		68
Sinch AB * (d)		5		845
Skandinaviska Enskilda Banken AB, Class A		21		267
Skanska AB, Class B (b)		4		118
SKF AB, Class B		295		7,614
Stillfront Group AB *		95		966
Svenska Cellulosa AB SCA, Class B		8		136
Svenska Handelsbanken AB, Class A		549		6,354
Swedbank AB, Class A		12		204
Swedish Match AB		13		1,086
Tele2 AB, Class B		6		83
Telefonaktiebolaget LM Ericsson, Class B		37		513
Telia Co. AB		31		130

INVESTMENTS	SHARES (000)			VALUE ($000)
Sweden — continued
Volvo AB, Class B		424			10,354
					42,759
Switzerland — 1.9%
ABB Ltd. (Registered)		24			767
Adecco Group AG (Registered)		2			134
Alcon, Inc. *		6			473
Baloise Holding AG (Registered) *		1			100
Banque Cantonale Vaudoise (Registered)		—	(c)		39
Barry Callebaut AG (Registered)		—	(c)		115
Chocoladefabriken Lindt & Spruengli AG *		—	(c)		121
Chocoladefabriken Lindt & Spruengli AG (Registered) *		—	(c)		99
Cie Financiere Richemont SA (Registered)		7			686
Clariant AG (Registered) (b)		3			53
Coca-Cola HBC AG		3			89
Credit Suisse Group AG (Registered)		31			328
EMS-Chemie Holding AG (Registered)		—	(c)		105
Geberit AG (Registered)		—	(c)		313
Givaudan SA (Registered)		—	(c)		499
Interroll Holding AG (Registered)		—	(c)		1,094
Julius Baer Group Ltd.		3			180
Kuehne + Nagel International AG (Registered)		1			207
LafargeHolcim Ltd. (Registered) *		164			10,133
Logitech International SA (Registered)		2			234
Lonza Group AG (Registered)		9			5,430
Nestle SA (Registered)		210			25,026
Novartis AG (Registered)		74			6,335
Partners Group Holding AG		—	(c)		340
Roche Holding AG		31			10,057
Roche Holding AG (b)		—	(c)		143
Schindler Holding AG		5			1,406
Schindler Holding AG (Registered)		—	(c)		71
SGS SA (Registered)		2			5,918
Siegfried Holding AG (Registered) *		2			1,689
Sika AG (Registered)		2			542
Sonova Holding AG (Registered) *		6			1,904
STMicroelectronics NV		8			305
Straumann Holding AG (Registered)		—	(c)		189
Swatch Group AG (The)		—	(c)		113
Swatch Group AG (The) (Registered)		1			45
Swiss Life Holding AG (Registered)		—	(c)		189
Swiss Prime Site AG (Registered)		1			95
Swiss Re AG		4			340
Swisscom AG (Registered)		—	(c)		180

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Switzerland — continued
Swissquote Group Holding SA (Registered)		14		2,147
Temenos AG (Registered)		1		126
UBS Group AG (Registered)		47		717
Vifor Pharma AG		1		84
Zurich Insurance Group AG		29		11,739
				90,899
Taiwan — 1.7%
Advantech Co. Ltd.		216		2,737
AU Optronics Corp.		3,841		4,496
Chailease Holding Co. Ltd.		662		4,768
Eclat Textile Co. Ltd.		110		2,106
Global Unichip Corp.		160		2,280
Hiwin Technologies Corp.		154		2,325
Realtek Semiconductor Corp. *		138		2,603
Sea Ltd., ADR *		32		8,068
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		269		31,421
Taiwan Semiconductor Manufacturing Co. Ltd.		952		20,049
Taiwan Union Technology Corp.		475		1,998
Wiwynn Corp.		63		2,049
				84,900
Tanzania, United Republic of — 0.0% (a)
AngloGold Ashanti Ltd.		46		946
Thailand — 0.3%
PTT Exploration & Production PCL		1,356		5,154
Siam Cement PCL (The) (Registered)		147		2,170
Siam Commercial Bank PCL (The)		713		2,403
Thai Oil PCL		1,693		3,204
				12,931
Turkey — 0.0% (a)
BIM Birlesik Magazalar A/S		221		1,733
United Arab Emirates — 0.0% (a)
NMC Health plc * ‡		3		—
United Kingdom — 2.3%
3i Group plc		12		221
Admiral Group plc		2		107
Allfunds Group plc *		53		889
Ashtead Group plc		6		371
Associated British Foods plc *		5		146
AstraZeneca plc		17		1,789
Auto Trader Group plc * (d)		12		97
AVEVA Group plc		1		71
Aviva plc		50		278

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
BAE Systems plc		41		288
Barclays plc		222		538
Barratt Developments plc		13		139
Berkeley Group Holdings plc		2		103
BP plc		1,428		5,977
British American Tobacco plc		29		1,090
British Land Co. plc (The), REIT		11		81
BT Group plc *		114		261
Bunzl plc		4		139
Burberry Group plc *		5		148
CK Hutchison Holdings Ltd.		35		285
CNH Industrial NV		127		1,889
Coca-Cola European Partners plc		3		149
Compass Group plc *		23		497
Croda International plc		2		167
DCC plc		1		110
Diageo plc		413		18,560
Direct Line Insurance Group plc		17		69
Dr. Martens plc *		31		207
Entain plc *		7		175
Experian plc		12		453
GlaxoSmithKline plc		64		1,187
Halma plc		5		174
Hargreaves Lansdown plc		4		101
HSBC Holdings plc		261		1,629
Imperial Brands plc		12		253
Informa plc *		19		150
InterContinental Hotels Group plc *		100		7,110
Intertek Group plc		2		175
J Sainsbury plc		23		75
JD Sports Fashion plc *		7		84
Johnson Matthey plc		2		111
Kingfisher plc *		27		133
Land Securities Group plc, REIT		9		90
Legal & General Group plc		1,695		6,365
Linde plc		18		5,034
Linde plc		30		8,491
Lloyds Banking Group plc		907		569
London Stock Exchange Group plc		44		4,523
M&G plc		33		100
Melrose Industries plc		62		140
Mondi plc		6		169
Moonpig Group plc *		45		271
National Express Group plc *		92		380
National Grid plc		45		568

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United Kingdom — continued
Natwest Group plc		62			169
Next plc *		2			183
Ocado Group plc *		6			180
Pearson plc		10			111
Persimmon plc		157			6,775
Phoenix Group Holdings plc		7			69
Prudential plc		154			3,268
Reckitt Benckiser Group plc		87			7,788
RELX plc		25			642
RELX plc		257			6,675
Rentokil Initial plc		24			164
Rolls-Royce Holdings plc *		107			155
RSA Insurance Group plc		13			125
Sage Group plc (The)		14			123
Schroders plc		2			79
Segro plc, REIT		15			212
Severn Trent plc		3			105
Smith & Nephew plc		11			243
Smiths Group plc		5			114
Spirax-Sarco Engineering plc		1			154
SSE plc		13			270
St. James’s Place plc		7			129
Standard Chartered plc		34			246
Standard Life Aberdeen plc		28			108
Taylor Wimpey plc		2,137			5,300
Tesco plc		99			302
Unilever plc		34			1,972
United Utilities Group plc		9			117
Vodafone Group plc		344			648
Whitbread plc *		3			116
Wm Morrison Supermarkets plc		31			74
WPP plc		16			212
					110,004
United States — 33.6%
AbbVie, Inc.		163			18,185
Advanced Micro Devices, Inc. *		136			11,094
Affirm Holdings, Inc. *		13			913
AGCO Corp.		12			1,766
Agios Pharmaceuticals, Inc. * (b)		28			1,535
Airbnb, Inc., Class A * (b)		8			1,425
Alcoa Corp. *		78			2,851
Alleghany Corp. *		3			1,793
Alnylam Pharmaceuticals, Inc. *		13			1,828
Alphabet, Inc., Class A *		—	(c)		9

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Alphabet, Inc., Class C * (f)		25		59,436
Altice USA, Inc., Class A *		91		3,308
Amazon.com, Inc. * (f)		15		53,246
American Electric Power Co., Inc.		37		3,250
American Express Co.		45		6,855
American Homes 4 Rent, Class A, REIT		56		2,064
American International Group, Inc.		102		4,966
AmerisourceBergen Corp.		17		2,083
AMETEK, Inc.		26		3,463
Amgen, Inc.		24		5,636
Analog Devices, Inc.		116		17,739
Anthem, Inc.		6		2,276
Apple, Inc. (f)		339		44,618
Applied Materials, Inc.		37		4,871
Array Technologies, Inc. *		66		1,860
Arrow Electronics, Inc. *		14		1,554
AutoNation, Inc. *		45		4,581
AutoZone, Inc. *		3		4,569
Ball Corp.		8		795
Bank of America Corp.		496		20,107
Bed Bath & Beyond, Inc. * (b)		16		397
Berkshire Hathaway, Inc., Class B *		42		11,424
Best Buy Co., Inc.		21		2,393
Biogen, Inc. *		13		3,366
BJ’s Wholesale Club Holdings, Inc. *		21		925
BlackRock, Inc.		5		3,845
Blackstone Group, Inc. (The)		88		7,818
Boeing Co. (The) *		21		4,850
Booking Holdings, Inc. *		7		17,260
Booz Allen Hamilton Holding Corp.		43		3,560
Boston Scientific Corp. *		305		13,283
Bristol-Myers Squibb Co.		267		16,665
Brixmor Property Group, Inc., REIT		102		2,279
Cabot Oil & Gas Corp.		51		848
California Resources Corp. *		43		1,027
Capital One Financial Corp. (f)		99		14,695
Carlisle Cos., Inc.		10		1,991
CarMax, Inc. *		27		3,571
Carrier Global Corp.		35		1,521
Catalent, Inc. *		37		4,200
CBRE Group, Inc., Class A * (f)		34		2,909
Celanese Corp.		32		5,013
Centene Corp. *		33		2,056
Ceridian HCM Holding, Inc. *		24		2,245
Charles Schwab Corp. (The)		128		8,990

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Charter Communications, Inc., Class A *		26			17,494
Chevron Corp.		55			5,716
Chubb Ltd.		51			8,751
Cigna Corp.		93			23,145
Cisco Systems, Inc.		92			4,693
Citigroup, Inc.		144			10,267
Citizens Financial Group, Inc.		86			3,977
Claire’s Stores, Inc. * ‡		—	(c)		73
Clear Channel Outdoor Holdings, Inc. *		61			153
CNA Financial Corp.		19			877
Coca-Cola Co. (The)		325			17,539
Columbia Sportswear Co.		14			1,521
Comcast Corp., Class A		320			17,977
CommScope Holding Co., Inc. *		131			2,151
ConocoPhillips		323			16,533
Constellation Brands, Inc., Class A		40			9,722
Cooper Cos., Inc. (The)		8			3,338
Copart, Inc. *		29			3,662
Coty, Inc., Class A *		91			909
Coupa Software, Inc. *		9			2,308
Cree, Inc. *		26			2,607
Crowdstrike Holdings, Inc., Class A *		15			3,133
CVS Health Corp.		74			5,628
CyberArk Software Ltd. *		—	(c)		70
Darden Restaurants, Inc.		16			2,362
Deere & Co.		13			4,820
Delta Air Lines, Inc. *		72			3,355
Dexcom, Inc. *		13			4,965
Diamondback Energy, Inc.		53			4,359
Discovery, Inc., Class C *		112			3,619
DISH Network Corp., Class A *		38			1,711
Dollar General Corp.		7			1,479
Dover Corp.		27			3,955
DraftKings, Inc., Class A * (b)		55			3,120
DuPont de Nemours, Inc.		26			2,013
EastGroup Properties, Inc., REIT		11			1,708
Eastman Chemical Co.		104			12,035
Edison International		22			1,334
Eli Lilly & Co.		29			5,256
Energizer Holdings, Inc.		47			2,311
Entegris, Inc.		40			4,457
Entergy Corp.		13			1,420
EOG Resources, Inc.		60			4,404
EP Energy Corp. *		5			389
EPAM Systems, Inc. *		5			2,280

INVESTMENTS		SHARES (000)		VALUE ($000)
United States — continued
Equitrans Midstream Corp.			67		545
Estee Lauder Cos., Inc. (The), Class A			16		5,107
Exact Sciences Corp. *			25		3,237
Exelixis, Inc. *			103		2,526
Facebook, Inc., Class A * (f)			27		8,830
Federal Realty Investment Trust, REIT			16		1,805
FedEx Corp.			20		5,915
Ferguson plc			63		7,949
Fidelity National Information Services, Inc.			56		8,516
First Republic Bank			21		3,807
Fiserv, Inc. * (f)			65		7,808
Five9, Inc. *			13		2,491
FleetCor Technologies, Inc. *			21		6,162
FMC Corp.			45		5,309
Fortune Brands Home & Security, Inc.			56		5,837
Freeport-McMoRan, Inc.			351		13,253
Gap, Inc. (The)			55		1,806
Garmin Ltd.			32		4,367
Generac Holdings, Inc. *			17		5,633
General Dynamics Corp.			12		2,221
General Motors Co. *			90		5,127
Global Payments, Inc.			28		6,015
Goldman Sachs Group, Inc. (The)			8		2,788
Goodman Networks, Inc. * ‡			2		—
Graphic Packaging Holding Co.			124		2,306
Hartford Financial Services Group, Inc. (The)			47		3,116
HCA Healthcare, Inc.			7		1,499
Hershey Co. (The)			16		2,593
Home Depot, Inc. (The)			24		7,628
Honeywell International, Inc.			28		6,325
Horizon Therapeutics plc *	��		34		3,188
Host Hotels & Resorts, Inc., REIT *			146		2,657
HubSpot, Inc. *			6		3,347
iHeartMedia, Inc., Class A *			5		90
IHS Markit Ltd.			30		3,215
Ingersoll Rand, Inc. *			193		9,536
Insulet Corp. *			7		1,926
Intel Corp.			15		886
International Business Machines Corp.			10		1,352
Intuit, Inc.			14		5,749
Intuitive Surgical, Inc. *			5		4,754
Invesco Ltd.			41		1,099
ITT, Inc.			22		2,113
James Hardie Industries plc, CHDI			6		185
Jazz Pharmaceuticals plc *			16		2,687

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Johnson & Johnson		26			4,227
Keurig Dr Pepper, Inc.		47			1,676
Keysight Technologies, Inc. *		29			4,152
Kimco Realty Corp., REIT		116			2,440
Kinder Morgan, Inc.		158			2,697
Kohl’s Corp.		52			3,047
Kraft Heinz Co. (The)		45			1,868
Lam Research Corp.		11			7,032
Lamar Advertising Co., Class A, REIT		5			508
Lamb Weston Holdings, Inc.		68			5,506
Las Vegas Sands Corp. *		137			8,401
Leidos Holdings, Inc.		12			1,240
Liberty Media Corp.-Liberty SiriusXM, Class A *		66			2,982
Liberty Media Corp.-Liberty SiriusXM, Class C *		108			4,875
Loews Corp. (f)		94			5,229
Lowe’s Cos., Inc.		46			8,989
Lyft, Inc., Class A *		235			13,082
M&T Bank Corp.		26			4,133
Marathon Petroleum Corp.		39			2,195
Marsh & McLennan Cos., Inc.		13			1,821
Martin Marietta Materials, Inc.		9			3,056
Mastercard, Inc., Class A		92			35,022
Match Group, Inc. *		55			8,554
McDonald’s Corp.		11			2,597
McKesson Corp.		24			4,411
Medtronic plc		20			2,565
Merck & Co., Inc.		22			1,607
Mettler-Toledo International, Inc. *		3			3,584
Microchip Technology, Inc.		21			3,127
Microsoft Corp. (f)		240			60,442
Mid-America Apartment Communities, Inc., REIT		18			2,802
Middleby Corp. (The) *		6			1,065
Mohawk Industries, Inc. *		13			2,572
MongoDB, Inc. *		8			2,488
Moran Foods Backstop Equity * ‡		24			140
Morgan Stanley		99			8,152
Motorola Solutions, Inc.		10			1,804
Murphy USA, Inc.		17			2,433
MYT Holding Co. * ‡		23			124
National Vision Holdings, Inc. *		32			1,623
Neiman Marcus Group Restricted Equity *		—	(c)		9
Netflix, Inc. *		12			5,919
Newell Brands, Inc.		81			2,174
Nexstar Media Group, Inc., Class A		13			1,911
NextEra Energy, Inc.		180			13,972

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
NIKE, Inc., Class B		50			6,621
NMG, Inc. *		1			84
Norfolk Southern Corp.		66			18,365
Northern Trust Corp.		22			2,504
Northrop Grumman Corp.		6			2,274
Norwegian Cruise Line Holdings Ltd. * (b)		3			103
NVIDIA Corp. (f)		16			9,831
Oasis Petroleum, Inc.		12			958
Old Dominion Freight Line, Inc.		15			3,787
ON Semiconductor Corp. *		93			3,615
Open Lending Corp., Class A *		44			1,705
O’Reilly Automotive, Inc. *		22			12,324
Otis Worldwide Corp.		9			667
Owens Corning		57			5,508
Packaging Corp. of America		17			2,523
Parker-Hannifin Corp.		10			3,044
Paylocity Holding Corp. *		7			1,444
PayPal Holdings, Inc. *		35			9,216
Penn Virginia Corp. *		—	(c)		3
People’s United Financial, Inc.		68			1,235
Pfizer, Inc.		68			2,642
PG&E Corp. *		175			1,984
Philip Morris International, Inc.		20			1,920
Phillips 66		74			5,964
Pinterest, Inc., Class A *		24			1,576
Pioneer Natural Resources Co.		64			9,831
PNC Financial Services Group, Inc. (The)		22			4,077
Post Holdings, Inc. *		26			2,994
Procter & Gamble Co. (The)		22			2,907
Progressive Corp. (The)		47			4,768
Prologis, Inc., REIT		67			7,811
Prudential Financial, Inc.		40			3,984
Public Storage, REIT		11			3,145
QIAGEN NV *		3			144
QUALCOMM, Inc. (f)		54			7,505
Quanta Services, Inc.		30			2,946
Ralph Lauren Corp. *		15			1,988
Rayonier, Inc., REIT		70			2,539
Raytheon Technologies Corp.		98			8,179
Regeneron Pharmaceuticals, Inc. *		28			13,439
RingCentral, Inc., Class A *		—	(c)		9
Roku, Inc. *		8			2,875
Royal Caribbean Cruises Ltd. *		85			7,396
Royalty Pharma plc, Class A (b)		63			2,775
S&P Global, Inc.		8			3,224

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Sabre Corp. * (b)		159		2,383
Seagate Technology plc		76		7,081
ServiceNow, Inc. *		7		3,545
Signature Bank		10		2,501
Snap, Inc., Class A *		48		2,967
Snowflake, Inc., Class A *		6		1,406
SolarEdge Technologies, Inc. *		17		4,393
Spirit Airlines, Inc. * (b)		114		4,091
Stanley Black & Decker, Inc.		72		14,844
State Street Corp.		174		14,642
Stellantis NV		124		2,059
Stellantis NV		26		435
Sun Communities, Inc., REIT		26		4,322
SYNNEX Corp.		9		1,042
Synopsys, Inc. *		13		3,315
Sysco Corp.		23		1,925
T. Rowe Price Group, Inc.		12		2,164
Tapestry, Inc. *		23		1,083
Tenaris SA		6		65
Teradyne, Inc.		23		2,817
Tesla, Inc. *		27		19,256
Texas Instruments, Inc. (f)		15		2,734
Thermo Fisher Scientific, Inc.		21		10,060
Thor Industries, Inc. (b)		20		2,809
T-Mobile US, Inc. *		65		8,623
Tractor Supply Co.		24		4,572
Trade Desk, Inc. (The), Class A *		4		3,066
Trane Technologies plc		116		20,180
Travelers Cos., Inc. (The)		33		5,079
Truist Financial Corp.		186		11,011
Twilio, Inc., Class A *		6		2,168
Uber Technologies, Inc. *		124		6,817
UiPath, Inc., Class A * (b)		18		1,262
United Airlines Holdings, Inc. * (b)		89		4,864
UnitedHealth Group, Inc. (f)		77		30,900
US Bancorp		53		3,131
US Foods Holding Corp. *		225		9,333
Ventas, Inc., REIT		50		2,751
Verizon Communications, Inc. (f)		87		5,032
Vertex Pharmaceuticals, Inc. *		31		6,675
Viatris, Inc. *		83		1,110
Visa, Inc., Class A (f)		3		651
Vistra Corp.		17		289
Walt Disney Co. (The) *		17		3,196
Wells Fargo & Co. (f)		759		34,184

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Welltower, Inc., REIT		11		792
WestRock Co.		104		5,818
WEX, Inc. *		8		1,560
Weyerhaeuser Co., REIT		57		2,196
Whiting Petroleum Corp. *		9		370
Williams Cos., Inc. (The)		84		2,038
Workday, Inc., Class A *		18		4,510
Xcel Energy, Inc.		54		3,824
Yum! Brands, Inc.		86		10,254
Zebra Technologies Corp., Class A *		9		4,340
Zillow Group, Inc., Class C *		21		2,710
Zimmer Biomet Holdings, Inc.		76		13,552
Zscaler, Inc. *		53		10,020
				1,632,211
Total Common Stocks (Cost $2,312,660)				3,133,985
	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 15.3%
Australia — 0.1%
FMG Resources August 2006 Pty. Ltd.
5.13%, 5/15/2024 (b) (e)		140		153
4.50%, 9/15/2027 (e)		170		185
4.38%, 4/1/2031 (e)		4,494		4,668
Macquarie Bank Ltd. 2.10%, 10/17/2022 (e)		750		769
				5,775
Brazil — 0.0% (a)
Vale Overseas Ltd.
6.88%, 11/21/2036		301		409
6.88%, 11/10/2039		526		724
Vale SA 5.63%, 9/11/2042		511		635
				1,768
Canada — 0.5%
1011778 BC ULC 4.25%, 5/15/2024 (e)		352		356
Bank of Nova Scotia (The)
2.00%, 11/15/2022		750		770
1.95%, 2/1/2023		370		380
Bombardier, Inc.
6.00%, 10/15/2022 (e)		311		311
7.50%, 3/15/2025 (e)		58		58

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
Canada — continued
Canadian Imperial Bank of Commerce
(SOFR + 0.80%), 0.81%, 3/17/2023 (g)		760		767
(SOFR + 0.40%), 0.41%, 12/14/2023 (g)		300		300
Cenovus Energy, Inc.
5.25%, 6/15/2037		704		783
6.75%, 11/15/2039		388		491
5.40%, 6/15/2047 (b)		700		796
Emera US Finance LP 4.75%, 6/15/2046		500		572
GFL Environmental, Inc. 3.75%, 8/1/2025 (e)		515		524
MEG Energy Corp. 6.50%, 1/15/2025 (e)		425		439
Methanex Corp.
5.25%, 12/15/2029 (b)		4,144		4,377
5.65%, 12/1/2044		3,092		3,147
National Bank of Canada (SOFR + 0.30%), 0.31%, 5/16/2023 (g)		540		539
NOVA Chemicals Corp.
4.88%, 6/1/2024 (e)		155		163
5.00%, 5/1/2025 (e)		563		598
5.25%, 6/1/2027 (e)		206		219
Ontario Teachers’ Finance Trust 1.10%, 10/19/2027 (e)	CAD	773		606
Open Text Holdings, Inc. 4.13%, 2/15/2030 (e)		692		700
Royal Bank of Canada 2.80%, 4/29/2022		765		784
Stars Group Holdings BV 7.00%, 7/15/2026 (e)		345		361
Suncor Energy Ventures Corp. 6.00%, 4/1/2042 (e)		650		723
Teck Resources Ltd.
6.13%, 10/1/2035		154		191
6.00%, 8/15/2040		350		429
6.25%, 7/15/2041		343		435
5.20%, 3/1/2042		380		432
5.40%, 2/1/2043		350		414
Toronto-Dominion Bank (The)
1.90%, 12/1/2022 (b)		466		478
0.25%, 1/6/2023		770		770
TransAlta Corp. 6.50%, 3/15/2040 (b)		835		956
Videotron Ltd. 5.13%, 4/15/2027 (e)		1,085		1,146
				24,015
Chile — 0.0% (a)
Celulosa Arauco y Constitucion SA
5.50%, 11/2/2047		355		416

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
China — 0.1%
China Development Bank
0.38%, 11/16/2021 (d)	EUR	1,270		1,529
2.63%, 1/24/2022 (d)		3,000		3,047
				4,576
Finland — 0.1%
Nokia OYJ
4.38%, 6/12/2027 (b)		372		406
6.63%, 5/15/2039 (b)		3,793		4,861
Nordea Bank Abp
(ICE LIBOR USD 3 Month + 0.94%), 1.13%, 8/30/2023 (e) (g)		326		330
				5,597
France — 0.4%
Altice France SA 7.38%, 5/1/2026 (e)		1,899		1,969
Banque Federative du Credit Mutuel SA
(ICE LIBOR USD 3 Month + 0.96%), 1.15%, 7/20/2023 (e) (g)		402		408
BNP Paribas SA
2.95%, 5/23/2022 (e)		704		723
3.50%, 3/1/2023 (e)		401		423
BPCE SA
3.00%, 5/22/2022 (e)		740		760
2.75%, 1/11/2023 (e)		250		260
Credit Agricole SA (ICE LIBOR USD 3 Month + 1.02%), 1.20%, 4/24/2023 (e) (g)		471		478
Dexia Credit Local SA
0.75%, 1/25/2023 (d)	EUR	3,500		4,299
1.63%, 12/8/2023 (d)	GBP	2,800		3,992
1.25%, 11/26/2024 (d)	EUR	2,100		2,666
Societe Generale SA 3.88%, 3/28/2024 (e)		360		389
				16,367
Germany — 0.1%
BMW US Capital LLC 3.80%, 4/6/2023 (e)		174		185
Daimler Finance North America LLC 2.55%, 8/15/2022 (e)		560		575
Kreditanstalt fuer Wiederaufbau 0.00%, 12/15/2022	EUR	3,000		3,644
Siemens Financieringsmaatschappij NV (SOFR + 0.43%), 0.44%, 3/11/2024 (e) (g)		380		382
Vertical US Newco, Inc. 5.25%, 7/15/2027 (e)		200		210

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
Germany — continued
Volkswagen Group of America Finance LLC 2.70%, 9/26/2022 (e)		559		576
				5,572
Italy — 0.3%
Telecom Italia Capital SA
6.38%, 11/15/2033		2,734		3,212
6.00%, 9/30/2034		1,996		2,247
7.20%, 7/18/2036		3,794		4,701
7.72%, 6/4/2038		3,549		4,649
				14,809
Japan — 0.1%
Daiwa Securities Group, Inc. 3.13%, 4/19/2022 (e)		343		352
Development Bank of Japan, Inc. 3.13%, 9/6/2023 (e)		1,850		1,965
Mitsubishi UFJ Financial Group, Inc. 3.46%, 3/2/2023		730		769
Mizuho Financial Group, Inc.
(ICE LIBOR USD 3 Month + 0.88%), 1.06%, 9/11/2022 (g)		559		564
2.60%, 9/11/2022		200		206
Sumitomo Mitsui Financial Group, Inc. 3.10%, 1/17/2023		733		767
				4,623
Luxembourg — 0.1%
Altice Financing SA 5.00%, 1/15/2028 (e)		690		680
Altice France Holding SA 10.50%, 5/15/2027 (e)		448		505
ArcelorMittal SA
7.25%, 10/15/2039 (h)		686		967
7.00%, 3/1/2041 (b) (h)		707		982
Intelsat Jackson Holdings SA
5.50%, 8/1/2023 (i)		478		293
8.00%, 2/15/2024 (e) (h) (i)		441		456
8.50%, 10/15/2024 (e) (i)		420		260
				4,143
Macau — 0.0% (a)
Sands China Ltd. 4.38%, 6/18/2030 (b)		830		882
Wynn Macau Ltd. 4.88%, 10/1/2024 (e)		555		563
				1,445
Netherlands — 0.1%
BNG Bank NV 4.75%, 3/6/2023 (d)	AUD	602		501

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Netherlands — continued
Cooperatieve Rabobank UA
3.95%, 11/9/2022		360		378
2.75%, 1/10/2023 (b)		736		767
NXP BV
4.30%, 6/18/2029 (e)		958		1,086
3.40%, 5/1/2030 (e)		578		618
Trivium Packaging Finance BV 5.50%, 8/15/2026 (e) (h)		329		344
				3,694
Saudi Arabia — 0.0% (a)
Saudi Arabian Oil Co. 1.25%, 11/24/2023 (e)		400		403
Singapore — 0.2%
Temasek Financial I Ltd.
0.50%, 3/1/2022 (d)	EUR	2,000		2,417
3.63%, 8/1/2028 (e)		6,158		6,879
				9,296
South Korea — 0.2%
Korea Development Bank (The)
3.00%, 3/19/2022		1,087		1,111
1.75%, 12/15/2022 (d)	GBP	2,450		3,445
2.13%, 10/1/2024		1,826		1,918
Korea Southern Power Co. Ltd. 0.75%, 1/27/2026 (e)		2,155		2,096
				8,570
Spain — 0.1%
Telefonica Emisiones SA
4.67%, 3/6/2038 (b)		540		615
5.21%, 3/8/2047		659		781
5.52%, 3/1/2049		2,707		3,365
				4,761
Switzerland — 0.0% (a)
Roche Holdings, Inc. (SOFR + 0.24%), 0.25%, 3/5/2024 (e) (g)		250		250
United Kingdom — 0.3%
AstraZeneca plc
(ICE LIBOR USD 3 Month + 0.62%), 0.80%, 6/10/2022 (g)		354		356
2.38%, 6/12/2022		215		219
Barclays plc (ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (g)		370		382
BAT Capital Corp. (ICE LIBOR USD 3 Month + 0.88%), 1.07%, 8/15/2022 (g)		382		385

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United Kingdom — continued
Coca-Cola European Partners plc 0.50%, 5/5/2023 (e)		200		200
INEOS Quattro Finance 2 plc 3.38%, 1/15/2026 (e)		400		399
Lloyds Banking Group plc (ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023 (g)		400		408
Marks & Spencer plc 7.13%, 12/1/2037 (b) (e)		2,475		2,861
Nationwide Building Society (ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023 (e) (g)		570		587
NatWest Markets plc 3.63%, 9/29/2022 (e)		370		386
Rolls-Royce plc 5.75%, 10/15/2027 (e)		3,961		4,248
Santander UK plc 2.10%, 1/13/2023 (b)		370		381
Standard Chartered plc (ICE LIBOR USD 3 Month + 1.20%), 2.74%, 9/10/2022 (e) (g)		763		769
Virgin Media Secured Finance plc
5.50%, 5/15/2029 (e)		900		962
4.50%, 8/15/2030 (e)		846		850
				13,393
United States — 12.6%
AbbVie, Inc. 2.30%, 11/21/2022		371		382
Acadia Healthcare Co., Inc. 5.00%, 4/15/2029 (e)		190		196
ACCO Brands Corp. 4.25%, 3/15/2029 (e)		923		908
Adient US LLC
9.00%, 4/15/2025 (e)		280		310
7.00%, 5/15/2026 (e)		6		7
ADT Security Corp. (The) 4.88%, 7/15/2032 (e)		190		199
Advance Auto Parts, Inc. 3.90%, 4/15/2030		550		601
AECOM 5.13%, 3/15/2027		583		649
AEP Texas, Inc. 2.40%, 10/1/2022		140		144
Albemarle Corp. 5.45%, 12/1/2044		358		427
Albertsons Cos., Inc.
3.25%, 3/15/2026 (e)		238		238
4.63%, 1/15/2027 (e)		670		697
5.88%, 2/15/2028 (e)		126		134
3.50%, 3/15/2029 (e)		261		251
4.88%, 2/15/2030 (e)		475		494
Alcoa Nederland Holding BV
7.00%, 9/30/2026 (e)		465		489
6.13%, 5/15/2028 (e)		300		326
Allegion plc 3.50%, 10/1/2029		550		584

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Allied Universal Holdco LLC
6.63%, 7/15/2026 (e)		105		111
9.75%, 7/15/2027 (e)		110		121
Allison Transmission, Inc.
4.75%, 10/1/2027 (e)		203		212
5.88%, 6/1/2029 (e)		310		335
3.75%, 1/30/2031 (e)		232		224
Ally Financial, Inc. 5.75%, 11/20/2025		680		779
AMC Entertainment Holdings, Inc.
10.50%, 4/24/2026 (e)		116		122
12.00% (PIK), 6/15/2026 (e) (j)		331		269
American Airlines, Inc.
5.50%, 4/20/2026 (e)		320		336
5.75%, 4/20/2029 (e)		4,280		4,586
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025 (b)		394		408
6.25%, 3/15/2026 (b)		518		532
6.50%, 4/1/2027 (b)		217		229
American Express Co.
2.50%, 8/1/2022		300		308
2.65%, 12/2/2022		441		457
American Honda Finance Corp. (ICE LIBOR USD 3 Month + 0.37%), 0.57%, 5/10/2023 (g)		354		355
American Tower Corp.
REIT, 2.90%, 1/15/2030		459		474
REIT, 2.10%, 6/15/2030		503		483
REIT, 1.88%, 10/15/2030		280		265
REIT, 3.70%, 10/15/2049		350		362
REIT, 3.10%, 6/15/2050		600		560
REIT, 2.95%, 1/15/2051		450		409
AmeriGas Partners LP 5.50%, 5/20/2025		630		700
AmerisourceBergen Corp. 0.74%, 3/15/2023		577		579
Amgen, Inc. 2.70%, 5/1/2022		560		570
Antero Midstream Partners LP 5.38%, 9/15/2024		690		701
Antero Resources Corp. 5.63%, 6/1/2023		499		501
Anthem, Inc. 0.45%, 3/15/2023		385		386
Apache Corp. 4.63%, 11/15/2025		297		314
4.88%, 11/15/2027		344		363
Aramark Services, Inc.
5.00%, 4/1/2025 (e)		253		260
5.00%, 2/1/2028 (e)		130		136
Archrock Partners LP 6.88%, 4/1/2027 (e)		170		181

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS		PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Arconic Corp.	��
6.00%, 5/15/2025 (b) (e)			405		433
6.13%, 2/15/2028 (e)			500		531
Ardagh Packaging Finance plc
4.13%, 8/15/2026 (e)			890		915
5.25%, 8/15/2027 (e)			445		455
Ashland LLC 6.88%, 5/15/2043			840		1,056
AutoNation, Inc. 4.75%, 6/1/2030			1,885		2,198
Avantor Funding, Inc. 4.63%, 7/15/2028 (e)			572		599
Avis Budget Car Rental LLC
5.25%, 3/15/2025 (e)			152		154
5.75%, 7/15/2027 (b) (e)			587		622
Axalta Coating Systems LLC 4.75%, 6/15/2027 (e)			530		555
B&G Foods, Inc. 5.25%, 4/1/2025			270		278
Ball Corp. 2.88%, 8/15/2030			2,713		2,620
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022 (g)			327		327
(ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (g)			94		97
Bank of New York Mellon Corp. (The) (SOFR + 0.26%), 0.27%, 4/26/2024 (g)			390		390
Bausch Health Americas, Inc. 8.50%, 1/31/2027 (e)			1,060		1,181
Bausch Health Cos., Inc.
6.13%, 4/15/2025 (e)			452		462
9.00%, 12/15/2025 (e)			445		483
7.00%, 1/15/2028 (e)			107		116
5.00%, 1/30/2028 (e)			2,202		2,235
5.00%, 2/15/2029 (e)			292		293
7.25%, 5/30/2029 (e)			105		116
5.25%, 1/30/2030 (e)			207		208
5.25%, 2/15/2031 (e)			233		233
BBVA USA 2.88%, 6/29/2022			372		382
Becton Dickinson and Co.
2.82%, 5/20/2030			532		550
4.69%, 12/15/2044			322		387
4.67%, 6/6/2047			310		370
3.79%, 5/20/2050			350		372
Berry Global, Inc. 4.88%, 7/15/2026 (e)			533		564
Boeing Co. (The)
3.50%, 3/1/2039			471		460
6.88%, 3/15/2039			300		409
3.38%, 6/15/2046			15		14

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
3.90%, 5/1/2049 (b)		19		19
3.75%, 2/1/2050		58		56
5.81%, 5/1/2050		314		403
3.95%, 8/1/2059 (b)		1,500		1,455
5.93%, 5/1/2060		1,480		1,931
Boise Cascade Co. 4.88%, 7/1/2030 (e)		473		501
Boyd Gaming Corp.
6.38%, 4/1/2026		220		227
6.00%, 8/15/2026		132		137
Bristol-Myers Squibb Co. 2.60%, 5/16/2022		744		763
Broadcom, Inc.
3.50%, 2/15/2041 (e)		473		457
3.75%, 2/15/2051 (e)		4,393		4,243
Buckeye Partners LP
4.13%, 3/1/2025 (e)		774		793
5.85%, 11/15/2043		1,355		1,334
Builders FirstSource, Inc. 6.75%, 6/1/2027 (e)		126		135
Burlington Northern Santa Fe LLC 3.05%, 3/15/2022		101		103
BWX Technologies, Inc. 5.38%, 7/15/2026 (e)		140		144
Caesars Resort Collection LLC
5.75%, 7/1/2025 (e)		311		327
5.25%, 10/15/2025 (e)		115		116
Calpine Corp.
5.13%, 3/15/2028 (e)		760		772
3.75%, 3/1/2031 (e)		4,966		4,742
Capital One Bank USA NA 3.38%, 2/15/2023		370		388
Capital One Financial Corp. 3.20%, 1/30/2023		361		378
Cardinal Health, Inc. (ICE LIBOR USD 3 Month + 0.77%), 0.95%, 6/15/2022 (g)		383		385
Carnival Corp.
11.50%, 4/1/2023 (e)		310		356
10.50%, 2/1/2026 (b) (e)		140		165
Carrier Global Corp.
3.38%, 4/5/2040		761		768
3.58%, 4/5/2050		3,345		3,364
Caterpillar Financial Services Corp. (ICE LIBOR USD 3 Month + 0.59%), 0.77%, 6/6/2022 (g)		770		774
CCO Holdings LLC
5.50%, 5/1/2026 (e)		435		449
5.13%, 5/1/2027 (e)		1,915		2,004
5.00%, 2/1/2028 (e)		1,297		1,355
4.75%, 3/1/2030 (e)		1,497		1,563
4.25%, 2/1/2031 (e)		1,409		1,409

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
4.50%, 5/1/2032 (e)		2,532		2,557
CDK Global, Inc.
4.88%, 6/1/2027		165		174
5.25%, 5/15/2029 (e)		193		207
CDW LLC
4.25%, 4/1/2028		567		591
3.25%, 2/15/2029		399		396
Cedar Fair LP
5.50%, 5/1/2025 (e)		370		388
5.38%, 4/15/2027		206		212
Centene Corp.
5.38%, 6/1/2026 (e)		1,045		1,089
4.63%, 12/15/2029		1,680		1,819
3.00%, 10/15/2030		2,599		2,579
CenterPoint Energy, Inc. 2.50%, 9/1/2022		374		384
CF Industries, Inc.
5.15%, 3/15/2034		160		187
4.95%, 6/1/2043		4,072		4,744
5.38%, 3/15/2044		3,958		4,842
Charles Schwab Corp. (The) (SOFR + 0.50%), 0.51%, 3/18/2024 (g)		380		382
Charter Communications Operating LLC
6.48%, 10/23/2045		291		385
4.80%, 3/1/2050		1,339		1,474
3.70%, 4/1/2051		257		242
6.83%, 10/23/2055		281		400
3.85%, 4/1/2061		3,262		2,994
Chemours Co. (The) 7.00%, 5/15/2025		670		689
Cheniere Energy Partners LP
5.63%, 10/1/2026		613		639
4.00%, 3/1/2031 (e)		150		153
Cheniere Energy, Inc. 4.63%, 10/15/2028 (e)		214		223
Choice Hotels International, Inc.
3.70%, 12/1/2029 (b)		1,964		2,086
3.70%, 1/15/2031 (b)		580		614
Cincinnati Bell, Inc. 7.00%, 7/15/2024 (e)		420		434
Cinemark USA, Inc.
4.88%, 6/1/2023		475		474
8.75%, 5/1/2025 (e)		305		332
Citigroup, Inc. (SOFR + 0.87%), 2.31%, 11/4/2022 (b) (g)		760		767
Citizens Bank NA (ICE LIBOR USD 3 Month + 0.81%), 1.00%, 5/26/2022 (g)	��	573		577

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Clarios Global LP
6.75%, 5/15/2025 (e)		525		564
6.25%, 5/15/2026 (e)		200		212
Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028 (b) (e)		258		266
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		250		261
5.13%, 8/15/2027 (e)		1,270		1,289
Cleveland-Cliffs, Inc. 4.63%, 3/1/2029 (e)		308		314
Clorox Co. (The) 3.05%, 9/15/2022		71		73
CommScope, Inc.
6.00%, 3/1/2026 (e)		1,110		1,169
8.25%, 3/1/2027 (e)		515		552
Community Health Systems, Inc.
8.00%, 3/15/2026 (e)		94		101
5.63%, 3/15/2027 (e)		216		229
6.00%, 1/15/2029 (e)		109		115
4.75%, 2/15/2031 (e)		815		809
Comstock Resources, Inc.
9.75%, 8/15/2026		1,259		1,369
6.75%, 3/1/2029 (e)		246		251
Conagra Brands, Inc.
8.25%, 9/15/2030		143		205
5.30%, 11/1/2038		304		377
5.40%, 11/1/2048		290		375
Constellation Brands, Inc.
3.15%, 8/1/2029		437		461
2.88%, 5/1/2030		413		427
4.50%, 5/9/2047 (b)		320		372
4.10%, 2/15/2048		330		365
5.25%, 11/15/2048		100		128
3.75%, 5/1/2050 (b)		350		370
Continental Resources, Inc.
4.38%, 1/15/2028 (b)		458		498
5.75%, 1/15/2031 (b) (e)		420		487
4.90%, 6/1/2044 (b)		4,478		4,698
Cox Communications, Inc. 3.25%, 12/15/2022 (e)		365		381
Crestwood Midstream Partners LP 5.75%, 4/1/2025 (b)		416		427
Crown Castle International Corp.
REIT, 2.25%, 1/15/2031 (b)		483		469
REIT, 2.90%, 4/1/2041		2,849		2,652
REIT, 5.20%, 2/15/2049 (b)		371		460

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
REIT, 4.00%, 11/15/2049 (b)		400		423
REIT, 4.15%, 7/1/2050		250		270
REIT, 3.25%, 1/15/2051		520		491
CSC Holdings LLC
5.50%, 4/15/2027 (e)		680		713
5.38%, 2/1/2028 (e)		400		421
5.75%, 1/15/2030 (e)		715		760
4.13%, 12/1/2030 (e)		849		845
3.38%, 2/15/2031 (e)		4,527		4,241
CVS Health Corp. 3.50%, 7/20/2022		370		382
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (e)		450		466
Dana, Inc. 5.38%, 11/15/2027		310		330
Darden Restaurants, Inc. 4.55%, 2/15/2048		600		655
DaVita, Inc. 4.63%, 6/1/2030 (e)		880		891
DCP Midstream Operating LP
5.38%, 7/15/2025		883		969
8.13%, 8/16/2030		350		455
6.45%, 11/3/2036 (b) (e)		406		458
5.60%, 4/1/2044		934		958
Dell International LLC
7.13%, 6/15/2024 (e)		110		113
8.10%, 7/15/2036 (e)		300		444
8.35%, 7/15/2046 (e)		300		470
Dell, Inc.
7.10%, 4/15/2028		320		404
6.50%, 4/15/2038		480		602
Delta Air Lines, Inc.
4.50%, 10/20/2025 (e)		262		281
4.38%, 4/19/2028		4,436		4,710
4.75%, 10/20/2028 (e)		365		401
3.75%, 10/28/2029		4,613		4,594
Devon Energy Corp.
4.75%, 5/15/2042 (b)		56		60
5.00%, 6/15/2045		929		1,039
Diamond Sports Group LLC 5.38%, 8/15/2026 (e)		417		304
Discovery Communications LLC
5.20%, 9/20/2047		1,205		1,413
5.30%, 5/15/2049		1,450		1,736
4.65%, 5/15/2050		340		377
4.00%, 9/15/2055 (e)		1,200		1,173
DISH DBS Corp.
5.88%, 11/15/2024		2,250		2,434
7.75%, 7/1/2026		994		1,146

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Diversified Healthcare Trust REIT, 4.38%, 3/1/2031		2,253		2,179
Dollar General Corp. 3.25%, 4/15/2023		367		384
Dominion Energy, Inc. 2.45%, 1/15/2023 (e)		370		382
DTE Energy Co. Series H, 0.55%, 11/1/2022 (b)		384		384
Duke Energy Carolinas LLC 3.05%, 3/15/2023		366		384
Eastman Chemical Co.
4.80%, 9/1/2042		122		146
4.65%, 10/15/2044		450		534
Eaton Corp. 2.75%, 11/2/2022		551		570
Edgewell Personal Care Co. 5.50%, 6/1/2028 (e)		510		542
Edison International
5.75%, 6/15/2027		450		527
4.13%, 3/15/2028 (b)		450		485
Elanco Animal Health, Inc. 5.90%, 8/28/2028 (h)		344		391
Embarq Corp. 8.00%, 6/1/2036		2,643		3,077
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (e)		887		832
Enable Midstream Partners LP 5.00%, 5/15/2044 (b) (h)		102		102
Encompass Health Corp. 4.50%, 2/1/2028		685		710
Endo Dac
9.50%, 7/31/2027 (e)		103		109
6.00%, 6/30/2028 (e)		141		107
Energizer Holdings, Inc. 4.38%, 3/31/2029 (e)		295		293
Energy Transfer LP
5.35%, 5/15/2045		430		459
5.30%, 4/15/2047		576		613
5.40%, 10/1/2047		929		1,010
6.00%, 6/15/2048		160		185
6.25%, 4/15/2049		450		540
5.00%, 5/15/2050		677		713
EnerSys 4.38%, 12/15/2027 (e)		845		885
EnLink Midstream LLC 5.63%, 1/15/2028 (e)		2,086		2,156
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (g) (k) (l)		470		326
4.40%, 4/1/2024		210		215
EPR Properties
REIT, 4.75%, 12/15/2026 (b)		1,799		1,890
REIT, 4.95%, 4/15/2028		2,270		2,373

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
EQM Midstream Partners LP
6.00%, 7/1/2025 (e)		545		595
4.13%, 12/1/2026		320		323
4.50%, 1/15/2029 (e)		182		181
4.75%, 1/15/2031 (e)		182		180
6.50%, 7/15/2048		4,699		4,768
EQT Corp.
3.00%, 10/1/2022 (b)		325		331
7.63%, 2/1/2025 (h)		410		472
8.50%, 2/1/2030 (b) (h)		3,320		4,245
Equinix, Inc.
REIT, 3.20%, 11/18/2029		443		467
REIT, 2.15%, 7/15/2030		571		549
REIT, 3.00%, 7/15/2050		600		550
REIT, 2.95%, 9/15/2051		600		548
Equitable Holdings, Inc. 3.90%, 4/20/2023		362		385
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025 (e)		145		148
REIT, 4.63%, 10/1/2027 (e)		306		324
Expedia Group, Inc.
3.80%, 2/15/2028		174		186
3.25%, 2/15/2030		650		660
Fifth Third Bancorp 2.60%, 6/15/2022		560		573
FirstEnergy Corp.
Series B, 4.40%, 7/15/2027 (h)		575		630
2.65%, 3/1/2030		477		466
Series B, 2.25%, 9/1/2030		374		352
Series C, 7.38%, 11/15/2031		96		130
Series C, 5.35%, 7/15/2047 (h)		1,830		2,123
Series C, 3.40%, 3/1/2050		5,301		4,890
FirstEnergy Transmission LLC
5.45%, 7/15/2044 (b) (e)		1,472		1,784
4.55%, 4/1/2049 (e)		4,427		4,936
Flowserve Corp. 3.50%, 10/1/2030 (b)		600		621
Fluor Corp. 4.25%, 9/15/2028 (b)		3,957		4,075
FMC Corp. 4.50%, 10/1/2049 (b)		1,800		2,096
Ford Motor Co.
8.50%, 4/21/2023		88		98
9.00%, 4/22/2025		478		584
9.63%, 4/22/2030		37		52
Ford Motor Credit Co. LLC
4.06%, 11/1/2024		850		895
5.13%, 6/16/2025		235		257
3.38%, 11/13/2025		377		386

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
4.39%, 1/8/2026		1,500		1,601
4.13%, 8/17/2027		380		397
4.00%, 11/13/2030		232		237
Freeport-McMoRan, Inc.
4.13%, 3/1/2028		166		175
4.38%, 8/1/2028		620		661
4.25%, 3/1/2030		828		890
4.63%, 8/1/2030		112		124
5.40%, 11/14/2034		3,594		4,322
5.45%, 3/15/2043		3,920		4,786
Frontier Communications Corp. 5.88%, 10/15/2027 (e)		372		395
Gap, Inc. (The)
8.38%, 5/15/2023 (b) (e)		290		330
8.88%, 5/15/2027 (e)		205		239
Gartner, Inc.
4.50%, 7/1/2028 (e)		270		284
3.75%, 10/1/2030 (e)		862		864
General Motors Co.
6.60%, 4/1/2036		320		427
5.15%, 4/1/2038 (b)		361		424
6.25%, 10/2/2043		320		421
5.20%, 4/1/2045		370		434
6.75%, 4/1/2046		325		448
5.40%, 4/1/2048		350		423
5.95%, 4/1/2049		67		86
Genesis Energy LP
6.25%, 5/15/2026		387		379
7.75%, 2/1/2028		229		231
Gilead Sciences, Inc. (ICE LIBOR USD 3 Month + 0.52%), 0.71%, 9/29/2023 (g)		579		580
Global Payments, Inc.
3.20%, 8/15/2029		502		529
2.90%, 5/15/2030		594		609
4.15%, 8/15/2049		500		556
GLP Capital LP
REIT, 4.00%, 1/15/2030		1,368		1,448
REIT, 4.00%, 1/15/2031		609		642
Goldman Sachs Group, Inc. (The) (ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (g)		753		762
Graphic Packaging International LLC 3.50%, 3/15/2028 (e)		400		398
Greif, Inc. 6.50%, 3/1/2027 (e)		214		226
Griffon Corp. 5.75%, 3/1/2028		505		539

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (e)		670		669
Hasbro, Inc.
3.90%, 11/19/2029 (b)		460		503
6.35%, 3/15/2040		320		422
5.10%, 5/15/2044		824		941
HAT Holdings I LLC REIT, 3.75%, 9/15/2030 (b) (e)		2,645		2,539
HCA, Inc.
5.63%, 9/1/2028		2,126		2,479
5.88%, 2/1/2029		1,290		1,522
3.50%, 9/1/2030		5,766		5,927
7.50%, 11/15/2095		2,000		2,738
Herc Holdings, Inc. 5.50%, 7/15/2027 (e)		645		682
Hess Corp. 5.80%, 4/1/2047		360		439
Hilton Domestic Operating Co., Inc.
3.75%, 5/1/2029 (e)		118		118
4.88%, 1/15/2030		551		587
4.00%, 5/1/2031 (e)		69		70
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		262		272
Howmet Aerospace, Inc.
5.13%, 10/1/2024 (b)		298		327
5.90%, 2/1/2027		1,272		1,468
6.75%, 1/15/2028		769		922
5.95%, 2/1/2037		3,909		4,696
Hughes Satellite Systems Corp.
7.63%, 6/15/2021		55		55
5.25%, 8/1/2026		155		171
6.63%, 8/1/2026		185		204
Hyatt Hotels Corp. 5.75%, 4/23/2030		759		898
Hyundai Capital America 2.38%, 2/10/2023 (e)		560		575
Icahn Enterprises LP
6.38%, 12/15/2025		196		202
6.25%, 5/15/2026		491		518
5.25%, 5/15/2027		3,404		3,472
iHeartCommunications, Inc.
8.38%, 5/1/2027		143		154
5.25%, 8/15/2027 (e)		855		885
Intercontinental Exchange, Inc. (ICE LIBOR USD 3 Month + 0.65%), 0.83%, 6/15/2023 (g)		770		771
International Game Technology plc 6.50%, 2/15/2025 (e)		300		332
IQVIA, Inc. 5.00%, 5/15/2027 (e)		647		677

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (e)		230		239
REIT, 5.25%, 3/15/2028 (e)		133		140
REIT, 4.88%, 9/15/2029 (e)		131		133
REIT, 5.25%, 7/15/2030 (e)		4,087		4,245
REIT, 4.50%, 2/15/2031 (e)		5,089		5,075
REIT, 5.63%, 7/15/2032 (e)		4,497		4,742
Jabil, Inc.
3.60%, 1/15/2030		822		887
3.00%, 1/15/2031		450		458
Jackson National Life Global Funding 2.50%, 6/27/2022 (e)		750		768
JBS USA LUX SA 6.75%, 2/15/2028 (e)		620		680
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (e)		565		581
Kennedy-Wilson, Inc. 4.75%, 3/1/2029		295		305
Kohl’s Corp. 5.55%, 7/17/2045 (b)		429		512
Kraft Heinz Foods Co.
4.63%, 1/30/2029		1,270		1,431
4.63%, 10/1/2039		603		674
6.50%, 2/9/2040		480		634
5.00%, 6/4/2042		857		990
5.20%, 7/15/2045		738		873
4.38%, 6/1/2046		1,899		2,035
4.88%, 10/1/2049		4,194		4,812
5.50%, 6/1/2050		3,845		4,777
L Brands, Inc.
7.50%, 6/15/2029		500		580
6.88%, 11/1/2035		4,128		5,005
6.75%, 7/1/2036		3,913		4,713
LABL Escrow Issuer LLC
6.75%, 7/15/2026 (e)		735		792
10.50%, 7/15/2027 (e)		195		215
Lamar Media Corp. 4.00%, 2/15/2030		530		535
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (e)		409		424
Las Vegas Sands Corp. 3.90%, 8/8/2029		550		574
Leidos, Inc. 4.38%, 5/15/2030 (e)		520		580
Level 3 Financing, Inc.
5.25%, 3/15/2026		587		605
4.63%, 9/15/2027 (e)		1,240		1,278
3.63%, 1/15/2029 (e)		259		251
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (e)		113		117
6.50%, 5/15/2027 (e)		855		945

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Lumen Technologies, Inc.
Series Y, 7.50%, 4/1/2024		135		151
5.63%, 4/1/2025		310		334
Series G, 6.88%, 1/15/2028		1,388		1,562
Series P, 7.60%, 9/15/2039		4,187		4,803
Series U, 7.65%, 3/15/2042		3,819		4,354
Macy’s, Inc. 8.38%, 6/15/2025 (e)		525		579
Manufacturers & Traders Trust Co. (ICE LIBOR USD 3 Month + 0.61%), 0.80%, 5/18/2022 (g)		770		775
Marathon Oil Corp. 5.20%, 6/1/2045		1,708		1,907
Marriott International, Inc.
4.63%, 6/15/2030		206		231
Series GG, 3.50%, 10/15/2032		600		627
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		757		791
Masco Corp.
2.00%, 10/1/2030		600		578
4.50%, 5/15/2047 (b)		333		389
MassMutual Global Funding II (SOFR + 0.36%), 0.37%, 4/12/2024 (e) (g)		390		391
Mattel, Inc. 3.15%, 3/15/2023		108		111
3.38%, 4/1/2026 (e)		572		592
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (e)		1,021		1,025
7.25%, 4/15/2025 (e)		390		379
MDC Holdings, Inc.
3.85%, 1/15/2030		2,328		2,491
6.00%, 1/15/2043		3,311		4,286
Meredith Corp. 6.88%, 2/1/2026 (b)		736		755
Metropolitan Life Global Funding I
2.40%, 6/17/2022 (e)		747		765
(SOFR + 0.32%), 0.33%, 1/7/2024 (e) (g)		550		551
MGM Growth Properties Operating Partnership LP
REIT, 5.75%, 2/1/2027		1,358		1,514
REIT, 4.50%, 1/15/2028		350		365
MGM Resorts International
6.75%, 5/1/2025		310		333
5.75%, 6/15/2025		209		230
4.63%, 9/1/2026		164		173
5.50%, 4/15/2027		3,609		3,938
Micron Technology, Inc.
5.33%, 2/6/2029		520		620
4.66%, 2/15/2030 (b)		520		599

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Molson Coors Beverage Co. 4.20%, 7/15/2046 (b)		350		372
Molson Coors Brewing Co. 5.00%, 5/1/2042 (b)		1,986		2,339
Mondelez International Holdings Netherlands BV 2.13%, 9/19/2022 (e)		375		384
Morgan Stanley
3.13%, 1/23/2023		447		468
(SOFR + 0.62%), 0.73%, 4/5/2024 (g)		228		229
Motorola Solutions, Inc.
4.60%, 5/23/2029		1,000		1,149
2.30%, 11/15/2030		400		387
5.50%, 9/1/2044 (b)		343		425
MPT Operating Partnership LP REIT, 5.00%, 10/15/2027		495		521
MSCI, Inc.
5.38%, 5/15/2027 (e)		279		298
4.00%, 11/15/2029 (e)		375		392
3.88%, 2/15/2031 (e)		379		389
Murphy Oil Corp. 6.37%, 12/1/2042 (h)		1,083		1,015
Mylan, Inc. 5.20%, 4/15/2048		2,149		2,496
Nabors Industries Ltd. 7.25%, 1/15/2026 (e)		145		128
Nationstar Mortgage Holdings, Inc. 5.50%, 8/15/2028 (e)		290		293
Navient Corp.
6.50%, 6/15/2022		345		361
6.13%, 3/25/2024		280		296
4.88%, 3/15/2028		41		40
NCR Corp.
5.75%, 9/1/2027 (e)		770		813
5.00%, 10/1/2028 (e)		93		96
5.13%, 4/15/2029 (e)		178		183
6.13%, 9/1/2029 (e)		225		245
Netflix, Inc.
4.88%, 4/15/2028		349		402
5.88%, 11/15/2028		329		400
6.38%, 5/15/2029		690		866
5.38%, 11/15/2029 (e)		2,383		2,830
4.88%, 6/15/2030 (e)		3,886		4,508
New Albertsons LP 7.45%, 8/1/2029		25		29
8.00%, 5/1/2031		260		319
New York Life Global Funding (SOFR + 0.31%), 0.32%, 4/26/2024 (e) (g)		400		400
Newell Brands, Inc.
4.70%, 4/1/2026 (h)		855		953

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
5.87%, 4/1/2036 (h)		2,373			2,948
6.00%, 4/1/2046 (h)		3,796			4,851
Nexstar Broadcasting, Inc. 5.63%, 7/15/2027 (e)		754			796
NextEra Energy Capital Holdings, Inc. 0.65%, 3/1/2023		577			579
NextEra Energy Operating Partners LP 4.50%, 9/15/2027 (e)		371			401
NGL Energy Operating LLC 7.50%, 2/1/2026 (e)		127			133
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (e)		110			113
Nielsen Finance LLC 5.63%, 10/1/2028 (e)		205			219
Nordstrom, Inc.
6.95%, 3/15/2028		1,095			1,268
4.38%, 4/1/2030 (b)		4,403			4,516
5.00%, 1/15/2044		4,648			4,538
Novelis Corp.
5.88%, 9/30/2026 (e)		289			301
4.75%, 1/30/2030 (e)		290			302
NRG Energy, Inc.
6.63%, 1/15/2027		782			815
3.63%, 2/15/2031 (e)		117			115
NuStar Logistics LP
5.75%, 10/1/2025		151			163
6.00%, 6/1/2026		116			126
6.38%, 10/1/2030		151			166
Occidental Petroleum Corp.
2.70%, 8/15/2022		703			707
8.00%, 7/15/2025 (b)		655			765
5.88%, 9/1/2025		177			193
8.50%, 7/15/2027		240			292
6.38%, 9/1/2028		177			198
8.88%, 7/15/2030		279			359
6.63%, 9/1/2030		177	��		202
Olin Corp. 5.13%, 9/15/2027		285			298
Omnicom Group, Inc. 3.63%, 5/1/2022		273			282
ON Semiconductor Corp. 3.88%, 9/1/2028 (e)		525			540
ONE Gas, Inc. 0.85%, 3/11/2023		770			771
OneMain Finance Corp.
7.13%, 3/15/2026		337			394
6.63%, 1/15/2028		2,612			2,971
5.38%, 11/15/2029		3,196			3,447

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
ONEOK, Inc.
4.95%, 7/13/2047		487		539
5.20%, 7/15/2048		660		755
4.45%, 9/1/2049		600		625
4.50%, 3/15/2050		650		678
7.15%, 1/15/2051		404		554
Oracle Corp.
2.50%, 5/15/2022		374		381
2.63%, 2/15/2023		370		384
Oshkosh Corp. 3.10%, 3/1/2030		580		601
Outfront Media Capital LLC
6.25%, 6/15/2025 (e)		78		83
5.00%, 8/15/2027 (e)		327		337
Owens Corning
4.30%, 7/15/2047		350		392
4.40%, 1/30/2048		264		298
Pacific Gas and Electric Co.
3.30%, 8/1/2040 (b)		315		280
4.20%, 6/1/2041		500		495
4.60%, 6/15/2043		392		394
4.75%, 2/15/2044		386		394
4.30%, 3/15/2045 (b)		400		384
4.25%, 3/15/2046		350		335
4.00%, 12/1/2046 (b)		910		833
3.95%, 12/1/2047		911		836
4.95%, 7/1/2050		350		357
3.50%, 8/1/2050		430		373
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (e)		867		913
Parker-Hannifin Corp. 3.50%, 9/15/2022		216		225
PBF Holding Co. LLC
9.25%, 5/15/2025 (e)		191		200
6.00%, 2/15/2028		195		147
Penske Automotive Group, Inc. 5.50%, 5/15/2026		372		384
Penske Truck Leasing Co. LP 4.25%, 1/17/2023 (e)		122		129
Pentair Finance SARL 4.50%, 7/1/2029		550		637
Performance Food Group, Inc.
5.50%, 6/1/2024 (e)		265		265
5.50%, 10/15/2027 (e)		473		499
Perrigo Finance Unlimited Co. 4.90%, 12/15/2044 (b)		2,476		2,503
PetSmart, Inc. 4.75%, 2/15/2028 (e)		785		810
PG&E Corp. 5.00%, 7/1/2028		540		566

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Phillips 66 Partners LP
4.68%, 2/15/2045		451		490
4.90%, 10/1/2046		370		416
Plains All American Pipeline LP
4.30%, 1/31/2043		555		515
4.70%, 6/15/2044 (b)		1,347		1,306
4.90%, 2/15/2045		2,442		2,433
Plantronics, Inc. 5.50%, 5/31/2023 (e)		166		166
Post Holdings, Inc.
5.63%, 1/15/2028 (e)		540		569
5.50%, 12/15/2029 (e)		455		490
Prestige Brands, Inc. 5.13%, 1/15/2028 (e)		270		283
Prime Security Services Borrower LLC 5.75%, 4/15/2026 (e)		678		742
Protective Life Global Funding 2.62%, 8/22/2022 (e)		750		771
PulteGroup, Inc. 6.38%, 5/15/2033		677		875
Qorvo, Inc.
4.38%, 10/15/2029		369		401
3.38%, 4/1/2031 (e)		2,659		2,694
Quicken Loans LLC
5.25%, 1/15/2028 (e)		275		290
3.63%, 3/1/2029 (e)		101		99
3.88%, 3/1/2031 (e)		101		98
QVC, Inc.
4.75%, 2/15/2027 (b)		762		804
4.38%, 9/1/2028 (b)		3,804		3,894
5.45%, 8/15/2034 (b)		4,000		4,108
5.95%, 3/15/2043		2,770		2,756
Radian Group, Inc. 4.88%, 3/15/2027		2,500		2,650
Range Resources Corp. 9.25%, 2/1/2026		400		439
Raytheon Technologies Corp. 2.50%, 12/15/2022		123		127
Regeneron Pharmaceuticals, Inc.
1.75%, 9/15/2030		600		559
2.80%, 9/15/2050		1,700		1,479
Reliance Standard Life Global Funding II 2.63%, 7/22/2022 (e)		104		107
RHP Hotel Properties LP REIT, 4.75%, 10/15/2027		160		165
Rite Aid Corp.
7.50%, 7/1/2025 (e)		558		578
8.00%, 11/15/2026 (e)		563		585
Roper Technologies, Inc. 3.13%, 11/15/2022		367		380

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (e)		722		836
Royalty Pharma plc
3.30%, 9/2/2040 (e)		305		295
3.55%, 9/2/2050 (b) (e)		3,526		3,338
RPM International, Inc. 4.25%, 1/15/2048		550		572
Ryder System, Inc. 2.50%, 9/1/2022		374		384
Sabre GLBL, Inc. 9.25%, 4/15/2025 (e)		240		287
SBA Communications Corp.
REIT, 3.88%, 2/15/2027		375		383
REIT, 3.13%, 2/1/2029 (e)		177		170
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (e)		400		398
Seagate HDD Cayman
4.09%, 6/1/2029 (e)		50		51
4.13%, 1/15/2031 (e)		4,705		4,760
3.38%, 7/15/2031 (e)		3,345		3,221
5.75%, 12/1/2034		3,832		4,387
Sealed Air Corp.
4.00%, 12/1/2027 (e)		378		396
6.88%, 7/15/2033 (e)		492		614
Sempra Energy 2.88%, 10/1/2022		374		384
Sensata Technologies, Inc.
4.38%, 2/15/2030 (e)		2,770		2,896
3.75%, 2/15/2031 (e)		3,079		3,058
Service Corp. International
8.00%, 11/15/2021		60		62
4.63%, 12/15/2027		320		340
5.13%, 6/1/2029		420		454
Sinclair Television Group, Inc.
5.88%, 3/15/2026 (e)		64		66
4.13%, 12/1/2030 (e)		505		492
Sirius XM Radio, Inc.
4.63%, 7/15/2024 (e)		63		65
5.50%, 7/1/2029 (e)		900		972
4.13%, 7/1/2030 (e)		1,667		1,667
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (e)		478		481
5.50%, 4/15/2027 (e)		103		106
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (e)		605		654
Southern Natural Gas Co. LLC 0.63%, 4/28/2023 (e)		21		21
Southwestern Energy Co. 6.45%, 1/23/2025 (h)		560		605

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Spectrum Brands, Inc.
5.75%, 7/15/2025		30		31
5.00%, 10/1/2029 (e)		549		580
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (e)		270		289
Sprint Capital Corp.
6.88%, 11/15/2028		313		395
8.75%, 3/15/2032		2,931		4,345
Sprint Corp.
7.63%, 2/15/2025		634		753
7.63%, 3/1/2026		2,405		2,949
SS&C Technologies, Inc. 5.50%, 9/30/2027 (e)		456		484
Standard Industries, Inc. 4.75%, 1/15/2028 (e)		1,045		1,078
Staples, Inc.
7.50%, 4/15/2026 (e)		970		1,004
10.75%, 4/15/2027 (e)		370		383
Station Casinos LLC 5.00%, 10/1/2025 (e)		44		45
4.50%, 2/15/2028 (e)		120		120
Steel Dynamics, Inc. 3.25%, 10/15/2050		434		415
Summit Materials LLC
5.13%, 6/1/2025 (e)		140		142
6.50%, 3/15/2027 (e)		25		26
Targa Resources Partners LP
5.88%, 4/15/2026		188		197
5.50%, 3/1/2030		490		530
4.88%, 2/1/2031 (e)		270		282
4.00%, 1/15/2032 (e)		141		138
Taylor Morrison Communities, Inc.
5.88%, 6/15/2027 (e)		175		199
5.75%, 1/15/2028 (e)		3,474		3,921
5.13%, 8/1/2030 (e)		1,513		1,666
TEGNA, Inc.
5.50%, 9/15/2024 (e)		51		52
5.00%, 9/15/2029		729		756
Teleflex, Inc. 4.63%, 11/15/2027		425		452
Tempur Sealy International, Inc. 5.50%, 6/15/2026		1,237		1,275
Tenet Healthcare Corp.
4.63%, 9/1/2024 (e)		830		855
7.50%, 4/1/2025 (e)		170		183
5.13%, 5/1/2025		465		471
6.25%, 2/1/2027 (e)		1,300		1,363
5.13%, 11/1/2027 (e)		599		628

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
TerraForm Power Operating LLC
5.00%, 1/31/2028 (e)		362		388
4.75%, 1/15/2030 (e)		374		390
Texas Competitive Electric Holdings Co. LLC 11.50%, 10/1/2020 ‡ (i)		1,000		1
Time Warner Cable LLC
6.55%, 5/1/2037 (b)		347		461
7.30%, 7/1/2038		335		475
6.75%, 6/15/2039		420		573
5.88%, 11/15/2040 (b)		450		563
5.50%, 9/1/2041 (b)		397		475
4.50%, 9/15/2042		106		115
T-Mobile USA, Inc.
2.25%, 2/15/2026		142		143
4.75%, 2/1/2028		2,107		2,252
3.88%, 4/15/2030 (e)		253		276
2.55%, 2/15/2031 (e)		470		462
4.38%, 4/15/2040 (e)		170		189
3.00%, 2/15/2041 (e)		290		271
4.50%, 4/15/2050 (e)		328		370
3.30%, 2/15/2051 (e)		400		373
3.60%, 11/15/2060 (e)		1,436		1,375
Topaz Solar Farms LLC 5.75%, 9/30/2039 (e)		2,291		2,652
Toyota Motor Credit Corp. 2.90%, 3/30/2023		550		578
TransDigm, Inc. 6.25%, 3/15/2026 (e)		924		978
Transocean Pontus Ltd. 6.13%, 8/1/2025 (e)		349		340
Travel + Leisure Co.
6.00%, 4/1/2027 (h)		777		868
4.63%, 3/1/2030 (e)		896		932
Tri Pointe Homes, Inc.
5.25%, 6/1/2027		367		394
5.70%, 6/15/2028		360		400
Truist Financial Corp. 3.05%, 6/20/2022		730		751
TWDC Enterprises 18 Corp. 2.35%, 12/1/2022		370		382
Twitter, Inc. 3.88%, 12/15/2027 (e)		380		400
Union Pacific Corp. 2.95%, 1/15/2023		553		575
United Rentals North America, Inc.
5.50%, 5/15/2027		360		384
4.88%, 1/15/2028		185		196
5.25%, 1/15/2030		887		970
4.00%, 7/15/2030 (b)		385		395
3.88%, 2/15/2031		3,405		3,426
United States Cellular Corp. 6.70%, 12/15/2033		2,332		2,915

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Uniti Group LP REIT, 7.88%, 2/15/2025 (e)		370		399
Universal Health Services, Inc. 2.65%, 10/15/2030 (e)		600		583
US Bancorp 2.95%, 7/15/2022		369		380
US Bank NA (ICE LIBOR USD 3 Month + 0.44%), 0.62%, 5/23/2022 (g)		770		773
Utah Acquisition Sub, Inc. 5.25%, 6/15/2046		262		306
Valmont Industries, Inc.
5.00%, 10/1/2044 (b)		361		413
5.25%, 10/1/2054		550		631
Valvoline, Inc. 4.25%, 2/15/2030 (e)		608		623
Viatris, Inc.
2.70%, 6/22/2030 (e)		400		395
3.85%, 6/22/2040 (e)		366		373
4.00%, 6/22/2050 (e)		371		369
VICI Properties LP
REIT, 4.25%, 12/1/2026 (e)		156		161
REIT, 4.63%, 12/1/2029 (e)		281		292
REIT, 4.13%, 8/15/2030 (e)		680		690
Vistra Operations Co. LLC
5.63%, 2/15/2027 (e)		340		353
5.00%, 7/31/2027 (e)		380		394
VMware, Inc.
4.70%, 5/15/2030 (b)		520		605
Vulcan Materials Co.
3.50%, 6/1/2030		429		467
4.50%, 6/15/2047 (b)		335		390
4.70%, 3/1/2048		326		391
Wells Fargo & Co. (ICE LIBOR USD 3 Month + 1.11%), 1.29%, 1/24/2023 (g)		787		793
WESCO Distribution, Inc.
7.13%, 6/15/2025 (e)		502		542
7.25%, 6/15/2028 (e)		422		469
Western Digital Corp. 4.75%, 2/15/2026		148		164
Western Midstream Operating LP
4.00%, 7/1/2022		265		271
4.35%, 2/1/2025 (h)		310		328
5.45%, 4/1/2044		3,760		3,954
5.30%, 3/1/2048		3,197		3,277
5.50%, 8/15/2048		3,633		3,705
6.50%, 2/1/2050 (h)		2,753		3,115
Williams Cos., Inc. (The)
5.40%, 3/4/2044		424		503
5.75%, 6/24/2044		398		494

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
4.90%, 1/15/2045		442		496
5.10%, 9/15/2045		567		658
4.85%, 3/1/2048		550		624
WMG Acquisition Corp.
3.88%, 7/15/2030 (e)		1,024		1,037
3.00%, 2/15/2031 (e)		2,742		2,574
Wolverine Escrow LLC 9.00%, 11/15/2026 (e)		576		570
WPX Energy, Inc. 4.50%, 1/15/2030		538		580
Wynn Las Vegas LLC
4.25%, 5/30/2023 (e)		425		436
5.50%, 3/1/2025 (e)		428		457
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (e)		325		336
Xerox Holdings Corp. 5.50%, 8/15/2028 (e)		4,556		4,761
XPO Logistics, Inc.
6.75%, 8/15/2024 (e)		449		469
6.25%, 5/1/2025 (e)		370		397
Yum! Brands, Inc.
4.75%, 1/15/2030 (e)		295		316
3.63%, 3/15/2031		555		548
4.63%, 1/31/2032		201		210
Zayo Group Holdings, Inc.
4.00%, 3/1/2027 (e)		485		482
Zimmer Biomet Holdings, Inc.
5.75%, 11/30/2039 (b)		307		402
4.45%, 8/15/2045		400		455
Zoetis, Inc. 3.25%, 2/1/2023		367		382
				611,756
Venezuela, Bolivarian Republic of — 0.0% (a)
Petroleos de Venezuela SA
8.50%, 10/27/2020 (d) (i)		75		18
9.00%, 11/17/2021 (d) (i)		50		2
12.75%, 2/17/2022 (d) (i)		120		5
				25
Total Corporate Bonds (Cost $726,583)				741,254
Foreign Government Securities — 6.0%
Australia — 0.1%
Commonwealth of Australia
2.75%, 4/21/2024 (d)	AUD	885		735
3.25%, 4/21/2025 (d)	AUD	1,536		1,313
0.25%, 11/21/2025 (d)	AUD	1,100		834
2.75%, 11/21/2028 (d)	AUD	150		128

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Australia — continued
2.75%, 6/21/2035 (d)	AUD	1,936		1,620
2.75%, 5/21/2041 (d)	AUD	360		290
3.00%, 3/21/2047 (d)	AUD	209		173
1.75%, 6/21/2051 (d)	AUD	100		63
				5,156
Belgium — 0.1%
Kingdom of Belgium
0.80%, 6/22/2027 (d)	EUR	845		1,086
0.10%, 6/22/2030 (d)	EUR	1,187		1,441
1.00%, 6/22/2031 (d)	EUR	455		597
1.45%, 6/22/2037 (d)	EUR	610		841
1.90%, 6/22/2038 (d)	EUR	1,285		1,887
1.60%, 6/22/2047 (d)	EUR	267		376
1.70%, 6/22/2050 (d)	EUR	106		153
2.15%, 6/22/2066 (d)	EUR	327		543
				6,924
Canada — 0.1%
Canada Government Bond
2.25%, 3/1/2024	CAD	1,280		1,095
5.00%, 6/1/2037	CAD	293		343
4.00%, 6/1/2041	CAD	285		311
3.50%, 12/1/2045	CAD	274		286
2.75%, 12/1/2048	CAD	198		185
2.00%, 12/1/2051	CAD	704		563
2.75%, 12/1/2064	CAD	130		125
				2,908
China — 0.1%
Export-Import Bank of China (The) 0.75%, 5/28/2023 (d)	EUR	3,800		4,640
Denmark — 0.1%
Kingdom of Denmark
0.25%, 11/15/2022 (d)	DKK	1,704		279
1.75%, 11/15/2025	DKK	2,373		422
0.50%, 11/15/2027	DKK	3,009		510
0.50%, 11/15/2029 (d)	DKK	860		146
4.50%, 11/15/2039	DKK	2,847		809
0.25%, 11/15/2052 (d)	DKK	360		53
				2,219
France — 0.3%
French Republic
1.50%, 5/25/2031 (d)	EUR	764		1,048
1.25%, 5/25/2036 (d)	EUR	2,910		3,910

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
France — continued
1.75%, 6/25/2039 (d)	EUR	1,658		2,410
3.25%, 5/25/2045 (d)	EUR	619		1,156
2.00%, 5/25/2048 (d)	EUR	890		1,371
1.50%, 5/25/2050 (d)	EUR	914		1,269
0.75%, 5/25/2052 (d)	EUR	645		735
1.75%, 5/25/2066 (d)	EUR	726		1,094
				12,993
Germany — 0.1%
Bundesrepublik Deutschland
4.00%, 1/4/2037 (d)	EUR	1,210		2,361
2.50%, 7/4/2044 (d)	EUR	395		721
				3,082
Indonesia — 0.1%
Republic of Indonesia
2.88%, 7/8/2021 (d)	EUR	1,200		1,450
2.15%, 7/18/2024 (d)	EUR	1,120		1,426
				2,876
Italy — 1.1%
Buoni Poliennali del Tesoro
0.35%, 11/1/2021 (d)	EUR	5,900		7,123
1.00%, 7/15/2022 (d)	EUR	438		535
0.95%, 3/1/2023 (d)	EUR	2,161		2,658
0.60%, 6/15/2023 (d)	EUR	187		229
2.45%, 10/1/2023 (d)	EUR	1,738		2,225
0.65%, 10/15/2023 (d)	EUR	1,600		1,966
1.40%, 5/26/2025 (d)	EUR	3,117		4,002
1.85%, 7/1/2025 (d)	EUR	7,767		10,034
0.50%, 2/1/2026 (d)	EUR	2,429		2,970
0.85%, 1/15/2027 (d)	EUR	4,900		6,073
1.65%, 3/1/2032 (d)	EUR	3,221		4,146
2.25%, 9/1/2036 (d)	EUR	2,392		3,244
1.80%, 3/1/2041 (d)	EUR	626		777
4.75%, 9/1/2044 (d)	EUR	405		771
2.70%, 3/1/2047 (d)	EUR	690		982
3.45%, 3/1/2048 (d)	EUR	704		1,136
2.45%, 9/1/2050 (d)	EUR	370		501
2.80%, 3/1/2067 (d)	EUR	252		353
Italian Republic Government Bond 2.38%, 10/17/2024		5,381		5,604
				55,329

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Japan — 2.3%
Japan Finance Organization for Municipalities
0.88%, 9/22/2021 (d)	EUR	770		930
3.25%, 4/24/2023 (e)		1,890		1,995
Japan Government Bond
0.80%, 9/20/2022	JPY	568,150		5,264
0.10%, 12/20/2022	JPY	627,950		5,767
0.80%, 9/20/2023	JPY	1,154,500		10,798
0.10%, 6/20/2024	JPY	549,750		5,067
0.10%, 9/20/2024	JPY	702,250		6,474
0.50%, 9/20/2024	JPY	393,150		3,674
0.10%, 12/20/2024	JPY	360,400		3,325
0.10%, 6/20/2026	JPY	650,000		6,005
0.10%, 9/20/2027	JPY	161,500		1,492
0.10%, 12/20/2029	JPY	756,650		6,962
0.10%, 3/20/2030	JPY	161,100		1,482
0.10%, 6/20/2030	JPY	492,400		4,523
1.60%, 3/20/2032	JPY	480,200		5,086
1.50%, 6/20/2034	JPY	517,800		5,522
1.40%, 9/20/2034	JPY	416,700		4,399
0.70%, 3/20/2037	JPY	721,800		6,986
0.60%, 9/20/2037	JPY	929,750		8,856
0.30%, 12/20/2039	JPY	69,950		625
0.40%, 6/20/2040	JPY	341,200		3,092
1.50%, 3/20/2045	JPY	126,150		1,400
1.40%, 12/20/2045	JPY	151,750		1,657
0.80%, 12/20/2047	JPY	288,550		2,772
0.40%, 9/20/2049	JPY	42,550		366
0.40%, 12/20/2049	JPY	353,800		3,035
0.40%, 3/20/2050	JPY	389,000		3,334
0.90%, 3/20/2057	JPY	181,950		1,781
				112,669
Kuwait — 0.0% (a)
State of Kuwait 2.75%, 3/20/2022 (d)		700		714
Netherlands — 0.1%
Kingdom of Netherlands
0.25%, 7/15/2029 (d)	EUR	1,185		1,480
3.75%, 1/15/2042 (d)	EUR	917		1,880
0.00%, 1/15/2052 (d)	EUR	450		474
				3,834
Peru — 0.0% (a)
Republic of Peru 1.86%, 12/1/2032		487		443

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Philippines — 0.0% (a)
Republic of Philippines 0.25%, 4/28/2025	EUR	1,303		1,571
Qatar — 0.0% (a)
State of Qatar 3.88%, 4/23/2023 (e)		860		916
Romania — 0.0% (a)
Romania Government Bond
2.00%, 4/14/2033 (e)	EUR	1,470		1,743
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia
2.38%, 10/26/2021 (d)		3,700		3,731
2.25%, 2/2/2033 (b) (e)		914		863
				4,594
South Korea — 0.2%
Export-Import Bank of Korea
4.38%, 9/15/2021		2,900		2,945
0.75%, 9/21/2025		4,217		4,146
Republic of Korea 0.00%, 9/16/2025	EUR	1,276		1,541
				8,632
Spain — 0.5%
Bonos and Obligaciones del Estado
0.45%, 10/31/2022	EUR	1,521		1,856
4.80%, 1/31/2024 (d)	EUR	1,660		2,285
0.00%, 1/31/2025	EUR	234		285
1.60%, 4/30/2025 (d)	EUR	4,010		5,192
1.50%, 4/30/2027 (d)	EUR	2,670		3,510
1.40%, 7/30/2028 (d)	EUR	102		134
1.45%, 4/30/2029 (d)	EUR	184		243
0.60%, 10/31/2029 (d)	EUR	650		802
0.50%, 4/30/2030 (d)	EUR	1,833		2,232
1.95%, 7/30/2030 (d)	EUR	959		1,318
1.25%, 10/31/2030 (d)	EUR	245		317
2.35%, 7/30/2033 (d)	EUR	2,363		3,401
4.70%, 7/30/2041 (d)	EUR	418		828
2.90%, 10/31/2046 (d)	EUR	700		1,130
2.70%, 10/31/2048 (d)	EUR	665		1,043
1.00%, 10/31/2050 (d)	EUR	226		243
3.45%, 7/30/2066 (d)	EUR	311		571
				25,390
Sweden — 0.1%
Kingdom of Sweden
1.50%, 11/13/2023 (d)	SEK	4,690		579
0.75%, 5/12/2028	SEK	1,985		244
0.75%, 11/12/2029 (d)	SEK	1,595		195

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Sweden — continued
3.50%, 3/30/2039	SEK	1,370		236
0.50%, 11/24/2045	SEK	470		51
Svensk Exportkredit AB 2.88%, 3/14/2023		3,300		3,458
				4,763
United Arab Emirates — 0.0% (a)
United Arab Emirates Government Bond 0.75%, 9/2/2023 (e)		1,569		1,578
United Kingdom — 0.6%
United Kingdom of Great Britain and Northern Ireland
0.63%, 6/7/2025 (d)	GBP	2,987		4,183
1.25%, 7/22/2027 (d)	GBP	1,522		2,194
4.25%, 3/7/2036 (d)	GBP	1,152		2,265
1.75%, 9/7/2037 (d)	GBP	1,593		2,373
4.75%, 12/7/2038 (d)	GBP	1,018		2,199
1.25%, 10/22/2041 (d)	GBP	1,000		1,367
0.88%, 1/31/2046 (d)	GBP	640		796
4.25%, 12/7/2046 (d)	GBP	1,735		3,909
1.50%, 7/22/2047 (d)	GBP	2,447		3,500
1.75%, 1/22/2049 (d)	GBP	512		775
1.75%, 7/22/2057 (d)	GBP	1,239		1,949
2.50%, 7/22/2065 (d)	GBP	1,277		2,542
1.63%, 10/22/2071 (d)	GBP	290		477
				28,529
Venezuela, Bolivarian Republic of — 0.0% (a)
Bolivarian Republic of Venezuela
7.75%, 10/13/2019 (d) (i)		10		1
12.75%, 8/23/2022 (d) (i)		180		18
9.25%, 5/7/2028 (d) (i)		180		18
				37
Total Foreign Government Securities (Cost $285,106)				291,540
	SHARES (000)
Exchange-Traded Funds — 5.0%
United States — 5.0%
iShares MSCI India ETF		495		20,292
Invesco S&P 500 Equal Weight ETF (b)		1,487		220,550
Total Exchange-Traded Funds (Cost $225,469)				240,842

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — 1.4%
Cayman Islands — 0.0% (a)
GPMT Ltd. Series 2018-FL1, Class AS, 1.31%, 11/21/2035 ‡ (e) (m)		1,000		998
United States — 1.4%
BX Commercial Mortgage Trust Series 2020-BXLP, Class F, 2.11%, 12/15/2036 ‡ (e) (m)		564		564
Citigroup Commercial Mortgage Trust Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		960		1,050
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.41%, 7/25/2023 (m)		103,627		588
Series KC03, Class X1, IO, 0.63%, 11/25/2024 (m)		29,770		453
Series K734, Class X3, IO, 2.24%, 7/25/2026 (m)		7,480		708
Series KC04, Class X1, IO, 1.40%, 12/25/2026 (m)		12,995		654
Series K064, Class X3, IO, 2.21%, 5/25/2027 (m)		14,685		1,649
Series K078, Class X1, IO, 0.23%, 6/25/2028 (m)		63,526		554
Series K082, Class X1, IO, 0.15%, 9/25/2028 (m)		420,499		1,852
Series K083, Class X1, IO, 0.18%, 9/25/2028 (m)		133,906		759
Series K082, Class X3, IO, 2.29%, 10/25/2028 (m)		9,250		1,303
Series K084, Class X3, IO, 2.31%, 11/25/2028 (m)		10,000		1,441
Series K723, Class X3, IO, 1.98%, 10/25/2034 (m)		6,909		290
Series K153, Class X3, IO, 3.90%, 4/25/2035 (m)		5,395		1,690
Series K716, Class X3, IO, 1.79%, 8/25/2042 (m)		16,608		7
Series K721, Class X3, IO, 1.34%, 11/25/2042 (m)		22,604		397
Series K726, Class X3, IO, 2.21%, 7/25/2044 (m)		15,363		879
Series K059, Class X3, IO, 1.98%, 11/25/2044 (m)		15,200		1,420
Series K070, Class X3, IO, 2.11%, 12/25/2044 (m)		7,175		843
Series K065, Class X3, IO, 2.26%, 7/25/2045 (m)		16,900		1,968
Series K728, Class X3, IO, 2.02%, 11/25/2045 (m)		8,624		527
Series K071, Class X3, IO, 2.08%, 11/25/2045 (m)		8,000		934

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 41

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series K072, Class X3, IO, 2.21%, 12/25/2045 (m)		5,200		644
Series K087, Class X3, IO, 2.39%, 1/25/2046 (m)		11,320		1,716
Series K081, Class X3, IO, 2.31%, 9/25/2046 (m)		15,822		2,248
Series K088, Class X3, IO, 2.42%, 2/25/2047 (m)		16,690		2,643
Series K092, Class X3, IO, 2.32%, 5/25/2047 (m)		7,055		1,098
Series K094, Class X3, IO, 2.20%, 7/25/2047 (m)		14,794		2,207
FNMA ACES Series 2019-M21, Class X2, IO, 1.46%, 2/25/2031 (m)		3,696		378
FREMF Series 2018-KF46, Class B, 2.06%, 3/25/2028 (e) (m)		402		394
FREMF Mortgage Trust
Series 2015-KF09, Class B, 5.46%, 5/25/2022 (e) (m)		118		118
Series 2015-KF10, Class B, 6.21%, 7/25/2022 (e) (m)		429		429
Series 2017-KF31, Class B, 3.01%, 4/25/2024 (e) (m)		141		140
Series 2017-KF32, Class B, 2.66%, 5/25/2024 (e) (m)		298		298
Series 2017-KF36, Class B, 2.76%, 8/25/2024 (e) (m)		344		344
Series 2017-KF38, Class B, 2.61%, 9/25/2024 (e) (m)		407		407
Series 2018-KF42, Class B, 2.31%, 12/25/2024 (e) (m)		220		219
Series 2018-KF45, Class B, 2.06%, 3/25/2025 (e) (m)		771		767
Series 2018-KF47, Class B, 2.11%, 5/25/2025 (e) (m)		517		507
Series 2018-KF49, Class B, 2.01%, 6/25/2025 (e) (m)		252		248
Series 2018-KC02, Class B, 4.22%, 7/25/2025 (e) (m)		1,530		1,560
Series 2019-KC03, Class B, 4.51%, 1/25/2026 (e) (m)		1,325		1,352
Series 2019-KF62, Class B, 2.16%, 4/25/2026 (e) (m)		909		903
Series 2019-K736, Class C, 3.88%, 7/25/2026 (e) (m)		1,500		1,590
Series 2018-KF48, Class B, 2.16%, 6/25/2028 (e) (m)		1,289		1,269

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2018-KF50, Class B, 2.01%, 7/25/2028 (e) (m)		200		197
Series 2018-K82, Class B, 4.27%, 9/25/2028 (e) (m)		725		805
Series 2019-KG01, Class B, 4.31%, 4/25/2029 (e) (m)		1,675		1,766
Series 2019-KF63, Class B, 2.46%, 5/25/2029 (e) (m)		1,817		1,817
Series 2019-KF65, Class B, 2.51%, 7/25/2029 (e) (m)		1,112		1,097
Series 2012-K19, Class C, 4.16%, 5/25/2045 (e) (m)		480		492
Series 2017-K67, Class C, 4.08%, 9/25/2049 (e) (m)		770		822
Series 2016-K60, Class B, 3.66%, 12/25/2049 (e) (m)		355		382
Series 2018-K72, Class B, 4.12%, 12/25/2050 (e) (m)		650		723
Series 2018-K74, Class B, 4.23%, 2/25/2051 (e) (m)		930		1,022
Series 2018-K75, Class B, 4.11%, 4/25/2051 (e) (m)		600		660
Series 2020-K737, Class B, 3.41%, 1/25/2053 (e) (m)		400		423
Series 2019-K96, Class B, 3.94%, 8/25/2056 (e) (m)		1,110		1,210
GNMA
Series 2013-7, IO, 0.33%, 5/16/2053 (m)		13,278		188
Series 2013-178, IO, 0.37%, 6/16/2055 (m)		2,545		39
Series 2015-172, IO, 0.70%, 3/16/2057 (m)		2,062		72
Series 2016-40, IO, 0.67%, 7/16/2057 (m)		7,579		273
Series 2016-157, IO, 0.89%, 11/16/2057 (m)		7,924		459
Series 2016-151, IO, 1.02%, 6/16/2058 (m)		15,789		965
Series 2017-54, IO, 0.58%, 12/16/2058 (m)		5,834		279
Series 2017-69, IO, 0.82%, 7/16/2059 (m)		1,866		102
Series 2018-119, IO, 0.71%, 5/16/2060 (m)		3,327		215
KNDL Mortgage Trust Series 2019-KNSQ, Class E, 1.91%, 5/15/2036 ‡ (e) (m)		990		990
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.11%, 7/15/2044 (m)		321		317
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (m)		1,562		904

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class D, 5.06%, 4/15/2047 ‡ (e) (m)		385		390
Morgan Stanley Capital I Trust Series 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (e) (m)		770		748
MRCD MARK Mortgage Trust Series 2019-PARK, Class G, 2.72%, 12/15/2036 ‡ (e)		5,000		4,791
Multi-Family Connecticut Avenue Securities Trust Series 2019-01, Class M7, 1.81%, 10/15/2049 ‡ (e) (m)		335		335
Nationslink Funding Corp. Commercial Loan Pass-Through Certificates Series 1999-LTL1, Class E, 5.00%, 1/22/2026 ‡ (e)		630		634
Velocity Commercial Capital Loan Trust
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (e) (m)		331		344
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (e) (m)		479		494
Wells Fargo Commercial Mortgage Trust Series 2019-C52, Class XA, IO, 1.76%, 8/15/2052 (m)		3,957		406
				66,370
Total Commercial Mortgage-Backed Securities (Cost $68,235)				67,368
U.S. Treasury Obligations — 1.3%
U.S. Treasury Notes 1.38%, 1/31/2022 (n) (Cost $62,467)		61,870		62,479
Collateralized Mortgage Obligations — 0.8%
United States — 0.8%
Alternative Loan Trust
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		292		290
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		65		66
Series 2005-11CB, Class 2A1, 5.50%, 6/25/2035		58		56
Series 2005-19CB, Class A2, IF, 16.71%, 6/25/2035 (m)		13		14
Series 2005-27, Class 1A6, 1.34%, 8/25/2035 (m)		691		598
Series 2005-28CB, Class 2A6, 5.00%, 8/25/2035		799		649
Series 2006-4CB, Class 2A6, 5.50%, 4/25/2036		1,713		1,672
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		587		453

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
American Home Mortgage Investment Trust
Series 2006-3, Class 22A1, 1.96%, 12/25/2036 (m)		1,859		1,707
Angel Oak Mortgage Trust I LLC
Series 2019-2, Class B1, 5.02%, 3/25/2049 ‡ (e) (m)		1,000		1,021
Banc of America Funding Trust
Series 2005-6, Class 1A2, 5.50%, 10/25/2035		40		39
Bear Stearns ALT-A Trust
Series 2003-6, Class 2A2, 2.99%, 1/25/2034 (m)		1,208		1,265
Series 2005-4, Class 23A1, 2.68%, 5/25/2035 (m)		41		42
Series 2005-4, Class 23A2, 2.68%, 5/25/2035 (m)		320		328
Bear Stearns ARM Trust
Series 2005-9, Class A1, 2.41%, 10/25/2035 (m)		96		98
Series 2006-1, Class A1, 2.37%, 2/25/2036 (m)		162		168
Bear Stearns Asset-Backed Securities I Trust
Series 2004-AC3, Class M1, 0.66%, 6/25/2034 ‡ (m)		396		381
Chase Mortgage Finance Trust
Series 2006-S4, Class A5, 6.00%, 12/25/2036		233		159
Series 2007-A1, Class 1A1, 2.65%, 2/25/2037 (m)		40		41
Series 2007-A1, Class 8A1, 2.70%, 2/25/2037 (m)		67		69
CHL GMSR Issuer Trust
Series 2018-GT1, Class B, 3.61%, 5/25/2023 (e) (m)		840		838
CHL Mortgage Pass-Through Trust
Series 2004-9, Class A7, 5.25%, 6/25/2034		55		55
Series 2004-25, Class 2A1, 0.79%, 2/25/2035 (m)		301		280
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		414		347
Series 2005-31, Class 2A1, 2.53%, 1/25/2036 (m)		265		243
Series 2006-21, Class A14, 6.00%, 2/25/2037		138		103
Series 2007-10, Class A4, 5.50%, 7/25/2037		174		119

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 43

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series 2007-9, Class A11, 5.75%, 7/25/2037		1,445			1,102
Citigroup Mortgage Loan Trust
Series 2005-3, Class 2A2A, 3.08%, 8/25/2035 (m)		154			160
Series 2005-11, Class A2A, 2.53%, 10/25/2035 (m)		47			47
Citigroup Mortgage Loan Trust, Inc.
Series 2005-4, Class A, 3.03%, 8/25/2035 (m)		187			196
Series 2019-IMC1, Class B1, 3.97%, 7/25/2049 ‡ (e) (m)		2,123			2,170
Series 2019-IMC1, Class B2, 5.41%, 7/25/2049 ‡ (e) (m)		2,000			2,055
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8, Class 5A1, 6.00%, 12/25/2034		265			277
Deephaven Residential Mortgage Trust
Series 2019-2A, Class M1, 3.92%, 4/25/2059 (e) (m)		250			253
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AF1, Class A4, 0.41%, 4/25/2036 (m)		484			487
Series 2007-3, Class 2A1, 0.86%, 10/25/2047 (m)		—	(c)		—	(c)
FHLMC Structured Agency Credit Risk Debt Notes Series 2021-DNA2, Class B2, 6.01%, 8/25/2033 (e) (m)		2,850			2,871
GSR Mortgage Loan Trust Series 2004-11, Class 2A2, 3.37%, 9/25/2034 (m)		138			145
Homeward Opportunities Fund I Trust
Series 2019-1, Class M1, 3.95%, 1/25/2059 (e) (m)		500			513
Series 2019-1, Class B1, 4.80%, 1/25/2059 ‡ (e) (m)		500			507
Impac CMB Trust
Series 2004-6, Class 1A2, 0.89%, 10/25/2034 (m)		38			38
Series 2005-2, Class 2A2, 0.91%, 4/25/2035 (m)		264			260
Series 2005-4, Class 2A2, 0.87%, 5/25/2035 (m)		243			241
Series 2005-4, Class 2M2, 1.23%, 5/25/2035 (m)		171			167
Series 2005-4, Class 2B1, 2.58%, 5/25/2035 ‡ (m)		257			260

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
IndyMac INDX Mortgage Loan Trust Series 2007-AR21, Class 6A1, 2.89%, 9/25/2037 (m)		1,902		1,591
JPMorgan Mortgage Trust
Series 2005-A8, Class 2A3, 2.91%, 11/25/2035 (m)		122		118
Series 2006-A7, Class 2A2, 3.07%, 1/25/2037 (m)		753		704
Lehman XS Trust Series 2006-16N, Class A4A, 0.30%, 11/25/2046 (m)		1,695		1,595
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 2.70%, 4/21/2034 (m)		116		117
MASTR Alternative Loan Trust
Series 2003-5, Class 30B1, 5.92%, 8/25/2033 ‡ (m)		548		555
Series 2004-6, Class 8A1, 5.50%, 7/25/2034		46		47
Merrill Lynch Mortgage Investors Trust
Series 2005-A2, Class A3, 2.79%, 2/25/2035 (m)		28		28
Series 2005-1, Class 2A1, 1.99%, 4/25/2035 (m)		32		32
Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A4, Class 3A, 3.10%, 5/25/2033 (m)		58		58
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 3.00%, 7/25/2034 (m)		60		63
Series 2004-7AR, Class 2A6, 2.57%, 9/25/2034 (m)		150		153
Series 2004-11AR, Class 1A2A, 0.42%, 1/25/2035 (m)		136		149
MortgageIT Mortgage Loan Trust Series 2006-1, Class 1A2, 0.51%, 4/25/2036 (m)		1,938		1,551
MortgageIT Trust Series 2005-1, Class 1B1, 1.61%, 2/25/2035 ‡ (m)		148		151
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-4, Class 1A2, 0.89%, 11/25/2035 (m)		91		91
Series 2005-5, Class 1APT, 0.67%, 12/25/2035 (m)		443		442

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Opteum Mortgage Acceptance Corp. Trust
Series 2006-1, Class 1APT, 0.53%, 4/25/2036 (m)		533		502
Series 2006-1, Class 1AC1, 0.71%, 4/25/2036 (m)		381		376
PMT Credit Risk Transfer Trust Series 2019-2R, Class A, 2.86%, 5/27/2023 (e) (m)		236		234
RALI Trust Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		478		475
Residential Asset Securitization Trust Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		2,201		1,639
RFMSI Trust
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		420		401
Series 2007-S6, Class 2A5, 0.61%, 6/25/2037 (m)		1,362		1,132
Starwood Mortgage Residential Trust Series 2019-INV1, Class M1, 3.06%, 9/27/2049 ‡ (e) (m)		500		488
Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 1A1, 0.96%, 5/25/2047 (m)		2,051		1,713
Verus Securitization Trust Series 2020-1, Class B1, 3.62%, 1/25/2060 ‡ (e) (m)		1,177		1,183
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 2.71%, 3/25/2035 (m)		299		309
Series 2005-AR5, Class A6, 3.51%, 5/25/2035 (m)		198		207
Series 2005-AR7, Class A3, 2.88%, 8/25/2035 (m)		175		182
Series 2005-AR10, Class 1A3, 3.09%, 9/25/2035 (m)		111		115
Series 2005-AR14, Class 1A4, 2.91%, 12/25/2035 (m)		166		167
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-K, Class 1A2, 2.99%, 7/25/2034 (m)		22		22
Series 2005-AR14, Class A1, 2.65%, 8/25/2035 (m)		150		152
Total Collateralized Mortgage Obligations (Cost $40,010)				39,592

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — 0.4%
United States — 0.4%
ABFC Trust Series 2004-HE1, Class M1, 1.01%, 3/25/2034 ‡ (m)		255		254
ACE Securities Corp. Home Equity Loan Trust
Series 2002-HE3, Class M1, 1.91%, 10/25/2032 ‡ (m)		160		163
Series 2003-NC1, Class M1, 1.28%, 7/25/2033 ‡ (m)		143		144
Series 2003-OP1, Class M1, 1.16%, 12/25/2033 ‡ (m)		277		276
Series 2004-OP1, Class M3, 1.98%, 4/25/2034 (m)		84		83
Series 2004-HE4, Class M2, 1.08%, 12/25/2034 ‡ (m)		96		95
American Credit Acceptance Receivables Trust Series 2019-2, Class E, 4.29%, 6/12/2025 (e)		350		368
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W, Class A6, 4.08%, 5/25/2034 ‡ (h)		155		159
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE2, Class M1, 1.46%, 4/15/2033 ‡ (m)		733		740
Series 2004-HE2, Class M2, 1.98%, 4/25/2034 ‡ (m)		370		371
Series 2004-HE3, Class M2, 1.79%, 6/25/2034 ‡ (m)		781		787
Bear Stearns Asset-Backed Securities I Trust
Series 2004-FR2, Class M3, 1.91%, 6/25/2034 (m)		67		68
Series 2004-HE6, Class M2, 1.98%, 8/25/2034 ‡ (m)		295		295
Bear Stearns Asset-Backed Securities Trust
Series 2004-1, Class M1, 1.08%, 6/25/2034 ‡ (m)		290		295
Series 2004-2, Class M1, 1.31%, 8/25/2034 ‡ (m)		137		137
Chase Funding Trust Series 2003-2, Class 2M1, 0.93%, 11/25/2032 ‡ (m)		445		444
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (h)		556		579
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates Series 2005-OPT3, Class M3, 0.83%, 5/25/2035 ‡ (m)		45		45

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 45

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Conn’s Receivables Funding LLC Series 2019-B, Class B, 3.62%, 6/17/2024 ‡ (e)		362		364
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.23%, 12/25/2032 ‡ (m)		21		21
Series 2004-2, Class M1, 0.86%, 5/25/2034 ‡ (m)		26		26
Series 2004-3, Class M1, 0.86%, 6/25/2034 ‡ (m)		57		56
Countrywide Partnership Trust Series 2004-EC1, Class M2, 1.05%, 1/25/2035 ‡ (m)		344		337
Credit-Based Asset Servicing & Securitization LLC
Series 2005-CB1, Class M2, 1.20%, 1/25/2035 ‡ (m)		105		102
Series 2004-CB4, Class A5, 6.78%, 5/25/2035 (h)		956		970
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M3, 1.83%, 7/25/2034 ‡ (m)		52		52
Series 2004-6, Class M1, 1.01%, 10/25/2034 (m)		177		174
Series 2004-6, Class M2, 1.08%, 10/25/2034 ‡ (m)		50		49
First Franklin Mortgage Loan Trust Series 2005-FF10, Class A1, 0.71%, 11/25/2035 ‡ (m)		251		247
Fremont Home Loan Trust
Series 2004-B, Class M7, 3.11%, 5/25/2034 (m)		43		45
Series 2004-2, Class M2, 1.04%, 7/25/2034 (m)		120		121
GSAMP Trust Series 2004-OPT, Class M1, 0.98%, 11/25/2034 ‡ (m)		424		421
Home Equity Asset Trust Series 2004-7, Class M1, 1.04%, 1/25/2035 (m)		87		87
Home Equity Mortgage Loan Asset-Backed Trust SPMD
Series 2004-B, Class M3, 1.31%, 11/25/2034 ‡ (m)		176		176
Series 2004-B, Class M8, 3.41%, 11/25/2034 ‡ (m)		105		105

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Long Beach Mortgage Loan Trust
Series 2004-3, Class M2, 1.01%, 7/25/2034 ‡ (m)		616		611
Series 2004-3, Class M4, 1.72%, 7/25/2034 ‡ (m)		354		353
Series 2004-6, Class A3, 1.41%, 11/25/2034 ‡ (m)		33		34
MASTR Asset-Backed Securities Trust
Series 2003-NC1, Class M5, 4.15%, 4/25/2033 ‡ (m)		87		90
Series 2005-NC1, Class M2, 0.86%, 12/25/2034 ‡ (m)		158		155
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-HE2, Class M2, 2.58%, 8/25/2033 ‡ (m)		6		6
Series 2004-NC5, Class M1, 1.01%, 5/25/2034 ‡ (m)		265		263
Series 2004-NC7, Class M2, 1.04%, 7/25/2034 ‡ (m)		67		67
Series 2004-NC6, Class M2, 1.98%, 7/25/2034 ‡ (m)		258		258
Series 2004-HE6, Class M1, 0.93%, 8/25/2034 (m)		193		191
Series 2004-HE8, Class M3, 1.23%, 9/25/2034 ‡ (m)		20		19
Series 2005-HE1, Class M3, 0.89%, 12/25/2034 ‡ (m)		36		34
Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2002-AM3, Class A3, 1.09%, 2/25/2033 ‡ (m)		230		230
New Century Home Equity Loan Trust Series 2004-2, Class M3, 1.11%, 8/25/2034 ‡ (m)		354		351
NovaStar Mortgage Funding Trust Series 2003-2, Class M3, 3.48%, 9/25/2033 ‡ (m)		510		536
NRZ Excess Spread-Collateralized Notes Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (e)		218		218
OneMain Financial Issuance Trust
Series 2015-3A, Class C, 5.82%, 11/20/2028 ‡ (e)		965		966
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (e)		1,045		1,049
Option One Mortgage Acceptance Corp. Asset-Backed Certificates Series 2003-4, Class M1, 1.13%, 7/25/2033 ‡ (m)		805		805

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Option One Mortgage Loan Trust
Series 2004-1, Class M1, 1.01%, 1/25/2034 ‡ (m)		440		439
Series 2004-1, Class M2, 1.76%, 1/25/2034 ‡ (m)		365		366
Series 2004-3, Class M2, 0.96%, 11/25/2034 ‡ (m)		21		21
Renaissance Home Equity Loan Trust
Series 2003-2, Class M1, 1.34%, 8/25/2033 ‡ (m)		194		188
Series 2004-1, Class M4, 2.81%, 5/25/2034 ‡ (m)		429		434
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (h)		20		21
Securitized Asset-Backed Receivables LLC Trust Series 2004-NC1, Class M2, 1.83%, 2/25/2034 ‡ (m)		314		315
Soundview Home Loan Trust Series 2005-OPT1, Class M2, 0.78%, 6/25/2035 ‡ (m)		252		251
Specialty Underwriting & Residential Finance Trust Series 2003-BC4, Class M1, 1.01%, 11/25/2034 ‡ (m)		299		298
Structured Asset Investment Loan Trust
Series 2003-BC11, Class M1, 1.08%, 10/25/2033 ‡ (m)		60		61
Series 2004-BNC1, Class A5, 1.35%, 9/25/2034 ‡ (m)		27		27
Series 2004-8, Class M9, 3.86%, 9/25/2034 (m)		644		666
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2004-2, Class M6, 2.93%, 10/25/2034 (m)		100		100
Series 2004-2, Class M8A, 4.61%, 10/25/2034 ‡ (e) (m)		97		99
Westlake Automobile Receivables Trust Series 2019-2A, Class E, 4.02%, 4/15/2025 (e)		470		491
Total Asset-Backed Securities (Cost $17,647)				18,669

INVESTMENTS	NO. OF WARRANTS (000)			VALUE ($000)
Warrants — 0.2%
Switzerland — 0.2%
UBS AG
expiring 12/10/2021 *		154			1,907
expiring 11/1/2021 *		31			1,821
expiring 8/12/2021 *		134			1,104
expiring 2/15/2022 *		200			1,009
expiring 12/6/2021 *		39			791
expiring 1/10/2022 * ‡		24			789
expiring 8/16/2021 * ‡		50			665
expiring 3/24/2022 * ‡		141			553
expiring 5/2/2022 *		37			497
expiring 4/15/2022 *		28			175
expiring 4/25/2022, price 1.00 USD * ‡		16			45
					9,356
United Kingdom — 0.0% (a)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD * ‡		1			—	(c)
United States — 0.0% (a)
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD * ‡		—	(c)		7
Total Warrants (Cost $9,401)					9,363
	PRINCIPAL AMOUNT ($000)
Supranational — 0.1%
European Investment Bank 0.50%, 6/21/2023	AUD	1,210			934
Inter-American Development Bank
0.50%, 5/23/2023	CAD	3,650			2,977
1.70%, 10/10/2024	CAD	800			670
4.40%, 1/26/2026	CAD	614			574
Total Supranational (Cost $4,772)					5,155
	NO. OF CONTRACTS
Options Purchased — 0.1%
Call Options Purchased — 0.1%
United States — 0.1%
S&P 500 Index 6/18/2021 at USD 4,150.00, European Style Notional Amount: USD 191,079 Exchange-Traded * (Cost $4,817)		457			5,000

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 47

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Long Positions — continued
Loan Assignments — 0.0% (a) (o)
Canada — 0.0% (a)
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 1 Month + 5.50%), 6.50%, 9/6/2024 (g)		528			526
United States — 0.0% (a)
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (g)		82			81
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.61%, 12/18/2026 (g) (p)		258			247
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022 ‡ (g) (i)		19			8
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (g) (i)		84			—
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 4/1/2024 ‡ (g)		574			601
Moran Foods LLC, Tranche A 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 10/1/2024 (g)		370			321
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/14/2025 (g)		69			68
					1,326
Total Loan Assignments (Cost $1,636)					1,852
	SHARES (000)
Convertible Preferred Stocks — 0.0% (a)
United States — 0.0% (a)
Claire’s Stores, Inc. *‡ (Cost $86)		—	(c)		505
Preferred Stocks — 0.0% (a)
United States — 0.0% (a)
GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 5.98%, 2/15/2040 ($25 par value) (g)		—	(c)		7
Goodman Networks, Inc. * ‡		3			—	(c)
MYT Holding LLC, Series A, 10.00%, 6/6/2029 ‡		40			41
Total Preferred Stocks (Cost $56)					48

INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (a)
Switzerland — 0.0% (a)
Credit Suisse Group AG, expiring 5/6/2021 *		31		1
United States — 0.0% (a)
Vistra Corp., expiring 12/31/2049 * ‡		17		19
Total Rights (Cost $—)				20
	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 11.1%
Certificates Of Deposit — 0.0% (a)
Toronto-Dominion Bank (The) 0.25%, 4/21/2022 (Cost $250)		250		250
Commercial Paper — 0.4%
American Honda Finance Corp. 0.20%, 7/19/2021 (q)		350		350
ANZ New Zealand Int’l Ltd. 0.19%, 11/8/2021 (e) (q)		750		749
ASB Finance Ltd. 0.19%, 11/12/2021 (e) (q)		750		749
AT&T, Inc. 0.28%, 12/14/2021 (e) (q)		350		349
Banco del Estado de Chile 0.24%, 1/14/2022 (e) (q)		750		749
BNZ International Funding Ltd. 0.15%, 8/5/2021 (e) (q)		1,500		1,500
Caisse d’Amortissement de la Dette Sociale 0.15%, 8/30/2021 (e) (q)		1,540		1,539
Credit Industriel et Commercial 0.24%, 3/31/2022 (e) (q)		750		748
DBS Bank Ltd. 0.15%, 8/20/2021 (e) (q)		1,500		1,499
DNB Bank ASA 0.23%, 4/20/2022 (e) (q)		750		748
Electricite de France SA 0.18%, 6/23/2021 (e) (q)		550		550
Enel Finance America LLC 0.23%, 7/12/2021 (e) (q)		500		500
Eni Finance USA, Inc. 0.25%, 7/9/2021 (e) (q)		550		550
ERP Operating LP 0.23%, 7/9/2021 (e) (q)		750		750
Fidelity National Information Services, Inc. 0.27%, 6/7/2021 (e)		350		350
First Abu Dhabi Bank PJSC 0.15%, 8/27/2021 (e) (q)		1,500		1,499
Glencore Funding LLC 0.31%, 6/24/2021 (e) (q)		350		350
Louisville Gas and Electric Co. 0.15%, 5/12/2021 (e) (q)		380		380
LVMH Moet Hennessy Louis Vuitton SE 0.16%, 10/15/2021 (e) (q)		770		769

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Short-Term Investments — continued
Commercial Paper — continued
Mitsubishi International Corp. 0.16%, 9/13/2021 (e) (q)		770		770
Mitsubishi UFJ Trust & Banking Corp. 0.15%, 7/26/2021 (e) (q)		380		380
Royal Bank of Canada 0.24%, 4/14/2022 (q)		750		748
Santander UK plc 0.15%, 8/4/2021 (q)		570		570
Sumitomo Mitsui Trust Bank Ltd 0.18%, 9/1/2021 (e) (q)		770		770
Suncor Energy, Inc. 0.26%, 7/22/2021 (e) (q)		500		500
Telstra Corp. Ltd. 0.30%, 2/10/2022 (e)		750		748
United Overseas Bank Ltd. 0.13%, 7/2/2021 (e) (q)		450		450
Total Commercial Paper (Cost $19,613)				19,614
	SHARES (000)
Investment Companies — 4.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (r) (s) (Cost $235,664)		235,593		235,711
Investment of Cash Collateral From Securities Loaned — 5.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (r) (s)		254,251		254,276
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (r) (s)		29,383		29,383
Total Investment of Cash Collateral From Securities Loaned (Cost $283,658)				283,659
Total Short-Term Investments (Cost $539,185)				539,234
Total Long Positions (Cost $4,298,130)				5,156,906

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — (0.7)%
Common Stocks — (0.6)%
United States — (0.6)%
Cardtronics plc, Class A *		(129	)		(4,995	)
Clorox Co. (The)		(2	)		(430	)
Colgate-Palmolive Co.		(6	)		(450	)
Entergy Corp.		(5	)		(557	)
Hormel Foods Corp.		(7	)		(335	)
Kellogg Co.		(24	)		(1,513	)
Kimberly-Clark Corp.		(3	)		(440	)
Magellan Health, Inc. *		(47	)		(4,459	)
Navistar International Corp. *		(115	)		(5,085	)
Perspecta, Inc.		(176	)		(5,142	)
Pinnacle West Capital Corp.		(16	)		(1,332	)
Procter & Gamble Co. (The)		(3	)		(452	)
Sirius XM Holdings, Inc.		(810	)		(4,942	)
Total Common Stocks (Proceeds $(29,717))					(30,132	)
Exchange-Traded Funds — (0.1)%
United States — (0.1)%
SPDR S&P 500 ETF Trust (Proceeds $(4,186))		(11	)		(4,497	)
Total Short Positions (Proceeds $(33,903))					(34,629	)
Total Investments — 105.5% (Cost $4,264,227)					5,122,277
Liabilities in Excess of Other Assets — (5.5)%					(265,569	)
NET ASSETS — 100.0%					4,856,708

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 49

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2021

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		6.0	%
Foreign Government Securities		5.6
Exchange-Traded Fund		4.7
Semiconductors & Semiconductor Equipment		4.2
Oil, Gas & Consumable Fuels		3.3
Insurance		2.7
Internet & Direct Marketing Retail		2.7
Interactive Media & Services		2.6
Software		2.5
Technology Hardware, Storage & Peripherals		2.4
Pharmaceuticals		2.2
IT Services		2.2
Capital Markets		2.1
Machinery		2.0
Health Care Providers & Services		2.0
Hotels, Restaurants & Leisure		1.9
Chemicals		1.9
Media		1.8
Beverages		1.6
Metals & Mining		1.6
Specialty Retail		1.6
Equity Real Estate Investment Trusts (REITs)		1.6
Food Products		1.6
Electric Utilities		1.5
Diversified Telecommunication Services		1.5
Automobiles		1.4
Commercial Mortgage-Backed Securities		1.3
Biotechnology		1.3
Household Durables		1.3
U.S. Treasury Notes		1.2
Aerospace & Defense		1.2
Health Care Equipment & Supplies		1.2
Road & Rail		1.1
Textiles, Apparel & Luxury Goods		1.1
Electrical Equipment		1.0
Others (each less than 1.0%)		14.0
Short-Term Investments		10.1

INDUSTRY(SHORT)	PERCENT OF TOTAL INVESTMENTS
IT Services		29.2	%
Machinery		14.7
Media		14.3
Exchange-Traded Fund		13.0
Health Care Providers & Services		12.9
Electric Utilities		5.4
Food Products		5.4
Household Products		5.1

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
CVA	Dutch Certification
DKK	Danish Krone
ETF	Exchange-Traded Fund
EUR	Euro
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of April 30, 2021. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY	Japanese Yen
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS APRIL 30, 2021

SEK	Swedish Krona
SGPS	Holding company
SOFR	Secured Overnight Financing Rate
SPDR	Standard & Poor’s Depository Receipts
USD	United States Dollar
(a)	Amount rounds to less than 0.1% of net assets.
(b)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $264,101.
(c)	Amount rounds to less than one thousand.
(d)	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.
(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)	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 $31,209 and $34,573 respectively.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2021.
(h)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of April 30, 2021.
(i)	Defaulted security.

(j)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(k)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2021.
(l)	Security is an interest bearing note with preferred security characteristics.
(m)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of April 30, 2021.
(n)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(o)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(p)	Fund is subject to legal or contractual restrictions on the resale of the security.
(q)	The rate shown is the effective yield as of April 30, 2021.
(r)	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.
(s)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		743		06/2021		AUD		79,783		759
Canada 10 Year Bond		744		06/2021		CAD		84,427		281
Canada 5 Year Bond		47		06/2021		CAD		4,834		23
EURO STOXX 50 Index		2,564		06/2021		EUR		121,207		1,068
Euro-BTP		23		06/2021		EUR		4,067		(56	)
Euro-Bund		1,055		06/2021		EUR		215,725		(2,320	)
Euro-Buxl		12		06/2021		EUR		2,915		(105	)
Euro-OAT		65		06/2021		EUR		12,551		(133	)
Euro-Schatz		46		06/2021		EUR		6,198		(1	)
Foreign Exchange AUD/USD		513		06/2021		USD		39,527		(374	)
Foreign Exchange CAD/USD		1,236		06/2021		USD		100,567		2,409
Foreign Exchange EUR/USD		2,865		06/2021		USD		430,914		2,409
Foreign Exchange GBP/USD		340		06/2021		USD		29,346		(298	)
Foreign Exchange JPY/USD		2,079		06/2021		USD		237,864		(1,688	)
Japan 10 Year Bond Mini		83		06/2021		JPY		11,493		29
Long Gilt		366		06/2021		GBP		64,533		(285	)
MSCI EAFE E-Mini Index		34		06/2021		USD		3,836		76
Russell 2000 E-Mini Index		354		06/2021		USD		40,037		(1,540	)
TOPIX Index		260		06/2021		JPY		45,225		(1,675	)
U.S. Treasury Ultra Bond		3		06/2021		USD		558		5
										(1,416	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 51

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Short Contracts
Australia 3 Year Bond		(5	)		06/2021		AUD		(451	)		(1	)
Euro-Bobl		(11	)		06/2021		EUR		(1,782	)		1
MSCI EAFE E-Mini Index		(52	)		06/2021		USD		(5,867	)		(148	)
MSCI Emerging Markets E-Mini Index		(5,644	)		06/2021		USD		(377,048	)		179
MSCI Europe Equity Index		(5,148	)		06/2021		EUR		(161,259	)		(5,626	)
S&P 500 E-Mini Index		(10	)		06/2021		USD		(2,087	)		(114	)
U.S. Treasury 2 Year Note		(50	)		06/2021		USD		(11,038	)		8
U.S. Treasury 5 Year Note		(35	)		06/2021		USD		(4,339	)		10
U.S. Treasury 10 Year Note		(1,447	)		06/2021		USD		(191,140	)		(1,354	)
U.S. Treasury 10 Year Ultra Note		(89	)		06/2021		USD		(12,962	)		106
U.S. Treasury Long Bond		(618	)		06/2021		USD		(97,200	)		(1,877	)
												(8,816	)
												(10,232	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EAFE	Europe, Australasia and Far East
EUR	Euro
GBP	British Pound

JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of April 30, 2021 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
EUR	2,176	USD	2,588	Standard Chartered Bank		5/5/2021		28
GBP	568	USD	780	TD Bank Financial Group		5/5/2021		4
USD	6,228	AUD	8,017	BNP Paribas		6/2/2021		52
USD	7,120	CAD	8,739	State Street Corp.		6/2/2021		10
USD	1,604	EUR	1,329	HSBC Bank, NA		6/2/2021		5
USD	136,525	EUR	112,811	State Street Corp.		6/2/2021		818
USD	35,530	GBP	25,542	Citibank, NA		6/2/2021		252
USD	1,243	GBP	895	Standard Chartered Bank		6/2/2021		7
USD	112,573	JPY	12,252,065	Barclays Bank plc		6/2/2021		442
USD	1,276	SEK	10,718	BNP Paribas		6/2/2021		10
CHF	563	USD	609	BNP Paribas		6/29/2021		8
CHF	1,048	USD	1,113	Goldman Sachs International		6/29/2021		36
CHF	1,344	USD	1,470	Merrill Lynch International		6/29/2021		4
DKK	7,558	USD	1,204	BNP Paribas		6/29/2021		19
EUR	1,643	GBP	1,416	Standard Chartered Bank		6/29/2021		22
EUR	1,000	USD	1,180	Royal Bank of Canada		6/29/2021		24
GBP	25,518	USD	35,012	Citibank, NA		6/29/2021		236
GBP	853	USD	1,178	Royal Bank of Canada		6/29/2021		—	(a)
NOK	5,073	USD	590	Royal Bank of Canada		6/29/2021		20
SEK	930	USD	108	Merrill Lynch International		6/29/2021		2
USD	393	DKK	2,415	Merrill Lynch International		6/29/2021		2
USD	1,808	EUR	1,500	Merrill Lynch International		6/29/2021		2
USD	1,151	EUR	952	Royal Bank of Canada		6/29/2021		5
USD	940	SEK	7,874	Barclays Bank plc		6/29/2021		10
Total unrealized appreciation								2,018

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS APRIL 30, 2021

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY		SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
AUD	8,017	USD	6,227	BNP Paribas			5/5/2021		(52	)
CAD	8,739	USD	7,120	State Street Corp.			5/5/2021		(10	)
EUR	112,811	USD	136,450	State Street Corp.			5/5/2021		(820	)
SEK	10,718	USD	1,276	BNP Paribas			5/5/2021		(10	)
USD	6,105	AUD	8,017	Australia & New Zealand Banking Group Ltd.			5/5/2021		(71	)
USD	515	CAD	647	State Street Corp.			5/5/2021		(11	)
USD	6,423	CAD	8,092	TD Bank Financial Group			5/5/2021		(160	)
USD	123,633	EUR	105,201	Barclays Bank plc			5/5/2021		(2,847	)
USD	9,314	EUR	7,917	BNP Paribas			5/5/2021		(204	)
USD	2,231	EUR	1,870	Merrill Lynch International			5/5/2021		(16	)
USD	35,961	GBP	26,110	Merrill Lynch International			5/5/2021		(98	)
USD	1,231	SEK	10,718	BNP Paribas			5/5/2021		(35	)
USD	105,789	JPY	11,699,310	BNP Paribas			5/6/2021		(1,261	)
USD	4,995	JPY	552,755	Merrill Lynch International			5/6/2021		(62	)
EUR	2,796	USD	3,391	TD Bank Financial Group			6/2/2021		(28	)
EUR	857	USD	1,035	Goldman Sachs International			6/29/2021		(3	)
EUR	1,413	USD	1,705	Standard Chartered Bank			6/29/2021		(4	)
EUR	1,130	USD	1,364	State Street Corp.			6/29/2021		(4	)
SEK	3,482	USD	415	BNP Paribas			6/29/2021		(3	)
SEK	14,649	USD	1,745	State Street Corp.			6/29/2021		(13	)
USD	8,941	CHF	8,345	Goldman Sachs International			6/29/2021		(211	)
USD	3,068	CHF	2,804	Royal Bank of Canada			6/29/2021		(7	)
USD	879	CHF	824	State Street Corp.	��		6/29/2021		(25	)
USD	965	CHF	892	TD Bank Financial Group			6/29/2021		(14	)
USD	1,766	EUR	1,480	Barclays Bank plc			6/29/2021		(16	)
USD	164,914	EUR	139,155	BNP Paribas			6/29/2021		(2,587	)
USD	1,191	EUR	1,000	Royal Bank of Canada			6/29/2021		(13	)
USD	1,824	EUR	1,542	State Street Corp.			6/29/2021		(32	)
USD	109	SEK	930	Barclays Bank plc			6/29/2021		(1	)
Total unrealized depreciation									(8,618	)
Net unrealized depreciation									(6,600	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound

JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
USD	United States Dollar
(a)	Amount rounds to less than one thousand.

Over-the-Counter (“OTC”) Total Return Basket Swaps Outstanding at April 30, 2021 (amounts in thousands):
COUNTERPARTY		DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
	Bank of America, NA	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in GBP based on the local currencies of the positions within the swaps.		4/29/2022	$	37,198	$	774	$	245	$	1,019

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 53

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
United Kingdom
3i Group plc		95		1,680		93			0.0	(a)
Ashtead Group plc		25		1,603		68			0.0	(a)
Barclays plc		520		1,259		(87	)		0.0	(a)
boohoo Group plc *		250		1,172		(13	)		0.0	(a)
BP plc		645		2,702		(20	)		0.0	(a)
Centrica plc		1,237		968		5			0.0	(a)
Computacenter plc		56		2,070		145			0.0	(a)
Dr. Martens plc *		141		943		55			0.0	(a)
Dunelm Group plc		46		933		80			0.0	(a)
Games Workshop Group plc		9		1,361		51			0.0	(a)
Intermediate Capital Group plc		76		2,297		262			0.0	(a)
Lloyds Banking Group plc		5,896		3,697		168			0.0	(a)
Moonpig Group plc *		111		676		30			0.0	(a)
National Express Group plc		469		1,936		(139	)		0.0	(a)
Next plc		23		2,472		(84	)		0.0	(a)
Persimmon plc		44		1,892		(25	)		0.0	(a)
Segro plc		72		994		46			0.0	(a)
Spirent Communications plc		280		990		55			0.0	(a)
Taylor Wimpey plc		875		2,171		(81	)		0.0	(a)
		10,870		31,816		609			0.0	(a)
Australia
BHP Group plc		89		2,682		21			0.0	(a)
Rio Tinto plc		32		2,700		144			0.0	(a)
		121		5,382		165			0.0	(a)
Total Long Positions of Total Return Basket Swap		10,991		37,198		774			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 equity positions and pays or receives the net of one month EURIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.35%), which is denominated in EUR based on the local currencies of the positions within the swaps.		10/29/2021	$	13,785	$	1,010	$	81	$	1,091

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
Ireland
AIB Group plc *		665		1,943		176		0.0	(a)
Bank of Ireland Group plc *		429		2,513		343		0.0	(a)
Smurfit Kappa Group plc		29		1,471		36		0.0	(a)
		1,123		5,927		555		0.0	(a)

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS APRIL 30, 2021

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($) (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)  (2)		PERCENTAGE OF NET ASSETS (%)
Long Positions — continued
Common Stock — continued
Spain
CaixaBank SA		628		2,007		34		0.0	(a)
Laboratorios Farmaceuticos Rovi SA		20		1,138		51		0.0	(a)
		648		3,145		85		0.0	(a)
France
LVMH Moet Hennessy Louis Vuitton SE		6		4,713		370		0.0	(a)
Total Long Positions of Total Return Basket Swap		1,777		13,785		1,010		0.0	(a)

The following reference rates, and their values as of period-end, are used for security descriptions:
	VALUE
EURIBOR		(0.56	)%
GBP LIBOR		0.05

Summary of total OTC swap contracts outstanding as of April 30, 2021 (amounts in thousands):
	NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE($)
Assets
OTC Total return basket swap contracts outstanding		—		2,110

Abbreviations

EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GBP	British Pound
LIBOR	London Interbank Offered Rate
(a)	Amount rounds to less than 0.1% of net assets.

(1)	Notional value represents market value as of April 30, 2021 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.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 55

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 40.2%
Australia — 1.2%
Adbri Ltd.		1,116		2,758
AGL Energy Ltd.		1,224		8,436
Alumina Ltd.		3,761		4,984
APA Group		288		2,222
AusNet Services		891		1,304
Bendigo & Adelaide Bank Ltd.		837		6,639
BHP Group plc		675		20,314
Charter Hall Long Wale, REIT		2,410		9,076
CSR Ltd.		773		3,550
Dexus, REIT		1,315		10,325
Goodman Group, REIT		919		13,402
IOOF Holdings Ltd.		1,326		3,725
Mirvac Group, REIT		5,707		11,824
Rio Tinto plc		474		39,685
Sonic Healthcare Ltd.		235		6,500
Spark Infrastructure Group		1,254		2,118
Telstra Corp. Ltd.		2,128		5,558
Wesfarmers Ltd.		158		6,604
Woodside Petroleum Ltd.		246		4,292
				163,316
Austria — 0.1%
ANDRITZ AG		42		2,277
Erste Group Bank AG		98		3,482
OMV AG		68		3,335
Verbund AG		18		1,508
				10,602
Belgium — 0.3%
Ageas SA		90		5,421
Cofinimmo SA, REIT		58		8,896
Euronav NV		158		1,365
KBC Group NV *		54		4,204
Proximus SADP (a)		243		5,170
Shurgard Self Storage SA		131		6,104
Solvay SA		25		3,193
Telenet Group Holding NV		54		2,317
Warehouses De Pauw, REIT, CVA		279		9,846
Warehouses De Pauw, REIT, CVA		1		38
				46,554
Brazil — 0.1%
BB Seguridade Participacoes SA		831		3,411
Itau Unibanco Holding SA (Preference)		1,035		5,228
Yara International ASA		65		3,388
				12,027

INVESTMENTS	SHARES (000)		VALUE ($000)
Canada — 1.7%
Advanz Pharma Corp. Ltd. *		171		2,887
Algonquin Power & Utilities Corp. (a)		168		2,715
Allied Properties, REIT		381		13,207
AltaGas Ltd.		139		2,589
Atco Ltd., Class I		64		2,212
BCE, Inc.		201		9,508
Canadian Apartment Properties, REIT		284		12,633
Canadian Imperial Bank of Commerce		79		8,164
Canadian Tire Corp. Ltd., Class A		56		8,904
Canadian Utilities Ltd., Class A		338		9,669
Capital Power Corp.		49		1,578
Chartwell Retirement Residences		62		627
Emera, Inc.		60		2,741
Enbridge, Inc.		246		9,503
Fortis, Inc.		225		10,015
Gibson Energy, Inc. (a)		85		1,546
Great-West Lifeco, Inc. (a)		187		5,435
Hydro One Ltd. (b)		396		9,490
IGM Financial, Inc. (a)		169		6,018
Keyera Corp.		100		2,289
Magna International, Inc.		39		3,671
Northland Power, Inc.		65		2,246
Nutrien Ltd.		140		7,714
Pembina Pipeline Corp. (a)		312		9,639
Power Corp. of Canada (a)		310		9,025
Restaurant Brands International, Inc.		98		6,720
Rogers Communications, Inc., Class B		101		4,958
Shaw Communications, Inc., Class B		291		8,421
Sienna Senior Living, Inc.		51		609
Superior Plus Corp.		152		1,852
TC Energy Corp.		423		20,904
TELUS Corp.		456		9,456
Thomson Reuters Corp.		81		7,499
Toronto-Dominion Bank (The)		238		16,350
TransAlta Renewables, Inc.		63		991
				231,785
Cayman Islands — 0.0% (c)
Telford Offshore Holdings Ltd. * ‡		58		—	(d)
Chile — 0.0% (c)
Banco Santander Chile, ADR		119		2,649
China — 1.8%
China Construction Bank Corp., Class H		24,338		19,211
China Life Insurance Co. Ltd., Class H		2,893		5,865
China Merchants Bank Co. Ltd., Class H		2,923		23,479

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
China — continued
China Pacific Insurance Group Co. Ltd., Class H		4,726		17,010
China Petroleum & Chemical Corp., Class H		11,388		5,617
China Resources Land Ltd.		2,348		10,994
Fuyao Glass Industry Group Co. Ltd., Class A		446		3,518
Guangdong Investment Ltd.		4,500		6,928
Haier Smart Home Co. Ltd., Class H *		2,976		12,799
Huayu Automotive Systems Co. Ltd., Class A		1,493		6,031
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,159		19,907
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		36		1,074
Joyoung Co. Ltd., Class A		1,018		4,992
Midea Group Co. Ltd., Class A		1,444		17,827
NetEase, Inc.		697		15,580
Ping An Insurance Group Co. of China Ltd., Class H		2,320		25,288
Postal Savings Bank of China Co. Ltd., Class H (b)		17,860		11,583
Tingyi Cayman Islands Holding Corp.		6,792		12,204
Topsports International Holdings Ltd. (b)		4,296		5,783
Xinyi Solar Holdings Ltd.		3,834		6,394
Yum China Holdings, Inc.		111		7,007
Zhejiang Supor Co. Ltd., Class A		178		2,071
				241,162
Denmark — 0.4%
Carlsberg A/S, Class B		124		21,788
Novo Nordisk A/S, Class B		354		26,109
Tryg A/S		102		2,324
				50,221
Finland — 0.4%
Elisa OYJ		108		6,149
Fortum OYJ		401		10,527
Kone OYJ, Class B		81		6,391
Nordea Bank Abp		897		9,299
Orion OYJ, Class B		157		6,940
Sampo OYJ, Class A		80		3,816
UPM-Kymmene OYJ		130		5,090
Wartsila OYJ Abp		642		8,285
				56,497
France — 1.3%
Amundi SA * (b)		36		3,183
Atos SE		73		4,997
AXA SA		236		6,676
BNP Paribas SA *		126		8,110
Bouygues SA		49		2,105

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
Cie de Saint-Gobain		83		5,212
Covivio, REIT		117		10,455
Credit Agricole SA		275		4,249
Engie SA		147		2,188
Gaztransport Et Technigaz SA		10		852
Klepierre SA, REIT		124		3,292
La Francaise des Jeux SAEM (b)		70		3,574
LVMH Moet Hennessy Louis Vuitton SE		8		6,135
Orange SA		170		2,118
Publicis Groupe SA		78		5,079
Renault SA *		86		3,458
Rexel SA *		139		2,735
Rubis SCA		26		1,224
Safran SA		109		16,310
Sanofi		102		10,651
Schneider Electric SE		190		30,274
SCOR SE (a)		96		3,095
TOTAL SE		242		10,685
Veolia Environnement SA		101		3,226
Vinci SA		173		18,952
				168,835
Germany — 1.6%
adidas AG *		57		17,522
Allianz SE (Registered)		156		40,497
BASF SE		192		15,481
Bayerische Motoren Werke AG		68		6,849
Covestro AG (b)		47		3,086
Daimler AG (Registered)		91		8,058
Deutsche Post AG (Registered)		471		27,729
Deutsche Telekom AG (Registered)		532		10,229
E.ON SE		251		3,031
Evonik Industries AG		93		3,270
HeidelbergCement AG		49		4,456
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		78		22,569
Siemens AG (Registered)		73		12,133
Telefonica Deutschland Holding AG		2,795		8,124
Uniper SE		55		2,024
Volkswagen AG (Preference)		53		13,753
Vonovia SE		242		15,912
				214,723
Hong Kong — 0.6%
CK Asset Holdings Ltd.		1,459		9,134
CK Infrastructure Holdings Ltd.		356		2,177

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 57

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hong Kong — continued
CLP Holdings Ltd.		272		2,685
Hang Seng Bank Ltd.		465		9,109
HKBN Ltd.		380		555
HKT Trust & HKT Ltd.		5,462		7,931
Hong Kong & China Gas Co. Ltd.		1,684		2,702
Hong Kong Exchanges & Clearing Ltd.		323		19,450
PCCW Ltd.		1,704		986
Power Assets Holdings Ltd.		443		2,719
VTech Holdings Ltd.		494		4,517
WH Group Ltd. (b)		5,330		4,644
Wharf Real Estate Investment Co. Ltd.		824		4,736
Xinyi Glass Holdings Ltd.		1,746		6,186
Yue Yuen Industrial Holdings Ltd.		2,401		6,008
				83,539
India — 0.5%
Infosys Ltd., ADR		1,691		30,568
Tata Consultancy Services Ltd.		835		34,180
				64,748
Indonesia — 0.2%
Bank Rakyat Indonesia Persero Tbk. PT		54,861		15,352
Telkom Indonesia Persero Tbk. PT		67,211		14,850
				30,202
Ireland — 0.1%
CRH plc		135		6,389
Smurfit Kappa Group plc		74		3,807
				10,196
Italy — 0.6%
A2A SpA		4,195		8,205
ACEA SpA		25		568
Assicurazioni Generali SpA		249		4,984
Azimut Holding SpA		145		3,470
Enav SpA (b)		110		512
Enel SpA		1,940		19,264
Eni SpA		412		4,902
ERG SpA		29		866
Hera SpA		425		1,712
Intesa Sanpaolo SpA *		4,522		12,607
Iren SpA		610		1,820
Italgas SpA		334		2,179
Mediobanca Banca di Credito Finanziario SpA *		295		3,335
Poste Italiane SpA (b)		291		3,815
Snam SpA		1,114		6,271

INVESTMENTS	SHARES (000)		VALUE ($000)
Italy — continued
Terna Rete Elettrica Nazionale SpA		359		2,647
Unipol Gruppo SpA		301		1,644
				78,801
Japan — 1.6%
Aozora Bank Ltd.		337		7,256
ARTERIA Networks Corp.		35		498
Chubu Electric Power Co., Inc.		199		2,413
Chugoku Electric Power Co., Inc. (The)		146		1,635
Dai Nippon Printing Co. Ltd.		127		2,520
Daiwa House Industry Co. Ltd.		263		7,802
Daiwa House REIT Investment Corp., REIT		2		6,417
Electric Power Development Co. Ltd.		282		4,526
ENEOS Holdings, Inc.		783		3,366
FANUC Corp.		26		5,872
H.U. Group Holdings, Inc.		56		1,822
Idemitsu Kosan Co. Ltd.		208		4,963
Japan Metropolitan Fund Invest, REIT		17		16,686
Japan Post Holdings Co. Ltd. *		547		4,592
Japan Tobacco, Inc.		373		6,993
JFE Holdings, Inc.		268		3,518
Kansai Electric Power Co., Inc. (The)		863		8,569
KDDI Corp.		298		9,014
Kenedix Office Investment Corp., REIT		1		9,477
Konica Minolta, Inc.		1,162		6,592
Lawson, Inc.		86		3,842
Mitsubishi Chemical Holdings Corp.		605		4,501
Mitsui Fudosan Logistics Park, Inc., REIT		2		8,147
Nippon Accommodations Fund, Inc., REIT		2		9,409
Nippon Prologis REIT, Inc., REIT		3		10,789
Nippon Telegraph & Telephone Corp.		198		4,997
Osaka Gas Co. Ltd.		30		588
Otsuka Corp.		112		5,624
Shikoku Electric Power Co., Inc.		88		643
SoftBank Corp.		674		8,687
Sumitomo Forestry Co. Ltd.		181		4,172
Takeda Pharmaceutical Co. Ltd.		162		5,414
Tohoku Electric Power Co., Inc.		815		7,200
Tokio Marine Holdings, Inc.		201		9,630
Tokyo Gas Co. Ltd.		75		1,512
Toyota Motor Corp.		250		18,684
				218,370
Jordan — 0.0% (c)
Hikma Pharmaceuticals plc		56		1,893

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Malta — 0.0% (c)
Kindred Group plc, SDR		185		3,183
Mexico — 0.4%
Bolsa Mexicana de Valores SAB de CV		651		1,448
Grupo Financiero Banorte SAB de CV, Class O		2,959		16,800
Kimberly-Clark de Mexico SAB de CV, Class A		2,557		4,432
Wal-Mart de Mexico SAB de CV (a)		8,471		27,778
				50,458
Netherlands — 0.8%
Akzo Nobel NV		115		13,834
ASML Holding NV		23		14,942
ASR Nederland NV		77		3,382
BE Semiconductor Industries NV		41		3,274
CTP NV * (b)		447		7,550
Eurocommercial Properties NV, REIT, CVA		247		6,394
ING Groep NV		1,638		20,924
Koninklijke Ahold Delhaize NV		159		4,269
Koninklijke KPN NV		1,358		4,686
NN Group NV		92		4,566
PostNL NV		788		4,117
Randstad NV		58		4,155
Royal Dutch Shell plc, Class B		653		11,681
				103,774
New Zealand — 0.1%
Contact Energy Ltd.		1,109		5,986
Spark New Zealand Ltd.		2,468		7,769
				13,755
Norway — 0.2%
Aker BP ASA		101		2,868
DNB ASA		221		4,743
Equinor ASA		171		3,446
Gjensidige Forsikring ASA		131		2,968
SFL Corp. Ltd.		153		1,191
Telenor ASA		573		10,209
				25,425
Portugal — 0.1%
EDP — Energias de Portugal SA		451		2,506
Galp Energia SGPS SA		324		3,736
NOS SGPS SA		169		642
				6,884
Russia — 0.5%
Alrosa PJSC		4,013		5,797
Evraz plc		541		4,796

INVESTMENTS	SHARES (000)		VALUE ($000)
Russia — continued
LUKOIL PJSC, ADR		101		7,749
Moscow Exchange MICEX-RTS PJSC		5,748		13,518
Polymetal International plc		107		2,201
Sberbank of Russia PJSC		5,389		21,290
Sberbank of Russia PJSC		80		315
Severstal PAO, GDR (b)		409		9,627
Severstal PAO, GDR (b)		10		243
				65,536
Saudi Arabia — 0.1%
Al Rajhi Bank		430		11,330
Singapore — 0.3%
Ascendas, REIT		5,333		12,427
BW LPG Ltd. (b)		84		623
DBS Group Holdings Ltd.		604		13,545
Keppel DC, REIT		4,416		8,914
NetLink NBN Trust (b)		1,648		1,201
Singapore Telecommunications Ltd.		1,206		2,262
StarHub Ltd.		2,125		2,153
				41,125
South Africa — 0.2%
Anglo American plc		149		6,317
AVI Ltd.		484		2,365
Bid Corp. Ltd. *		187		3,689
SPAR Group Ltd. (The)		193		2,439
Vodacom Group Ltd.		781		6,774
				21,584
South Korea — 0.6%
ESR Kendall Square REIT Co. Ltd., REIT *		788		4,566
Samsung Electronics Co. Ltd.		913		66,544
SK Telecom Co. Ltd., ADR		188		5,638
				76,748
Spain — 1.1%
ACS Actividades de Construccion y Servicios SA		124		4,050
Atlantica Sustainable Infrastructure plc		63		2,434
Banco Bilbao Vizcaya Argentaria SA		980		5,485
Banco Santander SA		1,986		7,662
CaixaBank SA *		1,270		4,064
Cellnex Telecom SA (b)		258		14,619
Enagas SA		271		5,891
Endesa SA		215		5,642
Iberdrola SA		3,078		41,599
Industria de Diseno Textil SA		652		23,192

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 59

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Spain — continued
Naturgy Energy Group SA		530		13,626
Red Electrica Corp. SA		311		5,708
Repsol SA		674		8,048
Telefonica SA		1,873		8,681
				150,701
Sweden — 0.5%
Boliden AB		106		4,104
Electrolux AB, Series B		64		1,807
Lundin Energy AB		87		2,768
Sandvik AB		167		4,141
Skandinaviska Enskilda Banken AB, Class A		293		3,760
SKF AB, Class B		402		10,387
SSAB AB, Class B *		389		1,939
Svenska Handelsbanken AB, Class A		409		4,739
Tele2 AB, Class B		374		4,836
Telia Co. AB		2,412		9,994
Volvo AB, Class B		998		24,370
				72,845
Switzerland — 1.3%
ABB Ltd. (Registered)		253		8,234
Adecco Group AG (Registered)		43		2,921
Julius Baer Group Ltd.		55		3,442
LafargeHolcim Ltd. (Registered) *		78		4,842
Nestle SA (Registered)		343		40,876
Novartis AG (Registered)		142		12,095
OC Oerlikon Corp. AG (Registered)		576		6,731
Roche Holding AG		150		48,773
SGS SA (Registered)		2		4,891
Swiss Life Holding AG (Registered)		6		2,748
Swisscom AG (Registered)		4		2,174
UBS Group AG (Registered)		428		6,532
Zurich Insurance Group AG		56		22,846
				167,105
Taiwan — 1.3%
Accton Technology Corp.		767		8,685
Chailease Holding Co. Ltd.		615		4,432
Chicony Electronics Co. Ltd.		401		1,209
Delta Electronics, Inc.		860		9,216
MediaTek, Inc. *		395		16,559
Mega Financial Holding Co. Ltd.		4,915		5,737
President Chain Store Corp.		868		8,389
Quanta Computer, Inc.		3,886		13,601
Realtek Semiconductor Corp. *		505		9,527

INVESTMENTS	SHARES (000)		VALUE ($000)
Taiwan — continued
Taiwan Semiconductor Manufacturing Co. Ltd.		3,281		69,097
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		108		12,663
Vanguard International Semiconductor Corp.		2,613		11,054
Wiwynn Corp.		166		5,399
				175,568
Thailand — 0.1%
Siam Cement PCL (The) (Registered)		589		8,714
United Kingdom — 2.4%
3i Group plc		281		4,970
Admiral Group plc		114		4,912
Ashtead Group plc		87		5,558
AstraZeneca plc		55		5,816
Aviva plc		899		4,971
B&M European Value Retail SA		234		1,831
Barclays plc		2,417		5,852
Barratt Developments plc		1,182		12,603
Berkeley Group Holdings plc		165		10,562
BP plc		3,529		14,773
BT Group plc *		4,296		9,799
Centrica plc *		7,948		6,221
Close Brothers Group plc		82		1,797
Diageo plc		74		3,321
Direct Line Insurance Group plc		1,423		5,601
Drax Group plc		150		848
easyJet plc *		565		8,081
GlaxoSmithKline plc		513		9,473
Hargreaves Lansdown plc		104		2,461
HSBC Holdings plc		1,832		11,436
IG Group Holdings plc		141		1,790
Imperial Brands plc		344		7,175
InterContinental Hotels Group plc *		63		4,466
J Sainsbury plc		864		2,839
Kingfisher plc *		596		2,945
Legal & General Group plc		1,293		4,855
Linde plc		16		4,527
Lloyds Banking Group plc		10,889		6,829
M&G plc		1,415		4,248
Man Group plc		1,560		3,626
Mondi plc		164		4,446
National Grid plc		226		2,854
Natwest Group plc		1,668		4,528
NewRiver REIT plc, REIT *		4,027		5,650
Pennon Group plc		137		1,958

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Persimmon plc		327		14,127
RELX plc		322		8,342
Safestore Holdings plc, REIT		652		7,668
Sage Group plc (The)		839		7,389
Schroders plc		71		3,530
Severn Trent plc		169		5,800
SSE plc		759		15,397
St. James’s Place plc		288		5,411
Standard Life Aberdeen plc		882		3,380
Taylor Wimpey plc		2,874		7,129
Tesco plc		1,085		3,312
Tritax EuroBox plc (b)		2,145		3,382
Unilever plc		229		13,407
UNITE Group plc (The), REIT		551		8,864
United Utilities Group plc		216		2,892
Vodafone Group plc		3,870		7,303
Workspace Group plc, REIT		617		6,989
WPP plc		550		7,412
				325,356
United States — 17.7%
3M Co.		39		7,608
AbbVie, Inc.		456		50,875
Accenture plc, Class A		14		3,977
AES Corp. (The)		291		8,084
AGNC Investment Corp., REIT		421		7,557
Air Products and Chemicals, Inc.		23		6,559
Alliant Energy Corp.		132		7,404
Altria Group, Inc.		154		7,344
American Electric Power Co., Inc.		115		10,196
American Express Co.		39		6,010
American Tower Corp., REIT		50		12,723
Americold Realty Trust, REIT		536		21,637
Amgen, Inc.		29		6,927
Analog Devices, Inc.		263		40,254
Annaly Capital Management, Inc., REIT		798		7,241
Apple, Inc.		16		2,137
Arthur J Gallagher & Co.		30		4,395
AT&T, Inc.		302		9,499
Automatic Data Processing, Inc.		19		3,486
AvalonBay Communities, Inc., REIT		106		20,398
Avangrid, Inc.		143		7,300
Avast plc (b)		470		3,098
Avista Corp.		57		2,641
Bank of America Corp.		297		12,055

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Battalion Oil Corp. *		18		222
Brandywine Realty Trust, REIT		1,251		16,929
Bristol-Myers Squibb Co.		784		48,927
Brixmor Property Group, Inc., REIT		687		15,347
Bunge Ltd.		103		8,662
California Resources Corp. *		734		17,408
Camden Property Trust, REIT		142		17,158
Cardinal Health, Inc.		121		7,319
CenterPoint Energy, Inc.		310		7,581
CF Industries Holdings, Inc.		166		8,058
Chesapeake Energy Corp. *		16		738
Chevron Corp.		128		13,200
Chubb Ltd.		110		18,810
Citigroup, Inc.		77		5,491
Claire’s Stores, Inc. * ‡		4		942
Clear Channel Outdoor Holdings, Inc. *		287		721
Clearway Energy, Inc., Class C		70		2,002
CME Group, Inc.		148		29,904
CMS Energy Corp.		192		12,380
CNA Financial Corp.		164		7,682
Coca-Cola Co. (The)		1,117		60,315
Cogent Communications Holdings, Inc.		33		2,462
Comcast Corp., Class A		629		35,328
Comerica, Inc.		118		8,898
ConocoPhillips		276		14,136
Consolidated Edison, Inc.		133		10,313
Deere & Co.		15		5,589
DHT Holdings, Inc.		336		1,984
Dominion Energy, Inc.		129		10,309
Douglas Emmett, Inc., REIT		484		16,229
Dover Corp.		59		8,742
Dow, Inc.		128		7,985
DTE Energy Co.		54		7,539
Duke Energy Corp.		104		10,458
Eastman Chemical Co.		225		25,928
Eaton Corp. plc		281		40,118
Edison International		117		6,933
Eli Lilly & Co.		68		12,441
Emerson Electric Co.		79		7,139
Entergy Corp.		94		10,296
EOG Resources, Inc.		63		4,615
EP Energy Corp. *		141		11,926
Equinix, Inc., REIT		21		15,150
Equity LifeStyle Properties, Inc., REIT		290		20,120
Essex Property Trust, Inc., REIT		62		17,869

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 61

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Evergy, Inc.		162		10,351
Exelon Corp.		160		7,199
Exxon Mobil Corp.		137		7,848
Fastenal Co.		127		6,625
Federal Realty Investment Trust, REIT		151		17,015
Ferguson plc		48		6,066
Fidelity National Information Services, Inc.		36		5,431
FirstEnergy Corp.		77		2,930
General Dynamics Corp.		65		12,366
General Mills, Inc.		98		5,945
Genuine Parts Co.		62		7,724
Gilead Sciences, Inc.		109		6,888
Goodman Networks, Inc. * ‡		53		—	(d)
Hasbro, Inc.		70		6,971
Hawaiian Electric Industries, Inc.		63		2,700
Healthcare Trust of America, Inc., Class A, REIT		445		13,056
Healthpeak Properties, Inc., REIT		738		25,333
Hewlett Packard Enterprise Co.		515		8,248
Home Depot, Inc. (The)		32		10,305
HP, Inc.		266		9,084
IDACORP, Inc.		27		2,782
iHeartMedia, Inc., Class A *		122		2,337
Ingredion, Inc.		78		7,257
International Business Machines Corp.		77		10,885
International Flavors & Fragrances, Inc.		9		1,293
International Paper Co.		141		8,204
Interpublic Group of Cos., Inc. (The)		277		8,788
Invitation Homes, Inc., REIT		817		28,652
Iron Mountain, Inc., REIT		219		8,774
JM Smucker Co. (The)		37		4,840
Johnson & Johnson		304		49,453
Johnson Controls International plc		52		3,261
Juniper Networks, Inc.		121		3,071
Kellogg Co.		93		5,830
Kimco Realty Corp., REIT		232		4,864
Kinder Morgan, Inc.		549		9,367
Kraft Heinz Co. (The)		189		7,788
Las Vegas Sands Corp. *		116		7,081
Lumen Technologies, Inc.		726		9,311
LyondellBasell Industries NV, Class A		77		7,979
Macquarie Infrastructure Corp.		85		2,826
Maxim Integrated Products, Inc.		69		6,441
McDonald’s Corp.		27		6,403
Medtronic plc		249		32,623
Merck & Co., Inc.		569		42,415

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Microsoft Corp.		30		7,496
Mondelez International, Inc., Class A		120		7,318
Moran Foods Backstop Equity * ‡		148		849
MYT Holding Co. * ‡		1,342		7,214
National Fuel Gas Co.		55		2,710
National Retail Properties, Inc., REIT		307		14,255
Neiman Marcus Group Restricted Equity *		4		344
NetApp, Inc.		117		8,760
Newell Brands, Inc.		316		8,508
NextEra Energy, Inc.		263		20,352
Nielsen Holdings plc		181		4,631
NiSource, Inc.		394		10,260
NMG, Inc. *		41		3,245
Nordic American Tankers Ltd.		605		2,001
Norfolk Southern Corp.		67		18,716
Northern Trust Corp.		35		3,990
Northrop Grumman Corp.		13		4,671
Northwest Natural Holding Co.		24		1,320
NorthWestern Corp.		42		2,880
NortonLifeLock, Inc.		261		5,631
Nucor Corp.		116		9,579
Oasis Petroleum, Inc.		137		10,641
OGE Energy Corp.		83		2,778
Omnicom Group, Inc.		254		20,875
ONEOK, Inc.		202		10,567
PACCAR, Inc.		69		6,205
Packaging Corp. of America		54		7,953
Park Hotels & Resorts, Inc., REIT *		697		15,555
Parker-Hannifin Corp.		18		5,545
Penn Virginia Corp. *		4		55
PepsiCo, Inc.		50		7,206
Perrigo Co. plc		143		5,961
Pfizer, Inc.		54		2,078
Philip Morris International, Inc.		274		26,047
Pinnacle West Capital Corp.		121		10,208
PNC Financial Services Group, Inc. (The)		51		9,470
Portland General Electric Co.		57		2,885
PPG Industries, Inc.		42		7,172
PPL Corp.		337		9,811
Procter & Gamble Co. (The)		205		27,342
Prologis, Inc., REIT		642		74,772
Public Service Enterprise Group, Inc.		166		10,484
Public Storage, REIT		135		38,003
Quest Diagnostics, Inc.		34		4,448
Raytheon Technologies Corp.		180		14,959

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Reminco LLC * ‡		65		78
Republic Services, Inc.		37		3,891
Rexford Industrial Realty, Inc., REIT		193		10,713
Seagate Technology plc		255		23,685
Sempra Energy		53		7,282
Simon Property Group, Inc., REIT		69		8,419
Southern Co. (The)		159		10,543
Spire, Inc.		36		2,733
Stanley Black & Decker, Inc.		62		12,908
State Street Corp.		167		14,014
Steel Dynamics, Inc.		173		9,383
Stellantis NV		174		2,879
Stellantis NV		141		2,334
Sun Communities, Inc., REIT		141		23,452
Sysco Corp. (a)		61		5,140
T. Rowe Price Group, Inc.		43		7,644
Texas Instruments, Inc.		205		36,940
TJX Cos., Inc. (The)		71		5,073
Trane Technologies plc		75		12,969
Truist Financial Corp.		377		22,343
UGI Corp.		65		2,845
United Parcel Service, Inc., Class B		59		11,973
UnitedHealth Group, Inc.		53		21,135
US Bancorp		149		8,820
Valero Energy Corp.		77		5,698
Ventas, Inc., REIT		578		32,033
VEREIT, Inc., REIT		365		17,470
Verizon Communications, Inc.		484		27,971
VICI Properties, Inc., REIT (a)		1,394		44,186
Vistra Common Equity *		5		80
Vistra Corp.		145		2,453
Vornado Realty Trust, REIT		331		15,155
Walgreens Boots Alliance, Inc.		148		7,865
Walmart, Inc.		39		5,443
WEC Energy Group, Inc.		107		10,438
Weingarten Realty Investors, REIT		647		20,918
Wells Fargo & Co.		454		20,433
Western Union Co. (The)		287		7,387
Whiting Petroleum Corp. *		188		7,544
Williams Cos., Inc. (The)		393		9,583
Xcel Energy, Inc.		340		24,270
Yum! Brands, Inc.		198		23,693
				2,361,884
Total Common Stocks (Cost $4,204,974)				5,368,095

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 34.4%
Australia — 0.2%
Australia & New Zealand Banking Group Ltd.
(ICE LIBOR USD 3 Month + 0.49%), 0.67%, 11/21/2022 (e) (f)		250		252
(USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (e) (f) (g) (h)		10,853		12,703
FMG Resources August 2006 Pty. Ltd.
5.13%, 5/15/2024 (a) (f)		1,089		1,188
4.50%, 9/15/2027 (f)		121		131
4.38%, 4/1/2031 (f)		2,442		2,537
Macquarie Bank Ltd.
(ICE LIBOR USD 3 Month + 0.45%), 0.63%, 11/24/2021 (e) (f)		130		130
0.44%, 12/16/2022 (f)		196		196
Mineral Resources Ltd. 8.13%, 5/1/2027 (f)		450		499
Newcrest Finance Pty. Ltd. 4.20%, 5/13/2050 (f)		135		149
				17,785
Austria — 0.0% (c)
ams AG 7.00%, 7/31/2025 (f)		1,280		1,363
Azerbaijan — 0.1%
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (b)		950		1,141
State Oil Co. of the Azerbaijan Republic
4.75%, 3/13/2023 (b)		686		725
6.95%, 3/18/2030 (b)		2,180		2,683
				4,549
Bahrain — 0.0% (c)
Oil and Gas Holding Co. BSCC (The) 7.50%, 10/25/2027 (b)		1,150		1,286
Belarus — 0.0% (c)
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (f)		750		733
Belgium — 0.0% (c)
Anheuser-Busch InBev Worldwide, Inc.
4.38%, 4/15/2038		615		700
4.50%, 6/1/2050		1,045		1,198
KBC Group NV (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024 (b) (e) (g) (h)	EUR	1,200		1,546
				3,444
Brazil — 0.1%
Guara Norte SARL 5.20%, 6/15/2034 (f)		346		347
Klabin Austria GmbH 7.00%, 4/3/2049 (b)		1,150		1,406
MV24 Capital BV 6.75%, 6/1/2034 (f)		643		680

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Brazil — continued
Petrobras Global Finance BV 6.85%, 6/5/2115		300		316
Suzano Austria GmbH
6.00%, 1/15/2029		900		1,051
7.00%, 3/16/2047 (b)		220		283
Votorantim Cimentos International SA 7.25%, 4/5/2041 (b)		440		575
				4,658
Canada — 1.3%
1011778 BC ULC
4.25%, 5/15/2024 (f)		4,287		4,341
3.50%, 2/15/2029 (f)		1,546		1,507
4.00%, 10/15/2030 (f)		4,185		4,080
Advanz Pharma Corp. Ltd. 8.00%, 9/6/2024		2,095		2,132
Alimentation Couche-Tard, Inc. 3.80%, 1/25/2050 (f)		65		67
ATS Automation Tooling Systems, Inc. 4.13%, 12/15/2028 (f)		1,373		1,383
Bank of Montreal (SOFR + 0.27%), 0.28%, 4/14/2023 (e)		130		130
Bank of Nova Scotia (The)
(ICE LIBOR USD 3 Month + 2.65%), 4.65%, 10/12/2022 (e) (g) (h)		1,551		1,562
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (e) (g) (h)		2,323		2,494
Baytex Energy Corp. 8.75%, 4/1/2027 (f)		2,985		2,761
Bombardier, Inc. 6.00%, 10/15/2022 (f)		1,868		1,868
Cenovus Energy, Inc. 5.38%, 7/15/2025		4,837		5,500
Emera US Finance LP 4.75%, 6/15/2046		180		206
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (e)		26,173		30,298
Enbridge, Inc.
4.50%, 6/10/2044		170		190
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (e)		2,730		2,939
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (e)		5,351		5,801
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (e)		13,544		14,937
GFL Environmental, Inc.
4.25%, 6/1/2025 (f)		2,670		2,750
3.75%, 8/1/2025 (f)		1,688		1,718
4.00%, 8/1/2028 (a) (f)		1,947		1,863

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Canada — continued
MEG Energy Corp.
6.50%, 1/15/2025 (f)		4,437		4,584
7.13%, 2/1/2027 (f)		5,989		6,395
5.88%, 2/1/2029 (f)		1,159		1,188
Methanex Corp. 5.25%, 12/15/2029		350		370
National Bank of Canada 2.15%, 10/7/2022 (a) (f)		250		256
NOVA Chemicals Corp.
4.88%, 6/1/2024 (f)		6,055		6,383
5.00%, 5/1/2025 (f)		3,790		4,027
5.25%, 6/1/2027 (f)		4,811		5,112
4.25%, 5/15/2029 (f) (i)		3,479		3,444
Open Text Corp. 5.88%, 6/1/2026 (f)		1,781		1,837
Precision Drilling Corp.
7.75%, 12/15/2023		1,540		1,550
5.25%, 11/15/2024		484		465
7.13%, 1/15/2026 (a) (f)		3,749		3,711
Quebecor Media, Inc. 5.75%, 1/15/2023		6,263		6,694
Ritchie Bros Auctioneers, Inc. 5.38%, 1/15/2025 (f)		292		301
Rockpoint Gas Storage Canada Ltd. 7.00%, 3/31/2023 (f)		500		506
Rogers Communications, Inc. 3.70%, 11/15/2049		670		680
Stars Group Holdings BV 7.00%, 7/15/2026 (f)		3,931		4,108
Suncor Energy, Inc. 3.75%, 3/4/2051		365		365
Superior Plus LP 4.50%, 3/15/2029 (f)		1,621		1,652
TransAlta Corp.
4.50%, 11/15/2022		412		428
6.50%, 3/15/2040 (a)		73		84
TransCanada PipeLines Ltd. 4.75%, 5/15/2038		565		654
Transcanada Trust
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (e)		5,204		5,776
(SOFR + 4.42%), 5.50%, 9/15/2079 (e)		9,787		10,597
Videotron Ltd.
5.38%, 6/15/2024 (f)		5,053		5,560
5.13%, 4/15/2027 (f)		4,520		4,774
				170,028
Cayman Islands — 0.0% (c)
Global Aircraft Leasing Co. Ltd. 7.25% (PIK), 9/15/2024 (f) (j)		4,328		4,287

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chile — 0.0% (c)
Corp. Nacional del Cobre de Chile
4.88%, 11/4/2044 (b)		400		473
3.70%, 1/30/2050 (f)		1,400		1,415
Empresa Nacional del Petroleo 3.75%, 8/5/2026 (b)		1,000		1,049
				2,937
China — 0.0% (c)
Country Garden Holdings Co. Ltd. 3.30%, 1/12/2031 (b)		1,000		947
New Metro Global Ltd. 4.50%, 5/2/2026 (b)		700		683
Shimao Group Holdings Ltd. 3.45%, 1/11/2031 (b)		900		862
				2,492
Colombia — 0.0% (c)
Ecopetrol SA
5.88%, 9/18/2023		950		1,044
5.38%, 6/26/2026		1,160		1,302
7.38%, 9/18/2043		412		508
5.88%, 5/28/2045		730		777
				3,631
Costa Rica — 0.0% (c)
Instituto Costarricense de Electricidad 6.95%, 11/10/2021 (b)		790		801
Finland — 0.1%
Nordea Bank Abp (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.11%), 6.63%, 3/26/2026 (e) (f) (g) (h)		7,250		8,388
France — 0.8%
Altice France SA
7.38%, 5/1/2026 (f)		14,428		14,959
8.13%, 2/1/2027 (f)		4,609		5,053
5.13%, 7/15/2029 (f)		6,615		6,623
BNP Paribas SA 2.95%, 5/23/2022 (f)		226		232
BPCE SA 3.00%, 5/22/2022 (f)		250		257
Credit Agricole SA
3.38%, 1/10/2022 (f)		250		255
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (e) (f) (g) (h)		19,545		23,674
(GBP Swap 5 Year + 4.54%), 7.50%, 6/23/2026 (b) (e) (g) (h)		GBP  3,130		5,120
(EUR Swap Annual 5 Year + 4.37%), 4.00%, 12/23/2027 (b) (e) (g) (h)		EUR  1,000		1,313
2.81%, 1/11/2041 (f)		270		246

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
France — continued
Engie SA 2.88%, 10/10/2022 (f)		184		190
Societe Generale SA
(USD Swap Semi 5 Year + 6.24%), 7.37%, 9/13/2021 (e) (f) (g) (h)		14,603		14,864
(USD Swap Semi 5 Year + 4.98%), 7.88%, 12/18/2023 (e) (f) (g) (h)		1,680		1,880
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (e) (f) (g) (h)		19,644		23,176
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (e) (f) (g) (h)		10,487		10,907
				108,749
Germany — 0.0% (c)
Bayer US Finance II LLC 4.88%, 6/25/2048 (f)		680		815
BMW US Capital LLC 3.80%, 4/6/2023 (f)		212		225
Daimler Finance North America LLC 2.55%, 8/15/2022 (f)		184		189
Deutsche Telekom AG 3.63%, 1/21/2050 (a) (f)		190		196
EMD Finance LLC 2.95%, 3/19/2022 (f)		92		94
Vertical US Newco, Inc. 5.25%, 7/15/2027 (f)		2,295		2,402
Volkswagen Group of America Finance LLC 0.75%, 11/23/2022 (f)		200		201
				4,122
Guatemala — 0.0% (c)
Energuate Trust 5.88%, 5/3/2027 (b)		1,147		1,207
India — 0.0% (c)
Reliance Industries Ltd. 5.40%, 2/14/2022 (b)		830		857
Indonesia — 0.1%
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023 (f)		990		1,088
6.53%, 11/15/2028 (f)		2,380		2,881
6.76%, 11/15/2048 (f)		250		319
6.76%, 11/15/2048 (b)		200		256
Minejesa Capital BV 4.63%, 8/10/2030 (f)		824		866
Pertamina Persero PT
4.30%, 5/20/2023 (b)		260		276
3.10%, 1/21/2030 (a) (f)		450		457
6.00%, 5/3/2042 (b)		880		1,058
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.13%, 5/15/2027 (b)		680		732

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Indonesia — continued
6.25%, 1/25/2049 (b)		810		1,012
4.88%, 7/17/2049 (b)		500		535
4.00%, 6/30/2050 (b)		270		260
				9,740
Ireland — 0.1%
AerCap Global Aviation Trust (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (e) (f)		7,463		7,948
AerCap Holdings NV
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.87%, 10/10/2079 (e)		7,459		7,785
Park Aerospace Holdings Ltd. 5.50%, 2/15/2024 (f)		2		2
				15,735
Israel — 0.0% (c)
Energean Israel Finance Ltd.
4.88%, 3/30/2026 (b)		210		217
5.38%, 3/30/2028 (b)		220		227
				444
Italy — 0.2%
Enel SpA (USD Swap Semi 5 Year + 5.88%), 8.75%, 9/24/2073 (e) (f)		2,430		2,837
Telecom Italia Capital SA
6.38%, 11/15/2033		4,011		4,713
6.00%, 9/30/2034		4,901		5,516
7.72%, 6/4/2038		1,500		1,965
Telecom Italia SpA 5.30%, 5/30/2024 (f)		3,510		3,834
UniCredit SpA (EURIBOR ICE Swap Rate 5 Year + 4.08%), 3.87%, 6/3/2027 (b) (e) (g) (h)		EUR 3,470		3,874
				22,739
Japan — 0.1%
Daiwa Securities Group, Inc. 3.13%, 4/19/2022 (f)		109		112
Mitsubishi UFJ Financial Group, Inc.
3.22%, 3/7/2022		184		189
(ICE LIBOR USD 3 Month + 0.86%), 1.04%, 7/26/2023 (e)		32		32
3.41%, 3/7/2024		90		97
Mizuho Financial Group, Inc. 2.60%, 9/11/2022		350		361

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Japan — continued
Nippon Life Insurance Co.
(USD ICE Swap Rate 5 Year + 3.65%), 5.10%, 10/16/2044 (e) (f)		2,887		3,219
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 2.75%, 1/21/2051 (e) (f)		3,620		3,493
NTT Finance Corp. 0.37%, 3/3/2023 (f)		200		200
Sumitomo Life Insurance Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.75%), 3.38%, 4/15/2081 (e) (f)		2,620		2,641
Sumitomo Mitsui Financial Group, Inc. 2.78%, 7/12/2022		302		311
Takeda Pharmaceutical Co. Ltd. 3.03%, 7/9/2040		660		645
				11,300
Kazakhstan — 0.1%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (b)		1,545		2,069
KazMunayGas National Co. JSC
4.75%, 4/24/2025 (f)		550		618
4.75%, 4/19/2027 (b)		500		569
5.75%, 4/19/2047 (b)		1,380		1,657
6.38%, 10/24/2048 (b)		1,040		1,337
Tengizchevroil Finance Co. International Ltd. 4.00%, 8/15/2026 (b)		800		853
				7,103
Luxembourg — 0.5%
Altice Financing SA 7.50%, 5/15/2026 (f)		10,355		10,758
Altice France Holding SA
10.50%, 5/15/2027 (f)		8,469		9,540
6.00%, 2/15/2028 (f)		1,845		1,831
INEOS Group Holdings SA 5.63%, 8/1/2024 (a) (f)		9,470		9,534
Intelsat Jackson Holdings SA
5.50%, 8/1/2023 (k)		10,554		6,458
8.00%, 2/15/2024 (f) (k) (l)		8,800		9,097
8.50%, 10/15/2024 (f) (k)		16,148		10,012
9.75%, 7/15/2025 (f) (k)		1,585		988
				58,218
Mexico — 0.1%
Alfa SAB de CV 6.88%, 3/25/2044 (f)		712		902
BBVA Bancomer SA 6.75%, 9/30/2022 (b)		900		966
Petroleos Mexicanos
5.38%, 3/13/2022		2,850		2,922

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Mexico — continued
6.88%, 8/4/2026		505		545
6.49%, 1/23/2027		247		261
5.35%, 2/12/2028		1,900		1,860
6.50%, 1/23/2029		420		426
5.63%, 1/23/2046		1,999		1,613
6.75%, 9/21/2047		850		752
6.35%, 2/12/2048		500		425
7.69%, 1/23/2050		1,402		1,349
6.95%, 1/28/2060		2,100		1,847
				13,868
Morocco — 0.0% (c)
OCP SA
5.63%, 4/25/2024 (b)		1,080		1,172
6.88%, 4/25/2044 (b)		1,030		1,242
				2,414
Netherlands — 0.3%
ABN AMRO Bank NV
(ICE LIBOR USD 3 Month + 0.57%), 0.76%, 8/27/2021 (e) (f)		700		701
(EUR Swap Annual 5 Year + 4.67%), 4.37%, 9/22/2025 (b) (e) (g) (h)		EUR 5,100		6,590
Cooperatieve Rabobank UA
(EUR Swap Annual 5 Year + 6.70%), 6.62%, 6/29/2021 (b) (e) (g) (h)		EUR 2,000		2,429
(EUR Swap Annual 5 Year + 4.68%), 4.37%, 6/29/2027 (b) (e) (g) (h)		EUR 7,200		9,565
ING Groep NV
3.15%, 3/29/2022 (a)		244		250
(USD ICE Swap Rate 5 Year + 5.12%), 6.87%, 4/16/2022 (b) (e) (g) (h)		7,168		7,473
Nouryon Holding BV 8.00%, 10/1/2026 (a) (f)		4,665		4,957
Shell International Finance BV 4.00%, 5/10/2046		370		416
Trivium Packaging Finance BV
5.50%, 8/15/2026 (f) (l)		2,741		2,868
8.50%, 8/15/2027 (f) (l)		2,181		2,333
				37,582
Norway — 0.0% (c)
DNB Bank ASA (USD Swap Semi 5 Year + 5.08%), 6.50%, 3/26/2022 (b) (e) (g) (h)		2,973		3,096

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Panama — 0.0% (c)
AES Panama Generation Holdings SRL 4.38%, 5/31/2030 (f)		960		992
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (f)		580		636
				1,628
Paraguay — 0.0% (c)
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (f)		413		301
Peru — 0.0% (c)
Nexa Resources SA 5.38%, 5/4/2027 (b)		580		615
Petroleos del Peru SA
4.75%, 6/19/2032 (f)		900		915
5.63%, 6/19/2047 (b)		600		612
Southern Copper Corp. 5.88%, 4/23/2045		185		243
				2,385
Qatar — 0.0% (c)
ABQ Finance Ltd. 3.50%, 2/22/2022 (b)		720		734
Saudi Arabia — 0.0% (c)
Saudi Arabian Oil Co.
1.63%, 11/24/2025 (f)		200		202
2.25%, 11/24/2030 (f)		397		382
3.25%, 11/24/2050 (f)		350		319
3.50%, 11/24/2070 (f)		1,104		1,002
				1,905
South Africa — 0.0% (c)
Eskom Holdings SOC Ltd.
6.75%, 8/6/2023 (b)		430		449
7.13%, 2/11/2025 (b)		650		681
				1,130
South Korea — 0.0% (c)
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2022 (b) (e) (g) (h)		1,150		1,164
Spain — 0.0% (c)
Banco Bilbao Vizcaya Argentaria SA (EUR Swap Annual 5 Year + 6.04%), 6.00%, 3/29/2024 (b) (e) (g) (h)		EUR 2,000		2,625
Banco Santander SA (ICE LIBOR USD 3 Month + 1.12%), 1.31%, 4/12/2023 (e)		200		203
Telefonica Emisiones SA 4.90%, 3/6/2048		980		1,123
				3,951

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Sweden — 0.0% (c)
Skandinaviska Enskilda Banken AB 3.05%, 3/25/2022 (f)		366		375
Svenska Handelsbanken AB
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.69%), 6.25%, 3/1/2024 (b) (e) (g) (h)		600		661
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031 (b) (e) (g) (h)		2,600		2,730
				3,766
Switzerland — 0.7%
Cloverie plc for Zurich Insurance Co. Ltd. (ICE LIBOR USD 3 Month + 4.92%), 5.63%, 6/24/2046 (b) (e)		1,600		1,843
Credit Suisse AG
(SOFR + 0.45%), 0.46%, 2/4/2022 (e)		250		250
1.00%, 5/5/2023		250		252
Credit Suisse Group AG
(USD Swap Semi 5 Year + 5.11%), 7.13%, 7/29/2022 (b) (e) (g) (h)		6,820		7,114
(USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023 (e) (f) (g) (h)		630		674
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (e) (f) (g) (h)		11,691		12,860
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (e) (f) (g) (h)		19,875		21,461
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026 (e) (f) (g) (h)		11,234		12,215
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027 (e) (f) (g) (h)		6,696		6,955
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.55%), 4.50%, 9/3/2030 (e) (f) (g) (h)		1,650		1,576
UBS AG 1.75%, 4/21/2022 (a) (f)		330		334
UBS Group AG
(USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024 (e) (f) (g) (h)		13,114		14,467
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (b) (e) (g) (h)		8,000		9,220
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025 (b) (e) (g) (h)		5,805		6,596
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.86%), 5.12%, 7/29/2026 (b) (e) (g) (h)		1,577		1,689
				97,506

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Trinidad and Tobago — 0.0% (c)
Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026 (f)		1,565		1,751
Tunisia — 0.0% (c)
Banque Centrale de Tunisie International Bond 5.75%, 1/30/2025 (b)		600		560
Turkey — 0.0% (c)
Turkcell Iletisim Hizmetleri A/S 5.80%, 4/11/2028 (b)		660		690
United Arab Emirates — 0.0% (c)
DAE Funding LLC 4.50%, 8/1/2022 (a) (f)		1,205		1,214
MDGH — GMTN BV 3.70%, 11/7/2049 (b)		600		622
Telford Offshore Ltd. 12.00% (PIK), 12/31/2164 (g) (h) (j)		1,384		5
				1,841
United Kingdom — 0.9%
Ashtead Capital, Inc.
4.13%, 8/15/2025 (f)		2,645		2,717
4.38%, 8/15/2027 (a) (f)		500		524
AstraZeneca plc 2.13%, 8/6/2050		1,895		1,537
Barclays plc
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (e) (g) (h)		2,569		2,826
4.84%, 5/9/2028		1,277		1,436
(ICE LIBOR USD 3 Month + 3.05%), 5.09%, 6/20/2030 (e)		1,190		1,367
BAT Capital Corp. 4.76%, 9/6/2049 (a)		1,605		1,626
BP Capital Markets plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (e) (g) (h)		4,196		4,469
(EUR Swap Annual 5 Year + 4.12%), 3.62%, 3/22/2029 (b) (e) (g) (h)		EUR 7,400		9,685
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (e) (g) (h)		17,849		19,161
CK Hutchison International 16 Ltd. 1.88%, 10/3/2021 (f)		330		332
HSBC Holdings plc
(EUR Swap Annual 5 Year + 5.34%), 6.00%, 9/29/2023 (b) (e) (g) (h)		EUR 3,970		5,250
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025 (e) (g) (h)		6,827		7,558
(USD ICE Swap Rate 5 Year + 3.75%), 6.00%, 5/22/2027 (e) (g) (h)		1,160		1,279
(USD ICE Swap Rate 5 Year + 3.61%), 6.50%, 3/23/2028 (e) (g) (h)		9,570		10,874

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United Kingdom — continued
(EUR Swap Annual 5 Year + 3.84%), 4.75%, 7/4/2029 (b) (e) (g) (h)		EUR 1,918		2,591
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (e) (g) (h)		5,880		5,968
6.10%, 1/14/2042		415		586
INEOS Quattro Finance 2 plc 3.38%, 1/15/2026 (f)		1,685		1,683
Jaguar Land Rover Automotive plc 5.63%, 2/1/2023 (a) (f)		500		504
Lloyds Banking Group plc (ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023 (e)		250		255
Nationwide Building Society 0.55%, 1/22/2024 (f)		200		199
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.39%), 5.87%, 12/20/2024 (b) (e) (g) (h)		GBP 200		304
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027 (b) (e) (g) (h)		GBP 4,470		6,876
Natwest Group plc (USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (e) (g) (h)		1,566		1,597
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (e) (g) (h)		2,641		2,921
Reckitt Benckiser Treasury Services plc (ICE LIBOR USD 3 Month + 0.56%), 0.75%, 6/24/2022 (a) (e) (f)		252		253
Rolls-Royce plc 5.75%, 10/15/2027 (f)		2,232		2,394
Sky Ltd. 3.13%, 11/26/2022 (f)		77		80
Standard Chartered plc (ICE LIBOR USD 3 Month + 1.15%), 1.34%, 1/20/2023 (e) (f)		250		251
TechnipFMC plc 6.50%, 2/1/2026 (f)		491		524
Virgin Media Secured Finance plc
5.50%, 8/15/2026 (f)		2,545		2,641
5.50%, 5/15/2029 (f)		6,525		6,977
Vodafone Group plc
2.50%, 9/26/2022		123		127
4.38%, 2/19/2043 (a)		965		1,097
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (e)		7,333		8,938
				117,407
United States — 28.7%
7-Eleven, Inc. (ICE LIBOR USD 3 Month + 0.45%), 0.65%, 8/10/2022 (e) (f)		146		146
0.63%, 2/10/2023 (f)		86		86

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
AbbVie, Inc.
2.15%, 11/19/2021		160		162
4.25%, 11/21/2049		910		1,031
Abercrombie & Fitch Management Co. 8.75%, 7/15/2025 (f)		450		499
Acadia Healthcare Co., Inc. 5.00%, 4/15/2029 (f)		1,368		1,414
ACCO Brands Corp. 4.25%, 3/15/2029 (f)		4,810		4,732
ACI Worldwide, Inc. 5.75%, 8/15/2026 (f)		3,105		3,264
Activision Blizzard, Inc. 2.50%, 9/15/2050		170		146
AdaptHealth LLC
6.13%, 8/1/2028 (f)		450		472
4.63%, 8/1/2029 (f)		1,128		1,122
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a) (f)		1,876		1,925
Adient US LLC
9.00%, 4/15/2025 (f)		1,155		1,280
7.00%, 5/15/2026 (f)		54		58
ADT Security Corp. (The)
4.13%, 6/15/2023		1,398		1,464
4.88%, 7/15/2032 (f)		6,428		6,728
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (f)		159		166
AECOM 5.88%, 10/15/2024		346		388
Aetna, Inc. 3.88%, 8/15/2047		620		661
Albertsons Cos., Inc.
3.50%, 2/15/2023 (f)		2,005		2,060
5.75%, 3/15/2025		698		720
3.25%, 3/15/2026 (f)		3,540		3,537
7.50%, 3/15/2026 (f)		2,170		2,387
4.63%, 1/15/2027 (f)		7,060		7,342
5.88%, 2/15/2028 (f)		3,316		3,532
3.50%, 3/15/2029 (f)		6,608		6,344
4.88%, 2/15/2030 (f)		2,850		2,967
Alcoa Nederland Holding BV
7.00%, 9/30/2026 (f)		1,650		1,736
5.50%, 12/15/2027 (f)		6,325		6,847
Allegheny Technologies, Inc. 5.88%, 12/1/2027 (a)		1,861		1,966
Alliance Resource Operating Partners LP 7.50%, 5/1/2025 (f)		200		189
Allied Universal Holdco LLC
6.63%, 7/15/2026 (f)		1,996		2,111
9.75%, 7/15/2027 (f)		907		995

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Allison Transmission, Inc.
4.75%, 10/1/2027 (f)		2,545		2,663
5.88%, 6/1/2029 (f)		4,125		4,460
3.75%, 1/30/2031 (a) (f)		3,230		3,117
Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (e)		5,429		5,833
Ally Financial, Inc.
4.63%, 5/19/2022		4,061		4,232
5.13%, 9/30/2024		1,908		2,164
4.63%, 3/30/2025 (a)		6,278		7,027
5.75%, 11/20/2025		5,333		6,111
8.00%, 11/1/2031		2,055		2,890
Altria Group, Inc.
4.75%, 5/5/2021		124		124
4.45%, 5/6/2050		730		739
AMC Entertainment Holdings, Inc.
10.50%, 4/24/2026 (f)		2,786		2,932
12.00% (PIK), 6/15/2026 (a) (f) (j)		7,744		6,287
AMC Networks, Inc.
5.00%, 4/1/2024		1,288		1,305
4.75%, 8/1/2025 (a)		1,336		1,376
American Airlines Group, Inc. 3.75%, 3/1/2025 (f)		84		74
American Airlines, Inc.
11.75%, 7/15/2025 (f)		294		368
5.50%, 4/20/2026 (f)		5,694		5,979
5.75%, 4/20/2029 (f)		4,935		5,288
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025 (a)		12,483		12,926
6.25%, 3/15/2026 (a)		8,893		9,132
6.50%, 4/1/2027 (a)		4,642		4,903
6.88%, 7/1/2028 (a)		1,272		1,360
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (f)		4,195		4,258
American Express Co.
Series C, (ICE LIBOR USD 3 Month + 3.29%), 3.47%, 6/15/2021 (e) (g) (h)		1,973		1,962
Series B, (ICE LIBOR USD 3 Month + 3.43%), 3.62%, 8/15/2021 (e) (g) (h)		1,818		1,818
(ICE LIBOR USD 3 Month + 0.61%), 0.82%, 8/1/2022 (a) (e)		87		87
2.65%, 12/2/2022		159		165
American Honda Finance Corp.
(ICE LIBOR USD 3 Month + 0.61%), 0.80%, 9/9/2021 (e)		99		99

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
0.40%, 10/21/2022		65		65
(ICE LIBOR USD 3 Month + 0.47%), 0.66%, 11/16/2022 (e)		28		28
American International Group, Inc. Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (e)		4,853		5,490
American Tower Corp.
REIT, 3.70%, 10/15/2049		315		326
REIT, 3.10%, 6/15/2050		840		783
AmeriGas Partners LP
5.63%, 5/20/2024		515		573
5.50%, 5/20/2025		5,898		6,554
5.88%, 8/20/2026		2,714		3,036
5.75%, 5/20/2027		1,424		1,593
AmerisourceBergen Corp. 0.74%, 3/15/2023		63		63
Amgen, Inc.
3.63%, 5/15/2022		239		245
3.15%, 2/21/2040 (a)		180		180
Amkor Technology, Inc. 6.63%, 9/15/2027 (f)		3,941		4,242
AMN Healthcare, Inc. 4.63%, 10/1/2027 (f)		450		465
Amsted Industries, Inc. 5.63%, 7/1/2027 (f)		1,629		1,727
Analog Devices, Inc. 2.50%, 12/5/2021		95		96
Antero Midstream Partners LP
5.38%, 9/15/2024		2,975		3,023
7.88%, 5/15/2026 (f)		3,324		3,623
5.75%, 3/1/2027 (f)		490		496
5.75%, 1/15/2028 (f)		1,990		2,028
Antero Resources Corp.
5.63%, 6/1/2023		6,797		6,823
8.38%, 7/15/2026 (f)		2,754		3,092
7.63%, 2/1/2029 (f)		887		962
Anthem, Inc. 3.13%, 5/15/2050		680		654
Apache Corp.
4.63%, 11/15/2025 (a)		737		779
4.88%, 11/15/2027		1,517		1,601
Aramark Services, Inc. 5.00%, 2/1/2028 (a) (f)		7,840		8,203
Arches Buyer, Inc.
4.25%, 6/1/2028 (f)		1,780		1,773
6.13%, 12/1/2028 (f)		634		650
Archrock Partners LP 6.88%, 4/1/2027 (f)		472		502
Arconic Corp.
6.00%, 5/15/2025 (a) (f)		2,269		2,422
6.13%, 2/15/2028 (f)		3,102		3,296

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (f)		4,132		4,263
5.25%, 8/15/2027 (f)		12,645		12,925
Asbury Automotive Group, Inc.
4.50%, 3/1/2028		412		425
4.75%, 3/1/2030		385		402
AT&T, Inc.
Series B, (EURIBOR ICE Swap Rate 5 Year + 3.14%), 2.87%, 3/2/2025 (e) (g) (h)		EUR 700		844
3.50%, 6/1/2041		300		295
3.85%, 6/1/2060		605		581
3.50%, 2/1/2061		735		669
Athene Global Funding 0.95%, 1/8/2024 (a) (f)		133		133
Atmos Energy Corp. (ICE LIBOR USD 3 Month + 0.38%), 0.57%, 3/9/2023 (e)		250		250
AutoZone, Inc. 3.70%, 4/15/2022		160		164
Avantor Funding, Inc. 4.63%, 7/15/2028 (f)		6,184		6,478
Avis Budget Car Rental LLC
5.25%, 3/15/2025 (a) (f)		5,101		5,177
5.75%, 7/15/2027 (a) (f)		5,358		5,673
4.75%, 4/1/2028 (f)		5,455		5,651
5.38%, 3/1/2029 (f)		2,711		2,823
Axalta Coating Systems LLC
4.75%, 6/15/2027 (f)		2,233		2,339
3.38%, 2/15/2029 (f)		3,629		3,527
B&G Foods, Inc. 5.25%, 4/1/2025		7,153		7,363
Baker Hughes a GE Co. LLC 4.08%, 12/15/2047		800		859
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (e)		54		55
Series U, (ICE LIBOR USD 3 Month + 3.14%), 5.20%, 6/1/2023 (e) (g) (h)		8,299		8,662
Series JJ, (ICE LIBOR USD 3 Month + 3.30%), 5.12%, 6/20/2024 (e) (g) (h)		3,589		3,869
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (e) (g) (h)		11,439		12,755
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (e) (g) (h)		7,182		8,279
Series MM, (ICE LIBOR USD 3 Month + 2.66%), 4.30%, 1/28/2025 (e) (g) (h)		11,660		12,010
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (g) (h)		6,667		7,475

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (g) (h)		1,250		1,402
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (e) (g) (h)		19,910		23,289
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (e) (g) (h)		18,929		21,346
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (e)		965		1,083
Bank of New York Mellon Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.42%), 3.61%, 6/20/2021 (e) (g) (h)		2,111		2,108
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (e) (g) (h)		6,160		6,268
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.36%), 4.70%, 9/20/2025 (e) (g) (h)		2,095		2,310
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 3.70%, 3/20/2026 (e) (g) (h)		2,910		3,034
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (e) (g) (h)		12,308		13,083
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (f)		4,876		5,401
8.50%, 1/31/2027 (f)		5,791		6,450
Bausch Health Cos., Inc.
7.00%, 3/15/2024 (f)		10,903		11,176
6.13%, 4/15/2025 (a) (f)		21,707		22,164
5.50%, 11/1/2025 (f)		10,586		10,917
9.00%, 12/15/2025 (f)		23,732		25,754
5.75%, 8/15/2027 (f)		965		1,035
7.00%, 1/15/2028 (f)		3,489		3,794
5.00%, 1/30/2028 (f)		2,065		2,096
5.00%, 2/15/2029 (f)		4,668		4,675
7.25%, 5/30/2029 (f)		1,679		1,861
5.25%, 1/30/2030 (f)		3,476		3,493
5.25%, 2/15/2031 (f)		3,262		3,266
Baxter International, Inc. 3.50%, 8/15/2046		695		745
Bed Bath & Beyond, Inc.
3.75%, 8/1/2024 (a)		400		411
4.92%, 8/1/2034		100		93
Berry Global, Inc.
5.13%, 7/15/2023 (a)		652		655
4.88%, 7/15/2026 (f)		6,914		7,323
Big River Steel LLC 6.63%, 1/31/2029 (f)		2,088		2,255
Biogen, Inc.
3.63%, 9/15/2022		179		188

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
3.15%, 5/1/2050		1,160		1,058
Black Knight InfoServ LLC 3.63%, 9/1/2028 (f)		2,242		2,192
Blue Racer Midstream LLC
7.63%, 12/15/2025 (f)		1,522		1,645
6.63%, 7/15/2026 (f)		1,510		1,559
Boise Cascade Co. 4.88%, 7/1/2030 (f)		444		471
Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (f)		1,882		1,877
Boyd Gaming Corp.
6.38%, 4/1/2026		1,760		1,817
6.00%, 8/15/2026		3,419		3,547
Boyne USA, Inc. 4.75%, 5/15/2029 (f)		2,786		2,863
BP Capital Markets America, Inc.
3.25%, 5/6/2022 (a)		195		201
3.00%, 2/24/2050		735		679
Brighthouse Financial Global Funding 1.00%, 4/12/2024 (f)		27		27
Brink’s Co. (The)
5.50%, 7/15/2025 (f)		1,890		1,994
4.63%, 10/15/2027 (f)		5,525		5,760
Broadcom, Inc.
4.30%, 11/15/2032 (a)		690		761
3.50%, 2/15/2041 (f)		866		836
Buckeye Partners LP
4.13%, 3/1/2025 (f)		3,620		3,710
3.95%, 12/1/2026		200		200
4.13%, 12/1/2027		2,947		2,910
4.50%, 3/1/2028 (f)		3,620		3,625
Builders FirstSource, Inc. 5.00%, 3/1/2030 (f)		2,130		2,260
Burlington Coat Factory Warehouse Corp. 6.25%, 4/15/2025 (f)		450		478
Burlington Northern Santa Fe LLC 3.05%, 3/15/2022		32		33
BWX Technologies, Inc.
5.38%, 7/15/2026 (f)		3,360		3,467
4.13%, 6/30/2028 (f)		1,866		1,899
4.13%, 4/15/2029 (f)		4,624		4,751
BY Crown Parent LLC 4.25%, 1/31/2026 (f)		1,406		1,473
Cable One, Inc. 4.00%, 11/15/2030 (f)		450		443
Caesars Resort Collection LLC 5.25%, 10/15/2025 (f)		985		993
California Resources Corp. 7.13%, 2/1/2026 (f)		3,542		3,628

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Callon Petroleum Co. 6.25%, 4/15/2023		2,653		2,520
Calpine Corp.
5.25%, 6/1/2026 (f)		4,138		4,248
4.63%, 2/1/2029 (f)		1,122		1,105
5.00%, 2/1/2031 (f)		1,502		1,479
3.75%, 3/1/2031 (f)		50		48
Capital One Financial Corp. (ICE LIBOR USD 3 Month + 0.95%), 1.14%, 3/9/2022 (e)		250		252
Cardinal Health, Inc. 2.62%, 6/15/2022 (a)		123		126
Carnival Corp.
11.50%, 4/1/2023 (f)		1,548		1,779
10.50%, 2/1/2026 (f)		742		875
Carpenter Technology Corp. 6.38%, 7/15/2028		1,466		1,608
Catalent Pharma Solutions, Inc.
5.00%, 7/15/2027 (f)		2,038		2,132
3.13%, 2/15/2029 (f)		940		910
Caterpillar Financial Services Corp. (ICE LIBOR USD 3 Month + 0.28%), 0.46%, 9/7/2021 (e)		308		308
CCO Holdings LLC
5.75%, 2/15/2026 (f)		14,454		14,960
5.50%, 5/1/2026 (f)		17,215		17,766
5.13%, 5/1/2027 (f)		35,630		37,289
5.00%, 2/1/2028 (f)		11,959		12,497
5.38%, 6/1/2029 (a) (f)		1,758		1,908
4.75%, 3/1/2030 (a) (f)		11,296		11,790
4.25%, 2/1/2031 (f)		10,261		10,261
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (f)		4,976		5,312
CDK Global, Inc. 5.25%, 5/15/2029 (f)		7,151		7,669
CDW LLC
5.50%, 12/1/2024		635		701
4.25%, 4/1/2028		7,836		8,169
3.25%, 2/15/2029		1,372		1,360
Cedar Fair LP
5.50%, 5/1/2025 (f)		1,455		1,524
5.38%, 4/15/2027		160		165
5.25%, 7/15/2029		1,395		1,434
Centene Corp.
5.38%, 6/1/2026 (f)		2,239		2,333
4.25%, 12/15/2027		11,634		12,194
4.63%, 12/15/2029 (a)		16,770		18,153
3.38%, 2/15/2030		5,040		5,059

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Centennial Resource Production LLC 5.38%, 1/15/2026 (f)		399		374
CenterPoint Energy Resources Corp. (ICE LIBOR USD 3 Month + 0.50%), 0.68%, 3/2/2023 (e)		88		88
CenterPoint Energy, Inc.
3.60%, 11/1/2021		123		125
Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (e) (g) (h)		5,558		5,926
Central Garden & Pet Co.
5.13%, 2/1/2028		4,900		5,194
4.13%, 10/15/2030		2,059		2,124
Charles Schwab Corp. (The)
(SOFR + 0.50%), 0.51%, 3/18/2024 (e)		131		132
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%, 6/1/2025 (e) (g) (h)		6,566		7,301
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026 (e) (g) (h)		17,760		18,249
Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (e) (g) (h)		13,722		14,528
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (e) (g) (h)		21,664		21,945
Chemours Co. (The)
7.00%, 5/15/2025		7,650		7,870
5.75%, 11/15/2028 (f)		1,557		1,654
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		2,005		2,295
Cheniere Energy Partners LP
5.63%, 10/1/2026		1,278		1,332
4.50%, 10/1/2029 (a)		4,325		4,514
4.00%, 3/1/2031 (f)		2,666		2,713
Cheniere Energy, Inc. 4.63%, 10/15/2028 (f)		7,790		8,122
Chesapeake Energy Corp.
5.50%, 2/1/2026 (f)		1,354		1,428
5.88%, 2/1/2029 (f)		1,354		1,459
Chevron USA, Inc. 2.34%, 8/12/2050 (a)		415		352
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		52		54
Cigna Corp. 3.40%, 3/15/2051		180		179
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (f)		5,756		5,943
8.00%, 10/15/2025 (f)		2,625		2,783
Cinemark USA, Inc.
4.88%, 6/1/2023		5,466		5,459

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
8.75%, 5/1/2025 (f)		1,000		1,089
CIT Group, Inc.
4.75%, 2/16/2024 (a)		1,001		1,089
5.25%, 3/7/2025		4,078		4,603
6.13%, 3/9/2028		1,838		2,229
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 4.68%, 5/17/2021 (e) (g) (h)		1,151		1,152
2.75%, 4/25/2022		307		314
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (a) (e) (g) (h)		11,818		12,498
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (e) (g) (h)		4,000		4,230
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (e) (g) (h)		4,043		4,265
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (e) (g) (h)		1,500		1,549
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (e) (g) (h)		20,542		22,101
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (e) (g) (h)		18,810		19,750
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (e) (g) (h)		17,009		17,325
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (e) (g) (h)	��	12,483		13,598
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (e) (g) (h)		19,449		19,698
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (e) (g) (h)		7,550		7,559
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (a) (e) (g) (h)		9,744		11,355
(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 4/24/2048 (e)		222		262
Citizens Financial Group, Inc.
Series A, (ICE LIBOR USD 3 Month + 3.96%), 4.15%, 7/6/2021 (e) (g) (h)		3,172		3,172
Series B, (ICE LIBOR USD 3 Month + 3.00%), 6.00%, 7/6/2023 (e) (g) (h)		3,001		3,117
Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (e) (g) (h)		5,409		5,849
Clarios Global LP
6.75%, 5/15/2025 (f)		1,773		1,904
6.25%, 5/15/2026 (f)		4,076		4,323
Clean Harbors, Inc. 4.88%, 7/15/2027 (f)		785		817

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028 (a) (f)		4,638		4,775
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		10,320		10,771
5.13%, 8/15/2027 (a) (f)		7,188		7,296
Clearway Energy Operating LLC 5.00%, 9/15/2026		2,612		2,697
Cleveland-Cliffs, Inc.
4.63%, 3/1/2029 (f)		3,158		3,217
4.88%, 3/1/2031 (f)		2,257		2,297
Clorox Co. (The) 3.05%, 9/15/2022		23		24
CMS Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (e)		4,749		5,212
CNX Resources Corp. 6.00%, 1/15/2029 (f)		2,233		2,383
Colfax Corp. 6.38%, 2/15/2026 (f)		363		385
Comcast Corp. 3.75%, 4/1/2040		590		651
Commercial Metals Co. 5.38%, 7/15/2027		1,290		1,367
CommScope Technologies LLC
6.00%, 6/15/2025 (f)		7,185		7,311
5.00%, 3/15/2027 (f)		2,405		2,382
CommScope, Inc.
5.50%, 3/1/2024 (f)		1,923		1,982
6.00%, 3/1/2026 (f)		9,090		9,578
8.25%, 3/1/2027 (f)		10,160		10,884
Community Health Systems, Inc.
6.63%, 2/15/2025 (f)		200		211
8.00%, 3/15/2026 (f)		1,693		1,824
5.63%, 3/15/2027 (f)		3,918		4,153
8.00%, 12/15/2027 (a) (f)		150		165
6.00%, 1/15/2029 (f)		1,959		2,062
4.75%, 2/15/2031 (f)		3,315		3,290
Comstock Resources, Inc.
7.50%, 5/15/2025 (f)		1,278		1,320
6.75%, 3/1/2029 (f)		7,197		7,352
Consolidated Edison, Inc. 2.00%, 5/15/2021		75		75
Constellation Brands, Inc. 4.50%, 5/9/2047		380		442
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (a) (f)		2,652		2,559
Constellium SE 5.75%, 5/15/2024 (f)		466		469
Continental Resources, Inc. 5.75%, 1/15/2031 (a) (f)		5,061		5,871
Cooper-Standard Automotive, Inc.
13.00%, 6/1/2024 (f)		3,445		3,927
5.63%, 11/15/2026 (f)		7,311		6,361

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
CoreCivic, Inc.
5.00%, 10/15/2022		430		452
8.25%, 4/15/2026		4,488		4,510
Corning, Inc. 5.35%, 11/15/2048 (a)		130		169
Coty, Inc.
5.00%, 4/15/2026 (f)		2,793		2,826
6.50%, 4/15/2026 (a) (f)		2,377		2,392
Cox Communications, Inc. 2.95%, 10/1/2050 (f)		495		451
Crestwood Midstream Partners LP
5.75%, 4/1/2025 (a)		5,719		5,869
5.63%, 5/1/2027 (f)		2,355		2,396
Crown Americas LLC 4.75%, 2/1/2026		681		707
Crown Castle International Corp. REIT, 2.90%, 4/1/2041		735		684
CSC Holdings LLC
6.75%, 11/15/2021		2,089		2,147
5.88%, 9/15/2022		1,585		1,665
5.25%, 6/1/2024		1,349		1,460
5.50%, 5/15/2026 (f)		6,208		6,384
5.50%, 4/15/2027 (f)		5,420		5,683
5.38%, 2/1/2028 (f)		2,010		2,115
7.50%, 4/1/2028 (f)		2,260		2,489
6.50%, 2/1/2029 (f)		5,444		6,016
4.50%, 11/15/2031 (f) (i)		4,903		4,903
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (f)		490		502
Curo Group Holdings Corp. 8.25%, 9/1/2025 (f)		5,834		5,975
CVR Energy, Inc. 5.25%, 2/15/2025 (f)		550		553
CVR Partners LP 9.25%, 6/15/2023 (f)		13,017		13,115
CVS Health Corp.
3.50%, 7/20/2022		120		124
4.78%, 3/25/2038		615		735
5.30%, 12/5/2043		695		881
5.05%, 3/25/2048		540		664
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (f)		6,145		6,368
Dana, Inc.
5.38%, 11/15/2027		895		953
5.63%, 6/15/2028		304		327
Darling Ingredients, Inc. 5.25%, 4/15/2027 (f)		4,001		4,206
Dave & Buster’s, Inc. 7.63%, 11/1/2025 (f)		214		231

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
DaVita, Inc.
4.63%, 6/1/2030 (f)		2,340		2,369
3.75%, 2/15/2031 (f)		6,566		6,238
DCP Midstream Operating LP
3.88%, 3/15/2023		2,613		2,731
5.38%, 7/15/2025		1,919		2,106
5.63%, 7/15/2027		2,481		2,710
6.75%, 9/15/2037 (f)		1,740		2,010
5.60%, 4/1/2044		525		538
Delek Logistics Partners LP 6.75%, 5/15/2025 (a)		3,673		3,737
Dell International LLC
7.13%, 6/15/2024 (f)		1,465		1,504
6.02%, 6/15/2026 (f)		4,575		5,458
6.10%, 7/15/2027 (f)		680		833
6.20%, 7/15/2030 (f)		680		855
Delta Air Lines, Inc.
4.50%, 10/20/2025 (f)		3,465		3,717
4.75%, 10/20/2028 (f)		4,851		5,327
DH Europe Finance II SARL 2.05%, 11/15/2022		184		189
Diamond Sports Group LLC 5.38%, 8/15/2026 (f)		5,578		4,072
Diebold Nixdorf, Inc. 9.38%, 7/15/2025 (f)		450		501
Discovery Communications LLC
5.20%, 9/20/2047		195		229
4.65%, 5/15/2050		690		764
DISH DBS Corp.
6.75%, 6/1/2021		8,412		8,423
5.88%, 7/15/2022		2,197		2,300
5.00%, 3/15/2023		12,079		12,642
5.88%, 11/15/2024		30,567		33,069
7.75%, 7/1/2026		12,861		14,822
Dole Food Co., Inc. 7.25%, 6/15/2025 (f)		3,818		3,890
Dominion Energy, Inc.
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024 (e) (g) (h)		3,636		3,868
(ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/1/2054 (e)		2,201		2,416
Donnelley Financial Solutions, Inc. 8.25%, 10/15/2024		450		471
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (f)		4,931		5,128

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
DTE Energy Co. 2.25%, 11/1/2022		122		125
Duke Energy Corp.
3.05%, 8/15/2022		84		86
3.75%, 9/1/2046		680		702
3.95%, 8/15/2047		680		728
Duke Energy Progress LLC Series A, (ICE LIBOR USD 3 Month + 0.18%), 0.37%, 2/18/2022 (e)		39		39
Dycom Industries, Inc. 4.50%, 4/15/2029 (f)		5,080		5,156
Edgewell Personal Care Co.
5.50%, 6/1/2028 (f)		1,815		1,929
4.13%, 4/1/2029 (f)		1,970		1,965
Element Solutions, Inc. 3.88%, 9/1/2028 (f)		1,173		1,170
Embarq Corp. 8.00%, 6/1/2036		9,098		10,594
EMC Corp. 3.38%, 6/1/2023		668		692
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) (f)		3,866		3,624
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (f)		5,195		5,090
Encompass Health Corp.
5.75%, 9/15/2025 (a)		4,690		4,848
4.50%, 2/1/2028		5,420		5,617
4.75%, 2/1/2030		680		714
Endeavor Energy Resources LP 6.63%, 7/15/2025 (f)		1,197		1,275
Endo Dac
5.88%, 10/15/2024 (f)		925		930
9.50%, 7/31/2027 (f)		3,857		4,088
6.00%, 6/30/2028 (f)		5,029		3,822
Endo Luxembourg Finance Co. I SARL 6.13%, 4/1/2029 (f)		2,045		2,025
Energizer Holdings, Inc.
4.75%, 6/15/2028 (f)		2,772		2,835
4.38%, 3/31/2029 (f)		2,516		2,497
Energy Transfer LP
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (e) (g) (h)		8,894		8,372
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (e) (g) (h)		4,455		4,544
EnerSys 4.38%, 12/15/2027 (f)		100		105
EnLink Midstream LLC 5.38%, 6/1/2029		803		803
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (e) (g) (h)		2,797		1,937

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
4.40%, 4/1/2024		4,495		4,609
4.15%, 6/1/2025		1,600		1,614
4.85%, 7/15/2026		2,940		2,969
5.60%, 4/1/2044		522		450
5.45%, 6/1/2047		213		180
Enova International, Inc. 8.50%, 9/15/2025 (f)		500		520
Entegris, Inc.
4.63%, 2/10/2026 (f)		7,946		8,222
4.38%, 4/15/2028 (f)		450		473
3.63%, 5/1/2029 (f)		2,434		2,470
Entercom Media Corp. 6.50%, 5/1/2027 (a) (f)		4,439		4,550
Entergy Corp. 4.00%, 7/15/2022		98		102
Entergy Texas, Inc. 3.55%, 9/30/2049		540		555
Enterprise Products Operating LLC
4.80%, 2/1/2049		430		501
3.70%, 1/31/2051		285		285
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (e)		4,380		4,431
Envision Healthcare Corp. 8.75%, 10/15/2026 (a) (f)		7,419		5,386
Enviva Partners LP 6.50%, 1/15/2026 (f)		214		224
EOG Resources, Inc. 5.10%, 1/15/2036		435		522
EQM Midstream Partners LP
6.00%, 7/1/2025 (f)		1,770		1,934
6.50%, 7/1/2027 (f)		1,660		1,833
4.50%, 1/15/2029 (f)		4,301		4,269
4.75%, 1/15/2031 (f)		3,351		3,317
EQT Corp.
7.63%, 2/1/2025 (l)		895		1,030
5.00%, 1/15/2029		1,855		2,026
8.50%, 2/1/2030 (a) (l)		1,165		1,490
Equitable Financial Life Global Funding (SOFR + 0.39%), 0.40%, 4/6/2023 (e) (f)		187		187
Equitable Holdings, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025 (e) (g) (h)		786		846
ESH Hospitality, Inc.
REIT, 5.25%, 5/1/2025 (f)		4,674		4,769
REIT, 4.63%, 10/1/2027 (f)		2,343		2,483
Essex Portfolio LP REIT, 2.65%, 9/1/2050		490		419
Evergy, Inc. 2.90%, 9/15/2029		1,660		1,707
Eversource Energy Series K, 2.75%, 3/15/2022 (a)		122		124

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Exela Intermediate LLC 10.00%, 7/15/2023 (f)		6,862		2,463
Exelon Generation Co. LLC 3.40%, 3/15/2022		121		124
Exxon Mobil Corp.
4.33%, 3/19/2050		470		548
3.45%, 4/15/2051		530		541
Fidelity National Information Services, Inc.
0.38%, 3/1/2023		48		48
3.10%, 3/1/2041 (a)		260		258
Fifth Third Bancorp 3.50%, 3/15/2022 (a)		182		186
FirstCash, Inc. 4.63%, 9/1/2028 (f)		450		462
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (f)		699		779
Fluor Corp. 3.50%, 12/15/2024 (a)		320		330
Ford Motor Co.
8.50%, 4/21/2023		3,394		3,801
9.00%, 4/22/2025		3,539		4,322
9.63%, 4/22/2030 (a)		2,615		3,668
Ford Motor Credit Co. LLC
2.98%, 8/3/2022		1,180		1,198
3.37%, 11/17/2023		1,384		1,425
4.06%, 11/1/2024		6,575		6,923
4.69%, 6/9/2025		7,630		8,202
5.13%, 6/16/2025		6,000		6,554
4.13%, 8/4/2025		3,602		3,796
3.38%, 11/13/2025		4,770		4,880
4.39%, 1/8/2026		6,665		7,115
4.54%, 8/1/2026		1,725		1,852
4.27%, 1/9/2027		8,696		9,132
4.13%, 8/17/2027		5,525		5,774
4.00%, 11/13/2030		5,909		6,035
Forterra Finance LLC 6.50%, 7/15/2025 (f)		1,465		1,582
Fortress Transportation & Infrastructure Investors LLC 6.75%, 3/15/2022 (f)		256		256
Fortress Transportation and Infrastructure Investors LLC 9.75%, 8/1/2027 (f)		66		76
Fox Corp.
3.67%, 1/25/2022 (a)		123		126
5.58%, 1/25/2049		250		321
Freeport-McMoRan, Inc.
5.00%, 9/1/2027		1,000		1,061
4.13%, 3/1/2028		5,265		5,551
4.38%, 8/1/2028		3,530		3,764

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Frontier Communications Corp.
7.63%, 4/15/2024 (k)		882		643
6.88%, 1/15/2025 (k)		9,178		6,516
11.00%, 9/15/2025 (k)		6,729		5,131
5.88%, 10/15/2027 (f)		3,478		3,695
5.00%, 5/1/2028 (f)		9,330		9,528
6.75%, 5/1/2029 (f)		820		864
Gap, Inc. (The)
8.38%, 5/15/2023 (a) (f)		2,410		2,742
8.63%, 5/15/2025 (f)		450		498
8.88%, 5/15/2027 (f)		1,320		1,541
Gartner, Inc.
4.50%, 7/1/2028 (f)		2,595		2,728
3.75%, 10/1/2030 (f)		925		927
Gates Global LLC 6.25%, 1/15/2026 (f)		450		471
GCI LLC 4.75%, 10/15/2028 (f)		5,865		6,041
GCP Applied Technologies, Inc. 5.50%, 4/15/2026 (f)		6,630		6,812
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		525		604
General Dynamics Corp. (ICE LIBOR USD 3 Month + 0.38%), 0.58%, 5/11/2021 (e)		30		30
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 3.51%, 6/15/2021 (e) (g) (h)		37,401		35,554
General Mills, Inc. 3.15%, 12/15/2021 (a)		122		123
General Motors Co.
6.13%, 10/1/2025 (a)		1,425		1,691
6.80%, 10/1/2027 (a)		717		902
Genesis Energy LP
6.50%, 10/1/2025		180		181
6.25%, 5/15/2026		1,933		1,893
8.00%, 1/15/2027		1,518		1,564
7.75%, 2/1/2028		3,721		3,758
Genworth Holdings, Inc. 4.90%, 8/15/2023		500		494
GEO Group, Inc. (The) REIT, 5.88%, 10/15/2024 (a)		2,215		1,779
Gilead Sciences, Inc.
(ICE LIBOR USD 3 Month + 0.15%), 0.33%, 9/17/2021 (e)		46		46
1.95%, 3/1/2022 (a)		111		112
3.25%, 9/1/2022		91		94
2.80%, 10/1/2050		250		225
Global Medical Response, Inc. 6.50%, 10/1/2025 (f)		2,285		2,339

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Global Payments, Inc. 4.15%, 8/15/2049		265		294
GLP Capital LP
REIT, 5.25%, 6/1/2025		2,780		3,138
REIT, 5.75%, 6/1/2028		2,320		2,701
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (f)		1,581		1,654
Gogo Intermediate Holdings LLC 9.88%, 5/1/2024 (f)		450		472
Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%), 4.00%, 6/7/2021 (e) (g) (h)		2,351		2,292
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (e)		46		46
0.52%, 3/8/2023		109		109
(SOFR + 0.54%), 0.63%, 11/17/2023 (e)		97		97
Series S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 4.40%, 2/10/2025 (e) (g) (h)		1,733		1,787
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (e) (g) (h)		2,829		3,041
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (e) (g) (h)		7,606		7,610
Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (e) (g) (h)		2,755		3,086
4.80%, 7/8/2044		765		955
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026 (a)		4,195		4,305
5.25%, 4/30/2031		2,965		2,988
GrafTech Finance, Inc. 4.63%, 12/15/2028 (f)		200		206
Graham Holdings Co. 5.75%, 6/1/2026 (f)		450		470
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (f)		676		725
Gray Television, Inc.
5.88%, 7/15/2026 (f)		2,102		2,181
7.00%, 5/15/2027 (f)		6,085		6,640
4.75%, 10/15/2030 (f)		1,945		1,945
Greif, Inc. 6.50%, 3/1/2027 (f)		5,836		6,171
Griffon Corp. 5.75%, 3/1/2028		3,475		3,710
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (f)		226		226
GrubHub Holdings, Inc. 5.50%, 7/1/2027 (f)		474		498

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Guardian Life Insurance Co. of America (The) 3.70%, 1/22/2070 (f)		155		154
Gulfport Energy Corp.
6.63%, 5/1/2023 (k)		745		752
6.00%, 10/15/2024 (k)		4,620		4,632
6.38%, 5/15/2025 (k)		1,458		1,462
6.38%, 1/15/2026 (k)		4,130		4,130
Hanesbrands, Inc. 4.88%, 5/15/2026 (f)		2,359		2,526
Harsco Corp. 5.75%, 7/31/2027 (f)		757		798
HAT Holdings I LLC REIT, 5.25%, 7/15/2024 (f)		414		428
HCA, Inc.
5.38%, 2/1/2025 (a)		32,474		36,190
5.88%, 2/15/2026		24,150		27,742
5.38%, 9/1/2026		7,986		9,067
5.63%, 9/1/2028		10,285		11,995
3.50%, 9/1/2030		8,283		8,514
7.50%, 11/15/2095		100		137
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (f)		400		435
Herc Holdings, Inc. 5.50%, 7/15/2027 (a) (f)		9,623		10,176
Hertz Corp. (The)
7.63%, 6/1/2022 (f) (k)		1,824		1,970
6.25%, 10/15/2022 (k)		1,106		1,161
5.50%, 10/15/2024 (f) (k)		11,828		12,317
7.13%, 8/1/2026 (f) (k)		5,505		6,000
6.00%, 1/15/2028 (f) (k)		5,450		5,927
Hess Midstream Operations LP 5.63%, 2/15/2026 (f)		1,315		1,364
Hexion, Inc. 7.88%, 7/15/2027 (a) (f)		2,617		2,817
H-Food Holdings LLC 8.50%, 6/1/2026 (f)		450		464
Hilcorp Energy I LP
6.25%, 11/1/2028 (f)		2,000		2,076
5.75%, 2/1/2029 (f)		1,621		1,650
6.00%, 2/1/2031 (f)		2,207		2,273
Hillman Group, Inc. (The) 6.38%, 7/15/2022 (a) (f)		865		865
Hill-Rom Holdings, Inc.
5.00%, 2/15/2025 (f)		3,197		3,283
4.38%, 9/15/2027 (f)		2,722		2,817
Hilton Domestic Operating Co., Inc.
5.38%, 5/1/2025 (f)		584		615
5.75%, 5/1/2028 (f)		1,536		1,651
3.75%, 5/1/2029 (f)		1,650		1,654
4.88%, 1/15/2030		1,923		2,051
4.00%, 5/1/2031 (f)		990		1,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		2,845		2,984
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		3,279		3,406
Holly Energy Partners LP 5.00%, 2/1/2028 (f)		1,435		1,482
Hologic, Inc.
4.63%, 2/1/2028 (f)		450		475
3.25%, 2/15/2029 (f)		3,111		3,056
Houghton Mifflin Harcourt Publishers, Inc. 9.00%, 2/15/2025 (f)		500		535
Howmet Aerospace, Inc.
5.13%, 10/1/2024 (a)		3,601		3,948
6.88%, 5/1/2025		3,615		4,193
5.90%, 2/1/2027		4,185		4,828
6.75%, 1/15/2028		145		174
Hughes Satellite Systems Corp.
5.25%, 8/1/2026		4,580		5,043
6.63%, 8/1/2026 (a)		1,591		1,758
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (e) (g) (h)		3,742		3,864
Hyatt Hotels Corp.
5.38%, 4/23/2025 (a)		685		773
5.75%, 4/23/2030 (a)		685		811
Hyundai Capital America
1.15%, 11/10/2022 (f)		122		123
0.80%, 4/3/2023 (f)		80		80
IAA, Inc. 5.50%, 6/15/2027 (f)		450		473
Icahn Enterprises LP
4.75%, 9/15/2024		2,865		3,002
6.25%, 5/15/2026		3,065		3,231
iHeartCommunications, Inc.
6.38%, 5/1/2026		2,920		3,111
8.38%, 5/1/2027		6,548		7,026
5.25%, 8/15/2027 (f)		3,890		4,026
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 4.00%, 12/21/2065 (e) (f)		7,148		5,870
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 4.25%, 12/21/2065 (e) (f)		2,205		1,875
Imola Merger Corp. 4.75%, 5/15/2029 (a) (f)		11,541		11,988
Intercontinental Exchange, Inc. 2.35%, 9/15/2022		244		250

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
International Game Technology plc
6.50%, 2/15/2025 (f)		9,488		10,508
6.25%, 1/15/2027 (f)		4,429		4,976
5.25%, 1/15/2029 (f)		645		684
IQVIA, Inc.
5.00%, 10/15/2026 (f)		7,463		7,716
5.00%, 5/15/2027 (f)		2,790		2,919
IRB Holding Corp. 7.00%, 6/15/2025 (f)		1,040		1,119
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (f)		4,756		4,946
REIT, 5.25%, 3/15/2028 (f)		2,013		2,112
REIT, 4.50%, 2/15/2031 (f)		2,140		2,134
Jaguar Holding Co. II
4.63%, 6/15/2025 (f)		774		814
5.00%, 6/15/2028 (f)		775		845
James Hardie International Finance DAC 5.00%, 1/15/2028 (f)		450		477
Jazz Securities DAC 4.38%, 1/15/2029 (f)		3,023		3,091
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (f)		1,631		1,723
JBS USA LUX SA
6.75%, 2/15/2028 (f)		1,722		1,890
6.50%, 4/15/2029 (f)		3,938		4,420
JELD-WEN, Inc.
6.25%, 5/15/2025 (f)		1,197		1,279
4.63%, 12/15/2025 (f)		2,505		2,555
4.88%, 12/15/2027 (f)		1,375		1,437
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (f)		1,500		1,541
Kennedy-Wilson, Inc.
4.75%, 3/1/2029		1,545		1,597
5.00%, 3/1/2031		1,543		1,597
Kinder Morgan Energy Partners LP 4.70%, 11/1/2042		350		389
Korn Ferry 4.63%, 12/15/2027 (f)		450		469
Kraft Heinz Foods Co.
4.63%, 1/30/2029		1,350		1,521
4.63%, 10/1/2039		1,115		1,246
5.00%, 6/4/2042 (a)		2,891		3,339
Kroger Co. (The)
3.88%, 10/15/2046		712		761
4.45%, 2/1/2047 (a)		725		834
L Brands, Inc.
9.38%, 7/1/2025 (f)		406		515
6.88%, 11/1/2035		132		160

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
6.75%, 7/1/2036		2,250		2,710
LABL Escrow Issuer LLC
6.75%, 7/15/2026 (f)		9,270		9,988
10.50%, 7/15/2027 (f)		2,020		2,225
Ladder Capital Finance Holdings LLLP
REIT, 5.25%, 3/15/2022 (f)		1,514		1,520
REIT, 5.25%, 10/1/2025 (f)		1,937		1,956
REIT, 4.25%, 2/1/2027 (f)		500		491
Lamar Media Corp.
3.75%, 2/15/2028		895		903
4.00%, 2/15/2030		630		636
Lamb Weston Holdings, Inc.
4.63%, 11/1/2024 (f)		335		348
4.88%, 11/1/2026 (f)		4,360		4,523
4.88%, 5/15/2028 (f)		1,115		1,229
Lennar Corp.
5.38%, 10/1/2022		600		637
4.50%, 4/30/2024 (a)		1,455		1,591
5.88%, 11/15/2024 (a)		2,770		3,150
5.25%, 6/1/2026		1,630		1,881
5.00%, 6/15/2027		535		618
Level 3 Financing, Inc.
5.38%, 5/1/2025		10,443		10,673
5.25%, 3/15/2026		2,170		2,236
4.63%, 9/15/2027 (f)		4,086		4,213
3.63%, 1/15/2029 (f)		1,404		1,360
Liberty Interactive LLC 8.25%, 2/1/2030		2,370		2,732
Lithia Motors, Inc. 4.38%, 1/15/2031 (f)		1,668		1,756
Live Nation Entertainment, Inc.
4.88%, 11/1/2024 (f)		2,560		2,608
5.63%, 3/15/2026 (f)		4,047		4,209
6.50%, 5/15/2027 (f)		3,001		3,316
4.75%, 10/15/2027 (a) (f)		1,886		1,903
3.75%, 1/15/2028 (f)		903		900
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (f)		520		521
Lowe’s Cos., Inc. 3.70%, 4/15/2046		295		312
LPL Holdings, Inc. 4.63%, 11/15/2027 (f)		1,900		1,981
Lumen Technologies, Inc.
Series T, 5.80%, 3/15/2022		619		639
Series Y, 7.50%, 4/1/2024		12,456		13,928
5.63%, 4/1/2025		2,609		2,814
5.13%, 12/15/2026 (f)		9,446		9,907
4.00%, 2/15/2027 (f)		5,095		5,191
Series G, 6.88%, 1/15/2028		799		899

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
4.50%, 1/15/2029 (f)		1,780		1,753
Macy’s Retail Holdings LLC 5.13%, 1/15/2042		650		559
Macy’s, Inc. 8.38%, 6/15/2025 (f)		4,208		4,642
Magnolia Oil & Gas Operating LLC 6.00%, 8/1/2026 (f)		500		515
Mallinckrodt International Finance SA
5.63%, 10/15/2023 (f) (k)		2,615		1,739
5.50%, 4/15/2025 (f) (k)		5,555		3,694
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025		895		1,030
4.63%, 6/15/2030		1,034		1,161
Marriott Ownership Resorts, Inc.
6.13%, 9/15/2025 (f)		1,949		2,068
6.50%, 9/15/2026		8,393		8,771
4.75%, 1/15/2028		36		37
Marsh & McLennan Cos., Inc. 2.75%, 1/30/2022		122		124
Masonite International Corp.
5.75%, 9/15/2026 (f)		2,988		3,100
5.38%, 2/1/2028 (f)		1,582		1,669
MasTec, Inc. 4.50%, 8/15/2028 (f)		3,328		3,469
Matador Resources Co. 5.88%, 9/15/2026		1,977		1,972
Match Group Holdings II LLC
4.63%, 6/1/2028 (f)		200		206
4.13%, 8/1/2030 (f)		250		251
Mattel, Inc.
3.15%, 3/15/2023		1,000		1,025
6.75%, 12/31/2025 (f)		4,332		4,551
3.38%, 4/1/2026 (f)		1,297		1,343
5.88%, 12/15/2027 (f)		1,034		1,136
3.75%, 4/1/2029 (f)		1,624		1,664
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (f)		7,447		7,475
7.25%, 4/15/2025 (f)		3,000		2,917
McDonald’s Corp.
(ICE LIBOR USD 3 Month + 0.43%), 0.61%, 10/28/2021 (e)		126		126
3.70%, 2/15/2042 (a)		330		354
MDC Partners, Inc. 7.50%, 5/1/2024 (f) (l)		500		509
Mellon Capital IV Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 6/7/2021 (e) (g) (h)		2,027		2,007
Meredith Corp. 6.88%, 2/1/2026 (a)		7,118		7,305

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
MetLife Capital Trust IV 7.88%, 12/15/2037 (f)		7,703		10,669
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 3.76%, 6/7/2021 (e) (g) (h)		2,615		2,615
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 3.85%, 9/15/2025 (e) (g) (h)		10,292		10,832
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (e) (g) (h)		6,344		7,283
6.40%, 12/15/2036		14,937		18,926
9.25%, 4/8/2038 (f)		3,109		4,696
Metropolitan Life Global Funding I
2.40%, 6/17/2022 (a) (f)		322		330
3.00%, 1/10/2023 (f)		125		130
MGM Growth Properties Operating Partnership LP
REIT, 5.63%, 5/1/2024		1,490		1,606
REIT, 4.63%, 6/15/2025 (f)		2,251		2,395
REIT, 4.50%, 9/1/2026		995		1,051
REIT, 5.75%, 2/1/2027		4,882		5,445
REIT, 4.50%, 1/15/2028		555		579
REIT, 3.88%, 2/15/2029 (f)		3,853		3,901
MGM Resorts International
6.00%, 3/15/2023		11,330		12,123
6.75%, 5/1/2025		1,495		1,603
5.75%, 6/15/2025		6,942		7,645
4.63%, 9/1/2026		2,640		2,779
5.50%, 4/15/2027		1,468		1,602
Microchip Technology, Inc. 4.25%, 9/1/2025 (f)		1,091		1,146
Midcontinent Communications 5.38%, 8/15/2027 (f)		2,488		2,598
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (f)		4,455		4,889
Minerals Technologies, Inc. 5.00%, 7/1/2028 (f)		450		472
Mississippi Power Co. Series 12-A, 4.25%, 3/15/2042		745		847
ModivCare, Inc. 5.88%, 11/15/2025 (f)		450		478
Molina Healthcare, Inc.
4.38%, 6/15/2028 (f)		450		462
3.88%, 11/15/2030 (f)		3,655		3,765
Mondelez International, Inc. 0.63%, 7/1/2022 (a)		55		55
Moody’s Corp. 2.55%, 8/18/2060		485		397
Moog, Inc. 4.25%, 12/15/2027 (f)		450		462

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 3.79%, 7/15/2021 (e) (g) (h)		21,384		21,459
(SOFR + 0.47%), 0.56%, 11/10/2023 (a) (e)		95		95
(SOFR + 0.62%), 0.73%, 4/5/2024 (e)		86		86
Series N, (ICE LIBOR USD 3 Month + 3.16%), 5.30%, 12/15/2025 (e) (g) (h)		914		949
Series M, (ICE LIBOR USD 3 Month + 4.44%), 5.87%, 9/15/2026 (e) (g) (h)		1,997		2,264
(SOFR + 1.49%), 3.22%, 4/22/2042 (e)		60		61
(SOFR + 1.43%), 2.80%, 1/25/2052 (e)		440		407
MPLX LP 4.50%, 4/15/2038		340		373
MSCI, Inc. 5.38%, 5/15/2027 (f)		4,395		4,698
Mueller Water Products, Inc. 5.50%, 6/15/2026 (f)		1,425		1,472
Murphy Oil USA, Inc. 3.75%, 2/15/2031 (f)		1,140		1,123
Nabors Industries Ltd. 7.25%, 1/15/2026 (f)		2,395		2,108
Nabors Industries, Inc. 5.75%, 2/1/2025		3,930		3,252
National CineMedia LLC 5.88%, 4/15/2028 (f)		1,730		1,652
National Rural Utilities Cooperative Finance Corp.
Series D, (ICE LIBOR USD 3 Month + 0.07%), 0.26%, 2/16/2023 (e)		103		103
(ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (e)		3,053		3,309
Nationstar Mortgage Holdings, Inc.
6.00%, 1/15/2027 (f)		450		470
5.50%, 8/15/2028 (f)		1,633		1,649
5.13%, 12/15/2030 (f)		2,280		2,257
Nationwide Mutual Insurance Co. 4.35%, 4/30/2050 (f)		360		386
Navient Corp.
6.50%, 6/15/2022		1,925		2,016
5.00%, 3/15/2027		1,330		1,340
4.88%, 3/15/2028		143		140
5.63%, 8/1/2033		100		94
NCR Corp.
8.13%, 4/15/2025 (f)		1,030		1,123
5.75%, 9/1/2027 (f)		6,319		6,674
5.00%, 10/1/2028 (f)		2,390		2,462
5.13%, 4/15/2029 (f)		3,384		3,481
6.13%, 9/1/2029 (a) (f)		5,370		5,840
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (f)		1,187		1,223

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Netflix, Inc.
5.50%, 2/15/2022		450		466
4.88%, 4/15/2028		6,870		7,909
5.88%, 11/15/2028		7,453		9,068
5.38%, 11/15/2029 (f)		2,603		3,091
4.88%, 6/15/2030 (f)		5,791		6,718
New Albertsons LP
7.75%, 6/15/2026		1,535		1,777
6.63%, 6/1/2028		613		690
7.45%, 8/1/2029		392		461
8.00%, 5/1/2031		3,108		3,811
New York Life Global Funding
(SOFR + 0.22%), 0.29%, 2/2/2023 (e) (f)		250		250
(SOFR + 0.31%), 0.32%, 4/26/2024 (e) (f)		100		100
Newell Brands, Inc.
4.70%, 4/1/2026 (l)		8,050		8,976
5.87%, 4/1/2036 (l)		4,455		5,534
News Corp. 3.88%, 5/15/2029 (f)		2,958		3,016
Nexstar Broadcasting, Inc.
5.63%, 7/15/2027 (f)		12,002		12,677
4.75%, 11/1/2028 (f)		4,292		4,373
NextEra Energy Capital Holdings, Inc.
1.95%, 9/1/2022		200		205
(ICE LIBOR USD 3 Month + 2.07%), 2.27%, 10/1/2066 (e)		5,650		5,212
(ICE LIBOR USD 3 Month + 2.13%), 2.31%, 6/15/2067 (e)		1,812		1,680
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (e)		4,282		4,984
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (f)		1,811		1,920
4.25%, 9/15/2024 (f)		57		60
4.50%, 9/15/2027 (f)		986		1,064
NGL Energy Operating LLC
7.50%, 2/1/2026 (f)		2,272		2,380
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (f)		914		938
Nielsen Finance LLC 5.63%, 10/1/2028 (f)		450		480
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (e) (g) (h)		8,367		8,743
4.80%, 2/15/2044		234		282
NMG Holding Co., Inc. 7.13%, 4/1/2026 (f)		8,290		8,480

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Nordstrom, Inc. 4.38%, 4/1/2030 (a)		500		513
Norfolk Southern Corp. 3.40%, 11/1/2049		590		599
Northern Natural Gas Co. 3.40%, 10/16/2051 (f)		20		20
Northrop Grumman Corp. 3.85%, 4/15/2045		1,263		1,398
Northwestern Mutual Life Insurance Co. (The) 3.85%, 9/30/2047 (a) (f)		160		174
Novelis Corp.
5.88%, 9/30/2026 (f)		3,615		3,771
4.75%, 1/30/2030 (f)		4,705		4,893
NRG Energy, Inc.
7.25%, 5/15/2026		2,340		2,423
6.63%, 1/15/2027		7,206		7,510
5.75%, 1/15/2028		704		748
3.38%, 2/15/2029 (f)		1,950		1,909
5.25%, 6/15/2029 (f)		1,892		2,027
3.63%, 2/15/2031 (a) (f)		1,423		1,394
Nuance Communications, Inc. 5.63%, 12/15/2026		3,789		3,978
NuStar Logistics LP
5.75%, 10/1/2025		2,025		2,179
6.00%, 6/1/2026		2,167		2,349
5.63%, 4/28/2027		3,035		3,194
6.38%, 10/1/2030		2,025		2,230
Oasis Midstream Partners LP 8.00%, 4/1/2029 (f)		4,162		4,260
Occidental Petroleum Corp.
2.70%, 8/15/2022		467		470
2.90%, 8/15/2024		475		474
3.50%, 6/15/2025		2,410		2,422
8.00%, 7/15/2025 (a)		5,030		5,873
5.88%, 9/1/2025		2,940		3,212
5.50%, 12/1/2025		2,313		2,486
3.40%, 4/15/2026		2,835		2,804
8.50%, 7/15/2027		6,264		7,619
6.38%, 9/1/2028		2,425		2,716
8.88%, 7/15/2030		6,661		8,559
6.63%, 9/1/2030		2,425		2,764
6.13%, 1/1/2031 (a)		3,981		4,429
Oceaneering International, Inc. 6.00%, 2/1/2028		1,175		1,148
Omnicom Group, Inc. 3.63%, 5/1/2022		184		190
ON Semiconductor Corp. 3.88%, 9/1/2028 (f)		3,751		3,861

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
ONE Gas, Inc. (ICE LIBOR USD 3 Month + 0.61%), 0.79%, 3/11/2023 (e)		76		76
OneMain Finance Corp.
6.13%, 5/15/2022		1,830		1,915
5.63%, 3/15/2023		3,088		3,292
6.13%, 3/15/2024		1,060		1,145
6.88%, 3/15/2025		2,110		2,397
7.13%, 3/15/2026		794		928
6.63%, 1/15/2028		4,188		4,764
5.38%, 11/15/2029		1,607		1,733
4.00%, 9/15/2030		1,550		1,500
Oracle Corp.
2.50%, 5/15/2022		324		330
3.60%, 4/1/2050		115		114
Organon Finance 1 LLC
4.13%, 4/30/2028 (f)		7,878		8,071
5.13%, 4/30/2031 (f)		4,943		5,129
Outfront Media Capital LLC 5.00%, 8/15/2027 (f)		2,492		2,570
Ovintiv Exploration, Inc.
5.63%, 7/1/2024		2,010		2,242
5.38%, 1/1/2026 (a)		1,515		1,697
Ovintiv, Inc.
8.13%, 9/15/2030		250		336
6.50%, 8/15/2034 (a)		1,050		1,340
Owens & Minor, Inc. 4.50%, 3/31/2029 (f)		1,854		1,872
Owens-Brockway Glass Container, Inc.
6.38%, 8/15/2025 (f)		1,084		1,202
6.63%, 5/13/2027 (f)		2,358		2,547
Pacific Gas and Electric Co. 4.00%, 12/1/2046		665		609
Par Petroleum LLC 7.75%, 12/15/2025 (f)		500		505
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (f)		6,648		6,997
Patterson-UTI Energy, Inc.
3.95%, 2/1/2028		368		351
5.15%, 11/15/2029		200		201
PBF Holding Co. LLC
9.25%, 5/15/2025 (f)		2,871		3,007
6.00%, 2/15/2028		3,215		2,426
PBF Logistics LP 6.88%, 5/15/2023 (a)		324		324
Penske Automotive Group, Inc. 5.50%, 5/15/2026		5,287		5,459
Penske Truck Leasing Co. LP 3.38%, 2/1/2022 (f)		164		167

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Performance Food Group, Inc.
6.88%, 5/1/2025 (a) (f)		400		427
5.50%, 10/15/2027 (f)		4,211		4,438
PetSmart, Inc.
4.75%, 2/15/2028 (f)		2,606		2,687
7.75%, 2/15/2029 (f)		1,626		1,762
PG&E Corp.
5.00%, 7/1/2028		5,914		6,195
5.25%, 7/1/2030		503		537
PGT Innovations, Inc. 6.75%, 8/1/2026 (f)		2,080		2,197
Philip Morris International, Inc.
2.63%, 2/18/2022		50		51
4.38%, 11/15/2041 (a)		595		678
4.25%, 11/10/2044		945		1,063
Phillips 66 4.88%, 11/15/2044		605		719
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (f)		10,815		11,842
Pike Corp. 5.50%, 9/1/2028 (f)		2,448		2,521
Pilgrim’s Pride Corp. 5.88%, 9/30/2027 (f)		2,566		2,723
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (e) (g) (h)		425		353
Plantronics, Inc.
5.50%, 5/31/2023 (f)		5,254		5,260
4.75%, 3/1/2029 (f)		2,758		2,717
PM General Purchaser LLC 9.50%, 10/1/2028 (f)		1,853		2,043
PNC Bank NA 2.63%, 2/17/2022		251		255
PNC Financial Services Group, Inc. (The)
Series O, (ICE LIBOR USD 3 Month + 3.68%), 6.75%, 8/1/2021 (e) (g) (h)		10,102		10,203
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (e) (g) (h)		8,712		9,137
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (e) (g) (h)		4,756		5,291
Post Holdings, Inc.
5.75%, 3/1/2027 (f)		5,130		5,374
5.63%, 1/15/2028 (f)		1,900		2,002
5.50%, 12/15/2029 (f)		2,860		3,079
4.63%, 4/15/2030 (f)		3,100		3,131
PPL Capital Funding, Inc. Series A, (ICE LIBOR USD 3 Month + 2.67%), 2.86%, 3/30/2067 (e)		12,547		11,730
PPL Electric Utilities Corp. (ICE LIBOR USD 3 Month + 0.25%), 0.44%, 9/28/2023 (e)		229		229

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Presidio Holdings, Inc. 4.88%, 2/1/2027 (f)		2,415		2,487
Prestige Brands, Inc. 5.13%, 1/15/2028 (f)		900		943
Pricoa Global Funding I 2.20%, 6/3/2021 (f)		176		176
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (f)		450		484
Prime Security Services Borrower LLC
5.25%, 4/15/2024 (f)		2,327		2,484
5.75%, 4/15/2026 (f)		8,426		9,217
3.38%, 8/31/2027 (f)		1,842		1,780
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (e) (g) (h)		10,800		11,367
Prologis LP REIT, 2.13%, 10/15/2050		1,080		893
Protective Life Global Funding 0.63%, 10/13/2023 (f)		150		150
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 9/15/2042 (e)		4,231		4,482
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (e)		19,489		21,135
PTC, Inc.
3.63%, 2/15/2025 (f)		434		445
4.00%, 2/15/2028 (f)		820		842
Public Service Enterprise Group, Inc. 2.00%, 11/15/2021		125		126
Qorvo, Inc. 4.38%, 10/15/2029		450		489
Quicken Loans LLC
5.25%, 1/15/2028 (f)		5,290		5,581
3.63%, 3/1/2029 (f)		1,479		1,438
3.88%, 3/1/2031 (f)		1,233		1,199
Qwest Corp. 7.25%, 9/15/2025		325		384
Radian Group, Inc.
4.50%, 10/1/2024		2,265		2,384
4.88%, 3/15/2027		1,859		1,970
Rain CII Carbon LLC 7.25%, 4/1/2025 (f)		4,225		4,373
Range Resources Corp.
4.88%, 5/15/2025 (a)		3,485		3,463
8.25%, 1/15/2029 (f)		2,764		2,999
Raytheon Technologies Corp.
2.80%, 3/15/2022		50		51
2.50%, 12/15/2022		34		35
4.15%, 5/15/2045		570		641
RBS Global, Inc. 4.88%, 12/15/2025 (f)		1,560		1,595
Regeneron Pharmaceuticals, Inc. 2.80%, 9/15/2050		500		435

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Reliance Standard Life Global Funding II 2.15%, 1/21/2023 (f)		295		303
Reynolds Group Issuer, Inc. 4.00%, 10/15/2027 (f)		2,162		2,138
RHP Hotel Properties LP
REIT, 4.75%, 10/15/2027		5,817		5,986
REIT, 4.50%, 2/15/2029 (f)		2,463		2,438
Rite Aid Corp.
7.50%, 7/1/2025 (f)		3,277		3,396
8.00%, 11/15/2026 (f)		8,786		9,126
Roper Technologies, Inc. 3.13%, 11/15/2022		93		96
Royal Caribbean Cruises Ltd.
10.88%, 6/1/2023 (f)		2,590		2,973
9.13%, 6/15/2023 (f)		447		494
11.50%, 6/1/2025 (f)		7,504		8,693
RP Escrow Issuer LLC 5.25%, 12/15/2025 (f)		1,927		2,006
RR Donnelley & Sons Co. 8.25%, 7/1/2027		450		495
Ryder System, Inc. 2.50%, 9/1/2022		100		103
S&P Global, Inc. 2.30%, 8/15/2060		1,570		1,292
Sabre GLBL, Inc.
9.25%, 4/15/2025 (f)		1,432		1,711
7.38%, 9/1/2025 (f)		2,875		3,130
SBA Communications Corp.
REIT, 4.88%, 9/1/2024		3,980		4,074
REIT, 3.13%, 2/1/2029 (f)		1,050		1,006
Science Applications International Corp. 4.88%, 4/1/2028 (f)		710		732
Scientific Games International, Inc. 5.00%, 10/15/2025 (a) (f)		3,907		4,034
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026		2,180		2,276
4.50%, 10/15/2029		640		672
4.00%, 4/1/2031 (f)		2,754		2,727
Scripps Escrow II, Inc.
3.88%, 1/15/2029 (f)		1,359		1,351
5.38%, 1/15/2031 (f)		1,315		1,333
Scripps Escrow, Inc. 5.88%, 7/15/2027 (f)		880		926
Seagate HDD Cayman
4.25%, 3/1/2022		450		462
3.13%, 7/15/2029 (f)		50		48
Sealed Air Corp.
5.25%, 4/1/2023 (f)		633		670
5.13%, 12/1/2024 (f)		355		387
4.00%, 12/1/2027 (f)		212		222
6.88%, 7/15/2033 (f)		100		125

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
SeaWorld Parks & Entertainment, Inc. 9.50%, 8/1/2025 (f)		450		489
Sempra Energy (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025 (e) (g) (h)		12,275		13,428
Sensata Technologies BV
4.88%, 10/15/2023 (f)		4,531		4,866
5.63%, 11/1/2024 (f)		1,825		2,035
5.00%, 10/1/2025 (f)		895		994
4.00%, 4/15/2029 (f)		3,595		3,617
Sensata Technologies, Inc. 3.75%, 2/15/2031 (f)		878		872
Service Corp. International
8.00%, 11/15/2021		1,240		1,285
7.50%, 4/1/2027		2,735		3,302
4.63%, 12/15/2027		825		877
5.13%, 6/1/2029		3,005		3,244
3.38%, 8/15/2030		1,412		1,366
Sinclair Television Group, Inc.
5.88%, 3/15/2026 (f)		205		211
5.13%, 2/15/2027 (a) (f)		2,890		2,861
5.50%, 3/1/2030 (f)		507		504
4.13%, 12/1/2030 (f)		2,735		2,666
Sirius XM Radio, Inc.
4.63%, 7/15/2024 (f)		3,675		3,771
5.38%, 7/15/2026 (f)		7,266		7,504
5.00%, 8/1/2027 (f)		11,191		11,719
5.50%, 7/1/2029 (f)		4,207		4,546
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (f)		8,491		8,544
5.50%, 4/15/2027 (f)		874		902
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (f)		1,390		1,502
SM Energy Co.
5.63%, 6/1/2025		3,980		3,801
6.75%, 9/15/2026		968		936
Sotheby’s 7.38%, 10/15/2027 (a) (f)		450		485
Southern California Edison Co.
Series E, (ICE LIBOR USD 3 Month + 4.20%), 6.25%, 2/1/2022 (e) (g) (h)		2,040		2,081
3.65%, 2/1/2050		595		596
Southern Natural Gas Co. LLC 0.63%, 4/28/2023 (f)		7		7
Southern Power Co. Series E, 2.50%, 12/15/2021		124		125

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Southwestern Energy Co.
6.45%, 1/23/2025 (a) (l)		3,197		3,453
7.50%, 4/1/2026 (a)		477		504
7.75%, 10/1/2027 (a)		1,165		1,252
8.38%, 9/15/2028 (a)		350		385
Spectrum Brands, Inc.
5.75%, 7/15/2025		450		463
5.00%, 10/1/2029 (f)		2,486		2,629
5.50%, 7/15/2030 (f)		2,135		2,303
3.88%, 3/15/2031 (f)		1,561		1,530
Spirit AeroSystems, Inc.
5.50%, 1/15/2025 (f)		1,347		1,425
7.50%, 4/15/2025 (f)		4,150		4,447
4.60%, 6/15/2028		250		244
Sprint Capital Corp.
6.88%, 11/15/2028		140		177
8.75%, 3/15/2032		18,554		27,506
Sprint Communications, Inc. 11.50%, 11/15/2021		305		321
Sprint Corp.
7.25%, 9/15/2021		1,006		1,027
7.88%, 9/15/2023		18,616		21,222
7.13%, 6/15/2024		6,327		7,307
7.63%, 2/15/2025		33,116		39,325
7.63%, 3/1/2026		29,453		36,117
SPX FLOW, Inc. 5.88%, 8/15/2026 (f)		2,625		2,730
SS&C Technologies, Inc. 5.50%, 9/30/2027 (f)		8,338		8,858
Standard Industries, Inc.
5.00%, 2/15/2027 (f)		1,647		1,698
4.75%, 1/15/2028 (f)		8,598		8,867
3.38%, 1/15/2031 (f)		2,105		1,973
Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (e)		670		712
Staples, Inc.
7.50%, 4/15/2026 (f)		15,693		16,242
10.75%, 4/15/2027 (a) (f)		7,739		8,008
Starbucks Corp. 3.75%, 12/1/2047 (a)		475		504
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 3.78%, 6/15/2021 (e) (g) (h)		1,960		1,965
(ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023 (e)		184		189

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (e) (g) (h)		9,420		9,984
Station Casinos LLC
5.00%, 10/1/2025 (f)		1,675		1,698
4.50%, 2/15/2028 (f)		5,250		5,263
Stericycle, Inc. 3.88%, 1/15/2029 (f)		1,821		1,816
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (f)		1,940		2,086
Summit Materials LLC
5.13%, 6/1/2025 (f)		1,270		1,287
5.25%, 1/15/2029 (f)		952		1,002
Sunoco LP
6.00%, 4/15/2027		2,015		2,119
5.88%, 3/15/2028		423		447
4.50%, 5/15/2029 (f)		2,310		2,333
Switch Ltd. 3.75%, 9/15/2028 (f)		845		841
Synaptics, Inc. 4.00%, 6/15/2029 (f)		1,584		1,585
Syneos Health, Inc. 3.63%, 1/15/2029 (f)		911		891
Sysco Corp. 3.30%, 2/15/2050		220		213
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (f)		1,348		1,373
7.50%, 10/1/2025 (f)		5,596		6,113
6.00%, 3/1/2027 (f)		1,000		1,015
5.50%, 1/15/2028 (f)		710		701
6.00%, 12/31/2030 (f)		2,260		2,266
Talos Production, Inc. 12.00%, 1/15/2026 (f)		529		530
Targa Resources Partners LP
4.25%, 11/15/2023		2,888		2,890
5.88%, 4/15/2026		4,488		4,701
6.50%, 7/15/2027		3,538		3,848
5.00%, 1/15/2028		1,745		1,837
6.88%, 1/15/2029		1,906		2,140
4.88%, 2/1/2031 (f)		4,010		4,184
4.00%, 1/15/2032 (f)		3,301		3,243
Team Health Holdings, Inc. 6.38%, 2/1/2025 (a) (f)		4,492		3,964
TEGNA, Inc.
5.50%, 9/15/2024 (a) (f)		303		310
4.63%, 3/15/2028 (a)		2,270		2,318
Teleflex, Inc. 4.88%, 6/1/2026		368		377
Tempur Sealy International, Inc.
5.50%, 6/15/2026		9,236		9,517
4.00%, 4/15/2029 (f)		6,429		6,512

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Tenet Healthcare Corp.
4.63%, 7/15/2024		5,448		5,530
4.63%, 9/1/2024 (f)		1,018		1,049
7.50%, 4/1/2025 (f)		1,374		1,480
5.13%, 5/1/2025		11,901		12,044
4.88%, 1/1/2026 (f)		22,644		23,527
6.25%, 2/1/2027 (f)		12,784		13,407
5.13%, 11/1/2027 (f)		8,371		8,780
4.63%, 6/15/2028 (f)		562		581
Tennant Co. 5.63%, 5/1/2025		4,377		4,500
Tenneco, Inc.
5.38%, 12/15/2024		93		94
5.00%, 7/15/2026 (a)		4,155		4,025
7.88%, 1/15/2029 (f)		2,336		2,630
5.13%, 4/15/2029 (f)		2,780		2,759
Terex Corp. 5.00%, 5/15/2029 (a) (f)		1,980		2,059
TerraForm Power Operating LLC
4.25%, 1/31/2023 (f)		1,869		1,918
5.00%, 1/31/2028 (f)		1,748		1,875
Texas Competitive Electric Holdings Co. LLC
8.50%, 10/1/2021 ‡ (k)		16,772		25
8.50%, 12/1/2021 ‡ (k)		12,477		13
T-Mobile USA, Inc.
6.00%, 3/1/2023		1,598		1,612
5.13%, 4/15/2025		1,704		1,733
4.50%, 2/1/2026		10,879		11,151
2.25%, 2/15/2026		1,870		1,882
3.75%, 4/15/2027 (f)		2,250		2,478
4.75%, 2/1/2028		21,452		22,927
3.88%, 4/15/2030 (f)		2,250		2,451
3.00%, 2/15/2041 (f)		410		384
4.50%, 4/15/2050 (f)		785		885
3.30%, 2/15/2051 (f)		160		149
Topaz Solar Farms LLC 5.75%, 9/30/2039 (f)		394		456
Toyota Motor Credit Corp.
(ICE LIBOR USD 3 Month + 0.40%), 0.59%, 5/17/2022 (e)		50		50
(ICE LIBOR USD 3 Month + 0.48%), 0.66%, 9/8/2022 (e)		140		141
Transcontinental Gas Pipe Line Co. LLC 3.95%, 5/15/2050		435		455
TransDigm, Inc. 6.25%, 3/15/2026 (f)		9,380		9,931
Transocean Guardian Ltd. 5.88%, 1/15/2024 (a) (f)		1,491		1,386

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a) (f)		4,209		4,103
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) (f)		2,486		2,362
Transocean Proteus Ltd. 6.25%, 12/1/2024 (f)		370		362
Transocean, Inc. 11.50%, 1/30/2027 (f)		2,664		2,557
TreeHouse Foods, Inc. 4.00%, 9/1/2028		325		323
TriMas Corp. 4.13%, 4/15/2029 (f)		4,182		4,172
Trinseo Materials Operating SCA
5.38%, 9/1/2025 (f)		9,060		9,242
5.13%, 4/1/2029 (f)		2,568		2,607
TripAdvisor, Inc. 7.00%, 7/15/2025 (f)		288		311
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (f)		2,038		2,063
Triumph Group, Inc.
8.88%, 6/1/2024 (f)		277		308
6.25%, 9/15/2024 (f)		545		550
7.75%, 8/15/2025 (a)		1,670		1,649
Truist Financial Corp.
Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (e) (g) (h)		927		981
Series L, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 12/15/2024 (e) (g) (h)		4,268		4,422
Series P, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.61%), 4.95%, 9/1/2025 (e) (g) (h)		1,695		1,864
Series M, (ICE LIBOR USD 3 Month + 2.79%), 5.12%, 12/15/2027 (e) (g) (h)		8,713		9,310
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (e) (g) (h)		14,890		16,566
Tucson Electric Power Co. 4.00%, 6/15/2050 (a)		741		826
TWDC Enterprises 18 Corp. 2.55%, 2/15/2022		242		246
Twilio, Inc.
3.63%, 3/15/2029		1,586		1,616
3.88%, 3/15/2031 (a)		1,586		1,628
Twitter, Inc. 3.88%, 12/15/2027 (f)		450		474
Under Armour, Inc. 3.25%, 6/15/2026 (a)		500		507
Unisys Corp. 6.88%, 11/1/2027 (f)		300		329
United Airlines Holdings, Inc.
4.25%, 10/1/2022		100		102

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
5.00%, 2/1/2024 (a)		2,604		2,675
4.88%, 1/15/2025 (a)		2,545		2,582
United Airlines, Inc. 4.38%, 4/15/2026 (f)		4,662		4,838
United Rentals North America, Inc.
5.88%, 9/15/2026		931		972
5.50%, 5/15/2027		10,010		10,673
4.88%, 1/15/2028		3,315		3,510
5.25%, 1/15/2030		2,500		2,734
3.88%, 2/15/2031		5,089		5,122
United States Cellular Corp. 6.70%, 12/15/2033		2,210		2,763
United States Steel Corp. 6.88%, 3/1/2029		2,747		2,867
Uniti Group LP
REIT, 6.00%, 4/15/2023 (f)		2,600		2,639
REIT, 7.13%, 12/15/2024 (f)		55		57
US Bancorp Series J, (ICE LIBOR USD 3 Month + 2.91%), 5.30%, 4/15/2027 (e) (g) (h)		1,414		1,589
Vail Resorts, Inc. 6.25%, 5/15/2025 (f)		1,142		1,212
Valvoline, Inc.
4.25%, 2/15/2030 (f)		1,400		1,435
3.63%, 6/15/2031 (f)		300		293
Vector Group Ltd. 10.50%, 11/1/2026 (f)		464		492
Venator Finance SARL 5.75%, 7/15/2025 (f)		3,375		3,333
Verizon Communications, Inc.
2.95%, 3/15/2022		183		187
4.40%, 11/1/2034		595		693
4.27%, 1/15/2036		1,135		1,308
3.40%, 3/22/2041		270		277
3.85%, 11/1/2042		635		692
ViacomCBS, Inc.
4.95%, 5/19/2050 (a)		1,480		1,730
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (e)		3,472		3,554
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (e)		12,291		13,781
VICI Properties LP
REIT, 3.50%, 2/15/2025 (f)		527		538
REIT, 4.25%, 12/1/2026 (f)		8,012		8,263
REIT, 3.75%, 2/15/2027 (f)		1,875		1,890
REIT, 4.63%, 12/1/2029 (f)		4,688		4,868
REIT, 4.13%, 8/15/2030 (f)		1,620		1,645
Vine Energy Holdings LLC 6.75%, 4/15/2029 (f)		5,688		5,690
Virginia Electric and Power Co. 2.95%, 1/15/2022		104		105

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Vista Outdoor, Inc. 4.50%, 3/15/2029 (f)		5,976		5,972
Vistra Operations Co. LLC
5.50%, 9/1/2026 (f)		212		219
5.63%, 2/15/2027 (f)		6,585		6,848
W&T Offshore, Inc. 9.75%, 11/1/2023 (f)		330		291
W.R. Grace & Co.-Conn. 5.63%, 10/1/2024 (f)		1,010		1,122
Wabash National Corp. 5.50%, 10/1/2025 (f)		3,730		3,805
Weatherford International Ltd. 8.75%, 9/1/2024 (f)		400		419
Weekley Homes LLC 4.88%, 9/15/2028 (f)		599		618
Welbilt, Inc. 9.50%, 2/15/2024 (a)		940		988
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (e) (g) (h)		7,127		7,735
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (e) (g) (h)		2,207		2,458
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (e) (g) (h)		35,475		36,270
(SOFR + 4.50%), 5.01%, 4/4/2051 (e)		870		1,130
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.65%), 2.08%, 9/9/2022 (e)		250		252
WESCO Distribution, Inc.
5.38%, 6/15/2024		2,287		2,330
7.13%, 6/15/2025 (f)		5,708		6,165
7.25%, 6/15/2028 (f)		5,708		6,336
Western Digital Corp. 4.75%, 2/15/2026		4,512		5,003
William Carter Co. (The) 5.63%, 3/15/2027 (f)		7,290		7,664
Windstream Escrow LLC 7.75%, 8/15/2028 (a) (f)		79		82
WMG Acquisition Corp. 3.00%, 2/15/2031 (f)		4,575		4,295
Wolverine Escrow LLC
8.50%, 11/15/2024 (f)		101		99
9.00%, 11/15/2026 (f)		10,203		10,097
13.13%, 11/15/2027 (a) (f)		444		376
WPX Energy, Inc.
8.25%, 8/1/2023		720		822
5.75%, 6/1/2026		3,249		3,395
5.88%, 6/15/2028		1,620		1,788
4.50%, 1/15/2030		1,523		1,641
Wynn Las Vegas LLC 5.50%, 3/1/2025 (f)		11,657		12,444
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (f)		6,555		6,776
Xerox Holdings Corp. 5.00%, 8/15/2025 (f)		450		473

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 87

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
XPO Logistics, Inc.
6.13%, 9/1/2023 (f)		4,967		5,033
6.75%, 8/15/2024 (f)		4,161		4,348
Yum! Brands, Inc.
7.75%, 4/1/2025 (f)		900		983
4.75%, 1/15/2030 (f)		1,834		1,963
3.63%, 3/15/2031		4,213		4,158
4.63%, 1/31/2032 (a)		3,567		3,728
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (f)		831		825
Zoetis, Inc.
3.25%, 8/20/2021		123		124
4.45%, 8/20/2048		225		270
ZoomInfo Technologies LLC 3.88%, 2/1/2029 (f)		667		659
				3,832,449
Total Corporate Bonds (Cost $4,380,094)				4,592,724
Equity-Linked Notes — 5.0%
Barclays Bank plc, ELN, 6.50%, 6/23/2021, (linked to Russell 2000 Index)		61		137,696
Barclays Bank plc, ELN, 6.50%, 7/6/2021, (linked to Russell 2000 Index)		61		136,730
National Bank of Canada, ELN, 7.50%, 6/3/2021, (linked to Russell 2000 Index)		115		262,055
UBS AG, ELN, 7.50%, 6/9/2021, (linked to Russell 2000 Index)		60		135,058
Total Equity-Linked Notes (Cost $645,008)				671,539
Collateralized Mortgage Obligations — 4.7%
Bermuda — 0.0% (c)
Bellemeade Re Ltd. Series 2019-1A, Class M2, 2.81%, 3/25/2029 ‡ (f) (m)		1,000		1,003
Eagle RE Ltd. Series 2019-1, Class M2, 3.41%, 4/25/2029 ‡ (f) (m)		1,980		1,990
				2,993
United States — 4.7%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 6A1, 2.54%, 2/25/2035 (m)		1,162		1,205
Series 2005-2, Class 3A1, 2.85%, 6/25/2035 (m)		724		728
Alternative Loan Trust
Series 2004-28CB, Class 4A1, 5.00%, 1/25/2020		6		6

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		3		3
Series 2005-J11, Class 5A1, 5.50%, 11/25/2020		83		79
Series 2005-85CB, Class 3A2, 5.25%, 2/25/2021		127		128
Series 2007-25, Class 2A1, 6.00%, 11/25/2022		52		45
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		118		118
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026		368		365
Series 2005-J1, Class 3A1, 6.50%, 8/25/2032		39		40
Series 2004-12CB, Class 2A1, 6.00%, 6/25/2034		285		289
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		4,216		4,220
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		251		249
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035		397		401
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		640		643
Series 2004-32CB, Class 2A5, 5.50%, 2/25/2035		2,465		2,481
Series 2005-3CB, Class 1A4, 5.25%, 3/25/2035		64		63
Series 2005-3CB, Class 1A13, 5.50%, 3/25/2035		7,626		7,618
Series 2005-J2, Class 1A5, 0.61%, 4/25/2035 (m)		4,865		4,072
Series 2005-6CB, Class 1A4, 5.50%, 4/25/2035		3,074		2,991
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		362		360
Series 2005-10CB, Class 1A5, 5.50%, 5/25/2035		3,211		3,070
Series 2005-10CB, Class 1A8, 5.50%, 5/25/2035		1,853		1,832
Series 2005-13CB, Class A4, 5.50%, 5/25/2035		1,295		1,309
Series 2005-21CB, Class A4, 5.25%, 6/25/2035		686		657
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		3,052		3,035
Series 2005-20CB, Class 1A1, 5.50%, 7/25/2035		142		136

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-23CB, Class A15, 5.50%, 7/25/2035		1,493		1,435
Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035		552		550
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		1,398		1,394
Series 2005-J14, Class A3, 5.50%, 12/25/2035		301		254
Series 2005-J14, Class A7, 5.50%, 12/25/2035		1,588		1,342
Series 2005-J14, Class A8, 5.50%, 12/25/2035		1,327		1,121
Series 2005-86CB, Class A4, 5.50%, 2/25/2036		366		296
Series 2006-J1, Class 1A13, 5.50%, 2/25/2036		129		117
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		3,887		3,951
Series 2006-4CB, Class 2A5, 5.50%, 4/25/2036		742		724
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		1,397		1,078
Series 2006-19CB, Class A15, 6.00%, 8/25/2036		522		424
Series 2006-25CB, Class A2, 6.00%, 10/25/2036		249		193
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		2,688		2,062
Series 2007-8CB, Class A9, 6.00%, 5/25/2037		183		152
Series 2007-19, Class 1A8, 6.00%, 8/25/2037		158		114
American Home Mortgage Investment Trust
Series 2007-2, Class 12A1, 0.38%, 3/25/2037 (m)		5,197		2,578
Series 2005-1, Class 6A, 2.20%, 6/25/2045 (m)		123		127
Angel Oak Mortgage Trust
Series 2019-5, Class B1, 3.96%, 10/25/2049 ‡ (f) (m)		2,250		2,309
Series 2019-3, Class B1, 4.10%, 5/25/2059 (f) (m)		7,000		7,015
Series 2019-6, Class B1, 3.94%, 11/25/2059 (f) (m)		4,000		4,099
Series 2019-6, Class B3, 6.01%, 11/25/2059 ‡ (f) (m)		1,285		1,196

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
Angel Oak Mortgage Trust I LLC
Series 2019-2, Class B1, 5.02%, 3/25/2049 ‡ (f) (m)		4,000			4,085
Series 2019-4, Class B1, 4.41%, 7/26/2049 (f) (m)		5,000			5,029
Banc of America Alternative Loan Trust
Series 2006-4, Class 2A1, 6.00%, 5/25/2021		2			2
Series 2005-11, Class 4A5, 5.75%, 12/25/2035		554			548
Series 2006-4, Class 3CB4, 6.00%, 5/25/2046		591			591
Series 2006-4, Class 4CB1, 6.50%, 5/25/2046		1,923			1,924
Series 2006-5, Class CB7, 6.00%, 6/25/2046		372			367
Banc of America Funding Trust
Series 2007-4, Class 8A1, 5.50%, 11/25/2034		54			48
Series 2005-6, Class 1A2, 5.50%, 10/25/2035		1,573			1,555
Series 2005-7, Class 4A7, 6.00%, 11/25/2035		254			260
Series 2006-A, Class 1A1, 2.73%, 2/20/2036 (m)		722			721
Series 2006-2, Class 2A20, 5.75%, 3/25/2036		356			353
Series 2007-5, Class 4A1, 0.48%, 7/25/2037 (m)		3,197			2,176
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 2.53%, 2/25/2034 (m)		335			343
Series 2007-3, Class 1A1, 6.00%, 9/25/2037		199			200
Bear Stearns ALT-A Trust Series 2006-8, Class 3A1, 0.43%, 2/25/2034 (m)		262			254
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC5, Class M1, 1.11%, 10/25/2034 ‡ (m)		342			70
Chase Mortgage Finance Trust
Series 2007-A2, Class 3A1, 2.83%, 6/25/2035 (m)		—	(d)		—	(d)
Series 2006-S3, Class 1A2, 6.00%, 11/25/2036		1,197			810
Series 2006-S4, Class A5, 6.00%, 12/25/2036		899			613
Series 2007-S2, Class 1A8, 6.00%, 3/25/2037		226			159

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 89

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 2.86%, 5/25/2023 (f) (m)		4,530		4,518
Series 2018-GT1, Class B, 3.61%, 5/25/2023 (f) (m)		795		793
CHL Mortgage Pass-Through Trust
Series 2005-20, Class A7, 5.25%, 12/25/2027		115		97
Series 2004-25, Class 2A1, 0.79%, 2/25/2035 (m)		2,508		2,336
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		1,655		1,389
Series 2005-31, Class 2A1, 2.53%, 1/25/2036 (m)		715		656
Series 2005-30, Class A5, 5.50%, 1/25/2036		149		123
Series 2006-HYB1, Class 2A2C, 2.72%, 3/20/2036 (m)		2,427		2,407
Series 2006-HYB2, Class 2A1B, 2.84%, 4/20/2036 (m)		701		668
Series 2006-J2, Class 1A1, 6.00%, 4/25/2036		103		81
Series 2006-10, Class 1A16, 6.00%, 5/25/2036		1,232		878
Series 2006-15, Class A1, 6.25%, 10/25/2036		91		63
Series 2006-17, Class A2, 6.00%, 12/25/2036		368		245
Series 2006-18, Class 2A4, 6.00%, 12/25/2036		2,090		1,630
Series 2007-2, Class A2, 6.00%, 3/25/2037		132		97
Series 2007-3, Class A18, 6.00%, 4/25/2037		1,003		747
Series 2007-10, Class A4, 5.50%, 7/25/2037		126		86
Series 2007-13, Class A4, 6.00%, 8/25/2037		265		198
Series 2007-16, Class A1, 6.50%, 10/25/2037		2,443		1,764
Series 2007-18, Class 2A1, 6.50%, 11/25/2037		491		285
Citicorp Mortgage Securities Trust Series 2007-4, Class 1A9, 6.00%, 5/25/2037		428		426
Citigroup Mortgage Loan Trust
Series 2005-3, Class 2A2A, 3.08%, 8/25/2035 (m)		107		111

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2005-11, Class A2A, 2.53%, 10/25/2035 (m)		200		202
Series 2006-AR3, Class 1A1A, 3.18%, 6/25/2036 (m)		1,226		1,242
Series 2006-AR5, Class 1A5A, 3.13%, 7/25/2036 (m)		554		543
Citigroup Mortgage Loan Trust, Inc.
Series 2005-4, Class A, 3.03%, 8/25/2035 (m)		280		293
Series 2005-6, Class A1, 2.22%, 9/25/2035 (m)		395		412
Series 2006-8, Class A3, 0.46%, 10/25/2035 (f) (m)		630		402
Series 2005-9, Class 2A2, 5.50%, 11/25/2035		88		79
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2, 2.51%, 4/25/2031 ‡ (f) (m)		5,978		6,015
Series 2019-R01, Class 2M2, 2.56%, 7/25/2031 ‡ (f) (m)		2,665		2,680
Series 2019-R02, Class 1M2, 2.41%, 8/25/2031 ‡ (f) (m)		7,342		7,396
Series 2019-R03, Class 1M2, 2.26%, 9/25/2031 (f) (m)		874		880
Series 2019-R04, Class 2M2, 2.21%, 6/25/2039 ‡ (f) (m)		2,993		3,003
Series 2019-R05, Class 1M2, 2.11%, 7/25/2039 ‡ (f) (m)		2,610		2,621
Series 2019-R06, Class 2M2, 2.21%, 9/25/2039 ‡ (f) (m)		9,213		9,248
Series 2019-R07, Class 1M2, 2.21%, 10/25/2039 ‡ (f) (m)		6,829		6,868
Series 2020-R02, Class 2M2, 2.11%, 1/25/2040 (f) (m)		10,000		10,065
Series 2020-R01, Class 1M2, 2.16%, 1/25/2040 ‡ (f) (m)		4,736		4,766
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-10, Class 11A1, 5.50%, 11/25/2020		572		110
Series 2003-29, Class 3A1, 5.50%, 12/25/2033		233		237
Series 2004-AR4, Class 4A1, 2.52%, 5/25/2034 (m)		1,406		1,450
Series 2004-AR4, Class 2A1, 2.88%, 5/25/2034 (m)		310		321
Series 2004-AR5, Class 6A1, 2.65%, 6/25/2034 (m)		346		364

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2004-4, Class 4A1, 5.50%, 8/25/2034		2,032		2,132
Series 2004-8, Class 4A3, 5.50%, 12/25/2034		107		108
Series 2005-4, Class 2A5, 0.66%, 6/25/2035 (m)		3,211		2,466
Series 2005-10, Class 5A3, 5.50%, 11/25/2035		353		322
CSFB Mortgage-Backed Trust Series 2004-AR6, Class 7A1, 2.72%, 10/25/2034 (m)		935		951
CSMC Mortgage-Backed Trust
Series 2006-8, Class 5A1, 5.60%, 10/25/2026 (m)		40		40
Series 2007-2, Class 3A13, 5.50%, 3/25/2037		441		339
Deephaven Residential Mortgage Trust
Series 2019-2A, Class B1, 4.72%, 4/25/2059 ‡ (f) (m)		7,061		6,961
Series 2019-2A, Class B2, 5.79%, 4/25/2059 ‡ (f) (m)		3,100		2,947
Series 2019-3A, Class B1, 4.26%, 7/25/2059 ‡ (f) (m)		3,900		3,903
Series 2019-3A, Class B2, 5.66%, 7/25/2059 (f) (m)		6,000		6,018
Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (f) (m)		4,000		4,018
Series 2019-4A, Class B2, 4.92%, 10/25/2059 ‡ (f) (m)		5,250		5,211
Series 2020-1, Class B1, 3.66%, 1/25/2060 ‡ (f) (m)		2,000		2,051
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 5.08%, 2/25/2020 (m)		25		24
Series 2005-2, Class 2A1, 0.41%, 3/25/2020 (m)		4		4
DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 0.64%, 8/19/2045 (m)		1,665		1,617
FHLMC STACR REMIC Trust
Series 2020-DNA2, Class M2, 1.96%, 2/25/2050 (f) (m)		3,000		3,028
Series 2020-HQA2, Class M2, 3.21%, 3/25/2050 (f) (m)		6,228		6,363
Series 2021-DNA1, Class B2, 4.76%, 1/25/2051 ‡ (f) (m)		8,000		7,570
FHLMC STACR Trust
Series 2018-DNA2, Class M2, 2.26%, 12/25/2030 ‡ (f) (m)		11,100		11,185

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2018-HQA2, Class M2, 2.41%, 10/25/2048 (f) (m)		7,260		7,368
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA3, Class B1, 4.56%, 3/25/2030 (m)		3,000		3,135
Series 2018-HQA1, Class M2, 2.41%, 9/25/2030 (m)		14,444		14,589
Series 2021-DNA2, Class B2, 6.01%, 8/25/2033 (f) (m)		18,050		18,185
FHLMC, REMIC
Series 4068, Class DS, IF, IO, 5.89%, 6/15/2042 (m)		2,893		536
Series 4097, Class ES, IF, IO, 5.99%, 8/15/2042 (m)		4,375		792
Series 4103, Class SB, IF, IO, 5.94%, 9/15/2042 (m)		4,763		1,055
Series 4425, Class SA, IF, IO, 5.94%, 1/15/2045 (m)		5,188		986
Series 4594, Class SG, IF, IO, 5.89%, 6/15/2046 (m)		4,506		1,026
Series 4606, Class SB, IF, IO, 5.89%, 8/15/2046 (m)		8,397		1,820
Series 4614, Class SK, IF, IO, 5.89%, 9/15/2046 (m)		14,761		3,332
Series 4616, Class HS, IF, IO, 5.89%, 9/15/2046 (m)		5,597		1,196
Series 4703, Class SA, IF, IO, 6.04%, 7/15/2047 (m)		8,382		1,771
Series 4718, Class SD, IF, IO, 6.04%, 9/15/2047 (m)		4,490		772
Series 4768, Class SG, IF, IO, 6.09%, 3/15/2048 (m)		3,505		707
Series 4820, Class ES, IF, IO, 6.09%, 3/15/2048 (m)		2,710		445
Series 4834, Class SA, IF, IO, 6.04%, 10/15/2048 (m)		5,908		945
Series 4937, Class MS, IF, IO, 5.94%, 12/25/2049 (m)		8,753		1,655
Series 4839, Class WS, IF, IO, 5.99%, 8/15/2056 (m)		9,316		2,157
FHLMC, STRIPS
Series 264, Class S1, IF, IO, 5.84%, 7/15/2042 (m)		2,954		554
Series 274, Class S1, IF, IO, 5.89%, 8/15/2042 (m)		4,112		741
Series 278, Class S1, IF, IO, 5.94%, 9/15/2042 (m)		3,587		679

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 91

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 279, Class S6, IF, IO, 5.94%, 9/15/2042 (m)		2,811		531
Series 300, Class S1, IF, IO, 5.99%, 1/15/2043 (m)		3,429		673
Series 311, Class S1, IF, IO, 5.84%, 8/15/2043 (m)		1,957		367
Series 316, Class S7, IF, IO, 5.99%, 11/15/2043 (m)		3,137		538
Series 326, Class S2, IF, IO, 5.84%, 3/15/2044 (m)		4,046		900
Series 336, Class S1, IF, IO, 5.94%, 8/15/2044 (m)		2,792		599
Series 337, Class S1, IF, IO, 5.94%, 9/15/2044 (m)		2,117		433
Series 356, Class S5, IF, IO, 5.89%, 9/15/2047 (m)		12,545		2,907
First Horizon Alternative Mortgage Securities Trust Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021		21		17
FNMA, Connecticut Avenue Securities
Series 2017-C01, Class 1B1, 5.86%, 7/25/2029 (m)		1,820		2,000
Series 2017-C05, Class 1M2, 2.31%, 1/25/2030 (m)		5,385		5,454
Series 2017-C06, Class 1M2, 2.76%, 2/25/2030 (m)		2,941		2,995
Series 2017-C07, Class 2M2, 2.61%, 5/25/2030 (m)		1,875		1,896
Series 2018-C01, Class 1M2, 2.36%, 7/25/2030 (m)		6,485		6,550
Series 2018-C02, Class 2M2, 2.31%, 8/25/2030 (m)		323		327
Series 2018-C03, Class 1M2, 2.26%, 10/25/2030 (m)		4,447		4,497
Series 2018-C04, Class 2M2, 2.66%, 12/25/2030 (m)		10,887		11,109
Series 2018-C05, Class 1M2, 2.46%, 1/25/2031 (m)		6,233		6,319
FNMA, REMIC
Series 2011-126, Class SM, IF, IO, 5.84%, 12/25/2041 (m)		3,484		573
Series 2012-20, Class SL, IF, IO, 6.34%, 3/25/2042 (m)		4,319		883
Series 2012-35, Class SN, IF, IO, 6.34%, 4/25/2042 (m)		4,657		1,054
Series 2012-75, Class DS, IF, IO, 5.84%, 7/25/2042 (m)		4,520		800

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2012-128, Class MS, IF, IO, 6.04%, 11/25/2042 (m)		1,795		398
Series 2013-124, Class SB, IF, IO, 5.84%, 12/25/2043 (m)		4,989		962
Series 2013-136, Class SB, IF, IO, 5.79%, 1/25/2044 (m)		4,849		883
Series 2015-35, Class SA, IF, IO, 5.49%, 6/25/2045 (m)		4,786		819
Series 2015-37, Class ST, IF, IO, 5.51%, 6/25/2045 (m)		4,262		750
Series 2016-1, Class SJ, IF, IO, 6.04%, 2/25/2046 (m)		10,639		2,106
Series 2016-77, Class SA, IF, IO, 5.89%, 10/25/2046 (m)		3,927		747
Series 2017-1, Class SA, IF, IO, 5.94%, 2/25/2047 (m)		4,267		886
Series 2017-16, Class SM, IF, IO, 5.94%, 3/25/2047 (m)		2,533		565
Series 2017-37, Class AS, IF, IO, 5.99%, 5/25/2047 (m)		12,014		2,678
Series 2018-14, Class SA, IF, IO, 6.09%, 3/25/2048 (m)		7,923		1,661
Series 2018-15, Class JS, IF, IO, 6.09%, 3/25/2048 (m)		4,941		985
Series 2018-16, Class SN, IF, IO, 6.14%, 3/25/2048 (m)		2,016		380
Series 2018-27, Class SE, IF, IO, 6.09%, 5/25/2048 (m)		3,430		742
Series 2018-60, Class SK, IF, IO, 5.59%, 8/25/2048 (m)		3,588		735
Series 2018-73, Class SC, IF, IO, 6.09%, 10/25/2048 (m)		7,965		1,552
Series 2019-9, Class SM, IF, IO, 5.94%, 3/25/2049 (m)		4,719		769
Series 2019-20, Class BS, IF, IO, 5.94%, 5/25/2049 (m)		1,744		236
Fremont Home Loan Trust Series 2004-A, Class M1, 0.93%, 1/25/2034 ‡ (m)		2,543		2,522
GCAT LLC Series 2019-NQM1, Class M1, 3.85%, 2/25/2059 ‡ (f) (m)		2,500		2,494
GCAT Trust
Series 2019-NQM2, Class B1, 4.01%, 9/25/2059 ‡ (f) (m)		5,000		5,100
Series 2020-NQM1, Class B1, 3.64%, 1/25/2060 ‡ (f) (m)		3,000		2,985
GMACM Mortgage Loan Trust
Series 2004-AR2, Class 3A, 3.48%, 8/19/2034 (m)		336		322

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-AR1, Class 3A, 3.75%, 3/18/2035 (m)		100		98
GNMA
Series 2014-25, Class HS, IF, IO, 5.98%, 2/20/2044 (m)		3,095		693
Series 2015-124, Class SB, IF, IO, 6.13%, 9/20/2045 (m)		5,687		1,138
Series 2015-149, Class GS, IF, IO, 6.13%, 10/20/2045 (m)		5,191		1,221
Series 2016-111, Class SA, IF, IO, 5.98%, 8/20/2046 (m)		2,763		600
Series 2016-120, Class NS, IF, IO, 5.98%, 9/20/2046 (m)		7,630		1,684
Series 2017-11, Class AS, IF, IO, 5.98%, 1/20/2047 (m)		3,218		637
Series 2017-55, Class AS, IF, IO, 6.03%, 4/20/2047 (m)		2,231		392
Series 2017-56, Class SC, IF, IO, 6.03%, 4/20/2047 (m)		4,658		878
Series 2017-68, Class SA, IF, IO, 6.03%, 5/20/2047 (m)		4,505		908
Series 2017-67, Class ST, IF, IO, 6.08%, 5/20/2047 (m)		7,898		1,652
Series 2017-75, Class SD, IF, IO, 6.08%, 5/20/2047 (m)		1,914		328
Series 2017-80, Class AS, IF, IO, 6.08%, 5/20/2047 (m)		4,537		840
Series 2017-93, Class SE, IF, IO, 6.08%, 6/20/2047 (m)		3,364		650
Series 2017-107, Class SL, IF, IO, 6.08%, 7/20/2047 (m)		9,099		1,885
Series 2017-112, Class S, IF, IO, 6.08%, 7/20/2047 (m)		7,335		1,420
Series 2017-120, Class QS, IF, IO, 6.08%, 8/20/2047 (m)		3,910		766
Series 2017-134, Class SB, IF, IO, 6.08%, 9/20/2047 (m)		4,120		701
Series 2017-141, Class QS, IF, IO, 6.08%, 9/20/2047 (m)		8,657		1,500
Series 2017-149, Class QS, IF, IO, 6.08%, 10/20/2047 (m)		4,461		931
Series 2018-1, Class ST, IF, IO, 6.08%, 1/20/2048 (m)		9,122		1,762
Series 2018-11, Class SA, IF, IO, 6.08%, 1/20/2048 (m)		4,815		670
Series 2018-6, Class CS, IF, IO, 6.08%, 1/20/2048 (m)		2,936		656

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2018-36, Class SG, IF, IO, 6.08%, 3/20/2048 (m)		8,531		1,860
Series 2018-63, Class SB, IF, IO, 6.08%, 4/20/2048 (m)		1,646		298
Series 2018-64, Class GS, IF, IO, 6.08%, 5/20/2048 (m)		6,120		934
Series 2018-65, Class SE, IF, IO, 6.08%, 5/20/2048 (m)		6,949		1,204
Series 2018-92, Class SH, IF, IO, 6.08%, 7/20/2048 (m)		3,775		732
Series 2018-115, Class DS, IF, IO, 6.08%, 8/20/2048 (m)		9,628		1,650
Series 2018-126, Class CS, IF, IO, 6.08%, 9/20/2048 (m)		5,914		1,017
Series 2018-146, Class S, IF, IO, 6.03%, 10/20/2048 (m)		4,736		792
Series 2018-147, Class SD, IF, IO, 6.03%, 10/20/2048 (m)		11,247		1,903
Series 2018-168, Class SA, IF, IO, 5.98%, 12/20/2048 (m)		4,538		843
Series 2019-16, Class SB, IF, IO, 5.93%, 2/20/2049 (m)		7,797		1,358
Series 2019-22, Class SM, IF, IO, 5.93%, 2/20/2049 (m)		18,229		3,655
Series 2019-23, Class JS, IF, IO, 5.93%, 2/20/2049 (m)		5,811		800
Series 2019-30, Class SA, IF, IO, 5.93%, 3/20/2049 (m)		9,141		1,614
Series 2019-38, Class SN, IF, IO, 5.93%, 3/20/2049 (m)		8,488		1,666
Series 2019-41, Class CS, IF, IO, 5.93%, 3/20/2049 (m)		7,478		1,111
Series 2019-42, Class SJ, IF, IO, 5.93%, 4/20/2049 (m)		8,027		1,265
Series 2019-56, Class GS, IF, IO, 6.03%, 5/20/2049 (m)		4,903		753
Series 2019-69, Class DS, IF, IO, 5.98%, 6/20/2049 (m)		5,155		772
Series 2019-70, Class SM, IF, IO, 5.98%, 6/20/2049 (m)		5,397		1,022
Series 2020-76, Class SL, IF, IO, 6.03%, 5/20/2050 (m)		7,601		1,791
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (f) (m)		1,327		588
GSR Mortgage Loan Trust
Series 2004-15F, Class 1A2, 5.50%, 12/25/2034		235		243

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 93

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-1F, Class 2A3, 6.00%, 2/25/2035		177		167
Series 2005-AR3, Class 6A1, 2.80%, 5/25/2035 (m)		93		91
Series 2005-AR4, Class��3A5, 3.23%, 7/25/2035 (m)		1,538		1,354
Series 2005-6F, Class 3A18, 5.50%, 7/25/2035		897		947
Series 2005-AR7, Class 6A1, 2.86%, 11/25/2035 (m)		878		880
Series 2006-1F, Class 2A16, 6.00%, 2/25/2036		699		503
Series 2006-1F, Class 2A9, 6.00%, 2/25/2036		1,132		814
Series 2006-9F, Class 3A1, 6.25%, 10/25/2036		595		600
Series 2007-1F, Class 3A13, 6.00%, 1/25/2037		279		239
HarborView Mortgage Loan Trust Series 2005-11, Class 2A1A, 0.74%, 8/19/2045 (m)		212		212
Homeward Opportunities Fund I Trust
Series 2019-1, Class M1, 3.95%, 1/25/2059 (f) (m)		2,000		2,053
Series 2019-1, Class B1, 4.80%, 1/25/2059 ‡ (f) (m)		1,850		1,874
Series 2019-3, Class B1, 4.02%, 11/25/2059 ‡ (f) (m)		4,970		5,101
Impac CMB Trust
Series 2004-5, Class 1A1, 0.83%, 10/25/2034 (m)		426		425
Series 2004-6, Class 1A2, 0.89%, 10/25/2034 (m)		990		1,004
Series 2004-5, Class 1M2, 0.98%, 10/25/2034 ‡ (m)		155		155
Series 2004-7, Class 1A2, 1.03%, 11/25/2034 (m)		520		530
Series 2004-9, Class 1A1, 0.87%, 1/25/2035 (m)		2,029		2,082
Series 2004-10, Class 2A, 0.75%, 3/25/2035 (m)		625		600
Series 2004-10, Class 3A1, 0.81%, 3/25/2035 (m)		2,109		2,094
Series 2005-1, Class 1A1, 0.63%, 4/25/2035 (m)		387		391
Series 2005-1, Class 1A2, 0.73%, 4/25/2035 (m)		473		477

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2005-2, Class 1A2, 0.73%, 4/25/2035 (m)		417		416
Series 2005-4, Class 1A1A, 0.65%, 5/25/2035 (m)		304		314
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A4, 3.75%, 8/25/2033		240		234
Impac Secured Assets Trust
Series 2007-3, Class A1B, 0.35%, 9/25/2037 (m)		2,270		1,967
Series 2007-3, Class A1C, 0.47%, 9/25/2037 (m)		3,804		3,302
IndyMac INDX Mortgage Loan Trust
Series 2005-AR3, Class 3A1, 2.76%, 4/25/2035 (m)		311		320
Series 2005-AR14, Class 2A1A, 0.71%, 7/25/2035 (m)		928		868
Series 2007-AR21, Class 6A1, 2.89%, 9/25/2037 (m)		5,137		4,295
JPMorgan Alternative Loan Trust Series 2006-A2, Class 1A1, 0.47%, 5/25/2036 (m)		3,098		2,920
JPMorgan Mortgage Trust
Series 2006-S2, Class 2A1, 5.00%, 6/25/2021		21		16
Series 2006-S3, Class 2A4, 5.50%, 8/25/2021		10		10
Series 2007-S3, Class 2A3, 6.00%, 8/25/2022		8		8
Series 2004-A6, Class 1A1, 2.75%, 12/25/2034 (m)		94		95
Series 2005-A3, Class 6A6, 2.74%, 6/25/2035 (m)		260		267
Series 2007-A1, Class 2A2, 2.86%, 7/25/2035 (m)		213		222
Series 2005-A6, Class 1A2, 2.95%, 9/25/2035 (m)		269		275
Series 2005-A8, Class 1A1, 2.87%, 11/25/2035 (m)		123		114
Series 2005-A8, Class 4A1, 3.00%, 11/25/2035 (m)		1,611		1,504
Series 2006-A7, Class 2A4, 3.07%, 1/25/2037 (m)		565		528
Series 2007-S1, Class 2A17, 0.44%, 3/25/2037 (m)		4,382		1,302
Legacy Mortgage Asset Trust Series 2021-GS1, Class A2, 3.84%, 10/25/2066 (f) (l)		2,000		2,000

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Lehman Mortgage Trust
Series 2005-2, Class 2A5, 5.50%, 12/25/2035		941		779
Series 2007-7, Class 5A7, 6.50%, 8/25/2037		8,058		5,645
MASTR Alternative Loan Trust
Series 2006-3, Class 3A1, 5.50%, 6/25/2021		48		54
Series 2004-8, Class 1A1, 6.50%, 9/25/2034		329		345
Series 2004-12, Class 3A1, 6.00%, 12/25/2034		811		839
Series 2005-3, Class 1A1, 5.50%, 4/25/2035		224		227
Series 2005-5, Class 3A1, 5.75%, 8/25/2035		238		169
Series 2005-6, Class 1A2, 5.50%, 12/25/2035		526		473
Merrill Lynch Mortgage Investors Trust
Series 2005-1, Class 2A1, 1.99%, 4/25/2035 (m)		65		65
Series 2005-1, Class 2A2, 1.99%, 4/25/2035 (m)		207		207
Series 2006-1, Class 2A1, 2.05%, 2/25/2036 (m)		1,015		1,069
Series 2006-AF2, Class AF2, 6.25%, 10/25/2036		248		164
Morgan Stanley Mortgage Loan Trust
Series 2006-2, Class 1A, 5.25%, 2/25/2021		576		571
Series 2004-8AR, Class 4A1, 2.55%, 10/25/2034 (m)		721		757
Series 2004-9, Class 1A, 5.42%, 11/25/2034 (m)		513		556
Series 2005-4, Class 1A, 5.00%, 8/25/2035		21		21
MortgageIT Trust
Series 2005-3, Class A1, 0.71%, 8/25/2035 (m)		2,092		2,113
Series 2005-5, Class A1, 0.63%, 12/25/2035 (m)		270		272
New Residential Mortgage Loan Trust
Series 2019-NQM4, Class B1, 3.74%, 9/25/2059 ‡ (f) (m)		2,500		2,539
Series 2019-NQM4, Class B2, 5.01%, 9/25/2059 (f) (m)		4,000		3,997

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 ‡ (f) (m)		2,041		2,058
Series 2020-NQM1, Class M1, 3.21%, 1/26/2060 ‡ (f) (m)		3,600		3,652
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-WF1, Class 2A5, 5.66%, 3/25/2035 (l)		8		9
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-4, Class 1A2, 0.89%, 11/25/2035 (m)		103		104
Series 2005-5, Class 1APT, 0.67%, 12/25/2035 (m)		1,441		1,437
Opteum Mortgage Acceptance Corp. Trust
Series 2006-1, Class 1APT, 0.53%, 4/25/2036 (m)		471		443
Series 2006-1, Class 1AC1, 0.71%, 4/25/2036 (m)		1,684		1,667
PMT Credit Risk Transfer Trust Series 2019-2R, Class A, 2.86%, 5/27/2023 (f) (m)		489		487
Pretium Mortgage Credit Partners I LLC Series 2021-NPL1, Class A2, 4.21%, 9/27/2060 (f) (l)		4,000		3,997
PRPM 3.77%, 3/25/2026		4,987		4,996
PRPM LLC
Series 2020-2, Class A1, 3.67%, 8/25/2025 (f) (l)		2,949		2,970
Series 2020-3, Class A2, 5.07%, 9/25/2025 (f) (l)		8,500		8,545
Series 2020-6, Class A2, 4.70%, 11/25/2025 (f) (l)		2,350		2,348
Series 2021-1, Class A2, 3.72%, 1/25/2026 (f) (m)		5,000		4,989
Series 2021-3, Class A2, 0.00%, 4/25/2026 (f) (l)		5,500		5,500
RALI Trust
Series 2003-QS20, Class CB, 5.00%, 11/25/2018		3		3
Series 2005-QA5, Class A2, 4.88%, 4/25/2035 (m)		1,200		1,191
Series 2005-QS17, Class A3, 6.00%, 12/25/2035		785		789
Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		1,306		1,296
Series 2006-QS4, Class A2, 6.00%, 4/25/2036		1,409		1,354

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 95

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2006-QS17, Class A5, 6.00%, 12/25/2036		2,172			2,109
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		4			5
Series 2005-A3, Class A2, 5.50%, 4/25/2035		2,757			2,347
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035		1,773			1,595
Series 2005-A14, Class A1, 5.50%, 12/25/2035		147			107
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		3,014			2,243
Series 2007-A5, Class 2A2, 6.00%, 5/25/2037		7,437			6,135
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		—	(d)		—	(d)
Series 2005-SA1, Class 3A, 2.41%, 3/25/2035 (m)		65			66
Series 2005-S7, Class A6, 5.50%, 11/25/2035		100			96
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		1,715			1,636
Series 2006-SA4, Class 2A1, 4.70%, 11/25/2036 (m)		1,674			1,630
Seasoned Credit Risk Transfer Trust Series 2017-3, Class AIO, IO, 0.00%, 7/25/2056 (m)		248,412			124
Sequoia Mortgage Trust Series 2007-3, Class 1A1, 0.52%, 7/20/2036 (m)		535			526
Spruce Hill Mortgage Loan Trust Series 2019-SH1, Class A3, 3.65%, 4/29/2049 (f) (m)		1,537			1,555
STACR Trust Series 2018-DNA3, Class M2, 2.21%, 9/25/2048 ‡ (f) (m)		8,000			8,094
Starwood Mortgage Residential Trust
Series 2020-1, Class B1, 3.73%, 2/25/2050 ‡ (f) (m)		5,410			5,524
Series 2020-INV1, Class B2, 4.26%, 11/25/2055 ‡ (f)		1,600			1,605
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 1A1, 2.83%, 2/25/2035 (m)		304			306
Structured Asset Mortgage Investments II Trust
Series 2005-AR3, Class 1A1, 0.65%, 8/25/2035 (m)		2,706			2,885

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2007-AR7, Class 1A1, 0.96%, 5/25/2047 (m)		3,343		2,792
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021 (f) (l)		1,926		1,930
Verus Securitization Trust
Series 2019-2, Class B1, 4.44%, 5/25/2059 ‡ (f) (m)		1,700		1,707
Series 2019-INV2, Class B1, 4.45%, 7/25/2059 (f) (m)		2,000		2,046
Series 2019-INV3, Class B1, 3.73%, 11/25/2059 ‡ (f) (m)		5,000		5,032
Series 2019-INV1, Class B1, 4.99%, 12/25/2059 ‡ (f)		4,100		4,148
Series 2020-1, Class M1, 3.02%, 1/25/2060 ‡ (f) (m)		1,700		1,723
Series 2021-R1, Class B1, 3.20%, 10/25/2063 ‡ (f) (m)		2,000		2,013
Series 2021-R1, Class B2, 4.20%, 10/25/2063 ‡ (f) (m)		1,322		1,332
Series 2020-5, Class B1, 3.71%, 5/25/2065 ‡ (f) (m)		2,400		2,439
Series 2020-5, Class B2, 4.71%, 5/25/2065 ‡ (f) (m)		1,400		1,424
Series 2021-1, Class B1, 2.98%, 1/25/2066 ‡ (f) (m)		3,150		3,153
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR11, Class A, 2.82%, 10/25/2034 (m)		883		910
Series 2005-AR5, Class A6, 3.51%, 5/25/2035 (m)		1,857		1,935
Series 2005-AR7, Class A3, 2.88%, 8/25/2035 (m)		2,910		3,035
Series 2005-AR10, Class 1A3, 3.09%, 9/25/2035 (m)		1,500		1,545
Series 2005-AR16, Class 1A1, 2.72%, 12/25/2035 (m)		525		534
Series 2005-AR14, Class 1A3, 2.91%, 12/25/2035 (m)		1,258		1,272
Series 2005-AR14, Class 1A4, 2.91%, 12/25/2035 (m)		839		849
Series 2005-AR18, Class 1A3A, 2.79%, 1/25/2036 (m)		56		58
Series 2006-AR2, Class 1A1, 2.93%, 3/25/2036 (m)		244		244
Series 2004-AR10, Class A1B, 0.95%, 7/25/2044 (m)		715		725
Series 2005-AR15, Class A1A1, 0.63%, 11/25/2045 (m)		35		34

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2007-1, Class 2A1, 6.00%, 1/25/2022		332		337
Series 2005-1, Class 1A3, 5.50%, 3/25/2035		678		671
Series 2005-4, Class CB7, 5.50%, 6/25/2035		451		455
Series 2005-10, Class 2A5, 5.75%, 11/25/2035		2,315		2,328
Series 2005-10, Class 4CB1, 5.75%, 12/25/2035		730		732
Series 2006-5, Class 2CB5, 6.50%, 7/25/2036		183		165
Series 2007-1, Class 1A7, 0.71%, 2/25/2037 (m)		3,278		2,335
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-AR19, Class A3, 2.81%, 12/25/2036 (m)		175		174
Series 2007-15, Class A1, 6.00%, 11/25/2037		205		201
				630,994
Total Collateralized Mortgage Obligations (Cost $627,697)				633,987
Commercial Mortgage-Backed Securities — 3.1%
United States — 3.1%
BANK
Series 2019-BN16, Class D, 3.00%, 2/15/2052 ‡ (f)		2,500		2,313
Series 2019-BN16, Class F, 3.85%, 2/15/2052 ‡ (f) (m)		2,000		1,466
Series 2019-BN21, Class F, 2.68%, 10/17/2052 (f)		4,000		2,891
Series 2019-BN23, Class D, 2.50%, 12/15/2052 ‡ (f)		4,000		3,613
Series 2020-BN30, Class F, 2.00%, 12/15/2053 (f) (m)		3,000		2,012
Series 2021-BN31, Class E, 2.50%, 2/15/2054 ‡ (f) (m)		2,500		2,093
Series 2017-BNK5, Class D, 3.08%, 6/15/2060 ‡ (f) (m)		2,000		1,799
Series 2018-BN15, Class E, 3.00%, 11/15/2061 ‡ (f)		1,000		800
Series 2019-BN18, Class F, 3.33%, 5/15/2062 ‡ (f)		9,699		5,468
Series 2019-BN24, Class D, 2.50%, 11/15/2062 ‡ (f)		1,000		897

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2020-BN25, Class D, 2.50%, 1/15/2063 ‡ (f)		1,000		899
Series 2020-BN26, Class D, 2.50%, 3/15/2063 ‡ (f)		1,350		1,191
Series 2020-BN28, Class E, 2.50%, 3/15/2063 ‡ (f)		3,000		2,398
Benchmark Mortgage Trust
Series 2018-B1, Class D, 2.75%, 1/15/2051 ‡ (f)		975		857
Series 2019-B9, Class F, 3.92%, 3/15/2052 ‡ (f) (m)		6,590		4,043
Series 2019-B11, Class D, 3.00%, 5/15/2052 ‡ (f)		4,000		3,718
Series 2020-B21, Class E, 2.00%, 12/17/2053 ‡ (f)		2,500		1,887
Series 2020-B21, Class F, 2.00%, 12/17/2053 (f)		3,000		1,967
Series 2019-B14, Class E, 2.50%, 12/15/2062 ‡ (f)		1,415		1,182
Series 2019-B15, Class E, 2.75%, 12/15/2072 ‡ (f)		4,391		3,801
Series 2019-B15, Class F, 2.75%, 12/15/2072 ‡ (f) (m)		5,000		2,955
BX Series 2021-MFM1, Class G, 4.01%, 1/15/2034 ‡ (f) (m)		750		750
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1.81%, 11/15/2035 ‡ (f) (m)		455		455
Series 2020-BXLP, Class F, 2.11%, 12/15/2036 ‡ (f) (m)		923		923
Series 2020-VIV2, Class C, 3.66%, 3/9/2044 ‡ (f) (m)		10,590		10,881
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E, 2.27%, 12/15/2037 (f) (m)		2,690		2,691
CD Mortgage Trust
Series 2016-CD2, Class C, 4.16%, 11/10/2049 ‡ (m)		750		773
Series 2017-CD4, Class D, 3.30%, 5/10/2050 ‡ (f)		1,000		935
Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (f)		1,831		1,679
Series 2017-CD6, Class C, 4.41%, 11/13/2050 ‡ (m)		1,371		1,453
Series 2018-CD7, Class D, 3.26%, 8/15/2051 (f) (m)		2,000		1,861
Series 2019-CD8, Class E, 3.00%, 8/15/2057 ‡ (f)		2,000		1,792

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 97

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2019-CD8, Class F, 3.00%, 8/15/2057 ‡ (f)		1,500		994
CFCRE Commercial Mortgage Trust Series 2016-C6, Class D, 4.34%, 11/10/2049 ‡ (f) (m)		1,000		872
Citigroup Commercial Mortgage Trust
Series 2019-PRM, Class E, 4.89%, 5/10/2036 ‡ (f) (m)		2,750		2,836
Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (f)		2,500		2,233
Series 2016-C1, Class D, 5.11%, 5/10/2049 ‡ (f) (m)		2,225		2,070
Series 2016-C2, Class D, 3.25%, 8/10/2049 (f) (m)		1,000		919
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (f)		1,325		1,094
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		910		995
Series 2020-GC46, Class E, 2.60%, 2/15/2053 ‡ (f)		4,500		3,564
Commercial Mortgage Trust
Series 2020-CBM, Class F, 3.75%, 2/10/2037 ‡ (f) (m)		2,750		2,578
Series 2014-CR15, Class C, 4.89%, 2/10/2047 ‡ (m)		3,375		3,644
Series 2014-LC15, Class D, 5.15%, 4/10/2047 ‡ (f) (m)		1,500		1,503
Series 2014-CR19, Class D, 4.87%, 8/10/2047 ‡ (f) (m)		400		393
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 ‡ (f)		3,100		2,549
Series 2014-LC17, Class D, 3.69%, 10/10/2047 (f)		3,250		3,221
Series 2014-CR20, Class D, 3.22%, 11/10/2047 ‡ (f)		4,675		3,921
Series 2015-CR22, Class D, 4.24%, 3/10/2048 ‡ (f) (m)		1,000		1,009
Series 2015-LC21, Class D, 4.48%, 7/10/2048 ‡ (m)		450		435
Series 2015-CR24, Class D, 3.46%, 8/10/2048 ‡ (m)		1,134		1,034
Series 2015-CR25, Class D, 3.93%, 8/10/2048 ‡ (m)		2,000		1,874
Series 2015-CR27, Class D, 3.60%, 10/10/2048 ‡ (f) (m)		500		483
Series 2015-LC23, Class D, 3.77%, 10/10/2048 ‡ (f) (m)		2,750		2,663

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2015-LC23, Class E, 3.77%, 10/10/2048 ‡ (f) (m)		1,500		1,362
Series 2016-CR28, Class D, 4.04%, 2/10/2049 ‡ (m)		1,350		1,359
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		25		26
CSAIL Commercial Mortgage Trust
Series 2019-C15, Class C, 5.15%, 3/15/2052 ‡ (m)		3,835		4,234
Series 2015-C2, Class B, 4.21%, 6/15/2057 ‡ (m)		1,000		1,040
DBJPM Mortgage Trust
Series 2016-C3, Class D, 3.63%, 8/10/2049 ‡ (f) (m)		1,170		975
Series 2016-C3, Class E, 4.38%, 8/10/2049 (f) (m)		1,250		913
FHLMC Multiclass Certificates Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029		17,110		2,366
FHLMC, Multi-Family Structured Credit Risk
Series 2021-MN1, Class M1, 2.01%, 1/25/2051 (f) (m)		709		715
Series 2021-MN1, Class M2, 3.76%, 1/25/2051 (f) (m)		11,750		12,271
Series 2021-MN1, Class B1, 7.76%, 1/25/2051 (f) (m)		2,650		2,936
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.41%, 7/25/2023 (m)		106,144		602
Series KC03, Class X1, IO, 0.63%, 11/25/2024 (m)		64,935		989
Series K734, Class X3, IO, 2.24%, 7/25/2026 (m)		13,025		1,233
Series KC04, Class X1, IO, 1.40%, 12/25/2026 (m)		14,995		755
Series K082, Class X3, IO, 2.29%, 10/25/2028 (m)		11,750		1,655
Series K084, Class X3, IO, 2.31%, 11/25/2028 (m)		6,000		865
Series K090, Class X3, IO, 2.39%, 10/25/2029 (m)		1,750		279
Series K723, Class X3, IO, 1.98%, 10/25/2034 (m)		6,552		275
Series Q012, Class X, IO, 4.22%, 9/25/2035 (m)		25,859		6,170
Series K716, Class X3, IO, 1.79%, 8/25/2042 (m)		15,656		6

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series K054, Class X3, IO, 1.65%, 4/25/2043 (m)		17,000		1,169
Series K067, Class X3, IO, 2.19%, 9/25/2044 (m)		34,106		3,992
Series K727, Class X3, IO, 2.07%, 10/25/2044 (m)		33,818		2,043
Series K068, Class X3, IO, 2.13%, 10/25/2044 (m)		11,050		1,269
Series K059, Class X3, IO, 1.98%, 11/25/2044 (m)		24,693		2,306
Series K729, Class X3, IO, 2.04%, 11/25/2044 (m)		37,637		2,346
Series K060, Class X3, IO, 1.96%, 12/25/2044 (m)		1,000		93
Series K061, Class X3, IO, 2.04%, 12/25/2044 (m)		1,544		153
Series K066, Class X3, IO, 2.24%, 8/25/2045 (m)		20,000		2,365
Series K728, Class X3, IO, 2.02%, 11/25/2045 (m)		8,120		497
Series K071, Class X3, IO, 2.08%, 11/25/2045 (m)		5,000		584
Series K089, Class X3, IO, 2.37%, 1/25/2046 (m)		22,283		3,441
Series K087, Class X3, IO, 2.39%, 1/25/2046 (m)		18,300		2,774
Series K091, Class X3, IO, 2.36%, 4/25/2046 (m)		15,000		2,373
Series K102, Class X3, IO, 1.96%, 12/25/2046 (m)		1,180		162
Series K088, Class X3, IO, 2.42%, 2/25/2047 (m)		11,130		1,763
Series K093, Class X3, IO, 2.28%, 5/25/2047 (m)		15,000		2,272
Series K092, Class X3, IO, 2.32%, 5/25/2047 (m)		21,150		3,291
Series K094, Class X3, IO, 2.20%, 7/25/2047 (m)		14,206		2,119
Series K116, Class X3, IO, 3.13%, 9/25/2047 (m)		10,500		2,437
Series K108, Class X3, IO, 3.61%, 4/25/2048 (m)		19,600		4,984
FNMA ACES
Series 2019-M21, Class X2, IO, 1.46%, 2/25/2031 (m)		6,482		662
Series 2016-M4, Class X2, IO, 2.71%, 1/25/2039 (m)		14,745		780

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
FNMA, Multi-Family REMIC Trust Series 2020-M37, Class X, IO, 1.23%, 4/25/2032 (m)		29,932		2,402
FREMF Mortgage Trust
Series 2015-KF09, Class B, 5.46%, 5/25/2022 (f) (m)		111		111
Series 2015-KF10, Class B, 6.21%, 7/25/2022 (f) (m)		405		404
Series 2017-KF31, Class B, 3.01%, 4/25/2024 (f) (m)		1,322		1,308
Series 2017-KF32, Class B, 2.66%, 5/25/2024 (f) (m)		1,581		1,581
Series 2017-KF38, Class B, 2.61%, 9/25/2024 (f) (m)		1,324		1,324
Series 2018-K731, Class C, 4.06%, 2/25/2025 (f) (m)		2,000		2,129
Series 2018-KF47, Class B, 2.11%, 5/25/2025 (f) (m)		3,080		3,022
Series 2018-KF49, Class B, 2.01%, 6/25/2025 (f) (m)		239		235
Series 2019-KF58, Class B, 2.26%, 1/25/2026 (f) (m)		1,673		1,669
Series 2019-KC03, Class B, 4.51%, 1/25/2026 (f) (m)		2,304		2,352
Series 2019-KF62, Class B, 2.16%, 4/25/2026 (f) (m)		2,039		2,025
Series 2017-KF33, Class B, 2.66%, 6/25/2027 (f) (m)		566		562
Series 2017-KF40, Class B, 2.81%, 11/25/2027 (f) (m)		997		983
Series 2018-KF43, Class B, 2.26%, 1/25/2028 (f) (m)		1,953		1,947
Series 2018-KF50, Class B, 2.01%, 7/25/2028 (f) (m)		598		588
Series 2018-K82, Class B, 4.27%, 9/25/2028 (f) (m)		1,460		1,622
Series 2019-KF59, Class B, 2.46%, 2/25/2029 (f) (m)		3,362		3,362
Series 2019-KG01, Class B, 4.31%, 4/25/2029 (f) (m)		3,090		3,257
Series 2019-KF63, Class B, 2.46%, 5/25/2029 (f) (m)		4,516		4,516
Series 2017-K67, Class C, 4.08%, 9/25/2049 (f) (m)		730		779
Series 2017-K729, Class B, 3.80%, 11/25/2049 (f) (m)		1,400		1,509
Series 2017-K63, Class C, 4.00%, 2/25/2050 (f) (m)		1,380		1,467

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 99

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2017-K71, Class B, 3.88%, 11/25/2050 (f) (m)		1,280		1,388
Series 2017-K71, Class C, 3.88%, 11/25/2050 (f) (m)		1,065		1,125
Series 2019-K87, Class C, 4.47%, 1/25/2051 (f) (m)		2,000		2,179
Series 2018-K74, Class B, 4.23%, 2/25/2051 (f) (m)		2,445		2,688
Series 2018-K75, Class B, 4.11%, 4/25/2051 (f) (m)		1,235		1,358
Series 2019-K103, Class B, 3.57%, 12/25/2051 (f) (m)		970		1,033
Series 2020-K737, Class B, 3.41%, 1/25/2053 (f) (m)		1,000		1,057
Series 2020-K737, Class C, 3.41%, 1/25/2053 (f) (m)		1,470		1,525
Series 2019-K96, Class B, 3.94%, 8/25/2056 (f) (m)		1,915		2,088
GNMA
Series 2012-44, IO, 0.09%, 3/16/2049 (m)		8,726		26
Series 2015-86, IO, 0.55%, 5/16/2052 (m)		17,147		470
Series 2013-7, IO, 0.33%, 5/16/2053 (m)		55,162		780
Series 2012-89, IO, 0.26%, 12/16/2053 (m)		8,179		38
Series 2014-186, IO, 0.66%, 8/16/2054 (m)		12,578		361
Series 2013-178, IO, 0.37%, 6/16/2055 (m)		4,359		68
Series 2015-33, IO, 0.64%, 2/16/2056 (m)		10,297		362
Series 2015-59, IO, 0.92%, 6/16/2056 (m)		4,561		177
Series 2015-172, IO, 0.70%, 3/16/2057 (m)		3,532		123
Series 2016-40, IO, 0.67%, 7/16/2057 (m)		12,998		468
Series 2016-157, IO, 0.89%, 11/16/2057 (m)		16,485		955
Series 2016-71, Class QI, IO, 0.93%, 11/16/2057 (m)		77,687		4,122
Series 2016-155, IO, 0.83%, 2/16/2058 (m)		23,305		1,225
Series 2016-151, IO, 1.02%, 6/16/2058 (m)		65,587		4,008
Series 2017-54, IO, 0.58%, 12/16/2058 (m)		12,124		579

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2017-86, IO, 0.77%, 5/16/2059 (m)		3,843		209
Series 2017-148, IO, 0.59%, 7/16/2059 (m)		14,304		703
Series 2017-69, IO, 0.82%, 7/16/2059 (m)		1,769		97
Series 2019-53, Class IA, IO, 0.75%, 6/16/2061 (m)		8,567		605
Series 2020-145, IO, 0.73%, 3/16/2063 (m)		57,643		4,112
GS Mortgage Securities Trust
Series 2006-GG8, Class AJ, 5.62%, 11/10/2039		1,769		593
Series 2012-GCJ9, Class D, 4.90%, 11/10/2045 ‡ (f) (m)		500		489
Series 2013-GC12, Class E, 3.25%, 6/10/2046 ‡ (f)		800		635
Series 2013-GC12, Class D, 4.59%, 6/10/2046 ‡ (f) (m)		750		687
Series 2015-GC28, Class D, 4.46%, 2/10/2048 ‡ (f) (m)		2,500		2,499
Series 2015-GC32, Class E, 4.57%, 7/10/2048 ‡ (f) (m)		2,500		1,967
Series 2015-GC34, Class D, 2.98%, 10/10/2048 ‡		1,380		1,111
Series 2017-GS5, Class D, 3.51%, 3/10/2050 (f) (m)		2,900		2,812
Series 2017-GS6, Class D, 3.24%, 5/10/2050 ‡ (f)		1,750		1,696
Series 2015-GC30, Class D, 3.38%, 5/10/2050 ‡		1,250		1,235
Series 2019-GC40, Class E, 3.00%, 7/10/2052 ‡ (f)		2,250		1,919
Series 2019-GC42, Class D, 2.80%, 9/1/2052 (f)		2,000		1,803
Jackson Park Trust
Series 2019-LIC, Class E, 3.35%, 10/14/2039 ‡ (f) (m)		3,625		3,326
Series 2019-LIC, Class F, 3.35%, 10/14/2039 (f) (m)		4,170		3,653
JPMBB Commercial Mortgage Securities Trust
Series 2013-C15, Class E, 3.50%, 11/15/2045 (f)		2,000		1,889
Series 2013-C17, Class D, 5.05%, 1/15/2047 ‡ (f) (m)		1,250		1,253
Series 2014-C21, Class D, 4.81%, 8/15/2047 (f) (m)		2,049		1,976

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2016-C1, Class D2, 4.39%, 3/15/2049 ‡ (f) (m)		1,465		1,337
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3, Class D, 3.63%, 8/15/2049 ‡ (f) (m)		2,500		2,166
KNDL Mortgage Trust Series 2019-KNSQ, Class E, 1.91%, 5/15/2036 ‡ (f) (m)		2,040		2,040
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.11%, 7/15/2044 (m)		321		317
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (m)		5,528		3,200
Series 2007-C6, Class AJ, 6.44%, 7/15/2040 (m)		1,223		1,226
MHC Commercial Mortgage Trust Series 2021-MHC, Class G, 3.35%, 4/15/2038 (f) (m)		14,400		14,404
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C5, Class G, 4.50%, 8/15/2045 ‡ (f)		1,500		1,376
Series 2012-C5, Class E, 4.82%, 8/15/2045 (f) (m)		2,500		2,534
Series 2014-C14, Class D, 5.22%, 2/15/2047 (f) (m)		3,750		3,867
Series 2014-C15, Class D, 5.06%, 4/15/2047 ‡ (f) (m)		365		369
Series 2014-C16, Class C, 4.92%, 6/15/2047 (m)		2,000		1,982
Series 2015-C24, Class D, 3.26%, 5/15/2048 ‡ (f)		1,000		973
Morgan Stanley Capital I Trust
Series 2021-L5, Class E, 2.50%, 5/15/2031 (f) (i)		2,885		2,342
Series 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (f) (m)		730		709
Series 2019-L2, Class D, 3.00%, 3/15/2052 ‡ (f)		7,075		6,219
Series 2019-L2, Class E, 3.00%, 3/15/2052 ‡ (f)		2,575		1,924
MRCD MARK Mortgage Trust
Series 2019-PARK, Class F, 2.72%, 12/15/2036 ‡ (f)		10,000		9,707
Series 2019-PARK, Class G, 2.72%, 12/15/2036 ‡ (f)		4,000		3,833
Series 2019-PARK, Class J, 4.25%, 12/15/2036 ‡ (f)		17,000		16,439

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Multi-Family Connecticut Avenue Securities Trust
Series 2019-01, Class M7, 1.81%, 10/15/2049 ‡ (f) (m)		502		502
Series 2019-01, Class M10, 3.36%, 10/15/2049 ‡ (f) (m)		4,900		4,922
Series 2020-01, Class M10, 3.86%, 3/25/2050 ‡ (f) (m)		7,836		8,164
NYC Commercial Mortgage Trust Series 2021-909, Class E, 3.21%, 4/10/2043 (f) (m)		5,000		4,167
VASA Trust Series 2021-VASA, Class G, 5.11%, 7/15/2039 (f) (m)		1,360		1,364
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048 (f) (m)		4,815		5,055
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (f) (m)		313		326
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (f) (m)		451		465
Wells Fargo Commercial Mortgage Trust
Series 2021-SAVE, Class E, 3.76%, 2/15/2040 ‡ (f) (m)		1,818		1,833
Series 2015-NXS1, Class E, 2.88%, 5/15/2048 (f) (m)		1,500		1,312
Series 2015-C28, Class D, 4.23%, 5/15/2048 ‡ (m)		2,040		1,975
Series 2018-C43, Class D, 3.00%, 3/15/2051 ‡ (f)		1,250		1,119
Series 2019-C52, Class XA, IO, 1.76%, 8/15/2052 (m)		3,957		406
Series 2015-NXS3, Class D, 3.15%, 9/15/2057 ‡ (f)		1,000		967
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 4.05%, 9/15/2057 ‡ (f) (m)		5,505		4,860
Total Commercial Mortgage-Backed Securities (Cost $426,423)				415,255
Loan Assignments — 2.2% (n)
Canada — 0.1%
1011778 BC ULC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 11/19/2026 (e)		666		655
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 1 Month + 5.50%), 6.50%, 9/6/2024 (e)		5,506		5,487
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 7.50%, 12/1/2023 (e) (o)		626		618

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 101

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
Canada — continued
WestJet Airlines Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 12/11/2026 (e)		652		630
				7,390
France — 0.0% (c)
Altice France SA, 1st Lien Term Loan B-13 (ICE LIBOR USD 3 Month + 4.00%), 4.20%, 8/14/2026 (e)		2,688		2,677
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.69%), 3.87%, 1/31/2026 (e)		681		675
				3,352
Luxembourg — 0.1%
Intelsat Jackson Holdings, 1st Lien Term Loan (1-MONTH PRIME + 4.75%), 8.00%, 11/27/2023 (e)		2,707		2,748
Nestle Skin Health, Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/1/2026 (e)		9,104		9,100
				11,848
Netherlands — 0.0% (c)
CommScope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 4/6/2026 (e)		1,404		1,392
United Kingdom — 0.0% (c)
Delta 2 SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 2/1/2024 (e)		467		464
United States — 2.0%
Adient US LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.50%, 4/10/2028 (e) (o)		5,360		5,352
Advanced Drainage Systems, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.38%, 7/31/2026 (e)		315		314
Air Medical Group Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 10/2/2025 (e)		454		454
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 8/30/2024 (e)		832		832
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%; ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027 (e)		838		837

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Allied Universal Holdco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.36%, 7/10/2026 (e)		671		669
Altice Financing SA, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.75%), 2.93%, 7/15/2025 (e)		893		875
Altium Packaging LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 2/3/2028 (e)		915		905
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (e)		1,142		1,135
Ancestry.com, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 12/6/2027 (e)		469		466
API Group DE, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.61%, 10/1/2026 (e)		861		854
APi Group DE, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 10/1/2026 (e)		154		153
AppleCaramel Buyer LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 10/19/2027 (e)		8,033		8,027
Ascend Learning LLC, Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 4.00%, 7/12/2024 (e)		881		878
(ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024 (e)		1,631		1,629
Asplundh Tree Expert LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 9/7/2027 (e)		816		812
Astoria Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 12/10/2027 (e)		865		865
Asurion LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 7/31/2027 (e) (o)		110		109
Asurion LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 5.25%), 5.36%, 1/31/2028 (e)		175		177
Asurion LLC, Term Loan B-6 (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 11/3/2023 (e)		668		666
Asurion LLC, Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 11/3/2024 (e)		244		243
Atkins Nutritionals, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/7/2024 (e)		416		417

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Avantor Funding, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.25%, 11/8/2027 (e)		996		996
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 1.95%, 6/1/2024 (e)		2,161		2,146
B&G Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.61%, 10/10/2026 (e)		476		475
Banijay Entertainment, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.86%, 3/1/2025 (e)		547		543
Birkenstock, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 4/27/2028 (e) (o)		585		583
BJ’s Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.11%, 2/3/2024 (e)		361		361
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.11%, 5/24/2027 (e)		508		501
Brookfield WEC Holdings Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 8/1/2025 (e)		1,398		1,381
Buckeye Partners LP, 1st Lien Term Loan B1 (ICE LIBOR USD 1 Month + 2.25%), 2.36%, 11/1/2026 (e)		2,738		2,726
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.44%, 4/3/2024 (e)		7,227		6,974
Caesars Resort Collection LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 12/23/2024 (e)		484		478
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.11%, 1/15/2025 (e)		995		980
Camelot Finance LP, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 10/30/2026 (e)		698		698
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.70%, 2/16/2026 (e)		787		781
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.61%, 11/18/2024 (e)		263		259
CCI Buyer, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 12/17/2027 (e)		3,443		3,448

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
CCM Merger, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 11/4/2025 (e)		448		449
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.36%, 3/15/2027 (e)		1,042		1,029
Charter Communications Operating LLC, 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 1.75%), 1.87%, 2/1/2027 (e)		1,746		1,737
CHG Healthcare Services, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 6/7/2023 (e)		541		539
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024 (e)		3,419		3,413
Cineworld Finance US, Inc., 1st Lien Term Loan B (3-MONTH FIXED LIBOR + 7.00%), 7.00%, 5/23/2024 (e)		52		65
(ICE LIBOR USD 3 Month + 2.50%), 3.50%, 2/28/2025 (e)		438		375
CITGO Holding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 8/1/2023 (e)		329		320
CityCenter Holdings LLC, Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/18/2024 (e)		997		985
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.61%, 12/18/2026 (e) (p)		1,833		1,748
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.69%, 8/21/2026 (e)		2,518		2,436
Cloudera, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.25%, 12/22/2027 (e)		709		706
Clover Merger Sub, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 3.61%, 9/26/2024 (e)		725		725
Club Corp Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 2.95%, 9/18/2024 (e) (o)		275		265
Conservice LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.45%, 5/13/2027 (e)		667		666
Consilio, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 4/30/2028 (e) (o)		470		466
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 3/2/2027 (e)		2,183		2,170

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 103

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
CPV Shore Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.87%, 12/29/2025 (e)		309		296
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 2.36%, 7/17/2025 (e)		1,354		1,337
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.36%, 1/15/2026 (e) (o)		956		945
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.36%, 8/31/2026 (e)		512		510
CVS Holdings I LP, Delayed Draw Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.36%, 8/31/2026 (e)		81		80
DaVita, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 8/12/2026 (e)		643		639
Diamond Sports Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.37%, 8/24/2026 (e)		341		243
DigiCert Buyer, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 7.11%, 2/19/2029 (e)		145		146
DigiCert, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.11%, 10/16/2026 (e)		484		484
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024 (e)		3,911		3,906
Duff & Phelps Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 4/9/2027 (e)		541		542
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 2/6/2026 (e)		729		725
E.W. Scripps Company, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 1/7/2028 (e)		499		498
Edgewater Generation LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.86%, 12/13/2025 (e)		410		396
EIF Channelview Cogeneration LLC, Term Loan (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 5/3/2025 (e)		150		150
Elanco Animal Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.87%, 8/1/2027 (e)		932		919

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Endo Pharmaceutical, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.75%, 3/27/2028 (e)		199		194
Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 3.94%, 8/3/2026 (e)		666		664
Enterprise Development Authority (The), 1st lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.00%, 2/28/2028 (e)		615		616
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.86%, 10/10/2025 (e)		822		687
Epic Crude Services LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.26%, 3/2/2026 (e)		11,478		8,232
ESH Hospitality, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.11%, 9/18/2026 (e)		667		663
Exelon Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 12/15/2027 (e)		788		788
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022 ‡ (e) (k)		178		73
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (e) (k)		792		—	(d)
Forterra Finance LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 10/25/2023 (e)		320		319
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.36%, 10/30/2026 (e) (o)		500		500
Gardner Denver Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 3/1/2027 (e)		407		406
Gates Global LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.50%, 3/31/2027 (e)		4,326		4,307
Gemini HDPE LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 12/31/2027 (e)		634		632
Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 2.20%, 12/30/2026 (e)		1,033		1,028
Getty Images, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 4.63%, 2/19/2026 (e)		576		571

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Go Daddy Group, Inc. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 2/15/2024 (e)		945		937
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.50%), 3.25%, 10/4/2023 (e)		599		591
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 10/10/2025 (e)		780		776
Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/4/2027 (e)		3,550		3,539
Gray Television, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.62%, 1/2/2026 (e)		862		856
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/1/2027 (e)		5,883		5,892
Grizzly Acquisitions, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 3.45%, 10/1/2025 (e)		315		310
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 5/16/2024 (e)		814		813
Harsco Corp., Term Loan B-3 (ICE LIBOR USD 1 Month + 2.25%), 2.75%, 3/10/2028 (e) (o)		535		531
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 3.80%, 5/23/2025 (e)		351		348
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.50%, 6/30/2023 (e)		666		667
Hillman Group, Inc. (The), Initial Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.11%, 5/30/2025 (e)		617		613
Hostess Brands LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 3.00%, 8/3/2025 (e)		689		685
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 3.18%, 4/25/2025 (e)		619		610
Hyland Software, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 7/1/2024 (e)		511		511
iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 5/1/2026 (e)		4,616		4,555

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
iHeartCommunications, Inc., Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 5/1/2026 (e)		167		167
INEOS Enterprises Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 8/28/2026 (e)		536		536
INEOS US Petrochem LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.25%, 1/29/2026 (e)		350		348
Informatica LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 2/25/2027 (e)		1,801		1,784
Ingram Micro, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/30/2028 (e) (o)		500		500
Insulet, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 4/28/2028 (e) (o)		184		184
Interior Logic Group, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 4/3/2028 (e)		415		411
Invenergy LLC, Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 8/28/2025 (e)		302		299
ION Corporates, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 3.93%, 3/11/2028 (e)		389		386
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 2/5/2025 (e)		1,127		1,118
(ICE LIBOR USD 3 Month + 3.25%), 4.25%, 12/15/2027 (e)		4,172		4,160
Iridium Communications Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 11/4/2026 (e) (o)		685		686
Jazz Pharmaceuticals plc, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 4/21/2028 (e) (o)		350		351
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.11%, 5/1/2026 (e)		3,638		3,625
JetBlue Airways Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 6.25%, 6/17/2024 (e)		349		358
KDC US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.86%, 12/22/2025 (e)		887		876
LABL, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.11%, 7/1/2026 (e) (o)		498		495

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 105

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Leslie’s Poolmart, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.25%, 3/9/2028 (e) (o)		555		552
Lifepoint Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.86%, 11/16/2025 (e)		490		488
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024 (e) (o)		132		103
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024 (e) (o)		7		6
LogMeIn, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.75%), 4.86%, 8/31/2027 (e)		703		702
Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/30/2024 (e)		301		297
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.61%, 1/31/2025 (e)		1,400		1,382
(ICE LIBOR USD 3 Month + 4.25%), 5.25%, 1/31/2025 (e)		3,241		3,288
MI Windows & Doors, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 12/18/2027 (e)		489		489
Misys Group Ltd., Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 6/13/2024 (e)		294		288
Moda Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 9/29/2025 (e)		332		331
Momentive Performance Materials, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.37%, 5/15/2024 (e) (o)		624		617
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 1.12%), 1.12%, 4/1/2023 ‡ (e) (o)		483		483
(ICE LIBOR USD 3 Month + 6.00%; ICE LIBOR USD 3 Month + 10.75%), 7.00%, 4/1/2024 ‡ (e)		3,213		3,363
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 10/1/2024 (e)		2,370		2,050
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023 (e) (o)		7,950		7,905
NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 5/8/2025 (e)		292		286

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Navistar International, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.61%, 11/6/2024 (e)		2,706		2,703
Netsmart Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 10/1/2027 (e)		456		456
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.62%, 9/18/2026 (e)		943		938
Nielsen Finance LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 2.11%, 10/4/2023 (e)		335		334
Nielsen Holdings PLC, Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.11%, 3/6/2028 (e)		470		469
Oryx Midstream Services LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.11%, 5/22/2026 (e)		355		349
Park River Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 12/28/2027 (e)		2,621		2,605
Pathway Vet Alliance LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.86%, 3/31/2027 (e)		347		345
PCI Pharma Services, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 11/30/2027 (e)		440		440
Pearl Intermediate Parent LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 2/14/2025 (e)		418		417
Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 5/1/2025 (e)		352		348
Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.75%), 8.75%, 5/1/2026 (e)		592		581
Petco Health & Wellness Co., Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 3/3/2028 (e) (o)		6,545		6,503
PetVet Care Centers LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 2/14/2025 (e)		551		547
PG&E Corp., Exit Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 6/23/2025 (e)		814		811
Pike Corp., Delayed Draw Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.12%, 1/21/2028 (e)		585		582

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.61%, 7/2/2025 (e)		1,749		1,725
PPD, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.75%, 1/13/2028 (e)		700		698
Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 3.50%, 9/23/2026 (e)		1,250		1,248
Project Boost Purchaser LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.61%, 6/1/2026 (e)		404		400
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.61%, 12/22/2025 (e)		10,886		10,523
Qlik Technologies, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.12%, 4/26/2024 (e)		404		402
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.44%, 5/16/2025 (e)		538		537
Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 3/21/2025 (e)		146		143
Radiology Partners, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.36%, 7/9/2025 (e)		550		548
Realpage, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 4/24/2028 (e)		475		473
Red Ventures LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.61%, 11/8/2024 (e)		332		327
Reynolds Consumer Products, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 2/4/2027 (e)		825		820
Reynolds Group Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 2/5/2026 (e)		678		672
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 2/5/2023 (e)		1,219		1,216
Ring Container Technologies Group LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 10/31/2024 (e)		337		334
Sabre Holdings Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/17/2027 (e)		2,538		2,558

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Samsonite International SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 4/25/2025 (e)		405		397
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 8/14/2024 (e)		5,513		5,429
Shearer’s Foods, LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 9/23/2027 (e)		328		328
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 9/25/2026 (e)		2,082		2,086
Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 6/27/2025 (e)		397		394
Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 3/4/2028 (e) (o)		550		547
Spirit AeroSystems, Inc., Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.00%, 1/15/2025 (e)		1,535		1,547
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 4/16/2025 (e)		391		386
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 4/16/2025 (e)		290		286
St. George’s University Scholastic Services LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 7/17/2025 (e)		1,295		1,283
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.21%, 4/16/2026 (e)		1,179		1,151
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/14/2025 (e)		2,268		2,237
Summit Materials LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.11%, 11/21/2024 (e)		464		462
Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/17/2027 (e)		720		714
Tenneco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 10/1/2025 (e)		670		653
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 2/6/2024 (e)		812		755

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 107

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
ThoughtWorks, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 3/24/2028 (e) (o)		400		398
Thyssenkrupp Elevator, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 4.25%), 4.48%, 6/30/2027 (e)		2,711		2,715
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.27%, 3/28/2025 (e)		7,169		7,011
Tivity Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 5.36%, 3/6/2026 (e)		143		143
Trans Union LLC, 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 11/16/2026 (e)		583		579
TransDigm Group, Inc., 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.25%), 2.36%, 5/30/2025 (e)		1,077		1,063
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.25%), 2.36%, 12/9/2025 (e)		1,760		1,737
Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.11%, 9/6/2024 (e)		339		333
Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/31/2028 (e) (o)		3,957		3,941
Tronox, 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%), 2.66%, 3/10/2028 (e)		401		397
Truck Hero, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 1/31/2028 (e)		1,692		1,688
U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.13%, 6/26/2026 (e)		4,127		4,033
UFC Holdings, LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 3.00%), 3.75%, 4/29/2026 (e)		2,769		2,757
Ultimate Software Group, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 5/4/2026 (e)		1,030		1,030
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.61%, 10/22/2025 (e)		1,514		1,512
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.20%, 5/16/2024 (e)		543		537
Utz Quality Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 1/20/2028 (e)		409		408

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 6/2/2025 (e)		12,115		12,092
VICI Properties 1 LLC, 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 12/20/2024 (e)		660		653
Virtusa Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.00%, 2/11/2028 (e)		145		146
Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.87%, 7/31/2026 (e)		536		532
Wheel Pros, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 5.25%, 4/23/2028 (e) (o)		255		255
WIRB Copernicus Group, Inc., 1st Lien term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 1/8/2027 (e)		1,246		1,249
WMG Acquisition Corp., 1st Lien Term Loan G (ICE LIBOR USD 1 Month + 2.13%), 2.23%, 1/20/2028 (e)		1,249		1,240
XPO Logistics, Inc., Term Loan (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 2/24/2025 (e)		625		621
Zaxby’s Operating Co. LP, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 12/28/2027 (e)		480		480
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 3/9/2027 (e)		3,355		3,320
Zekelman Industries, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.11%, 1/24/2027 (e)		665		657
				271,971
Total Loan Assignments (Cost $298,259)				296,417
Asset-Backed Securities — 2.1%
Cayman Islands — 0.0% (c)
BlueMountain CLO Ltd.
Series 2012-2A, Class DR2, 3.08%, 11/20/2028 ‡ (f) (m)		750		740
Series 2018-3A, Class D, 3.43%, 10/25/2030 (f) (m)		685		674
Voya CLO Ltd. Series 2016-3A, Class CR, 3.44%, 10/18/2031 ‡ (f) (m)		550		534
				1,948

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — 2.1%
ABFC Trust
Series 2003-OPT1, Class A1A, 0.93%, 4/25/2033 ‡ (m)		184		179
Series 2004-OPT3, Class M1, 0.86%, 9/25/2033 ‡ (m)		587		579
Series 2004-HE1, Class M1, 1.01%, 3/25/2034 ‡ (m)		941		937
Series 2005-WF1, Class M1, 0.65%, 11/25/2034 ‡ (m)		321		321
ACC Trust
Series 2019-1, Class B, 4.47%, 10/20/2022 (f)		3,145		3,184
Series 2019-1, Class C, 6.41%, 2/20/2024 (f)		2,050		2,114
Accredited Mortgage Loan Trust Series 2004-4, Class M1, 0.98%, 1/25/2035 ‡ (m)		586		569
ACE Securities Corp. Home Equity Loan Trust
Series 2003-FM1, Class M1, 1.40%, 11/25/2032 ‡ (m)		643		651
Series 2003-NC1, Class M1, 1.28%, 7/25/2033 ‡ (m)		341		344
Series 2003-OP1, Class M1, 1.16%, 12/25/2033 ‡ (m)		2,520		2,511
Series 2004-OP1, Class M2, 1.68%, 4/25/2034 ‡ (m)		2,696		2,661
Series 2004-HE4, Class M2, 1.08%, 12/25/2034 ‡ (m)		1,041		1,030
American Credit Acceptance Receivables Trust
Series 2018-3, Class E, 5.17%, 10/15/2024 (f)		1,545		1,608
Series 2019-2, Class E, 4.29%, 6/12/2025 (f)		480		504
Series 2018-3, Class F, 6.44%, 6/12/2025 (f)		1,255		1,318
Series 2018-4, Class F, 6.94%, 10/13/2025 (f)		1,045		1,101
Series 2019-1, Class F, 6.06%, 12/12/2025 (f)		1,630		1,716
Series 2020-2, Class C, 3.88%, 4/13/2026 (f)		1,000		1,053
Series 2019-3, Class F, 5.42%, 5/12/2026 (f)		1,210		1,268
Series 2020-2, Class D, 5.65%, 5/13/2026 (f)		900		984
Series 2019-2, Class F, 5.81%, 6/12/2026 (f)		510		534

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2002-AR1, Class M1, 1.17%, 9/25/2032 ‡ (m)		284		291
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities
Series 2004-R1, Class A2, 0.71%, 2/25/2034 ‡ (m)		619		588
Series 2004-R1, Class M1, 0.90%, 2/25/2034 ‡ (m)		1,648		1,611
Series 2004-R1, Class M2, 0.98%, 2/25/2034 ‡ (m)		252		246
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-W3, Class A3, 0.93%, 2/25/2034 ‡ (m)		1,214		1,180
Series 2004-W2, Class M2, 1.98%, 4/25/2034 ‡ (m)		442		445
Series 2004-W2, Class M3, 2.21%, 4/25/2034 ‡ (m)		285		288
Series 2004-W7, Class M2, 1.01%, 5/25/2034 ‡ (m)		357		355
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2001-HE3, Class A1, 0.65%, 11/15/2031 (m)		1,034		1,020
Series 2003-HE3, Class M2, 3.11%, 6/15/2033 ‡ (m)		23		23
Series 2003-HE4, Class M1, 1.36%, 8/15/2033 (m)		1,121		1,131
Series 2003-HE4, Class M2, 3.11%, 8/15/2033 ‡ (m)		568		581
Series 2004-HE2, Class M2, 1.98%, 4/25/2034 ‡ (m)		1,021		1,024
Series 2004-HE7, Class M2, 1.68%, 10/25/2034 ‡ (m)		779		803
Series 2005-HE6, Class M4, 1.07%, 7/25/2035 ‡ (m)		384		385
Bayview Financial Acquisition Trust Series 2006-D, Class 1A5, 5.67%, 12/28/2036 ‡ (l)		91		109
Bear Stearns Asset-Backed Securities I Trust
Series 2004-HE6, Class M2, 1.98%, 8/25/2034 ‡ (m)		1,771		1,772
Series 2004-HE11, Class M2, 1.68%, 12/25/2034 ‡ (m)		412		413

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 109

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Bear Stearns Asset-Backed Securities Trust
Series 2003-SD1, Class A, 1.01%, 12/25/2033 ‡ (m)		344		337
Series 2003-SD1, Class M1, 1.38%, 12/25/2033 ‡ (m)		388		383
Series 2004-HE2, Class M2, 1.91%, 3/25/2034 ‡ (m)		464		479
Series 2003-1, Class M1, 1.76%, 11/25/2042 ‡ (m)		257		267
Series 2004-SD4, Class A1, 1.01%, 8/25/2044 ‡ (m)		964		995
CDC Mortgage Capital Trust Series 2003-HE1, Class M1, 1.46%, 8/25/2033 (m)		204		206
Centex Home Equity Loan Trust
Series 2004-A, Class M1, 0.71%, 1/25/2034 ‡ (m)		2,352		2,329
Series 2004-C, Class M2, 0.90%, 6/25/2034 ‡ (m)		464		450
Series 2004-D, Class MV2, 1.14%, 9/25/2034 ‡ (m)		163		164
Series 2004-D, Class MF2, 6.06%, 9/25/2034 ‡ (l)		603		632
Series 2004-D, Class MF3, 6.26%, 9/25/2034 ‡ (l)		1,640		1,672
Chase Funding Loan Acquisition Trust Series 2004-OPT1, Class M2, 1.61%, 6/25/2034 ‡ (m)		326		326
Chase Funding Trust
Series 2003-5, Class 1M2, 5.64%, 9/25/2032 ‡ (m)		131		129
Series 2003-4, Class 2M1, 1.01%, 3/25/2033 ‡ (m)		38		38
Series 2004-1, Class 1M1, 4.73%, 5/25/2033 ‡		841		863
Series 2003-4, Class 1A5, 5.92%, 5/25/2033 ‡ (l)		795		818
Series 2004-1, Class 2M1, 0.86%, 9/25/2033 ‡ (m)		122		121
Series 2003-6, Class 2A2, 0.69%, 11/25/2034 ‡ (m)		1,891		1,845
Series 2003-6, Class 2M1, 0.86%, 11/25/2034 ‡ (m)		821		825
Series 2004-2, Class 1M1, 5.70%, 2/26/2035 ‡ (m)		1,803		1,847
CHEC Loan Trust Series 2004-1, Class M1, 1.01%, 7/25/2034 ‡ (f) (m)		782		770

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (l)		2,362		2,461
Citigroup Mortgage Loan Trust, Inc.
Series 2005-OPT1, Class M4, 1.16%, 2/25/2035 ‡ (m)		172		168
Series 2005-WF2, Class AF7, 5.75%, 8/25/2035 ‡ (l)		33		33
Conn’s Receivables Funding LLC
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (f)		369		370
Series 2019-A, Class C, 5.29%, 10/16/2023 ‡ (f)		546		543
Series 2019-B, Class B, 3.62%, 6/17/2024 ‡ (f)		618		620
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2020-9, Class PT, 9.38%, 4/15/2045 (f) (m)		5,015		4,914
Series 2020-8, Class PT, HB, 29.91%, 4/17/2045 (f) (m)		1,888		1,858
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.23%, 12/25/2032 ‡ (m)		397		398
Series 2004-2, Class M1, 0.86%, 5/25/2034 ‡ (m)		2,374		2,368
Series 2004-3, Class M1, 0.86%, 6/25/2034 ‡ (m)		427		418
Series 2004-3, Class M2, 0.93%, 6/25/2034 ‡ (m)		397		393
Series 2004-BC4, Class M1, 1.16%, 11/25/2034 ‡ (m)		102		102
Series 2004-ECC2, Class M2, 1.08%, 12/25/2034 ‡ (m)		269		270
Series 2005-AB4, Class 2A1, 0.65%, 3/25/2036 ‡ (m)		1,440		1,376
Countrywide Partnership Trust Series 2004-EC1, Class M2, 1.05%, 1/25/2035 ‡ (m)		478		469
Credit Acceptance Auto Loan Trust Series 2019-3A, Class B, 2.86%, 1/16/2029 (f)		1,500		1,559
Credit-Based Asset Servicing and Securitization LLC
Series 2004-CB2, Class M1, 0.89%, 7/25/2033 ‡ (m)		1,005		987
Series 2003-CB6, Class M1, 1.16%, 12/25/2033 ‡ (m)		1,753		1,765

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
CWABS Asset-Backed Certificates Trust Series 2005-11, Class AF6, 5.05%, 2/25/2036 ‡ (m)		256		262
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M3, 1.08%, 2/25/2034 ‡ (m)		818		818
Series 2004-1, Class M2, 0.93%, 3/25/2034 ‡ (m)		456		454
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M2, 1.11%, 7/25/2034 ‡ (m)		1,004		1,007
Series 2004-6, Class M2, 1.08%, 10/25/2034 ‡ (m)		454		449
DT Auto Owner Trust
Series 2018-3A, Class E, 5.33%, 11/17/2025 (f)		2,732		2,871
Series 2019-1A, Class E, 4.94%, 2/17/2026 (f)		3,690		3,860
Series 2019-2A, Class E, 4.46%, 5/15/2026 (f)		4,167		4,361
Series 2019-3A, Class E, 3.85%, 8/17/2026 (f)		3,900		4,048
Exeter Automobile Receivables Trust
Series 2018-2A, Class E, 5.33%, 5/15/2025 (f)		1,300		1,364
Series 2019-3A, Class D, 3.11%, 8/15/2025 (f)		2,385		2,468
Series 2019-1A, Class E, 5.20%, 1/15/2026 (f)		4,340		4,612
Series 2019-3A, Class E, 4.00%, 8/17/2026 (f)		2,333		2,433
Series 2020-1A, Class E, 3.74%, 1/15/2027 (f)		2,690		2,805
Finance America Mortgage Loan Trust Series 2004-3, Class M2, 1.05%, 11/25/2034 ‡ (m)		139		134
First Franklin Mortgage Loan Asset-Backed Certificates Series 2004-FF3, Class M1, 0.93%, 5/25/2034 ‡ (m)		502		497
First Franklin Mortgage Loan Trust
Series 2004-FF5, Class A1, 0.83%, 8/25/2034 ‡ (m)		1,336		1,334
Series 2005-FF10, Class A1, 0.71%, 11/25/2035 ‡ (m)		5,472		5,381
Flagship Credit Auto Trust Series 2016-3, Class E, 6.25%, 10/15/2023 (f)		1,460		1,477

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Ford Credit Auto Owner Trust
Series 2020-B, Class A2, 0.50%, 2/15/2023		173		174
Series 2020-C, Class A2, 0.25%, 10/15/2023		104		104
Series 2019-B, Class A3, 2.23%, 10/15/2023		122		123
Series 2017-1, Class A, 2.62%, 8/15/2028 (f)		150		153
FREED ABS Trust
Series 2019-1, Class B, 3.87%, 6/18/2026 ‡ (f)		979		988
Series 2019-1, Class C, 5.39%, 6/18/2026 ‡ (f)		1,760		1,811
Fremont Home Loan Trust
Series 2003-A, Class M1, 1.08%, 8/25/2033 ‡ (m)		1,353		1,347
Series 2002-1, Class M1, 1.36%, 8/25/2033 ‡ (m)		1,307		1,315
Series 2004-B, Class M2, 1.05%, 5/25/2034 ‡ (m)		356		361
Series 2004-2, Class M2, 1.04%, 7/25/2034 (m)		313		315
Series 2004-C, Class M1, 1.08%, 8/25/2034 ‡ (m)		599		596
Series 2004-D, Class M1, 0.98%, 11/25/2034 (m)		1,492		1,458
Series 2004-D, Class M2, 1.01%, 11/25/2034 (m)		226		220
GLS Auto Receivables Issuer Trust
Series 2019-1A, Class D, 4.94%, 12/15/2025 (f)		540		567
Series 2019-2A, Class D, 4.52%, 2/17/2026 (f)		1,000		1,045
GM Financial Automobile Leasing Trust Series 2020-3, Class A2A, 0.35%, 11/21/2022		62		63
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3, 2.18%, 4/16/2024		66		66
GSAMP Trust
Series 2003-SEA, Class A1, 0.91%, 2/25/2033 ‡ (m)		686		655
Series 2003-HE1, Class M1, 1.36%, 6/20/2033 ‡ (m)		1,355		1,334
Series 2005-NC1, Class M1, 0.78%, 2/25/2035 ‡ (m)		626		634
Series 2006-FM1, Class A2C, 0.43%, 4/25/2036 ‡ (m)		2,420		1,867

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 111

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Home Equity Asset Trust
Series 2002-5, Class M1, 1.81%, 5/25/2033 ‡ (m)		2,101		2,113
Series 2003-3, Class M1, 1.40%, 8/25/2033 ‡ (m)		474		475
Series 2004-6, Class M2, 1.01%, 12/25/2034 ‡ (m)		443		443
Home Equity Loan Trust Series 2007-FRE1, Class 2AV3, 0.34%, 4/25/2037 ‡ (m)		11,210		10,762
Home Equity Mortgage Loan Asset-Backed Trust SPMD
Series 2004-B, Class M2, 1.23%, 11/25/2034 ‡ (m)		353		353
Series 2004-C, Class M1, 0.95%, 3/25/2035 (m)		5,372		5,269
Series 2004-C, Class M2, 1.01%, 3/25/2035 ‡ (m)		636		603
Hyundai Auto Receivables Trust Series 2020-C, Class A2, 0.26%, 9/15/2023		156		156
Lendmark Funding Trust Series 2018-1A, Class C, 5.03%, 12/21/2026 ‡ (f)		1,110		1,112
Long Beach Mortgage Loan Trust
Series 2001-2, Class M1, 0.95%, 7/25/2031 ‡ (m)		145		144
Series 2002-5, Class M1, 1.35%, 11/25/2032 ‡ (m)		1,624		1,620
Series 2003-4, Class M1, 1.13%, 8/25/2033 ‡ (m)		83		83
Series 2004-3, Class M2, 1.01%, 7/25/2034 ‡ (m)		555		551
Series 2004-3, Class M4, 1.72%, 7/25/2034 ‡ (m)		362		361
Series 2004-4, Class M1, 1.01%, 10/25/2034 ‡ (m)		909		902
Marlette Funding Trust Series 2017-3A, Class D, 5.03%, 12/15/2024 ‡ (f)		721		726
MASTR Asset-Backed Securities Trust
Series 2003-OPT1, Class M3, 4.23%, 12/25/2032 ‡ (m)		1,927		1,950
Series 2004-OPT2, Class M1, 1.01%, 9/25/2034 ‡ (m)		316		313
Series 2004-OPT2, Class M2, 1.08%, 9/25/2034 ‡ (m)		595		588
Series 2005-NC1, Class M2, 0.86%, 12/25/2034 ‡ (m)		470		462
Series 2005-NC1, Class M4, 1.25%, 12/25/2034 ‡ (m)		658		664

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049 (f)		4,383		4,575
Mercedes-Benz Auto Receivables Trust Series 2019-1, Class A2A, 2.04%, 6/15/2022		46		46
Merrill Lynch Mortgage Investors Trust
Series 2003-OPT1, Class M1, 1.08%, 7/25/2034 (m)		291		287
Series 2004-HE2, Class M1, 1.31%, 8/25/2035 ‡ (m)		133		133
Metlife Securitization Trust Series 2017-1A, Class A, 3.00%, 4/25/2055 (f) (m)		4,034		4,186
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, Class M1, 1.13%, 10/25/2033 ‡ (m)		468		468
Series 2004-HE1, Class M1, 0.96%, 1/25/2034 ‡ (m)		1,647		1,643
Series 2004-NC3, Class M1, 0.90%, 3/25/2034 ‡ (m)		1,587		1,569
Series 2004-HE3, Class M1, 0.96%, 3/25/2034 ‡ (m)		2,139		2,122
Series 2004-HE3, Class M2, 1.98%, 3/25/2034 ‡ (m)		188		188
Series 2004-HE2, Class M3, 2.28%, 3/25/2034 ‡ (m)		927		910
Series 2004-NC5, Class M1, 1.01%, 5/25/2034 ‡ (m)		3,521		3,485
Series 2004-WMC2, Class M1, 1.02%, 7/25/2034 ‡ (m)		1,191		1,185
Series 2004-WMC2, Class M2, 1.91%, 7/25/2034 ‡ (m)		213		222
Series 2004-NC6, Class M2, 1.98%, 7/25/2034 ‡ (m)		373		374
Series 2004-HE6, Class M1, 0.93%, 8/25/2034 (m)		338		335
Series 2004-HE6, Class M2, 1.01%, 8/25/2034 ‡ (m)		752		741
Series 2004-HE7, Class M2, 1.05%, 8/25/2034 ‡ (m)		194		193
Series 2004-HE6, Class M3, 1.08%, 8/25/2034 ‡ (m)		497		492
Series 2004-HE7, Class M3, 1.13%, 8/25/2034 ‡ (m)		50		50
Series 2004-HE8, Class M1, 1.07%, 9/25/2034 ‡ (m)		1,630		1,593
Series 2004-HE8, Class M2, 1.13%, 9/25/2034 ‡ (m)		277		271
Series 2004-NC8, Class M3, 1.22%, 9/25/2034 ‡ (m)		377		375

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Series 2004-HE8, Class M3, 1.23%, 9/25/2034 ‡ (m)		487		480
Series 2005-HE1, Class M2, 0.81%, 12/25/2034 ‡ (m)		293		274
Series 2005-HE1, Class M3, 0.89%, 12/25/2034 ‡ (m)		794		746
Series 2005-NC1, Class M3, 0.87%, 1/25/2035 ‡ (m)		263		256
Series 2004-WMC3, Class M2, 0.90%, 1/25/2035 ‡ (m)		2,419		2,383
Morgan Stanley Mortgage Loan Trust Series 2007-5AX, Class 2A2, 0.41%, 2/25/2037 ‡ (m)		3,380		1,285
New Century Home Equity Loan Trust
Series 2003-B, Class M2, 2.58%, 11/25/2033 ‡ (m)		115		116
Series 2004-1, Class M1, 0.99%, 5/25/2034 (m)		1,747		1,734
Series 2004-2, Class M2, 1.04%, 8/25/2034 ‡ (m)		163		162
Series 2004-2, Class M4, 1.91%, 8/25/2034 ‡ (m)		608		608
Series 2004-3, Class M2, 1.08%, 11/25/2034 ‡ (m)		371		369
Series 2004-3, Class M3, 1.17%, 11/25/2034 ‡ (m)		288		289
Series 2004-4, Class M2, 0.90%, 2/25/2035 ‡ (m)		338		337
Series 2005-1, Class M3, 0.89%, 3/25/2035 ‡ (m)		292		286
Series 2006-2, Class A2B, 0.27%, 8/25/2036 ‡ (m)		1,222		1,206
NovaStar Mortgage Funding Trust
Series 2003-2, Class M2, 2.88%, 9/25/2033 ‡ (m)		1,156		1,183
Series 2004-2, Class M4, 1.91%, 9/25/2034 ‡ (m)		963		945
NRZ Excess Spread-Collateralized Notes
Series 2018-FNT1, Class D, 4.69%, 5/25/2023 (f)		619		620
Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (f)		507		507
Oak Street Investment Grade Net Lease Fund
Series 2021-1A, Class A3, 2.80%, 1/20/2051 (f)		2,500		2,545
Series 2021-1A, Class B1, 4.23%, 1/20/2051 ‡ (f)		1,250		1,312

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
OneMain Financial Issuance Trust
Series 2015-3A, Class C, 5.82%, 11/20/2028 ‡ (f)		915		915
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (f)		990		994
Option One Mortgage Acceptance Corp. Asset-Backed Certificates
Series 2003-5, Class A2, 0.75%, 8/25/2033 ‡ (m)		330		327
Series 2003-5, Class M2, 2.43%, 8/25/2033 ‡ (m)		53		59
Option One Mortgage Loan Trust Series 2004-3, Class M2, 0.96%, 11/25/2034 ‡ (m)		441		437
People’s Choice Home Loan Securities Trust Series 2004-2, Class M3, 1.83%, 10/25/2034 ‡ (m)		1,910		1,927
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.46%, 4/25/2023 (f) (m)		2,878		2,860
PNMAC GMSR Issuer Trust Series 2018-GT1, Class A, 2.96%, 2/25/2023 (f) (m)		3,715		3,711
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024 (f)		780		793
Series 2018-1A, Class D, 4.14%, 10/15/2024 (f)		865		895
Pretium Mortgage Credit Partners I LLC Series 2020-NPL3, Class A2, 6.41%, 6/27/2060 ‡ (f) (l)		14,500		14,585
PRPM LLC Series 2020-4, Class A2, 3.44%, 10/25/2025 ‡ (f) (l)		7,000		7,047
RAMP Trust Series 2002-RS2, Class AI5, 6.03%, 3/25/2032 ‡ (m)		322		332
RASC Trust Series 2005-KS2, Class M1, 0.75%, 3/25/2035 ‡ (m)		424		422
Renaissance Home Equity Loan Trust
Series 2002-3, Class M1, 1.61%, 12/25/2032 ‡ (m)		557		547
Series 2003-1, Class M1, 1.61%, 6/25/2033 ‡ (m)		249		250
Series 2003-4, Class M1, 1.38%, 3/25/2034 ‡ (m)		1,333		1,317
Series 2003-4, Class M2F, 6.24%, 3/25/2034 ‡ (l)		717		714
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (l)		87		91
Series 2005-2, Class AV3, 0.48%, 8/25/2035 ‡ (m)		795		766

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 �� J.P. MORGAN FUNDS 113

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class E, 5.04%, 9/15/2025 (f)		664		669
Series 2018-A, Class F, 6.80%, 9/15/2025 (f)		1,006		1,016
SASCO Mortgage Loan Trust Series 2004-GEL3, Class M1, 1.68%, 8/25/2034 ‡ (m)		668		673
Saxon Asset Securities Trust
Series 2004-2, Class MV2, 1.91%, 8/25/2035 ‡ (m)		470		472
Series 2005-2, Class M2, 0.77%, 10/25/2035 (m)		2,394		2,364
Securitized Asset-Backed Receivables LLC Trust
Series 2004-NC1, Class M1, 0.89%, 2/25/2034 ‡ (m)		1,516		1,499
Series 2004-OP1, Class M2, 1.76%, 2/25/2034 ‡ (m)		107		110
Series 2005-OP1, Class M2, 0.78%, 1/25/2035 ‡ (m)		460		446
Series 2005-FR2, Class M2, 1.08%, 3/25/2035 ‡ (m)		84		84
Specialty Underwriting & Residential Finance Trust
Series 2004-BC1, Class M2, 1.71%, 2/25/2035 ‡ (m)		156		157
Series 2004-BC3, Class M1, 1.04%, 7/25/2035 ‡ (m)		622		622
Stanwich Mortgage Loan Trust Series 2019-NPB2, Class A1, 3.48%, 11/16/2024 ‡ (f) (l)		4,551		4,578
Structured Asset Investment Loan Trust
Series 2004-5, Class M3, 1.04%, 5/25/2034 ‡ (m)		84		80
Series 2004-6, Class M1, 1.01%, 7/25/2034 ‡ (m)		343		342
Series 2004-7, Class M1, 1.16%, 8/25/2034 ‡ (m)		564		562
Series 2004-8, Class M2, 1.04%, 9/25/2034 ‡ (m)		334		330
Series 2004-BNC1, Class A5, 1.35%, 9/25/2034 ‡ (m)		174		175
Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		1,628		1,574
Toyota Auto Receivables Owner Trust Series 2020-A, Class A2, 1.67%, 11/15/2022		108		108
Volvo Financial Equipment LLC Series 2019-2A, Class A2, 2.02%, 8/15/2022 (f)		286		287

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2004-2, Class M4, 1.91%, 12/25/2033 (m)		882		885
Series 2004-2, Class M1, 1.01%, 10/25/2034 ‡ (m)		571		561
Series 2004-2, Class M5, 1.98%, 10/25/2034 ‡ (m)		154		155
Series 2004-2, Class M8A, 4.61%, 10/25/2034 ‡ (f) (m)		290		294
Series 2004-2, Class M8B, 5.00%, 10/25/2034 ‡ (f) (m)		290		292
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
Series 2004-1, Class M2, 1.05%, 4/25/2034 ‡ (m)		284		282
Series 2004-1, Class M4, 1.83%, 4/25/2034 ‡ (m)		630		609
Westlake Automobile Receivables Trust
Series 2019-1A, Class E, 4.49%, 7/15/2024 (f)		2,865		2,981
Series 2018-3A, Class F, 6.02%, 2/18/2025 (f)		3,605		3,759
Series 2019-2A, Class E, 4.02%, 4/15/2025 (f)		1,760		1,837
Series 2019-1A, Class F, 5.67%, 2/17/2026 (f)		1,769		1,831
Series 2019-2A, Class F, 5.00%, 3/16/2026 (f)		1,880		1,926
				273,115
Total Asset-Backed Securities (Cost $262,893)				275,063
Foreign Government Securities — 1.4%
Angola — 0.0% (c)
Republic of Angola
9.50%, 11/12/2025 (b)		970		1,063
8.00%, 11/26/2029 (f)		1,550		1,561
8.00%, 11/26/2029 (b)		780		786
9.13%, 11/26/2049 (b)		1,200		1,213
				4,623
Argentina — 0.0% (c)
Argentine Republic
1.00%, 7/9/2029		353		133
0.12%, 7/9/2030 (l)		1,853		662
0.12%, 7/9/2035 (l)		5,116		1,609
0.12%, 1/9/2038 (l)		1,486		559
				2,963

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Bahrain — 0.1%
Kingdom of Bahrain
7.00%, 1/26/2026 (b)		970		1,112
7.00%, 10/12/2028 (b)		1,400		1,569
6.75%, 9/20/2029 (b)		200		220
5.45%, 9/16/2032 (f)		481		476
6.00%, 9/19/2044 (b)		1,500		1,395
7.50%, 9/20/2047 (b)		970		1,020
				5,792
Belarus — 0.0% (c)
Republic of Belarus
6.88%, 2/28/2023 (b)		270		275
6.20%, 2/28/2030 (b)		400		380
6.38%, 2/24/2031 (b)		900		856
				1,511
Brazil — 0.0% (c)
Federative Republic of Brazil
4.25%, 1/7/2025		880		949
4.50%, 5/30/2029		1,130		1,190
8.25%, 1/20/2034		585		796
5.63%, 1/7/2041		950		1,012
5.00%, 1/27/2045		1,230		1,200
				5,147
Colombia — 0.0% (c)
Republic of Colombia
4.50%, 1/28/2026		350		384
3.88%, 4/25/2027		690		734
7.38%, 9/18/2037		1,000		1,322
6.13%, 1/18/2041		950		1,131
5.00%, 6/15/2045		1,370		1,450
5.20%, 5/15/2049		420		458
				5,479
Costa Rica — 0.0% (c)
Republic of Costa Rica
4.38%, 4/30/2025 (b)		200		204
7.00%, 4/4/2044 (b)		1,100		1,126
				1,330
Croatia — 0.0% (c)
Republic of Croatia 6.00%, 1/26/2024 (b)		1,290		1,475

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Dominican Republic — 0.1%
Dominican Republic Government Bond
5.50%, 1/27/2025 (b)		510		563
6.88%, 1/29/2026 (b)		600		701
5.95%, 1/25/2027 (b)		1,020		1,158
4.50%, 1/30/2030 (f)		790		819
4.88%, 9/23/2032 (f)		1,090		1,140
5.30%, 1/21/2041 (f)		285		290
7.45%, 4/30/2044 (b)		1,580		1,905
6.85%, 1/27/2045 (b)		500		567
6.50%, 2/15/2048 (b)		1,250		1,370
5.88%, 1/30/2060 (f)		880		874
				9,387
Ecuador — 0.0% (c)
Republic of Ecuador
0.50%, 7/31/2030 (b) (l)		1,000		838
0.50%, 7/31/2035 (b) (l)		3,110		2,114
				2,952
Egypt — 0.1%
Arab Republic of Egypt
5.75%, 5/29/2024 (f)		750		793
3.88%, 2/16/2026 (f)		665		648
7.50%, 1/31/2027 (b)		1,720		1,891
7.60%, 3/1/2029 (f)		1,090		1,180
5.88%, 2/16/2031 (a) (f)		482		463
7.05%, 1/15/2032 (f)		880		901
7.63%, 5/29/2032 (f)		750		793
8.50%, 1/31/2047 (b)		1,049		1,083
8.70%, 3/1/2049 (f)		1,520		1,587
8.88%, 5/29/2050 (b)		250		263
8.15%, 11/20/2059 (f)		1,050		1,032
7.50%, 2/16/2061 (a) (f)		700		647
				11,281
El Salvador — 0.0% (c)
Republic of El Salvador
5.88%, 1/30/2025 (b)		650		669
6.38%, 1/18/2027 (b)		1,250		1,290
7.65%, 6/15/2035 (b)		700		735
7.12%, 1/20/2050 (b)		2,100		1,989
				4,683
Ethiopia — 0.0% (c)
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (b)		1,037		991

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 115

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Gabon — 0.0% (c)
Gabonese Republic
6.38%, 12/12/2024 (b)		646		680
6.95%, 6/16/2025 (b)		300		319
				999
Ghana — 0.0% (c)
Republic of Ghana
7.88%, 3/26/2027 (b)		360		375
7.63%, 5/16/2029 (b)		1,310		1,326
10.75%, 10/14/2030 (b)		1,325		1,672
8.63%, 6/16/2049 (b)		2,090		2,024
				5,397
Guatemala — 0.0% (c)
Republic of Guatemala
4.50%, 5/3/2026 (b)		655		718
6.13%, 6/1/2050 (f)		720		864
				1,582
Hungary — 0.0% (c)
Hungary Government Bond 7.63%, 3/29/2041		952		1,535
Indonesia — 0.0% (c)
Republic of Indonesia
3.50%, 1/11/2028		670		725
6.75%, 1/15/2044 (b)		650		934
				1,659
Iraq — 0.0% (c)
Republic of Iraq
6.75%, 3/9/2023 (b)		950		969
5.80%, 1/15/2028 (b)		1,750		1,687
				2,656
Ivory Coast — 0.0% (c)
Republic of Cote d’Ivoire
5.75%, 12/31/2032 (b) (l)		919		927
6.13%, 6/15/2033 (b)		3,430		3,632
				4,559
Jamaica — 0.0% (c)
Jamaica Government Bond
8.00%, 3/15/2039		1,243		1,747
7.88%, 7/28/2045		550		761
				2,508

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Jordan — 0.0% (c)
Hashemite Kingdom of Jordan 5.85%, 7/7/2030 (f)		1,160		1,199
Kazakhstan — 0.0% (c)
Republic of Kazakhstan 6.50%, 7/21/2045 (b)		560		811
Kenya — 0.0% (c)
Republic of Kenya
6.88%, 6/24/2024 (b)		2,663		2,945
8.00%, 5/22/2032 (f)		1,360		1,488
				4,433
Lebanon — 0.0% (c)
Lebanese Republic
6.00%, 1/27/2023 (b) (k)		1,250		157
6.65%, 4/22/2024 (b) (k)		625		79
6.85%, 3/23/2027 (b) (k)		2,639		335
6.65%, 11/3/2028 (b) (k)		2,215		280
7.25%, 3/23/2037 (b) (k)		492		64
				915
Mexico — 0.0% (c)
United Mexican States
5.55%, 1/21/2045		650		754
4.60%, 1/23/2046		610		628
3.77%, 5/24/2061		1,198		1,061
				2,443
Mongolia — 0.0% (c)
State of Mongolia 5.13%, 12/5/2022 (b)		903		935
Morocco — 0.0% (c)
Kingdom of Morocco
3.00%, 12/15/2032 (a) (f)		690		655
5.50%, 12/11/2042 (b)		1,000		1,109
4.00%, 12/15/2050 (f)		650		585
				2,349
Nigeria — 0.1%
Federal Republic of Nigeria
7.63%, 11/21/2025 (b)		1,000		1,135
6.50%, 11/28/2027 (b)		920		970
6.50%, 11/28/2027 (f)		1,220		1,286
8.75%, 1/21/2031 (b)		780		889
7.88%, 2/16/2032 (b)		710		762
7.63%, 11/28/2047 (a) (f)		1,290		1,293
7.63%, 11/28/2047 (b)		600		602
				6,937

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Oman — 0.1%
Sultanate of Oman Government Bond
4.88%, 2/1/2025 (f)		320		335
4.75%, 6/15/2026 (b)		1,100		1,139
5.38%, 3/8/2027 (b)		1,320		1,372
6.00%, 8/1/2029 (b)		1,180		1,250
6.25%, 1/25/2031 (f)		264		284
7.38%, 10/28/2032 (f)		625		711
6.50%, 3/8/2047 (b)		340		331
6.75%, 1/17/2048 (b)		1,170		1,168
7.00%, 1/25/2051 (f)		301		308
				6,898
Pakistan — 0.0% (c)
Islamic Republic of Pakistan
8.25%, 4/15/2024 (b)		730		801
8.25%, 9/30/2025 (b)		550		611
6.00%, 4/8/2026 (f)		471		484
7.38%, 4/8/2031 (a) (f)		554		582
				2,478
Panama — 0.1%
Republic of Panama
3.75%, 3/16/2025		1,050		1,142
3.88%, 3/17/2028		1,750		1,924
6.70%, 1/26/2036		1,150		1,543
4.50%, 4/1/2056		810		890
3.87%, 7/23/2060		380		379
				5,878
Paraguay — 0.1%
Republic of Paraguay
4.70%, 3/27/2027 (b)		2,020		2,243
6.10%, 8/11/2044 (b)		2,130		2,552
5.60%, 3/13/2048 (b)		350		397
5.40%, 3/30/2050 (f)		950		1,070
				6,262
Peru — 0.0% (c)
Republic of Peru
4.13%, 8/25/2027		760		841
5.63%, 11/18/2050		750		994
				1,835
Philippines — 0.0% (c)
Republic of Philippines
10.63%, 3/16/2025		655		896
3.00%, 2/1/2028		1,100		1,176

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Philippines — continued
7.75%, 1/14/2031		270		395
3.70%, 2/2/2042		1,430		1,513
				3,980
Poland — 0.0% (c)
Republic of Poland 3.25%, 4/6/2026		1,580		1,748
Qatar — 0.1%
State of Qatar
3.25%, 6/2/2026 (b)		520		566
4.50%, 4/23/2028 (b)		940		1,095
4.00%, 3/14/2029 (f)		540		613
5.10%, 4/23/2048 (b)		1,200		1,518
4.82%, 3/14/2049 (b)		1,570		1,926
4.82%, 3/14/2049 (f)		430		528
				6,246
Romania — 0.0% (c)
Romania Government Bond
4.38%, 8/22/2023 (b)		1,010		1,093
6.13%, 1/22/2044 (b)		810		1,055
5.13%, 6/15/2048 (b)		730		849
				2,997
Russia — 0.1%
Russian Federation
4.88%, 9/16/2023 (b)		400		436
12.75%, 6/24/2028 (b)		1,390		2,311
5.10%, 3/28/2035 (f)		1,600		1,881
5.88%, 9/16/2043 (b)		1,200		1,563
5.25%, 6/23/2047 (b)		800		986
				7,177
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia
3.25%, 10/26/2026 (b)		1,000		1,074
3.63%, 3/4/2028 (b)		1,980		2,162
2.25%, 2/2/2033 (f)		480		453
4.63%, 10/4/2047 (b)		1,050		1,194
5.00%, 4/17/2049 (b)		650		783
3.45%, 2/2/2061 (f)		468		439
				6,105
Senegal — 0.0% (c)
Republic of Senegal
6.25%, 7/30/2024 (b)		500		544
6.75%, 3/13/2048 (f)		460		462
				1,006

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 117

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Serbia — 0.0% (c)
Republic of Serbia
7.25%, 9/28/2021 (b)		317		325
2.13%, 12/1/2030 (f)		797		735
				1,060
South Africa — 0.1%
Republic of South Africa
4.30%, 10/12/2028		2,380		2,391
6.25%, 3/8/2041		2,500		2,621
5.75%, 9/30/2049		1,550		1,489
				6,501
Sri Lanka — 0.0% (c)
Democratic Socialist Republic of Sri Lanka
6.85%, 11/3/2025 (b)		596		394
6.20%, 5/11/2027 (b)		1,050		681
6.75%, 4/18/2028 (b)		2,600		1,688
7.55%, 3/28/2030 (f)		660		429
				3,192
Tajikistan — 0.0% (c)
Republic of Tajikistan 7.13%, 9/14/2027 (b)		600		506
Turkey — 0.1%
Republic of Turkey
3.25%, 3/23/2023		780		764
5.75%, 3/22/2024		1,390		1,411
5.60%, 11/14/2024		1,200		1,207
4.88%, 10/9/2026		900		859
5.13%, 2/17/2028		940		884
6.00%, 1/14/2041		1,040		910
4.88%, 4/16/2043		510		393
				6,428
Ukraine — 0.1%
Ukraine Government Bond
7.75%, 9/1/2022 (b)		510		532
7.75%, 9/1/2023 (b)		1,910		2,033
7.75%, 9/1/2024 (b)		700		751
7.75%, 9/1/2025 (b)		970		1,043
7.75%, 9/1/2026 (b)		500		538
7.75%, 9/1/2027 (b)		1,080		1,158
9.75%, 11/1/2028 (b)		840		972
7.38%, 9/25/2032 (b)		1,060		1,069
7.25%, 3/15/2033 (b)		380		381
				8,477

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United Arab Emirates — 0.0% (c)
United Arab Emirates Government Bond
4.13%, 10/11/2047 (b)		1,900			2,183
3.13%, 9/30/2049 (b)		1,430			1,393
					3,576
Uruguay — 0.1%
Oriental Republic of Uruguay
4.38%, 10/27/2027		550			628
7.88%, 1/15/2033		440			661
7.63%, 3/21/2036		790			1,198
5.10%, 6/18/2050		2,420			3,022
4.98%, 4/20/2055		440			543
					6,052
Zambia — 0.0% (c)
Republic of Zambia 8.97%, 7/30/2027 (b) (k)		1,050			632
Total Foreign Government Securities (Cost $188,199)					187,565
	SHARES (000)
Preferred Stocks — 0.7%
United States — 0.7%
Allstate Corp. (The), Series H, 5.10%, 10/15/2024 ($25 par value) (q)		49			1,346
Bank of America Corp.,
Series GG, 6.00%, 5/16/2023 ($25 par value) (q)		145			3,992
Series HH, 5.88%, 7/24/2023 ($25 par value) (q)		121			3,322
Series KK, 5.38%, 6/25/2024 ($25 par value) (q)		92			2,559
Series LL, 5.00%, 9/17/2024 ($25 par value) (q)		58			1,593
Series NN, 4.38%, 11/3/2025 ($25 par value) (q)		38			965
Energy Transfer LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 (e) (q)		255			6,200
GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 5.98%, 2/15/2040 ($25 par value) (e)		6			143
Goodman Networks, Inc. * ‡		64			1
Gulfport Energy Corp. ‡		—	(d)		303
MetLife, Inc., Series F, 4.75%, 3/15/2025 ($25 par value) (q)		99			2,613

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Preferred Stocks — continued
United States — continued
Morgan Stanley,
Series I, (ICE LIBOR USD 3 Month + 3.71%), 6.38%, 10/15/2024 ($25 par value) (e) (q)		87		2,466
Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (e) (q)		419		11,975
Series L, 4.88%, 1/15/2025 ($25 par value) (q)		25		672
MYT Holding LLC, Series A, 10.00%, 6/6/2029 ‡		2,316		2,335
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		115		3,238
Northern Trust Corp., Series E, 4.70%, 1/1/2025 ($25 par value) (q)		62		1,691
Public Storage, Series L, , REIT4.63%, 6/17/2025 ($25 par value) (q)		77		2,051
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value) (e) (q)		53		1,455
SCE Trust II, 5.10%, 6/7/2021 ($25 par value) (q)		82		2,023
SCE Trust VI, 5.00%, 6/26/2022 ($25 par value) (q)		453		11,163
Sempra Energy, 5.75%, 7/1/2079 ($25 par value)		18		488
Southern Co. (The), Series 2020, 4.95%, 1/30/2080 ($25 par value)		160		4,250
State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (e) (q)		43		1,259
Truist Financial Corp., Series R, 4.75%, 9/1/2025 ($25 par value) (q)		104		2,758
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (q)		103		2,866
Wells Fargo & Co.,
Series AA, 4.70%, 12/15/2025 ($25 par value) (q)		19		477
Series Y, 5.63%, 6/15/2022 ($25 par value) (q)		153		4,026
Series Z, 4.75%, 3/15/2025 ($25 par value) (q)		776		19,957
Total Preferred Stocks (Cost $91,847)				98,187

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Convertible Bonds — 0.7%
Australia — 0.1%
DEXUS Finance Pty. Ltd. REIT, 2.30%, 6/19/2026 (b)		AUD3,000		2,377
Glencore Funding LLC Zero Coupon, 3/27/2025 (b)		2,200		2,152
				4,529
Cameroon — 0.0% (c)
Golar LNG Ltd. 2.75%, 2/15/2022		926		903
China — 0.1%
China Conch Venture Holdings International Ltd. Zero Coupon, 9/5/2023 (b)		HKD 13,000		1,911
Hansoh Pharmaceutical Group Co. Ltd. Zero Coupon, 1/22/2026 (b)		1,000		943
Huazhu Group Ltd.
0.38%, 11/1/2022		629		863
3.00%, 5/1/2026 (f)		1,201		1,873
Momo, Inc. 1.25%, 7/1/2025		2,354		2,064
Weibo Corp. 1.25%, 11/15/2022		2,254		2,203
				9,857
France — 0.0% (c)
Orpar SA Zero Coupon, 6/20/2024 (b)		EUR1,600		2,324
Germany — 0.0% (c)
Just Eat Takeaway.com NV Series B, 0.63%, 2/9/2028 (b)		EUR1,200		1,392
MTU Aero Engines AG Series MTX, 0.05%, 3/18/2027 (b)		EUR1,000		1,196
				2,588
Israel — 0.0% (c)
Wix.com Ltd. Zero Coupon, 8/15/2025 (f)		3,373		3,706
New Zealand — 0.0% (c)
Xero Investments Ltd. Zero Coupon, 12/2/2025 (b)		1,208		1,240
Singapore — 0.0% (c)
CapitaLand Ltd. 2.95%, 6/20/2022 (b)		SGD1,500		1,148
Spain — 0.0% (c)
Cellnex Telecom SA 0.75%, 11/20/2031 (b)		EUR1,100		1,268
United Kingdom — 0.0% (c)
Barclays Bank plc
Zero Coupon, 2/4/2025		960		1,317
Series VUN, Zero Coupon, 2/18/2025		998		1,174
Capital & Counties Properties plc REIT, 2.00%, 3/30/2026		GBP600		905
				3,396

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 119

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Convertible Bonds — continued
United States — 0.5%
Alteryx, Inc. 1.00%, 8/1/2026		1,230		1,099
Ares Capital Corp.
3.75%, 2/1/2022		2,321		2,401
4.63%, 3/1/2024		1,282		1,392
Beyond Meat, Inc. Zero Coupon, 3/15/2027 (f)		1,013		960
BlackRock Capital Investment Corp. 5.00%, 6/15/2022		1,276		1,283
BlackRock TCP Capital Corp. 4.63%, 3/1/2022		1,232		1,261
BofA Finance LLC 0.25%, 5/1/2023		1,315		1,485
Chegg, Inc. Zero Coupon, 9/1/2026 (f)		1,310		1,439
Colony Capital, Inc. REIT, 5.00%, 4/15/2023		1,828		1,873
Dexcom, Inc. 0.25%, 11/15/2025 (f)		1,381		1,381
DISH Network Corp.
2.38%, 3/15/2024		4,482		4,364
3.38%, 8/15/2026		4,533		4,771
Dropbox, Inc. Zero Coupon, 3/1/2026 (f)		668		660
Halozyme Therapeutics, Inc. 0.25%, 3/1/2027 (f)		1,009		971
Hercules Capital, Inc. 4.38%, 2/1/2022		1,515		1,610
LendingTree, Inc. 0.50%, 7/15/2025 (f)		2,331		2,066
Liberty Interactive LLC
4.00%, 11/15/2029		3,709		2,819
3.75%, 2/15/2030		320		245
1.75%, 9/30/2046 (f)		1,201		2,399
Live Nation Entertainment, Inc. 2.00%, 2/15/2025		3,067		3,366
Meritor, Inc. 3.25%, 10/15/2037		1,214		1,357
MFA Financial, Inc. REIT, 6.25%, 6/15/2024		1,882		1,894
Okta, Inc. 0.38%, 6/15/2026 (f)		2,519		3,305
Rapid7, Inc. 0.25%, 3/15/2027 (f)		1,350		1,391
Redwood Trust, Inc. REIT, 4.75%, 8/15/2023		1,316		1,321
Repay Holdings Corp. Zero Coupon, 2/1/2026 (f)		990		957
RingCentral, Inc. Zero Coupon, 3/1/2025		1,904		2,156
RWT Holdings, Inc. 5.75%, 10/1/2025		663		666
Splunk, Inc. 1.13%, 6/15/2027 (f)		1,407		1,297
Spotify USA, Inc. Zero Coupon, 3/15/2026 (f)		1,404		1,295
Starwood Property Trust, Inc. REIT, 4.38%, 4/1/2023		1,882		1,993
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023		1,336		1,313
Twitter, Inc.
0.25%, 6/15/2024		1,295		1,586

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Zero Coupon, 3/15/2026 (f)		1,973		1,794
Vishay Intertechnology, Inc. 2.25%, 6/15/2025		1,616		1,753
Vonage Holdings Corp. 1.75%, 6/1/2024		2,495		2,719
				64,642
Total Convertible Bonds (Cost $88,511)				95,601
	SHARES (000)
Convertible Preferred Stocks — 0.4%
United States — 0.4%
AMG Capital Trust II 5.15%, 10/15/2037 ($50 par value)		42		2,466
Bank of America Corp. Series L, 7.25% ($1,000 par value)		5		6,519
Broadcom, Inc. Series A, 8.00%, 9/30/2022 ($1,000 par value)		3		4,441
Bunge Ltd. 4.88% ($100 par value)		20		2,302
Claire’s Stores, Inc. * ‡		3		6,487
Danaher Corp. Series B, 5.00%, 4/15/2023 ($1,000 par value)		1		1,474
Dominion Energy, Inc. Series A, 7.25%, 6/1/2022 ($100 par value)		21		2,119
Energizer Holdings, Inc. Series A, 7.50%, 1/15/2022 ($100 par value)		13		1,293
Essential Utilities, Inc. 6.00%, 4/30/2022 ($50 par value)		17		1,003
International Flavors & Fragrances, Inc. 6.00%, 9/15/2021 ($50 par value)		42		2,079
KKR & Co., Inc. Series C, 6.00%, 9/15/2023 ($50 par value)		56		4,178
NextEra Energy, Inc. 6.22%, 9/1/2023 ($50 par value)		64		3,255
Sempra Energy Series B, 6.75%, 7/15/2021 ($100 par value)		16		1,708
Stanley Black & Decker, Inc. Series C, 5.00%, 5/15/2021 ($1,000 par value)		2		2,411
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		5		7,295
Total Convertible Preferred Stocks (Cost $37,385)				49,030

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 0.2%
U.S. Treasury Notes 1.38%, 1/31/2022 (r) (Cost $29,936)		29,650		29,942
U.S. Government Agency Securities — 0.0% (c)
Israel — 0.0% (c)
Israel Government AID Bond
4.50%, 1/30/2043		873		1,063
4.13%, 1/17/2048		1,966		2,291
Total U.S. Government Agency Securities (Cost $3,024)				3,354
Mortgage-Backed Securities — 0.0% (c)
United States — 0.0% (c)
FNMA UMBS, 20 Year Pool # CA1231, 3.50%, 2/1/2038		382		414
FNMA UMBS, 30 Year
Pool # MA4255, 2.00%, 2/1/2051		615		622
Pool # MA4356, 2.50%, 5/1/2051 (i)		35		36
Total Mortgage-Backed Securities (Cost $1,058)				1,072
	NO. OF WARRANTS (000)
Warrants — 0.0% (c)
United Kingdom — 0.0% (c)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD * ‡		48		—	(d)
United States — 0.0% (c)
Chesapeake Energy Corp.
expiring 2/9/2026, price 32.13 USD *		19		386
expiring 2/9/2026, price 27.63 USD *		17		380
expiring 2/9/2026, price 36.18 USD *		10		201
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD * ‡		4		57
				1,024
Total Warrants (Cost $—)				1,024
	NO. OF RIGHTS (000)
Rights — 0.0% (c)
United States — 0.0% (c)
Vistra Corp., expiring 12/31/2049 * ‡ (Cost $—)		488		536

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — 5.8%
Certificates of Deposit — 0.0% (c)
Bank of Nova Scotia (The) (SOFR + 0.16%), 0.17%, 2/28/2022 (e)		210		210
Kookmin Bank (ICE LIBOR USD 1 Month + 0.29%), 0.41%, 12/20/2021 (e)		91		91
Norinchukin Bank (The) 0.37%, 12/1/2021		146		146
Shinhan Bank
0.58%, 8/23/2021		48		48
0.47%, 11/5/2021		300		301
Societe Generale SA 0.32%, 9/17/2021		250		250
Svenska Handelsbanken AB 0.25%, 3/16/2022		189		189
Total Certificates of Deposit (Cost $1,234)				1,235
Commercial Paper — 0.0% (c)
AT&T, Inc. 0.40%, 12/14/2021 (f) (s)		250		249
Banco Del Estado De Chile 0.41%, 12/2/2021 (f) (s)		157		157
Barclays Bank plc 0.30%, 2/10/2022 (f) (s)		250		249
DNB Bank ASA 0.24%, 8/25/2021 (f) (s)		330		330
Electricite de France SA 0.24%, 6/28/2021 (f) (s)		250		250
Enel Finance America LLC 0.40%, 10/14/2021 (f) (s)		250		250
Eni Finance USA, Inc. 0.58%, 10/18/2021 (f) (s)		250		249
First Abu Dhabi Bank PJSC 0.40%, 8/27/2021 (f) (s)		314		314
HSBC USA, Inc. 0.35%, 2/25/2022 (f) (s)		224		223
NatWest Markets plc 0.32%, 5/24/2021 (f) (s)		250		250
OGE Energy Corp. 0.28%, 6/1/2021 (f) (s)		250		250
Rogers Communications, Inc. 0.55%, 8/26/2021 (f) (s)		268		268
Total Commercial Paper (Cost $3,038)				3,039
	SHARES (000)
Investment Companies — 4.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (t) (u)		453,027		453,254
JPMorgan Prime Money Market Fund Class IM Shares, 0.09% (t) (u)		106,142		106,195
Total Investment Companies (Cost $559,344)				559,449

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 121

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 1.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (t) (u)		187,988		188,007
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (t) (u)		22,003		22,003
Total Investment of Cash Collateral from Securities Loaned (Cost $210,010)				210,010
Total Short-Term Investments (Cost $773,626)				773,733
Total Investments — 100.9% (Cost $12,058,934)				13,493,124
Liabilities in Excess of Other Assets — (0.9)%				(120,840	)
NET ASSETS — 100.0%			$	13,372,284

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2021

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		7.7	%
Equity Real Estate Investment Trusts (REITs)		6.6
Oil, Gas & Consumable Fuels		5.6
Equity-Linked Notes		5.0
Collateralized Mortgage Obligations		4.7
Diversified Telecommunication Services		4.1
Pharmaceuticals		3.4
Electric Utilities		3.4
Capital Markets		3.2
Media		3.2
Commercial Mortgage-Backed Securities		3.1
Insurance		2.9
Health Care Providers & Services		2.3
Asset-Backed Securities		2.0
Semiconductors & Semiconductor Equipment		1.9
Hotels, Restaurants & Leisure		1.9

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Chemicals		1.8	%
Wireless Telecommunication Services		1.7
Food Products		1.4
Metals & Mining		1.4
Multi-Utilities		1.4
Foreign Government Securities		1.4
Technology Hardware, Storage & Peripherals		1.4
Machinery		1.2
Household Durables		1.0
IT Services		1.0
Specialty Retail		1.0
Food & Staples Retailing		1.0
Consumer Finance		1.0
Others (each less than 1.0%)		16.6
Short-Term Investments		5.7

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN FUNDS APRIL 30, 2021

Abbreviations

ABS	Asset-Backed Securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
AUD	Australian Dollar
CJSC	Closed Joint Stock Company
CLO	Collateralized Loan Obligations
CSMC	Credit Suisse Mortgage Trust
CVA	Dutch Certification
ELN	Equity-Linked Note
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GDR	Global Depositary Receipt
GMTN	Global medium term note
GNMA	Government National Mortgage Association
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
HKD	Hong Kong Dollar
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of April 30, 2021. 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
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RTS	Russian Trading System
SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt
SGD	Singapore Dollar
SGPS	Holding company
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.

UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	The security or a portion of this security is on loan at April 30, 2021. The total value of securities on loan at April 30, 2021 is $201,929.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Amount rounds to less than one thousand.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2021.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(g)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2021.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(k)	Defaulted security.
(l)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of April 30, 2021.
(m)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of April 30, 2021.
(n)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(o)	All or a portion of this security is unsettled as of April 30, 2021. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(p)	Fund is subject to legal or contractual restrictions on the resale of the security.
(q)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of April 30, 2021.
(r)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(s)	The rate shown is the effective yield as of April 30, 2021.
(t)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(u)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 123

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		470			06/2021		EUR		22,218			33
FTSE 100 Index		74			06/2021		GBP		7,081			19
U.S. Treasury 10 Year Note		14,032			06/2021		USD		1,853,540			(32,174	)
												(32,122	)
Short Contracts
Foreign Exchange GBP/USD		(3,336	)		06/2021		USD		(287,939	)		3,007
												(29,115	)

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange

GBP	British Pound
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN FUNDS APRIL 30, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2021 J.P. MORGAN FUNDS 125

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Global Allocation Fund		JPMorgan Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	4,632,536	$	12,723,665
Investments in affiliates, at value		235,711		559,449
Investment of cash collateral received from securities loaned, at value (See Note 2.F.)		283,659		210,010
Options purchased, at value		5,000		—
Cash		2,052		5,047
Foreign currency, at value		2,109		655
Deposits at broker for futures contracts		11,617		931
Deposits at broker for securities sold short		34,573		—
Receivables:
Investment securities sold		23,634		145,891
Investment securities sold — delayed delivery securities		8		161
Fund shares sold		7,404		13,304
Interest from non-affiliates		10,595		72,086
Dividends from non-affiliates		3,840		13,173
Dividends from affiliates		13		23
Tax reclaims		2,604		11,210
Securities lending income (See Note 2.F.)		80		57
Variation margin on futures contracts		—		4,333
Unrealized appreciation on forward foreign currency exchange contracts		2,018		—
Outstanding OTC swap contracts, at value		2,110		—
Total Assets		5,259,563		13,759,995
LIABILITIES:
Payables:
Distributions		—		—	(a)
Securities sold short, at value		34,629		—
Dividend expense to non-affiliates on securities sold short		13		—
Investment securities purchased		67,377		144,224
Investment securities purchased — delayed delivery securities		—		10,760
Interest expense to non-affiliates on securities sold short		35		—
Collateral received on securities loaned (See Note 2.F.)		283,659		210,010
Fund shares redeemed		3,975		11,635
Variation margin on futures contracts		908		—
Unrealized depreciation on forward foreign currency exchange contracts		8,618		—
Accrued liabilities:
Investment advisory fees		2,123		4,465
Administration fees		279		756
Distribution fees		463		2,486
Service fees		406		401
Custodian and accounting fees		117		234
Trustees’ and Chief Compliance Officer’s fees		1		—	(a)
Deferred foreign capital gains tax		—		2,088
Other		252		652
Total Liabilities		402,855		387,711
Net Assets	$	4,856,708	$	13,372,284

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN FUNDS APRIL 30, 2021

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	3,830,869		$	11,701,986
Total distributable earnings (loss)		1,025,839			1,670,298
Total Net Assets	$	4,856,708		$	13,372,284
Net Assets:
Class A	$	674,471		$	4,917,417
Class C		529,021			2,394,056
Class I		2,680,474			5,566,457
Class R2		6,705			—
Class R3		907			—
Class R4		1,593			—
Class R5		732			—
Class R6		962,805			494,354
Total	$	4,856,708		$	13,372,284
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		29,327			427,508
Class C		23,415			208,723
Class I		115,841			483,165
Class R2		294			—
Class R3		39			—
Class R4		69			—
Class R5		32			—
Class R6		41,626			42,905
Net Asset Value (a):
Class A — Redemption price per share	$	23.00		$	11.50
Class C — Offering price per share (b)		22.59			11.47
Class I — Offering and redemption price per share		23.14			11.52
Class R2 — Offering and redemption price per share		22.84			—
Class R3 — Offering and redemption price per share		23.07			—
Class R4 — Offering and redemption price per share		23.00			—
Class R5 — Offering and redemption price per share		23.14			—
Class R6 — Offering and redemption price per share		23.13			11.52
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)]	$	24.08		$	12.04
Cost of investments in non-affiliates	$	3,773,991		$	11,289,580
Cost of investments in affiliates		235,664			559,344
Cost of options purchased		4,817			—
Cost of foreign currency		1,511			572
Investment securities on loan, at value (See Note 2.F.)		264,101			201,929
Cost of investment of cash collateral (See Note 2.F.)		283,658			210,010
Proceeds from securities sold short		33,903			—

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 127

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

(Amounts in thousands)

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	24,965		$	183,877
Interest income from affiliates		—	(a)		—
Dividend income from non-affiliates		24,504			85,020
Dividend income from affiliates		93			169
Income from securities lending (net) (See Note 2.F.)		177			301
Foreign taxes withheld (net)		(1,673	)		(4,735	)
Total investment income		48,066			264,632
EXPENSES:
Investment advisory fees		12,049			26,935
Administration fees		1,643			4,464
Distribution fees:
Class A		728			5,697
Class C		1,926			9,352
Class R2		16			—
Class R3		1			—
Service fees:
Class A		728			5,697
Class C		642			3,117
Class I		3,058			6,611
Class R2		8			—
Class R3		1			—
Class R4		1			—
Class R5		—	(a)		—
Custodian and accounting fees		415			691
Interest expense to affiliates		12			7
Professional fees		135			169
Trustees’ and Chief Compliance Officer’s fees		19			29
Printing and mailing costs		115			363
Registration and filing fees		70			183
Transfer agency fees (See Note 2.M.)		43			143
Dividend expense to non-affiliates on securities sold short		441			—
Interest expense to non-affiliates on securities sold short		113			—
Other		140			143
Total expenses		22,304			63,601
Less fees waived		(2,563	)		(13,488	)
Less expense reimbursements		(2	)		(582	)
Net expenses		19,739			49,531
Net investment income (loss)	$	28,327		$	215,101

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN FUNDS APRIL 30, 2021

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	169,988	(a)	$	506,046	(b)
Investments in affiliates		2,089			(53	)
Options purchased		18,171			—
Futures contracts		89,300			(63,405	)
Securities sold short		(4,322	)		—
Foreign currency transactions		912			1,296
Forward foreign currency exchange contracts		1,975			—
Options written		13			—
Swaps		4,864			—
Net realized gain (loss)		282,990			443,884
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		485,017	(c)		1,072,956	(d)
Investments in affiliates		(6	)		35
Options purchased		183			—
Futures contracts		(5,844	)		(1,363	)
Securities sold short		(862	)		—
Foreign currency translations		68			(149	)
Forward foreign currency exchange contracts		(7,284	)		—
Swaps		2,920			—
Unfunded commitments		—			1
Change in net unrealized appreciation/depreciation		474,192			1,071,480
Net realized/unrealized gains (losses)		757,182			1,515,364
Change in net assets resulting from operations	$	785,509		$	1,730,465

(a) Net of foreign capital gains tax of $(6).

(b) Net of foreign capital gains tax of $(358).

(c) Net of change in foreign capital gains tax of $6.

(d) Net of change in foreign capital gains tax of $(1,055).

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 129

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	28,327		$	57,988		$	215,101		$	459,395
Net realized gain (loss)		282,990			15,253			443,884			(117,089	)
Change in net unrealized appreciation/depreciation		474,192			41,368			1,071,480			(591,208	)
Change in net assets resulting from operations		785,509			114,609			1,730,465			(248,902	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(8,295	)		(6,886	)		(80,517	)		(148,881	)
Class C		(6,615	)		(6,657	)		(36,935	)		(114,167	)
Class I		(38,218	)		(36,160	)		(96,744	)		(214,354	)
Class R2		(84	)		(76	)		—			—
Class R3		(12	)		(1	)		—			—
Class R4		(13	)		(14	)		—			—
Class R5		(2	)		—	(a)		—			—
Class R6		(12,877	)		(9,820	)		(9,020	)		(17,663	)
Total distributions to shareholders		(66,116	)		(59,614	)		(223,216	)		(495,065	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		508,149			(100,642	)		(204,383	)		(706,760	)
NET ASSETS:
Change in net assets		1,227,542			(45,647	)		1,302,866			(1,450,727	)
Beginning of period		3,629,166			3,674,813			12,069,418			13,520,145
End of period	$	4,856,708		$	3,629,166		$	13,372,284		$	12,069,418

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN FUNDS APRIL 30, 2021

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	183,577		$	188,060		$	749,380		$	1,840,939
Distributions reinvested		7,561			6,380			73,513			141,045
Cost of shares redeemed		(84,134	)		(172,254	)		(562,659	)		(1,309,710	)
Change in net assets resulting from Class A capital transactions	$	107,004		$	22,186		$	260,234		$	672,274
Class C
Proceeds from shares issued	$	33,977		$	49,908		$	96,756		$	276,536
Distributions reinvested		5,851			5,634			35,298			103,061
Cost of shares redeemed		(62,392	)		(125,737	)		(538,609	)		(1,511,458	)
Change in net assets resulting from Class C capital transactions	$	(22,564	)	$	(70,195	)	$	(406,555	)	$	(1,131,861	)
Class I
Proceeds from shares issued	$	362,508		$	618,742		$	551,240		$	1,147,501
Distributions reinvested		31,614			28,888			86,073			189,667
Cost of shares redeemed		(214,289	)		(753,615	)		(620,676	)		(1,762,957	)
Change in net assets resulting from Class I capital transactions	$	179,833		$	(105,985	)	$	16,637		$	(425,789	)
Class R2
Proceeds from shares issued	$	380		$	1,252		$	—		$	—
Distributions reinvested		84			76			—			—
Cost of shares redeemed		(582	)		(1,094	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	(118	)	$	234		$	—		$	—
Class R3
Proceeds from shares issued	$	46		$	679		$	—		$	—
Distributions reinvested		—	(a)		1			—			—
Cost of shares redeemed		—	(a)		(44	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	46		$	636		$	—		$	—
Class R4
Proceeds from shares issued	$	771		$	320		$	—		$	—
Distributions reinvested		13			14			—			—
Cost of shares redeemed		(34	)		(290	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	750		$	44		$	—		$	—
Class R5
Proceeds from shares issued	$	679		$	—	(a)	$	—		$	—
Distributions reinvested		2			—	(a)		—			—
Cost of shares redeemed		(1	)		—	(a)		—			—
Change in net assets resulting from Class R5 capital transactions	$	680		$	—	(a)	$	—		$	—
Class R6
Proceeds from shares issued	$	261,019		$	70,260		$	41,574		$	243,943
Distributions reinvested		12,310			9,623			8,913			17,611
Cost of shares redeemed		(30,811	)		(27,445	)		(125,186	)		(82,938	)
Change in net assets resulting from Class R6 capital transactions	$	242,518		$	52,438		$	(74,699	)	$	178,616
Total change in net assets resulting from capital transactions	$	508,149		$	(100,642	)	$	(204,383	)	$	(706,760	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 131

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

		JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
		Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued			8,257			10,041			66,914			176,710
Reinvested			346			338			6,557			13,807
Redeemed			(3,806	)		(9,429	)		(50,508	)		(128,870	)
Change in Class A Shares			4,797			950			22,963			61,647
Class C
Issued			1,554			2,723			8,669			26,585
Reinvested			273			298			3,160			10,109
Redeemed			(2,867	)		(6,952	)		(48,295	)		(148,018	)
Change in Class C Shares			(1,040	)		(3,931	)		(36,466	)		(111,324	)
Class I
Issued			16,195			33,090			49,227			111,133
Reinvested			1,438			1,531			7,666			18,517
Redeemed			(9,653	)		(41,507	)		(55,719	)		(175,591	)
Change in Class I Shares	��		7,980			(6,886	)		1,174			(45,941	)
Class R2
Issued			17			67			—			—
Reinvested			4			4			—			—
Redeemed			(26	)		(60	)		—			—
Change in Class R2 Shares			(5	)		11			—			—
Class R3
Issued			2			36			—			—
Reinvested			—	(a)		—	(a)		—			—
Redeemed			—	(a)		(2	)		—			—
Change in Class R3 Shares			2			34			—			—
Class R4
Issued			34			18			—			—
Reinvested			1			1			—			—
Redeemed			(2	)		(16	)		—			—
Change in Class R4 Shares			33			3			—			—
Class R5
Issued			31			—	(a)		—			—
Reinvested			—	(a)		—	(a)		—			—
Redeemed			—	(a)		—	(a)		—			—
Change in Class R5 Shares			31			—	(a)		—			—
Class R6
Issued			11,748			3,722			3,709			23,202
Reinvested			559			511			795			1,724
Redeemed			(1,369	)		(1,481	)		(11,314	)		(8,234	)
Change in Class R6 Shares			10,938			2,752			(6,810	)		16,692

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN FUNDS APRIL 30, 2021

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APRIL 30, 2021 J.P. MORGAN FUNDS 133

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Global Allocation Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	19.27	$	0.13	$	3.92		$	4.05		$	(0.18	)	$	(0.14	)	$	(0.32	)
Year Ended October 31, 2020		18.82		0.27		0.46			0.73			(0.28	)		—			(0.28	)
Year Ended October 31, 2019		17.71		0.36		1.22			1.58			(0.47	)		—			(0.47	)
Year Ended October 31, 2018		18.63		0.31		(0.63	)		(0.32	)		(0.31	)		(0.29	)		(0.60	)
Year Ended October 31, 2017		16.38		0.34		2.23			2.57			(0.32	)		—			(0.32	)
Year Ended October 31, 2016		16.47		0.34		(0.10	)		0.24			(0.31	)		(0.02	)		(0.33	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		18.94		0.07		3.85			3.92			(0.13	)		(0.14	)		(0.27	)
Year Ended October 31, 2020		18.54		0.18		0.46			0.64			(0.24	)		—			(0.24	)
Year Ended October 31, 2019		17.47		0.27		1.19			1.46			(0.39	)		—			(0.39	)
Year Ended October 31, 2018		18.39		0.22		(0.63	)		(0.41	)		(0.22	)		(0.29	)		(0.51	)
Year Ended October 31, 2017		16.20		0.25		2.20			2.45			(0.26	)		—			(0.26	)
Year Ended October 31, 2016		16.30		0.26		(0.10	)		0.16			(0.24	)		(0.02	)		(0.26	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		19.39		0.15		3.94			4.09			(0.20	)		(0.14	)		(0.34	)
Year Ended October 31, 2020		18.91		0.32		0.47			0.79			(0.31	)		—			(0.31	)
Year Ended October 31, 2019		17.79		0.41		1.22			1.63			(0.51	)		—			(0.51	)
Year Ended October 31, 2018		18.71		0.37		(0.65	)		(0.28	)		(0.35	)		(0.29	)		(0.64	)
Year Ended October 31, 2017		16.45		0.38		2.23			2.61			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		16.53		0.39		(0.10	)		0.29			(0.35	)		(0.02	)		(0.37	)

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN FUNDS APRIL 30, 2021

		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 and interest expense for securities sold short) (f)(g)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (d)(h)			Portfolio turnover rate (including securities sold short) (d)(h)
$	23.00		21.14	%	$	674,471		1.06	%(i)		1.14	%		1.20	%(i)		53	%		58	%
	19.27		3.94			472,779		1.03	(i)		1.45			1.19	(i)		105			116
	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			—
	22.59		20.81			529,021		1.56	(i)		0.62			1.70	(i)		53			58
	18.94		3.44			463,256		1.54	(i)		0.95			1.69	(i)		105			116
	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			—
	23.14		21.25			2,680,474		0.81	(i)		1.38			0.95	(i)		53			58
	19.39		4.25			2,091,223		0.78	(i)		1.71			0.93	(i)		105			116
	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			—

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 135

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(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 R2
Six Months Ended April 30, 2021 (Unaudited)	$	19.14	$	0.08		$	3.90		$	3.98		$	(0.14	)	$	(0.14	)	$	(0.28	)
Year Ended October 31, 2020		18.73		0.20			0.46			0.66			(0.25	)		—			(0.25	)
Year Ended October 31, 2019		17.64		0.30			1.20			1.50			(0.41	)		—			(0.41	)
Year Ended October 31, 2018		18.57		0.25			(0.62	)		(0.37	)		(0.27	)		(0.29	)		(0.56	)
Year Ended October 31, 2017		16.36		0.28			2.22			2.50			(0.29	)		—			(0.29	)
Year Ended October 31, 2016		16.44		0.31	��		(0.10	)		0.21			(0.27	)		(0.02	)		(0.29	)
Class R3
Six Months Ended April 30, 2021 (Unaudited)		19.34		0.11			3.93			4.04			(0.17	)		(0.14	)		(0.31	)
Year Ended October 31, 2020		18.90		0.24			0.48			0.72			(0.28	)		—			(0.28	)
Year Ended October 31, 2019		17.79		0.34			1.22			1.56			(0.45	)		—			(0.45	)
October 1, 2018 (j) through October 31, 2018		18.65		0.02			(0.88	)		(0.86	)		—			—			—
Class R4
Six Months Ended April 30, 2021 (Unaudited)		19.28		0.15			3.91			4.06			(0.20	)		(0.14	)		(0.34	)
Year Ended October 31, 2020		18.81		0.30			0.47			0.77			(0.30	)		—			(0.30	)
Year Ended October 31, 2019		17.71		0.42			1.17			1.59			(0.49	)		—			(0.49	)
October 1, 2018 (j) through October 31, 2018		18.56		0.02			(0.87	)		(0.85	)		—			—			—
Class R5
Six Months Ended April 30, 2021 (Unaudited)		19.39		0.17			3.93			4.10			(0.21	)		(0.14	)		(0.35	)
Year Ended October 31, 2020		18.92		0.33			0.46			0.79			(0.32	)		—			(0.32	)
Year Ended October 31, 2019		17.80		0.42			1.22			1.64			(0.52	)		—			(0.52	)
October 1, 2018 (j) through October 31, 2018		18.65		0.02			(0.87	)		(0.85	)		—			—			—
Class R6
Six Months Ended April 30, 2021 (Unaudited)		19.38		0.17			3.94			4.11			(0.22	)		(0.14	)		(0.36	)
Year Ended October 31, 2020		18.91		0.35			0.46			0.81			(0.34	)		—			(0.34	)
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 expense, if applicable, which is less than 0.005% unless otherwise noted.

(h) Commencing on October 31, 2017, the Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For periods prior to October 31, 2016, the Fund did not transact in securities sold short.

(i) The net expenses and expenses without waivers (excluding dividend expense for securities sold short) for Class A are 1.03% and 1.17% for the six months ended April 30, 2021, 1.02% and 1.18% for the year ended October 31, 2020, 1.02% and 1.23% for the year ended October 31, 2019, 1.02% and 1.24% for the year ended October 31, 2018, 1.02% and 1.27% for the year ended October 31, 2017, Class C are 1.53% and 1.67% for the six months ended April 30, 2021, 1.53% and 1.68% for the year ended October 31, 2020, 1.52% and 1.73% for the year ended October 31, 2019, 1.52% and 1.74% for the year ended October 31, 2018, 1.52% and 1.77% for the year ended October 31, 2017, Class I are 0.78% and 0.92% for the six months ended April 30, 2021, 0.77% and 0.92% for the year ended October 31, 2020, 0.77% and 0.97% for the year ended October 31, 2019, 0.78% and 0.99% for the year ended October 31, 2018, 0.77% and 1.00% for the year ended October 31, 2017, Class R2 are 1.40% and 1.44% for the six months ended April 30, 2021, 1.39% and 1.45% for the year ended October 31, 2020, 1.39% and 1.53% for the year ended October 31, 2019, 1.35% and 1.52% for the year ended October 31, 2018, 1.27% and 1.60% for the year ended October 31, 2017, Class R3 are 1.15% and 1.17% for the six months ended April 30, 2021, 1.14% and 1.25% for the year ended October 31, 2020, 1.14% and 1.41% for the year ended October 31, 2019, 1.19% and 1.34% for the period ended October 31, 2018, Class R4 are 0.90% and 0.92% for the six months ended April 30, 2021, 0.89% and 0.94% for the year ended October 31, 2020, 0.89% and 0.99% for the year ended October 31, 2019, 0.94% and 1.09% for the period ended October 31, 2018, Class R5 are 0.75% and 0.83% for the six months ended April 30, 2021, 0.74% and 0.96% for the year ended October 31, 2020, 0.75% and 0.97% for the year ended October 31, 2019, 0.69% and 0.84% for the period ended October 31, 2018, and Class R6 are 0.65% and 0.67% for the six months ended April 30, 2021, 0.64% and 0.67% for the year ended October 31, 2020, 0.64% and 0.72% for the year ended October 31, 2019, 0.64% and 0.74% for the period ended October 31, 2018, respectively.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN FUNDS APRIL 30, 2021

		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 and interest expense for securities sold short) (f)(g)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (d)(h)			Portfolio turnover rate (including securities sold short) (d)(h)
$	22.84		20.89	%	$	6,705		1.43	%(i)		0.75	%		1.47	%(i)		53	%		58	%
	19.14		3.55			5,724		1.40	(i)		1.09			1.46	(i)		105			116
	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			—
	23.07		20.98			907		1.18	(i)		1.01			1.20	(i)		53			58
	19.34		3.85			720		1.15	(i)		1.22			1.26	(i)		105			116
	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
	23.00		21.17			1,593		0.93	(i)		1.32			0.95	(i)		53			58
	19.28		4.13			688		0.90	(i)		1.59			0.95	(i)		105			116
	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
	23.14		21.26			732		0.78	(i)		1.52			0.86	(i)		53			58
	19.39		4.23			22		0.75	(i)		1.73			0.97	(i)		105			116
	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
	23.13		21.33			962,805		0.68	(i)		1.52			0.70	(i)		53			58
	19.38		4.34			594,754.0		0.65	(i)		1.83			0.68	(i)		105			116
	18.91		9.50			528,192.0		0.67	(i)		2.35			0.75	(i)		111			139
	17.79		(1.58	)		841,967.0		0.68	(i)		2.02			0.78	(i)		108			131

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 137

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Income Builder Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	10.21	$	0.19	$	1.29		$	1.48		$	(0.19	)	$	—		$	(0.19	)
Year Ended October 31, 2020		10.73		0.38		(0.49	)		(0.11	)		(0.39	)		(0.02	)		(0.41	)
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	)
Class C
Six Months Ended April 30, 2021 (Unaudited)		10.19		0.16		1.29			1.45			(0.17	)		—			(0.17	)
Year Ended October 31, 2020		10.70		0.32		(0.47	)		(0.15	)		(0.34	)		(0.02	)		(0.36	)
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	)
Class I
Six Months Ended April 30, 2021 (Unaudited)		10.23		0.20		1.29			1.49			(0.20	)		—			(0.20	)
Year Ended October 31, 2020		10.74		0.39		(0.48	)		(0.09	)		(0.40	)		(0.02	)		(0.42	)
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	)
Class R6
Six Months Ended April 30, 2021 (Unaudited)		10.23		0.20		1.30			1.50			(0.21	)		—			(0.21	)
Year Ended October 31, 2020		10.74		0.40		(0.48	)		(0.08	)		(0.41	)		(0.02	)		(0.43	)
Year Ended October 31, 2019		10.14		0.43		0.61			1.04			(0.44	)		—			(0.44	)
November 1, 2017 (f) 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) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN FUNDS APRIL 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	11.50		14.60	%	$	4,917,417		0.74	%		3.38	%		1.02	%		39	%
	10.21		(1.01	)		4,132,310		0.74			3.65			1.02			64
	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
	11.47		14.24			2,394,056		1.24			2.86			1.52			39
	10.19		(1.42	)		2,497,469		1.24			3.16			1.52			64
	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
	11.52		14.65			5,566,457		0.59			3.53			0.76			39
	10.23		(0.76	)		4,930,991		0.59			3.80			0.77			64
	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
	11.52		14.70			494,354		0.51			3.60			0.51			39
	10.23		(0.68	)		508,648		0.51			3.90			0.52			64
	10.74		10.44			354,830		0.51			4.15			0.55			48
	10.14		(0.51	)		212,657		0.50			4.37			0.57			59

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited)

(Dollar values in thousands)

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Diversification Classification
JPMorgan Global Allocation Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan Income Builder Fund	Class A, Class C, Class I and Class R6	Diversified

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 Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

140 J.P. MORGAN FUNDS APRIL 30, 2021

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies, 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. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Funds at April 30, 2021.

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”):

Global Allocation Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	3,364	$	15,305	$	18,669
Collateralized Mortgage Obligations
United States		—		30,821		8,771		39,592
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		998		998
United States		—		55,126		11,244		66,370
Total Commercial Mortgage-Backed Securities		—		55,126		12,242		67,368
Common Stocks
Argentina		1,857		—		—		1,857
Australia		—		33,076		—		33,076
Austria		—		9,094		—		9,094
Belgium		41		10,390		—		10,431
Brazil		17,393		116		—		17,509
Canada		18,295		—		—		18,295
Chile		—		130		—		130
China		19,337		286,316		—		305,653
Denmark		1,687		41,023		—		42,710
Finland		60		12,779		—		12,839
France		—		133,711		—		133,711
Germany		1,432		106,367		—		107,799
Greece		—		1,668		—		1,668
Hong Kong		88		30,123		—		30,211
India		28,441		—		—		28,441
Indonesia		—		13,928		—		13,928
Ireland		7,111		1,481		—		8,592

APRIL 30, 2021 J.P. MORGAN FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Global Allocation Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Israel	$	544	$	700	$	—		$	1,244
Italy		3,627		14,820		—			18,447
Japan		150		85,974		—			86,124
Jordan		—		75		—			75
Luxembourg		—		2,132		—			2,132
Macau		—		2,921		—			2,921
Mexico		12,382		27		—			12,409
Netherlands		15,890		61,208		—			77,098
New Zealand		—		730		—			730
Norway		694		1,122		—			1,816
Peru		6,252		—		—			6,252
Poland		2,347		1,745		—			4,092
Portugal		256		74		—			330
Russia		10,487		15,136		—			25,623
Singapore		—		2,268		—			2,268
South Africa		7,315		18,873		—			26,188
South Korea		—		83,618		—			83,618
Spain		—		30,291		—			30,291
Sweden		410		42,349		—			42,759
Switzerland		121		90,778		—			90,899
Taiwan		39,489		45,411		—			84,900
Tanzania, United Republic of		—		946		—			946
Thailand		10,761		2,170		—			12,931
Turkey		1,733		—		—			1,733
United Arab Emirates		—		—		—	(a)		—	(a)
United Kingdom		6,550		103,454		—			110,004
United States		1,620,648		11,226		337			1,632,211
Total Common Stocks		1,835,398		1,298,250		337			3,133,985
Convertible Preferred Stocks		—		—		505			505
Corporate Bonds
Australia		—		5,775		—			5,775
Brazil		—		1,768		—			1,768
Canada		—		24,015		—			24,015
Chile		—		416		—			416
China		—		4,576		—			4,576
Finland		—		5,597		—			5,597
France		—		16,367		—			16,367
Germany		—		5,572		—			5,572
Italy		—		14,809		—			14,809
Japan		—		4,623		—			4,623
Luxembourg		—		4,143		—			4,143
Macau		—		1,445		—			1,445
Netherlands		—		3,694		—			3,694
Saudi Arabia		—		403		—			403
Singapore		—		9,296		—			9,296
South Korea		—		8,570		—			8,570
Spain		—		4,761		—			4,761
Switzerland		—		250		—			250
United Kingdom		—		13,393		—			13,393
United States		—		611,755		1			611,756
Venezuela, Bolivarian Republic of		—		25		—			25
Total Corporate Bonds		—		741,253		1			741,254

142 J.P. MORGAN FUNDS APRIL 30, 2021

Global Allocation Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Exchange-Traded Funds	$	240,842		$	—		$	—		$	240,842
Foreign Government Securities		—			291,540			—			291,540
Loan Assignments
Canada		—			526			—			526
United States		—			717			609			1,326
Total Loan Assignments		—			1,243			609			1,852
Options Purchased
Call Options Purchased		5,000			—			—			5,000
Preferred Stocks
United States		7			—			41			48
Rights
Switzerland		—			1			—			1
United States		—			—			19			19
Total Rights		—			1			19			20
Supranational		—			5,155			—			5,155
U.S. Treasury Obligations		—			62,479			—			62,479
Warrants
Switzerland		—			7,304			2,052			9,356
United Kingdom		—			—			—	(b)		—	(b)
United States		—			—			7			7
Total Warrants		—			7,304			2,059			9,363
Short-Term Investments
Certificates of Deposit		—			250			—			250
Commercial Paper		—			19,614			—			19,614
Investment Companies		235,711			—			—			235,711
Investment of Cash Collateral from Securities Loaned		283,659			—			—			283,659
Total Short-Term Investments		519,370			19,864			—			539,234
Total Investments in Securities	$	2,600,617		$	2,516,400		$	39,889		$	5,156,906
Liabilities
Common Stocks	$	(30,132	)	$	—		$	—		$	(30,132	)
Exchange-Traded Funds		(4,497	)		—			—			(4,497	)
Total Liabilities in Securities Sold Short	$	(34,629	)	$	—		$	—		$	(34,629	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,018		$	—		$	2,018
Futures Contracts		7,363			—			—			7,363
Swaps		—			1,784			—			1,784
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(8,618	)		—			(8,618	)
Futures Contracts		(17,595	)		—			—			(17,595	)
Total Net Appreciation/ Depreciation in Other Financial Instruments	$	(10,232	)	$	(4,816	)	$	—		$	(15,048	)

(a) Value is zero.

(b) Amount rounds to less than one thousand.

APRIL 30, 2021 J.P. MORGAN FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Income Builder Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities
Cayman Islands	$	—		$	674	$	1,274		$	1,948
United States		—	��		106,334		166,781			273,115
Total Asset-Backed Securities		—			107,008		168,055			275,063
Collateralized Mortgage Obligations
Bermuda		—			—		2,993			2,993
United States		—			470,217		160,777			630,994
Total Collateralized Mortgage Obligations		—			470,217		163,770			633,987
Commercial Mortgage-Backed Securities
United States		—			216,278		198,977			415,255
Common Stocks
Australia		—			163,316		—			163,316
Austria		—			10,602		—			10,602
Belgium		38			46,516		—			46,554
Brazil		8,639			3,388		—			12,027
Canada		231,785			—		—			231,785
Cayman Islands		—			—		—	(a)		—	(a)
Chile		2,649			—		—			2,649
China		—			241,162		—			241,162
Denmark		—			50,221		—			50,221
Finland		6,940			49,557		—			56,497
France		—			168,835		—			168,835
Germany		—			214,723		—			214,723
Hong Kong		—			83,539		—			83,539
India		30,568			34,180		—			64,748
Indonesia		—			30,202		—			30,202
Ireland		—			10,196		—			10,196
Italy		—			78,801		—			78,801
Japan		—			218,370		—			218,370
Jordan		—			1,893		—			1,893
Malta		—			3,183		—			3,183
Mexico		50,458			—		—			50,458
Netherlands		7,550			96,224		—			103,774
New Zealand		—			13,755		—			13,755
Norway		1,191			24,234		—			25,425
Portugal		3,148			3,736		—			6,884
Russia		19,630			45,906		—			65,536
Saudi Arabia		—			11,330		—			11,330
Singapore		—			41,125		—			41,125
South Africa		6,054			15,530		—			21,584
South Korea		5,638			71,110		—			76,748
Spain		2,434			148,267		—			150,701
Sweden		1,807			71,038		—			72,845
Switzerland		—			167,105		—			167,105
Taiwan		12,663			162,905		—			175,568
Thailand		—			8,714		—			8,714
United Kingdom		33,401			291,955		—			325,356
United States		2,326,498			26,303		9,083			2,361,884
Total Common Stocks		2,751,091			2,607,921		9,083			5,368,095
Convertible Bonds		—			95,601		—			95,601
Convertible Preferred Stocks
United States		42,543			—		6,487			49,030

144 J.P. MORGAN FUNDS APRIL 30, 2021

Income Builder Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Corporate Bonds
Australia	$	—	$	17,785	$	—	$	17,785
Austria		—		1,363		—		1,363
Azerbaijan		—		4,549		—		4,549
Bahrain		—		1,286		—		1,286
Belarus		—		733		—		733
Belgium		—		3,444		—		3,444
Brazil		—		4,658		—		4,658
Canada		—		170,028		—		170,028
Cayman Islands		—		4,287		—		4,287
Chile		—		2,937		—		2,937
China		—		2,492		—		2,492
Colombia		—		3,631		—		3,631
Costa Rica		—		801		—		801
Finland		—		8,388		—		8,388
France		—		108,749		—		108,749
Germany		—		4,122		—		4,122
Guatemala		—		1,207		—		1,207
India		—		857		—		857
Indonesia		—		9,740		—		9,740
Ireland		—		15,735		—		15,735
Israel		—		444		—		444
Italy		—		22,739		—		22,739
Japan		—		11,300		—		11,300
Kazakhstan		—		7,103		—		7,103
Luxembourg		—		58,218		—		58,218
Mexico		—		13,868		—		13,868
Morocco		—		2,414		—		2,414
Netherlands		—		37,582		—		37,582
Norway		—		3,096		—		3,096
Panama		—		1,628		—		1,628
Paraguay		—		301		—		301
Peru		—		2,385		—		2,385
Qatar		—		734		—		734
Saudi Arabia		—		1,905		—		1,905
South Africa		—		1,130		—		1,130
South Korea		—		1,164		—		1,164
Spain		—		3,951		—		3,951
Sweden		—		3,766		—		3,766
Switzerland		—		97,506		—		97,506
Trinidad and Tobago		—		1,751		—		1,751
Tunisia		—		560		—		560
Turkey		—		690		—		690
United Arab Emirates		—		1,841		—		1,841
United Kingdom		—		117,407		—		117,407
United States		—		3,832,411		38		3,832,449
Total Corporate Bonds		—		4,592,686		38		4,592,724
Equity-Linked Notes		—		671,539		—		671,539
Foreign Government Securities		—		187,565		—		187,565
Loan Assignments
Canada		—		7,390		—		7,390
France		—		3,352		—		3,352
Luxembourg		—		11,848		—		11,848
Netherlands		—		1,392		—		1,392
United Kingdom		—		464		—		464
United States		—		268,052		3,919		271,971
Total Loan Assignments		—		292,498		3,919		296,417

APRIL 30, 2021 J.P. MORGAN FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Income Builder Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Mortgage-Backed Securities	$	—		$	1,072	$	—		$	1,072
Preferred Stocks
United States		95,548			—		2,639			98,187
Rights		—			—		536			536
U.S. Government Agency Securities		—			3,354		—			3,354
U.S. Treasury Obligations		—			29,942		—			29,942
Warrants
United Kingdom		—			—		—	(a)		—	(a)
United States		967			—		57			1,024
Total Warrants		967			—		57			1,024
Short-Term Investments
Certificates of Deposit		—			1,235		—			1,235
Commercial Paper		—			3,039		—			3,039
Investment Companies		559,449			—		—			559,449
Investment of Cash Collateral from Securities Loaned		210,010			—		—			210,010
Total Short-Term Investments		769,459			4,274		—			773,733
Total Investments in Securities	$	3,659,608		$	9,279,955	$	553,561		$	13,493,124
Appreciation in Other Financial Instruments
Futures Contracts	$	3,059		$	—	$	—		$	3,059
Depreciation in Other Financial Instruments
Futures Contracts		(32,174	)		—		—			(32,174	)
Total Net Appreciation/ Depreciation in Other Financial Instruments	$	(29,115	)	$	—	$	—		$	(29,115	)

(a) Amount rounds to less than one thousand.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

Global Allocation Fund	Balance as of October 31, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of April 30, 2021
Investments in Securities:
Asset-Backed Securities	$	24,115		$	38		$	(38	)	$	23		$	—	$	(8,833	)	$	—	$	—		$	15,305
Collateralized Mortgage Obligations		32,785			206			285			2			—		(22,971	)		—		(1,536	)		8,771
Commercial Mortgage-Backed Securities		22,520			179			673			9			—		(15,725	)		4,586		—			12,242
Common Stocks		321			(19	)		95			—			—		(44	)		—		(16	)		337
Convertible Bonds		—	(a)		(163	)		163			—			—		—	(b)		—		—			—
Convertible Preferred Stocks		415			79			113			—			—		(102	)		—		—			505
Corporate Bonds		115			—			1			—			—		(115	)		—		—			1
Loan Assignments		1,036			—			(107	)		(1	)		10		(329	)		—		—			609
Preferred Stocks		45			—	(b)		2			—			—		(6	)		—		—			41
Rights		19			—	(b)		—			—			—		—			—		—			19
Warrants		31			5			50			—			2,052		(79	)		—		—			2,059
Total	$	81,402		$	325		$	1,237		$	33		$	2,062	$	(48,204	)	$	4,586	$	(1,552	)	$	39,889

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Value is zero.

(b) Amount rounds to less than one thousand.

146 J.P. MORGAN FUNDS APRIL 30, 2021

There were no significant transfers into or out of level 3 for the six months ended April 30, 2021.

Income Builder Fund	Balance as of October 31, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of April 30, 2021
Investments in Securities:
Asset-Backed Securities	$	248,311		$	1,478		$	(1,206	)	$	388		$	1,250	$	(97,960	)	$	22,768	$	(6,974	)	$	168,055
Collateralized Mortgage Obligations		202,468			254			2,699			3			17,222		(56,020	)		18,680		(21,536	)		163,770
Commercial Mortgage-Backed Securities		72,537			160			5,308			189			88,682		(9,865	)		48,972		(7,006	)		198,977
Common Stocks		7,496			(181	)		3,682			—			—		(1,169	)		—		(745	)		9,083
Convertible Bonds		—	(a)		(943	)		945			—			—		(2	)		—		—			—
Convertible Preferred Stocks		5,308			987			1,468			—			—		(1,276	)		—		—			6,487
Corporate Bonds		4,201			—	(a)		17			—			—		(4,180	)		—		—			38
Loan Assignments		7,495			—			(702	)		(12	)		535		(3,397	)		—		—			3,919
Preferred Stocks		2,623			17			111			—			303		(415	)		—		—			2,639
Rights		531			—			5			—			—		—			—		—			536
Warrants		809			—			1,177			—			—		(1,929	)		—		—			57
Total	$	551,779		$	1,772		$	13,504		$	568		$	107,992	$	(176,213	)	$	90,420	$	(36,261	)	$	553,561

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.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended April 30, 2021.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2021, which were valued using significant unobservable inputs (level 3) were as follows:

	Value
Global Allocation Fund	$	837
Income Builder Fund		15,666

These amounts are included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

The significant unobservable inputs used in the fair value measurement of the Funds’ investments are listed below. 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, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

APRIL 30, 2021 J.P. MORGAN FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Global Allocation Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at April 30, 2021			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	15,305		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (9.54%)
					Constant Default Rate		0.00% - 10.00% (2.37%)
					Yield (Discount Rate of Cash Flows)		0.83% - 6.45% (2.65%)
Asset-Backed Securities		15,305
		11,244		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (7.46%)
					Constant Default Rate		0.00% - 5.00% (0.37%)
					Yield (Discount Rate of Cash Flows)		1.83% - 199.00% (19.16%)
Commercial Mortgage-Backed Securities		11,244
		8,771		Discounted Cash Flow	Constant Prepayment Rate		1.00% - 25.00% (21.93%)
					Constant Default Rate		0.05% - 7.50% (0.43%)
					Yield (Discount Rate of Cash Flows)		1.82% - 5.50% (4.13%)
Collateralized Mortgage Obligation		8,771
		139		Market Comparable Companies	EBITDA Multiple (b)		5.0x - 6.0x (6.0x)
					Liquidity Discount		30.00% (30.00%)
Common Stocks		139
		—	(c)	Market Comparable Companies	EBITDA Multiple (b)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
Preferred Stocks		—	(c)
		609		Term of Restructuring	Expected Recovery		50.00% - 100.00% (99.35%)
Loan Assignments		609
		7		Market Comparable Companies	EBITDA Multiple (b)		4.8x (4.8x)
		—	(c)	Pending Distribution Amount	Expected Recovery		$0.01 ($0.01)
Warrants		7
Total	$	36,075

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At April 30, 2021, the value of these investments was $1,761. 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) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(c) Amount rounds to less than one thousand.

148 J.P. MORGAN FUNDS APRIL 30, 2021

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at April 30, 2021			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	849		Market Comparable Companies	EBITDA Multiple (b)		5.0x - 6.0x (6.0x)
					Liquidity Discount		0.00% - 30.00% (0.00%)
		78		Pending Distribution	Expected Recovery		$1.20
Common Stocks		927
		1		Market Comparable Companies	EBITDA Multiple (b)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
Preferred Stocks		1
		165,560		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (9.05%)
					Constant Default Rate		0.00% - 15.90% (2.55%)
					Yield (Discount Rate of Cash Flows)		(0.58%) - 8.28% (2.97%)
Asset-Backed Securities		165,560
		163,770		Discounted Cash Flow	Constant Prepayment Rate		2.00% - 30.00% (17.13%)
					Constant Default Rate		0.00% - 5.60% (0.11%)
					Yield (Discount Rate of Cash Flows)		1.77% - 9.23% (3.24%)
Collateralized Mortgage Obligations		163,770
		194,683		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.41%)
					Constant Default Rate		0.00% - 5.00% (0.02%)
					Yield (Discount Rate of Cash Flows)		1.83% - 199.00% (8.47%)
Commercial Mortgage-Backed Securities		194,683
		3,919		Terms of Restructuring	Expected Recovery		50.00% - 100.00% (99.07%)
Loan Assignments		3,919
		57		Market Comparable Companies	EBITDA Multiple (b)		4.8x (4.8x)
		—	(c)	Pending Distribution Amount	Expected Recovery		$0.01 ($0.01)
Warrants		57
Total	$	528,917

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At April 30, 2021, the value of these investments was $24,640. 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) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(c) Amount rounds to less than one thousand.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of April 30, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. Loan Assignments — The Funds invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Funds invest in loan assignments of all or a portion of the loans. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund’s rights may be more limited than the Lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, a Fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). A Fund may incur certain costs and delays in realizing payment on a loan assignment or suffer

APRIL 30, 2021 J.P. MORGAN FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a Fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower.

Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a Fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

D. Unfunded Commitments — The Funds 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.C.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Funds may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of Interest income from non-affiliates on the Statements of Operations.

At April 30, 2021, the Funds did not have any outstanding unfunded loan commitments.

E. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Funds purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the 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 the settlement date.

The Funds may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an “MSFTA”). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund’s transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund’s custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan. These amounts are not reflected on the Funds’ Statements of Assets and Liabilities.

The Funds had when-issued securities, delayed delivery securities or forward commitments outstanding as of April 30, 2021, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at April 30, 2021 are detailed on the SOIs.

F. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

150 J.P. MORGAN FUNDS APRIL 30, 2021

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2021.

	Investment Securities on Loan, at value, Presented on the Statements  of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to counterparty (not less than zero)
Global Allocation Fund	$	264,101	$	(264,101	)	$	—
Income Builder Fund		201,929		(201,929	)		—

* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended April 30, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Global Allocation Fund	$	3
Income Builder Fund		7

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

G. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

Global Allocation Fund

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Large Cap Value Fund Class R6 Shares (a)	$	—	$	45,000	$	47,123	$	2,123		$	—		$	—		—	$	—		$	—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a)(b)		139,690		1,679,180		1,583,113		(34	)		(12	)		235,711		235,593		93			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)		64,026		395,000		204,750		(6	)*		6			254,276		254,251		62	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		9,113		159,527		139,257		—			—			29,383		29,383		2	*		—
Total	$	212,829	$	2,278,707	$	1,974,243	$	2,083		$	(6	)	$	519,370			$	157		$	—

APRIL 30, 2021 J.P. MORGAN FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

Income Builder Fund

	For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.09% (a)(b)	$	67,470	$	507,133	$	468,405	$	(9	)	$	6	$	106,195		106,142	$	38		$	—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a)(b)		446,873		3,316,430		3,310,007		(44	)		2		453,254		453,027		131			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.11% (a)(b)		143,007		284,000		239,000		(27	)*		27		188,007		187,988		117	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a)(b)		16,419		140,731		135,147		—			—		22,003		22,003		3	*		—
Total	$	673,769	$	4,248,294	$	4,152,559	$	(80	)	$	35	$	769,459			$	289		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

H. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

I. Derivatives — The Funds used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent

152 J.P. MORGAN FUNDS APRIL 30, 2021

other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Funds.

Notes I(1) — I(4) below describe the various derivatives used by the Funds.

(1). Options — Global Allocation Fund purchased and/or sold (“wrote”) put and call options on various instruments including currencies, futures, securities and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolios 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 offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’s exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Futures Contracts — The Funds used currency, index, interest rate, 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 appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. 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

APRIL 30, 2021 J.P. MORGAN FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(3). Forward Foreign Currency Exchange Contracts — Global Allocation Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of the investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Swaps — Global Allocation engaged in various swap transactions to manage total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps 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’s OTC swap contracts are subject to master netting arrangements.

Total Return Basket Swaps

Global Allocation 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.

Under the terms of the agreement, each swap is designed to function as a portfolio of direct investments in long and/or short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as “financing costs” and net dividends. Positions within each swap, accrued financing costs and net dividends, are part of the periodic reset. During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty on swap contract on the Statements of Assets and Liabilities and as Net realized gain (loss) on transactions from swaps on the Statements of Operations.

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 one counterparty. Investing in swaps results in a form of leverage (i.e., the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the Statements of Assets and Liabilities).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash

154 J.P. MORGAN FUNDS APRIL 30, 2021

balances within the swap and/or other receivables (payables) from gains/(losses) realized when the swap resets; and (v) other factors, as applicable. The value of each swap is reflected on the Statements of Assets and Liabilities as Outstanding swap contracts, at value. Changes in the value of the swap are recognized as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations.

(5). Summary of Derivatives Information

The following tables present the value of derivatives held as of April 30, 2021 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

	Global Allocation Fund			Income Builder Fund
Equity Risk Exposure:
Unrealized Appreciation on Futures Contracts*	$	1,323		$	52
Purchased Options at Market Value		5,000			—
Unrealized Depreciation on Futures Contracts*		(9,103	)		—
Swaps at Value (Assets)		2,110
Foreign Exchange Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		4,818			3,007
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		2,018			—
Unrealized Depreciation on Futures Contracts*		(2,360	)		—
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(8,618	)		—
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		1,222			—
Unrealized Depreciation on Futures Contracts*		(6,132	)		(32,174	)
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		(10,232	)		(29,115	)
Swaps at Value		2,110
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		(6,600	)		—
Purchased Options at Market Value		5,000			—

* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2021, by primary underlying risk exposure:

	Global Allocation Fund			Income Builder Fund
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Equity Risk Exposure:
Futures Contracts	$	81,101		$	257
Purchased Options		18,171			—
Swap Contracts		4,864			—
Written Options		13			—
Foreign Exchange Rate Risk Exposure:
Futures Contracts		5,019			(19,043	)
Forward Foreign Currency Exchange Contracts		1,975			—
Interest Rate Risk Exposure:
Futures Contracts		3,180			(44,619	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		(5,680	)		13,640
Swap Contracts		2,920			—
Purchased Options		183			—
Foreign Exchange Rate Risk Exposure:
Futures Contracts		5,736			3,614
Forward Foreign Currency Exchange Contracts		(7,284	)		—
Swap Contracts
Futures Contracts		(5,900	)		(18,617	)

APRIL 30, 2021 J.P. MORGAN FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Derivatives Volume

The table below discloses the volume of the Funds’ options, futures contracts, forward foreign currency exchange contracts and swaps activity during the six months ended April 30, 2021. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

	Global Allocation Fund		Income Builder Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	343,996	$	60,934
Average Notional Balance Short		257,212		88,322
Ending Notional Balance Long		210,305		29,299
Ending Notional Balance Short		546,261		—
Futures Contracts — Foreign Exchange:
Average Notional Balance Long	$	730,456	$	124,001	(a)
Average Notional Balance Short		—		283,569
Ending Notional Balance Long		838,218		—
Ending Notional Balance Short		—		287,939
Futures Contracts — Interest Rate:
Average Notional Balance Long	$	436,961	$	1,815,832
Average Notional Balance Short		316,541		—
Ending Notional Balance Long		487,084		1,853,540
Ending Notional Balance Short		318,912		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	148,589		—
Average Settlement Value Sold		541,959		—
Ending Settlement Value Purchased		208,516		—
Ending Settlement Value Sold		786,245		—
Exchange-Traded Options:
Average Number of Contracts Purchased		4,397		—
Ending Number of Contracts Purchased		457		—
Total Return Basket Swaps:
Average Notional Balance Long	$	25,617		—
Ending Notional Balance Long		50,983		—

(a) For the period November 1, 2020 through November 30, 2020.

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding options, non-deliverable forward foreign currency exchange contracts and/or 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 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.F.), otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Funds is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Funds. These amounts are not reflected on the Funds’ Statements of Assets and Liabilities and are disclosed in the table below.

Global Allocation Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of April 30, 2021 are as follows:

Fund Counterparty	Value of swap contracts		Collateral amount
Bank of America, NA	$	2,110	$	(1,880	)

The Funds’ derivatives contracts held at April 30, 2021 are not accounted for as hedging instruments under GAAP.

J. Equity-Linked Notes — Income Builder Fund invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs’ values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board of JPM I, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the

156 J.P. MORGAN FUNDS APRIL 30, 2021

Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of April 30, 2021, Income Builder Fund had outstanding ELNs as listed on the SOI.

K. 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 Deposits at broker for securities sold short, while cash collateral deposited at the Fund’s custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported as Interest expense to non-affiliates on securities sold short on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of April 30, 2021, Global Allocation Fund had outstanding short sales as listed on its SOI.

L. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, and dividend expense on securities sold short are recorded on the ex-dividend date or when a Fund first learns of the dividend. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.

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.

M. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended April 30, 2021 are as follows:

	Class A		Class C		Class I		Class R2		Class R3			Class R4			Class R5			Class R6		Total
Global Allocation Fund
Transfer agency fees	$	13	$	13	$	13	$	1	$	—	(a)	$	—	(a)	$	—	(a)	$	3	$	43
Income Builder Fund
Transfer agency fees		63		47		30		n/a		n/a			n/a			n/a			3		143

(a) Amount rounds to less than one thousand.

APRIL 30, 2021 J.P. MORGAN FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

N. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

O. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

P. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least monthly for Income Builder Fund and declared and paid at least quarterly for Global Allocation Fund. 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.

Q. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Global Allocation Fund	0.55	%
Income Builder Fund	0.42

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended April 30, 2021, the effective annualized rate was 0.07% 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, a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Global Allocation Fund		0.25	%		0.75	%		0.50	%		0.25	%
Income Builder Fund		0.25			0.75			n/a			n/a

158 J.P. MORGAN FUNDS APRIL 30, 2021

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	40	$	—	(a)
Income Builder Fund		129		1

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			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.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
Global Allocation Fund		1.03	%		1.53	%		0.78	%		1.40	%		1.15	%		0.90	%		0.75	%		0.65	%
Income Builder Fund		0.75			1.25			0.60			n/a			n/a			n/a			n/a			0.52

The expense limitation agreements were in effect for the six months ended April 30, 2021 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2022.

For the six months ended April 30, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Global Allocation Fund	$	149	$	96	$	2,160	$	2,405	$	2
Income Builder Fund		—		—		13,164		13,164		582

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

APRIL 30, 2021 J.P. MORGAN FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2021 were as follows:

Global Allocation Fund	$	158
Income Builder Fund		324

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended April 30, 2021, 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended April 30, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government		Securities Sold Short		Covers on Securities Sold Short
Global Allocation Fund	$	2,659,819	$	2,130,645	$	47,815	$	25,874	$	178,485	$	173,227
Income Builder Fund		4,688,077		4,951,025		41,021		63,245		—		—

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2021 were as follows:

	Aggregate Cost		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund*	$	4,264,227	$	904,973	$	61,645	$	843,328
Income Builder Fund		12,058,934		1,576,460		171,385		1,405,075

* The tax cost includes the proceeds from short sales which may result in a net negative cost.

At October 31, 2020, the following Fund had net capital loss carryforwards which are available to offset future realized gains:

	Capital Loss Carryforward Character
	Short-Term		Long-Term
JPMorgan Income Builder Fund	$	58,864	$	18,110

During the year ended October 31, 2020, the following Fund utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Global Allocation Fund	$	24,999	$	7,095

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).

160 J.P. MORGAN FUNDS APRIL 30, 2021

The Funds had no borrowings outstanding from another fund during the six months ended April 30, 2021.

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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2021.

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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended April 30, 2021.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of 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		22.6	%
Income Builder Fund		1		16.4			3		32.6

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, 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 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 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. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

APRIL 30, 2021 J.P. MORGAN FUNDS 161

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of April 30, 2021, a significant portion of each Fund’s investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Funds do not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Funds to risks of mispricing or improper valuation.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap and option contracts, credit linked notes, exchange-traded notes, forward foreign currency exchange contracts and TBA 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. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

162 J.P. MORGAN FUNDS APRIL 30, 2021

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2020, and continued to hold your shares at the end of the reporting period, April 30, 2021.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2020		Ending Account Value April 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Global Allocation Fund
Class A
Actual	$	1,000.00	$	1,211.40	$	5.81		1.06	%
Hypothetical		1,000.00		1,019.54		5.31		1.06
Class C
Actual		1,000.00		1,208.10		8.54		1.56
Hypothetical		1,000.00		1,017.06		7.80		1.56
Class I
Actual		1,000.00		1,212.50		4.44		0.81
Hypothetical		1,000.00		1,020.78		4.06		0.81
Class R2
Actual		1,000.00		1,208.90		7.83		1.43
Hypothetical		1,000.00		1,017.70		7.15		1.43
Class R3
Actual		1,000.00		1,209.80		6.47		1.18
Hypothetical		1,000.00		1,018.94		5.91		1.18
Class R4
Actual		1,000.00		1,211.70		5.10		0.93
Hypothetical		1,000.00		1,020.18		4.66		0.93
Class R5
Actual		1,000.00		1,212.60		4.28		0.78
Hypothetical		1,000.00		1,020.93		3.91		0.78
Class R6
Actual		1,000.00		1,213.30		3.73		0.68
Hypothetical		1,000.00		1,021.42		3.41		0.68

APRIL 30, 2021 J.P. MORGAN FUNDS 163

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2020		Ending Account Value April 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Income Builder Fund
Class A
Actual	$	1,000.00	$	1,146.00	$	3.94		0.74	%
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class C
Actual		1,000.00		1,142.40		6.59		1.24
Hypothetical		1,000.00		1,018.65		6.21		1.24
Class I
Actual		1,000.00		1,146.50		3.14		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class R6
Actual		1,000.00		1,147.00		2.71		0.51
Hypothetical		1,000.00		1,022.27		2.56		0.51

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

164 J.P. MORGAN FUNDS APRIL 30, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation,

including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board of Trustees reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this

assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (5) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

APRIL 30, 2021 J.P. MORGAN FUNDS 165

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2021.  All rights reserved. April 2021 SAN-IB-GAL-421

Semi-Annual Report

J.P. Morgan Funds

April 30, 2021 (Unaudited)

JPMorgan Emerging Markets Strategic Debt Fund

CONTENTS

Letter to Shareholders	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	16
Financial Highlights	24
Notes to Financial Statements	26
Schedule of Shareholder Expenses	38
Liquidity Risk Management Program	39

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectuses for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

June 16, 2021 (Unaudited)

Dear Shareholders,

This year has brought a large measure of relief, hope and reflection on the pandemic and its impact on our families, our jobs and our world. It has also witnessed a remarkable rally in global equity markets, driven initially by investor expectations for an accelerated economic expansion and extended by surging corporate earnings and consumer spending.

�� “In the year ahead, J.P. Morgan Asset Management will continue to strive to adapt to new challenges and provide investors with innovative and durable solutions that are backed by our deep experience in risk management.” — Andrea L. Lisher

As leading central banks maintained ultra-low interest rates and governments continued to provide or increase massive fiscal stimulus and recovery programs, many investors sought opportunities for higher returns in global equity markets. For the six months ended April 30, 2021, the MSCI EAFE Index returned 29.13%, the S&P 500 Index returned 28.85% and the MSCI Emerging Markets Index returned 23.09%. Within fixed income markets, Bloomberg Barclays High Yield Index returned 7.97%, the Bloomberg Barclays Emerging Markets Index returned 2.33% and the Bloomberg Barclays U.S. Aggregate Index returned -1.52%.

The prospects for a diminishing pandemic have brightened in 2021, particularly in the U.S. and Western Europe where vaccination rates have accelerated. However, a surge of infections of COVID-19 and its variants in Brazil, India and elsewhere demonstrated that the global crisis is ongoing and spurred

leading industrialized nations together to pledge to provide one billon doses of vaccine to emerging market nations. Meanwhile, the accelerating economic rebound in the U.S. has raised investor concerns about the potential for rising inflation and supply chain disruptions, though U.S. Federal Reserve Chairman Jerome Powell has sought to reassure financial markets that upward pressure on prices — while stronger than expected — remains likely to be temporary.

At this point, it’s worth reflecting on the fact that many of those who remained fully invested in the face of unprecedented uncertainty in 2020 likely benefitted fully from the ensuing rally in global equity markets. In the year ahead, J.P. Morgan Asset Management will continue to strive to adapt to new challenges and provide investors with innovative and durable solutions that are backed by our deep experience in risk management. We will continue to seek to operate under the same fundamental practices and principles that have driven our success for more than a century and focus on the financial needs of our clients.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

APRIL 30, 2021 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	4.37%
J.P. Morgan Emerging Markets Bond Index Global Diversified	3.26%
Emerging Markets Strategic Debt Composite Benchmark**	3.82%
Net Assets as of 4/30/2021 (In Thousands)	$662,204
Duration as of 4/30/2021	5.8 Years

INVESTMENT OBJECTIVE***

The JPMorgan Emerging Markets Strategic Debt Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

Overall, emerging markets debt provided positive returns for the period as low yields on developed market sovereign debt fueled investor appetite for higher yields in emerging markets debt. However, the highest yielding emerging markets debt securities underperformed the broader market as investors pivoted away from bonds with the highest perceived risk toward the end of the period. Emerging markets debt generally underperformed emerging markets equity as investor expectations for the reopening of economies and subsequent surge in economic growth drove equity prices higher, globally.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares had a positive performance and outperformed both the J.P. Morgan Emerging Markets Bond Index Global Diversified (the “Index”) and the Emerging Markets Strategic Debt Composite Benchmark (the “Composite Benchmark”) for the six months ended April 30, 2021.

Relative to the Index, the Fund’s country allocations and overall security selection were leading contributors to performance. Leading country contributors to relative performance included the Fund’s overweight position in Mexico and its underweight positions in the Philippines and Nigeria. In Mexico, the Fund’s

exposure to the quasi-sovereign debt of Petroleos Mexicanos SA benefitted from a general rebound in global energy prices during most of the period. In the Philippines, investor concerns about the direction of interest rate policy and lower-than-expected remittances from Filipinos living abroad hurt bond prices. In Nigeria, bond prices were hurt by weakness in petroleum prices late in the period.

The Fund’s overweight positions in Paraguay, Sri Lanka and Costa Rica were leading detractors from performance relative to the Index. In Paraguay, bond prices were hurt late in the period as investors sold less-liquid issues following a runup in prices earlier in the period. In Sri Lanka, bond prices fell amid investor expectations the nation may default on bond payments in 2021 or 2022 due to the pandemic’s impact on tourism and garment exports, the nation’s largest sources of foreign currency reserves. In Costa Rica, bond prices fell amid investor concerns about fiscal policy and the potential to hinder lending from multilateral entities.

Relative to the Composite Benchmark, the Fund’s allocation to investment grade emerging markets debt contributed to performance, while the Fund’s allocation to higher yielding debt detracted from performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers decreased the overall duration and at the end of the period held shorter duration than the Index. The Fund also increased its exposure in corporate bonds and local-currency denominated debt and decreased its exposure to sovereign debt.

2 J.P. MORGAN FUNDS APRIL 30, 2021

PORTFOLIO COMPOSITION BY SECURITY TYPE AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Foreign Government Securities		67.6	%
Corporate Bonds		30.1
Others (each less than 1.0%)		0.1
Short-Term Investments		2.2

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
Mexico		9.4	%
Brazil		6.1
South Africa		5.4
Egypt		4.3
Dominican Republic		4.2
Ukraine		3.6
Bahrain		2.6
Colombia		2.6
Nigeria		2.6
Turkey		2.4
Oman		2.3
Panama		2.3
Indonesia		2.0
Serbia		1.9
Romania		1.9
Kazakhstan		1.9
China		1.9
Ecuador		1.9
Ivory Coast		1.8
Saudi Arabia		1.8
Chile		1.8
Pakistan		1.7

PORTFOLIO COMPOSITION BY COUNTRY AS OF APRIL 30, 2021	PERCENT OF TOTAL INVESTMENTS
United Arab Emirates		1.6	%
Paraguay		1.5
Morocco		1.5
Kenya		1.5
Peru		1.4
Russia		1.4
Ghana		1.3
El Salvador		1.3
Thailand		1.2
Sri Lanka		1.2
Angola		1.2
Argentina		1.2
Philippines		1.1
Jamaica		1.1
India		1.0
Jordan		1.0
Others (each less than 1.0%)		10.9
Short-Term Investments		2.2

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The Emerging Markets Strategic Debt Composite Benchmark is made up of an equally weighted average of the J.P. Morgan Emerging Markets Bond Index Global Diversified, the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified and the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified.

*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

APRIL 30, 2021 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2021
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	June 29, 2012
With Sales Charge**			0.36	%		12.81	%		1.83	%		(1.05	)%
Without Sales Charge			4.32			17.25			2.62			(0.62	)
CLASS C SHARES	June 29, 2012
With CDSC***			2.97			15.41			2.09			(1.07	)
Without CDSC			3.97			16.41			2.09			(1.07	)
CLASS I SHARES	June 29, 2012		4.37			17.38			2.84			(0.39	)
CLASS R2 SHARES	June 29, 2012		4.21			16.85			2.35			(0.87	)
CLASS R6 SHARES	June 29, 2012		4.58			17.78			3.12			(0.12	)

* Not annualized.

** Sales Charge for Class A Shares is 3.75%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (6/29/12 TO 4/30/21)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111. Effective September 30, 2016, some of the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund were managed using the current strategies.

The Fund commenced operations on June 29, 2012.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Emerging Markets Strategic Debt Fund, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified and Emerging Markets Strategic Debt Composite Benchmark from June 29, 2012 to April 30, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified and the Emerging Markets Strategic Debt Composite Benchmark do not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of fund expenses, including sales charges if applicable. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds and

Eurobonds. The diversified index limits the exposure of some of the larger countries. The Emerging Markets Strategic Debt Composite Benchmark is comprised of unmanaged indices that include an equally weighted average of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified, J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN FUNDS APRIL 30, 2021

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — 66.3%
Angola — 1.2%
Republic of Angola
9.50%, 11/12/2025 (a)		1,100		1,205
8.00%, 11/26/2029 (b)		3,610		3,637
9.38%, 5/8/2048 (a)		2,806		2,885
				7,727
Argentina — 1.2%
Argentine Republic
1.00%, 7/9/2029		415		156
0.12%, 7/9/2030 (c)		5,717		2,043
0.12%, 7/9/2035 (c)		10,490		3,300
0.12%, 1/9/2038 (c)		1,979		744
0.12%, 7/9/2041 (c)		4,050		1,437
				7,680
Armenia — 0.3%
Republic of Armenia 3.60%, 2/2/2031 (b)		2,400		2,196
Azerbaijan — 0.1%
Republic of Azerbaijan 3.50%, 9/1/2032 (a)		500		503
Bahrain — 2.3%
Kingdom of Bahrain
6.13%, 8/1/2023 (a)		500		538
7.00%, 1/26/2026 (a)		6,600		7,571
7.00%, 10/12/2028 (a)		1,010		1,132
6.75%, 9/20/2029 (a)		3,094		3,400
5.45%, 9/16/2032 (a)		1,150		1,138
6.00%, 9/19/2044 (a)		650		604
7.50%, 9/20/2047 (a)		600		631
				15,014
Belarus — 0.7%
Republic of Belarus
6.88%, 2/28/2023 (a)		450		459
6.38%, 2/24/2031 (b)		4,658		4,430
				4,889
Benin — 0.3%
Benin Government Bond 6.88%, 1/19/2052 (b)		EUR 1,363		1,721
Bermuda — 0.3%
Bermuda Government Bond
4.85%, 2/6/2024 (a)		643		706
3.72%, 1/25/2027 (a)		250		272
2.38%, 8/20/2030 (b)		524		515
3.38%, 8/20/2050 (b)		612		602
				2,095

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Bolivia, Plurinational State of — 0.1%
Plurinational State of Bolivia 4.50%, 3/20/2028 (a)		1,000		898
Brazil — 2.8%
Federative Republic of Brazil
2.88%, 6/6/2025		760		776
3.88%, 6/12/2030		640		634
5.63%, 1/7/2041		2,700		2,877
4.75%, 1/14/2050		350		328
Notas do Tesouro Nacional
6.00%, 8/15/2028		BRL 15,000		11,222
6.00%, 8/15/2050		BRL 3,000		2,423
				18,260
Colombia — 1.3%
Republic of Colombia
4.50%, 3/15/2029		2,050		2,231
3.13%, 4/15/2031		700		684
5.00%, 6/15/2045		4,691		4,965
4.13%, 5/15/2051		613		576
				8,456
Costa Rica — 0.7%
Republic of Costa Rica
4.25%, 1/26/2023 (a)		450		457
6.13%, 2/19/2031 (a)		1,300		1,352
5.63%, 4/30/2043 (a)		2,850		2,648
				4,457
Dominican Republic — 4.1%
Dominican Republic Government Bond
6.88%, 1/29/2026 (a)		6,500		7,596
4.50%, 1/30/2030 (b)		4,400		4,562
4.50%, 1/30/2030 (a)		250		259
4.88%, 9/23/2032 (b)		4,520		4,729
5.30%, 1/21/2041 (b)		739		751
6.50%, 2/15/2048 (a)		200		219
6.40%, 6/5/2049 (a)		3,270		3,543
6.40%, 6/5/2049 (b)		2,040		2,211
5.88%, 1/30/2060 (b)		3,210		3,186
				27,056
Ecuador — 1.8%
Republic of Ecuador
Zero Coupon, 7/31/2030 (b)		429		235
0.50%, 7/31/2030 (a) (c)		1,523		1,275
0.50%, 7/31/2030 (b) (c)		3,627		3,038

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Ecuador — continued
0.50%, 7/31/2035 (b) (c)		3,475		2,363
0.50%, 7/31/2040 (b) (c)		8,198		4,847
				11,758
Egypt — 4.2%
Arab Republic of Egypt
14.31%, 10/13/2023		EGP 21,000		1,341
5.75%, 5/29/2024 (b)		2,900		3,068
5.88%, 6/11/2025 (a)		500		531
3.88%, 2/16/2026 (b)		1,912		1,862
14.48%, 4/6/2026		EGP 26,000		1,656
7.50%, 1/31/2027 (a)		3,450		3,792
6.59%, 2/21/2028 (a)		3,000		3,111
5.88%, 2/16/2031 (b)		1,301		1,251
7.05%, 1/15/2032 (b)		2,640		2,702
8.50%, 1/31/2047 (a)		1,233		1,273
8.88%, 5/29/2050 (a)		5,750		6,049
8.15%, 11/20/2059 (b)		1,250		1,229
				27,865
El Salvador — 1.2%
Republic of El Salvador
7.75%, 1/24/2023 (a)		75		79
5.88%, 1/30/2025 (a)		620		638
8.63%, 2/28/2029 (a)		1,370		1,531
7.63%, 2/1/2041 (a)		2,100		2,157
7.12%, 1/20/2050 (a)		2,650		2,510
9.50%, 7/15/2052 (b)		810		915
				7,830
Ethiopia — 0.4%
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a)		3,067		2,931
Gabon — 0.2%
Gabonese Republic
6.38%, 12/12/2024 (a)		359		378
6.95%, 6/16/2025 (a)		402		428
6.63%, 2/6/2031 (b)		500		503
				1,309
Ghana — 1.3%
Republic of Ghana
7.63%, 5/16/2029 (a)		3,150		3,189
10.75%, 10/14/2030 (a)		770		972
8.13%, 3/26/2032 (a)		2,100		2,111

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Ghana — continued
8.63%, 6/16/2049 (a)		2,550		2,469
				8,741
Guatemala — 0.8%
Republic of Guatemala
4.90%, 6/1/2030 (b)		2,100		2,337
5.38%, 4/24/2032 (b)		900		1,033
6.13%, 6/1/2050 (b)		1,650		1,980
				5,350
Honduras — 0.0% (d)
Republic of Honduras 5.63%, 6/24/2030 (b)		280		294
Iraq — 0.9%
Republic of Iraq 5.80%, 1/15/2028 (a)		6,388		6,157
Ivory Coast — 1.8%
Republic of Cote d’Ivoire
4.88%, 1/30/2032 (b)		EUR 308		372
6.13%, 6/15/2033 (a)		1,289		1,365
6.88%, 10/17/2040 (a)		EUR 7,200		9,367
6.63%, 3/22/2048 (a)		EUR 650		814
				11,918
Jamaica — 1.0%
Jamaica Government Bond
6.75%, 4/28/2028		2,750		3,257
8.00%, 3/15/2039		961		1,350
7.88%, 7/28/2045		1,605		2,222
				6,829
Jordan — 1.0%
Hashemite Kingdom of Jordan
5.75%, 1/31/2027 (a)		650		690
5.85%, 7/7/2030 (b)		5,470		5,653
				6,343
Kazakhstan — 1.4%
Republic of Kazakhstan
Zero Coupon, 1/20/2022 (b)		KZT 520,000		1,135
Zero Coupon, 1/20/2022 ‡ (b)		KZT 999,677		2,181
1.50%, 9/30/2034 (a)		EUR 4,850		5,860
				9,176
Kenya — 1.4%
Republic of Kenya
6.88%, 6/24/2024 (a)		3,950		4,369
8.00%, 5/22/2032 (a)		1,050		1,149

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Kenya — continued
8.25%, 2/28/2048 (a)		3,750		4,007
				9,525
Lebanon — 0.2%
Lebanese Republic
6.38%, 3/9/2020 (e)		3,165		393
6.15%, 6/19/2020 (e)		1,450		178
6.85%, 3/23/2027 (a) (e)		5,000		635
6.65%, 2/26/2030 (a) (e)		708		90
				1,296
Malaysia — 0.2%
1MDB Global Investments Ltd. 4.40%, 3/9/2023 (a)		1,400		1,412
Mexico — 2.5%
Mex Bonos Desarr Fix Rt 7.75%, 11/13/2042		MXN 111,360		5,440
United Mexican States
3.75%, 1/11/2028		2,150		2,328
4.50%, 4/22/2029		2,700		3,030
4.75%, 3/8/2044		250		265
4.60%, 2/10/2048		750		770
3.77%, 5/24/2061		3,548		3,144
3.75%, 4/19/2071		1,653		1,440
5.75%, 10/12/2110		400		453
				16,870
Morocco — 0.7%
Kingdom of Morocco
1.50%, 11/27/2031 (a)		EUR 2,000		2,259
3.00%, 12/15/2032 (b)		693		658
5.50%, 12/11/2042 (a)		1,382		1,533
4.00%, 12/15/2050 (b)		456		411
				4,861
Mozambique — 0.1%
Republic of Mozambique 5.00%, 9/15/2031 (b) (c)		700		572
Nigeria — 2.2%
Federal Republic of Nigeria
7.63%, 11/21/2025 (a)		3,650		4,142
6.50%, 11/28/2027 (a)		1,000		1,054
7.14%, 2/23/2030 (a)		300		318
7.88%, 2/16/2032 (a)		5,064		5,434
7.70%, 2/23/2038 (a)		1,300		1,335

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Nigeria — continued
7.63%, 11/28/2047 (a)		2,300		2,306
				14,589
Oman — 2.3%
Sultanate of Oman Government Bond
4.88%, 2/1/2025 (b)		4,807		5,035
5.38%, 3/8/2027 (a)		3,544		3,684
6.00%, 8/1/2029 (a)		209		221
6.25%, 1/25/2031 (b)		2,750		2,953
6.75%, 1/17/2048 (a)		2,722		2,718
7.00%, 1/25/2051 (b)		513		524
				15,135
Pakistan — 1.6%
Islamic Republic of Pakistan
6.00%, 4/8/2026 (b)		3,459		3,554
7.38%, 4/8/2031 (b)		4,073		4,277
8.88%, 4/8/2051 (b)		2,690		2,878
				10,709
Panama — 1.1%
Republic of Panama
3.88%, 3/17/2028		2,100		2,309
4.50%, 4/1/2056		1,080		1,186
3.87%, 7/23/2060		4,050		4,036
				7,531
Paraguay — 1.1%
Republic of Paraguay
2.74%, 1/29/2033 (b)		769		731
6.10%, 8/11/2044 (a)		1,368		1,639
5.40%, 3/30/2050 (b)		4,325		4,872
				7,242
Peru — 0.2%
Republic of Peru
5.94%, 2/12/2029 (b)		PEN 670		192
5.63%, 11/18/2050		700		928
				1,120
Philippines — 1.0%
Republic of Philippines
3.70%, 2/2/2042		1,450		1,534
2.95%, 5/5/2045		5,650		5,409
				6,943

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Romania — 1.9%
Romania Government Bond
3.62%, 5/26/2030 (b)		EUR 1,650		2,284
2.63%, 12/2/2040 (b)		EUR 1,454		1,714
4.63%, 4/3/2049 (a)		EUR 5,689		8,448
				12,446
Russia — 1.3%
Russian Federation
12.75%, 6/24/2028 (a)		3,900		6,483
5.10%, 3/28/2035 (a)		2,000		2,352
				8,835
Saudi Arabia — 0.9%
Kingdom of Saudi Arabia
4.38%, 4/16/2029 (a)		850		970
2.25%, 2/2/2033 (b)		1,502		1,417
5.00%, 4/17/2049 (a)		400		482
4.50%, 4/22/2060 (b)		1,200		1,359
3.45%, 2/2/2061 (b)		1,980		1,859
				6,087
Senegal — 0.7%
Republic of Senegal
6.25%, 7/30/2024 (a)		1,900		2,068
6.75%, 3/13/2048 (a)		2,650		2,659
				4,727
Serbia — 1.9%
Republic of Serbia
4.50%, 1/11/2026		RSD 239,890		2,660
5.88%, 2/8/2028		RSD 50,000		612
1.50%, 6/26/2029 (b)		EUR 5,400		6,411
2.13%, 12/1/2030 (b)		1,288		1,187
1.65%, 3/3/2033 (b)		EUR 1,375		1,587
				12,457
South Africa — 4.2%
Republic of South Africa
4.88%, 4/14/2026		2,200		2,344
2.60%, 3/31/2028		ZAR 87,550		5,847
4.85%, 9/30/2029		4,750		4,908
8.88%, 2/28/2035		ZAR 150,000		8,897
5.00%, 10/12/2046		1,150		1,034
5.75%, 9/30/2049		4,960		4,767
				27,797

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Sri Lanka — 1.2%
Democratic Socialist Republic of Sri Lanka
5.75%, 4/18/2023 (a)		2,050		1,482
6.35%, 6/28/2024 (b)		520		361
6.85%, 11/3/2025 (a)		1,700		1,124
6.20%, 5/11/2027 (a)		2,350		1,525
6.75%, 4/18/2028 (a)		458		297
7.85%, 3/14/2029 (a)		4,560		2,963
				7,752
Thailand — 1.2%
Kingdom of Thailand 1.60%, 12/17/2029		THB 250,000		7,950
Trinidad and Tobago — 0.5%
Republic of Trinidad and Tobago 4.50%, 6/26/2030 (b)		3,080		3,219
Turkey — 2.4%
Republic of Turkey
5.75%, 3/22/2024		1,550		1,573
4.25%, 4/14/2026		3,350		3,127
5.13%, 2/17/2028		2,950		2,774
7.63%, 4/26/2029		750		797
5.95%, 1/15/2031		1,350		1,272
4.88%, 4/16/2043		7,587		5,848
Turkiye Ihracat Kredi Bankasi A/S 8.25%, 1/24/2024 (b)		340		364
				15,755
Ukraine — 3.5%
Ukraine Government Bond
7.75%, 9/1/2023 (a)		4,250		4,524
8.99%, 2/1/2024 (a)		6,000		6,594
7.75%, 9/1/2024 (a)		1,450		1,556
15.84%, 2/26/2025 (a)		UAH 45,620		1,738
7.75%, 9/1/2025 (a)		2,800		3,010
7.75%, 9/1/2027 (a)		713		764
7.25%, 3/15/2033 (a)		4,850		4,860
				23,046
United Arab Emirates — 0.1%
United Arab Emirates Government Bond 4.00%, 7/28/2050 (b)		710		619
Uruguay — 0.2%
Oriental Republic of Uruguay 7.88%, 1/15/2033		900		1,353

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Venezuela, Bolivarian Republic of — 0.1%
Bolivarian Republic of Venezuela
7.75%, 10/13/2019 (a) (e)		91		9
12.75%, 8/23/2022 (a) (e)		1,470		147
9.25%, 5/7/2028 (a) (e)		2,130		218
				374
Zambia — 0.2%
Republic of Zambia
5.38%, 9/20/2022 (a) (e)		650		391
8.97%, 7/30/2027 (a) (e)		2,045		1,231
				1,622
Total Foreign Government Securities (Cost $447,437)				439,297
Corporate Bonds — 29.5%
Azerbaijan — 0.7%
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030 (a)		3,950		4,862
Bahrain — 0.3%
Oil and Gas Holding Co. BSCC (The)
7.63%, 11/7/2024 (b)		500		558
8.38%, 11/7/2028 (b)		1,100		1,280
				1,838
Belarus — 0.1%
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (b)		870		850
Brazil — 3.3%
Atento Luxco 1 SA 8.00%, 2/10/2026 (b)		1,385		1,505
Banco do Estado do Rio Grande do Sul SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.93%), 5.38%, 1/28/2031 (b) (f)		1,611		1,570
Gerdau Trade, Inc. 4.88%, 10/24/2027 (a)		1,760		1,960
Guara Norte SARL 5.20%, 6/15/2034 (b)		1,008		1,012
GUSAP III LP 4.25%, 1/21/2030 (a)		3,000		3,153
Iochpe-Maxion Austria GmbH 5.00%, 5/7/2028 (b)		3,092		3,028
Klabin Austria GmbH 5.75%, 4/3/2029 (a)		2,700		3,000
Movida Europe SA 5.25%, 2/8/2031 (b)		1,370		1,342
Prumo Participacoes e Investimentos S/A 7.50%, 12/31/2031 (b)		413		459
Simpar Europe SA 5.20%, 1/26/2031 (b)		1,301		1,311
Suzano Austria GmbH 6.00%, 1/15/2029		2,750		3,213
				21,553

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chile — 1.7%
Celulosa Arauco y Constitucion SA 4.25%, 4/30/2029 (b)		5,050		5,498
Empresa de los Ferrocarriles del Estado 3.07%, 8/18/2050 (b)		376		328
Empresa de Transporte de Pasajeros Metro SA 5.00%, 1/25/2047 (a)		400		463
Empresa Nacional del Petroleo
5.25%, 11/6/2029 (b)		2,750		3,064
4.50%, 9/14/2047 (a)		400		395
Inversiones CMPC SA 3.00%, 4/6/2031 (b)		1,685		1,671
				11,419
China — 1.9%
Avi Funding Co. Ltd. 3.80%, 9/16/2025 (a)		900		986
Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021 (a)		1,100		1,102
Country Garden Holdings Co. Ltd. 3.88%, 10/22/2030 (a)		1,920		1,884
Huarong Finance 2019 Co. Ltd. 3.88%, 11/13/2029 (a)		1,920		1,409
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026 (a)		450		493
New Metro Global Ltd.
6.50%, 5/20/2022 (a)		720		733
4.80%, 12/15/2024 (a)		1,980		1,969
RKPF Overseas 2019 A Ltd. 6.00%, 9/4/2025 (a)		313		324
Sunac China Holdings Ltd. 7.00%, 7/9/2025 (a)		1,940		1,988
Yuzhou Group Holdings Co. Ltd. 8.50%, 2/26/2024 (a)		1,550		1,438
				12,326
Colombia — 1.3%
Banco Davivienda SA (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.10%), 6.65%, 4/22/2031 (b) (f) (g) (h)		1,437		1,461
Ecopetrol SA
6.88%, 4/29/2030		1,900		2,299
5.88%, 5/28/2045		2,840		3,022
Empresas Publicas de Medellin ESP 4.25%, 7/18/2029 (b)		1,520		1,529
				8,311
Costa Rica — 0.2%
Instituto Costarricense de Electricidad 6.95%, 11/10/2021 (a)		600		608
6.38%, 5/15/2043 (a)		500		427
				1,035

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Ecuador — 0.1%
Petroamazonas EP 4.63%, 12/6/2021 (b)		540		524
El Salvador — 0.1%
AES El Salvador Trust II 6.75%, 3/28/2023 (a)		800		798
Georgia — 0.1%
Georgian Railway JSC 7.75%, 7/11/2022 (a)		750		790
Guatemala — 0.1%
Banco Industrial SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.44%), 4.88%, 1/29/2031 (b) (f)		590		607
India — 1.0%
Continuum Energy Levanter Pte. Ltd. 4.50%, 2/9/2027 (b)		771		781
Greenko Dutch BV 3.85%, 3/29/2026 (b)		4,235		4,292
India Green Power Holdings 4.00%, 2/22/2027 (b)		1,517		1,515
				6,588
Indonesia — 1.9%
Indonesia Asahan Aluminium Persero PT 6.76%, 11/15/2048 (a)		3,400		4,340
Pertamina Persero PT
5.63%, 5/20/2043 (a)		1,820		2,102
4.70%, 7/30/2049 (a)		388		411
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.13%, 5/15/2027 (a)		600		646
3.88%, 7/17/2029 (b)		1,940		2,038
5.25%, 5/15/2047 (a)		500		554
4.88%, 7/17/2049 (b)		2,510		2,685
				12,776
Israel — 0.5%
Energean Israel Finance Ltd.
4.88%, 3/30/2026 (a)		653		674
5.38%, 3/30/2028 (a)		664		685
Leviathan Bond Ltd.
6.13%, 6/30/2025 (a)		661		724
6.50%, 6/30/2027 (a)		717		795
6.75%, 6/30/2030 (a)		413		462
				3,340
Kazakhstan — 0.5%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (a)		386		517
KazTransGas JSC 4.38%, 9/26/2027 (a)		1,200		1,336

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Kazakhstan — continued
Tengizchevroil Finance Co. International Ltd. 3.25%, 8/15/2030 (a)		1,300		1,326
				3,179
Kuwait — 0.3%
MEGlobal Canada ULC 5.00%, 5/18/2025 (a)		1,750		1,958
Macau — 0.3%
Sands China Ltd.
5.13%, 8/8/2025		890		991
5.40%, 8/8/2028		870		986
				1,977
Malaysia — 0.3%
Gohl Capital Ltd. 4.25%, 1/24/2027 (a)		1,860		1,967
Mexico — 6.7%
Banco Mercantil del Norte SA
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029 (a) (f) (g) (h)		1,820		2,004
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 7.76%), 8.38%, 10/14/2030 (b) (f) (g) (h)		394		464
Banco Nacional de Comercio Exterior SNC
4.38%, 10/14/2025 (a)		500		550
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026 (a) (f)		500		500
Cemex SAB de CV
3.88%, 7/11/2031 (b)		1,460		1,439
3.88%, 7/11/2031 (a)		660		651
Cometa Energia SA de CV 6.38%, 4/24/2035 (a)		998		1,128
Comision Federal de Electricidad
3.35%, 2/9/2031 (b)		3,569		3,425
4.68%, 2/9/2051 (b)		1,878		1,743
FEL Energy VI SARL 5.75%, 12/1/2040 (a)		1,890		1,965
Petroleos Mexicanos
(ICE LIBOR USD 3 Month + 3.65%), 3.83%, 3/11/2022 (f)		799		809
5.38%, 3/13/2022		1,300		1,333
3.50%, 1/30/2023		500		508
6.49%, 1/23/2027		4,103		4,339
5.35%, 2/12/2028		6,720		6,577
6.75%, 9/21/2047		831		736
7.69%, 1/23/2050		14,952		14,391
6.95%, 1/28/2060		2,209		1,942
				44,504

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS APRIL 30, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Morocco — 0.7%
OCP SA 6.88%, 4/25/2044 (a)		3,950		4,761
Nigeria — 0.3%
IHS Netherlands Holdco BV 8.00%, 9/18/2027 (a)		1,810		1,964
Panama — 1.1%
Aeropuerto Internacional de Tocumen SA 6.00%, 11/18/2048 (a)		694		741
AES Panama Generation Holdings SRL
4.38%, 5/31/2030 (a)		3,100		3,203
4.38%, 5/31/2030 (b)		1,450		1,499
Banco Nacional de Panama 2.50%, 8/11/2030 (b)		866		826
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (b)		850		932
				7,201
Paraguay — 0.4%
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (b)		3,356		2,445
Peru — 1.2%
Nexa Resources SA
6.50%, 1/18/2028 (b)		1,320		1,472
6.50%, 1/18/2028 (a)		400		446
Peru LNG Srl 5.38%, 3/22/2030 (a)		1,980		1,651
Petroleos del Peru SA
4.75%, 6/19/2032 (a)		2,100		2,135
5.63%, 6/19/2047 (a)		2,000		2,040
				7,744
Saudi Arabia — 0.9%
Saudi Arabian Oil Co.
3.50%, 4/16/2029 (a)		4,200		4,491
3.50%, 11/24/2070 (b)		1,357		1,231
				5,722
South Africa — 1.1%
Eskom Holdings SOC Ltd.
6.75%, 8/6/2023 (a)		3,900		4,074
8.45%, 8/10/2028 (a)		835		921
FirstRand Bank Ltd. (USD Swap Semi 5 Year + 3.56%), 6.25%, 4/23/2028 (a) (f)		1,880		1,990
Transnet SOC Ltd. 4.00%, 7/26/2022 (a)		600		609
				7,594

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tanzania, United Republic of — 0.1%
HTA Group Ltd. 7.00%, 12/18/2025 (b)		746		794
Trinidad and Tobago — 0.1%
Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026 (b)		800		895
Tunisia — 0.6%
Banque Centrale de Tunisie International Bond
5.63%, 2/17/2024 (a)		EUR 3,072		3,505
6.38%, 7/15/2026 (a)		EUR 240		271
				3,776
Ukraine — 0.0% (d)
State Savings Bank of Ukraine 9.62%, 3/20/2025 (a) (c)		240		254
United Arab Emirates — 1.4%
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (a)		850		974
EA Partners I BV 6.88%, 9/28/2020 (a) (e)		2,751		42
EA Partners II BV 6.75%, 6/1/2021 (a) (e)		1,076		452
First Abu Dhabi Bank PJSC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.14%), 4.50%, 4/5/2026 (a) (f) (g) (h)		1,900		2,018
MDGH — GMTN BV 3.70%, 11/7/2049 (b)		5,850		6,061
				9,547
United Kingdom — 0.2%
CK Hutchison Capital Securities 17 Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.07%), 4.00%, 5/12/2022 (a) (f) (g) (h)		1,075		1,090
Venezuela, Bolivarian Republic of — 0.0% (d)
Petroleos de Venezuela SA 8.50%, 10/27/2020 (a) (e)		624		150
9.00%, 11/17/2021 (a) (e)		1,240		54
12.75%, 2/17/2022 (a) (e)		770		34
5.38%, 4/12/2027 (a) (e)		730		32
				270
Total Corporate Bonds (Cost $200,530)				195,259
Supranational — 0.1%
Banque Ouest Africaine de Developpement 2.75%, 1/22/2033 (b) (Cost $397)		EUR 329		411

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 11

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Options Purchased — 0.0% (d)
Call Options Purchased — 0.0% (d)
United States — 0.0% (d)
Foreign Exchange USD/MXN 7/21/2021 at USD 21.06, Vanilla, European Style Notional Amount: USD 19,988 Counterparty: Goldman Sachs International * (Cost $218)		19,988		283
Short-Term Investments — 2.2%
Foreign Government Treasury Bills — 0.8%
Egypt Treasury Bills
13.07%, 11/16/2021 (i)		EGP 63,500		3,783
13.22%, 2/1/2022 (i)		EGP 29,850		1,733
Total Foreign Government Treasury Bills (Cost $5,532)				5,516

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment Companies — 1.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (j) (k) (Cost $8,859)		8,854		8,859
Total Short-Term Investments (Cost $14,391)				14,375
Total Investments — 98.1% (Cost $662,973)				649,625
Other Assets Less Liabilities — 1.9%				12,579
NET ASSETS — 100.0%				662,204

Percentages indicated are based on net assets.

Abbreviations

BRL	Brazilian Real
EGP	Egyptian Pound
EUR	Euro
GMTN	Global medium term note
ICE	Intercontinental Exchange
JSC	Joint Stock Company
KZT	Kazakhstan Tenge
LIBOR	London Interbank Offered Rate
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
PJSC	Public Joint Stock Company
PT	Limited liability company
RSD	Serbian dinar
THB	Thai Baht
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)	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 April 30, 2021.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	Defaulted security.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2021.
(g)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2021.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	The rate shown is the effective yield as of April 30, 2021.
(j)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(k)	The rate shown is the current yield as of April 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 2021 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
Euro-Bund	(93)		06/2021		EUR		(19,017	)		129

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS APRIL 30, 2021

Abbreviations
EUR	Euro

Forward foreign currency exchange contracts outstanding as of April 30, 2021 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
CAD	81	USD	65	BNP Paribas		5/27/2021		1
CAD	2,102	USD	1,680	Goldman Sachs International		5/27/2021		30
CLP	589,240	USD	829	Citibank, NA**		5/27/2021		—	(a)
CZK	18,149	EUR	698	BNP Paribas		5/27/2021		4
CZK	34,775	USD	1,603	Citibank, NA		5/27/2021		14
EUR	702	PLN	3,192	BNP Paribas		5/27/2021		3
IDR	24,660,336	USD	1,689	Citibank, NA**		5/27/2021		12
INR	305,306	USD	4,042	Citibank, NA**		5/27/2021		59
INR	62,171	USD	831	Merrill Lynch International**		5/27/2021		4
PLN	12,712	USD	3,336	HSBC Bank, NA		5/27/2021		17
RUB	123,682	USD	1,627	Goldman Sachs International**		5/27/2021		13
RUB	3,306	USD	43	Standard Chartered Bank**		5/27/2021		1
THB	51,730	USD	1,658	Goldman Sachs International		5/27/2021		3
USD	840	CLP	592,943	BNP Paribas**		5/27/2021		6
USD	841	CLP	589,240	Citibank, NA**		5/27/2021		12
USD	848	CLP	595,175	Goldman Sachs International**		5/27/2021		11
USD	1,653	IDR	23,946,804	Citibank, NA**		5/27/2021		1
USD	835	KRW	931,120	BNP Paribas**		5/27/2021		2
USD	1,653	MXN	33,163	Goldman Sachs International		5/27/2021		20
USD	774	TRY	6,376	Standard Chartered Bank		5/27/2021		13
USD	1,746	ZAR	25,097	Barclays Bank plc		5/27/2021		21
ZAR	12,161	USD	834	Barclays Bank plc		5/27/2021		2
ZAR	12,936	USD	888	Citibank, NA		5/27/2021		1
CNY	42,955	USD	6,555	TD Bank Financial Group**		6/22/2021		54
EUR	13,623	USD	16,144	Merrill Lynch International		6/22/2021		251
IDR	78,636,545	USD	5,373	Goldman Sachs International**		6/22/2021		28
PLN	24,900	EUR	5,367	Merrill Lynch International		6/22/2021		109
USD	11,201	BRL	60,518	Standard Chartered Bank**		6/22/2021		110
USD	6,616	JPY	720,615	HSBC Bank, NA		6/22/2021		20
USD	5,771	MXN	116,275	Goldman Sachs International		6/22/2021		63
USD	1,557	RUB	115,951	Goldman Sachs International**		6/22/2021		25
USD	273	ZAR	3,930	HSBC Bank, NA		6/22/2021		4
USD	106	ZAR	1,521	Standard Chartered Bank		6/22/2021		2
Total unrealized appreciation								916
USD	45,062	EUR	37,876	Barclays Bank plc		5/17/2021		(487	)
CLP	21,047	USD	30	BNP Paribas**		5/27/2021		(1	)
CLP	1,167,071	USD	1,655	Citibank, NA**		5/27/2021		(13	)
COP	6,137,193	USD	1,652	Goldman Sachs International**		5/27/2021		(19	)
HUF	504,215	EUR	1,402	State Street Corp.		5/27/2021		(3	)
KRW	5,677,259	USD	5,088	BNP Paribas**		5/27/2021		(9	)
USD	1,737	CAD	2,183	BNP Paribas		5/27/2021		(39	)
USD	4,866	EUR	4,063	State Street Corp.		5/27/2021		(21	)
USD	1,553	IDR	22,832,741	Citibank, NA**		5/27/2021		(22	)
USD	126	IDR	1,827,595	Merrill Lynch International**		5/27/2021		—	(a)
USD	1,676	INR	126,142	Citibank, NA**		5/27/2021		(19	)
USD	834	KRW	932,382	Goldman Sachs International**		5/27/2021		—	(a)
USD	1,650	RUB	126,988	Goldman Sachs International**		5/27/2021		(34	)
EUR	11,023	USD	13,350	Merrill Lynch International		6/22/2021		(84	)
IDR	71,952,582	USD	4,961	BNP Paribas**		6/22/2021		(18	)
KRW	5,522,981	USD	4,982	Standard Chartered Bank**		6/22/2021		(42	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 13

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
RUB	115,951	USD	1,542	Goldman Sachs International**		6/22/2021		(10	)
USD	2,384	BRL	13,326	BNP Paribas**		6/22/2021		(58	)
USD	6,544	CNY	42,955	TD Bank Financial Group**		6/22/2021		(64	)
USD	9,881	EUR	8,268	HSBC Bank, NA		6/22/2021		(70	)
USD	5,344	IDR	78,636,545	BNP Paribas**		6/22/2021		(58	)
USD	6,479	PLN	24,900	Merrill Lynch International		6/22/2021		(89	)
USD	6,612	THB	206,609	Goldman Sachs International		6/22/2021		(21	)
USD	7,899	THB	248,072	HSBC Bank, NA		6/22/2021		(66	)
USD	14,283	ZAR	216,371	HSBC Bank, NA		6/22/2021		(532	)
USD	149	ZAR	2,198	Royal Bank of Canada		6/22/2021		(2	)
ZAR	4,632	USD	319	Standard Chartered Bank		6/22/2021		(2	)
Total unrealized depreciation								(1,783	)
Net unrealized depreciation								(867	)

Abbreviations

BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chile Peso
CNY	China Yuan
COP	Colombian Peso
CZK	Czech Republic Koruna
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen

KRW	Korean Republic Won
MXN	Mexican Peso
PLN	Polish Zloty
RUB	Russian Ruble
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.

Centrally Cleared Interest rate swap contracts outstanding as of April 30, 2021 (amounts in thousands):
FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
1 day CLICP semi-annually	1.63 semi-annually		Receive		2/3/2026		CLP	7,201,343		—		385
1 day CLICP semi-annually	1.75 semi-annually		Receive		4/26/2024		CLP	28,000,000		—		67
6 month PRIBOR semi-annually	1.76 annually		Receive		4/12/2031		CZK	225,000		—		103
6 month PRIBOR semi-annually	1.82 annually		Receive		4/6/2031		CZK	148,500		—		25
6 month BUBOR semi-annually	2.01 annually		Receive		5/3/2026		HUF	7,000,000		—		1
6 month BUBOR semi-annually	2.45 annually		Receive		4/26/2031		HUF	3,500,000		—		109
1 day IBR quarterly	3.33 quarterly		Receive		2/17/2026		COP	4,500,000		—		54
1 day IBR quarterly	3.42 quarterly		Receive		2/18/2026		COP	13,939,726		—		151
										—		895
3 month LIBOR quarterly	1.13 semi-annually		Receive		3/30/2026		USD	89,600		—		(167	)
3 month JIBAR quarterly	4.96 quarterly		Receive		3/31/2024		ZAR	1,150,000		—		(399	)
1 day CDI at maturity	8.27 at maturity		Receive		1/4/2027		BRL	41,409		—		(26	)
										—		(592	)
										—		303

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS APRIL 30, 2021

Abbreviations

BRL	Brazilian Real
BUBOR	Budapest Interbank Offered Rate
CDI	Certificate of Interbank Deposits
CLICP	Chile Indice de Camara Promedio Interbank Overnight Index
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Republic Krona

HUF	Hungarian Forint
IBR	Indicador Bancario de Referencia
JIBAR	Johannesburg Interbank Agreed Rate
LIBOR	London Interbank Offered Rate
PRIBOR	Prague Interbank Offered Rate
USD	United States Dollar
ZAR	South African Rand

(a) Value of floating rate index at April 30, 2021 was as follows:

FLOATING RATE INDEX	VALUE
1 Day CDI		1.27	%
1 Day CLICP		0.00	(b)
1 Day IBR		1.76
3 Month JIBAR		3.68
3 Month LIBOR		0.18
6 Month BUBOR		0.86
6 Month PRIBOR		0.44

(b) Amount rounds to less than 0.1%.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 15

STATEMENT OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Markets Strategic Debt Fund
ASSETS:
Investments in non-affiliates, at value	$	640,483
Investments in affiliates, at value		8,859
Options purchased, at value		283
Cash		1,747
Foreign currency, at value		768
Deposits at broker for futures contracts		323
Deposits at broker for centrally cleared swaps		6,663
Receivables:
Investment securities sold		3,630
Fund shares sold		5
Interest from non-affiliates		8,415
Dividends from affiliates		1
Tax reclaims		41
Variation margin on futures contracts		45
Variation margin on centrally cleared swaps		564
Unrealized appreciation on forward foreign currency exchange contracts		916
Total Assets		672,743
LIABILITIES:
Payables:
Investment securities purchased		7,111
Fund shares redeemed		1,044
Unrealized depreciation on forward foreign currency exchange contracts		1,783
Accrued liabilities:
Investment advisory fees		333
Administration fees		28
Distribution fees		—	(a)
Service fees		1
Custodian and accounting fees		39
Trustees’ and Chief Compliance Officer’s fees		1
Other		199
Total Liabilities		10,539
Net Assets	$	662,204

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS APRIL 30, 2021

	JPMorgan Emerging Markets Strategic Debt Fund
NET ASSETS:
Paid-in-Capital	$	779,710
Total distributable earnings (loss)		(117,506	)
Total Net Assets	$	662,204
Net Assets:
Class A	$	505
Class C		41
Class I		4,280
Class R2		29
Class R6		657,349
Total	$	662,204
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		65
Class C		5
Class I		547
Class R2		4
Class R6		82,964
Net Asset Value (a):
Class A — Redemption price per share	$	7.79
Class C — Offering price per share (b)		7.60
Class I — Offering and redemption price per share		7.83
Class R2 — Offering and redemption price per share		7.68
Class R6 — Offering and redemption price per share		7.92
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	8.09
Cost of investments in non-affiliates	$	653,896
Cost of investments in affiliates		8,859
Cost of options purchased		218
Cost of foreign currency		265

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 17

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2021 (Unaudited)

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	12,301
Dividend income from affiliates		9
Foreign taxes withheld (net)		(15	)
Total investment income		12,295
EXPENSES:
Investment advisory fees		1,548
Administration fees		179
Distribution fees:
Class A		1
Class C		—	(a)
Class R2		—	(a)
Service fees:
Class A		1
Class C		—	(a)
Class I		5
Class R2		—	(a)
Class R5 (b)		—	(a)
Custodian and accounting fees		30
Interest expense to affiliates		2
Professional fees		56
Trustees’ and Chief Compliance Officer’s fees		13
Printing and mailing costs		3
Registration and filing fees		50
Transfer agency fees (See Note 2.H.)		1
Other		8
Total expenses		1,897
Less fees waived		(232	)
Less expense reimbursements		(1	)
Net expenses		1,664
Net investment income (loss)		10,631

(a) Amount rounds to less than one thousand.

(b) Liquidated on December 7, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS APRIL 30, 2021

	JPMorgan Emerging Markets Strategic Debt Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	(964	)(a)
Investments in affiliates		16
Options purchased		(1,603	)
Futures contracts		(250	)
Foreign currency transactions		(422	)
Forward foreign currency exchange contracts		932
Options written		1,265
Swaps		(334	)
Net realized gain (loss)		(1,360	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(3,303	)(b)
Investments in affiliates		1
Options purchased		(1,217	)
Futures contracts		129
Foreign currency translations		452
Forward foreign currency exchange contracts		(656	)
Options written		1,256
Swaps		230
Change in net unrealized appreciation/depreciation		(3,108	)
Net realized/unrealized gains (losses)		(4,468	)
Change in net assets resulting from operations	$	6,163

(a) Net of foreign capital gains tax of $(53).

(b) Net of change in foreign capital gains tax of $57.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 19

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,631		$	24,530
Net realized gain (loss)		(1,360	)		(55,566	)
Change in net unrealized appreciation/depreciation		(3,108	)		(22,728	)
Change in net assets resulting from operations		6,163			(53,764	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(10	)		(20	)
Return of capital		—			(2	)
Class C
From net investment income		(1	)		(3	)
Return of capital		—			—	(a)
Class I
From net investment income		(75	)		(68	)
Return of capital		—			(7	)
Class R2
From net investment income		(1	)		(1	)
Return of capital		—			—	(a)
Class R5 (b)
From net investment income		—	(a)		(1	)
Return of capital		—			—	(a)
Class R6
From net investment income		(10,697	)		(23,576	)
Return of capital		—			(1,662	)
Total distributions to shareholders		(10,784	)		(25,340	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		406,991			(388,187	)
NET ASSETS:
Change in net assets		402,370			(467,291	)
Beginning of period		259,834			727,125
End of period	$	662,204		$	259,834

(a) Amount rounds to less than one thousand.

(b) Liquidated on December 7, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS APRIL 30, 2021

	JPMorgan Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	6,741		$	2,811
Distributions reinvested		10			21
Cost of shares redeemed		(6,755	)		(2,889	)
Change in net assets resulting from Class A capital transactions		(4	)		(57	)
Class C
Proceeds from shares issued		—	(a)		30
Distributions reinvested		1			4
Cost of shares redeemed		(10	)		(69	)
Change in net assets resulting from Class C capital transactions		(9	)		(35	)
Class I
Proceeds from shares issued		1,682			3,595
Distributions reinvested		75			75
Cost of shares redeemed		(529	)		(1,175	)
Change in net assets resulting from Class I capital transactions		1,228			2,495
Class R2
Proceeds from shares issued		4			1
Distributions reinvested		1			1
Cost of shares redeemed		(4	)		—	(a)
Change in net assets resulting from Class R2 capital transactions		1			2
Class R5 (b)
Distributions reinvested		—	(a)		1
Cost of shares redeemed		(24	)		—	(a)
Change in net assets resulting from Class R5 capital transactions		(24	)		1
Class R6
Proceeds from shares issued		420,846			50,556
Distributions reinvested		10,697			25,237
Cost of shares redeemed		(25,744	)		(466,386	)
Change in net assets resulting from Class R6 capital transactions		405,799			(390,593	)
Total change in net assets resulting from capital transactions	$	406,991		$	(388,187	)

(a) Amount rounds to less than one thousand.

(b) Liquidated on December 7, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 21

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued		865			382
Reinvested		2			3
Redeemed		(866	)		(390	)
Change in Class A Shares		1			(5	)
Class C
Issued		—	(a)		4
Reinvested		—	(a)		1
Redeemed		(2	)		(9	)
Change in Class C Shares		(2	)		(4	)
Class I
Issued		211			448
Reinvested		10			10
Redeemed		(67	)		(154	)
Change in Class I Shares		154			304
Class R2
Issued		—	(a)		—	(a)
Reinvested		—	(a)		—	(a)
Redeemed		—	(a)		—	(a)
Change in Class R2 Shares		—	(a)		—	(a)
Class R5 (b)
Reinvested		—	(a)		—	(a)
Redeemed		(3	)		—
Change in Class R5 Shares		(3	)		—	(a)
Class R6
Issued		51,806			6,492
Reinvested		1,341			3,219
Redeemed		(3,236	)		(64,734	)
Change in Class R6 Shares		49,911			(55,023	)

(a) Amount rounds to less than one thousand.

(b) Liquidated on December 7, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS APRIL 30, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

APRIL 30, 2021 J.P. MORGAN FUNDS 23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Return of capital			Total distributions
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Six Months Ended April 30, 2021 (Unaudited)	$	7.63	$	0.17	$	0.14		$	0.31		$	(0.15	)	$	—		$	(0.15	)
Year Ended October 31, 2020		8.10		0.32		(0.47	)		(0.15	)		(0.29	)		(0.03	)		(0.32	)
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			—			—			—
Class C
Six Months Ended April 30, 2021 (Unaudited)		7.45		0.15		0.14			0.29			(0.14	)		—			(0.14	)
Year Ended October 31, 2020		7.93		0.28		(0.48	)		(0.20	)		(0.25	)		(0.03	)		(0.28	)
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			—			—			—
Class I
Six Months Ended April 30, 2021 (Unaudited)		7.69		0.18		0.13			0.31			(0.17	)		—			(0.17	)
Year Ended October 31, 2020		8.16		0.31		(0.44	)		(0.13	)		(0.31	)		(0.03	)		(0.34	)
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			—			—			—
Class R2
Six Months Ended April 30, 2021 (Unaudited)		7.54		0.16		0.13			0.29			(0.15	)		—			(0.15	)
Year Ended October 31, 2020		8.01		0.30		(0.47	)		(0.17	)		(0.27	)		(0.03	)		(0.30	)
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			—			—			—
Class R6
Six Months Ended April 30, 2021 (Unaudited)		7.75		0.18		0.17			0.35			(0.18	)		—			(0.18	)
Year Ended October 31, 2020		8.24		0.39		(0.52	)		(0.13	)		(0.33	)		(0.03	)		(0.36	)
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			—			—			—

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS APRIL 30, 2021

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	7.79		4.05	%	$	505		1.20	%		4.23	%		1.38	%		33	%
	7.63		(1.82	)		493		1.19			4.22			1.37			119
	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
	7.60		3.84			41		1.69			3.89			1.83			33
	7.45		(2.44	)		49		1.69			3.79			2.02			119
	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
	7.83		3.96			4,280		0.95			4.55			1.06			33
	7.69		(1.53	)		3,019		0.94			4.06			1.37			119
	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
	7.68		3.79			29		1.44			4.11			1.63			33
	7.54		(2.05	)		28		1.44			3.97			2.15			119
	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
	7.92		4.45			657,349		0.70			4.46			0.79			33
	7.75		(1.54	)		256,223		0.70			4.98			0.82			119
	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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2021 J.P. MORGAN FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited)

(Dollar values in thousands)

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversification Classification
JPMorgan Emerging Markets Strategic Debt Fund	Class A, Class C, Class I, Class R2, Class R5(1) and Class R6	Diversified

⁽¹⁾  Liquidated on December 7, 2020.

The investment objective of the Fund is to seek to provide total return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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 in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.

26 J.P. MORGAN FUNDS APRIL 30, 2021

Futures contracts and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

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”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Corporate Bonds	$	—	$	195,259		$	—	$	195,259
Foreign Government Securities		—		437,116			2,181		439,297
Options Purchased
Call Options Purchased		—		283			—		283
Supranational		—		411			—		411
Short-Term Investments
Foreign Government Treasury Bills		—		5,516			—		5,516
Investment Companies		8,859		—			—		8,859
Total Short-Term Investments		8,859		5,516			—		14,375
Total Investments in Securities	$	8,859	$	638,585		$	2,181	$	649,625
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	916		$	—	$	916
Futures Contracts		129		—			—		129
Swaps		—		895			—		895
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—		(1,783	)		—		(1,783	)
Swaps		—		(592	)		—		(592	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	129	$	(564	)	$	—	$	(435	)

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 NAVs of the Fund.

As of April 30, 2021, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Securities Lending — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the 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.

APRIL 30, 2021 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.

The Fund did not lend out any securities during the six months ended April 30, 2021.

D. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchase cost amounts in the table below.

For the six months ended April 30, 2021
Security Description	Value at October 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at April 30, 2021		Shares at April 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.07% (a) (b)	$	12,250	$	522,602	$	526,010	$	16	$	1	$	8,859		8,854	$	9	$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of April 30, 2021.

E. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates 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.

F. Derivatives — The Fund used derivative instruments including options, futures contracts, 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 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

28 J.P. MORGAN FUNDS APRIL 30, 2021

terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed its value, as recorded on the Statement of Assets and Liabilities.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.

Notes F(1) — F(4) below describe the various derivatives used by the Fund.

(1). Options — The Fund purchased and/or sold (“wrote”) put and call options on various instruments including currencies, futures, securities, options on indices and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the 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.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statement of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statement of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statement of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statement of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’s over-the-counter (“OTC”) options are subject to master netting agreements.

The Fund may be required to post or receive collateral for OTC options. Cash collateral posted by the Fund is considered restricted.

(2). Futures Contracts — The Fund used interest rate and treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the 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.

APRIL 30, 2021 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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 the investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Swaps — The Fund engaged in various swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps 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 central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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.

30 J.P. MORGAN FUNDS APRIL 30, 2021

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.

(5). Summary of Derivatives Information

The following table presents the value of derivatives held as of April 30, 2021 by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

	Emerging Markets Strategic Debt Fund
Foreign Exchange Rate Risk Exposure:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	916
Purchased Options at Market Value		283
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(1,783	)
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		129
Swaps at Value (Assets)**		895
Swaps at Value (Liabilities)		(592	)
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		129
Swaps at Value**		303
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		(867	)
Purchased Options at Market Value		283

  * Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOI. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

** Includes the fair value of centrally cleared swap contracts as reported on the SOI. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

APRIL 30, 2021 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

The following table presents the effect of derivatives on the Statement of Operations for the six months ended April 30, 2021, by primary underlying risk exposure:

	Emerging Markets Strategic Debt Fund
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts	$	932
Purchased Options		(1,603	)
Written Options		1,265
Interest Rate Risk Exposure:
Futures Contracts		(250	)
Swap Contracts		22
Credit Risk Exposure:
Swap Contracts		(356	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		(656	)
Purchased Options		(1,217	)
Written Options		1,256
Interest Rate Risk Exposure:
Futures Contracts		129
Swap Contracts		303
Credit Risk Exposure:
Swap Contracts		(73	)

Derivatives Volume

The table below discloses the volume of the Fund’s options, futures contracts, forward foreign currency exchange contracts and swaps activity during the six months ended April 30, 2021. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

Futures Contracts — Interest Rate:
Average Notional Balance Long	$	12,222	(a)
Average Notional Balance Short		6,311
Ending Notional Balance Short		19,017
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	55,061
Average Settlement Value Sold		87,100
Ending Settlement Value Purchased		90,604
Ending Settlement Value Sold		151,793
OTC Options:
Average Notional Balance Purchased	$	35,448
Average Notional Balance Written		52,256	(b)
Ending Notional Balance Purchased		19,988
Credit Default Swaps:
Average Notional Balance — Buy Protection	$	18,500	(b)
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed Rate	$	151,557	(c)
Ending Notional Balance — Pays Fixed Rate		283,392

(a) For the period November 1, 2020 through December 31, 2020.

(b) For the period November 1, 2020 through November 30, 2020.

(c) For the period February 1, 2021 through April 30, 2021.

32 J.P. MORGAN FUNDS APRIL 30, 2021

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding non-deliverable forward foreign currency exchange contracts and/or 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 Statement of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Fund is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund. These amounts are not reflected on the Fund’s Statement of Assets and Liabilities.

The Fund’s derivatives contracts held at April 30, 2021 are not accounted for as hedging instruments under GAAP.

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

H. Allocation of Income and Expenses — Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the six months ended April 30, 2021 are as follows:

	Class A			Class C			Class I			Class R2			Class R5			Class R6		Total
Transfer agency fees	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	1	$	1

(a) Amount rounds to less than one thousand.

I. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of April 30, 2021, no liability for Federal income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

J. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When a capital gains 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 at least 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 at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

L. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Fund’s financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.65% of the Fund’s average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the

APRIL 30, 2021 J.P. MORGAN FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s average daily net assets in excess of $25 billion. For the six months ended April 30, 2021, the effective annualized rate was 0.075% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMCB, a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the 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 pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R5 and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C			Class R2
0.25%		0.75	%		0.50	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2021, JPMDS retained the following:

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, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. The Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately on the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Fund’s respective average daily net assets as shown in the table below:

Class A			Class C			Class I			Class R2			Class R5			Class R6
	1.20	%		1.70	%		0.95	%		1.45	%		0.80	%		0.70	%

The expense limitation agreement was in effect for the six months ended April 30, 2021 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2022.

34 J.P. MORGAN FUNDS APRIL 30, 2021

For the six months ended April 30, 2021, 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/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
$	132	$	88	$	1	$	221	$	1

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. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the six months ended April 30, 2021 was $11.

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended April 30, 2021, 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

Investment Transactions

During the six months ended April 30, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$548,526	$	152,303

During the six months ended April 30, 2021, there were no purchases or sales of U.S. Government securities.

Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2021 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	662,973	$	14,843	$	28,626	$	(13,783	)

At October 31, 2020, the Fund had net capital loss carryforwards which are available to offset future realized gains:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	63,091	$	37,215

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

APRIL 30, 2021 J.P. MORGAN FUNDS �� 35

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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 all 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 April 30, 2021. Average borrowings from the Facility during the six months ended April 30, 2021 were as follows:

Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
$	4,620		0.81	%		1	$	—	(a)

(a) Amount rounds to less than one thousand.

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 1, 2021.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2021.

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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Fund did not utilize the Credit Facility during the six months ended April 30, 2021.

Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of April 30, 2021, the Fund had three individual shareholder and/or affiliated omnibus accounts, which owned 39.1% of the Fund’s outstanding shares.

As of April 30, 2021, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

JPMorgan SmartRetirement Funds			JPMorgan SmartRetirement Blend Funds
	67.5	%		26.0	%

Significant shareholder transactions by these shareholders may impact the Fund’s performance and liquidity.

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.

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.

36 J.P. MORGAN FUNDS APRIL 30, 2021

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Fund’s yield (and total return) also may be low or the Fund may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

The Fund invests 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 Fund are intended for investors who are able and willing to assume a high degree of risk.

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of April 30, 2021, a significant portion of the Fund’s investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than they would have been if they 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 forward foreign currency exchange contracts.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of the Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Fund is subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Fund’s investments, increase the Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. The Fund’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

APRIL 30, 2021 J.P. MORGAN FUNDS 37

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2020, and continued to hold your shares at the end of the reporting period, April 30, 2021.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value November 1, 2020		Ending Account Value April 30, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Actual	$	1,000.00	$	1,040.50	$	6.07		1.20	%
Hypothetical		1,000.00		1,018.84		6.01		1.20
Class C
Actual		1,000.00		1,038.40		8.54		1.69
Hypothetical		1,000.00		1,016.41		8.45		1.69
Class I
Actual		1,000.00		1,039.60		4.80		0.95
Hypothetical		1,000.00		1,020.08		4.76		0.95
Class R2
Actual		1,000.00		1,037.90		7.28		1.44
Hypothetical		1,000.00		1,017.65		7.20		1.44
Class R6
Actual		1,000.00		1,044.50		3.55		0.70
Hypothetical		1,000.00		1,021.32		3.51		0.70

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

38 J.P. MORGAN FUNDS APRIL 30, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Fund has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the investments of the Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether the Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), as well as whether an HLIM should be established for the Fund (and, for J.P. Morgan Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the J.P. Morgan Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether the Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (5) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of the Fund’s investments; and (2) perform additional stress testing. The Report noted that the Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Fund during the Program Reporting Period.

APRIL 30, 2021 J.P. MORGAN FUNDS 39

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2021.  All rights reserved. April 2021. SAN-EMSD-421

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel President and Principal Executive Officer July 1, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel President and Principal Executive Officer July 1, 2021

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens Treasurer and Principal Financial Officer July 1, 2021