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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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 October 31, 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 Reports. Not Applicable. Notices do not incorporate disclosures from the

shareholder report.

Annual Report

J.P. Morgan Specialty Funds

October 31, 2021

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
Report of Independent Registered Public Accounting Firm	56
Trustees	57
Officers	60
Schedule of Shareholder Expenses	61
Board Approval of Investment Advisory Agreements	62
Tax Letter	66
Special Shareholder Meeting Results	67
Privacy Policy — Located at back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

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

December 6, 2021 (Unaudited)

Dear Shareholders,

Equity markets largely rewarded investors with strong returns amid a global economic rebound in 2021 that withstood the emergence and spread of Covid variants, strained supply chains and accelerating inflation. Despite uneven progress against the pandemic, continued monetary and fiscal support helped bolster corporate profits and consumer spending throughout the twelve months ended October 21, 2021.

  “Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals.” — Andrea L. Lisher

While leading central banks maintain accommodative policies throughout the period, select emerging market nations – particularly Brazil — raised interest rates and the U.S. Federal Reserve (the “Fed”) laid out a potential timetable for winding down its asset purchasing program and raising interest rates for the first time since the start of the pandemic. While the Fed initially insisted that price inflation fueled by the reopening of the global economy would likely be temporary, by the end of the period Fed officials conceded that inflation was stronger and more persistent than expected.

By the end of the period – and in subsequent weeks – financial market volatility increased amid investor uncertainty about the ongoing pandemic and concerns about the potential for the Fed to move more quickly to raise interest rates in the face of accelerating inflation. However, economic data point toward a continued rebound in the global economy into 2022.

Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

Globally, equity markets outperformed fixed income markets by a wide margin amid a global economic rebound from the initial economic shock of the pandemic. While the development and distribution of multiple vaccines unleashed a sharp increase in economic activity in the first half of the period, uneven success against the pandemic, supply chain constraints and inflationary pressure weighed on growth in the latter part of the period. Overall, U.S. equity outperformed both developed market and emerging market equities.

For the twelve months ended October 31, 2021, the S&P 500 returned 42.91%; the MSCI EAFE Index returned 34.18% and the MSCI Emerging Markets Index returned 16.96%. Within fixed income, the Bloomberg U.S. Aggregate Index returned -0.48%, the Bloomberg U.S. High Yield Index returned 10.53% and the Bloomberg Emerging Markets Index returned 3.01% for the period.

At the start of the period, global equity prices began to rebound amid development of the first vaccines against COVID-19 and its leading variants. The rally in equity prices was largely led by investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, 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.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package—and the prospect of additional federal government spending – helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on equity markets in June.

In the following months global economic growth was increasingly hindered by uneven progress against the pandemic, supply chain bottlenecks and rising prices for both commodities and finished goods. Energy prices rose sharply amid a rebound in demand, which helped petroleum exporting nations but weighed on the economies of net importers. Extended inflationary pressures led to modest divergence in central bank policies at the end of the period. Leading central banks maintained their ultra-low interest rate policies, while monetary authorities in emerging markets—particularly Brazil—raised rates to head off rising prices.

Global equity prices largely continued their upward trajectory in the final months of the period, with the exception of a modest retreat in September 2021. While developed markets equity and emerging markets equity generally provided positive returns, equity markets slumped in select nations facing political unrest and/or rapidly rising inflationary pressures. Notably, equity prices in China were weighed down by real estate company China Evergrande’s struggles to meet debt payments as investors worried about the potential impact on financial markets. Additionally, shares of large information technology companies in China were hurt by investor uncertainty over increased domestic regulatory scrutiny.

2 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

JPMorgan Macro Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	11.31%
ICE BofAML 3-Month US Treasury Bill Index	0.06%
Net Assets as of 10/31/2021 (In Thousands)	$19,187

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 twelve months ended October 31, 2021.

The Fund’s long equity strategies were leading contributors to absolute performance during the reporting period. The Fund’s fixed income strategies had an overall neutral impact on absolute performance and 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 the technology sector, 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 semiconductor 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 performed well in the pandemic recovery and were supported by the broader expansion in economic activity during the period.

The leading detractors from absolute performance included the Fund’s short positions in U.S. and European equity via options and futures that were held as hedges to moderate overall portfolio risk during the period.

Relative to the Benchmark, 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 cyclical tilt and its exposure to the value factor as investor sentiment improved amid positive vaccine developments and a recovery in global economic activity. The portfolio managers also initiated a long U.S. dollar versus short emerging markets currencies strategy.

Amid slowing economic growth and rising inflation in the latter half of the period, the portfolio managers sought to reduce the Fund’s portfolio risk and cyclical tilt by adding short-bias futures and options across the U.S., European and emerging markets, as well as exiting positions in the semiconductors and energy sectors. The portfolio managers also initiated a long Australia versus short U.S. fixed income strategy, reflecting their expectation that U.S. interest rates may rise more rapidly than rates in Australia, given the relative strength of the U.S. economy.

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

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

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Macro Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	HDFC Bank Ltd., ADR (India)		2.6	%
	2.	Microsoft Corp.		2.5
	3.	Thermo Fisher Scientific, Inc.		2.5
	4.	Alphabet, Inc., Class A		2.4
	5.	Amazon.com, Inc.		2.3
	6.	Netflix, Inc.		1.9
	7.	Walt Disney Co. (The)		1.9
	8.	NIKE, Inc., Class B		1.9
	9.	Adobe, Inc.		1.9
	10.	ServiceNow, Inc.		1.8

PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		14.3	%
Consumer Discretionary		11.1
Financials		10.1
Communication Services		6.2
Health Care		5.9
Industrials		3.8
Utilities		1.8
Consumer Staples		1.7
Foreign Government Securities		1.3
Others (each less than 1.0%)		0.3
Short-Term Investments		43.5

4 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

JPMorgan Macro Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		April 15, 2020
With Sales Charge*				5.18	%		4.96	%
Without Sales Charge				11.00			8.68
CLASS C SHARES		April 15, 2020
With CDSC**				9.44			8.15
Without CDSC				10.44			8.15
CLASS I SHARES		April 15, 2020		11.31			8.97
CLASS R6 SHARES		September 30, 2020		11.56			9.18

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (4/15/20 TO 10/31/21)

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 October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	20.34%
S&P 500 Index	42.91%
ICE BofAML 3-Month US Treasury Bill Index	0.06%
Net Assets as of 10/31/2021 (In Thousands)	$745,654

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended October 31, 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 positions in Fidelity National Information Services Inc., Alibaba Group Holding Ltd. and Fiserv Inc. Shares of Fidelity National Information Services, an electronic payments technology provider, fell late in the period after the company lowered its earnings forecast for 2021. Shares of Alibaba Group Holding, a Chinese electronic commerce conglomerate, fell amid tighter regulatory scrutiny of large technology companies in China as well as broader investor concerns about China Evergrande Group’s struggles to meet debt payments. Shares of Fiserv, a financial service technology provider, underperformed the broader market due to a slow recovery in revenue growth across its businesses.

Leading individual contributors to absolute performance included the Fund’s long positions in Tesla Inc., Blackstone Inc. and Zscaler Inc. Shares of Tesla, a maker of electric automobiles and batteries, rose on growth in quarterly earnings and continued investor demand for large cap technology stocks. Shares of Blackstone, an investment and fund management company, rose amid consecutive quarters of better-than-expected earnings and revenue. Shares of Zscaler, a cloud internet security platform provider, rose after the company reported better-than-expected results for its fourth fiscal quarter and raised its sales forecast.

HOW WAS THE FUND POSITIONED?

During the twelve months ended October 31, 2021, the Fund invested an average of 130% 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 twelve month reporting period, the Fund’s average gross exposure was 130% and its average net exposure was 66%.

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

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

6 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Tesla, Inc.		10.0	%
	2.	NXP Semiconductors NV (China)		5.6
	3.	American International Group, Inc.		5.0
	4.	NVIDIA Corp.		5.0
	5.	UnitedHealth Group, Inc.		4.8
	6.	Zscaler, Inc.		4.2
	7.	Thermo Fisher Scientific, Inc.		3.7
	8.	Ferrari NV (Italy)		3.6
	9.	Microsoft Corp.		3.2
	10.	Old Dominion Freight Line, Inc.		3.2

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Sirius XM Holdings, Inc.		40.0	%
	2.	3M Co.		13.7
	3.	Campbell Soup Co.		13.4
	4.	Intel Corp.		7.7
	5.	Kellogg Co.		5.8
	6.	Alteryx, Inc., Class A		4.1
	7.	Dow, Inc.		3.9
	8.	Conagra Brands, Inc.		3.6
	9.	Cummins, Inc.		2.0
	10.	American Airlines Group, Inc.		2.0

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Consumer Discretionary		21.1	%
Information Technology		20.1
Communication Services		13.6
Health Care		8.4
Industrials		7.8
Financials		6.4
Utilities		2.0
Materials		2.0
Consumer Staples		2.0
Others (each less than 1.0%)		0.1
Short-Term Investments		16.5

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Communication Services		40.0	%
Consumer Staples		22.8
Industrials		21.5
Information Technology		11.8
Materials		3.9

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	August 29, 2014
With Sales Charge*			13.68	%		8.56	%		8.07	%
Without Sales Charge			19.99			9.74			8.88
CLASS C SHARES	August 29, 2014
With CDSC**			18.43			9.19			8.34
Without CDSC			19.43			9.19			8.34
CLASS I SHARES	August 29, 2014		20.34			10.02			9.15
CLASS R6 SHARES	August 29, 2014		20.59			10.29			9.43

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (8/29/14 TO 10/31/21)

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 October 31, 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 OCTOBER 31, 2021

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	3.01%
ICE BofAML 3-Month US Treasury Bill Index	0.06%
Net Assets as of 10/31/2021 (In Thousands)	$92,190

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 twelve months ended October 31, 2021. During the period, equity markets generally outperformed bond markets.

The Fund’s security selection in the semiconductors and consumer stable sectors was a leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the retail and industrial cyclical sectors was a leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s short positions in Take-Two Interactive Software Inc. and Spotify Technology SA and its long position in Diamondback Energy Inc. Shares of Take-Two Interactive Software, a video game publisher, fell amid delays in the rollout of a key game update and a weaker-than-expected earnings forecast. Shares of Spotify Technology, a music streaming provider, fell in the middle of the period amid signs that the company’s user growth was slowing. Shares of Diamondback Energy, an oil and gas company focused on U.S. shale deposits, rose amid a rebound in global energy demand.

Leading individual detractors from relative performance included the Fund’s short positions in AMC Entertainment Holdings Inc., Macy’s Inc. and Acuity Brands Inc. Shares of AMC Entertainment Holdings, an owner/operator of movie theaters, rose sharply in the first half of 2021 as users of Internet forums pushed the share price higher in response to large short positions in the stock. Shares of Macy’s, a department store operator, rose after the company reported better-than-expected earnings for the second quarter of 2021 and reinstated its quarterly dividends. Shares of Acuity Brands, a provider of lighting and building management systems, rose amid consecutive quarters of better-than-expected earnings and revenue.

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.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021				PERCENT OF TOTAL INVESTMENTS
	1.		Amazon.com, Inc.		2.0	%
	2.		Diamondback Energy, Inc.		2.0
	3.		Mastercard, Inc., Class A		1.9
	4.		Wells Fargo & Co.		1.7
	5.		Ingersoll Rand, Inc.		1.6
	6.		Shopify, Inc., Class A (Canada)		1.5
	7.		Lyft, Inc., Class A		1.3
	8.	��	Ceridian HCM Holding, Inc.		1.3
	9.		Coterra Energy, Inc.		1.2
	10.		Deere & Co.		1.2

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Kroger Co. (The)		2.8	%
	2.	Intel Corp.		2.5
	3.	Omnicom Group, Inc.		2.3
	4.	Walmart, Inc.		2.1
	5.	Apple, Inc.		2.0
	6.	Exxon Mobil Corp.		1.9
	7.	3M Co.		1.8
	8.	MSCI, Inc.		1.7
	9.	Walgreens Boots Alliance, Inc.		1.5
	10.	Stryker Corp.		1.4

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		15.0	%
Industrials		14.4
Health Care		11.4
Consumer Discretionary		10.3
Financials		8.4
Communication Services		7.5
Energy		7.3
Utilities		4.5
Materials		4.2
Real Estate		4.1
Consumer Staples		2.3
Short-Term Investments		10.6

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Industrials		15.0	%
Information Technology		14.2
Financials		12.1
Health Care		10.7
Consumer Staples		9.8
Communication Services		9.5
Energy		7.4
Utilities		6.2
Real Estate		5.5
Consumer Discretionary		4.9
Materials		4.7

10 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge*			(2.67	)%		3.36	%		1.31	%
Without Sales Charge			2.72			4.48			1.86
CLASS C SHARES	November 2, 2009
With CDSC**			1.29			3.97			1.46
Without CDSC			2.29			3.97			1.46
CLASS I SHARES	November 2, 2009		3.01			4.76			2.12

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR FUND PERFORMANCE (10/31/11 TO 10/31/21)

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 October 31, 2011 to October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Macro Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 49.2%
Banks — 6.9%
HDFC Bank Ltd., ADR (India)		6			453
Huntington Bancshares, Inc.		13			201
ING Groep NV (Netherlands)		5			69
Nordea Bank Abp (Finland)		8			100
Sberbank of Russia PJSC, ADR (Russia)		12			232
Signature Bank		1			261
					1,316
Building Products — 1.3%
Allegion plc		1			90
Trane Technologies plc		1			166
					256
Electric Utilities — 1.6%
Orsted A/S (Denmark) (a)		2			302
Electrical Equipment — 0.9%
Rockwell Automation, Inc.		1			171
Electronic Equipment, Instruments & Components — 0.5%
Keyence Corp. (Japan)		—	(b)		103
Entertainment — 3.4%
Netflix, Inc. *		—	(b)		328
Walt Disney Co. (The) *		2			326
					654
Health Care Equipment & Supplies — 0.5%
Abbott Laboratories		1			104
Household Durables — 1.4%
DR Horton, Inc.		1			133
Lennar Corp., Class A		1			138
					271
Insurance — 2.2%
AIA Group Ltd. (Hong Kong)		25			278
Aon plc, Class A		—	(b)		142
					420
Interactive Media & Services — 2.2%
Alphabet, Inc., Class A *		—	(b)		415
Internet & Direct Marketing Retail — 2.0%
Amazon.com, Inc. *		—	(b)		391
IT Services — 2.6%
Mastercard, Inc., Class A		1			266
PayPal Holdings, Inc. *		1			239
					505

INVESTMENTS	SHARES (000)			VALUE ($000)
Life Sciences Tools & Services — 2.2%
Thermo Fisher Scientific, Inc.		1			422
Machinery — 1.2%
Stanley Black & Decker, Inc.		—	(b)		85
Volvo AB, Class B (Sweden)		6			138
					223
Personal Products — 1.6%
Estee Lauder Cos., Inc. (The), Class A		1			299
Pharmaceuticals — 2.5%
AstraZeneca plc (United Kingdom)		2			278
Eli Lilly & Co.		1			204
					482
Semiconductors & Semiconductor Equipment — 1.2%
NVIDIA Corp.		1			235
Software — 8.4%
Adobe, Inc. *		—	(b)		323
Atlassian Corp. plc, Class A *		—	(b)		223
Microsoft Corp.		1			437
salesforce.com, Inc. *		1			312
ServiceNow, Inc. *		—	(b)		315
					1,610
Specialty Retail — 2.1%
Burlington Stores, Inc. *		1			150
TJX Cos., Inc. (The)		4			248
					398
Textiles, Apparel & Luxury Goods — 4.5%
Lululemon Athletica, Inc. *		—	(b)		221
LVMH Moet Hennessy Louis Vuitton SE (France)		—	(b)		307
NIKE, Inc., Class B		2			326
					854
Total Common Stocks (Cost $6,880)					9,431
	PRINCIPAL AMOUNT ($000)
Foreign Government Securities — 1.2%
Republic of South Africa (South Africa) 8.00%, 1/31/2030	ZAR	1,296			77
Romania Government Bond (Romania)
2.75%, 2/26/2026 (a)	EUR	60			75
3.62%, 5/26/2030 (a)	EUR	58			74
Total Foreign Government Securities (Cost $231)					226

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 0.3%
Call Options Purchased — 0.3%
Aerospace & Defense — 0.1%
Airbus SE (France) 12/17/2021 at EUR 100.00, American Style Notional Amount: EUR 100 Counterparty: Exchange-Traded *	EUR	9		12
Boeing Co. (The) 1/21/2022 at USD 300.00, American Style Notional Amount: USD 62 Counterparty: Exchange-Traded *		3		—	(b)
Safran SA (France) 3/18/2022 at EUR 140.00, American Style Notional Amount: EUR 58 Counterparty: Exchange-Traded *	EUR	5		1
				13
Banks — 0.2%
Standard Chartered plc (United Kingdom) 5/20/2022 at GBP 520.00, American Style Notional Amount: GBP 54 Counterparty: Exchange-Traded *	GBP	11		4
UniCredit SpA (Germany) 3/17/2022 at EUR 11.00, American Style Notional Amount: EUR 90 Counterparty: Exchange-Traded *	EUR	79		11
Wells Fargo & Co. 6/17/2022 at USD 52.50, American Style Notional Amount: USD 98 Counterparty: Exchange-Traded *		19		7
				22
Beverages — 0.0% (c)
Heineken NV (Netherlands) 3/18/2022 at EUR 95.00, American Style Notional Amount: EUR 67 Counterparty: Exchange-Traded *	EUR	7		4
Construction & Engineering — 0.0% (c)
Vinci SA (France) 3/18/2022 at EUR 100.00, American Style Notional Amount: EUR 65 Counterparty: Exchange-Traded *	EUR	7		2
Foreign Exchange Currency Options — 0.0% (c)
Foreign Exchange AUD/USD (Australia)
11/29/2021 at AUD 0.76, Vanilla, European Style Notional Amount: AUD 1,280 Counterparty: Citibank, NA *	AUD	1,280		4
11/30/2021 at AUD 0.77, Vanilla, European Style Notional Amount: AUD 640 Counterparty: Citibank, NA *	AUD	640		2
				6

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Hotels, Restaurants & Leisure — 0.0% (c)
Compass Group plc (United Kingdom) 3/18/2022 at GBP 1,700.00, American Style Notional Amount: GBP 47 Counterparty: Exchange-Traded *	GBP	3		2
Las Vegas Sands Corp. 1/21/2022 at USD 72.50, American Style Notional Amount: USD 43 Counterparty: Exchange-Traded *		11		—	(b)
Marriott International, Inc. 1/21/2022 at USD 170.00, American Style Notional Amount: USD 79 Counterparty: Exchange-Traded *		5		2
Planet Fitness, Inc. 1/21/2022 at USD 95.00, American Style Notional Amount: USD 72 Counterparty: Exchange-Traded *		9		1
				5
Total Call Options Purchased				52
Put Options Purchased — 0.0% (c)
Index Funds — 0.0% (c)
EURO STOXX 50 Index (Germany) 11/5/2021 at EUR 4,150.00, European Style Notional Amount: EUR 1,700 Counterparty: Exchange-Traded *	EUR	40		5
S&P 500 Index 11/10/2021 at USD 4,480.00, European Style Notional Amount: USD 1,842 Counterparty: Exchange-Traded *		4		4
				9
Total Put Options Purchased				9
Total Options Purchased (Cost $95)				61
	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 39.0%
Foreign Government Treasury Bills — 25.8%
France Treasury Bills (France) (0.64)%, 12/15/2021 (a) (d)	EUR	794		918
Japan Treasury Bills (Japan)
(0.11)%, 11/8/2021 (d)	JPY	93,350		819
(0.13)%, 11/15/2021 (d)	JPY	88,400		776
(0.11)%, 12/6/2021 (d)	JPY	102,850		902
(0.11)%, 12/20/2021 (d)	JPY	40,100		352
(0.14)%, 1/6/2022 (d)	JPY	102,850		902
Letras do Tesouro Nacional (Brazil) 4.68%, 7/1/2023 (d)	BRL	2,000		292
Total Foreign Government Treasury Bills (Cost $5,145)				4,961

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Macro Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — continued
Investment Companies — 13.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (e) (f) (Cost $2,529)		2,527		2,529
Total Short-Term Investments (Cost $7,674)				7,490
Total Investments — 89.7% (Cost $14,880)				17,208
Other Assets Less Liabilities — 10.3%				1,979
NET ASSETS — 100.0%				19,187

Percentages indicated are based on net assets.

Abbreviations

ADR	American Depositary Receipt
AUD	Australian Dollar
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)	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)	The rate shown is the effective yield as of October 31, 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 October 31, 2021.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 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-BTP		7			12/2021	EUR		1,200			(25	)
FTSE 100 Index		4			12/2021	GBP		396			11
STOXX 600 Utilities		13			12/2021	EUR		291			(1	)
											(15	)
Short Contracts
EURO STOXX 50 Index		(19	)		12/2021	EUR		(935	)		(22	)
Euro-Bund		(6	)		12/2021	EUR		(1,168	)		12
MSCI Emerging Markets E-Mini Index		(7	)		12/2021	USD		(442	)		14
S&P 500 E-Mini Index		(10	)		12/2021	USD		(2,300	)		(75	)
U.S. Treasury 10 Year Note		(2	)		12/2021	USD		(261	)		5
Xab Materials Equity Index		(4	)		12/2021	USD		(359	)		(8	)
											(74	)
											(89	)

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

Forward foreign currency exchange contracts outstanding as of October 31, 2021 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
CNY	6,152		USD	954	BNP Paribas**		11/22/2021		6
KRW	32,676		USD	28	Citibank, NA**		11/22/2021		—	(a)
USD	305		BRL	1,685	BNP Paribas**		11/22/2021		8
USD	193		CNY	1,234	BNP Paribas**		11/22/2021		—	(a)
USD	503		DKK	3,227	Citibank, NA		11/22/2021		2
USD	77		DKK	497	Merrill Lynch International		11/22/2021		—	(a)
USD	312		HKD	2,425	Citibank, NA		11/22/2021		—	(a)
USD	1,031		ZAR	15,280	Goldman Sachs International		11/22/2021		33
CAD	33		USD	27	Goldman Sachs International		1/24/2022		—	(a)
USD	483		AUD	640	Goldman Sachs International		1/24/2022		1
USD	1,527		EUR	1,311	Goldman Sachs International		1/24/2022		9
USD	305		GBP	222	Goldman Sachs International		1/24/2022		1
USD	3,897		JPY	439,827	Goldman Sachs International		1/24/2022		34
Total unrealized appreciation									94
DKK	834		USD	130	BNP Paribas		11/22/2021		(1	)
DKK	1,060		USD	166	Goldman Sachs International		11/22/2021		(1	)
TWD	5,367		USD	193	Citibank, NA**		11/22/2021		—	(a)
USD	463		INR	35,007	BNP Paribas**		11/22/2021		(3	)
USD	96		MXN	1,985	Citibank, NA		11/22/2021		(1	)
USD	96		MXN	1,978	Goldman Sachs International		11/22/2021		—	(a)
USD	572		MXN	11,817	Merrill Lynch International		11/22/2021		—	(a)
USD	247		RUB	17,875	Goldman Sachs International**		11/22/2021		(4	)
USD	943		TWD	26,448	Goldman Sachs International**		11/22/2021		(8	)
USD	38		ZAR	587	Goldman Sachs International		11/22/2021		—	(a)
ZAR	2,954		USD	193	Barclays Bank plc		11/22/2021		—	(a)
USD	965		AUD	1,285	Goldman Sachs International		1/24/2022		(2	)
USD	236		SEK	2,029	Goldman Sachs International		1/24/2022		(1	)
Total unrealized depreciation									(21	)
Net unrealized appreciation									73

Abbreviations

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
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
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.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 97.7%
Common Stocks — 81.5%
Automobiles — 13.2%
Ferrari NV (Italy)		111		26,373
Tesla, Inc. * (a)		65		72,574
				98,947
Capital Markets — 1.4%
Blackstone, Inc.		59		8,154
Open Lending Corp., Class A *		65		2,060
				10,214
Chemicals — 2.0%
CF Industries Holdings, Inc.		258		14,630
Communications Equipment — 2.0%
Motorola Solutions, Inc. (a)		59		14,573
Electric Utilities — 2.0%
NextEra Energy, Inc.		174		14,881
Entertainment — 1.6%
Netflix, Inc. *		17		11,564
Food Products — 1.9%
Lamb Weston Holdings, Inc.		253		14,309
Health Care Providers & Services — 4.7%
UnitedHealth Group, Inc. (a)		76		34,769
Hotels, Restaurants & Leisure — 2.0%
Hilton Worldwide Holdings, Inc. *		105		15,152
Insurance — 4.9%
American International Group, Inc. (a)		622		36,753
Interactive Media & Services — 3.8%
Alphabet, Inc., Class A * (a)		5		15,630
Bumble, Inc., Class A *		244		12,797
				28,427
Life Sciences Tools & Services — 3.6%
Thermo Fisher Scientific, Inc. (a)		42		26,785
Media — 7.9%
Charter Communications, Inc., Class A * (a)		31		21,255
Liberty Media Corp.-Liberty SiriusXM, Class A *		382		19,009
Liberty Media Corp.-Liberty SiriusXM, Class C * (a)		382		18,847
				59,111
Road & Rail — 7.6%
JB Hunt Transport Services, Inc.		95		18,764
Lyft, Inc., Class A * (a)		320		14,666
Old Dominion Freight Line, Inc.		68		23,150
				56,580

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — 10.3%
NVIDIA Corp. (a)		143		36,477
NXP Semiconductors NV (China)		204		40,975
				77,452
Software — 7.3%
Microsoft Corp.		71		23,592
Zscaler, Inc. * (a)		96		30,554
				54,146
Specialty Retail — 5.3%
Lowe’s Cos., Inc.		96		22,467
O’Reilly Automotive, Inc. *		28		17,365
				39,832
Total Common Stocks (Cost $501,802)				608,125
	NO. OF CONTRACTS
Options Purchased — 0.1%
Call Options Purchased — 0.1%
Index Funds — 0.1%
S&P 500 Index 12/31/2021 at USD 4,650.00, European Style Notional Amount: USD 21,185 Counterparty: Exchange-Traded *		46		363
12/31/2021 at USD 4,700.00, European Style Notional Amount: USD 12,895 Counterparty: Exchange-Traded *		28		151
12/31/2021 at USD 4,770.00, European Style Notional Amount: USD 20,264 Counterparty: Exchange-Traded *		44		122
12/31/2021 at USD 4,850.00, European Style Notional Amount: USD 34,079 Counterparty: Exchange-Traded *		74		90
				726
Total Options Purchased (Cost $705)				726
	SHARES (000)
Short-Term Investments — 16.1%
Investment Companies — 16.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (b) (c) (Cost $119,946)		119,886		119,946
Total Long Positions (Cost $622,453)				728,797

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — (12.7)%
Common Stocks — (12.7)%
Airlines — (0.7)%
American Airlines Group, Inc. *		(97	)		(1,855	)
Delta Air Lines, Inc. *		(47	)		(1,842	)
United Airlines Holdings, Inc. *		(40	)		(1,851	)
					(5,548	)
Chemicals — (0.5)%
Dow, Inc.		(66	)		(3,675	)
Food Products — (2.9)%
Campbell Soup Co.		(316	)		(12,610	)
Conagra Brands, Inc.		(106	)		(3,418	)
Kellogg Co.		(90	)		(5,515	)
					(21,543	)
Industrial Conglomerates — (1.7)%
3M Co.		(72	)		(12,900	)
Machinery — (0.3)%
Cummins, Inc.		(8	)		(1,877	)
Media — (5.1)%
Sirius XM Holdings, Inc.		(6,199	)		(37,751	)
Semiconductors & Semiconductor Equipment — (1.0)%
Intel Corp.		(149	)		(7,300	)
Software — (0.5)%
Alteryx, Inc., Class A *		(53	)		(3,865	)
Total Common Stocks (Proceeds $(94,578))					(94,459	)
Total Short Positions (Proceeds $(94,578))					(94,459	)
Total Investments — 85.0% (Cost $527,875)					634,338
Other Assets Less Liabilities — 15.0%					111,316
NET ASSETS — 100.0%					745,654

Percentages indicated are based on net assets.

Abbreviations

USD	United States Dollar
(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 $89,765 and $187,322 respectively.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of October 31, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 17

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 99.3%
Common Stocks — 88.7%
Aerospace & Defense — 0.7%
Howmet Aerospace, Inc.		7			212
Northrop Grumman Corp.		1			312
TransDigm Group, Inc. *		—	(a)		97
					621
Air Freight & Logistics — 0.6%
FedEx Corp.		1			255
United Parcel Service, Inc., Class B		1			284
					539
Auto Components — 0.6%
Aptiv plc *		1			196
Lear Corp.		1			197
Magna International, Inc. (Canada)		2			136
					529
Automobiles — 0.2%
General Motors Co. *		3			146
Banks — 4.7%
Bank of America Corp.		9			416
Fifth Third Bancorp		14			589
M&T Bank Corp.		1			186
SVB Financial Group *		1			1,052
Truist Financial Corp.		7			415
US Bancorp		2			99
Wells Fargo & Co. (b)		31			1,572
					4,329
Beverages — 0.9%
Coca-Cola Co. (The)		3			149
Constellation Brands, Inc., Class A		—	(a)		88
PepsiCo, Inc.		4			570
					807
Biotechnology — 3.6%
AbbVie, Inc.		8			946
Biogen, Inc. *		2			531
BioMarin Pharmaceutical, Inc. *		4			281
Neurocrine Biosciences, Inc. *		3			364
Regeneron Pharmaceuticals, Inc. *		1			805
Vertex Pharmaceuticals, Inc. *		2			434
					3,361
Building Products — 1.0%
Allegion plc		1			87
Fortune Brands Home & Security, Inc.		—	(a)		33

INVESTMENTS	SHARES (000)			VALUE ($000)
Building Products — continued
Johnson Controls International plc		6			446
Trane Technologies plc		2			393
					959
Capital Markets — 1.3%
Ameriprise Financial, Inc.		—	(a)		66
Charles Schwab Corp. (The)		2			123
Intercontinental Exchange, Inc.		—	(a)		66
Morgan Stanley		3			295
State Street Corp.		4			434
T. Rowe Price Group, Inc.		1			195
					1,179
Chemicals — 3.8%
Air Products and Chemicals, Inc. (b)		1			326
Celanese Corp.		3			473
Corteva, Inc.		3			147
DuPont de Nemours, Inc. (b)		14			951
Eastman Chemical Co. (b)		5			523
Linde plc (United Kingdom)		1			322
PPG Industries, Inc.		5			748
					3,490
Commercial Services & Supplies — 0.3%
Waste Connections, Inc.		2			301
Diversified Financial Services — 0.3%
Voya Financial, Inc.		3			234
Electric Utilities — 1.9%
Alliant Energy Corp.		5			266
FirstEnergy Corp.		19			740
NextEra Energy, Inc.		8			700
					1,706
Electrical Equipment — 0.9%
AMETEK, Inc.		—	(a)		56
Eaton Corp. plc		5			776
					832
Electronic Equipment, Instruments & Components — 0.7%
Corning, Inc.		13			471
Keysight Technologies, Inc. *		1			143
					614
Energy Equipment & Services — 0.6%
Baker Hughes Co.		24			590

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Entertainment — 2.1%
Activision Blizzard, Inc.		5			420
Electronic Arts, Inc.		3			416
Endeavor Group Holdings, Inc., Class A *		37			1,000
Netflix, Inc. *		—	(a)		126
					1,962
Equity Real Estate Investment Trusts (REITs) — 4.1%
American Homes 4 Rent, Class A		6			246
Camden Property Trust		2			376
Cousins Properties, Inc.		8			328
Equinix, Inc.		—	(a)		281
Equity LifeStyle Properties, Inc.		1			109
Host Hotels & Resorts, Inc. *		11			191
Invitation Homes, Inc.		11			434
Kimco Realty Corp.		35			792
Prologis, Inc.		2			308
Sun Communities, Inc.		1			264
UDR, Inc.		5			277
Ventas, Inc.		1			66
WP Carey, Inc.		1			85
					3,757
Food Products — 0.6%
Hershey Co. (The)		1			233
Mondelez International, Inc., Class A		5			280
					513
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		1			104
Becton Dickinson and Co.		1			208
Boston Scientific Corp. *		9			406
Danaher Corp.		2			573
Medtronic plc		4			438
Zimmer Biomet Holdings, Inc.		3			396
					2,125
Health Care Providers & Services — 2.5%
Centene Corp. *		8			553
Cigna Corp.		1			163
CVS Health Corp.		8			709
Humana, Inc.		—	(a)		157
UnitedHealth Group, Inc. (b)		2			696
					2,278
Hotels, Restaurants & Leisure — 2.2%
Booking Holdings, Inc. *		—	(a)		545
Hilton Worldwide Holdings, Inc. *		1			81

INVESTMENTS	SHARES (000)			VALUE ($000)
Hotels, Restaurants & Leisure — continued
McDonald’s Corp.		3			767
Yum! Brands, Inc. (b)		5			655
					2,048
Household Durables — 0.8%
KB Home		7			265
Mohawk Industries, Inc. *		1			202
Toll Brothers, Inc.		5			284
					751
Household Products — 0.2%
Kimberly-Clark Corp.		—	(a)		29
Procter & Gamble Co. (The)		1			165
					194
Industrial Conglomerates — 0.1%
Roper Technologies, Inc.		—	(a)		49
Insurance — 2.1%
Arthur J Gallagher & Co.		2			393
Hartford Financial Services Group, Inc. (The)		4			287
Lincoln National Corp.		1			74
Marsh & McLennan Cos., Inc.		1			150
Progressive Corp. (The)		6			544
Prudential Financial, Inc.		1			125
RenaissanceRe Holdings Ltd. (Bermuda)		—	(a)		57
Ryan Specialty Group Holdings, Inc., Class A *		9			325
					1,955
Interactive Media & Services — 3.0%
Alphabet, Inc., Class A *		—	(a)		376
Alphabet, Inc., Class C *		—	(a)		756
Meta Platforms, Inc., Class A * (b)		—	(a)		134
Snap, Inc., Class A *		13			689
ZoomInfo Technologies, Inc., Class A *		12			790
					2,745
Internet & Direct Marketing Retail — 2.0%
Amazon.com, Inc. * (b)		1			1,848
IT Services — 4.9%
Affirm Holdings, Inc. *		4			577
FleetCor Technologies, Inc. *		2			522
Mastercard, Inc., Class A (b)		5			1,704
Shopify, Inc., Class A (Canada) *		1			1,350
Square, Inc., Class A *		1			141
WEX, Inc. *		2			328
					4,622

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 19

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Life Sciences Tools & Services — 1.6%
PerkinElmer, Inc.		4			682
Thermo Fisher Scientific, Inc.		1			790
					1,472
Machinery — 5.1%
Deere & Co. (b)		3			1,082
Dover Corp.		4			593
Ingersoll Rand, Inc. *		27			1,472
Otis Worldwide Corp.		8			607
Parker-Hannifin Corp.		—	(a)		48
Stanley Black & Decker, Inc.		5			986
					4,788
Media — 1.9%
Charter Communications, Inc., Class A *		1			520
Comcast Corp., Class A		11			547
Liberty Media Corp.-Liberty SiriusXM, Class A *		14			688
					1,755
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		11			400
Multiline Retail — 0.5%
Dollar General Corp.		1			320
Dollar Tree, Inc. *		1			95
					415
Multi-Utilities — 2.6%
Ameren Corp.		3			281
CenterPoint Energy, Inc.		25			660
DTE Energy Co.		2			274
Public Service Enterprise Group, Inc.		11			731
WEC Energy Group, Inc.		5			445
					2,391
Oil, Gas & Consumable Fuels — 6.5%
Cheniere Energy, Inc. *		4			425
Chevron Corp.		3			400
ConocoPhillips		8			584
Coterra Energy, Inc.		54			1,141
Diamondback Energy, Inc. (b)		17			1,822
EOG Resources, Inc.		4			373
Phillips 66		5			344
Pioneer Natural Resources Co. (b)		4			690
TC Energy Corp. (Canada)		6			311
					6,090

INVESTMENTS	SHARES (000)			VALUE ($000)
Personal Products — 0.6%
Estee Lauder Cos., Inc. (The), Class A		2			563
Pharmaceuticals — 1.3%
Bristol-Myers Squibb Co.		9			518
Eli Lilly & Co.		2			557
Organon & Co.		2			89
					1,164
Professional Services — 1.6%
Booz Allen Hamilton Holding Corp.		5			418
IHS Markit Ltd.		4			485
Leidos Holdings, Inc. (b)		6			573
					1,476
Road & Rail — 3.9%
Canadian National Railway Co. (Canada)		1			154
CSX Corp.		9			315
Lyft, Inc., Class A * (b)		26			1,206
Norfolk Southern Corp. (b)		3			1,025
Old Dominion Freight Line, Inc.		2			624
Uber Technologies, Inc. * (b)		3			132
Union Pacific Corp.		1			169
					3,625
Semiconductors & Semiconductor Equipment — 4.4%
Advanced Micro Devices, Inc. * (b)		7			889
Analog Devices, Inc.		3			514
Lam Research Corp. (b)		1			336
Micron Technology, Inc.		4			276
NXP Semiconductors NV (China)		5			931
ON Semiconductor Corp. *		6			294
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		2			223
Texas Instruments, Inc.		3			554
					4,017
Software — 3.3%
Ceridian HCM Holding, Inc. *		9			1,150
Intuit, Inc. (b)		—	(a)		303
Microsoft Corp. (b)		3			923
Workday, Inc., Class A *		2			656
					3,032
Specialty Retail — 3.6%
AutoZone, Inc. *		—	(a)		596
Best Buy Co., Inc.		2			202
Burlington Stores, Inc. *		1			253
Home Depot, Inc. (The)		—	(a)		178

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Specialty Retail — continued
Lowe’s Cos., Inc. (b)		4			1,027
O’Reilly Automotive, Inc. * (b)		2			1,022
TJX Cos., Inc. (The)		—	(a)		32
					3,310
Technology Hardware, Storage & Peripherals — 1.6%
Hewlett Packard Enterprise Co.		60			876
Seagate Technology Holdings plc		6			569
					1,445
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		2			394
Wireless Telecommunication Services — 0.4%
T-Mobile US, Inc. *		3			400
Total Common Stocks (Cost $58,575)					81,821
Short-Term Investments — 10.6%
Investment Companies — 10.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $9,749)		9,747			9,752
Total Long Positions (Cost $68,324)					91,573
Short Positions — (77.9)%
Common Stocks — (77.9)%
Aerospace & Defense — (1.4)%
Boeing Co. (The) *		(2	)		(344	)
Hexcel Corp. *		(2	)		(133	)
Huntington Ingalls Industries, Inc.		(3	)		(654	)
L3Harris Technologies, Inc.		(1	)		(125	)
					(1,256	)
Air Freight & Logistics — (0.9)%
CH Robinson Worldwide, Inc.		(5	)		(490	)
Expeditors International of Washington, Inc.		(3	)		(382	)
					(872	)
Airlines — 0.0% (e)
United Airlines Holdings, Inc. *		(1	)		(43	)
Auto Components — (0.6)%
Autoliv, Inc. (Sweden)		(2	)		(240	)
BorgWarner, Inc.		(6	)		(281	)
					(521	)
Automobiles — (0.2)%
Ford Motor Co. *		(5	)		(88	)
Harley-Davidson, Inc.		(2	)		(68	)
					(156	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Banks — (2.3)%
Associated Banc-Corp.		(5	)		(106	)
Citizens Financial Group, Inc.		(12	)		(563	)
First Republic Bank		(2	)		(467	)
KeyCorp		(18	)		(418	)
PNC Financial Services Group, Inc. (The)		(3	)		(555	)
					(2,109	)
Biotechnology — (2.2)%
Amgen, Inc.		(1	)		(268	)
Gilead Sciences, Inc.		(14	)		(886	)
Moderna, Inc. *		(3	)		(881	)
					(2,035	)
Building Products — (0.7)%
Lennox International, Inc.		(1	)		(285	)
Masco Corp.		(5	)		(331	)
					(616	)
Capital Markets — (4.4)%
BlackRock, Inc.		(1	)		(670	)
Franklin Resources, Inc.		(14	)		(432	)
Goldman Sachs Group, Inc. (The)		(2	)		(709	)
Moody’s Corp.		(1	)		(487	)
MSCI, Inc.		(2	)		(1,218	)
Northern Trust Corp.		(4	)		(516	)
					(4,032	)
Chemicals — (1.0)%
Dow, Inc.		(7	)		(373	)
Ecolab, Inc.		(2	)		(432	)
LyondellBasell Industries NV, Class A		(1	)		(77	)
					(882	)
Commercial Services & Supplies — (0.7)%
Republic Services, Inc.		(4	)		(604	)
Communications Equipment — (0.7)%
Cisco Systems, Inc.		(11	)		(617	)
Construction Materials — (0.2)%
Martin Marietta Materials, Inc.		—	(a)		(102	)
Vulcan Materials Co.		—	(a)		(39	)
					(141	)
Consumer Finance — (0.7)%
Discover Financial Services		(6	)		(690	)
Containers & Packaging — (2.5)%
AptarGroup, Inc.		(2	)		(209	)
Ball Corp.		(4	)		(397	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 21

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Containers & Packaging — continued
Crown Holdings, Inc.		(2	)		(196	)
International Paper Co.		(9	)		(466	)
Packaging Corp. of America		(1	)		(80	)
Silgan Holdings, Inc.		(14	)		(572	)
Sonoco Products Co.		(7	)		(397	)
					(2,317	)
Diversified Telecommunication Services — (2.0)%
AT&T, Inc.		(32	)		(804	)
Lumen Technologies, Inc.		(43	)		(513	)
Verizon Communications, Inc.		(9	)		(501	)
					(1,818	)
Electric Utilities — (2.5)%
American Electric Power Co., Inc.		(11	)		(895	)
Eversource Energy		(5	)		(407	)
Pinnacle West Capital Corp.		(3	)		(217	)
Southern Co. (The)		(12	)		(770	)
					(2,289	)
Electrical Equipment — (1.9)%
Acuity Brands, Inc.		(5	)		(927	)
Hubbell, Inc.		(2	)		(470	)
Sensata Technologies Holding plc *		(7	)		(368	)
					(1,765	)
Electronic Equipment, Instruments & Components — (0.2)%
Cognex Corp.		(2	)		(191	)
Energy Equipment & Services — (1.5)%
Halliburton Co.		(35	)		(870	)
Schlumberger NV		(15	)		(478	)
					(1,348	)
Entertainment — (1.4)%
AMC Entertainment Holdings, Inc., Class A *		(19	)		(680	)
Walt Disney Co. (The)*		(4	)		(628	)
					(1,308	)
Equity Real Estate Investment Trusts (REITs) — (4.3)%
AvalonBay Communities, Inc.		(1	)		(289	)
Duke Realty Corp.		(5	)		(285	)
Equity Residential		(5	)		(399	)
Iron Mountain, Inc.		(17	)		(785	)
National Retail Properties, Inc.		(12	)		(527	)
Realty Income Corp.		(1	)		(95	)
Simon Property Group, Inc.		(6	)		(892	)
SL Green Realty Corp.		(4	)		(300	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Vornado Realty Trust		(4	)		(185	)
Welltower, Inc.		(2	)		(183	)
					(3,940	)
Food & Staples Retailing — (4.9)%
Kroger Co. (The)		(50	)		(1,992	)
Walgreens Boots Alliance, Inc.		(23	)		(1,082	)
Walmart, Inc.		(10	)		(1,485	)
					(4,559	)
Food Products — (1.5)%
Campbell Soup Co.		(8	)		(314	)
Conagra Brands, Inc.		(8	)		(260	)
General Mills, Inc.		(5	)		(316	)
Kellogg Co.		(7	)		(459	)
					(1,349	)
Gas Utilities — (0.3)%
National Fuel Gas Co.		(6	)		(318	)
Health Care Equipment & Supplies — (1.7)%
Baxter International, Inc.		(8	)		(610	)
Stryker Corp.		(4	)		(986	)
					(1,596	)
Health Care Providers & Services — (0.5)%
Henry Schein, Inc. *		(6	)		(487	)
Health Care Technology — (0.4)%
Cerner Corp.		(5	)		(376	)
Hotels, Restaurants & Leisure — (0.7)%
Starbucks Corp.		(6	)		(675	)
Household Durables — (0.4)%
NVR, Inc. *		—	(a)		(157	)
PulteGroup, Inc.		(4	)		(182	)
					(339	)
Household Products — (1.3)%
Clorox Co. (The)		(5	)		(882	)
Colgate-Palmolive Co.		(4	)		(280	)
					(1,162	)
Industrial Conglomerates — (2.2)%
3M Co.		(7	)		(1,258	)
General Electric Co.		(8	)		(800	)
					(2,058	)
Insurance — (2.0)%
Aflac, Inc.		(3	)		(144	)

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Insurance — continued
Allstate Corp. (The)		(4	)		(437	)
Aon plc, Class A		(2	)		(698	)
Axis Capital Holdings Ltd.		(2	)		(111	)
Globe Life, Inc.		(1	)		(79	)
MetLife, Inc.		(2	)		(106	)
Willis Towers Watson plc		(1	)		(138	)
WR Berkley Corp.		(2	)		(150	)
					(1,863	)
Internet & Direct Marketing Retail — (0.9)%
eBay, Inc.		(11	)		(838	)
IT Services — (3.6)%
Automatic Data Processing, Inc.		(1	)		(253	)
Cognizant Technology Solutions Corp., Class A		(6	)		(455	)
DXC Technology Co. *		(4	)		(129	)
EPAM Systems, Inc. *		—	(a)		(135	)
Global Payments, Inc.		(1	)		(123	)
Infosys Ltd., ADR (India)		(18	)		(408	)
Jack Henry & Associates, Inc.		(1	)		(176	)
Paychex, Inc.		(5	)		(620	)
PayPal Holdings, Inc. *		(1	)		(337	)
Western Union Co. (The)		(37	)		(684	)
					(3,320	)
Life Sciences Tools & Services — (1.2)%
Agilent Technologies, Inc.		(3	)		(541	)
Waters Corp. *		(2	)		(582	)
					(1,123	)
Machinery — (1.9)%
Caterpillar, Inc.		(3	)		(650	)
Illinois Tool Works, Inc.		(3	)		(728	)
PACCAR, Inc.		(4	)		(356	)
					(1,734	)
Media — (4.0)%
Interpublic Group of Cos., Inc. (The)		(19	)		(679	)
Omnicom Group, Inc.		(24	)		(1,667	)
Sirius XM Holdings, Inc.		(59	)		(359	)
ViacomCBS, Inc.		(27	)		(969	)
					(3,674	)
Multiline Retail — (0.4)%
Kohl’s Corp.		(2	)		(110	)
Macy’s, Inc.		(5	)		(138	)
Nordstrom, Inc. *		(4	)		(116	)
					(364	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Multi-Utilities — (1.7)%
CMS Energy Corp.		(5	)		(274	)
Consolidated Edison, Inc.		(12	)		(899	)
Dominion Energy, Inc.		(5	)		(380	)
					(1,553	)
Oil, Gas & Consumable Fuels — (4.3)%
APA Corp.		(2	)		(65	)
Devon Energy Corp.		(2	)		(100	)
Enbridge, Inc. (Canada)		(24	)		(985	)
Exxon Mobil Corp.		(21	)		(1,347	)
Hess Corp.		(7	)		(582	)
HollyFrontier Corp.		(6	)		(195	)
Kinder Morgan, Inc.		(8	)		(139	)
Marathon Oil Corp.		(34	)		(557	)
					(3,970	)
Paper & Forest Products — 0.0% (e)
Sylvamo Corp. *		—	(a)		—	(a)
Pharmaceuticals — (2.2)%
Johnson & Johnson		(3	)		(414	)
Merck & Co., Inc.		(5	)		(482	)
Pfizer, Inc.		(16	)		(687	)
Zoetis, Inc.		(2	)		(458	)
					(2,041	)
Professional Services — (0.9)%
TransUnion		(4	)		(421	)
Verisk Analytics, Inc.		(2	)		(378	)
					(799	)
Road & Rail — (0.8)%
Canadian Pacific Railway Ltd. (Canada)		(2	)		(152	)
Heartland Express, Inc.		(16	)		(254	)
JB Hunt Transport Services, Inc.		(1	)		(206	)
Werner Enterprises, Inc.		(3	)		(128	)
					(740	)
Semiconductors & Semiconductor Equipment — (3.3)%
Broadcom, Inc.		(1	)		(699	)
Intel Corp.		(36	)		(1,769	)
KLA Corp.		(1	)		(293	)
Skyworks Solutions, Inc.		(2	)		(286	)
					(3,047	)
Software — (1.0)%
Adobe, Inc. *		—	(a)		(212	)
Citrix Systems, Inc.		(1	)		(99	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 23

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Software — continued
Oracle Corp.		(2	)		(165	)
Palantir Technologies, Inc., Class A *		(12	)		(321	)
VMware, Inc., Class A *		(1	)		(133	)
					(930	)
Specialty Retail — (0.4)%
CarMax, Inc. *		(1	)		(146	)
Williams-Sonoma, Inc.		(1	)		(194	)
					(340	)
Technology Hardware, Storage & Peripherals — (2.2)%
Apple, Inc.		(10	)		(1,426	)
NetApp, Inc.		(6	)		(578	)
Xerox Holdings Corp.		(4	)		(68	)
					(2,072	)
Textiles, Apparel & Luxury Goods — (0.3)%
VF Corp.		(4	)		(293	)
Trading Companies & Distributors — (0.3)%
Fastenal Co.		(5	)		(304	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Water Utilities — (0.3)%
Essential Utilities, Inc.		(7	)		(314	)
Total Common Stocks (Proceeds $(67,933))					(71,788	)
Total Short Positions (Proceeds $(67,933))					(71,788	)
Total Investments — 21.4% (Cost $391)					19,785
Other Assets Less Liabilities — 78.6%					72,405
NET ASSETS — 100.0%					92,190

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 $14,258 and $72,237 respectively.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2021.
(e)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 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

(4

)

12/2021

USD

(920

)

(7

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2021

(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	$	14,618		$	608,125		$	81,821
Investments in affiliates, at value		2,529			119,946			9,752
Options purchased, at value		61			726			—
Restricted cash for exchange-traded options		706			—			—
Cash		864			—			—	(a)
Foreign currency, at value		66			—			—
Deposits at broker for futures contracts		—			—			89
Deposits at broker for securities sold short		—			187,322			72,237
Receivables:
Investment securities sold		4			18,425			1,287
Fund shares sold		—	(a)		3,101			61
Interest from non-affiliates		4			—	(a)		—
Dividends from non-affiliates		2			91			48
Dividends from affiliates		—	(a)		7			—	(a)
Tax reclaims		4			—			—
Variation margin on futures contracts		441			—			—
Unrealized appreciation on forward foreign currency exchange contracts		94			—			—
Due from adviser		15			—			—
Due from broker		16			—			—
Total Assets		19,424			937,743			165,295
LIABILITIES:
Payables:
Due to custodian		—			—	(a)		—
Securities sold short, at value		—			94,459			71,788
Dividend expense to non-affiliates on securities sold short		—			153			74
Investment securities purchased		11			95,957			1,059
Interest expense to non-affiliates on securities sold short		—			34			10
Fund shares redeemed		—			518			9
Variation margin on futures contracts		—			—			2
Unrealized depreciation on forward foreign currency exchange contracts		21			—			—
Accrued liabilities:
Investment advisory fees		—			715			17
Administration fees		—			45			—
Distribution fees		—	(a)		11			4
Service fees		4			89			18
Custodian and accounting fees		11			10			14
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Other		190			98			110
Total Liabilities		237			192,089			73,105
Net Assets	$	19,187		$	745,654		$	92,190

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

	JPMorgan Macro Opportunities Fund			JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	16,765		$	589,812		$	109,330
Total distributable earnings (loss)		2,422			155,842			(17,140	)
Total Net Assets	$	19,187		$	745,654		$	92,190
Net Assets:
Class A	$	290		$	30,516		$	16,867
Class C		77			7,079			1,211
Class I		18,798			398,771			74,112
Class R6		22			309,288			—
Total	$	19,187		$	745,654		$	92,190
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		17			1,291			1,359
Class C		5			311			109
Class I		1,098			16,563			5,582
Class R6		1			12,634			—
Net Asset Value (a):
Class A — Redemption price per share	$	17.05		$	23.65		$	12.41
Class C — Offering price per share (b)		16.93			22.75			11.09
Class I — Offering and redemption price per share		17.12			24.08			13.28
Class R6 — Offering and redemption price per share		17.17			24.48			—
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)]	$	17.99		$	24.96		$	13.10
Cost of investments in non-affiliates	$	12,256		$	501,802		$	58,575
Cost of investments in affiliates		2,529			119,946			9,749
Cost of options purchased		95			705			—
Cost of foreign currency		66			—			—
Proceeds from securities sold short		—			94,578			67,933

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2021

(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	$	28		$	—		$	—
Dividend income from non-affiliates		143			3,607			1,239
Dividend income from affiliates		2			24			7
Income from securities lending (net) (See Note 2.C.)		1			—			—
Foreign taxes withheld (net)		(10	)		—			—
Total investment income		164			3,631			1,246
EXPENSES:
Investment advisory fees		106			7,559			353
Administration fees		13			472			76
Distribution fees:
Class A		—	(a)		70			38
Class C		—	(a)		46			12
Service fees:
Class A		—	(a)		70			38
Class C		—	(a)		15			4
Class I		44			806			210
Custodian and accounting fees		43			39			40
Interest expense to affiliates		1			—	(a)		—	(a)
Professional fees		174			88			60
Trustees’ and Chief Compliance Officer’s fees		25			27			25
Printing and mailing costs		2			43			—	(a)
Registration and filing fees		119			88			77
Transfer agency fees (See Note 2.J.)		—	(a)		17			8
Offering costs (See Note 2.H.)		10			—			—
Dividend expense to non-affiliates on securities sold short		—			3,993			1,920
Interest expense to non-affiliates on securities sold short		—			1,327			160
Other		12			19			9
Total expenses		549			14,679			3,030
Less fees waived		(122	)		(41	)		(218	)
Less expense reimbursements		(258	)		—			—
Net expenses		169			14,638			2,812
Net investment income (loss)		(5	)		(11,007	)		(1,566	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,699			129,159			30,685
Investments in affiliates		—	(a)		1			2
Options purchased		(561	)		(1,325	)		—
Futures contracts		(841	)		—			(549	)
Securities sold short		—			(49,885	)		(24,401	)
Foreign currency transactions		64			—			—
Forward foreign currency exchange contracts		218			—			—
Options written		183			84			—
Net realized gain (loss)		762			78,034			5,737
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,244			43,084			10,395
Investments in affiliates		—	(a)		—	(a)		(3	)
Options purchased		35			21			—
Futures contracts		(307	)		—			(92	)
Securities sold short		—			(749	)		(12,333	)
Foreign currency translations		(1	)		—			—	(a)
Forward foreign currency exchange contracts		53			—			—
Change in net unrealized appreciation/depreciation		1,024			42,356			(2,033	)
Net realized/unrealized gains (losses)		1,786			120,390			3,704
Change in net assets resulting from operations	$	1,781		$	109,383		$	2,138

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Macro Opportunities Fund						JPMorgan Opportunistic Equity Long/Short Fund
	Year Ended October 31, 2021			Period Ended October 31, 2020 (a)			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(5	)	$	6		$	(11,007	)	$	(4,527	)
Net realized gain (loss)		762			(892	)		78,034			29,177
Change in net unrealized appreciation/depreciation		1,024			1,287			42,356			40,552
Change in net assets resulting from operations		1,781			401			109,383			65,202
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			—			(918	)		—
Class C		—			—			(222	)		—
Class I		—			—			(10,347	)		(191	)
Class R6 (b)		—			—			(9,883	)		(727	)
Total distributions to shareholders		—			—			(21,370	)		(918	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,974			15,031			172,125			102,197
NET ASSETS:
Change in net assets		3,755			15,432			260,138			166,481
Beginning of period		15,432			—			485,516			319,035
End of period	$	19,187		$	15,432		$	745,654		$	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.

OCTOBER 31, 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
	Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,566	)	$	(1,092	)
Net realized gain (loss)		5,737			4,294
Change in net unrealized appreciation/depreciation		(2,033	)		4,263
Change in net assets resulting from operations		2,138			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		(43,203	)		77,802
NET ASSETS:
Change in net assets		(49,249	)		79,042
Beginning of period		141,439			62,397
End of period	$	92,190		$	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 OCTOBER 31, 2021

	JPMorgan Macro Opportunities Fund						JPMorgan Opportunistic Equity Long/Short Fund
	Year Ended October 31, 2021			Period Ended October 31, 2020 (a)			Year Ended October 31, 2021			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	337		$	33		$	16,519		$	10,155
Distributions reinvested		—			—			913			—
Cost of shares redeemed		(80	)		(7	)		(11,337	)		(11,256	)
Change in net assets resulting from Class A capital transactions		257			26			6,095			(1,101	)
Class C
Proceeds from shares issued		54			20			2,019			2,177
Distributions reinvested		—			—			218			—
Cost of shares redeemed		—			—			(537	)		(684	)
Change in net assets resulting from Class C capital transactions		54			20			1,700			1,493
Class I
Proceeds from shares issued		1,682			14,965			242,796			180,729
Distributions reinvested		—			—			10,199			185
Cost of shares redeemed		(19	)		—			(124,700	)		(115,513	)
Change in net assets resulting from Class I capital transactions		1,663			14,965			128,295			65,401
Class R6 (b)
Proceeds from shares issued		—			20			76,310			93,501
Distributions reinvested		—			—			2,265			131
Cost of shares redeemed		—			—			(42,540	)		(57,228	)
Change in net assets resulting from Class R6 capital transactions		—			20			36,035			36,404
Total change in net assets resulting from capital transactions	$	1,974		$	15,031		$	172,125		$	102,197
SHARE TRANSACTIONS:
Class A
Issued		20			2			742			515
Reinvested		—			—			43			—
Redeemed		(5	)		—	(c)		(512	)		(613	)
Change in Class A Shares		15			2			273			(98	)
Class C
Issued		4			1			94			115
Reinvested		—			—			11			—
Redeemed		—			—			(25	)		(38	)
Change in Class C Shares		4			1			80			77
Class I
Issued		101			998			10,786			9,392
Reinvested		—			—			471			11
Redeemed		(1	)		—			(5,539	)		(6,104	)
Change in Class I Shares		100			998			5,718			3,299
Class R6 (b)
Issued		—			1			3,324			4,846
Reinvested		—			—			103			7
Redeemed		—			—			(1,866	)		(3,003	)
Change in Class R6 Shares		—			1			1,561			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.

OCTOBER 31, 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
	Year Ended October 31, 2021			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	6,793		$	10,274
Distributions reinvested		1,075			1,461
Cost of shares redeemed		(8,506	)		(7,858	)
Change in net assets resulting from Class A capital transactions		(638	)		3,877
Class C
Proceeds from shares issued		417			1,554
Distributions reinvested		159			426
Cost of shares redeemed		(1,175	)		(3,621	)
Change in net assets resulting from Class C capital transactions		(599	)		(1,641	)
Class I
Proceeds from shares issued		41,158			128,845
Distributions reinvested		6,758			2,418
Cost of shares redeemed		(89,882	)		(65,906	)
Conversion from Class L Shares		—			26,571
Change in net assets resulting from Class I capital transactions		(41,966	)		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	$	(43,203	)	$	77,802
SHARE TRANSACTIONS:
Class A
Issued		559			812
Reinvested		90			126
Redeemed		(689	)		(628	)
Change in Class A Shares		(40	)		310
Class C
Issued		37			136
Reinvested		15			40
Redeemed		(109	)		(319	)
Change in Class C Shares		(57	)		(143	)
Class I
Issued		3,149			9,519
Reinvested		532			197
Redeemed		(6,877	)		(4,916	)
Conversion from Class L Shares		—			1,971
Change in Class I Shares		(3,196	)		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 OCTOBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 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
Year Ended October 31, 2021	$	15.38	$	(0.08	)	$	1.75	$	1.67
April 15, 2020 (f) through October 31, 2020		15.00		(0.01	)		0.39		0.38
Class C
Year Ended October 31, 2021		15.34		(0.15	)		1.74		1.59
April 15, 2020 (f) through October 31, 2020		15.00		(0.06	)		0.40		0.34
Class I
Year Ended October 31, 2021		15.40		(0.01	)		1.73		1.72
April 15, 2020 (f) through October 31, 2020		15.00		—	(h)		0.40		0.40
Class R6
Year Ended October 31, 2021		15.41		0.04			1.72		1.76
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) Includes earnings credits and interest expense, if applicable, each of 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.

(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 OCTOBER 31, 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 (e)			Portfolio turnover rate (c)
$	17.05		10.86	%	$	290		1.21	%		(0.48	)%		3.28	%		99	%
	15.38		2.53			27		1.20	(g)		(0.18	)(g)		5.12	(g)		49
	16.93		10.37			77		1.71			(0.89	)		3.83			99
	15.34		2.27			20		1.70	(g)		(0.70	)(g)		5.76	(g)		49
	17.12		11.17			18,798		0.96			(0.04	)		3.11			99
	15.40		2.67			15,365		0.95	(g)		0.05	(g)		4.24	(g)		49
	17.17		11.42			22		0.71			0.22			2.93			99
	15.41		0.39			20		0.77	(g)		0.84	(g)		7.24	(g)		49

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 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) (a)			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
Year Ended October 31, 2021	$	20.54	$	(0.46	)	$	4.46		$	4.00		$	—		$	(0.89	)	$	(0.89	)
Year Ended October 31, 2020		17.34		(0.29	)		3.49			3.20			—			—			—
Year Ended October 31, 2019		18.22		—	(f)		(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	)
Class C
Year Ended October 31, 2021		19.88		(0.56	)		4.32			3.76			—			(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	)
Class I
Year Ended October 31, 2021		20.84		(0.42	)		4.55			4.13			—			(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	)
Class R6
Year Ended October 31, 2021		21.13		(0.37	)		4.61			4.24			—			(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	)

(a) Calculated based upon average shares outstanding.

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

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

(d) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.82% and 1.83% for the year ended October 31, 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 and 1.83% and 2.02% for the year ended October 31, 2017; for Class C are 2.31% and 2.32% for the year ended October 31, 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 and 2.31% and 2.52% for the year ended October 31, 2017; for Class I are 1.57% and 1.58% for the year ended October 31, 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 and 1.56% and 1.73% for the year ended October 31, 2017; for Class R6 are 1.31% and 1.32% for the year ended October 31, 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 and 1.31% and 1.47% for the year ended October 31, 2017, respectively.

(e) Interest expense on securities sold short is 0.21%.

(f) Amount rounds to less than $0.005.

(g) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (c)(d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (d)			Portfolio turnover rate (excluding securities sold short)			Portfolio turnover rate (including securities sold short)
$	23.65		19.94	%	$	30,516		2.66	%(e)		(2.08	)%		2.67	%		548	%		1,013	%
	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	(g)		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
	22.75		19.37			7,079		3.15	(e)		(2.57	)		3.16			548			1,013
	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
	24.08		20.28			398,771		2.41	(e)		(1.84	)		2.42			548			1,013
	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
	24.48		20.54			309,288		2.15	(e)		(1.57	)		2.16			548			1,013
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 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) (a)			Net realized and unrealized gains (losses) on investments		Total from investment operations			Net realized gain
JPMorgan Research Market Neutral Fund
Class A
Year Ended October 31, 2021	$	13.01	$	(0.21	)	$	0.52	$	0.31		$	(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			—
Class C
Year Ended October 31, 2021		11.77		(0.25	)		0.48		0.23			(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			—
Class I
Year Ended October 31, 2021		13.82		(0.20	)		0.57		0.37			(0.91	)
Year Ended October 31, 2020		13.80		(0.19	)		1.70		1.51			(1.49	)
Year Ended October 31, 2019		14.93		—	(f)		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			—

(a) Calculated based upon average shares outstanding.

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

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

(d) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 0.93% and 1.16% for the year ended October 31, 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 and 1.24% and 1.53% for the year ended October 31, 2017; for Class C are 1.43% and 1.67% for the year ended October 31, 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 and 1.72% and 2.07% for the year ended October 31, 2017; for Class I are 0.68% and 0.89% for the year ended October 31, 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 and 0.96% and 1.25% for the year ended October 31, 2017, respectively.

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

(f) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (c)(d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (d)			Portfolio turnover rate (excluding securities sold short)			Portfolio turnover rate (including securities sold short)
$	12.41		2.72	%	$	16,867		2.99	%(e)		(1.77	)%		3.22	%		119	%		307	%
	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
	11.09		2.29			1,211		3.49	(e)		(2.25	)		3.73			119			307
	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
	13.28		3.01			74,112		2.74	(e)		(1.50	)		2.95			119			307
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021

(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.

40 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 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 (“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	$	1,147	$	169	$	—	$	1,316
Building Products		256		—		—		256
Electric Utilities		—		302		—		302
Electrical Equipment		171		—		—		171
Electronic Equipment, Instruments & Components		—		103		—		103
Entertainment		654		—		—		654
Health Care Equipment & Supplies		104		—		—		104
Household Durables		271		—		—		271
Insurance		142		278		—		420
Interactive Media & Services		415		—		—		415
Internet & Direct Marketing Retail		391		—		—		391
IT Services		505		—		—		505
Life Sciences Tools & Services		422		—		—		422
Machinery		85		138		—		223
Personal Products		299		—		—		299
Pharmaceuticals		204		278		—		482
Semiconductors & Semiconductor Equipment		235		—		—		235
Software		1,610		—		—		1,610
Specialty Retail		398		—		—		398
Textiles, Apparel & Luxury Goods		547		307		—		854
Total Common Stocks		7,856		1,575		—		9,431
Foreign Government Securities		—		226		—		226
Options Purchased
Call Options Purchased		10		42		—		52
Put Options Purchased		9		—		—		9
Total Options Purchased		19		42		—		61

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (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
Short-Term Investments
Foreign Government Treasury Bills	$	—		$	4,961		$	—	$	4,961
Investment Companies		2,529			—			—		2,529
Total Short-Term Investments		2,529			4,961			—		7,490
Total Investments in Securities	$	10,404		$	6,804		$	—	$	17,208
Appreciation in Other Financial Instruments
Forward Currency Contracts	$	—		$	94		$	—	$	94
Futures Contracts		42			—			—		42
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(21	)		—		(21	)
Futures Contracts		(131	)		—			—		(131	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(89	)	$	73		$	—	$	(16	)
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)	$	728,797		$	—		$	—	$	728,797
Total Liabilities for Securities Sold Short (a)	$	(94,459	)	$	—		$	—	$	(94,459	)

(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)	$	91,573		$	—	$	—	$	91,573
Total Liabilities for Securities Sold Short (a)	$	(71,788	)	$	—	$	—	$	(71,788	)
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(7	)	$	—	$	—	$	(7	)

(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 October 31, 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. 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.

42 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

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.

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 0.12% to 0.06%. For the year ended October 31, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Macro Opportunities Fund $ — (a) 

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

Opportunistic Equity Long/Short Fund and Research Market Neutral Fund did not lend out any securities during the year ended October 31, 2021. Macro Opportunities Fund did not have any securities out on loan at October 31, 2021.

D. Investment Transactions with Affiliates — The Funds invested in an Underlying Fund, which is 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 issuer listed in the tables below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

Macro Opportunities Fund

	For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	2,356	$	9,957	$	9,784	$	—	(c)	$	—	(c)	$	2,529		2,527	$	2		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		—		474		474		—			—			—		—		1	*		—
Total	$	2,356	$	10,431	$	10,258	$	—	(c)	$	—	(c)	$	2,529			$	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 October 31, 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).

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

Opportunistic Equity Long/Short Fund

	For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	114,889	$	1,266,532	$	1,261,476	$	1	$	—	(c)	$	119,946		119,886	$	24	$	—

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

(b) The rate shown is the current yield as of October 31, 2021.

(c) Amount rounds to less than one thousand.

Research Market Neutral Fund

	For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	23,773	$	133,055	$	147,075	$	2	$	(3	)	$	9,752		9,747	$	7	$	—

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

(b) The rate shown is the current yield as of October 31, 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 year 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.

44 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

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.

(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 and treasury 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

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 45

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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).

(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 table presents the value of derivatives held as of October 31, 2021 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

	Macro Opportunities Fund			Opportunistic Equity Long/ Short Fund		Research Market Neutral Fund
Equity Risk Exposure:
Unrealized Appreciation on Futures Contracts*	$	25		$	—	$	—
Purchased Options at Market Value		55			726		—
Unrealized Depreciation on Futures Contracts*		(106	)		—		(7	)
Foreign Exchange Rate Risk Exposure:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		94			—		—
Purchased Options at Market Value		6			—		—
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(21	)		—		—
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		17			—		—
Unrealized Depreciation on Futures Contracts*		(25	)		—		—
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		(89	)		—		(7	)
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		73			—		—
Purchased Options at Market Value		61			726		—

* 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.

46 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

The following table presents Macro Opportunities Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 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)
BNP Paribas	$	14		$	(4	)	$	—	$	10
Citibank, NA		8			(1	)		—		7
Goldman Sachs International		78			(16	)		—		62
Merrill Lynch International		—	(b)		—	(b)		—		—
	$	100		$	(21	)	$	—	$	79
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	$	—	(b)	$	—		$	—	$	—	(b)
BNP Paribas		4			(4	)		—		—
Citibank, NA		1			(1	)		—		—
Goldman Sachs International		16			(16	)		—		—
Merrill Lynch International		—	(b)		—	(b)		—		—
	$	21		$	(21	)	$	—		—	(b)

(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 table presents the effect of derivatives on the Statements of Operations for the year ended October 31, 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	$	(893	)	$	—		$	(549	)
Purchased Options		(451	)		(1,325	)		—
Written Options		140			84			—
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		218			—			—
Purchased Options		(110	)		—			—
Written Options		43			—			—
Interest Rate Risk Exposure:
Futures Contracts		52			—			—
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		(295	)		—			(92	)
Purchased Options		35			21			—
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		53			—			—
Interest Rate Risk Exposure:
Futures Contracts		(12	)		—			—

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 47

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (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 year ended October 31, 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	$	1,213	$	—	$	—
Average Notional Balance Short		5,092		—		1,543
Ending Notional Balance Long		687		—		—
Ending Notional Balance Short		4,036		—		920
Futures Contracts — Interest Rate:
Average Notional Balance Long	$	1,756		—		—
Average Notional Balance Short		2,418		—		—
Ending Notional Balance Long		1,200		—		—
Ending Notional Balance Short		1,429		—		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	5,760		—		—
Average Settlement Value Sold		12,642		—		—
Ending Settlement Value Purchased		1,691		—		—
Ending Settlement Value Sold		12,289		—		—
Exchange-Traded Options:
Average Number of Contracts Purchased		285		74		—
Average Number of Contracts Written		2		—		—
Ending Number of Contracts Purchased		212		192		—
OTC Options:
Average Notional Balance Purchased	$	1,185		—		—
Average Notional Balance Written		341		—		—
Ending Notional Balance Purchased		1,444		—		—

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 October 31, 2021 are not accounted for as hedging instruments under GAAP.

G. 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.

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

48 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

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

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

As of October 31, 2021, Opportunistic Equity Long/Short Fund and Research Market Neutral Fund had outstanding short sales as listed on their SOIs.

H. Offering and Organization Costs — Total offering costs of $21 paid in connection with the offering of shares of Macro Opportunities Fund 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 year ended October 31, 2021, total offering costs amortized were $10.

I. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income 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.

J. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended October 31, 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)		15			1			17
Research Market Neutral Fund
Transfer agency fees		3			1			4			n/a			8

(a) Amount rounds to less than one thousand.

K. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 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.

L. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital 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.

M. 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

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 49

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Macro Opportunities Fund	$	—		$	197	$	(197	)
Opportunistic Equity Long/Short Fund		—			11,005		(11,005	)
Research Market Neutral Fund		(360	)		377		(17	)

The reclassifications for the Funds relate primarily to foreign currency gains or losses, net operating losses and short sales.

N. 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 year ended October 31, 2021, the effective rate for Macro Opportunities Fund, Opportunistic Equity Long/Short Fund and Research Market Neutral Fund was 0.07%, 0.07% and 0.075%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.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

50 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 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 year ended October 31, 2021, JPMDS retained the following:

	Front-End Sales Charge			CDSC
Macro Opportunities Fund	$	—	(a)	$	—
Opportunistic Equity Long/Short Fund		11			—	(a)
Research Market Neutral Fund		4			—

(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
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 year ended October 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2022.

For the year ended October 31, 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	$	106	$	13	$	—	(a)	$	119	$	258
Research Market Neutral Fund		128		69		5			202		—

(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

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 51

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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 year ended October 31, 2021 were as follows:

Macro Opportunities Fund	$	3
Opportunistic Equity Long/Short Fund		41
Research Market Neutral Fund		16

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 year ended October 31, 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.

4. Investment Transactions

During the year ended October 31, 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	$	10,770	$	13,676	$	—	$	—
Opportunistic Equity Long/Short Fund		3,331,442		3,293,558		2,791,996		2,899,317
Research Market Neutral Fund		105,671		175,391		101,833		166,693

During the year ended October 31, 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 October 31, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Macro Opportunities Fund	$	14,877	$	2,705	$	390	$	2,315
Opportunistic Equity Long/Short Fund*		550,185		87,838		3,685		84,153
Research Market Neutral Fund*		6,333		22,021		8,576		13,445

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

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to, investments in futures contracts, investments in forwards foreign currency contracts and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2021 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Opportunistic Equity Long/Short Fund	$	17,977	$	3,393	$	21,370
Research Market Neutral Fund		1,657		6,527		8,184

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

52 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

The tax character of distributions paid during the year ended October 31, 2020 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Opportunistic Equity Long/Short Fund	$	918	$	—	$	918
Research Market Neutral Fund		—		6,225		6,225

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

At October 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Macro Opportunities Fund	$	249	$	(132	)	$	2,312
Opportunistic Equity Long/Short Fund		45,817		25,900			84,153
Research Market Neutral Fund		—		(29,216	)		13,304

The cumulative timing differences primarily consist of investments in forward foreign currency contracts, investments in futures contracts, investments in options contracts, late year specified loss deferrals, short sales, straddle loss deferral and wash sale loss deferrals.

As of October 31, 2021, the following Funds had net capital loss carryforwards as follows:

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Macro Opportunities Fund	$	—		$	132
Research Market Neutral Fund		29,216	*		—

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

Late year ordinary losses incurred after December 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended October 31, 2021, the following Fund deferred to November 1, 2021 the following late year ordinary loss of:

	Late Year Ordinary Loss Deferral
Research Market Neutral Fund	$	1,186

During the year ended October 31, 2021, the following Funds utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Macro Opportunities Fund	$	—	$	274
Research Market Neutral Fund		2,164		—

6. Borrowings

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

The Funds had no borrowings outstanding from another fund during the year ended October 31, 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 October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2021.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the year ended October 31, 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 October 31, 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		89.4	%		—		—	%
Opportunistic Equity Long/Short Fund		—		—			3		61.5
Research Market Neutral Fund		—		—			2		38.0

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 foreign countries or regions, which may vary throughout the period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2021, a significant portion of the investments of Macro Opportunities Fund 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.

As of October 31, 2021, the following Fund had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:

	Macro Opportunities Fund
Japan		22.4	%

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.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds.

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.

54 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

As of October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 55

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Boards of Trustees of JPMorgan Trust I and JPMorgan Trust IV and Shareholders of JPMorgan Macro Opportunities Fund, JPMorgan Opportunistic Equity Long/Short Fund and JPMorgan Research Market Neutral Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Opportunistic Equity Long/Short Fund and JPMorgan Research Market Neutral Fund (two of the funds constituting JPMorgan Trust I) and JPMorgan Macro Opportunities Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan Macro Opportunities Fund (1)

JPMorgan Opportunistic Equity Long/Short Fund (2)

JPMorgan Research Market Neutral Fund (2)

(1) Statement of changes in net assets for the year ended October 31, 2021 and the period April 15, 2020 (commencement of operations) through October 31, 2020

(2)   Statement of changes in net assets for the years ended October 31, 2021 and 2020

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 22, 2021

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

56 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of the Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	124	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of the Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	124	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	124	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Frankie D. Hughes (1952); Trustee of the Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	124	None

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 57

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	124	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of the Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	124	None
Marilyn McCoy (1948); Trustee of the Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	124	None
Dr. Robert A. Oden, Jr. (1946); Trustee of the Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	124	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo* (1946); Trustee of the Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	124	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

58 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes eight registered investment companies (124 funds).

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

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

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 59

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

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

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

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

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

60 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 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, May 1, 2021, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2021		Ending Account Value October 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Macro Opportunities Fund
Class A
Actual	$	1,000.00	$	1,017.30	$	6.15		1.21	%
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class C
Actual		1,000.00		1,015.00		8.68		1.71
Hypothetical		1,000.00		1,016.59		8.69		1.71
Class I
Actual		1,000.00		1,018.40		4.88		0.96
Hypothetical		1,000.00		1,020.37		4.89		0.96
Class R6
Actual		1,000.00		1,020.20		3.62		0.71
Hypothetical		1,000.00		1,021.63		3.62		0.71
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Actual		1,000.00		1,038.20		11.79		2.29
Hypothetical		1,000.00		1,013.64		11.65		2.29
Class C
Actual		1,000.00		1,035.50		14.34		2.79
Hypothetical		1,000.00		1,011.12		14.17		2.79
Class I
Actual		1,000.00		1,039.80		10.56		2.05
Hypothetical		1,000.00		1,014.85		10.43		2.05
Class R6
Actual		1,000.00		1,040.90		9.23		1.79
Hypothetical		1,000.00		1,016.16		9.12		1.79
JPMorgan Research Market Neutral Fund
Class A
Actual		1,000.00		1,009.80		14.97		2.96
Hypothetical		1,000.00		1,010.31		14.97		2.96
Class C
Actual		1,000.00		1,008.20		17.49		3.46
Hypothetical		1,000.00		1,007.79		17.49		3.46
Class I
Actual		1,000.00		1,011.40		13.66		2.70
Hypothetical		1,000.00		1,011.62		13.67		2.70

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

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 61

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, at which the Trustees considered the continuation of the investment advisory agreements for the JPMorgan Macro Opportunities Fund, JPMorgan Opportunistic Equity Long Short Fund and JPMorgan Research Market Neutral Fund, whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2021.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk/ and performance return assessment as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel

to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

62 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

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

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

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

Economies of Scale

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

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 63

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

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

system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the Independent Consultant) has performed. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted the performance of the Macro Opportunities Fund since its inception on April 15, 2020, as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Opportunistic Equity Long/Short Fund’s performance for Class A shares was in the first, first and second quintiles based upon the Peer Group, for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the first quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the first, second and second quintiles based upon the Peer Group, for the one-, three-and five-year periods ended December 31, 2020, respectively, and in the first quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Research Market Neutral Fund’s performance for Class A shares was in the first, second and second quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

64 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Macro Opportunities Fund’s net advisory fee for both Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for both Class A and Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6

shares were both in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Opportunistic Equity Long/Short Fund’s net advisory fee for Class A shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were both in the third and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the second quintile, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Research Market Neutral Fund’s net advisory fee and actual total expenses for Class A shares were both in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were both in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 65

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2021:

	Dividends Received Deduction
JPMorgan Opportunistic Equity Long/Short Fund		15.08	%
JPMorgan Research Market Neutral Fund		60.18

Long Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2021:

	Long-Term Capital Gain Distribution
JPMorgan Opportunistic Equity Long/Short Fund	$	3,393
JPMorgan Research Market Neutral Fund		6,527

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2021:

	Qualified Dividend Income
JPMorgan Opportunistic Equity Long/Short Fund	$	3,082
JPMorgan Research Market Neutral Fund		1,094

66 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPM I held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM I, including Opportunistic Equity Long/Short Fund and Research Market Neutral Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina A. Shenker
In Favor		219,183,139
Withheld		2,776,497

OCTOBER 31, 2021 J.P. MORGAN SPECIALTY FUNDS 67

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

JPM IV held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPM IV, including Macro Opportunities Fund. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		6,478,459
Withheld		59,314
Steven P. Fisher
In Favor		6,504,144
Withheld		33,629
Gary L. French
In Favor		6,504,712
Withheld		33,061
Kathleen Gallagher
In Favor		6,506,726
Withheld		31,047
Robert J. Grassi
In Favor		6,504,765
Withheld		33,008
Frankie D. Hughes
In Favor		6,503,505
Withheld		34,269
Raymond Kanner
In Favor		6,505,098
Withheld		32,675
Thomas P. Lemke
In Favor		6,504,411
Withheld		33,363

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		6,504,157
Withheld		33,616
Mary E. Martinez
In Favor		6,506,889
Withheld		30,885
Marilyn McCoy
In Favor		6,507,227
Withheld		30,546
Robert A. Oden, Jr.
In Favor		6,492,324
Withheld		45,450
Marian U. Pardo
In Favor		6,505,978
Withheld		31,796
Emily A. Youssouf
In Favor		6,506,064
Withheld		31,710
Interested Nominee
Robert F. Deutsch
In Favor		6,503,180
Withheld		34,594
Nina A. Shenker
In Favor		6,505,581
Withheld		32,193

68 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2021

Rev. January 2011

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

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

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

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

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

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. 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. October 2021. AN-SPEC-1021

Annual Report

J.P. Morgan International Equity Funds

October 31, 2021

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	56
Financial Highlights	74
Notes to Financial Statements	90
Report of Independent Registered Public Accounting Firm	115
Trustees	116
Officers	119
Schedule of Shareholder Expenses	120
Board Approval of Investment Advisory Agreements	123
Tax Letter	128
Special Shareholder Meeting Results	129
Privacy Policy — Located at the back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

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

December 6, 2021 (Unaudited)

Dear Shareholders,

Equity markets largely rewarded investors with strong returns amid a global economic rebound in 2021 that withstood the emergence and spread of Covid variants, strained supply chains and accelerating inflation. Despite uneven progress against the pandemic, continued monetary and fiscal support helped bolster corporate profits and consumer spending throughout the twelve months ended October 21, 2021.

  “Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals.” — Andrea L. Lisher

While leading central banks maintain accommodative policies throughout the period, select emerging market nations – particularly Brazil — raised interest rates and the U.S. Federal Reserve (the “Fed”) laid out a potential timetable for winding down its asset purchasing program and raising interest rates for the first time since the start of the pandemic. While the Fed initially insisted that price inflation fueled by the reopening of the global economy would likely be temporary, by the end of the period Fed officials conceded that inflation was stronger and more persistent than expected.

By the end of the period – and in subsequent weeks – financial market volatility increased amid investor uncertainty about the ongoing pandemic and concerns about the potential for the Fed to move more quickly to raise interest rates in the face of accelerating inflation. However, economic data point toward a continued rebound in the global economy into 2022.

Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

Globally, equity markets outperformed fixed income markets by a wide margin amid a global economic rebound from the initial economic shock of the pandemic. While the development and distribution of multiple vaccines unleashed a sharp increase in economic activity in the first half of the period, uneven success against the pandemic, supply chain constraints and inflationary pressure weighed on growth in the latter part of the period. Overall, U.S. equity outperformed both developed market and emerging market equities.

For the twelve months ended October 31, 2021, the S&P 500 returned 42.91%; the MSCI EAFE Index returned 34.18% and the MSCI Emerging Markets Index returned 16.96%. Within fixed income, the Bloomberg U.S. Aggregate Index returned -0.48%, the Bloomberg U.S. High Yield Index returned 10.53% and the Bloomberg Emerging Markets Index returned 3.01% for the period.

At the start of the period, global equity prices began to rebound amid development of the first vaccines against COVID-19 and its leading variants. The rally in equity prices was largely led by investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, 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.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package — and the prospect of additional federal government spending — helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on equity markets in June.

In the following months global economic growth was increasingly hindered by uneven progress against the pandemic, supply chain bottlenecks and rising prices for both commodities and finished goods. Energy prices rose sharply amid a rebound in demand, which helped petroleum exporting nations but weighed on the economies of net importers. Extended inflationary pressures led to modest divergence in central bank policies at the end of the period. Leading central banks maintained their ultra-low interest rate policies, while monetary authorities in select nations, including Brazil, Norway and New Zealand, raised rates to head off rising prices.

Global equity prices largely continued their upward trajectory in the final months of the period, with the exception of a modest retreat in September 2021. While developed markets equity and emerging markets equity generally provided positive returns, equity markets slumped in select nations facing political unrest and/or rapidly rising inflationary pressures. Notably, equity prices in China were weighed down by real estate company China Evergrande’s struggles to meet debt payments as investors worried about the potential impact on financial markets. Additionally, shares of large information technology companies in China were hurt by investor uncertainty over increased domestic regulatory scrutiny.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	11.63%
MSCI Emerging Markets Index (net of foreign withholding taxes)	16.96%
Net Assets as of 10/31/2021 (In Thousands)	$13,835,784

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 twelve months ended October 31, 2021.

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

By country, the Fund’s underweight position in Russia and its security selection in Brazil were leading detractors from relative performance. The Fund’s out-of-Benchmark positions in Belarus and Singapore, which solely consisted of EPAM Systems Inc. and Sea Ltd., respectively, were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in New Oriental Education & Technology Group Inc., KE Holdings Inc. and Magazine Luiza SA. Shares of New Oriental Education & Technology Group, a Chinese provider of educational services, fell amid efforts by Chinese government regulators to tighten controls on private education providers. Shares of KE Holdings, a Chinese online platform provider for new and existing home sales, fell as China Evergrande Group’s struggles to meet debt payments weighed on China’s real estate sector. Shares of Magazine Luiza, a Brazilian consumer goods retailer, fell amid the con-

tinued spread of COVID-19 in Brazil and the Brazilian central bank’s decision to sharply raise interest rates.

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, a Singapore internet and mobile platform provider, rose as the company continued to increase its market share during the period. Shares of EPAM Systems, a global provider of software development and digital platform services that largely operates from Belarus, rose amid several consecutive quarters of better-than-expected earnings during the period. 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 China and India and its largest relative underweight allocations were in Taiwan and South Korea.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		6.4	%
	2.	Samsung Electronics Co. Ltd. (South Korea)		4.8
	3.	EPAM Systems, Inc. (United States)		4.2
	4.	Sea Ltd., ADR (Taiwan)		4.1
	5.	Tencent Holdings Ltd. (China)		3.4
	6.	MercadoLibre, Inc. (Argentina)		2.7
	7.	Housing Development Finance Corp. Ltd. (India)		2.6
	8.	Meituan (China)		2.6
	9.	Techtronic Industries Co. Ltd. (Hong Kong)		2.6
	10.	JD.com, Inc., Class A (China)		2.2

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
China		36.9	%
India		16.4
Taiwan		11.8
South Korea		7.7
Hong Kong		5.0
United States		4.7
Indonesia		2.8
Argentina		2.7
Brazil		2.4
Russia		1.3
Mexico		1.3
United Kingdom		1.3
Others (each less than 1.0%)		3.7
Short-Term Investments		2.0

* 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 OCTOBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			5.41	%		12.38	%		6.59	%
Without Sales Charge			11.25			13.61			7.16
CLASS C SHARES	February 28, 2006
With CDSC**			9.68			13.03			6.73
Without CDSC			10.68			13.03			6.73
CLASS I SHARES	September 10, 2001		11.52			13.88			7.43
CLASS L SHARES	November 15, 1993		11.63			14.01			7.57
CLASS R2 SHARES	July 31, 2017		10.93			13.28			6.99
CLASS R3 SHARES	July 31, 2017		11.17			13.56			7.14
CLASS R4 SHARES	July 31, 2017		11.48			13.83			7.41
CLASS R5 SHARES	September 9, 2016		11.64			14.01			7.58
CLASS R6 SHARES	December 23, 2013		11.75			14.13			7.66

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

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 October 31, 2011 to October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 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 OCTOBER 31, 2021

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R6 Shares)*	17.02%
MSCI Emerging Markets Index (net of foreign withholding taxes)	16.96%
Net Assets as of 10/31/2021 (In Thousands)	$3,793,388

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 twelve months ended October 31, 2021.

By sector, the Fund’s security selections in the health care and financials sectors were leading contributors to performance relative to the Benchmark, while the Fund’s security selections in the consumer discretionary and utilities sectors were leading detractors from relative performance.

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

Leading individual contributors to relative performance included the Fund’s underweight position in TAL Education Group and its overweight positions in Yunnan Energy New Material Co. and Contemporary Amperex Technology Co. Shares of TAL Education Group, a Chinese provider of after-school tutoring services, fell amid efforts by Chinese government regulators to tighten controls on private education providers. Shares of Yunnan Energy New Material, a Chinese maker of electric vehicle battery materials, rose amid growth in domestic demand and investor expectations of accelerating U.S. adoption of electric vehicle technology due to proposed U.S. government incentives. Shares of Contemporary Amperex Technology, a Chinese batteries and energy storage systems maker, rose after the company reported its earnings more than doubled in the third quarter of 2021 amid surging sales.

Leading individual detractors from relative performance included the Fund’s overweight positions in New Oriental Education & Technology Group Inc. and Britannia Industries Ltd., and its underweight position in ICICI Bank Ltd. Shares of New Oriental Education & Technology Group, a Chinese provider of educational services, fell amid efforts by Chinese government regulators to tighten controls on private education providers. Shares of Britannia Industries, an Indian food manufacturer and distributor, fell amid disruptions in global supply chains. Shares of ICICI Bank, an Indian banking and financial services company, rose following several quarter of earnings growth during the period.

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 industrials and materials sectors. By country, the Fund’s largest overweight allocations relative to the Benchmark during the period were in Mexico and South Africa and its largest relative underweight allocations were in Taiwan and Malaysia.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		5.9	%
	2.	Tencent Holdings Ltd. (China)		4.7
	3.	Samsung Electronics Co. Ltd. (South Korea)		4.4
	4.	Alibaba Group Holding Ltd. (China)		4.2
	5.	Meituan (China)		1.9
	6.	Reliance Industries Ltd. (India)		1.5
	7.	Infosys Ltd., ADR (India)		1.2
	8.	JD.com, Inc., Class A (China)		1.1
	9.	Housing Development Finance Corp. Ltd. (India)		1.1
	10.	China Construction Bank Corp., Class H (China)		1.0

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
China		34.8	%
Taiwan		14.2
South Korea		12.8
India		11.4
Russia		4.6
Brazil		3.9
South Africa		3.3
Mexico		2.9
Saudi Arabia		2.7
Thailand		1.8
Indonesia		1.6
Others (each less than 1.0%)		5.2
Short-Term Investments		0.8

* 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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021

	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS I SHARES	January 30, 2019		16.95	%		12.98	%
CLASS R6 SHARES	December 11, 2018		17.02			13.10

LIFE OF FUND PERFORMANCE (12/11/18 TO 10/31/21)

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 October 31, 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 OCTOBER 31, 2021

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	44.26%
MSCI Europe Index (net of foreign withholding taxes)	40.93%
Net Assets as of 10/31/2021 (In Thousands)	$1,074,518

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 twelve months ended October 31, 2021.

Relative to the Benchmark, the Fund’s security selections and its overweight positions in both the semiconductors & semiconductor equipment and banks sectors were leading contributors to performance. The Fund’s security selection in the consumer durables & apparel sector and its overweight position in the retailing sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight position in ASM International NV, its out-of-Benchmark position in Bank of Ireland Group PLC and its underweight position in Unilever PLC. Shares of ASM International, a Dutch maker of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor industry. 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. Shares of Unilever, a U.K. consumer products company that was not held in the Fund, fell amid rising global costs for raw materials.

Leading individual detractors from relative performance included the Fund’s underweight position in ASML Holdings NV and Royal Dutch Shell PLC and its out-of-Benchmark position in Stillfront Group AB. Shares of ASML Holdings, a Dutch provider of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor industry. Shares of Royal Dutch Shell, a U.K. integrated oil and gas producer not held by the Fund, rose amid an increase in global energy prices. Shares of Stillfront Group, a Swedish digital game publisher, fell amid investor expectations for falling demand for video games as countries lifted pandemic social restrictions.

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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		4.5	%
	2.	Roche Holding AG (Switzerland)		3.6
	3.	Novo Nordisk A/S, Class B (Denmark)		2.8
	4.	LVMH Moet Hennessy Louis Vuitton SE (France)		2.7
	5.	BP plc (United Kingdom)		2.3
	6.	Koninklijke Ahold Delhaize NV (Netherlands)		2.3
	7.	Allianz SE (Registered) (Germany)		2.1
	8.	ASM International NV (Netherlands)		1.9
	9.	BNP Paribas SA (France)		1.8
	10.	Zurich Insurance Group AG (Switzerland)		1.8

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
United Kingdom		18.9	%
Switzerland		16.1
Germany		14.6
France		13.1
Netherlands		7.4
Denmark		5.3
Finland		4.4
United States		2.8
Spain		2.3
Ireland		2.1
Austria		2.0
Belgium		1.2
Italy		1.2
Luxembourg		1.0
Others (each less than 1.0%)		2.6
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.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge*			36.68	%		8.02	%		7.63	%
Without Sales Charge			44.26			9.19			8.21
CLASS C SHARES	November 1, 1998
With CDSC**			42.56			8.65			7.78
Without CDSC			43.56			8.65			7.78
CLASS I SHARES	September 10, 2001		44.61			9.47			8.50
CLASS L SHARES	September 10, 2001		44.88			9.62			8.68
CLASS R6 SHARES	October 1, 2018		45.01			9.69			8.72

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

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 October 31, 2011 to October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan International Equity Fund

Fund Commentary

Twelve Months Ended October 31, 2021 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)*	32.94%
MSCI EAFE Index (net of foreign withholding taxes)	34.18%
Net Assets as of 10/31/2021 (In Thousands)	$4,845,717

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 twelve months ended October 31, 2021.

The Fund’s security selections in the consumer discretionary and industrials sectors were leading detractors from relative performance, while the Fund’s security selections in the information technology and health care sectors were leading contributors to relative performance.

By region, the Fund’s out-of-Benchmark allocation to emerging markets and its overweight position in the U.K. were leading detractors from relative performance, while its security selection and 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 Tencent Holdings Ltd. and its underweight position in Roche Holding AG. Shares of both Alibaba Group

Holding, a Chinese electronic commerce conglomerate, and Tencent Holdings, a Chinese online platform provider, fell amid tighter regulatory scrutiny of large technology companies in China as well as broader investor concerns about China Evergrande Group’s struggles to meet debt payments. Shares of Roche Holding, a Swiss pharmaceutical company, rose after the company raised its earnings forecast for 2021.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in ASML Holding NV, Capgemini SE and ING Groep NV.

Shares of ASML Holding, a Dutch maker of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor sector. Shares of Capgemini, a French provider of technology consulting and outsourcing services, rose amid growth in revenue and earnings during the period. Shares of ING Groep, a Dutch banking and financial services company, rose amid better-than-expected results during the period.

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 OCTOBER 31, 2021

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		3.0	%
	2.	ASML Holding NV (Netherlands)		2.9
	3.	Novo Nordisk A/S, Class B (Denmark)		2.7
	4.	LVMH Moet Hennessy Louis Vuitton SE (France)		2.4
	5.	Keyence Corp. (Japan)		2.3
	6.	TotalEnergies SE (France)		2.2
	7.	Diageo plc (United Kingdom)		2.1
	8.	Capgemini SE (France)		1.9
	9.	Sony Group Corp. (Japan)		1.9
	10.	AIA Group Ltd. (Hong Kong)		1.8

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		17.0	%
France		15.1
United Kingdom		10.7
Germany		7.2
Switzerland		6.9
Netherlands		5.5
Denmark		5.2
Sweden		4.7
United States		3.2
Hong Kong		3.0
Spain		2.8
Australia		2.3
South Korea		2.1
Taiwan		1.9
Singapore		1.6
Belgium		1.4
South Africa		1.1
Others (each less than 1.0%)		3.3
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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge*			25.62	%		9.49	%		6.81	%
Without Sales Charge			32.56			10.68			7.38
CLASS C SHARES	January 31, 2003
With CDSC**			30.94			10.13			6.95
Without CDSC			31.94			10.13			6.95
CLASS I SHARES	January 1, 1997		32.94			10.95			7.65
CLASS R2 SHARES	November 3, 2008		32.18			10.35			7.09
CLASS R5 SHARES	May 15, 2006		33.04			11.07			7.82
CLASS R6 SHARES	November 30, 2010		33.20			11.19			7.90

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

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 October 31, 2011 to October 31, 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 OCTOBER 31, 2021

JPMorgan International Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		26.04%
MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes)		29.66%
Net Assets as of 10/31/2021 (In Thousands)	$	3,920,288

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 twelve months ended October 31, 2021.

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

By region, the Fund’s underweight position in Canada and its security selection in emerging markets were leading detractors from relative performance, while the Fund’s underweight position in Japan and its security selection in the Pacific Rim were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Kone Oyj. Shares of both Alibaba Group Holding, a Chinese electronic commerce conglomerate, and Tencent Holdings, a Chinese online platform

provider, fell amid tighter regulatory scrutiny of large technology companies in China as well as broader investor concerns about China Evergrande Group’s struggles to meet debt payments. Shares of Kone, a Finnish manufacturer of elevators, escalators and automatic doors, fell after the company warned of rising costs and shortages of equipment parts.

Leading individual contributors to the Fund’s relative performance included its overweight positions in ASML Holding NV, Sea Ltd. and KBC Group NV. Shares of ASML Holdings, a Dutch provider of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor industry. Shares of Sea, a Singapore internet and mobile platform provider, rose as the company continued to increase its market share during the period. Shares of KBC Group, a Belgian banking and insurance provider, rose amid better-than-expected earnings during the period.

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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		3.7	%
	2.	ASML Holding NV (Netherlands)		3.6
	3.	Samsung Electronics Co. Ltd. (South Korea)		3.5
	4.	Diageo plc (United Kingdom)		3.2
	5.	Novo Nordisk A/S, Class B (Denmark)		3.2
	6.	HDFC Bank Ltd., ADR (India)		3.1
	7.	LVMH Moet Hennessy Louis Vuitton SE (France)		3.1
	8.	AIA Group Ltd. (Hong Kong)		2.8
	9.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		2.7
	10.	Tencent Holdings Ltd. (China)		2.6

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
United Kingdom		10.2	%
France		8.9
Switzerland		7.0
Japan		6.9
China		5.8
Germany		5.4
Hong Kong		5.2
South Korea		5.0
Taiwan		5.0
Canada		5.0
United States		4.4
Denmark		4.2
Netherlands		3.6
Sweden		3.4
India		3.1
Belgium		2.4
Australia		2.2
South Africa		2.1
Indonesia		2.0
Spain		1.7
Singapore		1.6
Russia		1.4
Finland		1.4
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 OCTOBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge*			19.11	%		9.85	%		8.38	%
Without Sales Charge			25.69			11.05			8.97
CLASS C SHARES	November 30, 2011
With CDSC**			24.11			10.49			8.53
Without CDSC			25.11			10.49			8.53
CLASS I SHARES	November 30, 2011		26.04			11.35			9.27
CLASS R2 SHARES	November 30, 2011		25.29			10.72			8.67
CLASS R5 SHARES	November 30, 2011		26.19			11.46			9.42
CLASS R6 SHARES	November 30, 2011		26.28			11.55			9.49

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 10/31/21)

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 October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		20.90%
MSCI EAFE Index (net of foreign withholding taxes)		34.18%
ICE BofAML 3-Month U.S. Treasury Bill Index		0.06%
Net Assets as of 10/31/2021 (In Thousands)	$	152,776

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 U.S. Treasury Bill Index for the twelve months ended October 31, 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 materials and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and health care sectors was a leading contributor to relative performance.

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

Leading individual detractors from relative performance included the Fund’s overweight positions in Orsted A/S, Kao Corp. and Iberdrola SA. Shares of Orsted, a Danish renewable energy generator, fell after reporting weaker-than-expected earnings and revenue growth for the first half of the 2021. Shares of Kao, a Japanese consumer products and chemicals manufacturer, fell amid a decline in demand for cosmetics and household products in Japan due to the pandemic. Shares of Iberdrola, an electric utility based in Spain, fell after the Spanish government responded to surging domestic electricity prices by limiting profits of energy utilities.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in ASML Holdings NV, Capgemini SE and Novo Nordisk A/S. Shares of ASML Holdings, a Dutch provider of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor industry. Shares of Capgemini, a French provider of technology consulting and outsourcing services, rose amid growth in revenue and earnings during the period. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported earnings growth for the first quarter of 2021 and raised its 2021 forecast for earnings and revenue.

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 OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		2.8	%
	2.	ASML Holding NV (Netherlands)		2.6
	3.	Roche Holding AG (Switzerland)		2.3
	4.	Novo Nordisk A/S, Class B (Denmark)		1.9
	5.	LVMH Moet Hennessy Louis Vuitton SE (France)		1.8
	6.	Novartis AG (Registered) (Switzerland)		1.5
	7.	Toyota Motor Corp. (Japan)		1.5
	8.	L’Oreal SA (France)		1.3
	9.	Schneider Electric SE (United States)		1.2
	10.	Allianz SE (Registered) (Germany)		1.2

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		23.3	%
United Kingdom		11.8
France		10.9
Switzerland		10.5
Germany		9.9
Netherlands		6.8
Australia		5.6
Denmark		3.2
United States		3.0
Spain		2.9
Sweden		2.7
Hong Kong		2.4
Others (each less than 1.0%)		4.7
Short-Term Investments		2.3

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

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

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	March 15, 2019
With Sales Charge*			14.28	%		3.39	%
Without Sales Charge			20.60			5.53
CLASS C SHARES	March 15, 2019
With CDSC**			18.97			5.00
Without CDSC			19.97			5.00
CLASS I SHARES	March 15, 2019		20.90			5.81
CLASS R5 SHARES	March 15, 2019		21.10			5.95
CLASS R6 SHARES	March 15, 2019		21.19			6.07

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (3/15/19 TO 10/31/21)

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 October 31, 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 beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

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

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

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

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

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 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 OCTOBER 31, 2021

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	35.78%
MSCI EAFE Index (net of foreign withholding taxes)	34.18%
Net Assets as of 10/31/2021 (In Thousands)	$4,995,842

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2021.

The Fund’s security selection in the semiconductors & hardware sector and in the banks sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the basic industries and utilities sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in Japan and security selection and overweight position in Europe, excluding the U.K., were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the U.K. and in the Pacific, excluding Japan, were the smallest contributors to relative performance.

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

HOW WAS THE FUND POSITIONED?

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 OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Nestle SA (Registered) (Switzerland)		2.8	%
	2.	ASML Holding NV (Netherlands)		2.5
	3.	Roche Holding AG (Switzerland)		2.3
	4.	Novo Nordisk A/S, Class B (Denmark)		1.9
	5.	LVMH Moet Hennessy Louis Vuitton SE (France)		1.7
	6.	Novartis AG (Registered) (Switzerland)		1.5
	7.	Toyota Motor Corp. (Japan)		1.4
	8.	L’Oreal SA (France)		1.3
	9.	Schneider Electric SE (United States)		1.2
	10.	Allianz SE (Registered) (Germany)		1.1

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		23.0	%
United Kingdom		11.7
France		10.8
Switzerland		10.4
Germany		9.8
Netherlands		6.8
Australia		5.7
Denmark		3.2
Spain		2.8
Sweden		2.8
United States		2.3
Hong Kong		2.3
Others (each less than 1.0%)		4.7
Short-Term Investments		3.7

* 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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		April 23, 1993
With Sales Charge*				28.31	%		7.70	%		6.34	%
Without Sales Charge				35.44			8.87			6.91
CLASS I SHARES		October 28, 1992		35.78			9.13			7.17
CLASS R6 SHARES		November 1, 2017		35.93			9.23			7.22

* Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

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 October 31, 2011 to October 31, 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 OCTOBER 31, 2021

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	46.77%
MSCI EAFE Value Index (net of foreign withholding taxes)	38.31%
Net Assets as of 10/31/2021 (In Thousands)	$396,699

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 twelve months ended October 31, 2021.

The Fund’s underweight positions in the utilities and consumer staples sectors were leading contributors to performance relative to the Benchmark. The Fund’s overweight position in the energy sector and its security selection in the technology-software sector were leading detractors from relative performance.

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

Leading individual contributors to relative performance included the Fund’s underweight positions in SoftBank Group Corp., Unilever PLC and Sanofi SA. Shares of SoftBank Group, a Japanese technology sector holding company not held in the Fund, fell amid investor concerns about the company’s

exposure to technology businesses in China. Shares of Unilever, a U.K. consumer products company note held in the Fund, fell amid the increasing costs of key commodities. Shares of Sanofi, a French pharmaceuticals maker not held in the Fund, underperformed amid efforts by the Biden administration to curb drug prices.

Leading individual detractors from relative performance included the Fund’s underweight positions in Royal Dutch Shell PLC, Commonwealth Bank of Australia and Westpac Banking Corp. Shares of Royal Dutch Shell, an integrated petroleum and natural gas provider, rose amid a sharp increase in global energy prices. Shares of Commonwealth Bank Australia, which were not held in the Fund, rose after the company reported strong earnings growth for fiscal 2021. Shares of Westpac Banking, an Australian bank and financial services company, rose amid earnings growth during the period.

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Toyota Motor Corp. (Japan)		2.4	%
	2.	Novartis AG (Registered) (Switzerland)		2.2
	3.	TotalEnergies SE (France)		1.7
	4.	Siemens AG (Registered) (Germany)		1.6
	5.	HSBC Holdings plc (United Kingdom)		1.6
	6.	GlaxoSmithKline plc (United Kingdom)		1.4
	7.	BP plc (United Kingdom)		1.4
	8.	BHP Group Ltd. (Australia)		1.2
	9.	Allianz SE (Registered) (Germany)		1.2
	10.	National Australia Bank Ltd. (Australia)		1.1

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Japan		21.1	%
United Kingdom		16.6
France		10.2
Germany		9.6
Australia		6.7
Switzerland		6.2
Italy		3.7
Sweden		3.4
Netherlands		3.2
Spain		3.2
Norway		2.9
Austria		1.7
Denmark		1.6
Finland		1.5
Hong Kong		1.5
Singapore		1.1
Others (each less than 1.0%)		4.2
Short-Term Investments		1.6

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

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

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			38.59	%		4.62	%		3.68	%
Without Sales Charge			46.20			5.76			4.25
CLASS C SHARES	July 11, 2006
With CDSC**			44.54			5.22			3.83
Without CDSC			45.54			5.22			3.83
CLASS I SHARES	September 10, 2001		46.51			6.03			4.53
CLASS L SHARES	November 4, 1993		46.77			6.16			4.66
CLASS R2 SHARES	November 3, 2008		45.84			5.46			3.97
CLASS R5 SHARES	September 9, 2016		46.59			6.13			4.66
CLASS R6 SHARES	November 30, 2010		46.84			6.27			4.78

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

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 October 31, 2011 to October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.1%
Argentina — 2.7%
MercadoLibre, Inc. *		256		378,577
Brazil — 2.4%
B3 SA — Brasil Bolsa Balcao		36,160		76,499
Localiza Rent a Car SA		3,766		30,123
Magazine Luiza SA *		35,416		67,898
Pagseguro Digital Ltd., Class A * (a)		3,091		111,894
Raia Drogasil SA *		12,592		52,210
				338,624
China — 37.7%
Alibaba Group Holding Ltd. *		14,608		300,377
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		14,621		94,901
Bilibili, Inc., ADR * (a)		707		51,836
Bilibili, Inc., Class Z *		709		51,982
Budweiser Brewing Co. APAC Ltd. (b)		36,765		100,839
China Gas Holdings Ltd.		48,011		119,837
Contemporary Amperex Technology Co. Ltd., Class A		1,977		197,774
Dada Nexus Ltd., ADR *		3,482		70,725
Foshan Haitian Flavouring & Food Co. Ltd., Class A		9,791		179,053
Hundsun Technologies, Inc., Class A		10,482		102,785
JD.com, Inc., ADR *		1,578		123,561
JD.com, Inc., Class A *		7,921		310,075
Jiangsu Hengli Hydraulic Co. Ltd., Class A		15,471		198,137
KE Holdings, Inc., ADR * (a)		3,440		62,671
Kingdee International Software Group Co. Ltd. *		33,349		109,731
Kweichow Moutai Co. Ltd., Class A		264		75,369
Meituan * (b)		10,752		365,881
Midea Group Co. Ltd., Class A		8,057		86,313
NetEase, Inc.		12,341		239,393
Pharmaron Beijing Co. Ltd., Class A		5,886		175,274
Ping An Bank Co. Ltd., Class A		48,156		146,494
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		4,095		239,644
Shenzhou International Group Holdings Ltd.		8,462		182,301
Sichuan Swellfun Co. Ltd., Class A		1,990		39,210
Silergy Corp.		1,023		169,005
Sunny Optical Technology Group Co. Ltd.		6,929		185,940
Tencent Holdings Ltd.		7,815		475,391
Wanhua Chemical Group Co. Ltd., Class A		6,629		109,404
Wuxi Biologics Cayman, Inc. * (b)		19,749		299,130
Xinyi Solar Holdings Ltd.		96,810		201,100
Yum China Holdings, Inc.		2,605		148,684
				5,212,817

INVESTMENTS	SHARES (000)		VALUE ($000)
Hong Kong — 5.1%
AIA Group Ltd.		17,599		197,234
AIA Group Ltd.		795		8,894
Hong Kong Exchanges & Clearing Ltd.		2,307		138,984
Techtronic Industries Co. Ltd.		17,840		366,527
				711,639
India — 16.7%
Asian Paints Ltd.		2,803		116,147
Britannia Industries Ltd.		1,516		74,580
HDFC Bank Ltd.		13,065		276,775
HDFC Bank Ltd., ADR		2,799		201,262
HDFC Life Insurance Co. Ltd. (b)		16,679		151,686
Hindustan Unilever Ltd.		5,256		168,239
Housing Development Finance Corp. Ltd.		9,711		370,260
Infosys Ltd.		3,073		68,769
Infosys Ltd., ADR		3,076		68,544
Kotak Mahindra Bank Ltd.		8,072		219,569
Reliance Industries Ltd.		8,772		297,685
Tata Consultancy Services Ltd.		6,652		302,368
				2,315,884
Indonesia — 2.9%
Bank Central Asia Tbk. PT		383,535		202,805
Bank Rakyat Indonesia Persero Tbk. PT		655,689		196,827
				399,632
Macau — 0.4%
Sands China Ltd. *		26,388		60,144
Mexico — 1.3%
Wal-Mart de Mexico SAB de CV (a)		52,447		182,730
Panama — 0.5%
Copa Holdings SA, Class A * (a)		879		65,024
Poland — 0.9%
Allegro.eu SA * (b)		10,381		117,404
Portugal — 0.7%
Jeronimo Martins SGPS SA		4,290		97,192
Russia — 1.4%
Sberbank of Russia PJSC		37,519		188,748
South Africa — 1.0%
Bid Corp. Ltd.(a)		3,452		74,079
Capitec Bank Holdings Ltd. (a)		525		58,662
				132,741
South Korea — 7.9%
Delivery Hero SE * (b)		1,063		132,537
LG Chem Ltd.		225		161,638

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Korea — continued
NCSoft Corp.		206		110,873
Samsung Electronics Co. Ltd.		11,386		681,698
				1,086,746
Taiwan — 12.0%
Chailease Holding Co. Ltd.		12,176		116,614
Sea Ltd., ADR * (a)		1,672		574,592
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		7,943		903,169
Taiwan Semiconductor Manufacturing Co. Ltd.		3,301		70,048
				1,664,423
Turkey — 0.4%
BIM Birlesik Magazalar A/S		8,937		57,773
United Kingdom — 1.3%
Prudential plc		8,809		179,764
United States — 4.8%
EPAM Systems, Inc. *		883		594,223
JS Global Lifestyle Co. Ltd. (b)		40,199		74,443
				668,666
Total Common Stocks (Cost $9,311,380)				13,858,528
Short-Term Investments — 2.0%
Investment Companies — 0.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $24,800)		24,788		24,800
Investment of Cash Collateral from Securities Loaned — 1.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		222,040		222,040
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		25,886		25,886
Total Investment of Cash Collateral from Securities Loaned (Cost $247,926)				247,926
Total Short-Term Investments (Cost $272,726)				272,726
Total Investments — 102.1% (Cost $9,584,106)				14,131,254
Liabilities in Excess of Other Assets — (2.1)%				(295,470	)
NET ASSETS — 100.0%				13,835,784

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 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		12.7	%
Banks		10.6
Semiconductors & Semiconductor Equipment		9.5
IT Services		8.1
Entertainment		7.3
Technology Hardware, Storage & Peripherals		4.8
Machinery		4.0
Insurance		3.8
Interactive Media & Services		3.4
Life Sciences Tools & Services		3.4
Food & Staples Retailing		3.3
Chemicals		2.7
Thrifts & Mortgage Finance		2.6
Oil, Gas & Consumable Fuels		2.1
Food Products		1.8
Health Care Equipment & Supplies		1.7
Capital Markets		1.5
Beverages		1.5
Software		1.5
Hotels, Restaurants & Leisure		1.5
Electrical Equipment		1.4
Electronic Equipment, Instruments & Components		1.3
Textiles, Apparel & Luxury Goods		1.3
Household Products		1.2
Household Durables		1.1
Others (each less than 1.0%)		4.0
Short-Term Investments		1.9

Abbreviations

ADR	American Depositary Receipt
APAC	Asia Pacific
PT	Limited liability company
SGPS	Holding company
(a)	The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $235,340.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.2%
Argentina — 0.1%
MercadoLibre, Inc. *		4		5,341
Brazil — 3.8%
Atacadao SA		1,346		3,981
Gerdau SA (Preference)		1,861		8,918
Itau Unibanco Holding SA (Preference)		3,455		14,307
Itausa SA (Preference)		6,399		11,655
Localiza Rent a Car SA		471		3,771
Locaweb Servicos de Internet SA * (a)		894		2,913
Lojas Renner SA		1,012		5,768
Magazine Luiza SA *		4,090		7,841
Petroleo Brasileiro SA (Preference)		5,897		28,471
Porto Seguro SA		912		3,795
Raia Drogasil SA *		1,814		7,523
Suzano SA *		1,053		9,168
TIM SA, ADR *		504		4,968
Vale SA, ADR		2,334		29,711
XP, Inc., Receipts *		80		2,603
				145,393
Chile — 0.3%
Banco Santander Chile, ADR		414		7,338
Cencosud SA		1,564		2,288
Cia Cervecerias Unidas SA, ADR		128		2,162
				11,788
China — 34.4%
Airtac International Group		110		3,291
Alibaba Group Holding Ltd. *		7,593		156,138
Amoy Diagnostics Co. Ltd., Class A		226		2,854
Anhui Conch Cement Co. Ltd., Class H		977		4,829
ANTA Sports Products Ltd.		424		6,569
Baidu, Inc., ADR *		50		8,033
Baoshan Iron & Steel Co. Ltd., Class A		6,346		7,054
BeiGene Ltd., ADR *		32		11,315
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		670		4,348
Bilibili, Inc., ADR * (b)		124		9,075
BOE Technology Group Co. Ltd., Class A		10,937		8,391
BYD Co. Ltd., Class H		173		6,598
Chacha Food Co. Ltd., Class A		703		6,255
China Conch Venture Holdings Ltd.		1,428		6,937
China Construction Bank Corp., Class H		57,358		39,037
China Lesso Group Holdings Ltd.		3,308		5,113
China Life Insurance Co. Ltd., Class H		6,962		12,095
China Merchants Bank Co. Ltd., Class H		3,645		30,546
China Molybdenum Co. Ltd., Class H		13,587		8,400

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
China Oilfield Services Ltd., Class H		3,594		3,437
China Pacific Insurance Group Co. Ltd., Class H		3,323		10,161
China Resources Land Ltd.		2,802		10,887
China Resources Mixc Lifestyle Services Ltd. (a)		696		3,663
China Shenhua Energy Co. Ltd., Class H		3,107		6,680
China Vanke Co. Ltd., Class H		3,613		8,441
China Yangtze Power Co. Ltd., Class A		2,643		8,765
Chongqing Brewery Co. Ltd., Class A *		207		4,852
Contemporary Amperex Technology Co. Ltd., Class A		182		18,248
Country Garden Services Holdings Co. Ltd.		1,687		12,987
ENN Energy Holdings Ltd.		736		12,672
Foshan Haitian Flavouring & Food Co. Ltd., Class A		436		7,977
Fu Jian Anjoy Foods Co. Ltd., Class A		147		4,643
Fuyao Glass Industry Group Co. Ltd., Class H (a)		1,043		6,004
Guangzhou Automobile Group Co. Ltd., Class H		11,910		11,243
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		305		5,462
Haidilao International Holding Ltd. (a)		1,024		2,855
Haier Smart Home Co. Ltd., Class H		3,849		14,332
Hangzhou Tigermed Consulting Co. Ltd., Class H (a)		293		5,707
Han’s Laser Technology Industry Group Co. Ltd., Class A		654		4,378
Hefei Meiya Optoelectronic Technology, Inc., Class A		578		3,653
Huatai Securities Co. Ltd., Class H (a)		2,679		3,984
Huayu Automotive Systems Co. Ltd., Class A		1,057		4,425
Huazhu Group Ltd. *		1,779		8,259
Hundsun Technologies, Inc., Class A		353		3,461
Hutchmed China Ltd., ADR *		70		2,046
Industrial & Commercial Bank of China Ltd., Class H		29,565		16,206
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,717		11,496
Innovent Biologics, Inc. * (a)		1,066		9,537
JD.com, Inc., Class A *		1,068		41,822
Jiangsu Hengli Hydraulic Co. Ltd., Class A		630		8,062
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,025		7,866
Jiangsu Hengshun Vinegar Industry Co. Ltd., Class A		1,067		2,685
Joyoung Co. Ltd., Class A		1,518		5,532
Kingdee International Software Group Co. Ltd. *		3,338		10,983
Kunlun Energy Co. Ltd.		6,572		5,986
Kweichow Moutai Co. Ltd., Class A		45		12,770
Laobaixing Pharmacy Chain JSC, Class A		724		4,937
Lenovo Group Ltd.		3,726		4,046

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
China — continued
Longfor Group Holdings Ltd. (a)		2,254		10,905
Maxscend Microelectronics Co. Ltd., Class A		71		3,423
Meituan * (a)		2,111		71,841
Minth Group Ltd.		1,664		6,613
NetEase, Inc.		1,152		22,342
NetEase, Inc., ADR		62		6,037
NIO, Inc., ADR *		456		17,983
Nongfu Spring Co. Ltd., Class H (a)		800		4,056
Oppein Home Group, Inc., Class A		468		9,301
Pharmaron Beijing Co. Ltd., Class H (a)		383		8,278
PICC Property & Casualty Co. Ltd., Class H		14,744		13,726
Pinduoduo, Inc., ADR *		202		17,920
Ping An Bank Co. Ltd., Class A		4,348		13,225
Ping An Insurance Group Co. of China Ltd., Class H		4,129		29,571
Poly Developments and Holdings Group Co. Ltd., Class A		3,147		6,169
Postal Savings Bank of China Co. Ltd., Class H (a)		9,285		6,748
Qingdao Haier Biomedical Co. Ltd., Class A		409		6,012
Qingdao Haier Biomedical Co. Ltd., Class A		9		129
Shanghai Baosight Software Co. Ltd., Class A		725		7,939
Shanghai Liangxin Electrical Co. Ltd., Class A		1,008		2,564
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		139		8,111
Skshu Paint Co. Ltd., Class A		349		6,074
Sunny Optical Technology Group Co. Ltd.		576		15,459
Tencent Holdings Ltd.		2,877		175,032
Tongwei Co. Ltd., Class A		834		7,436
Topsports International Holdings Ltd. (a)		5,697		6,921
Trip.com Group Ltd., ADR *		288		8,235
Wanhua Chemical Group Co. Ltd., Class A		607		10,015
Wuliangye Yibin Co. Ltd., Class A		109		3,668
WuXi AppTec Co. Ltd., Class H (a)		576		12,308
Wuxi Biologics Cayman, Inc. * (a)		2,149		32,543
Xiaomi Corp., Class B * (a)		3,484		9,525
Xinyi Solar Holdings Ltd.		6,664		13,843
XPeng, Inc., ADR * (b)		262		12,213
Yum China Holdings, Inc.		285		16,244
Yunnan Energy New Material Co. Ltd.		145		6,593
Zai Lab Ltd., ADR *		81		8,491
Zhejiang Dingli Machinery Co. Ltd., Class A		384		4,086
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,784		5,005
Zhongji Innolight Co. Ltd., Class A		1,189		6,141
Zijin Mining Group Co. Ltd., Class H		3,876		5,390
				1,306,143

INVESTMENTS	SHARES (000)		VALUE ($000)
Colombia — 0.2%
Ecopetrol SA, ADR (b)		497		7,536
Greece — 0.4%
Hellenic Telecommunications Organization SA		415		7,366
OPAP SA		502		7,839
				15,205
Hong Kong — 0.3%
Techtronic Industries Co. Ltd.		452		9,276
Hungary — 0.4%
OTP Bank Nyrt. *		215		12,949
Richter Gedeon Nyrt.		122		3,407
				16,356
India — 11.3%
ACC Ltd.		165		5,159
Ambuja Cements Ltd.		1,263		6,847
Apollo Hospitals Enterprise Ltd.		230		13,105
Axis Bank Ltd. *		1,074		10,692
Bharat Petroleum Corp. Ltd.		1,084		6,060
Biocon Ltd. *		987		4,634
Britannia Industries Ltd.		252		12,374
Eicher Motors Ltd.		134		4,449
HDFC Bank Ltd., ADR		138		9,958
HDFC Life Insurance Co. Ltd. (a)		1,531		13,924
Hindalco Industries Ltd.		1,717		10,578
Hindustan Unilever Ltd.		647		20,703
Housing Development Finance Corp. Ltd.		1,066		40,639
ICICI Bank Ltd.		1,380		14,856
Infosys Ltd., ADR		2,057		45,832
Kotak Mahindra Bank Ltd.		700		19,037
Larsen & Toubro Ltd.		596		14,116
Maruti Suzuki India Ltd.		176		17,575
NTPC Ltd.		5,146		9,137
Oil & Natural Gas Corp. Ltd.		3,541		7,047
Petronet LNG Ltd.		2,406		7,386
Power Grid Corp. of India Ltd.		4,795		11,877
Reliance Industries Ltd.		1,605		54,479
Shriram Transport Finance Co. Ltd.		482		9,280
Tata Consultancy Services Ltd.		619		28,122
Tata Steel Ltd.		405		7,149
UltraTech Cement Ltd.		134		13,735
United Spirits Ltd. *		484		6,148
Wipro Ltd.		512		4,433
				429,331

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Indonesia — 1.6%
Bank Central Asia Tbk. PT		47,932		25,345
Bank Rakyat Indonesia Persero Tbk. PT		63,380		19,026
Telkom Indonesia Persero Tbk. PT		60,890		16,275
				60,646
Malaysia — 1.0%
CIMB Group Holdings Bhd.		4,131		5,212
Malayan Banking Bhd.		1,964		3,818
Petronas Chemicals Group Bhd.		4,321		9,067
Public Bank Bhd.		12,349		12,436
Tenaga Nasional Bhd.		2,385		5,564
Top Glove Corp. Bhd.		1,503		987
				37,084
Mexico — 2.9%
America Movil SAB de CV, Series L		26,204		23,330
Fomento Economico Mexicano SAB de CV, ADR		153		12,604
Grupo Aeroportuario del Pacifico SAB de CV, Class B *		886		11,188
Grupo Aeroportuario del Sureste SAB de CV, Class B		460		9,292
Grupo Financiero Banorte SAB de CV, Class O		2,672		16,888
Grupo Mexico SAB de CV, Series B		2,872		12,588
Kimberly-Clark de Mexico SAB de CV, Class A (b)		3,843		6,075
Wal-Mart de Mexico SAB de CV (b)		5,068		17,657
				109,622
Peru — 0.3%
Credicorp Ltd.		86		11,190
Philippines — 0.4%
Ayala Corp.		273		4,672
Ayala Land, Inc.		6,400		4,457
International Container Terminal Services, Inc.		1,621		5,787
				14,916
Poland — 0.7%
Allegro.eu SA * (a)		655		7,411
Dino Polska SA * (a)		83		7,447
Powszechny Zaklad Ubezpieczen SA		1,136		11,367
				26,225
Qatar — 0.3%
Qatar National Bank QPSC		2,108		11,870
Russia — 4.6%
Alrosa PJSC		4,314		7,617
Gazprom PJSC, ADR		3,633		35,652
LUKOIL PJSC, ADR		308		31,396
Magnitogorsk Iron & Steel Works PJSC		5,948		5,558
MMC Norilsk Nickel PJSC, ADR		433		13,525

INVESTMENTS	SHARES (000)		VALUE ($000)
Russia — continued
Moscow Exchange MICEX-RTS PJSC		2,591		6,359
Moscow Exchange MICEX-RTS PJSC		56		138
Novatek PJSC		239		6,057
Rosneft Oil Co. PJSC, GDR (a)		1,272		11,324
Sberbank of Russia PJSC, ADR		1,829		36,727
Severstal PAO, GDR (a)		420		9,597
X5 Retail Group NV, GDR (a)		254		8,660
				172,610
Saudi Arabia — 2.6%
Al Rajhi Bank		759		28,063
Alinma Bank		1,741		11,670
Almarai Co. JSC		410		5,787
BinDawood Holding Co.		142		3,950
Saudi Basic Industries Corp.		420		14,463
Saudi National Bank (The)		1,492		26,205
Saudi Telecom Co.		293		9,139
				99,277
Singapore — 0.1%
BOC Aviation Ltd. (a)		374		3,275
South Africa — 3.3%
Bid Corp. Ltd.		580		12,458
Bidvest Group Ltd. (The)		252		3,154
Capitec Bank Holdings Ltd.		110		12,342
Clicks Group Ltd.		416		7,587
Discovery Ltd. *		894		8,194
FirstRand Ltd.		4,636		17,610
Impala Platinum Holdings Ltd.		406		5,249
MTN Group Ltd. *		388		3,480
Naspers Ltd., Class N		121		20,527
Nedbank Group Ltd.		647		7,370
Sanlam Ltd.		2,891		11,877
SPAR Group Ltd. (The)		670		8,556
Vodacom Group Ltd.		696		6,179
				124,583
South Korea — 12.6%
BGF retail Co. Ltd.		19		2,630
Hana Financial Group, Inc.		235		9,074
Hankook Tire & Technology Co. Ltd.		137		4,848
Hyundai Glovis Co. Ltd.		61		8,770
Hyundai Mobis Co. Ltd.		32		6,991
Hyundai Motor Co.		21		3,829
Kakao Corp.		110		11,791
KB Financial Group, Inc.		400		19,338
Kia Corp.		264		19,241

SEE NOTES TO FINANCIAL STATEMENTS.

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

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Korea — continued
KIWOOM Securities Co. Ltd.		44		3,990
LG Chem Ltd.		36		25,699
LG Household & Health Care Ltd.		11		10,656
Mando Corp. *		79		4,263
NAVER Corp.		81		28,071
NCSoft Corp.		18		9,688
POSCO		68		17,355
Samsung Biologics Co. Ltd. * (a)		7		5,354
Samsung Electronics Co. Ltd.		2,767		165,676
Samsung Fire & Marine Insurance Co. Ltd.		68		13,531
Samsung SDI Co. Ltd.		13		8,318
Shinhan Financial Group Co. Ltd.		498		16,256
SK Hynix, Inc.		379		33,419
SK Innovation Co. Ltd. *		62		13,017
SK Telecom Co. Ltd.		49		12,883
SK, Inc.		24		5,065
SKC Co. Ltd.		48		7,443
S-Oil Corp.		135		11,785
				478,981
Taiwan — 14.1%
Advantech Co. Ltd.		930		12,157
ASE Technology Holding Co. Ltd.		4,188		14,981
AU Optronics Corp.		14,442		9,925
Chailease Holding Co. Ltd.		1,870		17,908
CTBC Financial Holding Co. Ltd.		9,864		8,237
Delta Electronics, Inc.		2,061		18,193
Eclat Textile Co. Ltd.		437		9,550
Evergreen Marine Corp. Taiwan Ltd.		851		3,062
Fubon Financial Holding Co. Ltd.		6,464		17,086
Giant Manufacturing Co. Ltd.		494		5,737
Hiwin Technologies Corp.		849		9,455
Hon Hai Precision Industry Co. Ltd.		4,063		15,685
MediaTek, Inc.		266		8,755
Nan Ya Plastics Corp.		1,146		3,517
Nanya Technology Corp.		4,177		10,015
Nien Made Enterprise Co. Ltd.		397		5,456
Novatek Microelectronics Corp.		804		12,059
Powertech Technology, Inc.		2,267		7,954
Quanta Computer, Inc.		2,691		7,560
Realtek Semiconductor Corp.		692		12,447
Sea Ltd., ADR * (b)		20		6,989
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		322		36,626
Taiwan Semiconductor Manufacturing Co. Ltd.		10,418		221,073
Taiwan Union Technology Corp.		1,534		5,290
Uni-President Enterprises Corp.		4,917		11,796
Vanguard International Semiconductor Corp.		1,379		7,186

INVESTMENTS	SHARES (000)		VALUE ($000)
Taiwan — continued
Wiwynn Corp.		254		8,137
Yageo Corp.		779		12,193
Yuanta Financial Holding Co. Ltd.		17,117		15,215
				534,244
Thailand — 1.8%
Airports of Thailand PCL		4,349		8,476
Minor International PCL *		6,060		5,986
PTT Exploration & Production PCL		3,534		12,500
PTT Global Chemical PCL		5,311		10,051
PTT PCL		5,736		6,585
Siam Cement PCL (The) (Registered)		747		8,896
Siam Commercial Bank PCL (The)		2,976		11,313
Thai Oil PCL		3,176		5,330
				69,137
Turkey — 0.5%
BIM Birlesik Magazalar A/S		900		5,817
Ford Otomotiv Sanayi A/S		357		6,891
Turkcell Iletisim Hizmetleri A/S		3,250		5,169
				17,877
United Arab Emirates — 0.1%
Emaar Properties PJSC		4,657		5,099
United States — 0.1%
JS Global Lifestyle Co. Ltd.(a)		1,274		2,359
Total Common Stocks (Cost $3,167,833)				3,725,364
Short-Term Investments — 0.8%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $3,718)		3,716		3,718
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		22,493		22,493
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		2,859		2,859
Total Investment of Cash Collateral from Securities Loaned (Cost $25,352)				25,352
Total Short-Term Investments (Cost $29,070)				29,070
Total Investments — 99.0% (Cost $3,196,903)				3,754,434
Other Assets Less Liabilities — 1.0%				38,954
NET ASSETS — 100.0%				3,793,388

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Summary of Investments by Industry, October 31, 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		13.3	%
Semiconductors & Semiconductor Equipment		10.1
Internet & Direct Marketing Retail		8.5
Oil, Gas & Consumable Fuels		6.7
Interactive Media & Services		5.9
Technology Hardware, Storage & Peripherals		5.5
Metals & Mining		4.0
Insurance		3.9
Automobiles		2.7
Electronic Equipment, Instruments & Components		2.6
Food & Staples Retailing		2.5
Chemicals		2.3
IT Services		2.2
Food Products		1.9
Life Sciences Tools & Services		1.7
Real Estate Management & Development		1.7
Wireless Telecommunication Services		1.5
Entertainment		1.4
Diversified Financial Services		1.3
Hotels, Restaurants & Leisure		1.3
Beverages		1.2
Construction Materials		1.2
Machinery		1.1
Thrifts & Mortgage Finance		1.1
Household Durables		1.0
Biotechnology		1.0
Others (each less than 1.0%)		11.6
Short-Term Investments		0.8

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company
MTN	Medium term note
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)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $24,147.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 94.4%
Australia — 1.0%
Rio Tinto plc		165		10,312
Austria — 1.9%
Erste Group Bank AG		331		14,184
Wienerberger AG		189		6,697
				20,881
Belgium — 1.2%
Azelis Group NV *		160		5,183
bpost SA *		506		4,339
D’ieteren Group		22		3,731
				13,253
Denmark — 5.3%
Carlsberg A/S, Class B		59		9,777
Novo Nordisk A/S, Class B		276		30,241
Pandora A/S		55		7,704
Royal Unibrew A/S		76		9,434
				57,156
Finland — 4.4%
Cargotec OYJ, Class B		134		6,946
Nokia OYJ *		2,723		15,629
Nordea Bank Abp		1,133		13,874
QT Group OYJ *		68		10,995
				47,444
France — 13.0%
Airbus SE *		124		15,883
BNP Paribas SA (a)		292		19,513
Capgemini SE		76		17,695
Credit Agricole SA		594		8,960
Kering SA		17		12,988
La Francaise des Jeux SAEM (b)		185		9,590
LVMH Moet Hennessy Louis Vuitton SE		36		28,589
Teleperformance		23		9,492
TotalEnergies SE		342		17,119
				139,829
Germany — 14.5%
Allianz SE (Registered)		95		21,989
Daimler AG (Registered)		149		14,831
Deutsche Boerse AG		57		9,520
Deutsche Post AG (Registered)		263		16,291
Deutsche Telekom AG (Registered)		748		13,910
DWS Group GmbH & Co. KGaA (b)		105		4,532
Eckert & Ziegler Strahlen- und Medizintechnik AG		67		9,980
Jungheinrich AG (Preference)		193		9,798

INVESTMENTS	SHARES (000)		VALUE ($000)
Germany — continued
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		47		14,040
Schaeffler AG (Preference)		726		5,769
Siemens AG (Registered)		104		16,896
VERBIO Vereinigte BioEnergie AG		95		7,564
Volkswagen AG (Preference)		47		10,647
				155,767
Ireland — 2.1%
AIB Group plc *		2,039		5,441
AIB Group plc *		552		1,495
Bank of Ireland Group plc *		1,260		7,558
Bank of Ireland Group plc *		110		656
Smurfit Kappa Group plc		141		7,392
				22,542
Italy — 1.2%
Intesa Sanpaolo SpA		4,399		12,503
Luxembourg — 1.0%
ArcelorMittal SA		321		10,870
Netherlands — 7.4%
Adyen NV * (b)		3		10,488
ASM International NV		44		19,879
ASML Holding NV (a)		13		10,899
Koninklijke Ahold Delhaize NV		757		24,630
NN Group NV		250		13,361
				79,257
Norway — 0.7%
Equinor ASA		301		7,627
Spain — 2.2%
CaixaBank SA		756		2,172
Corp. ACCIONA Energias Renovables SA *		203		7,100
Fluidra SA		212		8,091
Laboratorios Farmaceuticos Rovi SA		98		6,835
				24,198
Sweden — 0.9%
Volvo AB, Class B		422		9,833
Switzerland — 16.0%
Cie Financiere Richemont SA (Registered)		80		9,893
Holcim Ltd. *		170		8,457
Interroll Holding AG (Registered)		1		6,865
Logitech International SA (Registered)		101		8,444
Nestle SA (Registered)		360		47,476
Novartis AG (Registered)		224		18,564

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Switzerland — continued
Roche Holding AG		100		38,699
Schindler Holding AG		33		8,590
Swissquote Group Holding SA (Registered)		27		5,496
Zurich Insurance Group AG		43		18,932
				171,416
United Kingdom — 18.8%
3i Group plc		464		8,669
Ashtead Group plc		170		14,206
Barclays plc		2,703		7,458
BP plc		5,158		24,710
Centrica plc *		9,870		8,147
CNH Industrial NV		544		9,371
Computacenter plc		216		7,936
Future plc		117		5,625
Games Workshop Group plc		38		5,043
Intermediate Capital Group plc		315		9,435
JD Sports Fashion plc		642		9,570
Linde plc		33		10,748
Lloyds Banking Group plc		26,095		17,859
Marks & Spencer Group plc *		3,194		8,030
Next plc		146		15,966
Persimmon plc		214		7,955
Petershill Partners plc * (b)		1,582		6,496
Segro plc, REIT		586		10,361
Spirent Communications plc		1,266		4,991
Taylor Wimpey plc		4,300		9,099
				201,675
United States — 2.8%
Schneider Electric SE		94		16,208
Stellantis NV		691		13,797
				30,005
Total Common Stocks (Cost $884,488)				1,014,568
Short-Term Investments — 5.0%
Investment Companies — 4.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $46,060)		46,037		46,060

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d) (Cost $7,173)		7,173		7,173
Total Short-Term Investments (Cost $53,233)				53,233
Total Investments — 99.4% (Cost $937,721)				1,067,801
Other Assets Less Liabilities — 0.6%				6,717
NET ASSETS — 100.0%				1,074,518

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 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		10.5	%
Pharmaceuticals		8.8
Insurance		6.4
Machinery		5.6
Textiles, Apparel & Luxury Goods		5.5
Oil, Gas & Consumable Fuels		5.3
Food Products		4.4
Capital Markets		4.1
Automobiles		3.7
IT Services		3.4
Semiconductors & Semiconductor Equipment		2.9
Food & Staples Retailing		2.3
Multiline Retail		2.3
Metals & Mining		2.0
Air Freight & Logistics		1.9
Communications Equipment		1.9
Trading Companies & Distributors		1.8
Beverages		1.8
Household Durables		1.6
Industrial Conglomerates		1.6
Electrical Equipment		1.5
Aerospace & Defense		1.5
Construction Materials		1.4
Diversified Telecommunication Services		1.3
Software		1.0
Chemicals		1.0
Equity Real Estate Investment Trusts (REITs)		1.0
Others (each less than 1.0%)		8.5
Short-Term Investments		5.0

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

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 October 31, 2021. The total value of securities on loan at October 31, 2021 is $6,806.

(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2021.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 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		716		12/2021		EUR		35,218		1,156
FTSE 100 Index		117		12/2021		GBP		11,586		195
										1,351

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.9%
Australia — 2.4%
BHP Group Ltd. (a)		1,719		47,212
BHP Group plc		993		26,222
Rio Tinto plc		682		42,501
				115,935
Austria — 1.0%
Erste Group Bank AG		1,081		46,344
Belgium — 1.5%
KBC Group NV		762		70,975
China — 0.7%
Tencent Holdings Ltd.		555		33,773
Denmark — 5.4%
Carlsberg A/S, Class B		317		52,273
Genmab A/S *		87		38,874
Novo Nordisk A/S, Class B		1,242		136,217
Orsted A/S (a) (b)		239		33,786
				261,150
Finland — 0.9%
Kone OYJ, Class B		621		42,380
France — 15.6%
AXA SA		2,071		60,243
BNP Paribas SA (a)		838		56,119
Capgemini SE		406		94,575
Kering SA		80		59,755
L’Oreal SA		169		77,420
LVMH Moet Hennessy Louis Vuitton SE		152		119,030
Pernod Ricard SA		229		52,746
Safran SA		404		54,376
TotalEnergies SE		2,183		109,326
Vinci SA		671		71,784
				755,374
Germany — 7.4%
adidas AG		191		62,643
Allianz SE (Registered)		292		67,777
Deutsche Boerse AG		281		46,631
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		153		45,444
RWE AG		1,069		41,162
Symrise AG		370		51,213
Volkswagen AG (Preference)		206		46,127
				360,997
Hong Kong — 3.1%
AIA Group Ltd.		8,089		90,651

INVESTMENTS	SHARES (000)		VALUE ($000)
Hong Kong — continued
Hong Kong Exchanges & Clearing Ltd.		962		57,959
				148,610
India — 0.8%
HDFC Bank Ltd., ADR		563		40,502
Japan — 17.6%
Daikin Industries Ltd.		259		56,747
FANUC Corp.		175		34,544
Hoya Corp.		559		82,319
Keyence Corp.		189		114,083
Kubota Corp.		2,128		45,333
Kyowa Kirin Co. Ltd.		1,428		46,967
Makita Corp.		901		41,813
Nidec Corp.		435		48,169
Recruit Holdings Co. Ltd.		1,115		74,149
Shin-Etsu Chemical Co. Ltd.		325		57,869
SMC Corp.		100		59,736
Sony Group Corp.		815		94,316
Sysmex Corp.		322		39,962
Tokyo Electron Ltd.		117		54,433
				850,440
Netherlands — 5.6%
Adyen NV * (b)		17		52,079
ASML Holding NV		177		143,957
ING Groep NV		5,047		76,561
				272,597
Singapore — 1.6%
DBS Group Holdings Ltd.		3,337		77,988
South Africa — 1.1%
Anglo American plc		1,419		53,968
South Korea — 2.1%
Delivery Hero SE * (b)		371		46,302
Samsung Electronics Co. Ltd., GDR (b)		24		36,656
Samsung Electronics Co. Ltd., GDR (b)		14		20,843
				103,801
Spain — 2.9%
Cellnex Telecom SA (b)		527		32,426
Iberdrola SA		4,791		56,575
Industria de Diseno Textil SA (a)		1,415		51,257
				140,258
Sweden — 4.8%
Assa Abloy AB, Class B		1,923		56,413
Atlas Copco AB, Class A		982		63,252

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Sweden — continued
Industrivarden AB, Class A (a)		85		2,796
Svenska Handelsbanken AB, Class A (a)		5,510		63,157
Volvo AB, Class B		2,100		48,973
				234,591
Switzerland — 7.1%
Holcim Ltd. *		588		29,352
Lonza Group AG (Registered)		94		77,612
Nestle SA (Registered)		1,150		151,648
SGS SA (Registered)		16		47,703
Straumann Holding AG (Registered)		18		37,300
				343,615
Taiwan — 2.0%
Sea Ltd., ADR *		151		51,751
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		393		44,631
				96,382
United Kingdom — 11.0%
Diageo plc		2,119		105,435
GlaxoSmithKline plc		3,260		67,678
Legal & General Group plc		12,202		48,123
Linde plc		220		70,900
London Stock Exchange Group plc		416		40,489
Persimmon plc		1,166		43,443
Prudential plc		2,952		60,238
RELX plc		2,096		65,010
Smith & Nephew plc		1,960		33,849
				535,165
United States — 3.3%
Ferguson plc		493		74,139
Schneider Electric SE		491		84,714
				158,853
Total Common Stocks (Cost $3,392,109)				4,743,698
Short-Term Investments — 5.1%
Investment Companies — 2.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $123,785)		123,724		123,785
Investment of Cash Collateral from Securities Loaned — 2.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		111,000		111,000

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		13,466		13,466
Total Investment of Cash Collateral from Securities Loaned (Cost $124,466)				124,466
Total Short-Term Investments (Cost $248,251)				248,251
Total Investments — 103.0% (Cost $3,640,360)				4,991,949
Liabilities in Excess of Other Assets — (3.0)%				(146,232	)
NET ASSETS — 100.0%				4,845,717

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 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		8.6	%
Insurance		7.5
Machinery		6.7
Pharmaceuticals		5.0
Semiconductors & Semiconductor Equipment		4.9
Textiles, Apparel & Luxury Goods		4.8
Beverages		4.2
Health Care Equipment & Supplies		3.9
Professional Services		3.7
Chemicals		3.6
Metals & Mining		3.4
Food Products		3.0
IT Services		2.9
Capital Markets		2.9
Household Durables		2.8
Electrical Equipment		2.7
Electronic Equipment, Instruments & Components		2.3
Building Products		2.3
Oil, Gas & Consumable Fuels		2.2
Electric Utilities		1.8
Life Sciences Tools & Services		1.6
Personal Products		1.6
Trading Companies & Distributors		1.5

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Construction & Engineering		1.4	%
Technology Hardware, Storage & Peripherals		1.2
Aerospace & Defense		1.1
Entertainment		1.0
Specialty Retail		1.0
Others (each less than 1.0%)		5.4
Short-Term Investments		5.0

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 October 31, 2021. The total value of securities on loan at October 31, 2021 is $119,061.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

JPMorgan International Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%
Australia — 2.2%
BHP Group plc		3,272		86,419
Belgium — 2.4%
KBC Group NV		1,017		94,747
Canada — 5.0%
Canadian National Railway Co.		745		99,068
Toronto-Dominion Bank (The)		1,355		98,392
				197,460
China — 5.8%
Alibaba Group Holding Ltd. *		4,206		86,497
Bilibili, Inc., Class Z *		529		38,745
Tencent Holdings Ltd.		1,706		103,745
				228,987
Denmark — 4.3%
Novo Nordisk A/S, Class B		1,135		124,407
Orsted A/S (a) (b)		306		43,158
				167,565
Finland — 1.4%
Kone OYJ, Class B		805		54,877
France — 9.0%
Capgemini SE		300		69,922
L’Oreal SA		191		87,408
LVMH Moet Hennessy Louis Vuitton SE		155		121,733
Vinci SA		672		71,830
				350,893
Germany — 5.5%
adidas AG		197		64,551
Allianz SE (Registered)		387		89,767
Volkswagen AG (Preference)		267		59,835
				214,153
Hong Kong — 5.2%
AIA Group Ltd.		10,022		112,317
Hong Kong Exchanges & Clearing Ltd.		1,524		91,784
				204,101
India — 3.1%
HDFC Bank Ltd., ADR		1,701		122,321
Indonesia — 2.0%
Bank Central Asia Tbk. PT		147,867		78,189
Japan — 6.9%
Keyence Corp.		128		77,263
Kyowa Kirin Co. Ltd.		1,412		46,451

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
SMC Corp.		91		54,126
Sony Group Corp.		805		93,170
				271,010
Netherlands — 3.6%
ASML Holding NV		174		141,389
Russia — 1.5%
Sberbank of Russia PJSC, ADR		2,847		57,160
Singapore — 1.6%
DBS Group Holdings Ltd.		2,641		61,705
South Africa — 2.1%
Anglo American plc		2,172		82,613
South Korea — 5.1%
Delivery Hero SE * (b)		504		62,903
Samsung Electronics Co. Ltd.		2,282		136,606
				199,509
Spain — 1.7%
Iberdrola SA		5,688		67,172
Sweden — 3.5%
Atlas Copco AB, Class A		1,047		67,437
Industrivarden AB, Class A (a)		89		2,934
Svenska Handelsbanken AB, Class A (a)		5,782		66,279
				136,650
Switzerland — 7.0%
Lonza Group AG (Registered)		86		70,638
Nestle SA (Registered)		1,103		145,429
SGS SA (Registered)		20		59,151
				275,218
Taiwan — 5.0%
Sea Ltd., ADR *		269		92,480
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		927		105,394
				197,874
United Kingdom — 10.3%
Diageo plc		2,571		127,935
Linde plc		280		89,967
London Stock Exchange Group plc		403		39,234
Persimmon plc		1,530		57,002
RELX plc		2,834		87,913
				402,051
United States — 4.4%
Ferguson plc		627		94,301

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan International Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Schneider Electric SE		465		80,102
				174,403
Total Common Stocks (Cost $2,892,698)				3,866,466
Short-Term Investments — 2.2%
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $47,837)		47,813		47,837
Investment of Cash Collateral from Securities Loaned — 1.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (c) (d)		33,000		33,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (c) (d)		3,469		3,469
Total Investment Of Cash Collateral From Securities Loaned (Cost $36,469)				36,469
Total Short-Term Investments (Cost $84,306)				84,306
Total Investments — 100.8% (Cost $2,977,004)				3,950,772
Liabilities in Excess of Other Assets — (0.8)%				(30,484	)
NET ASSETS — 100.0%				3,920,288

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 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		14.7	%
Semiconductors & Semiconductor Equipment		6.2
Insurance		5.1
Textiles, Apparel & Luxury Goods		4.7
Machinery		4.5
Pharmaceuticals		4.3
Metals & Mining		4.3
Household Durables		3.8
Internet & Direct Marketing Retail		3.8
Professional Services		3.7

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Food Products		3.7	%
Technology Hardware, Storage & Peripherals		3.5
Entertainment		3.3
Capital Markets		3.3
Beverages		3.2
Electric Utilities		2.8
Interactive Media & Services		2.6
Road & Rail		2.5
Trading Companies & Distributors		2.4
Chemicals		2.3
Personal Products		2.2
Electrical Equipment		2.0
Electronic Equipment, Instruments & Components		2.0
Construction & Engineering		1.8
Life Sciences Tools & Services		1.8
IT Services		1.8
Automobiles		1.5
Diversified Financial Services		0.1
Short-Term Investments		2.1

Abbreviations

ADR	American Depositary Receipt
OYJ	Public Limited Company
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
(a)	The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $35,662.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.2%
Australia — 5.6%
Aurizon Holdings Ltd.		49		126
Australia & New Zealand Banking Group Ltd.		22		465
BHP Group Ltd.		35		967
Commonwealth Bank of Australia		8		618
CSL Ltd.		4		931
Dexus, REIT		51		418
Goodman Group, REIT		39		648
GPT Group (The), REIT		117		455
Insurance Australia Group Ltd.		38		138
Macquarie Group Ltd.		1		194
National Australia Bank Ltd.		15		336
Newcrest Mining Ltd.		7		126
Oil Search Ltd.		46		148
Rio Tinto Ltd.		16		1,078
Rio Tinto plc		7		454
Wesfarmers Ltd.		8		367
Westpac Banking Corp.		44		865
Woolworths Group Ltd.		7		200
				8,534
Austria — 0.3%
Erste Group Bank AG		9		391
Belgium — 0.6%
Anheuser-Busch InBev SA		2		147
KBC Group NV		8		768
				915
China — 0.6%
BOC Hong Kong Holdings Ltd.		95		301
Prosus NV *		7		603
				904
Denmark — 3.2%
Carlsberg A/S, Class B		6		908
Novo Nordisk A/S, Class B		26		2,890
Orsted A/S (a)		6		850
Vestas Wind Systems A/S		6		240
				4,888
Finland — 0.3%
Kone OYJ, Class B		4		249
Nokia OYJ *		49		279
				528
France — 10.7%
Air Liquide SA		8		1,341
Airbus SE *		3		413

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
Alstom SA		12		417
AXA SA		7		197
BNP Paribas SA		23		1,549
Capgemini SE		6		1,375
Kering SA		1		726
L’Oreal SA		4		1,999
LVMH Moet Hennessy Louis Vuitton SE		3		2,644
Pernod Ricard SA		2		371
Safran SA		5		723
Sanofi		7		744
Societe Generale SA		14		476
TotalEnergies SE		22		1,102
Veolia Environnement SA		41		1,335
Vinci SA		9		1,013
				16,425
Germany — 9.8%
adidas AG		4		1,150
Allianz SE (Registered)		8		1,796
BASF SE		4		273
Bayer AG (Registered)		7		412
Brenntag SE		3		317
Daimler AG (Registered)		2		189
Deutsche Boerse AG		1		119
Deutsche Post AG (Registered)		18		1,138
Deutsche Telekom AG (Registered)		60		1,109
Infineon Technologies AG		33		1,528
Merck KGaA		2		537
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		3		867
RWE AG		28		1,069
SAP SE		9		1,308
Siemens AG (Registered)		7		1,061
Volkswagen AG (Preference)		4		976
Vonovia SE		12		734
Zalando SE * (a)		4		397
				14,980
Hong Kong — 2.4%
AIA Group Ltd.		139		1,562
CK Asset Holdings Ltd.		31		192
CLP Holdings Ltd.		17		162
Hong Kong Exchanges & Clearing Ltd.		14		861
Link, REIT		16		144
Sun Hung Kai Properties Ltd.		12		159
Techtronic Industries Co. Ltd.		11		216

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Hong Kong  — continued
Xinyi Glass Holdings Ltd.		117			330
					3,626
Ireland — 0.9%
CRH plc		14			680
Kingspan Group plc		3			403
Kingspan Group plc		3			363
					1,446
Italy — 0.8%
Enel SpA		51			429
FinecoBank Banca Fineco SpA *		39			751
					1,180
Japan — 23.1%
AGC, Inc.		5			259
Asahi Group Holdings Ltd.		19			858
Asahi Kasei Corp.		56			589
Bridgestone Corp.		15			650
Central Japan Railway Co.		4			608
Daiichi Sankyo Co. Ltd.		17			431
Daikin Industries Ltd.		3			745
Daito Trust Construction Co. Ltd.		5			583
Daiwa House Industry Co. Ltd.		9			300
Dentsu Group, Inc.		20			724
Fast Retailing Co. Ltd.		—	(b)		133
Hitachi Ltd.		20			1,135
Honda Motor Co. Ltd.		23			689
Hoya Corp.		9			1,266
ITOCHU Corp.		20			565
Japan Airlines Co. Ltd. *		14			297
Kao Corp.		9			492
Keyence Corp.		3			1,690
Konami Holdings Corp.		9			490
Kubota Corp.		25			528
Kyowa Kirin Co. Ltd.		15			493
Mitsubishi Corp.		27			852
Mitsubishi Electric Corp.		18			246
Mitsubishi UFJ Financial Group, Inc.		48			264
Mitsui Fudosan Co. Ltd.		20			457
Murata Manufacturing Co. Ltd.		10			720
Nabtesco Corp.		1			45
Nidec Corp.		4			443
Nintendo Co. Ltd.		1			442
Nippon Express Co. Ltd.		6			382
Nippon Steel Corp.		9			156

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Nippon Telegraph & Telephone Corp.		27			754
Nitori Holdings Co. Ltd.		3			588
Nomura Research Institute Ltd.		14			572
Ono Pharmaceutical Co. Ltd.		17			355
ORIX Corp.		30			596
Otsuka Corp.		10			512
Rakuten Group, Inc.		19			208
Recruit Holdings Co. Ltd.		19			1,231
Rohm Co. Ltd.		6			585
Ryohin Keikaku Co. Ltd.		19			367
Seven & i Holdings Co. Ltd.		11			458
Shimadzu Corp.		2			61
Shin-Etsu Chemical Co. Ltd.		5			909
Shionogi & Co. Ltd.		8			502
SoftBank Group Corp.		8			428
Sony Group Corp.		15			1,679
Sumitomo Electric Industries Ltd.		33			443
Sumitomo Metal Mining Co. Ltd.		15			597
Sumitomo Mitsui Financial Group, Inc.		28			899
Suzuki Motor Corp.		8			366
T&D Holdings, Inc.		29			377
Takeda Pharmaceutical Co. Ltd.		12			348
Terumo Corp.		12			507
Tokio Marine Holdings, Inc.		18			938
Tokyo Electron Ltd.		2			1,072
Toyota Motor Corp.		129			2,283
Yamato Holdings Co. Ltd.		5			113
					35,280
Luxembourg — 0.1%
ArcelorMittal SA		6			204
Netherlands — 6.7%
Adyen NV * (a)		—	(b)		631
Akzo Nobel NV		6			743
ASML Holding NV		5			3,953
Heineken NV		1			110
ING Groep NV		43			652
Koninklijke Ahold Delhaize NV		14			463
Koninklijke DSM NV		2			527
Koninklijke KPN NV		191			570
Koninklijke Philips NV		5			219
NN Group NV		15			813
Royal Dutch Shell plc, Class A		36			816
Royal Dutch Shell plc, Class B		15			349

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Netherlands — continued
Wolters Kluwer NV		4			462
					10,308
Singapore — 1.0%
DBS Group Holdings Ltd.		39			918
Oversea-Chinese Banking Corp. Ltd.		47			414
United Overseas Bank Ltd.		7			131
					1,463
Spain — 2.9%
Banco Bilbao Vizcaya Argentaria SA		145			1,015
Banco Santander SA		99			373
Endesa SA		32			731
Iberdrola SA		132			1,559
Industria de Diseno Textil SA		20			714
					4,392
Sweden — 2.7%
Atlas Copco AB, Class A		14			917
Industrivarden AB, Class A		1			42
Lundin Energy AB		13			521
SKF AB, Class B		28			656
Svenska Handelsbanken AB, Class A		83			946
Volvo AB, Class B		43			998
					4,080
Switzerland — 10.4%
Adecco Group AG (Registered)		3			135
Cie Financiere Richemont SA (Registered)		2			298
Credit Suisse Group AG (Registered)		9			97
Givaudan SA (Registered)		—	(b)		924
Holcim Ltd. *		3			165
Lonza Group AG (Registered)		2			1,504
Nestle SA (Registered)		32			4,235
Novartis AG (Registered)		28			2,309
Roche Holding AG		9			3,479
SGS SA (Registered)		—	(b)		702
Sika AG (Registered)		1			445
UBS Group AG (Registered)		30			550
Zurich Insurance Group AG		2			1,100
					15,943
United Kingdom — 11.7%
3i Group plc		64			1,197
AstraZeneca plc		14			1,791
Barclays plc		272			750
Berkeley Group Holdings plc		12			727
BP plc		329			1,578
British American Tobacco plc		16			572

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
CK Hutchison Holdings Ltd.		24		161
DCC plc		4		304
Diageo plc		35		1,753
GlaxoSmithKline plc		14		283
HSBC Holdings plc		107		643
InterContinental Hotels Group plc *		12		853
Intertek Group plc		3		180
Lloyds Banking Group plc		1,753		1,200
London Stock Exchange Group plc		1		106
Prudential plc		33		681
Reckitt Benckiser Group plc		13		1,059
RELX plc		37		1,160
Standard Chartered plc		115		778
Taylor Wimpey plc		143		303
Tesco plc		194		718
Unilever plc		19		1,004
				17,801
United States — 2.4%
Ferguson plc		6		854
Schneider Electric SE		11		1,866
Stellantis NV		44		883
				3,603
Total Common Stocks (Cost $113,996)				146,891
	NO. OF CONTRACTS
Options Purchased — 0.6%
Put Options Purchased — 0.6%
United States — 0.6%
MSCI EAFE Index 12/17/2021 at USD 2,220.00, European Style Notional Amount: USD 151,109 Counterparty: Exchange-Traded * (Cost $2,614)		647		971
	SHARES (000)
Short-Term Investments — 2.3%
Investment Companies — 2.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $3,536)		3,536		3,536
Total Investments — 99.1% (Cost $120,146)				151,398
Other Assets Less Liabilities — 0.9%				1,378
NET ASSETS — 100.0%				152,776

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Summary of Investments by Industry, October 31, 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		10.2	%
Pharmaceuticals		9.6
Insurance		5.6
Semiconductors & Semiconductor Equipment		4.7
Chemicals		3.8
Automobiles		3.6
Textiles, Apparel & Luxury Goods		3.2
Oil, Gas & Consumable Fuels		3.0
Food Products		2.8
Beverages		2.7
Machinery		2.7
Professional Services		2.6
Electric Utilities		2.5
Metals & Mining		2.4
Personal Products		2.3
Capital Markets		2.1
IT Services		2.0
Electrical Equipment		1.8
Household Durables		1.8
Industrial Conglomerates		1.8
Trading Companies & Distributors		1.7
Electronic Equipment, Instruments & Components		1.6
Diversified Telecommunication Services		1.6

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Real Estate Management & Development		1.6	%
Multi-Utilities		1.6
Building Products		1.4
Health Care Equipment & Supplies		1.3
Food & Staples Retailing		1.2
Equity Real Estate Investment Trusts (REITs)		1.1
Life Sciences Tools & Services		1.0
Others (each less than 1.0%)		12.4
Short-Term Investments		2.3

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)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2021.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 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 EAFE E-Mini Index	11		12/2021		USD		1,287		26
SPI 200 Index	24		12/2021		AUD		3,317		(16	)
									10

Abbreviations

AUD	Australian Dollar
EAFE	Europe, Australasia and Far East
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

Written Call Options Contracts as of October 31, 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

647

USD 151,109

USD 2,420.00

12/17/2021

(557

)

Written Put Options Contracts as of October 31, 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

647

USD 151,109

USD 1,875.00

12/17/2021

(128

)

Total Written Options Contracts (Premiums Received $2,404)

(685

)

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.2%
Australia — 5.7%
Aurizon Holdings Ltd.		1,597		4,073
Australia & New Zealand Banking Group Ltd.		767		16,321
BHP Group Ltd.		1,107		30,407
Commonwealth Bank of Australia (a)		267		21,142
CSL Ltd.		138		31,403
Dexus, REIT		1,841		15,105
Goodman Group, REIT		1,372		22,715
GPT Group (The), REIT		3,875		15,129
Insurance Australia Group Ltd.		1,268		4,595
Macquarie Group Ltd.		48		7,083
National Australia Bank Ltd.		539		11,722
Newcrest Mining Ltd.		225		4,213
Oil Search Ltd.		1,498		4,852
Rio Tinto Ltd.		498		34,131
Rio Tinto plc		251		15,645
Wesfarmers Ltd.		285		12,330
Westpac Banking Corp.		1,525		29,663
Woolworths Group Ltd.		235		6,782
				287,311
Austria — 0.2%
Erste Group Bank AG		278		11,928
Belgium — 0.6%
Anheuser-Busch InBev SA		73		4,486
KBC Group NV		269		25,040
				29,526
China — 0.6%
BOC Hong Kong Holdings Ltd.		3,040		9,632
Prosus NV *		231		20,315
				29,947
Denmark — 3.2%
Carlsberg A/S, Class B		186		30,661
Novo Nordisk A/S, Class B		864		94,794
Orsted A/S (a) (b)		198		27,911
Vestas Wind Systems A/S (a)		178		7,684
				161,050
Finland — 0.4%
Kone OYJ, Class B		120		8,216
Nokia OYJ *		1,660		9,527
				17,743
France — 10.9%
Air Liquide SA		266		44,332
Airbus SE *		122		15,657

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
Alstom SA		398		14,171
AXA SA		251		7,316
BNP Paribas SA		750		50,185
Capgemini SE		197		46,032
Kering SA		33		24,575
L’Oreal SA		140		64,015
LVMH Moet Hennessy Louis Vuitton SE		109		85,784
Pernod Ricard SA		54		12,364
Safran SA		183		24,636
Sanofi		261		26,228
Societe Generale SA		469		15,669
TotalEnergies SE		735		36,818
Veolia Environnement SA (a)		1,343		43,868
Vinci SA		321		34,365
				546,015
Germany — 9.9%
adidas AG		117		38,309
Allianz SE (Registered)		246		57,076
BASF SE		132		9,521
Bayer AG (Registered)		254		14,306
Brenntag SE		121		11,489
Daimler AG (Registered)		59		5,880
Deutsche Boerse AG		27		4,447
Deutsche Post AG (Registered)		627		38,816
Deutsche Telekom AG (Registered)		2,010		37,381
Infineon Technologies AG		1,027		48,093
Merck KGaA		76		18,040
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		97		28,703
RWE AG		904		34,788
SAP SE		290		42,066
Siemens AG (Registered)		211		34,354
Volkswagen AG (Preference)		149		33,419
Vonovia SE		402		24,413
Zalando SE * (b)		135		12,768
				493,869
Hong Kong — 2.3%
AIA Group Ltd.		4,367		48,937
CK Asset Holdings Ltd.		998		6,163
CLP Holdings Ltd.		521		5,101
Hong Kong Exchanges & Clearing Ltd.		472		28,416
Link, REIT		528		4,680
Sun Hung Kai Properties Ltd.		391		5,177
Techtronic Industries Co. Ltd.		294		6,030

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hong Kong — continued
Xinyi Glass Holdings Ltd.		3,727		10,502
				115,006
Ireland — 1.0%
CRH plc		492		23,561
Kingspan Group plc		119		13,525
Kingspan Group plc		101		11,648
				48,734
Italy — 0.8%
Enel SpA		1,793		15,013
FinecoBank Banca Fineco SpA * (a)		1,366		26,078
				41,091
Japan — 23.2%
AGC, Inc.		168		8,371
Asahi Group Holdings Ltd.		616		27,945
Asahi Kasei Corp.		1,892		19,880
Bridgestone Corp.		483		21,345
Central Japan Railway Co.		127		18,854
Daiichi Sankyo Co. Ltd.		549		13,860
Daikin Industries Ltd.		104		22,840
Daito Trust Construction Co. Ltd.		149		18,511
Daiwa House Industry Co. Ltd.		316		10,435
Dentsu Group, Inc.		627		22,928
Fast Retailing Co. Ltd.		9		5,974
Hitachi Ltd.		676		38,954
Honda Motor Co. Ltd.		758		22,419
Hoya Corp.		271		39,820
ITOCHU Corp.		666		19,006
Japan Airlines Co. Ltd. *		465		10,005
Kao Corp.		301		17,021
Keyence Corp.		79		47,625
Konami Holdings Corp.		300		16,520
Kubota Corp.		843		17,965
Kyowa Kirin Co. Ltd.		509		16,733
Mitsubishi Corp.		899		28,593
Mitsubishi Electric Corp.		614		8,242
Mitsubishi UFJ Financial Group, Inc.		1,748		9,584
Mitsui Fudosan Co. Ltd.		680		15,541
Murata Manufacturing Co. Ltd.		329		24,405
Nabtesco Corp.		58		1,882
Nidec Corp.		137		15,174
Nintendo Co. Ltd.		31		13,515
Nippon Express Co. Ltd.		211		13,226
Nippon Steel Corp.		263		4,615
Nippon Telegraph & Telephone Corp.		1,144		32,054

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Nitori Holdings Co. Ltd.		105		19,234
Nomura Research Institute Ltd.		478		19,124
Ono Pharmaceutical Co. Ltd.		572		12,002
ORIX Corp.		1,020		20,266
Otsuka Corp.		423		20,821
Rakuten Group, Inc.		590		6,464
Recruit Holdings Co. Ltd.		602		40,018
Rohm Co. Ltd.		207		18,882
Ryohin Keikaku Co. Ltd.		598		11,788
Seven & i Holdings Co. Ltd.		364		15,295
Shimadzu Corp.		80		3,234
Shin-Etsu Chemical Co. Ltd.		171		30,424
Shionogi & Co. Ltd.		246		16,052
SoftBank Group Corp.		253		13,686
Sony Group Corp.		453		52,411
Sumitomo Electric Industries Ltd.		1,119		14,850
Sumitomo Metal Mining Co. Ltd.		516		20,009
Sumitomo Mitsui Financial Group, Inc.		916		29,721
Suzuki Motor Corp.		277		12,358
T&D Holdings, Inc.		985		12,636
Takeda Pharmaceutical Co. Ltd.		418		11,734
Terumo Corp.		370		16,318
Tokio Marine Holdings, Inc.		591		31,133
Tokyo Electron Ltd.		71		33,182
Toyota Motor Corp.		4,042		71,318
Yamato Holdings Co. Ltd.		145		3,569
				1,160,371
Luxembourg — 0.2%
ArcelorMittal SA		226		7,652
Malta — 0.0% (c)
BGP Holdings plc * ‡		449		—	(d)
Netherlands — 6.8%
Adyen NV * (b)		7		20,768
Akzo Nobel NV		213		24,524
ASML Holding NV		155		126,083
Heineken NV		37		4,094
ING Groep NV		1,529		23,193
Koninklijke Ahold Delhaize NV		483		15,711
Koninklijke DSM NV		77		16,919
Koninklijke KPN NV		6,482		19,367
Koninklijke Philips NV		161		7,581
NN Group NV		515		27,505
Royal Dutch Shell plc, Class A		1,223		28,008
Royal Dutch Shell plc, Class B		526		12,082

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Netherlands — continued
Wolters Kluwer NV		148		15,448
				341,283
Singapore — 1.0%
DBS Group Holdings Ltd.		1,322		30,901
Oversea-Chinese Banking Corp. Ltd.		1,593		13,924
United Overseas Bank Ltd.		221		4,399
				49,224
Spain — 2.9%
Banco Bilbao Vizcaya Argentaria SA		4,719		33,022
Banco Santander SA (a)		3,456		13,110
Endesa SA		1,026		23,672
Iberdrola SA		4,202		49,623
Industria de Diseno Textil SA (a)		635		23,019
				142,446
Sweden — 2.8%
Atlas Copco AB, Class A		477		30,745
Industrivarden AB, Class A (a)		44		1,442
Lundin Energy AB		464		18,320
SKF AB, Class B		967		22,466
Svenska Handelsbanken AB, Class A (a)		2,841		32,564
Volvo AB, Class B		1,434		33,434
				138,971
Switzerland — 10.5%
Adecco Group AG (Registered)		101		5,085
Cie Financiere Richemont SA (Registered)		84		10,381
Credit Suisse Group AG (Registered)		369		3,835
Givaudan SA (Registered)		6		30,237
Holcim Ltd. *		137		6,830
Lonza Group AG (Registered)		60		49,136
Nestle SA (Registered)		1,052		138,707
Novartis AG (Registered)		893		73,890
Roche Holding AG		293		113,380
SGS SA (Registered)		8		23,356
Sika AG (Registered)		42		14,291
UBS Group AG (Registered)		1,016		18,493
Zurich Insurance Group AG		82		36,505
				524,126
United Kingdom — 11.8%
3i Group plc		2,195		40,999
AstraZeneca plc		434		54,353
Barclays plc		8,891		24,534
Berkeley Group Holdings plc		394		23,476
BP plc		11,167		53,499

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
British American Tobacco plc		593		20,632
CK Hutchison Holdings Ltd.		788		5,281
DCC plc		116		9,696
Diageo plc		1,140		56,701
GlaxoSmithKline plc		412		8,552
HSBC Holdings plc		3,629		21,867
InterContinental Hotels Group plc *		404		28,267
Intertek Group plc		89		5,957
Lloyds Banking Group plc		55,530		38,004
London Stock Exchange Group plc		39		3,828
Prudential plc		1,150		23,478
Reckitt Benckiser Group plc		433		35,122
RELX plc		1,269		39,340
Standard Chartered plc		3,916		26,482
Taylor Wimpey plc		5,143		10,881
Tesco plc		6,652		24,560
Unilever plc		635		33,981
				589,490
United States — 2.4%
Ferguson plc		195		29,372
Schneider Electric SE		348		60,057
Stellantis NV		1,417		28,287
				117,716
Total Common Stocks (Cost $3,594,068)				4,853,499
Short-Term Investments — 3.7%
Investment Companies — 1.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (e) (f) (Cost $93,239)		93,193		93,239
Investment of Cash Collateral from Securities Loaned — 1.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (e) (f)		82,347		82,347
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (e) (f)		10,123		10,123
Total Investment of Cash Collateral from Securities Loaned (Cost $92,470)				92,470
Total Short-Term Investments (Cost $185,709)				185,709
Total Investments — 100.9% (Cost $3,779,777)				5,039,208
Liabilities in Excess of Other Assets — (0.9)%				(43,366	)
NET ASSETS — 100.0%				4,995,842

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

Summary of Investments by Industry, October 31, 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		10.3	%
Pharmaceuticals		9.4
Insurance		5.5
Semiconductors & Semiconductor Equipment		4.5
Chemicals		3.8
Automobiles		3.4
Textiles, Apparel & Luxury Goods		3.2
Oil, Gas & Consumable Fuels		3.0
Food Products		2.7
Beverages		2.7
Machinery		2.7
Professional Services		2.6
Electric Utilities		2.4
Metals & Mining		2.3
Personal Products		2.3
Capital Markets		2.1
IT Services		2.1
Electrical Equipment		1.8
Diversified Telecommunication Services		1.8
Trading Companies & Distributors		1.8
Industrial Conglomerates		1.7
Household Durables		1.7
Real Estate Management & Development		1.6
Multi-Utilities		1.6
Electronic Equipment, Instruments & Components		1.5

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Building Products		1.3	%
Health Care Equipment & Supplies		1.3
Food & Staples Retailing		1.2
Equity Real Estate Investment Trusts (REITs)		1.1
Life Sciences Tools & Services		1.0
Specialty Retail		1.0
Others (each less than 1.0%)		10.9
Short-Term Investments		3.7

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 October 31, 2021. The total value of securities on loan at October 31, 2021 is $86,810.
(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 October 31, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 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		302		12/2021		EUR		14,855		323
FTSE 100 Index		49		12/2021		GBP		4,852		175
SPI 200 Index		507		12/2021		AUD		70,071		(342	)
										156

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 99.7%
Australia — 6.8%
Australia & New Zealand Banking Group Ltd.		177			3,770
BHP Group Ltd.		180			4,938
BlueScope Steel Ltd.		29			458
Fortescue Metals Group Ltd.		100			1,037
Harvey Norman Holdings Ltd.		141			529
JB Hi-Fi Ltd.		11			431
Metcash Ltd.		136			418
National Australia Bank Ltd.		200			4,340
Rio Tinto Ltd.		24			1,666
Rio Tinto plc		54			3,350
South32 Ltd.		291			785
Super Retail Group Ltd.		62			605
Westpac Banking Corp.		218			4,238
Worley Ltd.		40			329
					26,894
Austria — 1.7%
ANDRITZ AG		12			695
BAWAG Group AG (a)		14			901
Erste Group Bank AG		25			1,057
OMV AG		26			1,565
Raiffeisen Bank International AG		53			1,558
Telekom Austria AG *		59			508
Wienerberger AG		13			472
					6,756
Belgium — 1.0%
Ageas SA		18			899
Bekaert SA		19			831
bpost SA *		55			475
KBC Group NV		15			1,401
Telenet Group Holding NV		9			321
					3,927
China — 0.8%
BOC Hong Kong Holdings Ltd.		316			1,000
TI Fluid Systems plc (a)		262			949
Yangzijiang Shipbuilding Holdings Ltd.		1,260			1,329
					3,278
Denmark — 1.7%
AP Moller — Maersk A/S, Class B		—	(b)		777
H+H International A/S, Class B *		24			941
Jyske Bank A/S (Registered) *		11			537
Matas A/S		38			748
Solar A/S, Class B		9			1,025
Spar Nord Bank A/S		97			1,245

INVESTMENTS	SHARES (000)		VALUE ($000)
Denmark — continued
Sydbank A/S		23		784
TCM Group A/S (a)		23		560
				6,617
Egypt — 0.2%
Energean plc *		74		908
Finland — 1.5%
Cargotec OYJ, Class B		12		629
Caverion OYJ		104		824
Kemira OYJ		29		439
Konecranes OYJ		13		554
Nordea Bank Abp		201		2,466
TietoEVRY OYJ		10		314
Valmet OYJ		18		737
				5,963
France — 10.3%
AXA SA		117		3,404
BNP Paribas SA		62		4,158
Carrefour SA		46		833
Cie de Saint-Gobain		28		1,932
Cie Plastic Omnium SA		12		339
CNP Assurances		73		1,826
Coface SA		41		591
Credit Agricole SA		91		1,376
Eutelsat Communications SA (c)		83		1,186
Faurecia SE		1		38
Faurecia SE		29		1,532
Fnac Darty SA		17		1,109
Gecina SA, REIT		10		1,352
Groupe Crit		8		648
IPSOS		18		847
Kaufman & Broad SA		8		334
Metropole Television SA		32		706
Publicis Groupe SA		20		1,347
Quadient SA		26		627
Renault SA *		18		663
Rexel SA *		32		638
Rothschild & Co.		28		1,238
SCOR SE		18		615
Societe Generale SA		76		2,539
Sopra Steria Group SACA		3		551
SPIE SA		25		615
Technip Energies NV *		79		1,210
Television Francaise 1		56		597

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
France — continued
TotalEnergies SE		138		6,932
Valeo		38		1,107
				40,890
Germany — 9.7%
Allianz SE (Registered)		21		4,868
Aurubis AG		7		621
Bayerische Motoren Werke AG		18		1,862
Continental AG *		7		808
Covestro AG (a)		18		1,168
Daimler AG (Registered)		37		3,635
Deutsche Pfandbriefbank AG (a)		77		960
Deutsche Post AG (Registered)		60		3,711
Deutsche Telekom AG (Registered)		152		2,832
DWS Group GmbH & Co. KGaA (a)		10		425
Freenet AG		21		540
HeidelbergCement AG		12		912
HOCHTIEF AG		4		340
Hornbach Holding AG & Co. KGaA		10		1,273
JOST Werke AG (a)		12		724
Kloeckner & Co. SE *		71		953
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		7		1,988
ProSiebenSat.1 Media SE (c)		27		448
Schaeffler AG (Preference)		49		386
Siemens AG (Registered)		40		6,535
Talanx AG		10		468
Vitesco Technologies Group AG *		1		79
Volkswagen AG (Preference)		14		3,039
				38,575
Hong Kong — 1.5%
Haitong International Securities Group Ltd.		3,868		889
Hongkong Land Holdings Ltd.		288		1,588
Hysan Development Co. Ltd.		246		855
Kerry Properties Ltd.		236		666
Sun Hung Kai Properties Ltd.		106		1,399
VTech Holdings Ltd.		57		437
				5,834
Italy — 3.7%
Anima Holding SpA (a)		104		553
Assicurazioni Generali SpA		84		1,833
Azimut Holding SpA		22		625
Credito Emiliano SpA		68		518
Eni SpA		209		2,997

INVESTMENTS	SHARES (000)		VALUE ($000)
Italy — continued
Intesa Sanpaolo SpA		934		2,656
Mediobanca Banca di Credito Finanziario SpA *		73		875
Pirelli & C SpA (a)		196		1,205
Poste Italiane SpA (a)		50		711
UniCredit SpA		121		1,595
Unipol Gruppo SpA		214		1,231
				14,799
Japan — 21.4%
Acom Co. Ltd.		98		326
AGC, Inc.		26		1,300
Aiful Corp.		138		460
Aozora Bank Ltd.		23		515
Arcs Co. Ltd.		17		327
Bridgestone Corp.		36		1,571
Brother Industries Ltd.		40		768
Chiba Bank Ltd. (The)		98		609
Concordia Financial Group Ltd.		148		586
Cosmo Energy Holdings Co. Ltd.		58		1,184
Credit Saison Co. Ltd.		92		1,125
Dai-ichi Life Holdings, Inc.		102		2,152
Daiwa Securities Group, Inc.		125		702
Fuyo General Lease Co. Ltd.		16		1,040
Hachijuni Bank Ltd. (The)		96		320
Hitachi Ltd.		43		2,455
Honda Motor Co. Ltd.		105		3,112
Iida Group Holdings Co. Ltd.		22		533
Isuzu Motors Ltd.		115		1,546
ITOCHU Corp.		49		1,400
Japan Post Holdings Co. Ltd. *		108		832
Japan Post Insurance Co. Ltd.		74		1,199
Kamigumi Co. Ltd.		23		461
Kandenko Co. Ltd.		41		319
KDDI Corp.		105		3,208
Kinden Corp.		22		368
K’s Holdings Corp.		41		427
Kyudenko Corp.		14		441
Mitsubishi Chemical Holdings Corp.		137		1,136
Mitsubishi Corp.		68		2,146
Mitsubishi Gas Chemical Co., Inc.		22		433
Mitsubishi UFJ Financial Group, Inc.		731		4,009
Mitsui & Co. Ltd.		95		2,163
Mitsui Fudosan Co. Ltd.		74		1,699
Mixi, Inc.		19		433
Mizuho Financial Group, Inc.		178		2,347

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
MS&AD Insurance Group Holdings, Inc.		44		1,431
Nichias Corp.		14		345
Nichiha Corp.		10		285
Nippon Light Metal Holdings Co. Ltd.		21		353
Nippon Telegraph & Telephone Corp.		98		2,757
Nippon Television Holdings, Inc.		33		352
Nomura Holdings, Inc.		274		1,305
Nomura Real Estate Holdings, Inc.		48		1,160
ORIX Corp.		119		2,369
Rengo Co. Ltd.		36		275
Resona Holdings, Inc.		190		715
Sanwa Holdings Corp.		37		426
SBI Holdings, Inc.		23		604
Sekisui House Ltd.		64		1,322
Senko Group Holdings Co. Ltd.		43		382
Shizuoka Bank Ltd. (The)		91		731
SoftBank Corp.		211		2,876
Sojitz Corp.		71		1,164
Sompo Holdings, Inc.		23		1,010
Sony Group Corp.		4		440
Sumitomo Bakelite Co. Ltd.		11		481
Sumitomo Corp.		94		1,338
Sumitomo Forestry Co. Ltd.		30		563
Sumitomo Mitsui Financial Group, Inc.		93		3,015
Sumitomo Mitsui Trust Holdings, Inc.		50		1,651
T&D Holdings, Inc.		92		1,180
Teijin Ltd.		35		467
Tokyo Steel Manufacturing Co. Ltd.		53		592
Tokyo Tatemono Co. Ltd.		35		516
Tosoh Corp.		38		632
Toyota Motor Corp.		536		9,448
Toyota Tsusho Corp.		19		811
Ube Industries Ltd.		16		304
				84,952
Luxembourg — 0.4%
ArcelorMittal SA		38		1,293
RTL Group SA		7		430
				1,723
Malta — 0.2%
Kindred Group plc, SDR		57		808
Netherlands — 3.2%
ABN AMRO Bank NV, CVA (a)		103		1,516
Aegon NV		337		1,709

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — continued
ASR Nederland NV		17		774
ING Groep NV		211		3,205
Koninklijke Ahold Delhaize NV		63		2,063
NN Group NV		26		1,406
PostNL NV		116		505
Randstad NV		13		906
Signify NV (a)		14		688
				12,772
Norway — 3.0%
Bank Norwegian ASA		68		837
DNB Bank ASA		70		1,663
Elkem ASA * (a)		230		913
Equinor ASA		101		2,569
Europris ASA (a)		59		438
Norsk Hydro ASA		170		1,248
Olav Thon Eiendomsselskap ASA		24		534
Selvaag Bolig ASA		95		586
SpareBank 1 Nord Norge		80		973
SpareBank 1 SMN		43		709
SpareBank 1 SR-Bank ASA		46		708
Storebrand ASA		60		639
				11,817
Portugal — 0.1%
Sonae SGPS SA		459		505
Russia — 0.3%
Evraz plc		113		961
Singapore — 1.1%
DBS Group Holdings Ltd.		32		736
Oversea-Chinese Banking Corp. Ltd.		207		1,808
StarHub Ltd.		378		348
United Overseas Bank Ltd.		68		1,346
				4,238
South Africa — 0.7%
Anglo American plc		76		2,897
Spain — 3.2%
Acerinox SA		41		564
ACS Actividades de Construccion y Servicios SA		30		790
Banco Bilbao Vizcaya Argentaria SA		415		2,901
Banco Santander SA (c)		944		3,580
CaixaBank SA		293		841
Indra Sistemas SA *		109		1,323
Mediaset Espana Comunicacion SA *		96		501

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Spain — continued
Telefonica SA		386		1,677
Unicaja Banco SA (a)		541		578
				12,755
Sweden — 3.5%
Betsson AB, Class B *		51		356
Bilia AB, Class A		24		423
Boliden AB		25		888
Bonava AB, Class B		42		415
Dustin Group AB (a) (c)		67		824
Humana AB *		55		458
Industrivarden AB, Class A (c)		2		53
Intrum AB		24		674
Inwido AB		42		761
Lundin Energy AB		33		1,322
Mekonomen AB *		34		701
Nobia AB		51		314
Resurs Holding AB (a)		56		304
Securitas AB, Class B		60		995
Skandinaviska Enskilda Banken AB, Class A		125		1,955
Skanska AB, Class B		29		725
SSAB AB, Class B *		189		944
Svenska Handelsbanken AB, Class A		105		1,206
Volvo AB, Class B		14		335
				13,653
Switzerland — 6.3%
Adecco Group AG (Registered)		16		788
BKW AG		4		478
Holcim Ltd. *		36		1,797
Julius Baer Group Ltd.		15		1,111
Novartis AG (Registered)		108		8,971
Roche Holding AG		3		1,195
Swiss Life Holding AG (Registered)		3		1,387
Swisscom AG (Registered)		2		1,062
UBS Group AG (Registered)		237		4,314
Zurich Insurance Group AG		9		3,956
				25,059
Ukraine — 0.2%
Ferrexpo plc		157		672
United Kingdom — 16.8%
3i Group plc		59		1,106
Aviva plc		276		1,490
Barclays plc		1,089		3,004
Barratt Developments plc		139		1,264

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
Bellway plc		9		400
Berkeley Group Holdings plc		10		603
BP plc		1,192		5,711
BT Group plc *		575		1,093
Centrica plc *		1,724		1,423
CK Hutchison Holdings Ltd.		276		1,850
Crest Nicholson Holdings plc		84		410
Currys plc		635		1,056
Drax Group plc		122		890
GlaxoSmithKline plc		278		5,780
Halfords Group plc		137		500
HSBC Holdings plc		1,071		6,453
Inchcape plc		43		489
Investec plc		278		1,264
ITV plc *		437		643
J Sainsbury plc		236		967
JET2 plc *		54		906
Just Group plc *		844		1,055
Keller Group plc		44		557
Kier Group plc *		253		370
Kingfisher plc		181		829
Land Securities Group plc, REIT		157		1,473
Legal & General Group plc		427		1,684
Lloyds Banking Group plc		4,177		2,858
M&G plc		303		829
Man Group plc		271		862
Marks & Spencer Group plc *		530		1,333
Mitie Group plc *		1,316		1,178
Morgan Sindall Group plc		20		610
NatWest Group plc		399		1,204
OSB Group plc		172		1,191
Paragon Banking Group plc		75		560
Premier Foods plc		451		678
Prudential plc		136		2,773
Rathbone Brothers plc		16		419
Reach plc		208		904
Redrow plc		48		422
Royal Mail plc		80		462
ScS Group plc		119		417
Serco Group plc		210		363
Standard Chartered plc		163		1,102
Taylor Wimpey plc		325		688
Tesco plc		599		2,210
Vesuvius plc		53		340
Vistry Group plc		30		495

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
WPP plc		106		1,533
				66,701
United States — 0.4%
Stellantis NV		62		1,241
Stellantis NV		22		441
				1,682
Total Common Stocks (Cost $336,207)				395,636
Short-Term Investments — 1.7%
Investment Companies — 0.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (d) (e) (Cost $2,400)		2,399		2,400
Investment of Cash Collateral from Securities Loaned — 1.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (d) (e)		3,199		3,199
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)		945		945
Total Investment of Cash Collateral from Securities Loaned (Cost $4,144)				4,144
Total Short-Term Investments (Cost $6,544)				6,544
Total Investments — 101.4% (Cost $342,751)				402,180
Liabilities in Excess of Other Assets — (1.4)%				(5,481	)
NET ASSETS — 100.0%				396,699

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 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		22.6	%
Insurance		10.7
Automobiles		6.2
Metals & Mining		6.0
Oil, Gas & Consumable Fuels		5.8
Pharmaceuticals		4.0

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Capital Markets		3.8	%
Trading Companies & Distributors		2.9
Industrial Conglomerates		2.7
Diversified Telecommunication Services		2.5
Media		2.4
Real Estate Management & Development		2.2
Household Durables		2.2
Specialty Retail		2.1
Auto Components		2.0
Food & Staples Retailing		1.8
Wireless Telecommunication Services		1.7
Chemicals		1.5
Machinery		1.3
Air Freight & Logistics		1.3
Building Products		1.3
Commercial Services & Supplies		1.2
Construction & Engineering		1.1
Diversified Financial Services		1.1
Construction Materials		1.0
Others (each less than 1.0%)		7.0
Short-Term Investments		1.6

Abbreviations

CVA	Dutch Certification
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SDR	Swedish Depositary Receipt
SGPS	Holding company
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)	Amount rounds to less than one thousand.
(c)	The security or a portion of this security is on loan at October 31, 2021. The total value of securities on loan at October 31, 2021 is $3,137.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of October 31, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

Futures contracts outstanding as of October 31, 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		32		12/2021		EUR		1,574		53
FTSE 100 Index		3		12/2021		GBP		297		12
TOPIX Index		4		12/2021		JPY		705		(15	)
										50

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2021

(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	$	13,858,528		$	3,725,364	$	1,014,568		$	4,743,698
Investments in affiliates, at value		24,800			3,718		46,060			123,785
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		247,926			25,352		7,173			124,466
Cash		192			1,970		248			68
Foreign currency, at value		8,797			4,270		1,255			191
Deposits at broker for futures contracts		—			—		2,324			—
Receivables:
Investment securities sold		84,761			20,724		10,106			—
Fund shares sold		16,371			64,888		258			5,427
Dividends from non-affiliates		5,827			3,095		268			4,047
Dividends from affiliates		2			1		1			4
Tax reclaims		263			52		3,318			7,097
Securities lending income (See Note 2.C.)		33			11		1			79
Variation margin on futures contracts		—			—		270			—
Total Assets		14,247,500			3,849,445		1,085,850			5,008,862
LIABILITIES:
Payables:
Investment securities purchased		17,588			12,839		3,098			—
Collateral received on securities loaned (See Note 2.C.)		247,926			25,352		7,173			124,466
Fund shares redeemed		55,099			3,452		174			36,222
Accrued liabilities:
Investment advisory fees		8,056			579		534			1,727
Administration fees		796			94		67			112
Distribution fees		206			—		26			107
Service fees		1,175			1		109			171
Custodian and accounting fees		1,182			571		49			150
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—		—	(a)		—
Deferred foreign capital gains tax		79,514			13,039		—			—
Other		174			130		102			190
Total Liabilities		411,716			56,057		11,332			163,145
Net Assets	$	13,835,784		$	3,793,388	$	1,074,518		$	4,845,717

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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	$	8,959,177		$	3,121,933		$	997,796		$	3,197,174
Total distributable earnings (loss)		4,876,607			671,455			76,722			1,648,543
Total Net Assets	$	13,835,784		$	3,793,388		$	1,074,518		$	4,845,717
Net Assets:
Class A	$	702,288		$	—		$	88,315		$	433,033
Class C		82,409			—			11,313			10,899
Class I		4,753,438			5,435			443,053			584,191
Class L		2,598,326			—			86,054			—
Class R2		585			—			—			24,598
Class R3		14,918			—			—			—
Class R4		3,810			—			—			—
Class R5		20,676			—			—			10,463
Class R6		5,659,334			3,787,953			445,783			3,782,533
Total	$	13,835,784		$	3,793,388		$	1,074,518		$	4,845,717
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		17,324			—			2,857			20,020
Class C		2,115			—			415			534
Class I		114,277			261			14,032			26,534
Class L		61,925			—			2,690			—
Class R2		14			—			—			1,154
Class R3		370			—			—			—
Class R4		92			—			—			—
Class R5		494			—			—			473
Class R6		134,918			182,384			13,993			171,184
Net Asset Value (a):
Class A — Redemption price per share	$	40.54		$	—		$	30.91		$	21.63
Class C — Offering price per share (b)		38.96			—			27.25			20.41
Class I — Offering and redemption price per share		41.60			20.87			31.57			22.02
Class L — Offering and redemption price per share		41.96			—			31.99			—
Class R2 — Offering and redemption price per share		39.99			—			—			21.31
Class R3 — Offering and redemption price per share		40.30			—			—			—
Class R4 — Offering and redemption price per share		41.45			—			—			—
Class R5 — Offering and redemption price per share		41.88			—			—			22.14
Class R6 — Offering and redemption price per share		41.95			20.77			31.86			22.10
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)]	$	42.79		$	—		$	32.62		$	22.83
Cost of investments in non-affiliates	$	9,311,380		$	3,167,833		$	884,488		$	3,392,109
Cost of investments in affiliates		24,800			3,718			46,060			123,785
Cost of foreign currency		8,796			4,253			1,255			195
Investment securities on loan, at value (See Note 2.C.)		235,340			24,147			6,806			119,061
Cost of investment of cash collateral (See Note 2.C.)		247,926			25,352			7,173			124,466

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2021 (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	$	3,866,466		$	146,891		$	4,853,499		$	395,636
Investments in affiliates, at value		47,837			3,536			93,239			2,400
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		36,469			—			92,470			4,144
Options purchased, at value		—			971			—			—
Cash		75			851			189			76
Foreign currency, at value		735			—			—			92
Deposits at broker for futures contracts		—			607			7,912			184
Receivables:
Due from custodian		3,200			—			31,864			—
Investment securities sold		—			1,923			36,033			—
Fund shares sold		1,516			104			24,883			374
Dividends from non-affiliates		2,107			305			10,611			1,376
Dividends from affiliates		3			—	(a)		3			—	(a)
Tax reclaims		4,077			338			10,911			2,481
Securities lending income (See Note 2.C.)		90			—			63			5
Variation margin on futures contracts		—			—			—			18
Due from broker		—			—			5,623			—
Total Assets		3,962,575			155,526			5,167,300			406,786
LIABILITIES:
Payables:
Due to custodian		—			116			—			—
Foreign currency due to custodian, at value		—			572			3,259			—
Investment securities purchased		3,200			1,143			64,024			—
Collateral received on securities loaned (See Note 2.C.)		36,469			—			92,470			4,144
Fund shares redeemed		474			25			9,503			4,486
Variation margin on futures contracts		—			53			507			—
Outstanding options written, at fair value		—			685			—			—
IRS compliance fees for foreign withholding tax claims (See Note 2.K.)		—			—			—			923
Accrued liabilities:
Investment advisory fees		1,627			14			689			150
Administration fees		24			—			222			2
Distribution fees		85			1			10			43
Service fees		197			32			26			38
Custodian and accounting fees		144			27			173			35
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—	(a)
Other		67			82			575			266
Total Liabilities		42,287			2,750			171,458			10,087
Net Assets	$	3,920,288		$	152,776		$	4,995,842		$	396,699

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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	$	3,008,130		$	139,158		$	3,949,948		$	408,038
Total distributable earnings (loss)		912,158			13,618			1,045,894			(11,339	)
Total Net Assets	$	3,920,288		$	152,776		$	4,995,842		$	396,699
Net Assets:
Class A	$	337,503		$	3,561		$	46,779		$	187,774
Class C		24,272			320			—			3,923
Class I		832,039			148,703			386,797			39,188
Class L		—			—			—			7,042
Class R2		2,078			—			—			514
Class R5		3,172			23			—			67
Class R6		2,721,224			169			4,562,266			158,191
Total	$	3,920,288		$	152,776		$	4,995,842		$	396,699
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		12,251			213			2,200			13,948
Class C		897			19			—			301
Class I		29,770			8,836			18,081			2,831
Class L		—			—			—			511
Class R2		76			—			—			39
Class R5		113			1			—			5
Class R6		97,252			10			213,929			11,542
Net Asset Value (a):
Class A — Redemption price per share	$	27.55		$	16.73		$	21.26		$	13.46
Class C — Offering price per share (b)		27.06			16.68			—			13.02
Class I — Offering and redemption price per share		27.95			16.83			21.39			13.84
Class L — Offering and redemption price per share		—			—			—			13.78
Class R2 — Offering and redemption price per share		27.25			—			—			13.22
Class R5 — Offering and redemption price per share		27.96			16.86			—			13.67
Class R6 — Offering and redemption price per share		27.98			16.88			21.33			13.71
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)]	$	29.08		$	17.66		$	22.44		$	14.21
Cost of investments in non-affiliates	$	2,892,698		$	113,996		$	3,594,068		$	336,207
Cost of investments in affiliates		47,837			3,536			93,239			2,400
Cost of options purchased		—			2,614			—			—
Cost of foreign currency		735			—			2,317			92
Investment securities on loan, at value (See Note 2.C.)		35,662			—			86,810			3,137
Cost of investment of cash collateral (See Note 2.C.)		36,469			—			92,470			4,144
Premiums received from options written		—			2,404			—			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2021

(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	$	2		$	2		$	10		$	4
Interest income from affiliates		—	(a)		—	(a)		—			2
Dividend income from non-affiliates		136,872			91,855			20,745			106,263
Dividend income from affiliates		106			33			11			54
Non-cash dividend income from non-affiliates (b)		6,210			—			—			6,454
Income from securities lending (net) (See Note 2.C.)		1,640			155			131			436
Foreign taxes withheld (net)		(14,816	)		(8,841	)		(1,966	)		(8,507	)
Foreign withholding tax claims (See Note 2.K.)		—			—			569			170
Total investment income		130,014			83,204			19,500			104,876
EXPENSES:
Investment advisory fees		97,958			8,972			4,561			21,273
Administration fees		9,764			2,691			570			3,191
Distribution fees:
Class A		1,837			—			216			952
Class C		689			—			93			82
Class R2		3			—			—			126
Class R3		30			—			—			—
Service fees:
Class A		1,837			—			216			952
Class C		230			—			31			27
Class I		12,690			9			559			1,217
Class L		2,583			—			77			—
Class R2		1			—			—			63
Class R3		30			—			—			—
Class R4		10			—			—			—
Class R5		55			—			—			10
Custodian and accounting fees		4,671			2,263			209			529
Interest expense to affiliates		8			38			8			12
Professional fees		181			127			150			125
Trustees’ and Chief Compliance Officer’s fees		61			34			27			35
Printing and mailing costs		1,011			31			12			129
Registration and filing fees		640			85			86			280
Transfer agency fees (See Note 2.I.)		373			24			36			115
Other		262			71			25			76
Total expenses		134,924			14,345			6,876			29,194
Less fees waived		(4,115	)		(1,782	)		(61	)		(4,978	)
Less expense reimbursements		(135	)		(1	)		—			(17	)
Net expenses		130,674			12,562			6,815			24,199
Net investment income (loss)		(660	)		70,642			12,685			80,677
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		571,768	(c)		184,953	(d)		62,870			336,528
Investments in affiliates		(43	)		(7	)		(2	)		1
Futures contracts		—			(34	)		2,401			(5,247	)
Foreign currency transactions		(1,625	)		(844	)		(5	)		843
Net realized gain (loss)		570,100			184,068			65,264			332,125
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		749,562	(e)		221,740	(f)		117,778			631,345
Investments in affiliates		30			1			—	(a)		2
Futures contracts		—			—			1,351			—
Foreign currency translations		(9	)		(3	)		(97	)		(414	)
Change in net unrealized appreciation/depreciation		749,583			221,738			119,032			630,933
Net realized/unrealized gains (losses)		1,319,683			405,806			184,296			963,058
Change in net assets resulting from operations	$	1,319,023		$	476,448		$	196,981		$	1,043,735

(a) Amount rounds to less than one thousand.

(b) This is a result of a non-cash distribution from a non-affiliated investment. The Funds recorded the non-cash dividend income on the ex-dividend date.

(c) Net of foreign capital gains tax of $(1,688).

(d) Net of foreign capital gains tax of $(5,852).

(e) Net of change in foreign capital gains tax of $(60,969).

(f) Net of change in foreign capital gains tax of $(6,912).

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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	$	2		$	—	(a)	$	13		$	313
Interest income from affiliates		1			—			2			—	(a)
Dividend income from non-affiliates		80,733			3,680			150,414			15,821
Dividend income from affiliates		47			1			78			4
Non-cash dividend income from non-affiliates (b)		5,483			—			—			—
Income from securities lending (net) (See Note 2.C.)		212			—			1,218			91
Foreign taxes withheld (net)		(5,689	)		(300	)		(12,491	)		(1,397	)
Foreign withholding tax claims (See Note 2.K.)		83			—			1,257			2,020
IRS compliance fees for foreign withholding tax claims (See Note 2.K.)		—			—			—			(923	)
Total investment income		80,872			3,381			140,491			15,929
EXPENSES:
Investment advisory fees		21,576			322			10,346			1,999
Administration fees		2,697			97			3,880			273
Distribution fees:
Class A		627			6			116			432
Class C		160			1			—			34
Class R2		10			—			—			3
Service fees:
Class A		627			6			116			432
Class C		53			—	(a)		—			11
Class I		1,595			316			1,178			89
Class L		—			—			—			8
Class R2		5			—			—			1
Class R5		3			—	(a)		—			—	(a)
Custodian and accounting fees		581			71			687			117
Interest expense to affiliates		13			2			21			2
Professional fees		133			78			268			113
Trustees’ and Chief Compliance Officer’s fees		34			25			37			26
Printing and mailing costs		119			8			185			11
Registration and filing fees		176			80			171			107
Transfer agency fees (See Note 2.I.)		77			—	(a)		87			19
Other		57			15			178			25
Total expenses		28,543			1,027			17,270			3,702
Less fees waived		(6,207	)		(246	)		(3,745	)		(795	)
Less expense reimbursements		—			—	(a)		—			—	(a)
Net expenses		22,336			781			13,525			2,907
Net investment income (loss)		58,536			2,600			126,966			13,022
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		78,363			3,806			247,453			3,944
Investments in affiliates		(12	)		—	(a)		51			—	(a)
Options purchased		—			(9,695	)		—			—
Futures contracts		—			1,360			35,884			781
Foreign currency transactions		270			(51	)		(231	)		(380	)
Forward foreign currency exchange contracts		(2,665	)		—			—			—
Options written		—			(885	)		—			—
Net realized gain (loss)		75,956			(5,465	)		283,157			4,345
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		610,224			30,677			1,197,938			104,588
Investments in affiliates		4			—			(78	)		—	(a)
Options purchased		—			(4,046	)		—			—
Futures contracts		—			135			(734	)		290
Foreign currency translations		(49	)		(14	)		(714	)		(40	)
Options written		—			(8	)		—			—
Change in net unrealized appreciation/depreciation		610,179			26,744			1,196,412			104,838
Net realized/unrealized gains (losses)		686,135			21,279			1,479,569			109,183
Change in net assets resulting from operations	$	744,671		$	23,879		$	1,606,535		$	122,205

(a) Amount rounds to less than one thousand.

(b) This is a result of a non-cash distribution from a non-affiliated investment. The Funds recorded the non-cash dividend income on the ex-dividend date.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Emerging Markets Equity Fund						JPMorgan Emerging Markets Research Enhanced Equity Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(660	)	$	20,921		$	70,642		$	48,936
Net realized gain (loss)		570,100			(21,492	)		184,068			(115,392	)
Change in net unrealized appreciation/depreciation		749,583			1,995,150			221,738			281,827
Change in net assets resulting from operations		1,319,023			1,994,579			476,448			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		1,315,679			2,968,409			527,435			558,443
NET ASSETS:
Change in net assets		2,615,559			4,906,548			953,046			749,768
Beginning of period		11,220,225			6,313,677			2,840,342			2,090,574
End of period	$	13,835,784		$	11,220,225		$	3,793,388		$	2,840,342

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

	JPMorgan Europe Dynamic Fund						JPMorgan International Equity Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	12,685		$	6,920		$	80,677		$	43,858
Net realized gain (loss)		65,264			(16,079	)		332,125			(49,374	)
Change in net unrealized appreciation/depreciation		119,032			(32,885	)		630,933			(39,646	)
Change in net assets resulting from operations		196,981			(42,044	)		1,043,735			(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		445,725			(44,544	)		913,051			75,469
NET ASSETS:
Change in net assets		635,690			(103,417	)		1,914,795			(66,084	)
Beginning of period		438,828			542,245			2,930,922			2,997,006
End of period	$	1,074,518		$	438,828		$	4,845,717		$	2,930,922

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Focus Fund						JPMorgan International Hedged Equity Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	58,536		$	34,949		$	2,600		$	2,110
Net realized gain (loss)		75,956			(143,255	)		(5,465	)		(16,164	)
Change in net unrealized appreciation/depreciation		610,179			231,375			26,744			5,164
Change in net assets resulting from operations		744,671			123,069			23,879			(8,890	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,160	)		(46	)		(29	)		(5	)
Class C		(42	)		—			(1	)		(1	)
Class I		(4,486	)		(431	)		(2,175	)		(1,362	)
Class R2		(9	)		—			—			—
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		407,973			89,493			(6,164	)		87,285
NET ASSETS:
Change in net assets		1,118,618			202,029			15,508			77,026
Beginning of period		2,801,670			2,599,641			137,268			60,242
End of period	$	3,920,288		$	2,801,670		$	152,776		$	137,268

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

		JPMorgan International Research Enhanced Equity Fund						JPMorgan International Value Fund
		Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	��	$	126,966		$	115,593		$	13,022		$	9,086
Net realized gain (loss)			283,157			(384,441	)		4,345			(39,947	)
Change in net unrealized appreciation/depreciation			1,196,412			(159,055	)		104,838			(40,074	)
Change in net assets resulting from operations			1,606,535			(427,903	)		122,205			(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			(1,366,544	)		611,139			15,889			(38,424	)
NET ASSETS:
Change in net assets			133,493			27,875			128,835			(125,408	)
Beginning of period			4,862,349			4,834,474			267,864			393,272
End of period		$	4,995,842		$	4,862,349		$	396,699		$	267,864

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Emerging Markets Equity Fund						JPMorgan Emerging Markets Research Enhanced Equity Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	254,285		$	396,625		$	—		$	—
Distributions reinvested		—			3,026			—			—
Cost of shares redeemed		(192,488	)		(433,578	)		—			—
Change in net assets resulting from Class A capital transactions	$	61,797		$	(33,927	)	$	—		$	—
Class C
Proceeds from shares issued	$	21,002		$	25,207		$	—		$	—
Distributions reinvested		—			76			—			—
Cost of shares redeemed		(18,983	)		(21,149	)		—			—
Change in net assets resulting from Class C capital transactions	$	2,019		$	4,134		$	—		$	—
Class I
Proceeds from shares issued	$	2,529,253		$	2,957,574		$	6,294		$	32
Distributions reinvested		4,534			13,741			1			—	(a)
Cost of shares redeemed		(2,287,926	)		(1,376,247	)		(466	)		(6	)
Change in net assets resulting from Class I capital transactions	$	245,861		$	1,595,068		$	5,829		$	26
Class L
Proceeds from shares issued	$	1,202,345		$	1,047,160		$	—		$	—
Distributions reinvested		3,299			8,347			—			—
Cost of shares redeemed		(693,103	)		(412,630	)		—			—
Change in net assets resulting from Class L capital transactions	$	512,541		$	642,877		$	—		$	—
Class R2
Proceeds from shares issued	$	415		$	281		$	—		$	—
Distributions reinvested		—			1			—			—
Cost of shares redeemed		(288	)		(78	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	127		$	204		$	—		$	—
Class R3
Proceeds from shares issued	$	13,765		$	3,952		$	—		$	—
Distributions reinvested		—			21			—			—
Cost of shares redeemed		(5,183	)		(1,457	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	8,582		$	2,516		$	—		$	—
Class R4
Proceeds from shares issued	$	2,383		$	2,143		$	—		$	—
Distributions reinvested		1			11			—			—
Cost of shares redeemed		(1,833	)		(1,072	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	551		$	1,082		$	—		$	—
Class R5
Proceeds from shares issued	$	18,329		$	24,137		$	—		$	—
Distributions reinvested		79			349			—			—
Cost of shares redeemed		(63,474	)		(18,654	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(45,066	)	$	5,832		$	—		$	—
Class R6
Proceeds from shares issued	$	2,782,507		$	2,138,500		$	1,383,412		$	1,073,935
Distributions reinvested		9,925			28,461			50,835			24,046
Cost of shares redeemed		(2,263,165	)		(1,416,338	)		(912,641	)		(539,564	)
Change in net assets resulting from Class R6 capital transactions	$	529,267		$	750,623		$	521,606		$	558,417
Total change in net assets resulting from capital transactions	$	1,315,679		$	2,968,409		$	527,435		$	558,443

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

	JPMorgan Emerging Markets Equity Fund						JPMorgan Emerging Markets Research Enhanced Equity Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued		6,043			12,772			—			—
Reinvested		—			95			—			—
Redeemed		(4,582	)		(14,443	)		—			—
Change in Class A Shares		1,461			(1,576	)		—			—
Class C
Issued		523			824			—			—
Reinvested		—			2			—			—
Redeemed		(464	)		(725	)		—			—
Change in Class C Shares		59			101			—			—
Class I
Issued		58,966			95,381			281			2
Reinvested		106			423			—	(a)		—	(a)
Redeemed		(52,366	)		(44,282	)		(22	)		—	(a)
Change in Class I Shares		6,706			51,522			259			2
Class L
Issued		27,731			33,441			—			—
Reinvested		77			255			—			—
Redeemed		(15,762	)		(13,684	)		—			—
Change in Class L Shares		12,046			20,012			—			—
Class R2
Issued		10			8			—			—
Reinvested		—			—	(a)		—			—
Redeemed		(7	)		(2	)		—			—
Change in Class R2 Shares		3			6			—			—
Class R3
Issued		334			133			—			—
Reinvested		—			1			—			—
Redeemed		(124	)		(46	)		—			—
Change in Class R3 Shares		210			88			—			—
Class R4
Issued		54			70			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(42	)		(32	)		—			—
Change in Class R4 Shares		12			38			—			—
Class R5
Issued		416			754			—			—
Reinvested		2			11			—			—
Redeemed		(1,466	)		(575	)		—			—
Change in Class R5 Shares		(1,048	)		190			—			—
Class R6
Issued		63,838			67,487			64,804			63,278
Reinvested		232			871			2,474			1,356
Redeemed		(51,699	)		(43,707	)		(42,567	)		(31,422	)
Change in Class R6 Shares		12,371			24,651			24,711			33,212

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Europe Dynamic Fund						JPMorgan International Equity Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	6,061		$	3,883		$	128,373		$	169,254
Distributions reinvested		805			2,695			3,017			9,447
Cost of shares redeemed		(15,952	)		(24,956	)		(50,637	)		(221,474	)
Change in net assets resulting from Class A capital transactions	$	(9,086	)	$	(18,378	)	$	80,753		$	(42,773	)
Class C
Proceeds from shares issued	$	543		$	157		$	2,112		$	1,292
Distributions reinvested		79			476			42			324
Cost of shares redeemed		(4,769	)		(7,338	)		(3,467	)		(6,218	)
Change in net assets resulting from Class C capital transactions	$	(4,147	)	$	(6,705	)	$	(1,313	)	$	(4,602	)
Class I
Proceeds from shares issued	$	412,233		$	5,175		$	217,953		$	268,211
Distributions reinvested		721			2,443			4,774			6,146
Cost of shares redeemed		(48,189	)		(31,660	)		(91,184	)		(119,723	)
Change in net assets resulting from Class I capital transactions	$	364,765		$	(24,042	)	$	131,543		$	154,634
Class L
Proceeds from shares issued	$	11,606		$	11,572		$	—		$	—
Distributions reinvested		917			2,057			—			—
Cost of shares redeemed		(6,155	)		(16,771	)		—			—
Change in net assets resulting from Class L capital transactions	$	6,368		$	(3,142	)	$	—		$	—
Class R2
Proceeds from shares issued	$	—		$	—		$	5,946		$	21,952
Distributions reinvested		—			—			289			59
Cost of shares redeemed		—			—			(9,508	)		(1,444	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(3,273	)	$	20,567
Class R5
Proceeds from shares issued	$	—		$	—		$	4,537		$	5,313
Distributions reinvested		—			—			95			123
Cost of shares redeemed		—			—			(3,471	)		(1,904	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	1,161		$	3,532
Class R6
Proceeds from shares issued	$	135,760		$	7,681		$	1,637,397		$	357,449
Distributions reinvested		4,405			8,878			33,605			80,145
Cost of shares redeemed		(52,340	)		(8,836	)		(966,822	)		(493,483	)
Change in net assets resulting from Class R6 capital transactions	$	87,825		$	7,723		$	704,180		$	(55,889	)
Total change in net assets resulting from capital transactions	$	445,725		$	(44,544	)	$	913,051		$	75,469

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

	JPMorgan Europe Dynamic Fund						JPMorgan International Equity Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued		204			171			6,338			10,373
Reinvested		31			110			155			541
Redeemed		(561	)		(1,151	)		(2,491	)		(13,903	)
Change in Class A Shares		(326	)		(870	)		4,002			(2,989	)
Class C
Issued		21			8			108			87
Reinvested		3			22			2			20
Redeemed		(189	)		(372	)		(179	)		(397	)
Change in Class C Shares		(165	)		(342	)		(69	)		(290	)
Class I
Issued		13,177			220			10,466			16,370
Reinvested		27			97			242			346
Redeemed		(1,563	)		(1,425	)		(4,423	)		(7,334	)
Change in Class I Shares		11,641			(1,108	)		6,285			9,382
Class L
Issued		384			539			—			—
Reinvested		34			81			—			—
Redeemed		(212	)		(758	)		—			—
Change in Class L Shares		206			(138	)		—			—
Class R2
Issued		—			—			296			1,274
Reinvested		—			—			15			3
Redeemed		—			—			(468	)		(88	)
Change in Class R2 Shares		—			—			(157	)		1,189
Class R5
Issued		—			—			219			306
Reinvested		—			—			5			7
Redeemed		—			—			(165	)		(114	)
Change in Class R5 Shares		—			—			59			199
Class R6
Issued		4,263			382			79,648			21,701
Reinvested		163			352			1,702			4,510
Redeemed		(1,668	)		(394	)		(46,388	)		(29,522	)
Change in Class R6 Shares		2,758			340			34,962			(3,311	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Focus Fund						JPMorgan International Hedged Equity Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	195,801		$	45,058		$	3,079		$	1,699
Distributions reinvested		1,132			45			29			5
Cost of shares redeemed		(32,379	)		(28,905	)		(1,473	)		(397	)
Change in net assets resulting from Class A capital transactions	$	164,554		$	16,198		$	1,635		$	1,307
Class C
Proceeds from shares issued	$	8,415		$	2,592		$	184		$	7
Distributions reinvested		42			—			1			1
Cost of shares redeemed		(3,542	)		(5,887	)		(7	)		(1	)
Change in net assets resulting from Class C capital transactions	$	4,915		$	(3,295	)	$	178		$	7
Class I
Proceeds from shares issued	$	534,780		$	291,678		$	57,032		$	109,266
Distributions reinvested		4,249			415			2,032			1,362
Cost of shares redeemed		(182,797	)		(100,152	)		(67,180	)		(24,658	)
Change in net assets resulting from Class I capital transactions	$	356,232		$	191,941		$	(8,116	)	$	85,970
Class R2
Proceeds from shares issued	$	947		$	851		$	—		$	—
Distributions reinvested		9			—			—			—
Cost of shares redeemed		(716	)		(499	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	240		$	352		$	—		$	—
Class R5
Proceeds from shares issued	$	424		$	506		$	—		$	—	(a)
Distributions reinvested		32			9			—	(a)		—	(a)
Cost of shares redeemed		(749	)		(962	)		—			—	(a)
Change in net assets resulting from Class R5 capital transactions	$	(293	)	$	(447	)	$	—	(a)	$	—	(a)
Class R6
Proceeds from shares issued	$	452,976		$	289,243		$	151		$	—	(a)
Distributions reinvested		28,297			10,047			1			1
Cost of shares redeemed		(598,948	)		(414,546	)		(13	)		—	(a)
Change in net assets resulting from Class R6 capital transactions	$	(117,675	)	$	(115,256	)	$	139		$	1
Total change in net assets resulting from capital transactions	$	407,973		$	89,493		$	(6,164	)	$	87,285

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

	JPMorgan International Focus Fund						JPMorgan International Hedged Equity Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued		7,283			2,122			192			117
Reinvested		45			2			2			—	(a)
Redeemed		(1,217	)		(1,405	)		(92	)		(27	)
Change in Class A Shares		6,111			719			102			90
Class C
Issued		316			121			11			—	(a)
Reinvested		2			—			—	(a)		—	(a)
Redeemed		(134	)		(292	)		—	(a)		—	(a)
Change in Class C Shares		184			(171	)		11			—	(a)
Class I
Issued		19,663			13,175			3,560			7,402
Reinvested		165			18			135			86
Redeemed		(6,676	)		(4,869	)		(4,418	)		(1,758	)
Change in Class I Shares		13,152			8,324			(723	)		5,730
Class R2
Issued		36			42			—			—
Reinvested		—	(a)		—			—			—
Redeemed		(26	)		(26	)		—			—
Change in Class R2 Shares		10			16			—			—
Class R5
Issued		15			23			—			—
Reinvested		1			1			—	(a)		—	(a)
Redeemed		(27	)		(44	)		—			—
Change in Class R5 Shares		(11	)		(20	)		—	(a)		—	(a)
Class R6
Issued		16,687			13,486			9			—
Reinvested		1,099			444			—	(a)		1
Redeemed		(22,086	)		(18,953	)		(1	)		—
Change in Class R6 Shares		(4,300	)		(5,023	)		8			1

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Research Enhanced Equity Fund						JPMorgan International Value Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,989		$	204,761		$	39,262		$	21,982
Distributions reinvested		389			5,420			4,095			7,043
Cost of shares redeemed		(22,274	)		(359,092	)		(34,717	)		(43,855	)
Change in net assets resulting from Class A capital transactions	$	(19,896	)	$	(148,911	)	$	8,640		$	(14,830	)
Class C
Proceeds from shares issued	$	—		$	—		$	165		$	250
Distributions reinvested		—			—			104			270
Cost of shares redeemed		—			—			(2,175	)		(3,916	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(1,906	)	$	(3,396	)
Class I
Proceeds from shares issued	$	105,581		$	542,183		$	12,348		$	5,772
Distributions reinvested		10,212			6,822			829			1,679
Cost of shares redeemed		(342,012	)		(236,810	)		(11,848	)		(15,094	)
Change in net assets resulting from Class I capital transactions	$	(226,219	)	$	312,195		$	1,329		$	(7,643	)
Class L
Proceeds from shares issued	$	—		$	—		$	2,881		$	1,161
Distributions reinvested		—			—			179			569
Cost of shares redeemed		—			—			(3,956	)		(20,800	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(896	)	$	(19,070	)
Class R2
Proceeds from shares issued	$	—		$	—		$	175		$	151
Distributions reinvested		—			—			11			17
Cost of shares redeemed		—			—			(252	)		(319	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(66	)	$	(151	)
Class R5
Proceeds from shares issued	$	—		$	—		$	21		$	42
Distributions reinvested		—			—			3			4
Cost of shares redeemed		—			—			(64	)		(36	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(40	)	$	10
Class R6
Proceeds from shares issued	$	359,932		$	899,967		$	52,793		$	45,862
Distributions reinvested		95,880			143,050			3,621			5,075
Cost of shares redeemed		(1,576,241	)		(595,162	)		(47,586	)		(44,281	)
Change in net assets resulting from Class R6 capital transactions	$	(1,120,429	)	$	447,855		$	8,828		$	6,656
Total change in net assets resulting from capital transactions	$	(1,366,544	)	$	611,139		$	15,889		$	(38,424	)

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

	JPMorgan International Research Enhanced Equity Fund						JPMorgan International Value Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued		100			13,389			3,054			2,106
Reinvested		21			298			356			572
Redeemed		(1,211	)		(22,291	)		(2,757	)		(4,229	)
Change in Class A Shares		(1,090	)		(8,604	)		653			(1,551	)
Class C
Issued		—			—			12			24
Reinvested		—			—			10			23
Redeemed		—			—			(181	)		(379	)
Change in Class C Shares		—			—			(159	)		(332	)
Class I
Issued		5,301			33,409			923			509
Reinvested		540			371			70			133
Redeemed		(17,195	)		(14,565	)		(921	)		(1,512	)
Change in Class I Shares		(11,354	)		19,215			72			(870	)
Class L
Issued		—			—			219			105
Reinvested		—			—			15			46
Redeemed		—			—			(301	)		(2,000	)
Change in Class L Shares		—			—			(67	)		(1,849	)
Class R2
Issued		—			—			14			15
Reinvested		—			—			1			1
Redeemed		—			—			(20	)		(32	)
Change in Class R2 Shares		—			—			(5	)		(16	)
Class R5
Issued		—			—			2			5
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			(5	)		(4	)
Change in Class R5 Shares		—			—			(3	)		1
Class R6
Issued		17,749			53,807			4,060			4,448
Reinvested		5,089			7,817			310			407
Redeemed		(80,049	)		(35,464	)		(3,744	)		(4,069	)
Change in Class R6 Shares		(57,211	)		26,160			626			786

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Emerging Markets Equity Fund
Class A
Year Ended October 31, 2021	$	36.44	$	(0.14	)	$	4.24		$	4.10		$	—
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	)
Class C
Year Ended October 31, 2021		35.20		(0.34	)		4.10			3.76			—
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	)
Class I
Year Ended October 31, 2021		37.34		(0.04	)		4.34			4.30			(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	)
Class L
Year Ended October 31, 2021		37.64		0.01			4.37			4.38			(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	)
Class R2
Year Ended October 31, 2021		36.06		(0.26	)		4.19			3.93			—
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
Year Ended October 31, 2021		36.25		(0.15	)		4.20			4.05			—
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
Year Ended October 31, 2021		37.20		(0.05	)		4.32			4.27			(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
Year Ended October 31, 2021		37.56		0.01			4.36			4.37			(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	)
Class R6
Year Ended October 31, 2021		37.61		0.05			4.37			4.42			(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	)

(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.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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)
$	40.54		11.25	%	$	702,288		1.24	%		(0.33	)%		1.30	%		25	%
	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
	38.96		10.68			82,409		1.74			(0.83	)		1.80			25
	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
	41.60		11.51			4,753,438		0.99			(0.09	)		1.05			25
	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
	41.96		11.63			2,598,326		0.89			0.02			0.90			25
	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
	39.99		10.90			585		1.54			(0.63	)		1.78			25
	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
	40.30		11.17			14,918		1.29			(0.36	)		1.30			25
	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
	41.45		11.48			3,810		1.04			(0.12	)		1.06			25
	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
	41.88		11.64			20,676		0.89			0.02			0.91			25
	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
	41.95		11.75			5,659,334		0.79			0.11			0.80			25
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

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
Year Ended October 31, 2021	$	18.11	$	0.51	$	2.56	$	3.07	$	(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
Year Ended October 31, 2021		18.01		0.42		2.65		3.07		(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.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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)
$	20.87		16.95	%	$	5,435		0.45	%		2.36	%		0.69	%		53	%
	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
	20.77		17.09			3,787,953		0.35			1.97			0.40			53
	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.

OCTOBER 31, 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
JPMorgan Europe Dynamic Fund
Class A
Year Ended October 31, 2021	$	21.64	$	0.40	(f)	$	9.14		$	9.54		$	(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	)
Class C
Year Ended October 31, 2021		19.10		0.22	(f)		8.08			8.30			(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	)
Class I
Year Ended October 31, 2021		22.10		0.47	(f)		9.33			9.80			(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	)
Class L
Year Ended October 31, 2021		22.38		0.54	(f)		9.44			9.98			(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	)
Class R6
Year Ended October 31, 2021		22.29		0.55	(f)		9.41			9.96			(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 (g) 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) Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.38, $0.20, $0.45, $0.52 and $0.53 for Class A, Class C, Class I, Class L and Class R6, respectively, and the net investment income (loss) ratios would have been 1.29%, 0.78%, 1.44%, 1.70% and 1.75% for Class A, Class C, Class I, Class L and Class R6, respectively.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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)
$	30.91		44.30	%	$	88,315		1.24	%		1.37	%(f)		1.26	%		92	%
	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
	27.25		43.56			11,313		1.74			0.86	(f)		1.77			92
	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
	31.57		44.61			443,053		0.98			1.52	(f)		0.99			92
	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
	31.99		44.88			86,054		0.84			1.78	(f)		0.85			92
	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
	31.86		45.01			445,783		0.74			1.83	(f)		0.75			92
	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.

OCTOBER 31, 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) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Equity Fund
Class A
Year Ended October 31, 2021	$	16.47	$	0.30	(d)	$	5.04		$	5.34		$	(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	)
Class C
Year Ended October 31, 2021		15.53		0.18	(d)		4.77			4.95			(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	)
Class I
Year Ended October 31, 2021		16.76		0.36	(d)		5.13			5.49			(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	)
Class R2
Year Ended October 31, 2021		16.31		0.23	(d)		4.99			5.22			(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	)
Class R5
Year Ended October 31, 2021		16.85		0.39	(d)		5.15			5.54			(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	)
Class R6
Year Ended October 31, 2021		16.81		0.42	(d)		5.13			5.55			(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	)

(a) Calculated based upon average shares outstanding.

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

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Reflects income from foreign withholding tax claims. Had the Fund not received these proceeds, the net investment income (loss) per share and the net investment income (loss) ratios for each share class would have remained the same.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	21.63		32.56	%	$	433,033		0.95	%		1.47	%(d)		1.11	%		35	%
	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
	20.41		31.94			10,899		1.45			0.91	(d)		1.62			35
	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
	22.02		32.94			584,191		0.70			1.71	(d)		0.86			35
	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
	21.31		32.18			24,598		1.25			1.13	(d)		1.47			35
	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
	22.14		33.04			10,463		0.60			1.85	(d)		0.71			35
	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
	22.10		33.20			3,782,533		0.50			1.98	(d)		0.60			35
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 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) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Focus Fund
Class A
Year Ended October 31, 2021	$	22.07	$	0.35	(d)	$	5.32		$	5.67		$	(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	)
Class C
Year Ended October 31, 2021		21.68		0.20	(d)		5.24			5.44			(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	)
Class I
Year Ended October 31, 2021		22.39		0.42	(d)		5.39			5.81			(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	)
Class R2
Year Ended October 31, 2021		21.85		0.27	(d)		5.26			5.53			(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	)
Class R5
Year Ended October 31, 2021		22.38		0.44	(d)		5.40			5.84			(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	)
Class R6
Year Ended October 31, 2021		22.40		0.46	(d)		5.40			5.86			(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	)

(a) Calculated based upon average shares outstanding.

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

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Reflects income from foreign withholding tax claims. Had the Fund not received these proceeds, the net investment income (loss) per share and the net investment income (loss) ratios for each share class would have remained the same.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	27.55		25.74	%	$	337,503		1.00	%		1.31	%(d)		1.21	%		32	%
	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
	27.06		25.11			24,272		1.50			0.77	(d)		1.72			32
	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
	27.95		26.04			832,039		0.75			1.54	(d)		0.96			32
	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
	27.25		25.35			2,078		1.30			1.00	(d)		1.48			32
	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
	27.96		26.19			3,172		0.65			1.61	(d)		0.87			32
	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
	27.98		26.28			2,721,224		0.55			1.68	(d)		0.71			32
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 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 Hedged Equity Fund
Class A
Year Ended October 31, 2021	$	14.12	$	0.30	$	2.58		$	2.88		$	(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
Year Ended October 31, 2021		14.06		0.22		2.57			2.79			(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
Year Ended October 31, 2021		14.18		0.32		2.61			2.93			(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
Year Ended October 31, 2021		14.20		0.35		2.61			2.96			(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
Year Ended October 31, 2021		14.22		0.39		2.59			2.98			(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.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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)
$	16.73		20.60	%	$	3,561		0.85	%		1.85	%		1.05	%		50	%
	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
	16.68		19.97			320		1.35			1.35			1.55			50
	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
	16.83		20.90			148,703		0.60			2.02			0.79			50
	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
	16.86		21.10			23		0.45			2.19			0.71			50
	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
	16.88		21.19			169		0.35			2.42			0.58			50
	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.

OCTOBER 31, 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			Net realized gain			Total distributions
JPMorgan International Research Enhanced Equity Fund
Class A
Year Ended October 31, 2021	$	15.84	$	0.43	(f)	$	5.16		$	5.59		$	(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	)
Class I
Year Ended October 31, 2021		16.05		0.47	(f)		5.23			5.70			(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	)
Class R6
Year Ended October 31, 2021		16.00		0.49	(f)		5.21			5.70			(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) Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share for each share class would have remained the same and the net investment income (loss) ratios would have been 2.13%, 2.33%, and 2.44% for Class A, Class I and Class R6, respectively.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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)
$	21.26		35.44	%	$	46,779		0.60	%		2.15	%(f)		0.88	%		20	%
	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
	21.39		35.78			386,797		0.35			2.35	(f)		0.56			20
	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
	21.33		35.93			4,562,266		0.25			2.46	(f)		0.31			20
	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.

OCTOBER 31, 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) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Value Fund
Class A
Year Ended October 31, 2021	$	9.46	$	0.43	(d)	$	3.89		$	4.32		$	(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	)
Class C
Year Ended October 31, 2021		9.14		0.33	(d)		3.79			4.12			(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	)
Class I
Year Ended October 31, 2021		9.72		0.47	(d)		3.99			4.46			(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	)
Class L
Year Ended October 31, 2021		9.66		0.47	(d)		3.99			4.46			(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	)
Class R2
Year Ended October 31, 2021		9.29		0.39	(d)		3.82			4.21			(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	)
Class R5
Year Ended October 31, 2021		9.60		0.41	(d)		4.02			4.43			(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	)
Class R6
Year Ended October 31, 2021		9.62		0.49	(d)		3.97			4.46			(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	)

(a) Calculated based upon average shares outstanding.

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

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Reflects income from foreign withholding tax claims, including related interest income, less IRS compliance fees. Without these proceeds, the net investment income (loss) per share would have been $0.38, $0.28, $0.42, $0.41, $0.34, $0.35 and $0.44 for Class A, Class C, Class I, Class L, Class R2, Class R5, and Class R6, respectively, and the net investment income (loss) ratios would have been 3.00%, 2.26%, 3.19%, 3.23%, 2.72%, 2.80% and 3.44% for Class A, Class C, Class I, Class L, Class R2, Class R5, and Class R6, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	13.46		46.20	%	$	187,774		1.00	%		3.39	%(d)		1.24	%		33	%
	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
	13.02		45.54			3,923		1.50			2.70	(d)		1.77			33
	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
	13.84		46.51			39,188		0.75			3.58	(d)		0.99			33
	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
	13.78		46.77			7,042		0.66			3.66	(d)		0.84			33
	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
	13.22		45.84			514		1.30			3.14	(d)		1.59			33
	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
	13.67		46.74			67		0.65			3.24	(d)		0.85			33
	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
	13.71		46.99			158,191		0.55			3.83	(d)		0.73			33
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021

(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	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

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 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 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.

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

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (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	$	378,577	$	—	$	—	$	378,577
Brazil		338,624		—		—		338,624
China		457,477		4,755,340		—		5,212,817
Hong Kong		—		711,639		—		711,639
India		269,806		2,046,078		—		2,315,884
Indonesia		—		399,632		—		399,632
Macau		—		60,144		—		60,144
Mexico		182,730		—		—		182,730
Panama		65,024		—		—		65,024
Poland		117,404		—		—		117,404
Portugal		97,192		—		—		97,192
Russia		188,748		—		—		188,748
South Africa		132,741		—		—		132,741
South Korea		—		1,086,746		—		1,086,746
Taiwan		1,477,761		186,662		—		1,664,423
Turkey		57,773		—		—		57,773
United Kingdom		—		179,764		—		179,764
United States		594,223		74,443		—		668,666
Total Common Stocks		4,358,080		9,500,448		—		13,858,528
Short-Term Investments
Investment Companies		24,800		—		—		24,800
Investment of Cash Collateral from Securities Loaned		247,926		—		—		247,926
Total Short-Term Investments		272,726		—		—		272,726
Total Investments in Securities	$	4,630,806	$	9,500,448	$	—	$	14,131,254

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	$	5,341	$	—	$	—	$	5,341
Brazil		145,393		—		—		145,393
Chile		11,788		—		—		11,788
China		142,606		1,163,537		—		1,306,143
Colombia		7,536		—		—		7,536
Greece		—		15,205		—		15,205
Hong Kong		—		9,276		—		9,276
Hungary		3,407		12,949		—		16,356
India		55,790		373,541		—		429,331
Indonesia		—		60,646		—		60,646
Malaysia		26,308		10,776		—		37,084
Mexico		109,622		—		—		109,622
Peru		11,190		—		—		11,190
Philippines		14,916		—		—		14,916
Poland		14,858		11,367		—		26,225
Qatar		11,870		—		—		11,870

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

Emerging Markets Research Enhanced Equity Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Russia	$	62,318	$	110,292	$	—	$	172,610
Saudi Arabia		75,675		23,602		—		99,277
Singapore		—		3,275		—		3,275
South Africa		67,193		57,390		—		124,583
South Korea		—		478,981		—		478,981
Taiwan		43,615		490,629		—		534,244
Thailand		62,552		6,585		—		69,137
Turkey		17,877		—		—		17,877
United Arab Emirates		—		5,099		—		5,099
United States		—		2,359		—		2,359
Total Common Stocks		889,855		2,835,509		—		3,725,364
Short-Term Investments
Investment Companies		3,718		—		—		3,718
Investment of Cash Collateral from Securities Loaned		25,352		—		—		25,352
Total Short-Term Investments		29,070		—		—		29,070
Total Investments in Securities	$	918,925	$	2,835,509	$	—	$	3,754,434

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	$	—	$	10,312	$	—	$	10,312
Austria		—		20,881		—		20,881
Belgium		5,183		8,070		—		13,253
Denmark		—		57,156		—		57,156
Finland		—		47,444		—		47,444
France		—		139,829		—		139,829
Germany		—		155,767		—		155,767
Ireland		5,441		17,101		—		22,542
Italy		—		12,503		—		12,503
Luxembourg		—		10,870		—		10,870
Netherlands		—		79,257		—		79,257
Norway		—		7,627		—		7,627
Spain		13,935		10,263		—		24,198
Sweden		—		9,833		—		9,833
Switzerland		—		171,416		—		171,416
United Kingdom		16,530		185,145		—		201,675
United States		—		30,005		—		30,005
Total Common Stocks		41,089		973,479		—		1,014,568
Short-Term Investments
Investment Companies		46,060		—		—		46,060
Investment of Cash Collateral from Securities Loaned		7,173		—		—		7,173
Total Short-Term Investments		53,233		—		—		53,233
Total Investments in Securities	$	94,322	$	973,479	$	—	$	1,067,801
Appreciation in Other Financial Instruments
Futures Contracts	$	1,351	$	—	$	—	$	1,351

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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	$	—	$	115,935	$	—	$	115,935
Austria		—		46,344		—		46,344
Belgium		—		70,975		—		70,975
China		—		33,773		—		33,773
Denmark		—		261,150		—		261,150
Finland		—		42,380		—		42,380
France		—		755,374		—		755,374
Germany		—		360,997		—		360,997
Hong Kong		—		148,610		—		148,610
India		40,502		—		—		40,502
Japan		—		850,440		—		850,440
Netherlands		—		272,597		—		272,597
Singapore		—		77,988		—		77,988
South Africa		—		53,968		—		53,968
South Korea		—		103,801		—		103,801
Spain		56,575		83,683		—		140,258
Sweden		—		234,591		—		234,591
Switzerland		—		343,615		—		343,615
Taiwan		96,382		—		—		96,382
United Kingdom		—		535,165		—		535,165
United States		—		158,853		—		158,853
Total Common Stocks		193,459		4,550,239		—		4,743,698
Short-Term Investments
Investment Companies		123,785		—		—		123,785
Investment of Cash Collateral from Securities Loaned		124,466		—		—		124,466
Total Short-Term Investments		248,251		—		—		248,251
Total Investments in Securities	$	441,710	$	4,550,239	$	—	$	4,991,949

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	$	—	$	86,419	$	—	$	86,419
Belgium		—		94,747		—		94,747
Canada		197,460		—		—		197,460
China		—		228,987		—		228,987
Denmark		—		167,565		—		167,565
Finland		—		54,877		—		54,877
France		—		350,893		—		350,893
Germany		—		214,153		—		214,153
Hong Kong		—		204,101		—		204,101
India		122,321		—		—		122,321
Indonesia		—		78,189		—		78,189
Japan		—		271,010		—		271,010
Netherlands		—		141,389		—		141,389
Russia		57,160		—		—		57,160
Singapore		—		61,705		—		61,705

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

International Focus Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
South Africa	$	—	$	82,613	$	—	$	82,613
South Korea		—		199,509		—		199,509
Spain		67,172		—		—		67,172
Sweden		—		136,650		—		136,650
Switzerland		—		275,218		—		275,218
Taiwan		197,874		—		—		197,874
United Kingdom		—		402,051		—		402,051
United States		—		174,403		—		174,403
Total Common Stocks		641,987		3,224,479		—		3,866,466
Short-Term Investments
Investment Companies		47,837		—		—		47,837
Investment of Cash Collateral from Securities Loaned		36,469		—		—		36,469
Total Short-Term Investments		84,306		—		—		84,306
Total Investments in Securities	$	726,293	$	3,224,479	$	—	$	3,950,772

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	$	—	$	8,534	$	—	$	8,534
Austria		—		391		—		391
Belgium		—		915		—		915
China		—		904		—		904
Denmark		—		4,888		—		4,888
Finland		—		528		—		528
France		—		16,425		—		16,425
Germany		—		14,980		—		14,980
Hong Kong		—		3,626		—		3,626
Ireland		—		1,446		—		1,446
Italy		—		1,180		—		1,180
Japan		—		35,280		—		35,280
Luxembourg		—		204		—		204
Netherlands		—		10,308		—		10,308
Singapore		—		1,463		—		1,463
Spain		1,559		2,833		—		4,392
Sweden		—		4,080		—		4,080
Switzerland		—		15,943		—		15,943
United Kingdom		1,004		16,797		—		17,801
United States		—		3,603		—		3,603
Total Common Stocks		2,563		144,328		—		146,891
Options Purchased
Put Options Purchased	$	971	$	—	$	—	$	971
Short-Term Investments
Investment Companies		3,536		—		—		3,536
Total Investments in Securities	$	7,070	$	144,328	$	—	$	151,398
Appreciation in Other Financial Instruments
Futures Contracts	$	26	$	—	$	—	$	26

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

International Hedged Equity Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Depreciation in Other Financial Instruments
Futures Contracts	$	(16	)	$	—	$	—	$	(16	)
Options Written
Call Options Written		(557	)		—		—		(557	)
Put Options Written		(128	)		—		—		(128	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(675	)	$	—	$	—	$	(675	)

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	$	—		$	287,311	$	—		$	287,311
Austria		—			11,928		—			11,928
Belgium		—			29,526		—			29,526
China		—			29,947		—			29,947
Denmark		—			161,050		—			161,050
Finland		—			17,743		—			17,743
France		—			546,015		—			546,015
Germany		—			493,869		—			493,869
Hong Kong		—			115,006		—			115,006
Ireland		—			48,734		—			48,734
Italy		—			41,091		—			41,091
Japan		—			1,160,371		—			1,160,371
Luxembourg		—	��		7,652		—			7,652
Malta		—			—		—	(a)		—	(a)
Netherlands		—			341,283		—			341,283
Singapore		—			49,224		—			49,224
Spain		49,623			92,823		—			142,446
Sweden		—			138,971		—			138,971
Switzerland		—			524,126		—			524,126
United Kingdom		33,981			555,509		—			589,490
United States		—			117,716		—			117,716
Total Common Stocks		83,604			4,769,895		—	(a)		4,853,499
Short-Term Investments
Investment Companies		93,239			—		—			93,239
Investment of Cash Collateral from Securities Loaned		92,470			—		—			92,470
Total Short-Term Investments		185,709			—		—			185,709
Total Investments in Securities	$	269,313		$	4,769,895	$	—	(a)	$	5,039,208
Appreciation in Other Financial Instruments
Futures Contracts	$	498		$	—	$	—		$	498
Depreciation in Other Financial Instruments
Futures Contracts		(342	)		—		—			(342	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	156		$	—	$	—		$	156

(a) Amount rounds to less than one thousand.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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	$	—		$	26,894	$	—	$	26,894
Austria		—			6,756		—		6,756
Belgium		—			3,927		—		3,927
China		—			3,278		—		3,278
Denmark		3,959			2,658		—		6,617
Egypt		908			—		—		908
Finland		—			5,963		—		5,963
France		2,630			38,260		—		40,890
Germany		803			37,772		—		38,575
Hong Kong		855			4,979		—		5,834
Italy		—			14,799		—		14,799
Japan		—			84,952		—		84,952
Luxembourg		—			1,723		—		1,723
Malta		—			808		—		808
Netherlands		—			12,772		—		12,772
Norway		1,957			9,860		—		11,817
Portugal		—			505		—		505
Russia		—			961		—		961
Singapore		—			4,238		—		4,238
South Africa		—			2,897		—		2,897
Spain		501			12,254		—		12,755
Sweden		1,983			11,670		—		13,653
Switzerland		—			25,059		—		25,059
Ukraine		—			672		—		672
United Kingdom		8,476			58,225		—		66,701
United States		—			1,682		—		1,682
Total Common Stocks		22,072			373,564		—		395,636
Short-Term Investments
Investment Companies		2,400			—		—		2,400
Investment of Cash Collateral from Securities Loaned		4,144			—		—		4,144
Total Short-Term Investments		6,544			—		—		6,544
Total Investments in Securities	$	28,616		$	373,564	$	—	$	402,180
Appreciation in Other Financial Instruments
Futures Contracts	$	65		$	—	$	—	$	65
Depreciation in Other Financial Instruments
Futures Contracts		(15	)		—		—		(15	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	50		$	—	$	—	$	50

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 October 31, 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. 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

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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 October 31, 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	$	235,340	$	(235,340	)	$	—
Emerging Markets Research Enhanced Equity Fund		24,147		(24,147	)		—
Europe Dynamic Fund		6,806		(6,806	)		—
International Equity Fund		119,061		(119,061	)**		—
International Focus Fund		35,662		(35,662	)**		—
International Research Enhanced Equity Fund		86,810		(86,810	)		—
International Value Fund		3,137		(3,137	)		—

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

** Subsequent to October 31, 2021, additional collateral was received.

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 0.12% to 0.06%. For the year ended October 31, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Emerging Markets Equity Fund	$	14
Emerging Markets Research Enhanced Equity Fund		3
Europe Dynamic Fund		2
International Equity Fund		6
International Focus Fund		3
International Research Enhanced Equity Fund		6
International Value Fund		1

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

International Hedged Equity Fund did not lend out any securities during the year ended October 31, 2021.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 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 purchases at cost amounts in the tables below.

Emerging Markets Equity Fund

For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	313,818	$	3,564,493	$	3,853,485	$	(43	)	$	17	$	24,800		24,788	$	106		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		117,544		1,354,500		1,250,000		(17	)*		13		222,040		222,040		115	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		12,077		1,176,188		1,162,379		—			—		25,886		25,886		6	*		—
Total	$	443,439	$	6,095,181	$	6,265,864	$	(60	)	$	30	$	272,726			$	227		$	—

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

(b) The rate shown is the current yield as of October 31, 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 year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	12,125	$	1,618,353	$	1,626,753	$	(7	)	$	—	$	3,718		3,716	$	33		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		15,995		244,000		237,500		(3	)*		1		22,493		22,493		29	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,093		164,915		164,149		—			—		2,859		2,859		1	*		—
Total	$	30,213	$	2,027,268	$	2,028,402	$	(10	)	$	1	$	29,070			$	63		$	—

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

(b) The rate shown is the current yield as of October 31, 2021.

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

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

Europe Dynamic Fund

For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	2,182	$	684,714	$	640,834	$	(2	)	$	—	(c)	$	46,060		46,037	$	11		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		—		79,000		78,998		(2	)*		—			—		—		5	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,662		109,450		104,939		—			—			7,173		7,173		1	*		—
Total	$	4,844	$	873,164	$	824,771	$	(4	)	$	—	(c)	$	53,233			$	17		$	—

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

(b) The rate shown is the current yield as of October 31, 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 year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	40,182	$	2,208,553	$	2,124,953	$	1		$	2		$	123,785		123,724	$	54		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		17,997		945,000		851,982		(15	)*		—	(c)		111,000		111,000		66	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		2,359		554,882		543,775		—			—			13,466		13,466		3	*		—
Total	$	60,538	$	3,708,435	$	3,520,710	$	(14	)	$	2		$	248,251			$	123		$	—

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

(b) The rate shown is the current yield as of October 31, 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).

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

International Focus Fund

For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	41,452	$	1,162,822	$	1,156,429	$	(12	)	$	4		$	47,837		47,813	$	47		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		70,236		607,000		644,233		(3	)*		—	(c)		33,000		33,000		22	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		8,292		286,582		291,405		—			—			3,469		3,469		1	*		—
Total	$	119,980	$	2,056,404	$	2,092,067	$	(15	)	$	4		$	84,306			$	70		$	—

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

(b) The rate shown is the current yield as of October 31, 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 year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a) (b)	$	6,584	$	49,101	$	52,149	$	—	(c)	$	—	$	3,536		3,536	$	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 October 31, 2021.

(c) Amount rounds to less than one thousand.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

International Research Enhanced Equity Fund    

For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	160,896	$	1,372,493	$	1,440,121	$	51		$	(80	)	$	93,239		93,193	$	78		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		77,355		857,000		851,999		(11	)*		2			82,347		82,347		52	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		10,220		498,331		498,428		—			—			10,123		10,123		2	*		—
Total	$	248,471	$	2,727,824	$	2,790,548	$	40		$	(78	)	$	185,709			$	132		$	—

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

(b) The rate shown is the current yield as of October 31, 2021.

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

International Value Fund

For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	5,627	$	67,401	$	70,628	$	—	(c)	$	—	(c)	$	2,400		2,399	$	4		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		1,000		71,200		69,000		(1	)*		—	(c)		3,199		3,199		4	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		956		85,238		85,249		—			—			945		945		—	*(c)		—
Total	$	7,583	$	223,839	$	224,877	$	(1	)	$	—	(c)	$	6,544			$	8		$	—

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

(b) The rate shown is the current yield as of October 31, 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

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

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 year 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.

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 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 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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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).

(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 table presents the value of derivatives held as of October 31, 2021 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

	Europe Dynamic Fund		International Hedged Equity Fund			International Research Enhanced Equity Fund			International Value Fund
Equity Risk Exposure:
Unrealized Appreciation on Futures Contracts*	$	1,351	$	26		$	498		$	65
Purchased Options at Market Value		—		971			—			—
Unrealized Depreciation on Futures Contracts*		—		(16	)		(342	)		(15	)
Written Options at Market Value		—		(685	)		—			—

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

	Europe Dynamic Fund		International Hedged Equity Fund			International Research Enhanced Equity Fund		International Value Fund
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*	$	1,351	$	10		$	156	$	50
Purchased Options at Market Value		—		971			—		—
Written Options at Market Value		—		(685	)		—		—

* 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 table presents the effect of derivatives on the Statements of Operations for the year ended October 31, 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	$	(34	)	$	2,401	$	(5,247	)	$	—		$	1,360		$	35,884		$	781
Purchased Options		—			—		—			—			(9,695	)		—			—
Written Options		—			—		—			—			(885	)		—			—
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		—			—		—			(2,665	)		—			—			—
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		—			1,351		—			—			135			(734	)		290
Purchased Options		—			—		—			—			(4,046	)		—			—
Written Options		—			—		—			—			(8	)		—			—

Derivatives Volume

The table below discloses the volume of the Funds’ options, futures contracts and forward foreign currency exchange contracts activity during the year ended October 31, 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	$	13,347	$	18,076	(a)	$	43,032	(b)	$	—		$	5,067		$	127,393	$	6,443
Average Notional Balance Short		—		—			—			—			1,084	(c)		—		—
Ending Notional Balance Long		—		46,804			—			—			4,604			89,778		2,576
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		—		—			—			273,254	(c)		—			—		—

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

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

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

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

	International Hedged Equity Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		585
Average Number of Contracts Written		1,170
Ending Number of Contracts Purchased		647
Ending Number of Contracts Written		1,294

The Funds’ derivatives contracts held at October 31, 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.

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 year ended October 31, 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	$	41		$	7		$	107		$	26	$	1		$	1	$	—	(a)	$	7		$	183		$	373
Emerging Markets Research Enhanced Equity Fund
Transfer agency fees		n/a			n/a			1			n/a		n/a			n/a		n/a			n/a			23			24
Europe Dynamic Fund
Transfer agency fees		15			3			15			1		n/a			n/a		n/a			n/a			2			36
International Equity Fund
Transfer agency fees		25			3			26			n/a		30			n/a		n/a			1			30			115
International Focus Fund
Transfer agency fees		19			4			31			n/a		—	(a)		n/a		n/a			2			21			77
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		33			n/a			28			n/a		n/a			n/a		n/a			n/a			26			87
International Value Fund
Transfer agency fees		13			1			3			1		1			n/a		n/a			—	(a)		—	(a)		19

(a) Amount rounds to less than one thousand.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 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.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

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.

As a result of several court rulings in certain European countries, the tax authorities of each of these countries, recently paid European Dynamic Fund (Finland & Sweden), International Equity Fund (Sweden), International Focus Fund (Finland), International Research Enhanced Equity Fund (Finland & Sweden) and International Value Fund (Finland, Spain & Sweden) tax reclaims for prior tax withholding. These tax reclaim payments are included in Foreign withholding tax reclaims on the Statements of Operations. Interest income, if any, related to these tax reclaim payments is included in Interest income from non-affiliates on the Statements of Operations.

In the event that tax reclaims received by the Funds during the fiscal year ending October 31, 2021 exceed the foreign withholding taxes paid by the Funds for other foreign investments, and the Funds have previously passed foreign tax credits on to their shareholders, the Funds will have a U.S. tax liability. The Funds will enter into a closing agreement with the Internal Revenue Service (IRS) in order to pay the associated tax liability (fees) on behalf of the Funds’ shareholders. These IRS fees are estimated through the year ended October 31, 2021 and are included in IRS Compliance Fees for foreign withholding tax reclaims on the Statements of Operations, if applicable.

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.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Emerging Markets Equity Fund	$	—	$	4,467	$	(4,467	)
Emerging Markets Research Enhanced Equity Fund		—		5,530		(5,530	)
Europe Dynamic Fund		—		2,952		(2,952	)
International Equity Fund		—		2,356		(2,356	)
International Focus Fund		—		550		(550	)
International Hedged Equity Fund		—		278		(278	)
International Research Enhanced Equity Fund		—		19,970		(19,970	)
International Value Fund		—		110		(110	)

The reclassifications for the Funds relate primarily to investments in passive foreign investment companies (“PFICs”), foreign currency gains or losses and foreign taxes.

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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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 year ended October 31, 2021, the effective 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.

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 the following funds 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			n/a			n/a			n/a
International Value Fund		0.25			0.75			0.50			n/a

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Emerging Markets Equity Fund	$	70	$	—
Europe Dynamic Fund		3		—
International Equity Fund		83		—
International Focus Fund		115		—	(a)
International Hedged Equity Fund		1		—
International Research Enhanced Equity Fund		1		—
International Value Fund		41		—

(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			n/a			0.25			n/a			n/a			n/a			n/a			n/a
International Value Fund		0.25			0.25			0.25			0.10			0.25			n/a			n/a			0.10

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.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

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 year ended October 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2022.

For the year ended October 31, 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	$	504	$	336	$	3,035		$	3,875	$	135
Emerging Markets Research Enhanced Equity Fund		1,034		689		6			1,729		1
Europe Dynamic Fund		—		—		42			42		—
International Equity Fund		2,627		1,748		512			4,887		17
International Focus Fund		3,370		2,246		504			6,120		—
International Hedged Equity Fund		156		86		—	(a)		242		—	(a)
International Research Enhanced Equity Fund		1,648		1,100		834			3,582		—
International Value Fund		417		246		124			787		—	(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 year ended October 31, 2021 were as follows:

Emerging Markets Equity Fund	$	240
Emerging Markets Research Enhanced Equity Fund		53
Europe Dynamic Fund		19
International Equity Fund		91
International Focus Fund		87
International Hedged Equity Fund		4
International Research Enhanced Equity Fund		163
International Value Fund		8

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (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 year ended October 31, 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.

4. Investment Transactions

During the year ended October 31, 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	$	5,088,305	$	3,565,885
Emerging Markets Research Enhanced Equity Fund		2,294,615		1,844,180
Europe Dynamic Fund		1,070,254		670,096
International Equity Fund		2,345,997		1,454,865
International Focus Fund		1,512,465		1,092,034
International Hedged Equity Fund		61,363		73,425
International Research Enhanced Equity Fund		994,639		2,306,615
International Value Fund		142,693		115,712

During the year ended October 31, 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 October 31, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity Fund	$	9,661,959	$	5,274,220	$	804,925	$	4,469,295
Emerging Markets Research Enhanced Equity Fund		3,249,965		675,385		170,916		504,469
Europe Dynamic Fund		955,014		128,758		14,620		114,138
International Equity Fund		3,664,949		1,349,536		22,536		1,327,000
International Focus Fund		2,992,796		998,329		40,353		957,976
International Hedged Equity Fund		123,193		31,014		3,484		27,530
International Research Enhanced Equity Fund		3,897,639		1,232,218		90,493		1,141,725
International Value Fund		349,652		63,256		10,678		52,578

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

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

The tax character of distributions paid during the year ended October 31, 2021 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Markets Equity Fund	$	19,143	$	—	$	19,143
Emerging Markets Research Enhanced Equity Fund		50,837		—		50,837
Europe Dynamic Fund		7,016		—		7,016
International Equity Fund		41,991		—		41,991
International Focus Fund		34,026		—		34,026
International Hedged Equity Fund		2,207		—		2,207
International Research Enhanced Equity Fund		106,498		—		106,498
International Value Fund		9,259		—		9,259

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

The tax character of distributions paid during the year ended October 31, 2020 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Markets Equity Fund	$	56,440	$	—	$	56,440
Emerging Markets Research Enhanced Equity Fund		20,964		3,082		24,046
Europe Dynamic Fund		16,829		—		16,829
International Equity Fund		96,391		—		96,391
International Focus Fund		10,533		—		10,533
International Hedged Equity Fund		1,369		—		1,369
International Research Enhanced Equity Fund		155,361		—		155,361
International Value Fund		16,049		—		16,049

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

As of October 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Markets Equity Fund	$	72,039	$	414,863		$	4,389,782
Emerging Markets Research Enhanced Equity Fund		85,073		94,991			491,412
Europe Dynamic Fund		23,033		(60,459	)		114,189
International Equity Fund		100,575		220,976			1,327,084
International Focus Fund		67,951		(113,809	)		958,046
International Hedged Equity Fund		3,926		(17,816	)		27,523
International Research Enhanced Equity Fund		189,237		(285,015	)		1,141,732
International Value Fund		16,996		(80,905	)		52,631

The cumulative timing differences primarily consist of investments in PFICs, investments in futures contracts and wash sale loss deferrals.

At October 31, 2021, the following Funds had net capital loss carryforwards which are available to offset future realized gains:

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Europe Dynamic Fund	$	60,459		$	—
International Focus Fund		113,809			—
International Hedged Equity Fund		4,593	*		13,223	*
International Research Enhanced Equity Fund		—			285,015
International Value Fund		48,944			31,961

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

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

During the year ended October 31, 2021, the following Funds utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Emerging Markets Equity Fund	$	—	$	151,019
Emerging Markets Research Enhanced Equity Fund		64,286		18,842
Europe Dynamic Fund		58,188		—
International Equity Fund		56,023		54,962
International Focus Fund		51,636		21,707
International Research Enhanced Equity Fund		33,296		211,502
International Value Fund		4,721		—

6. Borrowings

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

The Funds had no borrowings outstanding from another fund at October 31, 2021. Average borrowings from the Facility during the year ended October 31, 2021 were as follows:

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Markets Equity Fund	$	29,712		0.80	%		11	$	7
Emerging Markets Research Enhanced Equity Fund		34,333		0.82			43		34
Europe Dynamic Fund		2,818		0.83			4		—	(a)
International Equity Fund		33,338		0.81			3		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 October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

The Funds had no borrowings outstanding from the Credit Facility at October 31, 2021. Average borrowings from the Credit Facility during the year ended October 31, 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.

As of October 31, 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
Emerging Markets Equity Fund		—		—	%		3		43.0	%
Emerging Markets Research Enhanced Equity Fund		2		21.8			—		—
Europe Dynamic Fund		1		11.2			1		23.2
International Equity Fund		1		13.0			—		—
International Focus Fund		4		48.5			—		—
International Hedged Equity Fund		1		36.1			3		47.2
International Research Enhanced Equity Fund		—		—			1		14.2
International Value Fund		—		—			1		79.7

As of October 31, 2021, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, each 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		—			56.3	%		26.4	%
Europe Dynamic Fund		32.5	%		—			—
International Equity Fund		—			49.5			—
International Focus Fund		—			55.6			—
International Research Enhanced Equity Fund		23.6			49.1			—

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 foreign 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.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

As of October 31, 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		37.5	%		35.0	%		—	%		—	%		—	%		—	%		—	%		—	%
France		—			—			13.2			15.5			—			10.8			11.0			10.3
Germany		—			—			14.7			—			—			—			—			—
India		16.7			11.5			—			—			—			—			—			—
Japan		—			—			—			17.5			—			23.3			23.5			21.3
South Korea		—			12.8			—			—			—			—			—			—
Switzerland		—			—			16.2			—			—			10.5			10.6			—
Taiwan		12.0			14.3			—			—			—			—			—			—
United Kingdom		—			—			19.0			11.0			10.3			11.8			11.9			16.8

As of October 31, 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.

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.

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of 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 and JPMorgan International Value Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund and JPMorgan International Value Fund (five of the funds constituting JPMorgan Trust I), JPMorgan International Research Enhanced Equity Fund (one of the funds constituting JPMorgan Trust II) and JPMorgan Emerging Markets Research Enhanced Equity Fund and JPMorgan International Hedged Equity Fund (two of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 22, 2021

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

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of the Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	124	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of the Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	124	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	124	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Frankie D. Hughes (1952); Trustee of the Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	124	None

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	124	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of the Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	124	None
Marilyn McCoy (1948); Trustee of the Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	124	None
Dr. Robert A. Oden, Jr. (1946); Trustee of the Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	124	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo* (1946); Trustee of the Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	124	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

TRUSTEES

(Unaudited) (continued)

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes eight registered investment companies (124 funds).

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

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

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

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

    * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

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

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

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2021, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2021		Ending Account Value October 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Equity Fund
Class A
Actual	$	1,000.00	$	951.20	$	6.10		1.24	%
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		948.60		8.55		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		952.40		4.87		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class L
Actual		1,000.00		952.80		4.38		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R2
Actual		1,000.00		949.70		7.57		1.54
Hypothetical		1,000.00		1,017.44		7.83		1.54
Class R3
Actual		1,000.00		950.70		6.34		1.29
Hypothetical		1,000.00		1,018.70		6.56		1.29
Class R4
Actual		1,000.00		952.00		5.12		1.04
Hypothetical		1,000.00		1,019.96		5.30		1.04
Class R5
Actual		1,000.00		952.90		4.38		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R6
Actual		1,000.00		953.40		3.89		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

	Beginning Account Value May 1, 2021		Ending Account Value October 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Actual	$	1,000.00	$	947.30	$	2.21		0.45	%
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		947.50		1.72		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
JPMorgan Europe Dynamic Fund
Class A
Actual		1,000.00		1,035.90		6.36		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class C
Actual		1,000.00		1,033.40		8.92		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		1,037.10		5.03		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class L
Actual		1,000.00		1,038.00		4.26		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		1,038.50		3.75		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan International Equity Fund
Class A
Actual		1,000.00		1,049.50		4.91		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Class C
Actual		1,000.00		1,047.20		7.48		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class I
Actual		1,000.00		1,051.10		3.62		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class R2
Actual		1,000.00		1,048.20		6.45		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class R5
Actual		1,000.00		1,051.80		3.10		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R6
Actual		1,000.00		1,052.40		2.59		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
JPMorgan International Focus Fund
Class A
Actual		1,000.00		1,015.50		5.08		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
Class C
Actual		1,000.00		1,013.10		7.61		1.50
Hypothetical		1,000.00		1,017.64		7.63		1.50
Class I
Actual		1,000.00		1,016.70		3.81		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R2
Actual		1,000.00		1,013.80		6.60		1.30
Hypothetical		1,000.00		1,018.65		6.61		1.30
Class R5
Actual		1,000.00		1,017.50		3.31		0.65
Hypothetical		1,000.00		1,021.93		3.31		0.65

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 1, 2021		Ending Account Value October 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan International Focus Fund (continued)
Class R6
Actual	$	1,000.00	$	1,017.80	$	2.80		0.55	%
Hypothetical		1,000.00		1,022.43		2.80		0.55
JPMorgan International Hedged Equity Fund
Class A
Actual		1,000.00		1,052.90		4.40		0.85
Hypothetical		1,000.00		1,020.92		4.33		0.85
Class C
Actual		1,000.00		1,050.40		6.98		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Class I
Actual		1,000.00		1,053.90		3.11		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R5
Actual		1,000.00		1,055.10		2.33		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Class R6
Actual		1,000.00		1,055.70		1.81		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
JPMorgan International Research Enhanced Equity Fund
Class A
Actual		1,000.00		1,052.50		3.10		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class I
Actual		1,000.00		1,053.70		1.81		0.35
Hypothetical		1,000.00		1,023.44		1.79		0.35
Class R6
Actual		1,000.00		1,054.40		1.29		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
JPMorgan International Value Fund
Class A
Actual		1,000.00		1,034.60		7.54		1.47
Hypothetical		1,000.00		1,017.80		7.48		1.47
Class C
Actual		1,000.00		1,032.50		9.84		1.92
Hypothetical		1,000.00		1,015.53		9.75		1.92
Class I
Actual		1,000.00		1,035.90		6.21		1.21
Hypothetical		1,000.00		1,019.11		6.16		1.21
Class L
Actual		1,000.00		1,036.90		5.39		1.05
Hypothetical		1,000.00		1,019.91		5.35		1.05
Class R2
Actual		1,000.00		1,033.60		8.82		1.72
Hypothetical		1,000.00		1,016.53		8.74		1.72
Class R5
Actual		1,000.00		1,036.40		5.70		1.11
Hypothetical		1,000.00		1,019.61		5.65		1.11
Class R6
Actual		1,000.00		1,037.80		5.24		1.02
Hypothetical		1,000.00		1,020.06		5.19		1.02

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

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021 at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2021.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessment as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their

consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees

also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

Economies of Scale

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

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Independent Written Evaluation of the Funds’ Senior Officer

The Trustees noted that, upon their direction, the Senior Officer for the International Equity Fund and International Research Enhanced Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe

(the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Emerging Markets Equity Fund’s performance for Class A, Class I and Class R6 shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Emerging Markets Research Enhanced Equity Fund’s performance for Class I shares was in the third quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2020. The Trustees noted that performance for Class R6 shares was in the fourth quintile based upon the Peer Group, and in the third quintile based upon the Universe, for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees noted that the Europe Dynamic Fund’s performance for Class A shares was in the fourth quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that performance for Class I shares was in the fourth quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that performance for Class R6 shares was in the fourth quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the International Equity Fund’s performance for Class A and Class I shares was in the second, second and first quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the third, second and first quintiles based upon the Peer Group, and in the second, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the International Focus Fund’s performance for both Class A and Class I shares was in the second, first and first quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the second, second and first quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted the International Hedged Equity Fund’s performance for both Class A and Class R6 shares was in the fifth quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the fifth quintile based upon the Universe, for the one-year period

ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the International Research Enhanced Equity Fund’s performance for Class A shares was in the fourth, third and fourth quintiles based upon the Peer Group, for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the fifth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that performance for Class I shares was in the fifth, fourth and fourth quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2020, and in the fifth and fourth quintiles based upon the Universe, for the one- and three-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.

The Trustees noted that the International Value Fund’s performance for Class A, Class I and Class R6 shares was in the fifth quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Emerging Markets Equity Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were both in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintile based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Emerging Markets Research Enhanced Equity Fund’s net advisory fee and actual total expenses for both the Class I and Class R6 shares were both in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Europe Dynamic Fund’s net advisory fee and actual total expenses for the Class A and Class R6 shares were both in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon the Universe, and that the actual total expenses for Class I shares were in the third quintile based upon the Universe. After considering the factors identified above, in light of this

information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Equity Fund’s net advisory fee and actual total expenses for each of the Class A, Class I and Class R6 shares were both in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Focus Fund’s net advisory fee for both Class A and Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were both in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Hedged Equity Fund’s net advisory fee for Class A shares was in the first quintile based upon the Peer Group and Universe, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were both in the first quintile based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Research Enhanced Equity Fund’s net advisory fee and actual total expenses for each of the Class A, Class I and Class R6 shares were both in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Value Fund’s net advisory fee and total actual expenses for each of the Class A, Class I, and Class R6 shares were both in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2021:

	Qualified Dividend Income
JPMorgan Emerging Markets Equity Fund	$	36,946
JPMorgan Emerging Markets Research Enhanced Equity Fund		47,965
JPMorgan Europe Dynamic Fund		8,096
JPMorgan International Equity Fund		47,993
JPMorgan International Focus Fund		39,396
JPMorgan International Hedged Equity Fund		2,510
JPMorgan International Research Enhanced Equity Fund		115,119
JPMorgan International Value Fund		9,259

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2021, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined:

	Total Foreign Source Income		Foreign Tax Credit
JPMorgan Emerging Markets Equity Fund	$	144,642	$	17,802
JPMorgan Emerging Markets Research Enhanced Equity Fund		93,217		9,778
JPMorgan Europe Dynamic Fund		20,728		1,070
JPMorgan International Equity Fund		113,182		5,999
JPMorgan International Focus Fund		86,572		5,370
JPMorgan International Hedged Equity Fund		3,683		304
JPMorgan International Research Enhanced Equity Fund		149,108		8,613

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

JPMorgan Trust I (“JPM I”)

JPM I held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM I, including Emerging Market Equity Fund, Emerging Markets Research Enhanced Equity Fund, Europe Dynamic Fund, International Equity Fund, International Focus Fund, and International Value Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina A. Shenker
In Favor		219,183,139
Withheld		2,776,497

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited) (continued)

JPMorgan Trust II (“JPM II”)

JPM II held a special meeting of shareholders on October 27, 2021, for the purpose considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM II, including International Research Enhanced Equity Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		288,983,507
Withheld		6,732,052
Steven P. Fisher
In Favor		289,598,586
Withheld		6,116,973
Gary L. French
In Favor		289,542,085
Withheld		6,173,474
Kathleen Gallagher
In Favor		289,773,673
Withheld		5,941,887
Robert J. Grassi
In Favor		289,609,331
Withheld		6,106,229
Frankie D. Hughes
In Favor		289,641,174
Withheld		6,074,386
Raymond Kanner
In Favor		289,603,025
Withheld		6,112,535
Thomas P. Lemke
In Favor		289,581,867
Withheld		6,133,692

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		289,544,612
Withheld		6,170,947
Mary E. Martinez
In Favor		289,745,394
Withheld		5,970,165
Marilyn McCoy
In Favor		289,336,040
Withheld		6,379,520
Robert A. Oden, Jr.
In Favor		288,968,016
Withheld		6,747,543
Marian U. Pardo
In Favor		289,619,985
Withheld		6,095,575
Emily A. Youssouf
In Favor		289,555,396
Withheld		6,160,163
Interested Nominee
Robert F. Deutsch		289,562,178
In Favor		6,153,382
Withheld
Nina A. Shenker
In Favor		289,698,757
Withheld		6,016,803

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2021

JPMorgan Trust IV (“JPMIV”)

JPM IV held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.

Trustees were elected by the shareholders of all of the series of JPM IV, including International Research Enhanced Equity Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		2,308,022
Withheld		4,313
Steven P. Fisher
In Favor		2,309,583
Withheld		2,752
Gary L. French
In Favor		2,309,620
Withheld		2,715
Kathleen Gallagher
In Favor		2,309,789
Withheld		2,546
Robert J. Grassi
In Favor		2,309,623
Withheld		2,712
Frankie D. Hughes
In Favor		2,309,543
Withheld		2,791
Raymond Kanner
In Favor		2,309,644
Withheld		2,691
Thomas P. Lemke
In Favor		2,309,600
Withheld		2,735

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		2,309,585
Withheld		2,750
Mary E. Martinez
In Favor		2,309,800
Withheld		2,534
Marilyn McCoy
In Favor		2,309,821
Withheld		2,514
Robert A. Oden, Jr.
In Favor		2,308,857
Withheld		3,478
Marian U. Pardo
In Favor		2,309,743
Withheld		2,591
Emily A. Youssouf
In Favor		2,309,749
Withheld		2,586
Interested Nominee
Robert F. Deutsch
In Favor		2,309,524
Withheld		2,811
Nina A. Shenker
In Favor		2,309,718
Withheld		2,616

OCTOBER 31, 2021 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

Rev. January 2011

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

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

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

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

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

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. 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. October 2021. AN-INTEQ-1021

Annual Report

J.P. Morgan Tax Aware Funds

October 31, 2021

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	24
Financial Highlights	30
Notes to Financial Statements	34
Report of Independent Registered Public Accounting Firm	44
Trustees	45
Officers	48
Schedule of Shareholder Expenses	49
Board Approval of Investment Advisory Agreements	50
Tax Letter	54
Special Shareholder Meeting Results	55
Privacy Policy — Located at the back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

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

December 6, 2021 (Unaudited)

Dear Shareholders,

Equity markets largely rewarded investors with strong returns amid a global economic rebound in 2021 that withstood the emergence and spread of Covid variants, strained supply chains and accelerating inflation. Despite uneven progress against the pandemic, continued monetary and fiscal support helped bolster corporate profits and consumer spending throughout the twelve months ended October 21, 2021.

  “Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals.” — Andrea L. Lisher

While leading central banks maintain accommodative policies throughout the period, select emerging market nations – particularly Brazil — raised interest rates and the U.S. Federal Reserve (the “Fed”) laid out a potential timetable for winding down its asset purchasing program and raising interest rates for the first time since the start of the pandemic. While the Fed initially insisted that price inflation fueled by the reopening of the global economy would likely be temporary, by the end of the period Fed officials conceded that inflation was stronger and more persistent than expected.

By the end of the period – and in subsequent weeks – financial market volatility increased amid investor uncertainty about the ongoing pandemic and concerns about the potential for the Fed to move more quickly to raise interest rates in the face of accelerating inflation. However, economic data point toward a continued rebound in the global economy into 2022.

Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

Globally, equity markets outperformed fixed income markets by a wide margin amid a global economic rebound from the initial economic shock of the pandemic. While the development and distribution of multiple vaccines unleashed a sharp increase in economic activity in the first half of the period, uneven success against the pandemic, supply chain constraints and inflationary pressure weighed on growth in the latter part of the period. Overall, U.S. equity outperformed both developed market and emerging market equities.

For the twelve months ended October 31, 2021, the S&P 500 returned 42.91%; the MSCI EAFE Index returned 34.18% and the MSCI Emerging Markets Index returned 16.96%. Within fixed income, the Bloomberg U.S. Aggregate Index returned -0.48%, the Bloomberg U.S. High Yield Index returned 10.53% and the Bloomberg Emerging Markets Index returned 3.01% for the period.

At the start of the period, global equity prices began to rebound amid development of the first vaccines against COVID-19 and its leading variants. The rally in equity prices was largely led by investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, 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.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package — and the prospect of additional federal government spending — helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on equity markets in June.

In the following months global economic growth was increasingly hindered by uneven progress against the pandemic, supply chain bottlenecks and rising prices for both commodities and finished goods. Energy prices rose sharply amid a rebound in demand, which helped petroleum exporting nations but weighed on the economies of net importers. Extended inflationary pressures led to modest divergence in central bank policies at the end of the period. Leading central banks maintained their ultra-low interest rate policies, while monetary authorities in select nations, including Brazil, Norway and New Zealand, raised rates to head off rising prices.

Global equity prices largely continued their upward trajectory in the final months of the period, with the exception of a modest retreat in September 2021. While developed markets equity and emerging markets equity generally provided positive returns, equity markets slumped in select nations facing political unrest and/or rapidly rising inflationary pressures. Notably, equity prices in China were weighed down by real estate company China Evergrande’s struggles to meet debt payments as investors worried about the potential impact on financial markets. Additionally, shares of large information technology companies in China were hurt by investor uncertainty over increased domestic regulatory scrutiny.

2 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	41.22%
S&P 500 Index	42.91%
Net Assets as of 10/31/2021 (In Thousands)	$1,439,313

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 twelve months ended October 31, 2021.

The Fund’s security selection in the financial services sector and its underweight position in the energy sector were leading detractors from performance relative to the Benchmark, while the Fund’s overweight position and security selection in the big banks & brokers sector and its underweight position in the consumer stable sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Amazon.com Inc., Union Pacific Corp. and Stanley Black & Decker Inc. Shares of Amazon.com, a provider of online retail shopping and related services, fell late in the period after reporting lower-than-expected earnings and revenue and issued a weaker-than-expected forecast for the fourth quarter of 2021. Shares of Union Pacific, a freight railroad operator, fell late in the period amid investor concerns about supply chain disruptions. Shares of Stanley Black & Decker, a power tools and accessories manufacturer, fell after the company warned that inflation and supply chain disruptions would increase operating costs in 2022.

Leading individual contributors to relative performance included the Fund’s overweight positions in Alphabet Inc., Eli Lilly & Co. and ASML Holding NV. Shares of Alphabet, the parent company of Google, Inc., rose amid general investor demand for shares of large technology companies. Shares of Eli Lilly, a pharmaceuticals company, rose after the company reported better-than-expected revenue — largely due to COVID-19 drug sales — for the third quarter of 2021. Shares of ASML Holding, a maker of semiconductor manufacturing equipment, rose amid increased capital spending in the semiconductor industry.

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 OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		10.5	%
	2.	Amazon.com, Inc.		5.9
	3.	Alphabet, Inc., Class C		5.2
	4.	Alphabet, Inc., Class A		5.0
	5.	Apple, Inc.		4.8
	6.	UnitedHealth Group, Inc.		3.4
	7.	Morgan Stanley		2.8
	8.	Meta Platforms, Inc., Class A		2.8
	9.	Texas Instruments, Inc.		2.5
	10.	Norfolk Southern Corp.		2.4

PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		29.9	%
Communication Services		15.5
Consumer Discretionary		13.4
Health Care		12.9
Industrials		12.1
Financials		9.3
Consumer Staples		2.5
Utilities		1.9
Materials		1.5
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.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
		1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	March 22, 2011
With Sales Charge*			33.30	%		29.37	%		21.41	%		18.47	%		16.54	%		14.36	%		15.82	%		14.57	%		12.97	%
Without Sales Charge			40.69			36.55			25.89			19.75			17.81			15.45			16.44			15.19			13.54
CLASS C SHARES	March 22, 2011
With CDSC**			38.96			34.81			24.88			19.16			17.30			14.99			15.99			14.81			13.16
Without CDSC			39.96			35.81			25.47			19.16			17.30			14.99			15.99			14.81			13.16
CLASS I SHARES	January 30, 1997		41.22			36.96			26.25			20.25			18.20			15.84			16.94			15.59			13.94
CLASS R6 SHARES	October 1, 2018		41.39			37.10			26.37			20.33			18.26			15.90			16.98			15.62			13.97

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR FUND PERFORMANCE (10/31/11 TO 10/31/21)

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 October 31, 2011 to October 31, 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 OCTOBER 31, 2021

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	11.04%
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (formerly the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index)	1.78%
Tax Aware Real Return Composite Benchmark**	12.34%
Net Assets as of 10/31/2021 (In Thousands)	$565,834

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

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

The Fund’s Class I Shares had a positive absolute return and outperformed the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) and underperformed the Tax Aware Real Return Composite Benchmark for the twelve months ended October 31, 2021.

The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, was a leading contributor to absolute performance as the U.S. economic rebound, bolstered by stimulus spending and ongoing vaccination efforts, led to rising prices generally and sharp increases in energy prices during the period. The Bloomberg Inflation Swap 5-Year Zero Coupon Index returned 10.40% for the period.

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 underweight allocations to state general obligation bonds and pre-refunded bonds and its overweight allocation to single-A rated bonds were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security-selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its bias to high quality debt securities, as the Fund’s portfolio managers preferred higher quality issuances. The Fund’s portfolio managers also maintained an inflation-overlay hedging strategy, using zero coupon inflation linked swaps (“inflation swaps”) to purchase protection against inflation along the yield curve. 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.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

PORTFOLIO COMPOSITION AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Municipal Bonds		89.7	%
Short-Term Investments		10.3

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

** The Fund’s Composite Benchmark is determined by adding the return of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (formerly known as Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index) and the Bloomberg Inflation Swap 5 Year Zero Coupon Index (formerly known as 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 OCTOBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
		1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	August 31, 2005
With Sales Charge*			6.59	%		6.59	%		4.50	%		2.18	%		2.13	%		2.11	%		1.71	%		1.68	%		1.79	%
Without Sales Charge			10.68			10.68			6.95			2.95			2.91			2.72			2.10			2.08			2.11
CLASS C SHARES	August 31, 2005
With CDSC**			9.17			9.17			5.83			2.43			2.41			2.22			1.63			1.61			1.65
Without CDSC			10.17			10.17			6.43			2.43			2.41			2.22			1.63			1.61			1.65
CLASS I SHARES	August 31, 2005		11.04			11.04			7.26			3.22			3.17			2.97			2.37			2.35			2.37
CLASS R6 SHARES	August 16, 2013		11.04			11.04			7.30			3.31			3.29			3.10			2.45			2.44			2.47

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR FUND PERFORMANCE (10/31/11 TO 10/31/21)

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 U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark from October 31, 2011 to October 31, 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 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 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 U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg 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.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 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 OCTOBER 31, 2021

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%
Aerospace & Defense — 0.8%
Raytheon Technologies Corp.		133		11,836
Banks — 4.2%
Bank of America Corp.		653		31,217
First Republic Bank		38		8,315
Wells Fargo & Co.		406		20,781
				60,313
Beverages — 1.3%
PepsiCo, Inc.		115		18,600
Biotechnology — 2.6%
AbbVie, Inc.		230		26,386
Biogen, Inc. *		19		5,040
Regeneron Pharmaceuticals, Inc. *		10		6,079
				37,505
Building Products — 0.8%
Trane Technologies plc		64		11,634
Capital Markets — 3.6%
Charles Schwab Corp. (The)		138		11,328
Morgan Stanley		394		40,462
				51,790
Chemicals — 1.5%
Linde plc (United Kingdom)		67		21,311
Commercial Services & Supplies — 1.1%
Waste Connections, Inc.		122		16,539
Consumer Finance — 1.4%
American Express Co.		118		20,454
Electric Utilities — 1.9%
NextEra Energy, Inc.		323		27,602
Food Products — 1.2%
Mondelez International, Inc., Class A		281		17,059
Health Care Equipment & Supplies — 4.1%
Boston Scientific Corp. *		460		19,852
Danaher Corp.		76		23,695
Zimmer Biomet Holdings, Inc.		111		15,923
				59,470
Health Care Providers & Services — 3.3%
UnitedHealth Group, Inc.		105		48,191
Hotels, Restaurants & Leisure — 3.0%
Booking Holdings, Inc. *		6		14,404
Hilton Worldwide Holdings, Inc. *		83		11,905
Yum! Brands, Inc.		137		17,093
				43,402

INVESTMENTS	SHARES (000)		VALUE ($000)
Industrial Conglomerates — 1.3%
Honeywell International, Inc.		85		18,527
Interactive Media & Services — 13.0%
Alphabet, Inc., Class A *		24		71,391
Alphabet, Inc., Class C *		25		75,192
Meta Platforms, Inc., Class A *		122		39,592
				186,175
Internet & Direct Marketing Retail — 5.9%
Amazon.com, Inc. *		25		84,412
IT Services — 5.5%
Fiserv, Inc. *		89		8,726
FleetCor Technologies, Inc. *		1		139
Mastercard, Inc., Class A		99		33,364
PayPal Holdings, Inc. *		123		28,688
WEX, Inc. *		56		8,368
				79,285
Machinery — 2.3%
Deere & Co.		29		10,081
Ingersoll Rand, Inc. *		321		17,268
Stanley Black & Decker, Inc.		34		6,093
				33,442
Media — 2.6%
Charter Communications, Inc., Class A *		26		17,705
Comcast Corp., Class A		370		19,033
				36,738
Pharmaceuticals — 2.8%
Bristol-Myers Squibb Co.		148		8,661
Eli Lilly & Co.		123		31,426
				40,087
Road & Rail — 5.6%
Norfolk Southern Corp.		118		34,624
Old Dominion Freight Line, Inc.		39		13,313
Union Pacific Corp.		138		33,362
				81,299
Semiconductors & Semiconductor Equipment — 9.1%
Advanced Micro Devices, Inc. *		63		7,562
Analog Devices, Inc.		77		13,289
ASML Holding NV (Registered), NYRS (Netherlands)		23		18,574
NVIDIA Corp.		93		23,828
NXP Semiconductors NV (China)		159		31,977
Texas Instruments, Inc.		187		35,116
				130,346

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 10.6%
Microsoft Corp.		455		150,793
Specialty Retail — 3.8%
AutoZone, Inc. *		10		17,440
Lowe’s Cos., Inc.		124		29,064
TJX Cos., Inc. (The)		130		8,488
				54,992
Technology Hardware, Storage & Peripherals — 4.7%
Apple, Inc.		454		68,076
Textiles, Apparel & Luxury Goods — 0.7%
NIKE, Inc., Class B		58		9,753
Total Common Stocks (Cost $481,342)				1,419,631

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.0%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b) (Cost $14,898)		14,890		14,898
Total Investments — 99.7% (Cost $496,240)				1,434,529
Other Assets Less Liabilities — 0.3%				4,784
NET ASSETS — 100.0%				1,439,313

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 October 31, 2021.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 87.1% (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, Gas Supply Series 2021A, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/1/2031 (b)		3,000		3,647
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2051 (b)		1,055		1,263
Total Alabama				4,950
Alaska — 1.2%
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		3,996
City and Borough of Juneau
GO, 4.00%, 6/1/2029		800		959
GO, 4.00%, 6/1/2030		380		462
GO, 4.00%, 6/1/2031		250		308
GO, 4.00%, 6/1/2032		855		1,046
Total Alaska				6,788
Arizona — 2.2%
Arizona Industrial Development Authority, Dolar Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, 7/15/2036 (c)		275		301
Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2041		135		149
City of Phoenix Civic Improvement Corp., Junior Lien Series 2021A, Rev., 5.00%, 7/1/2035		2,000		2,648
City of San Luis Series A, Rev., AGM, 5.00%, 7/1/2025		50		58
County of Pima Rev., 3.00%, 7/1/2023		5		5
Maricopa County Industrial Development Authority, Honorhealth
Rev., 5.00%, 1/1/2028		5,345		6,632
Series 2021A, Rev., 5.00%, 9/1/2036		750		971
Series 2021A, Rev., 4.00%, 9/1/2037		695		825
Pima County Regional Transportation Authority Series 2014, Rev., 5.00%, 6/1/2025		20		21
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		253
Rev., 5.00%, 7/1/2031		400		522

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Arizona — continued
Salt River Project Agricultural Improvement and Power District, Electric System Series A, Rev., 5.00%, 1/1/2028		185		231
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				12,669
Arkansas — 0.1%
City of Cabot, Sales and Use Tax
Series 2021B, Rev., 5.00%, 12/1/2026 (d)		300		361
Series 2021B, Rev., 5.00%, 12/1/2027 (d)		375		460
City of Springdale Public Facilities Board Hospital, Arkansas Children’s Northwest Project Series 2016, Rev., 5.00%, 3/1/2030		10		12
Total Arkansas				833
California — 13.7%
Briggs Elementary School District, Election of 2014 Series B, GO, 4.00%, 8/1/2030		5		6
California Community Choice Financing Authority, Green Bond Series 2021B-1, Rev., 4.00%, 8/1/2031 (b)		3,445		4,138
California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038		1,000		1,153
California Infrastructure and Economic Development Bank, Bay Area Toll Bridges, First Lien Series 2003A, Rev., AGM, 5.00%, 7/1/2022 (e)		340		351
California Municipal Finance Authority, Lutheran University
Rev., 5.00%, 10/1/2029		225		277
Rev., 5.00%, 10/1/2030		225		276
Rev., 5.00%, 10/1/2031		225		275
California Public Finance Authority, Enso Village Project
Series 2021B-3, Rev., 2.13%, 11/15/2027 (c)		150		151
Series 2021B-2, Rev., 2.38%, 11/15/2028 (c)		260		263
Series 2021B-1, Rev., 3.13%, 5/15/2029 (c)		100		101
Series 2021A, Rev., 5.00%, 11/15/2036 (c)		100		116
Series 2021A, Rev., 5.00%, 11/15/2046 (c)		100		113
City of Culver City, Wastewater Facilities Series A, Rev., 4.00%, 9/1/2035		25		30

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
California — continued
City of Los Angeles, Department of Water and Power, Power System
Series A, Rev., 5.00%, 1/1/2023 (e)		15		16
Series B, Rev., 5.00%, 7/1/2029		3,580		4,335
Series B, Rev., 5.00%, 7/1/2031		2,100		2,304
Series A, Rev., 5.00%, 7/1/2032		2,550		3,080
Series B, Rev., 5.00%, 7/1/2032		1,925		2,112
Series D, Rev., 5.00%, 7/1/2032		3,300		3,693
Series 2017A, Rev., 5.00%, 7/1/2033		5,000		6,036
Series 2019-C, Rev., 5.00%, 7/1/2034		5		6
Series A, Rev., 5.00%, 7/1/2034		710		857
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		4,750		4,711
CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim Series 2021A-1, Rev., 2.88%, 8/1/2041 (c)		200		193
CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio Series 2021A-1, Rev., 2.80%, 3/1/2047 (c)		1,510		1,412
CSCDA Community Improvement Authority, Essential Housing, Senior Lien Series 2021A-1, Rev., 2.45%, 2/1/2047 (c)		1,425		1,266
Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2025 (e)		4,950		5,758
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		5,008
Los Angeles Community College District, Election of 2008 Series G, GO, 4.00%, 12/1/2028 (e)		145		159
Los Angeles Unified School District, Headquarters Building Projects Series B, COP, 5.00%, 10/1/2031		80		83
Sacramento Municipal Utility District Financing Authority, Cosumnes Project Rev., 5.00%, 7/1/2028		1,290		1,498
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2025		395		460
Series A, Rev., 5.00%, 7/1/2026		225		261
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		2,409

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
California — continued
South Placer Wastewater Authority Rev., 5.00%, 11/1/2024		10		11
State of California GO, 5.00%, 9/1/2027		12,000		14,843
State of California, Various Purpose
GO, 5.00%, 8/1/2030		5,370		6,117
GO, 5.00%, 12/1/2035		3,250		4,240
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				78,182
Colorado — 1.2%
City of Aurora COP, 5.00%, 12/1/2031		15		19
City of Greeley COP, 4.00%, 12/1/2034		10		12
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project
Rev., 4.00%, 5/1/2024		25		27
Rev., 4.00%, 5/1/2026		30		33
Rev., 4.00%, 5/1/2028		35		39
Rev., 4.00%, 5/1/2030		35		39
Rev., 4.00%, 5/1/2036		85		95
Colorado Higher Education, Lease Purchase Financing Program COP, 5.00%, 9/1/2031		500		667
Denver Health and Hospital Authority
Series 2019-A, Rev., 4.00%, 12/1/2038		1,250		1,432
Series 2019-A, Rev., 4.00%, 12/1/2039		1,000		1,143
El Paso County School District No. 49 Falcon
COP, 5.00%, 12/15/2026		75		90
COP, 5.00%, 12/15/2027		110		135
COP, 5.00%, 12/15/2028		170		214
Rampart Range Metropolitan District No. 5, Limited Tax Rev., 4.00%, 12/1/2036		500		513
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044		500		481
Windler Public Improvement Authority
Series 2021 A-1, Rev., 4.00%, 12/1/2036		885		877
Series 2021 A-1, Rev., 4.00%, 12/1/2041		750		723
Total Colorado				6,539
Connecticut — 0.4%
Town of South Windsor Series 2021B, GO, 4.00%, 12/15/2027		1,760		2,088
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				2,104

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
District of Columbia — 0.8%
District of Columbia
Series 2017A, GO, 5.00%, 6/1/2029		290		354
Series 2017A, GO, 5.00%, 6/1/2030		400		487
Series 2017A, GO, 5.00%, 6/1/2031		600		729
Series 2017A, GO, 5.00%, 6/1/2032		665		806
District of Columbia, Gallaudet University Project
Series 2021A, Rev., 4.00%, 4/1/2033		160		191
Series 2021A, Rev., 4.00%, 4/1/2034		165		196
Series 2021A, Rev., 4.00%, 4/1/2035		200		237
Series 2021A, Rev., 4.00%, 4/1/2036		200		236
District of Columbia, Income Tax Secured Series 2020C, Rev., 5.00%, 5/1/2037		1,000		1,281
Total District of Columbia				4,517
Florida — 5.3%
Broward County, Water and Sewer Utility Series 2015B, Rev., 5.00%, 10/1/2030		5,000		5,844
Florida Atlantic University Finance Corp., Student Housing Project Series 2019B, Rev., 5.00%, 7/1/2029		250		318
Florida Department of Management Services Series 2018A, COP, 5.00%, 11/1/2026		145		175
Florida Development Finance Corp., Mayflower Retirement Community
Series 2021B-2, Rev., 1.75%, 6/1/2026 (c)		100		99
Series 2021B-1, Rev., 2.38%, 6/1/2027 (c)		100		98
Series 2021A, Rev., 4.00%, 6/1/2029 (c)		1,375		1,562
Series 2021A, Rev., 4.00%, 6/1/2030 (c)		1,435		1,630
Series 2021A, Rev., 4.00%, 6/1/2031 (c)		1,395		1,576
Series 2021A, Rev., 4.00%, 6/1/2036 (c)		2,105		2,348
Florida Gulf Coast University Financing Corp., Housing Project
Series 2017A, Rev., 5.00%, 8/1/2032		500		598
Series 2020A, Rev., 4.00%, 2/1/2037		200		233
Florida Higher Educational Facilities Financial Authority, Rollins College Project Rev., 4.00%, 12/1/2037		1,590		1,853
Florida Municipal Power Agency, St. Lucie Project Series 2021A, Rev., 5.00%, 10/1/2031		1,000		1,323
JEA Electric System
Series D, Rev., 5.00%, 4/1/2023 (e)		110		117
Series 2017B, Rev., 5.00%, 10/1/2033		4,000		4,860
St. Johns County Industrial Development Authority, Vicar’s Landing Project Series 2021A, Rev., 4.00%, 12/15/2029		225		252

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Florida — continued
State of Florida, Transportation Right-of-Way Acquisition and Bridge Construction Series 2021B, GO, 5.00%, 7/1/2031		5,000		6,668
Wildwood Utility Dependent District, South Sumter Utility Project Rev., 5.00%, 10/1/2030		125		159
Total Florida				29,713
Georgia — 3.8%
Albany-Dougherty Inner City Authority, Albany State University Projects Rev., 5.00%, 7/1/2032		2,000		2,523
City of Atlanta, Water and Wastewater Rev., 5.00%, 5/1/2025 (e)		100		116
City of Cartersville GO, 5.00%, 10/1/2028		3,130		3,962
Clayton County Development Authority, Clayton State University Project
Rev., 5.00%, 7/1/2025		105		122
Rev., 5.00%, 7/1/2026		50		60
Rev., 5.00%, 7/1/2027		100		122
Rev., 5.00%, 7/1/2028		125		156
Henry County, Water and Sewerage Authority Rev., GTD, 5.00%, 2/1/2029		125		126
Main Street Natural Gas, Inc. Series 2021C, Rev., 4.00%, 10/1/2026 (b)		5,000		5,855
Milledgeville and Baldwin County Development Authority, College and State University Projects
Rev., 5.00%, 6/15/2026		450		536
Rev., 5.00%, 6/15/2027		415		506
Rev., 5.00%, 6/15/2030		1,075		1,396
Rev., 5.00%, 6/15/2034		1,600		2,100
Rev., 5.00%, 6/15/2035		1,000		1,307
Oconee County School District
GO, 5.00%, 3/1/2030		360		468
GO, 5.00%, 3/1/2031		175		233
Polk School District, Sales Tax GO, 5.00%, 3/1/2025		325		374
Savannah Economic Development Authority, Savannah State University Project
Series 2021B, Rev., 5.00%, 6/15/2027		295		360
Series 2021B, Rev., 5.00%, 6/15/2028		205		255
Series 2021B, Rev., 5.00%, 6/15/2029		320		404
Series 2021B, Rev., 5.00%, 6/15/2030		340		435
State of Georgia Series 2015A, GO, 5.00%, 2/1/2025		130		149
Total Georgia				21,565

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Idaho — 0.2%
Idaho Housing and Finance Association Series 2021A, Rev., 5.00%, 7/15/2035		750		978
Illinois — 2.3%
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		419
Rev., 5.00%, 11/1/2029		1,000		1,114
City of Sterling Series 2020A, GO, AGM, 4.00%, 1/1/2025		65		72
County of Cook Series 2021A, GO, 5.00%, 11/15/2028		2,300		2,884
Du Page and Will Counties Community School District No. 204 Indian Prairie Series A, GO, AGM-CR, FGIC, 6.25%, 12/30/2021		140		141
Illinois State Toll Highway Authority Series A, Rev., 5.00%, 12/1/2022		3,000		3,153
Northern Illinois University, Auxiliary Facilities System
Rev., 5.00%, 10/1/2026		250		297
Rev., 5.00%, 10/1/2027		325		394
Rev., 5.00%, 10/1/2028		325		401
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		750		859
State of Illinois
Series 2021A, GO, 4.00%, 3/1/2038		1,000		1,134
Series 2021A, GO, 4.00%, 3/1/2039		2,000		2,262
Total Illinois				13,236
Indiana — 1.2%
Fort Wayne Redevelopment Authority, Harrison Square Project Rev., 5.00%, 2/1/2026		1,110		1,217
Indiana Finance Authority, Rose-Hulman Institute of Technology Project
Rev., 5.00%, 6/1/2029		125		156
Rev., 5.00%, 6/1/2031		100		126
Rev., 4.00%, 6/1/2033		115		135
Indiana Finance Authority, Valparaiso University Project
Rev., 5.00%, 10/1/2022		200		208
Rev., 5.00%, 10/1/2023		215		231
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2026		4,050		4,276
Lake Ridge School Building Corp., First Mortgage Rev., 4.00%, 7/15/2028		125		135

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Indiana — continued
Lawrence Township School Building Corp., Ad Valorem Property Tax Rev., 5.00%, 1/15/2030		100		128
Total Indiana				6,612
Iowa — 0.0% (f)
City of Bondurant Series 2020A, GO, 3.00%, 6/1/2029		100		109
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2032		20		24
Total Iowa				133
Kentucky — 1.3%
City of Hazard, Appalachian Regional Healthcare, Inc. Rev., 4.00%, 7/1/2036		805		950
County of Carroll, Kentucky Environmental Facilities
Series 2008A, Rev., AMT, 2.00%, 2/1/2032		1,225		1,246
Series 2006B, Rev., AMT, 2.13%, 10/1/2034		1,000		1,020
County of Trimble, Louisville Gas and Electric Co. Project Series 2001A, Rev., 0.63%, 9/1/2026		3,250		3,186
Kentucky Bond Development Corp., Centre College
Rev., 4.00%, 6/1/2027		235		272
Rev., 4.00%, 6/1/2028		125		146
Rev., 4.00%, 6/1/2029		160		189
Rev., 4.00%, 6/1/2030		165		197
Total Kentucky				7,206
Louisiana — 0.7%
City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2023 (e)		1,250		1,339
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		30
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project
Series 2020A, Rev., 5.00%, 5/15/2035		650		824
Series 2020A, Rev., 5.00%, 5/15/2036		775		980
Series 2020A, Rev., 5.00%, 5/15/2037		500		630
St. Tammany Parish Hospital Service District No. 1 Series 2018-A, Rev., 5.00%, 7/1/2032		15		18
State of Louisiana, State Highway Improvement Series 2013-A, Rev., 5.00%, 6/15/2023		40		43

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Louisiana — continued
Terrebonne Parish Recreation District No. 5 GO, 5.00%, 3/1/2027		20		24
Total Louisiana				3,906
Maine — 0.3%
Maine Municipal Bond Bank Series 2021A, Rev., 5.00%, 11/1/2032		1,235		1,639
Maryland — 1.6%
City of Baltimore, Water Project Series 2020A, Rev., 4.00%, 7/1/2038		1,000		1,188
County of Baltimore, Public Improvement GO, 5.00%, 3/1/2036		3,560		4,669
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		1,239
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		493
Series 2021A, Rev., 5.00%, 6/1/2032		450		568
Series 2021A, Rev., 4.00%, 6/1/2038		790		904
Total Maryland				9,086
Massachusetts — 2.1%
Commonwealth of Massachusetts Series 2004C, GO, AGM, 5.50%, 12/1/2022		200		211
Massachusetts Bay Transportation Authority Assessment Series 2006-A, Rev., 5.25%, 7/1/2031		1,500		2,042
Massachusetts Development Finance Agency, Bentley University Issue
Series 2021A, Rev., 5.00%, 7/1/2028		225		281
Series 2021A, Rev., 5.00%, 7/1/2029		650		829
Series 2021A, Rev., 5.00%, 7/1/2030		2,000		2,591
Series 2021A, Rev., 5.00%, 7/1/2031		500		659
Series 2021A, Rev., 5.00%, 7/1/2032		1,350		1,763
Series 2021A, Rev., 5.00%, 7/1/2033		1,265		1,651
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue Series 2021G, Rev., 5.00%, 7/1/2036		200		258
University of Massachusetts Building Authority Rev., 5.00%, 11/1/2032		1,000		1,325
Total Massachusetts				11,610

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Michigan — 0.5%
Avondale School District GO, Q-SBLF, 5.00%, 11/1/2027		15		18
Eastern Michigan University, Board of Regents Series 2017A, Rev., 5.00%, 3/1/2033		1,000		1,181
Grand Rapids Public Schools, Unlimited Tax GO, AGM, 5.00%, 11/1/2029		5		6
Lakeview School District, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2028		10		12
Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project Rev., 4.00%, 11/1/2021 (b)		125		139
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		260
Series 2021A, Rev., AGM, 5.00%, 11/15/2035		200		259
Series 2021A, Rev., AGM, 5.00%, 11/15/2036		200		258
Series 2021A, Rev., AGM, 5.00%, 11/15/2037		350		452
Total Michigan				2,625
Minnesota — 0.1%
Duluth Economic Development Authority, Benedictine Health System
Series 2021A, Rev., 3.00%, 7/1/2025		100		104
Series 2021A, Rev., 3.00%, 7/1/2026		180		189
Duluth Independent School District No. 709 Series 2015B, GO, 5.00%, 2/1/2023		65		68
Total Minnesota				361
Missouri — 1.2%
City of Springfield, Public Utility Rev., 5.00%, 8/1/2022		100		104
Health and Educational Facilities Authority of the State of Missouri, Health System
Rev., 5.00%, 2/15/2030		670		853
Rev., 5.00%, 2/15/2031		705		911
Rev., 5.00%, 2/15/2032		500		653
Rev., 5.00%, 2/15/2033		500		651
Rev., 4.00%, 2/15/2034		400		478

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Missouri — continued
Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Health System, Inc.
Rev., 5.00%, 11/15/2026		750		904
Rev., 5.00%, 11/15/2027		150		185
Rev., 5.00%, 11/15/2028		500		631
Rev., 5.00%, 11/15/2029		1,000		1,285
Total Missouri				6,655
Montana — 0.0% (f)
Silver Bow County School District No. 1 GO, 5.00%, 7/1/2029		5		6
Nebraska — 0.6%
Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2042		2,550		3,655
Nevada — 0.0% (f)
County of Clark, Nevada Improvement District No. 158 5.00%, 8/1/2034		10		12
New Jersey — 4.7%
Burlington County Bridge Commission, Government Leasing Program
Rev., 5.00%, 4/1/2029		510		648
Rev., 5.00%, 4/1/2030		435		564
County of Morris GO, 3.00%, 2/1/2030		20		21
New Jersey Economic Development Authority, School Facilities Construction Series PP, Rev., 5.00%, 6/15/2029		5,000		5,545
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2028		3,000		3,529
New Jersey Transportation Trust Fund Authority, Transportation Program
Series 2013AA, Rev., 5.00%, 6/15/2036		2,500		2,663
Series 2020AA, Rev., 4.00%, 6/15/2050		1,125		1,261
Series 2020AA, Rev., 5.00%, 6/15/2050		1,000		1,223
New Jersey Turnpike Authority Series 2017B, Rev., 4.00%, 1/1/2035		5		6
North Hudson Sewerage Authority, Senior Lien Lease Certificates Rev., AGM, 5.00%, 6/1/2029		940		1,194
State of New Jersey, COVID-19 Emergency Bonds Series 2020A, GO, 5.00%, 6/1/2029		5,000		6,294
Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027		2,800		3,376
Township of Branchburg GO, 3.00%, 9/1/2028		40		44
Total New Jersey				26,368

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New Mexico — 0.0% (f)
State of New Mexico, Severance Tax Permanent Fund Series 2018A, Rev., 5.00%, 7/1/2022		25		26
New York — 13.6%
Build NYC Resource Corp., Preparatory Charter School Project
Series 2021A, Rev., 4.00%, 6/15/2031		150		164
Series 2021A, Rev., 4.00%, 6/15/2056		225		238
City of New York, Fiscal Year 2018
Series B, Subseries B-4, GO, VRDO, LIQ: Barclays Bank plc, 0.04%, 11/1/2021 (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		1,193
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		55
Series B, GO, AGM, 5.00%, 10/15/2026		25		30
East Moriches Union Free School District GO, AGM, 3.13%, 7/1/2029		25		26
Erie County Industrial Development Agency (The), City School District of the City of 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		1,791
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		17
Subseries C-1, Rev., 5.25%, 11/15/2028		5,000		5,826
Nassau County Interim Finance Authority, Sales Tax Secured Series 2021A, Rev., 5.00%, 11/15/2034		1,275		1,682
New York City Transitional Finance Authority Future Tax Secured Series I, Rev., 3.00%, 5/1/2022		150		152
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 Series S-2A, Rev., 5.00%, 7/15/2032		40		50
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Subseries 2010G-6, Rev., VRDO, LIQ: Barclays Bank plc, 0.04%, 10/15/2024 (b)		4,200		4,200

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031		3,000		3,465
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured Series 2016B, Rev., AGM-CR, Zero Coupon, 11/15/2052		10,000		4,077
New York State Dormitory Authority Series 2018A, Rev., 5.00%, 7/1/2038		3,500		4,332
New York State Dormitory Authority, School Districts Financing Program Series 2018A, Rev., 5.00%, 10/1/2030		875		1,050
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series D, Rev., 4.00%, 2/15/2037		5,500		6,446
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		1,105
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		4,306
Series 2017A, Rev., 5.00%, 6/15/2028		2,000		2,465
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		28
Rev., 5.00%, 1/1/2027		125		147
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2017C, Rev., 5.00%, 3/15/2027		5,475		6,681
Port Authority of New York and New Jersey, Consolidated Series 194, Rev., 5.00%, 10/15/2041		6,500		7,520
Rensselaer City School District Series 2016, COP, AGM, 5.00%, 6/1/2028		400		471
Sales Tax Asset Receivable Corp., Fiscal Year 2015 Series A, Rev., 5.00%, 12/1/2021 (e)		1,890		2,148
Syracuse Industrial Development Agency, School District Series 2019-A, Rev., 4.00%, 5/1/2034		10		11
Utility Debt Securitization Authority Series 2013TE, Rev., 5.00%, 12/15/2028		4,000		4,390
Utility Debt Securitization Authority, Federally Tax-Exempt Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,645

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
Village of Stewart Manor, Public Improvement
GO, 5.00%, 8/1/2026		20		24
GO, 4.00%, 8/1/2028		20		23
Wellsville Central School District GO, AGM, 5.00%, 6/15/2023		20		22
Westchester County Local Development Corp., Purchase Senior Living Community, Inc. Project
Series 2021D, Rev., 2.88%, 7/1/2026 (c) (d)		465		465
Series 2021C, Rev., 3.20%, 7/1/2028 (c) (d)		1,650		1,651
Series 2021A, Rev., 5.00%, 7/1/2041 (c) (d)		1,210		1,286
Total New York				77,379
North Carolina — 1.0%
City of Raleigh Series 2020A, Rev., 5.00%, 6/1/2025		250		290
City of Sanford, Enterprise System Rev., 5.00%, 6/1/2031		570		716
County of Chatham
Series 2021A, Rev., 5.00%, 11/1/2032		150		201
Series 2021A, Rev., 5.00%, 11/1/2033		275		365
Series 2021A, Rev., 5.00%, 11/1/2034		225		298
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		654
Rev., 5.00%, 5/1/2030		560		707
Rev., 4.00%, 5/1/2032		1,000		1,180
North Carolina Medical Care Commission, The Forest at Duke Project Rev., 4.00%, 9/1/2034		190		220
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien Rev., AGM, 5.00%, 1/1/2029		700		837
University of North Carolina at Greensboro Rev., 4.00%, 4/1/2035		10		11
Total North Carolina				5,491
North Dakota — 0.2%
City of Grand Forks, Altru Health System Rev., 4.00%, 12/1/2038		1,200		1,382
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		145

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Ohio — continued
City of Lakewood, Limited Tax, Various Purpose
GO, 4.00%, 12/1/2025		300		341
GO, 5.00%, 12/1/2027		350		434
County of Hamilton Series 2021A, GO, 5.00%, 12/1/2031		1,190		1,586
Miami University, General Receipts Series 2021A, Rev., 5.00%, 9/1/2035		760		999
Northeast Ohio Medical University
Series 2021A, Rev., 5.00%, 12/1/2030		70		87
Series 2021A, Rev., 4.00%, 12/1/2035		150		171
State of Ohio, Capital Facilities Lease Appropriation Series 2018A, Rev., 5.00%, 4/1/2028		1,020		1,273
Total Ohio				5,428
Oklahoma — 0.8%
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Rev., 5.00%, 10/1/2022		250		261
Rev., 5.00%, 10/1/2023		180		195
Rev., 5.00%, 10/1/2025		500		581
Rev., 5.00%, 10/1/2026		500		597
Oklahoma Turnpike Authority, Second Senior Series 2017A, Rev., 5.00%, 1/1/2038		2,000		2,319
Oklahoma Water Resources Board Series 2021A, Rev., 5.00%, 10/1/2029		410		529
Total Oklahoma				4,482
Oregon — 2.9%
City of Portland Series 2021B, Rev., 5.00%, 5/1/2032		3,685		4,888
City of Portland, Second Lien Sewer System Series B, Rev., 4.00%, 10/1/2036		2,180		2,373
County of Marion GO, AMBAC, 5.50%, 6/1/2023		100		108
Hospital Facilities Authority of Multnomah County, Terwilliger Plaza-Parkview Project
Rev., 0.95%, 6/1/2027		5,800		5,679
Rev., 1.20%, 6/1/2028		2,000		1,953
Linn and Benton Counties, School District No. 8J, Greater Albany GO, 5.00%, 6/15/2030		500		609
Tri-County Metropolitan Transportation District of Oregon Series 2017-A, Rev., 5.00%, 10/1/2023		50		54
Washington Counties, Hillsborough School District No. 1J GO, 5.00%, 6/15/2027		570		699
Yamhill County Hospital Authority Series 2021A, Rev., 5.00%, 11/15/2056		240		275
Total Oregon				16,638

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pennsylvania — 2.0%
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2027		350		398
Rev., 5.00%, 11/1/2028		450		511
Rev., 5.00%, 11/1/2029		150		170
Rev., 5.00%, 11/1/2030		150		169
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 5.00%, 7/1/2036		1,225		1,522
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Rev., 5.00%, 6/1/2024		500		557
Rev., 5.00%, 6/1/2025		630		726
Rev., 5.00%, 6/1/2026		380		451
Rev., 5.00%, 6/1/2027		500		608
Rev., 5.00%, 6/1/2028		880		1,095
Rev., 5.00%, 6/1/2029		380		468
County of Lancaster Series 2016-A, GO, 4.00%, 5/1/2026		15		17
Fairview School District Series A, GO, 4.00%, 2/1/2028		10		11
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2043		2,000		2,249
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project Rev., 4.00%, 7/1/2030		335		379
Sayre Health Care Facilities Authority, Guthrie Health Issue Rev., (ICE LIBOR USD 3 Month + 0.78%), 0.86%, 12/1/2024 (g)		1,895		1,900
Township of Lower Paxton Series 2020A, GO, 4.00%, 4/1/2032		15		17
Total Pennsylvania				11,248
Rhode Island — 0.0% (f)
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2016A, Rev., 5.00%, 10/1/2029		10		12
South Carolina — 0.0% (f)
City of Charleston, Waterworks and 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

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Tennessee — 2.6%
County of Coffee
Series 2021A, GO, 5.00%, 6/1/2025		105		122
Series 2021C, GO, 5.00%, 6/1/2025		110		128
Series 2021B, GO, 5.00%, 6/1/2026		150		179
Series 2021A, GO, 5.00%, 6/1/2027		120		147
Series 2021B, GO, 5.00%, 6/1/2027		160		196
Series 2021A, GO, 5.00%, 6/1/2028		125		156
Series 2021B, GO, 5.00%, 6/1/2028		165		207
Series 2021C, GO, 5.00%, 6/1/2028		460		576
Series 2021A, GO, 5.00%, 6/1/2029		135		173
Series 2021B, GO, 5.00%, 6/1/2029		175		224
Series 2021C, GO, 5.00%, 6/1/2029		490		626
Series 2021B, GO, 5.00%, 6/1/2030		180		234
Series 2021C, GO, 5.00%, 6/1/2030		215		279
Series 2021A, GO, 5.00%, 6/1/2031		100		132
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		1,393
Metropolitan Government Nashville and Davidson County Health and Educational Facilities, Trevecca Nazarene University Project
Series 2021B, Rev., 4.00%, 10/1/2026		150		167
Series 2021B, Rev., 4.00%, 10/1/2027		195		219
Series 2021B, Rev., 4.00%, 10/1/2028		200		227
Series 2021B, Rev., 4.00%, 10/1/2029		200		225
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2021B, Rev., 4.00%, 10/1/2030		105		118
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2034		130		165
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (b)		8,000		8,928
Total Tennessee				14,821
Texas — 8.1%
Baytown Municipal Development District, Combination Limited Sales Tax, Third Lien
Series 2021C, Rev., 5.00%, 10/1/2028		890		1,105
Series 2021C, Rev., 5.00%, 10/1/2029		465		587
Series 2021C, Rev., 5.00%, 10/1/2030		485		622
Series 2021C, Rev., 5.00%, 10/1/2031		515		671
Series 2021C, Rev., 5.00%, 10/1/2032		535		694
Bexar County Hospital District GO, 4.00%, 2/15/2035		10		11

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
Central Texas Regional Mobility Authority, Senior Lien Series 2021D, Rev., 4.00%, 1/1/2044		2,000		2,296
City of Houston, Airport System, United Airlines, Inc., Terminal Series 2021B-1, Rev., AMT, 4.00%, 7/15/2041		400		423
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (e)		5,550		8,095
City of Houston, Public Improvement Series 2014A, GO, 5.00%, 3/1/2024 (e)		4,000		4,434
City of Portland GO, 3.00%, 8/15/2029		100		111
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031		100		99
County of El Paso GO, 5.00%, 2/15/2032		1,490		1,811
Fort Bend County Municipal Utility District No. 169
Series 2021A, GO, AGM, 4.00%, 12/1/2025		250		281
Series 2021A, GO, AGM, 4.00%, 12/1/2026		250		288
Lower Colorado River Authority Rev., 5.00%, 5/15/2031		2,760		3,545
Lower Colorado River Authority, LCRA Transmission Services Corp. Project
Series 2020A, Rev., 5.00%, 5/15/2035		1,000		1,266
Series 2020A, Rev., 5.00%, 5/15/2036		1,000		1,263
Lower Colorado River Authority, Transmission Services Corp. Project
Rev., 5.00%, 5/15/2034		220		279
Rev., 5.00%, 5/15/2036		1,495		1,863
Rev., 5.00%, 5/15/2037		1,250		1,574
Rev., 5.00%, 5/15/2038		1,500		1,860
New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2049		100		111
North Texas Tollway Authority System, First Tier
Series 2017A, Rev., 5.00%, 1/1/2026		200		211
Series 2017A, Rev., 5.00%, 1/1/2027		550		645
Series 2017A, Rev., 5.00%, 1/1/2035		600		716
North Texas Tollway Authority, First Tier Series 2017A, Rev., 5.00%, 1/1/2030		360		418
North Texas Tollway Authority, Second Tier
Series 2017B, Rev., 5.00%, 1/1/2026		150		158
Series 2017B, Rev., 5.00%, 1/1/2027		300		351
Series 2017B, Rev., 5.00%, 1/1/2030		400		464
San Antonio Education Facilities Corp., University of the Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2037		600		679

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
San Jacinto Community College District Series 2019-A, GO, 5.00%, 2/15/2029		120		153
Stephen F Austin State University Rev., 5.00%, 10/15/2024		200		226
Trinity River Authority, Walker-Calloway System
Rev., 5.00%, 2/1/2026		275		324
Rev., 5.00%, 2/1/2027		290		351
Rev., 5.00%, 2/1/2028		305		376
Rev., 5.00%, 2/1/2029		320		392
Rev., 5.00%, 2/1/2030		340		414
Rev., 5.00%, 2/1/2031		355		431
Tyler Independent School District GO, PSF-GTD, 5.00%, 2/15/2028		175		212
University of Texas System (The), Board of Regents, Financing System Series 2014B, Rev., 5.00%, 8/15/2026		5,000		6,019
Total Texas				45,829
Utah — 0.7%
Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax GO, 4.13%, 6/1/2036 (c)		895		890
Military Installation Development Authority, Tax Allocation Series 2021A-2, Rev., 4.00%, 6/1/2036		100		101
Military Installation Development Authority, Tax Allocation and Hotel Tax
Series 2021A-1, Rev., 4.00%, 6/1/2036		100		101
Series 2021A-1, Rev., 4.00%, 6/1/2041		100		100
University of Utah (The) Series 2019-A, Rev., 5.00%, 8/1/2035		500		638
Utah Infrastructure Agency Rev., 4.00%, 10/15/2033		525		610
Utah Infrastructure Agency Tax-Exempt Telecommunications Rev., 4.00%, 10/15/2031		500		585
Utah Infrastructure Agency Telecommunications and Franchise Tax Rev., 4.00%, 10/15/2025 (e)		250		284
Weber Basin Water Conservancy District
Series 2017B, Rev., 5.00%, 10/1/2030		250		306
Series 2017B, Rev., 5.00%, 10/1/2031		470		574
Total Utah				4,189
Virginia — 1.3%
Henrico County Economic Development Authority, Westminster Canterbury Richmond Rev., 4.00%, 10/1/2040		330		371

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Virginia — continued
Virginia Public School Authority
Series 2017C, Rev., 5.00%, 8/1/2028		500		615
Series 2021A, Rev., 5.00%, 8/1/2031		3,560		4,740
Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc. Series 2020A, Rev., 5.00%, 1/1/2034		1,200		1,456
Total Virginia				7,182
Washington — 4.7%
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		4,187
Series 2015B, Rev., 5.00%, 3/1/2034		1,000		1,116
State of Washington, Various Purpose
Series R-2018C, GO, 5.00%, 8/1/2034		900		1,099
Series 2021C, GO, 5.00%, 2/1/2037		5,170		6,711
University of Washington
Series 2020C, Rev., 5.00%, 4/1/2034		3,695		4,754
Series 2020C, Rev., 5.00%, 4/1/2035		500		642
Washington Health Care Facilities Authority, Providence St. Joseph Health
Series 2018B, Rev., 5.00%, 10/1/2025		1,250		1,462
Series 2018B, Rev., 5.00%, 10/1/2026		1,500		1,803
Series 2018B, Rev., 5.00%, 10/1/2027		2,500		3,081
Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Tax-Exempt Series 2020A, Rev., 5.00%, 1/1/2041 (c)		1,415		1,510
Total Washington				26,377
West Virginia — 0.8%
State of West Virginia Series 2021A, GO, 5.00%, 6/1/2032		3,600		4,776
Wisconsin — 1.0%
City of Milwaukee, Sewerage System
Series 2021-S2, Rev., 5.00%, 6/1/2029		580		743
Series 2021-S2, Rev., 5.00%, 6/1/2030		750		974
Public Finance Authority, Coral Academy of Science Las Vegas
Series 2021A, Rev., 4.00%, 7/1/2030		305		344
Series 2021A, Rev., 4.00%, 7/1/2041		500		549
Public Finance Authority, Scotland Healthcare System
Series 2021A, Rev., 5.00%, 10/1/2025		695		804
Series 2021A, Rev., 5.00%, 10/1/2026		730		868
Public Finance Authority, Searstone CCRC Project Series 2021B2, Rev., 2.25%, 6/1/2027 (d)		215		213

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Wisconsin — continued
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 3.25%, 1/1/2029		860		962
Total Wisconsin				5,457
Total Municipal Bonds (Cost $475,568)				492,694
	SHARES (000)
Short-Term Investments — 10.0%
Investment Companies — 10.0%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (h) (i) (Cost $56,695)		56,667		56,696
Total Investments — 97.1% (Cost $532,263)				549,390
Other Assets Less Liabilities — 2.9%				16,444
NET ASSETS — 100.0%				565,834

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 October 31, 2021.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(e)	Security is prerefunded or escrowed to maturity.
(f)	Amount rounds to less than 0.1% of net assets.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 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 October 31, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 21

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Centrally Cleared Inflation-linked swap contracts outstanding as of October 31, 2021 (amounts in thousands):

FLOATING RATE INDEX (a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE		MATURITY DATE		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
CPI-U at termination	2.45% at termination		Receive		8/23/2031	USD	6,428		258
CPI-U at termination	2.46% at termination		Receive		8/24/2031	USD	7,072		274
CPI-U at termination	2.48% at termination		Receive		9/3/2031	USD	5,648		190
CPI-U at termination	2.51% at termination		Receive		6/14/2031	USD	6,328		311
CPI-U at termination	2.52% at termination		Receive		9/7/2031	USD	7,111		203
CPI-U at termination	2.53% at termination		Receive		9/2/2031	USD	4,680		134
CPI-U at termination	2.53% at termination		Receive		9/16/2031	USD	7,220		195
CPI-U at termination	2.56% at termination		Receive		6/2/2031	USD	2,468		114
CPI-U at termination	2.59% at termination		Receive		8/13/2031	USD	6,891		193
CPI-U at termination	2.59% at termination		Receive		10/1/2031	USD	30,366		550
CPI-U at termination	2.59% at termination		Receive		6/3/2031	USD	6,176		264
CPI-U at termination	2.67% at termination		Receive		9/2/2026	USD	2,925		72
CPI-U at termination	2.69% at termination		Receive		8/10/2026	USD	12,360		366
CPI-U at termination	2.71% at termination		Receive		7/29/2026	USD	2,819		94
CPI-U at termination	2.73% at termination		Receive		7/29/2026	USD	4,667		150
CPI-U at termination	2.75% at termination		Receive		9/13/2026	USD	52,860		1,026
CPI-U at termination	2.74% at termination		Receive		10/1/2026	USD	32,107		568
CPI-U at termination	2.78% at termination		Receive		8/3/2026	USD	10,126		270
CPI-U at termination	2.79% at termination		Receive		8/2/2026	USD	62,945		1,670
CPI-U at termination	2.80% at termination		Receive		10/12/2026	USD	9,195		130
CPI-U at termination	2.97% at termination		Receive		10/22/2026	USD	79,308		397
CPI-U at termination	3.77% at termination		Receive		11/2/2022	USD	26,152		—
CPI-U at termination	3.80% at termination		Receive		11/2/2022	USD	26,152		—
CPI-U at termination	3.84% at termination		Receive		11/2/2022	USD	26,208		—
									7,429

Abbreviations

CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar
(a)	Value of floating rate index at October 31, 2021 was as follows:
	Floating Rate Index	Value
	CPI-U	2.77%

There are no upfront payments (receipts) on the swap contracts listed above.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 23

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2021

(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	$	1,419,631		$	492,694
Investments in affiliates, at value		14,898			56,696
Cash		1			—
Deposits at broker for centrally cleared swaps		—			14,563
Receivables:
Investment securities sold		3,860			—
Investment securities sold — delayed delivery securities		—			1,169
Fund shares sold		1,115			2,702
Interest from non-affiliates		—			5,392
Dividends from non-affiliates		1,096			—
Dividends from affiliates		—	(a)		1
Total Assets		1,440,601			573,217
LIABILITIES:
Payables:
Due to custodian		—			—	(a)
Investment securities purchased — delayed delivery securities		—			5,599
Fund shares redeemed		622			282
Variation margin on centrally cleared swaps		—			1,137
Accrued liabilities:
Investment advisory fees		413			138
Administration fees		89			18
Distribution fees		21			24
Service fees		88			44
Custodian and accounting fees		10			27
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)
Other		45			114
Total Liabilities		1,288			7,383
Net Assets	$	1,439,313		$	565,834

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	318,611		$	644,031
Total distributable earnings (loss)		1,120,702			(78,197	)
Total Net Assets	$	1,439,313		$	565,834
Net Assets:
Class A	$	42,525		$	97,845
Class C		19,177			7,095
Class I		838,765			429,314
Class R6		538,846			31,580
Total	$	1,439,313		$	565,834
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		854			9,840
Class C		393			715
Class I		16,725			43,071
Class R6		10,742			3,170
Net Asset Value (a):
Class A — Redemption price per share	$	49.77		$	9.94
Class C — Offering price per share (b)		48.84			9.92
Class I — Offering and redemption price per share		50.15			9.97
Class R6 — Offering and redemption price per share		50.16			9.96
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)]	$	52.53		$	10.33
Cost of investments in non-affiliates	$	481,342		$	475,568
Cost of investments in affiliates		14,898			56,695

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 25

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2021

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	8,689
Dividend income from non-affiliates		13,225			—
Dividend income from affiliates		6			6
Total investment income		13,231			8,695
EXPENSES:
Investment advisory fees		4,636			1,446
Administration fees		993			310
Distribution fees:
Class A		92			146
Class C		123			34
Service fees:
Class A		92			146
Class C		41			11
Class I		1,904			812
Custodian and accounting fees		43			112
Interest expense to affiliates		2			—	(a)
Professional fees		65			90
Trustees’ and Chief Compliance Officer’s fees		29			26
Printing and mailing costs		60			11
Registration and filing fees		100			84
Transfer agency fees (See Note 2.I.)		19			6
Other		31			17
Total expenses		8,230			3,251
Less fees waived		(1,205	)		(1,047	)
Less expense reimbursements		(5	)		—
Net expenses		7,020			2,204
Net investment income (loss)		6,211			6,491
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		216,879			229
Investments in affiliates		(1	)		(1	)
Futures contracts		—			(88	)
Swaps		—			33,176
Net realized gain (loss)		216,878			33,316
Distributions of capital gains received from investment company affiliates		—			—	(a)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		223,729			(1,903	)
Investments in affiliates		—	(a)		1
Futures contracts		—			31
Swaps		—			1,092
Change in net unrealized appreciation/depreciation		223,729			(779	)
Net realized/unrealized gains (losses)		440,607			32,537
Change in net assets resulting from operations	$	446,818		$	39,028

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 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
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,211		$	10,664		$	6,491		$	11,094
Net realized gain (loss)		216,878			192,580			33,316			(14,863	)
Distributions of capital gains received from investment company affiliates		—			—			—	(a)		—
Change in net unrealized appreciation/depreciation		223,729			355			(779	)		(1,797	)
Change in net assets resulting from operations		446,818			203,599			39,028			(5,566	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(4,005	)		(1,704	)		(795	)		(765	)
Class C		(1,733	)		(712	)		(39	)		(92	)
Class I		(88,662	)		(40,616	)		(5,235	)		(7,584	)
Class R6		(69,665	)		(43,866	)		(444	)		(3,012	)
Total distributions to shareholders		(164,065	)		(86,898	)		(6,513	)		(11,453	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(17,513	)		(217,118	)		258,426			(456,922	)
NET ASSETS:
Change in net assets		265,240			(100,417	)		290,941			(473,941	)
Beginning of period		1,174,073			1,274,490			274,893			748,834
End of period	$	1,439,313		$	1,174,073		$	565,834		$	274,893

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund						JPMorgan Tax Aware Real Return Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	6,213		$	7,701		$	65,111		$	10,870
Distributions reinvested		3,935			1,701			693			717
Cost of shares redeemed		(5,023	)		(7,837	)		(7,320	)		(15,395	)
Change in net assets resulting from Class A capital transactions		5,125			1,565			58,484			(3,808	)
Class C
Proceeds from shares issued		4,381			2,778			5,286			410
Distributions reinvested		1,683			711			36			71
Cost of shares redeemed		(2,848	)		(3,562	)		(1,439	)		(5,805	)
Change in net assets resulting from Class C capital transactions		3,216			(73	)		3,883			(5,324	)
Class I
Proceeds from shares issued		155,474			172,254			237,630			77,698
Distributions reinvested		86,764			39,560			2,990			5,598
Cost of shares redeemed		(203,733	)		(227,978	)		(51,812	)		(243,517	)
Change in net assets resulting from Class I capital transactions		38,505			(16,164	)		188,808			(160,221	)
Class R6
Proceeds from shares issued		61,647			37,291			12,045			11,319
Distributions reinvested		69,432			43,746			440			2,990
Cost of shares redeemed		(195,438	)		(283,483	)		(5,234	)		(301,878	)
Change in net assets resulting from Class R6 capital transactions		(64,359	)		(202,446	)		7,251			(287,569	)
Total change in net assets resulting from capital transactions	$	(17,513	)	$	(217,118	)	$	258,426		$	(456,922	)
SHARE TRANSACTIONS:
Class A
Issued		136			207			6,679			1,186
Reinvested		101			47			72			79
Redeemed		(114	)		(219	)		(762	)		(1,722	)
Change in Class A Shares		123			35			5,989			(457	)
Class C
Issued		99			78			544			45
Reinvested		44			20			4			8
Redeemed		(64	)		(96	)		(148	)		(644	)
Change in Class C Shares		79			2			400			(591	)
Class I
Issued		3,388			4,986			24,612			8,488
Reinvested		2,193			1,082			309			615
Redeemed		(4,477	)		(6,285	)		(5,359	)		(27,090	)
Change in Class I Shares		1,104			(217	)		19,562			(17,987	)
Class R6
Issued		1,381			1,011			1,230			1,206
Reinvested		1,754			1,196			45			321
Redeemed		(4,628	)		(7,529	)		(540	)		(33,179	)
Change in Class R6 Shares		(1,493	)		(5,322	)		735			(31,652	)

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Tax Aware Equity Fund
Class A
Year Ended October 31, 2021	$	40.37	$	0.02		$	14.90		$	14.92		$	(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	)
Class C
Year Ended October 31, 2021		39.86		(0.20	)		14.66			14.46			—			(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	)
Class I
Year Ended October 31, 2021		40.64		0.20			15.00			15.20			(0.21	)		(5.48	)		(5.69	)
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	)
Class R6
Year Ended October 31, 2021		40.64		0.25			15.00			15.25			(0.25	)		(5.48	)		(5.73	)
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.

30 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 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)
$	49.77		40.69	%	$	42,525		0.94	%		0.05	%		0.95	%		21	%
	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
	48.84		39.96			19,177		1.44			(0.45	)		1.45			21
	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
	50.15		41.22			838,765		0.55			0.45			0.70			21
	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
	50.16		41.39			538,846		0.44			0.56			0.45			21
	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.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Tax Aware Real Return Fund
Class A
Year Ended October 31, 2021	$	9.11	$	0.13	$	0.84		$	0.97		$	(0.14	)
Year Ended October 31, 2020		9.25		0.18		(0.13	)		0.05			(0.19	)
Year Ended October 31, 2019		9.19		0.22		0.07			0.29			(0.23	)
Year Ended October 31, 2018		9.46		0.23		(0.26	)		(0.03	)		(0.24	)
Year Ended October 31, 2017		9.59		0.23		(0.13	)		0.10			(0.23	)
Class C
Year Ended October 31, 2021		9.09		0.08		0.84			0.92			(0.09	)
Year Ended October 31, 2020		9.23		0.14		(0.14	)		—	(d)		(0.14	)
Year Ended October 31, 2019		9.17		0.17		0.07			0.24			(0.18	)
Year Ended October 31, 2018		9.43		0.18		(0.25	)		(0.07	)		(0.19	)
Year Ended October 31, 2017		9.57		0.19		(0.14	)		0.05			(0.19	)
Class I
Year Ended October 31, 2021		9.13		0.16		0.84			1.00			(0.16	)
Year Ended October 31, 2020		9.27		0.20		(0.13	)		0.07			(0.21	)
Year Ended October 31, 2019		9.21		0.24		0.07			0.31			(0.25	)
Year Ended October 31, 2018		9.48		0.26		(0.27	)		(0.01	)		(0.26	)
Year Ended October 31, 2017		9.61		0.26		(0.13	)		0.13			(0.26	)
Class R6
Year Ended October 31, 2021		9.13		0.17		0.83			1.00			(0.17	)
Year Ended October 31, 2020		9.27		0.23		(0.15	)		0.08			(0.22	)
Year Ended October 31, 2019		9.21		0.25		0.07			0.32			(0.26	)
Year Ended October 31, 2018		9.48		0.27		(0.27	)		—	(d)		(0.27	)
Year Ended October 31, 2017		9.61		0.26		(0.12	)		0.14			(0.27	)

(a) Calculated based upon average shares outstanding.

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

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

(d) Amount rounds to less than $0.005.

(e) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	9.94		10.68	%	$	97,845		0.75	%		1.33	%		1.01	%		7	%
	9.11		0.57			35,094		0.75			1.96			1.01			12
	9.25		3.14			39,846		0.76			2.32			0.99			4
	9.19		(0.36	)		33,051		0.74			2.47			0.98			30
	9.46		1.12			56,720		0.73			2.47			0.97			20
	9.92		10.17			7,095		1.25			0.84			1.51			7
	9.09		0.04			2,859		1.25			1.50			1.51			12
	9.23		2.60			8,353		1.26			1.85			1.48			4
	9.17		(0.76	)		18,315		1.24			1.97			1.48			30
	9.43		0.50			26,545		1.23			1.98			1.49			20
	9.97		11.04			429,314		0.50			1.61			0.76			7
	9.13		0.82			214,709		0.50			2.24			0.75			12
	9.27		3.38			384,626		0.51			2.58			0.73			4
	9.21		(0.10	)		411,760		0.49			2.72			0.73			30
	9.48		1.35			323,320		0.48			2.74			0.65			20
	9.96		11.04			31,580		0.40			1.76			0.51			7
	9.13		0.92			22,231		0.40			2.48			0.49			12
	9.27		3.49			316,009		0.41			2.70			0.48			4
	9.21		0.00	(e)		588,549		0.39			2.82			0.48			30
	9.48		1.47			1,112,857		0.38			2.75			0.47			20

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021

(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.

34 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 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)	$	1,434,529	$	—	$	—	$	1,434,529

(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	$	—	$	492,694	$	—	$	492,694
Short-Term Investments
Investment Companies		56,696		—		—		56,696
Total Investments in Securities	$	56,696	$	492,694	$	—	$	549,390
Appreciation in Other Financial Instruments
Swaps	$	—	$	7,429	$	—	$	7,429

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 October 31, 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.

Tax Aware Real Return had when-issued securities, delayed delivery securities or forward commitments outstanding as of October 31, 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 October 31, 2021 are detailed on the SOIs.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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 year ended October 31, 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 purchases at cost amounts in the tables below.

Tax Aware Equity Fund

	For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	123	$	156,471	$	141,695	$	(1	)	$	—	(c)	$	14,898		14,890	$	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 October 31, 2021.

(c) Amount rounds to less than one thousand.

36 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

Tax Aware Real Return Fund

	For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (a) (b)	$	6,610	$	334,889	$	284,803	$	(1	)	$	1	$	56,696		56,667	$	6	$	—	(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 October 31, 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 inflation 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 central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (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 Fund’s futures contracts and swaps activity during the year ended October 31, 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		340,279
Ending Notional Balance — Pays Fixed Rate		438,212

(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 year ended October 31, 2021 are as follows:

	Class A		Class C			Class I		Class R6		Total
Tax Aware Equity Fund
Transfer agency fees	$	1	$	1		$	12	$	5	$	19
Tax Aware Real Return Fund
Transfer agency fees		2		—	(a)		3		1		6

(a) Amount rounds to less than one thousand.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 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.

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.

38 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Tax Aware Equity Fund	$	33,903	$	—	$	(33,903	)

The reclassifications for the Fund relate primarily to tax equalization.

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 year ended October 31, 2021, the effective rate was 0.075%, 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 year ended October 31, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Tax Aware Equity Fund	$	13	$	—
Tax Aware Real Return Fund		5		—

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

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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
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 year ended October 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2022.

For the year ended October 31, 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	$	73	$	49	$	1,077	$	1,199	$	5
Tax Aware Real Return Fund		271		180		580		1,031		—

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 year ended October 31, 2021 were as follows:

Tax Aware Equity Fund	$	6
Tax Aware Real Return Fund		16

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

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

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

During the year ended October 31, 2021, 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.

40 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

4. Investment Transactions

During the year ended October 31, 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	$	268,406	$	460,494
Tax Aware Real Return Fund		266,487		26,538

During the year ended October 31, 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 October 31, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	497,434	$	939,450	$	2,355	$	937,095
Tax Aware Real Return Fund		532,256		27,236		2,673		24,563

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

The tax character of distributions paid during the year ended October 31, 2021 was as follows:

	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	6,458	$	—	$	157,607	$	164,065
Tax Aware Real Return Fund		298		6,215		—		6,513

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

The tax character of distributions paid during the year ended October 31, 2020 was as follows:

	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	10,872	$	—	$	76,026	$	86,898
Tax Aware Real Return Fund		128		11,325		—		11,453

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

As of October 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Tax Exempt Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	698	$	—	$	182,975		$	937,095
Tax Aware Real Return Fund		—		26		(102,720	)		24,563

The cumulative timing differences primarily consist of wash sale loss deferrals.

As of October 31, 2021, 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	$	102,720	$	—

During the year ended October 31, 2021, the following Fund utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Tax Aware Real Return Fund	$	33,349	$	—

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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 October 31, 2021. Average borrowings from the Facility during the year ended October 31, 2021 were as follows:

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Tax Aware Equity Fund	$	4,145		0.79	%		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 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 October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the year ended October 31, 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 October 31, 2021, the 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		47.3	%		1		27.9	%
Tax Aware Real Return Fund		1		14.3			3		59.0

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

42 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

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 invests 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.

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.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 43

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund (two of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2021

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

44 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	124	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of the Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	124	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	124	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Frankie D. Hughes (1952); Trustee of the Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	124	None

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 45

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner (1953); Trustee of the Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	124	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of the Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	124	None
Marilyn McCoy (1948); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	124	None
Dr. Robert A. Oden, Jr. (1946); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	124	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo* (1946); Trustee of the Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	124	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

46 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eight registered investment companies (124 funds).

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

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

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 47

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

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

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

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

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

48 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 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, May 1, 2021, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2021		Ending Account Value October 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	1,098.00	$	4.97		0.94	%
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class C
Actual		1,000.00		1,095.10		7.60		1.44
Hypothetical		1,000.00		1,017.95		7.32		1.44
Class I
Actual		1,000.00		1,100.20		2.91		0.55
Hypothetical		1,000.00		1,022.43		2.80		0.55
Class R6
Actual		1,000.00		1,100.80		2.33		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
JPMorgan Tax Aware Real Return Fund
Class A
Actual		1,000.00		1,032.90		3.84		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class C
Actual		1,000.00		1,030.40		6.40		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class I
Actual		1,000.00		1,034.10		2.56		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R6
Actual		1,000.00		1,034.60		2.05		0.40
Hypothetical		1,000.00		1,023.19		2.04		0.40

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

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 49

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2021.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessment as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consid-

eration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

50 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

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

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase

Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

Economies of Scale

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

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 51

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s

performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s performance for both Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Tax Aware Real Return Fund’s performance for Class A shares was in the second, second and first quintiles based upon the Peer Group, and in the third, fourth and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that performance for Class I shares was in the first quintile based upon the Peer Group, for both the one- and three-year periods ended December 31, 2020, and in the third, third and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that performance for Class R6 shares was in the first and second quintiles based upon the Peer Group, for the one- and three-year periods ended December 31, 2020, respectively, and in the third, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.

52 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively.

The Trustees noted that the net advisory fee and actual total expenses for Class I shares were both in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Tax Aware Real Return Fund’s net advisory fee for Class A shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 53

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Dividends Received Deduction (DRD)

The Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2021:

	Dividends Received Deduction
JPMorgan Tax Aware Equity Fund		100.00	%

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2021:

	Long-Term Capital Gain Distribution
JPMorgan Tax Aware Equity Fund	$	191,510

Qualified Dividend Income (QDI)

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2021:

	Qualified Dividend Income
JPMorgan Tax Aware Equity Fund	$	6,458

Tax Exempt Income

The Fund listed below had the following percentage, or maximum allowable percentage, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2021:

	Exempt Distributions Paid
JPMorgan Tax Aware Real Return Fund	$	6,215

54 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of the Trust, including the Funds.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina A. Shenker
In Favor		219,183,139
Withheld		2,776,497

OCTOBER 31, 2021 J.P. MORGAN TAX AWARE FUNDS 55

Rev. January 2011

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

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

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

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

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

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. 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. October 2021. AN-TA-1021

Annual Report

J.P. Morgan Funds

October 31, 2021

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	124
Financial Highlights	132
Notes to Financial Statements	138
Report of Independent Registered Public Accounting Firm	161
Trustees	162
Officers	165
Schedule of Shareholder Expenses	166
Board Approval of Investment Advisory Agreements	168
Tax Letter	172
Special Shareholder Meeting Results	173
Privacy Policy — Located at the back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

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

December 6, 2021 (Unaudited)

Dear Shareholders,

Equity markets largely rewarded investors with strong returns amid a global economic rebound in 2021 that withstood the emergence and spread of Covid variants, strained supply chains and accelerating inflation. Despite uneven progress against the pandemic, continued monetary and fiscal support helped bolster corporate profits and consumer spending throughout the twelve months ended October 21, 2021.

  “Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals.” — Andrea L. Lisher

While leading central banks maintain accommodative policies throughout the period, select emerging market nations – particularly Brazil — raised interest rates and the U.S. Federal Reserve (the “Fed”) laid out a potential timetable for winding down its asset purchasing program and raising interest rates for the first time since the start of the pandemic. While the Fed initially insisted that price inflation fueled by the reopening of the global economy would likely be temporary, by the end of the period Fed officials conceded that inflation was stronger and more persistent than expected.

By the end of the period – and in subsequent weeks – financial market volatility increased amid investor uncertainty about the ongoing pandemic and concerns about the potential for the Fed to move more quickly to raise interest rates in the face of accelerating inflation. However, economic data point toward a continued rebound in the global economy into 2022.

Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

Globally, equity markets outperformed fixed income markets by a wide margin amid a global economic rebound from the initial economic shock of the pandemic. While the development and distribution of multiple vaccines unleashed a sharp increase in economic activity in the first half of the period, uneven success against the pandemic, supply chain constraints and inflationary pressure weighed on growth in the latter part of the period. Overall, U.S. equity outperformed both developed market and emerging market equities.

For the twelve months ended October 31, 2021, the S&P 500 returned 42.91%; the MSCI EAFE Index returned 34.18% and the MSCI Emerging Markets Index returned 16.96%. Within fixed income, the Bloomberg U.S. Aggregate Index returned -0.48%, the Bloomberg U.S. High Yield Index returned 10.53% and the Bloomberg Emerging Markets Index returned 3.01% for the period.

At the start of the period, global equity prices began to rebound amid development of the first vaccines against COVID-19 and its leading variants. The rally in equity prices was largely led by investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, 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.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package—and the prospect of additional federal government spending – helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of 2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on equity markets in June.

In the following months global economic growth was increasingly hindered by uneven progress against the pandemic, supply chain bottlenecks and rising prices for both commodities and finished goods. Energy prices rose sharply amid a rebound in demand, which helped petroleum exporting nations but weighed on the economies of net importers. Extended inflationary pressures led to modest divergence in central bank policies at the end of the period. Leading central banks maintained their ultra-low interest rate policies, while monetary authorities in select nations, including Brazil, Norway and New Zealand, raised rates to head off rising prices.

Global equity prices largely continued their upward trajectory in the final months of the period, with the exception of a modest retreat in September 2021. While developed markets equity and emerging markets equity generally provided positive returns, equity markets slumped in select nations facing political unrest and/or rapidly rising inflationary pressures. Notably, equity prices in China were weighed down by real estate company China Evergrande’s struggles to meet debt payments as investors worried about the potential impact on financial markets. Additionally, shares of large information technology companies in China were hurt by investor uncertainty over increased domestic regulatory scrutiny.

2 J.P. MORGAN FUNDS OCTOBER 31, 2021

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	24.96%
MSCI All Country World Index1	37.28%
MSCI World Index (net of foreign withholding taxes)	40.42%
Bloomberg Global Aggregate Index (Unhedged USD) (formerly known as Bloomberg Barclays Global Aggregate Index (Unhedged USD))	(1.24)%
Global Allocation Composite Benchmark	20.93%
Net Assets as of 10/31/2021 (In Thousands)	$5,122,597

INVESTMENT OBJECTIVE**

The JPMorgan Global Allocation Fund (the “Fund”) seeks to maximize long-term total return.

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

For the twelve months ended October 31, 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 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 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 was a leading contributor to performance relative to the Benchmark.

Relative to the Composite Benchmark, the Fund’s allocation to U.S. equity and its tilt toward cyclically oriented equities, including the financials, consumer discretionary and information technology sectors, were leading contributors to performance. 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 their overall equity allocation, preferring U.S. equity and international developed equity. The portfolio managers maintained the Fund’s allocation to 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.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		1.6	%
	2.	Alphabet, Inc., Class C		1.3
	3.	Amazon.com, Inc.		1.3
	4.	Apple, Inc.		1.2
	5.	U.S. Treasury Notes, 1.38%, 1/31/2022		1.2
	6.	Novo Nordisk A/S, Class B (Denmark)		0.8
	7.	Samsung Electronics Co. Ltd. (South Korea)		0.8
	8.	Tesla, Inc.		0.7
	9.	Wells Fargo & Co.		0.7
	10.	UnitedHealth Group, Inc.		0.6

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Sirius XM Holdings, Inc.		40.0	%
	2.	3M Co.		13.6
	3.	Campbell Soup Co.		13.3
	4.	Intel Corp.		7.7
	5.	Kellogg Co.		5.8
	6.	Alteryx, Inc., Class A		4.1
	7.	Dow, Inc.		3.9
	8.	Conagra Brands, Inc.		3.6
	9.	Cummins, Inc.		2.0
	10.	American Airlines Group, Inc.		2.0

LONG POSITION PORTFOLIO COMPOSITION AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Common Stocks		67.1	%
Corporate Bonds		14.5
Foreign Government Securities		10.1
U.S. Treasury Obligations		1.2
Others (each less than 1.0%)		1.6
Short-Term Investments		5.5

SHORT POSITION PORTFOLIO COMPOSITION AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Common Stocks		100.0	%

* 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 OCTOBER 31, 2021

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2011
With Sales Charge*			19.04	%		8.96	%		8.11	%
Without Sales Charge			24.67			9.97			8.61
CLASS C SHARES	May 31, 2011
With CDSC**			23.02			9.41			8.18
Without CDSC			24.02			9.41			8.18
CLASS I SHARES	May 31, 2011		24.96			10.24			8.88
CLASS R2 SHARES	May 31, 2011		24.16			9.58			8.29
CLASS R3 SHARES	October 1, 2018		24.47			9.88			8.57
CLASS R4 SHARES	October 1, 2018		24.77			10.16			8.84
CLASS R5 SHARES	October 1, 2018		25.00			10.26			8.89
CLASS R6 SHARES	November 1, 2017		25.13			10.35			8.93

* Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

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 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 Global Aggregate Index – (Unhedged USD) and the Global Allocation Composite Benchmark from October 31, 2011 to October 31, 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 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 developed and emerging markets. The MSCI World Index (net of foreign withholding taxes) is a

OCTOBER 31, 2021 J.P. MORGAN FUNDS 5

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

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. 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 OCTOBER 31, 2021

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	17.82%
MSCI World Index (net of foreign withholding taxes)	40.42%
Bloomberg U.S. Aggregate Index (formerly known as Bloomberg Barclays U.S. Aggregate Index)	(0.48)%
Income Builder Composite Benchmark	22.71%
Net Assets as of 10/31/21 (In Thousands)	$13,678,964

INVESTMENT OBJECTIVE**

The JPMorgan Income Builder Fund (the “Fund”) seeks to maximize income while maintaining prospects for capital appreciation.

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

For the twelve months ended October 31, 2021, the Fund’s Class A Shares, without a sales charge, underperformed the MSCI World Index (net of foreign withholding taxes), outperformed the Bloomberg 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 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 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 allocation to developed markets equity 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 the Fund’s 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 financial conditions remained easy. The portfolio managers also sought to balance credit allocations with more conservative exposures, including U.S. Treasury futures.

TOP TEN LONG HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Credit Suisse AG, ELN, 7.00%, 1/26/2022, (linked to Russell 2000 Index)		2.1	%
	2.	Barclays Bank plc, ELN, 6.50%, 12/3/2021, (linked to Russell 2000 Index)		1.0
	3.	Citigroup Global Markets Holdings Inc., ELN, 6.50%, 11/18/2021, (linked to Russell 2000 Index)		1.0
	4.	BNP Paribas SA, ELN, 6.00%, 1/26/2022, (linked to Russell 2000 Index)		1.0
	5.	Royal Bank of Canada, ELN, 6.00%, 12/22/2021, (linked to Russell 2000 Index)		1.0
	6.	BNP Paribas SA, ELN, 7.00%, 2/3/2022, (linked to Russell 2000 Index)		1.0
	7.	Prologis, Inc., REIT		0.6
	8.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		0.5
	9.	Roche Holding AG (Switzerland)		0.5
	10.	Johnson & Johnson		0.5

PORTFOLIO COMPOSITION AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Common Stocks		40.9	%
Corporate Bonds		33.9
Equity-Linked Notes		7.2
Collateralized Mortgage Obligations		4.0
Commercial Mortgage-Backed Securities		3.5
Loan Assignments		2.3
Asset-Backed Securities		1.5
Foreign Government Securities		1.4
Others (each less than 1.0%)		1.6
Short-Term Investments		3.7

* 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.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2007
With Sales Charge*			12.54	%		6.28	%		6.54	%
Without Sales Charge			17.82			7.26			7.03
CLASS C SHARES	May 31, 2007
With CDSC**			16.18			6.72			6.60
Without CDSC			17.18			6.72			6.60
CLASS I SHARES	May 31, 2007		18.08			7.43			7.19
CLASS R6 SHARES	November 1, 2017		18.18			7.51			7.23

* Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (10/31/11 TO 10/31/21)

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 U.S. Aggregate Index and the Income Builder Composite Benchmark from October 31, 2011 to October 31, 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 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 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 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 OCTOBER 31, 2021

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 100.3%
Common Stocks — 67.3%
Argentina — 0.0% (a)
MercadoLibre, Inc. *		2		2,386
Australia — 0.6%
Afterpay Ltd. *		2		205
AGL Energy Ltd.		6		27
Ampol Ltd.		3		58
APA Group		12		75
Aristocrat Leisure Ltd.		6		218
ASX Ltd.		2		124
Aurizon Holdings Ltd.		19		48
AusNet Services Ltd.		19		36
Australia & New Zealand Banking Group Ltd.		29		618
BHP Group Ltd.		30		826
BHP Group plc		341		8,998
BlueScope Steel Ltd.		5		80
Brambles Ltd.		15		113
Cochlear Ltd.		1		111
Coles Group Ltd.		14		176
Commonwealth Bank of Australia		18		1,436
Computershare Ltd.		6		79
Crown Resorts Ltd. *		4		28
CSL Ltd.		5		1,057
Dexus, REIT		11		90
Domino’s Pizza Enterprises Ltd.		1		63
Endeavour Group Ltd.		14		70
Evolution Mining Ltd.		18		50
Fortescue Metals Group Ltd.		17		180
Glencore plc *		102		509
Goodman Group, REIT		17		280
GPT Group (The), REIT		20		77
Insurance Australia Group Ltd.		25		91
LendLease Corp. Ltd.		7		55
Macquarie Group Ltd.		4		518
Magellan Financial Group Ltd.		1		37
Medibank Pvt Ltd.		28		70
Mirvac Group, REIT		40		85
National Australia Bank Ltd.		34		732
Newcrest Mining Ltd.		8		156
Northern Star Resources Ltd.		11		78
Oil Search Ltd.		20		65
Orica Ltd.		4		47
Origin Energy Ltd.		18		68
Qantas Airways Ltd. *		9		38
QBE Insurance Group Ltd.		15		135

INVESTMENTS	SHARES (000)			VALUE ($000)
Australia — continued
Ramsay Health Care Ltd.		2			99
REA Group Ltd.		1			66
Reece Ltd.		3			45
Rio Tinto Ltd.		4			259
Rio Tinto plc		123			7,688
Santos Ltd.		19			100
Scentre Group, REIT		53			121
SEEK Ltd.		3			85
Sonic Healthcare Ltd.		5			141
South32 Ltd.		49			132
Stockland, REIT		24			84
Suncorp Group Ltd.		13			115
Sydney Airport *		13			83
Tabcorp Holdings Ltd.		23			85
Telstra Corp. Ltd.		42			123
Transurban Group		31			316
Treasury Wine Estates Ltd.		7			64
Vicinity Centres, REIT		39			51
Washington H Soul Pattinson & Co. Ltd.		2			54
Wesfarmers Ltd.		12			501
Westpac Banking Corp.		37			729
WiseTech Global Ltd.		1			58
Woodside Petroleum Ltd.		10			172
Woolworths Group Ltd.		13			373
					29,351
Austria — 0.1%
Erste Group Bank AG		96			4,134
Mondi plc		5			122
OMV AG		2			91
Raiffeisen Bank International AG		1			44
Verbund AG		1			73
voestalpine AG		1			45
Wienerberger AG		54			1,905
					6,414
Belgium — 0.4%
Ageas SA		2			87
Anheuser-Busch InBev SA		8			476
Azelis Group NV *		46			1,484
bpost SA *		144			1,235
D’ieteren Group		9			1,523
Elia Group SA/NV (b)		—	(c)		36
Etablissements Franz Colruyt NV		1			27

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Belgium — continued
Groupe Bruxelles Lambert SA		1			134
KBC Group NV		183			17,028
Proximus SADP		2			29
Sofina SA		—	(c)		70
Solvay SA		1			90
UCB SA		1			154
Umicore SA (b)		2			115
					22,488
Brazil — 0.2%
Itau Unibanco Holding SA (Preference)		427			1,767
Localiza Rent a Car SA		173			1,384
Lojas Renner SA		337			1,921
Magazine Luiza SA *		642			1,231
Porto Seguro SA		438			1,824
StoneCo Ltd., Class A * (b)		66			2,235
Suzano SA *		184			1,605
Yara International ASA		2			93
					12,060
Canada — 0.5%
Brookfield Asset Management, Inc., Class A (b)		6			378
Canadian National Railway Co.		71			9,493
Fairfax Financial Holdings Ltd.		5			1,947
TC Energy Corp.		96			5,201
Toronto-Dominion Bank (The)		119			8,626
					25,645
Chile — 0.0% (a)
Antofagasta plc		4			78
Banco Santander Chile		37,999			1,663
					1,741
China — 6.4%
Advanced Micro-Fabrication Equipment, Inc., Class A *		54			1,323
Aier Eye Hospital Group Co. Ltd., Class A		269			2,031
Alibaba Group Holding Ltd. *		1,246			25,618
Amoy Diagnostics Co. Ltd., Class A		23			289
Angel Yeast Co. Ltd., Class A		158			1,376
ANTA Sports Products Ltd.		112			1,738
Bank of Ningbo Co. Ltd., Class A		420			2,500
Beijing Kingsoft Office Software, Inc., Class A		2			74
Beijing Kingsoft Office Software, Inc., Class A		15			679
Bilibili, Inc., ADR * (b)		18			1,345

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
Bilibili, Inc., Class Z *		51		3,707
BOC Hong Kong Holdings Ltd.		38		120
BOE Technology Group Co. Ltd., Class A		4,894		3,755
BTG Hotels Group Co. Ltd., Class A *		268		1,022
Budweiser Brewing Co. APAC Ltd. (d)		791		2,169
Chacha Food Co. Ltd., Class A		115		1,025
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		49		1,748
China Construction Bank Corp., Class H		8,474		5,767
China Merchants Bank Co. Ltd., Class A		719		6,049
China Merchants Bank Co. Ltd., Class H		712		5,967
China Molybdenum Co. Ltd., Class H		1,815		1,122
China Tourism Group Duty Free Corp. Ltd., Class A		59		2,447
Chongqing Brewery Co. Ltd., Class A *		151		3,540
Chongqing Fuling Zhacai Group Co. Ltd., Class A		171		930
Chow Tai Fook Jewellery Group Ltd.		20		41
Contemporary Amperex Technology Co. Ltd., Class A		92		9,244
Country Garden Services Holdings Co. Ltd.		260		2,002
ENN Energy Holdings Ltd.		86		1,475
ESR Cayman Ltd. * (d)		20		65
Flat Glass Group Co. Ltd., Class H		235		1,260
Foshan Haitian Flavouring & Food Co. Ltd., Class A		347		6,353
Fu Jian Anjoy Foods Co. Ltd., Class A		130		4,108
Futu Holdings Ltd., ADR * (b)		1		28
Fuyao Glass Industry Group Co. Ltd., Class A		59		454
Fuyao Glass Industry Group Co. Ltd., Class H (d)		209		1,205
Glodon Co. Ltd., Class A		101		1,165
Guangdong Haid Group Co. Ltd., Class A		119		1,219
Guangzhou Automobile Group Co. Ltd., Class H		3,062		2,890
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		101		1,808
Haier Smart Home Co. Ltd., Class H		1,822		6,786
Hangzhou Tigermed Consulting Co. Ltd., Class A		108		2,879
Han’s Laser Technology Industry Group Co. Ltd., Class A		603		4,039
Hefei Meiya Optoelectronic Technology, Inc., Class		199		1,257
Hongfa Technology Co. Ltd., Class A		139		1,605
Hualan Biological Engineering, Inc., Class A		243		1,128
Huazhu Group Ltd. *		325		1,510
Hundsun Technologies, Inc., Class A		215		2,107

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
China — continued
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,034			6,926
Jade Bird Fire Co. Ltd., Class A		687			3,396
JD.com, Inc., Class A *		151			5,914
Jiangsu Hengli Hydraulic Co. Ltd., Class A		150			1,925
Jiangsu Hengrui Medicine Co. Ltd., Class A		426			3,268
Jiangsu Hengshun Vinegar Industry Co. Ltd., Class A		217			545
Joinn Laboratories China Co. Ltd., Class A		29			713
Joinn Laboratories China Co. Ltd., Class H (d)		22			288
Kangji Medical Holdings Ltd. (b)		1,069			1,212
Kingdee International Software Group Co. Ltd. *		659			2,168
Kunlun Energy Co. Ltd.		2,138			1,947
Kweichow Moutai Co. Ltd., Class A		14			3,875
Laobaixing Pharmacy Chain JSC, Class A		131			895
LONGi Green Energy Technology Co. Ltd., Class A		322			4,909
Maxscend Microelectronics Co. Ltd., Class A		36			1,723
Meituan * (d)		266			9,065
Midea Group Co. Ltd., Class A		155			1,658
Minth Group Ltd.		510			2,027
Montage Technology Co. Ltd., Class A		82			835
NetEase, Inc.		207	��		4,017
NXP Semiconductors NV		92			18,492
Oppein Home Group, Inc., Class A		159			3,153
Pharmaron Beijing Co. Ltd., Class H (d)		73			1,586
Ping An Bank Co. Ltd., Class A		2,100			6,388
Ping An Insurance Group Co. of China Ltd., Class A		251			1,932
Ping An Insurance Group Co. of China Ltd., Class H		574			4,108
Poly Developments and Holdings Group Co. Ltd., Class A		1,055			2,068
Prosus NV *		10			839
Proya Cosmetics Co. Ltd., Class A		36			1,119
Qingdao Haier Biomedical Co. Ltd., Class A		23			337
Qingdao Haier Biomedical Co. Ltd., Class A		9			134
Sangfor Technologies, Inc., Class A		49			1,557
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		200			780
Shanghai Baosight Software Co. Ltd., Class A		327			3,581
Shanghai Liangxin Electrical Co. Ltd., Class A		641			1,630
Shanghai M&G Stationery, Inc., Class A		75			740
Shanghai Putailai New Energy Technology Co. Ltd., Class A		39			1,075
Shenzhen Inovance Technology Co. Ltd., Class A		220			2,240

INVESTMENTS	SHARES (000)			VALUE ($000)
China — continued
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		70			4,073
Shenzhou International Group Holdings Ltd.		91			1,961
Silergy Corp.		13			2,148
SITC International Holdings Co. Ltd.		13			44
Skshu Paint Co. Ltd., Class A		72			1,247
StarPower Semiconductor Ltd., Class A		8			488
StarPower Semiconductor Ltd., Class A		3			162
Sunny Optical Technology Group Co. Ltd.		116			3,113
Tencent Holdings Ltd.		497			30,220
Tongwei Co. Ltd., Class A		769			6,853
Trip.com Group Ltd., ADR *		57			1,642
Venustech Group, Inc., Class A		174			692
Wanhua Chemical Group Co. Ltd., Class A		336			5,548
Will Semiconductor Co. Ltd., Class A		32			1,332
Wilmar International Ltd.		19			62
Wuliangye Yibin Co. Ltd., Class A		189			6,370
Wuxi Biologics Cayman, Inc. * (d)		405			6,135
Xinyi Solar Holdings Ltd.		1,308			2,717
XPeng, Inc., ADR * (b)		29			1,352
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		206			1,636
Yonyou Network Technology Co. Ltd., Class A		194			962
Yunnan Energy New Material Co. Ltd.		111			5,070
Zai Lab Ltd. *		11			1,172
Zhejiang Dingli Machinery Co. Ltd., Class A		103			1,096
					326,129
Denmark — 1.2%
Ambu A/S, Class B		2			47
AP Moller — Maersk A/S, Class A (b)		—	(c)		91
AP Moller — Maersk A/S, Class B		—	(c)		171
Carlsberg A/S, Class B		37			6,072
Chr Hansen Holding A/S (b)		1			85
Coloplast A/S, Class B		1			198
Danske Bank A/S		7			118
Demant A/S *		1			53
DSV A/S		2			478
Genmab A/S *		1			297
GN Store Nord A/S		1			79
Novo Nordisk A/S, Class B		377			41,390
Novozymes A/S, Class B		2			156
Orsted A/S (b) (d)		46			6,430
Pandora A/S		17			2,403

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Denmark — continued
Rockwool International A/S, Class B		—	(c)		40
Royal Unibrew A/S		21			2,631
Tryg A/S		4			87
Vestas Wind Systems A/S		10			445
					61,271
Finland — 0.6%
Cargotec OYJ, Class B		39			2,030
Elisa OYJ		1			87
Fortum OYJ		5			135
Kesko OYJ, Class B		3			90
Kone OYJ, Class B		77			5,248
Neste OYJ		4			240
Nokia OYJ *		813			4,665
Nordea Bank Abp		992			12,145
Orion OYJ, Class B		1			46
QT Group OYJ *		19			3,016
Sampo OYJ, Class A (b)		5			271
Stora Enso OYJ, Class R		6			99
UPM-Kymmene OYJ		5			192
Wartsila OYJ Abp (b)		5			67
					28,331
France — 2.5%
Accor SA *		2			66
Adevinta ASA *		3			46
Aeroports de Paris *		—	(c)		40
Air Liquide SA		5			805
Airbus SE *		146			18,725
Alstom SA		3			115
Amundi SA (d)		1			55
Arkema SA		1			95
Atos SE		1			52
AXA SA		20			575
BioMerieux		—	(c)		53
BNP Paribas SA		89			5,981
Bollore SA		9			52
Bouygues SA		2			93
Bureau Veritas SA		3			94
Capgemini SE		70			16,417
Carrefour SA		6			113
Cie de Saint-Gobain		5			357
Cie Generale des Etablissements Michelin SCA		2			272
CNP Assurances		2			43

INVESTMENTS	SHARES (000)			VALUE ($000)
France — continued
Covivio, REIT		1			45
Credit Agricole SA		192			2,894
Danone SA		7			435
Dassault Aviation SA		—	(c)		27
Dassault Systemes SE		7			396
Edenred		3			136
Eiffage SA		1			90
Electricite de France SA		5			70
Engie SA		19			265
EssilorLuxottica SA		3			601
Eurazeo SE		—	(c)		37
Faurecia SE		1			63
Gecina SA, REIT		—	(c)		65
Getlink SE		4			69
Hermes International		—	(c)		515
Ipsen SA		—	(c)		39
Kering SA		1			575
Klepierre SA, REIT		2			50
La Francaise des Jeux SAEM (d)		52			2,721
Legrand SA		3			298
L’Oreal SA		21			9,544
LVMH Moet Hennessy Louis Vuitton SE		26			20,664
Orange SA		20			222
Orpea SA		1			55
Pernod Ricard SA		2			491
Publicis Groupe SA		2			153
Remy Cointreau SA		—	(c)		46
Renault SA *		2			70
Safran SA		68			9,131
Sanofi		12			1,163
Sartorius Stedim Biotech		—	(c)		155
SCOR SE		2			54
SEB SA		—	(c)		44
Societe Generale SA		317			10,581
Sodexo SA *		1			87
Suez SA		4			82
Teleperformance		1			250
Thales SA		1			101
TotalEnergies SE		26			1,277
Ubisoft Entertainment SA *		1			49
Unibail-Rodamco-Westfield, REIT *		1			93
Valeo		2			68
Veolia Environnement SA		7			219

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
France — continued
Vinci SA		188			20,151
Vivendi SE		7			96
Wendel SE		—	(c)		36
Worldline SA * (d)		2			141
					128,463
Germany — 2.3%
adidas AG		65			21,384
Allianz SE (Registered)		112			25,941
Aroundtown SA		10			70
BASF SE		9			673
Bayer AG (Registered)		10			565
Bayerische Motoren Werke AG		3			341
Bayerische Motoren Werke AG (Preference)		1			50
Bechtle AG		1			62
Beiersdorf AG		1			109
Brenntag SE		2			150
Carl Zeiss Meditec AG		—	(c)		82
Commerzbank AG *		10			74
Continental AG *		1			132
Covestro AG (d)		2			126
Daimler AG (Registered)		51			5,023
Deutsche Bank AG (Registered) *		21			270
Deutsche Boerse AG		18			2,975
Deutsche Lufthansa AG (Registered) *		6			40
Deutsche Post AG (Registered)		149			9,210
Deutsche Telekom AG (Registered)		245			4,549
Deutsche Wohnen SE *		3			214
DWS Group GmbH & Co. KGaA (d)		30			1,286
E.ON SE		23			288
Eckert & Ziegler Strahlen- und Medizintechnik AG		19			2,820
Evonik Industries AG		2			69
Fresenius Medical Care AG & Co. KGaA		2			143
Fresenius SE & Co. KGaA		4			192
FUCHS PETROLUB SE (Preference)		1			34
GEA Group AG		2			76
Hannover Rueck SE		1			111
HeidelbergCement AG		2			113
HelloFresh SE *		2			136
Henkel AG & Co. KGaA		1			88
Henkel AG & Co. KGaA (Preference)		2			162
Infineon Technologies AG		13			623
Jungheinrich AG (Preference)		54			2,713
KION Group AG		1			80

INVESTMENTS	SHARES (000)			VALUE ($000)
Germany — continued
Knorr-Bremse AG		1			77
LANXESS AG		1			57
LEG Immobilien SE		1			108
Merck KGaA		1			311
MTU Aero Engines AG		1			119
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		15			4,464
Nemetschek SE		1			67
Porsche Automobil Holding SE (Preference)		2			163
Puma SE		1			132
Rational AG		—	(c)		52
RWE AG		102			3,937
SAP SE		11			1,544
Sartorius AG (Preference)		—	(c)		183
Schaeffler AG (Preference)		197			1,569
Scout24 SE (d)		1			63
Siemens AG (Registered)		38			6,215
Siemens Energy AG *		4			116
Siemens Healthineers AG (d)		3			191
Symrise AG		1			181
TeamViewer AG * (d)		2			24
Telefonica Deutschland Holding AG		11			27
Uniper SE		1			57
United Internet AG (Registered)		1			40
VERBIO Vereinigte BioEnergie AG (b)		27			2,165
Volkswagen AG		—	(c)		108
Volkswagen AG (Preference)		74			16,525
Vonovia SE		6			338
Zalando SE * (d)		2			217
					120,024
Greece — 0.0% (a)
Hellenic Telecommunications Organization SA		98			1,746
Hong Kong — 0.6%
AIA Group Ltd.		1,473			16,506
CK Asset Holdings Ltd.		21			132
CK Infrastructure Holdings Ltd.		7			39
CLP Holdings Ltd.		17			166
Hang Lung Properties Ltd.		20			46
Hang Seng Bank Ltd.		8			148
Henderson Land Development Co. Ltd. (b)		15			63
HK Electric Investments & HK Electric Investments Ltd. (d)		27			27
HKT Trust & HKT Ltd.		39			53

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Hong Kong — continued
Hong Kong & China Gas Co. Ltd. (b)		113			176
Hong Kong Exchanges & Clearing Ltd.		159			9,572
Hongkong Land Holdings Ltd.		12			65
Jardine Matheson Holdings Ltd.		2			128
Link, REIT		21			185
Melco Resorts & Entertainment Ltd., ADR *		2			24
MTR Corp. Ltd.		16			85
New World Development Co. Ltd.		16			67
Power Assets Holdings Ltd. (b)		15			89
Sino Land Co. Ltd.		34			45
Sun Hung Kai Properties Ltd.		14			179
Swire Pacific Ltd., Class A		5			31
Swire Properties Ltd.		12			32
Techtronic Industries Co. Ltd.		140			2,866
WH Group Ltd. (d)		85			59
Wharf Real Estate Investment Co. Ltd.		17			96
Xinyi Glass Holdings Ltd.		18			51
					30,930
India — 0.6%
HDFC Bank Ltd., ADR		365			26,234
Infosys Ltd., ADR		289			6,436
					32,670
Indonesia — 0.4%
Bank Central Asia Tbk. PT		27,324			14,448
Bank Rakyat Indonesia Persero Tbk. PT		15,060			4,521
					18,969
Ireland — 0.1%
CRH plc		8			382
Flutter Entertainment plc *		2			322
Kerry Group plc, Class A		1			198
Kerry Group plc, Class A		—	(c)		20
Kingspan Group plc		1			164
Kingspan Group plc		—	(c)		17
Ryanair Holdings plc, ADR *		56			6,413
Smurfit Kappa Group plc		3			131
					7,647
Israel — 0.0% (a)
Azrieli Group Ltd.		—	(c)		40
Bank Hapoalim BM		12			114
Bank Leumi Le-Israel BM		15			141
Check Point Software Technologies Ltd. *		1			137

INVESTMENTS	SHARES (000)			VALUE ($000)
Israel — continued
Elbit Systems Ltd.		—	(c)		42
ICL Group Ltd.		7			61
Israel Discount Bank Ltd., Class A *		12			71
Mizrahi Tefahot Bank Ltd.		1			52
Nice Ltd. *		1			182
Teva Pharmaceutical Industries Ltd., ADR *		11			98
Wix.com Ltd. *		1			107
					1,045
Italy — 0.4%
Amplifon SpA		1			64
Assicurazioni Generali SpA		11			246
Atlantia SpA *		5			98
Davide Campari-Milano NV		6			83
DiaSorin SpA		—	(c)		58
Enel SpA		83			695
Eni SpA		26			368
Ferrari NV		14			3,339
Ferrari NV		1			305
FinecoBank Banca Fineco SpA *		6			119
Infrastrutture Wireless Italiane SpA (d)		3			38
Intesa Sanpaolo SpA (b)		1,410			4,007
Mediobanca Banca di Credito Finanziario SpA *		6			76
Moncler SpA		2			151
Nexi SpA * (d)		4			78
Poste Italiane SpA (d)		5			75
Prysmian SpA		3			98
Recordati Industria Chimica e Farmaceutica SpA		1			66
Snam SpA		21			116
Telecom Italia SpA		61			23
Telecom Italia SpA		101			36
Terna — Rete Elettrica Nazionale		14			107
UniCredit SpA		793			10,485
					20,731
Japan — 1.4%
ABC-Mart, Inc.		—	(c)		19
Acom Co. Ltd.		4			13
Advantest Corp.		2			172
Aeon Co. Ltd.		7			152
AGC, Inc.		2			100
Aisin Corp.		2			62
Ajinomoto Co., Inc.		5			141
ANA Holdings, Inc. *		2			40

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Asahi Group Holdings Ltd.		5			209
Asahi Intecc Co. Ltd.		2			53
Asahi Kasei Corp.		13			133
Astellas Pharma, Inc.		19			317
Azbil Corp.		1			55
Bandai Namco Holdings, Inc.		2			153
Bridgestone Corp.		6			261
Brother Industries Ltd.		2			44
Canon, Inc.		10			232
Capcom Co. Ltd.		2			48
Casio Computer Co. Ltd.		2			28
Central Japan Railway Co.		2			223
Chiba Bank Ltd. (The)		5			34
Chubu Electric Power Co., Inc.		7			67
Chugai Pharmaceutical Co. Ltd.		7			254
Concordia Financial Group Ltd.		11			44
Cosmos Pharmaceutical Corp.		—	(c)		31
CyberAgent, Inc.		4			69
Dai Nippon Printing Co. Ltd.		2			57
Daifuku Co. Ltd.		1			92
Dai-ichi Life Holdings, Inc.		11			223
Daiichi Sankyo Co. Ltd.		18			449
Daikin Industries Ltd.		3			548
Daito Trust Construction Co. Ltd.		1			87
Daiwa House Industry Co. Ltd.		6			188
Daiwa House REIT Investment Corp., REIT		—	(c)		63
Daiwa Securities Group, Inc.		15			82
Denso Corp.		4			319
Dentsu Group, Inc.		2			80
Disco Corp.		—	(c)		81
East Japan Railway Co.		3			193
Eisai Co. Ltd.		3			177
ENEOS Holdings, Inc.		31			125
FANUC Corp.		2			395
Fast Retailing Co. Ltd.		1			398
Fuji Electric Co. Ltd.		1			64
FUJIFILM Holdings Corp.		4			286
Fujitsu Ltd.		2			346
GLP J-REIT, REIT		—	(c)		69
GMO Payment Gateway, Inc.		—	(c)		51
Hakuhodo DY Holdings, Inc.		2			36
Hamamatsu Photonics KK		2			89
Hankyu Hanshin Holdings, Inc.		2			74

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Harmonic Drive Systems, Inc.		1			23
Hikari Tsushin, Inc.		—	(c)		31
Hino Motors Ltd.		3			27
Hirose Electric Co. Ltd.		—	(c)		50
Hisamitsu Pharmaceutical Co., Inc.		1			20
Hitachi Construction Machinery Co. Ltd.		1			35
Hitachi Ltd.		10			565
Hitachi Metals Ltd. *		2			42
Honda Motor Co. Ltd.		156			4,626
Hoshizaki Corp.		1			50
Hoya Corp.		4			559
Hulic Co. Ltd.		4			40
Ibiden Co. Ltd.		1			72
Idemitsu Kosan Co. Ltd.		2			55
Iida Group Holdings Co. Ltd.		2			37
Inpex Corp.		10			87
Isuzu Motors Ltd.		6			81
Ito En Ltd.		1			33
ITOCHU Corp.		12			348
Itochu Techno-Solutions Corp.		1			32
Japan Airlines Co. Ltd. *		1			30
Japan Exchange Group, Inc.		5			123
Japan Metropolitan Fund Invest, REIT		—	(c)		65
Japan Post Bank Co. Ltd.		4			31
Japan Post Holdings Co. Ltd. *		25			191
Japan Post Insurance Co. Ltd.		2			37
Japan Real Estate Investment Corp., REIT		—	(c)		80
Japan Tobacco, Inc.		12			241
JFE Holdings, Inc.		5			78
JSR Corp.		2			76
Kajima Corp.		5			55
Kakaku.com, Inc.		2			50
Kansai Electric Power Co., Inc. (The)		7			65
Kansai Paint Co. Ltd.		2			42
Kao Corp.		5			277
KDDI Corp.		16			502
Keio Corp.		1			56
Keisei Electric Railway Co. Ltd.		1			42
Keyence Corp.		14			8,692
Kikkoman Corp.		2			123
Kintetsu Group Holdings Co. Ltd. *		2			57
Kirin Holdings Co. Ltd.		8			144
Kobayashi Pharmaceutical Co. Ltd.		1			56

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Kobe Bussan Co. Ltd.		1			45
Koei Tecmo Holdings Co. Ltd.		1			28
Koito Manufacturing Co. Ltd.		1			62
Komatsu Ltd.		9			228
Konami Holdings Corp.		1			55
Kose Corp.		—	(c)		35
Kubota Corp.		10			222
Kurita Water Industries Ltd.		1			49
Kyocera Corp.		3			187
Kyowa Kirin Co. Ltd.		119			3,914
Lasertec Corp.		1			174
Lawson, Inc.		1			24
Lion Corp.		2			38
Lixil Corp.		3			69
M3, Inc.		5			265
Makita Corp.		2			107
Marubeni Corp.		17			142
Mazda Motor Corp. *		6			51
McDonald’s Holdings Co. Japan Ltd.		1			40
Medipal Holdings Corp.		2			34
MEIJI Holdings Co. Ltd.		1			76
Mercari, Inc. *		1			60
MINEBEA MITSUMI, Inc.		4			94
MISUMI Group, Inc.		3			121
Mitsubishi Chemical Holdings Corp.		13			108
Mitsubishi Corp.		13			407
Mitsubishi Electric Corp.		18			247
Mitsubishi Estate Co. Ltd.		12			184
Mitsubishi Gas Chemical Co., Inc.		2			32
Mitsubishi HC Capital, Inc.		7			34
Mitsubishi Heavy Industries Ltd.		3			84
Mitsubishi UFJ Financial Group, Inc.		125			683
Mitsui & Co. Ltd.		16			359
Mitsui Chemicals, Inc.		2			57
Mitsui Fudosan Co. Ltd.		9			213
Miura Co. Ltd.		1			35
Mizuho Financial Group, Inc.		24			322
MonotaRO Co. Ltd.		2			55
MS&AD Insurance Group Holdings, Inc.		5			149
Murata Manufacturing Co. Ltd.		6			438
Nabtesco Corp.		1			39
NEC Corp.		3			133
Nexon Co. Ltd.		5			85

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
NGK Insulators Ltd.		3			43
NH Foods Ltd.		1			28
Nidec Corp.		5			510
Nihon M&A Center Holdings, Inc.		3			95
Nintendo Co. Ltd.		1			486
Nippon Building Fund, Inc., REIT		—	(c)		104
Nippon Express Co. Ltd.		1			44
Nippon Paint Holdings Co. Ltd.		7			77
Nippon Prologis REIT, Inc., REIT		—	(c)		70
Nippon Sanso Holdings Corp.		2			35
Nippon Shinyaku Co. Ltd.		1			48
Nippon Steel Corp.		9			154
Nippon Telegraph & Telephone Corp.		13			367
Nippon Yusen KK		2			115
Nissan Chemical Corp.		1			72
Nissan Motor Co. Ltd. *		23			119
Nisshin Seifun Group, Inc.		2			32
Nissin Foods Holdings Co. Ltd.		1			46
Nitori Holdings Co. Ltd.		1			147
Nitto Denko Corp.		2			117
Nomura Holdings, Inc.		32			151
Nomura Real Estate Holdings, Inc.		1			29
Nomura Real Estate Master Fund, Inc., REIT		—	(c)		64
Nomura Research Institute Ltd.		4			140
NSK Ltd.		4			24
NTT Data Corp.		6			128
Obayashi Corp.		7			56
Obic Co. Ltd.		1			129
Odakyu Electric Railway Co. Ltd.		3			65
Oji Holdings Corp.		8			41
Olympus Corp.		12			256
Omron Corp.		2			182
Ono Pharmaceutical Co. Ltd.		4			80
Oracle Corp.		—	(c)		38
Oriental Land Co. Ltd.		2			316
ORIX Corp.		13			252
Orix JREIT, Inc., REIT		—	(c)		43
Osaka Gas Co. Ltd.		4			61
Otsuka Corp.		1			59
Otsuka Holdings Co. Ltd.		4			158
Pan Pacific International Holdings Corp.		4			86
Panasonic Corp.		22			276
PeptiDream, Inc. *		1			27

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Persol Holdings Co. Ltd.		2			48
Pigeon Corp.		1			28
Pola Orbis Holdings, Inc.		1			19
Rakuten Group, Inc.		9			95
Recruit Holdings Co. Ltd.		14			925
Renesas Electronics Corp. *		13			156
Resona Holdings, Inc.		22			81
Ricoh Co. Ltd.		7			66
Rinnai Corp.		—	(c)		41
Rohm Co. Ltd.		1			82
Ryohin Keikaku Co. Ltd.		2			47
Santen Pharmaceutical Co. Ltd.		4			51
SBI Holdings, Inc.		3			67
SCSK Corp.		2			30
Secom Co. Ltd.		2			150
Seiko Epson Corp.		3			50
Sekisui Chemical Co. Ltd.		4			62
Sekisui House Ltd.		6			129
Seven & i Holdings Co. Ltd.		8			319
SG Holdings Co. Ltd.		3			83
Sharp Corp.		2			26
Shimadzu Corp.		2			98
Shimano, Inc.		1			223
Shimizu Corp.		6			41
Shin-Etsu Chemical Co. Ltd.		4			642
Shionogi & Co. Ltd.		3			176
Shiseido Co. Ltd.		4			274
Shizuoka Bank Ltd. (The)		4			34
SMC Corp.		9			5,610
SoftBank Corp.		29			396
SoftBank Group Corp.		12			671
Sohgo Security Services Co. Ltd.		1			34
Sompo Holdings, Inc.		3			143
Sony Group Corp.		91			10,514
Square Enix Holdings Co. Ltd.		1			55
Stanley Electric Co. Ltd.		1			33
Subaru Corp.		6			124
SUMCO Corp.		3			65
Sumitomo Chemical Co. Ltd.		15			74
Sumitomo Corp.		11			162
Sumitomo Dainippon Pharma Co. Ltd.		2			27
Sumitomo Electric Industries Ltd.		8			101
Sumitomo Metal Mining Co. Ltd.		3			101

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Sumitomo Mitsui Financial Group, Inc.		13			432
Sumitomo Mitsui Trust Holdings, Inc.		4			115
Sumitomo Realty & Development Co. Ltd.		3			112
Suntory Beverage & Food Ltd.		1			54
Suzuki Motor Corp.		4			169
Sysmex Corp.		2			211
T&D Holdings, Inc.		5			69
Taisei Corp.		2			63
Taisho Pharmaceutical Holdings Co. Ltd.		—	(c)		16
Takeda Pharmaceutical Co. Ltd.		16			452
TDK Corp.		4			142
Terumo Corp.		7			291
THK Co. Ltd.		1			26
TIS, Inc.		2			63
Tobu Railway Co. Ltd.		2			47
Toho Co. Ltd.		1			52
Toho Gas Co. Ltd.		1			24
Tohoku Electric Power Co., Inc.		4			28
Tokio Marine Holdings, Inc.		6			337
Tokyo Century Corp.		1			29
Tokyo Electric Power Co. Holdings, Inc. *		15			40
Tokyo Electron Ltd.		2			699
Tokyo Gas Co. Ltd.		4			66
Tokyu Corp.		5			71
TOPPAN, Inc.		3			42
Toray Industries, Inc.		14			87
Toshiba Corp.		4			177
Tosoh Corp.		3			44
TOTO Ltd.		2			73
Toyo Suisan Kaisha Ltd.		1			39
Toyota Industries Corp.		2			128
Toyota Motor Corp.		108			1,906
Toyota Tsusho Corp.		2			91
Trend Micro, Inc.		1			79
Tsuruha Holdings, Inc.		—	(c)		49
Unicharm Corp.		4			166
United Urban Investment Corp., REIT		—	(c)		37
USS Co. Ltd.		2			35
Welcia Holdings Co. Ltd.		1			41
West Japan Railway Co.		2			104
Yakult Honsha Co. Ltd.		1			66
Yamada Holdings Co. Ltd.		7			28
Yamaha Corp.		1			88

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Yamaha Motor Co. Ltd.		3			84
Yamato Holdings Co. Ltd.		3			71
Yaskawa Electric Corp.		3			108
Yokogawa Electric Corp.		2			46
Z Holdings Corp.		27			166
ZOZO, Inc.		1			35
					70,157
Jordan — 0.0% (a)
Hikma Pharmaceuticals plc		2			57
Luxembourg — 0.1%
ArcelorMittal SA		100			3,396
Eurofins Scientific SE		1			161
					3,557
Macau — 0.0% (a)
Galaxy Entertainment Group Ltd. *		23			124
Sands China Ltd. *		437			996
SJM Holdings Ltd. *		21			16
Wynn Macau Ltd. *		16			14
					1,150
Mexico — 0.4%
America Movil SAB de CV, Series L		2,573			2,290
Grupo Aeroportuario del Pacifico SAB de CV, Class B * (b)		232			2,930
Grupo Aeroportuario del Sureste SAB de CV, ADR (b)		14			2,889
Grupo Financiero Banorte SAB de CV, Class O		735			4,643
Wal-Mart de Mexico SAB de CV		2,942			10,251
					23,003
Netherlands — 0.9%
ABN AMRO Bank NV, CVA (d)		4			63
Adyen NV * (d)		1			3,587
Aegon NV		18			92
Akzo Nobel NV		2			224
Argenx SE *		—	(c)		15
Argenx SE *		—	(c)		124
ASM International NV		12			5,558
ASML Holding NV		25			20,405
EXOR NV		1			104
Heineken Holding NV		1			108
Heineken NV		3			290
ING Groep NV		40			602

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — continued
JDE Peet’s NV		1		22
Koninklijke Ahold Delhaize NV		226		7,368
Koninklijke DSM NV		2		390
Koninklijke KPN NV		36		108
Koninklijke Philips NV		9		438
Koninklijke Vopak NV (b)		1		28
NN Group NV		74		3,934
Randstad NV		1		86
Royal Dutch Shell plc, Class A		42		959
Royal Dutch Shell plc, Class B		38		866
Universal Music Group NV		7		216
Wolters Kluwer NV		3		283
				45,870
New Zealand — 0.0% (a)
a2 Milk Co. Ltd. (The) * (b)		8		35
Auckland International Airport Ltd. *		13		73
Fisher & Paykel Healthcare Corp. Ltd.		6		132
Mercury NZ Ltd.		7		30
Meridian Energy Ltd.		13		46
Ryman Healthcare Ltd.		4		45
Spark New Zealand Ltd.		19		63
Xero Ltd. *		1		155
				579
Norway — 0.1%
DNB Bank ASA		9		225
Equinor ASA		96		2,437
Gjensidige Forsikring ASA		2		51
Mowi ASA		4		130
Norsk Hydro ASA		14		101
Orkla ASA		8		74
Schibsted ASA, Class A		1		39
Schibsted ASA, Class B		1		45
Telenor ASA		7		113
				3,215
Peru — 0.1%
Credicorp Ltd.		40		5,197
Poland — 0.1%
Allegro.eu SA * (d)		144		1,633
Dino Polska SA * (d)		20		1,788
InPost SA *		2		29
				3,450

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Portugal — 0.0% (a)
EDP - Energias de Portugal SA		28		160
Galp Energia SGPS SA		5		53
Jeronimo Martins SGPS SA		3		58
				271
Russia — 0.8%
Alrosa PJSC		1,014		1,789
Coca-Cola HBC AG *		2		70
Evraz plc		5		44
Fix Price Group Ltd., GDR (e)		190		1,641
Fix Price Group Ltd., GDR (d)		49		429
Gazprom PJSC		868		4,276
LUKOIL PJSC, ADR		60		6,165
Magnitogorsk Iron & Steel Works PJSC		2,794		2,611
Rosneft Oil Co. PJSC, GDR (d)		304		2,705
Sberbank of Russia PJSC, ADR		429		8,619
Sberbank of Russia PJSC		899		4,523
Sberbank of Russia PJSC		808		4,067
Severstal PAO, GDR (d)		109		2,497
X5 Retail Group NV, GDR (d)		76		2,584
				42,020
Singapore — 0.2%
Ascendas, REIT		34		78
CapitaLand Integrated Commercial Trust, REIT		50		79
Capitaland Investment Ltd. *		27		69
City Developments Ltd.		5		25
DBS Group Holdings Ltd.		271		6,326
Genting Singapore Ltd.		61		35
Keppel Corp. Ltd.		15		59
Mapletree Commercial Trust, REIT		22		35
Mapletree Logistics Trust, REIT		31		46
Oversea-Chinese Banking Corp. Ltd.		34		300
Singapore Airlines Ltd. *		14		52
Singapore Exchange Ltd.		8		58
Singapore Technologies Engineering Ltd.		16		45
Singapore Telecommunications Ltd.		84		156
United Overseas Bank Ltd.		12		240
UOL Group Ltd.		5		25
Venture Corp. Ltd.		3		40
				7,668
South Africa — 0.4%
Anglo American plc		221		8,418
Bid Corp. Ltd.		103		2,208

INVESTMENTS	SHARES (000)		VALUE ($000)
South Africa — continued
Capitec Bank Holdings Ltd.		20		2,248
Clicks Group Ltd.		134		2,450
FirstRand Ltd.		567		2,155
Naspers Ltd., Class N		11		1,939
				19,418
South Korea — 1.5%
Delivery Hero SE * (d)		48		6,048
JYP Entertainment Corp.		53		2,401
Kakao Pay Corp. *		16		1,257
Kia Corp.		26		1,882
KIWOOM Securities Co. Ltd.		16		1,407
LG Chem Ltd.		8		5,654
LG Household & Health Care Ltd.		2		1,555
NCSoft Corp.		3		1,673
Samsung Electronics Co. Ltd.		690		41,328
Shinhan Financial Group Co. Ltd.		81		2,651
SK Hynix, Inc.		60		5,297
S-Oil Corp.		40		3,503
				74,656
Spain — 0.4%
ACS Actividades de Construccion y Servicios SA		3		66
Aena SME SA * (d)		1		124
Amadeus IT Group SA *		5		307
Banco Bilbao Vizcaya Argentaria SA		68		475
Banco Santander SA		177		670
CaixaBank SA		45		130
Cellnex Telecom SA (d)		5		319
Corp. ACCIONA Energias Renovables SA *		59		2,052
EDP Renovaveis SA		3		82
Enagas SA		3		57
Endesa SA		3		74
Ferrovial SA		5		157
Fluidra SA		58		2,229
Grifols SA		3		69
Iberdrola SA		950		11,219
Industria de Diseno Textil SA		11		403
Naturgy Energy Group SA		2		51
Red Electrica Corp. SA		4		91
Repsol SA		15		194
Siemens Gamesa Renewable Energy SA *		2		65
Telefonica SA		53		231
				19,065

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Sweden — 0.7%
Alfa Laval AB		3			138
Assa Abloy AB, Class B		10			299
Atlas Copco AB, Class A		112			7,227
Atlas Copco AB, Class B		4			214
Boliden AB		3			98
Electrolux AB, Class B		2			52
Embracer Group AB *		5			49
Epiroc AB, Class A		7			166
Epiroc AB, Class B		4			84
EQT AB		3			160
Essity AB, Class B		6			199
Evolution AB (d)		2			281
Fastighets AB Balder, Class B *		1			78
H & M Hennes & Mauritz AB, Class B (b)		8			151
Hemnet Group AB *		80			1,602
Hexagon AB, Class B		20			320
Husqvarna AB, Class B		4			60
ICA Gruppen AB		1			53
Industrivarden AB, Class A (b)		9			312
Industrivarden AB, Class C		2			52
Investment AB Latour, Class B		1			54
Investor AB, Class B *		—	(c)		1
Investor AB, Class B		19			428
Kinnevik AB, Class B *		2			97
L E Lundbergforetagen AB, Class B		1			44
Lundin Energy AB		2			80
Nibe Industrier AB, Class B		15			216
Sandvik AB		12			292
Securitas AB, Class B		3			52
Sinch AB * (d)		5			98
Skandinaviska Enskilda Banken AB, Class A		17			259
Skanska AB, Class B		3			88
SKF AB, Class B		4			89
Svenska Cellulosa AB SCA, Class B		6			96
Svenska Handelsbanken AB, Class A		544			6,241
Swedbank AB, Class A		9			200
Swedish Match AB		16			144
Tele2 AB, Class B		5			71
Telefonaktiebolaget LM Ericsson, Class B		29			322
Telia Co. AB (b)		27			107
Volvo AB, Class A		2			48
Volvo AB, Class B		693			16,167
					36,789

INVESTMENTS	SHARES (000)			VALUE ($000)
Switzerland — 2.1%
ABB Ltd. (Registered)		18			604
Adecco Group AG (Registered)		2			79
Alcon, Inc.		5			422
Baloise Holding AG (Registered)		—	(c)		75
Banque Cantonale Vaudoise (Registered)		—	(c)		24
Barry Callebaut AG (Registered)		—	(c)		83
Chocoladefabriken Lindt & Spruengli AG		—	(c)		130
Chocoladefabriken Lindt & Spruengli AG (Registered)		—	(c)		120
Cie Financiere Richemont SA (Registered)		28			3,480
Clariant AG (Registered) *		2			38
Credit Suisse Group AG (Registered)		26			271
EMS-Chemie Holding AG (Registered)		—	(c)		78
Geberit AG (Registered)		—	(c)		294
Givaudan SA (Registered)		—	(c)		452
Holcim Ltd. *		53			2,652
Interroll Holding AG (Registered)		—	(c)		1,912
Julius Baer Group Ltd.		2			163
Kuehne + Nagel International AG (Registered)		1			175
Logitech International SA (Registered)		32			2,637
Lonza Group AG (Registered)		9			7,423
Nestle SA (Registered)		238			31,380
Novartis AG (Registered)		88			7,306
Partners Group Holding AG		—	(c)		404
Roche Holding AG		36			14,101
Roche Holding AG		—	(c)		139
Schindler Holding AG		10			2,556
Schindler Holding AG (Registered)		—	(c)		52
SGS SA (Registered)		2			5,877
Sika AG (Registered)		1			487
Sonova Holding AG (Registered)		1			232
STMicroelectronics NV		7			330
Straumann Holding AG (Registered)		—	(c)		219
Swatch Group AG (The)		—	(c)		80
Swatch Group AG (The) (Registered)		1			28
Swiss Life Holding AG (Registered)		—	(c)		179
Swiss Prime Site AG (Registered)		1			78
Swisscom AG (Registered)		—	(c)		143
Swissquote Group Holding SA (Registered)		8			1,612
Temenos AG (Registered)		1			103
UBS Group AG (Registered)		37			680
Vifor Pharma AG		—	(c)		64
Zehnder Group AG		24			2,609

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Switzerland — continued
Zurich Insurance Group AG		35		15,694
				105,465
Taiwan — 1.7%
Advantech Co. Ltd.		216		2,828
AU Optronics Corp.		3,841		2,640
Chailease Holding Co. Ltd.		437		4,183
Eclat Textile Co. Ltd.		110		2,404
Global Unichip Corp.		101		2,180
Hiwin Technologies Corp.		159		1,767
Realtek Semiconductor Corp.		138		2,482
Sea Ltd., ADR * (b)		35		12,131
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		274		31,107
Taiwan Semiconductor Manufacturing Co. Ltd.		952		20,202
Taiwan Union Technology Corp.		475		1,638
Wiwynn Corp.		63		2,018
				85,580
Tanzania, United Republic of — 0.0% (a)
AngloGold Ashanti Ltd.		46		846
Thailand — 0.2%
PTT Exploration & Production PCL		1,414		5,001
Siam Commercial Bank PCL (The)		494		1,877
Thai Oil PCL		1,693		2,840
				9,718
Turkey — 0.1%
BIM Birlesik Magazalar A/S		221		1,427
D-MARKET Elektronik Hizmetler ve Ticaret A/S, ADR *		210		954
Turk Telekomunikasyon A/S		2,383		1,866
				4,247
United Arab Emirates — 0.0% (a)
NMC Health plc * ‡		3		—
United Kingdom — 1.8%
3i Group plc		10		184
abrdn plc		22		77
Admiral Group plc		2		76
Ashtead Group plc		5		382
Associated British Foods plc		4		88
AstraZeneca plc		16		1,978
Auto Trader Group plc (d)		10		81
AVEVA Group plc		1		60

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
Aviva plc		40		216
BAE Systems plc		33		247
Barclays plc		177		488
Barratt Developments plc		10		93
Berkeley Group Holdings plc		1		70
BP plc		1,477		7,078
British American Tobacco plc		23		806
British Land Co. plc (The), REIT		9		60
BT Group plc *		91		173
Bunzl plc		3		126
Burberry Group plc		4		108
CK Hutchison Holdings Ltd.		27		184
CNH Industrial NV		167		2,868
Coca-Cola Europacific Partners plc		2		109
Compass Group plc *		18		385
Croda International plc		1		182
DCC plc		1		84
Diageo plc		388		19,327
Direct Line Insurance Group plc		14		55
Entain plc *		6		167
Experian plc		9		432
GlaxoSmithKline plc		51		1,066
Halma plc		4		155
Hargreaves Lansdown plc		4		76
HSBC Holdings plc		209		1,256
HSBC Holdings plc		352		2,117
Imperial Brands plc		10		202
Informa plc *		15		108
InterContinental Hotels Group plc *		2		130
Intertek Group plc		2		110
J Sainsbury plc		18		74
JD Sports Fashion plc		5		78
Johnson Matthey plc		2		73
Just Eat Takeaway.com NV * (d)		2		131
Kingfisher plc		21		99
Land Securities Group plc, REIT		7		67
Legal & General Group plc		61		240
Linde plc		36		11,663
Linde plc		1		219
Lloyds Banking Group plc		722		494
London Stock Exchange Group plc		44		4,242
M&G plc		26		72
Melrose Industries plc		44		95

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United Kingdom — continued
National Grid plc		36			463
NatWest Group plc		59			178
Next plc		1			148
Ocado Group plc *		5			123
Pearson plc		8			63
Pepco Group NV * (d)		157			1,860
Persimmon plc		156			5,802
Petershill Partners plc * (d)		453			1,860
Phoenix Group Holdings plc		7			60
Prudential plc		172			3,514
Reckitt Benckiser Group plc		7			588
RELX plc		20			610
RELX plc		271			8,415
Rentokil Initial plc		19			151
Rolls-Royce Holdings plc *		85			154
Sage Group plc (The)		11			109
Schroders plc		1			62
Segro plc, REIT		12			217
Severn Trent plc		3			95
Smith & Nephew plc		9			154
Smiths Group plc		4			74
Spirax-Sarco Engineering plc		1			159
SSE plc		11			240
St. James’s Place plc		6			119
Standard Chartered plc		27			185
Taylor Wimpey plc		1,616			3,419
Tesco plc		78			288
Unilever plc		27			1,434
United Utilities Group plc		7			98
Vodafone Group plc		285			421
Whitbread plc *		2			91
WPP plc		12			179
					90,284
United States — 37.4%
3M Co.		1			196
Abbott Laboratories		2			223
AbbVie, Inc.		224			25,736
ABIOMED, Inc. *		1			214
Accenture plc, Class A		1			245
Activision Blizzard, Inc.		14			1,087
Adobe, Inc. *		—	(c)		228
Advance Auto Parts, Inc.		1			228
Advanced Micro Devices, Inc. *		118			14,166

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
AES Corp. (The)		8			203
Aflac, Inc.		4			200
Agilent Technologies, Inc.		1			207
Agios Pharmaceuticals, Inc. * (b)		28			1,326
Air Products and Chemicals, Inc.		1			227
Airbnb, Inc., Class A *		8			1,443
Akamai Technologies, Inc. *		2			188
Alaska Air Group, Inc. *		3			154
Albemarle Corp.		1			253
Alcoa Corp.		51			2,332
Alexandria Real Estate Equities, Inc., REIT		1			237
Align Technology, Inc. *		—	(c)		199
Alleghany Corp. *		3			1,973
Allegion plc		1			186
Alliant Energy Corp. (b)		3			195
Allstate Corp. (The)		2			189
Alnylam Pharmaceuticals, Inc. *		19			2,984
Alphabet, Inc., Class A *		1			2,227
Alphabet, Inc., Class C * (f)		23			68,581
Altice USA, Inc., Class A *		46			747
Altria Group, Inc.		4			180
Amazon.com, Inc. * (f)		20			67,054
Amcor plc		17			206
Ameren Corp.		2			199
American Airlines Group, Inc. * (b)		9			169
American Electric Power Co., Inc.		31			2,641
American Express Co.		20			3,549
American Homes 4 Rent, Class A, REIT		56			2,288
American International Group, Inc.		161			9,534
American Tower Corp., REIT		1			219
American Water Works Co., Inc.		1			225
Ameriprise Financial, Inc.		1			242
AmerisourceBergen Corp.		27			3,312
AMETEK, Inc.		34			4,525
Amgen, Inc.		1			188
Amphenol Corp., Class A		3			233
Analog Devices, Inc.		91			15,736
ANSYS, Inc. *		1			230
Anthem, Inc. (b)		1			228
AO Smith Corp.		3			211
Aon plc, Class A		1			254
APA Corp.		10			260
Apple Hospitality REIT, Inc., REIT		49			772

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Apple, Inc.		415			62,198
Applied Materials, Inc.		2			212
Aptiv plc *		1			256
Archer-Daniels-Midland Co.		3			204
Arista Networks, Inc. *		1			246
Arthur J Gallagher & Co.		1			231
Assurant, Inc.		1			208
AT&T, Inc.		7			182
Atmos Energy Corp.		2			205
Autodesk, Inc. *		1			228
Automatic Data Processing, Inc.		1			233
AutoZone, Inc. *		3			5,776
AvalonBay Communities, Inc., REIT		9			2,064
Avery Dennison Corp.		1			200
Axalta Coating Systems Ltd. *		41			1,274
Baker Hughes Co.		8			208
Ball Corp.		2			209
Bank of America Corp.		486			23,210
Bank of New York Mellon Corp. (The)		4			237
Bath & Body Works, Inc.		3			213
Baxter International, Inc.		2			190
Becton Dickinson and Co.		1			195
Berkshire Hathaway, Inc., Class B *		36			10,234
Best Buy Co., Inc.		22			2,696
Biogen, Inc. *		17			4,509
BioMarin Pharmaceutical, Inc. *		7			531
Bio-Rad Laboratories, Inc., Class A *		—	(c)		230
BJ’s Wholesale Club Holdings, Inc. *		17			999
BlackRock, Inc.		5			4,762
Blackstone, Inc.		70			9,731
Boeing Co. (The) *		14			2,884
Booking Holdings, Inc. *		8			19,587
BorgWarner, Inc.		4			180
Boston Properties, Inc., REIT		2			205
Boston Scientific Corp. *		258			11,124
Bright Horizons Family Solutions, Inc. *		26			4,318
Bristol-Myers Squibb Co.		383			22,342
Brixmor Property Group, Inc., REIT		113			2,639
Broadcom, Inc.		—	(c)		236
Broadridge Financial Solutions, Inc.		1			225
Brown-Forman Corp., Class B		3			194
Bumble, Inc., Class A *		92			4,830
Burlington Stores, Inc. *		11			3,175

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Cadence Design Systems, Inc. *		1			242
Caesars Entertainment, Inc. *		2			221
Campbell Soup Co.		5			184
Capital One Financial Corp.		64			9,693
Cardinal Health, Inc.		3			167
Carlisle Cos., Inc.		11			2,548
CarMax, Inc. *		29			3,982
Carnival Corp. *		8			187
Carrier Global Corp.		4			217
Catalent, Inc. *		35			4,883
Caterpillar, Inc.		1			203
Cboe Global Markets, Inc.		2			239
CBRE Group, Inc., Class A * (f)		25			2,650
CDW Corp.		1			224
Celanese Corp.		27			4,301
Centene Corp. *		83			5,932
CenterPoint Energy, Inc.		206			5,356
Ceridian HCM Holding, Inc. * (b)		32			4,065
Cerner Corp.		3			196
CF Industries Holdings, Inc.		37			2,084
CH Robinson Worldwide, Inc.		2			200
Charles River Laboratories International, Inc. *		—	(c)		88
Charles Schwab Corp. (The)		132			10,856
Charter Communications, Inc., Class A *		20			13,776
Chevron Corp.		78			8,975
Chipotle Mexican Grill, Inc. *		—	(c)		213
Chubb Ltd.		18			3,430
Church & Dwight Co., Inc.		2			207
Cigna Corp.		54			11,540
Cincinnati Financial Corp.		2			208
Cintas Corp. (b)		1			252
Cisco Systems, Inc.		41			2,287
Citigroup, Inc.		80			5,526
Citizens Financial Group, Inc.		105			4,991
Citrix Systems, Inc.		2			165
Claire’s Stores, Inc. * ‡		—	(c)		110
Clorox Co. (The)		1			195
CME Group, Inc.		1			232
CMS Energy Corp.		3			194
CNA Financial Corp.		26			1,150
Coca-Cola Co. (The)		340			19,186
Cognizant Technology Solutions Corp., Class A		3			221
Colgate-Palmolive Co.		3			198

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Columbia Sportswear Co.		16			1,708
Comcast Corp., Class A		286			14,714
Comerica, Inc.		3			225
CommScope Holding Co., Inc. *		97			1,041
Conagra Brands, Inc. (b)		6			191
Confluent, Inc., Class A * (b)		39			2,620
ConocoPhillips		322			23,955
Consolidated Edison, Inc.		3			205
Constellation Brands, Inc., Class A		47			10,146
Cooper Cos., Inc. (The)		10			4,237
Copart, Inc. *		37			5,774
Corning, Inc.		5			164
Corteva, Inc.		5			205
Costco Wholesale Corp.		—	(c)		245
Coterra Energy, Inc.		135			2,873
Coty, Inc., Class A *		90			766
Cracker Barrel Old Country Store, Inc.		7			900
Crowdstrike Holdings, Inc., Class A *		12			3,444
Crown Castle International Corp., REIT		1			194
CSX Corp.		7			237
Cummins, Inc.		1			209
CVS Health Corp.		43			3,860
CyberArk Software Ltd. *		—	(c)		73
CyrusOne, Inc., REIT		10			796
Danaher Corp.		1			220
Darden Restaurants, Inc.		1			208
DaVita, Inc. *		2			167
Deere & Co.		20			6,704
Delta Air Lines, Inc. *		86			3,379
Dentsply Sirona, Inc.		3			168
Devon Energy Corp.		8			308
Dexcom, Inc. *		10			6,195
Diamondback Energy, Inc.		44			4,738
Digital Realty Trust, Inc., REIT		1			208
Discover Financial Services		21			2,391
Discovery, Inc., Class A * (b)		6			147
DISH Network Corp., Class A *		53			2,172
Dollar General Corp.		10			2,299
Dollar Tree, Inc. *		2			239
Dominion Energy, Inc.		3			203
Domino’s Pizza, Inc.		—	(c)		221
Dover Corp.		28			4,797
Dow, Inc.		3			192

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
DR Horton, Inc.		2			194
DraftKings, Inc., Class A *		67			3,121
DTE Energy Co.		2			197
Duke Energy Corp.		2			204
Duke Realty Corp., REIT		4			251
DuPont de Nemours, Inc.		3			200
DXC Technology Co. * (b)		5			178
EastGroup Properties, Inc., REIT		12			2,331
Eastman Chemical Co.		91			9,464
Eaton Corp. plc		74			12,186
eBay, Inc.		3			237
Ecolab, Inc.		1			206
Edison International		60			3,798
Edwards Lifesciences Corp. *		2			230
Electronic Arts, Inc.		14			1,947
Eli Lilly & Co.		1			254
Emerson Electric Co.		2			212
Energizer Holdings, Inc.		49			1,802
Enphase Energy, Inc. *		1			330
Entegris, Inc.		41			5,710
Entergy Corp.		16			1,643
EOG Resources, Inc.		56			5,208
EP Energy Corp. *		5			409
EPAM Systems, Inc. *		4			2,432
Equifax, Inc.		15			4,096
Equinix, Inc., REIT		—	(c)		220
Equity Residential, REIT		3			236
Essex Property Trust, Inc., REIT		1			240
Estee Lauder Cos., Inc. (The), Class A		13			4,089
Etsy, Inc. *		1			253
Everest Re Group Ltd.		1			197
Evergy, Inc.		3			205
Eversource Energy		2			202
Exact Sciences Corp. *		25			2,398
Exelixis, Inc. *		105			2,262
Exelon Corp.		4			232
Expedia Group, Inc. *		1			214
Expeditors International of Washington, Inc.		2			202
Extra Space Storage, Inc., REIT		1			251
Exxon Mobil Corp.		4			233
F5 Networks, Inc. * (b)		1			230
Fastenal Co.		4			217
Federal Realty Investment Trust, REIT		13			1,560

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
FedEx Corp.		46		10,811
Ferguson plc		62		9,394
Fidelity National Information Services, Inc.		1		149
Fifth Third Bancorp		5		218
First Republic Bank		22		4,839
FirstEnergy Corp.		5		209
Fiserv, Inc. *		2		173
Five9, Inc. *		17		2,611
FleetCor Technologies, Inc. *		25		6,193
FMC Corp.		34		3,102
Ford Motor Co. *		16		278
Fortinet, Inc. *		1		257
Fortive Corp.		3		214
Fortune Brands Home & Security, Inc.		64		6,509
Fox Corp., Class A		5		217
Franklin Resources, Inc.		6		192
Freeport-McMoRan, Inc.		218		8,239
Gap, Inc. (The)		126		2,850
Garmin Ltd.		26		3,744
Gartner, Inc. *		1		245
Generac Holdings, Inc. *		16		8,159
General Dynamics Corp.		15		3,000
General Electric Co.		2		207
General Mills, Inc.		3		208
General Motors Co. *		70		3,830
Genuine Parts Co.		2		213
Gilead Sciences, Inc.		3		186
Global Payments, Inc.		33		4,701
Globe Life, Inc.		2		172
Goldman Sachs Group, Inc. (The)		1		232
Goodman Networks, Inc. * ‡		2		—
Graphic Packaging Holding Co.		71		1,409
Halliburton Co.		10		245
Hanesbrands, Inc.		10		175
Hartford Financial Services Group, Inc. (The)		53		3,830
Hasbro, Inc.		2		201
HCA Healthcare, Inc.		6		1,455
Healthpeak Properties, Inc., REIT		6		213
Henry Schein, Inc. *		3		191
Herc Holdings, Inc.		3		546
Hershey Co. (The)		1		202
Hess Corp.		25		2,055
Hewlett Packard Enterprise Co.		77		1,130

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Hilton Worldwide Holdings, Inc. *		15			2,162
Hologic, Inc. *		3			216
Home Depot, Inc. (The)		29			10,612
Honeywell International, Inc.		30			6,544
Horizon Therapeutics plc *		50			5,948
Hormel Foods Corp.		5			200
Host Hotels & Resorts, Inc., REIT *		196			3,291
Howmet Aerospace, Inc.		6			175
HP, Inc.		6			191
HubSpot, Inc. *		8			6,089
Humana, Inc.		—	(c)		226
Huntington Bancshares, Inc.		13			211
Huntington Ingalls Industries, Inc.		1			190
IDEX Corp.		1			201
IDEXX Laboratories, Inc. *		—	(c)		230
IHS Markit Ltd.		32			4,247
Illinois Tool Works, Inc.		1			210
Illumina, Inc. *		1			213
Incyte Corp. *		2			160
Ingersoll Rand, Inc. *		306			16,443
Insulet Corp. *		7			2,073
Intel Corp.		4			177
InterActiveCorp. *		10			1,588
Intercontinental Exchange, Inc.		20			2,701
International Business Machines Corp.		13			1,580
International Flavors & Fragrances, Inc.		1			216
International Paper Co.		4			174
Interpublic Group of Cos., Inc. (The)		6			225
Intuit, Inc.		9			5,654
Intuitive Surgical, Inc. *		18			6,339
Invesco Ltd.		66			1,690
IPG Photonics Corp. *		1			131
IQVIA Holdings, Inc. *		1			225
Iron Mountain, Inc., REIT (b)		5			211
ITT, Inc.		26			2,435
Jack Henry & Associates, Inc. (b)		1			216
Jacobs Engineering Group, Inc.		1			205
James Hardie Industries plc, CHDI		5			185
Jazz Pharmaceuticals plc *		24			3,186
JB Hunt Transport Services, Inc.		13			2,599
JM Smucker Co. (The) (b)		2			198
Johnson & Johnson		40			6,532
Johnson Controls International plc		3			228

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Juniper Networks, Inc.		8			225
Kansas City Southern		1			210
Kellogg Co. (b)		3			191
Keurig Dr Pepper, Inc.		56			2,022
KeyCorp		10			222
Keysight Technologies, Inc. *		28			4,969
Kimberly-Clark Corp.		2			194
Kimco Realty Corp., REIT		152			3,425
Kinder Morgan, Inc.		173			2,891
KLA Corp.		1			231
Kohl’s Corp.		57			2,759
Kraft Heinz Co. (The)		75			2,708
Kroger Co. (The)		6			224
L3Harris Technologies, Inc.		1			213
Laboratory Corp. of America Holdings *		1			212
Lam Research Corp.		11			6,436
Lamar Advertising Co., Class A, REIT		6			666
Lamb Weston Holdings, Inc.		105			5,938
Las Vegas Sands Corp. *		48			1,864
Lear Corp.		5			828
Leggett & Platt, Inc.		4			171
Leidos Holdings, Inc.		28			2,822
Lennar Corp., Class A		2			209
Liberty Broadband Corp., Class C *		20			3,222
Liberty Media Corp.-Liberty SiriusXM, Class A *		49			2,414
Liberty Media Corp.-Liberty SiriusXM, Class C *		104			5,105
Lincoln National Corp.		3			214
Live Nation Entertainment, Inc. *		2			233
LKQ Corp. *		4			218
Lockheed Martin Corp.		5			1,822
Loews Corp.(f)		114			6,372
Lowe’s Cos., Inc.		48			11,204
Lumen Technologies, Inc. (b)		14			166
Lyft, Inc., Class A *		315			14,468
LyondellBasell Industries NV, Class A		2			200
M&T Bank Corp.		40			5,855
Marathon Oil Corp.		18			287
Marathon Petroleum Corp.		43			2,865
MarketAxess Holdings, Inc.		—	(c)		190
Marriott International, Inc., Class A *		1			234
Marsh & McLennan Cos., Inc.		15			2,573
Martin Marietta Materials, Inc.		9			3,521
Masco Corp.		3			213

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Mastercard, Inc., Class A		87			29,253
Match Group, Inc. *		22			3,296
McCormick & Co., Inc. (Non-Voting)		2			185
McDonald’s Corp.		74			18,191
McKesson Corp.		28			5,747
Medtronic plc		23			2,788
Merck & Co., Inc.		28			2,479
Meta Platforms, Inc., Class A * (f)		37			12,023
MetLife, Inc.		3			202
Mettler-Toledo International, Inc. *		3			3,858
MGM Resorts International		5			240
Microchip Technology, Inc.		3			198
Micron Technology, Inc.		2			172
Microsoft Corp.		252			83,672
Mid-America Apartment Communities, Inc., REIT		17			3,545
Moderna, Inc. *		—	(c)		159
Mohawk Industries, Inc. *		17			3,066
Molson Coors Beverage Co., Class B		4			191
Mondelez International, Inc., Class A		3			198
MongoDB, Inc. *		9			4,608
Monolithic Power Systems, Inc.		—	(c)		242
Monster Beverage Corp. *		2			183
Moody’s Corp.		1			250
Moran Foods Backstop Equity * ‡		24			98
Morgan Stanley		25			2,550
Mosaic Co. (The)		6			245
Motorola Solutions, Inc.		8			2,078
MSCI, Inc.		—	(c)		237
Murphy USA, Inc.		21			3,342
MYT Holding Co. * ‡		23			120
Nasdaq, Inc.		1			249
Natera, Inc. *		27			3,039
National Vision Holdings, Inc. *		32			1,985
Neiman Marcus Group Restricted Equity *		—	(c)		18
NetApp, Inc.		3			227
Netflix, Inc. *		8			5,788
Neurocrine Biosciences, Inc. *		11			1,181
Newell Brands, Inc.		129			2,949
Newmont Corp.		4			194
News Corp., Class A		7			169
Nexstar Media Group, Inc., Class A		13			1,966
NextEra Energy, Inc.		189			16,128
Nielsen Holdings plc		7			148

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
NIKE, Inc., Class B		39			6,473
NiSource, Inc.		8			204
NMG, Inc. *		1			162
Norfolk Southern Corp.		39			11,408
Northern Trust Corp.		26			3,220
Northrop Grumman Corp.		8			2,895
NortonLifeLock, Inc.		8			192
Norwegian Cruise Line Holdings Ltd. * (b)		7			176
NOV, Inc. *		13			188
NRG Energy, Inc.		5			217
Nucor Corp.		2			220
NVIDIA Corp.		77			19,812
NVR, Inc. *		—	(c)		206
Oatly Group AB, ADR * (b)		71			912
Occidental Petroleum Corp.		58			1,956
Old Dominion Freight Line, Inc.		24			8,314
Omnicom Group, Inc.		3			180
ONEOK, Inc.		4			241
Open Lending Corp., Class A *		8			259
Oracle Corp.		3			246
O’Reilly Automotive, Inc. *		28			17,504
Organon & Co.		59			2,172
Otis Worldwide Corp.		3			207
PACCAR, Inc.		2			218
Packaging Corp. of America		29			3,971
Palo Alto Networks, Inc. *		8			4,216
Parker-Hannifin Corp.		9			2,607
Paychex, Inc.		2			247
Paycom Software, Inc. *		—	(c)		260
PayPal Holdings, Inc. *		34			7,917
Penn National Gaming, Inc. *		3			183
Pentair plc		3			218
People’s United Financial, Inc.		218			3,742
PepsiCo, Inc.		1			224
PerkinElmer, Inc.		1			216
Perrigo Co. plc		4			199
Pfizer, Inc.		5			222
PG&E Corp. *		119			1,385
Philip Morris International, Inc.		26			2,444
Phillips 66		57			4,232
Pinnacle West Capital Corp.		3			173
Pioneer Natural Resources Co.		19			3,543
PNC Financial Services Group, Inc. (The)		25			5,364

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Pool Corp.		—	(c)		239
Post Holdings, Inc. *		30			3,061
PPG Industries, Inc.		1			217
PPL Corp.		7			201
Principal Financial Group, Inc.		3			209
Procter & Gamble Co. (The)		123			17,536
Progressive Corp. (The)		122			11,587
Prologis, Inc., REIT		75			10,815
Prudential Financial, Inc.		10			1,102
Public Service Enterprise Group, Inc.		3			203
Public Storage, REIT		11			3,599
PulteGroup, Inc.		4			171
PVH Corp. *		2			198
QIAGEN NV *		2			128
Qorvo, Inc. *		1			191
QUALCOMM, Inc. (f)		50			6,599
Quanta Services, Inc.		46			5,565
Quest Diagnostics, Inc.		1			217
Ralph Lauren Corp.		19			2,440
Raymond James Financial, Inc.		2			225
Rayonier, Inc., REIT		81			3,012
Raytheon Technologies Corp.		85			7,590
Realty Income Corp., REIT		3			213
Regency Centers Corp., REIT		3			229
Regeneron Pharmaceuticals, Inc. *		31			19,831
Regions Financial Corp.		10			237
Republic Services, Inc.		2			250
ResMed, Inc.		1			211
Robert Half International, Inc.		2			257
Rockwell Automation, Inc.		1			235
Roku, Inc. *		16			4,876
Rollins, Inc.		6			200
Roper Technologies, Inc.		—	(c)		222
Ross Stores, Inc.		2			196
Royal Caribbean Cruises Ltd. *		120			10,117
Royalty Pharma plc, Class A		51			2,012
S&P Global, Inc.		9			4,255
Sabre Corp. *		158			1,643
salesforce.com, Inc. *		1			264
SBA Communications Corp., REIT		1			224
Schlumberger NV		7			226
Schneider Electric SE		108			18,616
Seagate Technology Holdings plc		140			12,498

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Sealed Air Corp.		4			212
Sempra Energy		2			192
ServiceNow, Inc. *		8			5,249
Sherwin-Williams Co. (The)		1			223
Signature Bank		11			3,202
Simon Property Group, Inc., REIT		2			244
Skyworks Solutions, Inc.		1			200
Snap, Inc., Class A *		63			3,325
Snap-on, Inc.		1			163
Snowflake, Inc., Class A *		11			3,897
SolarEdge Technologies, Inc. *		15			5,386
Southern Co. (The)		3			194
Southwest Airlines Co. *		126			5,962
Stanley Black & Decker, Inc.		42			7,599
Starbucks Corp.		2			194
State Street Corp.		228			22,494
Stellantis NV		21			413
Stellantis NV		203			4,044
STERIS plc		1			251
Stryker Corp.		1			213
Sun Communities, Inc., REIT		28			5,520
SVB Financial Group *		5			3,716
Swiss Re AG		3			298
Synchrony Financial		4			205
SYNNEX Corp.		25			2,586
Synopsys, Inc. *		14			4,814
Sysco Corp.		29			2,255
T. Rowe Price Group, Inc.		12			2,672
Take-Two Interactive Software, Inc. *		1			237
Tapestry, Inc.		46			1,789
Target Corp.		1			239
TE Connectivity Ltd.		2			221
Teledyne Technologies, Inc. *		—	(c)		223
Teleflex, Inc.		1			178
Tenaris SA		5			54
Teradyne, Inc.		25			3,411
Tesla, Inc. *		32			35,358
Texas Instruments, Inc. (f)		18			3,351
Textron, Inc.		3			219
Thermo Fisher Scientific, Inc.		26			16,330
Timken Co. (The)		17			1,211
TJX Cos., Inc. (The)		3			198
T-Mobile US, Inc. *		70			8,096

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Tractor Supply Co.		1			235
Trane Technologies plc		123			22,208
TransDigm Group, Inc. *		—	(c)		206
Travelers Cos., Inc. (The)		41			6,532
Trimble, Inc. *		3			221
Truist Financial Corp.		281			17,850
Twitter, Inc. *		4			199
Tyler Technologies, Inc. *		—	(c)		266
Tyson Foods, Inc., Class A		3			209
Uber Technologies, Inc. *		98			4,299
UDR, Inc., REIT		4			238
UiPath, Inc., Class A *		18			904
Ulta Beauty, Inc. *		1			222
Under Armour, Inc., Class A *		9			202
Union Pacific Corp.		3			745
United Airlines Holdings, Inc. *		4			167
United Parcel Service, Inc., Class B		1			223
United Rentals, Inc. *		1			237
UnitedHealth Group, Inc. (f)		69			31,671
Universal Health Services, Inc., Class B		1			156
Unum Group		7			173
US Bancorp		62			3,747
US Foods Holding Corp. *		182			6,303
Valero Energy Corp.		3			234
Ventas, Inc., REIT		4			195
VeriSign, Inc. *		1			202
Verisk Analytics, Inc.		1			242
Verizon Communications, Inc. (f)		123			6,534
Vertex Pharmaceuticals, Inc. *		44			8,117
VF Corp.		3			208
ViacomCBS, Inc.		5			180
Viatris, Inc.		120			1,596
Visa, Inc., Class A		1			189
Vulcan Materials Co.		1			222
Walgreens Boots Alliance, Inc.		4			188
Walmart, Inc.		1			214
Walt Disney Co. (The) *		27			4,614
Waste Management, Inc.		1			232
Waters Corp. *		1			212
WEC Energy Group, Inc.		2			197
Wells Fargo & Co. (f)		655			33,494
Welltower, Inc., REIT		16			1,249
West Pharmaceutical Services, Inc.		1			219

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Western Digital Corp. *		3			145
Western Union Co. (The)		8			150
Westinghouse Air Brake Technologies Corp. (b)		3			236
Westlake Chemical Corp.		8			808
WestRock Co.		54			2,611
WEX, Inc. *		15			2,310
Weyerhaeuser Co., REIT		119			4,236
Whirlpool Corp.		1			177
Whiting Petroleum Corp. *		2			116
Williams Cos., Inc. (The)		100			2,803
Willis Towers Watson plc		8			1,881
Wolfspeed, Inc. * (b)		27			3,228
Workday, Inc., Class A *		27			7,776
WR Berkley Corp.		3			205
WW Grainger, Inc.		—	(c)		203
Wynn Resorts Ltd. *		2			141
Xcel Energy, Inc.		63			4,062
Xilinx, Inc.		1			268
Xylem, Inc.		2			229
Yum! Brands, Inc.		2			207
Zebra Technologies Corp., Class A *		9			4,575
Zimmer Biomet Holdings, Inc.		144			20,626
Zions Bancorp NA		4			223
Zoetis, Inc.		1			250
Zscaler, Inc. *		26			8,207
					1,915,550
Total Common Stocks (Cost $2,584,352)					3,445,853
	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 14.6%
Australia — 0.2%
FMG Resources August 2006 Pty. Ltd.
4.50%, 9/15/2027 (e)		6,065			6,338
4.38%, 4/1/2031 (e)		5,893			5,967
					12,305
Brazil — 0.0% (a)
Vale Overseas Ltd.
6.88%, 11/21/2036		301			392
6.88%, 11/10/2039 (b)		526			694

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Brazil — continued
Vale SA 5.63%, 9/11/2042		511		606
				1,692
Canada — 0.7%
1011778 BC ULC 4.00%, 10/15/2030 (e)		205		198
Canadian Natural Resources Ltd. 6.75%, 2/1/2039		10		14
Cenovus Energy, Inc.
5.25%, 6/15/2037		704		844
6.75%, 11/15/2039		388		532
5.40%, 6/15/2047 (b)		700		875
Emera US Finance LP 4.75%, 6/15/2046		500		599
Garda World Security Corp.
4.63%, 2/15/2027 (e)		95		94
9.50%, 11/1/2027 (e)		130		140
GFL Environmental, Inc.
3.75%, 8/1/2025 (e)		255		262
4.00%, 8/1/2028 (e)		195		190
3.50%, 9/1/2028 (e)		6,093		6,063
MEG Energy Corp. 6.50%, 1/15/2025 (e)		168		172
Methanex Corp.
5.25%, 12/15/2029 (b)		4,144		4,392
5.65%, 12/1/2044		3,092		3,208
NOVA Chemicals Corp.
4.88%, 6/1/2024 (e)		75		78
5.00%, 5/1/2025 (e)		278		293
5.25%, 6/1/2027 (e)		101		106
Ontario Teachers’ Finance Trust
1.10%, 10/19/2027 (e)	CAD	773		592
0.05%, 11/25/2030 (d)	EUR	5,225		5,814
Open Text Holdings, Inc. 4.13%, 2/15/2030 (e)		537		546
Parkland Corp. 4.50%, 10/1/2029 (e)		4,282		4,309
Province of Ontario 0.10%, 5/19/2028 (d)	EUR	2,955		3,367
Suncor Energy Ventures Corp. 6.00%, 4/1/2042 (e)		650		744
Teck Resources Ltd.
3.90%, 7/15/2030		10		11
6.13%, 10/1/2035 (b)		154		199
6.00%, 8/15/2040		350		453
6.25%, 7/15/2041 (b)		343		459
5.20%, 3/1/2042		380		454
5.40%, 2/1/2043		350		434
TransAlta Corp. 6.50%, 3/15/2040 (b)		835		984

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
Canada — continued
Videotron Ltd. 5.13%, 4/15/2027 (e)		535		553
Yamana Gold, Inc. 2.63%, 8/15/2031 (e)		10		10
				36,989
Chile — 0.0% (a)
Celulosa Arauco y Constitucion SA 5.50%, 11/2/2047		355		408
China — 0.1%
China Development Bank
0.38%, 11/16/2021 (d)	EUR	1,270		1,467
2.63%, 1/24/2022 (d)		3,000		3,013
NXP BV
4.30%, 6/18/2029 (e)		958		1,078
3.40%, 5/1/2030 (e)		578		618
				6,176
Finland — 0.1%
Nokia OYJ
4.38%, 6/12/2027		372		400
6.63%, 5/15/2039		3,793		5,101
				5,501
France — 0.2%
Altice France SA 5.13%, 7/15/2029 (e)		980		954
Dexia Credit Local SA
0.75%, 1/25/2023 (d)	EUR	3,500		4,103
1.63%, 12/8/2023 (d)	GBP	2,800		3,881
1.25%, 11/26/2024 (d)	EUR	2,100		2,523
				11,461
Germany — 0.1%
Kreditanstalt fuer Wiederaufbau 0.00%, 12/15/2022	EUR	3,000		3,490
TK Elevator US Newco, Inc. 5.25%, 7/15/2027 (e)		200		204
				3,694
Italy — 0.4%
Telecom Italia Capital SA
6.38%, 11/15/2033		2,424		2,781
6.00%, 9/30/2034		4,070		4,528
7.20%, 7/18/2036		4,077		4,953
7.72%, 6/4/2038		4,635		5,910
				18,172

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Japan — 0.0% (a)
Development Bank of Japan, Inc. 3.13%, 9/6/2023 (e)		1,850		1,934
Luxembourg — 0.1%
Altice Financing SA 5.00%, 1/15/2028 (e)		340		328
Altice France Holding SA 10.50%, 5/15/2027 (e)		223		242
ArcelorMittal SA
4.25%, 7/16/2029		10		11
7.00%, 10/15/2039 (g)		686		956
6.75%, 3/1/2041 (g)		707		974
Intelsat Jackson Holdings SA 8.00%, 2/15/2024 (e) (g) (h)		441		451
				2,962
Macau — 0.0% (a)
Sands China Ltd. 4.38%, 6/18/2030		830		846
Netherlands — 0.1%
BNG Bank NV 4.75%, 3/6/2023 (d)	AUD	602		476
Trivium Packaging Finance BV 5.50%, 8/15/2026 (e) (g)		329		342
UPC Broadband Finco BV 4.88%, 7/15/2031 (e)		5,882		5,980
				6,798
Saudi Arabia — 0.0% (a)
Saudi Arabian Oil Co. 1.25%, 11/24/2023 (e)		400		400
Singapore — 0.3%
Temasek Financial I Ltd.
0.50%, 3/1/2022 (d)	EUR	2,000		2,316
3.63%, 8/1/2028 (e)		6,158		6,861
1.63%, 8/2/2031 (b) (e)		2,593		2,505
2.38%, 8/2/2041 (b) (e)		2,538		2,485
				14,167
South Korea — 0.2%
Korea Development Bank (The)
3.00%, 3/19/2022		1,087		1,097
1.75%, 12/15/2022 (d)	GBP	2,450		3,387
2.13%, 10/1/2024		1,826		1,893
Korea Southern Power Co. Ltd. 0.75%, 1/27/2026 (e)		2,155		2,081
				8,458
Spain — 0.1%
Cellnex Finance Co. SA 3.88%, 7/7/2041 (b) (e)		200		196

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
Spain — continued
Telefonica Emisiones SA
5.21%, 3/8/2047		150		189
4.90%, 3/6/2048		150		183
5.52%, 3/1/2049		2,707		3,571
				4,139
United Kingdom — 0.4%
INEOS Quattro Finance 2 plc 3.38%, 1/15/2026 (e)		200		199
Marks & Spencer plc 7.13%, 12/1/2037 (e)		2,475		2,958
Rolls-Royce plc 5.75%, 10/15/2027 (e)		3,961		4,383
Virgin Media Secured Finance plc
5.50%, 5/15/2029 (e)		445		469
4.50%, 8/15/2030 (e)		846		845
Vmed O2 UK Financing I plc
4.25%, 1/31/2031 (e)		5,106		4,971
4.75%, 7/15/2031 (e)		3,635		3,653
				17,478
United States — 11.6%
Acadia Healthcare Co., Inc.
5.50%, 7/1/2028 (e)		235		245
5.00%, 4/15/2029 (e)		95		97
ACCO Brands Corp. 4.25%, 3/15/2029 (e)		923		913
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (e)		200		204
Adient US LLC 9.00%, 4/15/2025 (e)		140		150
ADT Security Corp. (The) 4.88%, 7/15/2032 (e)		95		95
AECOM 5.13%, 3/15/2027		473		522
AES Corp. (The) 2.45%, 1/15/2031		10		10
Albemarle Corp. 5.45%, 12/1/2044		358		461
Albertsons Cos., Inc.
3.25%, 3/15/2026 (e)		118		120
4.63%, 1/15/2027 (e)		330		345
3.50%, 3/15/2029 (e)		326		321
4.88%, 2/15/2030 (e)		235		252
Alcoa Nederland Holding BV 6.13%, 5/15/2028 (e)		300		322
Allegheny Technologies, Inc. 5.88%, 12/1/2027 (b)		235		247
Allegion plc 3.50%, 10/1/2029		550		592
Allied Universal Holdco LLC
6.63%, 7/15/2026 (e)		90		95
9.75%, 7/15/2027 (e)		85		91

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Allison Transmission, Inc.
4.75%, 10/1/2027 (e)		98		102
5.88%, 6/1/2029 (e)		155		167
3.75%, 1/30/2031 (e)		122		117
Ally Financial, Inc. 5.75%, 11/20/2025		335		380
AMC Entertainment Holdings, Inc. 12.00% (PIK), 6/15/2026 (e) (i)		171		162
American Airlines, Inc.
5.50%, 4/20/2026 (e)		160		168
5.75%, 4/20/2029 (e)		4,832		5,200
American Axle & Manufacturing, Inc.
6.25%, 3/15/2026		253		260
6.50%, 4/1/2027 (b)		107		112
5.00%, 10/1/2029 (b)		185		177
American Tower Corp. REIT, 2.95%, 1/15/2051		10		10
AmeriGas Partners LP 5.50%, 5/20/2025		310		336
Antero Midstream Partners LP 5.38%, 6/15/2029 (e)		240		251
Antero Resources Corp.
8.38%, 7/15/2026 (e)		105		118
5.38%, 3/1/2030 (e)		190		201
Apache Corp.
4.63%, 11/15/2025		147		159
4.88%, 11/15/2027		169		183
Aramark Services, Inc. 5.00%, 4/1/2025 (e)		123		126
Arches Buyer, Inc. 4.25%, 6/1/2028 (e)		235		237
Archrock Partners LP 6.88%, 4/1/2027 (e)		85		89
Arconic Corp.
6.00%, 5/15/2025 (e)		200		209
6.13%, 2/15/2028 (e)		245		258
Ardagh Packaging Finance plc
4.13%, 8/15/2026 (e)		440		449
5.25%, 8/15/2027 (e)		220		219
Ashland LLC 6.88%, 5/15/2043		840		1,092
Atkore, Inc. 4.25%, 6/1/2031 (e)		1,618		1,634
Avantor Funding, Inc. 4.63%, 7/15/2028 (e)		282		293
Avis Budget Car Rental LLC 5.75%, 7/15/2027 (b) (e)		287		300
Axalta Coating Systems LLC 4.75%, 6/15/2027 (e)		260		267
B&G Foods, Inc. 5.25%, 4/1/2025		135		138
Ball Corp. 2.88%, 8/15/2030		2,713		2,608

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Bath & Body Works, Inc.
7.50%, 6/15/2029		245		277
6.88%, 11/1/2035		4,048		4,918
6.75%, 7/1/2036		4,713		5,657
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (e)		450		478
8.50%, 1/31/2027 (e)		520		552
Bausch Health Cos., Inc.
6.13%, 4/15/2025 (e)		182		185
9.00%, 12/15/2025 (e)		220		231
5.00%, 1/30/2028 (e)		1,102		1,017
4.88%, 6/1/2028 (e)		340		350
5.00%, 2/15/2029 (e)		142		130
5.25%, 1/30/2030 (e)		102		92
5.25%, 2/15/2031 (e)		113		102
Becton Dickinson and Co. 3.79%, 5/20/2050		10		11
Berry Global, Inc. 4.88%, 7/15/2026 (e)		263		275
Boeing Co. (The)
3.50%, 3/1/2039		471		478
6.88%, 3/15/2039 (b)		300		419
5.88%, 2/15/2040		880		1,121
5.71%, 5/1/2040		10		13
3.38%, 6/15/2046		8		8
3.90%, 5/1/2049		19		20
3.75%, 2/1/2050		10		10
5.81%, 5/1/2050		314		430
3.95%, 8/1/2059		1,500		1,587
5.93%, 5/1/2060		1,480		2,083
Boise Cascade Co. 4.88%, 7/1/2030 (e)		473		497
Broadcom, Inc.
3.50%, 2/15/2041 (e)		10		10
3.75%, 2/15/2051 (e)		10		10
Buckeye Partners LP
4.13%, 3/1/2025 (e)		379		388
4.50%, 3/1/2028 (e)		1,871		1,848
5.85%, 11/15/2043		2,126		2,096
Builders FirstSource, Inc. 4.25%, 2/1/2032 (e)		5,945		5,992
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		10		10
BWX Technologies, Inc. 4.13%, 4/15/2029 (e)		340		345
Caesars Resort Collection LLC 5.75%, 7/1/2025 (e)		331		348
Calpine Corp.
5.13%, 3/15/2028 (e)		375		373
3.75%, 3/1/2031 (e)		6,267		6,017

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Carnival Corp.
10.50%, 2/1/2026 (e)		70		81
9.88%, 8/1/2027 (e)		175		202
Carrier Global Corp.
3.38%, 4/5/2040		10		10
3.58%, 4/5/2050		10		11
CCO Holdings LLC
5.50%, 5/1/2026 (e)		107		111
5.13%, 5/1/2027 (e)		965		1,000
5.00%, 2/1/2028 (e)		647		673
4.75%, 3/1/2030 (e)		747		771
4.25%, 2/1/2031 (e)		889		885
4.50%, 5/1/2032		2,532		2,544
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (e)		185		195
CDK Global, Inc.
4.88%, 6/1/2027		80		83
5.25%, 5/15/2029 (e)		93		100
CDW LLC 4.25%, 4/1/2028		277		287
Cedar Fair LP
5.50%, 5/1/2025 (e)		180		187
5.38%, 4/15/2027		101		104
Centene Corp. 4.63%, 12/15/2029		1,188		1,282
Central Garden & Pet Co.
4.13%, 10/15/2030		5,871		5,915
4.13%, 4/30/2031 (e)		235		235
Century Communities, Inc. 3.88%, 8/15/2029 (e)		10		10
CF Industries, Inc.
4.95%, 6/1/2043		2,082		2,532
5.38%, 3/15/2044		3,953		5,066
Charter Communications Operating LLC
6.48%, 10/23/2045		291		402
5.75%, 4/1/2048		986		1,260
4.80%, 3/1/2050		1,339		1,522
6.83%, 10/23/2055		281		417
3.85%, 4/1/2061		3,262		3,154
4.40%, 12/1/2061		487		517
Chemours Co. (The) 5.38%, 5/15/2027		365		385
Cheniere Energy Partners LP
4.00%, 3/1/2031 (e)		75		78
3.25%, 1/31/2032 (e)		100		99
Cheniere Energy, Inc. 4.63%, 10/15/2028		104		109

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Chesapeake Energy Corp. 5.88%, 2/1/2029 (e)		315		335
Cincinnati Bell, Inc. 7.00%, 7/15/2024 (e)		205		209
Cinemark USA, Inc. 8.75%, 5/1/2025 (e)		150		161
Clarios Global LP
6.75%, 5/15/2025 (e)		234		247
6.25%, 5/15/2026 (e)		90		94
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (e)		295		292
Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028 (e)		128		133
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027 (e)		630		646
Clearway Energy Operating LLC 3.75%, 2/15/2031 (e)		10		10
Cleveland-Cliffs, Inc. 4.63%, 3/1/2029 (e)		153		159
CNX Resources Corp. 7.25%, 3/14/2027 (e)		185		197
CommScope, Inc.
6.00%, 3/1/2026 (e)		560		577
8.25%, 3/1/2027 (e)		255		260
Community Health Systems, Inc.
5.63%, 3/15/2027 (e)		106		111
4.75%, 2/15/2031 (e)		400		400
Comstock Resources, Inc. 6.75%, 3/1/2029 (e)		121		130
Conagra Brands, Inc.
8.25%, 9/15/2030		143		207
5.40%, 11/1/2048		10		14
Constellation Brands, Inc.
5.25%, 11/15/2048		10		13
3.75%, 5/1/2050		10		11
Continental Resources, Inc.
5.75%, 1/15/2031 (e)		205		245
4.90%, 6/1/2044		4,478		5,081
Coterra Energy, Inc. 4.38%, 3/15/2029 (e)		10		11
Crestwood Midstream Partners LP 5.75%, 4/1/2025		206		211
Crown Castle International Corp. REIT, 2.90%, 4/1/2041 (b)		10		10
CSC Holdings LLC
5.50%, 4/15/2027 (e)		335		346
5.38%, 2/1/2028 (e)		200		206
6.50%, 2/1/2029 (e)		200		214
5.75%, 1/15/2030 (e)		400		395
4.13%, 12/1/2030 (e)		5,920		5,668

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
3.38%, 2/15/2031 (e)		6,477		5,899
4.50%, 11/15/2031 (e)		6,012		5,825
Dana, Inc.
5.38%, 11/15/2027		155		162
4.25%, 9/1/2030 (b)		10		10
DaVita, Inc. 4.63%, 6/1/2030 (e)		475		477
DCP Midstream Operating LP
5.38%, 7/15/2025		433		478
8.13%, 8/16/2030		350		474
6.45%, 11/3/2036 (e)		406		524
5.60%, 4/1/2044		934		1,121
Dell International LLC
8.10%, 7/15/2036		300		454
8.35%, 7/15/2046		300		499
Dell, Inc.
7.10%, 4/15/2028		320		412
6.50%, 4/15/2038 (b)		480		637
Delta Air Lines, Inc.
4.50%, 10/20/2025 (e)		127		135
4.38%, 4/19/2028 (b)		4,436		4,731
4.75%, 10/20/2028 (e)		180		200
3.75%, 10/28/2029 (b)		4,613		4,688
Devon Energy Corp.
4.50%, 1/15/2030 (e)		538		585
5.60%, 7/15/2041		10		13
4.75%, 5/15/2042		56		65
5.00%, 6/15/2045 (b)		929		1,130
Diamond Sports Group LLC 5.38%, 8/15/2026 (b) (e)		207		117
DIRECTV Holdings LLC 5.88%, 8/15/2027 (e)		285		295
Discovery Communications LLC
5.20%, 9/20/2047		1,121		1,403
5.30%, 5/15/2049		1,450		1,849
4.65%, 5/15/2050 (b)		10		12
4.00%, 9/15/2055		10		10
DISH DBS Corp.
5.88%, 11/15/2024		1,150		1,225
7.75%, 7/1/2026		489		543
Diversified Healthcare Trust REIT, 4.38%, 3/1/2031		2,253		2,177
DT Midstream, Inc. 4.38%, 6/15/2031 (e)		335		339
Dycom Industries, Inc. 4.50%, 4/15/2029 (e)		3,875		3,933
Eastman Chemical Co. 4.65%, 10/15/2044		10		12

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Edgewell Personal Care Co. 5.50%, 6/1/2028 (e)		250		262
Edison International
5.75%, 6/15/2027		450		516
4.13%, 3/15/2028 (b)		450		482
Elanco Animal Health, Inc. 5.90%, 8/28/2028 (g)		1,166		1,363
Element Solutions, Inc. 3.88%, 9/1/2028 (e)		235		235
Embarq Corp. 8.00%, 6/1/2036		2,428		2,683
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (b) (e)		637		612
Enable Midstream Partners LP 5.00%, 5/15/2044 (g)		102		111
Encompass Health Corp. 4.50%, 2/1/2028		335		341
Energizer Holdings, Inc. 4.38%, 3/31/2029 (e)		390		374
Energy Transfer LP
6.50%, 2/1/2042		10		13
5.35%, 5/15/2045		430		508
5.30%, 4/15/2047 (b)		576		683
5.40%, 10/1/2047		929		1,115
6.00%, 6/15/2048		160		204
6.25%, 4/15/2049		450		598
5.00%, 5/15/2050		677		793
EnerSys 4.38%, 12/15/2027 (e)		845		887
EnLink Midstream LLC
5.63%, 1/15/2028 (e)		3,944		4,182
5.38%, 6/1/2029		5,755		5,956
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (j) (k) (l)		230		184
4.40%, 4/1/2024		105		110
5.05%, 4/1/2045 (b)		3,053		2,908
5.45%, 6/1/2047		6,263		6,263
EPR Properties
REIT, 4.75%, 12/15/2026		455		495
REIT, 4.95%, 4/15/2028		2,270		2,485
EQM Midstream Partners LP
6.00%, 7/1/2025 (e)		270		293
4.13%, 12/1/2026		160		164
5.50%, 7/15/2028		4,654		5,126
4.50%, 1/15/2029 (e)		4,513		4,643
4.75%, 1/15/2031 (e)		3,250		3,365
6.50%, 7/15/2048		4,676		5,562

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
EQT Corp.
3.00%, 10/1/2022 (b)		160		162
6.63%, 2/1/2025 (g)		200		225
7.50%, 2/1/2030 (b) (g)		3,320		4,250
Equinix, Inc.
REIT, 3.20%, 11/18/2029		334		352
REIT, 2.15%, 7/15/2030		180		175
FirstEnergy Corp.
Series B, 4.40%, 7/15/2027 (g)		285		309
2.65%, 3/1/2030		477		469
Series B, 2.25%, 9/1/2030		374		360
Series C, 7.38%, 11/15/2031		96		131
Series C, 5.35%, 7/15/2047 (g)		1,830		2,221
Series C, 3.40%, 3/1/2050		1,314		1,303
FirstEnergy Transmission LLC
5.45%, 7/15/2044 (e)		1,472		1,863
4.55%, 4/1/2049 (e)		2,420		2,828
Flowserve Corp. 3.50%, 10/1/2030 (b)		600		628
Fluor Corp. 4.25%, 9/15/2028 (b)		5,883		6,118
FMC Corp. 3.45%, 10/1/2029 (b)		10		11
Ford Motor Co.
9.00%, 4/22/2025		233		280
9.63%, 4/22/2030		3,462		4,987
5.29%, 12/8/2046		5,039		5,782
Ford Motor Credit Co. LLC
4.06%, 11/1/2024		420		440
5.13%, 6/16/2025		235		255
4.39%, 1/8/2026		750		803
4.13%, 8/17/2027		380		403
Freeport-McMoRan, Inc.
4.38%, 8/1/2028		535		557
4.25%, 3/1/2030		596		629
4.63%, 8/1/2030		112		121
5.40%, 11/14/2034		3,594		4,391
5.45%, 3/15/2043		3,920		4,931
Frontier Communications Holdings LLC 5.88%, 10/15/2027 (e)		182		191
Gap, Inc. (The) 3.63%, 10/1/2029 (e)		130		127
Gartner, Inc.
4.50%, 7/1/2028 (e)		135		140
3.63%, 6/15/2029 (e)		350		352
3.75%, 10/1/2030 (e)		862		874

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
General Motors Co.
6.60%, 4/1/2036		320		433
6.25%, 10/2/2043		28		38
5.20%, 4/1/2045		10		12
6.75%, 4/1/2046		325		472
5.40%, 4/1/2048		10		13
5.95%, 4/1/2049 (b)		67		91
Genesis Energy LP
6.25%, 5/15/2026		192		186
7.75%, 2/1/2028		114		112
Global Net Lease, Inc. REIT, 3.75%, 12/15/2027 (e)		10		10
Global Payments, Inc.
3.20%, 8/15/2029		502		525
2.90%, 5/15/2030		594		606
4.15%, 8/15/2049		10		11
GLP Capital LP
REIT, 4.00%, 1/15/2030		1,368		1,451
REIT, 4.00%, 1/15/2031		609		649
Goodyear Tire & Rubber Co. (The)
5.00%, 7/15/2029 (e)		5,083		5,363
5.25%, 4/30/2031		4,373		4,679
5.25%, 7/15/2031 (e)		5,157		5,488
5.63%, 4/30/2033		2,520		2,709
Graphic Packaging International LLC 3.50%, 3/15/2028 (e)		400		403
Greif, Inc. 6.50%, 3/1/2027 (e)		104		108
Griffon Corp. 5.75%, 3/1/2028		250		261
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (e)		330		330
Hasbro, Inc.
3.90%, 11/19/2029		460		505
6.35%, 3/15/2040		320		440
5.10%, 5/15/2044		824		1,007
HAT Holdings I LLC REIT, 3.75%, 9/15/2030 (e)		2,645		2,628
HCA, Inc.
5.63%, 9/1/2028		1,226		1,437
5.88%, 2/1/2029		1,005		1,196
3.50%, 9/1/2030		4,266		4,486
7.50%, 11/15/2095		2,000		2,986
Herc Holdings, Inc. 5.50%, 7/15/2027 (e)		320		334
Hess Corp. 5.80%, 4/1/2047		360		481

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Hilton Domestic Operating Co., Inc.
3.75%, 5/1/2029 (e)		245		245
4.88%, 1/15/2030		466		497
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		127		131
HollyFrontier Corp. 4.50%, 10/1/2030		10		11
Hologic, Inc. 3.25%, 2/15/2029 (e)		345		342
Howard Hughes Corp. (The) 4.38%, 2/1/2031 (e)		10		10
Howmet Aerospace, Inc.
5.13%, 10/1/2024		148		162
5.90%, 2/1/2027		233		267
6.75%, 1/15/2028		769		935
5.95%, 2/1/2037		4,874		5,865
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		105		119
Huntington Ingalls Industries, Inc. 2.04%, 8/16/2028 (e)		10		10
Hyatt Hotels Corp. 5.75%, 4/23/2030 (b)		759		914
Icahn Enterprises LP
6.38%, 12/15/2025		96		98
6.25%, 5/15/2026		241		252
5.25%, 5/15/2027		3,404		3,540
4.38%, 2/1/2029		4,272		4,291
iHeartCommunications, Inc.
8.38%, 5/1/2027		68		73
5.25%, 8/15/2027 (e)		420		429
Imola Merger Corp. 4.75%, 5/15/2029 (e)		385		396
International Game Technology plc 6.50%, 2/15/2025 (e)		300		333
IQVIA, Inc. 5.00%, 5/15/2027 (e)		317		329
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (e)		115		119
REIT, 4.88%, 9/15/2029 (e)		253		261
REIT, 5.25%, 7/15/2030 (e)		5,450		5,691
REIT, 4.50%, 2/15/2031 (e)		6,087		6,148
REIT, 5.63%, 7/15/2032 (e)		5,604		5,968
Jabil, Inc.
3.60%, 1/15/2030		822		893
3.00%, 1/15/2031		450		461
Jazz Securities DAC 4.38%, 1/15/2029 (e)		385		396
JBS USA LUX SA
6.75%, 2/15/2028 (e)		305		329
3.75%, 12/1/2031 (e)		10		10

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Kaiser Aluminum Corp.
4.63%, 3/1/2028 (e)		280		283
4.50%, 6/1/2031 (e)		2,688		2,635
Kennedy-Wilson, Inc. 4.75%, 3/1/2029		290		296
Kohl’s Corp.
3.38%, 5/1/2031 (b)		10		10
5.55%, 7/17/2045 (b)		429		499
Kraft Heinz Foods Co.
5.20%, 7/15/2045		738		938
5.50%, 6/1/2050		3,845		5,152
LABL, Inc.
6.75%, 7/15/2026 (e)		360		372
10.50%, 7/15/2027 (e)		95		101
Ladder Capital Finance Holdings LLLP REIT, 4.75%, 6/15/2029 (e)		250		252
Lamar Media Corp.
4.00%, 2/15/2030		260		264
3.63%, 1/15/2031		11		11
Lamb Weston Holdings, Inc.
4.88%, 11/1/2026 (e)		199		204
4.88%, 5/15/2028 (b) (e)		10		11
Las Vegas Sands Corp. 3.90%, 8/8/2029 (b)		550		560
Leidos, Inc. 4.38%, 5/15/2030		520		582
Level 3 Financing, Inc.
5.25%, 3/15/2026		287		296
4.63%, 9/15/2027 (e)		610		625
3.63%, 1/15/2029 (e)		5,167		4,889
Lithia Motors, Inc. 4.63%, 12/15/2027 (e)		235		248
Live Nation Entertainment, Inc. 6.50%, 5/15/2027 (e)		420		460
Lumen Technologies, Inc.
Series Y, 7.50%, 4/1/2024		65		71
5.63%, 4/1/2025		155		166
Series G, 6.88%, 1/15/2028		2,774		3,090
4.50%, 1/15/2029 (e)		274		265
Series P, 7.60%, 9/15/2039		4,187		4,620
Series U, 7.65%, 3/15/2042		3,819		4,201
Madison IAQ LLC 4.13%, 6/30/2028 (e)		300		298
Marathon Oil Corp.
6.60%, 10/1/2037		10		13
5.20%, 6/1/2045 (b)		1,708		2,097
MasTec, Inc. 4.50%, 8/15/2028 (e)		325		333
Mattel, Inc. 3.38%, 4/1/2026 (e)		282		290

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (e)		501		502
7.25%, 4/15/2025 (e)		190		184
MDC Holdings, Inc. 6.00%, 1/15/2043		3,311		4,193
Meredith Corp. 6.88%, 2/1/2026		361		375
MGM Growth Properties Operating Partnership LP
REIT, 5.75%, 2/1/2027		978		1,115
REIT, 4.50%, 1/15/2028		350		379
MGM Resorts International
6.75%, 5/1/2025		155		163
5.75%, 6/15/2025		104		112
5.50%, 4/15/2027		3,374		3,636
Micron Technology, Inc.
5.33%, 2/6/2029		520		613
4.66%, 2/15/2030		520		594
Molson Coors Beverage Co. 4.20%, 7/15/2046		10		11
Motorola Solutions, Inc.
2.30%, 11/15/2030		400		390
2.75%, 5/24/2031		10		10
5.50%, 9/1/2044		343		446
Mozart Debt Merger Sub, Inc. 3.88%, 4/1/2029 (e)		300		299
MPT Operating Partnership LP REIT, 5.00%, 10/15/2027		245		258
MSCI, Inc.
4.00%, 11/15/2029 (e)		375		392
3.88%, 2/15/2031 (e)		379		391
Mueller Water Products, Inc. 4.00%, 6/15/2029 (e)		4,700		4,776
Murphy Oil Corp. 6.37%, 12/1/2042(g)		1,083		1,100
Murphy Oil USA, Inc. 3.75%, 2/15/2031 (e)		10		10
Mylan, Inc. 5.20%, 4/15/2048		2,149		2,670
Nationstar Mortgage Holdings, Inc. 5.50%, 8/15/2028 (e)		145		149
Navient Corp.
6.50%, 6/15/2022		170		175
6.13%, 3/25/2024		140		150
4.88%, 3/15/2028		5,773		5,787
NCR Corp.
5.75%, 9/1/2027 (e)		380		400
5.13%, 4/15/2029 (e)		88		90
6.13%, 9/1/2029 (e)		110		118

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Netflix, Inc.
5.88%, 11/15/2028		329		400
6.38%, 5/15/2029		690		870
5.38%, 11/15/2029 (e)		1,091		1,316
4.88%, 6/15/2030 (b) (e)		780		917
New Albertsons LP 8.00%, 5/1/2031		130		159
Newell Brands, Inc.
4.70%, 4/1/2026 (g)		420		460
5.87%, 4/1/2036 (g)		2,303		2,792
6.00%, 4/1/2046 (g)		4,621		5,804
News Corp. 3.88%, 5/15/2029 (e)		245		249
Nexstar Media, Inc.
5.63%, 7/15/2027 (e)		369		390
4.75%, 11/1/2028 (e)		105		107
NextEra Energy Operating Partners LP 4.50%, 9/15/2027 (e)		371		397
Nielsen Finance LLC 5.63%, 10/1/2028 (e)		325		338
Nordstrom, Inc.
4.38%, 4/1/2030 (b)		2,539		2,583
4.25%, 8/1/2031 (b)		5,749		5,747
5.00%, 1/15/2044 (b)		2,250		2,228
Novelis Corp. 4.75%, 1/30/2030 (e)		145		151
NRG Energy, Inc.
6.63%, 1/15/2027		117		121
5.75%, 1/15/2028		230		244
3.88%, 2/15/2032 (e)		6,078		5,956
NuStar Logistics LP
5.75%, 10/1/2025		76		81
6.38%, 10/1/2030		1,804		1,977
Occidental Petroleum Corp.
8.00%, 7/15/2025 (b)		320		378
5.88%, 9/1/2025		87		97
8.50%, 7/15/2027		120		149
6.38%, 9/1/2028		87		102
8.88%, 7/15/2030		139		188
6.63%, 9/1/2030		152		186
Olin Corp. 5.13%, 9/15/2027		140		145
ON Semiconductor Corp. 3.88%, 9/1/2028 (e)		260		263
OneMain Finance Corp.
7.13%, 3/15/2026		167		190
6.63%, 1/15/2028		2,612		2,932
5.38%, 11/15/2029		2,846		3,038

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
ONEOK, Inc.
4.95%, 7/13/2047 (b)		419		500
5.20%, 7/15/2048		660		811
7.15%, 1/15/2051		404		603
Organon & Co. 4.13%, 4/30/2028 (e)		250		253
Oshkosh Corp. 3.10%, 3/1/2030		580		606
Outfront Media Capital LLC 5.00%, 8/15/2027 (e)		162		165
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (e)		225		240
Pacific Gas and Electric Co.
4.55%, 7/1/2030 (b)		834		908
4.50%, 7/1/2040		270		281
3.30%, 8/1/2040		315		297
4.20%, 6/1/2041 (b)		500		504
4.60%, 6/15/2043		392		401
4.75%, 2/15/2044 (b)		386		399
4.30%, 3/15/2045 (b)		400		405
4.25%, 3/15/2046		345		351
4.00%, 12/1/2046		910		904
3.95%, 12/1/2047		911		900
4.95%, 7/1/2050 (b)		350		387
3.50%, 8/1/2050		430		409
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (e)		340		333
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (e)		427		431
Patterson-UTI Energy, Inc. 3.95%, 2/1/2028		2,578		2,584
PBF Holding Co. LLC
9.25%, 5/15/2025 (e)		96		93
6.00%, 2/15/2028		95		69
Penske Automotive Group, Inc. 3.75%, 6/15/2029		245		244
Performance Food Group, Inc. 5.50%, 10/15/2027 (e)		233		243
Perrigo Finance Unlimited Co.
3.15%, 6/15/2030 (g)		5,879		5,927
4.90%, 12/15/2044 (b)		2,476		2,454
PetSmart, Inc. 4.75%, 2/15/2028 (e)		400		411
PG&E Corp. 5.00%, 7/1/2028 (b)		265		276
Pilgrim’s Pride Corp. 3.50%, 3/1/2032 (e)		10		10
Plains All American Pipeline
LP 4.30%, 1/31/2043		555		572
4.70%, 6/15/2044		1,347		1,460
4.90%, 2/15/2045		2,442		2,713

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Plantronics, Inc. 4.75%, 3/1/2029 (b) (e)		250		229
Post Holdings, Inc.
5.63%, 1/15/2028 (e)		265		277
5.50%, 12/15/2029 (e)		225		239
Presidio Holdings, Inc. 4.88%, 2/1/2027 (e)		285		290
Prestige Brands, Inc. 5.13%, 1/15/2028 (e)		135		141
Prime Security Services Borrower LLC 5.75%, 4/15/2026 (e)		333		356
PulteGroup, Inc. 6.38%, 5/15/2033		677		890
Qorvo, Inc.
4.38%, 10/15/2029 (b)		369		396
3.38%, 4/1/2031 (b) (e)		2,659		2,749
Quanta Services, Inc. 2.90%, 10/1/2030		10		10
QVC, Inc.
4.75%, 2/15/2027		762		798
4.38%, 9/1/2028 (b)		3,804		3,889
5.45%, 8/15/2034		4,000		4,180
5.95%, 3/15/2043		2,770		2,880
Radian Group, Inc. 4.88%, 3/15/2027		2,314		2,525
Range Resources Corp.
4.88%, 5/15/2025		125		130
9.25%, 2/1/2026		195		211
Regeneron Pharmaceuticals, Inc.
1.75%, 9/15/2030		14		13
2.80%, 9/15/2050		10		10
RHP Hotel Properties LP REIT, 4.75%, 10/15/2027		340		347
Rite Aid Corp.
7.50%, 7/1/2025 (e)		273		274
8.00%, 11/15/2026 (e)		278		279
Rocket Mortgage LLC 3.63%, 3/1/2029 (e)		250		248
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (e)		213		242
Royalty Pharma plc
3.55%, 9/2/2050		10		10
3.35%, 9/2/2051		10		10
RPM International, Inc. 4.25%, 1/15/2048		550		628
Sabre GLBL, Inc. 9.25%, 4/15/2025 (e)		120		139
SBA Communications Corp.
REIT, 3.88%, 2/15/2027		185		191
REIT, 3.13%, 2/1/2029 (e)		87		83
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		330		344
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (e)		195		194

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Seagate HDD Cayman
4.09%, 6/1/2029		50		52
4.13%, 1/15/2031		4,705		4,778
3.38%, 7/15/2031 (e)		3,345		3,206
5.75%, 12/1/2034		3,832		4,411
Sealed Air Corp.
4.00%, 12/1/2027 (e)		378		395
6.88%, 7/15/2033 (e)		492		631
Sensata Technologies, Inc.
4.38%, 2/15/2030 (e)		2,655		2,802
3.75%, 2/15/2031 (e)		2,879		2,839
Service Corp. International
4.63%, 12/15/2027		160		168
5.13%, 6/1/2029		205		221
Sinclair Television Group, Inc. 4.13%, 12/1/2030 (e)		5,932		5,650
Sirius XM Radio, Inc.
5.00%, 8/1/2027 (e)		190		198
4.00%, 7/15/2028 (e)		100		101
5.50%, 7/1/2029 (e)		445		480
4.13%, 7/1/2030 (e)		1,247		1,242
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (e)		233		235
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (e)		300		319
Skyworks Solutions, Inc. 3.00%, 6/1/2031		10		10
Southwestern Energy Co. 6.45%, 1/23/2025(g)		148		161
Spectrum Brands, Inc. 5.00%, 10/1/2029 (e)		269		287
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (e)		135		143
Sprint Capital Corp.
6.88%, 11/15/2028		313		396
8.75%, 3/15/2032		2,361		3,534
Sprint Corp.
7.63%, 2/15/2025		314		365
7.63%, 3/1/2026		1,205		1,445
Square, Inc. 3.50%, 6/1/2031 (e)		305		313
SS&C Technologies, Inc. 5.50%, 9/30/2027 (e)		226		238
Standard Industries, Inc. 4.75%, 1/15/2028 (e)		515		531
Staples, Inc.
7.50%, 4/15/2026 (e)		480		485
10.75%, 4/15/2027 (e)		180		172

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Summit Materials LLC 5.25%, 1/15/2029 (e)		230		241
Tallgrass Energy Partners LP 7.50%, 10/1/2025 (e)		315		341
Targa Resources Partners LP
5.88%, 4/15/2026		93		97
5.38%, 2/1/2027		480		497
5.50%, 3/1/2030		240		264
4.88%, 2/1/2031		135		145
4.00%, 1/15/2032 (e)		71		73
Taylor Morrison Communities, Inc.
5.88%, 6/15/2027 (e)		175		196
5.75%, 1/15/2028 (e)		3,474		3,824
5.13%, 8/1/2030 (e)		1,513		1,604
TEGNA, Inc. 5.00%, 9/15/2029		564		571
Teledyne FLIR LLC 2.50%, 8/1/2030		10		10
Teledyne Technologies, Inc. 2.75%, 4/1/2031		10		10
Teleflex, Inc. 4.63%, 11/15/2027		210		218
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (e)		380		386
Tenet Healthcare Corp.
4.63%, 9/1/2024 (e)		410		419
7.50%, 4/1/2025 (e)		85		90
6.25%, 2/1/2027 (e)		650		675
5.13%, 11/1/2027 (e)		294		307
TerraForm Power Operating LLC
5.00%, 1/31/2028 (e)		5,652		6,019
4.75%, 1/15/2030 (e)		374		388
Time Warner Cable LLC
6.55%, 5/1/2037		347		466
7.30%, 7/1/2038 (b)		335		482
6.75%, 6/15/2039		420		575
5.88%, 11/15/2040		450		567
5.50%, 9/1/2041		397		486
T-Mobile USA, Inc.
2.25%, 2/15/2026 (b)		72		72
4.75%, 2/1/2028		1,107		1,168
3.60%, 11/15/2060 (e)		10		10
3.60%, 11/15/2060		10		10
Topaz Solar Farms LLC 5.75%, 9/30/2039 (e)		2,208		2,673
TransDigm, Inc. 6.25%, 3/15/2026 (e)		454		474
Transocean Pontus Ltd. 6.13%, 8/1/2025 (e)		205		205
Travel + Leisure Co.
6.00%, 4/1/2027 (g)		687		747
4.63%, 3/1/2030 (b) (e)		896		930

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Tri Pointe Homes, Inc.
5.25%, 6/1/2027		367		396
5.70%, 6/15/2028		360		391
Trimble, Inc. 4.90%, 6/15/2028		10		11
Twitter, Inc. 3.88%, 12/15/2027 (e)		380		400
Uber Technologies, Inc. 7.50%, 5/15/2025 (e)		245		261
United Rentals North America, Inc.
5.50%, 5/15/2027		175		184
4.88%, 1/15/2028		90		95
5.25%, 1/15/2030		622		673
4.00%, 7/15/2030		385		393
3.88%, 2/15/2031		3,010		3,032
United States Cellular Corp. 6.70%, 12/15/2033		2,332		2,902
Uniti Group LP REIT, 7.88%, 2/15/2025 (e)		180		189
Universal Health Services, Inc.
2.65%, 10/15/2030 (e)		600		595
2.65%, 1/15/2032 (e)		10		10
Univision Communications, Inc. 4.50%, 5/1/2029 (e)		245		248
Utah Acquisition Sub, Inc. 5.25%, 6/15/2046		262		327
Valmont Industries, Inc.
5.00%, 10/1/2044		361		449
5.25%, 10/1/2054 (b)		550		707
Valvoline, Inc. 4.25%, 2/15/2030 (e)		608		617
VeriSign, Inc. 2.70%, 6/15/2031		10		10
Viatris, Inc.
2.70%, 6/22/2030		400		400
4.00%, 6/22/2050		371		398
VICI Properties LP
REIT, 4.25%, 12/1/2026 (e)		76		79
REIT, 4.63%, 12/1/2029 (e)		136		145
REIT, 4.13%, 8/15/2030 (e)		335		352
Vistra Operations Co. LLC
5.63%, 2/15/2027 (e)		320		330
5.00%, 7/31/2027 (e)		185		189
4.38%, 5/1/2029 (e)		5,420		5,366
VMware, Inc.
4.70%, 5/15/2030 (b)		520		608
2.20%, 8/15/2031 (b)		10		10
WESCO Distribution, Inc.
7.13%, 6/15/2025 (e)		247		262
7.25%, 6/15/2028 (e)		207		228

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Western Digital Corp. 4.75%, 2/15/2026		73		80
Western Midstream Operating LP
4.00%, 7/1/2022		130		131
4.35%, 2/1/2025 (g)		155		162
5.45%, 4/1/2044		3,760		4,412
5.30%, 3/1/2048		3,197		3,725
5.50%, 8/15/2048		3,633		4,337
6.50%, 2/1/2050(g)		5,131		6,142
WMG Acquisition Corp.
3.88%, 7/15/2030 (e)		699		724
3.00%, 2/15/2031 (e)		2,742		2,668
Wolverine Escrow LLC 9.00%, 11/15/2026 (b) (e)		286		263
Wynn Las Vegas LLC
4.25%, 5/30/2023 (b) (e)		210		211
5.50%, 3/1/2025 (e)		358		364
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (e)		160		160
Xerox Holdings Corp. 5.50%, 8/15/2028 (b) (e)		5,858		5,924
XPO Logistics, Inc. 6.25%, 5/1/2025 (e)		180		190
Yum! Brands, Inc.
4.75%, 1/15/2030 (e)		145		155
3.63%, 3/15/2031		415		410
4.63%, 1/31/2032		101		105
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (e)		240		233
				592,517
Venezuela, Bolivarian Republic of —0.0% (a)
Petroleos de Venezuela SA
8.50%, 10/27/2020 (d) (h)		75		18
9.00%, 11/17/2021 (d) (h)		50		2
12.75%, 2/17/2022 (d) (h)		120		6
				26
Total Corporate Bonds (Cost $729,073)				746,123
Foreign Government Securities — 10.1%
Australia — 0.2%
Commonwealth of Australia
2.75%, 4/21/2024 (d)	AUD	885		698
3.25%, 4/21/2025 (d)	AUD	1,536		1,230
0.25%, 11/21/2025 (d)	AUD	5,960		4,267
2.75%, 11/21/2028 (d)	AUD	4,040		3,224

INVESTMENTS		PRINCIPAL AMOUNT ($000)		VALUE ($000)
Australia — continued
2.75%, 6/21/2035 (d)		AUD	1,676		1,325
2.75%, 5/21/2041 (d)		AUD	720		546
3.00%, 3/21/2047 (d)		AUD	209		163
1.75%, 6/21/2051 (d)		AUD	490		292
					11,745
Belgium — 0.2%
Kingdom of Belgium	��
0.80%, 6/22/2027 (d)		EUR	2,155		2,631
0.10%, 6/22/2030 (d)		EUR	1,187		1,371
1.00%, 6/22/2031 (d)		EUR	645		804
1.45%, 6/22/2037 (d)		EUR	1,620		2,137
1.90%, 6/22/2038 (d)			EUR 1,835		2,580
1.60%, 6/22/2047 (d)		EUR	267		367
1.70%, 6/22/2050 (d)		EUR	566		801
2.15%, 6/22/2066 (d)		EUR	527		872
					11,563
Canada — 0.3%
Canada Government Bond
2.75%, 12/1/2048		CAD	198		185
2.00%, 12/1/2051		CAD	2,134		1,716
2.75%, 12/1/2064		CAD	350		334
Province of Alberta 2.90%, 12/1/2028		CAD	410		348
Province of British Columbia
4.70%, 6/18/2037		CAD	880		906
2.95%, 6/18/2050		CAD	505		428
Province of Ontario
2.30%, 9/8/2024		CAD	3,210		2,657
0.01%, 11/25/2030 (d)		EUR	5,800		6,455
					13,029
China — 0.1%
Export-Import Bank of China (The) 0.75%, 5/28/2023 (d)		EUR	3,800		4,428
Denmark — 0.1%
Kingdom of Denmark
0.25%, 11/15/2022 (d)		DKK	1,704		267
1.75%, 11/15/2025		DKK	2,373		399
0.50%, 11/15/2027		DKK	3,009		485
0.50%, 11/15/2029 (d)		DKK	3,080		497
4.50%, 11/15/2039		DKK	4,317		1,185
0.25%, 11/15/2052 (d)		DKK	1,240		186
					3,019

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
France — 0.7%
French Republic
0.75%, 5/25/2028 (d)	EUR	7,360		8,962
1.50%, 5/25/2031 (d)	EUR	1,150		1,491
1.25%, 5/25/2036 (d)	EUR	5,790		7,410
1.75%, 6/25/2039 (d)	EUR	3,638		5,075
3.25%, 5/25/2045 (d)	EUR	619		1,115
2.00%, 5/25/2048 (d)	EUR	312		469
1.50%, 5/25/2050 (d)	EUR	3,122		4,252
0.75%, 5/25/2052 (d)	EUR	1,276		1,436
0.75%, 5/25/2053 (d)	EUR	3,373		3,765
1.75%, 5/25/2066 (d)	EUR	726		1,081
				35,056
Germany — 0.2%
Bundesrepublik Deutschland
4.00%, 1/4/2037 (d)	EUR	2,135		4,006
2.50%, 7/4/2044 (d)	EUR	1,685		3,052
0.00%, 8/15/2050 (d)	EUR	1,710		1,930
				8,988
Hungary — 0.0%(a)
Hungary Government Bond
0.13%, 9/21/2028 (e)	EUR	893		1,004
2.13%, 9/22/2031 (b) (e)		1,158		1,132
				2,136
Indonesia — 0.1%
Republic of Indonesia
2.15%, 7/18/2024 (d)	EUR	1,120		1,352
1.30%, 3/23/2034	EUR	902		1,007
				2,359
Italy — 1.8%
Buoni Poliennali del Tesoro
2.15%, 12/15/2021 (d)	EUR	3,080		3,572
1.20%, 4/1/2022 (d)	EUR	3,090		3,597
1.00%, 7/15/2022 (d)	EUR	10,273		11,993
0.90%, 8/1/2022 (d)	EUR	10,550		12,316
0.95%, 3/1/2023 (d)	EUR	2,161		2,539
0.60%, 6/15/2023 (d)	EUR	5,747		6,740
2.45%, 10/1/2023 (d)	EUR	1,738		2,111
0.65%, 10/15/2023 (d)	EUR	2,220		2,607
1.40%, 5/26/2025 (d)	EUR	3,129		3,935
1.85%, 7/1/2025 (d)	EUR	1,037		1,269
0.00%, 4/1/2026 (d)	EUR	5,120		5,815

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Italy — continued
0.85%, 1/15/2027 (d)	EUR	10,620		12,481
0.95%, 12/1/2031 (d)	EUR	1,496		1,691
1.65%, 3/1/2032 (d)	EUR	721		870
2.25%, 9/1/2036 (d)	EUR	2,982		3,806
0.95%, 3/1/2037 (d)	EUR	5,090		5,439
1.80%, 3/1/2041 (d)	EUR	553		651
4.75%, 9/1/2044 (d)	EUR	122		221
1.50%, 4/30/2045 (d)	EUR	2,767		3,044
2.70%, 3/1/2047 (d)	EUR	207		282
3.45%, 3/1/2048 (d)	EUR	211		327
2.45%, 9/1/2050 (d)	EUR	1,290		1,684
2.80%, 3/1/2067 (d)	EUR	472		633
Italian Republic Government Bond 2.38%, 10/17/2024		5,381		5,536
				93,159
Japan — 3.9%
Japan Finance Organization for Municipalities 3.25%, 4/24/2023 (e)		1,890		1,964
Japan Government Bond
0.10%, 12/20/2022	JPY	1,627,950		14,315
0.01%, 6/1/2023	JPY	970,000		8,526
0.80%, 9/20/2023	JPY	1,154,500		10,301
0.10%, 9/20/2024	JPY	1,835,600		16,195
0.50%, 9/20/2024	JPY	393,150		3,509
0.10%, 12/20/2024	JPY	405,400		3,578
0.10%, 6/20/2026	JPY	792,000		7,008
0.10%, 9/20/2026	JPY	1,328,850		11,761
0.10%, 9/20/2027	JPY	1,608,000		14,245
0.10%, 12/20/2029	JPY	756,650		6,688
0.10%, 3/20/2030	JPY	161,100		1,424
1.60%, 3/20/2032	JPY	1,864,800		18,865
1.50%, 6/20/2034	JPY	531,250		5,409
1.40%, 9/20/2034	JPY	1,944,050		19,608
0.70%, 3/20/2037	JPY	721,800		6,694
0.60%, 9/20/2037	JPY	842,050		7,683
0.30%, 12/20/2039	JPY	1,418,350		12,179
0.40%, 6/20/2040	JPY	489,200		4,262
1.50%, 3/20/2045	JPY	667,700		7,083
1.40%, 12/20/2045	JPY	145,750		1,521
0.80%, 12/20/2047	JPY	288,550		2,647
0.40%, 9/20/2049	JPY	42,550		349
0.40%, 12/20/2049	JPY	1,030,350		8,427
0.40%, 3/20/2050	JPY	413,750		3,384

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 41

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Japan — continued
0.90%, 3/20/2057	JPY	194,150		1,810
0.50%, 3/20/2060	JPY	124,200		1,014
				200,449
Kuwait — 0.0% (a)
State of Kuwait 2.75%, 3/20/2022 (d)		700		705
Netherlands — 0.1%
Kingdom of Netherlands
0.25%, 7/15/2029 (d)	EUR	925		1,097
4.00%, 1/15/2037 (d)	EUR	1,110		2,028
3.75%, 1/15/2042 (d)	EUR	917		1,816
2.75%, 1/15/2047 (d)	EUR	400		755
0.00%, 1/15/2052 (d)	EUR	520		555
				6,251
Peru — 0.0% (a)
Republic of Peru 1.86%, 12/1/2032		487		442
Philippines — 0.0% (a)
Republic of Philippines 0.25%, 4/28/2025	EUR	1,303		1,495
Qatar — 0.0% (a)
State of Qatar 3.88%, 4/23/2023 (e)		860		902
Romania — 0.0% (a)
Romania Government Bond 2.00%, 4/14/2033 (e)	EUR	1,470		1,589
Saudi Arabia — 0.0%(a)
Kingdom of Saudi Arabia 2.25%, 2/2/2033 (b) (e)		914		881
South Korea — 0.1%
Export-Import Bank of Korea 0.75%, 9/21/2025		4,217		4,124
Republic of Korea 0.00%, 9/16/2025	EUR	1,276		1,474
				5,598
Spain — 0.9%
Bonos and Obligaciones del Estado
0.45%, 10/31/2022	EUR	1,521		1,775
4.80%, 1/31/2024 (d)	EUR	5,350		6,913
0.00%, 1/31/2025	EUR	2,874		3,349
1.60%, 4/30/2025 (d)	EUR	4,830		5,942
1.50%, 4/30/2027 (d)	EUR	2,670		3,334
1.40%, 7/30/2028 (d)	EUR	3,912		4,884
0.10%, 4/30/2031 (d)	EUR	5,690		6,303
2.35%, 7/30/2033 (d)	EUR	4,193		5,740

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Spain — continued
4.70%, 7/30/2041 (d)	EUR	353		676
1.00%, 7/30/2042 (d)	EUR	637		722
2.90%, 10/31/2046 (d)	EUR	1,612		2,553
2.70%, 10/31/2048 (d)	EUR	401		620
1.00%, 10/31/2050 (d)	EUR	996		1,067
3.45%, 7/30/2066 (d)	EUR	421		760
				44,638
Sweden — 0.1%
Kingdom of Sweden
1.50%, 11/13/2023 (d)	SEK	4,690		564
1.00%, 11/12/2026 (d)	SEK	5,010		609
0.75%, 5/12/2028	SEK	1,985		238
0.75%, 11/12/2029 (d)	SEK	7,195		866
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		3,409
				5,973
United Arab Emirates — 0.1%
United Arab Emirates Government Bond
0.75%, 9/2/2023 (e)		1,569		1,568
2.88%, 10/19/2041 (b) (e)		1,301		1,282
				2,850
United Kingdom — 1.2%
United Kingdom of Great Britain and Northern Ireland
0.13%, 1/31/2024 (d)	GBP	2,700		3,646
0.63%, 6/7/2025 (d)	GBP	8,287		11,309
1.25%, 7/22/2027 (d)	GBP	5,687		7,972
4.25%, 3/7/2036 (d)	GBP	1,152		2,233
1.75%, 9/7/2037 (d)	GBP	4,533		6,726
4.75%, 12/7/2038 (d)	GBP	1,018		2,176
1.25%, 10/22/2041 (d)	GBP	1,150		1,588
0.88%, 1/31/2046 (d)	GBP	4,235		5,410
4.25%, 12/7/2046 (d)	GBP	3,545		8,092
1.50%, 7/22/2047 (d)	GBP	2,447		3,603
1.75%, 7/22/2057 (d)	GBP	2,569		4,249
2.50%, 7/22/2065 (d)		GBP 2,557		5,408
1.63%, 10/22/2071 (d)	GBP	290		515
				62,927

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Venezuela, Bolivarian Republic of — 0.0% (a)
Bolivarian Republic of Venezuela
7.75%, 10/13/2019 (d) (h)		10		1
12.75%, 8/23/2022 (d) (h)		180		18
9.25%, 5/7/2028 (d) (h)		180		18
				37
Total Foreign Government Securities (Cost $532,920)				520,219
U.S. Treasury Obligations — 1.2%
U.S. Treasury Notes 1.38%, 1/31/2022 (m) (Cost $60,122)		59,930		60,124
	SHARES (000)
Exchange-Traded Funds — 0.5%
United States — 0.5%
iShares MSCI India ETF (Cost $16,558)		539		26,307
	NO. OF WARRANTS (000)
Warrants — 0.4%
France — 0.0% (a)
BNP Paribas Issuance BV
expiring 9/30/2022 *		162		411
expiring 9/26/2022 *		5		208
expiring 9/26/2022 *		34		168
expiring 9/30/2022 *		32		140
expiring 9/30/2022 *		2		102
expiring 9/26/2022 *		7		98
				1,127
Switzerland — 0.4%
UBS AG
expiring 1/10/2022 *		24		1,515
expiring 4/18/2022 *		20		295
expiring 8/15/2022 *		76		301
expiring 4/15/2022 *		46		308
expiring 4/25/2022, price 1.00 USD *		146		367
expiring 4/25/2022, price 1.00 USD * ‡		16		41
expiring 2/24/2023 *		32		372
expiring 3/24/2022 *		44		389
expiring 7/8/2022 *		13		411
expiring 7/20/2022 *		91		451
expiring 8/9/2022 *		13		611

INVESTMENTS	NO. OF WARRANTS (000)			VALUE ($000)
Switzerland — continued
expiring 10/21/2022 *		140			274
expiring 3/24/2022 * ‡		253			642
expiring 12/6/2021 *		37			764
expiring 12/10/2021 *		84			900
expiring 8/16/2022 *		82			1,036
expiring 8/26/2022, price 1.00 USD *		25			1,060
expiring 10/3/2022 *		107			1,087
expiring 5/2/2022 *		86			1,147
expiring 2/15/2022 *		325			1,400
expiring 12/23/2022, price 1.00 USD *		31			1,433
expiring 12/13/2021 *		113			1,449
expiring 4/8/2022 *		53			682
expiring 8/9/2022 *		5			242
					17,177
United Kingdom — 0.0% (a)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD * ‡		1			18
United States — 0.0% (a)
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD * ‡		—	(c)		8
Total Warrants (Cost $18,915)					18,330
	NO. OF CONTRACTS
Options Purchased — 0.2%
Call Options Purchased — 0.2%
United States — 0.2%
S&P 500 Index 12/31/2021 at USD 4,650.00, European Style Notional Amount: USD 2,763 Counterparty: Exchange-Traded *		6			47
S&P 500 Index 12/31/2021 at USD 4,700.00, European Style Notional Amount: USD 1,842 Counterparty: Exchange-Traded *		4			22
S&P 500 Index 12/31/2021 at USD 4,770.00, European Style Notional Amount: USD 2,764 Counterparty: Exchange-Traded *		6			17
S&P 500 Index 12/31/2021 at USD 4,850.00, European Style Notional Amount: USD 4,145 Counterparty: Exchange-Traded *		9			11

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 43

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Long Positions — continued
Options Purchased — continued
Call Options Purchased — continued
United States — continued
S&P 500 Index 3/18/2022 at USD 4,525.00, European Style Notional Amount: USD 207,242 Counterparty: Exchange-Traded *		450		10,334
Total Call Options Purchased				10,431
Total Options Purchased (Cost $8,014)				10,431
	PRINCIPAL AMOUNT ($000)
Commercial Mortgage-Backed Securities — 0.2%
United States — 0.2%
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.29%, 7/25/2023 (n)		102,344		461
Series KC03, Class X1, IO, 0.49%, 11/25/2024 (n)		29,755		378
Series K078, Class X1, IO, 0.09%, 6/25/2028 (n)		63,409		505
Series K082, Class X1, IO, 0.01%, 9/25/2028 (n)		420,212		1,662
Series K083, Class X1, IO, 0.03%, 9/25/2028 (n)		133,823		683
FNMA ACES Series 2019-M21, Class X2, IO, 1.34%, 2/25/2031 (n)		3,674		358
FREMF Series 2018-KF46, Class B, 2.03%, 3/25/2028 (e) (n)		315		307
FREMF Mortgage Trust
Series 2017-KF31, Class B, 2.98%, 4/25/2024 (e) (n)		141		140
Series 2017-KF32, Class B, 2.63%, 5/25/2024 (e) (n)		298		298
Series 2017-KF36, Class B, 2.73%, 8/25/2024 (e) (n)		297		297
Series 2017-KF38, Class B, 2.58%, 9/25/2024 (e) (n)		296		296
Series 2018-KF45, Class B, 2.03%, 3/25/2025 (e) (n)		568		565
Series 2018-KF47, Class B, 2.08%, 5/25/2025 (e) (n)		282		278
Series 2018-KF49, Class B, 1.98%, 6/25/2025 (e) (n)		225		220
Series 2019-KF63, Class B, 2.43%, 5/25/2029 (e) (n)		1,745		1,745

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 5.91%, 7/15/2044 (n)		52			51
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (n)		923			417
Nationslink Funding Corp. Commercial Loan Pass-Through Certificates Series 1999-LTL1, Class E, 5.00%, 1/22/2026 ‡ (e)		66			66
Velocity Commercial Capital Loan Trust
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (e) (n)		283			292
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (e) (n)		415			424
Wells Fargo Commercial Mortgage Trust Series 2019-C52, Class XA, IO, 1.59%, 8/15/2052 (n)		3,846			371
Total Commercial Mortgage-Backed Securities (Cost $10,064)					9,814
Collateralized Mortgage Obligations — 0.1%
United States — 0.1%
Alternative Loan Trust
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		54			56
Series 2005-19CB, Class A2, IF, 16.74%, 6/25/2035 (n)		12			13
Series 2005-27, Class 1A6, 1.32%, 8/25/2035 (n)		593			519
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		542			408
Banc of America Funding Trust Series 2005-6, Class 1A2, 5.50%, 10/25/2035		39			38
Bear Stearns ALT-A Trust Series 2005-4, Class 23A1, 2.62%, 5/25/2035 (n)		37			37
Bear Stearns ARM Trust Series 2006-1, Class A1, 2.37%, 2/25/2036 (n)		118			121
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC3, Class M1, 0.64%, 6/25/2034 ‡ (n)		326			314
Chase Mortgage Finance Trust
Series 2006-S4, Class A5, 6.00%, 12/25/2036		222			147
Series 2007-A1, Class 8A1, 2.42%, 2/25/2037 (n)		—	(c)		—	(c)
CHL GMSR Issuer Trust Series 2018-GT1, Class B, 3.59%, 5/25/2023 ‡ (e) (n)		840			841
CHL Mortgage Pass-Through Trust
Series 2004-9, Class A7, 5.25%, 6/25/2034		—	(c)		—	(c)

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series 2004-25, Class 2A1, 0.77%, 2/25/2035 (n)		265			250
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		343			276
Series 2005-31, Class 2A1, 2.54%, 1/25/2036 (n)		236			220
Series 2006-21, Class A14, 6.00%, 2/25/2037		3			2
Series 2007-10, Class A4, 5.50%, 7/25/2037		166			110
Citigroup Mortgage Loan Trust
Series 2005-3, Class 2A2A, 2.75%, 8/25/2035 (n)		116			120
Series 2005-11, Class A2A, 2.47%, 10/25/2035 (n)		42			43
Citigroup Mortgage Loan Trust, Inc. Series 2005-4, Class A, 2.66%, 8/25/2035 (n)		156			164
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8, Class 5A1, 6.00%, 12/25/2034		234			245
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AF1, Class A4, 0.39%, 4/25/2036 (n)		—	(c)		—	(c)
Series 2007-3, Class 2A1, 0.84%, 10/25/2047 (n)		—	(c)		—	(c)
GSR Mortgage Loan Trust Series 2004-11, Class 2A2, 3.03%, 9/25/2034 (n)		5			5
HarborView Mortgage Loan Trust Series 2006-14, Class 1A1A, 0.26%, 1/25/2047 (n)		—	(c)		—	(c)
Impac CMB Trust Series 2004-6, Class 1A2, 0.87%, 10/25/2034 (n)		33			33
JPMorgan Mortgage Trust Series 2005-A8, Class 2A3, 2.76%, 11/25/2035 (n)		—	(c)		—	(c)
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 2.62%, 4/21/2034 (n)		100			101
MASTR Alternative Loan Trust
Series 2003-5, Class 30B1, 5.91%, 8/25/2033 (n)		4			4
Series 2004-6, Class 8A1, 5.50%, 7/25/2034		1			1
Merrill Lynch Mortgage Investors Trust
Series 2005-A2, Class A3, 2.84%, 2/25/2035 (n)		24			25

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2005-1, Class 2A1, 1.93%, 4/25/2035 (n)		26		26
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 2.60%, 7/25/2034 (n)		58		61
Series 2004-11AR, Class 1A2A, 0.40%, 1/25/2035 (n)		123		136
MortgageIT Trust Series 2005-1, Class 1B1, 1.59%, 2/25/2035 ‡ (n)		119		121
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-4, Class 1A2, 0.87%, 11/25/2035 (n)		58		58
RALI Trust Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		414		408
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR5, Class A6, 2.80%, 5/25/2035 (n)		170		179
Series 2005-AR7, Class A3, 2.54%, 8/25/2035 (n)		146		153
Series 2005-AR14, Class 1A4, 2.86%, 12/25/2035 (n)		144		147
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-K, Class 1A2, 2.61%, 7/25/2034 (n)		18		19
Series 2005-AR14, Class A1, 2.58%, 8/25/2035 (n)		115		116
Total Collateralized Mortgage Obligations (Cost $5,588)				5,517
Supranational — 0.1%
European Investment Bank 0.50%, 6/21/2023	AUD	1,210		903
Inter-American Development Bank
0.50%, 5/23/2023	CAD	3,650		2,929
1.70%, 10/10/2024	CAD	800		652
4.40%, 1/26/2026	CAD	614		552
Total Supranational (Cost $4,808)				5,036
Asset-Backed Securities — 0.1%
United States — 0.1%
ABFC Trust Series 2004-HE1, Class M1, 0.99%, 3/25/2034 ‡ (n)		221		219
ACE Securities Corp. Home Equity Loan Trust Series 2004-HE4, Class M2, 1.06%, 12/25/2034 ‡ (n)		91		92

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 45

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE2, Class M2, 1.96%, 4/25/2034 ‡ (n)		332		334
Bear Stearns Asset-Backed Securities I Trust Series 2004-FR2, Class M3, 1.89%, 6/25/2034 (n)		34		35
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.21%, 12/25/2032 ‡ (n)		16		16
Series 2004-3, Class M1, 0.84%, 6/25/2034 ‡ (n)		57		56
Countrywide Partnership Trust Series 2004-EC1, Class M2, 1.03%, 1/25/2035 ‡ (n)		280		278
Credit-Based Asset Servicing and Securitization LLC Series 2004-CB4, Class A5, 6.78%, 5/25/2035 (g)		9		9
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M2, 1.06%, 10/25/2034 ‡ (n)		50		50
Fremont Home Loan Trust Series 2004-2, Class M2, 1.02%, 7/25/2034 (n)		114		115
MASTR Asset-Backed Securities Trust Series 2005-NC1, Class M2, 0.84%, 12/25/2034 ‡ (n)		145		144
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-HE2, Class M2, 2.56%, 8/25/2033 ‡ (n)		6		6
Series 2004-NC7, Class M2, 1.02%, 7/25/2034 ‡ (n)		61		60
Series 2004-HE6, Class M1, 0.91%, 8/25/2034 (n)		148		147
Series 2004-HE8, Class M3, 1.21%, 9/25/2034 ‡ (n)		18		18
NRZ Excess Spread-Collateralized Notes Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (e)		108		108
OneMain Financial Issuance Trust
Series 2015-3A, Class C, 5.82%, 11/20/2028 ‡ (e)		965		968
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (e)		1,045		1,047
Option One Mortgage Loan Trust Series 2004-3, Class M2, 0.94%, 11/25/2034 ‡ (n)		19		19
Renaissance Home Equity Loan Trust
Series 2004-1, Class M4, 2.79%, 5/25/2034 ‡ (n)		376		385
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (g)		16		17

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Securitized Asset-Backed Receivables LLC Trust Series 2004-NC1, Class M2, 1.81%, 2/25/2034 ‡ (n)		69		72
Soundview Home Loan Trust Series 2005-OPT1, Class M2, 0.76%, 6/25/2035 ‡ (n)		196		195
Structured Asset Investment Loan Trust
Series 2003-BC11, Class M1, 1.06%, 10/25/2033 ‡ (n)		37		37
Series 2004-BNC1, Class A5, 1.33%, 9/25/2034 ‡ (n)		27		27
Total Asset-Backed Securities (Cost $4,281)				4,454
Loan Assignments — 0.0% (a) (o)
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 (k)		77		77
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.59%, 12/18/2026 (k) (p)		257		255
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022 ‡ (h) (k)		17		2
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (h) (k)		86		—
Moran Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 3/29/2024 (k)		80		82
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 6.00%), 8.00%, 4/1/2024 ‡ (k)		595		607
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 2 Month + 10.75%), 11.75%, 10/1/2024 (k)		391		336
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/14/2025 (k)		45		44
				1,403
Total Loan Assignments (Cost $1,159)				1,403

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)			VALUE ($000)
Convertible Preferred Stocks — 0.0% (a)
United States — 0.0% (a)
Claire’s Stores, Inc. * ‡ (Cost $86)		—	(c)		603
Preferred Stocks — 0.0% (a)
United States — 0.0% (a)
Goodman Networks, Inc. * ‡		3			—	(c)
MYT Holding LLC, Series A, 10.00%, 6/6/2029 ‡		40			46
Total Preferred Stocks (Cost $49)					46
	NO. OF RIGHTS (000)
Rights — 0.0% (a)
United States — 0.0% (a)
Vistra Corp., expiring 12/31/2049 * ‡ (Cost $—)		17			24
	SHARES (000)
Short-Term Investments — 5.5%
Investment Companies — 4.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (q) (r) (Cost $207,062)		207,005			207,109
Investment of Cash Collateral from Securities Loaned — 1.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (q) (r)		68,262			68,262
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (q) (r)		9,037			9,037
Total Investment of Cash Collateral from Securities Loaned (Cost $77,298)					77,299
Total Short-Term Investments (Cost $284,360)					284,408
Total Long Positions (Cost $4,260,349)					5,138,692

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — (0.2)% (a)
Common Stocks — (0.2)% (a)
United States — (0.2)% (a)
3M Co.		(9	)		(1,634	)
Alteryx, Inc., Class A *		(7	)		(490	)
American Airlines Group, Inc. *		(12	)		(235	)
Campbell Soup Co.		(40	)		(1,597	)
Conagra Brands, Inc.		(14	)		(436	)
Cummins, Inc.		(1	)		(238	)
Delta Air Lines, Inc. *		(6	)		(233	)
Dow, Inc.		(8	)		(465	)
Intel Corp.		(19	)		(923	)
Kellogg Co.		(11	)		(698	)
Sirius XM Holdings, Inc.		(787	)		(4,793	)
United Airlines Holdings, Inc. *		(5	)		(234	)
					(11,976	)
Total Common Stocks (Proceeds $(11,986))					(11,976	)
Total Short Positions (Proceeds $(11,986))					(11,976	)
Total Investments — 100.1% (Cost $4,248,363)					5,126,716
Liabilities in Excess of Other Assets — (0.1)%					(4,119	)
NET ASSETS — 100.0%					5,122,597

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 47

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Summary of Investments by Industry, October 31, 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
Foreign Government Securities		10.1	%
Banks		6.9
Oil, Gas & Consumable Fuels		4.5
Semiconductors & Semiconductor Equipment		4.2
Software		3.2
Technology Hardware, Storage & Peripherals		2.9
Pharmaceuticals		2.8
Insurance		2.7
Internet & Direct Marketing Retail		2.6
Interactive Media & Services		2.5
Capital Markets		2.5
Machinery		2.3
IT Services		2.0
Media		1.9
Automobiles		1.9
Equity Real Estate Investment Trusts (REITs)		1.8
Food Products		1.7
Health Care Providers & Services		1.7
Metals & Mining		1.6
Electric Utilities		1.6
Biotechnology		1.6
Hotels, Restaurants & Leisure		1.6
Specialty Retail		1.6
Beverages		1.5
Chemicals		1.5
Diversified Telecommunication Services		1.4
Health Care Equipment & Supplies		1.4
Textiles, Apparel & Luxury Goods		1.4
Aerospace & Defense		1.3
Household Durables		1.3
Electrical Equipment		1.2
U.S. Treasury Notes		1.2
Road & Rail		1.1
Entertainment		1.0
Others (each less than 1.0%)		14.0
Short-Term Investments		5.5

INDUSTRY(SHORT)	PERCENT OF TOTAL INVESTMENTS
Media		40.0	%
Food Products		22.7
Industrial Conglomerates		13.6
Semiconductors & Semiconductor Equipment		7.7
Airlines		6.0
Software		4.1
Chemicals		3.9
Machinery		2.0

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
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 October 31, 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.

48 J.P. MORGAN FUNDS OCTOBER 31, 2021

SEK	Swedish Krona
SGPS	Holding company
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 October 31, 2021. The total value of securities on loan at October 31, 2021 is $74,669.
(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 $17,551 and $23,700 respectively.
(g)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2021.
(h)	Defaulted security.
(i)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.

(j)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2021.
(k)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2021.
(l)	Security is an interest bearing note with preferred security characteristics.
(m)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(n)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2021.
(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)	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.
(r)	The rate shown is the current yield as of October 31, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 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		393		12/2021		AUD		39,867		(2,573	)
Australia 3 Year Bond		7		12/2021		AUD		597		(12	)
Canada 10 Year Bond		38		12/2021		CAD		4,311		(166	)
Canada 5 Year Bond		28		12/2021		CAD		2,773		(73	)
EURO STOXX 50 Index		1,445		12/2021		EUR		71,076		2,010
Euro-Bobl		102		12/2021		EUR		15,784		(27	)
Euro-BTP		48		12/2021		EUR		8,227		(305	)
Euro-Bund		412		12/2021		EUR		80,190		(1,913	)
Euro-OAT		62		12/2021		EUR		11,777		(302	)
Euro-Schatz		162		12/2021		EUR		20,970		(41	)
Foreign Exchange AUD/USD		834		12/2021		USD		62,750		1,302
Foreign Exchange CAD/USD		1,536		12/2021		USD		124,101		3,173
Foreign Exchange EUR/USD		2,510		12/2021		USD		362,993		(8,542	)
Foreign Exchange GBP/USD		1,183		12/2021		USD		101,191		(964	)
Foreign Exchange JPY/USD		2,515		12/2021		USD		275,927		(10,233	)
Japan 10 Year Bond		46		12/2021		JPY		61,088		(199	)
Japan 10 Year Bond Mini		95		12/2021		JPY		12,619		(40	)
Long Gilt		59		12/2021		GBP		10,087		67
MSCI EAFE E-Mini Index		272		12/2021		USD		31,833		(304	)
MSCI Emerging Markets E-Mini Index		145		12/2021		USD		9,149		(274	)
S&P 500 E-Mini Index		1,127		12/2021		USD		259,196		6,564
S&P/TSX 60 Index		189		12/2021		CAD		38,496		925
ICE 3 Month SONIA Index		88		03/2022		GBP		29,967		13
3 Month Canadian Bankers Acceptance		150		12/2022		CAD		29,708		(23	)
										(11,937	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 49

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Short Contracts
Euro-Buxl		(1	)		12/2021		EUR		(243	)		(1	)
MSCI Emerging Markets E-Mini Index		(5,526	)		12/2021		USD		(348,663	)		6,537
MSCI Europe Equity Index		(9,456	)		12/2021		EUR		(313,341	)		(7,756	)
U.S. Treasury 2 Year Note		(236	)		12/2021		USD		(51,741	)		85
U.S. Treasury 5 Year Note		(48	)		12/2021		USD		(5,843	)		86
U.S. Treasury 10 Year Note		(106	)		12/2021		USD		(13,855	)		249
U.S. Treasury 10 Year Ultra Note		(83	)		12/2021		USD		(12,036	)		123
U.S. Treasury Long Bond		(443	)		12/2021		USD		(71,226	)		1,559
U.S. Treasury Ultra Bond		(16	)		12/2021		USD		(3,142	)		(59	)
3 Month Eurodollar		(120	)		12/2022		USD		(29,739	)		6
												829
												(11,108	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EAFE	Europe, Australasia and Far East
EUR	Euro
GBP	British Pound
ICE	Intercontinental Exchange

JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
SONIA	Sterling Overnight Index Average
TSX	Toronto Stock Exchange
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of October 31, 2021 (amounts in thousands):
CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
	AUD	1,222	USD	901	Barclays Bank plc		11/3/2021		17
	CAD	14,178	USD	11,447	BNP Paribas		11/3/2021		9
	CAD	1,355	USD	1,081	Merrill Lynch International		11/3/2021		14
	EUR	1,074	USD	1,242	Barclays Bank plc		11/3/2021		—	(a)
	GBP	1,055	USD	1,429	Goldman Sachs International		11/3/2021		15
	GBP	1,578	USD	2,148	Royal Bank of Canada		11/3/2021		10
	MXN	2,114	USD	103	BNP Paribas		11/3/2021		—	(a)
	MXN	96,807	USD	4,693	HSBC Bank, NA		11/3/2021		9
	USD	3,130	DKK	20,057	State Street Corp.		11/3/2021		13
	USD	251,951	EUR	216,960	BNP Paribas		11/3/2021		1,140
	USD	1,234	EUR	1,051	Merrill Lynch International		11/3/2021		19
	USD	947	GBP	690	Barclays Bank plc		11/3/2021		2
	USD	4,809	MXN	98,921	BNP Paribas		11/3/2021		5
	USD	4,508	JPY	500,940	BNP Paribas		11/4/2021		112
	USD	198,034	JPY	22,177,145	Goldman Sachs International		11/4/2021		3,452
	USD	15,514	AUD	20,596	Goldman Sachs International		12/3/2021		19
	USD	3,144	DKK	20,057	State Street Corp.		12/3/2021		25
	USD	140,154	EUR	120,211	BNP Paribas		12/3/2021		1,104
	USD	107,650	EUR	92,235	Goldman Sachs International		12/3/2021		961
	USD	676	EUR	582	State Street Corp.		12/3/2021		3
	USD	1,553	EUR	1,340	TD Bank Financial Group		12/3/2021		3
	USD	67,115	GBP	48,740	BNP Paribas		12/3/2021		410
	USD	986	GBP	715	Merrill Lynch International		12/3/2021		7
	USD	1,789	GBP	1,302	State Street Corp.		12/3/2021		7
	USD	198,491	JPY	22,563,631	HSBC Bank, NA		12/3/2021		476
	USD	2,569	SEK	21,927	Barclays Bank plc		12/3/2021		15
	CHF	5,900	EUR	5,402	Barclays Bank plc		12/29/2021		202

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS OCTOBER 31, 2021

CURRENCY PURCHASED			CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
	CHF	1,035	USD	1,118	BNP Paribas		12/29/2021		14
	GBP	6,450	EUR	7,540	Citibank, NA		12/29/2021		100
	GBP	1,300	USD	1,758	State Street Corp.		12/29/2021		22
	NOK	17,497	USD	2,032	Barclays Bank plc		12/29/2021		37
	SEK	22,903	EUR	2,245	Citibank, NA		12/29/2021		70
	SEK	78,214	USD	9,046	BNP Paribas		12/29/2021		71
	SEK	15,671	USD	1,823	Standard Chartered Bank		12/29/2021		3
	USD	2,517	DKK	16,110	Goldman Sachs International		12/29/2021		9
	USD	1,446	DKK	9,145	State Street Corp.		12/29/2021		22
	USD	282,686	EUR	240,390	BNP Paribas		12/29/2021		4,355
	USD	4,323	EUR	3,675	Goldman Sachs International		12/29/2021		67
	USD	4,070	EUR	3,500	Merrill Lynch International		12/29/2021		17
	USD	2,347	EUR	2,000	Royal Bank of Canada		12/29/2021		32
	USD	9,805	EUR	8,413	State Street Corp.		12/29/2021		64
	USD	2,030	GBP	1,469	Goldman Sachs International		12/29/2021		19
	Total unrealized appreciation								12,951
	AUD	20,596	USD	15,512	Goldman Sachs International		11/3/2021		(19	)
	DKK	20,057	USD	3,142	State Street Corp.		11/3/2021		(25	)
	EUR	845	USD	981	Barclays Bank plc		11/3/2021		(4	)
	EUR	120,211	USD	140,072	BNP Paribas		11/3/2021		(1,106	)
	EUR	1,385	USD	1,611	Citibank, NA		11/3/2021		(10	)
	EUR	92,235	USD	107,588	Goldman Sachs International		11/3/2021		(962	)
	EUR	970	USD	1,122	Standard Chartered Bank		11/3/2021		(1	)
	EUR	1,290	USD	1,510	TD Bank Financial Group		11/3/2021		(19	)
	GBP	48,740	USD	67,115	BNP Paribas		11/3/2021		(411	)
	SEK	21,927	USD	2,568	Barclays Bank plc		11/3/2021		(15	)
	USD	15,724	AUD	21,818	Standard Chartered Bank		11/3/2021		(688	)
	USD	12,194	CAD	15,533	BNP Paribas		11/3/2021		(357	)
	USD	66,750	GBP	49,597	Barclays Bank plc		11/3/2021		(1,126	)
	USD	1,478	GBP	1,086	Standard Chartered Bank		11/3/2021		(9	)
	USD	1,893	SEK	16,623	Barclays Bank plc		11/3/2021		(43	)
	USD	609	SEK	5,304	Citibank, NA		11/3/2021		(9	)
	JPY	22,563,631	USD	198,449	HSBC Bank, NA		11/4/2021		(476	)
	JPY	114,453	USD	1,032	TD Bank Financial Group		11/4/2021		(27	)
	EUR	1,028	USD	1,196	Merrill Lynch International		12/3/2021		(7	)
	USD	11,447	CAD	14,178	BNP Paribas		12/3/2021		(8	)
	DKK	9,145	USD	1,446	BNP Paribas		12/29/2021		(23	)
	EUR	1,294	USD	1,509	Barclays Bank plc		12/29/2021		(10	)
	EUR	7,158	USD	8,367	Citibank, NA		12/29/2021		(78	)
	EUR	10,622	USD	12,400	Standard Chartered Bank		12/29/2021		(100	)
	EUR	6,415	USD	7,451	State Street Corp.		12/29/2021		(23	)
	GBP	41,794	USD	57,271	Citibank, NA		12/29/2021		(55	)
	USD	12,441	CHF	11,477	Barclays Bank plc		12/29/2021		(117	)
	USD	688	CHF	636	Merrill Lynch International		12/29/2021		(8	)
	USD	2,005	NOK	17,497	Merrill Lynch International		12/29/2021		(65	)
	USD	2,538	SEK	21,936	Barclays Bank plc		12/29/2021		(19	)
	USD	1,108	SEK	9,568	State Street Corp.		12/29/2021		(7	)
	Total unrealized depreciation								(5,827	)
	Net unrealized appreciation								7,124

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 51

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound

JPY	Japanese Yen
MXN	Mexican Peso
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 October 31, 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 day ESTR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.19%), which is denominated in EUR based on the local currencies of the positions within the swaps.		4/28/2023	$	28,255	$	637	$	(146	)	$	491

REFERENCE ENTITY	SHARES		NOTIONAL VALUE ($)(1)		NET UNREALIZED APPRECIATION (DEPRECIATION)  ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
Ireland
AIB Group plc *		731		1,979		(85	)		0.0	(a)
Bank of Ireland Group plc *		393		2,342		17			0.0	(a)
Smurfit Kappa Group plc		41		2,163		(10	)		0.0	(a)
		1,165		6,484		(78	)		0.0	(a)
Spain
CaixaBank SA		213		613		(61	)		0.0	(a)
Laboratorios Farmaceuticos Rovi SA		28		1,972		199			0.0	(a)
		241		2,585		138			0.0	(a)
France
Kering SA		5		3,675		72			0.0	(a)
LVMH Moet Hennessy Louis Vuitton SE		10		8,087		484			0.0	(a)
Teleperformance		7		2,726		146			0.0	(a)
TotalEnergies SE		94		4,698		(125	)		0.0	(a)
		116		19,186		577			0.0	(a)
Total Long Positions of Total Return Basket Swap		1,522		28,255		637			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 day SONIA 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.		4/28/2023	$	52,823	$	1,785	$	(26	)	$	1,759

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS OCTOBER 31, 2021

REFERENCE ENTITY	SHARES		NOTIONAL VALUE ($)(1)		NET UNREALIZED APPRECIATION (DEPRECIATION)  ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
United Kingdom
3i Group plc		136		2,540		184			0.0	(a)
Ashtead Group plc		48		4,065		309			0.0	(a)
Barclays plc		746		2,058		81			0.0	(a)
BP plc		1,416		6,782		27			0.0	(a)
Centrica plc *		2,679		2,212		35			0.0	(a)
Computacenter plc *		62		2,288		35			0.0	(a)
Future plc		33		1,604		(38	)		0.0	(a)
Games Workshop Group plc		11		1,468		(24	)		0.0	(a)
Intermediate Capital Group plc		91		2,733		108			0.0	(a)
JD Sports Fashion plc		183		2,722		112			0.0	(a)
Lloyds Banking Group plc		7,363		5,039		353			0.0	(a)
Marks & Spencer Group plc *		887		2,230		144			0.0	(a)
Next plc		43		4,680		200			0.0	(a)
Persimmon plc		63		2,336		158			0.0	(a)
Segro plc		167		2,949		190			0.0	(a)
Spirent Communications plc		401		1,581		59			0.0	(a)
Taylor Wimpey plc		1,255		2,654		103			0.0	(a)
		15,584		49,941		2,036			0.0	(a)
Australia
Rio Tinto plc		46		2,882		(251	)		0.0	(a)
Total Long Positions of Total Return Basket Swap		15,630		52,823		1,785			0.0	(a)

The following reference rates, and their values as of period-end, are used for security descriptions:
	VALUE
ESTR		(0.58	)%
SONIA		0.05

Summary of total OTC swap contracts outstanding as of October 31, 2021 (amounts in thousands):
	NET UPFRONT PAYMENTS (RECEIPTS) ($)		VALUE ($)
Assets
OTC Total return basket swap contracts outstanding		—		2,250

Abbreviations

EUR	Euro
ESTR	Euro Short-Term Rate
GBP	British Pound
SONIA	Sterling Overnight Index Average
(a)	Amount rounds to less than 0.1% of net assets.

(1)	Notional value represents market value as of October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 53

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 41.2%
Australia — 1.1%
Adbri Ltd.		724		1,629
AGL Energy Ltd.		1,927		8,311
Alumina Ltd.		2,912		4,401
APA Group		419		2,597
AusNet Services Ltd.		1,129		2,099
Bendigo & Adelaide Bank Ltd.		352		2,467
BHP Group plc		1,150		30,367
Charter Hall Long Wale, REIT		2,278		8,359
CSR Ltd.		787		3,533
Dexus, REIT		1,137		9,327
Goodman Group, REIT		794		13,154
IOOF Holdings Ltd.		1,644		5,087
Mirvac Group, REIT		4,933		10,528
Rio Tinto plc		481		29,961
Sonic Healthcare Ltd.		143		4,327
Spark Infrastructure Group		1,615		3,423
Telstra Corp. Ltd.		1,071		3,095
Woodside Petroleum Ltd.		302		5,282
				147,947
Austria — 0.1%
ANDRITZ AG		42		2,400
Erste Group Bank AG		77		3,313
Mondi plc		162		4,045
OMV AG		115		6,972
				16,730
Belgium — 0.4%
Ageas SA		166		8,100
Cofinimmo SA, REIT		50		8,092
Euronav NV		304		3,236
KBC Group NV		54		5,010
Proximus SADP		293		5,519
Shurgard Self Storage SA		113		6,949
Telenet Group Holding NV		57		2,034
Warehouses De Pauw CVA, REIT		242		11,032
				49,972
Brazil — 0.1%
B3 SA — Brasil Bolsa Balcao		2,306		4,879
BB Seguridade Participacoes SA		831		3,257
Itau Unibanco Holding SA (Preference)		1,035		4,287
Yara International ASA		80		4,180
				16,603

INVESTMENTS	SHARES (000)		VALUE ($000)
Canada — 2.0%
Algonquin Power & Utilities Corp. (a)		214		3,079
Allied Properties, REIT		336		11,599
AltaGas Ltd.		164		3,403
Atco Ltd., Class I		82		2,778
Bank of Nova Scotia (The)		75		4,947
Barrick Gold Corp.		355		6,518
BCE, Inc. (a)		221		11,368
Canadian Apartment Properties, REIT		246		11,996
Canadian Imperial Bank of Commerce		76		9,212
Canadian National Railway Co.		74		9,829
Canadian Tire Corp. Ltd., Class A		26		3,723
Canadian Utilities Ltd., Class A		375		10,852
Capital Power Corp.		82		2,698
Chartwell Retirement Residences		78		755
Emera, Inc.		75		3,479
Enbridge, Inc.		271		11,349
Fortis, Inc.		170		7,584
Gibson Energy, Inc. (a)		148		2,979
Great-West Lifeco, Inc.		255		7,510
Hydro One Ltd. (a) (b)		435		10,396
IGM Financial, Inc.		177		7,015
Keyera Corp.		127		3,250
Northland Power, Inc.		83		2,662
Nutrien Ltd.		138		9,629
Pembina Pipeline Corp.		343		11,353
Power Corp. of Canada (a)		257		8,557
Restaurant Brands International, Inc.		119		6,712
Rogers Communications, Inc., Class B		144		6,682
Shaw Communications, Inc., Class B		305		8,772
Sienna Senior Living, Inc.		131		1,500
Superior Plus Corp.		223		2,485
TC Energy Corp.		595		32,203
TELUS Corp.		499		11,456
Thomson Reuters Corp.		68		8,210
Toronto-Dominion Bank (The)		214		15,523
TransAlta Renewables, Inc.		177		2,614
Westshore Terminals Investment Corp. (a)		115		2,486
				277,163
Cayman Islands — 0.0% (c)
Telford Offshore Holdings Ltd. * ‡		58		—	(d)
Chile — 0.0% (c)
Banco Santander Chile, ADR		119		2,110

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
China — 1.8%
China Construction Bank Corp., Class H		28,171		19,173
China Merchants Bank Co. Ltd., Class H		2,923		24,495
China Pacific Insurance Group Co. Ltd., Class H		4,726		14,452
China Petroleum & Chemical Corp., Class H		14,742		7,183
China Resources Land Ltd.		2,782		10,809
Fuyao Glass Industry Group Co. Ltd., Class A		446		3,441
Guangdong Investment Ltd.		4,500		5,658
Haier Smart Home Co. Ltd., Class H		4,141		15,418
Huayu Automotive Systems Co. Ltd., Class A		2,742		11,475
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,159		21,152
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		36		1,050
Joyoung Co. Ltd., Class A		1,018		3,709
Midea Group Co. Ltd., Class A		1,516		16,242
NetEase, Inc.		921		17,871
Ping An Insurance Group Co. of China Ltd., Class H		1,989		14,247
Postal Savings Bank of China Co. Ltd., Class H (b)		12,081		8,780
Tingyi Cayman Islands Holding Corp.		6,792		12,677
Topsports International Holdings Ltd. (b)		5,135		6,238
Wilmar International Ltd.		1,688		5,396
Xinyi Solar Holdings Ltd.		3,834		7,964
Yum China Holdings, Inc.		111		6,532
Zhejiang Supor Co. Ltd., Class A		932		7,707
				241,669
Denmark — 0.4%
Carlsberg A/S, Class B		38		6,315
Novo Nordisk A/S, Class B		404		44,271
				50,586
Finland — 0.5%
Elisa OYJ		120		7,269
Fortum OYJ		112		3,317
Nordea Bank Abp		2,111		25,859
Orion OYJ, Class B		209		9,035
Sampo OYJ, Class A		80		4,229
UPM-Kymmene OYJ		133		4,703
Wartsila OYJ Abp		494		6,847
				61,259
France — 1.3%
Amundi SA (b)		35		3,146
Atos SE		34		1,780
AXA SA		246		7,152
BNP Paribas SA		103		6,881

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
Cie de Saint-Gobain		86		5,929
Covivio, REIT		101		8,774
Credit Agricole SA		273		4,115
Danone SA		109		7,123
Engie SA		322		4,576
Eutelsat Communications SA		158		2,243
Gaztransport Et Technigaz SA		34		2,820
Kering SA		9		7,041
Klepierre SA, REIT		247		5,882
La Francaise des Jeux SAEM (b)		76		3,963
L’Oreal SA		26		11,709
LVMH Moet Hennessy Louis Vuitton SE		32		24,960
Orange SA		250		2,722
Publicis Groupe SA		80		5,371
Rexel SA *		138		2,746
Rubis SCA		78		2,505
Safran SA		94		12,631
Societe Generale SA		158		5,294
TotalEnergies SE		239		11,971
Vinci SA		227		24,216
				175,550
Germany — 1.8%
adidas AG		54		17,814
Allianz SE (Registered)		158		36,691
Aroundtown SA		483		3,359
BASF SE		201		14,472
Bayerische Motoren Werke AG		61		6,145
Daimler AG (Registered)		93		9,203
Deutsche Boerse AG		49		8,086
Deutsche Post AG (Registered)		403		24,953
Deutsche Telekom AG (Registered)		983		18,280
E.ON SE		269		3,409
Evonik Industries AG		92		2,993
Freenet AG		253		6,512
LEG Immobilien SE		29		4,349
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		98		29,086
RWE AG		76		2,906
Siemens AG (Registered)		72		11,692
Telefonica Deutschland Holding AG		3,216		8,380
Uniper SE		75		3,323
Volkswagen AG (Preference)		67		15,044
Vonovia SE		327		19,820
				246,517

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 55

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hong Kong — 0.6%
CK Asset Holdings Ltd.		1,261		7,789
CK Infrastructure Holdings Ltd.		456		2,749
CLP Holdings Ltd.		345		3,378
Hang Seng Bank Ltd.		465		8,842
HKBN Ltd.		2,244		2,688
HKT Trust & HKT Ltd. (a)		6,083		8,255
Hong Kong Exchanges & Clearing Ltd.		323		19,428
PCCW Ltd.		5,315		2,736
Power Assets Holdings Ltd.		558		3,407
VTech Holdings Ltd.		444		3,421
WH Group Ltd. (b)		4,097		2,872
Xinyi Glass Holdings Ltd.		2,042		5,754
Yue Yuen Industrial Holdings Ltd. *		1,886		4,003
				75,322
India — 0.5%
Embassy Office Parks, REIT		1,714		8,010
Infosys Ltd., ADR		1,691		37,669
Tata Consultancy Services Ltd.		623		28,316
				73,995
Indonesia — 0.3%
Bank Rakyat Indonesia Persero Tbk. PT		74,635		22,404
Telkom Indonesia Persero Tbk. PT		67,211		17,965
				40,369
Ireland — 0.0% (c)
Smurfit Kappa Group plc		74		3,860
Italy — 0.6%
A2A SpA		4,445		9,354
ACEA SpA		32		685
Assicurazioni Generali SpA		254		5,528
Azimut Holding SpA		153		4,407
Banca Mediolanum SpA		365		3,674
Enel SpA		1,180		9,875
Eni SpA		421		6,040
ERG SpA		37		1,326
Hera SpA		539		2,205
Intesa Sanpaolo SpA		4,522		12,852
Iren SpA		772		2,400
Italgas SpA		424		2,696
Mediobanca Banca di Credito Finanziario SpA *		298		3,554
Poste Italiane SpA (b)		303		4,324
Snam SpA		593		3,358
Terna — Rete Elettrica Nazionale		448		3,335

INVESTMENTS	SHARES (000)		VALUE ($000)
Italy — continued
Unipol Gruppo SpA		310		1,782
				77,395
Japan — 1.6%
Aozora Bank Ltd.		255		5,835
ARTERIA Networks Corp.		101		1,421
Chubu Electric Power Co., Inc.		253		2,617
Chugoku Electric Power Co., Inc. (The)		185		1,535
Dai Nippon Printing Co. Ltd.		135		3,342
Daiwa House Industry Co. Ltd.		227		7,499
Daiwa House REIT Investment Corp., REIT		2		6,399
Electric Power Development Co. Ltd.		381		5,031
ENEOS Holdings, Inc.		918		3,702
FANUC Corp.		10		1,996
Frontier Real Estate Investment Corp., REIT		1		5,061
Honda Motor Co. Ltd.		198		5,865
Idemitsu Kosan Co. Ltd.		196		5,356
Japan Metropolitan Fund Invest, REIT		16		14,254
Japan Post Holdings Co. Ltd. *		719		5,528
Japan Tobacco, Inc.		166		3,261
Kansai Electric Power Co., Inc. (The)		777		7,155
KDDI Corp.		136		4,144
Konica Minolta, Inc.		1,032		5,110
Kyushu Railway Co.		212		4,752
Lawson, Inc.		23		1,132
Mitsubishi Chemical Holdings Corp.		785		6,499
Mitsui Fudosan Logistics Park, Inc., REIT		1		7,375
Nippon Accommodations Fund, Inc., REIT		2		10,374
Nippon Building Fund, Inc., REIT		2		12,474
Nippon Prologis REIT, Inc., REIT		3		9,723
Nippon Telegraph & Telephone Corp.		239		6,685
Okinawa Electric Power Co., Inc. (The)		85		1,048
Osaka Gas Co. Ltd.		39		621
Otsuka Corp.		135		6,630
Shikoku Electric Power Co., Inc.		111		720
SoftBank Corp.		771		10,520
Sumitomo Forestry Co. Ltd.		232		4,435
Suzuki Motor Corp.		151		6,716
Takeda Pharmaceutical Co. Ltd.		164		4,589
Tohoku Electric Power Co., Inc.		981		6,364
Tokio Marine Holdings, Inc.		205		10,818
Tokyo Gas Co. Ltd.		94		1,638
Toyota Motor Corp.		682		12,030
United Urban Investment Corp., REIT		2		2,260
				222,514

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Mexico — 0.4%
Bolsa Mexicana de Valores SAB de CV		651		1,245
Grupo Financiero Banorte SAB de CV, Class O		3,330		21,048
Kimberly-Clark de Mexico SAB de CV, Class A		2,557		4,042
Wal-Mart de Mexico SAB de CV		8,471		29,512
				55,847
Netherlands — 0.6%
ABN AMRO Bank NV, CVA (b)		223		3,279
Akzo Nobel NV		47		5,430
ASML Holding NV		34		27,274
ASR Nederland NV		82		3,828
BE Semiconductor Industries NV		40		3,663
CTP NV (b)		463		9,838
Eurocommercial Properties NV, REIT		230		5,370
ING Groep NV		427		6,481
Koninklijke Ahold Delhaize NV		162		5,262
Koninklijke KPN NV		1,646		4,919
NN Group NV		92		4,918
PostNL NV		783		3,397
Randstad NV		58		4,158
				87,817
New Zealand — 0.1%
Contact Energy Ltd.		1,263		7,409
Spark New Zealand Ltd.		2,394		7,838
				15,247
Norway — 0.2%
Aker BP ASA		106		4,050
DNB Bank ASA		207		4,926
Equinor ASA		207		5,239
Fjordkraft Holding ASA (b)		220		1,312
Gjensidige Forsikring ASA		158		3,942
SFL Corp. Ltd.		356		2,818
Telenor ASA		662		10,463
				32,750
Portugal — 0.1%
EDP — Energias de Portugal SA (a)		573		3,231
Galp Energia SGPS SA		321		3,333
NOS SGPS SA		693		2,703
Redes Energeticas Nacionais SGPS SA		249		757
				10,024
Russia — 0.5%
Alrosa PJSC		4,013		7,085
Evraz plc		535		4,542

INVESTMENTS	SHARES (000)		VALUE ($000)
Russia — continued
LUKOIL PJSC, ADR		101		10,320
Moscow Exchange MICEX-RTS PJSC		5,748		14,109
Sberbank of Russia PJSC		5,469		27,511
Severstal PAO, GDR (b)		363		8,313
Severstal PAO, GDR (b)		10		233
				72,113
Saudi Arabia — 0.1%
Al Rajhi Bank		286		10,581
Singapore — 0.3%
Ascendas, REIT		7,723		17,689
BW LPG Ltd. (b)		510		2,725
CapitaLand Integrated Commercial Trust, REIT		5,322		8,475
DBS Group Holdings Ltd.		356		8,319
Keppel Infrastructure Trust		3,552		1,396
NetLink NBN Trust (b)		3,903		2,951
Singapore Telecommunications Ltd.		1,613		2,993
StarHub Ltd.		1,659		1,526
				46,074
South Africa — 0.2%
Anglo American plc		153		5,803
AVI Ltd.		484		2,504
Bid Corp. Ltd.		187		4,016
SPAR Group Ltd. (The)		193		2,466
Vodacom Group Ltd.		781		6,936
				21,725
South Korea — 0.5%
ESR Kendall Square REIT Co. Ltd., REIT		712		4,159
NCSoft Corp.		11		5,939
Samsung Electronics Co. Ltd.		961		57,548
SK Telecom Co. Ltd., ADR		188		5,443
				73,089
Spain — 0.9%
Acerinox SA		201		2,802
ACS Actividades de Construccion y Servicios SA		123		3,222
Atlantica Sustainable Infrastructure plc		80		3,155
Banco Bilbao Vizcaya Argentaria SA		852		5,960
Banco Santander SA		2,034		7,714
Cellnex Telecom SA (b)		223		13,740
Cia de Distribucion Integral Logista Holdings SA		125		2,669
Enagas SA		403		9,050
Endesa SA		511		11,786
Iberdrola SA		1,492		17,615

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 57

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Spain — continued
Industria de Diseno Textil SA		175		6,344
Naturgy Energy Group SA (a)		594		15,615
Red Electrica Corp. SA		493		10,268
Repsol SA		668		8,555
Telefonica SA		2,188		9,502
				127,997
Sweden — 0.6%
Boliden AB		130		4,583
Industrivarden AB, Class A (a)		6		187
Lundin Energy AB		106		4,169
Skandinaviska Enskilda Banken AB, Class A		355		5,559
SKF AB, Class B		148		3,443
SSAB AB, Class B *		473		2,364
Svenska Handelsbanken AB, Class A		368		4,219
Tele2 AB, Class B		841		11,888
Telia Co. AB		2,733		10,764
Volvo AB, Class B		1,363		31,793
				78,969
Switzerland — 1.5%
ABB Ltd. (Registered)		238		7,871
Cie Financiere Richemont SA (Registered)		67		8,282
Julius Baer Group Ltd.		54		3,911
Nestle SA (Registered)		419		55,306
Novartis AG (Registered)		148		12,261
OC Oerlikon Corp. AG (Registered)		603		6,141
Roche Holding AG		168		65,244
Swiss Life Holding AG (Registered)		4		2,099
Swisscom AG (Registered)		5		2,763
UBS Group AG (Registered)		445		8,099
Zurich Insurance Group AG		57		25,355
				197,332
Taiwan — 1.2%
Accton Technology Corp.		434		3,794
Chailease Holding Co. Ltd.		646		6,185
Chicony Electronics Co. Ltd.		401		1,148
Delta Electronics, Inc.		596		5,264
MediaTek, Inc.		343		11,289
Mega Financial Holding Co. Ltd.		4,915		5,907
Novatek Microelectronics Corp.		512		7,679
President Chain Store Corp.		868		8,773
Quanta Computer, Inc.		3,886		10,918
Realtek Semiconductor Corp.		551		9,911
Taiwan Semiconductor Manufacturing Co. Ltd.		3,318		70,409

INVESTMENTS	SHARES (000)		VALUE ($000)
Taiwan — continued
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		55		6,292
Vanguard International Semiconductor Corp.		2,037		10,614
Wiwynn Corp.		166		5,318
				163,501
Thailand — 0.1%
Siam Cement PCL (The) (Registered)		589		7,010
United Kingdom — 2.3%
3i Group plc		286		5,343
abrdn plc		886		3,081
Admiral Group plc		108		4,245
Ashtead Group plc		68		5,729
Aviva plc		917		4,947
Barclays plc		2,465		6,801
Barratt Developments plc		1,202		10,909
Berkeley Group Holdings plc		68		4,029
BP plc		3,692		17,687
Burberry Group plc		92		2,429
Centrica plc *		3,002		2,478
Close Brothers Group plc		81		1,597
Diageo plc		235		11,697
Direct Line Insurance Group plc		2,268		9,066
Drax Group plc		190		1,383
GlaxoSmithKline plc		936		19,425
Hays plc		1,649		3,737
HSBC Holdings plc		1,790		10,784
Imperial Brands plc		363		7,668
Intermediate Capital Group plc		94		2,811
J Sainsbury plc		855		3,501
Kingfisher plc		591		2,714
Legal & General Group plc		1,387		5,470
Lloyds Banking Group plc		9,612		6,578
M&G plc		1,399		3,823
Man Group plc		1,597		5,084
National Grid plc		258		3,305
NatWest Group plc		1,386		4,178
NewRiver REIT plc, REIT		2,334		2,488
Pennon Group plc		283		4,521
Persimmon plc		332		12,360
RELX plc		764		23,685
Safestore Holdings plc, REIT		564		9,273
Sage Group plc (The)		1,143		11,112
Schroders plc		73		3,617
Severn Trent plc		89		3,350

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
SSE plc		732		16,483
St. James’s Place plc		243		5,249
Taylor Wimpey plc		4,009		8,482
Tesco plc		1,094		4,041
Tritax EuroBox plc (b)		2,628		4,057
Unilever plc		112		6,013
UNITE Group plc (The), REIT		476		7,111
United Utilities Group plc		240		3,411
Vodafone Group plc		4,676		6,892
Workspace Group plc, REIT		544		6,122
WPP plc		706		10,206
				318,972
United States — 18.5%
3M Co.		41		7,332
AbbVie, Inc.		459		52,627
Accenture plc, Class A		12		4,481
AGNC Investment Corp., REIT		442		7,029
Air Products and Chemicals, Inc.		21		6,207
Alliant Energy Corp.		138		7,810
Altria Group, Inc.		73		3,223
American Electric Power Co., Inc.		87		7,382
American Express Co.		36		6,202
American Tower Corp., REIT		48		13,657
Americold Realty Trust, REIT		515		15,171
Amgen, Inc.		30		6,269
Analog Devices, Inc.		231		40,162
Annaly Capital Management, Inc., REIT		835		7,068
Apple, Inc.		15		2,217
Arthur J Gallagher & Co.		28		4,630
AT&T, Inc.		363		9,169
AvalonBay Communities, Inc., REIT		92		21,736
Avangrid, Inc.		71		3,740
Avast plc (b)		217		1,664
Avista Corp.		73		2,900
Bank of America Corp.		271		12,941
Battalion Oil Corp. *		18		177
Boston Properties, Inc., REIT		65		7,381
Brandywine Realty Trust, REIT		1,082		14,331
Bristol-Myers Squibb Co.		761		44,455
Brixmor Property Group, Inc., REIT		670		15,700
Bunge Ltd.		107		9,957
Camden Property Trust, REIT		123		20,079
Campbell Soup Co.		98		3,929
Cardinal Health, Inc.		142		6,774

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
CenterPoint Energy, Inc.		602		15,667
CF Industries Holdings, Inc.		174		9,859
Chesapeake Energy Corp.		16		1,033
Chevron Corp.		202		23,104
Chubb Ltd.		44		8,515
Cigna Corp.		29		6,162
Cisco Systems, Inc.		143		8,013
Citigroup, Inc.		70		4,854
Claire’s Stores, Inc. * ‡		4		1,413
Clear Channel Outdoor Holdings, Inc. *		287		833
Clearway Energy, Inc., Class C		88		3,137
CME Group, Inc.		172		37,881
CMS Energy Corp.		90		5,449
Coca-Cola Co. (The)		1,098		61,921
Cogent Communications Holdings, Inc.		41		3,171
Comcast Corp., Class A		758		38,975
Comerica, Inc.		117		9,983
ConocoPhillips		128		9,535
Consolidated Edison, Inc.		102		7,685
CoreSite Realty Corp., REIT		61		8,687
CVS Health Corp.		64		5,720
Deere & Co.		14		4,698
DHT Holdings, Inc.		472		3,075
Dominion Energy, Inc.		146		11,053
Douglas Emmett, Inc., REIT		418		13,670
Dover Corp.		44		7,473
Dow, Inc.		134		7,490
DTE Energy Co.		59		6,728
Duke Energy Corp.		113		11,557
Eastman Chemical Co.		204		21,183
Eaton Corp. plc		214		35,336
Eaton Corp. plc		6		944
Edison International		129		8,116
Eli Lilly & Co.		41		10,543
Emerson Electric Co.		83		8,017
Entergy Corp.		74		7,578
EOG Resources, Inc.		129		11,968
EP Energy Corp. *		141		12,562
Equinix, Inc., REIT		64		53,605
Equity LifeStyle Properties, Inc., REIT		227		19,185
Essex Property Trust, Inc., REIT		57		19,498
Evergy, Inc.		175		11,182
Exelon Corp.		168		8,927
Exxon Mobil Corp.		140		9,051

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 59

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Fastenal Co.		133		7,578
Federal Realty Investment Trust, REIT		195		23,472
Ferguson plc		45		6,824
Fidelity National Information Services, Inc.		33		3,606
Frontier Communications Parent, Inc. * (a)		275		8,522
General Dynamics Corp.		71		14,375
General Mills, Inc.		125		7,739
Genuine Parts Co.		65		8,488
Gilead Sciences, Inc.		114		7,375
Goodman Networks, Inc. * ‡		53		—	(d)
Gulfport Energy Operating Corp. *		120		9,886
Hasbro, Inc.		73		7,034
Hawaiian Electric Industries, Inc.		80		3,228
Healthcare Trust of America, Inc., Class A, REIT		384		12,831
Healthpeak Properties, Inc., REIT		864		30,670
Hewlett Packard Enterprise Co.		550		8,053
Home Depot, Inc. (The)		26		9,610
Host Hotels & Resorts, Inc., REIT *		963		16,204
HP, Inc.		279		8,462
IDACORP, Inc.		33		3,454
iHeartMedia, Inc., Class A *		122		2,366
International Business Machines Corp.		81		10,128
International Flavors & Fragrances, Inc.		9		1,399
International Paper Co.		146		7,238
Interpublic Group of Cos., Inc. (The)		84		3,083
Invitation Homes, Inc., REIT		650		26,794
Iron Mountain, Inc., REIT		194		8,833
JM Smucker Co. (The)		39		4,764
Johnson & Johnson		397		64,675
Juniper Networks, Inc.		274		8,087
Kellogg Co.		118		7,215
Kimberly-Clark Corp.		57		7,440
Kimco Realty Corp., REIT		1,017		22,984
Kinder Morgan, Inc.		638		10,679
Kraft Heinz Co. (The)		198		7,091
Lumen Technologies, Inc.		817		9,687
LyondellBasell Industries NV, Class A		81		7,502
Macquarie Infrastructure Holdings LLC		85		315
Marathon Petroleum Corp.		127		8,343
McDonald’s Corp.		155		38,035
Medtronic plc		211		25,312
Merck & Co., Inc.		506		44,550
Microsoft Corp.		24		7,816
Mondelez International, Inc., Class A		110		6,656

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Moran Foods Backstop Equity * ‡		148		590
Motorola Solutions, Inc.		18		4,501
MYT Holding Co. * ‡		1,342		6,965
National Fuel Gas Co.		65		3,744
National HealthCare Corp.		13		902
National Retail Properties, Inc., REIT		265		12,042
Neiman Marcus Group Restricted Equity *		4		667
NetApp, Inc.		97		8,621
Newell Brands, Inc.		331		7,567
NextEra Energy, Inc.		349		29,763
NiSource, Inc.		310		7,655
NMG, Inc. * (a)		41		6,284
Norfolk Southern Corp.		68		19,978
Northern Trust Corp.		32		3,928
Northrop Grumman Corp.		13		4,820
NorthWestern Corp.		54		3,055
NortonLifeLock, Inc.		214		5,445
NRG Energy, Inc.		68		2,711
Oasis Petroleum, Inc.		137		16,534
OGE Energy Corp.		101		3,458
Omnicom Group, Inc.		111		7,526
ONEOK, Inc.		206		13,109
PACCAR, Inc.		83		7,445
Packaging Corp. of America		56		7,751
Park Hotels & Resorts, Inc., REIT *		612		11,339
Parker-Hannifin Corp.		18		5,242
PepsiCo, Inc.		170		27,502
Pfizer, Inc.		49		2,141
Philip Morris International, Inc.		275		26,024
Phillips 66		113		8,436
Pinnacle West Capital Corp.		143		9,211
PNC Financial Services Group, Inc. (The)		46		9,734
PPG Industries, Inc.		38		6,124
PPL Corp.		376		10,818
Procter & Gamble Co. (The)		442		63,158
Progressive Corp. (The)		302		28,701
Prologis, Inc., REIT		542		78,541
Public Service Enterprise Group, Inc.		181		11,556
Public Storage, REIT		117		38,813
Quest Diagnostics, Inc.		35		5,192
Raytheon Technologies Corp.		175		15,586
Realty Income Corp., REIT		112		7,984
Republic Services, Inc.		25		3,313
Rexford Industrial Realty, Inc., REIT		136		9,154

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Schneider Electric SE		158		27,222
Seagate Technology Holdings plc		327		29,113
Sempra Energy		55		7,077
Shenandoah Telecommunications Co.		90		2,494
Simon Property Group, Inc., REIT		66		9,703
Southern Co. (The)		174		10,824
Spire, Inc.		46		2,891
State Street Corp.		207		20,362
Steel Dynamics, Inc.		140		9,237
Stellantis NV		141		2,809
Stellantis NV		180		3,592
Sun Communities, Inc., REIT		123		24,031
Sylvamo Corp. *		13		372
Sysco Corp.		64		4,941
T. Rowe Price Group, Inc.		39		8,424
Texas Instruments, Inc.		182		34,087
TJX Cos., Inc. (The)		65		4,261
Trane Technologies plc		113		20,496
Truist Financial Corp.		452		28,685
UGI Corp.		74		3,211
United Parcel Service, Inc., Class B		24		5,200
UnitedHealth Group, Inc.		26		11,987
US Bancorp		135		8,169
Valero Energy Corp.		114		8,780
Ventas, Inc., REIT		562		30,001
VEREIT, Inc., REIT		162		8,142
Verizon Communications, Inc.		603		31,979
VICI Properties, Inc., REIT (a)		1,291		37,883
Vistra Common Equity *		5		93
Vistra Corp.		145		2,849
Vornado Realty Trust, REIT		286		12,207
Walgreens Boots Alliance, Inc.		155		7,296
Walmart, Inc.		35		5,293
WEC Energy Group, Inc.		82		7,371
Wells Fargo & Co.		276		14,110
Welltower, Inc., REIT		65		5,222
Western Union Co. (The)		358		6,524
Whiting Petroleum Corp. * (a)		102		6,671
Williams Cos., Inc. (The)		433		12,153
WP Carey, Inc., REIT		98		7,578
Xcel Energy, Inc.		70		4,514
				2,531,323
Total Common Stocks (Cost $4,504,045)				5,629,932

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 34.1%
Australia — 0.2%
Australia & New Zealand Banking Group Ltd. (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (e) (f) (g) (h)		10,853		12,482
FMG Resources August 2006 Pty. Ltd.
5.13%, 5/15/2024 (a) (g)		1,958		2,087
4.50%, 9/15/2027 (g)		1,160		1,212
4.38%, 4/1/2031 (g)		2,442		2,473
Glencore Funding LLC
2.50%, 9/1/2030 (g)		180		176
2.63%, 9/23/2031 (a) (g)		63		62
Macquarie Bank Ltd.
(SOFR + 0.30%), 0.35%, 4/6/2023 (f) (g)		200		200
(USD Swap Semi 5 Year + 3.70%), 6.13%, 3/8/2027 (e) (f) (g) (h)		1,820		1,972
Mineral Resources Ltd. 8.13%, 5/1/2027 (g)		450		486
				21,150
Austria — 0.0% (c)
ams AG 7.00%, 7/31/2025 (a) (g)		1,280		1,355
Azerbaijan — 0.0% (c)
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (b)		950		1,112
State Oil Co. of the Azerbaijan Republic
4.75%, 3/13/2023 (b)		686		711
6.95%, 3/18/2030 (b)		2,180		2,665
				4,488
Bahrain — 0.0% (c)
Oil and Gas Holding Co. BSCC (The) 7.50%, 10/25/2027 (b)		1,150		1,260
Belarus — 0.0% (c)
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (g)		750		706
Belgium — 0.0% (c)
Anheuser-Busch InBev Worldwide, Inc.
3.50%, 6/1/2030 (a)		174		191
4.38%, 4/15/2038		420		495
KBC Group NV (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024 (b) (e) (f) (h)	EUR	1,800		2,203
				2,889
Brazil — 0.0% (c)
Guara Norte SARL 5.20%, 6/15/2034 (g)		340		333
Klabin Austria GmbH 7.00%, 4/3/2049 (b)		1,150		1,323
MV24 Capital BV 6.75%, 6/1/2034 (g)		635		655

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 61

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Brazil — continued
Nexa Resources SA 5.38%, 5/4/2027 (b)		580		616	��
Petrobras Global Finance BV
5.50%, 6/10/2051		319		279
6.85%, 6/5/2115		300		291
Suzano Austria GmbH
6.00%, 1/15/2029		900		1,029
7.00%, 3/16/2047 (b)		220		275
Vale Overseas Ltd. 3.75%, 7/8/2030 (a)		57		58
Votorantim Cimentos International SA 7.25%, 4/5/2041 (b)		440		576
				5,435
Canada — 1.3%
1011778 BC ULC
3.88%, 1/15/2028 (g)		2,030		2,025
3.50%, 2/15/2029 (g)		1,546		1,500
4.00%, 10/15/2030 (g)		4,185		4,054
ATS Automation Tooling Systems, Inc. 4.13%, 12/15/2028 (a) (g)		1,373		1,385
Bank of Nova Scotia (The)
(ICE LIBOR USD 3 Month + 2.65%), 4.65%, 10/12/2022 (e) (f) (h)		1,551		1,535
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (e) (f) (h)		3,698		3,946
1.30%, 9/15/2026 (a)		280		276
Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.62%, 10/27/2081 (f)		2,000		1,968
Baytex Energy Corp. 8.75%, 4/1/2027 (g)		6,070		6,480
Bell Canada (The) Series US-5, 2.15%, 2/15/2032		159		155
Bombardier, Inc.
7.50%, 12/1/2024 (g)		50		52
7.50%, 3/15/2025 (g)		1,200		1,232
Emera US Finance LP
2.64%, 6/15/2031 (a) (g)		75		74
4.75%, 6/15/2046		75		90
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (f)		29,134		34,200
Enbridge, Inc.
4.50%, 6/10/2044		70		82
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (f)		2,730		3,017
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (f)		5,351		5,905

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Canada — continued
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (f)		13,544		15,223
Garda World Security Corp. 4.63%, 2/15/2027 (g)		1,876		1,862
GFL Environmental, Inc.
4.25%, 6/1/2025 (g)		2,670		2,753
3.75%, 8/1/2025 (g)		3,858		3,970
4.00%, 8/1/2028 (a) (g)		3,309		3,226
4.75%, 6/15/2029 (g)		2,895		2,920
4.38%, 8/15/2029 (g)		2,244		2,223
MEG Energy Corp.
6.50%, 1/15/2025 (g)		3,543		3,627
7.13%, 2/1/2027 (g)		6,009		6,310
NOVA Chemicals Corp.
4.88%, 6/1/2024 (g)		6,055		6,302
5.00%, 5/1/2025 (g)		3,790		3,994
5.25%, 6/1/2027 (g)		4,811		5,063
4.25%, 5/15/2029 (a) (g)		3,479		3,434
Open Text Corp. 5.88%, 6/1/2026 (g)		1,781		1,839
Precision Drilling Corp.
7.13%, 1/15/2026 (g)		3,749		3,856
6.88%, 1/15/2029 (g)		518		535
Quebecor Media, Inc. 5.75%, 1/15/2023		6,263		6,592
Ritchie Bros Auctioneers, Inc. 5.38%, 1/15/2025 (g)		1,282		1,304
Rogers Communications, Inc. 3.70%, 11/15/2049		277		287
Superior Plus LP 4.50%, 3/15/2029 (g)		3,770		3,856
Tervita Corp. 11.00%, 12/1/2025 (g)		579		666
TransAlta Corp.
4.50%, 11/15/2022 (a)		412		420
6.50%, 3/15/2040		73		86
TransCanada PipeLines Ltd. 4.75%, 5/15/2038		234		280
Transcanada Trust
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (f)		5,204		5,737
(SOFR + 4.42%), 5.50%, 9/15/2079 (f)		9,787		10,668
Videotron Ltd.
5.38%, 6/15/2024 (g)		5,053		5,426
5.13%, 4/15/2027 (g)		4,520		4,672
3.63%, 6/15/2029 (a) (g)		3,423		3,440
				178,547

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Cayman Islands — 0.0% (c)
Global Aircraft Leasing Co. Ltd. 6.50% (cash), 9/15/2024 (g) (i)		943		916
Chile — 0.0% (c)
Corp. Nacional del Cobre de Chile
4.88%, 11/4/2044 (b)		400		474
3.70%, 1/30/2050 (g)		1,400		1,421
Empresa Nacional del Petroleo 3.75%, 8/5/2026 (b)		1,000		1,027
				2,922
China — 0.5%
Agile Group Holdings Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 9.22%), 6.87%, 3/7/2023 (b) (e) (f) (h)		2,800		1,652
Central Plaza Development Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 8.07%), 5.75%, 11/14/2024 (b) (e) (f) (h)		300		257
4.65%, 1/19/2026 (b)		3,400		3,172
Champion Sincerity Holdings Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 10.58%), 8.12%, 2/8/2022 (b) (e) (f) (h)		1,000		998
China Aoyuan Group Ltd. 5.38%, 9/13/2022 (b)		1,700		782
China SCE Group Holdings Ltd. 5.88%, 3/10/2022 (b)		1,700		1,581
Chong Hing Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 5.70%, 7/15/2024 (b) (e) (f) (h)		1,250		1,286
CIFI Holdings Group Co. Ltd. 5.50%, 1/23/2023 (b)		2,700		2,651
Country Garden Holdings Co. Ltd.
5.13%, 1/14/2027 (b)		2,900		2,821
3.30%, 1/12/2031 (b)		1,000		900
ENN Clean Energy International Investment Ltd. 3.38%, 5/12/2026 (b)		400		396
Fortune Star BVI Ltd.
6.75%, 7/2/2023 (b)		1,700		1,722
5.00%, 5/18/2026 (b)		1,300		1,235
Gemdale Ever Prosperity Investment Ltd. 4.95%, 7/26/2022 (b)		700		695
Gemstones International Ltd. 12.00%, 3/10/2023 (b)		1,500		1,201
Golden Eagle Retail Group Ltd. 4.63%, 5/21/2023 (b)		2,300		2,267

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
China — continued
Greenland Global Investment Ltd. 6.75%, 6/25/2022 (b)		1,500		1,155
HBIS Group Hong Kong Co. Ltd. 3.75%, 12/18/2022 (b)		700		694
Hong Kong Red Star Macalline Universal Home Furnishings Ltd. 3.38%, 9/21/2022 (b)		2,100		1,882
Hopson Development Holdings Ltd. 7.00%, 5/18/2024 (b)		2,300		2,137
Huarong Finance 2019 Co. Ltd. 2.50%, 2/24/2023 (b)		1,600		1,545
Kunming Traffic Investment Co. Ltd. 6.20%, 6/27/2022 (b)		1,200		1,179
KWG Group Holdings Ltd. 7.88%, 9/1/2023 (b)		3,000		2,453
New Metro Global Ltd.
6.50%, 5/20/2022 (b)		2,600		2,444
4.80%, 12/15/2024 (b)		1,300		1,131
4.50%, 5/2/2026 (b)		700		590
NXP BV 3.25%, 5/11/2041 (g)		75		77
Powerlong Real Estate Holdings Ltd.
7.13%, 11/8/2022 (b)		1,700		1,606
5.95%, 4/30/2025 (b)		700		627
Redsun Properties Group Ltd.
9.95%, 4/11/2022 (b)		300		227
10.50%, 10/3/2022 (b)		900		630
RKPF Overseas Ltd.
6.70%, 9/30/2024 (b)		2,700		2,524
5.20%, 1/12/2026 (b)		1,200		1,038
Ronshine China Holdings Ltd. 8.75%, 10/25/2022 (b)		1,400		616
Shandong Iron And Steel Xinheng International Co. Ltd.
6.50%, 11/5/2023 (b)		600		619
4.80%, 7/28/2024 (b)		300		300
Shimao Group Holdings Ltd.
5.20%, 1/30/2025 (b)		3,000		2,752
3.45%, 1/11/2031 (b)		900		756
Shui On Development Holding Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.63%), 6.40%, 6/20/2022 (b) (e) (f) (h)		2,000		1,921
5.50%, 3/3/2025 (b)		1,200		1,128
Sunac China Holdings Ltd.
7.25%, 6/14/2022 (b)		1,700		1,413
8.35%, 4/19/2023 (b)		500		383

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
China — continued
Times China Holdings Ltd. 5.75%, 4/26/2022 (b)		2,200		1,942
Yango Justice International Ltd.
10.00%, 2/12/2023 (b)		700		192
9.25%, 4/15/2023 (b)		300		60
8.25%, 11/25/2023 (b)		700		140
Yanlord Land HK Co. Ltd. 6.80%, 2/27/2024 (b)		3,000		3,015
Yuzhou Group Holdings Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 8.53%), 5.38%, 9/29/2022 (b) (e) (f) (h)		1,700		646
				61,438
Colombia — 0.0% (c)
Ecopetrol SA
5.88%, 9/18/2023		950		1,019
5.38%, 6/26/2026		1,160		1,254
7.38%, 9/18/2043		412		479
5.88%, 5/28/2045		730		736
				3,488
Costa Rica — 0.0% (c)
Instituto Costarricense de Electricidad 6.95%, 11/10/2021 (b)		790		790
Finland — 0.1%
Nokia OYJ
4.38%, 6/12/2027		1,203		1,293
6.63%, 5/15/2039		673		905
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		8,270
1.50%, 9/30/2026 (g)		200		197
				10,665
France — 0.6%
Altice France SA
8.13%, 2/1/2027 (g)		6,089		6,545
5.13%, 7/15/2029 (g)		7,415		7,222
5.50%, 10/15/2029 (g)		3,732		3,658
Banque Federative du Credit Mutuel SA 1.60%, 10/4/2026 (a) (g)		200		199
CGG SA 8.75%, 4/1/2027 (a) (g)		500		492
Credit Agricole SA
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (e) (f) (g) (h)		19,545		23,405

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
France — continued
(GBP Swap Semi 5 Year + 4.81%), 7.50%, 6/23/2026 (e) (f) (g) (h)		GBP 3,130		4,929
(EUR Swap Annual 5 Year + 4.37%), 4.00%, 12/23/2027 (b) (e) (f) (h)		EUR 1,000		1,243
Societe Generale SA
(USD Swap Semi 5 Year + 4.98%), 7.88%, 12/18/2023 (e) (f) (g) (h)		1,680		1,851
4.25%, 4/14/2025 (g)		450		482
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (e) (f) (g) (h)		19,644		22,893
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026 (e) (f) (g) (h)		2,730		2,797
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (e) (f) (g) (h)		10,487		11,142
				86,858
Germany — 0.0% (c)
Bayer US Finance II LLC 4.63%, 6/25/2038 (g)		200		237
Deutsche Telekom International Finance BV 8.75%, 6/15/2030 (j)		286		420
EMD Finance LLC 2.95%, 3/19/2022 (g)		92		92
TK Elevator US Newco, Inc. 5.25%, 7/15/2027 (g)		3,398		3,458
				4,207
Greece — 0.0% (c)
Danaos Corp. 8.50%, 3/1/2028 (a) (g)		180		197
Guatemala — 0.0% (c)
Energuate Trust 5.88%, 5/3/2027 (b)		1,147		1,170
Hong Kong — 0.1%
Bank of East Asia Ltd. (The) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.53%), 5.83%, 10/21/2025 (b) (e) (f) (h)		1,750		1,827
CAS Capital No. 1 Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.64%), 4.00%, 7/12/2026 (b) (e) (f) (h)		2,500		2,507
FWD Group Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.87%), 0.00%, 6/15/2022 (b) (e) (f) (h)		1,300		1,240
FWD Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.08%), 5.50%, 2/1/2023 (b) (e) (f) (h)		1,800		1,778

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Hong Kong — continued
Melco Resorts Finance Ltd. 5.63%, 7/17/2027 (b)		2,300		2,300
NWD MTN Ltd. 4.13%, 7/18/2029 (b)		1,400		1,402
				11,054
India — 0.2%
ABJA Investment Co. Pte. Ltd. 5.45%, 1/24/2028 (b)		2,200		2,431
Azure Power Energy Ltd. 3.58%, 8/19/2026 (g)		200		201
Azure Power Solar Energy Pvt Ltd. 5.65%, 12/24/2024 (b)		1,700		1,784
Continuum Energy Levanter Pte. Ltd. 4.50%, 2/9/2027 (b)		1,687		1,726
Greenko Dutch BV 3.85%, 3/29/2026 (b)		600		604
HDFC Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.93%), 3.70%, 8/25/2026 (e) (f) (g) (h)		1,300		1,290
HPCL-Mittal Energy Ltd. 5.25%, 4/28/2027 (b)		2,100		2,158
India Green Energy Holdings 5.38%, 4/29/2024 (b)		1,950		2,019
India Green Power Holdings 4.00%, 2/22/2027 (b)		2,250		2,242
JSW Steel Ltd.
5.38%, 4/4/2025 (b)		2,700		2,838
3.95%, 4/5/2027 (g)		600		604
Reliance Industries Ltd. 5.40%, 2/14/2022 (b)		830		839
ReNew Power Synthetic 6.67%, 3/12/2024 (b)		2,200		2,299
TML Holdings Pte. Ltd. 4.35%, 6/9/2026 (b)		700		710
Vedanta Resources Finance II plc 8.00%, 4/23/2023 (b)		1,000		982
Vedanta Resources Ltd.
6.38%, 7/30/2022 (b)		1,700		1,683
7.13%, 5/31/2023 (b)		300		289
				24,699
Indonesia — 0.2%
Adaro Indonesia PT 4.25%, 10/31/2024 (b)		2,750		2,808
Bank Tabungan Negara Persero Tbk. PT 4.20%, 1/23/2025 (b)		2,200		2,223
Indika Energy Capital III Pte. Ltd. 5.88%, 11/9/2024 (b)		1,200		1,216
Indika Energy Capital IV Pte. Ltd. 8.25%, 10/22/2025 (b)		1,750		1,855

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Indonesia — continued
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/2023 (g)		990		1,076
6.53%, 11/15/2028 (g)		2,380		2,862
6.76%, 11/15/2048 (g)		250		322
6.76%, 11/15/2048 (b)		200		258
Medco Bell Pte. Ltd. 6.38%, 1/30/2027 (b)		800		816
Medco Platinum Road Pte. Ltd. 6.75%, 1/30/2025 (b)		2,200		2,291
Minejesa Capital BV
4.63%, 8/10/2030 (g)		824		847
5.63%, 8/10/2037 (b)		1,200		1,261
Pertamina Persero PT
4.30%, 5/20/2023 (b)		260		272
3.10%, 1/21/2030 (g)		450		458
6.00%, 5/3/2042 (b)		880		1,084
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.13%, 5/15/2027 (b)		680		730
6.25%, 1/25/2049 (b)		810		1,012
4.88%, 7/17/2049 (b)		500		533
4.00%, 6/30/2050 (b)		870		843
				22,767
Ireland — 0.1%
AerCap Global Aviation Trust (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (f) (g)		7,463		8,004
AerCap Holdings NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.87%, 10/10/2079 (f)		7,459		7,782
Bank of Ireland Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (f) (g)		200		197
				15,983
Israel — 0.0% (c)
Energean Israel Finance Ltd.
4.88%, 3/30/2026 (b)		210		213
5.38%, 3/30/2028 (b)		220		223
				436
Italy — 0.2%
Enel SpA (USD Swap Semi 5 Year + 5.88%), 8.75%, 9/24/2073 (f) (g)		2,430		2,746
Intesa Sanpaolo SpA (EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027 (b) (e) (f) (h)	EUR	2,660		3,717

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Italy — continued
Telecom Italia Capital SA
6.38%, 11/15/2033		3,907		4,482
6.00%, 9/30/2034		4,901		5,452
7.72%, 6/4/2038		1,500		1,913
Telecom Italia SpA 5.30%, 5/30/2024 (g)		1,925		2,050
UniCredit SpA
(EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (b) (e) (f) (h)	EUR	1,200		1,621
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (f) (g)		200		197
(EURIBOR ICE Swap Rate 5 Year + 4.08%), 3.88%, 6/3/2027 (b) (e) (f) (h)	EUR	802		889
				23,067
Japan — 0.1%
Mitsubishi UFJ Financial Group, Inc.
(ICE LIBOR USD 3 Month + 0.86%), 0.98%, 7/26/2023 (f)		32		32
3.41%, 3/7/2024 (a)		90		95
Nippon Life Insurance Co.
(USD Swap Semi 5 Year + 3.65%), 5.10%, 10/16/2044 (f) (g)		2,887		3,151
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 2.75%, 1/21/2051 (f) (g)		3,620		3,516
Sumitomo Life Insurance Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.75%), 3.38%, 4/15/2081 (f) (g)		2,620		2,692
Sumitomo Mitsui Trust Bank Ltd. 1.35%, 9/16/2026 (g)		425		420
Takeda Pharmaceutical Co. Ltd. 2.05%, 3/31/2030		200		196
Universal Entertainment Corp. 8.50%, 12/11/2024 (g)		824		860
				10,962
Kazakhstan — 0.1%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (b)		1,545		2,083
KazMunayGas National Co. JSC
4.75%, 4/24/2025 (g)		550		605
4.75%, 4/19/2027 (b)		500		555
5.75%, 4/19/2047 (b)		1,380		1,661
6.38%, 10/24/2048 (b)		1,040		1,335
Sovereign Wealth Fund Samruk-Kazyna JSC 2.00%, 10/28/2026 (g)		478		472

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Kazakhstan — continued
Tengizchevroil Finance Co. International Ltd. 4.00%, 8/15/2026 (b)		800		855
				7,566
Luxembourg — 0.4%
Altice Financing SA 5.75%, 8/15/2029 (a) (g)		4,556		4,482
Altice France Holding SA
10.50%, 5/15/2027 (g)		8,469		9,178
6.00%, 2/15/2028 (a) (g)		1,845		1,753
INEOS Group Holdings SA 5.63%, 8/1/2024 (a) (g)		9,470		9,482
Intelsat Jackson Holdings SA
5.50%, 8/1/2023 (k)		10,554		5,303
8.00%, 2/15/2024 (g) (j) (k)		8,800		8,998
8.50%, 10/15/2024 (g) (k)		16,148		8,316
9.75%, 7/15/2025 (g) (k)		1,585		797
				48,309
Macau — 0.0% (c)
Champion Path Holdings Ltd. 4.85%, 1/27/2028 (b)		700		689
Studio City Finance Ltd.
6.00%, 7/15/2025 (b)		1,400		1,358
5.00%, 1/15/2029 (b)		800		718
				2,765
Mexico — 0.1%
Alfa SAB de CV 6.88%, 3/25/2044 (g)		712		932
Alpek SAB de CV 4.25%, 9/18/2029 (b)		1,000		1,055
BBVA Bancomer SA 6.75%, 9/30/2022 (b)		900		940
Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.12%, 6/8/2026 (e) (f) (g) (h)		3,074		3,172
Comision Federal de Electricidad 4.68%, 2/9/2051 (b)		300		278
Petroleos Mexicanos
5.38%, 3/13/2022		2,850		2,878
6.88%, 8/4/2026		505		550
6.49%, 1/23/2027		247		262
5.35%, 2/12/2028		1,900		1,894
6.50%, 1/23/2029		420		436
5.63%, 1/23/2046		1,999		1,621
6.75%, 9/21/2047		850		749
6.35%, 2/12/2048		500		424
7.69%, 1/23/2050		2,102		2,008
6.95%, 1/28/2060		2,100		1,857
				19,056

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Morocco — 0.0% (c)
OCP SA 6.88%, 4/25/2044 (b)		1,030		1,234
Netherlands — 0.3%
ABN AMRO Bank NV (EUR Swap Annual 5 Year + 4.67%), 4.37%, 9/22/2025 (b) (e) (f) (h)	EUR	6,700		8,268
Cooperatieve Rabobank UA (EUR Swap Annual 5 Year + 4.68%), 4.37%, 6/29/2027 (b) (e) (f) (h)	EUR	7,200		9,143
ING Groep NV
(USD ICE Swap Rate 5 Year + 5.12%), 6.87%, 4/16/2022 (b) (e) (f) (h)		6,568		6,716
(USD Swap Semi 5 Year + 4.45%), 6.50%, 4/16/2025 (e) (f) (h)		600		659
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (e) (f) (h)		2,360		2,562
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.86%), 3.88%, 5/16/2027 (e) (f) (h)		3,965		3,816
Trivium Packaging Finance BV
5.50%, 8/15/2026 (g) (j)		2,741		2,847
8.50%, 8/15/2027 (g) (j)		2,181		2,300
				36,311
Norway — 0.0% (c)
DNB Bank ASA
(USD Swap Semi 5 Year + 5.08%), 6.50%, 3/26/2022 (b) (e) (f) (h)		2,973		3,027
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.60%, 3/30/2028 (f) (g)		200		196
				3,223
Panama — 0.0% (c)
AES Panama Generation Holdings SRL 4.38%, 5/31/2030 (g)		960		986
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (g)		580		654
				1,640
Paraguay — 0.0% (c)
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (g)		408		303
Peru — 0.0% (c)
Petroleos del Peru SA
4.75%, 6/19/2032 (g)		900		951
5.63%, 6/19/2047 (b)		600		606

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Peru — continued
Southern Copper Corp. 5.88%, 4/23/2045		185		250
				1,807
Philippines — 0.1%
Petron Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.77%), 4.60%, 7/19/2023 (b) (e) (f) (h)		2,400		2,391
Rizal Commercial Banking Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.24%), 6.50%, 8/27/2025 (b) (e) (f) (h)		2,700		2,814
SMC Global Power Holdings Corp.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.61%), 6.50%, 4/25/2024 (b) (e) (f) (h)		1,200		1,215
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 9.20%), 7.00%, 10/21/2025 (b) (e) (f) (h)		1,700		1,760
				8,180
Qatar — 0.0% (c)
ABQ Finance Ltd. 3.50%, 2/22/2022 (b)		720		725
Saudi Arabia — 0.0% (c)
Saudi Arabian Oil Co.
1.63%, 11/24/2025 (g)		200		199
2.25%, 11/24/2030 (g)		397		384
3.25%, 11/24/2050 (g)		350		336
3.50%, 11/24/2070 (g)		1,104		1,051
				1,970
South Africa — 0.0% (c)
Eskom Holdings SOC Ltd.
6.75%, 8/6/2023 (b)		430		444
7.13%, 2/11/2025 (b)		650		674
				1,118
South Korea — 0.0% (c)
Hana Bank (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.41%), 3.50%, 10/19/2026 (e) (f) (g) (h)		500		507
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) (f) (h)		1,150		1,156
Kia Corp. 3.00%, 4/25/2023 (g)		200		206
				1,869

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Spain — 0.1%
Banco Bilbao Vizcaya Argentaria SA
(EUR Swap Annual 5 Year + 6.04%), 6.00%, 3/29/2024 (b) (e) (f) (h)	EUR	2,000		2,494
(EUR Swap Annual 5 Year + 6.46%), 6.00%, 1/15/2026 (b) (e) (f) (h)	EUR	4,000		5,225
Banco Santander SA (USD ICE Swap Rate 5 Year + 4.99%), 7.50%, 2/8/2024 (b) (e) (f) (h)		2,400		2,595
Grifols Escrow Issuer SA 4.75%, 10/15/2028 (g)		1,634		1,658
Telefonica Emisiones SA 4.67%, 3/6/2038 (a)		308		358
				12,330
Sweden — 0.0% (c)
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031 (b) (e) (f) (h)		3,200		3,344
Switzerland — 0.7%
Cloverie plc for Zurich Insurance Co Ltd (ICE LIBOR USD 3 Month + 4.92%), 5.63%, 6/24/2046 (b) (f)		2,700		3,093
Credit Suisse Group AG
(USD Swap Semi 5 Year + 5.11%), 7.13%, 7/29/2022 (b) (e) (f) (h)		6,820		7,050
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (e) (f) (g) (h)		11,691		12,743
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (e) (f) (g) (h)		19,875		21,366
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026 (e) (f) (g) (h)		11,234		12,231
(SOFR + 0.98%), 1.31%, 2/2/2027 (f) (g)		250		242
(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)		379		368
UBS Group AG
(USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024 (e) (f) (g) (h)		13,114		14,180
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (b) (e) (f) (h)		8,000		8,990
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025 (b) (e) (f) (h)		5,805		6,545

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Switzerland — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.86%), 5.12%, 7/29/2026 (b) (e) (f) (h)		1,577		1,697
				95,460
Thailand — 0.0% (c)
Bangkok Bank PCL (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.73%), 5.00%, 9/23/2025 (b) (e) (f) (h)		2,200		2,272
Krung Thai Bank PCL (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.53%), 4.40%, 3/25/2026 (b) (e) (f) (h)		2,700		2,694
Thaioil Treasury Center Co. Ltd. 4.88%, 1/23/2043 (b)		500		533
				5,499
Trinidad and Tobago — 0.0% (c)
Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026 (g)		1,565		1,723
Tunisia — 0.0% (c)
Banque Centrale de Tunisie International Bond 5.75%, 1/30/2025 (b)		330		265
Turkey — 0.0% (c)
Turkcell Iletisim Hizmetleri A/S 5.80%, 4/11/2028 (b)		660		686
United Arab Emirates — 0.0% (c)
MDGH GMTN RSC Ltd. 3.70%, 11/7/2049 (b)		600		655
Telford Offshore Ltd. 12.00% (PIK), 12/31/2164 (e) (h) (i)		1,384		64
				719
United Kingdom — 0.9%
180 Medical, Inc. 3.88%, 10/15/2029 (g)		1,870		1,881
Ashtead Capital, Inc. 4.38%, 8/15/2027 (g)		500		522
Barclays plc (U.K. Government Bonds 5 Year Note Generic Bid Yield + 6.02%), 6.37%, 12/15/2025 (b) (e) (f) (h)	GBP	400		593
BAT Capital Corp. 4.39%, 8/15/2037		232		248
BP Capital Markets plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (e) (f) (h)		4,196		4,448
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.17%), 4.25%, 3/22/2027 (b) (e) (f) (h)	GBP	2,300		3,307
(EUR Swap Annual 5 Year + 4.12%), 3.63%, 3/22/2029 (b) (e) (f) (h)	EUR	7,400		9,207

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United Kingdom — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (e) (f) (h)		17,849		19,430
HSBC Holdings plc
(EUR Swap Annual 5 Year + 5.34%), 6.00%, 9/29/2023 (b) (e) (f) (h)	EUR	3,970		4,953
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025 (e) (f) (h)		6,827		7,427
(USD ICE Swap Rate 5 Year + 3.75%), 6.00%, 5/22/2027 (e) (f) (h)		3,310		3,593
(USD ICE Swap Rate 5 Year + 3.61%), 6.50%, 3/23/2028 (e) (f) (h)		9,570		10,677
(EUR Swap Annual 5 Year + 3.84%), 4.75%, 7/4/2029 (b) (e) (f) (h)	EUR	1,918		2,414
(SOFR + 1.29%), 2.21%, 8/17/2029 (a) (f)		200		196
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (e) (f) (h)		3,820		3,796
INEOS Quattro Finance 2 plc 3.38%, 1/15/2026 (g)		1,685		1,674
Jaguar Land Rover Automotive plc
5.63%, 2/1/2023 (g)		500		503
5.88%, 1/15/2028 (a) (g)		1,616		1,612
Marks & Spencer plc 7.13%, 12/1/2037 (g)		206		246
Nationwide Building Society
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.39%), 5.87%, 12/20/2024 (b) (e) (f) (h)	GBP	200		296
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027 (b) (e) (f) (h)	GBP	4,470		6,662
NatWest Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (e) (f) (h)		2,641		2,919
NatWest Markets plc 1.60%, 9/29/2026 (g)		200		197
Rolls-Royce plc 5.75%, 10/15/2027 (g)		2,232		2,470
Sky Ltd. 3.13%, 11/26/2022 (g)		77		79
Standard Chartered plc
(USD Swap Semi 5 Year + 6.30%), 7.50%, 4/2/2022 (e) (f) (g) (h)		1,206		1,231
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.66%), 6.00%, 7/26/2025 (e) (f) (g) (h)		3,525		3,832
Virgin Media Secured Finance plc 5.50%, 5/15/2029 (g)		6,525		6,885

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United Kingdom — continued
Vodafone Group plc
2.50%, 9/26/2022 (a)		123		125
5.00%, 5/30/2038		188		234
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (f)		7,333		8,866
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 3.25%, 6/4/2081 (f)		595		595
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.12%, 6/4/2081 (f)		7,100		7,058
				118,176
United States — 27.8%
7-Eleven, Inc.
0.63%, 2/10/2023 (g)		86		86
1.80%, 2/10/2031 (g)		174		165
AbbVie, Inc.
2.30%, 11/21/2022 (a)		98		100
3.20%, 11/21/2029		457		488
4.05%, 11/21/2039		166		191
Abercrombie & Fitch Management Co. 8.75%, 7/15/2025 (g)		450		484
Acadia Healthcare Co., Inc. 5.00%, 4/15/2029 (g)		1,518		1,548
ACCO Brands Corp. 4.25%, 3/15/2029 (g)		5,180		5,122
ACI Worldwide, Inc. 5.75%, 8/15/2026 (g)		3,105		3,245
Activision Blizzard, Inc. 1.35%, 9/15/2030 (a)		292		269
AdaptHealth LLC 4.63%, 8/1/2029 (g)		1,128		1,115
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (g)		1,876		1,910
Adient US LLC 9.00%, 4/15/2025 (g)		1,155		1,236
ADT Security Corp. (The)
4.13%, 6/15/2023		1,220		1,270
4.13%, 8/1/2029 (g)		4,300		4,238
4.88%, 7/15/2032 (g)		6,428		6,429
Adtalem Global Education, Inc. 5.50%, 3/1/2028 (g)		2,181		2,203
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (g)		159		165
AECOM 5.13%, 3/15/2027		1,977		2,182
Aetna, Inc. 3.88%, 8/15/2047		257		293
AIG Global Funding 0.40%, 9/13/2023 (g)		241		240
Air Lease Corp. 3.75%, 6/1/2026		70		75

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Albertsons Cos., Inc.
3.50%, 2/15/2023 (g)		2,005		2,040
5.75%, 3/15/2025		698		708
3.25%, 3/15/2026 (g)		3,540		3,598
7.50%, 3/15/2026 (g)		2,170		2,338
4.63%, 1/15/2027 (g)		7,060		7,389
5.88%, 2/15/2028 (g)		3,316		3,523
3.50%, 3/15/2029 (g)		6,608		6,513
4.88%, 2/15/2030 (a) (g)		2,850		3,055
Alcoa Nederland Holding BV 5.50%, 12/15/2027 (g)		6,325		6,799
Alexandria Real Estate Equities, Inc. REIT, 2.75%, 12/15/2029 (a)		80		83
Allegheny Technologies, Inc.
5.88%, 12/1/2027 (a)		1,861		1,954
4.88%, 10/1/2029		1,655		1,654
5.13%, 10/1/2031		1,240		1,235
Alliance Resource Operating Partners LP 7.50%, 5/1/2025 (g)		200		203
Allied Universal Holdco LLC
6.63%, 7/15/2026 (g)		1,996		2,097
9.75%, 7/15/2027 (g)		907		975
4.63%, 6/1/2028 (g)		3,840		3,808
Allison Transmission, Inc.
4.75%, 10/1/2027 (g)		2,545		2,640
5.88%, 6/1/2029 (a) (g)		6,426		6,916
3.75%, 1/30/2031 (g)		5,472		5,260
Ally Financial, Inc.
5.75%, 11/20/2025		5,333		6,054
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 3.48%), 4.70%, 5/15/2028 (e) (f) (h)		6,324		6,435
Altria Group, Inc.
4.80%, 2/14/2029		83		95
3.40%, 2/4/2041		85		79
AMC Entertainment Holdings, Inc.
10.50%, 4/15/2025 (g)		2,020		2,169
10.50%, 4/24/2026 (a) (g)		2,786		2,988
12.00% (PIK), 6/15/2026 (a) (g) (i)		3,741		3,549
AMC Networks, Inc.
5.00%, 4/1/2024		1,288		1,303
4.75%, 8/1/2025		1,336		1,369
Ameren Corp. 3.50%, 1/15/2031		140		152
American Airlines Group, Inc. 3.75%, 3/1/2025 (a) (g)		182		166

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
American Airlines, Inc.
11.75%, 7/15/2025 (g)		294		364
5.50%, 4/20/2026 (g)		7,333		7,692
5.75%, 4/20/2029 (g)		4,935		5,312
American Axle & Manufacturing, Inc.
6.25%, 3/15/2026 (a)		8,893		9,137
6.50%, 4/1/2027 (a)		4,565		4,765
6.88%, 7/1/2028 (a)		1,349		1,433
5.00%, 10/1/2029 (a)		3,264		3,121
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (g)		4,195		4,253
American Express Co. Series B, (ICE LIBOR USD 3 Month + 3.43%), 3.55%, 11/15/2021 (e) (f) (h)		1,818		1,818
American Honda Finance Corp. (ICE LIBOR USD 3 Month + 0.47%), 0.59%, 11/16/2022 (f)		28		28
American International Group, Inc.
3.88%, 1/15/2035		105		117
Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (f)		4,853		5,563
American Tower Corp.
REIT, 1.45%, 9/15/2026		100		98
REIT, 1.50%, 1/31/2028		337		324
REIT, 3.80%, 8/15/2029		128		141
AmeriGas Partners LP
5.63%, 5/20/2024		2,121		2,291
5.50%, 5/20/2025		5,898		6,392
5.88%, 8/20/2026		2,714		3,026
5.75%, 5/20/2027		1,424		1,593
AmerisourceBergen Corp. 0.74%, 3/15/2023		63		63
Amgen, Inc. 2.00%, 1/15/2032		298		286
Amkor Technology, Inc. 6.63%, 9/15/2027 (g)		3,941		4,191
AMN Healthcare, Inc. 4.63%, 10/1/2027 (g)		450		462
Amsted Industries, Inc. 5.63%, 7/1/2027 (g)		1,629		1,694
Antero Midstream Partners LP
7.88%, 5/15/2026 (g)		3,324		3,636
5.75%, 3/1/2027 (g)		490		506
5.75%, 1/15/2028 (g)		3,415		3,573
5.38%, 6/15/2029 (g)		3,282		3,429
Antero Resources Corp.
8.38%, 7/15/2026 (g)		1,923		2,163
7.63%, 2/1/2029 (g)		739		818
5.38%, 3/1/2030 (g)		1,447		1,532

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Anthem, Inc. 2.88%, 9/15/2029 (a)		190		199
Apache Corp.
4.63%, 11/15/2025		737		794
4.88%, 11/15/2027		1,517		1,646
APi Escrow Corp. 4.75%, 10/15/2029 (g)		2,037		2,073
APi Group DE, Inc. 4.13%, 7/15/2029 (g)		2,586		2,573
Aramark Services, Inc. 5.00%, 2/1/2028 (g)		7,840		8,016
Arches Buyer, Inc.
4.25%, 6/1/2028 (g)		1,780		1,794
6.13%, 12/1/2028 (g)		634		641
Archrock Partners LP
6.88%, 4/1/2027 (g)		472		492
6.25%, 4/1/2028 (g)		2,420		2,505
Arconic Corp.
6.00%, 5/15/2025 (g)		2,269		2,374
6.13%, 2/15/2028 (g)		4,017		4,233
Ardagh Packaging Finance plc
4.13%, 8/15/2026 (g)		1,385		1,413
5.25%, 8/15/2027 (g)		12,645		12,613
Asbury Automotive Group, Inc.
4.50%, 3/1/2028		412		419
4.75%, 3/1/2030		385		393
ASGN, Inc. 4.63%, 5/15/2028 (g)		500		516
Ashland LLC 6.88%, 5/15/2043		426		554
AT&T, Inc.
Series B, (EURIBOR ICE Swap Rate 5 Year + 3.14%), 2.87%, 3/2/2025 (e) (f) (h)	EUR	700		810
2.25%, 2/1/2032 (a)		408		393
3.50%, 6/1/2041		124		128
Audacy Capital Corp. 6.50%, 5/1/2027 (a) (g)		4,439		4,450
Avantor Funding, Inc. 4.63%, 7/15/2028 (g)		6,184		6,416
Aviation Capital Group LLC 1.95%, 9/20/2026 (g)		210		206
Avis Budget Car Rental LLC
5.75%, 7/15/2027 (g)		2,855		2,983
5.75%, 7/15/2027 (a) (g)		2,503		2,616
4.75%, 4/1/2028 (g)		5,455		5,660
5.38%, 3/1/2029 (a) (g)		2,711		2,853
Axalta Coating Systems LLC
4.75%, 6/15/2027 (g)		4,673		4,802
3.38%, 2/15/2029 (g)		3,629		3,456
B&G Foods, Inc. 5.25%, 4/1/2025		7,153		7,296

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (f)		54		54
Series U, (ICE LIBOR USD 3 Month + 3.14%), 5.20%, 6/1/2023 (e) (f) (h)		8,299		8,517
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.12%, 6/20/2024 (e) (f) (h)		3,589		3,791
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (e) (f) (h)		15,732		17,148
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (e) (f) (h)		7,182		7,936
Series MM, (ICE LIBOR USD 3 Month + 2.66%), 4.30%, 1/28/2025 (e) (f) (h)		7,987		8,087
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (f) (h)		7,783		8,561
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (f) (h)		1,250		1,375
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (e) (f) (h)		21,045		24,317
(SOFR + 0.96%), 1.73%, 7/22/2027 (f)		778		773
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (e) (f) (h)		12,311		13,782
(SOFR + 1.21%), 2.57%, 10/20/2032 (f)		430		431
Bank of New York Mellon Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.42%), 3.54%, 12/20/2021 (e) (f) (h)		2,111		2,116
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (e) (f) (h)		3,007		3,037
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.36%), 4.70%, 9/20/2025 (e) (f) (h)		2,095		2,280
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 3.70%, 3/20/2026 (e) (f) (h)		2,910		3,031
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (e) (f) (h)		11,948		12,829
Bath & Body Works, Inc.
9.38%, 7/1/2025 (g)		264		327
7.50%, 6/15/2029		1,404		1,586
6.88%, 11/1/2035		132		161
6.75%, 7/1/2036		2,350		2,821
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (g)		4,876		5,181
8.50%, 1/31/2027 (g)		5,791		6,145
Bausch Health Cos., Inc.
6.13%, 4/15/2025 (a) (g)		18,991		19,343
5.50%, 11/1/2025 (g)		12,156		12,351

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
9.00%, 12/15/2025 (g)		23,732		24,896
5.75%, 8/15/2027 (g)		965		1,010
7.00%, 1/15/2028 (g)		3,489		3,533
5.00%, 1/30/2028 (g)		2,065		1,906
4.88%, 6/1/2028 (g)		5,057		5,208
5.00%, 2/15/2029 (g)		4,668		4,283
7.25%, 5/30/2029 (g)		1,679		1,702
5.25%, 1/30/2030 (g)		3,476		3,137
5.25%, 2/15/2031 (g)		3,262		2,932
Becton Dickinson and Co. 2.82%, 5/20/2030		356		370
Bed Bath & Beyond, Inc.
3.75%, 8/1/2024 (a)		400		407
4.92%, 8/1/2034		100		90
5.17%, 8/1/2044 (a)		1,838		1,562
Berry Global, Inc. 4.88%, 7/15/2026 (a) (g)		6,914		7,242
Big River Steel LLC 6.63%, 1/31/2029 (g)		1,672		1,816
Biogen, Inc. 2.25%, 5/1/2030		379		374
Black Knight InfoServ LLC 3.63%, 9/1/2028 (g)		2,242		2,231
Bloomin’ Brands, Inc. 5.13%, 4/15/2029 (g)		1,900		1,878
Blue Racer Midstream LLC
7.63%, 12/15/2025 (g)		1,522		1,636
6.63%, 7/15/2026 (g)		1,510		1,563
Boise Cascade Co. 4.88%, 7/1/2030 (g)		444		466
Booz Allen Hamilton, Inc.
3.88%, 9/1/2028 (g)		1,882		1,909
4.00%, 7/1/2029 (g)		3,344		3,386
Boston Properties LP REIT, 2.45%, 10/1/2033 (a)		160		155
Boyne USA, Inc. 4.75%, 5/15/2029 (g)		2,786		2,849
BP Capital Markets America, Inc. 3.63%, 4/6/2030		176		195
Brighthouse Financial Global Funding
0.60%, 6/28/2023 (g)		18		18
1.00%, 4/12/2024 (g)		27		27
Brink’s Co. (The)
5.50%, 7/15/2025 (g)		1,890		1,981
4.63%, 10/15/2027 (g)		5,525		5,701
Broadcom, Inc. 4.30%, 11/15/2032		145		161
Buckeye Partners LP
4.13%, 3/1/2025 (g)		3,620		3,710
3.95%, 12/1/2026		200		205
4.13%, 12/1/2027		2,207		2,224
4.50%, 3/1/2028 (g)		4,360		4,306

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Builders FirstSource, Inc.
5.00%, 3/1/2030 (g)		2,130		2,250
4.25%, 2/1/2032 (g)		3,153		3,178
Burlington Northern Santa Fe LLC 3.05%, 3/15/2022		32		32
BWX Technologies, Inc.
4.13%, 6/30/2028 (g)		1,866		1,890
4.13%, 4/15/2029 (g)		4,624		4,692
Cable One, Inc. 4.00%, 11/15/2030 (g)		2,214		2,175
Caesars Entertainment, Inc. 4.63%, 10/15/2029 (g)		2,530		2,542
California Resources Corp. 7.13%, 2/1/2026 (g)		5,668		5,980
Callon Petroleum Co. 8.00%, 8/1/2028 (a) (g)		500		504
Calpine Corp.
5.25%, 6/1/2026 (g)		5,273		5,426
4.63%, 2/1/2029 (g)		1,622		1,573
5.00%, 2/1/2031 (g)		1,552		1,521
3.75%, 3/1/2031 (g)		50		48
Calumet Specialty Products Partners LP 11.00%, 4/15/2025 (a) (g)		576		626
Capital One Financial Corp. Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (e) (f) (h)		7,699		7,817
Carnival Corp.
10.50%, 2/1/2026 (g)		742		862
4.00%, 8/1/2028 (g)		3,156		3,156
6.00%, 5/1/2029 (g)		5,596		5,593
Carpenter Technology Corp. 6.38%, 7/15/2028		1,466		1,551
Catalent Pharma Solutions, Inc.
5.00%, 7/15/2027 (g)		2,038		2,104
3.13%, 2/15/2029 (g)		940		913
CCO Holdings LLC
5.50%, 5/1/2026 (g)		8,098		8,365
5.13%, 5/1/2027 (g)		36,915		38,253
5.00%, 2/1/2028 (g)		17,749		18,459
5.38%, 6/1/2029 (a) (g)		10,053		10,802
4.75%, 3/1/2030 (a) (g)		11,296		11,663
4.50%, 8/15/2030 (g)		2,985		3,039
4.25%, 2/1/2031 (g)		10,261		10,215
4.25%, 1/15/2034 (g)		5,030		4,878
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (g)		4,976		5,256

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
CDK Global, Inc. 5.25%, 5/15/2029 (g)		7,151		7,669
CDW LLC
5.50%, 12/1/2024		635		696
4.25%, 4/1/2028 (a)		7,836		8,110
3.25%, 2/15/2029 (a)		1,372		1,391
Cedar Fair LP
5.50%, 5/1/2025 (g)		1,455		1,510
5.38%, 4/15/2027		160		165
5.25%, 7/15/2029		1,395		1,445
Cengage Learning, Inc. 9.50%, 6/15/2024 (g)		2,132		2,175
Centene Corp.
4.25%, 12/15/2027		11,634		12,187
4.63%, 12/15/2029 (a)		18,022		19,441
3.38%, 2/15/2030		5,040		5,172
Centennial Resource Production LLC 5.38%, 1/15/2026 (a) (g)		540		537
CenterPoint Energy Resources Corp. (ICE LIBOR USD 3 Month + 0.50%), 0.62%, 3/2/2023 (f)		88		88
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (e) (f) (h)		5,558		5,872
Central Garden & Pet Co.
5.13%, 2/1/2028		4,900		5,133
4.13%, 10/15/2030		2,059		2,074
Charles River Laboratories International, Inc.
3.75%, 3/15/2029 (g)		1,604		1,620
4.00%, 3/15/2031 (g)		580		600
Charles Schwab Corp. (The)
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%, 6/1/2025 (e) (f) (h)		19,781		21,757
Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (e) (f) (h)		7,535		8,026
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (e) (f) (h)		25,078		25,454
Chemours Co. (The)
5.38%, 5/15/2027		50		53
5.75%, 11/15/2028 (g)		4,830		4,963
Cheniere Corpus Christi Holdings LLC 2.74%, 12/31/2039 (g)		50		49
Cheniere Energy Partners LP
4.50%, 10/1/2029 (a)		4,325		4,618
4.00%, 3/1/2031 (g)		2,666		2,773
3.25%, 1/31/2032 (g)		2,083		2,064

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Cheniere Energy, Inc. 4.63%, 10/15/2028		7,525		7,891
Chesapeake Energy Corp.
5.50%, 2/1/2026 (g)		1,916		1,997
5.88%, 2/1/2029 (g)		2,295		2,439
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		52		53
Cigna Corp. 4.38%, 10/15/2028		387		444
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (g)		5,606		5,704
8.00%, 10/15/2025 (g)		2,388		2,487
Cinemark USA, Inc.
8.75%, 5/1/2025 (g)		1,000		1,070
5.25%, 7/15/2028 (g)		2,165		2,112
Citigroup Global Markets Holdings, Inc. 0.75%, 6/7/2024 (a)		240		237
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (e) (f) (h)		11,463		11,864
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (e) (f) (h)		1,548		1,602
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (e) (f) (h)		1,500		1,538
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (e) (f) (h)		20,542		21,873
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (e) (f) (h)		18,810		19,452
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (e) (f) (h)		9,854		9,990
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (e) (f) (h)		12,483		13,450
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (e) (f) (h)		19,449		19,862
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (e) (f) (h)		8,855		8,933
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (a) (e) (f) (h)		9,744		11,217
(SOFR + 0.77%), 1.46%, 6/9/2027 (f)		815		803
(SOFR + 1.18%), 0.00%, 11/3/2032 (f)		55		55
Citizens Financial Group, Inc.
Series B, (ICE LIBOR USD 3 Month + 3.00%), 6.00%, 7/6/2023 (e) (f) (h)		3,001		3,095
Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (e) (f) (h)		5,409		5,686
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.00%, 10/6/2026 (e) (f) (h)		6,650		6,700

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Clarios Global LP
6.75%, 5/15/2025 (g)		1,595		1,680
6.25%, 5/15/2026 (g)		3,670		3,840
Clarivate Science Holdings Corp.
3.88%, 7/1/2028 (g)		2,626		2,597
4.88%, 7/1/2029 (g)		2,958		2,945
Clean Harbors, Inc. 4.88%, 7/15/2027 (g)		785		817
Clear Channel Outdoor Holdings, Inc.
7.75%, 4/15/2028 (g)		4,638		4,803
7.50%, 6/1/2029 (g)		8,147		8,333
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027 (a) (g)		9,798		10,050
Cleveland-Cliffs, Inc.
4.63%, 3/1/2029 (g)		3,158		3,273
4.88%, 3/1/2031 (a) (g)		2,257		2,350
Clorox Co. (The) 3.05%, 9/15/2022		62		63
CMS Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (f)		4,749		5,271
CNX Midstream Partners LP 4.75%, 4/15/2030 (g)		828		829
CNX Resources Corp. 6.00%, 1/15/2029 (g)		2,233		2,356
Cogent Communications Group, Inc. 3.50%, 5/1/2026 (g)		700		707
Coinbase Global, Inc.
3.38%, 10/1/2028 (a) (g)		1,272		1,227
3.63%, 10/1/2031 (g)		1,272		1,212
Colfax Corp. 6.38%, 2/15/2026 (g)		363		378
Colgate Energy Partners III LLC 5.88%, 7/1/2029 (g)		1,092		1,118
Comcast Corp. 4.15%, 10/15/2028		205		234
Commercial Metals Co. 5.38%, 7/15/2027		1,290		1,348
CommScope Technologies LLC
6.00%, 6/15/2025 (g)		7,185		7,112
5.00%, 3/15/2027 (a) (g)		2,405		2,231
CommScope, Inc.
6.00%, 3/1/2026 (g)		9,090		9,363
8.25%, 3/1/2027 (g)		10,160		10,352
4.75%, 9/1/2029 (g)		4,740		4,651
Community Health Systems, Inc.
8.00%, 3/15/2026 (g)		3,292		3,473
5.63%, 3/15/2027 (g)		3,918		4,100
8.00%, 12/15/2027 (g)		150		163
6.88%, 4/1/2028 (a) (g)		649		614
6.00%, 1/15/2029 (g)		2,684		2,825

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
6.13%, 4/1/2030 (g)		342		336
4.75%, 2/15/2031 (g)		3,490		3,490
Compass Group Diversified Holdings LLC 5.25%, 4/15/2029 (g)		2,112		2,196
Comstock Resources, Inc.
7.50%, 5/15/2025 (a) (g)		1,478		1,533
6.75%, 3/1/2029 (g)		7,678		8,254
5.88%, 1/15/2030 (g)		2,222		2,311
Conduent Business Services LLC 6.00%, 11/1/2029 (g)		4,635		4,620
Constellation Brands, Inc. 2.25%, 8/1/2031		333		326
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (a) (g)		2,652		2,553
Constellium SE 5.63%, 6/15/2028 (g)		600		629
Continental Resources, Inc.
4.50%, 4/15/2023		520		541
3.80%, 6/1/2024 (a)		81		85
5.75%, 1/15/2031 (a) (g)		5,951		7,126
Cooper-Standard Automotive, Inc.
13.00%, 6/1/2024 (g)		6,658		7,224
5.63%, 11/15/2026 (g)		7,311		5,863
CoreCivic, Inc. 8.25%, 4/15/2026		4,988		5,098
Coty, Inc.
5.00%, 4/15/2026 (g)		2,793		2,863
6.50%, 4/15/2026 (a) (g)		2,377		2,442
Cox Communications, Inc. 4.80%, 2/1/2035 (g)		190		226
Crestwood Midstream Partners LP
5.75%, 4/1/2025		5,514		5,655
5.63%, 5/1/2027 (g)		2,355		2,411
Crocs, Inc. 4.25%, 3/15/2029 (g)		516		522
Crown Americas LLC 4.75%, 2/1/2026		681		702
Crown Castle International Corp.
REIT, 3.65%, 9/1/2027 (a)		250		271
REIT, 2.10%, 4/1/2031		170		163
CSC Holdings LLC
6.75%, 11/15/2021		2,089		2,092
5.88%, 9/15/2022		1,585		1,635
5.25%, 6/1/2024		1,349		1,420
5.50%, 4/15/2027 (g)		5,420		5,596
5.38%, 2/1/2028 (g)		2,010		2,070
7.50%, 4/1/2028 (g)		2,260		2,404
6.50%, 2/1/2029 (g)		8,969		9,619
4.50%, 11/15/2031 (g)		4,903		4,750
CSX Corp. 2.40%, 2/15/2030 (a)		75		76

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Curo Group Holdings Corp. 7.50%, 8/1/2028 (g)		99		101
CVR Partners LP
9.25%, 6/15/2023 (a) (g)		1,589		1,592
6.13%, 6/15/2028 (g)		3,401		3,520
CVS Health Corp.
4.30%, 3/25/2028		100		113
2.13%, 9/15/2031 (a)		174		170
4.78%, 3/25/2038		255		312
5.30%, 12/5/2043		166		219
Dana, Inc.
5.38%, 11/15/2027		895		937
5.63%, 6/15/2028		1,196		1,265
Dave & Buster’s, Inc. 7.63%, 11/1/2025 (g)		192		206
DaVita, Inc.
4.63%, 6/1/2030 (g)		5,580		5,608
3.75%, 2/15/2031 (g)		7,626		7,225
DCP Midstream Operating LP
3.88%, 3/15/2023		2,613		2,695
5.38%, 7/15/2025		1,919		2,120
5.63%, 7/15/2027		2,481		2,831
6.75%, 9/15/2037 (g)		1,740		2,326
5.60%, 4/1/2044		525		630
Del Monte Foods, Inc. 11.88%, 5/15/2025 (g)		1,926		2,161
Dell International LLC
7.13%, 6/15/2024 (g)		1,465		1,488
6.02%, 6/15/2026		1,682		1,982
4.90%, 10/1/2026		65		74
6.10%, 7/15/2027 (a)		680		826
6.20%, 7/15/2030		680		868
Delta Air Lines, Inc.
4.50%, 10/20/2025 (g)		3,465		3,697
4.75%, 10/20/2028 (g)		4,851		5,387
Deluxe Corp. 8.00%, 6/1/2029 (g)		2,100		2,210
Devon Energy Corp.
8.25%, 8/1/2023 (g)		720		799
5.88%, 6/15/2028 (a) (g)		720		789
Diamond Sports Group LLC 5.38%, 8/15/2026 (a) (g)		5,398		3,050
Discovery Communications LLC 3.63%, 5/15/2030		190		204
DISH DBS Corp.
5.88%, 7/15/2022		2,197		2,252
5.00%, 3/15/2023		13,079		13,537

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
5.88%, 11/15/2024		30,567		32,554
7.75%, 7/1/2026		12,206		13,564
7.38%, 7/1/2028		101		106
5.13%, 6/1/2029		750		722
Dominion Energy, Inc.
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024 (e) (f) (h)		3,636		3,873
Series C, 2.25%, 8/15/2031		54		53
(ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/1/2054 (f)		2,201		2,398
Domtar Corp. 6.75%, 2/15/2044		338		358
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (g)		3,736		3,685
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (g)		4,931		5,104
DT Midstream, Inc.
4.13%, 6/15/2029 (g)		3,356		3,380
4.38%, 6/15/2031 (g)		1,677		1,699
Duke Energy Corp.
3.05%, 8/15/2022		84		85
3.75%, 9/1/2046 (a)		282		307
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (f)		5,430		5,393
Duke Energy Progress LLC Series A, (ICE LIBOR USD 3 Month + 0.18%), 0.30%, 2/18/2022 (f)		39		39
Dycom Industries, Inc. 4.50%, 4/15/2029 (g)		5,080		5,156
Edgewell Personal Care Co.
5.50%, 6/1/2028 (g)		1,815		1,899
4.13%, 4/1/2029 (g)		1,970		1,935
Element Solutions, Inc. 3.88%, 9/1/2028 (g)		2,883		2,880
Embarq Corp. 8.00%, 6/1/2036		9,098		10,053
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) (g)		3,866		3,711
Enact Holdings, Inc. 6.50%, 8/15/2025 (g)		1,620		1,774
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (g)		6,494		6,786
Encompass Health Corp.
5.75%, 9/15/2025		4,690		4,790
4.50%, 2/1/2028		5,420		5,518
4.75%, 2/1/2030		1,840		1,886
Endeavor Energy Resources LP 6.63%, 7/15/2025 (a) (g)		1,197		1,262

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Endo Dac
5.88%, 10/15/2024 (g)		925		897
9.50%, 7/31/2027 (a) (g)		4,357		4,324
6.00%, 6/30/2028 (g)		2,563		1,788
Endo Luxembourg Finance Co. I SARL 6.13%, 4/1/2029 (g)		2,045		2,014
Energizer Holdings, Inc.
4.75%, 6/15/2028 (g)		2,772		2,768
4.38%, 3/31/2029 (g)		4,411		4,227
Energy Transfer LP
4.20%, 4/15/2027		115		126
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (e) (f) (h)		8,894		8,616
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (e) (f) (h)		4,455		4,661
EnerSys 4.38%, 12/15/2027 (g)		100		105
EnLink Midstream LLC 5.38%, 6/1/2029		803		831
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (e) (f) (h)		210		168
4.40%, 4/1/2024		4,495		4,697
4.15%, 6/1/2025		1,600		1,670
4.85%, 7/15/2026		2,940		3,058
5.60%, 4/1/2044		522		512
5.45%, 6/1/2047		716		716
Enova International, Inc. 8.50%, 9/15/2025 (a) (g)		500		515
Entegris, Inc.
4.38%, 4/15/2028 (g)		450		467
3.63%, 5/1/2029 (g)		2,434		2,452
Entergy Corp. 4.00%, 7/15/2022		98		100
Enterprise Products Operating LLC Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (f)		4,380		4,600
Envision Healthcare Corp. 8.75%, 10/15/2026 (a) (g)		7,419		4,984
Enviva Partners LP 6.50%, 1/15/2026 (g)		214		221
EOG Resources, Inc. 5.10%, 1/15/2036		180		220
EQM Midstream Partners LP
6.00%, 7/1/2025 (g)		2,170		2,354
6.50%, 7/1/2027 (g)		2,550		2,837
4.50%, 1/15/2029 (g)		4,301		4,425
4.75%, 1/15/2031 (g)		5,576		5,773
6.50%, 7/15/2048		50		59

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
EQT Corp.
6.63%, 2/1/2025 (j)		895		1,007
3.13%, 5/15/2026 (g)		1,789		1,802
5.00%, 1/15/2029		1,855		2,061
7.50%, 2/1/2030 (a) (j)		1,165		1,492
3.63%, 5/15/2031 (a) (g)		1,382		1,411
Equitable Holdings, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025 (e) (f) (h)		786		845
ESC GCBREGS EXIDE TECH
7.13%, 8/1/2026 (k)		5,505		358
6.00%, 1/15/2028 (k)		5,450		354
Evergy, Inc. 2.90%, 9/15/2029		687		716
Exela Intermediate LLC 10.00%, 7/15/2023 (g)		5,778		4,835
Exxon Mobil Corp. 4.23%, 3/19/2040 (a)		219		262
F&G Global Funding 0.90%, 9/20/2024 (g)		119		118
Fidelity National Information Services, Inc. 3.10%, 3/1/2041 (a)		108		109
FirstCash, Inc. 4.63%, 9/1/2028 (g)		2,112		2,178
FirstEnergy Corp.
Series C, 7.38%, 11/15/2031		133		181
Series C, 5.35%, 7/15/2047 (j)		295		358
Series C, 3.40%, 3/1/2050		637		632
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (g)		50		58
Fiserv, Inc. 3.50%, 7/1/2029		193		208
Fluor Corp. 3.50%, 12/15/2024 (a)		161		168
Ford Motor Co.
8.50%, 4/21/2023		4,379		4,801
9.00%, 4/22/2025		3,539		4,256
9.63%, 4/22/2030		2,615		3,767
Ford Motor Credit Co. LLC
3.37%, 11/17/2023		2,564		2,631
4.06%, 11/1/2024		5,140		5,390
4.69%, 6/9/2025		7,630		8,157
5.13%, 6/16/2025		6,000		6,510
4.13%, 8/4/2025		3,602		3,805
3.38%, 11/13/2025		6,205		6,376
4.39%, 1/8/2026		6,475		6,928
4.54%, 8/1/2026		1,725		1,857
2.70%, 8/10/2026		1,509		1,507
4.27%, 1/9/2027		8,696		9,229
4.13%, 8/17/2027		5,525		5,863

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
3.82%, 11/2/2027		1,935		2,008
4.00%, 11/13/2030		5,909		6,168
Forterra Finance LLC 6.50%, 7/15/2025 (g)		1,465		1,561
Fortress Transportation and Infrastructure Investors LLC 9.75%, 8/1/2027 (g)		66		74
Freeport-McMoRan, Inc.
5.00%, 9/1/2027		1,000		1,044
4.13%, 3/1/2028		5,265		5,449
4.38%, 8/1/2028		3,530		3,676
Frontier Communications Holdings LLC
5.88%, 10/15/2027 (g)		3,844		4,027
5.00%, 5/1/2028 (g)		10,290		10,457
6.75%, 5/1/2029 (g)		1,290		1,327
5.88%, 11/1/2029		1,149		1,144
6.00%, 1/15/2030 (g)		1,380		1,387
Gannett Holdings LLC 6.00%, 11/1/2026 (g)		1,624		1,620
Gap, Inc. (The)
3.63%, 10/1/2029 (g)		1,220		1,196
3.88%, 10/1/2031 (g)		975		955
Gartner, Inc.
4.50%, 7/1/2028 (g)		3,884		4,044
3.63%, 6/15/2029 (g)		953		958
3.75%, 10/1/2030 (g)		1,054		1,068
Gates Global LLC 6.25%, 1/15/2026 (g)		2,064		2,134
GCI LLC 4.75%, 10/15/2028 (g)		5,865		6,070
GCP Applied Technologies, Inc. 5.50%, 4/15/2026 (g)		6,630		6,789
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		217		264
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 3.45%, 12/15/2021 (e) (f) (h)		38,293		37,336
Genesis Energy LP
6.50%, 10/1/2025		180		178
6.25%, 5/15/2026		1,933		1,870
8.00%, 1/15/2027		1,353		1,359
7.75%, 2/1/2028		3,721		3,675
Genworth Holdings, Inc. 4.90%, 8/15/2023		450		460
GEO Group, Inc. (The)
REIT, 5.88%, 10/15/2024 (a)		2,215		2,004
REIT, 6.00%, 4/15/2026 (a)		610		529
Gilead Sciences, Inc.
3.25%, 9/1/2022		91		93
1.65%, 10/1/2030 (a)		491		469
Glatfelter Corp. 4.75%, 11/15/2029 (g)		2,320		2,364

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (g)		3,370		3,454
Global Medical Response, Inc. 6.50%, 10/1/2025 (g)		2,285		2,266
Global Payments, Inc. 3.20%, 8/15/2029		195		204
GLP Capital LP REIT, 5.25%, 6/1/2025		2,780		3,084
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (g)		1,581		1,640
Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%), 4.00%, 12/6/2021 (e) (f) (h)		2,351		2,304
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (f)		46		46
Series VAR, (SOFR + 0.54%), 0.63%, 11/17/2023 (f)		97		97
Series S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 4.40%, 2/10/2025 (e) (f) (h)		1,733		1,759
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (e) (f) (h)		931		980
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (e) (f) (h)		6,520		6,520
Series U, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.65%, 8/10/2026 (e) (f) (h)		5,383		5,343
Series V, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.95%), 4.12%, 11/10/2026 (e) (f) (h)		2,770		2,779
Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (e) (f) (h)		2,755		3,017
(SOFR + 0.82%), 1.54%, 9/10/2027 (f)		298		293
(SOFR + 0.91%), 1.95%, 10/21/2027 (f)		85		85
(SOFR + 1.26%), 2.65%, 10/21/2032 (f)		75		75
Goodyear Tire & Rubber Co. (The)
9.50%, 5/31/2025		269		293
5.00%, 5/31/2026 (a)		4,195		4,295
5.00%, 7/15/2029 (g)		2,082		2,196
5.25%, 4/30/2031		2,965		3,173
5.25%, 7/15/2031 (g)		999		1,063
5.63%, 4/30/2033		771		829
GrafTech Finance, Inc. 4.63%, 12/15/2028 (g)		2,127		2,148
Graham Holdings Co. 5.75%, 6/1/2026 (g)		450		469
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (g)		676		695

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Gray Escrow II, Inc. 5.38%, 11/15/2031 (g) (l)		3,456		3,491
Gray Television, Inc.
5.88%, 7/15/2026 (g)		2,102		2,168
7.00%, 5/15/2027 (g)		6,085		6,511
4.75%, 10/15/2030 (g)		1,945		1,918
Greif, Inc. 6.50%, 3/1/2027 (g)		5,836		6,069
Griffon Corp. 5.75%, 3/1/2028		3,475		3,631
GrubHub Holdings, Inc. 5.50%, 7/1/2027 (g)		474		486
Gulfport Energy Operating Corp.
6.63%, 5/1/2023 ‡ (k)		745		41
6.00%, 10/15/2024 ‡ (k)		4,620		254
6.38%, 5/15/2025 ‡ (k)		1,458		80
6.38%, 1/15/2026 ‡ (k)		4,130		227
8.00%, 5/17/2026 (g)		3,215		3,561
Hanesbrands, Inc. 4.88%, 5/15/2026 (a) (g)		2,359		2,522
Harsco Corp. 5.75%, 7/31/2027 (g)		757		786
HCA, Inc.
5.88%, 5/1/2023		1,017		1,087
5.38%, 2/1/2025		31,659		35,220
5.88%, 2/15/2026		24,150		27,501
5.38%, 9/1/2026		7,986		9,095
5.63%, 9/1/2028		10,285		12,054
3.50%, 9/1/2030		8,861		9,319
2.38%, 7/15/2031		329		321
7.50%, 11/15/2095		100		149
HealthEquity, Inc. 4.50%, 10/1/2029 (g)		936		947
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (g)		970		1,042
Herc Holdings, Inc. 5.50%, 7/15/2027 (a) (g)		9,623		10,032
Hertz Corp. (The)
6.25%, 10/15/2022 (k)		1,106		22
5.50%, 10/15/2024 (k)		11,828		266
Hess Midstream Operations LP
5.63%, 2/15/2026 (g)		4,115		4,264
4.25%, 2/15/2030 (g)		2,818		2,818
Hexion, Inc. 7.88%, 7/15/2027 (g)		2,617		2,774
H-Food Holdings LLC 8.50%, 6/1/2026 (g)		450		465
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (g)		2,722		2,829
Hilton Domestic Operating Co., Inc.
5.38%, 5/1/2025 (g)		584		609
5.75%, 5/1/2028 (g)		1,536		1,649
3.75%, 5/1/2029 (g)		1,650		1,650
4.88%, 1/15/2030		1,923		2,053
4.00%, 5/1/2031 (g)		990		995

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		2,845		2,940
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		4,204		4,351
HLF Financing SARL LLC 4.88%, 6/1/2029 (g)		1,000		1,007
Holly Energy Partners LP 5.00%, 2/1/2028 (g)		3,560		3,569
Hologic, Inc.
4.63%, 2/1/2028 (g)		1,341		1,397
3.25%, 2/15/2029 (g)		5,268		5,225
Home Point Capital, Inc. 5.00%, 2/1/2026 (g)		500		449
Howmet Aerospace, Inc.
5.13%, 10/1/2024 (a)		3,601		3,948
6.88%, 5/1/2025 (a)		113		131
5.90%, 2/1/2027		4,185		4,792
6.75%, 1/15/2028		145		176
Hughes Satellite Systems Corp.
5.25%, 8/1/2026 (a)		1,957		2,185
6.63%, 8/1/2026 (a)		3,646		4,133
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (e) (f) (h)		3,742		3,836
Hyundai Capital America
0.80%, 4/3/2023 (g)		80		80
1.65%, 9/17/2026 (g)		165		162
2.10%, 9/15/2028 (g)		83		81
IAA, Inc. 5.50%, 6/15/2027 (g)		450		467
Icahn Enterprises LP
4.75%, 9/15/2024		2,865		2,969
6.25%, 5/15/2026		3,065		3,211
4.38%, 2/1/2029		598		601
iHeartCommunications, Inc.
6.38%, 5/1/2026		2,920		3,037
8.38%, 5/1/2027		6,548		6,974
5.25%, 8/15/2027 (g)		3,890		3,973
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 3.46%, 12/21/2065 (f) (g)		7,148		5,866
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 3.71%, 12/21/2065 (f) (g)		2,205		1,891
Imola Merger Corp. 4.75%, 5/15/2029 (g)		11,541		11,858
Intel Corp. 2.00%, 8/12/2031		64		63

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
International Game Technology plc
6.50%, 2/15/2025 (g)		9,488		10,532
6.25%, 1/15/2027 (g)		4,104		4,617
5.25%, 1/15/2029 (g)		442		464
IQVIA, Inc.
5.00%, 10/15/2026 (g)		7,463		7,668
5.00%, 5/15/2027 (g)		2,790		2,892
IRB Holding Corp. 7.00%, 6/15/2025 (g)		1,040		1,099
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (g)		4,756		4,902
REIT, 5.25%, 3/15/2028 (g)		2,013		2,099
REIT, 4.50%, 2/15/2031 (g)		3,841		3,879
ITC Holdings Corp. 2.95%, 5/14/2030 (g)		155		161
ITT Holdings LLC 6.50%, 8/1/2029 (g)		474		475
Jaguar Holding Co. II
4.63%, 6/15/2025 (g)		774		804
5.00%, 6/15/2028 (g)		775		831
James Hardie International Finance DAC 5.00%, 1/15/2028 (g)		450		468
Jazz Securities DAC 4.38%, 1/15/2029 (g)		4,521		4,645
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (g)		1,631		1,715
JBS USA LUX SA
6.75%, 2/15/2028 (g)		1,722		1,854
6.50%, 4/15/2029 (g)		2,574		2,847
JELD-WEN, Inc.
6.25%, 5/15/2025 (g)		1,197		1,261
4.63%, 12/15/2025 (g)		2,505		2,527
4.88%, 12/15/2027 (g)		1,760		1,822
Kaiser Aluminum Corp.
4.63%, 3/1/2028 (g)		2,869		2,904
4.50%, 6/1/2031 (g)		2,065		2,024
Kennedy-Wilson, Inc.
4.75%, 3/1/2029		1,545		1,576
5.00%, 3/1/2031		3,674		3,738
Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		253		269
Kimco Realty Corp. REIT, 2.25%, 12/1/2031		46		45
Kinder Morgan Energy Partners LP 4.70%, 11/1/2042		145		166
Korn Ferry 4.63%, 12/15/2027 (g)		450		464
Kroger Co. (The) 1.70%, 1/15/2031 (a)		176		168
L3Harris Technologies, Inc. 1.80%, 1/15/2031		185		177

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
LABL, Inc.
6.75%, 7/15/2026 (g)		8,760		9,056
10.50%, 7/15/2027 (g)		2,020		2,136
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (g)		1,937		1,952
Lamar Media Corp.
3.75%, 2/15/2028		1,215		1,228
4.00%, 2/15/2030		630		640
Lamb Weston Holdings, Inc.
4.63%, 11/1/2024 (g)		335		343
4.88%, 11/1/2026 (g)		4,360		4,470
4.88%, 5/15/2028 (a) (g)		1,115		1,197
4.13%, 1/31/2030 (g)		4,608		4,613
4.38%, 1/31/2032 (g)		1,538		1,540
Laredo Petroleum, Inc. 9.50%, 1/15/2025		2,212		2,274
Level 3 Financing, Inc.
5.38%, 5/1/2025		10,443		10,688
5.25%, 3/15/2026		2,170		2,237
4.63%, 9/15/2027 (a) (g)		4,086		4,188
3.63%, 1/15/2029 (g)		1,404		1,329
Liberty Interactive LLC 8.25%, 2/1/2030 (a)		2,370		2,583
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (g)		2,113		2,161
Lithia Motors, Inc. 4.38%, 1/15/2031 (g)		1,668		1,776
Live Nation Entertainment, Inc.
4.88%, 11/1/2024 (g)		2,560		2,589
5.63%, 3/15/2026 (g)		5,302		5,481
6.50%, 5/15/2027 (g)		4,241		4,644
4.75%, 10/15/2027 (g)		6,631		6,763
3.75%, 1/15/2028 (g)		903		894
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (g)		520		523
Lowe’s Cos., Inc.
1.70%, 9/15/2028		75		73
2.63%, 4/1/2031		166		170
3.70%, 4/15/2046 (a)		122		136
LPL Holdings, Inc.
4.63%, 11/15/2027 (g)		1,900		1,957
4.00%, 3/15/2029 (g)		1,681		1,715
Lumen Technologies, Inc.
Series T, 5.80%, 3/15/2022		619		626
Series Y, 7.50%, 4/1/2024		7,819		8,581
5.63%, 4/1/2025		3,453		3,708
5.13%, 12/15/2026 (g)		11,169		11,428

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
4.00%, 2/15/2027 (a) (g)		6,160		6,191
Series G, 6.88%, 1/15/2028		799		890
4.50%, 1/15/2029 (a) (g)		1,780		1,720
5.38%, 6/15/2029 (a) (g)		5,942		5,964
Macy’s Retail Holdings LLC
2.88%, 2/15/2023		596		602
5.13%, 1/15/2042		650		608
4.30%, 2/15/2043		819		703
Madison IAQ LLC
4.13%, 6/30/2028 (g)		750		746
5.88%, 6/30/2029 (g)		4,290		4,258
Magnolia Oil & Gas Operating LLC 6.00%, 8/1/2026 (g)		500		513
Mallinckrodt International Finance SA
5.63%, 10/15/2023 (g) (k)		2,615		1,177
5.50%, 4/15/2025 (g) (k)		5,555		2,500
Marriott Ownership Resorts, Inc.
6.13%, 9/15/2025 (g)		973		1,021
4.75%, 1/15/2028		36		37
4.50%, 6/15/2029 (g)		656		656
Martin Marietta Materials, Inc. 0.65%, 7/15/2023		20		20
Masonite International Corp. 5.38%, 2/1/2028 (g)		1,582		1,661
MasTec, Inc. 4.50%, 8/15/2028 (g)		3,328		3,411
Matador Resources Co. 5.88%, 9/15/2026		3,555		3,671
Match Group Holdings II LLC
5.00%, 12/15/2027 (g)		545		568
4.63%, 6/1/2028 (g)		200		208
4.13%, 8/1/2030 (g)		1,397		1,437
Mattel, Inc.
3.15%, 3/15/2023 (a)		1,000		1,024
3.38%, 4/1/2026 (g)		1,297		1,334
5.88%, 12/15/2027 (g)		1,034		1,112
3.75%, 4/1/2029 (g)		1,624		1,687
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (g)		7,447		7,463
7.25%, 4/15/2025 (g)		3,000		2,905
Mav Acquisition Corp. 5.75%, 8/1/2028 (g)		4,120		4,048
McDonald’s Corp. 3.70%, 2/15/2042		137		153
Mellon Capital IV Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 12/6/2021 (e) (f) (h)		2,027		2,027
Meredith Corp. 6.88%, 2/1/2026		7,118		7,388

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
MetLife Capital Trust IV 7.88%, 12/15/2037 (g)		7,703		10,688
MetLife, Inc.
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 3.85%, 9/15/2025 (e) (f) (h)		10,292		10,678
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (e) (f) (h)		6,344		7,309
6.40%, 12/15/2036		14,937		19,021
9.25%, 4/8/2038 (g)		3,109		4,689
MGM Growth Properties Operating Partnership LP
REIT, 5.63%, 5/1/2024		1,490		1,616
REIT, 4.63%, 6/15/2025 (g)		2,251		2,420
REIT, 4.50%, 9/1/2026		995		1,079
REIT, 5.75%, 2/1/2027		4,882		5,566
REIT, 4.50%, 1/15/2028		555		601
REIT, 3.88%, 2/15/2029 (g)		3,853		4,080
MGM Resorts International
6.00%, 3/15/2023		11,330		11,956
6.75%, 5/1/2025		1,495		1,574
5.75%, 6/15/2025		6,942		7,497
4.63%, 9/1/2026		2,640		2,759
5.50%, 4/15/2027		1,468		1,582
Microchip Technology, Inc. 4.25%, 9/1/2025		1,091		1,135
MicroStrategy, Inc. 6.13%, 6/15/2028 (a) (g)		343		352
Midas OpCo Holdings LLC 5.63%, 8/15/2029 (g)		2,686		2,736
Midcontinent Communications 5.38%, 8/15/2027 (g)		2,488		2,581
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (g)		4,455		4,849
Minerals Technologies, Inc. 5.00%, 7/1/2028 (g)		450		463
Mississippi Power Co. Series 12-A, 4.25%, 3/15/2042		308		364
ModivCare, Inc. 5.88%, 11/15/2025 (g)		450		473
Molina Healthcare, Inc.
5.38%, 11/15/2022 (j)		1,590		1,634
4.38%, 6/15/2028 (g)		450		466
3.88%, 11/15/2030 (g)		3,655		3,769
Mondelez International, Inc. 1.50%, 2/4/2031 (a)		174		163
Moog, Inc. 4.25%, 12/15/2027 (g)		450		463

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 3.73%, 1/15/2022 (e) (f) (h)		21,384		21,494
(SOFR + 0.47%), 0.56%, 11/10/2023 (f)		95		95
(SOFR + 0.62%), 0.73%, 4/5/2024 (a) (f)		86		86
Series N, (ICE LIBOR USD 3 Month + 3.16%), 5.30%, 12/15/2025 (e) (f) (h)		914		956
Series M, (ICE LIBOR USD 3 Month + 4.44%), 5.87%, 9/15/2026 (e) (f) (h)		1,997		2,284
(SOFR + 0.86%), 1.51%, 7/20/2027 (f)		182		179
(SOFR + 1.20%), 2.51%, 10/20/2032 (f)		30		30
(SOFR + 1.49%), 3.22%, 4/22/2042 (f)		25		26
Moss Creek Resources Holdings, Inc.
7.50%, 1/15/2026 (g)		2,234		2,032
10.50%, 5/15/2027 (g)		168		167
Mozart Debt Merger Sub, Inc.
3.88%, 4/1/2029 (g)		6,809		6,775
5.25%, 10/1/2029 (a) (g)		5,302		5,382
MPH Acquisition Holdings LLC 5.75%, 11/1/2028 (a) (g)		145		132
MPLX LP 4.50%, 4/15/2038		141		159
MSCI, Inc.
4.00%, 11/15/2029 (g)		1,662		1,737
3.63%, 9/1/2030 (g)		145		148
Murphy Oil Corp. 6.37%, 12/1/2042 (a) (j)		1,765		1,792
Murphy Oil USA, Inc. 3.75%, 2/15/2031 (g)		3,374		3,319
Nabors Industries Ltd. 7.25%, 1/15/2026 (g)		1,376		1,335
Nabors Industries, Inc. 5.75%, 2/1/2025		4,145		3,938
National CineMedia LLC 5.88%, 4/15/2028 (a) (g)		1,230		1,135
National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (f)		3,053		3,351
Nationstar Mortgage Holdings, Inc.
6.00%, 1/15/2027 (g)		450		470
5.50%, 8/15/2028 (g)		2,398		2,458
5.13%, 12/15/2030 (g)		2,280		2,298
Navient Corp.
6.50%, 6/15/2022		1,925		1,980
5.50%, 1/25/2023		1,163		1,216
5.00%, 3/15/2027		1,330		1,356
4.88%, 3/15/2028		143		143
5.63%, 8/1/2033		519		493
NCR Corp.
5.75%, 9/1/2027 (g)		6,319		6,651
5.00%, 10/1/2028 (g)		2,390		2,420

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
5.13%, 4/15/2029 (g)		4,509		4,611
6.13%, 9/1/2029 (g)		5,370		5,769
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (g)		3,315		3,356
Netflix, Inc.
4.88%, 4/15/2028		6,870		7,870
5.88%, 11/15/2028		7,453		9,072
5.38%, 11/15/2029 (g)		2,603		3,140
4.88%, 6/15/2030 (a) (g)		5,791		6,804
New Albertsons LP
7.75%, 6/15/2026		1,535		1,758
6.63%, 6/1/2028		613		671
7.45%, 8/1/2029		392		455
8.00%, 5/1/2031		3,108		3,807
Newell Brands, Inc.
4.70%, 4/1/2026 (j)		8,050		8,816
5.87%, 4/1/2036 (j)		4,455		5,402
News Corp. 3.88%, 5/15/2029 (g)		5,359		5,439
Nexstar Media, Inc.
5.63%, 7/15/2027 (g)		13,007		13,722
4.75%, 11/1/2028 (g)		4,557		4,656
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 2.07%), 2.20%, 10/1/2066 (f)		5,650		5,325
(ICE LIBOR USD 3 Month + 2.13%), 2.24%, 6/15/2067 (f)		2,514		2,366
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (f)		4,282		4,971
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (g)		1,811		1,917
4.25%, 9/15/2024 (g)		57		60
4.50%, 9/15/2027 (g)		986		1,055
NGL Energy Operating LLC 7.50%, 2/1/2026 (g)		2,272		2,304
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (a) (g)		914		931
Nielsen Finance LLC 5.63%, 10/1/2028 (g)		3,405		3,540
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (e) (f) (h)		8,367		8,827
1.70%, 2/15/2031		150		142
Nissan Motor Acceptance Co. LLC
1.85%, 9/16/2026 (g)		260		254
2.45%, 9/15/2028 (g)		122		119

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
NMG Holding Co., Inc. 7.13%, 4/1/2026 (g)		8,290		8,707
Norfolk Southern Corp. 2.30%, 5/15/2031		132		133
Northern Oil and Gas, Inc. 8.13%, 3/1/2028 (g)		52		56
NortonLifeLock, Inc. 5.00%, 4/15/2025 (g)		2,091		2,107
Novelis Corp.
3.25%, 11/15/2026 (g)		2,573		2,567
4.75%, 1/30/2030 (g)		4,705		4,893
3.88%, 8/15/2031 (g)		1,286		1,255
NRG Energy, Inc.
6.63%, 1/15/2027		2,196		2,274
5.75%, 1/15/2028		704		746
3.38%, 2/15/2029 (g)		1,950		1,901
5.25%, 6/15/2029 (g)		3,187		3,394
3.63%, 2/15/2031 (g)		3,605		3,509
3.88%, 2/15/2032 (g)		2,504		2,454
Nuance Communications, Inc. 5.63%, 12/15/2026		3,789		3,910
NuStar Logistics LP
5.75%, 10/1/2025		2,025		2,167
6.00%, 6/1/2026		2,167		2,302
5.63%, 4/28/2027		3,035		3,183
6.38%, 10/1/2030		2,025		2,219
Oasis Midstream Partners LP 8.00%, 4/1/2029 (g)		4,162		4,521
Oasis Petroleum, Inc. 6.38%, 6/1/2026 (g)		1,688		1,785
Occidental Petroleum Corp.
3.50%, 6/15/2025		2,410		2,494
8.00%, 7/15/2025 (a)		5,030		5,936
5.88%, 9/1/2025		2,940		3,263
5.50%, 12/1/2025		2,313		2,544
3.40%, 4/15/2026		4,135		4,219
8.50%, 7/15/2027		6,264		7,799
6.38%, 9/1/2028		2,425		2,843
8.88%, 7/15/2030		6,661		9,026
6.63%, 9/1/2030		2,425		2,967
6.13%, 1/1/2031 (a)		3,981		4,767
Oceaneering International, Inc.
4.65%, 11/15/2024		2,194		2,279
6.00%, 2/1/2028		1,175		1,208
OGE Energy Corp. 0.70%, 5/26/2023		44		44
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		44		44
ON Semiconductor Corp. 3.88%, 9/1/2028 (g)		3,751		3,793

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
ONE Gas, Inc. (ICE LIBOR USD 3 Month + 0.61%), 0.72%, 3/11/2023 (f)		38		38
OneMain Finance Corp.
6.13%, 5/15/2022		1,830		1,871
5.63%, 3/15/2023		3,088		3,248
6.88%, 3/15/2025		2,110		2,355
7.13%, 3/15/2026		502		570
3.50%, 1/15/2027		1,267		1,239
6.63%, 1/15/2028		4,188		4,701
5.38%, 11/15/2029		1,405		1,500
4.00%, 9/15/2030		1,550		1,505
Option Care Health, Inc. 4.38%, 10/31/2029 (g)		2,022		2,042
Oracle Corp. 3.80%, 11/15/2037		279		299
Organon & Co.
4.13%, 4/30/2028 (g)		7,878		7,986
5.13%, 4/30/2031 (g)		4,943		5,099
Outfront Media Capital LLC 5.00%, 8/15/2027 (g)		2,492		2,542
Ovintiv Exploration, Inc. 5.38%, 1/1/2026 (a)		479		533
Ovintiv, Inc. 8.13%, 9/15/2030		250		343
Owens & Minor, Inc. 4.50%, 3/31/2029 (g)		4,018		4,033
Owens-Brockway Glass Container, Inc.
6.38%, 8/15/2025 (a) (g)		1,084		1,186
6.63%, 5/13/2027 (g)		2,358		2,520
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (g)		4,908		4,802
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (g)		7,148		7,211
Party City Holdings, Inc. 8.75%, 2/15/2026 (g)		500		511
Patterson-UTI Energy, Inc.
3.95%, 2/1/2028 (a)		1,984		1,989
5.15%, 11/15/2029		200		206
PBF Holding Co. LLC
9.25%, 5/15/2025 (g)		2,871		2,785
6.00%, 2/15/2028		1,847		1,339
PBF Logistics LP 6.88%, 5/15/2023 (a)		770		748
Performance Food Group, Inc.
6.88%, 5/1/2025 (g)		400		422
5.50%, 10/15/2027 (g)		4,211		4,390
4.25%, 8/1/2029 (g)		4,205		4,205
PetSmart, Inc.
4.75%, 2/15/2028 (g)		2,606		2,677
7.75%, 2/15/2029 (g)		2,226		2,406

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
PG&E Corp.
5.00%, 7/1/2028 (a)		5,914		6,151
5.25%, 7/1/2030		503		525
PGT Innovations, Inc. 4.38%, 10/1/2029 (g)		2,099		2,081
Philip Morris International, Inc.
2.63%, 2/18/2022		50		50
3.38%, 8/15/2029		195		214
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (g)		10,815		11,355
Physicians Realty LP
REIT, 3.95%, 1/15/2028		60		66
REIT, 2.63%, 11/1/2031		20		20
Pike Corp. 5.50%, 9/1/2028 (g)		2,448		2,491
Pilgrim’s Pride Corp. 5.88%, 9/30/2027 (g)		3,736		3,939
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (e) (f) (h)		3,381		3,051
Plantronics, Inc. 4.75%, 3/1/2029 (a) (g)		2,758		2,530
Playtika Holding Corp. 4.25%, 3/15/2029 (g)		499		500
PM General Purchaser LLC 9.50%, 10/1/2028 (g)		1,853		1,932
PNC Financial Services Group, Inc. (The)
Series O, (ICE LIBOR USD 3 Month + 3.68%), 3.80%, 2/1/2022 (e) (f) (h)		10,102		10,163
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (e) (f) (h)		8,712		8,939
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (e) (f) (h)		12,275		12,106
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (e) (f) (h)		4,756		5,195
Post Holdings, Inc.
5.75%, 3/1/2027 (g)		5,380		5,582
5.63%, 1/15/2028 (g)		4,358		4,548
5.50%, 12/15/2029 (g)		4,330		4,606
4.63%, 4/15/2030 (g)		3,100		3,116
PPL Capital Funding, Inc. Series A, (ICE LIBOR USD 3 Month + 2.67%), 2.80%, 3/30/2067 (f)		12,547		12,014
Presidio Holdings, Inc. 4.88%, 2/1/2027 (g)		2,415		2,457
Prestige Brands, Inc.
5.13%, 1/15/2028 (g)		900		938
3.75%, 4/1/2031 (g)		2,119		2,048
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (g)		2,054		2,188

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Prime Security Services Borrower LLC
5.75%, 4/15/2026 (g)		8,487		9,078
3.38%, 8/31/2027 (g)		3,986		3,818
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (e) (f) (h)		7,704		7,926
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 9/15/2042 (f)		4,231		4,380
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (f)		19,489		20,579
PTC, Inc.
3.63%, 2/15/2025 (g)		923		938
4.00%, 2/15/2028 (g)		820		831
Public Service Co. of Oklahoma Series J, 2.20%, 8/15/2031 (a)		248		244
QVC, Inc. 4.38%, 3/15/2023		2,087		2,165
Qwest Corp. 7.25%, 9/15/2025 (a)		325		388
Radian Group, Inc.
4.50%, 10/1/2024		2,265		2,401
4.88%, 3/15/2027		1,859		2,029
Rain CII Carbon LLC 7.25%, 4/1/2025 (g)		4,225		4,315
Range Resources Corp.
4.88%, 5/15/2025		3,485		3,633
8.25%, 1/15/2029 (g)		2,764		3,121
Raytheon Technologies Corp.
1.90%, 9/1/2031		329		318
4.15%, 5/15/2045		236		281
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		385		364
Rent-A-Center, Inc. 6.38%, 2/15/2029 (g)		474		495
RHP Hotel Properties LP
REIT, 4.75%, 10/15/2027		9,310		9,496
REIT, 4.50%, 2/15/2029 (g)		2,463		2,439
Rite Aid Corp.
7.50%, 7/1/2025 (g)		5,077		5,090
8.00%, 11/15/2026 (g)		8,786		8,830
Rockcliff Energy II LLC 5.50%, 10/15/2029 (g)		1,475		1,513
Rocket Mortgage LLC
2.88%, 10/15/2026 (g)		2,844		2,824
3.63%, 3/1/2029 (g)		1,479		1,468
3.88%, 3/1/2031 (g)		1,233		1,218
4.00%, 10/15/2033 (g)		917		903
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (g)		812		827

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Roper Technologies, Inc. 3.13%, 11/15/2022		93		95
Royal Caribbean Cruises Ltd.
10.88%, 6/1/2023 (g)		2,590		2,898
9.13%, 6/15/2023 (g)		447		485
11.50%, 6/1/2025 (g)		4,466		5,083
Royalty Pharma plc 2.15%, 9/2/2031		166		158
RP Escrow Issuer LLC 5.25%, 12/15/2025 (g)		1,927		1,927
RR Donnelley & Sons Co. 8.25%, 7/1/2027 (a)		450		527
Ryder System, Inc. 2.50%, 9/1/2022		100		102
Sabre GLBL, Inc.
9.25%, 4/15/2025 (g)		1,432		1,655
7.38%, 9/1/2025 (g)		2,875		3,055
SBA Communications Corp.
REIT, 4.88%, 9/1/2024		3,980		4,030
REIT, 3.13%, 2/1/2029 (g)		1,050		1,008
Science Applications International Corp. 4.88%, 4/1/2028 (g)		710		731
Scientific Games International, Inc. 5.00%, 10/15/2025 (g)		3,907		4,022
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026		2,180		2,240
4.50%, 10/15/2029		1,140		1,188
4.00%, 4/1/2031 (g)		2,754		2,731
4.38%, 2/1/2032 (g)		3,297		3,314
Scripps Escrow II, Inc.
3.88%, 1/15/2029 (g)		1,359		1,352
5.38%, 1/15/2031 (g)		1,315		1,287
Scripps Escrow, Inc. 5.88%, 7/15/2027 (g)		880		893
Sealed Air Corp.
5.25%, 4/1/2023 (g)		203		212
4.00%, 12/1/2027 (g)		212		222
6.88%, 7/15/2033 (g)		100		128
Sempra Energy (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025 (e) (f) (h)		12,275		13,244
Sensata Technologies BV
4.88%, 10/15/2023 (g)		4,531		4,797
5.63%, 11/1/2024 (g)		1,825		2,012
5.00%, 10/1/2025 (g)		172		189
4.00%, 4/15/2029 (g)		3,595		3,651
Sensata Technologies, Inc. 3.75%, 2/15/2031 (g)		878		866

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Service Corp. International
7.50%, 4/1/2027		2,735		3,323
4.63%, 12/15/2027		825		865
5.13%, 6/1/2029		3,005		3,244
3.38%, 8/15/2030		1,412		1,391
4.00%, 5/15/2031		2,700		2,761
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		300		319
Sinclair Television Group, Inc.
5.88%, 3/15/2026 (g)		205		210
5.13%, 2/15/2027 (a) (g)		2,890		2,778
5.50%, 3/1/2030 (g)		1,622		1,551
4.13%, 12/1/2030 (g)		2,735		2,605
Sirius XM Radio, Inc.
5.00%, 8/1/2027 (g)		22,245		23,218
4.00%, 7/15/2028 (g)		3,395		3,419
5.50%, 7/1/2029 (g)		4,617		4,981
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (g)		8,491		8,555
5.50%, 4/15/2027 (a) (g)		874		904
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (g)		1,390		1,477
SM Energy Co.
5.63%, 6/1/2025		3,980		3,990
6.75%, 9/15/2026 (a)		968		992
6.50%, 7/15/2028 (a)		1,006		1,056
Sonic Automotive, Inc. 4.63%, 11/15/2029 (g)		2,821		2,829
Sotheby’s 7.38%, 10/15/2027 (g)		1,512		1,593
Southern California Edison Co. Series E, (ICE LIBOR USD 3 Month + 4.20%), 6.25%, 2/1/2022 (e) (f) (h)		2,040		2,053
Southern Natural Gas Co. LLC 0.63%, 4/28/2023 (g)		7		7
Southwestern Energy Co.
7.75%, 10/1/2027 (a)		1,705		1,831
5.38%, 3/15/2030		4,399		4,641
Spectrum Brands, Inc.
5.75%, 7/15/2025		450		460
5.00%, 10/1/2029 (g)		2,486		2,654
5.50%, 7/15/2030 (g)		2,560		2,765
3.88%, 3/15/2031 (g)		1,561		1,530
Spirit AeroSystems, Inc.
5.50%, 1/15/2025 (g)		1,147		1,194
7.50%, 4/15/2025 (g)		4,150		4,382

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Sprint Capital Corp.
6.88%, 11/15/2028		50		63
8.75%, 3/15/2032		18,554		27,771
Sprint Communications, Inc. 11.50%, 11/15/2021		305		306
Sprint Corp.
7.88%, 9/15/2023		18,616		20,641
7.13%, 6/15/2024		6,327		7,150
7.63%, 2/15/2025		25,738		29,920
7.63%, 3/1/2026		29,453		35,311
SRS Distribution, Inc. 4.63%, 7/1/2028 (g)		3,290		3,363
SS&C Technologies, Inc. 5.50%, 9/30/2027 (g)		8,338		8,776
Standard Industries, Inc.
5.00%, 2/15/2027 (g)		1,647		1,690
4.75%, 1/15/2028 (g)		8,598		8,867
3.38%, 1/15/2031 (g)		2,105		1,952
Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (f)		670		710
Staples, Inc.
7.50%, 4/15/2026 (g)		15,693		15,862
10.75%, 4/15/2027 (a) (g)		7,739		7,391
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 3.71%, 12/15/2021 (e) (f) (h)		1,960		1,964
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (e) (f) (h)		4,393		4,601
Station Casinos LLC 4.50%, 2/15/2028 (g)		5,250		5,289
Stericycle, Inc. 3.88%, 1/15/2029 (g)		1,821		1,794
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (g)		1,940		2,090
Summit Materials LLC 5.25%, 1/15/2029 (g)		3,005		3,148
Summit Midstream Holdings LLC 8.50%, 10/15/2026 (g)		2,093		2,104
Sunoco LP
6.00%, 4/15/2027		2,015		2,111
5.88%, 3/15/2028		423		448
4.50%, 5/15/2029		2,310		2,336
4.50%, 4/30/2030 (g)		4,242		4,279
SVB Financial Group
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.00%, 5/15/2026 (e) (f) (h)		11,860		11,890
Series D, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.07%), 4.25%, 11/15/2026 (e) (f) (h)		4,135		4,147

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Switch Ltd.
3.75%, 9/15/2028 (g)		845		841
4.13%, 6/15/2029 (g)		1,447		1,454
Synaptics, Inc. 4.00%, 6/15/2029 (a) (g)		1,584		1,600
Syneos Health, Inc. 3.63%, 1/15/2029 (g)		911		899
Sysco Corp.
3.25%, 7/15/2027		265		284
2.40%, 2/15/2030		186		188
Tallgrass Energy Partners LP
7.50%, 10/1/2025 (g)		7,631		8,251
6.00%, 3/1/2027 (g)		1,000		1,036
5.50%, 1/15/2028 (g)		710		713
6.00%, 12/31/2030 (g)		2,053		2,053
6.00%, 9/1/2031 (g)		4,277		4,208
Talos Production, Inc. 12.00%, 1/15/2026		500		543
Targa Resources Partners LP
5.88%, 4/15/2026		4,488		4,686
5.38%, 2/1/2027		3,355		3,472
6.50%, 7/15/2027		3,538		3,790
5.00%, 1/15/2028		1,745		1,836
6.88%, 1/15/2029		1,906		2,135
4.88%, 2/1/2031		4,010		4,324
4.00%, 1/15/2032 (g)		3,301		3,407
Team Health Holdings, Inc. 6.38%, 2/1/2025 (g)		3,117		2,759
TEGNA, Inc.
5.50%, 9/15/2024 (a) (g)		303		306
4.75%, 3/15/2026 (g)		547		570
4.63%, 3/15/2028 (a)		3,389		3,419
Tempur Sealy International, Inc.
4.00%, 4/15/2029 (g)		8,623		8,759
3.88%, 10/15/2031 (g)		1,890		1,873
Tenet Healthcare Corp.
4.63%, 7/15/2024		2,244		2,272
4.63%, 9/1/2024 (g)		1,018		1,040
7.50%, 4/1/2025 (g)		874		928
4.88%, 1/1/2026 (g)		22,644		23,210
6.25%, 2/1/2027 (g)		17,904		18,598
5.13%, 11/1/2027 (g)		11,231		11,736
4.63%, 6/15/2028 (g)		562		582
4.25%, 6/1/2029 (g)		3,354		3,395
Tenneco, Inc.
5.38%, 12/15/2024		93		92
5.00%, 7/15/2026 (a)		4,090		3,989

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
7.88%, 1/15/2029 (g)		2,336		2,555
5.13%, 4/15/2029 (g)		2,780		2,756
Terex Corp. 5.00%, 5/15/2029 (g)		4,086		4,168
TerraForm Power Operating LLC 4.25%, 1/31/2023 (g)		1,869		1,906
Texas Competitive Electric Holdings Co. LLC
8.50%, 12/1/2021 ‡ (k)		12,477		13
8.50%, 10/1/2022 ‡ (k)		16,772		25
Thermo Fisher Scientific, Inc.
(SOFR + 0.35%), 0.39%, 4/18/2023 (f)		244		244
2.00%, 10/15/2031		230		225
T-Mobile USA, Inc.
4.75%, 2/1/2028 (a)		21,452		22,632
2.25%, 11/15/2031 (a)		722		697
3.00%, 2/15/2041		170		163
Topaz Solar Farms LLC 5.75%, 9/30/2039 (g)		380		460
TransDigm, Inc. 6.25%, 3/15/2026 (g)		9,380		9,790
Transocean Guardian Ltd. 5.88%, 1/15/2024 (g)		2,324		2,266
Transocean Pontus Ltd. 6.13%, 8/1/2025 (a) (g)		3,889		3,889
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (g)		2,809		2,802
Transocean Proteus Ltd. 6.25%, 12/1/2024 (a) (g)		339		342
Transocean, Inc. 11.50%, 1/30/2027 (g)		3,164		3,227
TreeHouse Foods, Inc. 4.00%, 9/1/2028 (a)		325		310
TriMas Corp. 4.13%, 4/15/2029 (g)		4,182		4,234
TriNet Group, Inc. 3.50%, 3/1/2029 (g)		882		884
Trinseo Materials Operating SCA
5.38%, 9/1/2025 (g)		9,060		9,243
5.13%, 4/1/2029 (g)		2,568		2,575
TripAdvisor, Inc. 7.00%, 7/15/2025 (g)		1,640		1,734
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (g)		2,758		2,753
Triumph Group, Inc.
8.88%, 6/1/2024 (g)		221		244
6.25%, 9/15/2024 (a) (g)		545		544
7.75%, 8/15/2025 (a)		1,670		1,698
Truist Financial Corp.
Series L, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 12/15/2024 (e) (f) (h)		2,570		2,615
Series P, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.61%), 4.95%, 9/1/2025 (e) (f) (h)		2,005		2,176

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series M, (ICE LIBOR USD 3 Month + 2.79%), 5.12%, 12/15/2027 (e) (f) (h)		4,691		5,031
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (e) (f) (h)		15,904		17,793
TTM Technologies, Inc. 4.00%, 3/1/2029 (g)		2,219		2,199
Twilio, Inc.
3.63%, 3/15/2029		1,586		1,602
3.88%, 3/15/2031		1,586		1,601
Twitter, Inc. 3.88%, 12/15/2027 (g)		450		473
Uber Technologies, Inc. 4.50%, 8/15/2029 (g)		3,800		3,824
UDR, Inc.
REIT, 3.20%, 1/15/2030		160		171
REIT, 3.00%, 8/15/2031 (a)		41		42
Under Armour, Inc. 3.25%, 6/15/2026		2,136		2,189
Unisys Corp. 6.88%, 11/1/2027 (g)		222		242
United Airlines Holdings, Inc.
5.00%, 2/1/2024 (a)		2,404		2,497
4.88%, 1/15/2025 (a)		2,345		2,416
United Airlines, Inc. 4.38%, 4/15/2026 (g)		4,662		4,823
United Rentals North America, Inc.
5.50%, 5/15/2027		10,010		10,492
4.88%, 1/15/2028		3,315		3,499
5.25%, 1/15/2030		2,500		2,706
3.88%, 2/15/2031		5,089		5,127
United States Cellular Corp. 6.70%, 12/15/2033		4,296		5,347
United States Steel Corp. 6.88%, 3/1/2029 (a)		2,747		2,939
UnitedHealth Group, Inc. 3.05%, 5/15/2041		75		78
Uniti Group LP REIT, 7.13%, 12/15/2024 (g)		55		56
Universal Health Services, Inc. 2.65%, 1/15/2032 (a) (g)		277		272
Univision Communications, Inc. 4.50%, 5/1/2029 (g)		1,305		1,320
Urban One, Inc. 7.38%, 2/1/2028 (g)		444		466
US Bancorp
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.54%), 3.70%, 1/15/2027 (e) (f) (h)		6,765		6,738
Series J, (ICE LIBOR USD 3 Month + 2.91%), 5.30%, 4/15/2027 (e) (f) (h)		1,414		1,579
Vail Resorts, Inc. 6.25%, 5/15/2025 (g)		1,642		1,730
Valvoline, Inc.
4.25%, 2/15/2030 (g)		3,267		3,316
3.63%, 6/15/2031 (g)		300		293

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Vector Group Ltd.
10.50%, 11/1/2026 (g)		464		490
5.75%, 2/1/2029 (g)		1,662		1,654
Venator Finance SARL 5.75%, 7/15/2025 (a) (g)		3,375		3,153
Ventas Realty LP REIT, 4.00%, 3/1/2028		100		110
Verizon Communications, Inc.
4.40%, 11/1/2034		246		287
4.27%, 1/15/2036		355		415
3.40%, 3/22/2041		112		117
ViacomCBS, Inc.
4.20%, 5/19/2032		145		165
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (f)		3,472		3,475
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (f)		12,291		14,052
Viavi Solutions, Inc. 3.75%, 10/1/2029 (g)		2,610		2,591
VICI Properties LP
REIT, 3.50%, 2/15/2025 (g)		527		536
REIT, 4.25%, 12/1/2026 (g)		8,012		8,299
REIT, 3.75%, 2/15/2027 (g)		1,875		1,927
REIT, 4.63%, 12/1/2029 (g)		4,688		5,001
REIT, 4.13%, 8/15/2030 (g)		1,620		1,701
Vine Energy Holdings LLC 6.75%, 4/15/2029 (g)		5,688		6,108
Vista Outdoor, Inc. 4.50%, 3/15/2029 (g)		8,140		8,150
Vistra Operations Co. LLC
5.50%, 9/1/2026 (g)		1,077		1,109
5.63%, 2/15/2027 (g)		6,875		7,083
5.00%, 7/31/2027 (g)		1,266		1,298
4.38%, 5/1/2029 (g)		1,498		1,483
VMware, Inc. 2.20%, 8/15/2031 (a)		286		278
Wabash National Corp. 4.50%, 10/15/2028 (g)		2,814		2,736
Weatherford International Ltd. 11.00%, 12/1/2024 (g)		142		148
Weekley Homes LLC 4.88%, 9/15/2028 (g)		599		620
Welbilt, Inc. 9.50%, 2/15/2024		940		965
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (e) (f) (h)		7,127		7,599
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (e) (f) (h)		2,207		2,430
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (e) (f) (h)		35,362		36,025

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
WESCO Distribution, Inc.
7.13%, 6/15/2025 (g)		5,708		6,051
7.25%, 6/15/2028 (g)		5,708		6,295
Western Digital Corp. 4.75%, 2/15/2026		3,365		3,697
William Carter Co. (The) 5.63%, 3/15/2027 (g)		9,312		9,650
Windstream Escrow LLC 7.75%, 8/15/2028 (a) (g)		2,115		2,237
WMG Acquisition Corp. 3.00%, 2/15/2031 (g)		4,575		4,451
Wolverine Escrow LLC
8.50%, 11/15/2024 (a) (g)		1,055		978
9.00%, 11/15/2026 (a) (g)		10,203		9,387
13.13%, 11/15/2027 (a) (g)		444		291
WP Carey, Inc.
REIT, 2.40%, 2/1/2031 (a)		150		148
REIT, 2.45%, 2/1/2032		30		30
WR Grace Holdings LLC
5.63%, 10/1/2024 (g)		1,010		1,083
5.63%, 8/15/2029 (g)		1,596		1,610
WW International, Inc. 4.50%, 4/15/2029 (g)		100		96
Wynn Las Vegas LLC 5.50%, 3/1/2025 (g)		11,657		11,854
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (g)		6,555		6,571
Xerox Holdings Corp. 5.00%, 8/15/2025 (g)		1,512		1,571
Yum! Brands, Inc.
7.75%, 4/1/2025 (g)		2,457		2,613
4.75%, 1/15/2030 (g)		1,834		1,958
3.63%, 3/15/2031		4,213		4,164
4.63%, 1/31/2032		3,567		3,709
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (g)		4,371		4,245
Ziff Davis, Inc. 4.63%, 10/15/2030 (g)		1,870		1,959
Zoetis, Inc. 2.00%, 5/15/2030		182		179
ZoomInfo Technologies LLC 3.88%, 2/1/2029 (g)		667		663
				3,797,094
Total Corporate Bonds (Cost $4,518,874)				4,668,821
Equity-Linked Notes — 7.3%
Barclays Bank plc, ELN, 6.50%, 12/3/2021, (linked to Russell 2000 Index)		64		144,239
BNP Paribas SA, ELN, 6.00%, 1/26/2022, (linked to Russell 2000 Index)		62		141,014
BNP Paribas SA, ELN, 7.00%, 2/3/2022, (linked to Russell 2000 Index)		61		139,035

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 87

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity-Linked Notes — continued
Citigroup Global Markets Holdings Inc., ELN, 6.50%, 11/18/2021, (linked to Russell 2000 Index)		63		144,238
Royal Bank of Canada, ELN, 6.00%, 12/22/2021, (linked to Russell 2000 Index)		61		140,219
				708,745
Credit Suisse AG, ELN, 7.00%, 1/26/2022, (linked to Russell 2000 Index)		126		285,825
Total Equity-Linked Notes (Cost $961,722)				994,570
Collateralized Mortgage Obligations — 4.0%
Bermuda — 0.0% (c)
Bellemeade Re Ltd. Series 2019-1A, Class M2, 2.79%, 3/25/2029 ‡ (g) (m)		1,000		1,004
Eagle RE Ltd. Series 2019-1, Class M2, 3.39%, 4/25/2029 ‡ (g) (m)		1,980		2,006
				3,010
United States — 4.0%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 6A1, 2.36%, 2/25/2035 (m)		955		989
Series 2005-2, Class 3A1, 2.83%, 6/25/2035 (m)		703		711
Alternative Loan Trust
Series 2004-28CB, Class 4A1, 5.00%, 1/25/2020		6		5
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		2		2
Series 2007-25, Class 2A1, 6.00%, 11/25/2022		14		12
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		93		93
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026		357		359
Series 2005-J1, Class 3A1, 6.50%, 8/25/2032		22		22
Series 2004-12CB, Class 2A1, 6.00%, 6/25/2034		171		173
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		3,707		3,771
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035		357		363
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		531		545
Series 2004-32CB, Class 2A5, 5.50%, 2/25/2035		2,205		2,240

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2005-3CB, Class 1A4, 5.25%, 3/25/2035		56		55
Series 2005-3CB, Class 1A13, 5.50%, 3/25/2035		6,739		6,744
Series 2005-J2, Class 1A5, 0.59%, 4/25/2035 (m)		4,558		3,818
Series 2005-6CB, Class 1A4, 5.50%, 4/25/2035		2,745		2,688
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		325		322
Series 2005-10CB, Class 1A5, 5.50%, 5/25/2035		2,892		2,741
Series 2005-10CB, Class 1A8, 5.50%, 5/25/2035		1,668		1,620
Series 2005-13CB, Class A4, 5.50%, 5/25/2035		1,123		1,131
Series 2005-21CB, Class A4, 5.25%, 6/25/2035		604		567
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		2,685		2,604
Series 2005-20CB, Class 1A1, 5.50%, 7/25/2035		123		116
Series 2005-23CB, Class A15, 5.50%, 7/25/2035		1,345		1,285
Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035		478		483
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		1,209		1,221
Series 2005-J14, Class A3, 5.50%, 12/25/2035		255		209
Series 2005-J14, Class A7, 5.50%, 12/25/2035		1,344		1,104
Series 2005-J14, Class A8, 5.50%, 12/25/2035		1,123		923
Series 2005-85CB, Class 3A2, 5.25%, 2/25/2036		85		85
Series 2005-86CB, Class A4, 5.50%, 2/25/2036		331		261
Series 2006-J1, Class 1A13, 5.50%, 2/25/2036		115		103
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		3,263		3,334
Series 2006-4CB, Class 2A5, 5.50%, 4/25/2036		648		619
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		1,290		972
Series 2006-19CB, Class A15, 6.00%, 8/25/2036		477		376

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2006-25CB, Class A2, 6.00%, 10/25/2036		226		169
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		2,484		1,823
Series 2007-8CB, Class A9, 6.00%, 5/25/2037		163		126
Series 2007-19, Class 1A8, 6.00%, 8/25/2037		147		105
American Home Mortgage Investment Trust
Series 2007-2, Class 12A1, 0.63%, 3/25/2037 (m)		4,709		2,166
Series 2005-1, Class 6A, 2.15%, 6/25/2045 (m)		103		106
Angel Oak Mortgage Trust
Series 2019-5, Class B1, 3.96%, 10/25/2049 ‡ (g) (m)		2,250		2,246
Series 2019-6, Class B1, 3.94%, 11/25/2059 (g) (m)		4,000		4,002
Series 2019-6, Class B3, 6.00%, 11/25/2059 ‡ (g) (m)		1,285		1,256
Angel Oak Mortgage Trust I LLC
Series 2019-2, Class B1, 5.02%, 3/25/2049 ‡ (g) (m)		4,000		4,005
Series 2019-4, Class B1, 4.41%, 7/26/2049 (g) (m)		5,000		4,975
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		470		464
Series 2006-4, Class 3CB4, 6.00%, 5/25/2046		520		520
Series 2006-4, Class 4CB1, 6.50%, 5/25/2046		1,514		1,504
Series 2006-5, Class CB7, 6.00%, 6/25/2046		336		330
Banc of America Funding Trust
Series 2007-4, Class 8A1, 5.50%, 11/25/2034		54		49
Series 2005-6, Class 1A2, 5.50%, 10/25/2035		1,524		1,500
Series 2005-7, Class 4A7, 6.00%, 11/25/2035		123		125
Series 2006-A, Class 1A1, 2.61%, 2/20/2036 (m)		472		477
Series 2006-2, Class 2A20, 5.75%, 3/25/2036		268		258

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
Series 2007-5, Class 4A1, 0.46%, 7/25/2037 (m)		2,998			2,181
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 2.47%, 2/25/2034 (m)		290			297
Series 2007-3, Class 1A1, 6.00%, 9/25/2037		171			172
Bear Stearns ALT-A Trust Series 2006-8, Class 3A1, 0.41%, 2/25/2034 (m)		233			228
Bear Stearns Asset-Backed Securities I Trust
Series 2004-AC5, Class M1, 1.09%, 10/25/2034 ‡ (m)		318			232
Chase Mortgage Finance Trust
Series 2007-A2, Class 3A1, 2.44%, 6/25/2035 (m)		—	(d)		—	(d)
Series 2006-S3, Class 1A2, 6.00%, 11/25/2036		1,117			720
Series 2006-S4, Class A5, 6.00%, 12/25/2036		856			568
Series 2007-S2, Class 1A8, 6.00%, 3/25/2037		209			143
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 2.84%, 5/25/2023 (g) (m)		4,530			4,536
Series 2018-GT1, Class B, 3.59%, 5/25/2023 ‡ (g) (m)		795			796
CHL Mortgage Pass-Through Trust
Series 2005-20, Class A7, 5.25%, 12/25/2027		100			83
Series 2004-25, Class 2A1, 0.77%, 2/25/2035 (m)		2,211			2,087
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		1,372			1,104
Series 2005-31, Class 2A1, 2.54%, 1/25/2036 (m)		638			594
Series 2005-30, Class A5, 5.50%, 1/25/2036		133			107
Series 2006-HYB1, Class 2A2C, 2.68%, 3/20/2036 (m)		2,143			2,094
Series 2006-HYB2, Class 2A1B, 2.84%, 4/20/2036 (m)		610			586
Series 2006-J2, Class 1A1, 6.00%, 4/25/2036		97			75
Series 2006-10, Class 1A16, 6.00%, 5/25/2036		1,111			740
Series 2006-15, Class A1, 6.25%, 10/25/2036		86			59

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 89

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2006-17, Class A2, 6.00%, 12/25/2036		316		197
Series 2006-18, Class 2A4, 6.00%, 12/25/2036		1,897		1,440
Series 2007-2, Class A2, 6.00%, 3/25/2037		117		81
Series 2007-3, Class A18, 6.00%, 4/25/2037		910		639
Series 2007-10, Class A4, 5.50%, 7/25/2037		120		79
Series 2007-13, Class A4, 6.00%, 8/25/2037		234		165
Series 2007-16, Class A1, 6.50%, 10/25/2037		2,225		1,491
Series 2007-18, Class 2A1, 6.50%, 11/25/2037		466		255
Citicorp Mortgage Securities Trust Series 2007-4, Class 1A9, 6.00%, 5/25/2037		385		388
Citigroup Mortgage Loan Trust
Series 2005-3, Class 2A2A, 2.75%, 8/25/2035 (m)		80		83
Series 2005-11, Class A2A, 2.47%, 10/25/2035 (m)		181		184
Series 2006-AR3, Class 1A1A, 3.01%, 6/25/2036 (m)		1,080		1,103
Series 2006-AR5, Class 1A5A, 2.92%, 7/25/2036 (m)		444		439
Citigroup Mortgage Loan Trust, Inc.
Series 2005-4, Class A, 2.66%, 8/25/2035 (m)		233		246
Series 2005-6, Class A1, 2.19%, 9/25/2035 (m)		320		336
Series 2006-8, Class A3, 0.44%, 10/25/2035 (g) (m)		557		323
Series 2005-9, Class 2A2, 5.50%, 11/25/2035		75		68
COLT Mortgage Loan Trust
Series 2021-3, Class B1, 3.06%, 9/27/2066 ‡ (g) (m)		2,500		2,477
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2, 2.49%, 4/25/2031 ‡ (g) (m)		3,214		3,230
Series 2019-R07, Class 1B1, 3.49%, 10/25/2039 (g) (m)		5,500		5,552
Series 2020-R02, Class 2B1, 3.09%, 1/25/2040 (g) (m)		19,158		18,978

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2021-R01, Class 1B1, 3.15%, 10/25/2041 (g) (m)		5,200		5,224
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-10, Class 11A1, 5.50%, 11/25/2020		572		106
Series 2003-29, Class 3A1, 5.50%, 12/25/2033		199		203
Series 2004-AR4, Class 4A1, 2.45%, 5/25/2034 (m)		1,110		1,151
Series 2004-AR4, Class 2A1, 2.82%, 5/25/2034 (m)		259		269
Series 2004-AR5, Class 6A1, 2.32%, 6/25/2034 (m)		309		326
Series 2004-4, Class 4A1, 5.50%, 8/25/2034		1,822		1,922
Series 2004-8, Class 4A3, 5.50%, 12/25/2034		100		103
Series 2005-4, Class 2A5, 0.64%, 6/25/2035 (m)		2,808		2,113
Series 2005-10, Class 5A3, 5.50%, 11/25/2035		324		297
CSFB Mortgage-Backed Trust Series 2004-AR6, Class 7A1, 2.68%, 10/25/2034 (m)		711		724
CSMC Mortgage-Backed Trust
Series 2006-8, Class 5A1, 5.58%, 10/25/2026 (m)		39		38
Series 2007-2, Class 3A13, 5.50%, 3/25/2037		385		282
Deephaven Residential Mortgage Trust
Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (g) (m)		3,000		2,997
Series 2019-4A, Class B2, 4.92%, 10/25/2059 ‡ (g) (m)		5,250		5,263
Series 2020-1, Class B1, 3.66%, 1/25/2060 ‡ (g) (m)		2,000		2,000
Series 2021-3, Class B1, 3.27%, 8/25/2066 (g) (m)		5,000		4,959
Series 2021-3, Class B2, 4.13%, 8/25/2066 (g) (m)		4,502		4,465
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 4.38%, 2/25/2020 (m)		22		21
Series 2005-2, Class 2A1, 0.39%, 3/25/2020 (m)		4		4

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 0.60%, 8/19/2045 (m)		1,468		1,430
FHLMC STACR REMIC Trust
Series 2021-DNA5, Class B2, 5.55%, 1/25/2034 (g) (m)		3,400		3,566
Series 2021-DNA6, Class B1, 3.45%, 10/25/2041 (g) (m)		11,500		11,514
Series 2020-HQA1, Class B2, 5.19%, 1/25/2050 (g) (m)		4,000		4,030
Series 2021-DNA1, Class B2, 4.80%, 1/25/2051 (g) (m)		8,000		8,293
FHLMC STACR Trust
Series 2018-DNA2, Class M2, 2.24%, 12/25/2030 ‡ (g) (m)		11,100		11,209
Series 2018-HQA2, Class M2, 2.39%, 10/25/2048 (g) (m)		7,260		7,355
FHLMC Structured Agency Credit Risk Debt Notes
Series 2015-HQ1, Class B, 10.84%, 3/25/2025 (m)		3,471		3,564
Series 2017-DNA3, Class B1, 4.54%, 3/25/2030 (m)		3,000		3,189
Series 2018-HQA1, Class M2, 2.39%, 9/25/2030 (m)		9,980		10,063
Series 2021-DNA2, Class B2, 6.05%, 8/25/2033 (g) (m)		18,050		20,036
FHLMC, REMIC
Series 4068, Class DS, IF, IO, 5.91%, 6/15/2042 (m)		2,453		440
Series 4097, Class ES, IF, IO, 6.01%, 8/15/2042 (m)		3,464		601
Series 4103, Class SB, IF, IO, 5.96%, 9/15/2042 (m)		3,869		836
Series 4425, Class SA, IF, IO, 5.96%, 1/15/2045 (m)		4,187		771
Series 4594, Class SG, IF, IO, 5.91%, 6/15/2046 (m)		3,965		884
Series 4606, Class SB, IF, IO, 5.91%, 8/15/2046 (m)		7,278		1,555
Series 4614, Class SK, IF, IO, 5.91%, 9/15/2046 (m)		12,933		2,853
Series 4616, Class HS, IF, IO, 5.91%, 9/15/2046 (m)		4,704		976
Series 4703, Class SA, IF, IO, 6.06%, 7/15/2047 (m)		7,000		1,437
Series 4718, Class SD, IF, IO, 6.06%, 9/15/2047 (m)		3,587		634

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 4768, Class SG, IF, IO, 6.11%, 3/15/2048 (m)		2,841		558
Series 4820, Class ES, IF, IO, 6.11%, 3/15/2048 (m)		1,932		281
Series 4834, Class SA, IF, IO, 6.06%, 10/15/2048 (m)		4,553		707
Series 4937, Class MS, IF, IO, 5.96%, 12/25/2049 (m)		7,091		1,289
Series 4839, Class WS, IF, IO, 6.01%, 8/15/2056 (m)		8,188		1,845
FHLMC, STRIPS
Series 264, Class S1, IF, IO, 5.86%, 7/15/2042 (m)		2,309		365
Series 274, Class S1, IF, IO, 5.91%, 8/15/2042 (m)		3,172		639
Series 278, Class S1, IF, IO, 5.96%, 9/15/2042 (m)		2,851		589
Series 279, Class S6, IF, IO, 5.96%, 9/15/2042 (m)		2,128		459
Series 300, Class S1, IF, IO, 6.01%, 1/15/2043 (m)		2,751		585
Series 311, Class S1, IF, IO, 5.86%, 8/15/2043 (m)		1,602		270
Series 316, Class S7, IF, IO, 6.01%, 11/15/2043 (m)		2,583		469
Series 326, Class S2, IF, IO, 5.86%, 3/15/2044 (m)		3,179		785
Series 336, Class S1, IF, IO, 5.96%, 8/15/2044 (m)		2,177		364
Series 337, Class S1, IF, IO, 5.96%, 9/15/2044 (m)		1,807		375
Series 356, Class S5, IF, IO, 5.91%, 9/15/2047 (m)		10,520		2,444
First Horizon Alternative Mortgage Securities Trust Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021		15		11
FNMA, Connecticut Avenue Securities
Series 2017-C01, Class 1B1, 5.84%, 7/25/2029 (m)		1,820		2,008
Series 2017-C05, Class 1M2, 2.29%, 1/25/2030 (m)		5,275		5,369
Series 2017-C06, Class 1M2, 2.74%, 2/25/2030 (m)		2,885		2,938
Series 2017-C07, Class 2M2, 2.59%, 5/25/2030 (m)		1,846		1,878
Series 2018-C01, Class 1M2, 2.34%, 7/25/2030 (m)		6,372		6,455

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 91

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2018-C02, Class 2M2, 2.29%, 8/25/2030 (m)		318		321
Series 2018-C04, Class 2M2, 2.64%, 12/25/2030 (m)		10,732		10,907
FNMA, REMIC
Series 2011-126, Class SM, IF, IO, 5.86%, 12/25/2041 (m)		2,649		415
Series 2012-20, Class SL, IF, IO, 6.36%, 3/25/2042 (m)		3,278		649
Series 2012-35, Class SN, IF, IO, 6.36%, 4/25/2042 (m)		3,705		813
Series 2012-75, Class DS, IF, IO, 5.86%, 7/25/2042 (m)		3,659		622
Series 2012-128, Class MS, IF, IO, 6.06%, 11/25/2042 (m)		1,561		335
Series 2013-124, Class SB, IF, IO, 5.86%, 12/25/2043 (m)		4,045		757
Series 2013-136, Class SB, IF, IO, 5.81%, 1/25/2044 (m)		3,755		663
Series 2015-35, Class SA, IF, IO, 5.51%, 6/25/2045 (m)		3,896		642
Series 2015-37, Class ST, IF, IO, 5.53%, 6/25/2045 (m)		3,648		619
Series 2016-1, Class SJ, IF, IO, 6.06%, 2/25/2046 (m)		8,419		1,618
Series 2016-77, Class SA, IF, IO, 5.91%, 10/25/2046 (m)		3,209		592
Series 2017-1, Class SA, IF, IO, 5.96%, 2/25/2047 (m)		3,724		742
Series 2017-16, Class SM, IF, IO, 5.96%, 3/25/2047 (m)		2,107		457
Series 2017-37, Class AS, IF, IO, 6.01%, 5/25/2047 (m)		9,978		2,168
Series 2018-14, Class SA, IF, IO, 6.11%, 3/25/2048 (m)		6,400		1,305
Series 2018-15, Class JS, IF, IO, 6.11%, 3/25/2048 (m)		3,885		753
Series 2018-16, Class SN, IF, IO, 6.16%, 3/25/2048 (m)		1,564		289
Series 2018-27, Class SE, IF, IO, 6.11%, 5/25/2048 (m)		2,933		633
Series 2018-60, Class SK, IF, IO, 5.61%, 8/25/2048 (m)		2,783		615
Series 2018-73, Class SC, IF, IO, 6.11%, 10/25/2048 (m)		6,394		1,206
Series 2019-9, Class SM, IF, IO, 5.96%, 3/25/2049 (m)		3,579		564
Series 2019-20, Class BS, IF, IO, 5.96%, 5/25/2049 (m)		1,210		157

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
GCAT LLC Series 2019-4, Class A1, 3.23%, 11/26/2049 (g) (j)		9,380		9,515
GCAT Trust
Series 2019-NQM2, Class B1, 4.01%, 9/25/2059 ‡ (g) (m)		5,000		5,051
Series 2020-NQM1, Class B1, 3.64%, 1/25/2060 ‡ (g) (m)		3,000		3,017
GMACM Mortgage Loan Trust
Series 2004-AR2, Class 3A, 3.13%, 8/19/2034 (m)		310		301
Series 2005-AR1, Class 3A, 3.77%, 3/18/2035 (m)		99		97
GNMA
Series 2014-25, Class HS, IF, IO, 6.01%, 2/20/2044 (m)		2,673		573
Series 2015-124, Class SB, IF, IO, 6.16%, 9/20/2045 (m)		4,842		966
Series 2015-149, Class GS, IF, IO, 6.16%, 10/20/2045 (m)		4,576		1,034
Series 2016-111, Class SA, IF, IO, 6.01%, 8/20/2046 (m)		2,320		516
Series 2016-120, Class NS, IF, IO, 6.01%, 9/20/2046 (m)		6,586		1,327
Series 2017-11, Class AS, IF, IO, 6.01%, 1/20/2047 (m)		2,680		510
Series 2017-55, Class AS, IF, IO, 6.06%, 4/20/2047 (m)		1,682		329
Series 2017-56, Class SC, IF, IO, 6.06%, 4/20/2047 (m)		3,739		745
Series 2017-68, Class SA, IF, IO, 6.06%, 5/20/2047 (m)		3,722		722
Series 2017-67, Class ST, IF, IO, 6.11%, 5/20/2047 (m)		6,859		1,406
Series 2017-75, Class SD, IF, IO, 6.11%, 5/20/2047 (m)		1,426		253
Series 2017-80, Class AS, IF, IO, 6.11%, 5/20/2047 (m)		3,637		720
Series 2017-93, Class SE, IF, IO, 6.11%, 6/20/2047 (m)		2,676		545
Series 2017-107, Class SL, IF, IO, 6.11%, 7/20/2047 (m)		7,644		1,569
Series 2017-112, Class S, IF, IO, 6.11%, 7/20/2047 (m)		5,605		1,046
Series 2017-120, Class QS, IF, IO, 6.11%, 8/20/2047 (m)		3,185		576
Series 2017-134, Class SB, IF, IO, 6.11%, 9/20/2047 (m)		3,189		523

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2017-141, Class QS, IF, IO, 6.11%, 9/20/2047 (m)		6,639		1,166
Series 2017-149, Class QS, IF, IO, 6.11%, 10/20/2047 (m)		3,487		673
Series 2018-1, Class ST, IF, IO, 6.11%, 1/20/2048 (m)		7,482		1,482
Series 2018-11, Class SA, IF, IO, 6.11%, 1/20/2048 (m)		3,248		404
Series 2018-6, Class CS, IF, IO, 6.11%, 1/20/2048 (m)		2,526		544
Series 2018-36, Class SG, IF, IO, 6.11%, 3/20/2048 (m)		7,125		1,497
Series 2018-63, Class SB, IF, IO, 6.11%, 4/20/2048 (m)		1,309		248
Series 2018-64, Class GS, IF, IO, 6.11%, 5/20/2048 (m)		4,502		661
Series 2018-65, Class SE, IF, IO, 6.11%, 5/20/2048 (m)		5,426		1,017
Series 2018-92, Class SH, IF, IO, 6.11%, 7/20/2048 (m)		2,924		522
Series 2018-115, Class DS, IF, IO, 6.11%, 8/20/2048 (m)		7,142		1,389
Series 2018-126, Class CS, IF, IO, 6.11%, 9/20/2048 (m)		4,331		687
Series 2018-146, Class S, IF, IO, 6.06%, 10/20/2048 (m)		3,140		612
Series 2018-147, Class SD, IF, IO, 6.06%, 10/20/2048 (m)		8,482		1,600
Series 2018-168, Class SA, IF, IO, 6.01%, 12/20/2048 (m)		3,570		607
Series 2019-16, Class SB, IF, IO, 5.96%, 2/20/2049 (m)		5,247		810
Series 2019-22, Class SM, IF, IO, 5.96%, 2/20/2049 (m)		14,840		2,869
Series 2019-23, Class JS, IF, IO, 5.96%, 2/20/2049 (m)		4,298		576
Series 2019-30, Class SA, IF, IO, 5.96%, 3/20/2049 (m)		6,219		970
Series 2019-38, Class SN, IF, IO, 5.96%, 3/20/2049 (m)		7,089		1,328
Series 2019-41, Class CS, IF, IO, 5.96%, 3/20/2049 (m)		5,075		719
Series 2019-42, Class SJ, IF, IO, 5.96%, 4/20/2049 (m)		5,620		843
Series 2019-56, Class GS, IF, IO, 6.06%, 5/20/2049 (m)		3,205		464
Series 2019-69, Class DS, IF, IO, 6.01%, 6/20/2049 (m)		3,377		596

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
Series 2019-70, Class SM, IF, IO, 6.01%, 6/20/2049 (m)		3,332			620
Series 2020-76, Class SL, IF, IO, 6.06%, 5/20/2050 (m)		6,730			1,550
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (g) (m)		1,295			542
GSR Mortgage Loan Trust
Series 2004-15F, Class 1A2, 5.50%, 12/25/2034		201			205
Series 2005-1F, Class 2A3, 6.00%, 2/25/2035		158			146
Series 2005-AR3, Class 6A1, 2.83%, 5/25/2035 (m)		78			76
Series 2005-AR4, Class 3A5, 2.78%, 7/25/2035 (m)		1,335			1,135
Series 2005-6F, Class 3A18, 5.50%, 7/25/2035		830			874
Series 2005-AR7, Class 6A1, 2.61%, 11/25/2035 (m)		726			737
Series 2006-1F, Class 2A16, 6.00%, 2/25/2036		634			441
Series 2006-1F, Class 2A9, 6.00%, 2/25/2036		1,027			715
Series 2006-9F, Class 3A1, 6.25%, 10/25/2036		512			519
Series 2007-1F, Class 3A13, 6.00%, 1/25/2037		255			216
HarborView Mortgage Loan Trust Series 2005-11, Class 2A1A, 0.70%, 8/19/2045 (m)		174			176
Homeward Opportunities Fund I Trust
Series 2019-3, Class B1, 4.02%, 11/25/2059 ‡ (g) (m)		4,970			5,155
Impac CMB Trust
Series 2004-5, Class 1A1, 0.81%, 10/25/2034 (m)		309			311
Series 2004-6, Class 1A2, 0.87%, 10/25/2034 (m)		854			870
Series 2004-5, Class 1M2, 0.96%, 10/25/2034 ‡ (m)		113			110
Series 2004-7, Class 1A2, 1.01%, 11/25/2034 (m)		407			417
Series 2004-9, Class 1A1, 0.85%, 1/25/2035 (m)		—	(d)		—	(d)
Series 2004-10, Class 2A, 0.73%, 3/25/2035 (m)		506			489
Series 2004-10, Class 3A1, 0.79%, 3/25/2035 (m)		—	(d)		—	(d)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 93

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-1, Class 1A1, 0.61%, 4/25/2035 (m)		300		304
Series 2005-2, Class 1A2, 0.71%, 4/25/2035 (m)		352		354
Series 2005-1, Class 1A2, 0.71%, 4/25/2035 (m)		367		371
Series 2005-4, Class 1A1A, 0.63%, 5/25/2035 (m)		253		253
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A4, 3.75%, 8/25/2033		211		202
Impac Secured Assets Trust
Series 2007-3, Class A1B, 0.33%, 9/25/2037 (m)		2,042		1,790
Series 2007-3, Class A1C, 0.45%, 9/25/2037 (m)		3,422		2,961
IndyMac INDX Mortgage Loan Trust
Series 2005-AR3, Class 3A1, 2.56%, 4/25/2035 (m)		262		270
Series 2005-AR14, Class 2A1A, 0.69%, 7/25/2035 (m)		843		783
Series 2007-AR21, Class 6A1, 2.72%, 9/25/2037 (m)		4,834		4,139
JPMorgan Alternative Loan Trust Series 2006-A2, Class 1A1, 0.45%, 5/25/2036 (m)		2,834		2,792
JPMorgan Mortgage Trust
Series 2006-S2, Class 2A1, 5.00%, 6/25/2021		9		7
Series 2006-S3, Class 2A4, 5.50%, 8/25/2021		10		9
Series 2004-A6, Class 1A1, 2.40%, 12/25/2034 (m)		60		60
Series 2005-A3, Class 6A6, 2.73%, 6/25/2035 (m)		209		216
Series 2007-A1, Class 2A2, 2.62%, 7/25/2035 (m)		176		178
Series 2005-A6, Class 1A2, 2.62%, 9/25/2035 (m)		189		192
Series 2005-A8, Class 1A1, 2.74%, 11/25/2035 (m)		105		98
Series 2005-A8, Class 4A1, 2.75%, 11/25/2035 (m)		1,381		1,296
Series 2006-A7, Class 2A4, 3.13%, 1/25/2037 (m)		467		442
Series 2007-S1, Class 2A17, 0.42%, 3/25/2037 (m)		3,934		1,060

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
Legacy Mortgage Asset Trust
Series 2021-GS3, Class A2, 3.25%, 7/25/2061 (g) (j)		2,800			2,780
Series 2021-GS1, Class A2, 3.84%, 10/25/2066 (g) (j)		2,000			2,013
Lehman Mortgage Trust
Series 2005-2, Class 2A5, 5.50%, 12/25/2035		825			664
Series 2007-7, Class 5A7, 6.50%, 8/25/2037		7,537			5,093
MASTR Alternative Loan Trust
Series 2006-3, Class 3A1, 5.50%, 6/25/2021		—	(d)		—	(d)
Series 2004-8, Class 1A1, 6.50%, 9/25/2034		266			279
Series 2004-12, Class 3A1, 6.00%, 12/25/2034		676			704
Series 2005-3, Class 1A1, 5.50%, 4/25/2035		199			199
Series 2005-5, Class 3A1, 5.75%, 8/25/2035		223			154
Series 2005-6, Class 1A2, 5.50%, 12/25/2035		480			429
Merrill Lynch Mortgage Investors Trust
Series 2005-1, Class 2A1, 1.93%, 4/25/2035 (m)		54			54
Series 2005-1, Class 2A2, 1.93%, 4/25/2035 (m)		171			171
Series 2006-1, Class 2A1, 2.00%, 2/25/2036 (m)		923			976
Series 2006-AF2, Class AF2, 6.25%, 10/25/2036		209			131
Morgan Stanley Mortgage Loan Trust
Series 2006-2, Class 1A, 5.25%, 2/25/2021		395			386
Series 2004-8AR, Class 4A1, 2.41%, 10/25/2034 (m)		531			546
Series 2004-9, Class 1A, 5.39%, 11/25/2034 (m)		486			522
Series 2005-4, Class 1A, 5.00%, 8/25/2035		21			21
MortgageIT Trust
Series 2005-3, Class A1, 0.69%, 8/25/2035 (m)		—	(d)		—	(d)
Series 2005-5, Class A1, 0.61%, 12/25/2035 (m)		217			219

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
New Residential Mortgage Loan Trust
Series 2019-NQM4, Class B1, 3.74%, 9/25/2059 (g) (m)		2,500		2,518
Series 2019-NQM4, Class B2, 4.95%, 9/25/2059 (g) (m)		4,000		4,033
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 (g) (m)		2,041		2,063
Series 2020-NQM1, Class M1, 3.21%, 1/26/2060 ‡ (g) (m)		3,600		3,599
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-WF1, Class 2A5, 5.66%, 3/25/2035 (j)		5		5
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-4, Class 1A2, 0.87%, 11/25/2035 (m)		65		66
Pretium Mortgage Credit Partners LLC Series 2021-RN1, Class A2, 3.60%, 2/25/2061 (g) (j)		5,000		4,953
PRPM 3.77%, 3/25/2026		4,987		4,958
PRPM LLC
Series 2020-2, Class A1, 3.67%, 8/25/2025 (g) (j)		2,596		2,601
Series 2020-6, Class A2, 4.70%, 11/25/2025 (g) (j)		2,350		2,354
Series 2021-1, Class A2, 3.72%, 1/25/2026 (g) (m)		5,000		4,980
Series 2021-3, Class A2, 3.72%, 4/25/2026 (g) (j)		5,500		5,457
Series 2021-6, Class A2, 3.47%, 7/25/2026 (g) (j)		3,447		3,418
Series 2021-7, Class A2, 3.67%, 8/25/2026 (g) (j)		5,030		4,984
Series 2021-8, Class A2, 3.60%, 9/25/2026 (g) (m)		5,000		4,950
RALI Trust
Series 2003-QS20, Class CB, 5.00%, 11/25/2018		3		3
Series 2005-QA5, Class A2, 4.33%, 4/25/2035 (m)		1,000		986
Series 2005-QS17, Class A3, 6.00%, 12/25/2035		713		719
Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		1,133		1,117
Series 2006-QS4, Class A2, 6.00%, 4/25/2036		1,236		1,221
Series 2006-QS17, Class A5, 6.00%, 12/25/2036		1,856		1,801

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		4			5
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035		1,668			1,475
Series 2005-A14, Class A1, 5.50%, 12/25/2035		142			100
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		2,780			1,927
Series 2007-A5, Class 2A2, 6.00%, 5/25/2037		6,897			5,476
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		—	(d)		—	(d)
Series 2005-SA1, Class 3A, 2.12%, 3/25/2035 (m)		2			3
Series 2005-S7, Class A6, 5.50%, 11/25/2035		81			78
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		1,437			1,422
Series 2006-SA4, Class 2A1, 4.58%, 11/25/2036 (m)		1,251			1,209
Seasoned Credit Risk Transfer Trust Series 2017-3, Class AIO, IO, 0.00%, 7/25/2056 (m)		220,865			110
Sequoia Mortgage Trust Series 2007-3, Class 1A1, 0.49%, 7/20/2036 (m)		464			451
STACR Trust Series 2018-DNA3, Class M2, 2.19%, 9/25/2048 (g) (m)		6,000			6,079
Stanwich Mortgage Loan Co. LLC Series 2021-NPB1, Class A2, 4.38%, 10/16/2026 (g) (j)		5,500			5,438
Starwood Mortgage Residential Trust
Series 2020-1, Class B1, 3.73%, 2/25/2050 ‡ (g) (m)		5,410			5,428
Series 2020-INV1, Class B2, 4.26%, 11/25/2055 ‡ (g)		1,600			1,591
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 1A1, 2.84%, 2/25/2035 (m)		277			282
Structured Asset Mortgage Investments II Trust
Series 2005-AR3, Class 1A1, 0.63%, 8/25/2035 (m)		2,423			2,609
Series 2007-AR7, Class 1A1, 0.94%, 5/25/2047 (m)		2,980			2,640

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 95

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Verus Securitization Trust
Series 2019-INV2, Class B1, 4.45%, 7/25/2059 ‡ (g) (m)		2,000		2,025
Series 2019-INV3, Class B1, 3.73%, 11/25/2059 ‡ (g) (m)		5,000		5,017
Series 2021-R1, Class B1, 3.20%, 10/25/2063 ‡ (g) (m)		2,000		2,000
Series 2021-R1, Class B2, 4.20%, 10/25/2063 ‡ (g) (m)		1,322		1,320
Series 2021-R3, Class B1, 3.07%, 4/25/2064 ‡ (g) (m)		2,500		2,491
Series 2021-R3, Class B2, 4.07%, 4/25/2064 ‡ (g) (m)		1,776		1,768
Series 2020-5, Class B1, 3.71%, 5/25/2065 ‡ (g) (m)		2,400		2,404
Series 2020-5, Class B2, 4.71%, 5/25/2065 ‡ (g) (m)		1,400		1,403
Series 2021-1, Class B1, 2.98%, 1/25/2066 ‡ (g) (m)		3,150		3,130
Series 2021-5, Class B1, 3.04%, 9/25/2066 ‡ (g) (m)		3,826		3,798
Series 2021-5, Class B2, 3.94%, 9/25/2066 ‡ (g) (m)		3,750		3,723
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR11, Class A, 2.36%, 10/25/2034 (m)		636		634
Series 2005-AR5, Class A6, 2.80%, 5/25/2035 (m)		1,591		1,675
Series 2005-AR7, Class A3, 2.54%, 8/25/2035 (m)		2,440		2,547
Series 2005-AR16, Class 1A1, 2.71%, 12/25/2035 (m)		475		485
Series 2005-AR14, Class 1A3, 2.86%, 12/25/2035 (m)		1,095		1,117
Series 2005-AR14, Class 1A4, 2.86%, 12/25/2035 (m)		730		745
Series 2005-AR18, Class 1A3A, 2.83%, 1/25/2036 (m)		50		52
Series 2006-AR2, Class 1A1, 2.95%, 3/25/2036 (m)		205		207
Series 2004-AR10, Class A1B, 0.93%, 7/25/2044 (m)		601		605
Series 2005-AR15, Class A1A1, 0.61%, 11/25/2045 (m)		30		30
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2007-1, Class 2A1, 6.00%, 1/25/2022		287		294

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2005-1, Class 1A3, 5.50%, 3/25/2035		577		571
Series 2005-4, Class CB7, 5.50%, 6/25/2035		397		405
Series 2005-10, Class 2A5, 5.75%, 11/25/2035		2,052		2,113
Series 2005-10, Class 4CB1, 5.75%, 12/25/2035		649		661
Series 2006-5, Class 2CB5, 6.50%, 7/25/2036		172		161
Series 2007-1, Class 1A7, 0.69%, 2/25/2037 (m)		2,697		1,936
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-AR19, Class A3, 2.72%, 12/25/2036 (m)		154		154
Series 2007-15, Class A1, 6.00%, 11/25/2037		177		174
				549,059
Total Collateralized Mortgage Obligations (Cost $551,461)				552,069
Commercial Mortgage-Backed Securities — 3.5%
United States — 3.5%
BANK
Series 2019-BN16, Class D, 3.00%, 2/15/2052 ‡ (g)		2,500		2,312
Series 2019-BN16, Class F, 3.69%, 2/15/2052 ‡ (g) (m)		2,000		1,543
Series 2019-BN21, Class F, 2.68%, 10/17/2052 ‡ (g)		4,000		2,941
Series 2019-BN23, Class D, 2.50%, 12/15/2052 ‡ (g)		4,000		3,623
Series 2020-BN30, Class F, 2.00%, 12/15/2053 ‡ (g) (m)		3,000		2,059
Series 2021-BN31, Class E, 2.50%, 2/15/2054 ‡ (g) (m)		2,500		2,121
Series 2017-BNK5, Class D, 3.08%, 6/15/2060 ‡ (g) (m)		2,000		1,823
Series 2018-BN14, Class F, 3.94%, 9/15/2060 (g)		1,534		1,053
Series 2018-BN15, Class E, 3.00%, 11/15/2061 ‡ (g)		1,000		820
Series 2019-BN18, Class F, 3.33%, 5/15/2062 ‡ (g)		9,699		7,412
Series 2019-BN24, Class D, 2.50%, 11/15/2062 ‡ (g)		1,000		889
Series 2020-BN25, Class D, 2.50%, 1/15/2063 ‡ (g)		1,000		894

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2020-BN26, Class D, 2.50%, 3/15/2063 ‡ (g)		1,350		1,221
Series 2020-BN28, Class E, 2.50%, 3/15/2063 ‡ (g)		3,000		2,568
Benchmark Mortgage Trust
Series 2018-B1, Class D, 2.75%, 1/15/2051 ‡ (g)		975		852
Series 2019-B9, Class F, 3.75%, 3/15/2052 ‡ (g) (m)		6,590		5,138
Series 2019-B11, Class D, 3.00%, 5/15/2052 ‡ (g)		4,000		3,780
Series 2020-B21, Class E, 2.00%, 12/17/2053 ‡ (g)		2,500		1,890
Series 2020-B21, Class F, 2.00%, 12/17/2053 ‡ (g)		3,000		2,014
Series 2021-B26, Class F, 1.98%, 6/15/2054 ‡ (g) (m)		10,000		6,590
Series 2019-B14, Class E, 2.50%, 12/15/2062 ‡ (g)		1,415		1,202
Series 2019-B15, Class E, 2.75%, 12/15/2072 ‡ (g)		4,391		3,860
Series 2019-B15, Class F, 2.75%, 12/15/2072 ‡ (g) (m)		5,000		3,632
BX Series 2021-MFM1, Class G, 3.99%, 1/15/2034 ‡ (g) (m)		750		750
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1.79%, 11/15/2035 ‡ (g) (m)		443		443
Series 2020-BXLP, Class F, 2.09%, 12/15/2036 ‡ (g) (m)		790		787
Series 2020-VIV2, Class C, 3.54%, 3/9/2044 (g) (m)		30,590		31,835
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E, 2.24%, 12/15/2037 ‡ (g) (m)		2,690		2,688
CD Mortgage Trust
Series 2016-CD2, Class C, 4.00%, 11/10/2049 ‡ (m)		750		765
Series 2017-CD4, Class D, 3.30%, 5/10/2050 ‡ (g)		1,000		928
Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (g)		1,831		1,700
Series 2017-CD6, Class C, 4.27%, 11/13/2050 ‡ (m)		1,371		1,466
Series 2018-CD7, Class D, 3.10%, 8/15/2051 ‡ (g) (m)		2,000		1,873
Series 2019-CD8, Class E, 3.00%, 8/15/2057 ‡ (g)		2,000		1,726

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2019-CD8, Class F, 3.00%, 8/15/2057 ‡ (g)		1,500		1,015
CFCRE Commercial Mortgage Trust Series 2016-C6, Class D, 4.20%, 11/10/2049 ‡ (g) (m)		1,000		917
CGMS Commercial Mortgage Trust Series 2017-B1, Class E, 3.30%, 8/15/2050 ‡ (g) (m)		3,000		2,279
Citigroup Commercial Mortgage Trust
Series 2019-PRM, Class E, 4.73%, 5/10/2036 ‡ (g) (m)		2,750		2,829
Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (g)		2,500		2,360
Series 2016-C1, Class D, 4.95%, 5/10/2049 ‡ (g) (m)		2,225		2,254
Series 2016-C2, Class D, 3.25%, 8/10/2049 ‡ (g) (m)		1,000		910
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (g)		1,325		1,134
Series 2017-P7, Class D, 3.25%, 4/14/2050 (g)		3,000		2,539
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		910		960
Series 2020-GC46, Class E, 2.60%, 2/15/2053 ‡ (g)		4,500		3,638
Commercial Mortgage Trust
Series 2020-CBM, Class F, 3.63%, 2/10/2037 ‡ (g) (m)		2,750		2,610
Series 2014-CR15, Class C, 4.72%, 2/10/2047 ‡ (m)		3,375		3,575
Series 2014-LC15, Class D, 5.00%, 4/10/2047 ‡ (g) (m)		1,500		1,511
Series 2014-CR19, Class D, 4.70%, 8/10/2047 ‡ (g) (m)		400		395
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 ‡ (g)		3,100		2,568
Series 2014-LC17, Class D, 3.69%, 10/10/2047 ‡ (g)		3,250		3,223
Series 2014-CR20, Class D, 3.22%, 11/10/2047 ‡ (g)		4,675		3,987
Series 2015-CR22, Class E, 3.00%, 3/10/2048 ‡ (g)		2,500		2,228
Series 2015-CR22, Class D, 4.11%, 3/10/2048 ‡ (g) (m)		1,000		1,001
Series 2015-LC21, Class D, 4.33%, 7/10/2048 ‡ (m)		450		453
Series 2015-CR24, Class D, 3.46%, 8/10/2048 (m)		2,134		1,982

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 97

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2015-CR25, Class D, 3.78%, 8/10/2048 ‡ (m)		2,000		1,870
Series 2015-CR27, Class D, 3.45%, 10/10/2048 ‡ (g) (m)		500		481
Series 2015-LC23, Class D, 3.61%, 10/10/2048 ‡ (g) (m)		2,750		2,758
Series 2015-LC23, Class E, 3.61%, 10/10/2048 ‡ (g) (m)		1,500		1,370
Series 2016-CR28, Class D, 3.89%, 2/10/2049 ‡ (m)		1,350		1,363
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, 4.98%, 3/15/2052 ‡ (m)		3,835		4,235
Series 2015-C2, Class B, 4.21%, 6/15/2057 ‡ (m)		1,000		1,036
DBJPM Mortgage Trust
Series 2016-C3, Class D, 3.48%, 8/10/2049 ‡ (g) (m)		1,170		985
Series 2016-C3, Class E, 4.23%, 8/10/2049 ‡ (g) (m)		1,250		929
FHLMC Multiclass Certificates Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029		17,110		2,199
FHLMC Multi-Family Structured Agency Credit Risk Series 2021-MN2, Class B1, 5.55%, 7/25/2041 (g) (m)		2,000		2,000
FHLMC, Multi-Family Structured Credit Risk
Series 2021-MN1, Class M1, 2.05%, 1/25/2051 (g) (m)		682		688
Series 2021-MN1, Class M2, 3.80%, 1/25/2051 (a) (g) (m)		11,750		12,198
Series 2021-MN1, Class B1, 7.80%, 1/25/2051 (g) (m)		2,650		3,133
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.29%, 7/25/2023 (m)		104,830		472
Series KC03, Class X1, IO, 0.49%, 11/25/2024 (m)		64,903		824
Series K734, Class X3, IO, 2.17%, 7/25/2026 (m)		13,025		1,126
Series KC04, Class X1, IO, 1.25%, 12/25/2026 (m)		14,990		653
Series K084, Class X3, IO, 2.24%, 11/25/2028 (m)		6,000		818

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series K090, Class X3, IO, 2.31%, 10/25/2029 (m)		1,750		265
Series K723, Class X3, IO, 1.91%, 10/25/2034 (m)		6,552		231
Series Q012, Class X, IO, 4.19%, 9/25/2035 (m)		24,982		6,042
Series K716, Class X3, IO, 4.89%, 8/25/2042 (m)		267		—	(d)
Series K054, Class X3, IO, 1.60%, 4/25/2043 (m)		17,000		1,048
Series K067, Class X3, IO, 2.11%, 9/25/2044 (m)		34,106		3,706
Series K727, Class X3, IO, 2.01%, 10/25/2044 (m)		33,818		1,723
Series K068, Class X3, IO, 2.06%, 10/25/2044 (m)		11,050		1,179
Series K059, Class X3, IO, 1.92%, 11/25/2044 (m)		24,693		2,113
Series K729, Class X3, IO, 1.97%, 11/25/2044 (m)		37,637		1,996
Series K060, Class X3, IO, 1.89%, 12/25/2044 (m)		1,000		85
Series K061, Class X3, IO, 1.97%, 12/25/2044 (m)		1,544		140
Series K066, Class X3, IO, 2.16%, 8/25/2045 (m)		20,000		2,192
Series K728, Class X3, IO, 1.95%, 11/25/2045 (m)		8,120		434
Series K071, Class X3, IO, 2.01%, 11/25/2045 (m)		5,000		545
Series K089, Class X3, IO, 2.30%, 1/25/2046 (m)		22,283		3,271
Series K087, Class X3, IO, 2.32%, 1/25/2046 (m)		18,300		2,622
Series K091, Class X3, IO, 2.28%, 4/25/2046 (m)		15,000		2,261
Series K082, Class X3, IO, 2.21%, 10/25/2046 (m)		11,750		1,563
Series K102, Class X3, IO, 1.89%, 12/25/2046 (m)		1,180		155
Series K088, Class X3, IO, 2.35%, 2/25/2047 (m)		11,130		1,679
Series K093, Class X3, IO, 2.21%, 5/25/2047 (m)		15,000		2,166
Series K092, Class X3, IO, 2.25%, 5/25/2047 (m)		21,150		3,115
Series K094, Class X3, IO, 2.12%, 7/25/2047 (m)		14,206		2,018

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series K116, Class X3, IO, 3.02%, 9/25/2047 (m)		10,500		2,338
Series K108, Class X3, IO, 3.49%, 4/25/2048 (m)		19,600		4,824
FNMA ACES
Series 2019-M21, Class X2, IO, 1.34%, 2/25/2031 (m)		6,444		628
Series 2016-M4, Class X2, IO, 2.65%, 1/25/2039 (m)		13,416		536
FNMA, Multi-Family REMIC Trust Series 2020-M37, Class X, IO, 1.11%, 4/25/2032 (m)		29,139		2,154
FREMF Mortgage Trust
Series 2015-KF10, Class B, 6.18%, 7/25/2022 (g) (m)		405		407
Series 2017-KF31, Class B, 2.98%, 4/25/2024 (g) (m)		1,322		1,310
Series 2017-KF32, Class B, 2.63%, 5/25/2024 (g) (m)		1,581		1,581
Series 2017-KF38, Class B, 2.58%, 9/25/2024 (g) (m)		961		961
Series 2018-K731, Class C, 3.93%, 2/25/2025 (g) (m)		2,000		2,099
Series 2018-KF47, Class B, 2.08%, 5/25/2025 (g) (m)		1,681		1,656
Series 2018-KF49, Class B, 1.98%, 6/25/2025 (g) (m)		213		209
Series 2019-KF58, Class B, 2.23%, 1/25/2026 (g) (m)		1,325		1,320
Series 2019-KC03, Class B, 4.37%, 1/25/2026 (g) (m)		2,304		2,444
Series 2019-KF62, Class B, 2.13%, 4/25/2026 (g) (m)		1,320		1,311
Series 2017-KF33, Class B, 2.63%, 6/25/2027 (g) (m)		566		561
Series 2017-KF40, Class B, 2.78%, 11/25/2027 (g) (m)		978		978
Series 2018-KF43, Class B, 2.23%, 1/25/2028 (g) (m)		1,891		1,886
Series 21K-F116, Class CS, 6.45%, 6/25/2028 (g) (m)		10,890		11,152
Series 2018-KF50, Class B, 1.98%, 7/25/2028 (g) (m)		426		420
Series 2018-K82, Class B, 4.13%, 9/25/2028 (g) (m)		1,460		1,617
Series 2019-KF59, Class B, 2.43%, 2/25/2029 (g) (m)		3,360		3,360

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2019-KG01, Class B, 4.16%, 4/25/2029 (g) (m)		3,090		3,258
Series 2019-KF63, Class B, 2.43%, 5/25/2029 (g) (m)		4,336		4,336
Series 21K-F102, Class CS, 6.05%, 1/25/2031 (g) (m)		15,000		15,170
Series 2017-K67, Class C, 3.94%, 9/25/2049 (g) (m)		730		765
Series 2017-K729, Class B, 3.68%, 11/25/2049 (g) (m)		1,400		1,477
Series 2017-K63, Class C, 3.87%, 2/25/2050 (g) (m)		1,380		1,463
Series 2017-K71, Class B, 3.75%, 11/25/2050 (g) (m)		1,280		1,389
Series 2017-K71, Class C, 3.75%, 11/25/2050 (g) (m)		1,065		1,114
Series 2018-K74, Class B, 4.09%, 2/25/2051 (g) (m)		2,445		2,689
Series 2018-K75, Class B, 3.97%, 4/25/2051 (g) (m)		1,235		1,354
Series 2019-K103, Class B, 3.45%, 12/25/2051 (g) (m)		970		1,030
Series 2020-K737, Class C, 3.30%, 1/25/2053 (g) (m)		1,470		1,517
Series 2019-K96, Class B, 3.81%, 8/25/2056 (g) (m)		1,915		2,085
GNMA
Series 2012-44, IO, 0.03%, 3/16/2049 (m)		5,721		9
Series 2015-86, IO, 0.48%, 5/16/2052 (m)		9,582		250
Series 2013-7, IO, 0.30%, 5/16/2053 (m)		43,042		468
Series 2012-89, IO, 0.19%, 12/16/2053 (m)		7,674		25
Series 2014-186, IO, 0.55%, 8/16/2054 (m)		7,329		137
Series 2015-33, IO, 0.67%, 2/16/2056 (m)		7,721		248
Series 2015-59, IO, 0.91%, 6/16/2056 (m)		3,889		141
Series 2016-40, IO, 0.63%, 7/16/2057 (m)		10,918		337
Series 2016-157, IO, 0.89%, 11/16/2057 (m)		16,036		850
Series 2016-71, Class QI, IO, 0.91%, 11/16/2057 (m)		62,575		3,051
Series 2016-155, IO, 0.75%, 2/16/2058 (m)		19,691		930

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 99

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2016-151, IO, 1.01%, 6/16/2058 (m)		61,224		3,366
Series 2017-54, IO, 0.62%, 12/16/2058 (m)		9,643		478
Series 2017-86, IO, 0.76%, 5/16/2059 (m)		3,113		159
Series 2017-148, IO, 0.56%, 7/16/2059 (m)		11,464		502
Series 2019-53, Class IA, IO, 0.77%, 6/16/2061 (m)		6,950		483
Series 2020-145, IO, 0.73%, 3/16/2063 (m)		57,167		3,854
GS Mortgage Securities Trust
Series 2012-GCJ9, Class D, 4.74%, 11/10/2045 ‡ (g) (m)		500		504
Series 2013-GC12, Class E, 3.25%, 6/10/2046 ‡ (g)		800		729
Series 2013-GC12, Class D, 4.45%, 6/10/2046 ‡ (g) (m)		750		744
Series 2015-GC28, Class D, 4.32%, 2/10/2048 ‡ (g) (m)		2,500		2,502
Series 2015-GC32, Class E, 4.42%, 7/10/2048 ‡ (g) (m)		2,500		2,005
Series 2015-GC34, Class D, 2.98%, 10/10/2048 ‡		1,380		1,240
Series 2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (g) (m)		2,900		2,800
Series 2017-GS6, Class D, 3.24%, 5/10/2050 ‡ (g)		1,750		1,683
Series 2015-GC30, Class D, 3.38%, 5/10/2050 ‡		1,250		1,229
Series 2019-GC40, Class E, 3.00%, 7/10/2052 ‡ (g)		2,250		1,941
Series 2019-GC42, Class D, 2.80%, 9/1/2052 ‡ (g)		2,000		1,819
Jackson Park Trust
Series 2019-LIC, Class E, 3.24%, 10/14/2039 ‡ (g) (m)		3,625		3,333
Series 2019-LIC, Class F, 3.24%, 10/14/2039 ‡ (g) (m)		4,170		3,641
JPMBB Commercial Mortgage Securities Trust
Series 2013-C15, Class E, 3.50%, 11/15/2045 ‡ (g)		2,000		1,899
Series 2013-C17, Class D, 4.89%, 1/15/2047 ‡ (g) (m)		1,250		1,228
Series 2014-C21, Class D, 4.64%, 8/15/2047 ‡ (g) (m)		2,049		1,977
Series 2016-C1, Class D2, 4.23%, 3/15/2049 ‡ (g) (m)		1,465		1,435

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3, Class D, 3.46%, 8/15/2049 ‡ (g) (m)		4,500		3,942
KNDL Mortgage Trust Series 2019-KNSQ, Class E, 1.89%, 5/15/2036 ‡ (g) (m)		2,040		2,038
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 5.91%, 7/15/2044 (m)		52		52
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (m)		3,265		1,474
MHC Commercial Mortgage Trust Series 2021-MHC, Class G, 3.29%, 4/15/2038 ‡ (g) (m)		14,400		14,418
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C5, Class G, 4.50%, 8/15/2045 ‡ (g)		1,500		1,424
Series 2012-C5, Class E, 4.65%, 8/15/2045 ‡ (g) (m)		2,500		2,515
Series 2014-C14, Class D, 5.05%, 2/15/2047 ‡ (g) (m)		3,750		3,880
Series 2014-C15, Class D, 4.90%, 4/15/2047 (g) (m)		365		375
Series 2014-C16, Class C, 4.76%, 6/15/2047 ‡ (m)		2,000		1,966
Series 2015-C24, Class D, 3.26%, 5/15/2048 ‡ (g)		3,000		2,875
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (g) (m)		730		712
Series 2019-L2, Class D, 3.00%, 3/15/2052 ‡ (g)		7,075		6,320
Series 2019-L2, Class E, 3.00%, 3/15/2052 ‡ (g)		2,575		2,157
Series 2021-L5, Class E, 2.50%, 5/15/2054 ‡ (g)		2,885		2,409
MRCD MARK Mortgage Trust
Series 2019-PARK, Class F, 2.72%, 12/15/2036 ‡ (g)		10,000		9,639
Series 2019-PARK, Class G, 2.72%, 12/15/2036 ‡ (g)		4,000		3,790
Series 2019-PARK, Class J, 4.25%, 12/15/2036 ‡ (g)		17,000		16,397
Multi-Family Connecticut Avenue Securities Trust
Series 2019-01, Class M7, 1.79%, 10/15/2049 ‡ (g) (m)		396		395

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2019-01, Class M10, 3.34%, 10/15/2049 ‡ (g) (m)		4,900		4,944
Series 2020-01, Class M10, 3.84%, 3/25/2050 ‡ (g) (m)		7,836		8,152
NYC Commercial Mortgage Trust Series 2021-909, Class E, 3.21%, 4/10/2043 ‡ (g) (m)		5,000		4,273
VASA Trust Series 2021-VASA, Class G, 5.09%, 7/15/2039 ‡ (g) (m)		1,360		1,363
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048 (g) (m)		3,917		4,041
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (g) (m)		267		275
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (g) (m)		391		399
Wells Fargo Commercial Mortgage Trust
Series 2021-SAVE, Class E, 3.74%, 2/15/2040 ‡ (g) (m)		1,818		1,827
Series 2015-NXS1, Class E, 2.88%, 5/15/2048 ‡ (g) (m)		1,500		1,318
Series 2015-C28, Class D, 4.09%, 5/15/2048 ‡ (m)		2,040		1,967
Series 2016-C35, Class D, 3.14%, 7/15/2048 ‡ (g)		5,000		4,237
Series 2018-C43, Class D, 3.00%, 3/15/2051 ‡ (g)		1,250		1,128
Series 2019-C52, Class XA, IO, 1.59%, 8/15/2052 (m)		3,846		371
Series 2015-NXS3, Class D, 3.15%, 9/15/2057 ‡ (g)		1,000		976
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 3.90%, 9/15/2057 ‡ (g) (m)		5,505		5,133
Total Commercial Mortgage-Backed Securities (Cost $478,134)				473,857
Loan Assignments — 2.3% (n)
Canada — 0.0% (c)
1011778 BC ULC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 11/19/2026 (f)		663		649
WestJet Airlines Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 12/11/2026 (f)		648		638
				1,287

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
France — 0.0% (c)
Altice France SA, 1st Lien Term Loan B-13 (ICE LIBOR USD 3 Month + 4.00%), 4.13%, 8/14/2026 (f)		2,674		2,660
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.69%), 3.81%, 1/31/2026 (f)		677		669
				3,329
Ireland — 0.0% (c)
ICON, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 7/3/2028 (f)		139		139
Luxembourg — 0.1%
ICON Luxembourg SARL, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 7/3/2028 (f)		559		559
Intelsat Jackson Holdings, 1st Lien Term Loan (1-MONTH PRIME + 4.75%), 8.00%, 11/27/2023 (f)		2,707		2,730
Nestle Skin Health, Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/1/2026 (f)		9,257		9,272
				12,561
Netherlands — 0.0% (c)
Commscope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 4/6/2026 (f)		1,197		1,180
United Kingdom — 0.0% (c)
Cineworld Finance US, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.50%, 2/28/2025 (f)		435		358
Delta 2 SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 2/1/2024 (f)		467		465
				823
United States — 2.2%
Adient US LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.59%, 4/10/2028 (f)		5,347		5,346
Advanced Drainage Systems, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.38%, 7/31/2026 (f)		312		313
Air Medical Group Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.75%), 5.25%, 10/2/2025 (f)		452		449
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 8/30/2026 (f)		1,077		1,078

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 101

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027 (f)		1,049		1,050
Allied Universal Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 5/12/2028 (f)		731		730
Altice Financing SA, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.75%), 2.87%, 7/15/2025 (f)		888		871
Altium Packaging LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 2/3/2028 (f)		711		704
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (f)		1,078		1,076
Ancestry.com, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 12/6/2027 (f) (o)		890		886
API Group DE, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 10/1/2026 (f)		828		827
AppleCaramel Buyer LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.50%, 10/19/2027 (f)		7,992		8,008
Ascend Learning LLC, Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 4.00%, 7/12/2024 (f)		876		875
(ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024 (f)		1,623		1,623
Asplundh Tree Expert LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 9/7/2027 (f)		812		808
Astoria Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 12/10/2027 (f)		858		859
Asurion LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 7/31/2027 (f)		269		266
Asurion LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 5.25%), 5.34%, 1/31/2028 (f)		175		174
Asurion LLC, Term Loan B-6 (ICE LIBOR USD 1 Month + 3.13%), 3.21%, 11/3/2023 (f)		573		571
Asurion LLC, Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 11/3/2024 (f)		243		241
Atkins Nutritionals, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/7/2024 (f)		341		343

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Avantor Funding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.75%, 11/8/2027 (f)		993		993
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 1.88%, 6/1/2024 (f) (o)		350		349
B&G Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 10/10/2026 (f)		476		477
Banijay Entertainment, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.83%, 3/1/2025 (f)		545		542
Birkenstock, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 3.75%), 3.75%, 4/28/2028 (f)		584		583
BJ’s Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.08%, 2/3/2024 (f)		361		361
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 5/24/2027 (f)		505		499
Brookfield WEC Holdings Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 8/1/2025 (f)		1,391		1,380
Buckeye Partners LP, 1st Lien Term Loan B1 (ICE LIBOR USD 1 Month + 2.25%), 2.33%, 11/1/2026 (f)		985		980
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 4/3/2024 (f)		7,190		6,993
Cabinetworks, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.75%, 5/17/2028 (f)		5,835		5,817
Caesars Resort Collection LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 12/23/2024 (f)		711		707
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 1/15/2025 (f)		990		978
Camelot Finance LP, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 10/30/2026 (f)		695		696
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.63%, 12/15/2026 (f)		764		746
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 11/18/2024 (f)		244		242

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
CCI Buyer, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/17/2027 (f)		3,426		3,436
CCM Merger, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 11/4/2025 (f)		389		389
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.34%, 3/15/2027 (f)		1,036		1,022
Chamberlain Group, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 10/22/2028 (f) (o)		656		655
Charter Communications Operating LLC, 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 2/1/2027 (f)		1,737		1,724
Cineworld Finance US, Inc., 1st Lien Term Loan B (3-MONTH FIXED LIBOR + 7.00%), 7.00%, 5/23/2024 (f)		54		65
CITGO Holding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 8/1/2023 (f)		327		326
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.59%, 12/18/2026 (f) (p)		1,823		1,812
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.63%, 8/21/2026 (f)		2,505		2,463
Club Car, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 6/1/2028 (f)		378		378
Conair Holdings LLC , 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 5/17/2028 (f)		705		705
Conservice LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.38%, 5/13/2027 (f)		663		663
Consilio, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.50%, 5/12/2028 (f)		790		787
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.83%, 3/2/2027 (f)		2,172		2,156
CPV Shore Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 12/29/2025 (f)		309		295
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 2.34%, 7/17/2025 (f)		1,347		1,314
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.34%, 1/15/2026 (f)		951		931

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.34%, 8/31/2026 (f)		590		588
DaVita, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 8/12/2026 (f)		640		635
DexKo Global, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 10/4/2028 (f)		4,717		4,712
Diamond Sports Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 8/24/2026 (f)		339		178
DigiCert Buyer, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 7.09%, 2/19/2029 (f)		145		146
DigiCert, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.09%, 10/16/2026 (f)		482		482
Directv Financing, LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 8/2/2027 (f)		7,793		7,797
Duff & Phelps Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 4/9/2027 (f)		538		539
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 2/6/2026 (f)		726		723
E.W. Scripps Co., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 1/7/2028 (f)		434		434
EIF Channelview Cogeneration LLC, Term Loan (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 5/3/2025 (f)		134		134
Elanco Animal Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.83%, 8/1/2027 (f)		927		919
Endo Pharmaceutical, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 3/27/2028 (f)		198		193
Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 3.88%, 8/3/2026 (f)		662		663
Enterprise Development Authority (The), 1st lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.00%, 2/28/2028 (f)		600		600
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 10/10/2025 (f)		817		675

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 103

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
EPIC Crude Services LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.12%, 3/2/2026 (f)		11,420		8,751
Exelon Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.50%, 12/15/2027 (f)		772		773
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022 ‡ (f) (k)		153		16
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (f) (k)		809		—	(d)
First Student Bidco, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028 (f) (o)		4,654		4,620
First Student Bidco, 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028 (f) (o)		1,687		1,674
Forterra Finance LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 10/25/2023 (f)		315		315
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.34%, 10/30/2026 (f)		500		500
Gates Global LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 3.25%, 3/31/2027 (f)		4,379		4,366
Gemini HDPE LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 12/31/2027 (f)		621		621
Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 2.13%, 12/30/2026 (f)		1,027		1,021
Getty Images, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 4.63%, 2/19/2026 (f)		573		573
Go Daddy Group, Inc. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 2/15/2024 (f) (o)		333		331
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.25%, 10/4/2023 (f)		596		593
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 10/10/2025 (f) (o)		951		947
Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/4/2027 (f)		3,757		3,747

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Gray Television, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.58%, 1/2/2026 (f)		862		856
Gray Television, Inc., 1st Lien Term Loan D (ICE LIBOR USD 3 Month + 3.00%), 3.00%, 10/27/2028 (f) (o)		215		214
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/1/2027 (f)		5,868		5,880
Grizzly Acquisitions, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 3.38%, 10/1/2025 (f)		314		313
Harsco Corp., Term Loan B-3 (ICE LIBOR USD 1 Month + 2.25%), 2.75%, 3/10/2028 (f)		534		532
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 3.78%, 5/23/2025 (f)		350		347
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 6/30/2028 (f) (o)		944		944
Hertz Corp. (The), 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 6/30/2028 (f)		115		115
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 (f)		685		684
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 2.88%, 4/25/2025 (f)		616		609
Hyland Software, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 7/1/2024 (f)		480		480
iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 5/1/2026 (f)		4,147		4,115
iHeartCommunications, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 5/1/2026 (f)		150		150
INEOS Enterprises Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 8/28/2026 (f)		533		534
INEOS US Petrochem LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 1/29/2026 (f)		349		349
Ingram Micro, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 6/30/2028 (f)		723		725

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Insulet, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 5/4/2028 (f) (o)		918		919
Interior Logic Group, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 4/3/2028 (f)		708		694
Invenergy LLC, Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 8/28/2025 (f)		294		289
ION Corporates, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 3.92%, 3/11/2028 (f)		389		387
IRB Holding Corp., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 2.75%), 3.75%, 2/5/2025 (f)		1,121		1,118
(ICE LIBOR USD 3 Month + 3.25%), 4.25%, 12/15/2027 (f)		4,151		4,148
Jazz Pharmaceuticals plc, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 5/5/2028 (f)		698		699
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 5/1/2026 (f)		3,619		3,604
KDC US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 12/22/2025 (f)		1,032		1,020
LABL, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.50%, 10/20/2028 (f) (o)		4,989		4,954
Leslie’s Poolmart, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 3/9/2028 (f)		1,001		996
LifePoint Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 11/16/2025 (f)		490		488
LogMeIn, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.75%), 4.83%, 8/31/2027 (f)		700		699
Madison IAQ LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 6/21/2028 (f)		4,730		4,718
Medline, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.75%, 10/23/2028 (f) (o)		3,408		3,411
Meredith Corp., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.50%), 2.59%, 1/31/2025 (f)		1,400		1,399
(ICE LIBOR USD 3 Month + 4.25%), 5.25%, 1/31/2025 (f)		3,224		3,288

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
MetroNet Systems Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 6/2/2028 (f)		474		474
MI Windows & Doors, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 12/18/2027 (f)		486		487
Mirion Technologies, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 3.25%, 10/5/2028 (f) (o)		500		498
Momentive Performance Materials, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 5/15/2024 (f)		621		620
Moran Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 3/29/2024 (f)		449		458
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 6.00%), 8.00%, 4/1/2024 ‡ (f)		3,328		3,395
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 2 Month + 10.75%), 11.75%, 10/1/2024 (f)		2,501		2,151
NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 5/8/2025 (f)		292		286
Navitas Midstream Midland Basin, LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/13/2024 (f)		603		603
Netsmart Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 10/1/2027 (f)		454		455
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.58%, 9/18/2026 (f)		943		941
Nielsen Finance LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 10/4/2023 (f)		335		334
Nielsen Holdings plc, Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.09%, 3/6/2028 (f)		468		469
Option Care Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 10/27/2028 (f) (o)		88		88
Osmose Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/23/2028 (f) (o)		565		563
Pactiv Evergreen Group Holdings, Inc., Tranche B-3 US Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 9/24/2028 (f)		2,387		2,382

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 105

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Parexel International Corp., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 8/11/2028 (f) (o)		5,040		5,044
Park River Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 12/28/2027 (f)		2,608		2,597
Pathway Vet Alliance LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 3/31/2027 (f)		739		735
PCI Pharma Services, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 11/30/2027 (f)		438		438
Pearl Intermediate Parent LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 2/14/2025 (f)		635		634
Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 5/1/2025 (f)		350		350
Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.75%), 8.75%, 5/1/2026 (f)		592		589
Petco Health & Wellness Co., Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 3/3/2028 (f)		6,512		6,508
PetVet Care Centers LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 2/14/2025 (f)		548		545
PG&E Corp., Exit Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 6/23/2025 (f)		810		801
Pike Corp., Delayed Draw Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 1/21/2028 (f)		561		560
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 7/2/2025 (f)		1,749		1,701
PPD, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.50%, 1/13/2028 (f)		697		695
PQ Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.25%, 6/9/2028 (f)		489		488
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 (f)		1,244		1,242
Project Boost Purchaser LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.59%, 6/1/2026 (f)		402		399

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Proofpoint, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 8/31/2028 (f) (o)		490		488
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.59%, 12/22/2025 (f)		10,830		10,485
Qlik Technologies, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.09%, 4/26/2024 (f)		402		401
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.38%, 5/16/2025 (f)		919		918
Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 1 Month + 7.00%), 8.00%, 3/21/2025 (f)		145		141
Quikrete Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 2.75%, 1/31/2027 (f) (o)		674		672
Radiology Partners, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.34%, 7/9/2025 (f)		550		549
RealPage, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 4/24/2028 (f)		475		474
Red Ventures LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 11/8/2024 (f)		331		327
Reynolds Consumer Products, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 2/4/2027 (f)		821		817
Reynolds Group Holdings, Inc., Tranche B-2 US Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 2/5/2026 (f)		675		670
Ring Container Technologies Group, LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 8/12/2028 (f)		430		431
Sabre Holdings Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 12/17/2027 (f)		3,651		3,638
Samsonite International SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 4/25/2025 (f)		402		391
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 8/14/2024 (f)		5,708		5,682
Shearer’s Foods, LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 9/23/2027 (f)		327		326

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 9/25/2026 (f) (o)		3,540		3,499
Solenis International LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 9/15/2028 (f) (o)		2,963		2,958
Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 6/27/2025 (f)		395		394
Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 3/4/2028 (f)		547		549
Spirit Aerosystems, Inc., Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.00%, 1/15/2025 (f)		1,527		1,531
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 4/16/2025 (f)		339		335
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 4/16/2025 (f)		257		255
St. George’s University Scholastic Services LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 7/17/2025 (f)		956		953
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.13%, 4/16/2026 (f)		1,173		1,126
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/14/2025 (f)		1,466		1,448
Summer (BC) Holdco B SARL, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 5.25%, 12/4/2026 (f) (o)		1,916		1,916
Summit Materials LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 11/21/2024 (f)		461		460
Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/17/2027 (f)		716		718
Synaptics, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 2.75%, 10/20/2028 (f) (o)		707		708
Tekni-Plex, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 9/15/2028 (f) (o)		417		418
Tekni-Plex, Inc., Delayed Draw Term Loan B (3-MONTH UNFND + 2.00%), 4.50%, 9/15/2028 (f) (o)		24		24
Tenneco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 10/1/2025 (f)		666		655

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 2/6/2024 (f)		417		397
ThoughtWorks, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.50%, 3/24/2028 (f)		286		286
Thyssenkrupp Elevator, 1st Lien Term Loan B1 (ICE LIBOR USD 6 Month + 3.50%), 4.00%, 7/30/2027 (f)		2,698		2,701
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.17%, 3/28/2025 (f)		7,132		7,003
Traeger Grills, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 6/29/2028 (f)		486		485
Trans Union LLC, 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 11/16/2026 (f)		580		576
TransDigm Group, Inc., 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.25%), 2.34%, 5/30/2025 (f)		1,072		1,058
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.25%), 2.34%, 12/9/2025 (f)		1,751		1,728
Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 9/6/2024 (f)		338		335
Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/31/2028 (f) (o)		4,371		4,363
Truck Hero, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 1/31/2028 (f)		1,858		1,850
U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.13%, 6/26/2026 (f)		4,106		4,076
UFC Holdings, LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 2.75%), 3.50%, 4/29/2026 (f) (o)		2,775		2,758
Ultimate Software Group, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 5/4/2026 (f)		1,025		1,026
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.59%, 10/22/2025 (f)		1,502		1,502
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.13%, 5/16/2024 (f)		540		536
Utz Quality Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 1/20/2028 (f)		407		406

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 107

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 6/2/2025 (f)		10,366		10,340
Virtusa Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 2/11/2028 (f)		145		145
Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 8/3/2028 (f)		700		699
Wheel Pros, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.25%, 5/11/2028 (f)		639		636
WIRB Copernicus Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 4.00%), 5.00%, 1/8/2027 (f)		1,424		1,431
WMG Acquisition Corp., 1st Lien Term Loan G (ICE LIBOR USD 1 Month + 2.13%), 2.21%, 1/20/2028 (f)		1,249		1,243
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 3/9/2027 (f)		3,355		3,301
Zekelman Industries, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 1/24/2027 (f)		665		658
				297,932
Total Loan Assignments (Cost $318,164)				317,251
Asset-Backed Securities — 1.5%
Cayman Islands — 0.0% (c)
BlueMountain CLO Ltd.
Series 2012-2A, Class DR2, 3.03%, 11/20/2028 ‡ (g) (m)		750		743
Series 2018-3A, Class D, 3.37%, 10/25/2030 ‡ (g) (m)		685		675
Voya CLO Ltd. Series 2016-3A, Class CR, 3.37%, 10/18/2031 ‡ (g) (m)		550		534
				1,952
United States — 1.5%
ABFC Trust
Series 2003-OPT1, Class A1A, 0.91%, 4/25/2033 ‡ (m)		175		174
Series 2004-OPT3, Class M1, 0.84%, 9/25/2033 ‡ (m)		587		584
Series 2004-HE1, Class M1, 0.99%, 3/25/2034 ‡ (m)		812		806
Series 2005-WF1, Class M1, 0.63%, 11/25/2034 ‡ (m)		171		172

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
ACC Trust
Series 2019-1, Class B, 4.47%, 10/20/2022 (g)		1,458		1,466
Series 2019-1, Class C, 6.41%, 2/20/2024 (g)		2,050		2,090
Accredited Mortgage Loan Trust Series 2004-4, Class M1, 0.96%, 1/25/2035 ‡ (m)		532		520
ACE Securities Corp. Home Equity Loan Trust
Series 2003-FM1, Class M1, 1.38%, 11/25/2032 ‡ (m)		575		585
Series 2004-OP1, Class M2, 1.66%, 4/25/2034 ‡ (m)		2,408		2,412
Series 2004-HE4, Class M2, 1.06%, 12/25/2034 ‡ (m)		988		990
American Credit Acceptance Receivables Trust
Series 2018-3, Class E, 5.17%, 10/15/2024 (g)		1,545		1,584
Series 2018-3, Class F, 6.44%, 6/12/2025 (g)		1,255		1,292
Series 2018-4, Class F, 6.94%, 10/13/2025 (g)		1,045		1,084
Series 2019-1, Class F, 6.06%, 12/12/2025 (g)		1,630		1,709
Series 2020-2, Class C, 3.88%, 4/13/2026 (g)		1,000		1,039
Series 2019-3, Class F, 5.42%, 5/12/2026 (g)		1,210		1,256
Series 2020-2, Class D, 5.65%, 5/13/2026 (g)		900		961
Series 2019-2, Class F, 5.81%, 6/12/2026 (g)		510		532
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2002-AR1, Class M1, 1.15%, 9/25/2032 ‡ (m)		243		252
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities
Series 2004-R1, Class A2, 0.69%, 2/25/2034 ‡ (m)		578		558
Series 2004-R1, Class M1, 0.88%, 2/25/2034 ‡ (m)		1,512		1,493
Series 2004-R1, Class M2, 0.96%, 2/25/2034 ‡ (m)		145		143
Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-W3, Class A3, 0.91%, 2/25/2034 ‡ (m)		1,115		1,098

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2001-HE3, Class A1, 0.63%, 11/15/2031 (m)		859		853
Series 2003-HE4, Class M1, 1.34%, 8/15/2033 (m)		1,055		1,065
Series 2003-HE4, Class M2, 3.09%, 8/15/2033 ‡ (m)		340		345
Series 2004-HE2, Class M2, 1.96%, 4/25/2034 ‡ (m)		917		922
Series 2004-HE7, Class M2, 1.66%, 10/25/2034 ‡ (m)		725		755
Series 2005-HE6, Class M4, 1.05%, 7/25/2035 ‡ (m)		282		283
Bayview Financial Acquisition Trust Series 2006-D, Class 1A5, 6.17%, 12/28/2036 ‡ (j)		33		47
Bear Stearns Asset-Backed Securities I Trust Series 2004-HE11, Class M2, 1.66%, 12/25/2034 ‡ (m)		205		206
Bear Stearns Asset-Backed Securities Trust
Series 2003-SD1, Class A, 0.99%, 12/25/2033 ‡ (m)		323		321
Series 2003-SD1, Class M1, 1.36%, 12/25/2033 ‡ (m)		388		389
Series 2004-HE2, Class M2, 1.89%, 3/25/2034 ‡ (m)		315		334
Series 2003-1, Class M1, 1.74%, 11/25/2042 ‡ (m)		236		248
Series 2004-SD4, Class A1, 0.99%, 8/25/2044 ‡ (m)		746		775
CDC Mortgage Capital Trust Series 2003-HE1, Class M1, 1.44%, 8/25/2033 (m)		167		169
Centex Home Equity Loan Trust
Series 2004-C, Class M2, 0.88%, 6/25/2034 ‡ (m)		427		416
Series 2004-D, Class MV2, 1.12%, 9/25/2034 ‡ (m)		148		150
Series 2004-D, Class MF2, 6.06%, 9/25/2034 ‡ (j)		603		629
Series 2004-D, Class MF3, 6.26%, 9/25/2034 ‡ (j)		1,640		1,706
Chase Funding Loan Acquisition Trust Series 2004-OPT1, Class M2, 1.59%, 6/25/2034 ‡ (m)		302		302
Chase Funding Trust
Series 2003-5, Class 1M2, 5.64%, 9/25/2032 ‡ (m)		116		117

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2003-4, Class 2M1, 0.99%, 3/25/2033 ‡ (m)		37		37
Series 2004-1, Class 1M1, 4.73%, 5/25/2033 ‡		841		906
Series 2003-4, Class 1A5, 5.92%, 5/25/2033 ‡ (j)		716		724
Series 2004-1, Class 2M1, 0.84%, 9/25/2033 ‡ (m)		50		50
Series 2003-6, Class 2A2, 0.67%, 11/25/2034 ‡ (m)		1,891		1,860
Series 2003-6, Class 2M1, 0.84%, 11/25/2034 ‡ (m)		728		734
Series 2004-2, Class 1M1, 5.70%, 2/26/2035 ‡ (m)		1,803		1,858
CHEC Loan Trust Series 2004-1, Class M1, 0.99%, 7/25/2034 ‡ (g) (m)		693		691
Citigroup Mortgage Loan Trust, Inc.
Series 2005-OPT1, Class M4, 1.14%, 2/25/2035 ‡ (m)		161		160
Series 2005-WF2, Class AF7, 5.75%, 8/25/2035 ‡ (j)		30		31
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2020-9, Class PT, 8.38%, 4/15/2045 (g) (m)		3,395		3,373
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.21%, 12/25/2032 ‡ (m)		307		306
Series 2004-3, Class M1, 0.84%, 6/25/2034 ‡ (m)		427		422
Series 2004-3, Class M2, 0.91%, 6/25/2034 ‡ (m)		397		397
Series 2004-BC4, Class M1, 1.14%, 11/25/2034 ‡ (m)		78		78
Series 2004-ECC2, Class M2, 1.06%, 12/25/2034 ‡ (m)		269		270
Series 2005-AB4, Class 2A1, 0.63%, 3/25/2036 ‡ (m)		1,362		1,346
Countrywide Partnership Trust Series 2004-EC1, Class M2, 1.03%, 1/25/2035 ‡ (m)		390		387
Credit Acceptance Auto Loan Trust Series 2019-3A, Class B, 2.86%, 1/16/2029 (g)		1,500		1,540
CWABS Asset-Backed Certificates Trust Series 2005-11, Class AF6, 5.05%, 2/25/2036 ‡ (m)		165		168
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M3, 1.06%, 2/25/2034 ‡ (m)		773		774

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 109

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Series 2004-1, Class M2, 0.91%, 3/25/2034 ‡ (m)		431		430
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M2, 1.09%, 7/25/2034 ‡ (m)		939		941
Series 2004-6, Class M2, 1.06%, 10/25/2034 ‡ (m)		454		452
Drive Auto Receivables Trust Series 2021-2, Class A2, 0.36%, 5/15/2024		174		174
DT Auto Owner Trust
Series 2018-3A, Class E, 5.33%, 11/17/2025 (g)		2,732		2,840
Series 2019-1A, Class E, 4.94%, 2/17/2026 (g)		3,690		3,860
Series 2019-2A, Class E, 4.46%, 5/15/2026 (g)		4,167		4,330
Series 2019-3A, Class E, 3.85%, 8/17/2026 (g)		3,900		4,031
Exeter Automobile Receivables Trust
Series 2018-2A, Class E, 5.33%, 5/15/2025 (g)		1,300		1,360
Series 2019-3A, Class D, 3.11%, 8/15/2025 (g)		2,385		2,455
Series 2019-1A, Class E, 5.20%, 1/15/2026 (g)		4,340		4,575
Series 2019-3A, Class E, 4.00%, 8/17/2026 (g)		2,333		2,432
Series 2020-1A, Class E, 3.74%, 1/15/2027 (g)		2,690		2,760
Finance America Mortgage Loan Trust Series 2004-3, Class M2, 1.03%, 11/25/2034 ‡ (m)		139		139
First Franklin Mortgage Loan Asset-Backed Certificates Series 2004-FF3, Class M1, 0.91%, 5/25/2034 ‡ (m)		462		459
Ford Credit Auto Owner Trust
Series 2020-B, Class A2, 0.50%, 2/15/2023		26		26
Series 2020-C, Class A2, 0.25%, 10/15/2023		57		56
Series 2019-B, Class A3, 2.23%, 10/15/2023		67		68
Series 2017-1, Class A, 2.62%, 8/15/2028 (g)		150		151
FREED ABS Trust
Series 2019-1, Class B, 3.87%, 6/18/2026 ‡ (g)		78		78

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2019-1, Class C, 5.39%, 6/18/2026 ‡ (g)		1,760		1,785
Fremont Home Loan Trust
Series 2002-1, Class M1, 1.34%, 8/25/2033 ‡ (m)		1,149		1,156
Series 2004-B, Class M2, 1.03%, 5/25/2034 ‡ (m)		342		348
Series 2004-2, Class M2, 1.02%, 7/25/2034 (m)		297		298
Series 2004-C, Class M1, 1.06%, 8/25/2034 ‡ (m)		572		571
Series 2004-D, Class M1, 0.96%, 11/25/2034 (m)		1,416		1,400
Series 2004-D, Class M2, 0.99%, 11/25/2034 (m)		226		223
GLS Auto Receivables Issuer Trust
Series 2019-1A, Class D, 4.94%, 12/15/2025 (g)		540		559
Series 2019-2A, Class D, 4.52%, 2/17/2026 (g)		1,000		1,036
GM Financial Automobile Leasing Trust Series 2020-3, Class A2A, 0.35%, 11/21/2022		21		21
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3, 2.18%, 4/16/2024		39		39
GSAMP Trust
Series 2003-SEA, Class A1, 0.89%, 2/25/2033 ‡ (m)		624		608
Series 2003-HE1, Class M1, 1.33%, 6/20/2033 ‡ (m)		1,176		1,177
Series 2005-NC1, Class M1, 0.76%, 2/25/2035 ‡ (m)		498		507
Series 2006-FM1, Class A2C, 0.41%, 4/25/2036 ‡ (m)		2,254		1,765
Home Equity Asset Trust
Series 2002-5, Class M1, 1.79%, 5/25/2033 ‡ (m)		1,807		1,818
Series 2004-6, Class M2, 0.99%, 12/25/2034 ‡ (m)		443		443
Home Equity Loan Trust Series 2007-FRE1, Class 2AV3, 0.32%, 4/25/2037 ‡ (m)		8,654		8,555
Home Equity Mortgage Loan Asset-Backed Trust SPMD
Series 2004-B, Class M2, 1.21%, 11/25/2034 ‡ (m)		353		352
Series 2004-C, Class M1, 0.93%, 3/25/2035 ‡ (m)		5,372		5,326

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Series 2004-C, Class M2, 0.99%, 3/25/2035 ‡ (m)		636		626
Hyundai Auto Receivables Trust Series 2020-C, Class A2, 0.26%, 9/15/2023		89		89
Long Beach Mortgage Loan Trust
Series 2001-2, Class M1, 0.93%, 7/25/2031 ‡ (m)		86		86
Series 2002-5, Class M1, 1.33%, 11/25/2032 ‡ (m)		1,501		1,503
Series 2003-4, Class M1, 1.11%, 8/25/2033 ‡ (m)		65		65
Marlette Funding Trust Series 2017-3A, Class D, 5.03%, 12/15/2024 ‡ (g)		325		327
MASTR Asset-Backed Securities Trust
Series 2003-OPT1, Class M3, 4.21%, 12/25/2032 ‡ (m)		1,780		1,796
Series 2004-OPT2, Class M1, 0.99%, 9/25/2034 ‡ (m)		284		281
Series 2004-OPT2, Class M2, 1.06%, 9/25/2034 ‡ (m)		564		554
Series 2005-NC1, Class M2, 0.84%, 12/25/2034 ‡ (m)		431		430
Series 2005-NC1, Class M4, 1.23%, 12/25/2034 ‡ (m)		603		612
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049 (g)		2,407		2,532
Merrill Lynch Mortgage Investors Trust
Series 2003-OPT1, Class M1, 1.06%, 7/25/2034 (m)		234		232
Series 2004-HE2, Class M1, 1.29%, 8/25/2035 ‡ (m)		106		106
Metlife Securitization Trust Series 2017-1A, Class A, 3.00%, 4/25/2055 (g) (m)		3,239		3,314
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, Class M1, 1.11%, 10/25/2033 ‡ (m)		415		416
Series 2004-HE1, Class M1, 0.94%, 1/25/2034 ‡ (m)		662		662
Series 2004-NC3, Class M1, 0.88%, 3/25/2034 ‡ (m)		1,441		1,436
Series 2004-HE3, Class M1, 0.94%, 3/25/2034 ‡ (m)		1,907		1,900
Series 2004-HE3, Class M2, 1.96%, 3/25/2034 ‡ (m)		19		19
Series 2004-HE2, Class M3, 2.26%, 3/25/2034 ‡ (m)		419		416
Series 2004-NC5, Class M1, 0.99%, 5/25/2034 ‡ (m)		3,257		3,201

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2004-WMC2, Class M1, 1.00%, 7/25/2034 ‡ (m)		1,037		1,036
Series 2004-WMC2, Class M2, 1.89%, 7/25/2034 ‡ (m)		213		225
Series 2004-HE6, Class M1, 0.91%, 8/25/2034 (m)		259		257
Series 2004-HE6, Class M2, 0.99%, 8/25/2034 ‡ (m)		703		699
Series 2004-HE7, Class M2, 1.03%, 8/25/2034 ‡ (m)		181		181
Series 2004-HE6, Class M3, 1.06%, 8/25/2034 ‡ (m)		465		457
Series 2004-HE7, Class M3, 1.11%, 8/25/2034 ‡ (m)		47		46
Series 2004-HE8, Class M2, 1.11%, 9/25/2034 ‡ (m)		253		250
Series 2004-NC8, Class M3, 1.20%, 9/25/2034 ‡ (m)		337		336
Series 2004-HE8, Class M3, 1.21%, 9/25/2034 ‡ (m)		444		440
Series 2005-HE1, Class M2, 0.79%, 12/25/2034 ‡ (m)		278		276
Series 2005-NC1, Class M3, 0.85%, 1/25/2035 ‡ (m)		263		260
Series 2004-WMC3, Class M2, 0.88%, 1/25/2035 ‡ (m)		2,208		2,200
Morgan Stanley Mortgage Loan Trust Series 2007-5AX, Class 2A2, 0.39%, 2/25/2037 ‡ (m)		3,190		1,127
New Century Home Equity Loan Trust
Series 2004-1, Class M1, 0.97%, 5/25/2034 (m)		1,598		1,594
Series 2004-2, Class M2, 1.02%, 8/25/2034 ‡ (m)		113		113
Series 2004-2, Class M4, 1.89%, 8/25/2034 ‡ (m)		526		527
Series 2004-3, Class M2, 1.06%, 11/25/2034 ‡ (m)		347		348
Series 2004-3, Class M3, 1.15%, 11/25/2034 ‡ (m)		269		272
Series 2004-4, Class M2, 0.88%, 2/25/2035 ‡ (m)		310		311
Series 2005-1, Class M3, 0.87%, 3/25/2035 ‡ (m)		292		292
NovaStar Mortgage Funding Trust
Series 2003-2, Class M2, 2.86%, 9/25/2033 (m)		1,156		1,186
Series 2004-2, Class M4, 1.89%, 9/25/2034 ‡ (m)		310		306

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 111

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
NRZ Excess Spread-Collateralized Notes
Series 2018-FNT1, Class D, 4.69%, 5/25/2023 ‡ (g)		306		306
Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (g)		251		251
Oak Street Investment Grade Net Lease Fund
Series 2021-1A, Class A3, 2.80%, 1/20/2051 (g)		2,500		2,545
Series 2021-1A, Class B1, 4.23%, 1/20/2051 ‡ (g)		1,250		1,291
OneMain Financial Issuance Trust
Series 2015-3A, Class C, 5.82%, 11/20/2028 ‡ (g)		915		917
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (g)		990		992
Option One Mortgage Acceptance Corp. Asset-Backed Certificates
Series 2003-5, Class A2, 0.73%, 8/25/2033 ‡ (m)		301		299
Series 2003-5, Class M2, 2.41%, 8/25/2033 ‡ (m)		53		61
Option One Mortgage Loan Trust Series 2004-3, Class M2, 0.94%, 11/25/2034 ‡ (m)		402		399
People’s Choice Home Loan Securities Trust Series 2004-2, Class M3, 1.81%, 10/25/2034 ‡ (m)		1,910		1,934
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.44%, 4/25/2023 (g) (m)		2,878		2,881
PNMAC GMSR Issuer Trust Series 2018-GT1, Class A, 2.94%, 2/25/2023 (g) (m)		3,715		3,724
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024 (g)		780		785
Series 2018-1A, Class D, 4.14%, 10/15/2024 (g)		865		883
PRET LLC Series 2021-NPL3, Class A2, 3.72%, 7/25/2051 (g) (j)		3,333		3,302
Pretium Mortgage Credit Partners I LLC Series 2021-NPL1, Class A2, 4.21%, 9/27/2060 (g) (j)		4,000		4,023
Progress Residential Trust Series 2021-SFR8, Class G, 4.01%, 10/17/2038 ‡ (g)		6,080		6,080
PRPM LLC Series 2020-4, Class A2, 3.44%, 10/25/2025 ‡ (g) (j)		7,000		7,011
RAMP Trust Series 2002-RS2, Class AI5, 6.03%, 3/25/2032 ‡ (m)		294		298
RASC Trust Series 2005-KS2, Class M1, 0.73%, 3/25/2035 ‡ (m)		306		305

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Renaissance Home Equity Loan Trust
Series 2002-3, Class M1, 1.59%, 12/25/2032 ‡ (m)		455		449
Series 2003-1, Class M1, 1.59%, 6/25/2033 ‡ (m)		208		208
Series 2003-4, Class M1, 1.36%, 3/25/2034 ‡ (m)		1,249		1,238
Series 2003-4, Class M2F, 6.24%, 3/25/2034 ‡ (j)		672		673
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (j)		69		71
Series 2005-2, Class AV3, 0.46%, 8/25/2035 ‡ (m)		759		743
Santander Drive Auto Receivables Trust Series 2021-2, Class A2, 0.28%, 4/15/2024		91		91
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class E, 5.04%, 9/15/2025 (g)		452		462
Series 2018-A, Class F, 6.80%, 9/15/2025 (g)		685		693
SASCO Mortgage Loan Trust Series 2004-GEL3, Class M1, 1.66%, 8/25/2034 ‡ (m)		668		673
Saxon Asset Securities Trust
Series 2004-2, Class MV2, 1.89%, 8/25/2035 ‡ (m)		323		326
Series 2005-2, Class M2, 0.75%, 10/25/2035 (m)		2,129		2,120
Securitized Asset-Backed Receivables LLC Trust
Series 2004-NC1, Class M1, 0.87%, 2/25/2034 ‡ (m)		1,345		1,341
Series 2005-OP1, Class M2, 0.76%, 1/25/2035 ‡ (m)		423		414
Specialty Underwriting & Residential Finance Trust Series 2004-BC1, Class M2, 1.69%, 2/25/2035 ‡ (m)		29		29
Structured Asset Investment Loan Trust
Series 2004-5, Class M3, 1.02%, 5/25/2034 ‡ (m)		40		40
Series 2004-6, Class M1, 0.69%, 7/25/2034 ‡ (m)		75		75
Series 2004-7, Class M1, 1.14%, 8/25/2034 ‡ (m)		394		393
Series 2004-BNC1, Class A5, 1.33%, 9/25/2034 ‡ (m)		174		175

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		1,342		1,224
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2004-2, Class M4, 1.89%, 12/25/2033 (m)		757		757
Series 2004-2, Class M1, 0.99%, 10/25/2034 ‡ (m)		571		566
Series 2004-2, Class M8A, 4.59%, 10/25/2034 (g) (m)		290		300
Series 2004-2, Class M8B, 5.00%, 10/25/2034 ‡ (g) (m)		290		294
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
Series 2004-1, Class M2, 1.03%, 4/25/2034 ‡ (m)		172		172
Series 2004-1, Class M4, 1.81%, 4/25/2034 ‡ (m)		183		183
Westlake Automobile Receivables Trust
Series 2019-1A, Class E, 4.49%, 7/15/2024 (g)		2,865		2,977
Series 2018-3A, Class F, 6.02%, 2/18/2025 (g)		3,605		3,723
Series 2019-1A, Class F, 5.67%, 2/17/2026 (g)		1,769		1,830
Series 2019-2A, Class F, 5.00%, 3/16/2026 (g)		1,880		1,943
				204,360
Total Asset-Backed Securities (Cost $197,361)				206,312
Foreign Government Securities — 1.4%
Angola — 0.0% (c)
Republic of Angola
9.50%, 11/12/2025 (b)		970		1,047
8.00%, 11/26/2029 (g)		1,550		1,535
8.00%, 11/26/2029 (b)		780		773
9.13%, 11/26/2049 (b)		1,200		1,167
				4,522
Argentina — 0.0% (c)
Argentine Republic
1.00%, 7/9/2029		353		128
0.50%, 7/9/2030 (j)		1,853		635
1.13%, 7/9/2035 (j)		5,116		1,571
2.00%, 1/9/2038 (j)		1,486		543

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Argentina — continued
2.50%, 7/9/2041 (j)		450		154
				3,031
Bahrain — 0.1%
Kingdom of Bahrain
7.00%, 1/26/2026 (b)		970		1,075
7.00%, 10/12/2028 (b)		1,400		1,532
6.75%, 9/20/2029 (b)		200		216
5.45%, 9/16/2032 (g)		481		470
6.00%, 9/19/2044 (b)		1,500		1,383
7.50%, 9/20/2047 (b)		970		999
				5,675
Belarus — 0.0% (c)
Republic of Belarus
6.88%, 2/28/2023 (b)		270		272
6.20%, 2/28/2030 (b)		400		346
6.38%, 2/24/2031 (b)		900		775
				1,393
Brazil — 0.0% (c)
Federative Republic of Brazil
4.25%, 1/7/2025		880		930
4.50%, 5/30/2029		1,130		1,130
8.25%, 1/20/2034		585		756
5.63%, 1/7/2041		950		930
5.00%, 1/27/2045		1,230		1,105
				4,851
Colombia — 0.0% (c)
Republic of Colombia
4.50%, 1/28/2026		350		374
3.88%, 4/25/2027		690		717
7.38%, 9/18/2037		1,000		1,235
6.13%, 1/18/2041		950		1,051
5.00%, 6/15/2045		1,370		1,349
5.20%, 5/15/2049		420		423
				5,149
Costa Rica — 0.0% (c)
Republic of Costa Rica
4.38%, 4/30/2025 (b)		200		205
7.00%, 4/4/2044 (b)		1,100		1,095
				1,300
Croatia — 0.0% (c)
Republic of Croatia 6.00%, 1/26/2024 (b)		1,290		1,431

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 113

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Dominican Republic — 0.1%
Dominican Republic Government Bond
5.50%, 1/27/2025 (b)		510		554
6.88%, 1/29/2026 (b)		1,200		1,372
5.95%, 1/25/2027 (b)		1,020		1,136
4.50%, 1/30/2030 (g)		790		798
4.88%, 9/23/2032 (g)		1,090		1,107
5.30%, 1/21/2041 (g)		285		284
7.45%, 4/30/2044 (b)		1,580		1,880
6.85%, 1/27/2045 (b)		500		556
6.50%, 2/15/2048 (b)		1,250		1,328
5.88%, 1/30/2060 (g)		880		858
				9,873
Ecuador — 0.0% (c)
Republic of Ecuador
5.00%, 7/31/2030 (b) (j)		1,000		826
5.00%, 7/31/2030 (g) (j)		650		537
1.00%, 7/31/2035 (b) (j)		3,110		2,049
				3,412
Egypt — 0.1%
Arab Republic of Egypt
5.75%, 5/29/2024 (g)		750		772
3.88%, 2/16/2026 (g)		665		618
7.50%, 1/31/2027 (b)		1,720		1,781
7.60%, 3/1/2029 (g)		1,090		1,091
5.88%, 2/16/2031 (a) (g)		482		433
7.05%, 1/15/2032 (a) (g)		880		822
7.63%, 5/29/2032 (g)		750		724
8.50%, 1/31/2047 (b)		1,049		965
8.70%, 3/1/2049 (g)		1,520		1,410
8.88%, 5/29/2050 (b)		250		235
8.15%, 11/20/2059 (g)		1,050		936
7.50%, 2/16/2061 (g)		700		591
				10,378
El Salvador — 0.0% (c)
Republic of El Salvador
5.88%, 1/30/2025 (b)		650		514
6.38%, 1/18/2027 (b)		950		723
7.12%, 1/20/2050 (b)		1,437		1,021
				2,258
Ethiopia — 0.0% (c)
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (b)		1,037		842

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Gabon — 0.0% (c)
Gabonese Republic
6.38%, 12/12/2024 (b)		646		685
6.95%, 6/16/2025 (b)		300		322
				1,007
Ghana — 0.0% (c)
Republic of Ghana
7.88%, 3/26/2027 (b)		360		331
7.63%, 5/16/2029 (b)		1,310		1,146
10.75%, 10/14/2030 (b)		1,325		1,530
8.63%, 6/16/2049 (b)		2,090		1,756
				4,763
Guatemala — 0.0% (c)
Republic of Guatemala
4.50%, 5/3/2026 (b)		655		700
6.13%, 6/1/2050 (a) (g)		720		843
				1,543
Hungary — 0.0% (c)
Hungary Government Bond 7.63%, 3/29/2041		952		1,567
Indonesia — 0.0% (c)
Republic of Indonesia
3.50%, 1/11/2028		670		723
6.75%, 1/15/2044 (b)		650		939
				1,662
Iraq — 0.0% (c)
Republic of Iraq
6.75%, 3/9/2023 (b)		950		970
5.80%, 1/15/2028 (b)		1,625		1,582
				2,552
Ivory Coast — 0.0% (c)
Republic of Cote d’Ivoire
5.75%, 12/31/2032 (b) (j)		887		886
6.13%, 6/15/2033 (b)		3,430		3,603
				4,489
Jamaica — 0.0% (c)
Jamaica Government Bond
8.00%, 3/15/2039		1,243		1,757
7.88%, 7/28/2045		550		777
				2,534

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Jordan — 0.0% (c)
Hashemite Kingdom of Jordan 5.85%, 7/7/2030 (g)		1,810		1,862
Kazakhstan — 0.0% (c)
Republic of Kazakhstan 6.50%, 7/21/2045 (b)		560		806
Kenya — 0.0% (c)
Republic of Kenya
6.88%, 6/24/2024 (b)		2,663		2,863
8.00%, 5/22/2032 (g)		1,360		1,469
6.30%, 1/23/2034 (a) (g)		483		468
				4,800
Lebanon — 0.0% (c)
Lebanese Republic
6.00%, 1/27/2023 (b) (k)		1,250		185
6.65%, 4/22/2024 (b) (k)		625		92
6.85%, 3/23/2027 (b) (k)		2,639		397
6.65%, 11/3/2028 (b) (k)		2,215		333
7.25%, 3/23/2037 (b) (k)		492		78
				1,085
Mexico — 0.0% (c)
United Mexican States
5.55%, 1/21/2045		650		778
4.60%, 1/23/2046		610		649
4.50%, 1/31/2050		500		525
3.77%, 5/24/2061		1,198		1,107
				3,059
Morocco — 0.0% (c)
Kingdom of Morocco
3.00%, 12/15/2032 (g)		690		654
5.50%, 12/11/2042 (b)		1,000		1,104
4.00%, 12/15/2050 (g)		650		585
				2,343
Nigeria — 0.1%
Federal Republic of Nigeria
7.63%, 11/21/2025 (b)		1,000		1,086
6.50%, 11/28/2027 (b)		920		934
6.50%, 11/28/2027 (g)		1,220		1,239
8.75%, 1/21/2031 (b)		780		836
7.88%, 2/16/2032 (b)		710		721
7.63%, 11/28/2047 (a) (g)		1,290		1,199
7.63%, 11/28/2047 (b)		600		558
				6,573

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oman — 0.1%
Sultanate of Oman Government Bond
4.88%, 2/1/2025 (g)		320		334
4.75%, 6/15/2026 (b)		1,100		1,128
5.38%, 3/8/2027 (b)		1,320		1,383
6.00%, 8/1/2029 (b)		1,180		1,264
6.25%, 1/25/2031 (g)		264		285
7.38%, 10/28/2032 (g)		625		722
6.50%, 3/8/2047 (b)		340		336
6.75%, 1/17/2048 (b)		1,170		1,191
7.00%, 1/25/2051 (g)		301		314
				6,957
Pakistan — 0.0% (c)
Islamic Republic of Pakistan
8.25%, 4/15/2024 (b)		730		779
8.25%, 9/30/2025 (b)		550		598
6.00%, 4/8/2026 (g)		471		472
7.38%, 4/8/2031 (g)		554		560
8.88%, 4/8/2051 (b)		1,287		1,291
				3,700
Panama — 0.1%
Republic of Panama
3.75%, 3/16/2025		1,050		1,120
3.88%, 3/17/2028		1,750		1,896
6.70%, 1/26/2036		1,150		1,534
4.50%, 4/1/2056		810		890
3.87%, 7/23/2060		380		379
				5,819
Paraguay — 0.1%
Republic of Paraguay
4.70%, 3/27/2027 (b)		2,020		2,220
6.10%, 8/11/2044 (b)		2,130		2,560
5.60%, 3/13/2048 (b)		350		399
5.40%, 3/30/2050 (a) (g)		950		1,072
				6,251
Peru — 0.0% (c)
Republic of Peru
4.13%, 8/25/2027		760		832
5.63%, 11/18/2050		750		1,029
				1,861
Philippines — 0.0% (c)
Republic of Philippines
10.63%, 3/16/2025		655		851

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 115

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Philippines — continued
3.00%, 2/1/2028		1,100		1,169
7.75%, 1/14/2031		270		387
3.70%, 2/2/2042		1,430		1,539
				3,946
Qatar — 0.1%
State of Qatar
3.25%, 6/2/2026 (b)		520		556
4.50%, 4/23/2028 (b)		940		1,080
4.00%, 3/14/2029 (g)		540		608
5.10%, 4/23/2048 (b)		1,200		1,592
4.82%, 3/14/2049 (b)		1,570		2,016
4.82%, 3/14/2049 (g)		430		552
				6,404
Romania — 0.0% (c)
Romania Government Bond
4.38%, 8/22/2023 (b)		1,010		1,069
6.13%, 1/22/2044 (b)		810		1,056
5.13%, 6/15/2048 (b)		730		859
				2,984
Russia — 0.1%
Russian Federation
4.88%, 9/16/2023 (b)		400		430
12.75%, 6/24/2028 (b)		1,390		2,284
5.10%, 3/28/2035 (g)		1,600		1,911
5.88%, 9/16/2043 (b)		1,200		1,625
5.25%, 6/23/2047 (b)		800		1,019
				7,269
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia
3.25%, 10/26/2026 (b)		1,000		1,070
3.63%, 3/4/2028 (b)		1,980		2,154
2.25%, 2/2/2033 (a) (g)		480		463
4.63%, 10/4/2047 (b)		1,050		1,238
5.00%, 4/17/2049 (b)		650		811
3.45%, 2/2/2061 (g)		468		461
				6,197
Senegal — 0.0% (c)
Republic of Senegal
6.75%, 3/13/2048 (b)		650		645
6.75%, 3/13/2048 (g)		460		456
				1,101

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Serbia — 0.0% (c)
Republic of Serbia 2.13%, 12/1/2030 (g)		797		742
South Africa — 0.1%
Republic of South Africa
4.30%, 10/12/2028		2,380		2,398
6.25%, 3/8/2041		2,500		2,605
5.00%, 10/12/2046		700		620
5.75%, 9/30/2049		1,550		1,477
				7,100
Sri Lanka — 0.0% (c)
Democratic Socialist Republic of Sri Lanka
5.75%, 4/18/2023 (b)		850		584
6.85%, 11/3/2025 (b)		596		383
6.20%, 5/11/2027 (b)		1,050		658
6.75%, 4/18/2028 (b)		2,600		1,628
7.55%, 3/28/2030 (g)		660		413
				3,666
Tajikistan — 0.0% (c)
Republic of Tajikistan 7.13%, 9/14/2027 (b)		600		518
Turkey — 0.1%
Republic of Turkey
5.75%, 3/22/2024		940		954
5.60%, 11/14/2024		1,200		1,209
4.88%, 10/9/2026		900		851
5.13%, 2/17/2028		940		884
6.00%, 1/14/2041		1,040		892
4.88%, 4/16/2043		510		397
				5,187
Ukraine — 0.1%
Ukraine Government Bond
7.75%, 9/1/2022 (b)		510		528
7.75%, 9/1/2023 (b)		1,910		2,037
7.75%, 9/1/2024 (b)		700		753
7.75%, 9/1/2025 (b)		970		1,047
7.75%, 9/1/2026 (b)		500		538
7.75%, 9/1/2027 (b)		1,080		1,163
9.75%, 11/1/2028 (b)		840		973
7.38%, 9/25/2032 (b)		1,560		1,606
7.25%, 3/15/2033 (b)		1,530		1,555
				10,200
United Arab Emirates — 0.0% (c)
United Arab Emirates Government Bond
2.88%, 10/19/2041 (a) (g)		840		827

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
United Arab Emirates — continued
4.13%, 10/11/2047 (b)		1,900		2,247
3.13%, 9/30/2049 (b)		1,430		1,437
				4,511
Uruguay — 0.1%
Oriental Republic of Uruguay
7.88%, 1/15/2033		440		649
7.63%, 3/21/2036		790		1,187
5.10%, 6/18/2050		2,420		3,148
4.98%, 4/20/2055		440		564
				5,548
Zambia — 0.0% (c)
Republic of Zambia 8.97%, 7/30/2027 (b) (k)		1,050		827
Total Foreign Government Securities (Cost $190,172)				185,548
	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		1,335
Bank of America Corp.,
Series GG, 6.00%, 5/16/2023 ($25 par value) (q)		145		3,860
Series HH, 5.88%, 7/24/2023 ($25 par value) (q)		121		3,277
Series KK, 5.38%, 6/25/2024 ($25 par value) (q)		92		2,504
Series LL, 5.00%, 9/17/2024 ($25 par value) (q)		35		941
Energy Transfer LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 (f) (q)		255		6,517
Goodman Networks, Inc. * ‡		64		1
MetLife, Inc., Series F, 4.75%, 3/15/2025 ($25 par value) (q)		99		2,663
Morgan Stanley,
Series I, (ICE LIBOR USD 3 Month + 3.71%), 6.38%, 10/15/2024 ($25 par value) (f) (q)		87		2,490
Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (f) (q)		419		12,335
Series L, 4.88%, 1/15/2025 ($25 par value) (q)		25		682

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
MYT Holding LLC, Series A, 10.00%, 6/6/2029 ‡		2,316		2,647
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		115		3,237
Northern Trust Corp., Series E, 4.70%, 1/1/2025 ($25 par value) (q)		62		1,699
Public Storage, Series L, , REIT4.63%, 6/17/2025 ($25 par value) (q)		77		2,070
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value) (f) (q)		53		1,524
SCE Trust VI, 5.00%, 6/26/2022 ($25 par value) (q)		453		11,321
Sempra Energy, 5.75%, 7/1/2079 ($25 par value)		18		497
Southern Co. (The), Series 2020, 4.95%, 1/30/2080 ($25 par value)		160		4,254
State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (f) (q)		43		1,263
Truist Financial Corp., Series R, 4.75%, 9/1/2025 ($25 par value) (q)		104		2,772
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (q)		58		1,570
Wells Fargo & Co.,
Series AA, 4.70%, 12/15/2025 ($25 par value) (q)		19		485
Series Y, 5.63%, 6/15/2022 ($25 par value) (q)		153		3,955
Series Z, 4.75%, 3/15/2025 ($25 par value) (q)		776		20,089
Total Preferred Stocks (Cost $86,939)				93,988
	PRINCIPAL AMOUNT ($000)
Convertible Bonds — 0.4%
Australia — 0.0% (c)
Afterpay Ltd. Zero Coupon, 3/12/2026 (b)	AUD	1,600		1,204
DEXUS Finance Pty. Ltd. REIT, 2.30%, 6/19/2026 (b)	AUD	1,600		1,205
Glencore Funding LLC Zero Coupon, 3/27/2025 (b)		1,000		1,033
				3,442
Cameroon — 0.0% (c)
Golar LNG Ltd. 2.75%, 2/15/2022		486		486

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 117

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Convertible Bonds — continued
China — 0.1%
China Conch Venture Holdings International Ltd. Zero Coupon, 9/5/2023 (b)	HKD	7,000		1,058
Hansoh Pharmaceutical Group Co. Ltd. Zero Coupon, 1/22/2026 (b)		600		533
Hello Group, Inc. 1.25%, 7/1/2025		1,149		1,012
Meituan Zero Coupon, 4/27/2028 (b)		800		800
Pinduoduo, Inc. Zero Coupon, 12/1/2025		669		627
Weibo Corp. 1.25%, 11/15/2022		1,124		1,102
				5,132
Germany — 0.0% (c)
MTU Aero Engines AG Series MTX, 0.05%, 3/18/2027 (b)	EUR	800		902
Israel — 0.0% (c)
Wix.com Ltd. Zero Coupon, 8/15/2025		1,673		1,558
New Zealand — 0.0% (c)
Xero Investments Ltd. Zero Coupon, 12/2/2025 (b)		708		728
Spain — 0.0% (c)
Cellnex Telecom SA 0.75%, 11/20/2031 (b)	EUR	1,200		1,358
United Kingdom — 0.0% (c)
Barclays Bank plc
Zero Coupon, 2/4/2025		490		827
Series VUN, Zero Coupon, 2/18/2025		508		558
Capital & Counties Properties plc REIT, 2.00%, 3/30/2026	GBP	500		723
Just Eat Takeaway.com NV Series B, 0.63%, 2/9/2028 (b)	EUR	600		610
Trainline plc 1.00%, 1/14/2026 (b)	GBP	600		719
WH Smith plc 1.63%, 5/7/2026 (b)	GBP	500		667
				4,104
United States — 0.3%
Airbnb, Inc. Zero Coupon, 3/15/2026 (g)		693		678
Alteryx, Inc. 1.00%, 8/1/2026		580		542
Ares Capital Corp.
3.75%, 2/1/2022		1,086		1,201
4.63%, 3/1/2024		602		684
Beyond Meat, Inc. Zero Coupon, 3/15/2027 (g)		473		396
BlackRock Capital Investment Corp. 5.00%, 6/15/2022		596		602
BlackRock TCP Capital Corp. 4.63%, 3/1/2022		582		588

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
BofA Finance LLC 0.25%, 5/1/2023		615			691
Chegg, Inc. Zero Coupon, 9/1/2026		610			570
Dexcom, Inc. 0.25%, 11/15/2025		345			440
DigitalBridge Group, Inc. REIT, 5.00%, 4/15/2023		853			879
DISH Network Corp.
2.38%, 3/15/2024		2,092			2,029
3.38%, 8/15/2026		4,533			4,619
DocuSign, Inc. Zero Coupon, 1/15/2024 (g)		970			1,021
Dropbox, Inc. Zero Coupon, 3/1/2026 (g)		318			338
Gulfport Energy Operating Corp.
10.00%, 12/6/2021 ‡		—	(d)		1,869
Halozyme Therapeutics, Inc. 0.25%, 3/1/2027 (g)		469			415
Hercules Capital, Inc. 4.38%, 2/1/2022		705			767
LendingTree, Inc. 0.50%, 7/15/2025		1,331			1,139
Liberty Interactive LLC
4.00%, 11/15/2029		3,709			2,854
3.75%, 2/15/2030		320			246
Live Nation Entertainment, Inc. 2.00%, 2/15/2025		1,432			1,744
Meritor, Inc. 3.25%, 10/15/2037		564			613
MFA Financial, Inc. REIT, 6.25%, 6/15/2024		882			906
Peloton Interactive, Inc. Zero Coupon, 2/15/2026 (g)		733			652
Redwood Trust, Inc. REIT, 4.75%, 8/15/2023		716			730
Repay Holdings Corp. Zero Coupon, 2/1/2026 (g)		465			429
RingCentral, Inc.
Zero Coupon, 3/1/2025		1,409			1,445
Zero Coupon, 3/15/2026		1,704			1,658
RWT Holdings, Inc. 5.75%, 10/1/2025		313			322
Splunk, Inc. 1.13%, 6/15/2027		657			686
Spotify USA, Inc. Zero Coupon, 3/15/2026 (g)		654			622
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023		636			629
TripAdvisor, Inc. 0.25%, 4/1/2026 (g)		672			601
Twitter, Inc. Zero Coupon, 3/15/2026 (g)		1,630			1,494
Uber Technologies, Inc. Zero Coupon, 12/15/2025 (g)		719			692
Vishay Intertechnology, Inc. 2.25%, 6/15/2025		756			768
					36,559

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Convertible Bonds — continued
Vietnam — 0.0% (c)
No. Va Land Investment Group Corp. 5.25%, 7/16/2026 (b)		600			583
Total Convertible Bonds (Cost $51,910)					54,852
U.S. Treasury Obligations — 0.3%
U.S. Treasury Notes
1.38%, 1/31/2022 (r)		42,134			42,269
0.25%, 9/30/2023		40			40
Total U.S. Treasury Obligations (Cost $42,309)					42,309
	SHARES (000)
Convertible Preferred Stocks — 0.2%
United States — 0.2%
AMG Capital Trust II 5.15%, 10/15/2037 ($50 par value)		20			1,107
Bank of America Corp. Series L, 7.25% ($1,000 par value)		2			3,085
Broadcom, Inc. Series A, 8.00%, 9/30/2022 ($1,000 par value)		1			2,372
Bunge Ltd. 4.88% ($100 par value)		9			1,158
Claire’s Stores, Inc. * ‡		3			7,671
Danaher Corp. Series B, 5.00%, 4/15/2023 ($1,000 par value)		—	(d)		807
Dominion Energy, Inc. Series A, 7.25%, 6/1/2022 ($100 par value)		10			956
Energizer Holdings, Inc. Series A, 7.50%, 1/15/2022 ($100 par value)		6			484
Essential Utilities, Inc. 6.00%, 4/30/2022 ($50 par value)		8			460
KKR & Co., Inc. Series C, 6.00%, 9/15/2023 ($50 par value)		26			2,603
NextEra Energy, Inc. 6.22%, 9/1/2023 ($50 par value)		30			1,650
Stanley Black & Decker, Inc. 5.25%, 11/15/2022 ($100 par value)		9			977
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		2			3,630
					26,960
Total Convertible Preferred Stocks (Cost $16,294)					26,960

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — 0.0% (c)
Israel — 0.0% (c)
Israel Government AID Bond
4.50%, 1/30/2043		873		1,084
4.13%, 1/17/2048		1,966		2,350
Total U.S. Government Agency Securities (Cost $3,021)				3,434
	NO. OF WARRANTS (000)
Warrants — 0.0% (c)
United Kingdom — 0.0% (c)
Cineworld Group expiring 12/31/2049, price 4149.00 GBP *		17		5
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD * ‡		48		927
				932
United States — 0.0% (c)
Chesapeake Energy Corp.
expiring 2/9/2026, price 27.27 USD *		17		641
expiring 2/9/2026, price 31.71 USD *		19		621
expiring 2/9/2026, price 35.71 USD *		10		315
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD * ‡		4		65
				1,642
Total Warrants (Cost $1)				2,574
	PRINCIPAL AMOUNT ($000)
Mortgage-Backed Securities — 0.0% (c)
United States — 0.0% (c)
FNMA UMBS, 20 Year Pool # CA1231, 3.50%, 2/1/2038		313		339
FNMA UMBS, 30 Year
Pool # MA4356, 2.50%, 6/1/2051		63		65
Pool # MA4398, 2.00%, 8/1/2051		626		626
Pool # MA4465, 2.00%, 11/1/2051		40		40
Total Mortgage-Backed Securities (Cost $1,053)				1,070
	NO. OF RIGHTS (000)
Rights — 0.0% (c)
United States — 0.0% (c)
Vistra Corp., expiring 12/31/2049 * ‡ (Cost $—)		488		678

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 119

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — 3.7%
Certificates of Deposit — 0.0% (c)
Kookmin Bank (ICE LIBOR USD 1 Month + 0.29%), 0.38%, 12/20/2021 (f)		91		91
Norinchukin Bank (The) 0.37%, 12/1/2021		146		146
Svenska Handelsbanken AB 0.25%, 3/16/2022		189		189
Total Certificates of Deposit (Cost $426)				426
Commercial Paper — 0.0% (c)
Banco Del Estado De Chile 0.41%, 12/2/2021 (g) (s)		157		157
Waste Management, Inc. 0.31%, 9/8/2022 (g)		250		249
Total Commercial Paper (Cost $406)				406
	SHARES (000)
Investment Companies — 1.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (t) (u)		209,171		209,276

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — continued
Investment Companies — continued
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (t) (u)		55,234		55,261
Total Investment Companies (Cost $264,499)				264,537
Investment of Cash Collateral from Securities Loaned — 1.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (t) (u)		213,986		213,987
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (t) (u)		24,954		24,954
Total Investment of Cash Collateral from Securities Loaned (Cost $238,941)				238,941
Total Short-Term Investments (Cost $504,272)				504,310
Total Investments — 100.6% (Cost $12,425,732)				13,758,535
Liabilities in Excess of Other Assets — (0.6)%				(79,571	)
NET ASSETS — 100.0%				13,678,964

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 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	%
Convertible Bonds		7.2
Equity Real Estate Investment Trusts (REITs)		7.0
Oil, Gas & Consumable Fuels		6.3
Diversified Telecommunication Services		4.1
Collateralized Mortgage Obligations		4.0
Commercial Mortgage-Backed Securities		3.4
Pharmaceuticals		3.4
Capital Markets		3.2
Electric Utilities		3.1
Media		3.1
Insurance		2.8
Health Care Providers & Services		2.4
Semiconductors & Semiconductor Equipment		1.8
Hotels, Restaurants & Leisure		1.7

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Chemicals		1.6	%
Wireless Telecommunication Services		1.5
Food Products		1.5
Asset-Backed Securities		1.5
Metals & Mining		1.4
Foreign Government Securities		1.4
Multi-Utilities		1.3
Technology Hardware, Storage & Peripherals		1.1
Food & Staples Retailing		1.1
IT Services		1.0
Real Estate Management & Development		1.0
Others (each less than 1.0%)		20.7
Short-Term Investments		3.7

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN FUNDS OCTOBER 31, 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
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 October 31, 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
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 October 31, 2021. The total value of securities on loan at October 31, 2021 is $230,342.
(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)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2021.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2021.
(g)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(j)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2021.
(k)	Defaulted security.
(l)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(m)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 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 October 31, 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 October 31, 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 October 31, 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 October 31, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 121

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

Futures contracts outstanding as of October 31, 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		113		12/2021		EUR		5,558			193
FTSE 100 Index		16		12/2021		GBP		1,585			23
U.S. Treasury 10 Year Note		14,283		12/2021		USD		1,866,833			(33,360	)
											(33,144	)
Short Contracts
Russell 2000 E-Mini Index		(1,453)		12/2021		USD		(166,812	)		(3,641	)
											(3,641	)
											(36,785	)

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN FUNDS OCTOBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2021 J.P. MORGAN FUNDS 123

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2021

(Amounts in thousands, except per share amounts)

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	4,843,853		$	13,255,057
Investments in affiliates, at value		207,109			264,537
Investment of cash collateral received from securities loaned, at value (See Note 2.F.)		77,299			238,941
Options purchased, at value		10,431			—
Cash		3,492			4,140
Foreign currency, at value		11,323			1,799
Deposits at broker for futures contracts		20,958			592
Deposits at broker for securities sold short		23,700			—
Receivables:
Investment securities sold		31,366			188,189
Fund shares sold		6,646			7,148
Interest from non-affiliates		10,723			70,807
Dividends from non-affiliates		2,596			9,594
Dividends from affiliates		8			6
Tax reclaims		2,358			9,335
Securities lending income (See Note 2.F.)		29			70
Variation margin on futures contracts		2,724			—
Unrealized appreciation on forward foreign currency exchange contracts		12,951			—
Unrealized appreciation on unfunded commitments		—			4
Outstanding OTC swap contracts, at value		2,250			—
Total Assets		5,269,816			14,050,219
LIABILITIES:
Payables:
Securities sold short, at value		11,976			—
Dividend expense to non-affiliates on securities sold short		20			—
Investment securities purchased		44,097			63,926
Investment securities purchased — delayed delivery securities		—			3,458
Interest expense to non-affiliates on securities sold short		37			—
Collateral received on securities loaned (See Note 2.F.)		77,299			238,941
Fund shares redeemed		4,026			53,175
Variation margin on futures contracts		—			637
Unrealized depreciation on forward foreign currency exchange contracts		5,827			—
Accrued liabilities:
Investment advisory fees		2,241			4,734
Administration fees		258			790
Distribution fees		491			2,498
Service fees		438			404
Custodian and accounting fees		263			404
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Deferred foreign capital gains tax		—			1,879
Other		246			409
Total Liabilities		147,219			371,255
Net Assets	$	5,122,597		$	13,678,964

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN FUNDS OCTOBER 31, 2021

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	3,974,272		$	11,869,856
Total distributable earnings (loss)		1,148,325			1,809,108
Total Net Assets	$	5,122,597		$	13,678,964
Net Assets:
Class A	$	773,563		$	5,328,533
Class C		519,020			2,146,228
Class I		2,760,026			5,728,166
Class R2		6,946			—
Class R3		932			—
Class R4		1,377			—
Class R5		89			—
Class R6		1,060,644			476,037
Total	$	5,122,597		$	13,678,964
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		32,822			458,680
Class C		22,416			185,273
Class I		116,381			492,280
Class R2		297			—
Class R3		39			—
Class R4		58			—
Class R5		4			—
Class R6		44,742			40,907
Net Asset Value (a):
Class A — Redemption price per share	$	23.57		$	11.62
Class C — Offering price per share (b)		23.15			11.58
Class I — Offering and redemption price per share		23.72			11.64
Class R2 — Offering and redemption price per share		23.40			—
Class R3 — Offering and redemption price per share		23.65			—
Class R4 — Offering and redemption price per share		23.57			—
Class R5 — Offering and redemption price per share		23.73			—
Class R6 — Offering and redemption price per share		23.71			11.64
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)]	$	24.68		$	12.17
Cost of investments in non-affiliates	$	3,967,975		$	11,922,292
Cost of investments in affiliates		207,062			264,499
Cost of options purchased		8,014			—
Cost of foreign currency		10,455			1,841
Investment securities on loan, at value (See Note 2.F.)		74,669			230,342
Cost of investment of cash collateral (See Note 2.F.)		77,298			238,941
Proceeds from securities sold short		11,986			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 125

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2021

(Amounts in thousands)

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	41,660		$	368,789
Interest income from affiliates		1			16
Dividend income from non-affiliates		56,743			202,628
Dividend income from affiliates		158			274
Income from securities lending (net) (See Note 2.F.)		445			691
Foreign taxes withheld (net)		(3,466	)		(11,983	)
Total investment income		95,541			560,415
EXPENSES:
Investment advisory fees		25,970			55,860
Administration fees		3,541			9,175
Distribution fees:
Class A		1,648			12,216
Class C		3,909			17,983
Class R2		33			—
Class R3		2			—
Service fees:
Class A		1,648			12,216
Class C		1,303			5,994
Class I		6,517			13,789
Class R2		17			—
Class R3		2			—
Class R4		3			—
Class R5		—	(a)		—
Custodian and accounting fees		984			1,607
Interest expense to affiliates		37			14
Professional fees		261			362
Trustees’ and Chief Compliance Officer’s fees		37			58
Printing and mailing costs		185			527
Registration and filing fees		164			377
Transfer agency fees (See Note 2.M.)		91			301
Dividend expense to non-affiliates on securities sold short		586			—
Interest expense to non-affiliates on securities sold short		197			—
Other		368			320
Total expenses		47,503			130,799
Less fees waived		(5,459	)		(27,798	)
Less expense reimbursements		(7	)		(1,113	)
Net expenses		42,037			101,888
Net investment income (loss)	$	53,504		$	458,527

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN FUNDS OCTOBER 31, 2021

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	273,298	(a)	$	777,585	(b)
Investments in affiliates		2,090			16
Options purchased		17,885			—
Futures contracts		64,082			(87,116	)
Securities sold short		(7,222	)		—
Foreign currency transactions		873			1,352
Forward foreign currency exchange contracts		15,404			—
Options written		13			—
Swaps		4,705			—
Net realized gain (loss)		371,128			691,837
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		502,350	(c)		971,846	(d)
Investments in affiliates		(6	)		(32	)
Options purchased		2,417			—
Futures contracts		(6,720	)		(9,033	)
Securities sold short		(126	)		—
Foreign currency translations		785			(655	)
Forward foreign currency exchange contracts		6,440			—
Swaps		3,060			—
Unfunded commitments		—			5
Change in net unrealized appreciation/depreciation		508,200			962,131
Net realized/unrealized gains (losses)		879,328			1,653,968
Change in net assets resulting from operations	$	932,832		$	2,112,495

(a) Net of foreign capital gains tax of $(6).

(b) Net of foreign capital gains tax of $(906).

(c) Net of change in foreign capital gains tax of $6.

(d) Net of change in foreign capital gains tax of $(845).

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 127

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	53,504		$	57,988		$	458,527		$	459,395
Net realized gain (loss)		371,128			15,253			691,837			(117,089	)
Change in net unrealized appreciation/depreciation		508,200			41,368			962,131			(591,208	)
Change in net assets resulting from operations		932,832			114,609			2,112,495			(248,902	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(11,389	)		(6,886	)		(175,523	)		(148,881	)
Class C		(7,511	)		(6,657	)		(72,722	)		(114,167	)
Class I		(52,958	)		(36,160	)		(205,129	)		(214,354	)
Class R2		(100	)		(76	)		—			—
Class R3		(15	)		(1	)		—			—
Class R4		(20	)		(14	)		—			—
Class R5		(4	)		—	(a)		—			—
Class R6		(18,956	)		(9,820	)		(18,942	)		(17,663	)
Total distributions to shareholders		(90,953	)		(59,614	)		(472,316	)		(495,065	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		651,552			(100,642	)		(30,633	)		(706,760	)
NET ASSETS:
Change in net assets		1,493,431			(45,647	)		1,609,546			(1,450,727	)
Beginning of period		3,629,166			3,674,813			12,069,418			13,520,145
End of period	$	5,122,597		$	3,629,166		$	13,678,964		$	12,069,418

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN FUNDS OCTOBER 31, 2021

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	343,717		$	188,060		$	1,470,545		$	1,840,939
Distributions reinvested		10,397			6,380			160,549			141,045
Cost of shares redeemed		(165,771	)		(172,254	)		(1,007,091	)		(1,309,710	)
Change in net assets resulting from Class A capital transactions		188,343			22,186			624,003			672,274
Class C
Proceeds from shares issued		58,369			49,908			192,408			276,536
Distributions reinvested		6,657			5,634			69,488			103,061
Cost of shares redeemed		(110,453	)		(125,737	)		(941,440	)		(1,511,458	)
Change in net assets resulting from Class C capital transactions		(45,427	)		(70,195	)		(679,544	)		(1,131,861	)
Class I
Proceeds from shares issued		596,114			618,742			991,794			1,147,501
Distributions reinvested		43,953			28,888			183,235			189,667
Cost of shares redeemed		(447,625	)		(753,615	)		(1,052,204	)		(1,762,957	)
Change in net assets resulting from Class I capital transactions		192,442			(105,985	)		122,825			(425,789	)
Class R2
Proceeds from shares issued		741			1,252			—			—
Distributions reinvested		100			76			—			—
Cost of shares redeemed		(886	)		(1,094	)		—			—
Change in net assets resulting from Class R2 capital transactions		(45	)		234			—			—
Class R3
Proceeds from shares issued		95			679			—			—
Distributions reinvested		1			1			—			—
Cost of shares redeemed		(47)			(44	)		—			—
Change in net assets resulting from Class R3 capital transactions		49			636			—			—
Class R4
Proceeds from shares issued		920			320			—			—
Distributions reinvested		20			14			—			—
Cost of shares redeemed		(449	)		(290	)		—			—
Change in net assets resulting from Class R4 capital transactions		491			44			—			—
Class R5
Proceeds from shares issued		707			—	(a)		—			—
Distributions reinvested		4			—	(a)		—			—
Cost of shares redeemed		(680	)		—	(a)		—			—
Change in net assets resulting from Class R5 capital transactions		31			—	(a)		—			—
Class R6
Proceeds from shares issued		353,812			70,260			83,057			243,943
Distributions reinvested		18,024			9,623			18,708			17,611
Cost of shares redeemed		(56,168	)		(27,445	)		(199,682	)		(82,938	)
Change in net assets resulting from Class R6 capital transactions		315,668			52,438			(97,917	)		178,616
Total change in net assets resulting from capital transactions	$	651,552		$	(100,642	)	$	(30,633	)	$	(706,760	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 129

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2021			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued		15,139			10,041			128,767			176,710
Reinvested		469			338			14,043			13,807
Redeemed		(7,316	)		(9,429	)		(88,675	)		(128,870	)
Change in Class A Shares		8,292			950			54,135			61,647
Class C
Issued		2,621			2,723			16,903			26,585
Reinvested		309			298			6,110			10,109
Redeemed		(4,969	)		(6,952	)		(82,929	)		(148,018	)
Change in Class C Shares		(2,039	)		(3,931	)		(59,916	)		(111,324	)
Class I
Issued		26,172			33,090			86,981			111,133
Reinvested		1,971			1,531			16,013			18,517
Redeemed		(19,623	)		(41,507	)		(92,705	)		(175,591	)
Change in Class I Shares		8,520			(6,886	)		10,289			(45,941	)
Class R2
Issued		33			67			—			—
Reinvested		5			4			—			—
Redeemed		(40	)		(60	)		—			—
Change in Class R2 Shares		(2	)		11			—			—
Class R3
Issued		4			36			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(2	)		(2	)		—			—
Change in Class R3 Shares		2			34			—			—
Class R4
Issued		40			18			—			—
Reinvested		1			1			—			—
Redeemed		(19	)		(16	)		—			—
Change in Class R4 Shares		22			3			—			—
Class R5
Issued		32			—	(a)		—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(29	)		—	(a)		—			—
Change in Class R5 Shares		3			—	(a)		—			—
Class R6
Issued		15,695			3,722			7,264			23,202
Reinvested		807			511			1,635			1,724
Redeemed		(2,448	)		(1,481	)		(17,707	)		(8,234	)
Change in Class R6 Shares		14,054			2,752			(8,808	)		16,692

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN FUNDS OCTOBER 31, 2021

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2021 J.P. MORGAN FUNDS 131

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain				Total distributions
JPMorgan Global Allocation Fund
Class A
Year Ended October 31, 2021	$	19.27	$	0.22	$	4.50		$	4.72		$	(0.28	)	$	(0.14	)		$	(0.42	)
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	)
Class C
Year Ended October 31, 2021		18.94		0.11		4.41			4.52			(0.17	)		(0.14	)			(0.31	)
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	)
Class I
Year Ended October 31, 2021		19.39		0.28		4.52			4.80			(0.33	)		(0.14	)			(0.47	)
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	)
Class R2
Year Ended October 31, 2021		19.14		0.14		4.45			4.59			(0.19	)		(0.14	)			(0.33	)
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	)
Class R3
Year Ended October 31, 2021		19.34		0.20		4.50			4.70			(0.25	)		(0.14	)			(0.39	)
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
Year Ended October 31, 2021		19.28		0.26		4.48			4.74			(0.31	)		(0.14	)			(0.45	)
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
Year Ended October 31, 2021		19.39		0.33		4.48			4.81			(0.33	)		(0.14	)			(0.47	)
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	)		—			—				—

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN FUNDS OCTOBER 31, 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)
$	23.57		24.67	%	$	773,563		1.04	%(i)		0.97	%		1.18	%(i)		101	%		110	%
	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
	23.15		24.02			519,020		1.54	(i)		0.49			1.68	(i)		101			110
	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
	23.72		24.96			2,760,026		0.79	(i)		1.23			0.93	(i)		101			110
	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
	23.40		24.16			6,946		1.41	(i)		0.61			1.45	(i)		101			110
	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
	23.65		24.47			932		1.16	(i)		0.86			1.18	(i)		101			110
	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
	23.57		24.77			1,377		0.91	(i)		1.12			0.93	(i)		101			110
	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
	23.73		25.00			89		0.76	(i)		1.43			0.81	(i)		101			110
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 133

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Global Allocation Fund (continued)
Class R6
Year Ended October 31, 2021	$	19.38	$	0.31	$	4.52		$	4.83		$	(0.36	)	$	(0.14	)	$	(0.50	)
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) The Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 year ended October 31, 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 0.80% for the year ended October 31, 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 year ended October 31, 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.

134 J.P. MORGAN FUNDS OCTOBER 31, 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)
$	23.71		25.13	%	$	1,060,644		0.66	%(i)		1.36	%		0.68	%(i)		101	%		110	%
	19.38		4.34			594,754		0.65	(i)		1.83			0.68	(i)		105			116
	18.91		9.50			528,192		0.67	(i)		2.35			0.75	(i)		111			139
	17.79		(1.58	)		841,967		0.68	(i)		2.02			0.78	(i)		108			131

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 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)		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
Year Ended October 31, 2021	$	10.21	$	0.40	$	1.42		$	1.82		$	(0.41	)	$	—		$	(0.41	)
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	)
Class C
Year Ended October 31, 2021		10.19		0.34		1.40			1.74			(0.35	)		—			(0.35	)
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	)
Class I
Year Ended October 31, 2021		10.23		0.41		1.42			1.83			(0.42	)		—			(0.42	)
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	)
Class R6
Year Ended October 31, 2021		10.23		0.42		1.42			1.84			(0.43	)		—			(0.43	)
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.

136 J.P. MORGAN FUNDS OCTOBER 31, 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)
$	11.62		17.94	%	$	5,328,533		0.75	%		3.47	%		1.02	%		72	%
	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
	11.58		17.18			2,146,228		1.25			2.95			1.52			72
	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
	11.64		18.08			5,728,166		0.60			3.61			0.76			72
	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
	11.64		18.18			476,037		0.51			3.69			0.51			72
	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.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021

(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.

138 J.P. MORGAN FUNDS OCTOBER 31, 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 October 31, 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	$	—	$	306	$	4,148	$	4,454
Collateralized Mortgage Obligations
United States		—		4,241		1,276		5,517
Commercial Mortgage-Backed Securities
United States		—		8,615		1,199		9,814
Common Stocks
Argentina		2,386		—		—		2,386
Australia		—		29,351		—		29,351
Austria		—		6,414		—		6,414
Belgium		1,484		21,004		—		22,488
Brazil		11,967		93		—		12,060
Canada		25,645		—		—		25,645
Chile		1,663		78		—		1,741
China		28,376		297,753		—		326,129
Denmark		85		61,186		—		61,271
Finland		—		28,331		—		28,331
France		82		128,381		—		128,463
Germany		34		119,990		—		120,024
Greece		—		1,746		—		1,746
Hong Kong		51		30,879		—		30,930
India		32,670		—		—		32,670
Indonesia		—		18,969		—		18,969
Ireland		6,631		1,016		—		7,647
Israel		342		703		—		1,045

OCTOBER 31, 2021 J.P. MORGAN FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (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
Italy	$	3,339	$	17,392	$	—		$	20,731
Japan		69		70,088		—			70,157
Jordan		—		57		—			57
Luxembourg		—		3,557		—			3,557
Macau		—		1,150		—			1,150
Mexico		23,003		—		—			23,003
Netherlands		216		45,654		—			45,870
New Zealand		—		579		—			579
Norway		45		3,170		—			3,215
Peru		5,197		—		—			5,197
Poland		3,421		29		—			3,450
Portugal		58		213		—			271
Russia		23,888		18,132		—			42,020
Singapore		69		7,599		—			7,668
South Africa		6,906		12,512		—			19,418
South Korea		1,257		73,399		—			74,656
Spain		13,473		5,592		—			19,065
Sweden		1,708		35,081		—			36,789
Switzerland		250		105,215		—			105,465
Taiwan		43,238		42,342		—			85,580
Tanzania, United Republic of		—		846		—			846
Thailand		9,718		—		—			9,718
Turkey		4,247		—		—			4,247
United Arab Emirates		—		—		—	(a)		—	(a)
United Kingdom		4,048		86,236		—			90,284
United States		1,881,647		33,575		328			1,915,550
Total Common Stocks		2,137,213		1,308,312		328			3,445,853
Convertible Preferred Stocks		—		—		603			603
Corporate Bonds		—		746,123		—			746,123
Exchange-Traded Funds		26,307		—		—			26,307
Foreign Government Securities		—		520,219		—			520,219
Loan Assignments
United States		—		794		609			1,403
Options Purchased
Call Options Purchased		10,431		—		—			10,431
Preferred Stocks		—		—		46			46
Rights		—		—		24			24
Supranational		—		5,036		—			5,036
U.S. Treasury Obligations		—		60,124		—			60,124
Warrants
France		—		1,127		—			1,127
Switzerland		—		16,494		683			17,177
United Kingdom		—		—		18			18
United States		—		—		8			8
Total Warrants		—		17,621		709			18,330
Short-Term Investments
Investment Companies		207,109		—		—			207,109
Investment of Cash Collateral from Securities Loaned		77,299		—		—			77,299
Total Short-Term Investments		284,408		—		—			284,408
Total Investments in Securities	$	2,458,359	$	2,671,391	$	8,942		$	5,138,692

140 J.P. MORGAN FUNDS OCTOBER 31, 2021

Global Allocation Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Liabilities
Common Stocks	$	(11,976	)	$	—		$	—	$	(11,976	)
Total Liabilities in Securities Sold Short	$	(11,976	)	$	—		$	—	$	(11,976	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	12,951		$	—	$	12,951
Futures Contracts		22,699			—			—		22,699
Swaps		—			2,422			—		2,422
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(5,827	)		—		(5,827	)
Futures Contracts		(33,807	)		—			—		(33,807	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(11,108	)	$	9,546		$	—	$	(1,562	)

(a) Value is zero.

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	$	—	$	—	$	1,952		$	1,952
United States		—		94,950		109,410			204,360
Total Asset-Backed Securities		—		94,950		111,362			206,312
Collateralized Mortgage Obligations
Bermuda		—		—		3,010			3,010
United States		—		460,318		88,741			549,059
Total Collateralized Mortgage Obligations		—		460,318		91,751			552,069
Commercial Mortgage-Backed Securities
United States		—		203,621		270,236			473,857
Common Stocks
Australia		—		147,947		—			147,947
Austria		—		16,730		—			16,730
Belgium		6,949		43,023		—			49,972
Brazil		12,423		4,180		—			16,603
Canada		277,163		—		—			277,163
Cayman Islands		—		—		—	(a)		—	(a)
Chile		2,110		—		—			2,110
China		3,709		237,960		—			241,669
Denmark		—		50,586		—			50,586
Finland		—		61,259		—			61,259
France		—		175,550		—			175,550
Germany		—		246,517		—			246,517
Hong Kong		—		75,322		—			75,322
India		37,669		36,326		—			73,995
Indonesia		—		40,369		—			40,369
Ireland		—		3,860		—			3,860
Italy		685		76,710		—			77,395
Japan		17,749		204,765		—			222,514
Mexico		55,847		—		—			55,847
Netherlands		5,370		82,447		—			87,817

OCTOBER 31, 2021 J.P. MORGAN FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (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
New Zealand	$	—	$	15,247	$	—	$	15,247
Norway		2,818		29,932		—		32,750
Portugal		3,460		6,564		—		10,024
Russia		21,595		50,518		—		72,113
Saudi Arabia		10,581		—		—		10,581
Singapore		1,396		44,678		—		46,074
South Africa		15,922		5,803		—		21,725
South Korea		5,443		67,646		—		73,089
Spain		36,385		91,612		—		127,997
Sweden		—		78,969		—		78,969
Switzerland		—		197,332		—		197,332
Taiwan		6,292		157,209		—		163,501
Thailand		7,010		—		—		7,010
United Kingdom		28,621		290,351		—		318,972
United States		2,463,062		59,293		8,968		2,531,323
Total Common Stocks		3,022,259		2,598,705		8,968		5,629,932
Convertible Bonds
Australia		—		3,442		—		3,442
Cameroon		—		486		—		486
China		—		5,132		—		5,132
Germany		—		902		—		902
Israel		—		1,558		—		1,558
New Zealand		—		728		—		728
Spain		—		1,358		—		1,358
United Kingdom		—		4,104		—		4,104
United States		—		34,690		1,869		36,559
Vietnam		—		583		—		583
Total Convertible Bonds		—		52,983		1,869		54,852
Convertible Preferred Stocks
United States		19,289		—		7,671		26,960
Corporate Bonds
Australia		—		21,150		—		21,150
Austria		—		1,355		—		1,355
Azerbaijan		—		4,488		—		4,488
Bahrain		—		1,260		—		1,260
Belarus		—		706		—		706
Belgium		—		2,889		—		2,889
Brazil		—		5,435		—		5,435
Canada		—		178,547		—		178,547
Cayman Islands		—		916		—		916
Chile		—		2,922		—		2,922
China		—		61,438		—		61,438
Colombia		—		3,488		—		3,488
Costa Rica		—		790		—		790
Finland		—		10,665		—		10,665
France		—		86,858		—		86,858
Germany		—		4,207		—		4,207
Greece		—		197		—		197
Guatemala		—		1,170		—		1,170
Hong Kong		—		11,054		—		11,054
India		—		24,699		—		24,699
Indonesia		—		22,767		—		22,767
Ireland		—		15,983		—		15,983

142 J.P. MORGAN FUNDS OCTOBER 31, 2021

Income Builder Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Israel	$	—	$	436	$	—	$	436
Italy		—		23,067		—		23,067
Japan		—		10,962		—		10,962
Kazakhstan		—		7,566		—		7,566
Luxembourg		—		48,309		—		48,309
Macau		—		2,765		—		2,765
Mexico		—		19,056		—		19,056
Morocco		—		1,234		—		1,234
Netherlands		—		36,311		—		36,311
Norway		—		3,223		—		3,223
Panama		—		1,640		—		1,640
Paraguay		—		303		—		303
Peru		—		1,807		—		1,807
Philippines		—		8,180		—		8,180
Qatar		—		725		—		725
Saudi Arabia		—		1,970		—		1,970
South Africa		—		1,118		—		1,118
South Korea		—		1,869		—		1,869
Spain		—		12,330		—		12,330
Sweden		—		3,344		—		3,344
Switzerland		—		95,460		—		95,460
Thailand		—		5,499		—		5,499
Trinidad and Tobago		—		1,723		—		1,723
Tunisia		—		265		—		265
Turkey		—		686		—		686
United Arab Emirates		—		719		—		719
United Kingdom		—		118,176		—		118,176
United States		—		3,796,454		640		3,797,094
Total Corporate Bonds		—		4,668,181		640		4,668,821
Equity-Linked Notes		—		994,570		—		994,570
Foreign Government Securities		—		185,548		—		185,548
Loan Assignments
Canada		—		1,287		—		1,287
France		—		3,329		—		3,329
Ireland		—		139		—		139
Luxembourg		—		12,561		—		12,561
Netherlands		—		1,180		—		1,180
United Kingdom		—		823		—		823
United States		—		294,521		3,411		297,932
Total Loan Assignments		—		313,840		3,411		317,251
Mortgage-Backed Securities		—		1,070		—		1,070
Preferred Stocks
United States		91,340		—		2,648		93,988
Rights		—		—		678		678
U.S. Government Agency Securities		—		3,434		—		3,434
U.S. Treasury Obligations		—		42,309		—		42,309
Warrants
United Kingdom		—		5		927		932
United States		1,577		—		65		1,642
Total Warrants		1,577		5		992		2,574

OCTOBER 31, 2021 J.P. MORGAN FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (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
Short-Term Investments
Certificates of Deposit	$	—		$	426	$	—	$	426
Commercial Paper		—			406		—		406
Investment Companies		264,537			—		—		264,537
Investment of Cash Collateral from Securities Loaned		238,941			—		—		238,941
Total Short-Term Investments		503,478			832		—		504,310
Total Investments in Securities	$	3,637,943		$	9,620,366	$	500,226	$	13,758,535
Appreciation in Other Financial Instruments
Futures Contracts	$	216		$	—	$	—	$	216
Depreciation in Other Financial Instruments
Futures Contracts		(37,001	)		—		—		(37,001	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(36,785	)	$	—	$	—	$	(36,785	)

(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 October 31, 2021
Investments in Securities:
Asset-Backed Securities	$	24,115		$	469		$	(625	)	$	36	$	—	$	(19,847	)	$	—	$	—		$	4,148
Collateralized Mortgage Obligations		32,785			326			201			4		—		(31,417	)		—		(623	)		1,276
Commercial Mortgage-Backed Securities		22,520			275			432			2		—		(22,030	)		—		—			1,199
Common Stocks		321			(19	)		84			—		—		(42	)		—		(16	)		328
Convertible Bonds		—	(a)		(163	)		163			—		—		—	(b)		—		—			—
Convertible Preferred Stocks		415			79			211			—		—		(102	)		—		—			603
Corporate Bonds		115			(35	)		37			—		—		(117	)		—		—			—
Loan Assignments		1,036			—			(132	)		6		586		(887	)		—		—			609
Preferred Stocks		45			—	(b)		7			—		—		(6	)		—		—			46
Rights		19			—	(b)		5			—		—		—			—		—			24
Warrants		31			5			(123	)		—		876		(80	)		—		—			709
Total	$	81,402		$	937		$	260		$	48	$	1,462	$	(74,528	)	$	—	$	(639	)	$	8,942

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.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at October 31, 2021, which were valued using significant unobservable inputs (level 3), amounted to $274. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

144 J.P. MORGAN FUNDS OCTOBER 31, 2021

There were no significant transfers into or out of level 3 for the year ended October 31, 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 October 31, 2021
Investments in Securities:
Asset-Backed Securities	$	248,311		$	2,842		$	(3,701	)	$	695		$	7,330	$	(149,674	)	$	7,000	$	(1,441	)	$	111,362
Collateralized Mortgage Obligations		202,468			588			2,255			(2	)		23,574		(124,887	)		3,799		(16,044	)		91,751
Commercial Mortgage-Backed Securities		72,537			160			11,055			522			156,174		(12,122	)		42,221		(311	)		270,236
Common Stocks		7,496			(181	)		3,568			—			—		(1,170	)		—		(745	)		8,968
Convertible Bonds		—	(a)		(2,522	)		2,512			—			1,882		(3	)		—		—			1,869
Convertible Preferred Stocks		5,308			987			2,653			—			—		(1,277	)		—		—			7,671
Corporate Bonds		4,201			—	(a)		618			—			1		(4,180	)		—		—			640
Loan Assignments		7,495			—			(854	)		26			804		(4,060	)		—		—			3,411
Preferred Stocks		2,623			19			424			—			—		(418	)		—		—			2,648
Rights		531			—			147			—			—		—			—		—			678
Warrants		809			—			2,112			—			—		(1,929	)		—		—			992
Total	$	551,779		$	1,893		$	20,789		$	1,241		$	189,765	$	(299,720	)	$	53,020	$	(18,541	)	$	500,226

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at October 31, 2021, which were valued using significant unobservable inputs (level 3), amounted to $24,037. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the year ended October 31, 2021.

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.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at October 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	—(b)	Market Comparable Companies	EBITDA Multiple (c)		5.0x(5.0x)
				Liquidity Discount		30.00% (30.00%)
Common Stocks		—(b)
		1	Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
				Liquidity Discount		30.00% (30.00%)
Preferred Stocks		1
		109,412	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (7.98%)
				Constant Default Rate		0.00% - 10.40% (2.72%)
				Yield (Discount Rate of Cash Flows)		0.61% - 6.50% (2.68%)
Asset-Backed Securities		109,412
		91,751	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 38.57% (20.86%)
				Constant Default Rate		0.00% - 5.60% (0.06%)
				Yield (Discount Rate of Cash Flows)		1.94% - 8.71% (3.49%)
Collateralized Mortgage Obligations		91,751
		268,762	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.25%)
				Constant Default Rate		0.00% - 5.00% (0.01%)
				Yield (Discount Rate of Cash Flows)		1.87% - 12.02% (5.25%)
Commercial Mortgage-Backed Securities		268,762
		3,411	Terms of Restructuring	Expected Recovery		10.90% - 100.00% (99.56%)
Loan Assignments		3,411
		65	Market Comparable Companies	EBITDA Multiple (c)		4.8x (4.8x)
Warrants		65
Total	$	473,402

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At October 31, 2021, the value of these investments was $26,824. 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) Amount rounds to less than one thousand.

(c) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

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 October 31, 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 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 claims by their creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against

146 J.P. MORGAN FUNDS OCTOBER 31, 2021

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 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 October 31, 2021, Income Builder Fund had the following loan commitments outstanding in which all or a portion of the commitment was unfunded which could be extended at the options of the borrower:

										Unfunded Commitment				Funded Commitment				Total Commitment
	Security Description	Maturity Date		Commitment Fee Rate			Rate if Funded			Par Amount		Value		Par Amount		Value		Par Amount		Value
Income Builder Fund	DexKo Global Inc., Delayed Draw Term Loan B1		10/04/2028		0.000	%		0.000	%	$	899	$	898	$	—	$	—	$	899	$	898
	Moran Foods LLC, 1st Lien Term Loan B		04/01/2023		3.000			0.000			483		483		—		—		483		483
	Option Care Health, Inc., 1st Lien Term Loan B		10/27/2028		0.000			3.250			147		147		88		88		235		235
	Tekni-Plex, Inc., Delayed Draw Term Loan B		09/15/2028		4.000			4.500			35		35		24		24		59		59
	Traeger Grills, Delayed Draw Term Loan		06/29/2028		1.750			0.000			64		64		—		—		64		64

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 October 31, 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 October 31, 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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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 October 31, 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	$	74,669	$	(74,669	)	$	—
Income Builder Fund		230,342		(230,342	)		—

* 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 0.12% to 0.06%. For the year ended October 31, 2021, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:

Global Allocation Fund	$	8
Income Builder Fund		15

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).

148 J.P. MORGAN FUNDS OCTOBER 31, 2021

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 purchases at cost amounts in the tables below.

Global Allocation Fund

	For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Large Cap Value Fund Class R6 Shares (a)	$	—	$	45,000	$	47,124	$	2,124		$	—		$	—		—	$	—		$	—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)		139,690		3,257,177		3,189,712		(34	)		(12	)		207,109		207,005		158			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		64,026		591,001		586,750		(21	)*		6			68,262		68,262		103	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		9,113		260,118		260,194		—			—			9,037		9,037		3	*		—
Total	$	212,829	$	4,153,296	$	4,083,780	$	2,069		$	(6	)	$	284,408			$	264		$	—

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

(b) The rate shown is the current yield as of October 31, 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 year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)	$	67,470	$	933,078	$	945,286	$	(6	)	$	5		$	55,261		55,234	$	64		$	—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)		446,873		6,262,835		6,500,390		22			(64	)		209,276		209,171		210			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (a) (b)		143,007		662,001		591,000		(48	)*		27			213,987		213,986		204	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		16,419		338,255		329,720		—			—			24,954		24,954		6	*		—
Total	$	673,769	$	8,196,169	$	8,366,396	$	(32	)	$	(32	)	$	503,478			$	484		$	—

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

(b) The rate shown is the current yield as of October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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 year 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 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 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 portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

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

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Funds pledge collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOIs.

150 J.P. MORGAN FUNDS OCTOBER 31, 2021

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 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 its portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of its 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 Fund 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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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 consists of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Fund’s activities in 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 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 October 31, 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*	$	16,036		$	216
Purchased Options at Market Value		10,431			—
Unrealized Depreciation on Futures Contracts*		(8,334	)		(3,641	)
Swaps at Value (Assets)		2,250			—
Foreign Exchange Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		4,475			—
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		12,951			—
Unrealized Depreciation on Futures Contracts*		(19,739	)		—
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(5,827	)		—
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*		2,188			—
Unrealized Depreciation on Futures Contracts*		(5,734	)		(33,360	)
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*		(11,108	)		(36,785	)
Swaps at Value		2,250			—
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		7,124			—
Purchased Options at Market Value		10,431			—

152 J.P. MORGAN FUNDS OCTOBER 31, 2021

* 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 year ended October 31, 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	$	72,310		$	(25,979	)
Purchased Options		17,885			—
Swap Contracts		4,705			—
Written Options		13			—
Foreign Exchange Rate Risk Exposure:
Futures Contracts		(13,286	)		(17,143	)
Forward Foreign Currency Exchange Contracts		15,404			—
Interest Rate Risk Exposure:
Futures Contracts		5,058			(43,994	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Equity Risk Exposure:
Futures Contracts		9,802			10,162
Swap Contracts		3,060			—
Purchased Options		2,417			—
Foreign Exchange Rate Risk Exposure:
Futures Contracts		(11,986	)		607
Forward Foreign Currency Exchange Contracts		6,440			—
Interest Rate Risk Exposure:
Futures Contracts		(4,536	)		(19,802	)

Derivatives Volume

The table below discloses the volume of the Funds’ options, futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended October 31, 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	$	334,036	$	35,121
Average Notional Balance Short		444,238		122,067
Ending Notional Balance Long		409,750		7,143
Ending Notional Balance Short		662,004		166,812
Futures Contracts — Foreign Exchange:
Average Notional Balance Long	$	828,463	$	124,001	(a)
Average Notional Balance Short		—		285,912	(b)
Ending Notional Balance Long		926,962		—
Futures Contracts — Interest Rate:
Average Notional Balance Long	$	495,391	$	1,819,298
Average Notional Balance Short		237,229		—
Ending Notional Balance Long		327,965		1,866,833
Ending Notional Balance Short		187,825		—

OCTOBER 31, 2021 J.P. MORGAN FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

	Global Allocation Fund		Income Builder Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	200,902	$	—
Average Settlement Value Sold		704,563		—
Ending Settlement Value Purchased		686,749		—
Ending Settlement Value Sold		1,442,353		—
Exchange-Traded Options:
Average Number of Contracts Purchased		2,409		—
Ending Number of Contracts Purchased		475		—
Total Return Basket Swaps:
Average Notional Balance Long	$	49,026		—
Ending Notional Balance Long		81,078		—

(a) For the period November 1, 2020 through November 30, 2020.

(b) For the period November 1, 2020 through July 31, 2021.

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 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 October 31, 2021 are as follows:

Fund Counterparty	Value of swap contracts		Collateral amount
Bank of America, NA	$	2,250	$	(2,520	)

The Funds’ derivatives contracts held at October 31, 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 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 October 31, 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

154 J.P. MORGAN FUNDS OCTOBER 31, 2021

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 October 31, 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 year ended October 31, 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	$	26	$	26	$	29	$	2	$	—	(a)	$	—	(a)	$	—	(a)	$	8	$	91
Income Builder Fund
Transfer agency fees		136		86		72		n/a		n/a			n/a			n/a			7		301

(a) Amount rounds to less than one thousand.

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 October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Global Allocation Fund	$	—		$	33,860	$	(33,860	)
Income Builder Fund		(5,880	)		26,671		(20,791	)

The reclassifications for the Funds relate primarily to foreign currency gains or losses, investments in passive foreign investment companies (“PFICs”) and investments in debt instruments.

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 year ended October 31, 2021, the effective 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 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, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of each fund do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Global Allocation Fund		0.25	%		0.75	%		0.50	%		0.25	%
Income Builder Fund		0.25			0.75			n/a			n/a

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2021, JPMDS retained the following:

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	74	$	—	(a)
Income Builder Fund		270		1

(a) Amount rounds to less than one thousand.

156 J.P. MORGAN FUNDS OCTOBER 31, 2021

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 year ended October 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2022.

For the year ended October 31, 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	$	315	$	206	$	4,622	$	5,143	$	7
Income Builder Fund		—		—		27,231		27,231		1,113

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 year ended October 31, 2021 were as follows:

Global Allocation Fund	$	316
Income Builder Fund		567

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.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

During the year ended October 31, 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 year ended October 31, 2021, purchases and sales of investments (excluding short-term investments and transfers in-kind) 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	$	4,956,415	$	4,339,405	$	47,815	$	39,909	$	389,555	$	409,113
Income Builder Fund		9,204,327		9,103,270		41,061		63,245		—		—

During the year ended October 31, 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 October 31, 2021 were as follows:

	Aggregate Cost		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund*	$	4,309,342	$	938,069	$	122,429	$	815,640
Income Builder Fund		12,518,958		1,459,175		256,383		1,202,792

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

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in debt instruments, investments in futures contracts, investments in PFICs, investments in forward foreign currency contacts and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2021 was as follows:

	Ordinary Income*		Total Distributions Paid
Global Allocation Fund	$	90,953	$	90,953
Income Builder Fund		472,316		472,316

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

The tax character of distributions paid during the year ended October 31, 2020 was as follows:

	Ordinary Income*		��	Net Long-Term Capital Gains		Total Distributions Paid
Global Allocation Fund	$	59,614		$	—	$	59,614
Income Builder Fund		475,631			19,434		495,065

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

As of October 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Global Allocation Fund	$	273,071	$	164,979	$	710,312
Income Builder Fund		238,271		382,673		1,188,283

The cumulative timing differences primarily consist of investments in debt instruments, investments in forward foreign currency contracts, investments in futures contracts, investments in PFICs, straddle loss deferrals and wash sale loss deferrals.

158 J.P. MORGAN FUNDS OCTOBER 31, 2021

During the year ended October 31, 2021, the following Funds utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Income Builder Fund		58,583		16,732

6. Borrowings

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

The Funds had no borrowings outstanding from another fund during the year ended October 31, 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 October 31, 2022.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the year ended October 31, 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 October 31, 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		21.7	%
Income Builder Fund		1		16.7			3		32.8

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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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.

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.

Global Allocation 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 foreign countries or regions, which may vary throughout the period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 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.

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.

160 J.P. MORGAN FUNDS OCTOBER 31, 2021

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Global Allocation Fund and JPMorgan Income Builder Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Global Allocation Fund and JPMorgan Income Builder Fund (two of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 22, 2021

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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 161

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	124	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of the Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	124	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	124	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Frankie D. Hughes (1952); Trustee of the Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	124	None

162 J.P. MORGAN FUNDS OCTOBER 31, 2021

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner (1953); Trustee of the Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	124	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of the Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	124	None
Marilyn McCoy (1948); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	124	None
Dr. Robert A. Oden, Jr. (1946); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	124	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo* (1946); Trustee of the Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	124	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

OCTOBER 31, 2021 J.P. MORGAN FUNDS 163

TRUSTEES

(Unaudited) (continued)

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eight registered investment companies (124 funds).

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

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

164 J.P. MORGAN FUNDS OCTOBER 31, 2021

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

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

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

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

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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 165

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2021, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2021		Ending Account Value October 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Global Allocation Fund
Class A
Actual	$	1,000.00	$	1,029.10	$	5.32		1.04	%
Hypothetical		1,000.00		1,019.96		5.30		1.04
Class C
Actual		1,000.00		1,026.60		7.87		1.54
Hypothetical		1,000.00		1,017.44		7.83		1.54
Class I
Actual		1,000.00		1,030.60		4.04		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R2
Actual		1,000.00		1,027.00		7.20		1.41
Hypothetical		1,000.00		1,018.10		7.17		1.41
Class R3
Actual		1,000.00		1,028.80		5.93		1.16
Hypothetical		1,000.00		1,019.36		5.90		1.16
Class R4
Actual		1,000.00		1,029.60		4.66		0.91
Hypothetical		1,000.00		1,020.62		4.63		0.91
Class R5
Actual		1,000.00		1,030.80		3.89		0.76
Hypothetical		1,000.00		1,021.37		3.87		0.76
Class R6
Actual		1,000.00		1,031.30		3.38		0.66
Hypothetical		1,000.00		1,021.88		3.36		0.66

166 J.P. MORGAN FUNDS OCTOBER 31, 2021

	Beginning Account Value May 1, 2021		Ending Account Value October 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Income Builder Fund
Class A
Actual	$	1,000.00	$	1,029.10	$	3.84		0.75	%
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class C
Actual		1,000.00		1,025.70		6.38		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class I
Actual		1,000.00		1,029.80		3.07		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R6
Actual		1,000.00		1,030.30		2.61		0.51
Hypothetical		1,000.00		1,022.63		2.60		0.51

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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 167

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for each Fund and the other J.P. Morgan Funds overseen by the Board in which the Funds may invest (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2021.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and Underlying Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessment as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees

reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees

168 J.P. MORGAN FUNDS OCTOBER 31, 2021

also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

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

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser and the Adviser, earn fees from each Fund and/or Underlying Funds for providing shareholder and administration services, respectively. These fees were shown separately in the

profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for each Fund and/or Underlying Funds.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including the benefits received by the Adviser and its affiliates in connection with the Funds’ investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems,

OCTOBER 31, 2021 J.P. MORGAN FUNDS 169

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(continued)

technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for each Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of each Fund within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge methodology for selecting mutual

funds in each Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for each Fund at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared for the certain Funds by the independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Global Allocation Fund’s performance for both Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020.. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and the Universe, for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Income Builder Fund’s performance for Class A shares was in the fourth, third and third quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that performance for Class I shares was in the third, second and second quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that performance for Class R6 shares was in the fourth and third quintiles based upon the Peer Group, for the one- and three-year periods ended December 31, 2020, respectively, and in the fourth quintile based upon the Universe, for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis

170 J.P. MORGAN FUNDS OCTOBER 31, 2021

and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Global Allocation Fund’s net advisory fee and actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for

Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund invests.

The Trustees noted that the Income Builder Fund’s net advisory fee for Class A shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that net advisory fee and actual total expenses for Class I shares were both in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that net advisory fee for Class R6 shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund may invest.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 171

TAX LETTER

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2021:

	Dividend Received Deduction
JPMorgan Global Allocation Fund		17.75	%
JPMorgan Income Builder Fund		12.28

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2021:

	Qualified Dividend Income
JPMorgan Global Allocation Fund	$	44,809
JPMorgan Income Builder Fund		161,817

172 J.P. MORGAN FUNDS OCTOBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of the Trust, including the Funds.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497

OCTOBER 31, 2021 J.P. MORGAN FUNDS 173

Rev. January 2011

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

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

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

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

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

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. 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. October 2021 AN-IB-GAL-1021

Annual Report

J.P. Morgan Funds

October 31, 2021

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
Report of Independent Registered Public Accounting Firm	39
Trustees	40
Officers	43
Schedule of Shareholder Expenses	44
Board Approval of Investment Advisory Agreements	45
Special Shareholder Meeting Results	49
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Fund’s prospectuses for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center 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

December 6, 2021 (Unaudited)

Dear Shareholders,

Equity markets largely rewarded investors with strong returns amid a global economic rebound in 2021 that withstood the emergence and spread of Covid variants, strained supply chains and accelerating inflation. Despite uneven progress against the pandemic, continued monetary and fiscal support helped bolster corporate profits and consumer spending throughout the twelve months ended October 21, 2021.

  “Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals.” — Andrea L. Lisher

While leading central banks maintain accommodative policies throughout the period, select emerging market nations – particularly Brazil — raised interest rates and the U.S. Federal Reserve (the “Fed”) laid out a potential timetable for winding down its asset purchasing program and raising interest rates for the first time since the start of the pandemic. While the Fed initially insisted that price inflation fueled by the reopening of the global economy would likely be temporary, by the end of the period Fed officials conceded that inflation was stronger and more persistent than expected.

By the end of the period – and in subsequent weeks – financial market volatility increased amid investor uncertainty about the ongoing pandemic and concerns about the potential for the Fed to move more quickly to raise interest rates in the face of accelerating inflation. However, economic data point toward a continued rebound in the global economy into 2022.

Regardless of the macro-economic backdrop, J.P. Morgan Asset Management will continue to provide investors with innovative solutions and risk management strategies to seek to help investors build durable portfolios and meet their investment goals. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)*	5.48%
J.P. Morgan Emerging Markets Bond Index Global Diversified	4.41%
Emerging Markets Strategic Debt Composite Benchmark**	3.54%
Net Assets as of 10/31/2021 (In Thousands)	$605,982
Duration as of 10/31/2021	6.2 years

INVESTMENT OBJECTIVE***

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

HOW DID THE MARKET PERFORM?

Emerging markets debt generally provided positive returns but continued to underperform emerging markets equity throughout the period. Within emerging markets, U.S. dollar-denominated debt largely outperformed local currency debt.

The economic rebound from 2020 unleashed a surge in global demand for commodities that helped bolster prices for emerging markets debt. Additionally, low yields on developed market sovereign debt fueled investor appetite for higher yields in emerging markets. However, investors began to pivot away from the highest yielding emerging markets debt halfway through the period.

Generally, emerging markets debt returns narrowed in the second half of the period amid uneven progress against the pandemic, inflationary pressure and investor concerns over the growth outlook for China’s economy. While stronger commodities prices supported debt prices in select emerging markets nations, accelerating inflation and supply chain disruptions had acute economic impacts that weighed on sovereign debt in particular across emerging markets.

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 twelve months ended October 31, 2021.

Relative to the Index, the Fund’s country allocations and overall security selection were leading contributors to performance.

The Fund’s allocation to U.S. dollar-denominated emerging market sovereign and corporate bonds also contributed to relative performance. At the country level, the Fund’s positions in Mexico and Peru helped performance in the period. Mexico’s economy benefited from rising global oil and gas prices, while Peruvian bonds rebounded during the period amid rising prices for copper, its leading export. The Fund’s exposure to Ethiopia and Turkey detracted from relative performance amid an expanding civil war in Ethiopia’s Tigray region and decline in the relative value of the Turkish lira.

The Fund’s positioning in local currency sovereign bonds detracted from performance, notably bonds issued by Kazakhstan, Brazil and Chile. Bonds in Kazakhstan were hurt by accelerating inflation, while central banks in both Brazil and Chile raised interest rates significantly, which hurt local currency bonds.

Relative to the Composite Benchmark, the Fund’s allocation to U.S. dollar-denominated emerging markets debt contributed to performance, while the Fund’s allocation to local currency-denominated debt detracted from performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers maintained a shorter duration position relative to the Index. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration.

The Fund also increased its position in U.S. dollar-denominated sovereign bonds and maintained smaller allocations to U.S. dollar-denominated corporate debt and local currency-denominated bonds.

2 J.P. MORGAN FUNDS OCTOBER 31, 2021

PORTFOLIO COMPOSITION BY SECURITY TYPE AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Foreign Government Securities		63.6	%
Corporate Bonds		33.4
Others (each less than 1.0%)		0.0	(a)
Short-Term Investments		3.0

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Mexico		10.8	%
Brazil		6.7
Ukraine		4.9
Egypt		4.1
Dominican Republic		4.0
South Africa		3.7
Colombia		3.3
Indonesia		3.1
Nigeria		2.9
China		2.7
Oman		2.4
Chile		2.4
Kazakhstan		2.3
Saudi Arabia		2.3
Romania		2.0
Bahrain		1.9
Turkey		1.9
Kenya		1.8
Ecuador		1.8
Panama		1.7
Paraguay		1.6
United Arab Emirates		1.6
Russia		1.5
Iraq		1.5
Ghana		1.5
Morocco		1.5
Argentina		1.4
Pakistan		1.4
Sri Lanka		1.3
Angola		1.3
Peru		1.3
Serbia		1.2
Ivory Coast		1.1
Jamaica		1.1
Philippines		1.0
Others (each less than 1.0%)		10.0
Short-Term Investments		3.0

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

** The 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.

(a) Amount rounds to less than 0.1% of total investments.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2021
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		June 29, 2012
With Sales Charge*				1.25	%		1.94	%		(0.90	)%
Without Sales Charge				5.24			2.72			(0.50	)
CLASS C SHARES		June 29, 2012
With CDSC**				3.61			2.19			(0.92	)
Without CDSC				4.61			2.19			(0.92	)
CLASS I SHARES		June 29, 2012		5.48			2.96			(0.26	)
CLASS R2 SHARES		June 29, 2012		4.94			2.45			(0.75	)
CLASS R6 SHARES		June 29, 2012		5.81			3.24			0.01

* Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (6/29/12 TO 10/31/21)

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 October 31, 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 OCTOBER 31, 2021

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — 62.3%
Angola — 1.2%
Republic of Angola
9.50%, 11/12/2025 (a)		1,100		1,187
8.00%, 11/26/2029 (b)		3,610		3,576
9.38%, 5/8/2048 (a)		2,806		2,776
				7,539
Argentina — 1.4%
Argentine Republic
1.00%, 7/9/2029		415		150
0.50%, 7/9/2030 (c)		5,717		1,958
1.13%, 7/9/2035 (c)		13,520		4,151
2.00%, 1/9/2038 (c)		1,979		724
2.50%, 7/9/2041 (c)		4,050		1,387
				8,370
Armenia — 0.3%
Republic of Armenia 3.60%, 2/2/2031 (b)		1,950		1,828
Azerbaijan — 0.1%
Republic of Azerbaijan 3.50%, 9/1/2032 (a)		500		511
Bahrain — 1.6%
Kingdom of Bahrain
6.13%, 8/1/2023 (a)		500		529
7.00%, 1/26/2026 (a)		2,460		2,728
7.00%, 10/12/2028 (a)		1,010		1,105
6.75%, 9/20/2029 (a)		3,094		3,337
5.45%, 9/16/2032 (a)		1,150		1,123
7.50%, 9/20/2047 (a)		600		618
				9,440
Belarus — 0.2%
Republic of Belarus
6.88%, 2/28/2023 (a)		450		454
6.38%, 2/24/2031 (b)		1,158		997
				1,451
Benin — 0.4%
Benin Government Bond 6.88%, 1/19/2052 (b)	EUR	1,963		2,272
Bermuda — 0.3%
Bermuda Government Bond
4.85%, 2/6/2024 (a)		643		695
3.72%, 1/25/2027 (a)		250		269
2.38%, 8/20/2030 (b)		524		521
3.38%, 8/20/2050 (b)		612		614
				2,099

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Brazil — 2.6%
Federative Republic of Brazil
2.88%, 6/6/2025		760		759
3.88%, 6/12/2030		640		597
5.63%, 1/7/2041		2,700		2,644
Notas do Tesouro Nacional
6.00%, 8/15/2028	BRL	15,000		10,019
6.00%, 8/15/2050	BRL	3,000		2,060
				16,079
Colombia — 1.4%
Republic of Colombia
4.50%, 3/15/2029		1,750		1,850
3.13%, 4/15/2031		700		657
5.00%, 6/15/2045		4,691		4,620
5.20%, 5/15/2049		1,265		1,273
4.13%, 5/15/2051		263		230
				8,630
Costa Rica — 0.6%
Republic of Costa Rica
4.25%, 1/26/2023 (a)		450		458
6.13%, 2/19/2031 (a)		1,300		1,333
5.63%, 4/30/2043 (a)		2,170		1,931
				3,722
Dominican Republic — 3.9%
Dominican Republic Government Bond
6.88%, 1/29/2026 (a)		5,250		6,004
4.50%, 1/30/2030 (b)		4,400		4,446
4.50%, 1/30/2030 (a)		250		253
4.88%, 9/23/2032 (b)		5,371		5,456
5.30%, 1/21/2041 (b)		739		735
6.50%, 2/15/2048 (a)		200		212
6.40%, 6/5/2049 (a)		3,270		3,466
5.88%, 1/30/2060 (b)		3,210		3,130
				23,702
Ecuador — 1.8%
Republic of Ecuador
Zero Coupon, 7/31/2030 (b)		429		229
5.00%, 7/31/2030 (a) (c)		1,523		1,258
5.00%, 7/31/2030 (b) (c)		3,627		2,997
1.00%, 7/31/2035 (b) (c)		2,075		1,367
0.50%, 7/31/2040 (b) (c)		8,198		4,898
				10,749

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Egypt — 4.0%
Arab Republic of Egypt
14.31%, 10/13/2023	EGP	21,000		1,339
5.88%, 6/11/2025 (a)		500		512
3.88%, 2/16/2026 (b)		1,912		1,778
14.48%, 4/6/2026	EGP	26,000		1,613
7.50%, 1/31/2027 (a)		3,450		3,572
6.59%, 2/21/2028 (a)		3,000		2,933
5.88%, 2/16/2031 (b)		1,301		1,169
7.05%, 1/15/2032 (b)		2,640		2,465
8.88%, 5/29/2050 (a)		8,500		7,990
8.15%, 11/20/2059 (b)		1,250		1,114
				24,485
El Salvador — 0.7%
Republic of El Salvador
7.75%, 1/24/2023 (a)		75		66
5.88%, 1/30/2025 (a)		620		490
8.63%, 2/28/2029 (a)		1,370		1,087
7.63%, 2/1/2041 (a)		1,700		1,237
7.12%, 1/20/2050 (a)		1,023		727
9.50%, 7/15/2052 (b)		515		422
				4,029
Ethiopia — 0.4%
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a)		3,067		2,491
Gabon — 0.5%
Gabonese Republic
6.38%, 12/12/2024 (a)		359		381
6.95%, 6/16/2025 (a)		1,902		2,042
6.63%, 2/6/2031 (b)		500		497
				2,920
Ghana — 1.4%
Republic of Ghana
7.63%, 5/16/2029 (a)		3,150		2,756
10.75%, 10/14/2030 (a)		770		889
8.13%, 3/26/2032 (a)		2,100		1,830
8.63%, 6/16/2049 (a)		2,550		2,142
8.75%, 3/11/2061 (a)		1,431		1,199
				8,816
Guatemala — 0.9%
Republic of Guatemala
4.90%, 6/1/2030 (b)		2,100		2,277
5.38%, 4/24/2032 (b)		900		1,006

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Guatemala — continued
6.13%, 6/1/2050 (b)		1,650		1,932
				5,215
Honduras — 0.0% (d)
Republic of Honduras 5.63%, 6/24/2030(b)		280		280
Indonesia — 0.9%
Republic of Indonesia
6.38%, 4/15/2032	IDR	28,275,000		2,041
4.20%, 10/15/2050		2,900		3,234
				5,275
Iraq — 1.5%
Republic of Iraq
6.75%, 3/9/2023 (a)		2,980		3,043
5.80%, 1/15/2028 (a)		5,931		5,775
				8,818
Ivory Coast — 1.1%
Republic of Cote d’Ivoire
4.88%, 1/30/2032 (b)	EUR	308		348
6.13%, 6/15/2033 (a)		1,289		1,354
6.88%, 10/17/2040 (a)	EUR	3,450		4,174
6.63%, 3/22/2048 (a)	EUR	650		746
				6,622
Jamaica — 1.0%
Jamaica Government Bond
6.75%, 4/28/2028		2,750		3,203
8.00%, 3/15/2039		961		1,359
7.88%, 7/28/2045		1,255		1,772
				6,334
Jordan — 0.6%
Hashemite Kingdom of Jordan 5.85%, 7/7/2030 (b)		3,690		3,796
Kazakhstan — 1.2%
Republic of Kazakhstan
Zero Coupon, 1/20/2022 ‡ (b)	KZT	999,677		2,202
Zero Coupon, 1/20/2022 (b)	KZT	520,000		1,146
1.50%, 9/30/2034 (a)	EUR	3,500		4,062
				7,410
Kenya — 1.8%
Republic of Kenya
6.88%, 6/24/2024 (a)		2,950		3,171
8.00%, 5/22/2032 (a)		1,050		1,134

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Kenya — continued
6.30%, 1/23/2034 (b)		2,862		2,776
8.25%, 2/28/2048 (a)		3,750		3,891
				10,972
Lebanon — 0.3%
Lebanese Republic
6.38%, 3/9/2020 (e)		3,165		475
6.15%, 6/19/2020 (e)		1,450		217
6.85%, 3/23/2027 (a) (e)		5,000		753
6.65%, 2/26/2030 (a) (e)		708		107
				1,552
Malaysia — 0.2%
1MDB Global Investments Ltd. 4.40%, 3/9/2023 (a)		1,400		1,405
Mexico — 2.7%
Mex Bonos Desarr Fix Rt 7.75%, 11/23/2034	MXN	150,000		7,366
United Mexican States
4.50%, 4/22/2029		1,250		1,399
4.75%, 3/8/2044		250		274
5.55%, 1/21/2045		1,350		1,616
4.60%, 2/10/2048		750		795
3.77%, 5/24/2061		3,548		3,278
3.75%, 4/19/2071		1,653		1,485
5.75%, 10/12/2110		400		464
				16,677
Morocco — 0.5%
Kingdom of Morocco
1.50%, 11/27/2031 (a)	EUR	1,400		1,483
5.50%, 12/11/2042 (a)		1,382		1,526
				3,009
Mozambique — 0.1%
Republic of Mozambique 5.00%, 9/15/2031 (b) (c)		700		595
Nigeria — 2.2%
Federal Republic of Nigeria
7.63%, 11/21/2025 (a)		1,990		2,162
6.50%, 11/28/2027 (a)		1,000		1,016
7.14%, 2/23/2030 (a)		300		302
7.88%, 2/16/2032 (a)		5,064		5,139
7.38%, 9/28/2033 (b)		1,082		1,071
7.70%, 2/23/2038 (a)		1,300		1,246
7.63%, 11/28/2047 (a)		2,300		2,137
				13,073

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oman — 2.4%
Sultanate of Oman Government Bond
4.88%, 2/1/2025 (b)		4,807		5,015
5.38%, 3/8/2027 (a)		3,544		3,713
6.00%, 8/1/2029 (a)		209		224
6.25%, 1/25/2031 (b)		2,450		2,647
6.75%, 1/17/2048 (a)		2,722		2,770
				14,369
Pakistan — 1.3%
Islamic Republic of Pakistan
6.00%, 4/8/2026 (b)		3,459		3,468
7.38%, 4/8/2031 (b)		1,503		1,520
8.88%, 4/8/2051 (b)		3,055		3,063
				8,051
Panama — 0.9%
Republic of Panama
4.50%, 4/1/2056		1,080		1,188
3.87%, 7/23/2060		4,050		4,043
				5,231
Paraguay — 1.2%
Republic of Paraguay
2.74%, 1/29/2033 (b)		769		738
6.10%, 8/11/2044 (a)		1,368		1,644
5.40%, 3/30/2050 (b)		4,325		4,881
				7,263
Peru — 0.2%
Republic of Peru
5.94%, 2/12/2029 (b)	PEN	670		173
5.63%, 11/18/2050		700		960
				1,133
Philippines — 1.0%
Republic of Philippines
3.70%, 2/2/2042		1,450		1,561
2.95%, 5/5/2045		4,650		4,546
				6,107
Romania — 1.9%
Romania Government Bond
3.62%, 5/26/2030 (b)	EUR	1,650		2,100
2.63%, 12/2/2040 (b)	EUR	1,454		1,530
2.88%, 4/13/2042 (b)	EUR	1,755		1,869
4.63%, 4/3/2049 (a)	EUR	4,689		6,263
				11,762

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Russia — 1.1%
Russian Federation
12.75%, 6/24/2028 (a)		2,550		4,190
5.10%, 3/28/2035 (a)		2,000		2,388
				6,578
Saudi Arabia — 1.3%
Kingdom of Saudi Arabia
4.38%, 4/16/2029 (a)		850		972
2.25%, 2/2/2033 (b)		1,502		1,448
5.00%, 4/17/2049 (a)		400		499
4.50%, 4/22/2060 (b)		1,200		1,435
3.45%, 2/2/2061 (b)		1,980		1,950
3.45%, 2/2/2061 (a)		1,650		1,625
				7,929
Senegal — 0.2%
Republic of Senegal 6.75%, 3/13/2048 (a)		1,090		1,081
Serbia — 1.2%
Republic of Serbia
1.50%, 6/26/2029 (b)	EUR	4,050		4,571
2.13%, 12/1/2030 (b)		1,288		1,199
1.65%, 3/3/2033 (b)	EUR	��1,375		1,482
				7,252
South Africa — 2.0%
Republic of South Africa
4.88%, 4/14/2026		2,200		2,341
4.85%, 9/30/2029		4,750		4,865
5.75%, 9/30/2049		4,960		4,727
				11,933
Sri Lanka — 1.3%
Democratic Socialist Republic of Sri Lanka
5.75%, 4/18/2023 (a)		250		172
6.85%, 3/14/2024 (a)		1,300		849
6.35%, 6/28/2024 (b)		520		339
6.85%, 11/3/2025 (a)		1,700		1,091
6.20%, 5/11/2027 (a)		2,350		1,472
6.75%, 4/18/2028 (a)		458		287
7.85%, 3/14/2029 (a)		5,510		3,469
				7,679
Trinidad and Tobago — 0.3%
Republic of Trinidad and Tobago 4.50%, 6/26/2030 (b)		1,530		1,577

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Turkey — 1.8%
Republic of Turkey
5.75%, 3/22/2024		1,550		1,573
4.25%, 4/14/2026		2,900		2,717
5.13%, 2/17/2028		1,950		1,833
7.63%, 4/26/2029		750		787
5.95%, 1/15/2031		1,350		1,263
4.88%, 4/16/2043		3,237		2,517
Turkiye Ihracat Kredi Bankasi A/S 8.25%, 1/24/2024 (b)		340		361
				11,051
Ukraine — 4.5%
Ukraine Government Bond
7.75%, 9/1/2023 (a)		2,800		2,986
8.99%, 2/1/2024 (a)		5,700		6,224
7.75%, 9/1/2024 (a)		1,450		1,561
15.84%, 2/26/2025 (a)	UAH	45,620		1,834
7.75%, 9/1/2025 (a)		2,800		3,022
7.75%, 9/1/2027 (a)		713		768
6.88%, 5/21/2029 (b)		1,385		1,408
7.38%, 9/25/2032 (a)		3,150		3,242
7.25%, 3/15/2033 (a)		5,981		6,079
				27,124
United Arab Emirates — 0.9%
United Arab Emirates Government Bond
2.88%, 10/19/2041 (b)		1,945		1,916
4.00%, 7/28/2050 (b)		710		638
3.25%, 10/19/2061 (b)		2,743		2,771
				5,325
Uruguay — 0.2%
Oriental Republic of Uruguay 7.88%, 1/15/2033		900		1,328
Uzbekistan — 0.4%
Republic of Uzbekistan 3.90%, 10/19/2031 (b)		2,289		2,235
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		216
				372
Zambia — 0.3%
Republic of Zambia
5.38%, 9/20/2022 (a) (e)		650		491

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Zambia — continued
8.97%, 7/30/2027 (a) (e)		1,805		1,421
				1,912
Total Foreign Government Securities (Cost $397,672)				377,458
Corporate Bonds — 32.7%
Azerbaijan — 0.6%
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030 (a)		2,950		3,607
Bahrain — 0.3%
Oil and Gas Holding Co. BSCC (The)
7.63%, 11/7/2024 (b)		500		541
8.38%, 11/7/2028 (b)		1,100		1,268
				1,809
Belarus — 0.1%
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (b)		870		819
Brazil — 3.9%
Atento Luxco 1 SA 8.00%, 2/10/2026 (b)		1,385		1,469
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		1,560
CSN Resources SA 4.63%, 6/10/2031 (b)		1,773		1,739
Gerdau Trade, Inc. 4.88%, 10/24/2027 (a)		1,760		1,916
Guara Norte SARL 5.20%, 6/15/2034 (b)		990		970
GUSAP III LP 4.25%, 1/21/2030 (a)		3,000		3,150
Iochpe-Maxion Austria GmbH 5.00%, 5/7/2028 (b)		1,222		1,189
Klabin Austria GmbH 5.75%, 4/3/2029 (a)		4,380		4,743
Nexa Resources SA
6.50%, 1/18/2028 (b)		1,320		1,465
6.50%, 1/18/2028 (a)		400		444
Prumo Participacoes e Investimentos S/A 7.50%, 12/31/2031 (b)		409		446
Simpar Europe SA 5.20%, 1/26/2031 (b)		1,301		1,249
Suzano Austria GmbH 6.00%, 1/15/2029		2,750		3,143
				23,483
Chile — 2.4%
Alfa Desarrollo SpA 4.55%, 9/27/2051 (b)		2,015		1,961
Celulosa Arauco y Constitucion SA 4.25%, 4/30/2029 (b)		5,050		5,354
Empresa de los Ferrocarriles del Estado 3.07%, 8/18/2050 (b)		376		329

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chile — continued
Empresa de Transporte de Pasajeros Metro SA 5.00%, 1/25/2047 (a)		400		467
Empresa Nacional del Petroleo
5.25%, 11/6/2029 (b)		2,750		3,001
4.50%, 9/14/2047 (a)		400		393
Interchile SA 4.50%, 6/30/2056 (b)		2,612		2,742
				14,247
China — 2.7%
Avi Funding Co. Ltd. 3.80%, 9/16/2025 (a)		900		971
Country Garden Holdings Co. Ltd.
3.13%, 10/22/2025 (a)		660		612
4.80%, 8/6/2030 (a)		1,260		1,194
3.88%, 10/22/2030 (a)		1,920		1,738
Huarong Finance 2017 Co. Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.77%), 4.50%, 1/24/2022 (a) (f) (g) (h)		1,250		1,222
(ICE LIBOR USD 3 Month + 1.85%), 1.98%, 4/27/2022 (a) (f)		2,490		2,444
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.98%), 4.00%, 11/7/2022 (a) (f) (g) (h)		1,100		1,048
Huarong Finance 2019 Co. Ltd. 3.88%, 11/13/2029 (a)		1,920		1,752
Huarong Finance II Co. Ltd. 5.50%, 1/16/2025 (a)		1,100		1,106
Longfor Group Holdings Ltd. 3.95%, 9/16/2029 (a)		669		687
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026 (a)		450		486
Sunac China Holdings Ltd.
5.95%, 4/26/2024 (a)		910		660
6.50%, 1/10/2025 (a)		540		378
Xiaomi Best Time International Ltd. 4.10%, 7/14/2051 (b)		1,992		2,045
				16,343
Colombia — 1.8%
AI Candelaria Spain SLU 7.50%, 12/15/2028 (a)		1,750		1,883
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)		2,219		2,315
Ecopetrol SA
6.88%, 4/29/2030		1,900		2,190
5.88%, 5/28/2045		2,840		2,865

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Colombia — continued
Empresas Publicas de Medellin ESP 4.25%, 7/18/2029 (b)		1,520		1,477
				10,730
Costa Rica — 0.2%
Instituto Costarricense de Electricidad
6.95%, 11/10/2021 (a)		600		600
6.38%, 5/15/2043 (a)		500		427
				1,027
Ecuador — 0.0% (d)
Petroamazonas EP 4.63%, 12/6/2021 (b)		166		164
Georgia — 0.4%
Georgian Railway JSC 4.00%, 6/17/2028 (b)		2,313		2,334
India — 0.3%
India Green Power Holdings 4.00%, 2/22/2027 (b)		1,517		1,512
Indonesia — 2.1%
Indonesia Asahan Aluminium Persero PT 6.76%, 11/15/2048 (a)		3,400		4,382
Pertamina Persero PT
5.63%, 5/20/2043 (a)		1,820		2,170
4.70%, 7/30/2049 (a)		388		423
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.13%, 5/15/2027 (a)		600		644
3.88%, 7/17/2029 (b)		1,940		2,046
5.25%, 5/15/2047 (a)		500		555
4.88%, 7/17/2049 (b)		2,510		2,674
				12,894
Israel — 0.5%
Energean Israel Finance Ltd.
4.88%, 3/30/2026 (a)		653		663
5.38%, 3/30/2028 (a)		664		672
Leviathan Bond Ltd.
6.13%, 6/30/2025 (a)		661		711
6.50%, 6/30/2027 (a)		717		780
6.75%, 6/30/2030 (a)		413		452
				3,278
Kazakhstan — 1.1%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (a)		386		520
KazMunayGas National Co. JSC 6.38%, 10/24/2048 (a)		1,250		1,605

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Kazakhstan — continued
KazTransGas JSC 4.38%, 9/26/2027 (a)		1,200		1,319
Sovereign Wealth Fund Samruk-Kazyna JSC 2.00%, 10/28/2026 (b)		1,746		1,726
Tengizchevroil Finance Co. International Ltd. 3.25%, 8/15/2030 (a)		1,300		1,302
				6,472
Malaysia — 0.3%
Gohl Capital Ltd. 4.25%, 1/24/2027 (a)		1,860		1,927
Mexico — 7.9%
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		1,994
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 7.76%), 8.38%, 10/14/2030 (b) (f) (g) (h)		394		459
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025 (a)		500		552
Braskem Idesa SAPI 6.99%, 2/20/2032 (b)		1,851		1,893
Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.12%, 6/8/2026 (b) (f) (g) (h)		2,557		2,639
Cometa Energia SA de CV 6.38%, 4/24/2035 (a)		973		1,101
Comision Federal de Electricidad
3.35%, 2/9/2031 (b)		3,569		3,450
4.68%, 2/9/2051 (b)		1,878		1,741
FEL Energy VI SARL 5.75%, 12/1/2040 (a)		2,490		2,452
Mexico City Airport Trust 5.50%, 7/31/2047 (a)		1,430		1,445
Petroleos Mexicanos
(ICE LIBOR USD 3 Month + 3.65%), 3.76%, 3/11/2022 (f)		799		798
5.38%, 3/13/2022		1,300		1,313
3.50%, 1/30/2023		500		505
6.49%, 1/23/2027		4,103		4,357
5.35%, 2/12/2028		6,720		6,698
7.69%, 1/23/2050		14,952		14,279
6.95%, 1/28/2060		2,209		1,953
				47,629
Morocco — 0.9%
OCP SA
6.88%, 4/25/2044 (a)		3,450		4,133
5.13%, 6/23/2051 (b)		1,670		1,615
				5,748

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Nigeria — 0.7%
Access Bank plc 6.13%, 9/21/2026 (b)		2,248		2,251
IHS Netherlands Holdco BV 8.00%, 9/18/2027 (a)		1,810		1,924
				4,175
Panama — 0.8%
AES Panama Generation Holdings SRL 4.38%, 5/31/2030 (a)		3,100		3,184
Banco Nacional de Panama 2.50%, 8/11/2030 (b)		866		817
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (b)		850		958
				4,959
Paraguay — 0.4%
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (b)		3,313		2,461
Peru — 1.0%
Minsur SA 4.50%, 10/28/2031 (b)		875		863
Peru LNG Srl 5.38%, 3/22/2030 (a)		1,460		1,224
Petroleos del Peru SA
4.75%, 6/19/2032 (a)		2,100		2,219
5.63%, 6/19/2047 (a)		2,000		2,021
				6,327
Russia — 0.4%
Tinkoff Bank JSC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.15%), 6.00%, 12/20/2026 (b) (f) (g) (h)		2,375		2,364
Saudi Arabia — 1.0%
Saudi Arabian Oil Co.
3.50%, 4/16/2029 (a)		4,200		4,470
3.50%, 11/24/2070 (b)		1,357		1,291
				5,761
South Africa — 1.7%
Bidvest Group UK plc (The) 3.63%, 9/23/2026 (b)		2,633		2,636
Eskom Holdings SOC Ltd.
6.75%, 8/6/2023 (a)		3,900		4,023
8.45%, 8/10/2028 (a)		835		912
FirstRand Bank Ltd. (USD Swap Semi 5 Year + 3.56%), 6.25%, 4/23/2028 (a) (f)		1,880		1,951
Transnet SOC Ltd. 4.00%, 7/26/2022 (a)		600		604
				10,126

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Trinidad and Tobago — 0.1%
Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026 (b)		800		881
Tunisia — 0.1%
Banque Centrale de Tunisie International Bond
5.63%, 2/17/2024 (a)	EUR	388		367
6.38%, 7/15/2026 (a)	EUR	240		221
				588
Ukraine — 0.3%
Metinvest BV 7.75%, 10/17/2029 (a)		1,730		1,884
State Savings Bank of Ukraine 9.62%, 3/20/2025 (a) (c)		210		225
				2,109
United Arab Emirates — 0.7%
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (a)		850		990
EA Partners I BV 6.88%, 9/28/2020 (a) (e)		2,751		33
EA Partners II BV 6.75%, 6/1/2021 (a) (e)		1,076		11
MDGH GMTN RSC Ltd. 3.70%, 11/7/2049 (b)		2,750		2,999
				4,033
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		62
12.75%, 2/17/2022 (a) (e)		770		38
5.38%, 4/12/2027 (a) (e)		730		37
				287
Total Corporate Bonds (Cost $204,197)				198,094
Options Purchased — 0.0% (d)
Call Options Purchased — 0.0% (d)
United States — 0.0% (d)
Foreign Exchange USD/MXN 11/29/2021 at USD 21.59, Vanilla, European Style Notional Amount: USD 31,488 Counterparty: Goldman Sachs International* (Cost $204)		31,488		58
Short-Term Investments — 3.0%
Foreign Government Treasury Bills — 1.0%
Arab Republic of Egypt Treasury Bills
13.02%, 11/16/2021 (i)	EGP	63,500		4,017
13.18%, 2/1/2022 (i)	EGP	29,850		1,840
Total Foreign Government Treasury Bills (Cost $5,888)				5,857

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 11

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

INVESTMENTS	SHARES ($000)		VALUE ($000)
Short-Term Investments — continued
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (j) (k) (Cost $12,114)		12,108		12,114
Total Short-Term Investments (Cost $18,002)				17,971
Total Investments — 98.0% (Cost $620,075)				593,581
Other Assets Less Liabilities — 2.0%				12,401
NET ASSETS — 100.0%				605,982

Percentages indicated are based on net assets.

Abbreviations

BRL	Brazilian Real
EGP	Egyptian Pound
EUR	Euro
GMTN	Global medium term note
ICE	Intercontinental Exchange
IDR	Indonesian Rupiah
JSC	Joint Stock Company
KZT	Kajakhstan Tenge
LIBOR	London Interbank Offered Rate
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
PT	Limited liability company
UAH	Ukrainian Hryvnia
USD	United States Dollar
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 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 October 31, 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 October 31, 2021.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	The rate shown is the effective yield as of October 31, 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 October 31, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2021

Forward foreign currency exchange contracts outstanding as of October 31, 2021 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	33,529	EUR	28,987	Citibank, NA		11/15/2021		11
CLP	1,244,773	USD	1,499	Barclays Bank plc**		11/22/2021		27
CZK	22,188	EUR	862	Barclays Bank plc		11/22/2021		1
EUR	656	CZK	16,724	Barclays Bank plc		11/22/2021		6
EUR	656	PLN	3,023	Barclays Bank plc		11/22/2021		1
ILS	4,886	USD	1,518	Goldman Sachs International		11/22/2021		26
INR	233,437	USD	3,090	BNP Paribas**		11/22/2021		16
KRW	1,808,041	USD	1,527	BNP Paribas**		11/22/2021		11
MXN	15,758	USD	756	Citibank, NA		11/22/2021		7
MXN	32,991	USD	1,594	Goldman Sachs International		11/22/2021		3
RUB	54,657	USD	753	Barclays Bank plc**		11/22/2021		14
RUB	62,334	USD	863	Goldman Sachs International**		11/22/2021		12
TRY	7,518	USD	761	BNP Paribas		11/22/2021		14
USD	1,516	BRL	8,387	BNP Paribas**		11/22/2021		36
USD	759	BRL	4,225	Citibank, NA**		11/22/2021		14
USD	1,645	COP	6,173,588	Goldman Sachs International**		11/22/2021		8
USD	2,293	EUR	1,972	Barclays Bank plc		11/22/2021		12
USD	4,335	EUR	3,730	Citibank, NA		11/22/2021		21
USD	926	IDR	13,100,510	BNP Paribas**		11/22/2021		7
USD	1,526	IDR	21,740,073	Citibank, NA**		11/22/2021		1
USD	763	MXN	15,518	Barclays Bank plc		11/22/2021		12
USD	760	MXN	15,391	Citibank, NA		11/22/2021		14
USD	762	RUB	53,293	Barclays Bank plc**		11/22/2021		13
USD	762	SGD	1,027	Barclays Bank plc		11/22/2021		—	(a)
USD	1,525	TRY	14,474	Citibank, NA		11/22/2021		34
USD	759	TRY	6,958	Goldman Sachs International		11/22/2021		42
USD	759	ZAR	11,344	Citibank, NA		11/22/2021		18
IDR	71,952,582	USD	4,996	BNP Paribas**		12/22/2021		35
USD	13,873	BRL	73,844	BNP Paribas**		12/22/2021		928
USD	4,927	CZK	107,429	Citibank, NA		12/22/2021		97
USD	4,782	EUR	4,083	HSBC Bank, NA		12/22/2021		57
USD	10,913	MXN	219,638	TD Bank Financial Group		12/22/2021		329
USD	6,178	ZAR	88,915	State Street Corp.		12/22/2021		394
USD	56	ZAR	837	TD Bank Financial Group		12/22/2021		1
Total unrealized appreciation								2,222
EUR	924	USD	1,074	HSBC Bank, NA		11/15/2021		(5	)
EUR	237	USD	275	Standard Chartered Bank		11/15/2021		(1	)
BRL	12,690	USD	2,294	BNP Paribas**		11/22/2021		(54	)
BRL	4,171	USD	752	Citibank, NA**		11/22/2021		(16	)
CLP	619,149	USD	763	Barclays Bank plc**		11/22/2021		(4	)
COP	2,823,465	USD	751	BNP Paribas**		11/22/2021		(2	)
CZK	60,890	USD	2,782	BNP Paribas		11/22/2021		(42	)
EUR	657	USD	760	BNP Paribas		11/22/2021		(1	)
HUF	244,594	USD	789	BNP Paribas		11/22/2021		(3	)
IDR	10,791,025	USD	764	BNP Paribas**		11/22/2021		(7	)
INR	114,936	USD	1,531	Goldman Sachs International**		11/22/2021		(2	)
KRW	1,782,089	USD	1,523	BNP Paribas**		11/22/2021		(6	)
PLN	9,803	USD	2,489	State Street Corp.		11/22/2021		(33	)
RUB	53,911	USD	760	Barclays Bank plc**		11/22/2021		(3	)
SGD	1,083	USD	803	BNP Paribas		11/22/2021		—	(a)
TRY	7,298	USD	761	Barclays Bank plc		11/22/2021		(9	)
USD	736	BRL	4,224	Goldman Sachs International**		11/22/2021		(9	)
USD	2,272	CLP	1,857,717	Barclays Bank plc**		11/22/2021		(6	)
USD	759	CLP	625,441	BNP Paribas**		11/22/2021		(8	)
USD	759	COP	2,867,207	BNP Paribas**		11/22/2021		(1	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 13

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2021 (continued)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	1,526	ILS	4,873	BNP Paribas		11/22/2021		(14	)
USD	756	MXN	15,708	Goldman Sachs International		11/22/2021		(4	)
USD	3,173	PHP	161,179	Barclays Bank plc**		11/22/2021		(16	)
USD	1,608	SEK	13,841	Barclays Bank plc		11/22/2021		(4	)
ZAR	11,051	USD	747	Citibank, NA		11/22/2021		(25	)
CZK	105,116	USD	4,881	BNP Paribas		12/22/2021		(155	)
CZK	2,313	USD	106	Royal Bank of Canada		12/22/2021		(2	)
EUR	4,083	USD	4,831	Royal Bank of Canada		12/22/2021		(105	)
KRW	5,540,397	USD	4,728	BNP Paribas**		12/22/2021		(16	)
MXN	62,074	USD	3,045	TD Bank Financial Group		12/22/2021		(54	)
USD	4,973	IDR	71,952,582	Citibank, NA**		12/22/2021		(58	)
USD	4,622	KRW	5,540,397	Citibank, NA**		12/22/2021		(89	)
ZAR	89,752	USD	6,260	TD Bank Financial Group		12/22/2021		(421	)
Total unrealized depreciation								(1,175	)
Net unrealized appreciation								1,047

Abbreviations

BRL	Brazilian Real
CLP	Chile Peso
COP	Colombian Peso
CZK	Czech Republic Koruna
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
KRW	Korean Republic Won
MXN	Mexican Peso

PHP	Philippines Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
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 October 31, 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) ($)

3 month TELBOR quarterly

0.55 annually

Receive

8/30/2026

ILS

42,000

—

289

6 month THBFIX semi-annually

0.70 semi-annually

Receive

10/4/2024

THB

1,060,000

—

328

3 month TELBOR quarterly

0.94 annually

Receive

10/11/2026

ILS

60,500

—

94

6 month THBFIX semi-annually

1.10 semi-annually

Receive

10/8/2026

THB

410,000

—

146

3 month LIBOR quarterly

1.13 semi-annually

Receive

3/30/2026

USD

89,600

—

498

6 month THBFIX semi-annually

1.68 semi-annually

Receive

10/8/2031

THB

206,000

—

42

6 month WIBOR semi-annually

1.70 annually

Receive

8/25/2031

PLN

10,000

—

222

6 month WIBOR semi-annually

1.77 annually

Receive

7/6/2031

PLN

5,103

—

101

6 month WIBOR semi-annually

1.91 annually

Receive

9/8/2031

PLN

4,568

—

81

6 month WIBOR semi-annually

1.91 annually

Receive

9/7/2031

PLN

4,568

—

81

6 month WIBOR semi-annually

1.91 annually

Receive

6/9/2031

PLN

11,000

—

180

6 month WIBOR semi-annually

1.93 annually

Receive

9/13/2031

PLN

4,364

—

76

6 month WIBOR semi-annually

2.11 annually

Receive

10/8/2026

PLN

53,000

—

307

6 month WIBOR semi-annually

2.57 annually

Receive

10/20/2026

PLN

75,000

—

90

6 month BUBOR semi-annually

3.09 annually

Receive

9/23/2031

HUF

301,210

—

56

6 month BUBOR semi-annually

3.12 annually

Receive

9/24/2031

HUF

602,420

—

107

6 month BUBOR semi-annually

3.12 annually

Receive

9/24/2031

HUF

301,210

—

53

—

2,751

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2021

Abbreviations

BUBOR	Budapest Interbank Offered Rate
HUF	Hungarian Forint
ILS	Israeli Shekel
LIBOR	London Interbank Offered Rate
PLN	Polish Zloty
TELBOR	Tel Aviv Inter-Bank Offered Rate
THBFIX	Thai Baht Interest Rate Fixing
THB	Thai Baht
USD	United States Dollar
WIBOR	Warsaw Interbank Offered Rate
(a)	Value of floating rate index at October 31, 2021 was as follows:
	Floating Rate Index	Value
	6 Month BUBOR		2.19	%
	3 Month LIBOR		0.13
	3 Month TELBOR		0.10
	6 Month THBFIX		0.37
	6 Month WIBOR		0.96

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 15

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2021

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Markets Strategic Debt Fund
ASSETS:
Investments in non-affiliates, at value	$	581,409
Investments in affiliates, at value		12,114
Options purchased, at value		58
Cash		1,697
Foreign currency, at value		1,198
Deposits at broker for centrally cleared swaps		3,706
Receivables:
Due from custodian		463
Investment securities sold		1,200
Fund shares sold		5
Interest from non-affiliates		7,914
Dividends from affiliates		1
Tax reclaims		39
Variation margin on centrally cleared swaps		592
Unrealized appreciation on forward foreign currency exchange contracts		2,222
Total Assets		612,618
LIABILITIES:
Payables:
Investment securities purchased		2,548
Fund shares redeemed		2,275
Unrealized depreciation on forward foreign currency exchange contracts		1,175
Accrued liabilities:
Investment advisory fees		304
Administration fees		18
Distribution fees		—	(a)
Service fees		1
Custodian and accounting fees		34
Deferred foreign capital gains tax		—	(a)
Other		281
Total Liabilities		6,636
Net Assets	$	605,982

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2021

	JPMorgan Emerging Markets Strategic Debt Fund
NET ASSETS:
Paid-in-Capital	$	731,205
Total distributable earnings (loss)		(125,223	)
Total Net Assets	$	605,982
Net Assets:
Class A	$	861
Class C		41
Class I		444
Class R2		31
Class R6		604,605
Total	$	605,982
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		112
Class C		6
Class I		57
Class R2		4
Class R6		77,321
Net Asset Value (a):
Class A — Redemption price per share	$	7.68
Class C — Offering price per share (b)		7.49
Class I — Offering and redemption price per share		7.72
Class R2 — Offering and redemption price per share		7.57
Class R6 — Offering and redemption price per share		7.82
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	7.98
Cost of investments in non-affiliates	$	607,757
Cost of investments in affiliates		12,114
Cost of options purchased		204
Cost of foreign currency		652

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 17

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2021

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	30,331
Interest income from affiliates		—	(a)
Dividend income from affiliates		12
Foreign taxes withheld (net)		(67	)
Total investment income		30,276
EXPENSES:
Investment advisory fees		3,666
Administration fees		423
Distribution fees:
Class A		2
Class C		—	(a)
Class R2		—	(a)
Service fees:
Class A		2
Class C		—	(a)
Class I		10
Class R2		—	(a)
Class R5 (b)		—	(a)
Custodian and accounting fees		85
Interest expense to affiliates		5
Professional fees		99
Trustees’ and Chief Compliance Officer’s fees		26
Printing and mailing costs		3
Registration and filing fees		119
Transfer agency fees (See Note 2.H.)		4
Other		21
Total expenses		4,465
Less fees waived		(512	)
Less expense reimbursements		(3	)
Net expenses		3,950
Net investment income (loss)	$	26,326

(a) Amount rounds to less than one thousand.

(b) Liquidated on December 7, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2021

	JPMorgan Emerging Markets Strategic Debt Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	(1,299	)(a)
Investments in affiliates		17
Options purchased		(2,206	)
Futures contracts		(224	)
Foreign currency transactions		(511	)
Forward foreign currency exchange contracts		(123	)
Options written		1,680
Swaps		2,342
Net realized gain (loss)		(324	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(16,238	)(b)
Investments in affiliates		1
Options purchased		(1,428	)
Foreign currency translations		495
Forward foreign currency exchange contracts		1,258
Options written		1,256
Swaps		2,678
Change in net unrealized appreciation/depreciation		(11,978	)
Net realized/unrealized gains (losses)		(12,302	)
Change in net assets resulting from operations	$	14,024

(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.

OCTOBER 31, 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
	Year Ended October 31, 2021			Year Ended October 31, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	26,326		$	24,530
Net realized gain (loss)		(324	)		(55,566	)
Change in net unrealized appreciation/depreciation		(11,978	)		(22,728	)
Change in net assets resulting from operations		14,024			(53,764	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment Income		(34	)		(20	)
Return of capital		—			(2	)
Class C
From net investment Income		(2	)		(3	)
Return of capital		—			—	(a)
Class I
From net investment Income		(184	)		(68	)
Return of capital		—			(7	)
Class R2
From net investment Income		(1	)		(1	)
Return of capital		—			—	(a)
Class R5 (b)
From net investment Income		—			(1	)
Return of capital		—			—	(a)
Class R6
From net investment Income		(26,150	)		(23,576	)
Return of capital		—			(1,662	)
Total distributions to shareholders		(26,371	)		(25,340	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		358,495			(388,187	)
NET ASSETS:
Change in net assets		346,148			(467,291	)
Beginning of period		259,834			727,125
End of period	$	605,982		$	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 OCTOBER 31, 2021

	JPMorgan Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2021			Year Ended October 31, 2020
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	10,533		$	2,811
Distributions reinvested		34			21
Cost of shares redeemed		(10,198	)		(2,889	)
Change in net assets resulting from Class A capital transactions		369			(57	)
Class C
Proceeds from shares issued		—	(a)		30
Distributions reinvested		2			4
Cost of shares redeemed		(11	)		(69	)
Change in net assets resulting from Class C capital transactions		(9	)		(35	)
Class I
Proceeds from shares issued		2,475			3,595
Distributions reinvested		184			75
Cost of shares redeemed		(5,204	)		(1,175	)
Change in net assets resulting from Class I capital transactions		(2,545	)		2,495
Class R2
Proceeds from shares issued		6			1
Distributions reinvested		1			1
Cost of shares redeemed		(4	)		—	(a)
Change in net assets resulting from Class R2 capital transactions		3			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		423,157			50,556
Distributions reinvested		26,150			25,237
Cost of shares redeemed		(88,606	)		(466,386	)
Change in net assets resulting from Class R6 capital transactions		360,701			(390,593	)
Total change in net assets resulting from capital transactions	$	358,495		$	(388,187	)

(a) Amount rounds to less than one thousand.

(b) Liquidated on December 7, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 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
	Year Ended October 31, 2021			Year Ended October 31, 2020
SHARE TRANSACTIONS:
Class A
Issued		1,356			382
Reinvested		5			3
Redeemed		(1,313	)		(390	)
Change in Class A Shares		48			(5	)
Class C
Issued		—	(a)		4
Reinvested		—	(a)		1
Redeemed		(1	)		(9	)
Change in Class C Shares		(1	)		(4	)
Class I
Issued		311			448
Reinvested		23			10
Redeemed		(670	)		(154	)
Change in Class I Shares		(336	)		304
Class R2
Issued		1			—	(a)
Reinvested		—	(a)		—	(a)
Redeemed		(1	)		—	(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		52,095			6,492
Reinvested		3,289			3,219
Redeemed		(11,116	)		(64,734	)
Change in Class R6 Shares		44,268			(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 OCTOBER 31, 2021

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OCTOBER 31, 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) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Return of capital			Total distributions
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Year Ended October 31, 2021	$	7.63	$	0.34	$	0.04		$	0.38		$	(0.33	)	$	—		$	(0.33	)
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	)
Class C
Year Ended October 31, 2021		7.45		0.30		0.03			0.33			(0.29	)		—			(0.29	)
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	)
Class I
Year Ended October 31, 2021		7.69		0.36		0.02			0.38			(0.35	)		—			(0.35	)
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	)
Class R2
Year Ended October 31, 2021		7.54		0.32		0.02			0.34			(0.31	)		—			(0.31	)
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	)
Class R6
Year Ended October 31, 2021		7.75		0.37		0.07			0.44			(0.37	)		—			(0.37	)
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	)

(a) Calculated based upon average shares outstanding.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2021

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	7.68		4.96	%	$	861		1.20	%		4.28	%		1.33	%		62	%
	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
	7.49		4.47			41		1.70			3.86			1.81			62
	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
	7.72		4.94			444		0.95			4.58			1.05			62
	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
	7.57		4.53			31		1.45			4.09			1.58			62
	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
	7.82		5.68			604,605		0.70			4.67			0.79			62
	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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021

(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 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.

26 J.P. MORGAN FUNDS OCTOBER 31, 2021

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.

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	$	—	$	198,094		$	—	$	198,094
Foreign Government Securities		—		375,256			2,202		377,458
Options Purchased
Call Options Purchased		—		58			—		58
Short-Term Investments
Foreign Government Treasury Bills		—		5,857			—		5,857
Investment Companies		12,114		—			—		12,114
Total Short-Term Investments		12,114		5,857			—		17,971
Total Investments in Securities	$	12,114	$	579,265		$	2,202	$	593,581
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	2,222		$	—	$	2,222
Swaps		—		2,751			—		2,751
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—		(1,175	)		—		(1,175	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	—	$	3,798		$	—	$	3,798

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 October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (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 year ended October 31, 2021.

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

For the year ended October 31, 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 October 31, 2021		Shares at October 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	12,250	$	650,273	$	650,427	$	17	$	1	$	12,114		12,108	$	12	$	—

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

(b) The rate shown is the current yield as of October 31, 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 year 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.

28 J.P. MORGAN FUNDS OCTOBER 31, 2021

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

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

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

Notes F(1) — F(4) below describe the various derivatives used by the Fund.

(1). Options — The Fund purchased and/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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

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

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

(3). Forward Foreign Currency Exchange Contracts — The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of 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) 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

30 J.P. MORGAN FUNDS OCTOBER 31, 2021

events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.

(5). Summary of Derivatives Information

The following table presents the value of derivatives held as of October 31, 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	$	2,222
Purchased Options at Market Value		58
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(1,175	)
Interest Rate Risk Exposure:
Swaps at Value (Assets)*		2,751
Net Fair Value of Derivative Contracts:
Swaps at Value*		2,751
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		1,047
Purchased Options at Market Value		58

* 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.

The following table presents the effect of derivatives on the Statement of Operations for the year ended October 31, 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	$	(123	)
Purchased Options		(2,206	)
Written Options		1,680
Interest Rate Risk Exposure:
Futures Contracts		(224	)
Swap Contracts		2,917
Credit Risk Exposure:
Swap Contracts		(575	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency Exchange Contracts		1,258
Purchased Options		(1,428	)
Written Options		1,256

OCTOBER 31, 2021 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

	Emerging Markets Strategic Debt Fund
Interest Rate Risk Exposure:
Swap Contracts	$	2,751
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 year ended October 31, 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	$	6,410
Average Notional Balance Short		9,619
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	74,656
Average Settlement Value Sold		112,128
Ending Settlement Value Purchased		63,334
Ending Settlement Value Sold		114,532
OTC Options:
Average Notional Balance Purchased	$	39,328
Average Notional Balance Written		13,938
Ending Notional Balance Purchased		31,488
Credit Default Swaps:
Average Notional Balance — Buy Protection	$	6,077
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed Rate	$	167,860	(a)
Ending Notional Balance — Pays Fixed Rate		218,381

(a) For the period February 1, 2021 through October 31, 2021.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC 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 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 and are disclosed in the table below.

The Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of October 31, 2021 are as follows:

Fund Counterparty		Value of swap contracts		Collateral amount
BNP Paribas	Collateral Received	$	—	$	(1,080	)

The Fund’s derivatives contracts held at October 31, 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.

32 J.P. MORGAN FUNDS OCTOBER 31, 2021

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the year ended October 31, 2021 are as follows:

	Class A			Class C			Class I			Class R2			Class R6		Total
Transfer agency fees	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	4	$	4

(a) Amount rounds to less than one thousand.

I. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 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.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	(9	)	$	1,429	$	(1,420	)

The reclassifications for the Fund relate primarily to investments in swaps and foreign currency gains or losses.

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 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 year ended October 31, 2021, the effective rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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 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 year ended October 31, 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
	0.25	%		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 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 R6
	1.20	%		1.70	%		0.95	%		1.45	%		0.70	%

The expense limitation agreement was in effect for the year ended October 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2022.

For the year ended October 31, 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
	$	296	$	197	$	—	(a)	$	493	$	3

(a) Amount rounds to less than one thousand.

34 J.P. MORGAN FUNDS OCTOBER 31, 2021

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 year ended October 31, 2021 was $19.

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 year ended October 31, 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.

4. Investment Transactions

During the year ended October 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	677,653	$	330,155

During the year ended October 31, 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 October 31, 2021 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	623,141	$	13,377	$	39,139	$	(25,762	)

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

The tax character of distributions paid during the year ended October 31, 2021 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	26,371	$	—	$	26,371

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

The tax character of distributions paid during the year ended October 31, 2020 was as follows:

Ordinary Income*		Return of Capital		Total Distributions Paid
$	23,669	$	1,671	$	25,340

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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

As of October 31, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	2,070	$	(101,883	)	$	(25,379	)

The cumulative timing differences primarily consist of capital loss carryforward, investments in forward foreign currency contracts and wash sale loss deferrals.

At October 31, 2021, the Fund had net capital loss carryforwards which are available to offset future realized gains:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	65,037	$	36,846

During the year ended October 31, 2021, the Fund utilized capital loss carryforwards as follows:

Capital Loss Utilized
Short-Term		Long-Term
$	—	$	369

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are 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 October 31, 2021. Average borrowings from the Facility during the year ended October 31, 2021 were as follows:

Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
$	5,405		0.82	%		8	$	1

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 31, 2022.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), 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

36 J.P. MORGAN FUNDS OCTOBER 31, 2021

and is allocated to all participating funds pro rata based on their respective net assets. Effective August 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Fund did not utilize the Credit Facility during the year ended October 31, 2021.

7. Risks, Concentrations and Indemnifications

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

As of October 31, 2021, the Fund had three individual shareholder and/or affiliated omnibus accounts, which owned 38.4% of the Fund’s outstanding shares.

As of October 31, 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
	67.2	%		28.2	%

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.

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 the 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 is 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 foreign countries or regions, which may vary throughout the period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2021, the Fund had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash

collateral from securities loaned) as follows:

Mexico 10.8 % 

As of October 31, 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.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2021 (continued)

(Dollar values in thousands)

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.

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.

8. Subsequent Events

At its meeting held on November 17, 2021, the Board approved a change to the Fund’s fiscal year end from October 31st to the last day of February, which will be effective on February 28, 2022.

38 J.P. MORGAN FUNDS OCTOBER 31, 2021

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Emerging Markets Strategic Debt Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Emerging Markets Strategic Debt Fund (one of the funds constituting JPMorgan Trust I, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 22, 2021

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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 39

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Chair since 2020; Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	124	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee of the Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	124	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	124	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Frankie D. Hughes (1952); Trustee of the Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	124	None

40 J.P. MORGAN FUNDS OCTOBER 31, 2021

Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee  (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner (1953); Trustee of the Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	124	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Mary E. Martinez (1960); Vice Chair since 2021: Trustee of the Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	124	None
Marilyn McCoy (1948); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President, Administration and Planning, Northwestern University (1985-present).	124	None
Dr. Robert A. Oden, Jr. (1946); Trustee of the Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	124	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-2021).
Marian U. Pardo* (1946); Trustee of the Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	124	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

OCTOBER 31, 2021 J.P. MORGAN FUNDS 41

TRUSTEES

(Unaudited) (continued)

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eight registered investment companies (124 funds).

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

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

42 J.P. MORGAN FUNDS OCTOBER 31, 2021

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980), Assistant Secretary (2011)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, J.P. Morgan Investment Management Inc. since September 2012.

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

   * The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

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

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

OCTOBER 31, 2021 J.P. MORGAN FUNDS 43

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2021, and continued to hold your shares at the end of the reporting period, October 31, 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 May 1, 2021		Ending Account Value October 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Actual	$	1,000.00	$	1,008.80	$	6.08		1.20	%
Hypothetical		1,000.00		1,019.16		6.11		1.20
Class C
Actual		1,000.00		1,006.10		8.60		1.70
Hypothetical		1,000.00		1,016.64		8.64		1.70
Class I
Actual		1,000.00		1,009.40		4.81		0.95
Hypothetical		1,000.00		1,020.42		4.84		0.95
Class R2
Actual		1,000.00		1,007.10		7.34		1.45
Hypothetical		1,000.00		1,017.90		7.38		1.45
Class R6
Actual		1,000.00		1,011.80		3.55		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70

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

44 J.P. MORGAN FUNDS OCTOBER 31, 2021

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 11, 2021.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessment as compared to the Fund’s objectives, benchmarks, and peers. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed

the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Fund during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Fund and its shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.

OCTOBER 31, 2021 J.P. MORGAN FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(continued)

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

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

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Fund for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Fund’s shareholders to share potential economies of scale from its inception and that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Fund, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels, was reasonable. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

46 J.P. MORGAN FUNDS OCTOBER 31, 2021

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in the Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the independent consultant) has performed. The Trustees also

engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance for Class A shares was in the fourth, fifth and fifth quintiles based upon the Peer Group, and in the fourth, fourth and fifth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the Fund’s performance for Class I shares was in the third, fourth and fifth quintiles based upon the Peer Group, and in the fourth, fourth and fifth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the Fund’s performance for Class R6 shares was in the fourth quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as the Fund. The Trustees recognized that Broadridge reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Fund, the net advisory fee rate and net expense ratio for each class after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’

OCTOBER 31, 2021 J.P. MORGAN FUNDS 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(continued)

determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee for Class A shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fourth quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the fourth and third quintiles based upon the Peer Group and Universe,

respectively, and that the actual total expenses for Class I shares were in the second and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon the Universe, and that the actual total expenses for Class R6 shares were in the first quintiles based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

48 J.P. MORGAN FUNDS OCTOBER 31, 2021

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.

When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of the Trust, including the Fund.

The results of the voting were as follows:

	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		218,161,076
Withheld		3,798,560
Steven P. Fisher
In Favor		219,683,469
Withheld		2,276,167
Gary L. French
In Favor		219,573,994
Withheld		2,385,642
Kathleen Gallagher
In Favor		219,614,901
Withheld		2,344,735
Robert J. Grassi
In Favor		219,652,125
Withheld		2,307,510
Frankie D. Hughes
In Favor		219,173,958
Withheld		2,785,677
Raymond Kanner
In Favor		219,638,172
Withheld		2,321,463
Thomas P. Lemke
In Favor		219,600,003
Withheld		2,359,633

	Votes Received (Amounts in thousands)
Lawrence R. Maffia
In Favor		219,558,283
Withheld		2,401,353
Mary E. Martinez
In Favor		219,188,002
Withheld		2,771,634
Marilyn McCoy
In Favor		218,775,511
Withheld		3,184,125
Robert A. Oden, Jr.
In Favor		218,109,306
Withheld		3,850,330
Marian U. Pardo
In Favor		219,504,107
Withheld		2,445,528
Emily A. Youssouf
In Favor		219,549,573
Withheld		2,410,062
Interested Nominee
Robert F. Deutsch
In Favor		219,143,836
Withheld		2,815,799
Nina O. Shenker
In Favor		219,183,139
Withheld		2,776,497

OCTOBER 31, 2021 J.P. MORGAN FUNDS 49

Rev. January 2011

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

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

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

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

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

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. 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. October 2021. AN-EMSD-1021

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial expert is Dennis P. Harrington. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

On April 1, 2021, Kathleen M. Gallagher replaced Dennis P. Harrington as the audit committee financial expert. Ms. Gallagher is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2021 – $715,339

2020 – $ 917,646

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2021 – $116,912

2020 – $176,810

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2021 – $172,595

2020 – $ 237,771

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2021 and 2020, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2021 – Not applicable

2020 – Not applicable

(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.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the

“Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2021 – 0.0%

2020 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable - Less than 50%.

(g) Disclose the 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.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2020 - $30.3 million

2019 - $30.6 million

(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.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

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.

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.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by 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
	December 30, 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
	December 30, 2021
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	December 30, 2021