JPMorgan Trust IV NPORT-P JPMorgan International Equity Plus Fund (Jul 2020 report)

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS — 96.0%
Australia — 3.5%
Australia & New Zealand Banking Group Ltd.		6,622		84,104
Goodman Group, REIT		5,820		70,763
Rio Tinto Ltd.		2,579		188,754
				343,621
Austria — 0.6%
Erste Group Bank AG		2,426		54,302
Belgium — 0.3%
Anheuser-Busch InBev SA/NV		536		29,106
Denmark — 3.3%
Novo Nordisk A/S, Class B		3,619		237,452
Orsted A/S(a)		611		87,083
				324,535
France — 12.9%
Air Liquide SA		1,286		211,522
Airbus SE*		850		62,217
Alstom SA*		1,061		59,122
BNP Paribas SA*		2,349		94,768
Capgemini SE		533		69,127
Kering SA		84		47,602
LVMH Moet Hennessy Louis Vuitton SE		177		76,967
Safran SA*		786		83,592
Sanofi		2,079		218,289
Schneider Electric SE		917		105,146
TOTAL SE		2,628		99,453
Vinci SA		1,549		133,315
				1,261,120
Germany — 11.1%
adidas AG*		495		136,510
Allianz SE (Registered)		448		92,948
Bayer AG (Registered)		758		50,356
Brenntag AG		1,802		111,207
Deutsche Boerse AG		557		101,343
Deutsche Telekom AG (Registered)		6,330		105,678
Infineon Technologies AG		3,682		93,874
SAP SE		1,472		232,360
Siemens AG (Registered)		931		118,643
Volkswagen AG (Preference)		349		51,086
				1,094,005
Hong Kong — 2.8%
AIA Group Ltd.		16,200		146,075
CLP Holdings Ltd.		6,500		61,462
Hong Kong Exchanges & Clearing Ltd.		1,400		66,658
				274,195
India — 1.2%
HDFC Bank Ltd., ADR*		2,613		122,158
Italy — 2.7%
Enel SpA		18,409		168,636
FinecoBank Banca Fineco SpA*		6,389		93,137
				261,773
Japan — 21.3%
Ain Holdings, Inc.		600		38,183
Bridgestone Corp.		1,700		50,074
Daicel Corp.		4,600		30,763
Daikin Industries Ltd.		600		105,568
Hitachi Ltd.		2,400		71,890
Honda Motor Co. Ltd.		4,700		114,585
Hoya Corp.		900		88,758
Kao Corp.		2,100		152,342
Keyence Corp.		300		126,506
Mabuchi Motor Co. Ltd.		1,500		45,027
Marui Group Co. Ltd.		2,600		37,806
Mitsubishi Corp.		5,100		102,764
Mitsubishi UFJ Financial Group, Inc.		23,200		86,938
Mitsui Fudosan Co. Ltd.		4,200		65,663
Nichirei Corp.		2,100		59,963
Nintendo Co. Ltd.		300		131,943
Nippon Telegraph & Telephone Corp.		5,000		116,057
Otsuka Corp.		1,800		93,851
Otsuka Holdings Co. Ltd.		2,500		103,684
Recruit Holdings Co. Ltd.		2,300		71,750
Sumitomo Metal Mining Co. Ltd.		1,500		45,089
Sumitomo Mitsui Financial Group, Inc.		2,100		55,958
T&D Holdings, Inc.		3,700		30,456
Tokio Marine Holdings, Inc.		2,000		84,450
Tokyu Corp.		2,500		27,822
Toyota Motor Corp.		2,500		148,410
				2,086,300
Mexico — 0.6%
Wal-Mart de Mexico SAB de CV		26,368		62,060
Netherlands — 4.3%
Akzo Nobel NV		1,484		139,829
ASML Holding NV		503		178,835
ING Groep NV		6,693		46,670
Royal Dutch Shell plc, Class B		3,795		53,268
				418,602
Norway — 0.9%
Telenor ASA		5,457		84,359
Peru — 0.4%
Credicorp Ltd.		299		38,024
Singapore — 0.7%
DBS Group Holdings Ltd.		4,500		65,005
Spain — 3.5%
Iberdrola SA		17,048		220,350
Industria de Diseno Textil SA		4,805		127,323
				347,673
Sweden — 2.0%
Lundin Energy AB		2,960		69,044
SKF AB, Class B		3,116		57,686
Svenska Handelsbanken AB, Class A*		7,528		70,992
				197,722

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

Investments	Shares		Value ($)
COMMON STOCKS — continued
Switzerland — 10.3%
Adecco Group AG (Registered)		1,177		55,618
Cie Financiere Richemont SA (Registered)		1,430		88,776
Credit Suisse Group AG (Registered)		2,422		25,829
LafargeHolcim Ltd. (Registered)*		1,777		84,071
Nestle SA (Registered)		2,204		262,103
Novartis AG (Registered)		1,404		115,643
Roche Holding AG		914		316,570
Swiss Re AG		794		62,654
				1,011,264
Taiwan — 1.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,788		141,055
United Kingdom — 11.6%
3i Group plc		8,462		97,402
AstraZeneca plc		526		58,112
Beazley plc		8,980		48,918
BP plc		27,720		100,388
British American Tobacco plc		4,016		132,722
Diageo plc		3,612		132,165
GlaxoSmithKline plc		4,253		84,721
HSBC Holdings plc		6,615		29,786
InterContinental Hotels Group plc		1,285		59,189
Prudential plc		5,163		73,783
Standard Chartered plc		9,640		48,199
Taylor Wimpey plc		43,518		67,128
Unilever NV		3,505		207,112
				1,139,625
United States — 0.6%
Ferguson plc		615		54,214
TOTAL COMMON STOCKS (Cost $9,651,063)				9,410,718
SHORT-TERM INVESTMENTS — 2.3%
INVESTMENT COMPANIES — 2.3%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03%(b)(c) (Cost $228,500)		228,500		228,500
Total Investments — 98.3% (Cost $9,879,563)				9,639,218
Other Assets Less Liabilities — 1.7%				170,507
Net Assets — 100.0%				9,809,725

Percentages indicated are based on net assets.    

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

Summary of Investments by Industry, July 31, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		12.3	%
Banks		9.2
Insurance		5.6
Electric Utilities		5.6
Semiconductors & Semiconductor Equipment		4.3
Chemicals		4.0
Personal Products		3.7
Textiles, Apparel & Luxury Goods		3.6
Oil, Gas & Consumable Fuels		3.3
Food Products		3.3
Automobiles		3.3
Diversified Telecommunication Services		3.2
Capital Markets		3.0
Trading Companies & Distributors		2.8
Metals & Mining		2.4
Software		2.4
Electronic Equipment, Instruments & Components		2.1
IT Services		1.7
Beverages		1.7
Electrical Equipment		1.6
Aerospace & Defense		1.5
Construction & Engineering		1.4
Tobacco		1.4
Entertainment		1.4
Professional Services		1.3
Specialty Retail		1.3
Industrial Conglomerates		1.2
Machinery		1.2
Building Products		1.1
Food & Staples Retailing		1.0
Others (each less than 1.0%)		5.7
Short-Term Investments		2.4

Abbreviations

ADR	American Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
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)	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 July 31, 2020.
*	Non-income producing security.

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

Futures contracts outstanding as of July 31, 2020:
Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
SPI 200 Index		1		09/2020		AUD		104,953		97
TOPIX Index		1		09/2020		JPY		142,223		(11,810	)
										(11,713	)

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

Forward foreign currency exchange contracts outstanding as of July 31, 2020:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
AUD	419,943		USD	297,369	Merrill Lynch International		8/31/2020		2,693
CHF	16,274		USD	17,602	Barclays Bank plc		8/31/2020		206
EUR	15,622		USD	18,377	BNP Paribas		8/31/2020		35
EUR	41,986		USD	48,687	State Street Corp.		8/31/2020		799
HKD	519,427		USD	67,011	State Street Corp.		8/31/2020		10
JPY	27,044,857		USD	254,512	Merrill Lynch International		8/31/2020		1,055
SEK	673,489		USD	76,024	BNP Paribas		8/31/2020		703
SGD	60,319		USD	43,533	State Street Corp.		8/31/2020		370
USD	61,894		JPY	6,513,458	State Street Corp.		8/31/2020		344
GBP	10,727		USD	13,949	BNP Paribas		9/1/2020		96
GBP	136,035		USD	174,643	State Street Corp.		9/1/2020		3,454
Total unrealized appreciation									9,765
USD	67,119		DKK	429,874	Merrill Lynch International		8/31/2020		(918	)
USD	38,825		EUR	33,024	Barclays Bank plc		8/31/2020		(98	)
USD	67,760		EUR	57,897	Merrill Lynch International		8/31/2020		(479	)
USD	336,970		EUR	289,938	State Street Corp.		8/31/2020		(4,762	)
USD	46,629		NOK	430,278	State Street Corp.		8/31/2020		(651	)
Total unrealized depreciation									(6,908	)
Net unrealized appreciation									2,857

Abbreviations
AUD	Australian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
SGD	Singapore Dollar
USD	United States Dollar

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

Over-the-Counter (“OTC”) Total Return Basket Swaps Outstanding at July 31, 2020

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION)(2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)	VALUE
Citigroup	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.15)% to 0.15%), which is denominated in GBP based on the local currencies of the positions within the swaps.	8/3/2021	$	92,878	$	(495	)	$      —	$	(495	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
United Kingdom
BAE Systems plc		9,003			57,699			(70	)		0.0	(a)
Barratt Developments plc		9,088			60,369			(373	)		0.0	(a)
Beazley plc		7,443			40,545			(122	)		0.0	(a)
Lloyds Banking Group plc		195,725			66,686			(658	)		0.0	(a)
Prudential plc		1,923			27,481			(347	)		0.0	(a)
SSE plc		2,044			34,671			(138	)		0.0	(a)
Taylor Wimpey plc		26,841			41,403			(179	)		0.0	(a)
Wm Morrison Supermarkets plc		28,875			70,043			(582	)		0.0	(a)
Total Long Positions of Total Return Basket Swap		280,942			398,897			(2,469	)		0.0	(a)
Short Positions
Common Stock
United Kingdom
British Land Co. plc (The)		(16,287	)		(77,723	)		328			0.0	(a)
Pearson plc		(10,039	)		(68,980	)		799			0.0	(a)
Rolls-Royce Holdings plc*		(7,438	)		(22,313	)		237			0.0	(a)
Severn Trent plc		(1,205	)		(38,400	)		245			0.0	(a)
Travis Perkins plc		(4,328	)		(62,599	)		201			0.0	(a)
United Utilities Group plc		(3,070	)		(36,004	)		164			0.0	(a)
Total Short Positions of Total Return Basket Swap		(42,367	)		(306,019	)		1,974			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		238,575			92,878			(495	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION)(2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)	VALUE
Citigroup	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.74)% to 0.15%), which is denominated in EUR based on the local currencies of the positions within the swaps.	8/3/2021	$	161,141	$	2,448	$      —	$	2,448

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
France
Danone SA		1,059			70,882			352			0.0	(a)
Kering SA		82			46,468			(65	)		0.0	(a)
LVMH Moet Hennessy Louis Vuitton SE		62			26,960			175			0.0	(a)
Vinci SA		841			72,381			261			0.0	(a)
		2,044			216,691			723			0.0	(a)
Germany
adidas AG*		289			79,700			74			0.0	(a)
Deutsche Telekom AG (Registered)		4,264			71,186			39			0.0	(a)
		4,553			150,886			113			0.0	(a)
Netherlands
ASR Nederland NV		2,201			71,108			251			0.0	(a)
Koninklijke KPN NV		18,121			47,738			906			0.0	(a)
Royal Dutch Shell plc		3,446			51,341			(163	)		0.0	(a)
		23,768			170,187			994			0.0	(a)
Spain
Endesa SA		1,825			52,062			381			0.0	(a)
Naturgy Energy Group SA		1,298			24,153			87			0.0	(a)
Red Electrica Corp. SA		2,645			51,564			93			0.0	(a)
		5,768			127,779			561			0.0	(a)
Italy
Italgas SpA		7,391			47,463			101			0.0	(a)
Snam SpA		7,900			42,055			179			0.0	(a)
		15,291			89,518			280			0.0	(a)
China
Prosus NV*		853			83,020			526			0.0	(a)
Total Long Positions of Total Return Basket Swap		52,277			838,081			3,197			0.0	(a)
Short Positions
Common Stock
Italy
Assicurazioni Generali SpA		(4,446	)		(66,760	)		(457	)		0.0	(a)
Banco BPM SpA		(38,351	)		(57,957	)		(539	)		0.0	(a)
Eni SpA		(3,293	)		(29,333	)		(82	)		0.0	(a)
Salvatore Ferragamo SpA*		(3,833	)		(51,606	)		(180	)		0.0	(a)
		(49,923	)		(205,656	)		(1,258	)		0.0	(a)
Germany
Henkel AG & Co. KGaA (Preference)		(785	)		(77,185	)		(66	)		0.0	(a)
Software AG		(996	)		(46,460	)		—			—
Telefonica Deutschland Holding AG		(23,284	)		(63,532	)		237			0.0	(a)
		(25,065	)		(187,177	)		171			0.0	(a)
Finland
Fortum OYJ		(2,397	)		(48,651	)		(30	)		0.0	(a)
Portugal
EDP - Energias de Portugal SA		(15,575	)		(78,281	)		334			0.0	(a)
Belgium
Colruyt SA		(1,107	)		(64,291	)		335			0.0	(a)
Spain
Aena SME SA*(b)		(309	)		(40,289	)		(141	)		0.0	(a)
Enagas SA		(2,022	)		(51,014	)		(114	)		0.0	(a)
		(2,331	)		(91,303	)		(255	)		0.0	(a)

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)(2)			PERCENTAGE OF NET ASSETS (%)
Rights
Portugal
EDP - Energias de Portugal SA*		(15,575	)		(1,581	)		(46	)		0.0	(a)
Total Short Positions of Total Return Basket Swap		(111,973	)		(676,940	)		(749	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(59,696	)		161,141			2,448			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION)(2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)	VALUE
Citigroup	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.30)% to 0.30%), which is denominated in JPY based on the local currencies of the positions within the swaps.	7/29/2021	$	69,298	$	(1,179	)	$      —	$	(1,179	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
Japan
Daiwa House Industry Co. Ltd.		2,900			63,995			107			0.0	(a)
Hitachi Ltd.		2,100			62,903			849			0.0	(a)
Hoya Corp.		600			59,172			110			0.0	(a)
Kansai Paint Co. Ltd.		2,800			53,662			(34	)		0.0	(a)
Nichirei Corp.		2,600			74,240			751			0.0	(a)
Nippon Telegraph & Telephone Corp.		2,000			46,423			256			0.0	(a)
Nitori Holdings Co. Ltd.		300			65,681			16			0.0	(a)
ORIX Corp.		2,300			24,875			192			0.0	(a)
Resona Holdings, Inc.		19,200			62,943			584			0.0	(a)
Shimadzu Corp.		900			22,967			343			0.0	(a)
Shiseido Co. Ltd.		1,100			61,288			497			0.0	(a)
Sundrug Co. Ltd.		2,400			81,674			(174	)		0.0	(a)
Suzuki Motor Corp.		1,600			52,501			22			0.0	(a)
Tokyo Electron Ltd.		300			83,015			1,394			0.0	(a)
Total Long Positions of Total Return Basket Swap		41,100			815,339			4,913			0.0	(a)
Short Positions
Common Stock
Japan
Brother Industries Ltd.		(3,800	)		(59,144	)		(486	)		0.0	(a)
Fukuoka Financial Group, Inc.		(4,200	)		(61,083	)		(338	)		0.0	(a)
Iida Group Holdings Co. Ltd.		(4,800	)		(74,294	)		(472	)		0.0	(a)
Isetan Mitsukoshi Holdings Ltd.		(12,700	)		(57,950	)		(362	)		0.0	(a)
Japan Post Holdings Co. Ltd.		(2,900	)		(19,806	)		(155	)		0.0	(a)
Kawasaki Heavy Industries Ltd.		(4,500	)		(61,365	)		(404	)		0.0	(a)
Mazda Motor Corp.		(8,600	)		(49,611	)		(1,597	)		0.0	(a)
Nippon Paint Holdings Co. Ltd.		(900	)		(61,543	)		(497	)		0.0	(a)

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)(2)			PERCENTAGE OF NET ASSETS (%)
Seiko Epson Corp.		(6,300	)		(66,837	)		(715	)		0.0	(a)
Softbank Corp.		(3,800	)		(50,868	)		(90	)		0.0	(a)
Takashimaya Co. Ltd.		(9,100	)		(60,566	)		(389	)		0.0	(a)
Yamada Denki Co. Ltd.		(12,100	)		(52,497	)		(259	)		0.0	(a)
Yamazaki Baking Co. Ltd.		(4,200	)		(70,477	)		(328	)		0.0	(a)
Total Short Positions of Total Return Basket Swap		(77,900	)		(746,041	)		(6,092	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(36,800	)		69,298			(1,179	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)(2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)	VALUE
Citigroup	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.30)% to 0.30%), which is denominated in AUD based on the local currencies of the positions within the swaps.	7/29/2021	$	(5,880	)	$	(755	)	$        —	$	(755	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
Australia
Westpac Banking Corp.		5,944			71,380			(1,195	)		0.0	(a)
Short Positions
Common Stock
Australia
Bendigo & Adelaide Bank Ltd.		(8,320	)		(40,844	)		52			0.0	(a)
National Australia Bank Ltd.		(2,917	)		(36,416	)		388			0.0	(a)
Total Short Positions of Total Return Basket Swap		(11,237	)		(77,260	)		440			0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(5,293	)		(5,880	)		(755	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)(2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)	VALUE
Citigroup	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month NIBOR on short positions, plus or minus a specified spread of (0.15)%, which is denominated in NOK based on the local currencies of the positions within the swaps.	8/3/2021	$	(98,336	)	$	(1,278	)	$        —	$	(1,278	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stock
Norway
DNB ASA		(2,649	)		(40,687	)		(363	)		0.0	(a)
Equinor ASA		(3,845	)		(57,649	)		(915	)		0.0	(a)
Total Short Positions of Total Return Basket Swap		(6,494	)		(98,336	)		(1,278	)		0.0	(a)

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)(2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)	VALUE
Citigroup	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.15)% to 0.15%), which is denominated in CHF based on the local currencies of the positions within the swaps.		8/3/2021	$	(160,337	)	$	(429	)	$        —	$	(429	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
Switzerland
Helvetia Holding AG (Registered)		945			85,642			601			0.0	(a)
Temenos AG (Registered)		271			40,049			46			0.0	(a)
Total Long Positions of Total Return Basket Swap		1,216			125,691			647			0.0	(a)
Short Positions
Common Stock
Switzerland
Baloise Holding AG (Registered)		(589	)		(89,867	)		(476	)		0.0	(a)
Swatch Group AG (The)		(401	)		(84,069	)		(321	)		0.0	(a)
Swiss Life Holding AG (Registered)*		(170	)		(62,125	)		(244	)		0.0	(a)
Swisscom AG (Registered)		(94	)		(49,967	)		(35	)		0.0	(a)
Total Short Positions of Total Return Basket Swap		(1,254	)		(286,028	)		(1,076	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(38	)		(160,337	)		(429	)		0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)(2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)	VALUE
Citigroup	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month STIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.15)% to 0.15%), which is denominated in SEK based on the local currencies of the positions within the swaps.		8/3/2021	$	(9,878	)	$	192	$        —	$	192

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
Sweden
Lundin Energy AB		1,677		39,117		478		0.0	(a)

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stock
Sweden
Electrolux AB		(2,607	)		(48,995	)		(286	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(930	)		(9,878	)		192			0.0	(a)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION)(2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)	VALUE
Citigroup	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month SIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (1.15)% to 0.30%), which is denominated in SGD based on the local currencies of the positions within the swaps.		7/29/2021	$	6,465	$	212	$        —	$	212

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
Singapore
Singapore Telecommunications Ltd.		37,900			68,784			376			0.0	(a)
Short Positions
Common Stock
Singapore
StarHub Ltd.		(70,000	)		(62,319	)		(164	)		0.0	(a)
Total of Long and Short Positions of Total Return Basket Swap		(32,100	)		6,465			212			0.0	(a)

The following reference rates, and their values as of period-end, are used for security descriptions:	Value
BBSW		0.1	%
EURIBOR		(0.51	)
CHF LIBOR		(0.79	)
GBP LIBOR		0.06
JPY LIBOR		(0.07	)
NIBOR		(0.01	)
SIBOR		0.25
STIBOR		(0.03	)

Summary of total OTC swap contracts outstanding as of July 31, 2020:

	Net Upfront Payments (Receipts) ($)		Value ($)
Assets
OTC Total return basket swap contracts outstanding		—		2,852
Liabilities
OTC Total return basket swap contracts outstanding		—		(4,136	)

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

Abbreviations

AUD	Australian Dollar
BBSW	ASX Australia Bank Bill Swap Rate
CHF	Swiss Franc
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GBP	British Pound
JPY	Japanese Yen
LIBOR	London Interbank Offered Rate
NIBOR	Norwegian Interbank Offered Rate
NOK	Norwegian Krone
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.
SEK	Swedish Krona
SGD	Singapore Dollar
SIBOR	Singapore Interbank Offered Rate
STIBOR	Stockholm Interbank Offered Rate

(a) Amount rounds to less than 0.1% of net assets.

(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(1) Notional value represents market value as of July 31, 2020 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.

(2) Unrealized appreciation (depreciation) represents the unrealized gain (loss) of the positions subsequent to the swap reset.

* Non-income producing security.

A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“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.

J.P. Morgan Investment Management Inc. (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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

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

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts 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.

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

• 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:

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	343,621		$	—	$	343,621
Austria		—			54,302			—		54,302
Belgium		—			29,106			—		29,106
Denmark		87,083			237,452			—		324,535
France		—			1,261,120			—		1,261,120
Germany		—			1,094,005			—		1,094,005
Hong Kong		—			274,195			—		274,195
India		122,158			—			—		122,158
Italy		—			261,773			—		261,773
Japan		—			2,086,300			—		2,086,300
Mexico		62,060			—			—		62,060
Netherlands		—			418,602			—		418,602
Norway		—			84,359			—		84,359
Peru		38,024			—			—		38,024
Singapore		—			65,005			—		65,005
Spain		—			347,673			—		347,673
Sweden		—			197,722			—		197,722
Switzerland		—			1,011,264			—		1,011,264
Taiwan		141,055			—			—		141,055
United Kingdom		—			1,139,625			—		1,139,625
United States		—			54,214			—		54,214
Total Common Stocks		450,380			8,960,338			—		9,410,718
Short-Term Investments
Investment Companies		228,500			—			—		228,500
Total Investments in Securities	$	678,880		$	8,960,338		$	—	$	9,639,218
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	9,765		$	—	$	9,765
Futures Contracts		97			—			—		97
Swaps		—			2,852			—		2,852
Total Appreciation in Other Financial Instruments	$	97		$	12,617		$	—	$	12,714
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(6,908	)	$	—	$	(6,908	)
Futures Contracts		(11,810	)		—			—		(11,810	)
Swaps		—			(4,136	)		—		(4,136	)
Total Depreciation in Other Financial Instruments	$	(11,810	)	$	(11,044	)	$	—	$	(22,854	)

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

B. 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. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below.

For the period ended July 31, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at July 31, 2020		Shares at July 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03%(a)(b)	$	364,271	$	249,339	$	385,110	$	—	$	—	$	228,500		228,500	$	2,062	$	—

(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 July 31, 2020.

C. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing 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 Fund’s risk of loss associated with these instruments may exceed their value.

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 (1) — (3) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used index futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. 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 market value on open future contracts are recorded as changes in unrealized appreciation or depreciation. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.

The Fund may be exposed 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 subject the Fund to risk of loss 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.

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

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

(2). Forward Foreign Currency Exchange Contracts — The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of 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.

(3). Swaps — The Fund engaged in various swap transactions, including total return basket swaps, 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, and amortized over the term of the swap. The value of an OTC swap agreement is recorded 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 Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as restricted cash. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A, an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over-the-counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and (iv) documentation risk relating to disagreement over contract terms.

The Fund may be required to post or receive collateral for OTC Swaps.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Total Return Basket Swaps

The Fund entered into a total return basket swap agreement to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of the Fund’s investment strategy.

Under the terms of the agreement, each swap is designed to function as a portfolio of direct investments in long and/or short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as “financing costs”. Positions within each swap, accrued financing costs and net dividends, are part of the monthly or annual periodic reset.

Each swap involves additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of the Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are

JPMorgan International Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited) (continued)

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 two counterparties. 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).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable.

The total return basket swap contracts are subject to master netting arrangements. The Fund may be required to post or receive collateral for total return basket swaps.