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, 2019 through October 31, 2020

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.

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).

Annual Report

J.P. Morgan Specialty Funds

October 31, 2020

JPMorgan Macro Opportunities Fund

JPMorgan Opportunistic Equity Long/Short Fund

JPMorgan Research Market Neutral Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan 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	55
Trustees	56
Officers	59
Schedule of Shareholder Expenses	60
Board Approval of Investment Advisory Agreements	61
Tax Letter	65
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center 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 10, 2020 (Unaudited)

Dear Shareholders,

Even as the pandemic fueled deep uncertainty over the past year, global financial markets proved to be resilient with unprecedented support from central banks and broad investor optimism over advances in global efforts to end the pandemic. Over the twelve months ended October 31, 2020, equity prices in the U.S. and emerging markets generally led a broad but uneven recovery from lows reached in the first quarter of 2020. For the period, the S&P 500 Index returned 9.71%, the MSCI Emerging Markets Index returned 8.62% and the MSCI EAFE Index returned -6.46%.

  “We maintain an unwavering commitment to seeking to provide investors with innovative and timely solutions required to meet the demands and opportunities of any market environment.”
— Andrea L. Lisher

The period began with upward momentum in global equity markets but by the end of March 2020, investors responded to the emerging pandemic with a broad sell-off that fed a sharp spike in financial market volatility. The swift response of leading central banks to seek to ensure market liquidity brought

some calm to financial markets and in the following months equity prices began to recover. Though the full economic impact of the pandemic remains unknown, investors have appeared to focus on specific efforts to contain Covid-19 and the timeline for the potential availability of vaccines against the virus.

Throughout this period, J.P. Morgan Asset Management has quickly adapted to unique challenges and has continued to operate utilizing the same fundamental practices and principles that have driven our success. We maintain an unwavering commitment to seeking to provide investors with innovative and timely solutions required to meet the demands and opportunities of any market environment. 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, 2020 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

While global financial markets largely entered the reporting period with support from an improving economic and trade outlook, the economic shock of the pandemic response sparked a drop in global asset prices and a spike in market volatility in the first quarter of 2020. Rapid interventions by the world’s central banks helped to calm investors and set the stage for general but uneven recovery in financial markets.

The final months of 2019 were marked by rising prices for global equity — led by U.S. markets — driven partly by gains in U.S. and European manufacturing and an initial U.S.-China agreement to lower trade barriers. Amid already low interest rates, the U.S. Federal Reserve declined to cut rates further at its December meeting.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets across the globe. Yields on developed market sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2020, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices generally fell and the price of crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity markets staged a slow and uneven rebound, led by U.S. and emerging markets.

For the twelve months ended October 31, 2020, the S&P 500 Index returned a total of 9.71%, MSCI Emerging Markets Index returned 8.62% and the MSCI EAFE Index returned -6.46%. Among bond market indexes, the Bloomberg Barclays U.S. Aggregate Index returned 6.19% and the Bloomberg Barclays Emerging Markets Index returned 3.38%

2 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

JPMorgan Macro Opportunities Fund

FUND COMMENTARY

FOR THE PERIOD APRIL 15, 2020 (INCEPTION DATE) THROUGH OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.60%
ICE BofAML 3-Month U.S. Treasury Bill Index		0.06%
Net Assets as of 10/31/2020 (In Thousands)	$	15,432

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 outperformed the ICE BofAML 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the period from inception on April 15, 2020 to October 31, 2020.

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

In equity, the Fund’s security selections in the technology and European utilities sectors were leading contributors to absolute performance. The technology companies in which the Fund was invested benefitted from continued growth in online retail sales and the increased adoption of cloud computing during the period. Shares of select European utilities rose following the EU’s announcement of a 750 billion euro pandemic recovery fund that included an emphasis on investment in renewable energy.

In fixed income, the Fund’s long position in Italian treasury bonds versus its short position in German government bonds also contributed to absolute performance as the EU’s pandemic recovery fund announcement led to narrowing of yield spreads between the two countries’ sovereign debt.

The leading detractors from absolute performance were the Fund’s short positions in U.S. and emerging markets equity via

futures and options contracts as better-than-expected global economic data provided support for global equity. The Fund’s long position in the U.S. dollar, obtained through foreign exchange forward contracts, also detracted from absolute performance as improved economic growth held down the relative value of the dollar.

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 Fund maintained a modest level of portfolio risk and tilted exposures to benefit from the recovery environment, while being mindful of the ongoing risk of pandemic resurgence. The Fund maintained a modest level of net equity risk, achieved through long and short exposures, a low level of duration across developed and emerging markets, as well as defensive positioning in currencies, and exposure to the gold price through equity holdings in gold mining companies. Duration measures the price sensitivity of bonds relative to changes in interest rates. Generally, bonds of shorter duration will experience a smaller decrease in price when interest rates decline.

* 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, 2020 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Macro Opportunities Fund

FUND COMMENTARY

FOR THE PERIOD APRIL 15, 2020 (INCEPTION DATE) THROUGH OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Alibaba Group Holding Ltd., ADR (China)	2.7	%
	2.	Amazon.com, Inc.	2.3
	3.	Alphabet, Inc., Class A	2.3
	4.	Microsoft Corp.	2.1
	5.	Visa, Inc., Class A	2.0
	6.	Enel SpA (Italy)	1.9
	7.	Orsted A/S (Denmark)	1.8
	8.	Ping An Insurance Group Co. of China Ltd., Class H (China)	1.7
	9.	Mastercard, Inc., Class A	1.7
	10.	PayPal Holdings, Inc.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	15.5	%
Financials	14.1
Consumer Discretionary	11.6
Utilities	6.9
Health Care	5.4
Industrials	3.9
Communication Services	3.3
Materials	3.1
Consumer Staples	1.0
Others (each less than 1.0%)	0.4
Short-Term Investments	34.8

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	SINCE INCEPTION*
CLASS A SHARES	April 15, 2020
With Sales Charge**			(2.91	)%
Without Sales Charge			2.47
CLASS C SHARES	April 15, 2020
With CDSC***			1.20
Without CDSC			2.20
CLASS I SHARES	April 15, 2020		2.60
CLASS R6 SHARES	September 30, 2020		2.67

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (04/15/20 TO 10/31/20)

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 U.S. Treasury Bill Index from April 15, 2020 to October 31, 2020. 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 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 gains distributions of the securities included in the benchmark, if applicable. 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.

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, 2020 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	18.65%
S&P 500 Index	9.71%
ICE BofAML 3-Month U.S. Treasury Bill Index	0.92%
Net Assets as of 10/31/2020 (In Thousands)	$485,516

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 outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended October 31, 2020.

The Fund’s long positions in the consumer discretionary and communications services sectors were leading contributors to performance relative to the Benchmark. The Fund’s long position in the information technology sector and its short positions in the health care sector were leading detractors from relative performance.

Leading individual contributors to absolute performance included the Fund’s long positions in Tesla Inc., Nvidia Corp. and Alibaba Group Holding Ltd. Shares of Tesla, a maker of electric automobiles and energy generation and storage systems, rose on growth in quarterly earnings and investor demand for large cap technology stocks. Shares of Nvidia, a semiconductor manufacturer, rose as the company increased market share in key businesses and expanded into other technology businesses. Shares of Alibaba Group Holding, an electronic commerce platform provider, rose amid increased demand for digital services.

Leading individual detractors from absolute performance included the Fund’s long position in Berkshire Hathaway Inc. and short positions in Square Inc. and Simon Property Group Inc. Shares of Berkshire Hathaway, a holding company

conglomerate, fell after the company reported lower-than-expected results for the first quarter of 2020, largely due to the impact of the pandemic on the company’s insurance business. Shares of Square, a credit-card processing company, rose amid an increase in cashless transactions driven by the pandemic. Shares of Simon Property Group, a retail sector real estate investment trust, rebounded from the broad sell-off in in the first quarter of 2020 amid investor expectations that it would emerge from pandemic lockdowns in a better competitive position than its peers.

HOW WAS THE FUND POSITIONED?

During the twelve months ended October 31, 2020, the Fund invested an average of 109% of its assets in long and short positions in equity securities, selecting from a universe of equity securities with market capitalizations similar to those included in the Russell 1000 Index and/or the Benchmark. The Fund’s manager sought to achieve lower volatility than the Benchmark through a disciplined research process, security selection and risk management. For the twelve month reporting period, the Fund’s average gross exposure was 109% and its average net exposure was 63%.

* 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, 2020

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Alibaba Group Holding Ltd., ADR (China)	7.1	%
	2.	Charter Communications, Inc., Class A	6.5
	3.	Cigna Corp.	6.2
	4.	NXP Semiconductors NV (Netherlands)	5.7
	5.	Fiserv, Inc.	5.5
	6.	Best Buy Co., Inc.	4.4
	7.	Tesla, Inc.	3.9
	8.	Altice USA, Inc., Class A	3.5
	9.	NextEra Energy, Inc.	3.3
	10.	NVIDIA Corp.	3.3

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Varian Medical Systems, Inc.	19.6	%
	2.	National General Holdings Corp.	16.4
	3.	SPDR S&P 500 ETF Trust	16.0
	4.	Sirius XM Holdings, Inc.	13.8
	5.	Acacia Communications, Inc.	13.5
	6.	Walgreens Boots Alliance, Inc.	5.4
	7.	Host Hotels & Resorts, Inc.	5.0
	8.	CVS Health Corp.	3.1
	9.	Exelon Corp.	1.5
	10.	Consolidated Edison, Inc.	1.5

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.3	%
Communication Services	17.7
Consumer Discretionary	16.8
Health Care	10.2
Materials	4.8
Utilities	3.3
Financials	2.3
Industrials	1.3
Others (each less than 1.0%)	0.9
Short-Term Investments	22.4

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Health Care	22.6	%
Financials	16.4
Exchange-Traded Fund	16.0
Communication Services	13.8
Information Technology	13.5
Real Estate	7.2
Consumer Staples	5.7
Utilities	4.4
Others (each less than 1.0%)	0.4

*** Percentages indicated are based on total long investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	August 29, 2014
With Sales Charge*			12.19	%		4.57	%		6.25	%
Without Sales Charge			18.40			5.70			7.18
CLASS C SHARES	August 29, 2014
With CDSC**			16.78			5.17			6.65
Without CDSC			17.78			5.17			6.65
CLASS I SHARES	August 29, 2014		18.65			5.96			7.44
CLASS R6 SHARES	August 29, 2014		18.96			6.22			7.72

* 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.

LIFE OF FUND PERFORMANCE (8/29/14 TO 10/31/20)

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 U.S. Treasury Bill Index from August 29, 2014 to October 31, 2020. 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 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 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 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.

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 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.

8 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	12.26%
ICE BofAML 3-Month US Treasury Bill Index	0.92%
Net Assets as of 10/31/2020 (In Thousands)	$141,439

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, 2020.

The Fund’s security selection in the software & hardware sector and its overweight position in the semiconductors sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the consumer stable and the pharmaceutical & health care sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s long position in Amazon.com Inc. and its short positions in Cinemark Holdings Inc. and Boeing Co. Shares of Amazon.com, a provider of online retail shopping and related services, rose amid consumer demand for online shopping and services. Shares of Cinemark Holdings, an operator of movie theaters, fell amid the closure of cinemas and other entertainment venues in response to the pandemic. Shares of Boeing, an airplane manufacturing and aerospace company, fell amid a sharp global decrease in air travel.

Leading individual detractors from relative performance included the Fund’s short positions in Spotify Technology SA,

and Kroger Co. and its long position in Diamondback Energy Inc. Shares of Spotify Technology, a provider of digital music streaming services, rose after the company reported better-than-expected user growth during the third quarter of 2020. Shares of Kroger, a grocery supermarket chain, rose after the company reported better-than-expected sales and earnings for the second quarter of 2020 and unveiled a $1 billion share repurchase plan. Shares of Diamondback Energy, an oil and gas company focused on U.S. shale deposits, fell amid consecutive quarters of lower-than-expected earnings.

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, 2020 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Amazon.com, Inc.	2.0	%
	2.	NXP Semiconductors NV (Netherlands)	2.0
	3.	Netflix, Inc.	1.7
	4.	Trane Technologies plc	1.5
	5.	Truist Financial Corp.	1.3
	6.	Stanley Black & Decker, Inc.	1.3
	7.	Mastercard, Inc., Class A	1.3
	8.	Analog Devices, Inc.	1.1
	9.	O’Reilly Automotive, Inc.	1.1
	10.	Norfolk Southern Corp.	1.1

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Cisco Systems, Inc.	3.1	%
	2.	Broadcom, Inc.	2.4
	3.	ViacomCBS, Inc.	2.4
	4.	Walt Disney Co. (The)	2.1
	5.	Spotify Technology SA	1.9
	6.	Kroger Co. (The)	1.9
	7.	Clorox Co. (The)	1.8
	8.	Take-Two Interactive Software, Inc.	1.8
	9.	General Electric Co.	1.7
	10.	Gilead Sciences, Inc.	1.7

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	17.9	%
Industrials	11.9
Consumer Discretionary	10.5
Health Care	9.0
Communication Services	7.8
Financials	6.7
Materials	4.6
Energy	4.3
Real Estate	3.8
Consumer Staples	2.9
Utilities	2.9
Short-Term Investments	17.7

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	15.9	%
Communication Services	14.3
Industrials	13.6
Health Care	10.0
Financials	9.3
Consumer Staples	8.1
Consumer Discretionary	7.8
Energy	6.5
Materials	5.4
Real Estate	5.3
Utilities	3.8

*** Percentages indicated are based on total long investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge*			6.06	%		2.21	%		0.64	%
Without Sales Charge			11.97			3.32			1.19
CLASS C SHARES	November 2, 2009
With CDSC**			10.36			2.80			0.78
Without CDSC			11.36			2.80			0.78
CLASS I SHARES	November 2, 2009		12.26			3.58			1.44

* 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 (10/31/10 TO 10/31/20)

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 U.S. Treasury Bill Index from October 31, 2010 to October 31, 2020. 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 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 the securities included in the benchmark, if applicable. 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.

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, 2020 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Macro Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 56.6%
Banks — 5.5%
Bank Central Asia Tbk. PT (Indonesia)		64			126
Fifth Third Bancorp		3			68
First Republic Bank		1			172
HDFC Bank Ltd., ADR (India) *		3			179
PNC Financial Services Group, Inc. (The)		1			73
Sberbank of Russia PJSC, ADR (Russia)		11			114
Sberbank of Russia PJSC, ADR (Russia)		5			47
Signature Bank		1			70
					849
Capital Markets — 0.9%
S&P Global, Inc.		—	(a)		136
Electric Utilities — 5.5%
EDP — Energias de Portugal SA (Portugal)		24			121
Enel SpA (Italy)		34			271
Iberdrola SA (Spain)		17			204
Orsted A/S (Denmark) (b)		2			257
					853
Electrical Equipment — 1.7%
Rockwell Automation, Inc.		—	(a)		107
Schneider Electric SE (France)		1			150
					257
Entertainment — 1.0%
Walt Disney Co. (The)		1			147
Health Care Equipment & Supplies — 0.7%
Abbott Laboratories		1			114
Hotels, Restaurants & Leisure — 0.9%
Compass Group plc (United Kingdom)		11			145
Insurance — 3.4%
AIA Group Ltd. (Hong Kong)		17			162
Aon plc, Class A		1			125
Ping An Insurance Group Co. of China Ltd., Class H (China)		24			243
					530
Interactive Media & Services — 2.1%
Alphabet, Inc., Class A *		—	(a)		327
Internet & Direct Marketing Retail — 4.6%
Alibaba Group Holding Ltd., ADR (China) *		1			381
Amazon.com, Inc. *		—	(a)		334
					715

INVESTMENTS	SHARES (000)			VALUE ($000)
IT Services — 4.9%
Mastercard, Inc., Class A		1			241
PayPal Holdings, Inc. *		1			238
Visa, Inc., Class A		2			282
					761
Life Sciences Tools & Services — 0.9%
Thermo Fisher Scientific, Inc.		—	(a)		136
Machinery — 1.9%
Stanley Black & Decker, Inc.		1			155
Volvo AB, Class B (Sweden) *		7			139
					294
Metals & Mining — 2.9%
Barrick Gold Corp. (Canada)		8			215
Newmont Corp.		4			224
					439
Multi-Utilities — 0.8%
RWE AG (Germany)		3			129
Personal Products — 0.9%
Estee Lauder Cos., Inc. (The), Class A		1			141
Pharmaceuticals — 3.4%
AstraZeneca plc (United Kingdom)		1			119
Johnson & Johnson		1			121
Novo Nordisk A/S, Class B (Denmark)		2			141
Roche Holding AG (Switzerland)		—	(a)		143
					524
Semiconductors & Semiconductor Equipment — 4.1%
Analog Devices, Inc.		1			165
Microchip Technology, Inc.		1			152
NVIDIA Corp.		—	(a)		135
Texas Instruments, Inc.		1			173
					625
Software — 5.3%
Adobe, Inc. *		—	(a)		94
Atlassian Corp. plc, Class A *		—	(a)		91
Microsoft Corp.		1			297
salesforce.com, Inc. *		1			230
ServiceNow, Inc. *		—	(a)		103
					815
Specialty Retail — 1.9%
Burlington Stores, Inc. *		1			109

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Specialty Retail — continued
TJX Cos., Inc. (The)		4			180
					289
Textiles, Apparel & Luxury Goods — 3.3%
Lululemon Athletica, Inc. *		—	(a)		80
LVMH Moet Hennessy Louis Vuitton SE (France)		—	(a)		225
NIKE, Inc., Class B		2			200
					505
Total Common Stocks (Cost $7,587)					8,731
	PRINCIPAL AMOUNT ($000)
Foreign Government Securities — 3.2%
Bonos de la Tesoreria (Peru) 5.94%, 2/12/2029	PEN	332			109
Romania Government Bond (Romania)
2.75%, 2/26/2026 (b)	EUR	60			76
3.62%, 5/26/2030 (b)	EUR	58			77
United Mexican States (Mexico) 4.50%, 4/22/2029		200			226
Total Foreign Government Securities (Cost $483)					488
	NO. OF CONTRACTS
Options Purchased — 0.4%
Call Options Purchased — 0.3%
Aerospace & Defense — 0.0% (c)
Airbus SE (France) 12/17/2021 at EUR 100.00, American Style Notional Amount: EUR 69 Exchange-Traded *	EUR	11			3
Boeing Co. (The) 1/21/2022 at USD 300.00, American Style Notional Amount: USD 58 Exchange-Traded *		4			2
					5
Airlines — 0.0% (c)
American Airlines Group, Inc. 1/21/2022 at USD 37.00, American Style Notional Amount: USD 36 Exchange-Traded *		32			2
United Airlines Holdings, Inc. 1/21/2022 at USD 90.00, American Style Notional Amount: USD 41 Exchange-Traded *		12			1
					3
Automobiles — 0.0% (c)
Renault SA (France) 12/17/2021 at EUR 40.00, American Style Notional Amount: EUR 36 Exchange-Traded *	EUR	17			1

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Banks — 0.1%
Natwest Group plc (United Kingdom) 12/17/2021 at GBP 160.00, American Style Notional Amount: GBP 0 Exchange-Traded *	GBP	33		4
Signature Bank 9/17/2021 at USD 100.00, American Style Notional Amount: USD 81 Exchange-Traded *		10		6
Societe Generale SA (France) 12/17/2021 at EUR 20.00, American Style Notional Amount: EUR 42 Exchange-Traded *		EUR 36		2
Wells Fargo & Co. 1/21/2022 at USD 40.00, American Style Notional Amount: USD 51 Exchange-Traded *		24		1
				13
Equity Real Estate Investment Trusts (REITs) — 0.0% (c)
Simon Property Group, Inc. 1/21/2022 at USD 135.00, American Style Notional Amount: USD 50 Exchange-Traded *		8		2
Hotels, Restaurants & Leisure — 0.0% (c)
Carnival Corp. 1/21/2022 at USD 40.00, American Style Notional Amount: USD 34 Exchange-Traded *		25		3
MGM Resorts International 1/21/2022 at USD 40.00, American Style Notional Amount: USD 51 Exchange-Traded *		25		3
Norwegian Cruise Line Holdings Ltd. 1/21/2022 at USD 75.00, American Style Notional Amount: USD 37 Exchange-Traded *		22		1
				7
Index Funds — 0.2%
Russell 2000 Index 3/19/2021 at USD 1,750.00, European Style Notional Amount: USD 1,077 Exchange-Traded *		7		23
STOXX Europe 600 Utilities Index (Germany) 12/18/2020 at EUR 370.00, European Style Notional Amount: EUR 359 Exchange-Traded *	EUR	21		3
12/18/2020 at EUR 400.00, European Style Notional Amount: EUR 360 Exchange-Traded *	EUR	21		—	(a)
				26
Total Call Options Purchased				57
Put Options Purchased — 0.1%
Index Funds — 0.1%
S&P 500 Index 11/2/2020 at USD 3,240.00, European Style Notional Amount: USD 2,394 Exchange-Traded *		7		13
Total Options Purchased (Cost $139)				70

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Macro Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — 32.2%
Foreign Government Treasury Bills — 16.9%
Japan Treasury Discount Bills (Japan)
(0.08)%, 11/2/2020 (d)	JPY	64,250		614
(0.09)%, 11/16/2020 (d)	JPY	64,850		620
(0.09)%, 1/18/2021 (d)	JPY	34,950		334
(0.09)%, 2/1/2021 (d)	JPY	62,000		592
Letras do Tesouro Nacional (Brazil) 4.32%, 7/1/2023 (d)	BRL	3,000		449
Total Foreign Government Treasury Bills (Cost $2,640)				2,609
	SHARES (000)
Investment Companies — 15.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.11% (e) (f) (Cost $2,356)		2,355		2,356
Total Short-Term Investments (Cost $4,996)				4,965
Total Investments — 92.4% (Cost $13,205)				14,254
Other Assets Less Liabilities — 7.6%				1,178
NET ASSETS — 100.0%				15,432

Percentages indicated are based on net assets.    

Abbreviations
ADR	American Depositary Receipt
BRL	Brazilian Real
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
PEN	Peruvian Nuevo Sol
PJSC	Public Joint Stock Company
PT	Limited liability company
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	The rate shown is the effective yield as of October 31, 2020.
(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, 2020.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY	NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
E-Mini Industrial Select Sector		4			12/2020	USD		305			(10	)
Euro-BTP		5			12/2020	EUR		870			21
Russell 2000 E-Mini Index		3			12/2020	USD		231			1
U.S. Treasury 10 Year Note		5			12/2020	USD		691			(6	)
											6
Short Contracts
EURO STOXX 50 Index		(24	)		12/2020	EUR		(827	)		96
Euro-Bund		(4	)		12/2020	EUR		(821	)		(11	)
MSCI Emerging Markets E-Mini Index		(3	)		12/2020	USD		(165	)		1
S&P 500 E-Mini Index		(16	)		12/2020	USD		(2,612	)		103
E-mini Consumer Staples Select Sector		(5	)		12/2020	USD		(312	)		14
E-mini Utilities Select Sector		(2	)		12/2020	USD		(126	)		4
E-mini Health Care Select Sector		(1	)		12/2020	USD		(103	)		5
											212
											218

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

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

Forward foreign currency exchange contracts outstanding as of October 31, 2020 (amounts in thousands):

CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
MXN	8,166		USD	380	Barclays Bank plc		11/24/2020		4
USD	470		BRL	2,609	Citibank, NA**		11/24/2020		16
USD	36		DKK	225	Merrill Lynch International		11/24/2020		1
USD	454		DKK	2,873	TD Bank Financial Group		11/24/2020		4
USD	430		HKD	3,330	Citibank, NA		11/24/2020		—	(a)
USD	431		HKD	3,339	TD Bank Financial Group		11/24/2020		—	(a)
USD	159		INR	11,690	Citibank, NA**		11/24/2020		1
USD	34		INR	2,507	Goldman Sachs International**		11/24/2020		—	(a)
USD	113		PEN	404	Citibank, NA**		11/24/2020		1
USD	201		RUB	15,658	Goldman Sachs International**		11/24/2020		5
JPY	31,386		USD	298	Goldman Sachs International		1/25/2021		2
USD	182		CHF	166	Goldman Sachs International		1/25/2021		1
USD	1,621		EUR	1,377	Goldman Sachs International		1/25/2021		14
USD	972		GBP	748	Goldman Sachs International		1/25/2021		2
USD	166		SEK	1,460	Goldman Sachs International		1/25/2021		1
Total unrealized appreciation									52
CNY	2,649		USD	396	Barclays Bank plc**		11/24/2020		(1	)
DKK	308		USD	49	Goldman Sachs International		11/24/2020		—	(a)
DKK	293		USD	47	Merrill Lynch International		11/24/2020		(1	)
HKD	231		USD	30	TD Bank Financial Group		11/24/2020		—	(a)
RUB	2,418		USD	31	Goldman Sachs International**		11/24/2020		—	(a)
USD	34		CNY	229	Barclays Bank plc**		11/24/2020		—	(a)
USD	358		CNY	2,420	Merrill Lynch International**		11/24/2020		(2	)
USD	110		IDR	1,633,287	Citibank, NA**		11/24/2020		(1	)
USD	387		ZAR	6,420	Citibank, NA		11/24/2020		(7	)
CHF	33		USD	36	Goldman Sachs International		1/25/2021		—	(a)
EUR	595		USD	705	Goldman Sachs International		1/25/2021		(10	)
GBP	173		USD	226	Goldman Sachs International		1/25/2021		(2	)
USD	1,857		JPY	194,949	Goldman Sachs International		1/25/2021		(8	)
Total unrealized depreciation									(32	)
Net unrealized appreciation									20

Abbreviations
BRL	Brazilian Real
CHF	Swiss Franc
CNY	China Yuan
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
RUB	Russian Ruble
SEK	Swedish Krona
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, 2020 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 105.6%
Common Stocks — 82.0%
Automobiles — 4.1%
Tesla, Inc. *		51			19,761
Banks — 0.6%
Comerica, Inc.		68			3,097
Chemicals — 5.1%
Air Products and Chemicals, Inc. (a)		61			16,718
Sherwin-Williams Co. (The) (a)		12			7,952
					24,670
Consumer Finance — 1.8%
LendingTree, Inc. *		27			8,797
Electric Utilities — 3.5%
NextEra Energy, Inc.		232			16,980
Entertainment — 2.4%
Netflix, Inc. * (a)		25			11,672
Food Products — 1.0%
Beyond Meat, Inc. * (a)		32			4,596
Health Care Providers & Services — 9.8%
Cigna Corp. (a)		192			32,043
UnitedHealth Group, Inc. (a)		50			15,341
					47,384
Interactive Media & Services — 1.5%
Alphabet, Inc., Class A *		—	(b)		522
Zillow Group, Inc., Class C * (a)		78			6,923
					7,445
Internet & Direct Marketing Retail — 8.5%
Alibaba Group Holding Ltd., ADR (China) * (a)		120			36,626
Amazon.com, Inc. *		2			4,840
					41,466
IT Services — 6.7%
Fidelity National Information Services, Inc. (a)		3			406
Fiserv, Inc. * (a)		296			28,280
Mastercard, Inc., Class A		2			441
Twilio, Inc., Class A *		11			3,043
Visa, Inc., Class A(a)		2			414
					32,584
Life Sciences Tools & Services — 1.1%
Thermo Fisher Scientific, Inc.		11			5,123
Media — 14.7%
Altice USA, Inc., Class A * (a)		661			17,810
Charter Communications, Inc., Class A * (a)		55			33,386

INVESTMENTS	SHARES (000)			VALUE ($000)
Media — continued
Liberty Media Corp.-Liberty SiriusXM, Class A *		316			10,929
Liberty Media Corp.-Liberty SiriusXM, Class C *		273			9,432
					71,557
Road & Rail — 1.4%
Canadian Pacific Railway Ltd. (Canada)		21			6,196
Lyft, Inc., Class A *		9			196
Uber Technologies, Inc. *		7			230
					6,622
Semiconductors & Semiconductor Equipment — 9.5%
NVIDIA Corp. (a)		34			16,834
NXP Semiconductors NV (Netherlands)		217			29,317
					46,151
Software — 3.3%
Microsoft Corp.		35			7,056
RingCentral, Inc., Class A *		35			8,925
					15,981
Specialty Retail — 5.1%
Best Buy Co., Inc.		202			22,545
Lowe’s Cos., Inc.		15			2,328
					24,873
Technology Hardware, Storage & Peripherals — 1.9%
Apple, Inc.		85			9,250
Total Common Stocks (Cost $334,770)					398,009
Short-Term Investments — 23.6%
Investment Companies — 23.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $114,889)		114,820			114,889
Total Long Positions (Cost $449,659)					512,898
Short Positions — (31.1)%
Common Stocks — (26.1)%
Beverages — (0.1)%
Molson Coors Beverage Co., Class B		(15	)		(518	)
Communications Equipment — (4.2)%
Acacia Communications, Inc. *		(300	)		(20,334	)
Electric Utilities — (0.7)%
Exelon Corp.		(57	)		(2,280	)
Pinnacle West Capital Corp.		(13	)		(1,087	)
					(3,367	)

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Energy Equipment & Services — (0.1)%
Schlumberger NV		(43	)		(649	)
Equity Real Estate Investment Trusts (REITs) — (2.2)%
AvalonBay Communities, Inc.		(14	)		(1,976	)
Host Hotels & Resorts, Inc.		(722	)		(7,565	)
Vornado Realty Trust		(42	)		(1,291	)
					(10,832	)
Food & Staples Retailing — (1.7)%
Walgreens Boots Alliance, Inc.		(239	)		(8,146	)
Health Care Equipment & Supplies — (6.1)%
Varian Medical Systems, Inc. *		(171	)		(29,552	)
Health Care Providers & Services — (0.9)%
CVS Health Corp.		(83	)		(4,664	)
Insurance — (5.1)%
National General Holdings Corp.		(728	)		(24,729	)
Media — (4.3)%
Sirius XM Holdings, Inc.		(3,631	)		(20,803	)
Multi-Utilities — (0.7)%
Consolidated Edison, Inc.		(29	)		(2,255	)
DTE Energy Co.		(9	)		(1,054	)
					(3,309	)
Total Common Stocks (Proceeds $(127,400))					(126,903	)
Exchange-traded Funds — (5.0)%
U.S. Equity — (5.0)%
SPDR S&P 500 ETF Trust(Proceeds $(24,614))		(74	)		(24,243	)
Total Short Positions (Proceeds $(152,014))					(151,146	)
Total Investments — 74.5% (Cost $297,645)					361,752
Other Assets Less Liabilities — 25.5%					123,764
NET ASSETS — 100.0%					485,516

Percentages indicated are based on net assets.    

Abbreviations
ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
SPDR	Standard & Poor’s Depository Receipts
(a)	All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is approximately $110,619,000 and $186,652,000 respectively.
(b)	Amount rounds to less than one thousand.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 17

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — 95.0%
Common Stocks — 78.2%
Aerospace & Defense — 1.0%
Northrop Grumman Corp.		3			813
Raytheon Technologies Corp.		10			542
					1,355
Air Freight & Logistics — 0.2%
FedEx Corp.		1			260
United Parcel Service, Inc., Class B		1			81
					341
Auto Components — 0.7%
Aptiv plc		4			352
BorgWarner, Inc.		1			41
Magna International, Inc. (Canada)		12			604
					997
Automobiles — 0.1%
General Motors Co.		4			151
Banks — 2.0%
Regions Financial Corp.		37			494
SVB Financial Group *		1			340
Truist Financial Corp.		43			1,806
Wells Fargo & Co.		10			221
					2,861
Beverages — 0.9%
Coca-Cola Co. (The)		5			232
Constellation Brands, Inc., Class A		3			467
PepsiCo, Inc.		5			635
					1,334
Biotechnology — 2.2%
AbbVie, Inc.		12			1,032
Alexion Pharmaceuticals, Inc. *		5			601
Biogen, Inc. *		4			915
Vertex Pharmaceuticals, Inc. *		2			516
					3,064
Building Products — 1.8%
Allegion plc		1			102
Masco Corp.		7			389
Trane Technologies plc		15			2,043
					2,534
Capital Markets — 1.3%
Ameriprise Financial, Inc.		—	(a)		61
Charles Schwab Corp. (The)		12			507
Intercontinental Exchange, Inc.		3			310

INVESTMENTS	SHARES (000)			VALUE ($000)
Capital Markets — continued
Morgan Stanley		13			637
MSCI, Inc.		—	(a)		174
State Street Corp.		3			182
					1,871
Chemicals — 4.1%
Air Products and Chemicals, Inc. (b)		1			363
Celanese Corp.		6			707
Corteva, Inc.		15			483
DuPont de Nemours, Inc.		15			877
Eastman Chemical Co. (b)		13			1,047
FMC Corp.		3			342
Linde plc (United Kingdom)		6			1,242
PPG Industries, Inc.		5			680
Sherwin-Williams Co. (The)		—	(a)		91
					5,832
Consumer Finance — 0.8%
Capital One Financial Corp.		16			1,141
Containers & Packaging — 0.2%
Crown Holdings, Inc. *		4			303
Diversified Financial Services — 0.4%
Voya Financial, Inc.		10			496
Electric Utilities — 1.9%
Entergy Corp.		2			251
NextEra Energy, Inc.		18			1,331
Xcel Energy, Inc. (b)		15			1,062
					2,644
Electrical Equipment — 1.3%
AMETEK, Inc.		7			679
Eaton Corp. plc		6			643
Rockwell Automation, Inc.		—	(a)		71
Sensata Technologies Holding plc *		11			495
					1,888
Electronic Equipment, Instruments & Components — 0.6%
TE Connectivity Ltd.		8			821
Energy Equipment & Services — 0.3%
Baker Hughes Co.		27			398
Entertainment — 2.9%
Electronic Arts, Inc. *		7			873
Netflix, Inc. * (b)		5			2,272
Warner Music Group Corp., Class A		38			1,005
					4,150

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — 3.6%
Brixmor Property Group, Inc.		43			470
Camden Property Trust		6			599
Equity LifeStyle Properties, Inc.		17			987
Host Hotels & Resorts, Inc.		5			56
Kimco Realty Corp.		23			235
Prologis, Inc.		6			603
Realty Income Corp.		2			107
SBA Communications Corp.		1			236
Sun Communities, Inc.		1			89
UDR, Inc.		11			331
Ventas, Inc.		20			775
WP Carey, Inc.		9			573
					5,061
Food & Staples Retailing — 0.4%
Albertsons Cos., Inc., Class A		26			376
Costco Wholesale Corp.		1			196
					572
Food Products — 0.6%
Conagra Brands, Inc.		9			324
Mondelez International, Inc., Class A		9			484
					808
Health Care Equipment & Supplies — 2.4%
Baxter International, Inc.		1			97
Becton Dickinson and Co.		1			128
Boston Scientific Corp. *		19			666
Intuitive Surgical, Inc. *		1			853
Medtronic plc		6			609
Zimmer Biomet Holdings, Inc.		7			989
					3,342
Health Care Providers & Services — 1.6%
Centene Corp. *		5			294
Cigna Corp.(b)		4			705
McKesson Corp.		7			1,055
UnitedHealth Group, Inc. (b)		—	(a)		151
					2,205
Hotels, Restaurants & Leisure — 1.7%
Choice Hotels International, Inc.		2			179
Hilton Worldwide Holdings, Inc.		3			270
Las Vegas Sands Corp.		7			340
McDonald’s Corp.		1			188
Yum! Brands, Inc. (b)		15			1,421
					2,398

INVESTMENTS	SHARES (000)			VALUE ($000)
Household Durables — 0.5%
KB Home		14			436
Lennar Corp., Class A		1			62
Mohawk Industries, Inc. *		1			68
Toll Brothers, Inc.		4			173
					739
Household Products — 0.6%
Kimberly-Clark Corp.		2			227
Procter & Gamble Co. (The)		5			637
					864
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		4			618
Insurance — 1.8%
American International Group, Inc.		4			125
Arthur J Gallagher & Co.		4			379
Chubb Ltd.		9			1,110
Marsh & McLennan Cos., Inc.		4			405
Progressive Corp. (The)		6			530
RenaissanceRe Holdings Ltd. (Bermuda)		—	(a)		48
					2,597
Interactive Media & Services — 1.4%
Alphabet, Inc., Class C * (b)		1			1,357
Facebook, Inc., Class A *		2			566
					1,923
Internet & Direct Marketing Retail — 2.1%
Amazon.com, Inc. * (b)		1			2,730
Booking Holdings, Inc. *		—	(a)		258
					2,988
IT Services — 4.9%
Booz Allen Hamilton Holding Corp.		4			321
DXC Technology Co.		6			115
Fiserv, Inc. * (b)		11			1,016
FleetCor Technologies, Inc. *		4			808
Leidos Holdings, Inc. (b)		14			1,150
Mastercard, Inc., Class A (b)		6			1,754
PayPal Holdings, Inc. * (b)		5			998
WEX, Inc. *		6			726
					6,888
Life Sciences Tools & Services — 0.8%
Thermo Fisher Scientific, Inc.		2			1,094

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 19

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Machinery — 2.3%
Deere & Co.		2		365
Parker-Hannifin Corp. (b)		5		1,081
Stanley Black & Decker, Inc. (b)		11		1,757
				3,203
Media — 2.2%
Altice USA, Inc., Class A *		2		60
Charter Communications, Inc., Class A *		2		1,119
Comcast Corp., Class A		15		629
Discovery, Inc., Class A *		57		1,146
Discovery, Inc., Class C *		8		147
				3,101
Multiline Retail — 0.4%
Dollar Tree, Inc. *		7		613
Multi-Utilities — 0.9%
Ameren Corp.		9		712
CMS Energy Corp.		4		261
Public Service Enterprise Group, Inc.		6		338
				1,311
Oil, Gas & Consumable Fuels — 3.8%
Cheniere Energy, Inc. *		8		399
Chevron Corp.(b)		6		397
Concho Resources, Inc.		2		83
Diamondback Energy, Inc.		41		1,053
EOG Resources, Inc.		5		164
Kinder Morgan, Inc.		56		669
Parsley Energy, Inc., Class A		57		571
Pioneer Natural Resources Co. (b)		7		569
TC Energy Corp. (Canada)		21		832
Williams Cos., Inc. (The)		31		594
				5,331
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		2		398
Pharmaceuticals — 1.7%
Bristol-Myers Squibb Co.		16		959
Elanco Animal Health, Inc. *		7		204
Eli Lilly and Co.		7		909
Merck & Co., Inc.		4		313
				2,385
Road & Rail — 4.1%
Canadian Pacific Railway Ltd. (Canada)		2		483
CSX Corp.		11		883

INVESTMENTS	SHARES (000)			VALUE ($000)
Road & Rail — continued
Lyft, Inc., Class A *		46			1,041
Norfolk Southern Corp. (b)		7			1,446
Old Dominion Freight Line, Inc.		2			447
Uber Technologies, Inc. *		36			1,204
Union Pacific Corp.		2			312
					5,816
Semiconductors & Semiconductor Equipment — 7.2%
Advanced Micro Devices, Inc. * (b)		17			1,267
Analog Devices, Inc. (b)		12			1,463
Applied Materials, Inc.		3			172
ASML Holding NV (Registered), NYRS (Netherlands)		—	(a)		145
Lam Research Corp.		3			1,189
Microchip Technology, Inc.		4			374
Micron Technology, Inc. *		20			987
NXP Semiconductors NV (Netherlands)		20			2,677
ON Semiconductor Corp. *		19			488
Qorvo, Inc. *		4			452
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		11			903
Texas Instruments, Inc. (b)		1			121
					10,238
Software — 3.8%
Ceridian HCM Holding, Inc. *		10			832
Coupa Software, Inc. *		3			778
Intuit, Inc. (b)		1			464
Microsoft Corp. (b)		4			882
Paylocity Holding Corp. *		5			884
salesforce.com, Inc. *		4			923
ServiceNow, Inc. *		1			259
Workday, Inc., Class A *		2			332
					5,354
Specialty Retail — 3.9%
AutoZone, Inc. *		1			1,136
Best Buy Co., Inc.		8			937
Home Depot, Inc. (The)		1			322
Lowe’s Cos., Inc. (b)		8			1,278
O’Reilly Automotive, Inc. * (b)		3			1,458
Ross Stores, Inc.		—	(a)		29
TJX Cos., Inc. (The)		6			327
					5,487

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Technology Hardware, Storage & Peripherals — 0.5%
Seagate Technology plc		16			763
Textiles, Apparel & Luxury Goods — 0.5%
Carter’s, Inc.		7			574
NIKE, Inc., Class B		1			169
					743
Trading Companies & Distributors — 0.2%
WW Grainger, Inc.		1			273
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc. *		12			1,271
Total Common Stocks (Cost $97,714)					110,565
Short-Term Investments — 16.8%
Investment Companies — 16.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $23,767)		23,759			23,773
Total Long Positions (Cost $121,481)					134,338
Short Positions — (70.6)%
Common Stocks — (70.6)%
Aerospace & Defense — (1.4)%
Boeing Co. (The)		(3	)		(447	)
HEICO Corp.		(3	)		(336	)
Huntington Ingalls Industries, Inc.		(3	)		(396	)
Lockheed Martin Corp.		(1	)		(476	)
TransDigm Group, Inc.		(1	)		(357	)
					(2,012	)
Air Freight & Logistics — (0.9)%
CH Robinson Worldwide, Inc.		(8	)		(668	)
Expeditors International of Washington, Inc.		(7	)		(594	)
					(1,262	)
Auto Components — (0.1)%
Autoliv, Inc. (Sweden)		(1	)		(105	)
Automobiles — (0.6)%
Ford Motor Co.		(97	)		(752	)
Harley-Davidson, Inc.		(4	)		(141	)
					(893	)
Banks — (1.9)%
Associated Banc-Corp.		(7	)		(92	)
Bank of Hawaii Corp.		(4	)		(269	)
Citizens Financial Group, Inc.		(13	)		(362	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Banks — continued
First Republic Bank		(3	)		(323	)
Huntington Bancshares, Inc.		(30	)		(315	)
KeyCorp		(39	)		(511	)
PNC Financial Services Group, Inc. (The)		(7	)		(749	)
					(2,621	)
Beverages — (0.1)%
Brown-Forman Corp., Class B		(2	)		(129	)
Biotechnology — (2.1)%
Amgen, Inc.		(6	)		(1,222	)
Gilead Sciences, Inc.		(29	)		(1,685	)
					(2,907	)
Building Products — (0.4)%
Fortune Brands Home & Security, Inc.		(2	)		(181	)
Johnson Controls International plc		(10	)		(429	)
					(610	)
Capital Markets — (2.7)%
BlackRock, Inc.		—	(a)		(244	)
CME Group, Inc.		(1	)		(111	)
Franklin Resources, Inc.		(40	)		(750	)
Moody’s Corp.		(1	)		(222	)
Nasdaq, Inc.		(7	)		(867	)
Northern Trust Corp.		(11	)		(888	)
T. Rowe Price Group, Inc.		(1	)		(91	)
Waddell & Reed Financial, Inc., Class A		(41	)		(630	)
					(3,803	)
Chemicals — (1.0)%
Albemarle Corp.		(11	)		(1,009	)
Ecolab, Inc.		(2	)		(449	)
					(1,458	)
Commercial Services & Supplies — (0.3)%
Republic Services, Inc.		(5	)		(447	)
Communications Equipment — (2.8)%
Cisco Systems, Inc.		(86	)		(3,099	)
Juniper Networks, Inc.		(47	)		(924	)
					(4,023	)
Construction Materials — (0.7)%
Martin Marietta Materials, Inc.		(1	)		(367	)
Vulcan Materials Co.		(4	)		(569	)
					(936	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 21

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Consumer Finance — (0.2)%
American Express Co.		(3	)		(245	)
Containers & Packaging — (2.1)%
Avery Dennison Corp.		(1	)		(200	)
Ball Corp.		(9	)		(805	)
International Paper Co.		(29	)		(1,251	)
Sealed Air Corp.		(4	)		(148	)
Sonoco Products Co.		(13	)		(631	)
					(3,035	)
Diversified Telecommunication Services — (2.0)%
AT&T, Inc.		(62	)		(1,662	)
CenturyLink, Inc.		(93	)		(800	)
Verizon Communications, Inc.		(7	)		(427	)
					(2,889	)
Electric Utilities — (1.4)%
American Electric Power Co., Inc.		(6	)		(570	)
Duke Energy Corp.		(4	)		(339	)
FirstEnergy Corp.		(7	)		(201	)
PPL Corp.		(8	)		(216	)
Southern Co. (The)		(11	)		(660	)
					(1,986	)
Electrical Equipment — (0.8)%
Acuity Brands, Inc.		(12	)		(1,043	)
Hubbell, Inc.		(1	)		(89	)
					(1,132	)
Electronic Equipment, Instruments & Components — (0.2)%
Cognex Corp.		(5	)		(331	)
Energy Equipment & Services — (1.2)%
Halliburton Co.		(78	)		(940	)
Schlumberger NV		(46	)		(685	)
					(1,625	)
Entertainment — (4.2)%
Cinemark Holdings, Inc.		(11	)		(94	)
Spotify Technology SA *		(8	)		(1,948	)
Take-Two Interactive Software, Inc. *		(12	)		(1,787	)
Walt Disney Co. (The)		(17	)		(2,053	)
					(5,882	)
Equity Real Estate Investment Trusts (REITs) — (3.7)%
AvalonBay Communities, Inc.		(3	)		(358	)
Crown Castle International Corp.		(1	)		(97	)
Duke Realty Corp.		(7	)		(262	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Equity Residential		(10	)		(470	)
Essex Property Trust, Inc.		(2	)		(408	)
Extra Space Storage, Inc.		(3	)		(391	)
Iron Mountain, Inc.		(42	)		(1,100	)
National Retail Properties, Inc.		(13	)		(403	)
Simon Property Group, Inc.		(17	)		(1,071	)
Vornado Realty Trust		(10	)		(316	)
Welltower, Inc.		(8	)		(419	)
					(5,295	)
Food & Staples Retailing — (2.9)%
Kroger Co. (The)		(60	)		(1,929	)
Sysco Corp.		(7	)		(363	)
Walgreens Boots Alliance, Inc.		(15	)		(521	)
Walmart, Inc.		(9	)		(1,225	)
					(4,038	)
Food Products — (1.5)%
Campbell Soup Co.		(17	)		(806	)
General Mills, Inc.		(9	)		(538	)
Kellogg Co.		(12	)		(732	)
					(2,076	)
Health Care Equipment & Supplies — (1.6)%
Abbott Laboratories		(5	)		(478	)
Dentsply Sirona, Inc.		(2	)		(81	)
Edwards Lifesciences Corp. *		(3	)		(217	)
Stryker Corp.		(7	)		(1,437	)
					(2,213	)
Health Care Providers & Services — (1.4)%
AmerisourceBergen Corp.		(11	)		(1,022	)
Henry Schein, Inc. *		(15	)		(935	)
Patterson Cos., Inc.		(3	)		(84	)
					(2,041	)
Health Care Technology — (0.6)%
Cerner Corp.		(12	)		(815	)
Hotels, Restaurants & Leisure — (1.8)%
Chipotle Mexican Grill, Inc. *		(1	)		(762	)
Darden Restaurants, Inc.		(7	)		(651	)
Marriott International, Inc., Class A		(1	)		(91	)
Starbucks Corp.		(12	)		(1,010	)
					(2,514	)

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Household Durables — (0.2)%
NVR, Inc. *		—	(a)		(59	)
PulteGroup, Inc.		(4	)		(151	)
					(210	)
Household Products — (1.3)%
Clorox Co. (The)		(9	)		(1,823	)
Industrial Conglomerates — (2.0)%
3M Co.		(7	)		(1,189	)
General Electric Co.		(229	)		(1,696	)
					(2,885	)
Insurance — (1.9)%
Aflac, Inc.		(6	)		(194	)
Allstate Corp. (The)		(7	)		(592	)
Aon plc, Class A		(2	)		(385	)
Axis Capital Holdings Ltd.		(4	)		(191	)
MetLife, Inc.		(6	)		(240	)
Principal Financial Group, Inc.		(9	)		(338	)
Travelers Cos., Inc. (The)		(6	)		(689	)
					(2,629	)
Interactive Media & Services — (0.5)%
Twitter, Inc. *		(18	)		(740	)
Internet & Direct Marketing Retail — (0.8)%
eBay, Inc.		(25	)		(1,170	)
IT Services — (3.3)%
EPAM Systems, Inc. *		(1	)		(218	)
Global Payments, Inc.		(2	)		(350	)
Infosys Ltd., ADR (India)		(34	)		(483	)
Jack Henry & Associates, Inc.		(5	)		(815	)
Paychex, Inc.		(16	)		(1,328	)
Western Union Co. (The)		(72	)		(1,406	)
					(4,600	)
Life Sciences Tools & Services — (0.6)%
Agilent Technologies, Inc.		(3	)		(328	)
Waters Corp. *		(3	)		(576	)
					(904	)
Machinery — (2.0)%
Caterpillar, Inc.		(8	)		(1,197	)
Illinois Tool Works, Inc.		(6	)		(1,267	)
PACCAR, Inc.		(4	)		(317	)
					(2,781	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Media — (3.4)%
Fox Corp., Class A		(34	)		(889	)
Omnicom Group, Inc.		(22	)		(1,038	)
Sirius XM Holdings, Inc.		(74	)		(426	)
ViacomCBS, Inc.		(84	)		(2,386	)
					(4,739	)
Multiline Retail — (1.1)%
Kohl’s Corp.		(14	)		(295	)
Macy’s, Inc.		(83	)		(514	)
Nordstrom, Inc.		(37	)		(452	)
Target Corp.		(2	)		(321	)
					(1,582	)
Multi-Utilities — (1.2)%
Consolidated Edison, Inc.		(18	)		(1,414	)
NiSource, Inc.		(15	)		(352	)
					(1,766	)
Oil, Gas & Consumable Fuels — (3.4)%
Apache Corp.		(19	)		(158	)
Devon Energy Corp.		(58	)		(514	)
Enbridge, Inc. (Canada)		(51	)		(1,406	)
Exxon Mobil Corp.		(22	)		(732	)
Hess Corp.		(22	)		(823	)
HollyFrontier Corp.		(13	)		(240	)
Marathon Oil Corp.		(72	)		(285	)
Occidental Petroleum Corp.		(58	)		(531	)
Valero Energy Corp.		(4	)		(150	)
					(4,839	)
Personal Products — 0.0% (e)
Coty, Inc., Class A		(23	)		(68	)
Pharmaceuticals — (0.8)%
Johnson & Johnson		(4	)		(514	)
Pfizer, Inc.		(17	)		(604	)
					(1,118	)
Professional Services — (0.4)%
Robert Half International, Inc.		(6	)		(294	)
TransUnion		(3	)		(259	)
					(553	)
Road & Rail — (0.9)%
Canadian National Railway Co. (Canada)		(5	)		(450	)
Heartland Express, Inc.		(17	)		(315	)
JB Hunt Transport Services, Inc.		(2	)		(257	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 23

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Road & Rail — continued
Werner Enterprises, Inc.		(8	)		(295	)
					(1,317	)
Semiconductors & Semiconductor Equipment — (2.3)%
Broadcom, Inc.		(7	)		(2,391	)
Intel Corp.		(20	)		(894	)
					(3,285	)
Software — (1.3)%
Adobe, Inc. *		(2	)		(739	)
Oracle Corp.		(9	)		(487	)
Splunk, Inc. *		(3	)		(547	)
					(1,773	)
Specialty Retail — (0.5)%
Gap, Inc. (The)		(5	)		(90	)
Ulta Beauty, Inc. *		(1	)		(236	)
Williams-Sonoma, Inc.		(4	)		(359	)
					(685	)
Technology Hardware, Storage & Peripherals — (1.3)%
HP, Inc.		(54	)		(970	)
NetApp, Inc.		(17	)		(758	)
Xerox Holdings Corp.		(9	)		(152	)
					(1,880	)
Textiles, Apparel & Luxury Goods — (0.4)%
Canada Goose Holdings, Inc. (Canada) *		(2	)		(54	)
VF Corp.		(8	)		(555	)
					(609	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Trading Companies & Distributors — (0.4)%
Fastenal Co.		(10	)		(448	)
HD Supply Holdings, Inc. *		(5	)		(187	)
					(635	)
Total Common Stocks (Proceeds $(108,392))					(99,914	)
Total Short Positions (Proceeds $(108,392))					(99,914	)
Total Investments — 24.4% (Cost $13,089)					34,424
Other Assets Less Liabilities — 75.6%					107,015
NET ASSETS — 100.0%					141,439

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
NYRS	New York Registry Shares
(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 approximately $18,239,000 and $96,488,000 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, 2020.
(e)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2020 (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		(12	)		12/2020	USD		(1,959	)		85

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020

(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	$	11,828		$	398,009		$	110,565
Investments in affiliates, at value		2,356			114,889			23,773
Options purchased, at value		70			—			—
Restricted cash for exchange-traded options		676			—			—
Cash		390			—			1
Foreign currency, at value		93			—			—
Deposits at broker for futures contracts		—			—			284
Deposits at broker for securities sold short		—			186,652			96,488
Deferred offering costs (See Note 2.G.)		10			—			—
Receivables:
Investment securities sold		62			66,125			5,689
Fund shares sold		—			683			11,298
Interest and dividends from non-affiliates		21			124			62
Dividends from affiliates		—	(a)		1			2
Tax reclaims		1			—			—
Variation margin on futures contracts		589			—			23
Unrealized appreciation on forward foreign currency exchange contracts		52			—			—
Due from adviser		77			—			—
Total Assets		16,225			766,483			248,185
LIABILITIES:
Payables:
Due to broker		—			33			—
Securities sold short, at value		—			151,146			99,914
Dividend expense to non-affiliates on securities sold short		—			38			104
Investment securities purchased		614			128,688			6,507
Interest expense to non-affiliates on securities sold short		—			143			12
Fund shares redeemed		—			181			34
Unrealized depreciation on forward foreign currency exchange contracts		32			—			—
Accrued liabilities:
Investment advisory fees		—			507			7
Administration fees		—			32			—
Distribution fees		—	(a)		8			5
Service fees		3			55			25
Custodian and accounting fees		6			7			23
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		1
Other		138			129			114
Total Liabilities		793			280,967			106,746
Net Assets	$	15,432		$	485,516		$	141,439

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

	JPMorgan Macro Opportunities Fund			JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	14,791		$	417,687		$	152,893
Total distributable earnings (loss)		641			67,829			(11,454	)
Total Net Assets	$	15,432		$	485,516		$	141,439
Net Assets:
Class A	$	27		$	20,914		$	18,205
Class C		20			4,596			1,949
Class I		15,365			226,048			121,285
Class R6		20			233,958			—
Total	$	15,432		$	485,516		$	141,439
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2			1,018			1,399
Class C		1			231			166
Class I		998			10,845			8,778
Class R6		1			11,073			—
Net Asset Value (a):
Class A — Redemption price per share	$	15.38		$	20.54		$	13.01
Class C — Offering price per share (b)		15.34			19.88			11.77
Class I — Offering and redemption price per share		15.40			20.84			13.82
Class R6 — Offering and redemption price per share		15.41			21.13			—
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)]	$	16.23		$	21.68		$	13.73
Cost of investments in non-affiliates	$	10,710		$	334,770		$	97,714
Cost of investments in affiliates		2,356			114,889			23,767
Cost of options purchased		139			—			—
Cost of foreign currency		93			—			—
Proceeds from securities sold short		—			152,014			108,392

(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, 2020 J.P. MORGAN SPECIALTY FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2020

(Amounts in thousands)

	JPMorgan Macro Opportunities Fund (a)			JPMorgan Opportunistic Equity Long/Short Fund			JPMorgan Research Market Neutral Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	12		$	—	(b)	$	—	(b)
Interest income from affiliates		—			—			—	(b)
Interest income from non-affiliates on securities sold short		—			—			136
Dividend income from non-affiliates		65			1,884			999
Dividend income from affiliates		5			589			90
Non-cash dividend income from non-affiliates		6			—			—
Foreign taxes withheld (net)		(4	)		—			—
Total investment income		84			2,473			1,225
EXPENSES:
Investment advisory fees		50			4,376			359
Administration fees		6			274			58
Distribution fees:
Class A		—	(b)		40			39
Class C		—	(b)		23			21
Service fees:
Class A		—	(b)		40			39
Class C		—	(b)		8			7
Class I		21			387			116
Class L (c)		—			—			12
Custodian and accounting fees		21			35			64
Interest expense to affiliates		—	(b)		—	(b)		—	(b)
Professional fees		175			99			74
Trustees’ and Chief Compliance Officer’s fees		10			26			26
Printing and mailing costs		14			9			36
Registration and filing fees		44			104			65
Transfer agency fees (See Note 2.I.)		—	(b)		9			12
Offering costs (See Note 2.G.)		11			—			—
Dividend expense to non-affiliates on securities sold short		—			1,597			1,652
Interest expense to non-affiliates on securities sold short		—			109			—
Other		5			13			8
Total expenses		357			7,149			2,588
Less fees waived		(75	)		(149	)		(271	)
Less expense reimbursements		(204	)		—			—
Net expenses		78			7,000			2,317
Net investment income (loss)		6			(4,527	)		(1,092	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		377			48,661			11,039
Investments in affiliates		2			25			6
Options purchased		(215	)		(1,345	)		—
Futures contracts		(751	)		—			(178	)
Securities sold short		—			(18,631	)		(6,573	)
Foreign currency transactions		(5	)		—			—
Forward foreign currency exchange contracts		(300	)		—			—
Options written		—	(b)		467			—
Net realized gain (loss)		(892	)		29,177			4,294
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,118			39,536			924
Investments in affiliates		—	(b)		(14	)		3
Options purchased		(69	)		—			—
Futures contracts		218			—			84
Securities sold short		—			1,030			3,252
Foreign currency translations		—	(b)		—			—
Forward foreign currency exchange contracts		20			—			—
Change in net unrealized appreciation/depreciation		1,287			40,552			4,263
Net realized/unrealized gains (losses)		395			69,729			8,557
Change in net assets resulting from operations	$	401		$	65,202		$	7,465

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

(b) Amount rounds to less than one thousand.

(c) On July 2, 2020, Class L Shares for JPMorgan Research Market Neutral Fund 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.

28 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Macro Opportunities Fund			JPMorgan Opportunistic Equity Long/Short Fund
	Period Ended October 31, 2020 (a)			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6		$	(4,527	)	$	1,539
Net realized gain (loss)		(892	)		29,177			(16,144	)
Change in net unrealized appreciation/depreciation		1,287			40,552			6,014
Change in net assets resulting from operations		401			65,202			(8,591	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			—			(720	)
Class C		—			—			(66	)
Class I		—			(191	)		(2,975	)
Class R2 (b)		—			—			—	(c)
Class R5 (b)		—			—			—	(c)
Class R6 (d)		—			(727	)		(1,030	)
Total distributions to shareholders		—			(918	)		(4,791	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		15,031			102,197			70,324
NET ASSETS:
Change in net assets		15,432			166,481			56,942
Beginning of period		—			319,035			262,093
End of period	$	15,432		$	485,516		$	319,035

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

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

(c) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 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, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,092	)	$	108
Net realized gain (loss)		4,294			26,257
Change in net unrealized appreciation/depreciation		4,263			(23,376	)
Change in net assets resulting from operations		7,465			2,989
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,559	)		(1,481	)
Class C		(450	)		(543	)
Class I		(2,527	)		(3,249	)
Class L (a)		(1,689	)		(8,556	)
Total distributions to shareholders		(6,225	)		(13,829	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		77,802			(111,968	)
NET ASSETS:
Change in net assets		79,042			(122,808	)
Beginning of period		62,397			185,205
End of period	$	141,439		$	62,397

(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, 2020

	JPMorgan Macro Opportunities Fund			JPMorgan Opportunistic Equity Long/Short Fund
	Period Ended October 31, 2020 (a)			Year Ended October 31, 2020			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	33		$	10,155		$	4,832
Distributions reinvested		—			—			717
Cost of shares redeemed		(7	)		(11,256	)		(35,501	)
Change in net assets resulting from Class A capital transactions	$	26		$	(1,101	)	$	(29,952	)
Class C
Proceeds from shares issued	$	20		$	2,177		$	825
Distributions reinvested		—			—			66
Cost of shares redeemed		—			(684	)		(1,660	)
Change in net assets resulting from Class C capital transactions	$	20		$	1,493		$	(769	)
Class I
Proceeds from shares issued	$	14,965		$	180,729		$	145,908
Distributions reinvested		—			185			2,820
Cost of shares redeemed		—			(115,513	)		(159,718	)
Change in net assets resulting from Class I capital transactions	$	14,965		$	65,401		$	(10,990	)
Class R2 (b)
Proceeds from shares issued	$	—		$	—		$	4
Distributions reinvested		—			—			—	(c)
Cost of shares redeemed		—			—			(28	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(24	)
Class R5 (b)
Distributions reinvested		—			—			—	(c)
Cost of shares redeemed		—			—			(24	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(24	)
Class R6 (d)
Proceeds from shares issued	$	20		$	93,501		$	125,697
Distributions reinvested		—			131			375
Cost of shares redeemed		—			(57,228	)		(13,989	)
Change in net assets resulting from Class R6 capital transactions	$	20		$	36,404		$	112,083
Total change in net assets resulting from capital transactions	$	15,031		$	102,197		$	70,324

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

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

(c) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 31

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Macro Opportunities Fund			JPMorgan Opportunistic Equity Long/Short Fund
	Period Ended October 31, 2020 (a)			Year Ended October 31, 2020			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		2			515			273
Reinvested		—			—			40
Redeemed		—	(b)		(613	)		(1,985	)
Change in Class A Shares		2			(98	)		(1,672	)
Class C
Issued		1			115			47
Reinvested		—			—			4
Redeemed		—			(38	)		(96	)
Change in Class C Shares		1			77			(45	)
Class I
Issued		998			9,392			8,147
Reinvested		—			11			156
Redeemed		—			(6,104	)		(8,966	)
Change in Class I Shares		998			3,299			(663	)
Class R2 (c)
Issued		—			—			—	(b)
Reinvested		—			—			—	(b)
Redeemed		—			—			(1	)
Change in Class R2 Shares		—			—			(1	)
Class R5 (c)
Reinvested		—			—			—	(b)
Redeemed		—			—			(1	)
Change in Class R5 Shares		—			—			(1	)
Class R6 (d)
Issued		1			4,846			6,949
Reinvested		—			7			20
Redeemed		—			(3,003	)		(775	)
Change in Class R6 Shares		1			1,850			6,194

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

(b) Amount rounds to less than one thousand.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

	JPMorgan Research Market Neutral Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	10,274		$	3,101
Distributions reinvested		1,461			1,394
Cost of shares redeemed		(7,858	)		(4,003	)
Change in net assets resulting from Class A capital transactions	$	3,877		$	492
Class C
Proceeds from shares issued	$	1,554		$	446
Distributions reinvested		426			506
Cost of shares redeemed		(3,621	)		(2,914	)
Change in net assets resulting from Class C capital transactions	$	(1,641	)	$	(1,962	)
Class I
Proceeds from shares issued	$	128,845		$	11,144
Distributions reinvested		2,418			3,139
Cost of shares redeemed		(65,906	)		(18,992	)
Conversion from Class L Shares		26,571			—
Change in net assets resulting from Class I capital transactions	$	91,928		$	(4,709	)
Class L (a)
Proceeds from shares issued	$	17,165		$	2,711
Distributions reinvested		1,660			8,526
Cost of shares redeemed		(8,616	)		(117,026	)
Conversion to Class I Shares		(26,571	)		—
Change in net assets resulting from Class L capital transactions	$	(16,362	)	$	(105,789	)
Total change in net assets resulting from capital transactions	$	77,802		$	(111,968	)
SHARE TRANSACTIONS:
Class A
Issued		812			225
Reinvested		126			106
Redeemed		(628	)		(290	)
Change in Class A Shares		310			41
Class C
Issued		136			34
Reinvested		40			42
Redeemed		(319	)		(229	)
Change in Class C Shares		(143	)		(153	)
Class I
Issued		9,519			765
Reinvested		197			228
Redeemed		(4,916	)		(1,325	)
Conversion from Class L Shares		1,971			—
Change in Class I Shares		6,771			(332	)
Class L (a)
Issued		1,254			183
Reinvested		132			603
Redeemed		(651	)		(8,081	)
Conversion to Class I Shares		(1,917	)		—
Change in Class L Shares		(1,182	)		(7,295	)

(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.

OCTOBER 31, 2020 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
April 15, 2020 (g) through October 31, 2020	$	15.00	$	(0.01	)	$	0.39	$	0.38
Class C
April 15, 2020 (g) through October 31, 2020		15.00		(0.06	)		0.40		0.34
Class I
April 15, 2020 (g) through October 31, 2020		15.00		—	(h)		0.40		0.40
Class R6
September 30, 2020 (i) through October 31, 2020		15.35		0.01			0.05		0.06

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of operations.

(h) Amount rounds to less than $0.005.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (e)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate (c)
$	15.38		2.53	%	$	27		1.20	%		(0.18	)%		5.12	%		49	%
	15.34		2.27			20		1.70			(0.70	)		5.76			49
	15.40		2.67			15,365		0.95			0.05			4.24			49
	15.41		0.39			20		0.77			0.84			7.24			49

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 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, 2020	$	17.34	$	(0.29	)	$	3.49		$	3.20		$	—		$	—		$	—
Year Ended October 31, 2019		18.22		—	(e)		(0.55	)		(0.55	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		18.13		(0.21	)		0.53			0.32			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		17.12		(0.19	)		2.46			2.27			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.37		(0.16	)		0.07			(0.09	)		—			(0.16	)		(0.16	)
Class C
Year Ended October 31, 2020		16.87		(0.39	)		3.40			3.01			—			—			—
Year Ended October 31, 2019		17.83		(0.08	)		(0.55	)		(0.63	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		17.83		(0.29	)		0.52			0.23			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		16.94		(0.27	)		2.42			2.15			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.27		(0.24	)		0.07			(0.17	)		—			(0.16	)		(0.16	)
Class I
Year Ended October 31, 2020		17.58		(0.27	)		3.56			3.29			(0.03	)		—			(0.03	)
Year Ended October 31, 2019		18.43		0.07			(0.59	)		(0.52	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		18.28		(0.16	)		0.54			0.38			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		17.21		(0.14	)		2.47			2.33			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.42		(0.12	)		0.07			(0.05	)		—			(0.16	)		(0.16	)
Class R6
Year Ended October 31, 2020		17.83		(0.21	)		3.59			3.38			(0.08	)		—			(0.08	)
Year Ended October 31, 2019		18.63		0.17			(0.64	)		(0.47	)		—			(0.33	)		(0.33	)
Year Ended October 31, 2018		18.44		(0.12	)		0.54			0.42			—			(0.23	)		(0.23	)
Year Ended October 31, 2017		17.31		(0.10	)		2.49			2.39			—			(1.26	)		(1.26	)
Year Ended October 31, 2016		17.48		(0.08	)		0.07			(0.01	)		—			(0.16	)		(0.16	)

(a) Calculated based upon average shares outstanding.

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

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

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

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

		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)
$	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	(f)		2.36			636			1,232
	18.22		1.80			50,803		2.55			(1.11	)		2.63			548			995
	18.13		13.58			49,338		2.42			(1.05	)		2.61			493			795
	17.12		(0.53	)		43,298		2.26			(0.96	)		2.53			463			749
	19.88		17.84			4,596		2.79			(2.12	)		2.85			511			1,058
	16.87		(3.62	)		2,599		2.74			(0.45	)		2.85			636			1,232
	17.83		1.32			3,544		3.05			(1.61	)		3.13			548			995
	17.83		13.00			2,594		2.90			(1.53	)		3.11			493			795
	16.94		(1.00	)		3,273		2.75			(1.46	)		2.98			463			749
	20.84		18.71			226,048		2.04			(1.38	)		2.08			511			1,058
	17.58		(2.89	)		132,665		1.99			0.40			2.10			636			1,232
	18.43		2.12			151,261		2.30			(0.87	)		2.38			548			995
	18.28		13.86			103,091		2.15			(0.81	)		2.32			493			795
	17.21		(0.29	)		158,589		2.00			(0.69	)		2.17			463			749
	21.13		19.01			233,958		1.78			(1.09	)		1.82			511			1,058
	17.83		(2.59	)		164,419		1.75			0.91			1.85			636			1,232
	18.63		2.32			56,436		2.05			(0.66	)		2.11			548			995
	18.44		14.13			6,350		1.90			(0.56	)		2.06			493			795
	17.31		(0.06	)		8,432		1.75			(0.45	)		2.06			463			749

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 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, 2020	$	13.11	$	(0.20	)	$	1.59		$	1.39		$	(1.49	)
Year Ended October 31, 2019		14.29		(0.04	)		0.31			0.27			(1.45	)
Year Ended October 31, 2018		14.69		(0.11	)		0.10			(0.01	)		(0.39	)
Year Ended October 31, 2017		13.84		(0.22	)		1.07			0.85			—
Year Ended October 31, 2016		14.25		(0.28	)		(0.13	)		(0.41	)		—
Class C
Year Ended October 31, 2020		12.06		(0.23	)		1.43			1.20			(1.49	)
Year Ended October 31, 2019		13.32		(0.10	)		0.29			0.19			(1.45	)
Year Ended October 31, 2018		13.79		(0.17	)		0.09			(0.08	)		(0.39	)
Year Ended October 31, 2017		13.06		(0.27	)		1.00			0.73			—
Year Ended October 31, 2016		13.51		(0.32	)		(0.13	)		(0.45	)		—
Class I
Year Ended October 31, 2020		13.80		(0.19	)		1.70			1.51			(1.49	)
Year Ended October 31, 2019		14.93		—	(e)		0.32			0.32			(1.45	)
Year Ended October 31, 2018		15.30		(0.07	)		0.09			0.02			(0.39	)
Year Ended October 31, 2017		14.37		(0.18	)		1.11			0.93			—
Year Ended October 31, 2016		14.76		(0.25	)		(0.14	)		(0.39	)		—

(a) Calculated based upon average shares outstanding.

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

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

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

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

		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 expense for securities sold short) (c)(d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend expense for securities sold short) (d)			Portfolio turnover rate (excluding securities sold short)			Portfolio turnover rate (including securities sold short)
$	13.01		11.97	%	$	18,205		3.23	%		(1.57	)%		3.61	%		224	%		531	%
	13.11		2.01			14,276		3.69			(0.26	)		4.09			125			356
	14.29		(0.01	)		14,973		3.50			(0.73	)		3.83			131			252
	14.69		6.14			17,932		3.66			(1.51	)		3.95			109			278
	13.84		(2.88	)		25,393		3.33			(2.07	)		3.64			133			298
	11.77		11.36			1,949		3.75			(2.00	)		4.10			224			531
	12.06		1.52			3,731		4.20			(0.74	)		4.56			125			356
	13.32		(0.53	)		6,155		4.01			(1.26	)		4.30			131			252
	13.79		5.59			10,920		4.14			(2.01	)		4.49			109			278
	13.06		(3.33	)		15,003		3.83			(2.53	)		4.13			133			298
	13.82		12.26			121,285		2.91			(1.42	)		3.28			224			531
	13.80		2.27			27,694		3.43			0.01			3.79			125			356
	14.93		0.20			34,927		3.24			(0.47	)		3.53			131			252
	15.30		6.47			44,219		3.37			(1.24	)		3.68			109			278
	14.37		(2.64	)		53,221		3.07			(1.82	)		3.38			133			298

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020

1. Organization

JPMorgan Trust I (the “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 and Class I, Class R6(2)	JPM IV	Diversified
JPMorgan Opportunistic Equity Long/Short Fund	Class A, Class C, Class I, Class R2(3), Class R5(3) and Class R6	JPM I	Non-Diversified
JPMorgan Research Market Neutral Fund	Class A, Class C, Class I(4)	JPM I	Diversified

⁽¹⁾ The Fund commenced operations on April 15, 2020.

⁽²⁾ Class R6 commenced operations on September 30, 2020.

⁽³⁾ On February 26, 2019, Class R2 and Class R5 Shares were liquidated.

⁽⁴⁾  On July 2, 2020, the Fund’s 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 the JPMorgan Macro Opportunities Fund (“Macro Opportunities Fund”) is to seek to provide long-term capital appreciation.

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

The investment objective of the 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’ prospectuses. 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

40 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

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 excluding exchange-traded funds (“ETFs”) (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

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

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	$	676	$	173	$	—	$	849
Capital Markets		136		—		—		136
Electric Utilities		257		596		—		853
Electrical Equipment		107		150		—		257
Entertainment		147		—		—		147
Health Care Equipment & Supplies		114		—		—		114
Hotels, Restaurants & Leisure		—		145		—		145
Insurance		125		405		—		530
Interactive Media & Services		327		—		—		327
Internet & Direct Marketing Retail		715		—		—		715
IT Services		761		—		—		761
Life Sciences Tools & Services		136		—		—		136
Machinery		155		139		—		294
Metals & Mining		439		—		—		439
Multi-Utilities		—		129		—		129
Personal Products		141		—		—		141
Pharmaceuticals		121		403		—		524
Semiconductors & Semiconductor Equipment		625		—		—		625
Software		815		—		—		815
Specialty Retail		289		—		—		289
Textiles, Apparel & Luxury Goods		280		225		—		505
Total Common Stocks		6,366		2,365		—		8,731

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Macro Opportunities Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Foreign Government Securities	$	—		$	488		$	—	$	488
Options Purchased
Call Options Purchased		47			10			—		57
Put Options Purchased		13			—			—		13
Total Options Purchased		60			10			—		70
Short-Term Investments
Foreign Government Treasury Bills		—			2,609			—		2,609
Investment Companies		2,356			—			—		2,356
Total Short-Term Investments		2,356			2,609			—		4,965
Total Investments in Securities	$	8,782		$	5,472		$	—	$	14,254
Appreciation in Other Financial Instruments
Forward Currency Contracts	$	—		$	52		$	—	$	52
Futures Contracts		245			—			—		245
Total Appreciation in Other Financial Instruments	$	245		$	52		$	—	$	297
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(32	)	$	—	$	(32	)
Futures Contracts		(27	)		—			—		(27	)
Total Depreciation in Other Financial Instruments	$	(27	)	$	(32	)	$	—	$	(59	)
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)	$	512,898		$	—		$	—	$	512,898
Total Liabilities for Securities Sold Short (a)	$	(151,146	)	$	—		$	—	$	(151,146	)
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)	$	134,338		$	—		$	—	$	134,338
Total Liabilities for Securities Sold Short (a)	$	(99,914	)	$	—		$	—	$	(99,914	)
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	85		$	—		$	—	$	85

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

B. 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 loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash

42 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

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, 2020.

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

Macro Opportunities Fund

	For the period ended October 31, 2020
Security Description	Value at April 15, 2020 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at October 31, 2020		Shares at October 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.11% (b) (c)	$	—	$	9,714	$	7,360	$	2	$	—	(d)	$	2,356		2,355	$	5	$	—

Opportunistic Equity Long/Short Fund

	For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (b) (c)	$	94,829	$	933,656	$	913,607	$	25	$	(14	)	$	114,889		114,820	$	589	$	—

Research Market Neutral Fund

	For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (b) (c)	$	9,419	$	238,986	$	224,641	$	6	$	3	$	23,773		23,759	$	90	$	—

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

(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, 2020.

(d) Amount rounds to less than one thousand.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

D. Foreign Currency Translation — The books and records of Macro Opportunities 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 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 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 Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

E. Derivatives — The Funds used derivative instruments including options, futures and forward foreign currency exchange contracts, in connection with its 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 the Funds to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

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

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

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

Options Written — Premiums received by the 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 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.

44 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

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 and exchange-traded options. Cash collateral posted by the Funds is considered restricted.

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

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds (excluding Macro Opportunities Fund) 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 SOI, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the 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 — 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 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.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 45

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

(4). Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2020 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

Macro Opportunities Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Options		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	70	$	224		$	—		$	294
Foreign exchange contracts	Receivables		—		—			52			52
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		—		21			—			21
Total		$	70	$	245		$	52		$	367
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(10	)	$	—		$	(10	)
Foreign exchange contracts	Payables		—		—			(32	)		(32	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—		(17	)		—			(17	)
Total		$	—	$	(27	)	$	(32	)	$	(59	)

Research Market Neutral Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	85

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2020, by primary underlying risk exposure:

Macro Opportunities Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	(206	)	$	(773	)	$	—		$	(979	)
Foreign exchange contracts		(9	)		—			(300	)		(309	)
Interest rate contracts		—			22			—			22
Total	$	(215	)	$	(751	)	$	(300	)	$	(1,266	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(69	)	$	214	$	—	$	145
Foreign exchange contracts		—			—		20		20
Interest rate contracts		—			4		—		4
Total	$	(69	)	$	218	$	20	$	169

46 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

Opportunistic Equity Long/Short Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options
Equity contracts	$	(878	)

Research Market Neutral Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(178	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	84

The Fund’s derivatives contracts held at October 31, 2020 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The tables below disclose the volume of the Funds’ futures contracts, forward foreign currency exchange contracts and options activity during the year ended October 31, 2020. 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	$	494	(a)		—		$	900	(d)
Average Notional Balance Short		4,601	(a)		—			2,878
Ending Notional Balance Long		536			—			—
Ending Notional Balance Short		4,145			—			1,959
Futures Contracts — Interest Rate:
Average Notional Balance Long	$	1,100	(a)		—			—
Average Notional Balance Short		698	(b)		—			—
Ending Notional Balance Long		1,561			—			—
Ending Notional Balance Short		821			—			—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	3,262	(a)		—			—
Average Settlement Value Sold		9,523	(a)		—			—
Ending Settlement Value Purchased		2,198			—			—
Ending Settlement Value Sold		8,015			—			—
Exchange-Traded Options:
Average Number of Contracts Purchased		225	(a)		21			—
Average Number of Contracts Written		2			156	(c)		—
Ending Number of Contracts Purchased		315			—			—

(a) For the period April 15, 2020 through October 31, 2020.

(b) For the period June 1, 2020 through October 31, 2020.

(c) For the period June 1, 2020 through June 30, 2020.

(d) For the period March 1, 2020 through March 31, 2020.

Macro Opportunities Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable forward foreign currency exchange contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.F.). Otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash. 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.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 47

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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

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

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

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

As of October 31, 2020, the Funds had outstanding short sales as listed on their SOIs.

G. Offering and Organization Costs — Macro Opportunities Fund’s total offering costs of approximately $21,000 incurred in connection with the offering of shares of the 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, are recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees on the Statements of Operations. For the year ended October 31, 2020, total offering costs amortized were approximately $11,000.

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

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, 2020 are as follows (amounts in thousands):

	Class A			Class C			Class I			Class L		Class R6			Total
Macro Opportunities Fund
Transfer agency fees	$	—	(a)	$	—	(a)	$	—	(a)		n/a	$	—	(a)	$	—	(a)
Opportunistic Equity Long/Short Fund
Transfer agency fees		1			1			7			n/a		—	(a)		9
Research Market Neutral Fund
Transfer agency fees		8			—	(a)		3		$	1		n/a			12

(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

48 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

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, 2020, 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.

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

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

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

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Macro Opportunities Fund	$	(240	)	$	(39	)	$	279
Opportunistic Equity Long/Short Fund		—			4,524			(4,524	)
Research Market Neutral Fund		(36	)		1,088			(1,052	)

The reclassifications for the Funds relate primarily to dividend expense for securities sold short, foreign currency gain/loss and net operating losses.

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 of each Fund’s respective average daily net assets as follows:

Macro Opportunities Fund	0.60	%
Opportunistic Equity Long/Short Fund	1.20
Research Market Neutral Fund	0.35	(1)

⁽¹⁾  Prior to June 1, 2020, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.60% of the Fund’s respective average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to 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, 2020, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 49

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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		0.25	%		0.75	%
Opportunistic Equity Long/Short Fund		0.25			0.75
Research Market Neutral Fund		0.25			0.75

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Opportunistic Equity Long/Short Fund	$	4	$	—	(a)
Research Market Neutral Fund		1		—

(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		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 expense. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

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

	Class A			Class C			Class I			Class R6
Macro Opportunities Fund(1)		1.20	%		1.70	%		0.95	%		0.70	%
Opportunistic Equity Long/Short Fund(2)		1.85			2.35			1.60			1.35
Research Market Neutral Fund(3)		0.95			1.45			0.69			n/a

⁽¹⁾   The expense limitation agreements were in effect for the year ended October 31, 2020 and are in place until at least February 28, 2022.

⁽²⁾  The expense limitation agreements were in effect for the year ended October 31, 2020 and are in place until at least February 28, 2021.

⁽³⁾  Prior to June 1, 2020, the contractual expense limitations were 1.25%, 1.75% and 0.99% for Class A, Class C and Class I Shares, respectively. Effective June 1, 2020, the contractual expense percentages in the table above were extended and are in place until at least May 31, 2021 for Class A and Class C Shares, and May 31, 2022 for Class I Shares.

50 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

For the year ended October 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Macro Opportunities Fund	$	50	$	6	$	18	$	74	$	204
Opportunistic Equity Long/Short Fund		19		13		5		37		—
Research Market Neutral Fund		177		51		19		247		—

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/reimbursements resulting from investments in these money market funds for the year ended October 31, 2020 were as follows (amounts in thousands):

Macro Opportunities Fund	$	1
Opportunistic Equity Long/Short Fund		112
Research Market Neutral Fund		24

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 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 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, 2020, 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, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Macro Opportunities Fund	$	12,936	$	4,642	$	—	$	—
Opportunistic Equity Long/Short Fund		1,716,138		1,622,132		1,736,773		1,655,926
Research Market Neutral Fund		193,699		147,574		201,859		157,358

During the year ended October 31, 2020, 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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Macro Opportunities Fund	$	13,426	$	1,382	$	316	$	1,066
Opportunistic Equity Long/Short Fund*		315,077		48,838		2,164		46,674
Research Market Neutral Fund*		22,551		17,456		5,499		11,957

* 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 mark to market of forward foreign currency contracts, mark to market of futures contracts, mark to market of options contracts and wash sale loss deferrals.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 51

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

The tax character of distributions paid during the year ended October 31, 2020 was as follows (amounts in thousands):

	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.

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

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

(a) Amount rounds to less than one thousand.

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

At October 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain		(Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Macro Opportunities Fund	$	—	$	—	$	(408	)	$	1,048
Opportunistic Equity Long/Short Fund		17,960		3,382		—			46,513
Research Market Neutral Fund		1,667		6,517		(31,380	)		11,783

For the Funds the cumulative timing differences primarily consist of mark to market of forward foreign currency contracts, mark to market of futures contracts, mark to market of options contracts, straddle loss deferral and wash sale loss deferrals.

As of October 31, 2020, the following Funds had post-enactment capital loss carryforwards as follows (amounts in thousands):

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

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

During the year ended October 31, 2020, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

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

6. Borrowings

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

The Funds had no borrowings outstanding from another fund during the year ended October 31, 2020.

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

52 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2020.

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

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

The Funds did not utilize the Credit Facility during the year ended October 31, 2020.

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, 2020, the Funds 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			Opportunistic Equity Long/ Short Fund
China		—	%		10.1	%
Japan		15.1			—

As of October 31, 2020, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Macro Opportunities Fund		1		99.9	%		—		—	%
Opportunistic Equity Long/Short Fund		—		—			2		53.2
Research Market Neutral Fund		—		—			3		55.5

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

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.

Macro Opportunities Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund, such as swap and option contracts and credit linked notes.

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

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Because Opportunistic Equity Long/Short Fund may invest a substantial portion of its assets in REITs, the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

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

As of October 31, 2020, the 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. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

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

54 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

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, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan Macro Opportunities Fund (1)

JPMorgan Opportunistic Equity Long/Short Fund (2)

JPMorgan Research Market Neutral Fund (2)

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

(2)   Statement of operations for the year ended October 31, 2020 and statement of changes in net assets for the years ended October 31, 2020 and 2019.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 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 21, 2020

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

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 55

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); Chairman since 2020; Trustee of 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).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various 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).	126	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).	126	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, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None

56 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	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).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 57

TRUSTEES

(Unaudited) (continued)

(1) Mr. Marshall is retiring from the Board of Trustees effective the close of business on December 31, 2020. The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (126 funds).

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

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

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient 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.

58 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Executive Director and Assistant General Counsel, JPMorgan Chase. 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 since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
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. (formerly JPMorgan Funds 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. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds 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. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

   * The contact address for the officer is 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, 2020 J.P. MORGAN SPECIALTY FUNDS 59

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, 2020, and continued to hold your shares at the end of the reporting period, October 31, 2020.

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, 2020		Ending Account Value October 31, 2020		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Macro Opportunities Fund
Class A
Actual*	$	1,000.00	$	1,022.60	$	6.46		1.27	%
Hypothetical*		1,000.00		1,018.75		6.44		1.27
Class C
Actual*		1,000.00		1,020.60		9.29		1.83
Hypothetical*		1,000.00		1,015.94		9.27		1.83
Class I
Actual*		1,000.00		1,023.90		5.19		1.02
Hypothetical*		1,000.00		1,020.01		5.18		1.02
Class R6
Actual**		1,000.00		1,003.90		0.65		0.77
Hypothetical*		1,000.00		1,021.27		3.91		0.77
JPMorgan Opportunistic Equity Long/Short Fund
Class A
Actual*		1,000.00		1,123.60		11.97		2.24
Hypothetical*		1,000.00		1,013.87		11.35		2.24
Class C
Actual*		1,000.00		1,120.00		14.61		2.74
Hypothetical*		1,000.00		1,011.35		13.86		2.74
Class I
Actual*		1,000.00		1,124.70		10.69		2.00
Hypothetical*		1,000.00		1,015.07		10.14		2.00
Class R6
Actual*		1,000.00		1,126.30		9.36		1.75
Hypothetical*		1,000.00		1,016.33		8.88		1.75
JPMorgan Research Market Neutral Fund
Class A
Actual*		1,000.00		1,028.60		15.20		2.98
Hypothetical*		1,000.00		1,010.16		15.06		2.98
Class C
Actual*		1,000.00		1,025.40		17.77		3.49
Hypothetical*		1,000.00		1,007.59		17.61		3.49
Class I
Actual*		1,000.00		1,030.00		13.83		2.71
Hypothetical*		1,000.00		1,011.51		13.70		2.71

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 31/366 (to reflect the one-half year period). Commencement of operations was September 30, 2020.

60 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

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 2020, at which the Trustees considered the continuation of the investment advisory agreements for the 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, 2020.

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 management 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 analyses of the performance of the Funds as compared to each Fund’s objectives and peer group. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their

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

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by 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, 2020 J.P. MORGAN SPECIALTY FUNDS 61

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 the Funds by the Adviser.

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and 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.

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 expense 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

62 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

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’ Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, 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 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 by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Opportunistic Equity Long/Short Fund’s performance for Class A shares was in the fifth, third and second quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the fifth, third and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fifth, third and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the fifth, third and second quintiles based upon the Universe for the one-,three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon the Peer Group for the one-year period ended December 31, 2019, and in the fifth, third and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Research Market Neutral Fund’s performance for Class A shares was in the first, first and third quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2019, respectively, and in the second, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the second, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 63

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge 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 Opportunistic Equity Long/Short Fund’s net advisory fee for Class A shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the 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 in the fourth quintile based upon both the Peer Group and Universe. 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 third quintile, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Research Market Neutral 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 first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. After considering the factors identified above, and noting a reduction in the contractual advisory fee effective June 1, 2020, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

64 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2020

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2020. 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, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Dividends Received Deduction (DRD)

JPMorgan Opportunistic Equity Long/Short Fund had 100.00%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2020.

Long Term Capital Gain

JPMorgan Research Market Neutral Fund distributed approximately $6,225,000, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2020.

Qualified Dividend Income (QDI)

JPMorgan Opportunistic Long/Short Fund had approximately $918,000, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2020.

OCTOBER 31, 2020 J.P. MORGAN SPECIALTY FUNDS 65

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., 2020. All rights reserved. October 2020. AN-SPEC-1020

Annual Report

J.P. Morgan International Equity Funds

October 31, 2020

JPMorgan Emerging Markets Equity Fund

JPMorgan Emerging Markets Research Enhanced Equity Fund

JPMorgan Europe Dynamic Fund

JPMorgan International Advantage Fund

JPMorgan International Equity Fund

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

JPMorgan International Hedged Equity Fund

JPMorgan International Research Enhanced Equity Fund

JPMorgan International Value Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries/Summaries:
JPMorgan Emerging Markets Equity Fund	3
JPMorgan Emerging Markets Research Enhanced Equity Fund	7
JPMorgan Europe Dynamic Fund	9
JPMorgan International Advantage Fund	12
JPMorgan International Equity Fund	14
JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)	17
JPMorgan International Hedged Equity Fund	20
JPMorgan International Research Enhanced Equity Fund	23
JPMorgan International Value Fund	25
Schedules of Portfolio Investments	28
Financial Statements	64
Financial Highlights	88
Notes to Financial Statements	106
Report of Independent Registered Public Accounting Firm	130
Trustees	132
Officers	135
Schedule of Shareholder Expenses	136
Board Approval of Investment Advisory Agreements	140
Tax Letter	146
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center 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 10, 2020 (Unaudited)

Dear Shareholders,

Even as the pandemic fueled deep uncertainty over the past year, global financial markets proved to be resilient with unprecedented support from central banks and broad investor optimism over advances in global efforts to end the pandemic. Over the twelve months ended October 31, 2020, equity prices in the U.S. and emerging markets generally led a broad but uneven recovery from lows reached in the first quarter of 2020. For the period, the S&P 500 Index returned 9.71%, the MSCI Emerging Markets Index returned 8.62% and the MSCI EAFE Index returned -6.46%.

  “We maintain an unwavering commitment to seeking to provide investors with innovative and timely solutions required to meet the demands and opportunities of any market environment.”
— Andrea L. Lisher

The period began with upward momentum in global equity markets but by the end of March 2020, investors responded to the emerging pandemic with a broad sell-off that fed a sharp spike in financial market volatility. The swift response of leading central banks to seek to ensure market liquidity brought

some calm to financial markets and in the following months equity prices began to recover. Though the full economic impact of the pandemic remains unknown, investors have appeared to focus on specific efforts to contain Covid-19 and the timeline for the potential availability of vaccines against the virus.

Throughout this period, J.P. Morgan Asset Management has quickly adapted to unique challenges and has continued to operate utilizing the same fundamental practices and principles that have driven our success. We maintain an unwavering commitment to seeking to provide investors with innovative and timely solutions required to meet the demands and opportunities of any market environment. 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

While global financial markets largely entered the reporting period with support from an improving economic and trade outlook, the economic shock of the pandemic response sparked a drop in global asset prices and a spike in market volatility in the first quarter of 2020. Rapid interventions by the world’s central banks helped to calm investors and set the stage for general but uneven recovery in financial markets.

The final months of 2019 were marked by rising prices for global equity - led by U.S. markets - driven partly by gains in U.S. and European manufacturing and an initial U.S.-China agreement to lower trade barriers. Amid already low interest rates, the U.S. Federal Reserve declined to cut rates further at its December meeting.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets across the globe. Yields on developed market sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2020, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices generally fell and the price of crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity markets staged a slow and uneven rebound, led by U.S. and emerging markets.

For the twelve months ended October 31, 2020, the S&P 500 Index returned a total of 9.71%, MSCI Emerging Markets Index returned 8.62% and the MSCI EAFE Index returned -6.46%. Among bond market indexes, the Bloomberg Barclays U.S. Aggregate Index returned 6.19% and the Bloomberg Barclays Emerging Markets Index returned 3.38%

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		22.29%
MSCI Emerging Markets Index (net of foreign withholding taxes)		8.25%
Net Assets as of 10/31/2020 (In Thousands)	$	11,220,225

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2020.

By sector, the Fund’s security selection in the communications services sector and its underweight position and security selection in the energy sector were leading contributors to relative to the Benchmark. The Fund’s overweight positions in the consumer staples and financials sectors were leading detractors from relative performance.

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

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Sea Ltd. and MercadoLibre Inc. and its overweight position in Meituan Dianping . Shares of Sea, a Singapore online gaming and electronic commerce provider with a presence in Southeast Asia, Taiwan and Latin America, rose amid growth in consumer demand for online services and entertainment. Shares of MercadoLibre, an

electronic commerce platform operator based in Argentina, rose amid growth in consumer demand for online services. Shares of Meituan Dianping, a Chinese provider of an electronic commerce platform, rose amid growth in consumer demand for online services.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark positions in IndusInd Bank Ltd., HDFC Bank Ltd., and Copa Holdings SA. Shares of IndusInd Bank and HDFC Bank, both Indian banking and financial services providers, fell amid investor expectations for a sharp contraction in the India’s economy due to Covid-19. Shares of Copa Holdings, an airline based in Panama, fell amid a decline in demand for passenger air travel.

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 were in the financials and consumer staples sectors and its largest relative underweight allocations were in the energy and materials sectors. The Fund’s largest country overweight allocations relative to the Benchmark were in India and China and its largest relative underweight allocations were in South Korea and Taiwan.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	6.8	%
	2.	Tencent Holdings Ltd. (China)	4.6
	3.	Alibaba Group Holding Ltd., ADR (China)	4.4
	4.	Samsung Electronics Co. Ltd., GDR (South Korea)	3.7
	5.	Meituan Dianping, Class B (China)	3.0
	6.	Sea Ltd., ADR (Taiwan)	3.0
	7.	EPAM Systems, Inc. (United States)	3.0
	8.	Wuxi Biologics Cayman, Inc. (China)	2.7
	9.	Alibaba Group Holding Ltd. (China)	2.7
	10.	MercadoLibre, Inc. (Argentina)	2.5

PORTFOLIO COMPOSITION BY COUNTRY***
China	37.1	%
India	15.9
Taiwan	10.2
Brazil	6.3
Hong Kong	5.7
South Korea	5.0
United States	3.0
Argentina	2.4
Mexico	2.2
Indonesia	1.7
South Africa	1.4
Portugal	1.0
Others (each less than 1.0%)	4.2
Short-Term Investments	3.9

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

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

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			15.43	%		12.59	%		4.37	%
Without Sales Charge			21.84			13.81			4.94
CLASS C SHARES	February 28, 2006
With CDSC**			20.24			13.24			4.52
Without CDSC			21.24			13.24			4.52
CLASS I SHARES	September 10, 2001		22.16			14.08			5.20
CLASS L SHARES	November 15, 1993		22.29			14.22			5.34
CLASS R2 SHARES	July 31, 2017		21.47			13.52			4.80
CLASS R3 SHARES	July 31, 2017		21.80			13.78			4.93
CLASS R4 SHARES	July 31, 2017		22.09			14.04			5.18
CLASS R5 SHARES	September 9, 2016		22.29			14.23			5.34
CLASS R6 SHARES	December 23, 2013		22.39			14.35			5.41

* 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 (10/31/10 TO 10/31/20)

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, 2010 to October 31, 2020. 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (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, 2020

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R6 Shares)*		8.28%
MSCI Emerging Markets Index (net of foreign withholding taxes)		8.25%
Net Assets as of 10/31/2020 (In Thousands)	$	2,840,342

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, 2020.

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

By country, the Fund’s underweight allocation to Brazil and its security selection in Saudi Arabia were leading contributors to relative performance, while the Fund’s security selection in China and its overweight allocation to Mexico were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Taiwan Semiconductor Manufacturing Co., Wuxi Biologics (Cayman) Inc. and Alibaba Group Holding Ltd. Shares of Taiwan Semiconductor Manufacturing rose after the company reported consecutive quarters of better-than-expected earnings amid growth in demand for advanced semiconductors. Shares of Wuxi Biologics (Cayman), a Chinese developer of biological testing and drug research, rose amid investor expectations of increased demand for its products and services in response to the pandemic. Shares of Alibaba Group Holding, an electronic commerce platform provider, rose amid growth in demand for digital services.

Leading individual detractors from relative performance included the Fund’s underweight positions in Nio Inc., BYD Co. and Pinduoduo Inc. Shares of Nio, a Chinese maker of electric vehicles, rose after the company reported better-than-expected revenue for the second quarter of 2020 and raised its third quarter forecast amid continued growth in vehicle sales. Shares of BYD, a Chinese maker of electronic vehicles that was not held in the Fund, rose after the company won a contract to supply electric vehicle batteries to Ford Motor Corp. Shares of Pinduoduo, a Chinese electronic commerce platform provider, rose amid growth in consumer demand for online shopping.

HOW WAS THE FUND POSITIONED?

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

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

As a result of this process, by sector, the Fund’s sole overweight allocation relative to the Benchmark was in the information technology sector and its largest underweight allocations were in the financials and materials sectors. By country, the Fund’s largest overweight allocations relative to the Benchmark were in Mexico and Russia and its largest relative underweight allocations were in Taiwan and Malaysia.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alibaba Group Holding Ltd. (China)	8.2	%
	2.	Tencent Holdings Ltd. (China)	7.0
	3.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	5.7
	4.	Samsung Electronics Co. Ltd. (South Korea)	4.5
	5.	Meituan Dianping, Class B (China)	2.3
	6.	Reliance Industries Ltd. (India)	1.4
	7.	Naspers Ltd., Class N (South Africa)	1.3
	8.	Ping An Insurance Group Co. of China Ltd., Class H (China)	1.3
	9.	China Construction Bank Corp., Class H (China)	1.2
	10.	Infosys Ltd., ADR (India)	1.0

PORTFOLIO COMPOSITION BY COUNTRY***
China	43.7	%
South Korea	12.3
Taiwan	11.9
India	8.6
Brazil	4.3
South Africa	3.8
Russia	3.0
Mexico	2.3
Saudi Arabia	2.0
Indonesia	1.3
Thailand	1.2
Others (each less than 1.0%)	4.6
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.

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS I SHARES	January 30, 2019		8.15	%		10.93	%
CLASS R6 SHARES	December 11, 2018		8.28			11.07

LIFE OF FUND PERFORMANCE (12/11/18 TO 10/31/2020)

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, 2020. 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, 2020

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	(8.21)%
MSCI Europe Index (net of foreign withholding taxes)	(9.29)%
Net Assets as of 10/31/2020 (In Thousands)	$438,828

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, 2020.

By sector, the Fund’s security selection and underweight position in the energy services sector and its security selection in the software & services sector were leading contributors to relative performance. The Fund’s underweight position and security selection in the food, beverages & tobacco sector and its security selection and overweight position in the automobiles & components sector were leading detractors from performance relative to the Benchmark.

Leading individual contributors to relative performance included the Fund’s overweight position in Evolution Gaming Group AB, its out-of-Benchmark position in HelloFresh SE and its underweight position in Royal Dutch Shell PLC. Shares of Evolution Gaming Group, a Swedish provider of online casino games, rose amid strong demand for at-home entertainment during 2020. Shares of HelloFresh, a German provider of delivery meal kits, rose amid continued growth in consumer demand

for at-home meals in 2020. Shares of Royal Dutch Shell, an Anglo/Dutch integrated oil and gas company not held by the Fund, fell amid a sharp decline in energy demand in 2020.

Leading individual detractors from relative performance included the Fund’s overweight positions in Nestle SA and OMV AG and its underweight position in ASML Holdings NV

Shares of Nestle, a Swiss maker of prepared foods and beverages, fell after the company lowered its 2020 earnings and sales forecast at the end of July 2020, citing the impact of at-home quarantines across Europe and North America. Shares of OMV, an Austrian integrated oil and gas company, fell amid a sharp decline in energy demand during 2020. Shares of ASML Holdings, a Dutch provider of semiconductor manufacturing equipment, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020 and confirmed its positive outlook for fourth quarter 2020 results.

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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	3.9	%
	2.	Roche Holding AG (Switzerland)	2.9
	3.	Novartis AG (Registered) (Switzerland)	2.8
	4.	Deutsche Telekom AG (Registered) (Germany)	2.0
	5.	Deutsche Post AG (Registered) (Germany)	2.0
	6.	Sanofi (France)	1.9
	7.	Schneider Electric SE (France)	1.8
	8.	Enel SpA (Italy)	1.8
	9.	Orsted A/S (Denmark)	1.7
	10.	ASM International NV (Netherlands)	1.6

PORTFOLIO COMPOSITION BY COUNTRY***
Switzerland	18.2	%
United Kingdom	17.1
Germany	14.2
France	11.1
Sweden	7.7
Netherlands	7.1
Denmark	4.3
Italy	3.7
Ireland	3.1
Australia	2.9
Austria	2.4
Finland	2.2
China	1.3
Spain	1.1
United States	1.1
Jordan	1.0
Others (each less than 1.0%)	0.4
Short-Term Investments	1.1

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

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

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge*			(13.02	)%		(1.48	)%		3.16	%
Without Sales Charge			(8.21	)		(0.42	)		3.71
CLASS C SHARES	November 1, 1998
With CDSC**			(9.64	)		(0.91	)		3.30
Without CDSC			(8.64	)		(0.91	)		3.30
CLASS I SHARES	September 10, 2001		(7.98	)		(0.15	)		3.99
CLASS L SHARES	September 10, 2001		(7.86	)		(0.01	)		4.18
CLASS R6 SHARES	October 1, 2018		(7.75	)		0.03			4.20

* 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 (10/31/10 TO 10/31/20)

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, 2010 to October 31, 2020. 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan International Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(9.11)%
MSCI EAFE Index (net of foreign withholding taxes)		(6.86)%
Net Assets as of 10/31/2020 (In Thousands)	$	1,509,015

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2020.

By sector, the Fund’s security selection in the industrials sector, and its security selection and underweight position in the health care sector were leading detractors from performance relative to the Benchmark, while the Fund’s underweight position in the energy sector and its security selection in the communication services sector were leading contributors to relative performance.

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

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

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers believe that attractively valued, high quality securities with positive momentum have the potential to outperform the market. During the reporting period, the Fund’s portfolio managers invested in securities that they believed were attractive based on proprietary multifactor screens that are used to rank securities in the Fund’s investment universe on the basis of value, quality and momentum characteristics.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	3.1	%
	2.	Roche Holding AG (Switzerland)	2.7
	3.	BHP Group Ltd. (Australia)	1.8
	4.	Sanofi (France)	1.7
	5.	Novo Nordisk A/S, Class B (Denmark)	1.7
	6.	Toyota Motor Corp. (Japan)	1.7
	7.	Rio Tinto plc (Australia)	1.6
	8.	Schneider Electric SE (France)	1.5
	9.	Allianz SE (Registered) (Germany)	1.4
	10.	Sony Corp. (Japan)	1.4

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	26.0	%
Switzerland	10.6
United Kingdom	10.5
Australia	8.8
Germany	8.7
France	8.2
Netherlands	6.4
Sweden	3.1
Denmark	2.6
Singapore	1.7
Hong Kong	1.7
Belgium	1.6
Norway	1.4
South Africa	1.2
Italy	1.1
Spain	1.0
United States	1.0
Others (each less than 1.0%)	3.7
Short-Term Investments	0.7

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

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

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge*			(13.87	)%		(0.85	)%		1.76	%
Without Sales Charge			(9.11	)		0.22			2.32
CLASS C SHARES	February 28, 2006
With CDSC**			(10.54	)		(0.28	)		1.90
Without CDSC			(9.54	)		(0.28	)		1.90
CLASS I SHARES	February 28, 2006		(8.84	)		0.51			2.59
CLASS R2 SHARES	November 3, 2008		(9.37	)		(0.06	)		2.04
CLASS R6 SHARES	May 29, 2015		(8.71	)		0.69			2.81

* 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 (10/31/10 TO 10/31/20)

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 (liquidated on December 8, 2016). 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 International Advantage Fund and the MSCI EAFE Index (net of foreign withholding taxes) from October 31, 2010 to October 31, 2020. 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 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(1.64)%
MSCI EAFE Index (net of foreign withholding taxes)	(6.86)%
Net Assets as of 10/31/2020 (In Thousands)	$2,930,922

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2020.

By sector, the Fund’s security selection and overweight position in the industrials and information technology sectors were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and underweight position in the health care sector and its security selection in the consumer staples sector were leading detractors from relative performance.

By region, the Fund’s out-of-Benchmark position in emerging markets and its security selection in Japan were leading contributors to performance relative to the Benchmark, while the Fund’s overweight positions in the U.K. and Continental Europe were the smallest contributors to relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s out-of-Benchmark positions in Taiwan Semiconductor Manufacturing Co., Tencent Holdings Ltd. and Alibaba Group Holding Ltd. Shares of Taiwan Semiconductor Manufacturing, a maker of semiconductors, rose after the company reported consecutive quarters of better-than-

expected earnings amid growth in demand for advanced semiconductors during the period. Shares of Tencent Holdings, a Hong Kong online gaming, advertising and services company, rose amid growth in consumer demand for the company’s services. Shares of Alibaba Group Holding, an electronic commerce platform provider, rose amid increased demand for digital services for the period.

Leading individual detractors from the Fund’s relative performance included its out of Benchmark position in Itaú Unibanco Holding SA, its underweight position in Softbank Group Corp. and its overweight position in Royal Dutch Shell PLC. Shares of Itau Unibanco Holding, a Brazilian banking and financial services company, fell amid several consecutive quarters for lower-than-expected earnings in 2020. Shares of Softbank Group, a Japanese technology and investment company not held by the Fund, rose after it agreed to sell its Arm unit to Nvidia Corp. for $40 billion. Shares of Royal Dutch Shell, an Anglo/Dutch integrated oil and gas company, fell amid a sharp decline in energy demand in 2020. Shares of Royal Dutch Shell, a British/Dutch oil and natural gas producer and retailer, fell as global energy demand contracted and global oil prices fell sharply in 2020.

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.

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	3.6	%
	2.	Roche Holding AG (Switzerland)	2.9
	3.	ASML Holding NV (Netherlands)	2.3
	4.	Novartis AG (Registered) (Switzerland)	2.1
	5.	Sony Corp. (Japan)	2.1
	6.	Keyence Corp. (Japan)	2.1
	7.	AIA Group Ltd. (Hong Kong)	2.1
	8.	LVMH Moet Hennessy Louis Vuitton SE (France)	2.0
	9.	Unilever plc (United Kingdom)	2.0
	10.	Novo Nordisk A/S, Class B (Denmark)	2.0

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	19.8	%
United Kingdom	13.1
France	12.1
Switzerland	11.7
Germany	8.0
Denmark	4.1
China	4.0
Australia	3.9
Hong Kong	3.3
Netherlands	3.1
Spain	3.0
Sweden	2.2
Taiwan	1.6
South Korea	1.6
India	1.4
Finland	1.2
United States	1.1
Others (each less than 1.0%)	2.7
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.

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge*			(7.05	)%		3.11	%		3.36	%
Without Sales Charge			(1.88	)		4.23			3.92
CLASS C SHARES	January 31, 2003
With CDSC**			(3.38	)		3.70			3.51
Without CDSC			(2.38	)		3.70			3.51
CLASS I SHARES	January 1, 1997		(1.64	)		4.49			4.18
CLASS R2 SHARES	November 3, 2008		(2.21	)		3.93			3.64
CLASS R5 SHARES	May 15, 2006		(1.52	)		4.63			4.36
CLASS R6 SHARES	November 30, 2010		(1.46	)		4.72			4.42

* 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 (10/31/10 TO 10/31/20)

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 R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund and the MSCI EAFE Index (net of foreign withholding taxes) from October 31, 2010 to October 31, 2020. 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.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		4.71%
MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes)		(2.61)%
Net Assets as of 10/31/2020 (In Thousands)	$	2,801,670

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 outperformed the MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2020.

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

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

Leading individual contributors to the Fund’s relative performance included its overweight positions in Delivery Hero AG, Tencent Holdings Ltd. and Alibaba Group Holding Ltd. Shares of Delivery Hero, a German online food delivery service, rose amid increased consumer demand during 2020. Shares of Tencent

Holdings, a Hong Kong online gaming, advertising and services company, rose amid growth in consumer demand for the company’s services. Shares of Alibaba Group Holding, an electronic commerce platform provider, rose amid increased demand for digital services during the period.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Airbus SE, Continental AG and Erste Group Bank AG. Shares of Airbus, a French airplanes and aerospace company, fell after the company slashed production due to decreased demand throughout the global response to the pandemic. Shares of Continental, a German automotive parts manufacturer, fell amid a sharp decline in auto production in 2020. Shares of Erste Group Bank, an Austrian regional bank, fell amid a sharp drop in earnings due to the pandemic.

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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	4.4	%
	2.	Alibaba Group Holding Ltd., (China)	4.4
	3.	HDFC Bank Ltd., ADR (India)	3.6
	4.	Nestle SA (Registered) (Switzerland)	3.6
	5.	Samsung Electronics Co. Ltd. (South Korea)	3.2
	6.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	3.2
	7.	AIA Group Ltd. (Hong Kong)	3.1
	8.	Ping An Insurance Group Co. of China Ltd., Class H (China)	2.8
	9.	Unilever NV (United Kingdom)	2.7
	10.	ASML Holding NV (Netherlands)	2.3

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	17.2	%
China	11.7
Switzerland	10.5
Germany	7.0
Canada	6.2
Japan	5.3
Taiwan	4.5
Hong Kong	4.5
France	4.2
India	3.6
South Korea	3.2
Spain	3.0
Sweden	2.8
Netherlands	2.3
Denmark	2.1
Australia	1.9
Finland	1.6
United States	1.6
Indonesia	1.4
Belgium	1.2
Short-Term Investments	4.2

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

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

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge*			(1.04	)%		4.56	%		6.60	%
Without Sales Charge			4.43			5.70			7.24
CLASS C SHARES	November 30, 2011
With CDSC**			2.93			5.16			6.76
Without CDSC			3.93			5.16			6.76
CLASS I SHARES	November 30, 2011		4.71			6.00			7.54
CLASS R2 SHARES	November 30, 2011		4.14			5.40			6.95
CLASS R5 SHARES	November 30, 2011		4.79			6.10			7.68
CLASS R6 SHARES	November 30, 2011		4.89			6.19			7.75

* 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 10/31/20)

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, 2020. 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(7.78)%
MSCI EAFE Index (net of foreign withholding taxes)		(6.86)%
ICE BofAML 3-Month U.S. Treasury Bill Index		0.92%
Net Assets as of 10/31/2020 (In Thousands)	$	137,268

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 both the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) and the ICE BofAML 3-Month U.S. Treasury Bill Index for the twelve months ended October 31, 2020. The Fund’s options hedge allowed the Fund to generally perform as designed during the reporting period with about 50% of the Benchmark’s volatility.

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

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

Leading individual detractors from relative performance included the Fund’s overweight positions in BP PLC and Standard Chartered PLC and its underweight position in Softbank Group Corp. Shares of BP, a U.K. integrated oil and natural gas company, fell amid a sharp decline in energy demand in 2020 as a result of the global response to the pandemic. Shares of Standard Chartered, a U.K. banking and financial services company, fell amid declining earnings due to low interest rates and reduced business activity as a result of the pandemic. Shares of Softbank Group, a Japanese technology and investment company, rose after it agreed to sell its Arm unit to Nvidia Corp. for $40 billion.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Nintendo Ltd., ASML Holdings NV and Daikin Industries Ltd. Shares of Nintendo, a Japanese developer of home entertainment products, rose amid increased consumer demand during as a result of the pandemic. Shares of ASML Holdings, a Dutch provider of semiconductor manufacturing equipment, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2020 and confirmed its positive outlook for fourth quarter 2020 results. Shares of Daikin Industries, a Japanese manufacturer of air conditioning equipment, rose amid increased demand for its products as a result of the pandemic.

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***
	1.	MSCI EAFE Index 12/18/2020 (United States)	4.4	%
	2.	Nestle SA (Registered) (Switzerland)	3.0
	3.	Roche Holding AG (Switzerland)	2.4
	4.	Novartis AG (Registered) (Switzerland)	1.9
	5.	ASML Holding NV (Netherlands)	1.7
	6.	Novo Nordisk A/S, Class B (Denmark)	1.5
	7.	Toyota Motor Corp. (Japan)	1.4
	8.	LVMH Moet Hennessy Louis Vuitton SE (France)	1.3
	9.	Iberdrola SA (Spain)	1.3
	10.	Unilever NV (United Kingdom)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	25.2	%
United Kingdom	11.1
Switzerland	10.3
France	9.9
Germany	9.2
Australia	5.2
Netherlands	5.1
United States	4.8
Denmark	2.9
Spain	2.2
Hong Kong	2.2
Sweden	2.1
Italy	1.4
Others (each less than 1.0%)	3.6
Short-Term Investments	4.8

* 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.

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		March 15, 2019
With Sales Charge*				(12.83	)%		(5.92	)%
Without Sales Charge				(8.02	)		(2.76	)
CLASS C SHARES		March 15, 2019
With CDSC**				(9.47	)		(3.24	)
Without CDSC				(8.47	)		(3.24	)
CLASS I SHARES		March 15, 2019		(7.78	)		(2.49	)
CLASS R5 SHARES		March 15, 2019		(7.68	)		(2.39	)
CLASS R6 SHARES		March 15, 2019		(7.53	)		(2.25	)

* 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 10/31/20)

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, 2020. 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (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)

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(9.05)%
MSCI EAFE Index (net of foreign withholding taxes)	(6.86)%
Net Assets as of 10/31/2020 (In Thousands)	$4,862,349

INVESTMENT OBJECTIVE

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

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

The Fund’s Class I Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2020.

By sector, the Fund’s security selection in the consumer cyclical & services sector and the retail sector was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the utilities and technology–semiconductors & hardware sectors was a leading contributor to relative performance.

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

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	3.1	%
	2.	Roche Holding AG (Switzerland)	2.5
	3.	Novartis AG (Registered) (Switzerland)	2.0
	4.	ASML Holding NV (Netherlands)	1.7
	5.	Novo Nordisk A/S, Class B (Denmark)	1.6
	6.	Toyota Motor Corp. (Japan)	1.4
	7.	LVMH Moet Hennessy Louis Vuitton SE (France)	1.4
	8.	Iberdrola SA (Spain)	1.3
	9.	Unilever NV (United Kingdom)	1.3
	10.	SAP SE (Germany)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	26.1	%
United Kingdom	11.7
Switzerland	10.9
France	10.5
Germany	9.6
Australia	5.5
Netherlands	5.3
Denmark	3.0
Spain	2.4
Hong Kong	2.2
Sweden	2.2
Italy	1.5
Others (each less than 1.0%)	4.1
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.

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge*			(14.00	)%		0.75	%		2.14	%
Without Sales Charge			(9.26	)		1.85			2.69
CLASS I SHARES	October 28, 1992		(9.05	)		2.09			2.94
CLASS R6 SHARES	November 1, 2017		(8.96	)		2.16			2.98

* Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (10/31/10 TO 10/31/20)

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, 2010 to October 31, 2020. 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)

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	(19.25)%
MSCI EAFE Value Index (net of foreign withholding taxes)	(18.42)%
Net Assets as of 10/31/2020 (In Thousands)	$267,864

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class L Shares underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2020.

By sector, the Fund’s underweight position in the utilities sectors and its underweight position and security selection in the industrial cyclical sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the basic industries and retail sectors was a leading contributor to relative performance.

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

Leading individual detractors from relative performance included the Fund’s underweight positions in Softbank Group Corp., Commonwealth Bank of Australia and Z Holdings Corp. Shares of Softbank Group, a Japanese technology and investment company not held by the Fund, rose after it agreed to sell

its Arm unit to Nvidia Corp. for $40 billion. Shares of Commonwealth Bank of Australia, which were not held in the Fund, fell by a smaller magnitude than the Benchmark during the reporting period. Shares of Z Holdings, a provider of online advertising and business services as Yahoo Japan, rose in late 2019 after the company announced its planned acquisition of messaging application provider Line Corp.

Leading individual contributors to relative performance included the Fund’s underweight positions in HSBC Holdings PLC, Banco Santander SA and BASF SE. Shares of HSBC Holdings, a U.K. banking and financial services company, fell amid low interest rates and the impact of the pandemic. Shares of Banco Santander, a Spanish banking company not held in the Fund, fell amid low interest rates and the impact of the pandemic. Shares of BASF, a German chemicals company, fell amid investor uncertainty over the impact of the pandemic on the company’s businesses.

HOW WAS THE FUND POSITIONED?

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

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Novartis AG (Registered) (Switzerland)	2.8	%
	2.	Toyota Motor Corp. (Japan)	2.2
	3.	BHP Group Ltd. (Australia)	2.0
	4.	Royal Dutch Shell plc, Class A (Netherlands)	1.7
	5.	Siemens AG (Registered) (Germany)	1.5
	6.	GlaxoSmithKline plc (United Kingdom)	1.4
	7.	British American Tobacco plc (United Kingdom)	1.3
	8.	Allianz SE (Registered) (Germany)	1.3
	9.	TOTAL SE (France)	1.2
	10.	Rio Tinto plc (Australia)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	24.2	%
United Kingdom	12.8
Germany	9.8
France	8.0
Switzerland	7.3
Australia	7.1
Netherlands	4.7
Sweden	3.3
Norway	2.6
Hong Kong	2.5
Italy	2.3
Finland	2.2
Spain	1.9
Denmark	1.6
Belgium	1.5
Singapore	1.2
Austria	1.1
Others (each less than 1.0%)	3.1
Short-Term Investments	2.8

* 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.

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			(23.75	)%		(4.02	)%		(0.88	)%
Without Sales Charge			(19.51	)		(2.98	)		(0.35	)
CLASS C SHARES	July 11, 2006
With CDSC**			(20.94	)		(3.49	)		(0.75	)
Without CDSC			(19.94	)		(3.49	)		(0.75	)
CLASS I SHARES	September 10, 2001		(19.31	)		(2.72	)		(0.08	)
CLASS L SHARES	November 4, 1993		(19.25	)		(2.61	)		0.04
CLASS R2 SHARES	November 3, 2008		(19.81	)		(3.26	)		(0.61	)
CLASS R5 SHARES	September 9, 2016		(19.17	)		(2.60	)		0.05
CLASS R6 SHARES	November 30, 2010		(19.13	)		(2.48	)		0.16

* 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 (10/31/10 TO 10/31/20)

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan International Value Fund and the MSCI EAFE Value Index (net of foreign withholding taxes) from October 31, 2010 to October 31, 2020. 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.4%
Argentina — 2.5%
MercadoLibre, Inc. *		229		278,586
Brazil — 6.4%
B3 SA—Brasil Bolsa Balcao		11,978		106,068
Localiza Rent a Car SA *		8,674		91,832
Lojas Renner SA *		11,073		72,312
Magazine Luiza SA		35,196		150,465
Pagseguro Digital Ltd., Class A * (a)		4,205		153,959
Raia Drogasil SA		10,063		42,337
XP, Inc., Class A *		2,376		95,234
				712,207
China — 37.6%
Alibaba Group Holding Ltd., ADR *		1,652		503,404
Alibaba Group Holding Ltd. *		8,088		306,478
Budweiser Brewing Co. APAC Ltd. (a) (b)		57,850		170,606
China Gas Holdings Ltd.		29,783		91,523
Foshan Haitian Flavouring & Food Co. Ltd., Class A		7,485		179,241
JD.com, Inc., ADR *		1,423		116,017
JD.com, Inc., Class A *		2,789		113,753
Kweichow Moutai Co. Ltd., Class A		406		101,411
Meituan Dianping, Class B * (b)		9,290		346,336
Midea Group Co. Ltd., Class A		11,045		128,970
NetEase, Inc.		6,366		111,348
NetEase, Inc., ADR		1,446		125,481
New Oriental Education & Technology Group, Inc., ADR * (a)		1,069		171,376
Ping An Bank Co. Ltd., Class A		72,223		191,769
Ping An Insurance Group Co. of China Ltd., Class H		16,328		168,821
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,943		112,558
Shenzhou International Group Holdings Ltd.		8,409		146,313
Sichuan Swellfun Co. Ltd., Class A		4,921		48,758
Sunny Optical Technology Group Co. Ltd.		6,886		114,334
Tencent Holdings Ltd.		6,771		517,305
Wuxi Biologics Cayman, Inc. * (b)		11,020		309,469
Yum China Holdings, Inc.		2,589		137,793
				4,213,064
Egypt — 0.4%
Commercial International Bank Egypt SAE (Registered), GDR (b)		11,635		44,879
Hong Kong — 5.8%
AIA Group Ltd.		25,884		246,344
AIA Group Ltd.		795		7,524
Hong Kong Exchanges & Clearing Ltd.		2,524		120,923
Techtronic Industries Co. Ltd.		20,673		278,445
				653,236

INVESTMENTS	SHARES (000)		VALUE ($000)
Hungary — 1.0%
OTP Bank Nyrt. *		3,427		106,892
India — 16.1%
Asian Paints Ltd.		1,773		52,883
Britannia Industries Ltd.		1,686		78,948
HDFC Bank Ltd., ADR *		3,322		190,810
HDFC Bank Ltd. *		11,598		185,213
HDFC Life Insurance Co. Ltd. * (b)		13,421		106,755
Hindustan Unilever Ltd.		3,738		104,525
Housing Development Finance Corp. Ltd.		9,651		250,375
IndusInd Bank Ltd. *		3,941		31,029
ITC Ltd.		39,908		89,184
Kotak Mahindra Bank Ltd. *		8,811		183,875
Maruti Suzuki India Ltd.		726		68,174
Reliance Industries Ltd.		7,590		210,419
Tata Consultancy Services Ltd.		7,107		256,139
				1,808,329
Indonesia — 1.7%
Bank Central Asia Tbk. PT		53,178		104,635
Bank Rakyat Indonesia Persero Tbk. PT		401,578		90,906
				195,541
Macau — 0.8%
Sands China Ltd.		26,224		92,037
Mexico — 2.2%
Grupo Financiero Banorte SAB de CV, Class O *		24,159		107,747
Wal-Mart de Mexico SAB de CV		56,576		136,989
				244,736
Panama — 0.4%
Copa Holdings SA, Class A (a)		910		44,859
Poland — 0.8%
Allegro.eu SA * (b)		4,568		92,826
Portugal — 1.1%
Jeronimo Martins SGPS SA		7,531		119,612
South Africa — 1.4%
Bid Corp. Ltd.		4,381		60,324
Capitec Bank Holdings Ltd. *		1,310		92,098
Mr Price Group Ltd.		949		7,176
				159,598
South Korea — 5.0%
NCSoft Corp.		204		139,985
Samsung Electronics Co. Ltd.		8,417		423,095
				563,080

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — (continued)
Taiwan — 10.3%
President Chain Store Corp.		4,522		40,815
Sea Ltd., ADR * (a)		2,186		344,736
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		9,163		768,530
				1,154,081
Turkey — 0.9%
BIM Birlesik Magazalar A/S		10,764		85,106
Ford Otomotiv Sanayi A/S		1,087		14,066
				99,172
United States — 3.0%
EPAM Systems, Inc. *		1,105		341,325
Total Common Stocks (Cost $7,187,443)				10,924,060
Short-Term Investments — 3.9%
Investment Companies — 2.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $313,835)		313,630		313,818
Investment of Cash Collateral from Securities Loaned — 1.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		117,532		117,544
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (c) (d)		12,077		12,077
Total Investment of Cash Collateral from Securities Loaned (Cost $129,634)				129,621
Total Short-Term Investments (Cost $443,469)				443,439
Total Investments — 101.3% (Cost $7,630,912)				11,367,499
Liabilities in Excess of Other Assets — (1.3)%				(147,274	)
NET ASSETS — 100.0%				11,220,225

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Internet & Direct Marketing Retail		15.5	%
Banks		11.7
Semiconductors & Semiconductor Equipment		6.8
IT Services		6.6
Entertainment		6.3
Insurance		4.7
Interactive Media & Services		4.5
Food & Staples Retailing		4.3
Technology Hardware, Storage & Peripherals		3.7
Capital Markets		2.8
Beverages		2.8
Life Sciences Tools & Services		2.7
Machinery		2.4
Food Products		2.3
Thrifts & Mortgage Finance		2.2
Hotels, Restaurants & Leisure		2.0
Multiline Retail		2.0
Oil, Gas & Consumable Fuels		1.9
Diversified Consumer Services		1.5
Textiles, Apparel & Luxury Goods		1.3
Household Durables		1.1
Electronic Equipment, Instruments & Components		1.0
Health Care Equipment & Supplies		1.0
Others (each less than 1.0%)		5.0
Short-Term Investments		3.9

Abbreviations
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PT	Limited liability company
SGPS	Holding company
(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is approximately $121,899,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.5%
Argentina — 0.2%
MercadoLibre, Inc. *		4		5,140
Brazil — 4.4%
Atacadao SA *		1,743		5,560
B3 SA — Brasil Bolsa Balcao		850		7,524
Banco Bradesco SA (Preference)		1,620		5,676
Cia Brasileira de Distribuicao		259		2,796
Gerdau SA (Preference)		1,919		7,294
Itau Unibanco Holding SA (Preference)		3,078		12,601
Itausa SA (Preference)		2,811		4,454
Localiza Rent a Car SA *		649		6,868
Lojas Renner SA *		1,299		8,481
Magazine Luiza SA		1,802		7,702
Petroleo Brasileiro SA (Preference)		3,749		12,362
Raia Drogasil SA		1,995		8,395
Suzano SA *		954		8,225
Telefonica Brasil SA (Preference)		313		2,319
TIM SA, ADR *		449		4,623
Vale SA, ADR		1,935		20,449
				125,329
Chile — 0.3%
Banco Santander Chile, ADR		299		4,144
Cencosud SA		1,393		1,937
Cia Cervecerias Unidas SA, ADR		114		1,225
				7,306
China — 44.3%
51job, Inc., ADR *		70		4,904
Alibaba Group Holding Ltd., ADR *		80		24,302
Alibaba Group Holding Ltd. *		6,217		235,582
Amoy Diagnostics Co. Ltd., Class A		250		3,147
Anhui Conch Cement Co. Ltd., Class H		584		3,650
ANTA Sports Products Ltd.		667		7,404
Baidu, Inc., ADR *		29		3,909
Bank of China Ltd., Class H		34,394		10,864
Baoshan Iron & Steel Co. Ltd., Class A		9,526		7,612
BeiGene Ltd., ADR *		13		3,841
Bilibili, Inc., ADR * (a)		163		7,295
BOE Technology Group Co. Ltd., Class A		6,710		4,755
CGN Power Co. Ltd., Class H (b)		20,470		4,390
China Conch Venture Holdings Ltd.		1,463		6,514
China Construction Bank Corp., Class H		50,415		34,742
China CYTS Tours Holding Co. Ltd., Class A		1,691		2,492
China Gas Holdings Ltd.		3,564		10,951
China Lesso Group Holdings Ltd.		2,948		4,779
China Life Insurance Co. Ltd., Class H		5,962		13,009

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
China Merchants Bank Co. Ltd., Class H		3,799		19,789
China Mobile Ltd.		3,132		19,154
China Molybdenum Co. Ltd., Class H		11,775		4,285
China Oilfield Services Ltd., Class H		10,098		6,098
China Overseas Land & Investment Ltd.		3,597		9,035
China Pacific Insurance Group Co. Ltd., Class H		3,829		11,984
China Resources Land Ltd.		2,498		10,216
China Shenhua Energy Co. Ltd., Class H		4,387		7,600
China State Construction Engineering Corp. Ltd., Class A		7,445		5,694
China State Construction International Holdings Ltd.		5,336		3,702
China Unicom Hong Kong Ltd.		8,168		5,035
China Vanke Co. Ltd., Class H		2,246		6,972
China Yangtze Power Co. Ltd., Class A		2,511		7,127
CNOOC Ltd.		13,963		12,776
Contemporary Amperex Technology Co. Ltd., Class A		130		4,773
Country Garden Holdings Co. Ltd.		2,198		2,716
Country Garden Services Holdings Co. Ltd.		1,214		7,645
CSPC Pharmaceutical Group Ltd.		5,259		5,585
Dada Nexus Ltd., ADR * (a)		124		4,098
Dongfeng Motor Group Co. Ltd., Class H		7,790		5,487
ENN Energy Holdings Ltd.		653		8,266
GDS Holdings Ltd., ADR * (a)		70		5,911
Greentown Service Group Co. Ltd. (b)		3,134		3,441
Hangzhou Tigermed Consulting Co. Ltd., Class H * (b)		375		6,025
Huazhu Group Ltd.*		97		4,109
Industrial & Commercial Bank of China Ltd., Class H		30,606		17,380
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		697		4,146
Innovent Biologics, Inc. * (b)		1,336		9,903
iQIYI, Inc., ADR *		254		6,276
JD.com, Inc., ADR *		220		17,894
JD.com, Inc., Class A*		487		19,880
Jiangsu Hengrui Medicine Co. Ltd., Class A		626		8,326
Kingdee International Software Group Co. Ltd. *		3,288		8,681
Kingsoft Corp. Ltd.		1,633		8,784
Kunlun Energy Co. Ltd.		5,852		3,789
Kweichow Moutai Co. Ltd., Class A		63		15,751
Laobaixing Pharmacy Chain JSC, Class A		153		1,637
Longfor Group Holdings Ltd. (b)		2,007		10,994
Luxshare Precision Industry Co. Ltd., Class A		515		4,225
Meituan Dianping, Class B * (b)		1,777		66,249
Momo, Inc., ADR		147		2,207
NetEase, Inc., ADR		254		22,123

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
China — continued
New Oriental Education & Technology Group, Inc., ADR *		113		18,149
NIO, Inc., ADR *		277		8,484
Pharmaron Beijing Co. Ltd., Class H (b)		235		3,397
PICC Property & Casualty Co. Ltd., Class H		7,422		5,037
Pinduoduo, Inc., ADR *		60		5,417
Ping An Bank Co. Ltd., Class A		3,684		9,783
Ping An Insurance Group Co. of China Ltd., Class H		3,597		37,187
Poly Developments and Holdings Group Co. Ltd., Class A		2,804		6,449
Postal Savings Bank of China Co. Ltd., Class H (b)		11,966		5,872
Sangfor Technologies, Inc., Class A		91		2,594
Shanghai Liangxin Electrical Co. Ltd., Class A		737		2,990
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		154		8,896
Shenzhou International Group Holdings Ltd.		720		12,522
Silergy Corp.		93		5,734
Sunny Optical Technology Group Co. Ltd.		785		13,037
Suofeiya Home Collection Co. Ltd., Class A		1,220		5,151
Tencent Holdings Ltd.		2,635		201,329
Tianma Microelectronics Co. Ltd., Class A		1,942		4,151
Trip.com Group Ltd., ADR *		123		3,526
Wanhua Chemical Group Co. Ltd., Class A		636		7,483
WuXi AppTec Co. Ltd., Class H (b)		429		6,860
Wuxi Biologics Cayman, Inc. * (b)		770		21,610
Xiaomi Corp., Class B * (b)		6,592		18,747
Yum China Holdings, Inc.		256		13,609
Yunnan Energy New Material Co. Ltd.		296		4,433
Zai Lab Ltd., ADR *		90		7,376
Zhejiang Chint Electrics Co. Ltd., Class A		1,071		4,700
Zhejiang Expressway Co. Ltd., Class H		3,432		2,343
				1,256,776
Colombia — 0.1%
Ecopetrol SA, ADR (a)		443		4,099
Czech Republic — 0.1%
Moneta Money Bank A/S (b)		1,188		2,696
Greece — 0.3%
Hellenic Telecommunications Organization SA		370		4,901
OPAP SA		447		3,618
				8,519
Hong Kong — 0.3%
Hutchison China MediTech Ltd., ADR *		124		3,655
Techtronic Industries Co. Ltd.		478		6,432
				10,087

INVESTMENTS	SHARES (000)		VALUE ($000)
Hong Kong — continued
Hungary — 0.4%
OTP Bank Nyrt. *		257		8,030
Richter Gedeon Nyrt.		108		2,212
				10,242
India — 8.8%
Ashok Leyland Ltd.		3,035		3,224
Axis Bank Ltd. *		2,067		13,699
Britannia Industries Ltd.		110		5,165
Eicher Motors Ltd.		119		3,351
HDFC Bank Ltd., ADR *		123		7,086
Hindalco Industries Ltd.		1,529		3,528
Hindustan Unilever Ltd.		603		16,850
Housing Development Finance Corp. Ltd.		994		25,779
Infosys Ltd., ADR		2,062		29,430
ITC Ltd.		3,258		7,281
Kotak Mahindra Bank Ltd. *		281		5,861
Larsen & Toubro Ltd.		531		6,651
Maruti Suzuki India Ltd.		114		10,732
NTPC Ltd.		4,585		5,417
Oil & Natural Gas Corp. Ltd.		3,767		3,298
Petronet LNG Ltd.		2,143		6,677
Power Grid Corp. of India Ltd.		3,204		7,393
Reliance Industries Ltd.		1,430		39,651
Shriram Transport Finance Co. Ltd.		356		3,329
Tata Consultancy Services Ltd.		623		22,447
UltraTech Cement Ltd.		168		10,375
United Spirits Ltd. *		853		5,801
UPL Ltd.		1,033		6,313
				249,338
Indonesia — 1.4%
Astra International Tbk. PT		14,274		5,213
Bank Central Asia Tbk. PT		7,445		14,649
Bank Rakyat Indonesia Persero Tbk. PT		43,731		9,899
Telekomunikasi Indonesia Persero Tbk. PT		49,920		8,839
				38,600
Malaysia — 0.8%
CIMB Group Holdings Bhd.		3,680		2,612
Petronas Chemicals Group Bhd.		3,849		5,424
Public Bank Bhd.		1,933		7,012
Tenaga Nasional Bhd.		2,125		4,877
Top Glove Corp. Bhd.		1,339		2,761
				22,686

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Mexico — 2.3%
America Movil SAB de CV, Series L (a)		23,416		14,230
Fomento Economico Mexicano SAB de CV, ADR		137		7,345
Grupo Aeroportuario del Sureste SAB de CV, Class B * (a)		410		4,754
Grupo Financiero Banorte SAB de CV, Class O *		3,152		14,057
Grupo Mexico SAB de CV, Series B		2,722		7,761
Kimberly-Clark de Mexico SAB de CV, Class A		3,424		5,114
Wal-Mart de Mexico SAB de CV		5,234		12,674
				65,935
Peru — 0.3%
Credicorp Ltd.		77		8,817
Philippines —0.4%
Ayala Corp.		243		3,832
Ayala Land, Inc.		5,702		3,881
International Container Terminal Services, Inc.		1,444		3,424
				11,137
Poland — 0.4%
CD Projekt SA *		85		7,212
Dino Polska SA * (b)		96		5,292
				12,504
Qatar — 0.3%
Qatar National Bank QPSC		1,878		9,119
Russia — 3.1%
Alrosa PJSC		7,228		6,505
Gazprom PJSC, ADR		1,712		6,560
LUKOIL PJSC, ADR		271		13,881
Magnitogorsk Iron & Steel Works PJSC		6,487		3,079
MMC Norilsk Nickel PJSC, ADR		266		6,336
Moscow Exchange MICEX-RTS PJSC		4,377		7,392
Moscow Exchange MICEX-RTS PJSC		56		95
Novolipetsk Steel PJSC		1,409		3,305
Sberbank of Russia PJSC, ADR		1,762		17,810
Severstal PAO, GDR (b)		556		7,599
Tatneft PJSC, ADR		222		6,867
X5 Retail Group NV, GDR (b)		226		7,960
				87,389
Saudi Arabia — 2.0%
Al Rajhi Bank		978		17,158
Alinma Bank *		1,551		6,302
Almarai Co. JSC		366		5,032
Bupa Arabia for Cooperative Insurance Co. *		87		2,654
National Commercial Bank		790		8,206

INVESTMENTS	SHARES (000)		VALUE ($000)
Saudi Arabia — continued
Saudi Basic Industries Corp.		374		8,966
Saudi Telecom Co.		221		5,859
Savola Group (The)		303		3,704
				57,881
Singapore — 0.1%
BOC Aviation Ltd. (b)		333		2,063
South Africa — 3.9%
Absa Group Ltd.		1,060		5,697
Bid Corp. Ltd.		412		5,678
Bidvest Group Ltd. (The)		782		6,431
Capitec Bank Holdings Ltd. *		113		7,947
Clicks Group Ltd.		482		6,987
FirstRand Ltd. (a)		4,130		9,587
Gold Fields Ltd., ADR		206		2,247
Impala Platinum Holdings Ltd.		508		4,523
Mr Price Group Ltd.		564		4,264
MTN Group Ltd.		1,287		4,597
Naspers Ltd., Class N *		198		38,733
Pick n Pay Stores Ltd.		990		3,118
SPAR Group Ltd. (The)		597		6,335
Vodacom Group Ltd.		620		4,674
				110,818
South Korea — 12.5%
BGF retail Co. Ltd.		17		1,754
Celltrion, Inc. *		20		4,244
Hana Financial Group, Inc.		349		9,421
Hankook Tire & Technology Co. Ltd.		200		5,613
Hanon Systems		397		3,937
Hyundai Glovis Co. Ltd.		31		4,541
Hyundai Mobis Co. Ltd.		61		12,287
Hyundai Motor Co.		56		8,190
Kia Motors Corp.		288		12,931
KIWOOM Securities Co. Ltd.		39		3,606
KT&G Corp.		119		8,511
LG Chem Ltd.		34		18,652
LG Household & Health Care Ltd.		9		12,576
Lotte Chemical Corp.		15		3,173
Mando Corp.		137		4,368
NAVER Corp.		78		19,926
NCSoft Corp.		16		11,036
POSCO		70		12,864
Samsung Electronics Co. Ltd.		2,562		128,777
Samsung Fire & Marine Insurance Co. Ltd.		61		9,615

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Korea — continued
Samsung SDI Co. Ltd.		12		4,627
Shinhan Financial Group Co. Ltd.		359		9,741
SK Holdings Co. Ltd.		22		3,521
SK Hynix, Inc.		320		22,703
SK Innovation Co. Ltd.		60		6,671
SK Telecom Co. Ltd.		28		5,264
S-Oil Corp.		119		5,756
				354,305
Taiwan — 12.1%
Accton Technology Corp.		1,148		8,341
Advantech Co. Ltd.		803		8,125
ASE Technology Holding Co. Ltd.		4,788		10,747
Chailease Holding Co. Ltd.		2,164		10,514
CTBC Financial Holding Co. Ltd.		4,550		2,873
Delta Electronics, Inc.		1,824		12,136
E.Sun Financial Holding Co. Ltd.		8,994		7,647
Eclat Textile Co. Ltd.		563		7,491
Feng TAY Enterprise Co. Ltd.		542		3,288
Formosa Petrochemical Corp.		2,331		6,417
Formosa Plastics Corp.		2,307		6,386
Fubon Financial Holding Co. Ltd.		6,973		9,933
Global Unichip Corp.		350		3,177
Globalwafers Co. Ltd.		384		5,592
Hiwin Technologies Corp.		830		7,243
Hon Hai Precision Industry Co. Ltd.		1,106		3,000
Inventec Corp.		2,999		2,374
MediaTek, Inc.		422		10,031
Nanya Technology Corp.		1,767		3,581
Realtek Semiconductor Corp.		766		9,542
Taiwan Semiconductor Manufacturing Co. Ltd.		750		11,347
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,972		165,357
Uni-President Enterprises Corp.		4,381		9,391
Vanguard International Semiconductor Corp.		2,084		6,808
Wiwynn Corp.		225		5,725
Yuanta Financial Holding Co. Ltd.		11,786		7,328
				344,394
Tanzania, United Republic of — 0.2%
AngloGold Ashanti Ltd., ADR		236		5,468
Thailand — 1.2%
Airports of Thailand PCL		3,874		6,424
Kasikornbank PCL		1,676		4,037
Minor International PCL*		5,399		2,889
PTT Exploration & Production PCL		2,218		5,603

INVESTMENTS	SHARES (000)		VALUE ($000)
Thailand — continued
PTT PCL		5,110		5,044
Siam Cement PCL (The) (Registered)		666		7,213
Thai Oil PCL		3,925		4,311
				35,521
Turkey — 0.2%
BIM Birlesik Magazalar A/S		802		6,337
United Arab Emirates — 0.1%
Emaar Properties PJSC*		4,149		2,973
Total Common Stocks (Cost $2,526,600)				2,855,479
Short-Term Investments — 1.1%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $12,125)		12,118		12,125
Investment of Cash Collateral from Securities Loaned—0.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		15,994		15,995
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (c) (d)		2,093		2,093
Total Investment of Cash Collateral from Securities Loaned (Cost $18,089)				18,088
Total Short-Term Investments (Cost $30,214)				30,213
Total Investments — 101.6% (Cost $2,556,814)				2,885,692
Liabilities in Excess of Other Assets — (1.6)%				(45,350	)
NET ASSETS — 100.0%				2,840,342

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Internet & Direct Marketing Retail		14.6	%
Banks		11.3
Semiconductors & Semiconductor Equipment		8.8
Interactive Media & Services		7.9
Technology Hardware, Storage & Peripherals		5.7
Oil, Gas & Consumable Fuels		5.1
Metals & Mining		3.6
Insurance		3.1
Food & Staples Retailing		2.6
IT Services		2.0
Chemicals		2.0
Automobiles		1.9
Entertainment		1.9
Real Estate Management & Development		1.8
Wireless Telecommunication Services		1.8
Electronic Equipment, Instruments & Components		1.6
Life Sciences Tools & Services		1.3
Textiles, Apparel & Luxury Goods		1.1
Beverages		1.0
Biotechnology		1.0
Food Products		1.0
Others (each less than 1.0%)		17.9
Short-Term Investments		1.0

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
RTS	Russian Trading System
(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is approximately $17,283,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.9%
Australia — 2.9%
BHP Group plc		306		5,934
Rio Tinto plc		116		6,556
				12,490
Austria — 2.4%
ams AG *		193		4,130
Erste Group Bank AG		212		4,355
Wienerberger AG		86		2,169
				10,654
China — 1.3%
Prosus NV *		58		5,808
Denmark — 4.3%
AP Moller—Maersk A/S, Class B		2		3,946
Orsted A/S (a)		46		7,308
Pandora A/S		27		2,166
Royal Unibrew A/S		22		2,166
Vestas Wind Systems A/S		20		3,440
				19,026
Finland — 2.2%
Cargotec OYJ, Class B (b)		94		3,231
Neste OYJ		124		6,480
				9,711
France — 11.1%
BNP Paribas SA *		191		6,646
Capgemini SE		40		4,667
Credit Agricole SA *		416		3,292
Eiffage SA *		29		2,082
La Francaise des Jeux SAEM (a)		129		4,855
Peugeot SA *		178		3,198
Publicis Groupe SA		61		2,125
Safran SA *		52		5,474
Sanofi		93		8,386
Schneider Electric SE		64		7,816
				48,541
Germany — 14.2%
Allianz SE (Registered)		35		6,178
Daimler AG (Registered)		105		5,412
Delivery Hero SE * (a)		34		3,933
Deutsche Post AG (Registered)		196		8,691
Deutsche Telekom AG (Registered)		588		8,933
DWS Group GmbH & Co. KGaA * (a)		98		3,323
GEA Group AG		130		4,340
Schaeffler AG (Preference)		509		3,098

INVESTMENTS	SHARES (000)		VALUE ($000)
Germany — continued
Siemens AG (Registered)		41		4,827
Softwareone Holding AG *		115		2,831
Volkswagen AG (Preference)		36		5,311
Zalando SE * (a)		59		5,459
				62,336
Ireland — 3.1%
AIB Group plc *		2,337		2,607
Bank of Ireland Group plc *		1,444		3,579
Ryanair Holdings plc, ADR *		47		3,824
Smurfit Kappa Group plc		99		3,724
				13,734
Italy — 3.7%
Enel SpA		972		7,730
Falck Renewables SpA		355		1,926
Intesa Sanpaolo SpA *		2,708		4,496
Poste Italiane SpA (a)		229		1,866
				16,018
Jordan — 1.0%
Hikma Pharmaceuticals plc		139		4,504
Netherlands — 7.1%
Adyen NV * (a)		2		2,662
ASM International NV		50		7,192
ASR Nederland NV		97		2,955
BE Semiconductor Industries NV		67		2,716
Euronext NV (a)		18		1,862
Koninklijke Ahold Delhaize NV		252		6,899
Shop Apotheke Europe NV * (a)		17		2,776
Signify NV* (a)		115		4,075
				31,137
Norway — 0.4%
Scatec Solar ASA (a)		75		1,656
Spain — 1.1%
Endesa SA		177		4,739
Sweden — 7.7%
Embracer Group AB *		215		4,328
Evolution Gaming Group AB (a)		72		5,314
Recipharm AB, Class B *		151		2,426
Sinch AB * (a)		55		5,199
SKF AB, Class B		247		5,063
Stillfront Group AB *		16		1,910
Swedish Match AB		49		3,669

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Sweden — continued
Volvo AB, Class B*		298		5,791
				33,700
Switzerland — 18.2%
ALSO Holding AG (Registered)*		12		2,761
Credit Suisse Group AG (Registered)		491		4,634
LafargeHolcim Ltd. (Registered)*		133		5,711
Logitech International SA (Registered)		38		3,170
Nestle SA (Registered)		154		17,294
Novartis AG (Registered)		157		12,256
Roche Holding AG		39		12,633
Schindler Holding AG		15		3,891
Sonova Holding AG (Registered)*		19		4,498
Swissquote Group Holding SA (Registered)		30		2,369
Zur Rose Group AG*		15		4,196
Zurich Insurance Group AG		20		6,559
				79,972
United Kingdom — 17.1%
3i Group plc		325		4,063
AstraZeneca plc		28		2,802
Berkeley Group Holdings plc		59		3,092
boohoo Group plc*		855		2,995
Centrica plc		8,181		3,940
Computacenter plc		106		3,117
Dialog Semiconductor plc*		101		3,840
Dunelm Group plc		151		2,554
Games Workshop Group plc		18		2,419
Informa plc		459		2,491
Intermediate Capital Group plc		207		3,146
Kingfisher plc*		711		2,646
Linde plc		22		4,891
M&G plc		878		1,670
National Express Group plc		2,001		3,883
Next plc		81		6,118
Persimmon plc		150		4,530
Pets at Home Group plc		308		1,546
Prudential plc		250		3,059
Reckitt Benckiser Group plc		52		4,623
Segro plc, REIT		378		4,418
Spirent Communications plc		887		3,332
				75,175
United States — 1.1%
Ferguson plc		46		4,573
Total Common Stocks (Cost $421,472)				433,774

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.1%
Investment Companies — 0.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $2,182)		2,180		2,182
Investment of Cash Collateral from Securities Loaned — 0.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (c) (d) (Cost $2,662)		2,662		2,662
Total Short-Term Investments (Cost $4,844)				4,844
Total Investments — 100.0% (Cost $426,316)				438,618
Other Assets Less Liabilities — 0.0% (e)				210
NET ASSETS — 100.0%				438,828

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		9.8	%
Banks		5.7
Machinery		5.1
Internet & Direct Marketing Retail		4.8
Insurance		4.7
Electric Utilities		4.5
Capital Markets		4.4
Semiconductors & Semiconductor Equipment		4.1
Food Products		3.9
Electrical Equipment		3.5
Automobiles		3.2
Metals & Mining		2.8
Food & Staples Retailing		2.5
IT Services		2.4
Hotels, Restaurants & Leisure		2.3
Diversified Telecommunication Services		2.0
Air Freight & Logistics		2.0
Construction Materials		1.8
Household Durables		1.7
Specialty Retail		1.5
Oil, Gas & Consumable Fuels		1.5
Entertainment		1.4
Multiline Retail		1.4
Electronic Equipment, Instruments & Components		1.3
Aerospace & Defense		1.2
Software		1.2
Chemicals		1.1
Industrial Conglomerates		1.1
Household Products		1.1
Media		1.1
Trading Companies & Distributors		1.0
Health Care Equipment & Supplies		1.0
Equity Real Estate Investment Trusts (REITs)		1.0
Others (each less than 1.0%)		10.8
Short-Term Investments		1.1

Abbreviations

ADR	American Depositary Receipt
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is approximately $2,626,000.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2020.
(e)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Australia — 8.7%
AGL Energy Ltd.		386		3,379
Ansell Ltd.		485		13,702
Austal Ltd.		975		1,859
BHP Group Ltd.		1,099		26,353
Coles Group Ltd.		559		6,989
CSL Ltd.		53		10,651
CSR Ltd.		1,951		6,038
Fortescue Metals Group Ltd.		710		8,688
IOOF Holdings Ltd.		470		965
JB Hi-Fi Ltd.		179		5,995
Premier Investments Ltd.		124		1,858
Qantas Airways Ltd.		1,198		3,526
Rio Tinto plc		417		23,603
Silver Lake Resources Ltd. *		4,165		6,237
Super Retail Group Ltd.		629		4,949
Wesfarmers Ltd.		221		7,155
				131,947
Austria — 0.9%
ANDRITZ AG		142		4,779
BAWAG Group AG (a)		58		2,119
Wienerberger AG		256		6,449
				13,347
Belgium — 1.6%
Ageas SA		337		13,553
bpost SA		333		2,950
D’ieteren SA/NV		84		4,222
KBC Group NV		60		2,945
				23,670
China — 0.8%
BOC Hong Kong Holdings Ltd.		3,687		10,241
SITC International Holdings Co. Ltd.		1,040		1,606
				11,847
Denmark — 2.6%
AP Moller — Maersk A/S, Class B		8		12,113
Novo Nordisk A/S, Class B		388		24,769
Scandinavian Tobacco Group A/S (a)		200		2,829
				39,711
Finland — 0.7%
Neste OYJ		97		5,069
Uponor OYJ		65		1,216
Valmet OYJ		186		4,441
				10,726

INVESTMENTS	SHARES (000)		VALUE ($000)
France — 8.1%
Atos SE *		164		11,233
BNP Paribas SA *		92		3,214
Capgemini SE		57		6,562
Cie de Saint-Gobain *		204		7,944
L’Oreal SA		10		3,199
LVMH Moet Hennessy Louis Vuitton SE		33		15,324
Peugeot SA *		757		13,607
Sanofi		282		25,494
Schneider Electric SE		185		22,432
Sopra Steria Group *		40		4,770
SPIE SA		350		5,510
TOTAL SE		103		3,107
				122,396
Germany — 8.6%
Allianz SE (Registered)		122		21,412
Daimler AG (Registered) (b)		101		5,203
Deutsche Post AG (Registered)		247		10,964
DWS Group GmbH & Co. KGaA * (a)		131		4,442
Encavis AG (b)		279		5,477
Fresenius Medical Care AG & Co. KGaA		85		6,454
Hornbach Holding AG & Co. KGaA		62		5,967
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		68		15,987
RWE AG (b)		343		12,702
SAP SE		85		9,024
Schaeffler AG (Preference)		1,310		7,976
Siemens AG (Registered)		145		17,060
Siemens Energy AG *		73		1,592
Softwareone Holding AG *		231		5,690
				129,950
Hong Kong — 1.7%
AIA Group Ltd.		852		8,107
VTech Holdings Ltd.		558		3,700
WH Group Ltd. (a)		7,227		5,692
Xinyi Glass Holdings Ltd.		3,664		8,046
				25,545
Ireland — 0.3%
Ryanair Holdings plc, ADR *		31		2,477
Smurfit Kappa Group plc		54		2,035
				4,512
Israel — 0.3%
Bezeq The Israeli Telecommunication Corp. Ltd. *		4,191		4,726

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Italy — 1.1%
Enel SpA		1,355		10,774
GVS SpA * (a)		131		1,845
Prysmian SpA		127		3,462
				16,081
Japan — 25.8%
Advantest Corp.		150		8,700
Astellas Pharma, Inc.		664		9,108
Brother Industries Ltd.		157		2,421
Capcom Co. Ltd.		141		7,728
Fujitsu Ltd.		84		9,950
GungHo Online Entertainment, Inc.		155		3,854
Hitachi Ltd.		241		8,136
Iida Group Holdings Co. Ltd.		304		5,504
Internet Initiative Japan, Inc.		95		4,268
ITOCHU Corp.		456		10,955
Iwatani Corp.		119		5,386
Kandenko Co. Ltd.		118		884
KDDI Corp.		432		11,693
Keyence Corp.		6		2,587
Kinden Corp.		242		3,788
Komeri Co. Ltd.		112		3,283
K’s Holdings Corp.		210		2,686
Kyudenko Corp.		86		2,344
Medipal Holdings Corp.		158		2,816
Meitec Corp.		49		2,414
Mitsubishi UFJ Financial Group, Inc.		3,297		12,996
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,011		4,284
Mixi, Inc.		122		3,360
MS&AD Insurance Group Holdings, Inc.		227		6,217
NEC Corp.		103		5,203
Nexon Co. Ltd.		348		9,707
Nihon Unisys Ltd.		181		5,326
Nintendo Co. Ltd.		13		6,975
Nippo Corp.		99		2,543
Nippon Telegraph & Telephone Corp.		424		8,921
Nomura Holdings, Inc.		2,031		9,097
Nomura Real Estate Holdings, Inc.		398		6,943
Obayashi Corp.		742		6,212
Okinawa Electric Power Co., Inc. (The)		53		777
Ono Pharmaceutical Co. Ltd.		280		7,993
Open House Co. Ltd.		163		5,540
ORIX Corp.		652		7,621
Osaka Gas Co. Ltd.		82		1,550
Otsuka Corp.		101		4,650

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Rengo Co. Ltd.		530		4,075
Sekisui House Ltd.		480		7,971
Seven Bank Ltd.		1,263		2,899
Shinsei Bank Ltd.		508		6,110
Shionogi & Co. Ltd.		155		7,288
Ship Healthcare Holdings, Inc.		37		1,760
SoftBank Corp.		714		8,305
SoftBank Group Corp.		54		3,504
Sony Corp.		249		20,717
Sugi Holdings Co. Ltd.		87		5,712
Sumitomo Mitsui Financial Group, Inc.		429		11,884
Sumitomo Mitsui Trust Holdings, Inc.		283		7,596
Teijin Ltd.		176		2,702
TIS, Inc.		342		6,531
Tokuyama Corp.		230		5,121
Tokyo Electron Ltd.		48		12,750
Tokyo Tatemono Co. Ltd.		511		5,876
Tokyu Fudosan Holdings Corp.		1,281		5,599
Toyobo Co. Ltd.		141		1,881
Toyota Motor Corp.		377		24,749
Toyota Tsusho Corp.		167		4,652
TS Tech Co. Ltd.		119		3,305
Valor Holdings Co. Ltd.		90		2,210
Wacom Co. Ltd.		290		1,908
				389,525
Netherlands — 6.3%
ASM International NV		58		8,297
ASML Holding NV		34		12,276
BE Semiconductor Industries NV		81		3,256
Euronext NV (a)		128		13,341
ING Groep NV		506		3,463
Koninklijke Ahold Delhaize NV		592		16,230
PostNL NV *		1,875		6,218
Randstad NV *		249		12,438
Royal Dutch Shell plc, Class B		518		6,247
Signify NV * (a)		337		11,974
Wolters Kluwer NV		23		1,900
				95,640
New Zealand — 0.3%
Spark New Zealand Ltd.		1,408		4,179
Norway — 1.4%
DNB ASA		657		8,873
Fjordkraft Holding ASA (a)		227		1,872

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Norway — continued
Norwegian Finans Holding ASA*		552		3,980
Scatec Solar ASA (a)		291		6,439
				21,164
Portugal — 0.1%
Jeronimo Martins SGPS SA		95		1,507
Russia — 0.4%
Polymetal International plc		308		6,555
Singapore — 1.7%
DBS Group Holdings Ltd.		1,100		16,380
United Overseas Bank Ltd.		691		9,601
				25,981
South Africa — 1.2%
Anglo American plc		753		17,675
Spain — 1.0%
Endesa SA		568		15,251
Sweden — 3.1%
Betsson AB*		643		4,900
Getinge AB, Class B (b)		361		7,076
Skandinaviska Enskilda Banken AB, Class A*		881		7,563
SKF AB, Class B		578		11,826
Swedish Match AB		194		14,621
				45,986
Switzerland — 10.6%
Adecco Group AG (Registered)		204		9,997
DKSH Holding AG		62		3,983
Galenica AG (a)		81		5,132
Julius Baer Group Ltd.		163		7,275
Kuehne + Nagel International AG (Registered)		38		7,578
LafargeHolcim Ltd. (Registered)*		106		4,530
Nestle SA (Registered)		419		47,089
Novartis AG (Registered)		131		10,175
Roche Holding AG		125		40,102
Swissquote Group Holding SA (Registered)		55		4,345
UBS Group AG (Registered)		1,361		15,841
Zurich Insurance Group AG		11		3,755
				159,802
United Kingdom — 10.5%
3i Group plc		585		7,307
Ashtead Group plc		443		16,015
AstraZeneca plc		91		9,141
Avast plc (a)		2,049		12,592
B&M European Value Retail SA		1,012		6,350

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
Balfour Beatty plc		1,508		4,167
Berkeley Group Holdings plc		168		8,811
British American Tobacco plc		174		5,521
CMC Markets plc (a)		301		1,302
Computacenter plc		183		5,396
Dialog Semiconductor plc*		186		7,100
Dunelm Group plc		547		9,250
GlaxoSmithKline plc		841		14,040
Legal & General Group plc		4,012		9,620
Next plc		113		8,501
Persimmon plc		97		2,950
Pets at Home Group plc		445		2,233
Savills plc		83		893
Tate & Lyle plc		497		3,834
TP ICAP plc		97		241
Ultra Electronics Holdings plc		172		4,205
Unilever plc		322		18,346
				157,815
United States — 1.0%
Ferguson plc		150		14,898
Total Common Stocks (Cost $1,436,870)				1,490,436
Short-Term Investments — 0.6%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $5,325)		5,322		5,325
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		3,007		3,007
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (c) (d)		1,394		1,394
Total Investment of Cash Collateral from Securities Loaned (Cost $4,401)				4,401
Total Short-Term Investments (Cost $9,726)				9,726
Total Investments — 99.4% (Cost $1,446,596)				1,500,162
Other Assets Less Liabilities — 0.6%				8,853
NET ASSETS — 100.0%				1,509,015

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		9.9	%
Banks		7.3
Metals & Mining		5.9
Insurance		5.2
Capital Markets		4.3
IT Services		4.0
Food Products		3.8
Semiconductors & Semiconductor Equipment		3.5
Trading Companies & Distributors		3.1
Household Durables		3.1
Automobiles		2.9
Electrical Equipment		2.6
Specialty Retail		2.4
Food & Staples Retailing		2.2
Professional Services		2.1
Electric Utilities		1.9
Entertainment		1.9
Real Estate Management & Development		1.7
Wireless Telecommunication Services		1.6
Tobacco		1.5

INDUSTRY	PERCENTAGE
Health Care Equipment & Supplies		1.5	%
Diversified Telecommunication Services		1.5
Multiline Retail		1.5
Software		1.4
Personal Products		1.4
Marine		1.4
Machinery		1.4
Air Freight & Logistics		1.3
Construction & Engineering		1.3
Oil, Gas & Consumable Fuels		1.3
Auto Components		1.3
Industrial Conglomerates		1.1
Construction Materials		1.1
Electronic Equipment, Instruments & Components		1.1
Health Care Providers & Services		1.1
Multi-Utilities		1.1
Textiles, Apparel & Luxury Goods		1.0
Others (each less than 1.0%)		6.6
Short-Term Investments		0.7

Abbreviations
ADR	American Depositary Receipt
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SGPS	Holding company
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(b)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is approximately $4,226,000.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

(amounts in thousands, except number of contracts)

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		55		12/2020		EUR		1,895		(152	)
FTSE 100 Index		22		12/2020		GBP		1,586		(85	)
										(237	)

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.3%
Australia — 3.9%
BHP Group Ltd.		1,355		32,484
BHP Group plc		783		15,163
Commonwealth Bank of Australia		758		36,783
Rio Tinto plc		537		30,396
				114,826
Austria — 0.5%
Erste Group Bank AG		644		13,245
Belgium — 0.6%
KBC Group NV		378		18,700
China — 4.1%
Alibaba Group Holding Ltd.*		860		32,599
Ping An Insurance Group Co. of China Ltd., Class H		2,948		30,481
Prosus NV *		222		22,146
Tencent Holdings Ltd.		438		33,443
				118,669
Denmark — 4.1%
Carlsberg A/S, Class B		252		31,930
Novo Nordisk A/S, Class B		904		57,628
Orsted A/S (a) (b)		196		31,115
				120,673
Finland — 1.3%
Kone OYJ, Class B		459		36,526
France — 12.2%
Accor SA *		599		15,271
AXA SA		1,294		20,786
Capgemini SE		306		35,368
Kering SA		53		32,132
Legrand SA		365		27,019
L’Oreal SA		125		40,270
LVMH Moet Hennessy Louis Vuitton SE		127		59,544
Pernod Ricard SA		181		29,120
Safran SA *		259		27,366
Schneider Electric SE		376		45,744
TOTAL SE		815		24,706
				357,326
Germany — 8.0%
adidas AG *		113		33,594
Allianz SE (Registered)		205		36,035
Delivery Hero SE * (b)		181		20,808
Deutsche Boerse AG		180		26,565
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		121		28,360
SAP SE		369		39,320

INVESTMENTS	SHARES (000)			VALUE ($000)
Germany — continued
Symrise AG		183			22,517
Vonovia SE		439			28,028
					235,227
Hong Kong — 3.3%
AIA Group Ltd.		6,377			60,691
Hong Kong Exchanges & Clearing Ltd.		759			36,346
					97,037
India — 1.4%
HDFC Bank Ltd., ADR *		732			42,069
Japan — 19.9%
Daikin Industries Ltd.		217			40,608
FANUC Corp.		138			29,128
Hoya Corp.		410			46,260
Kao Corp.		623			44,371
Keyence Corp.		135			61,130
Komatsu Ltd.		1,342			30,261
Kubota Corp.		2,105			36,577
Makita Corp.		577			25,488
Nidec Corp.		377			38,037
Recruit Holdings Co. Ltd.		1,088			41,414
Shin-Etsu Chemical Co. Ltd.		332			44,304
SMC Corp.		52			27,659
Sony Corp.		747			62,275
Sysmex Corp.		224			21,012
Tokyo Electron Ltd.		129			34,598
					583,122
Macau — 0.6%
Sands China Ltd.		5,394			18,932
Netherlands — 3.1%
ASML Holding NV		191			69,097
ING Groep NV		3,034			20,783
					89,880
Singapore — 0.9%
DBS Group Holdings Ltd.		1,847			27,507
South Korea — 1.6%
Samsung Electronics Co. Ltd., GDR (b)		36			45,497
Samsung Electronics Co. Ltd., GDR (b)		—	(c)		13
					45,510
Spain — 3.0%
Cellnex Telecom SA (b)		354			22,727
Iberdrola SA		3,460			40,859
Industria de Diseno Textil SA (a)		1,033			25,499
					89,085

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Sweden—2.2%
Atlas Copco AB, Class A		862		38,050
Svenska Handelsbanken AB, Class A *		3,219		26,080
				64,130
Switzerland — 11.7%
LafargeHolcim Ltd. (Registered) *		781		33,506
Lonza Group AG (Registered)		48		29,187
Nestle SA (Registered)		949		106,782
Novartis AG (Registered)		809		63,045
Roche Holding AG		267		85,898
SGS SA (Registered)		10		25,847
				344,265
Taiwan — 1.6%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		561		47,021
United Kingdom — 13.2%
Diageo plc		1,539		49,742
GlaxoSmithKline plc		2,863		47,813
Legal & General Group plc		11,017		26,414
Linde plc		147		32,161
London Stock Exchange Group plc		257		27,753
Persimmon plc		919		27,831
Prudential plc		1,976		24,166
Reckitt Benckiser Group plc		409		36,031
RELX plc		1,652		32,689
Smith & Nephew plc		1,306		22,675
Unilever plc		1,020		58,140
				385,415
United States — 1.1%
Ferguson plc		336		33,395
Total Common Stocks (Cost $2,162,316)				2,882,560
Short-Term Investments — 2.1%
Investment Companies — 1.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (d) (e) (Cost $40,184)		40,159		40,182

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		17,995		17,997
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (d) (e)		2,359		2,359
Total Investment of Cash Collateral from Securities loaned (Cost $20,356)				20,356
Total Short-Term Investments (Cost $60,540)				60,538
Total Investments — 100.4% (Cost $2,222,856)				2,943,098
Liabilities in Excess of Other Assets — (0.4)%				(12,176	)
NET ASSETS — 100.0%				2,930,922

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2020    

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		8.6	%
Insurance		7.7
Machinery		7.6
Banks		6.3
Semiconductors & Semiconductor Equipment		5.1
Personal Products		4.8
Textiles, Apparel & Luxury Goods		4.3
Electrical Equipment		3.8
Beverages		3.8
Food Products		3.6
Professional Services		3.4
Chemicals		3.4
Capital Markets		3.1
Household Durables		3.1
Health Care Equipment & Supplies		3.1
Metals & Mining		2.6
Internet & Direct Marketing Retail		2.6
Electric Utilities		2.4
Electronic Equipment, Instruments & Components		2.1
Technology Hardware, Storage & Peripherals		1.5
Building Products		1.4
Software		1.3
Household Products		1.2
IT Services		1.2

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

INDUSTRY	PERCENTAGE
Hotels, Restaurants & Leisure		1.2	%
Construction Materials		1.1
Interactive Media & Services		1.1
Trading Companies & Distributors		1.1
Life Sciences Tools & Services		1.0
Real Estate Management & Development		1.0
Others (each less than 1.0%)		3.4
Short-Term Investments		2.1

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OYJ	Public Limited Company
(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is approximately $19,188,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.4%
Australia — 2.0%
BHP Group plc		2,846		55,135
Belgium — 1.2%
KBC Group NV		677		33,462
Canada — 6.4%
Alimentation Couche-Tard, Inc., Class B		1,322		40,710
Canadian National Railway Co.		510		50,628
Canadian Pacific Railway Ltd.		160		47,946
Toronto-Dominion Bank (The)		898		39,636
				178,920
China — 12.0%
Alibaba Group Holding Ltd.*		3,347		126,826
Ping An Insurance Group Co. of China Ltd., Class H		7,866		81,332
Tencent Holdings Ltd.		1,675		127,964
				336,122
Denmark — 2.1%
Novo Nordisk A/S, Class B		941		60,019
Finland — 1.6%
Kone OYJ, Class B		580		46,185
France — 4.3%
LVMH Moet Hennessy Louis Vuitton SE		136		63,603
Schneider Electric SE		463		56,211
				119,814
Germany — 7.1%
Allianz SE (Registered)		312		54,944
Delivery Hero SE* (a) (b)		464		53,210
SAP SE		456		48,656
Vonovia SE		677		43,206
				200,016
Hong Kong — 4.7%
AIA Group Ltd.		9,488		90,297
Hong Kong Exchanges & Clearing Ltd.		836		40,070
				130,367
India — 3.7%
HDFC Bank Ltd., ADR*		1,817		104,355
Indonesia — 1.4%
Bank Central Asia Tbk. PT		20,392		40,123
Japan — 5.4%
Keyence Corp.		116		52,689
SMC Corp.		72		38,403
Sony Corp.		726		60,516
				151,608

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — 2.3%
ASML Holding NV		181		65,626
South Korea — 3.3%
Samsung Electronics Co. Ltd.		1,836		92,295
Spain — 3.1%
Cellnex Telecom SA (b)		538		34,530
Iberdrola SA		4,406		52,019
				86,549
Sweden — 2.9%
Atlas Copco AB, Class A (a)		991		43,760
Svenska Handelsbanken AB, Class A*		4,570		37,029
				80,789
Switzerland — 10.8%
LafargeHolcim Ltd. (Registered)*		1,187		50,950
Lonza Group AG (Registered)		72		43,662
Nestle SA (Registered)		928		104,327
Roche Holding AG		198		63,488
SGS SA (Registered)		16		39,860
				302,287
Taiwan — 4.7%
Sea Ltd., ADR*		251		39,603
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,083		90,809
				130,412
United Kingdom — 17.8%
Diageo plc		1,960		63,352
GlaxoSmithKline plc		3,202		53,476
InterContinental Hotels Group plc		731		37,155
Legal & General Group plc		17,336		41,565
Linde plc		258		56,507
London Stock Exchange Group plc		382		41,131
Persimmon plc		1,448		43,852
Reckitt Benckiser Group plc		450		39,669
RELX plc		2,161		42,757
Unilever NV (a)		1,395		78,658
				498,122
United States — 1.6%
Ferguson plc		449		44,546
Total Common Stocks (Cost $2,393,208)				2,756,752
Short-Term Investments — 4.3%
Investment Companies — 1.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (c) (d) (Cost $41,456)		41,427		41,452

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 2.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (c) (d)		70,229		70,236
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (c) (d)		8,292		8,292
Total Investment of Cash Collateral from Securities Loaned (Cost $78,528)				78,528
Total Short-Term Investments (Cost $119,984)				119,980
Total Investments — 102.7% (Cost $2,513,192)				2,876,732
Liabilities in Excess of Other Assets — (2.7)%				(75,062	)
NET ASSETS — 100.0%				2,801,670

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Insurance		9.3	%
Banks		8.9
Internet & Direct Marketing Retail		6.3
Pharmaceuticals		6.2
Semiconductors & Semiconductor Equipment		5.4
Machinery		4.5
Interactive Media & Services		4.4
Household Durables		3.6
Food Products		3.6
Road & Rail		3.4
Technology Hardware, Storage & Peripherals		3.2
Professional Services		2.9
Capital Markets		2.8
Personal Products		2.7
Textiles, Apparel & Luxury Goods		2.2
Beverages		2.2
Chemicals		2.0
Electrical Equipment		2.0
Metals & Mining		1.9
Electronic Equipment, Instruments & Components		1.8
Electric Utilities		1.8
Construction Materials		1.8
Software		1.7

INDUSTRY	PERCENTAGE
Trading Companies & Distributors		1.5	%
Life Sciences Tools & Services		1.5
Real Estate Management & Development		1.5
Food & Staples Retailing		1.4
Household Products		1.4
Entertainment		1.4
Hotels, Restaurants & Leisure		1.3
Diversified Telecommunication Services		1.2
Short-Term Investments		4.2

Abbreviations

ADR	American Depositary Receipt
OYJ	Public Limited Company
PT	Limited liability company
(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is approximately $73,681,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 90.6%
Australia — 5.2%
Australia & New Zealand Banking Group Ltd.		40		532
BHP Group Ltd.		46		1,097
Commonwealth Bank of Australia		9		426
CSL Ltd.		5		933
Dexus, REIT		60		363
Goodman Group, REIT		59		769
GPT Group (The), REIT		23		64
Macquarie Group Ltd.		1		132
National Australia Bank Ltd.		9		113
Newcrest Mining Ltd.		8		157
Rio Tinto Ltd.		18		1,153
Rio Tinto plc		6		348
Wesfarmers Ltd.		6		209
Westpac Banking Corp.		50		634
Woolworths Group Ltd.		8		210
				7,140
Austria — 0.4%
Erste Group Bank AG		24		492
Belgium — 0.1%
KBC Group NV		4		175
China — 0.7%
BOC Hong Kong Holdings Ltd.		50		137
Prosus NV*		8		767
				904
Denmark — 2.9%
Carlsberg A/S, Class B		5		651
Chr Hansen Holding A/S		2		169
Novo Nordisk A/S, Class B		33		2,087
Orsted A/S (a)		7		1,071
				3,978
Finland — 0.4%
Nokia OYJ*		63		212
UPM-Kymmene OYJ		12		345
				557
France — 9.9%
Accor SA*		10		258
Air Liquide SA		8		1,168
Airbus SE*		11		780
Alstom SA*		13		586
AXA SA		17		275
BNP Paribas SA*		26		905

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
Capgemini SE		7		841
Kering SA		1		509
L’Oreal SA		3		825
LVMH Moet Hennessy Louis Vuitton SE		4		1,773
Orange SA		49		548
Pernod Ricard SA		1		173
Safran SA*		8		825
Sanofi		11		974
Schneider Electric SE		12		1,474
Thales SA		3		183
TOTAL SE		30		905
Vinci SA		8		642
				13,644
Germany — 9.1%
adidas AG*		4		1,169
Allianz SE (Registered)		7		1,185
BASF SE		4		232
Bayer AG (Registered)		8		385
Brenntag AG		4		238
Daimler AG (Registered)		4		200
Deutsche Boerse AG		2		255
Deutsche Post AG (Registered)		21		912
Deutsche Telekom AG (Registered)		67		1,015
Deutsche Wohnen SE		4		198
Henkel AG & Co. KGaA (Preference)		3		246
Infineon Technologies AG		38		1,056
Merck KGaA		2		232
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		2		517
RWE AG		21		786
SAP SE		15		1,585
Siemens AG (Registered)		9		1,010
Siemens Energy AG*		5		112
Volkswagen AG (Preference)		5		709
Vonovia SE		8		515
				12,557
Hong Kong — 2.2%
AIA Group Ltd.		157		1,492
CK Asset Holdings Ltd.		49		225
CLP Holdings Ltd.		19		171
Hong Kong Exchanges & Clearing Ltd.		19		925
Sun Hung Kai Properties Ltd.		13		167
				2,980

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Ireland — 0.7%
CRH plc		16		558
Kerry Group plc, Class A		2		227
Kingspan Group plc		2		178
				963
Italy — 1.4%
Enel SpA		57		457
FinecoBank Banca Fineco SpA*		53		725
Snam SpA		153		748
				1,930
Japan — 25.1%
Advantest Corp.		3		191
Asahi Group Holdings Ltd.		14		427
Asahi Kasei Corp.		48		419
Bridgestone Corp.		7		218
Central Japan Railway Co.		5		580
Daicel Corp.		27		191
Daiichi Sankyo Co. Ltd.		13		351
Daikin Industries Ltd.		6		1,085
Daiwa House Industry Co. Ltd.		13		342
Denso Corp.		10		471
Electric Power Development Co. Ltd.		19		258
ENEOS Holdings, Inc.		132		444
Fast Retailing Co. Ltd.		1		349
Hitachi Ltd.		28		940
Honda Motor Co. Ltd.		12		277
Hoya Corp.		10		1,072
ITOCHU Corp.		22		528
Japan Airlines Co. Ltd.		15		269
Japan Tobacco, Inc.		11		215
Kao Corp.		13		911
Keyence Corp.		4		1,588
Konami Holdings Corp.		10		387
Kubota Corp.		28		485
Kyowa Kirin Co. Ltd.		17		420
Mabuchi Motor Co. Ltd.		6		252
Marui Group Co. Ltd.		19		334
Mitsubishi Corp.		41		919
Mitsubishi UFJ Financial Group, Inc.		140		551
Mitsui Fudosan Co. Ltd.		22		373
Murata Manufacturing Co. Ltd.		11		764
Nabtesco Corp.		10		374
Nichirei Corp.		7		171
Nidec Corp.		5		465
Nintendo Co. Ltd.		2		1,298
Nippon Express Co. Ltd.		7		393

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Nippon Telegraph & Telephone Corp.		31		642
Nitori Holdings Co. Ltd.		4		884
Nomura Research Institute Ltd.		16		469
Ono Pharmaceutical Co. Ltd.		19		542
ORIX Corp.		34		395
Otsuka Corp.		12		547
Otsuka Holdings Co. Ltd.		1		19
Panasonic Corp.		20		182
Recruit Holdings Co. Ltd.		7		255
Renesas Electronics Corp.*		23		188
Seven & i Holdings Co. Ltd.		14		410
Shimadzu Corp.		14		403
Shin-Etsu Chemical Co. Ltd.		6		748
Shiseido Co. Ltd.		8		471
SMC Corp.		1		532
SoftBank Group Corp.		9		560
Sony Corp.		16		1,351
Square Enix Holdings Co. Ltd.		8		482
Sumitomo Electric Industries Ltd.		22		241
Sumitomo Metal Mining Co. Ltd.		17		535
Sumitomo Mitsui Financial Group, Inc.		31		864
Sumitomo Realty & Development Co. Ltd.		13		345
Suzuki Motor Corp.		9		391
T&D Holdings, Inc.		33		330
Takeda Pharmaceutical Co. Ltd.		4		111
Tokio Marine Holdings, Inc.		20		894
Tokyo Electron Ltd.		2		617
Tokyo Gas Co. Ltd.		8		172
Tokyu Corp.		27		325
Toyota Motor Corp.		29		1,910
West Japan Railway Co.		5		210
Yamato Holdings Co. Ltd.		5		135
				34,472
Luxembourg — 0.2%
ArcelorMittal SA*		16		214
Netherlands — 5.1%
Akzo Nobel NV		10		996
ASML Holding NV		6		2,345
Heineken NV		3		285
ING Groep NV		83		569
Koninklijke Ahold Delhaize NV		16		438
Koninklijke KPN NV		214		578
Koninklijke Philips NV*		5		241
NN Group NV		17		594
Royal Dutch Shell plc, Class A		40		502

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

(Amounts in thousands, except number of contracts)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Netherlands—continued
Royal Dutch Shell plc, Class B		17			205
Wolters Kluwer NV		3			258
					7,011
Norway — 0.5%
Telenor ASA		43			658
Singapore — 0.7%
DBS Group Holdings Ltd.		44			655
Oversea-Chinese Banking Corp. Ltd.		33			203
United Overseas Bank Ltd.		7			103
					961
Spain — 2.2%
Banco Bilbao Vizcaya Argentaria SA		96			277
Banco Santander SA		146			292
Iberdrola SA		146			1,724
Industria de Diseno Textil SA		27			660
Telefonica SA		37			122
					3,075
Sweden — 2.1%
Atlas Copco AB, Class A		8			335
Lundin Energy AB		20			380
SKF AB, Class B		32			648
Svenska Handelsbanken AB, Class A *		93			751
Volvo AB, Class B *		36			708
					2,822
Switzerland — 10.3%
Adecco Group AG (Registered)		7			326
Cie Financiere Richemont SA (Registered)		4			271
Credit Suisse Group AG (Registered)		43			408
Givaudan SA (Registered)		—	(b)		188
LafargeHolcim Ltd. (Registered) *		12			536
Lonza Group AG (Registered)		2			1,241
Nestle SA (Registered)		36			4,049
Novartis AG (Registered)		33			2,597
Roche Holding AG		10			3,236
Swiss Re AG		8			561
UBS Group AG (Registered)		23			271
Zurich Insurance Group AG		1			490
					14,174
United Kingdom — 11.0%
3i Group plc		76			955
AstraZeneca plc		9			948
Barratt Developments plc		29			182
Beazley plc		67			255

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
BP plc		369		942
British American Tobacco plc		23		721
CK Hutchison Holdings Ltd.		37		224
DCC plc		2		108
Diageo plc		43		1,400
GlaxoSmithKline plc		46		774
HSBC Holdings plc		120		501
InterContinental Hotels Group plc		14		688
Lloyds Banking Group plc		1,684		613
London Stock Exchange Group plc		4		476
M&G plc		109		207
Persimmon plc		6		191
Prudential plc		42		511
Reckitt Benckiser Group plc		12		1,052
RELX plc		42		830
Standard Chartered plc		117		534
Taylor Wimpey plc		379		519
Tesco plc		276		735
Unilever NV		29		1,646
Whitbread plc		6		154
				15,166
United States — 0.4%
Ferguson plc		6		566
Total Common Stocks (Cost $122,221)				124,439
	NO. OF CONTRACTS
Options Purchased — 4.4%
Put Options Purchased — 4.4%
United States — 4.4%
MSCI EAFE Index 12/18/2020 at USD 1,810.00, European Style Notional Amount: USD 139,256 Exchange-Traded * (Cost $3,594)		739		5,997
	SHARES (000)
Short-Term Investments — 4.8%
Investment Companies — 4.8%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (c) (d) (Cost $6,584)		6,584		6,584
Total Investments — 99.8% (Cost $132,399)				137,020
Other Assets Less Liabilities — 0.2%				248
NET ASSETS — 100.0%				137,268

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		9.2	%
Banks		7.3
Insurance		5.2
Index Funds		4.4
Food Products		3.2
Semiconductors & Semiconductor Equipment		3.2
Chemicals		3.0
Personal Products		2.8
Textiles, Apparel & Luxury Goods		2.7
Electronic Equipment, Instruments & Components		2.7
Machinery		2.7
Diversified Telecommunication Services		2.6
Metals & Mining		2.6
Automobiles		2.5
Capital Markets		2.5
Electric Utilities		2.5
Oil, Gas & Consumable Fuels		2.5
Beverages		2.1
Household Durables		1.8
Electrical Equipment		1.7
Trading Companies & Distributors		1.6
Entertainment		1.6
Real Estate Management & Development		1.6
Specialty Retail		1.4

INDUSTRY	PERCENTAGE
IT Services		1.3	%
Food & Staples Retailing		1.3
Aerospace & Defense		1.3
Professional Services		1.2
Software		1.2
Road & Rail		1.1
Industrial Conglomerates		1.0
Health Care Equipment & Supplies		1.0
Others (each less than 1.0%)		12.4
Short-Term Investments		4.8

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, 2020.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
FTSE 100 Index		5		12/2020		GBP		361		(32	)
MSCI EAFE E-Mini Index		29		12/2020		USD		2,588		(133	)
SPI 200 Index		39		12/2020		AUD		4,072		40
										(125	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

(Amounts in thousands, except number of contracts)

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

Written Call Options Contracts as of October 31, 2020:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

739

USD 139,256

USD 1,990.00

12/18/2020

(231

)

Written Put Options Contracts as of October 31, 2020:

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

739

USD 139,256

USD 1,520.00

12/18/2020

(1,108

)

Total Written Options Contracts (Premiums Received $3,066)

(1,339

)

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.1%
Australia — 5.6%
Australia & New Zealand Banking Group Ltd.		1,527		20,271
BHP Group Ltd.		1,740		41,699
Commonwealth Bank of Australia		333		16,154
CSL Ltd.		175		35,355
Dexus, REIT		2,274		13,759
Goodman Group, REIT		2,266		29,323
GPT Group (The), REIT		863		2,445
Macquarie Group Ltd.		60		5,336
National Australia Bank Ltd.		351		4,594
Newcrest Mining Ltd.		281		5,817
Rio Tinto Ltd.		672		43,745
Rio Tinto plc		239		13,540
Wesfarmers Ltd.		242		7,834
Westpac Banking Corp.		1,902		24,072
Woolworths Group Ltd.		294		7,900
				271,844
Austria — 0.4%
Erste Group Bank AG		916		18,821
Belgium — 0.1%
KBC Group NV		134		6,610
China — 0.7%
BOC Hong Kong Holdings Ltd.		1,856		5,155
Prosus NV*		288		28,722
				33,877
Denmark — 3.1%
Carlsberg A/S, Class B		194		24,574
Chr Hansen Holding A/S (a)		54		5,411
Novo Nordisk A/S, Class B		1,249		79,624
Orsted A/S (b)		256		40,671
				150,280
Finland — 0.4%
Nokia OYJ*		2,401		8,093
UPM-Kymmene OYJ		470		13,285
				21,378
France — 10.7%
Accor SA* (a)		385		9,812
Air Liquide SA		305		44,572
Airbus SE* (a)		407		29,805
Alstom SA*		496		22,162
AXA SA		654		10,495
BNP Paribas SA*		993		34,614
Capgemini SE		278		32,046
Kering SA		32		19,252

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
L’Oreal SA		97		31,200
LVMH Moet Hennessy Louis Vuitton SE		146		68,423
Orange SA		1,867		20,970
Pernod Ricard SA		40		6,503
Safran SA*		299		31,525
Sanofi		421		38,042
Schneider Electric SE		465		56,465
Thales SA		107		6,991
TOTAL SE		1,140		34,528
Vinci SA		312		24,645
				522,050
Germany — 9.8%
adidas AG*		151		45,003
Allianz SE (Registered)		256		45,011
BASF SE		165		9,036
Bayer AG (Registered)		317		14,879
Brenntag AG		151		9,628
Daimler AG (Registered)		145		7,516
Deutsche Boerse AG		68		9,957
Deutsche Post AG (Registered)		793		35,176
Deutsche Telekom AG (Registered)		2,543		38,655
Deutsche Wohnen SE		150		7,555
Henkel AG & Co. KGaA (Preference)		86		8,412
Infineon Technologies AG		1,378		38,356
Merck KGaA		59		8,721
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		82		19,285
RWE AG		800		29,604
SAP SE		571		60,883
Siemens AG (Registered)		330		38,679
Siemens Energy AG*		195		4,274
Volkswagen AG (Preference)		186		27,056
Vonovia SE		304		19,423
				477,109
Hong Kong — 2.3%
AIA Group Ltd.		5,907		56,220
CK Asset Holdings Ltd.		1,737		8,064
CLP Holdings Ltd.		649		5,980
Hong Kong Exchanges & Clearing Ltd.		709		33,970
Sun Hung Kai Properties Ltd.		487		6,268
				110,502
Ireland — 0.8%
CRH plc		614		21,491
Kerry Group plc, Class A		72		8,546

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Ireland — continued
Kingspan Group plc		77		6,671
				36,708
Italy — 1.5%
Enel SpA		2,237		17,785
FinecoBank Banca Fineco SpA* (a)		2,021		27,745
Snam SpA (a)		5,759		28,080
				73,610
Japan — 26.7%
Advantest Corp.		122		7,090
Asahi Group Holdings Ltd.		497		15,378
Asahi Kasei Corp.		1,818		15,751
Bridgestone Corp.		242		7,885
Central Japan Railway Co.		159		19,178
Daicel Corp.		1,013		7,229
Daiichi Sankyo Co. Ltd.		498		13,152
Daikin Industries Ltd.		205		38,342
Daiwa House Industry Co. Ltd.		485		12,741
Denso Corp.		383		17,837
Electric Power Development Co. Ltd.		722		9,758
ENEOS Holdings, Inc.		4,976		16,789
Fast Retailing Co. Ltd.		22		14,997
Hitachi Ltd.		1,068		35,983
Honda Motor Co. Ltd.		426		10,086
Hoya Corp.		342		38,597
ITOCHU Corp.		831		19,962
Japan Airlines Co. Ltd.		580		10,130
Japan Tobacco, Inc.		392		7,377
Kao Corp.		486		34,610
Keyence Corp.		121		55,049
Konami Holdings Corp.		374		14,649
Kubota Corp.		1,052		18,280
Kyowa Kirin Co. Ltd.		635		15,764
Mabuchi Motor Co. Ltd.		219		9,025
Marui Group Co. Ltd.		681		12,298
Mitsubishi Corp.		1,539		34,335
Mitsubishi UFJ Financial Group, Inc.		5,239		20,652
Mitsui Fudosan Co. Ltd.		833		14,175
Murata Manufacturing Co. Ltd.		410		28,781
Nabtesco Corp.		373		13,938
Nichirei Corp.		251		6,335
Nidec Corp.		171		17,271
Nintendo Co. Ltd.		91		49,311
Nippon Express Co. Ltd.		263		14,771
Nippon Telegraph & Telephone Corp.		1,427		30,022
Nitori Holdings Co. Ltd.		158		32,437

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Nomura Research Institute Ltd.		596		17,563
Ono Pharmaceutical Co. Ltd.		713		20,350
ORIX Corp.		1,272		14,875
Otsuka Corp.		527		24,226
Otsuka Holdings Co. Ltd.		142		5,252
Panasonic Corp.		699		6,456
Recruit Holdings Co. Ltd.		248		9,444
Renesas Electronics Corp.*		854		7,049
Seven & i Holdings Co. Ltd.		502		15,249
Shimadzu Corp.		536		15,320
Shin-Etsu Chemical Co. Ltd.		213		28,436
Shiseido Co. Ltd.		286		17,718
SMC Corp.		39		20,744
SoftBank Group Corp.		315		20,530
Sony Corp.		609		50,785
Square Enix Holdings Co. Ltd.		318		18,483
Sumitomo Electric Industries Ltd.		822		9,079
Sumitomo Metal Mining Co. Ltd.		644		20,002
Sumitomo Mitsui Financial Group, Inc.		1,159		32,086
Sumitomo Realty & Development Co. Ltd.		488		13,051
Suzuki Motor Corp.		346		14,843
T&D Holdings, Inc.		1,229		12,279
Takeda Pharmaceutical Co. Ltd.		138		4,258
Tokio Marine Holdings, Inc.		748		33,432
Tokyo Electron Ltd.		89		23,835
Tokyo Gas Co. Ltd.		278		6,304
Tokyu Corp.		1,025		12,166
Toyota Motor Corp.		1,084		71,175
West Japan Railway Co.		162		6,945
Yamato Holdings Co. Ltd.		181		4,796
				1,296,696
Luxembourg — 0.2%
ArcelorMittal SA*		614		8,329
Malta — 0.0% (c)
BGP Holdings plc*‡		449		1
Netherlands — 5.4%
Akzo Nobel NV		396		38,137
ASML Holding NV		236		85,473
Heineken NV		123		10,909
ING Groep NV		3,178		21,769
Koninklijke Ahold Delhaize NV		602		16,515
Koninklijke KPN NV		8,085		21,837
Koninklijke Philips NV*		200		9,284
NN Group NV		642		22,336
Royal Dutch Shell plc, Class A		1,525		19,184

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Netherlands — continued
Royal Dutch Shell plc, Class B		657		7,920
Wolters Kluwer NV		120		9,693
				263,057
Norway — 0.6%
Telenor ASA		1,736		26,829
Singapore — 0.7%
DBS Group Holdings Ltd.		1,649		24,570
Oversea-Chinese Banking Corp. Ltd.		1,236		7,623
United Overseas Bank Ltd.		276		3,836
				36,029
Spain — 2.4%
Banco Bilbao Vizcaya Argentaria SA		3,559		10,269
Banco Santander SA		5,582		11,177
Iberdrola SA		5,567		65,737
Industria de Diseno Textil SA (a)		1,041		25,693
Telefonica SA		1,487		4,837
				117,713
Sweden — 2.2%
Atlas Copco AB, Class A		287		12,689
Lundin Energy AB (a)		766		14,638
SKF AB, Class B		1,207		24,701
Svenska Handelsbanken AB, Class A*		3,544		28,715
Volvo AB, Class B*		1,376		26,738
				107,481
Switzerland — 11.1%
Adecco Group AG (Registered)		260		12,768
Cie Financiere Richemont SA (Registered)		168		10,511
Credit Suisse Group AG (Registered)		1,653		15,587
Givaudan SA (Registered)		2		7,161
LafargeHolcim Ltd. (Registered)*		484		20,771
Lonza Group AG (Registered)		77		46,879
Nestle SA (Registered)		1,370		154,108
Novartis AG (Registered)		1,255		97,808
Roche Holding AG		384		123,268
Swiss Re AG (a)		299		21,455
UBS Group AG (Registered)		878		10,222
Zurich Insurance Group AG		56		18,552
				539,090
United Kingdom — 11.9%
3i Group plc		2,949		36,829
AstraZeneca plc		360		36,194
Barratt Developments plc		1,135		7,097
Beazley plc		2,352		8,967

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
BP plc		14,130		36,040
British American Tobacco plc		898		28,447
CK Hutchison Holdings Ltd.		1,391		8,399
DCC plc		63		4,080
Diageo plc		1,671		53,996
GlaxoSmithKline plc		1,795		29,974
HSBC Holdings plc		4,527		18,972
InterContinental Hotels Group plc		500		25,388
Lloyds Banking Group plc		64,243		23,391
London Stock Exchange Group plc		166		17,897
M&G plc		4,235		8,055
Persimmon plc		239		7,239
Prudential plc		1,595		19,513
Reckitt Benckiser Group plc		447		39,371
RELX plc		1,605		31,767
Standard Chartered plc		4,455		20,359
Taylor Wimpey plc		14,430		19,771
Tesco plc		10,510		27,972
Unilever NV (a)		1,120		63,159
Whitbread plc		223		6,204
				579,081
United States — 0.5%
Ferguson plc		218		21,658
Total Common Stocks (Cost $4,657,260)				4,718,753
Short-Term Investments — 5.1%
Investment Companies — 3.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (d) (e) (Cost $160,816)		160,800		160,896
Investment of Cash Collateral from Securities loaned — 1.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		77,348		77,355
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (d) (e)		10,220		10,220
Total Investment of Cash Collateral from Securities loaned (Cost $87,577)				87,575
Total Short-Term Investments (Cost $248,393)				248,471
Total Investments — 102.2% (Cost $4,905,653)				4,967,224
Liabilities in Excess of Other Assets — (2.2)%				(104,875	)
NET ASSETS — 100.0%				4,862,349

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

(Amounts in thousands, except number of contracts)

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		9.8	%
Banks		7.7
Insurance		5.4
Food Products		3.4
Semiconductors & Semiconductor Equipment		3.3
Chemicals		3.1
Personal Products		3.0
Textiles, Apparel & Luxury Goods		2.9
Diversified Telecommunication Services		2.9
Machinery		2.8
Electronic Equipment, Instruments & Components		2.7
Metals & Mining		2.7
Automobiles		2.6
Electric Utilities		2.6
Capital Markets		2.6
Oil, Gas & Consumable Fuels		2.6
Beverages		2.2
Household Durables		1.8
Electrical Equipment		1.7
Trading Companies & Distributors		1.7
Entertainment		1.7
Real Estate Management & Development		1.6
IT Services		1.5
Specialty Retail		1.5
Aerospace & Defense		1.4
Food & Staples Retailing		1.4
Professional Services		1.3

INDUSTRY	PERCENTAGE
Software		1.2	%
Road & Rail		1.1
Industrial Conglomerates		1.0
Health Care Equipment & Supplies		1.0
Household Products		1.0
Others (each less than 1.0%)		11.8
Short-Term Investments		5.0

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, 2020. The total value of securities on loan at October 31, 2020 is approximately $82,369,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
SPI 200 Index		1,437		12/2020		AUD		150,045		890

Abbreviations

AUD	Australian Dollar
SPI	Australian Securities Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.1%
Australia — 7.1%
AGL Energy Ltd.		65		566
Alumina Ltd.		319		322
Ampol Ltd.		17		313
Australia & New Zealand Banking Group Ltd.		137		1,824
Beach Energy Ltd.		324		269
BHP Group Ltd.		222		5,319
BlueScope Steel Ltd.		48		499
CSR Ltd.		97		300
Fortescue Metals Group Ltd.		118		1,442
Harvey Norman Holdings Ltd. (a)		148		462
JB Hi-Fi Ltd.		12		396
Macquarie Group Ltd.		17		1,508
Metcash Ltd.		142		295
Origin Energy Ltd.		165		465
Qantas Airways Ltd.		120		352
Rio Tinto plc		56		3,189
South32 Ltd.		466		665
Super Retail Group Ltd.		65		509
Worley Ltd.		42		280
				18,975
Austria — 1.1%
ams AG*		14		306
ANDRITZ AG		13		433
BAWAG Group AG (b)		15		552
Erste Group Bank AG		26		532
Raiffeisen Bank International AG*		25		363
Telekom Austria AG		62		415
Vienna Insurance Group AG Wiener Versicherung Gruppe		17		338
				2,939
Belgium — 1.4%
Ageas SA		21		860
Bekaert SA		20		423
bpost SA		58		515
KBC Group NV		21		1,046
Orange Belgium SA		23		381
Sofina SA		1		294
Telenet Group Holding NV		9		361
				3,880
Brazil — 0.2%
Yara International ASA		18		639
China — 0.5%
BOC Hong Kong Holdings Ltd.		331		919
Yangzijiang Shipbuilding Holdings Ltd.		545		367
				1,286

INVESTMENTS	SHARES (000)			VALUE ($000)
Denmark — 1.6%
AP Moller—Maersk A/S, Class B		—	(c)		450
H+H International A/S, Class B*		25			485
Jyske Bank A/S (Registered)*		12			345
Matas A/S*		40			448
Pandora A/S		5			407
Scandinavian Tobacco Group A/S (b)		39			554
Solar A/S, Class B		9			437
Spar Nord Bank A/S*		46			394
Sydbank A/S*		24			410
TCM Group A/S * (b)		24			463
					4,393
Finland — 2.2%
Cargotec OYJ, Class B		13			438
Caverion OYJ		42			277
Fortum OYJ		22			407
Kemira OYJ		30			370
Konecranes OYJ		14			440
Nordea Bank Abp		211			1,586
Sanoma OYJ		21			316
TietoEVRY OYJ		11			268
UPM-Kymmene OYJ		32			903
Uponor OYJ		22			417
Valmet OYJ		19			455
					5,877
France — 8.0%
Arkema SA		5			502
Atos SE*		9			644
AXA SA		100			1,601
BNP Paribas SA*		60			2,110
Carrefour SA		48			750
Cie de Saint-Gobain*		36			1,403
Cie Generale des Etablissements Michelin SCA		10			1,036
CNP Assurances*		32			358
Coface SA*		43			337
Credit Agricole SA*		96			757
Eutelsat Communications SA		30			307
Faurecia SE*		19			702
Fnac Darty SA*		9			401
Groupe Crit*		9			532
IPSOS		19			466
Kaufman & Broad SA		9			312
Metropole Television SA*		34			369

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
France — continued
Peugeot SA*		50		903
Publicis Groupe SA		21		732
Quadient SA		28		359
Rexel SA*		34		354
Sopra Steria Group*		3		350
SPIE SA		27		418
Tarkett SA*		32		390
Television Francaise 1*		59		344
TOTAL SE		110		3,324
Valeo SA		19		581
Veolia Environnement SA		39		733
Vicat SA		8		250
				21,325
Germany — 9.8%
1&1 Drillisch AG		14		293
Allianz SE (Registered)		20		3,481
Aurubis AG		8		484
Bayerische Motoren Werke AG		19		1,322
CECONOMY AG*		62		274
Continental AG		7		766
Daimler AG (Registered)		42		2,151
Deutsche Post AG (Registered)		47		2,069
Deutsche Telekom AG (Registered)		172		2,617
DWS Group GmbH & Co. KGaA * (b)		10		350
Freenet AG		22		390
Fresenius SE & Co. KGaA		29		1,085
HeidelbergCement AG		13		726
HOCHTIEF AG		5		340
Hornbach Holding AG & Co. KGaA		5		480
JOST Werke AG (b)		16		583
Jungheinrich AG (Preference)		7		266
Kloeckner & Co. SE*		74		418
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		7		1,651
ProSiebenSat.1 Media SE*		28		314
Schaeffler AG (Preference)		51		310
Siemens AG (Registered)		33		3,924
Talanx AG		10		301
Volkswagen AG (Preference)		11		1,578
				26,173
Hong Kong — 2.5%
CK Asset Holdings Ltd.		199		922
CK Infrastructure Holdings Ltd.		90		422
Haitong International Securities Group Ltd.		1,484		338

INVESTMENTS	SHARES (000)		VALUE ($000)
Hong Kong — continued
Hang Lung Properties Ltd.		221		538
Johnson Electric Holdings Ltd.		147		303
Kerry Properties Ltd.		151		371
Luk Fook Holdings International Ltd.		125		306
New World Development Co. Ltd.		145		692
Shun Tak Holdings Ltd.		976		286
Sun Hung Kai Properties Ltd.		78		1,004
Swire Properties Ltd.		167		448
VTech Holdings Ltd.		60		395
WH Group Ltd. (b)		775		610
				6,635
India — 0.1%
RHI Magnesita NV		9		307
Ireland — 0.2%
Smurfit Kappa Group plc		17		643
Italy — 2.3%
Anima Holding SpA (b)		109		409
Assicurazioni Generali SpA		67		902
Azimut Holding SpA		23		384
Intesa Sanpaolo SpA*		981		1,628
Mediobanca Banca di Credito Finanziario SpA		77		546
Poste Italiane SpA (b)		52		427
Telecom Italia SpA (a)		1,598		543
UniCredit SpA*		127		948
Unipol Gruppo SpA*		97		353
				6,140
Japan — 24.1%
77 Bank Ltd. (The)		28		394
Acom Co. Ltd.		103		461
Aiful Corp. * (a)		145		430
Aozora Bank Ltd.		24		388
Bridgestone Corp.		37		1,216
Brother Industries Ltd.		42		644
Chiba Bank Ltd. (The)		103		533
Concordia Financial Group Ltd.		155		511
Dai-ichi Life Holdings, Inc.		64		948
Daiwa Securities Group, Inc.		131		532
DIC Corp.		13		324
Dowa Holdings Co. Ltd.		11		321
ENEOS Holdings, Inc.		214		723
Fujitsu Ltd.		11		1,301
Fuyo General Lease Co. Ltd.		8		442
GS Yuasa Corp.		21		361
Gunma Bank Ltd. (The)		115		365
Hachijuni Bank Ltd. (The)		101		371

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Hirogin Holdings, Inc.		133		725
Hitachi Ltd.		33		1,109
Hokuriku Electric Power Co.		55		391
Honda Motor Co. Ltd.		82		1,928
Iida Group Holdings Co. Ltd.		23		411
ITOCHU Corp.		52		1,237
Itoham Yonekyu Holdings, Inc.		66		443
Iwatani Corp.		7		327
Iyo Bank Ltd. (The)		50		312
Japan Post Insurance Co. Ltd.		38		598
Japan Tobacco, Inc.		74		1,384
Kaken Pharmaceutical Co. Ltd.		6		252
Kamigumi Co. Ltd.		24		429
Kandenko Co. Ltd.		43		324
KDDI Corp.		89		2,416
Kinden Corp.		24		368
Kintetsu World Express, Inc.		14		304
K’s Holdings Corp.		43		554
Kyudenko Corp.		15		398
Kyushu Financial Group, Inc.		85		395
Mebuki Financial Group, Inc.		199		400
Medipal Holdings Corp.		24		431
Mitsubishi Corp.		49		1,087
Mitsubishi Gas Chemical Co., Inc.		23		412
Mitsubishi UFJ Financial Group, Inc.		614		2,420
Mitsui & Co. Ltd.		99		1,554
Mixi, Inc.		20		545
Mizuho Financial Group, Inc.		133		1,635
MS&AD Insurance Group Holdings, Inc.		25		692
Nichias Corp.		15		321
Nichiha Corp.		10		303
Nippon Light Metal Holdings Co. Ltd.		22		352
Nippon Telegraph & Telephone Corp.		82		1,716
Nippon Television Holdings, Inc.		29		305
Nomura Holdings, Inc.		214		957
Nomura Real Estate Holdings, Inc.		21		374
Obayashi Corp.		67		556
Open House Co. Ltd.		9		300
ORIX Corp.		100		1,164
Prima Meat Packers Ltd.		11		305
Rengo Co. Ltd.		38		293
Resona Holdings, Inc.		200		658
Sanwa Holdings Corp.		38		437
Sawai Pharmaceutical Co. Ltd.		6		275
SBI Holdings, Inc.		24		562

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Sekisui House Ltd.		47		787
Senko Group Holdings Co. Ltd.		45		402
Shizuoka Bank Ltd. (The)		95		641
SoftBank Corp.		144		1,676
Sompo Holdings, Inc.		24		911
Sony Corp.		8		675
Sumitomo Bakelite Co. Ltd.		11		317
Sumitomo Forestry Co. Ltd.		31		488
Sumitomo Mitsui Financial Group, Inc.		75		2,073
Sumitomo Mitsui Trust Holdings, Inc.		31		839
T&D Holdings, Inc.		68		677
Taiheiyo Cement Corp.		17		406
Taikisha Ltd.		12		299
Taisei Corp.		19		576
Teijin Ltd.		37		559
Toda Corp.		58		333
Tohoku Electric Power Co., Inc.		53		467
Tokuyama Corp.		26		579
Tokyo Steel Manufacturing Co. Ltd.		56		355
Tokyo Tatemono Co. Ltd.		26		298
Tosoh Corp.		39		639
Toyota Motor Corp.		91		5,954
Toyota Tsusho Corp.		20		547
TS Tech Co. Ltd.		12		338
Ube Industries Ltd.		17		294
Ulvac, Inc.		9		315
Yamaguchi Financial Group, Inc.		64		414
				64,483
Luxembourg — 0.4%
ArcelorMittal SA*		50		684
RTL Group SA		8		297
				981
Malta — 0.2%
Kindred Group plc, SDR		68		519
Netherlands — 4.7%
Arcadis NV*		14		315
ASR Nederland NV		17		527
Flow Traders (b)		10		336
ING Groep NV		222		1,518
Intertrust NV (b)		24		366
Koninklijke Ahold Delhaize NV		67		1,824
NIBC Holding NV (a) (b)		42		363
NN Group NV		28		960

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Netherlands — continued
PostNL NV*		122		405
Randstad NV*		17		859
Royal Dutch Shell plc, Class A		359		4,510
Signify NV* (b)		19		658
				12,641
Norway — 2.6%
DNB ASA		79		1,067
Equinor ASA		63		805
Europris ASA (b)		62		322
Fjordkraft Holding ASA (b)		47		389
Norsk Hydro ASA*		178		501
Norwegian Finans Holding ASA*		71		512
Olav Thon Eiendomsselskap ASA*		26		356
Selvaag Bolig ASA		100		499
SpareBank 1 Nord Norge		84		564
SpareBank 1 SMN		45		385
SpareBank 1 SR-Bank ASA		48		386
Storebrand ASA*		63		330
Telenor ASA		50		766
				6,882
Portugal — 0.1%
Sonae SGPS SA		481		284
Russia — 0.5%
Evraz plc		132		612
Polymetal International plc		29		620
				1,232
Singapore — 1.2%
DBS Group Holdings Ltd.		100		1,496
Oversea-Chinese Banking Corp. Ltd.		217		1,338
United Overseas Bank Ltd.		37		513
				3,347
South Africa — 0.6%
Anglo American plc		64		1,511
Spain — 1.9%
ACS Actividades de Construccion y Servicios SA		35		822
Banco Bilbao Vizcaya Argentaria SA		377		1,088
CaixaBank SA		307		561
ContourGlobal plc (b)		141		352
Enagas SA		24		510
Mediaset Espana Comunicacion SA*		101		338

INVESTMENTS	SHARES (000)		VALUE ($000)
Spain — continued
Tecnicas Reunidas SA*		24		189
Telefonica SA		284		924
Unicaja Banco SA* (b)		567		363
				5,147
Sweden — 3.3%
Betsson AB*		54		408
Bilia AB, Class A		25		332
Bravida Holding AB (b)		25		285
Clas Ohlson AB, Class B*		44		390
Dustin Group AB (b)		61		385
Intrum AB		25		609
Inwido AB*		60		638
LeoVegas AB (b)		136		455
Lindab International AB		17		269
Mekonomen AB*		36		346
Nordic Waterproofing Holding A/S* (b)		28		388
Resurs Holding AB (b)		59		270
Scandi Standard AB*		46		313
Securitas AB, Class B* (a)		27		382
Skandinaviska Enskilda Banken AB, Class A*		131		1,126
Skanska AB, Class B		18		341
SKF AB, Class B		30		613
Svenska Handelsbanken AB, Class A*		110		895
Volvo AB, Class B*		15		293
				8,738
Switzerland — 7.3%
Adecco Group AG (Registered)		18		903
BKW AG		4		376
Credit Suisse Group AG (Registered)		107		1,006
Julius Baer Group Ltd.		10		425
LafargeHolcim Ltd. (Registered)*		31		1,330
Novartis AG (Registered)		95		7,410
Roche Holding AG		2		656
Sulzer AG (Registered)		5		362
Swiss Life Holding AG (Registered)*		3		953
Swisscom AG (Registered)		2		1,041
UBS Group AG (Registered)		202		2,349
Zurich Insurance Group AG		8		2,619
				19,430
Ukraine — 0.1%
Ferrexpo plc		165		408

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — 12.9%
3i Group plc		62		776
Aviva plc		290		967
Barclays plc		977		1,354
Barratt Developments plc		93		581
Bellway plc		11		342
Berkeley Group Holdings plc		11		604
BP plc		939		2,395
British American Tobacco plc		113		3,580
Close Brothers Group plc		21		297
Crest Nicholson Holdings plc		110		313
Dialog Semiconductor plc*		8		295
Dixons Carphone plc		223		278
Drax Group plc		155		594
Fiat Chrysler Automobiles NV*		81		989
GlaxoSmithKline plc		224		3,741
Halfords Group plc		144		449
Imperial Brands plc		75		1,185
Inchcape plc		89		569
ITV plc*		600		561
J Sainsbury plc		248		647
Just Group plc*		554		302
Keller Group plc		47		306
Kingfisher plc*		190		705
Legal & General Group plc		478		1,146
Lloyds Banking Group plc		3,695		1,345
M&G plc		318		606
Morgan Sindall Group plc		21		295
OneSavings Bank plc		99		394
Paragon Banking Group plc		78		301
Phoenix Group Holdings plc		48		416
Playtech plc		104		457
Premier Foods plc*		586		702
Prudential plc		148		1,814
Reach plc		365		497
Redrow plc		70		375
Royal Mail plc		153		452
ScS Group plc		125		309
Serco Group plc		220		368
Standard Chartered plc		188		861
TP ICAP plc		87		215
Tyman plc*		111		385
Vesuvius plc		81		417
Vistry Group plc		44		310
WPP plc		124		987
				34,482

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — 0.2%
Samsonite International SA* (b)		197		201
TI Fluid Systems plc (b)		180		447
				648
Total Common Stocks (Cost $305,104)				259,945
Short-Term Investments — 2.8%
Investment Companies — 2.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (d) (e) (Cost $5,627)		5,623		5,627
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (d) (e)		1,000		1,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (d) (e)		956		956
Total Investment of Cash Collateral from Securities Loaned (Cost $1,956)				1,956
Total Short-Term Investments (Cost $7,583)				7,583
Total Investments — 99.9% (Cost $312,687)				267,528
Other Assets Less Liabilities — 0.1%				336
NET ASSETS — 100.0%				267,864

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Banks		16.1	%
Insurance		9.1
Metals & Mining		6.6
Automobiles		5.5
Oil, Gas & Consumable Fuels		4.9
Pharmaceuticals		4.6
Capital Markets		3.8
Diversified Telecommunication Services		3.0
Tobacco		2.5
Media		2.3
Specialty Retail		2.3
Real Estate Management & Development		2.2
Auto Components		2.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

(amounts in thousands, except number of contracts)

INDUSTRY	PERCENTAGE
Household Durables		2.1	%
Trading Companies & Distributors		2.1
Construction & Engineering		2.0
Wireless Telecommunication Services		1.9
Building Products		1.9
Machinery		1.7
Chemicals		1.7
Industrial Conglomerates		1.6

INDUSTRY	PERCENTAGE
Construction Materials		1.4	%
Food & Staples Retailing		1.4
Air Freight & Logistics		1.4
Professional Services		1.0
IT Services		1.0
Others (each less than 1.0%)		11.0
Short-Term Investments		2.8

Abbreviations

OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt
SGPS	Holding company
(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is approximately $1,527,000.

(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than one thousand.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2020:
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index	66		12/2020		EUR		2,275		(156	)
FTSE 100 Index	16		12/2020		GBP		1,153		(57	)
TOPIX Index	14		12/2020		JPY		2,132		(27	)
									(240	)

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.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Markets Equity Fund		JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund
ASSETS:
Investments in non-affiliates, at value	$	10,924,060	$	2,855,479		$	433,774
Investments in affiliates, at value		313,818		12,125			2,182
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		129,621		18,088			2,662
Cash		264		60			100
Foreign currency, at value		1		202			—
Receivables:
Investment securities sold		—		—			4,481
Fund shares sold		35,641		5			7
Dividends from non-affiliates		4,303		3,368			77
Dividends from affiliates		14		—	(a)		—	(a)
Tax reclaims		320		50			3,628
Securities lending income (See Note 2.C.)		21		7			—	(a)
Total Assets		11,408,063		2,889,384			446,911
LIABILITIES:
Payables:
Investment securities purchased		—		—	(a)		4,721
Collateral received on securities loaned (See Note 2.C.)		129,621		18,088			2,662
Fund shares redeemed		30,428		23,812			249
Accrued liabilities:
Investment advisory fees		6,264		536			236
Administration fees		595		131			30
Distribution fees		170		—			23
Service fees		949		—			28
Custodian and accounting fees		871		122			2
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		—
Deferred foreign capital gains tax		18,545		6,195			—
Other		395		158			132
Total Liabilities		187,838		49,042			8,083
Net Assets	$	11,220,225	$	2,840,342		$	438,828

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund
NET ASSETS:
Paid-in-Capital	$	7,643,498		$	2,594,498		$	552,071
Total distributable earnings (loss)		3,576,727			245,844			(113,243	)
Total Net Assets	$	11,220,225		$	2,840,342		$	438,828
Net Assets:
Class A	$	578,112		$	—		$	68,882
Class C		72,364			—			11,082
Class I		4,016,180			33			52,841
Class L		1,877,489			—			55,597
Class R2		414			—			—
Class R3		5,797			—			—
Class R4		2,962			—			—
Class R5		57,909			—			—
Class R6		4,608,998			2,840,309			250,426
Total	$	11,220,225		$	2,840,342		$	438,828
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		15,863			—			3,183
Class C		2,056			—			580
Class I		107,571			2			2,391
Class L		49,879			—			2,484
Class R2		11			—			—
Class R3		160			—			—
Class R4		80			—			—
Class R5		1,542			—			—
Class R6		122,547			157,673			11,235
Net Asset Value (a):
Class A — Redemption price per share	$	36.44		$	—		$	21.64
Class C — Offering price per share (b)		35.20			—			19.10
Class I — Offering and redemption price per share		37.34			18.11			22.10
Class L — Offering and redemption price per share		37.64			—			22.38
Class R2 — Offering and redemption price per share		36.06			—			—
Class R3 — Offering and redemption price per share		36.25			—			—
Class R4 — Offering and redemption price per share		37.20			—			—
Class R5 — Offering and redemption price per share		37.56			—			—
Class R6 — Offering and redemption price per share		37.61			18.01			22.29
Class A maximum sales charge		5.25	%		—	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	38.46		$	—		$	22.84
Cost of investments in non-affiliates	$	7,187,443		$	2,526,600		$	421,472
Cost of investments in affiliates		313,835			12,125			2,182
Cost of foreign currency		1			203			—
Investment securities on loan, at value (See Note 2.C.)		121,899			17,283			2,626
Cost of investment of cash collateral (See Note 2.C.)		129,634			18,089			2,662

(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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan International Advantage Fund		JPMorgan International Equity Fund			JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
ASSETS:
Investments in non-affiliates, at value	$	1,490,436	$	2,882,560		$	2,756,752
Investments in affiliates, at value		5,325		40,182			41,452
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		4,401		20,356			78,528
Cash		50		54			50
Foreign currency, at value		176		15,650			453
Deposits at broker for futures contracts		584		—			—
Receivables:
Investment securities sold		88		—			—
Fund shares sold		27		5,707			1,902
Dividends from non-affiliates		5,397		2,974			1,450
Dividends from affiliates		1		2			2
Tax reclaims		7,830		7,546			1,923
Securities lending income (See Note 2.C.)		5		3			3
Variation margin on futures contracts		15		—			—
Total Assets		1,514,335		2,975,034			2,882,515
LIABILITIES:
Payables:
Investment securities purchased		—		21,267			—
Collateral received on securities loaned (See Note 2.C.)		4,401		20,356			78,528
Fund shares redeemed		31		913			705
Accrued liabilities:
Investment advisory fees		600		1,121			1,257
Administration fees		48		82			34
Distribution fees		11		67			41
Service fees		10		103			90
Custodian and accounting fees		119		94			69
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		—
Other		100		109			121
Total Liabilities		5,320		44,112			80,845
Net Assets	$	1,509,015	$	2,930,922		$	2,801,670

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	JPMorgan International Advantage Fund			JPMorgan International Equity Fund			JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
NET ASSETS:
Paid-in-Capital	$	1,816,846		$	2,284,123		$	2,600,157
Total distributable earnings (loss)		(307,831	)		646,799			201,513
Total Net Assets	$	1,509,015		$	2,930,922		$	2,801,670
Net Assets:
Class A	$	5,976		$	263,791		$	135,527
Class C		778			9,358			15,463
Class I		21,640			339,416			372,068
Class R2		5,061			21,379			1,441
Class R5		—			6,970			2,772
Class R6		1,475,560			2,290,008			2,274,399
Total	$	1,509,015		$	2,930,922		$	2,801,670
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		348			16,018			6,140
Class C		45			603			713
Class I		1,206			20,249			16,618
Class R2		299			1,311			66
Class R5		—			414			124
Class R6		83,533			136,222			101,552
Net Asset Value (a):
Class A — Redemption price per share	$	17.20		$	16.47		$	22.07
Class C — Offering price per share (b)		17.44			15.53			21.68
Class I — Offering and redemption price per share		17.94			16.76			22.39
Class R2 — Offering and redemption price per share		16.91			16.31			21.85
Class R5 — Offering and redemption price per share		—			16.85			22.38
Class R6 — Offering and redemption price per share		17.66			16.81			22.40
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)]	$	18.15		$	17.38		$	23.30
Cost of investments in non-affiliates	$	1,436,870		$	2,162,316		$	2,393,208
Cost of investments in affiliates		5,325			40,184			41,456
Cost of foreign currency		176			15,652			453
Investment securities on loan, at value (See Note 2.C.)		4,226			19,188			73,681
Cost of investment of cash collateral (See Note 2.C.)		4,401			20,356			78,528

(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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund		JPMorgan International Value Fund
ASSETS:
Investments in non-affiliates, at value	$	124,439		$	4,718,753	$	259,945
Investments in affiliates, at value		6,584			160,896		5,627
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			87,575		1,956
Options purchased, at value		5,997			—		—
Cash		793			50		50
Foreign currency, at value		—			1,238		—
Deposits at broker for futures contracts		645			13,886		676
Deposits at broker for options contracts		228			—		—
Receivables:
Investment securities sold		2,744			50,349		983
Fund shares sold		91			3,790		386
Dividends from non-affiliates		291			13,192		1,045
Dividends from affiliates		—	(a)		9		1
Tax reclaims		234			12,211		2,187
Securities lending income (See Note 2.C.)		—			130		2
Due from adviser		39			—		—
Total Assets		142,085			5,062,079		272,858
LIABILITIES:
Payables:
Due to custodian		—			—		428
Foreign currency due to custodian, at value		1,290			—		349
Investment securities purchased		1,897			67,753		1,149
Collateral received on securities loaned (See Note 2.C.)		—			87,575		1,956
Fund shares redeemed		7			40,319		567
Variation margin on futures contracts		82			2,601		12
Outstanding options written, at fair value		1,339			—		—
Accrued liabilities:
Investment advisory fees		—			709		95
Administration fees		—			236		—
Distribution fees		—	(a)		12		31
Service fees		30			49		28
Custodian and accounting fees		58			137		32
Trustees’ and Chief Compliance Officer’s fees		1			2		—
Other		113			337		347
Total Liabilities		4,817			199,730		4,994
Net Assets	$	137,268		$	4,862,349	$	267,864

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Value Fund
NET ASSETS:
Paid-in-Capital	$	145,322		$	5,316,492		$	392,149
Total distributable earnings (loss)		(8,054	)		(454,143	)		(124,285	)
Total Net Assets	$	137,268		$	4,862,349		$	267,864
Net Assets:
Class A	$	1,573		$	52,118		$	125,744
Class C		115			—			4,202
Class I		135,542			472,455			26,805
Class L		—			—			5,585
Class R2		—			—			412
Class R5		19			—			77
Class R6		19			4,337,776			105,039
Total	$	137,268		$	4,862,349		$	267,864
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		111			3,290			13,295
Class C		8			—			460
Class I		9,559			29,435			2,759
Class L		—			—			578
Class R2		—			—			44
Class R5		1			—			8
Class R6		2			271,140			10,916
Net Asset Value (a):
Class A — Redemption price per share	$	14.12		$	15.84		$	9.46
Class C — Offering price per share (b)		14.06			—			9.14
Class I — Offering and redemption price per share		14.18			16.05			9.72
Class L — Offering and redemption price per share		—			—			9.66
Class R2 — Offering and redemption price per share		—			—			9.29
Class R5 — Offering and redemption price per share		14.20			—			9.60
Class R6 — Offering and redemption price per share		14.22			16.00			9.62
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)]	$	14.90		$	16.72		$	9.98
Cost of investments in non-affiliates	$	122,221		$	4,657,260		$	305,104
Cost of investments in affiliates		6,584			160,816			5,627
Cost of options purchased		3,594			—			—
Cost of foreign currency		—			1,230			—
Investment securities on loan, at value (See Note 2.C.)		—			82,369			1,527
Cost of investment of cash collateral (See Note 2.C.)		—			87,577			1,956
Premiums received from options written		3,066			—			—

(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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2020

(Amounts in thousands)

	JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	6		$	18		$	5
Interest income from affiliates		4			5			—
Dividend income from non-affiliates		106,721			63,349			12,584
Dividend income from affiliates		1,325			432			113
Income from securities lending (net) (See Note 2.C.)		306			152			122
Foreign taxes withheld (net)		(10,562	)		(5,951	)		(1,522	)
Total investment income		97,800			58,005			11,302
EXPENSES:
Investment advisory fees		57,753			6,527			2,890
Administration fees		6,355			1,958			361
Distribution fees:
Class A		1,395			—			204
Class C		473			—			112
Class R2		1			—			—
Class R3		10			—			—
Service fees:
Class A		1,395			—			204
Class C		158			—			37
Class I		6,927			—	(a)		168
Class L		1,307			—			60
Class R2		1			—			—
Class R3		10			—			—
Class R4		5			—			—
Class R5		46			—			—
Custodian and accounting fees		3,427			1,408			113
Interest expense to affiliates		7			20			2
Professional fees		184			106			120
Trustees’ and Chief Compliance Officer’s fees		52			33			27
Printing and mailing costs		612			25			26
Registration and filing fees		755			416			75
Transfer agency fees (See Note 2.J.)		345			18			26
Offering costs (See Note 2.H.)		—			5			—
Other		137			60			22
Total expenses		81,355			10,576			4,447
Less fees waived		(4,287	)		(1,502	)		(65	)
Less expense reimbursements		(189	)		(5	)		—
Net expenses		76,879			9,069			4,382
Net investment income (loss)		20,921			48,936			6,920
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(22,243	)(b)		(120,993	)(c)		(19,469	)
Investments in affiliates		45			24			20
Futures contracts		—			7,435			3,355
Foreign currency transactions		706			(1,858	)		15
Net realized gain (loss)		(21,492	)		(115,392	)		(16,079	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,995,195	(d)		281,867	(e)		(33,078	)
Investments in affiliates		(47	)		(5	)		—	(a)
Futures contracts		—			—			12
Foreign currency translations		2			(35	)		181
Change in net unrealized appreciation/depreciation		1,995,150			281,827			(32,885	)
Net realized/unrealized gains (losses)		1,973,658			166,435			(48,964	)
Change in net assets resulting from operations	$	1,994,579		$	215,371		$	(42,044	)

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of approximately $854,000.

(c) Net of foreign capital gains tax of approximately $(1,184,000).

(d) Net of change in foreign capital gains tax of approximately $873,000.

(e) Net of change in foreign capital gains tax of approximately $(6,127,000).

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	JPMorgan International Advantage Fund			JPMorgan International Equity Fund			JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
INVESTMENT INCOME:
Interest income from non-affiliates	$	21		$	5		$	3
Interest income from affiliates		—	(a)		—			5
Dividend income from non-affiliates		51,731			64,401			54,865
Dividend income from affiliates		350			426			379
Income from securities lending (net) (See Note 2.C.)		177			377			238
Foreign taxes withheld (net)		(4,077	)		(4,737	)		(4,103	)
Total investment income		48,202			60,472			51,387
EXPENSES:
Investment advisory fees		8,705			14,712			16,637
Administration fees		1,306			2,207			2,080
Distribution fees:
Class A		163			746			316
Class C		8			92			126
Class R2		132			13			7
Service fees:
Class A		163			746			316
Class C		3			31			42
Class I		122			613			627
Class R2		66			7			4
Class R5		—			5			3
Custodian and accounting fees		369			413			454
Interest expense to affiliates		25			16			31
Professional fees		155			149			125
Trustees’ and Chief Compliance Officer’s fees		32			36			33
Printing and mailing costs		12			67			77
Registration and filing fees		103			133			121
Transfer agency fees (See Note 2.J.)		75			70			49
Other		62			66			50
Total expenses		11,501			20,122			21,098
Less fees waived		(2,213	)		(3,502	)		(4,641	)
Less expense reimbursements		(6	)		(6	)		(19	)
Net expenses		9,282			16,614			16,438
Net investment income (loss)		38,920			43,858			34,949
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(99,245	)		(49,329	)		(141,755	)
Investments in affiliates		(29	)		(23	)		51
Futures contracts		(2,171	)		—			—
Foreign currency transactions		560			(22	)		(1,551	)
Net realized gain (loss)		(100,885	)		(49,374	)		(143,255	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(131,836	)		(40,170	)		231,268
Investments in affiliates		(7	)		(11	)		(13	)
Futures contracts		(2,254	)		—			—
Foreign currency translations		488			535			120
Change in net unrealized appreciation/depreciation		(133,609	)		(39,646	)		231,375
Net realized/unrealized gains (losses)		(234,494	)		(89,020	)		88,120
Change in net assets resulting from operations	$	(195,574	)	$	(45,162	)	$	123,069

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2020 (continued)

(Amounts in thousands)

	JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Value Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	2		$	40		$	3
Interest income from affiliates		—	(a)		—			—
Dividend income from non-affiliates		2,943			138,197			11,191
Dividend income from affiliates		19			1,646			67
Non-cash dividend income from non-affiliates		—			—			1,401
Income from securities lending (net) (See Note 2.C.)		—			760			94
Foreign taxes withheld (net)		(256	)		(12,043	)		(1,092	)
Total investment income		2,708			128,600			11,664
EXPENSES:
Investment advisory fees		249			9,906			1,755
Administration fees		75			3,715			239
Distribution fees:
Class A		2			400			375
Class C		1			—			48
Class R2		—			—			3
Service fees:
Class A		2			400			375
Class C		—	(a)		—			16
Class I		246			860			88
Class L		—			—			19
Class R2		—			—			1
Class R5		—	(a)		—			—	(a)
Custodian and accounting fees		162			708			130
Interest expense to affiliates		3			23			2
Professional fees		105			198			127
Trustees’ and Chief Compliance Officer’s fees		26			43			26
Printing and mailing costs		1			253			17
Registration and filing fees		104			15			104
Transfer agency fees (See Note 2.J.)		1			86			17
Offering costs (See Note 2.H.)		39			—			—
Other		10			179			10
Total expenses		1,026			16,786			3,352
Less fees waived		(317	)		(3,779	)		(774	)
Less expense reimbursements		(111	)		—			—	(a)
Net expenses		598			13,007			2,578
Net investment income (loss)		2,110			115,593			9,086
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(9,089	)		(373,247	)		(38,974	)
Investments in affiliates		—	(a)		(66	)		5
Options purchased		14,645			—			—
Futures contracts		47			(10,026	)		(879	)
Foreign currency transactions		56			(1,102	)		(99	)
Options written		(21,823	)		—			—
Net realized gain (loss)		(16,164	)		(384,441	)		(39,947	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		678			(159,238	)		(39,946	)
Investments in affiliates		—			60			(1	)
Options purchased		2,788			—			—
Futures contracts		(121	)		(667	)		(283	)
Foreign currency translations		12			790			156
Options written		1,807			—			—
Change in net unrealized appreciation/depreciation		5,164			(159,055	)		(40,074	)
Net realized/unrealized gains (losses)		(11,000	)		(543,496	)		(80,021	)
Change in net assets resulting from operations	$	(8,890	)	$	(427,903	)	$	(70,935	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Period Ended October 31, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	20,921		$	55,860		$	48,936		$	11,213
Net realized gain (loss)		(21,492	)		(2,141	)		(115,392	)		2,423
Change in net unrealized appreciation/depreciation		1,995,150			1,186,420			281,827			40,909
Change in net assets resulting from operations		1,994,579			1,240,139			215,371			54,545
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,084	)		(1,554	)		—			—
Class C		(79	)		(59	)		—			—
Class I (b)		(15,303	)		(6,646	)		—	(c)		—
Class L		(8,491	)		(4,471	)		—			—
Class R2		(1	)		(1	)		—			—
Class R3		(21	)		(1	)		—			—
Class R4		(11	)		(11	)		—			—
Class R5		(349	)		(296	)		—			—
Class R6		(29,101	)		(30,900	)		(24,046	)		(26	)
Total distributions to shareholders		(56,440	)		(43,939	)		(24,046	)		(26	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,968,409			516,272			558,443			2,036,055
NET ASSETS:
Change in net assets		4,906,548			1,712,472			749,768			2,090,574
Beginning of period		6,313,677			4,601,205			2,090,574			—
End of period	$	11,220,225		$	6,313,677		$	2,840,342		$	2,090,574

(a) Commencement of operations was December 11, 2018.

(b) Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Europe Dynamic Fund						JPMorgan International Advantage Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,920		$	16,941		$	38,920		$	104,540
Net realized gain (loss)		(16,079	)		(56,539	)		(100,885	)		(246,836	)
Change in net unrealized appreciation/depreciation		(32,885	)		83,325			(133,609	)		254,655
Change in net assets resulting from operations		(42,044	)		43,727			(195,574	)		112,359
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(2,780	)		(2,841	)		(8,620	)		(3,427	)
Class C		(497	)		(583	)		(54	)		(25	)
Class I		(2,605	)		(3,245	)		(5,381	)		(1,458	)
Class L		(2,069	)		(2,456	)		—			—
Class R2		—			—			(1,467	)		(638	)
Class R6		(8,878	)		(7,813	)		(92,520	)		(82,457	)
Total distributions to shareholders		(16,829	)		(16,938	)		(108,042	)		(88,005	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(44,544	)		(169,891	)		1,282			(1,616,261	)
NET ASSETS:
Change in net assets		(103,417	)		(143,102	)		(302,334	)		(1,591,907	)
Beginning of period		542,245			685,347			1,811,349			3,403,256
End of period	$	438,828		$	542,245		$	1,509,015		$	1,811,349

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	JPMorgan International Equity Fund						JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	43,858		$	101,506		$	34,949		$	8,884
Net realized gain (loss)		(49,374	)		(46,740	)		(143,255	)		(22,506	)
Change in net unrealized appreciation/depreciation		(39,646	)		522,611			231,375			157,799
Change in net assets resulting from operations		(45,162	)		577,377			123,069			144,177
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(9,505	)		(8,158	)		(46	)		(1,618	)
Class C		(344	)		(520	)		—			(296	)
Class I		(6,207	)		(5,904	)		(431	)		(3,745	)
Class R2		(65	)		(56	)		—			(15	)
Class R5		(124	)		(691	)		(9	)		(72	)
Class R6		(80,146	)		(140,365	)		(10,047	)		(4,394	)
Total distributions to shareholders		(96,391	)		(155,694	)		(10,533	)		(10,140	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		75,469			(1,693,771	)		89,493			1,990,374
NET ASSETS:
Change in net assets		(66,084	)		(1,272,088	)		202,029			2,124,411
Beginning of period		2,997,006			4,269,094			2,599,641			475,230
End of period	$	2,930,922		$	2,997,006		$	2,801,670		$	2,599,641

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Hedged Equity Fund					JPMorgan International Research Enhanced Equity Fund
	Year Ended October 31, 2020			Period Ended October 31, 2019 (a)		Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,110		$	1,122	$	115,593		$	151,040
Net realized gain (loss)		(16,164	)		10		(384,441	)		(161,154	)
Change in net unrealized appreciation/depreciation		5,164			1,073		(159,055	)		483,831
Change in net assets resulting from operations		(8,890	)		2,205		(427,903	)		473,717
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(5	)		—		(5,482	)		(6,271	)
Class C		(1	)		—		—			—
Class I		(1,362	)		—		(6,829	)		(5,060	)
Class R5		—	(b)		—		—			—
Class R6		(1	)		—		(143,050	)		(149,729	)
Total distributions to shareholders		(1,369	)		—		(155,361	)		(161,060	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		87,285			58,037		611,139			(178,801	)
NET ASSETS:
Change in net assets		77,026			60,242		27,875			133,856
Beginning of period		60,242			—		4,834,474			4,700,618
End of period	$	137,268		$	60,242	$	4,862,349		$	4,834,474

(a) Commencement of operations was March 15, 2019.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	JPMorgan International Value Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	9,086		$	16,269
Net realized gain (loss)		(39,947	)		(46,232	)
Change in net unrealized appreciation/depreciation		(40,074	)		36,164
Change in net assets resulting from operations		(70,935	)		6,201
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(7,133	)		(7,451	)
Class C		(299	)		(419	)
Class I		(1,823	)		(2,481	)
Class L		(1,237	)		(2,611	)
Class R2		(21	)		(40	)
Class R5		(4	)		(3	)
Class R6		(5,532	)		(5,309	)
Total distributions to shareholders		(16,049	)		(18,314	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(38,424	)		(116,184	)
NET ASSETS:
Change in net assets		(125,408	)		(128,297	)
Beginning of period		393,272			521,569
End of period	$	267,864		$	393,272

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

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, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Period Ended October 31, 2019 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	396,625		$	312,341		$	—		$	—
Distributions reinvested		3,026			1,529			—			—
Cost of shares redeemed		(433,578	)		(252,175	)		—			—
Change in net assets resulting from Class A capital transactions	$	(33,927	)	$	61,695		$	—		$	—
Class C
Proceeds from shares issued	$	25,207		$	19,144		$	—		$	—
Distributions reinvested		76			58			—			—
Cost of shares redeemed		(21,149	)		(17,205	)		—			—
Change in net assets resulting from Class C capital transactions	$	4,134		$	1,997		$	—		$	—
Class I (b)
Proceeds from shares issued	$	2,957,574		$	1,177,539		$	32		$	12,188
Distributions reinvested		13,741			5,945			—	(c)		—
Cost of shares redeemed		(1,376,247	)		(465,628	)		(6	)		(11,910	)
Change in net assets resulting from Class I capital transactions	$	1,595,068		$	717,856		$	26		$	278
Class L
Proceeds from shares issued	$	1,047,160		$	534,452		$	—		$	—
Distributions reinvested		8,347			3,845			—			—
Cost of shares redeemed		(412,630	)		(228,859	)		—			—
Change in net assets resulting from Class L capital transactions	$	642,877		$	309,438		$	—		$	—
Class R2
Proceeds from shares issued	$	281		$	51		$	—		$	—
Distributions reinvested		1			1			—			—
Cost of shares redeemed		(78	)		(26	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	204		$	26		$	—		$	—
Class R3
Proceeds from shares issued	$	3,952		$	2,108		$	—		$	—
Distributions reinvested		21			1			—			—
Cost of shares redeemed		(1,457	)		(478	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	2,516		$	1,631		$	—		$	—
Class R4
Proceeds from shares issued	$	2,143		$	1,602		$	—		$	—
Distributions reinvested		11			11			—			—
Cost of shares redeemed		(1,072	)		(608	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	1,082		$	1,005		$	—		$	—
Class R5
Proceeds from shares issued	$	24,137		$	42,685		$	—		$	—
Distributions reinvested		349			296			—			—
Cost of shares redeemed		(18,654	)		(9,680	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	5,832		$	33,301		$	—		$	—
Class R6
Proceeds from shares issued	$	2,138,500		$	1,266,740		$	1,073,935		$	2,052,510
Distributions reinvested		28,461			30,363			24,046			26
Cost of shares redeemed		(1,416,338	)		(1,907,780	)		(539,564	)		(16,759	)
Change in net assets resulting from Class R6 capital transactions	$	750,623		$	(610,677	)	$	558,417		$	2,035,777
Total change in net assets resulting from capital transactions	$	2,968,409		$	516,272		$	558,443		$	2,036,055

(a) Commencement of operations was December 11, 2018.

(b) Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	JPMorgan Emerging Markets Equity Fund						JPMorgan Emerging Markets Research Enhanced Equity Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Period Ended October 31, 2019 (a)
SHARE TRANSACTIONS:
Class A
Issued		12,772			11,352			—			—
Reinvested		95			64			—			—
Redeemed		(14,443	)		(9,475	)		—			—
Change in Class A Shares		(1,576	)		1,941			—			—
Class C
Issued		824			712			—			—
Reinvested		2			3			—			—
Redeemed		(725	)		(650	)		—			—
Change in Class C Shares		101			65			—			—
Class I (b)
Issued		95,381			41,001			2			744
Reinvested		423			243			—	(c)		—
Redeemed		(44,282	)		(16,821	)		—	(c)		(744	)
Change in Class I Shares		51,522			24,423			2			—	(c)
Class L
Issued		33,441			18,682			—			—
Reinvested		255			156			—			—
Redeemed		(13,684	)		(8,295	)		—			—
Change in Class L Shares		20,012			10,543			—			—
Class R2
Issued		8			2			—			—
Reinvested		—	(c)		—	(c)		—			—
Redeemed		(2	)		(1	)		—			—
Change in Class R2 Shares		6			1			—			—
Class R3
Issued		133			75			—			—
Reinvested		1			—	(c)		—			—
Redeemed		(46	)		(17	)		—			—
Change in Class R3 Shares		88			58			—			—
Class R4
Issued		70			62			—			—
Reinvested		—	(c)		—	(c)		—			—
Redeemed		(32	)		(21	)		—			—
Change in Class R4 Shares		38			41			—			—
Class R5
Issued		754			1,616			—			—
Reinvested		11			12			—			—
Redeemed		(575	)		(344	)		—			—
Change in Class R5 Shares		190			1,284			—			—
Class R6
Issued		67,487			43,818			63,278			125,486
Reinvested		871			1,233			1,356			2
Redeemed		(43,707	)		(66,518	)		(31,422	)		(1,027	)
Change in Class R6 Shares		24,651			(21,467	)		33,212			124,461

(a) Commencement of operations was December 11, 2018.

(b) Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Europe Dynamic Fund						JPMorgan International Advantage Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,883		$	5,583		$	54,786		$	38,451
Distributions reinvested		2,695			2,751			8,609			3,422
Cost of shares redeemed		(24,956	)		(39,739	)		(175,827	)		(45,280	)
Change in net assets resulting from Class A capital transactions	$	(18,378	)	$	(31,405	)	$	(112,432	)	$	(3,407	)
Class C
Proceeds from shares issued	$	157		$	246		$	149		$	175
Distributions reinvested		476			552			54			25
Cost of shares redeemed		(7,338	)		(12,991	)		(457	)		(662	)
Change in net assets resulting from Class C capital transactions	$	(6,705	)	$	(12,193	)	$	(254	)	$	(462	)
Class I
Proceeds from shares issued	$	5,175		$	10,005		$	46,199		$	19,041
Distributions reinvested		2,443			3,023			5,375			1,457
Cost of shares redeemed		(31,660	)		(69,458	)		(73,498	)		(15,652	)
Change in net assets resulting from Class I capital transactions	$	(24,042	)	$	(56,430	)	$	(21,924	)	$	4,846
Class L
Proceeds from shares issued	$	11,572		$	13,398		$	—		$	—
Distributions reinvested		2,057			2,405			—			—
Cost of shares redeemed		(16,771	)		(346,212	)		—			—
Change in net assets resulting from Class L capital transactions	$	(3,142	)	$	(330,409	)	$	—		$	—
Class R2
Proceeds from shares issued	$	—		$	—		$	5,889		$	6,565
Distributions reinvested		—			—			1,448			631
Cost of shares redeemed		—			—			(30,168	)		(8,605	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(22,831	)	$	(1,409	)
Class R6
Proceeds from shares issued	$	7,681		$	294,863		$	227,822		$	108,992
Distributions reinvested		8,878			7,813			92,498			82,457
Cost of shares redeemed		(8,836	)		(42,130	)		(161,597	)		(1,807,278	)
Change in net assets resulting from Class R6 capital transactions	$	7,723		$	260,546		$	158,723		$	(1,615,829	)
Total change in net assets resulting from capital transactions	$	(44,544	)	$	(169,891	)	$	1,282		$	(1,616,261	)

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	JPMorgan Europe Dynamic Fund						JPMorgan International Advantage Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		171			248			2,745			2,015
Reinvested		110			131			438			193
Redeemed		(1,151	)		(1,745	)		(10,687	)		(2,379	)
Change in Class A Shares		(870	)		(1,366	)		(7,504	)		(171	)
Class C
Issued		8			12			8			8
Reinvested		22			30			3			2
Redeemed		(372	)		(646	)		(26	)		(34	)
Change in Class C Shares		(342	)		(604	)		(15	)		(24	)
Class I
Issued		220			440			2,218			962
Reinvested		97			141			262			79
Redeemed		(1,425	)		(3,038	)		(4,516	)		(792	)
Change in Class I Shares		(1,108	)		(2,457	)		(2,036	)		249
Class L
Issued		539			577			—			—
Reinvested		81			111			—			—
Redeemed		(758	)		(14,510	)		—			—
Change in Class L Shares		(138	)		(13,822	)		—			—
Class R2
Issued		—			—			339			348
Reinvested		—			—			75			36
Redeemed		—			—			(1,690	)		(455	)
Change in Class R2 Shares		—			—			(1,276	)		(71	)
Class R6
Issued		382			12,295			11,248			5,671
Reinvested		352			363			4,595			4,558
Redeemed		(394	)		(1,764	)		(8,582	)		(91,586	)
Change in Class R6 Shares		340			10,894			7,261			(81,357	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Equity Fund						JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	169,254		$	125,560		$	45,058		$	47,607
Distributions reinvested		9,447			8,068			45			1,609
Cost of shares redeemed		(221,474	)		(76,633	)		(28,905	)		(32,948	)
Change in net assets resulting from Class A capital transactions	$	(42,773	)	$	56,995		$	16,198		$	16,268
Class C
Proceeds from shares issued	$	1,292		$	2,176		$	2,592		$	2,738
Distributions reinvested		324			495			—			294
Cost of shares redeemed		(6,218	)		(8,733	)		(5,887	)		(10,067	)
Change in net assets resulting from Class C capital transactions	$	(4,602	)	$	(6,062	)	$	(3,295	)	$	(7,035	)
Class I
Proceeds from shares issued	$	268,211		$	77,428		$	291,678		$	86,285
Distributions reinvested		6,146			5,819			415			3,656
Cost of shares redeemed		(119,723	)		(90,398	)		(100,152	)		(125,224	)
Change in net assets resulting from Class I capital transactions	$	154,634		$	(7,151	)	$	191,941		$	(35,283	)
Class R2
Proceeds from shares issued	$	21,952		$	1,194		$	851		$	494
Distributions reinvested		59			29			—			15
Cost of shares redeemed		(1,444	)		(1,136	)		(499	)		(377	)
Change in net assets resulting from Class R2 capital transactions	$	20,567		$	87		$	352		$	132
Class R5
Proceeds from shares issued	$	5,313		$	744		$	506		$	603
Distributions reinvested		123			691			9			72
Cost of shares redeemed		(1,904	)		(18,958	)		(962	)		(1,414	)
Change in net assets resulting from Class R5 capital transactions	$	3,532		$	(17,523	)	$	(447	)	$	(739	)
Class R6
Proceeds from shares issued	$	357,449		$	458,174		$	289,243		$	2,126,631
Distributions reinvested		80,145			140,364			10,047			4,394
Cost of shares redeemed		(493,483	)		(2,318,655	)		(414,546	)		(113,994	)
Change in net assets resulting from Class R6 capital transactions	$	(55,889	)	$	(1,720,117	)	$	(115,256	)	$	2,017,031
Total change in net assets resulting from capital transactions	$	75,469		$	(1,693,771	)	$	89,493		$	1,990,374

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	JPMorgan International Equity Fund						JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		10,373			7,833			2,122			2,430
Reinvested		541			554			2			93
Redeemed		(13,903	)		(4,832	)		(1,405	)		(1,724	)
Change in Class A Shares		(2,989	)		3,555			719			799
Class C
Issued		87			147			121			141
Reinvested		20			36			—			17
Redeemed		(397	)		(577	)		(292	)		(527	)
Change in Class C Shares		(290	)		(394	)		(171	)		(369	)
Class I
Issued		16,370			4,793			13,175			4,374
Reinvested		346			394			18			209
Redeemed		(7,334	)		(5,690	)		(4,869	)		(6,516	)
Change in Class I Shares		9,382			(503	)		8,324			(1,933	)
Class R2
Issued		1,274			74			42			25
Reinvested		3			2			—			1
Redeemed		(88	)		(73	)		(26	)		(19	)
Change in Class R2 Shares		1,189			3			16			7
Class R5
Issued		306			45			23			30
Reinvested		7			47			1			4
Redeemed		(114	)		(1,108	)		(44	)		(71	)
Change in Class R5 Shares		199			(1,016	)		(20	)		(37	)
Class R6
Issued		21,701			27,715			13,486			102,465
Reinvested		4,510			9,522			444			252
Redeemed		(29,522	)		(137,801	)		(18,953	)		(5,610	)
Change in Class R6 Shares		(3,311	)		(100,564	)		(5,023	)		97,107

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Hedged Equity Fund						JPMorgan International Research Enhanced Equity Fund
	Year Ended October 31, 2020			Period Ended October 31, 2019 (a)			Year Ended October 31, 2020			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,699		$	321		$	204,761		$	51,799
Distributions reinvested		5			—			5,420			6,196
Cost of shares redeemed		(397	)		—			(359,092	)		(62,547	)
Change in net assets resulting from Class A capital transactions	$	1,307		$	321		$	(148,911	)	$	(4,552	)
Class C
Proceeds from shares issued	$	7		$	118		$	—		$	—
Distributions reinvested		1			—			—			—
Cost of shares redeemed		(1	)		—			—			—
Change in net assets resulting from Class C capital transactions	$	7		$	118		$	—		$	—
Class I
Proceeds from shares issued	$	109,266		$	57,561		$	542,183		$	82,525
Distributions reinvested		1,362			—			6,822			5,050
Cost of shares redeemed		(24,658	)		(3	)		(236,810	)		(66,489	)
Change in net assets resulting from Class I capital transactions	$	85,970		$	57,558		$	312,195		$	21,086
Class R5
Proceeds from shares issued	$	—	(b)	$	20		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Cost of shares redeemed		—	(b)		—			—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(b)	$	20		$	—		$	—
Class R6
Proceeds from shares issued	$	—	(b)	$	20		$	899,967		$	567,656
Distributions reinvested		1			—			143,050			149,727
Cost of shares redeemed		—	(b)		—			(595,162	)		(912,718	)
Change in net assets resulting from Class R6 capital transactions	$	1		$	20		$	447,855		$	(195,335	)
Total change in net assets resulting from capital transactions	$	87,285		$	58,037		$	611,139		$	(178,801	)

(a) Commencement of operations was March 15, 2019.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	JPMorgan International Hedged Equity Fund						JPMorgan International Research Enhanced Equity Fund
	Year Ended October 31, 2020			Period Ended October 31, 2019 (a)			Year Ended October 31, 2020			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		117			21			13,389			3,097
Reinvested		—	(b)		—			298			402
Redeemed		(27	)		—			(22,291	)		(3,722	)
Change in Class A Shares		90			21			(8,604	)		(223	)
Class C
Issued		—	(b)		8			—			—
Reinvested		—	(b)		—			—			—
Redeemed		—	(b)		—			—			—
Change in Class C Shares		—	(b)		8			—			—
Class I
Issued		7,402			3,829			33,409			4,837
Reinvested		86			—			371			324
Redeemed		(1,758	)		—	(b)		(14,565	)		(3,915	)
Change in Class I Shares		5,730			3,829			19,215			1,246
Class R5
Issued		—			1			—			—
Reinvested		—	(b)		—			—			—
Change in Class R5 Shares		—	(b)		1			—			—
Class R6
Issued		—			1			53,807			32,819
Reinvested		1			—			7,817			9,647
Redeemed		—			—			(35,464	)		(53,561	)
Change in Class R6 Shares		1			1			26,160			(11,095	)

(a) Commencement of operations was March 15, 2019.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Value Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	21,982		$	27,178
Distributions reinvested		7,043			7,349
Cost of shares redeemed		(43,855	)		(90,605	)
Change in net assets resulting from Class A capital transactions	$	(14,830	)	$	(56,078	)
Class C
Proceeds from shares issued	$	250		$	419
Distributions reinvested		270			378
Cost of shares redeemed		(3,916	)		(5,138	)
Change in net assets resulting from Class C capital transactions	$	(3,396	)	$	(4,341	)
Class I
Proceeds from shares issued	$	5,772		$	8,440
Distributions reinvested		1,679			2,109
Cost of shares redeemed		(15,094	)		(29,305	)
Change in net assets resulting from Class I capital transactions	$	(7,643	)	$	(18,756	)
Class L
Proceeds from shares issued	$	1,161		$	2,046
Distributions reinvested		569			762
Cost of shares redeemed		(20,800	)		(42,881	)
Change in net assets resulting from Class L capital transactions	$	(19,070	)	$	(40,073	)
Class R2
Proceeds from shares issued	$	151		$	312
Distributions reinvested		17			15
Cost of shares redeemed		(319	)		(590	)
Change in net assets resulting from Class R2 capital transactions	$	(151	)	$	(263	)
Class R5
Proceeds from shares issued	$	42		$	16
Distributions reinvested		4			3
Cost of shares redeemed		(36	)		—	(a)
Change in net assets resulting from Class R5 capital transactions	$	10		$	19
Class R6
Proceeds from shares issued	$	45,862		$	40,286
Distributions reinvested		5,075			4,629
Cost of shares redeemed		(44,281	)		(41,607	)
Change in net assets resulting from Class R6 capital transactions	$	6,656		$	3,308
Total change in net assets resulting from capital transactions	$	(38,424	)	$	(116,184	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	JPMorgan International Value Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		2,106			2,279
Reinvested		572			663
Redeemed		(4,229	)		(7,568	)
Change in Class A Shares		(1,551	)		(4,626	)
Class C
Issued		24			37
Reinvested		23			35
Redeemed		(379	)		(449	)
Change in Class C Shares		(332	)		(377	)
Class I
Issued		509			695
Reinvested		133			186
Redeemed		(1,512	)		(2,449	)
Change in Class I Shares		(870	)		(1,568	)
Class L
Issued		105			184
Reinvested		46			67
Redeemed		(2,000	)		(3,624	)
Change in Class L Shares		(1,849	)		(3,373	)
Class R2
Issued		15			27
Reinvested		1			1
Redeemed		(32	)		(52	)
Change in Class R2 Shares		(16	)		(24	)
Class R5
Issued		5			2
Reinvested		—	(a)		—	(a)
Redeemed		(4	)		—	(a)
Change in Class R5 Shares		1			2
Class R6
Issued		4,448			3,351
Reinvested		407			412
Redeemed		(4,069	)		(3,438	)
Change in Class R6 Shares		786			325

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

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, 2020	$	30.07	$	(0.02	)	$	6.56		$	6.54		$	(0.17	)
Year Ended October 31, 2019		23.84		0.19			6.16			6.35			(0.12	)
Year Ended October 31, 2018		27.58		0.14			(3.84	)		(3.70	)		(0.04	)
Year Ended October 31, 2017		21.79		0.09			5.80			5.89			(0.10	)
Year Ended October 31, 2016		19.53		0.09			2.28			2.37			(0.11	)
Class C
Year Ended October 31, 2020		29.07		(0.18	)		6.35			6.17			(0.04	)
Year Ended October 31, 2019		23.08		0.04			5.98			6.02			(0.03	)
Year Ended October 31, 2018		26.80		0.02			(3.74	)		(3.72	)		—	(f)
Year Ended October 31, 2017		21.18		(0.04	)		5.67			5.63			(0.01	)
Year Ended October 31, 2016		18.96		(0.01	)		2.23			2.22			—
Class I
Year Ended October 31, 2020		30.79		0.05			6.75			6.80			(0.25	)
Year Ended October 31, 2019		24.45		0.27			6.29			6.56			(0.22	)
Year Ended October 31, 2018		28.29		0.24			(3.96	)		(3.72	)		(0.12	)
Year Ended October 31, 2017		22.33		0.16			5.94			6.10			(0.14	)
Year Ended October 31, 2016		19.98		0.13			2.35			2.48			(0.13	)
Class L
Year Ended October 31, 2020		31.03		0.08			6.80			6.88			(0.27	)
Year Ended October 31, 2019		24.63		0.29			6.35			6.64			(0.24	)
Year Ended October 31, 2018		28.49		0.26			(3.99	)		(3.73	)		(0.13	)
Year Ended October 31, 2017		22.49		0.21			5.96			6.17			(0.17	)
Year Ended October 31, 2016		20.15		0.17			2.35			2.52			(0.18	)
Class R2
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, 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, 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, 2020		30.96		0.08			6.78			6.86			(0.26	)
Year Ended October 31, 2019		24.60		0.31			6.31			6.62			(0.26	)
Year Ended October 31, 2018		28.47		0.39			(4.11	)		(3.72	)		(0.15	)
Year Ended October 31, 2017		22.49		0.15			6.01			6.16			(0.18	)
September 9, 2016 (g) through October 31, 2016		22.40		0.01			0.08			0.09			—
Class R6
Year Ended October 31, 2020		31.00		0.12			6.78			6.90			(0.29	)
Year Ended October 31, 2019		24.60		0.31			6.35			6.66			(0.26	)
Year Ended October 31, 2018		28.46		0.29			(3.99	)		(3.70	)		(0.16	)
Year Ended October 31, 2017		22.46		0.21			5.98			6.19			(0.19	)
Year Ended October 31, 2016		20.13		0.19			2.35			2.54			(0.21	)

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

(b) Calculated based upon average shares outstanding.

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

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

(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.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

		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)
$	36.44		21.84	%	$	578,112		1.24	%		(0.06	)%		1.33	%		15	%
	30.07		26.77			524,357		1.24			0.69			1.47			34
	23.84		(13.44	)		369,490		1.24			0.51			1.52			13
	27.58		27.22			525,451		1.35			0.36			1.58			22
	21.79		12.25			411,713		1.44			0.44			1.76			23
	35.20		21.24			72,364		1.74			(0.58	)		1.83			15
	29.07		26.12			56,830		1.74			0.15			1.98			34
	23.08		(13.87	)		43,612		1.74			0.06			2.02			13
	26.80		26.58			48,497		1.85			(0.15	)		2.09			22
	21.18		11.71			39,568		1.95			(0.06	)		2.26			23
	37.34		22.19			4,016,180		0.99			0.15			1.07			15
	30.79		27.04			1,725,882		0.99			0.94			1.21			34
	24.45		(13.23	)		773,142		0.99			0.84			1.26			13
	28.29		27.54			629,451		1.10			0.62			1.30			22
	22.33		12.51			301,959		1.20			0.66			1.43			23
	37.64		22.29			1,877,489		0.89			0.25			0.92			15
	31.03		27.20			926,781		0.89			1.00			1.06			34
	24.63		(13.16	)		475,997		0.89			0.91			1.11			13
	28.49		27.72			430,860		0.95			0.84			1.14			22
	22.49		12.71			390,647		1.04			0.84			1.22			23
	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
	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
	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
	37.56		22.29			57,909		0.89			0.26			0.93			15
	30.96		27.19			41,872		0.89			1.08			1.08			34
	24.60		(13.14	)		1,672		0.89			1.37			1.11			13
	28.47		27.72			217		0.95			0.58			3.36			22
	22.49		0.40			20		0.90			0.28			1.08			23
	37.61		22.39			4,608,998		0.79			0.37			0.82			15
	31.00		27.36			3,034,359		0.79			1.09			0.96			34
	24.60		(13.08	)		2,936,830		0.79			1.00			1.01			13
	28.46		27.87			2,813,349		0.85			0.85			1.01			22
	22.46		12.83			1,980,671		0.94			0.96			1.08			23

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
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, 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.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

		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)
$	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
	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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

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, 2020	$	24.25	$	0.25	$	(2.16	)	$	(1.91	)	$	(0.70	)
Year Ended October 31, 2019		23.01		0.61		1.18			1.79			(0.55	)
Year Ended October 31, 2018		27.04		0.42		(4.08	)		(3.66	)		(0.37	)
Year Ended October 31, 2017		21.94		0.37		5.15			5.52			(0.42	)
Year Ended October 31, 2016		24.41		0.37		(2.55	)		(2.18	)		(0.29	)
Class C
Year Ended October 31, 2020		21.47		0.12		(1.91	)		(1.79	)		(0.58	)
Year Ended October 31, 2019		20.39		0.44		1.06			1.50			(0.42	)
Year Ended October 31, 2018		24.00		0.25		(3.62	)		(3.37	)		(0.24	)
Year Ended October 31, 2017		19.52		0.23		4.58			4.81			(0.33	)
Year Ended October 31, 2016		21.77		0.23		(2.27	)		(2.04	)		(0.21	)
Class I
Year Ended October 31, 2020		24.75		0.31		(2.19	)		(1.88	)		(0.77	)
Year Ended October 31, 2019		23.48		0.67		1.21			1.88			(0.61	)
Year Ended October 31, 2018		27.60		0.49		(4.17	)		(3.68	)		(0.44	)
Year Ended October 31, 2017		22.37		0.46		5.25			5.71			(0.48	)
Year Ended October 31, 2016		24.83		0.44		(2.59	)		(2.15	)		(0.31	)
Class L
Year Ended October 31, 2020		25.05		0.35		(2.23	)		(1.88	)		(0.79	)
Year Ended October 31, 2019		23.70		0.65		1.27			1.92			(0.57	)
Year Ended October 31, 2018		27.85		0.51		(4.18	)		(3.67	)		(0.48	)
Year Ended October 31, 2017		22.61		0.52		5.27			5.79			(0.55	)
Year Ended October 31, 2016		25.13		0.49		(2.60	)		(2.11	)		(0.41	)
Class R6
Year Ended October 31, 2020		24.96		0.37		(2.22	)		(1.85	)		(0.82	)
Year Ended October 31, 2019		23.70		0.75		1.19			1.94			(0.68	)
October 1, 2018 (f) through October 31, 2018		26.32		0.01		(2.63	)		(2.62	)		—

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

		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)
$	21.64		(8.21	)%	$	68,882		1.24	%		1.09	%		1.28	%		159	%
	24.25		8.14			98,294		1.24			2.67			1.31			83
	23.01		(13.72	)		124,681		1.24			1.58			1.29			149
	27.04		25.65			165,020		1.36			1.52			1.36			189
	21.94		(8.98	)		162,767		1.42			1.66			1.43			142
	19.10		(8.68	)		11,082		1.74			0.59			1.77			159
	21.47		7.64			19,798		1.74			2.15			1.80			83
	20.39		(14.18	)		31,125		1.74			1.08			1.79			149
	24.00		25.02			46,615		1.85			1.07			1.86			189
	19.52		(9.42	)		50,152		1.91			1.16			1.92			142
	22.10		(7.98	)		52,841		0.99			1.33			1.01			159
	24.75		8.44			86,582		0.99			2.86			1.05			83
	23.48		(13.53	)		139,858		0.99			1.84			1.04			149
	27.60		26.06			187,678		1.06			1.85			1.07			189
	22.37		(8.73	)		145,080		1.10			1.95			1.10			142
	22.38		(7.86	)		55,597		0.85			1.49			0.86			159
	25.05		8.49			65,686		0.89			2.77			0.90			83
	23.70		(13.41	)		389,665		0.88			1.88			0.89			149
	27.85		26.22			578,183		0.90			2.07			0.91			189
	22.61		(8.48	)		424,388		0.90			2.16			0.90			142
	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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

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 Advantage Fund
Class A
Year Ended October 31, 2020	$	19.90	$	0.14		$	(1.83	)	$	(1.69	)	$	(1.01	)
Year Ended October 31, 2019		19.49		0.52			0.31			0.83			(0.42	)
Year Ended October 31, 2018		22.22		0.44			(2.77	)		(2.33	)		(0.40	)
Year Ended October 31, 2017		18.44		0.33			3.83			4.16			(0.38	)
Year Ended October 31, 2016		19.36		0.40	(d)		(0.99	)		(0.59	)		(0.33	)
Class C
Year Ended October 31, 2020		20.13		0.24			(2.05	)		(1.81	)		(0.88	)
Year Ended October 31, 2019		19.70		0.43			0.31			0.74			(0.31	)
Year Ended October 31, 2018		22.40		0.37			(2.83	)		(2.46	)		(0.24	)
Year Ended October 31, 2017		18.57		0.22			3.87			4.09			(0.26	)
Year Ended October 31, 2016		19.52		0.28	(d)		(0.97	)		(0.69	)		(0.26	)
Class I
Year Ended October 31, 2020		20.71		0.29			(1.99	)		(1.70	)		(1.07	)
Year Ended October 31, 2019		20.30		0.60			0.29			0.89			(0.48	)
Year Ended October 31, 2018		23.12		0.54			(2.90	)		(2.36	)		(0.46	)
Year Ended October 31, 2017		19.20		0.42			3.97			4.39			(0.47	)
Year Ended October 31, 2016		20.13		0.46	(d)		(1.01	)		(0.55	)		(0.38	)
Class R2
Year Ended October 31, 2020		19.57		0.27			(1.98	)		(1.71	)		(0.95	)
Year Ended October 31, 2019		19.21		0.46			0.29			0.75			(0.39	)
Year Ended October 31, 2018		22.01		0.52			(2.88	)		(2.36	)		(0.44	)
Year Ended October 31, 2017		18.29		0.01			4.07			4.08			(0.36	)
Year Ended October 31, 2016		19.21		0.36	(d)		(1.01	)		(0.65	)		(0.27	)
Class R6
Year Ended October 31, 2020		20.40		0.43			(2.07	)		(1.64	)		(1.10	)
Year Ended October 31, 2019		20.00		0.64			0.28			0.92			(0.52	)
Year Ended October 31, 2018		22.78		0.58			(2.87	)		(2.29	)		(0.49	)
Year Ended October 31, 2017		18.91		0.43			3.92			4.35			(0.48	)
Year Ended October 31, 2016		19.84		0.49	(d)		(1.01	)		(0.52	)		(0.41	)

(a) Calculated based upon average shares outstanding.

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

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

(d) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate
$	17.20		(9.11	)%	$	5,976		0.95	%		0.70	%		1.15	%		71	%
	19.90		4.51			156,230		0.96			2.72			1.20			74
	19.49		(10.69	)		156,382		1.00			2.02			1.22			51
	22.22		22.98			232,530		1.21			1.66			1.22			82
	18.44		(3.07	)		164,327		1.25			2.21	(d)		1.29			38
	17.44		(9.54	)		778		1.45			1.32			1.78			71
	20.13		3.92			1,210		1.47			2.19			1.72			74
	19.70		(11.08	)		1,652		1.50			1.69			1.74			51
	22.40		22.30			1,773		1.75			1.07			1.81			82
	18.57		(3.56	)		2,287		1.75			1.52	(d)		1.87			38
	17.94		(8.84	)		21,640		0.70			1.51			0.87			71
	20.71		4.70			67,146		0.71			3.02			0.94			74
	20.30		(10.43	)		60,739		0.75			2.37			0.96			51
	23.12		23.39			52,871		0.90			1.99			0.99			82
	19.20		(2.73	)		16,363		0.90			2.44	(d)		1.08			38
	16.91		(9.37	)		5,061		1.25			1.54			1.54			71
	19.57		4.15			30,819		1.26			2.44			1.66			74
	19.21		(10.93	)		31,619		1.30			2.45			1.69			51
	22.01		22.70			8,790		1.49			0.07			1.54			82
	18.29		(3.36	)		503		1.50			2.02	(d)		1.75			38
	17.66		(8.71	)		1,475,560		0.50			2.33			0.62			71
	20.40		4.94			1,555,944		0.52			3.27			0.69			74
	20.00		(10.26	)		3,152,864		0.55			2.59			0.71			51
	22.78		23.59			2,859,645		0.71			2.12			0.71			82
	18.91		(2.59	)		2,487,086		0.71			2.65	(d)		0.72			38

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

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, 2020	$	17.27	$	0.19	$	(0.49	)	$	(0.30	)	$	(0.50	)	$	—		$	(0.50	)
Year Ended October 31, 2019		15.56		0.33		1.89			2.22			(0.33	)		(0.18	)		(0.51	)
Year Ended October 31, 2018		17.81		0.33		(2.33	)		(2.00	)		(0.25	)		—			(0.25	)
Year Ended October 31, 2017		14.24		0.22		3.39			3.61			(0.04	)		—			(0.04	)
Year Ended October 31, 2016		14.75		0.22		(0.51	)		(0.29	)		(0.22	)		—			(0.22	)
Class C
Year Ended October 31, 2020		16.29		0.09		(0.45	)		(0.36	)		(0.40	)		—			(0.40	)
Year Ended October 31, 2019		14.68		0.23		1.80			2.03			(0.24	)		(0.18	)		(0.42	)
Year Ended October 31, 2018		16.83		0.25		(2.23	)		(1.98	)		(0.17	)		—			(0.17	)
Year Ended October 31, 2017		13.50		0.12		3.22			3.34			(0.01	)		—			(0.01	)
Year Ended October 31, 2016		14.02		0.13		(0.47	)		(0.34	)		(0.18	)		—			(0.18	)
Class I
Year Ended October 31, 2020		17.56		0.21		(0.47	)		(0.26	)		(0.54	)		—			(0.54	)
Year Ended October 31, 2019		15.82		0.36		1.93			2.29			(0.37	)		(0.18	)		(0.55	)
Year Ended October 31, 2018		18.09		0.41		(2.40	)		(1.99	)		(0.28	)		—			(0.28	)
Year Ended October 31, 2017		14.45		0.26		3.44			3.70			(0.06	)		—			(0.06	)
Year Ended October 31, 2016		14.95		0.24		(0.48	)		(0.24	)		(0.26	)		—			(0.26	)
Class R2
Year Ended October 31, 2020		17.14		0.13		(0.48	)		(0.35	)		(0.48	)		—			(0.48	)
Year Ended October 31, 2019		15.44		0.28		1.88			2.16			(0.28	)		(0.18	)		(0.46	)
Year Ended October 31, 2018		17.70		0.29		(2.33	)		(2.04	)		(0.22	)		—			(0.22	)
Year Ended October 31, 2017		14.17		0.17		3.38			3.55			(0.02	)		—			(0.02	)
Year Ended October 31, 2016		14.69		0.18		(0.50	)		(0.32	)		(0.20	)		—			(0.20	)
Class R5
Year Ended October 31, 2020		17.60		0.24		(0.48	)		(0.24	)		(0.51	)		—			(0.51	)
Year Ended October 31, 2019		15.85		0.38		1.94			2.32			(0.39	)		(0.18	)		(0.57	)
Year Ended October 31, 2018		18.13		0.41		(2.40	)		(1.99	)		(0.29	)		—			(0.29	)
Year Ended October 31, 2017		14.47		0.21		3.52			3.73			(0.07	)		—			(0.07	)
Year Ended October 31, 2016		14.97		0.27		(0.49	)		(0.22	)		(0.28	)		—			(0.28	)
Class R6
Year Ended October 31, 2020		17.61		0.26		(0.49	)		(0.23	)		(0.57	)		—			(0.57	)
Year Ended October 31, 2019		15.86		0.40		1.93			2.33			(0.40	)		(0.18	)		(0.58	)
Year Ended October 31, 2018		18.13		0.43		(2.39	)		(1.96	)		(0.31	)		—			(0.31	)
Year Ended October 31, 2017		14.46		0.29		3.46			3.75			(0.08	)		—			(0.08	)
Year Ended October 31, 2016		14.97		0.29		(0.51	)		(0.22	)		(0.29	)		—			(0.29	)

(a) Calculated based upon average shares outstanding.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

		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
$	16.47		(1.88	)%	$	263,791		0.95	%		1.17	%		1.12	%		28	%
	17.27		14.93			328,312		0.95			2.03			1.22			25
	15.56		(11.42	)		240,394		0.95			1.88			1.32			33
	17.81		25.43			302,130		1.23			1.39			1.35			17
	14.24		(1.83	)		216,932		1.31			1.62			1.49			11
	15.53		(2.38	)		9,358		1.45			0.61			1.62			28
	16.29		14.39			14,549		1.45			1.51			1.74			25
	14.68		(11.89	)		18,899		1.45			1.48			1.83			33
	16.83		24.79			24,281		1.74			0.83			1.88			17
	13.50		(2.31	)		22,235		1.81			0.97			2.06			11
	16.76		(1.64	)		339,416		0.70			1.26			0.86			28
	17.56		15.20			190,885		0.70			2.22			0.96			25
	15.82		(11.20	)		179,831		0.70			2.30			1.06			33
	18.09		25.69			139,715		0.99			1.59			1.10			17
	14.45		(1.50	)		94,362		1.06			1.69			1.24			11
	16.31		(2.21	)		21,379		1.25			0.79			1.37			28
	17.14		14.58			2,099		1.25			1.75			1.57			25
	15.44		(11.68	)		1,833		1.25			1.64			1.60			33
	17.70		25.12			2,096		1.49			1.07			1.71			17
	14.17		(2.08	)		1,461		1.56			1.28			1.95			11
	16.85		(1.52	)		6,970		0.60			1.41			0.72			28
	17.60		15.38			3,778		0.60			2.31			0.83			25
	15.85		(11.16	)		19,516		0.60			2.31			0.91			33
	18.13		25.88			21,891		0.84			1.36			0.93			17
	14.47		(1.34	)		58,836		0.86			1.93			1.02			11
	16.81		(1.46	)		2,290,008		0.50			1.56			0.61			28
	17.61		15.50			2,457,383		0.50			2.46			0.72			25
	15.86		(11.04	)		3,808,621		0.50			2.42			0.81			33
	18.13		26.04			3,516,978		0.74			1.84			0.81			17
	14.46		(1.36	)		3,030,640		0.81			2.05			0.91			11

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

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 (formerly known as JPMorgan International Unconstrained Equity Fund)
Class A
Year Ended October 31, 2020	$	21.15	$	0.18		$	0.75		$	0.93		$	(0.01	)
Year Ended October 31, 2019		18.24		0.26			3.02			3.28			(0.37	)
Year Ended October 31, 2018		21.14		0.36			(3.13	)		(2.77	)		(0.13	)
Year Ended October 31, 2017		17.24		0.16			4.09			4.25			(0.35	)
Year Ended October 31, 2016		17.61		0.22	(d)		(0.55	)		(0.33	)		(0.04	)
Class C
Year Ended October 31, 2020		20.86		0.07			0.75			0.82			—
Year Ended October 31, 2019		17.98		0.16			2.97			3.13			(0.25	)
Year Ended October 31, 2018		20.90		0.26			(3.09	)		(2.83	)		(0.09	)
Year Ended October 31, 2017		17.04		0.05			4.06			4.11			(0.25	)
Year Ended October 31, 2016		17.45		0.13	(d)		(0.53	)		(0.40	)		(0.01	)
Class I
Year Ended October 31, 2020		21.43		0.23			0.78			1.01			(0.05	)
Year Ended October 31, 2019		18.49		0.31			3.04			3.35			(0.41	)
Year Ended October 31, 2018		21.41		0.44			(3.19	)		(2.75	)		(0.17	)
Year Ended October 31, 2017		17.45		0.23			4.13			4.36			(0.40	)
Year Ended October 31, 2016		17.71		0.24	(d)		(0.50	)		(0.26	)		—
Class R2
Year Ended October 31, 2020		20.99		0.13			0.73			0.86			—
Year Ended October 31, 2019		18.14		0.21			2.98			3.19			(0.34	)
Year Ended October 31, 2018		21.11		0.35			(3.17	)		(2.82	)		(0.15	)
Year Ended October 31, 2017		17.21		0.06			4.14			4.20			(0.30	)
Year Ended October 31, 2016		17.57		0.15	(d)		(0.51	)		(0.36	)		—
Class R5
Year Ended October 31, 2020		21.42		0.25			0.78			1.03			(0.07	)
Year Ended October 31, 2019		18.49		0.34			3.03			3.37			(0.44	)
Year Ended October 31, 2018		21.39		0.53			(3.25	)		(2.72	)		(0.18	)
Year Ended October 31, 2017		17.44		0.20			4.17			4.37			(0.42	)
Year Ended October 31, 2016		17.75		0.27	(d)		(0.52	)		(0.25	)		(0.06	)
Class R6
Year Ended October 31, 2020		21.44		0.28			0.77			1.05			(0.09	)
Year Ended October 31, 2019		18.50		0.27			3.13			3.40			(0.46	)
Year Ended October 31, 2018		21.40		0.44			(3.16	)		(2.72	)		(0.18	)
Year Ended October 31, 2017		17.45		0.26			4.12			4.38			(0.43	)
Year Ended October 31, 2016		17.76		0.29	(d)		(0.52	)		(0.23	)		(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) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

		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
$	22.07		4.39	%	$	135,527		1.00	%		0.86	%		1.22	%		38	%
	21.15		18.41			114,629		1.00			1.33			1.32			34
	18.24		(13.20	)		84,325		1.00			1.75			1.38			63
	21.14		25.16			67,684		1.24			0.83			1.46			38
	17.24		(1.86	)		14,034		1.24			1.28	(d)		1.61			51
	21.68		3.93			15,463		1.50			0.32			1.73			38
	20.86		17.73			18,447		1.50			0.83			1.84			34
	17.98		(13.60	)		22,532		1.50			1.29			1.89			63
	20.90		24.51			14,534		1.74			0.27			2.00			38
	17.04		(2.28	)		4,626		1.74			0.75	(d)		2.14			51
	22.39		4.71			372,068		0.75			1.05			0.96			38
	21.43		18.62			177,764		0.75			1.57			1.08			34
	18.49		(12.96	)		189,061		0.75			2.09			1.13			63
	21.41		25.60			131,356		0.89			1.14			1.19			38
	17.45		(1.47	)		9,929		0.89			1.41	(d)		1.35			51
	21.85		4.10			1,441		1.30			0.61			1.51			38
	20.99		18.01			1,049		1.30			1.05			1.74			34
	18.14		(13.46	)		773		1.30			1.70			1.72			63
	21.11		24.85			97		1.49			0.31			2.79			38
	17.21		(2.05	)		20		1.49			0.87	(d)		4.37			51
	22.38		4.79			2,772		0.65			1.16			0.88			38
	21.42		18.76			3,082		0.65			1.71			1.04			34
	18.49		(12.84	)		3,341		0.65			2.56			1.07			63
	21.39		25.67			90		0.79			1.01			2.44			38
	17.44		(1.38	)		20		0.80			1.57	(d)		3.59			51
	22.40		4.89			2,274,399		0.55			1.31			0.71			38
	21.44		18.95			2,284,670		0.55			1.32			0.77			34
	18.50		(12.81	)		175,198		0.55			2.12			0.87			63
	21.40		25.72			143,868		0.74			1.37			0.95			38
	17.45		(1.29	)		81,146		0.74			1.70	(d)		1.02			51

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Hedged Equity Fund
Class A
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, 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, 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, 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, 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.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

		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)
$	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
	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
	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
	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
	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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Research Enhanced Equity Fund
Class A
Year Ended October 31, 2020	$	17.93	$	0.36		$	(1.96	)	$	(1.60	)	$	(0.49	)	$	—		$	(0.49	)
Year Ended October 31, 2019		16.79		0.51			1.15			1.66			(0.52	)		—			(0.52	)
Year Ended October 31, 2018		18.76		0.45			(2.04	)		(1.59	)		(0.19	)		(0.19	)		(0.38	)
Year Ended October 31, 2017		15.54		0.34			3.23			3.57			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		16.54		0.40	(f)		(0.89	)		(0.49	)		(0.36	)		(0.15	)		(0.51	)
Class I
Year Ended October 31, 2020		18.17		0.36			(1.94	)		(1.58	)		(0.54	)		—			(0.54	)
Year Ended October 31, 2019		17.01		0.56			1.16			1.72			(0.56	)		—			(0.56	)
Year Ended October 31, 2018		18.92		0.35			(1.91	)		(1.56	)		(0.16	)		(0.19	)		(0.35	)
Year Ended October 31, 2017		15.68		0.41			3.23			3.64			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		16.70		0.46	(f)		(0.92	)		(0.46	)		(0.41	)		(0.15	)		(0.56	)
Class R6
Year Ended October 31, 2020		18.11		0.39			(1.94	)		(1.55	)		(0.56	)		—			(0.56	)
Year Ended October 31, 2019		16.97		0.57			1.16			1.73			(0.59	)		—			(0.59	)
November 1, 2017 (g) through October 31, 2018		18.98		0.56			(2.16	)		(1.60	)		(0.22	)		(0.19	)		(0.41	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)
$	15.84		(9.26	)%	$	52,118		0.60	%		2.21	%		0.83	%		52	%
	17.93		10.39			213,256		0.60			3.00			0.83			22
	16.79		(8.66	)		203,437		0.60			2.40			0.84			42
	18.76		23.41			298,112		0.59			1.98			0.90			33
	15.54		(2.94	)		69,626		0.60			2.60	(f)		1.02			24
	16.05		(9.05	)		472,455		0.34			2.15			0.56			52
	18.17		10.65			185,680		0.35			3.28			0.56			22
	17.01		(8.42	)		152,610		0.35			1.85			0.56			42
	18.92		23.71			4,740,590		0.34			2.37			0.58			33
	15.68		(2.72	)		1,241,856		0.34			2.98	(f)		0.59			24
	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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Value Fund
Class A
Year Ended October 31, 2020	$	12.22	$	0.28	$	(2.55	)	$	(2.27	)	$	(0.49	)
Year Ended October 31, 2019		12.44		0.44		(0.20	)		0.24			(0.46	)
Year Ended October 31, 2018		14.26		0.36		(1.87	)		(1.51	)		(0.31	)
Year Ended October 31, 2017		12.23		0.22		2.50			2.72			(0.69	)
Year Ended October 31, 2016		13.02		0.23		(0.88	)		(0.65	)		(0.14	)
Class C
Year Ended October 31, 2020		11.81		0.21		(2.47	)		(2.26	)		(0.41	)
Year Ended October 31, 2019		12.02		0.36		(0.18	)		0.18			(0.39	)
Year Ended October 31, 2018		13.78		0.28		(1.82	)		(1.54	)		(0.22	)
Year Ended October 31, 2017		11.88		0.15		2.42			2.57			(0.67	)
Year Ended October 31, 2016		12.65		0.17		(0.87	)		(0.70	)		(0.07	)
Class I
Year Ended October 31, 2020		12.54		0.31		(2.61	)		(2.30	)		(0.52	)
Year Ended October 31, 2019		12.76		0.48		(0.20	)		0.28			(0.50	)
Year Ended October 31, 2018		14.62		0.41		(1.92	)		(1.51	)		(0.35	)
Year Ended October 31, 2017		12.57		0.28		2.55			2.83			(0.78	)
Year Ended October 31, 2016		13.37		0.28		(0.91	)		(0.63	)		(0.17	)
Class L
Year Ended October 31, 2020		12.47		0.30		(2.58	)		(2.28	)		(0.53	)
Year Ended October 31, 2019		12.70		0.46		(0.17	)		0.29			(0.52	)
Year Ended October 31, 2018		14.55		0.41		(1.90	)		(1.49	)		(0.36	)
Year Ended October 31, 2017		12.50		0.27		2.57			2.84			(0.79	)
Year Ended October 31, 2016		13.29		0.31		(0.93	)		(0.62	)		(0.17	)
Class R2
Year Ended October 31, 2020		11.96		0.24		(2.51	)		(2.27	)		(0.40	)
Year Ended October 31, 2019		12.20		0.40		(0.20	)		0.20			(0.44	)
Year Ended October 31, 2018		14.01		0.31		(1.84	)		(1.53	)		(0.28	)
Year Ended October 31, 2017		12.04		0.19		2.46			2.65			(0.68	)
Year Ended October 31, 2016		12.83		0.19		(0.87	)		(0.68	)		(0.11	)
Class R5
Year Ended October 31, 2020		12.40		0.33		(2.59	)		(2.26	)		(0.54	)
Year Ended October 31, 2019		12.65		0.49		(0.21	)		0.28			(0.53	)
Year Ended October 31, 2018		14.51		0.42		(1.91	)		(1.49	)		(0.37	)
Year Ended October 31, 2017		12.51		0.23		2.59			2.82			(0.82	)
September 9, 2016 (f) through October 31, 2016		12.55		0.03		(0.07	)		(0.04	)		—
Class R6
Year Ended October 31, 2020		12.43		0.34		(2.60	)		(2.26	)		(0.55	)
Year Ended October 31, 2019		12.67		0.51		(0.21	)		0.30			(0.54	)
Year Ended October 31, 2018		14.53		0.43		(1.91	)		(1.48	)		(0.38	)
Year Ended October 31, 2017		12.51		0.31		2.53			2.84			(0.82	)
Year Ended October 31, 2016		13.31		0.37		(0.96	)		(0.59	)		(0.21	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

		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)
$	9.46		(19.51	)%	$	125,744		1.00	%		2.66	%		1.26	%		59	%
	12.22		2.30			181,458		1.00			3.69			1.28			61
	12.44		(10.88	)		242,231		1.00			2.59			1.27			90
	14.26		23.30			316,510		1.35			1.71			1.35			31
	12.23		(5.01	)		573,449		1.35			1.91			1.43			61
	9.14		(19.94	)		4,202		1.50			2.07			1.78			59
	11.81		1.82			9,358		1.50			3.15			1.80			61
	12.02		(11.37	)		14,055		1.50			2.06			1.78			90
	13.78		22.67			20,997		1.85			1.21			1.87			31
	11.88		(5.54	)		24,453		1.85			1.43			1.91			61
	9.72		(19.31	)		26,805		0.75			2.88			1.02			59
	12.54		2.56			45,503		0.75			3.91			1.03			61
	12.76		(10.62	)		66,291		0.75			2.84			1.02			90
	14.62		23.66			144,875		1.04			2.07			1.04			31
	12.57		(4.74	)		157,867		1.01			2.28			1.02			61
	9.66		(19.25	)		5,585		0.65			2.72			0.85			59
	12.47		2.69			30,256		0.65			3.81			0.87			61
	12.70		(10.57	)		73,651		0.65			2.84			0.87			90
	14.55		23.88			201,672		0.87			2.03			0.88			31
	12.50		(4.63	)		523,251		0.90			2.53			0.91			61
	9.29		(19.74	)		412		1.30			2.27			1.61			59
	11.96		2.00			722		1.30			3.47			1.69			61
	12.20		(11.19	)		1,025		1.30			2.27			1.59			90
	14.01		23.02			1,369		1.58			1.52			1.73			31
	12.04		(5.28	)		1,182		1.59			1.65			1.91			61
	9.60		(19.26	)		77		0.65			3.13			0.86			59
	12.40		2.64			88		0.65			4.08			0.87			61
	12.65		(10.58	)		70		0.65			2.97			0.91			90
	14.51		23.81			62		0.93			1.69			4.00			31
	12.51		(0.32	)		20		0.79			1.52			0.79			61
	9.62		(19.22	)		105,039		0.55			3.18			0.76			59
	12.43		2.83			125,887		0.55			4.22			0.77			61
	12.67		(10.49	)		124,246		0.55			3.06			0.77			90
	14.53		23.99			108,302		0.80			2.28			0.82			31
	12.51		(4.45	)		27,998		0.72			3.00			0.73			61

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020

1. Organization

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

The following are 9 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(1)	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 Advantage Fund	Class A, Class C, Class I, Class R2 and Class R6	JPM I	Diversified
JPMorgan International Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Focus Fund(2)	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Hedged Equity Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan International Research Enhanced Equity Fund	Class A, Class I and Class R6	JPM II	Diversified
JPMorgan International Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾  Effective as of the close of business on December 31, 2020, JPMorgan Emerging Markets Equity Fund will be publicly offered on a limited basis.

⁽²⁾  Effective April 20, 2020, JPMorgan International Unconstrained Equity Fund changed its name to JPMorgan International Focus Fund.

Class L Shares of the JPMorgan Emerging Markets Equity Fund (“Emerging Markets Equity Fund”), JPMorgan Europe Dynamic Fund (“Europe Dynamic Fund”) and JPMorgan International Value Fund (“International Value Fund”) are publicly offered on a limited basis. As of October 9, 2017, Class A Shares of the JPMorgan International Research Enhanced Equity Fund (“International Research Enhanced Equity Fund”) are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of Emerging Markets Equity Fund, Europe Dynamic Fund and International Value Fund and Class A Shares of International Research Enhanced Equity Fund unless they meet certain requirements as described in the Funds’ prospectus.

The investment objective of Emerging Markets Equity Fund is to seek to provide high total return.

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

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

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

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

The investment objective of JPMorgan International Hedged Equity Fund (“International Hedged Equity Fund”) is to seek to provide capital appreciation.

Class A Shares generally provide for 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.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with foreign equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Investments 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.

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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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

Emerging Markets Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	278,586	$	–	$	–	$	278,586
Brazil		712,207		–		–		712,207
China		1,054,071		3,158,993		–		4,213,064
Egypt		–		44,879		–		44,879
Hong Kong		–		653,236		–		653,236
Hungary		–		106,892		–		106,892
India		190,810		1,617,519		–		1,808,329
Indonesia		–		195,541		–		195,541
Macau		–		92,037		–		92,037
Mexico		244,736		–		–		244,736
Panama		44,859		–		–		44,859
Poland		92,826		–		–		92,826
Portugal		–		119,612		–		119,612
South Africa		–		159,598		–		159,598
South Korea		–		563,080		–		563,080
Taiwan		1,113,266		40,815		–		1,154,081
Turkey		–		99,172		–		99,172
United States		341,325		–		–		341,325
Total Common Stocks		4,072,686		6,851,374		–		10,924,060
Short-Term Investments
Investment Companies		313,818		–		–		313,818
Investment of cash collateral from securities loaned		129,621		–		–		129,621
Total Short-Term Investments		443,439		–		–		443,439
Total Investments in Securities	$	4,516,125	$	6,851,374	$	–	$	11,367,499

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	$	5,140	$	–	$	–	$	5,140
Brazil		125,329		–		–		125,329
Chile		7,306		–		–		7,306
China		172,445		1,084,331		–		1,256,776
Colombia		4,099		–		–		4,099
Czech Republic		–		2,696		–		2,696
Greece		–		8,519		–		8,519
Hong Kong		3,655		6,432		–		10,087
Hungary		–		10,242		–		10,242
India		39,867		209,471		–		249,338
Indonesia		–		38,600		–		38,600
Malaysia		–		22,686		–		22,686
Mexico		65,935		–		–		65,935
Peru		8,817		–		–		8,817
Philippines		–		11,137		–		11,137
Poland		–		12,504		–		12,504
Qatar		–		9,119		–		9,119

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

Emerging Markets Research Enhanced Equity Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Russia	$	44,958	$	42,431	$	–	$	87,389
Saudi Arabia		17,158		40,723		–		57,881
Singapore		–		2,063		–		2,063
South Africa		18,687		92,131		–		110,818
South Korea		–		354,305		–		354,305
Taiwan		165,357		179,037		–		344,394
Tanzania, United Republic of		5,468		–		–		5,468
Thailand		14,916		20,605		–		35,521
Turkey		–		6,337		–		6,337
United Arab Emirates		–		2,973		–		2,973
Total Common Stocks		699,137		2,156,342		–		2,855,479
Short-Term Investments
Investment Companies		12,125		–		–		12,125
Investment of cash collateral from securities loaned		18,088		–		–		18,088
Total Short-Term Investments		30,213		–		–		30,213
Total Investments in Securities	$	729,350	$	2,156,342	$	–	$	2,885,692

Europe Dynamic Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	–	$	12,490	$	–	$	12,490
Austria		2,169		8,485		–		10,654
China		–		5,808		–		5,808
Denmark		7,308		11,718		–		19,026
Finland		–		9,711		–		9,711
France		–		48,541		–		48,541
Germany		3,323		59,013		–		62,336
Ireland		6,431		7,303		–		13,734
Italy		–		16,018		–		16,018
Jordan		–		4,504		–		4,504
Netherlands		–		31,137		–		31,137
Norway		–		1,656		–		1,656
Spain		–		4,739		–		4,739
Sweden		–		33,700		–		33,700
Switzerland		–		79,972		–		79,972
United Kingdom		–		75,175		–		75,175
United States		–		4,573		–		4,573
Total Common Stocks		19,231		414,543		–		433,774
Short-Term Investments
Investment Companies		2,182		–		–		2,182
Investment of cash collateral from securities loaned		2,662		–		–		2,662
Total Short-Term Investments		4,844		–		–		4,844
Total Investments in Securities	$	24,075	$	414,543	$	–	$	438,618

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

International Advantage Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	–		$	131,947	$	–	$	131,947
Austria		6,449			6,898		–		13,347
Belgium		–			23,670		–		23,670
China		–			11,847		–		11,847
Denmark		–			39,711		–		39,711
Finland		–			10,726		–		10,726
France		–			122,396		–		122,396
Germany		12,001			117,949		–		129,950
Hong Kong		–			25,545		–		25,545
Ireland		2,477			2,035		–		4,512
Israel		–			4,726		–		4,726
Italy		1,845			14,236		–		16,081
Japan		–			389,525		–		389,525
Netherlands		–			95,640		–		95,640
New Zealand		–			4,179		–		4,179
Norway		–			21,164		–		21,164
Portugal		–			1,507		–		1,507
Russia		–			6,555		–		6,555
Singapore		–			25,981		–		25,981
South Africa		–			17,675		–		17,675
Spain		–			15,251		–		15,251
Sweden		–			45,986		–		45,986
Switzerland		–			159,802		–		159,802
United Kingdom		1,302			156,513		–		157,815
United States		–			14,898		–		14,898
Total Common Stocks		24,074			1,466,362		–		1,490,436
Short-Term Investments
Investment Companies		5,325			–		–		5,325
Investment of cash collateral from securities loaned		4,401			–		–		4,401
Total Short-Term Investments		9,726			–		–		9,726
Total Investments in Securities	$	33,800		$	1,466,362	$	–	$	1,500,162
Depreciation in Other Financial Instruments
Futures Contracts	$	(237	)	$	–	$	–	$	(237	)

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	$	–	$	114,826	$	–	$	114,826
Austria		–		13,245		–		13,245
Belgium		–		18,700		–		18,700
China		–		118,669		–		118,669
Denmark		31,115		89,558		–		120,673
Finland		–		36,526		–		36,526
France		–		357,326		–		357,326
Germany		–		235,227		–		235,227
Hong Kong		–		97,037		–		97,037
India		42,069		–		–		42,069
Japan		–		583,122		–		583,122

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

International Equity Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Macau	$	–	$	18,932	$	–	$	18,932
Netherlands		–		89,880		–		89,880
Singapore		–		27,507		–		27,507
South Korea		13		45,497		–		45,510
Spain		–		89,085		–		89,085
Sweden		–		64,130		–		64,130
Switzerland		–		344,265		–		344,265
Taiwan		47,021		–		–		47,021
United Kingdom		–		385,415		–		385,415
United States		–		33,395		–		33,395
Total Common Stocks		120,218		2,762,342		–		2,882,560
Short-Term Investments
Investment Companies		40,182		–		–		40,182
Investment of cash collateral from
securities loaned		20,356		–		–		20,356
Total Short-Term Investments		60,538		–		–		60,538
Total Investments in Securities	$	180,756	$	2,762,342	$	–	$	2,943,098

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	$	–	$	55,135	$	–	$	55,135
Belgium		–		33,462		–		33,462
Canada		178,920		–		–		178,920
China		–		336,122		–		336,122
Denmark		–		60,019		–		60,019
Finland		–		46,185		–		46,185
France		–		119,814		–		119,814
Germany		–		200,016		–		200,016
Hong Kong		–		130,367		–		130,367
India		104,355		–		–		104,355
Indonesia		–		40,123		–		40,123
Japan		–		151,608		–		151,608
Netherlands		–		65,626		–		65,626
South Korea		–		92,295		–		92,295
Spain		–		86,549		–		86,549
Sweden		–		80,789		–		80,789
Switzerland		–		302,287		–		302,287
Taiwan		130,412		–		–		130,412
United Kingdom		–		498,122		–		498,122
United States		–		44,546		–		44,546
Total Common Stocks		413,687		2,343,065		–		2,756,752
Short-Term Investments
Investment Companies		41,452		–		–		41,452
Investment of cash collateral from
securities loaned		78,528		–		–		78,528
Total Short-Term Investments		119,980		–		–		119,980
Total Investments in Securities	$	533,667	$	2,343,065	$	–	$	2,876,732

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

International Hedged Equity Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	–		$	7,140	$	–	$	7,140
Austria		–			492		–		492
Belgium		–			175		–		175
China		–			904		–		904
Denmark		1,071			2,907		–		3,978
Finland		–			557		–		557
France		–			13,644		–		13,644
Germany		112			12,445		–		12,557
Hong Kong		–			2,980		–		2,980
Ireland		–			963		–		963
Italy		–			1,930		–		1,930
Japan		–			34,472		–		34,472
Luxembourg		–			214		–		214
Netherlands		–			7,011		–		7,011
Norway		–			658		–		658
Singapore		–			961		–		961
Spain		–			3,075		–		3,075
Sweden		–			2,822		–		2,822
Switzerland		–			14,174		–		14,174
United Kingdom		–			15,166		–		15,166
United States		–			566		–		566
Total Common Stocks		1,183			123,256		–		124,439
Options Purchased
Put Options Purchased		5,997			–		–		5,997
Short-Term Investments
Investment Companies		6,584			–		–		6,584
Total Investments in Securities	$	13,764		$	123,256	$	–	$	137,020
Appreciation in Other Financial Instruments
Futures Contracts	$	40		$	–	$	–	$	40
Depreciation in Other Financial Instruments
Futures Contracts	$	(165	)	$	–	$	–	$	(165	)
Options Written
Call Options Written		(231	)		–		–		(231	)
Put Options Written		(1,108	)		–		–		(1,108	)
Total Depreciation in Other Financial Instruments	$	(1,504	)	$	–	$	–	$	(1,504	)

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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	$	–	$	271,844	$	–	$	271,844
Austria		–		18,821		–		18,821
Belgium		–		6,610		–		6,610
China		–		33,877		–		33,877
Denmark		40,671		109,609		–		150,280
Finland		–		21,378		–		21,378
France		–		522,050		–		522,050
Germany		4,274		472,835		–		477,109
Hong Kong		–		110,502		–		110,502
Ireland		–		36,708		–		36,708
Italy		–		73,610		–		73,610
Japan		–		1,296,696		–		1,296,696
Luxembourg		–		8,329		–		8,329
Malta		–		–		1		1
Netherlands		–		263,057		–		263,057
Norway		–		26,829		–		26,829
Singapore		–		36,029		–		36,029
Spain		–		117,713		–		117,713
Sweden		–		107,481		–		107,481
Switzerland		–		539,090		–		539,090
United Kingdom		–		579,081		–		579,081
United States		–		21,658		–		21,658
Total Common Stocks		44,945		4,673,807		1		4,718,753
Short-Term Investments
Investment Companies		160,896		–		–		160,896
Investment of cash collateral from
securities loaned		87,575		–		–		87,575
Total Short-Term Investments		248,471		–		–		248,471
Total Investments in Securities	$	293,416	$	4,673,807	$	1	$	4,967,224
Appreciation in Other Financial Instruments
Futures Contracts	$	890	$	–	$	–	$	890

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	$	–	$	18,975	$	–	$	18,975
Austria		753		2,186		–		2,939
Belgium		–		3,880		–		3,880
Brazil		–		639		–		639
China		–		1,286		–		1,286
Denmark		911		3,482		–		4,393
Finland		316		5,561		–		5,877
France		1,126		20,199		–		21,325
Germany		1,413		24,760		–		26,173
Hong Kong		–		6,635		–		6,635
India		–		307		–		307
Ireland		–		643		–		643

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

International Value Fund (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Italy	$	–		$	6,140	$	–	$	6,140
Japan		–			64,483		–		64,483
Luxembourg		–			981		–		981
Malta		–			519		–		519
Netherlands		–			12,641		–		12,641
Norway		499			6,383		–		6,882
Portugal		–			284		–		284
Russia		–			1,232		–		1,232
Singapore		–			3,347		–		3,347
South Africa		–			1,511		–		1,511
Spain		–			5,147		–		5,147
Sweden		673			8,065		–		8,738
Switzerland		–			19,430		–		19,430
Ukraine		–			408		–		408
United Kingdom		2,745			31,737		–		34,482
United States		447			201		–		648
Total Common Stocks		8,883			251,062		–		259,945
Short-Term Investments
Investment Companies		5,627			–		–		5,627
Investment of cash collateral from
securities loaned		1,956			–		–		1,956
Total Short-Term Investments		7,583			–		–		7,583
Total Investments in Securities	$	16,466		$	251,062	$	–	$	267,528
Depreciation in Other Financial Instruments
Futures Contracts	$	(240	)	$	–	$	–	$	(240	)

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

As of October 31, 2020, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.

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

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans 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.

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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, 2020 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Emerging Markets Equity Fund	$	121,899	$	(121,899	)	$	—
Emerging Markets Research Enhanced Equity Fund		17,283		(17,283	)		—
Europe Dynamic Fund		2,626		(2,626	)		—
International Advantage Fund		4,226		(4,226	)		—
International Equity Fund		19,188		(19,188	)		—
International Focus Fund		73,681		(73,681	)		—
International Research Enhanced Equity Fund		82,369		(82,369	)		—
International Value Fund		1,527		(1,527	)		—

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

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the year ended October 31, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Emerging Markets Equity Fund	$	9
Emerging Markets Research Enhanced Equity Fund		4
Europe Dynamic Fund		3
International Advantage Fund		5
International Equity Fund		7
International Focus Fund		8
International Research Enhanced Equity Fund		11
International Value Fund		2

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, 2020.

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

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Emerging Markets Equity Fund
For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a)(b)	$	168,369	$	2,757,635	$	2,612,197	$	45		$	(34	)	$	313,818		313,630	$	1,325		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)		8,001		586,000		476,500		56	*		(13	)		117,544		117,532		310	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		5,485		584,002	$	577,410		—			—			12,077		12,077		48	*		—
Total	$	181,855	$	3,927,637	$	3,666,107	$	101		$	(47	)	$	443,439			$	1,683		$	—
Emerging Markets Research Enhanced Equity Fund
For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a)(b)	$	22,226	$	1,141,322	$	1,151,443	$	24		$	(4	)	$	12,125		12,118	$	432		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)		—		324,000		307,992		(12	)*		(1	)		15,995		15,994		118	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		2,216		269,065		269,188		—			—			2,093		2,093		30	*		—
Total	$	24,442	$	1,734,387	$	1,728,623	$	12		$	(5	)	$	30,213			$	580		$	—
Europe Dynamic Fund
For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a)(b)	$	130	$	316,896	$	314,864	$	20		$	—	(c)	$	2,182		2,180	$	113		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		—		46,000		46,011		11	*		—			—		—		23	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		286		105,157		102,781		—			—			2,662		2,662		15	*		—
Total	$	416	$	468,053	$	463,656	$	31		$	—	(c)	$	4,844			$	151		$	—

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

International Advantage Fund
For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a)(b)	$	42,366	$	621,773	$	658,778	$	(29	)	$	(7	)	$	5,325		5,322	$	350		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)		1,005		214,000		212,000		2	*		—	(c)		3,007		3,007		98	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		966		240,051		239,623		—			—			1,394		1,394		38	*		—
Total	$	44,337	$	1,075,824	$	1,110,401	$	(27	)	$	(7	)	$	9,726			$	486		$	—
International Equity Fund
For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a)(b)	$	49,197	$	809,538	$	818,519	$	(23	)	$	(11	)	$	40,182		40,159	$	426		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)		40,003		480,000		502,028		22	*		—			17,997		17,995		282	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		12,516		398,832		408,989		—			—			2,359		2,359		52	*		—
Total	$	101,716	$	1,688,370	$	1,729,536	$	(1	)	$	(11	)	$	60,538			$	760		$	—
International Focus Fund
For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a)(b)	$	48,921	$	884,436	$	891,943	$	51		$	(13	)	$	41,452		41,427	$	379		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)		55,000		589,000		573,800		36	*		—			70,236		70,229		301	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		20,853		515,856		528,417		—			—			8,292		8,292		71	*		—
Total	$	124,774	$	1,989,292	$	1,994,160	$	87		$	(13	)	$	119,980			$	751		$	—

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

International Hedged Equity Fund
For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)	$	850	$	127,625	$	121,891	$	—	(c)	$	—		$	6,584		6,584	$	19		$	—
International Research Enhanced Equity Fund
For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a)(b)	$	154,151	$	1,658,549	$	1,651,800	$	(66	)	$	62		$	160,896		160,800	$	1,646		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)		76,005		727,500		726,200		52	*		(2	)		77,355		77,348		314	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		30,261		646,729		666,770		—			—			10,220		10,220		86	*		—
Total	$	260,417	$	3,032,778	$	3,044,770	$	(14	)	$	60		$	248,471			$	2,046		$	—
International Value Fund
For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a)(b)	$	3,487	$	80,563	$	78,427	$	5		$	(1	)	$	5,627		5,623	$	67		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)		2,000		15,000		16,000		—	*(c)		—	(c)		1,000		1,000		14	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		2,026		54,520		55,590		—			—			956		956		16	*		—
Total	$	7,513	$	150,083	$	150,017	$	5		$	(1	)	$	7,583			$	97		$	—

(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, 2020.

(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).

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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

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

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

F. Options — International Hedged Equity Fund purchased and sold (“wrote”) put and call options on indices to manage and hedge equity risk within its portfolio. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

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

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

The table below discloses the volume of the Fund’s options contracts activity during the year ended October 31, 2020 (amounts in thousands, except number of contracts):

	International Hedged Equity Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		544
Average Number of Contracts Written		1,088
Ending Number of Contracts Purchased		739
Ending Number of Contracts Written		1,478

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

G. Futures Contracts — Emerging Markets Research Enhanced Equity Fund, Europe Dynamic Fund, International Advantage 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 table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 2020 (amounts in thousands):

	Emerging Markets Research Enhanced Equity Fund		Europe Dynamic Fund			International Advantage Fund		International Hedged Equity Fund		International Research Enhanced Equity Fund		International Value Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	20,178	$	6,741		$	28,639	$	4,476	$	167,146	$	7,118
Average Notional Balance Short		—		7,291	(a)		—		—		—		—
Ending Notional Balance Long		—		—			3,481		7,021		150,045		5,560

(a) For the period November 1, 2019 through November 30, 2019.

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).

H. Offering and Organization Costs — Total offering costs of approximately $48,000 and $103,000 incurred in connection with the offering of shares of Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, respectively, are amortized on a straight line basis over 12 months from the date the Funds commenced operations. Costs paid in connection with the organization of Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, if any, were recorded as an expense at the time it commenced operations. For the year ended October 31, 2020, total offering costs amortized were approximately $5,000 and $39,000 for the Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, respectively.

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 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. Certain Funds may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.

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.

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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, 2020 are as follows (amounts in thousands):

	Class A			Class C			Class I			Class L			Class R2			Class R3		Class R4			Class R5			Class R6			Total
Emerging Markets Equity Fund
Transfer agency fees	$	56		$	8		$	68		$	16		$	1		$	1	$	—	(a)	$	7		$	188		$	345
Emerging Markets Research Enhanced Equity Fund
Transfer agency fees		n/a			n/a			—	(a)		n/a			n/a			n/a		n/a			n/a			18			18
Europe Dynamic Fund
Transfer agency fees		16			2			6			—	(a)		n/a			n/a		n/a			n/a			2			26
International Advantage Fund
Transfer agency fees		18			2			1			n/a			45			n/a		n/a			n/a			9			75
International Equity Fund
Transfer agency fees		44			2			6			n/a			—	(a)		n/a		n/a			1			17			70
International Focus Fund
Transfer agency fees		11			4			11			n/a			1			n/a		n/a			2			20			49
International Hedged Equity Fund
Transfer agency fees		—	(a)		—	(a)		1			n/a			n/a			n/a		n/a			—	(a)		—	(a)		1
International Research Enhanced Equity Fund
Transfer agency fees		44			n/a			6			n/a			n/a			n/a		n/a			n/a			36			86
International Value Fund
Transfer agency fees		11			1			4			—	(a)		1			n/a		n/a			—	(a)		—	(a)		17

(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, 2020, 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.

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 gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

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

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Emerging Markets Equity Fund	$	—		$	1,559		$	(1,559	)
Emerging Markets Research Enhanced Equity Fund		—			(2,289	)		2,289
Europe Dynamic Fund		—			74			(74	)
International Advantage Fund		—			1,070			(1,070	)
International Equity Fund		—			(22	)		22
International Focus Fund		—			(1,551	)		1,551
International Hedged Equity Fund		—	(a)		57			(57	)
International Research Enhanced Equity Fund		—	(a)		(1,042	)		1,042
International Value Fund		—			75			(75	)

(a) Amount rounds to less than one thousand.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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

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 Investment Advisory Agreements, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly 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 Advantage Fund	0.50
International Equity Fund	0.50
International Focus Fund	0.60
International Hedged Equity Fund	0.25
International Research Enhanced Equity Fund	0.20
International Value Fund	0.55

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

B. Administration Fee — Pursuant to Administration Agreements, 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, 2020, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements, with the exception of Emerging Markets Equity Fund which had an effective annualized rate of 0.07%.

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

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

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

The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Emerging Markets Equity Fund		0.25	%		0.75	%		0.50	%		0.25	%
Europe Dynamic Fund		0.25			0.75			n/a			n/a
International Advantage Fund		0.25			0.75			0.50			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

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Emerging Markets Equity Fund	$	102	$	—	(a)
Europe Dynamic Fund		2		—
International Advantage Fund		1		—
International Equity Fund		101		1
International Focus Fund		28		—	(a)
International Hedged Equity Fund		1		—
International Research Enhanced Equity Fund		1		—
International Value Fund		27		—

(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 Advantage Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			n/a
International Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
International 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.

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)		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 Advantage Fund		0.95			1.45			0.70			n/a			1.25			n/a			n/a			n/a			0.50
International Equity Fund		0.95			1.45			0.70			n/a			1.25			n/a			n/a			0.60			0.50
International 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

⁽¹⁾   Effective March 1, 2020, the contractual expense limitation for Class L Shares expired. Prior to March 1, 2020, the contractual expense limitation was 0.95% for Class L Shares.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2020 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2021.

For the year ended October 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees			Total		Contractual Reimbursements
Emerging Markets Equity Fund	$	1,309	$	870	$	1,836		$	4,015	$	189
Emerging Markets Research Enhanced Equity Fund		845		564		—	(a)		1,409		5
Europe Dynamic Fund		—		—		45			45		—
International Advantage Fund		1,216		811		116			2,143		6
International Equity Fund		1,851		1,232		329			3,412		6
International Focus Fund		2,596		1,731		226			4,553		19
International Hedged Equity Fund		235		74		1			310		111
International Research Enhanced Equity Fund		1,559		1,040		802			3,401		—
International Value Fund		419		230		113			762		—	(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, 2020 were as follows (amounts in thousands):

Emerging Markets Equity Fund	$	272
Emerging Markets Research Enhanced Equity Fund		93
Europe Dynamic Fund		20
International Advantage Fund		70
International Equity Fund		90
International Focus Fund		88
International Hedged Equity Fund		7
International Research Enhanced Equity Fund		378
International Value Fund		12

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, 2020, Europe Dynamic Fund, International Advantage Fund and International Value 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.

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

4. Investment Transactions

During the year ended October 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Markets Equity Fund	$	4,070,876	$	1,264,356
Emerging Markets Research Enhanced Equity Fund		1,812,799		1,188,972
Europe Dynamic Fund		740,397		794,062
International Advantage Fund		1,187,253		1,206,602
International Equity Fund		856,205		812,958
International Focus Fund		1,142,607		1,036,859
International Hedged Equity Fund		153,610		79,815
International Research Enhanced Equity Fund		3,044,485		2,432,513
International Value Fund		181,934		229,969

During the year ended October 31, 2020, 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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity Fund	$	7,640,289	$	4,013,001	$	285,791	$	3,727,210
Emerging Markets Research Enhanced Equity Fund		2,595,505		547,829		257,642		290,187
Europe Dynamic Fund		440,045		29,782		31,209		(1,427	)
International Advantage Fund		1,459,044		168,546		127,665		40,881
International Equity Fund		2,226,130		845,017		128,049		716,968
International Focus Fund		2,519,667		459,889		102,824		357,065
International Hedged Equity Fund		138,997		7,962		11,403		(3,441	)
International Research Enhanced Equity Fund		4,990,455		552,761		575,102		(22,341	)
International Value Fund		315,132		12,010		59,854		(47,844	)

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in PFICs, mark to market of futures contracts, mark to market of options contracts and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2020 was as follows (amounts in thousands):

	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 Advantage Fund		108,042		—		108,042
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

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Markets Equity Fund	$	43,939	$	—	$	43,939
Emerging Markets Research Enhanced Equity Fund		26		—		26
Europe Dynamic Fund		16,938		—		16,938
International Advantage Fund		88,005		—		88,005
International Equity Fund		107,522		48,172		155,694
International Focus Fund		10,140		—		10,140
International Research Enhanced Equity Fund		161,060		—		161,060
International Value Fund		18,314		—		18,314

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

As of October 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Markets Equity Fund	$	19,142	$	(151,019	)	$	3,708,674
Emerging Markets Research Enhanced Equity Fund		45,314		(83,502	)		284,044
Europe Dynamic Fund		6,935		(118,860	)		(1,280	)
International Advantage Fund		34,987		(384,065	)		41,293
International Equity Fund		40,418		(110,986	)		717,466
International Focus Fund		31,621		(187,265	)		357,185
International Hedged Equity Fund		2,064		(6,681	)		(3,427	)
International Research Enhanced Equity Fund		97,350		(529,814	)		(21,619	)
International Value Fund		8,463		(84,934	)		(47,751	)

For the Funds, the cumulative timing differences primarily consist of mark to market of futures contracts, mark to market of options contracts, investments in PFICs and wash sale loss deferrals.

At October 31, 2020, the following Funds had net capital loss carryforwards as follows (amounts in thousands):

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

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

During the year ended October 31, 2020, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

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

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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, 2020. Average borrowings from the Facility during the year ended October 31, 2020, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Markets Research Enhanced Equity Fund	$	15,646		0.97	%		23	$	9
Europe Dynamic Fund		2,350		1.59			4		—	(a)
International Advantage Fund		20,534		1.87			3		4
International Equity Fund		1,817		0.83			1		—	(a)
International Focus Fund		8,828		0.83			1		—	(a)
International Hedged Equity Fund		3,784		0.79			2		—	(a)

(a) Amount rounds to less than one thousand.

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

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2020.

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

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

The Funds did not utilize the Credit Facility during the year ended October 31, 2020.

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.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

As of October 31, 2020, 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
Emerging Markets Equity Fund		—		—	%		3		35.9	%
Emerging Markets Research Enhanced Equity Fund		4		53.6			—		—
Europe Dynamic Fund		4		61.2			1		12.5
International Advantage Fund		5		74.6			—		—
International Equity Fund		2		36.4			1		12.2
International Focus Fund		4		63.4			—		—
International Hedged Equity Fund		1		35.0			4		57.2
International Research Enhanced Equity Fund		—		—			1		10.2
International Value Fund		—		—			1		74.1

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

As of October 31, 2020, the J.P. Morgan Investor Funds, the JPMorgan SmartRetirement Funds and the SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds			JPMorgan SmartRetirement Blend Funds
Emerging Markets Research Enhanced Equity Fund		—	%		60.4	%		21.1	%
Europe Dynamic Fund		54.6			—			—
International Advantage Fund		—			97.1			—
International Equity Fund		10.1			48.1			—
International Focus Fund		—			71.2			—
International Research Enhanced Equity Fund		17.2			58.5			—

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

As of October 31, 2020, 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 Advantage Fund			International Equity Fund			International Focus Fund			International Hedged Equity Fund			International Research Enhanced Equity Fund			International Value Fund
China		37.5	%		43.8	%		—	%		—	%		—	%		12.0	%		—	%		—	%		—	%
France		—			—			11.1			—			12.2			—			—			10.7			—
Germany		—			—			14.3			—			—			—			—			—			—
India		16.1			—			—			—			—			—			—			—			—
Japan		—			—			—			26.0			20.0			—			25.2			26.6			24.3
South Korea		—			12.4			—			—			—			—			—			—			—
Switzerland		—			—			18.3			10.7			11.8			10.8			10.3			11.0			—
Taiwan		10.3			12.0			—			—			—			—			—			—			—
United Kingdom		—			—			17.2			10.6			13.2			17.8			11.1			11.9			13.0

As of October 31, 2020, 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

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

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 Advantage 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 Advantage Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund) and JPMorgan International Value Fund (six 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, 2020, the related statements of operations for the year ended October 31, 2020 and the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, including the related notes (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, 2020, the results of each of their operations for the year then ended and the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan Emerging Markets Equity Fund JPMorgan Europe Dynamic Fund JPMorgan International Advantage Fund JPMorgan International Equity Fund JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund) JPMorgan International Value Fund JPMorgan International Research Enhanced Equity Fund	Statements of changes in net assets for each of the two years in the period ended October 31, 2020 and the financial highlights for each of the periods indicated therein
JPMorgan Emerging Markets Research Enhanced Equity Fund	Statement of changes in net assets and the financial highlights for the year ended October 31, 2020 and the period December 11, 2018 (commencement of operations) through October 31, 2019
JPMorgan International Hedged Equity Fund	Statement of changes in net assets and the financial highlights for the year ended October 31, 2020 and the period March 15, 2019 (commencement of operations) through October 31, 2019

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

procedures included confirmation of securities owned as of October 31, 2020 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 21, 2020

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

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

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); Chairman since 2020; Trustee of 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).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various 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).	126	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).	126	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, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	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).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

TRUSTEES

AS OF OCTOBER 31, 2020

⁽¹⁾  Mr. Marshall is retiring from the Board of Trustees effective the close of business on December 31, 2020. The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (126 funds).

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

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

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient 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.

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Executive Director and Assistant General Counsel, JPMorgan Chase. 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 since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
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. (formerly JPMorgan Funds 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. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds 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. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

   * The contact address for the officer is 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, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

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, 2020, and continued to hold your shares at the end of the reporting period, October 31, 2020.

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, 2020		Ending Account Value October 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Equity Fund
Class A
Actual	$	1,000.00	$	1,357.70	$	7.35		1.24	%
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class C
Actual		1,000.00		1,354.40		10.24		1.73
Hypothetical		1,000.00		1,016.44		8.77		1.73
Class I
Actual		1,000.00		1,359.80		5.87		0.99
Hypothetical		1,000.00		1,020.16		5.03		0.99
Class L
Actual		1,000.00		1,359.80		5.28		0.89
Hypothetical		1,000.00		1,020.66		4.52		0.89
Class R2
Actual		1,000.00		1,355.60		9.12		1.54
Hypothetical		1,000.00		1,017.39		7.81		1.54
Class R3
Actual		1,000.00		1,357.20		7.64		1.29
Hypothetical		1,000.00		1,018.65		6.55		1.29
Class R4
Actual		1,000.00		1,359.20		6.17		1.04
Hypothetical		1,000.00		1,019.91		5.28		1.04
Class R5
Actual		1,000.00		1,359.90		5.28		0.89
Hypothetical		1,000.00		1,020.66		4.52		0.89
Class R6
Actual		1,000.00		1,360.70		4.69		0.79
Hypothetical		1,000.00		1,021.17		4.01		0.79

136 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Actual	$	1,000.00	$	1,226.10	$	2.52		0.45	%
Hypothetical		1,000.00		1,022.87		2.29		0.45
Class R6
Actual		1,000.00		1,226.00		1.96		0.35
Hypothetical		1,000.00		1,023.38		1.78		0.35
JPMorgan Europe Dynamic Fund
Class A
Actual		1,000.00		1,101.30		6.55		1.24
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class C
Actual		1,000.00		1,099.00		9.18		1.74
Hypothetical		1,000.00		1,016.39		8.82		1.74
Class I
Actual		1,000.00		1,102.80		5.23		0.99
Hypothetical		1,000.00		1,020.16		5.03		0.99
Class L
Actual		1,000.00		1,103.60		4.55		0.86
Hypothetical		1,000.00		1,020.81		4.37		0.86
Class R6
Actual		1,000.00		1,104.00		4.02		0.76
Hypothetical		1,000.00		1,021.32		3.86		0.76
JPMorgan International Advantage Fund
Class A
Actual		1,000.00		1,084.50		4.93		0.94
Hypothetical		1,000.00		1,020.41		4.77		0.94
Class C
Actual		1,000.00		1,081.20	$	7.59		1.45
Hypothetical		1,000.00		1,017.85		7.35		1.45
Class I
Actual		1,000.00		1,086.00		3.67		0.70
Hypothetical		1,000.00		1,021.62		3.56		0.70
Class R2
Actual		1,000.00		1,082.60		6.54		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class R6
Actual		1,000.00		1,086.10		2.62		0.50
Hypothetical		1,000.00		1,022.62		2.54		0.50
JPMorgan International Equity Fund
Class A
Actual		1,000.00		1,122.70		5.07		0.95
Hypothetical		1,000.00		1,020.36		4.82		0.95
Class C
Actual		1,000.00		1,120.50		7.73		1.45
Hypothetical		1,000.00		1,017.85		7.35		1.45
Class I
Actual		1,000.00		1,124.10		3.74		0.70
Hypothetical		1,000.00		1,021.62		3.56		0.70
Class R2
Actual		1,000.00		1,121.00		6.66		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class R5
Actual		1,000.00		1,124.80		3.20		0.60
Hypothetical		1,000.00		1,022.12		3.05		0.60
Class R6
Actual		1,000.00		1,125.20		2.67		0.50
Hypothetical		1,000.00		1,022.62		2.54		0.50

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 137

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
Class A
Actual	$	1,000.00	$	1,156.70	$	5.42		1.00	%
Hypothetical		1,000.00		1,020.11		5.08		1.00
Class C
Actual		1,000.00		1,153.80		8.12		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50
Class I
Actual		1,000.00		1,158.30		4.07		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Class R2
Actual		1,000.00		1,154.90		7.04		1.30
Hypothetical		1,000.00		1,018.60		6.60		1.30
Class R5
Actual		1,000.00		1,159.00		3.53		0.65
Hypothetical		1,000.00		1,021.87		3.30		0.65
Class R6
Actual		1,000.00		1,159.40		2.99		0.55
Hypothetical		1,000.00		1,022.37		2.80		0.55
JPMorgan International Hedged Equity Fund
Class A
Actual		1,000.00		1,007.10		4.29		0.85
Hypothetical		1,000.00		1,020.86		4.32		0.85
Class C
Actual		1,000.00		1,005.00		6.80		1.35
Hypothetical		1,000.00		1,018.35		6.85		1.35
Class I
Actual		1,000.00		1,008.50		3.03		0.60
Hypothetical		1,000.00		1,022.12		3.05		0.60
Class R5
Actual		1,000.00		1,008.50		2.22		0.44
Hypothetical		1,000.00		1,022.92		2.24		0.44
Class R6
Actual		1,000.00		1,009.90		1.77		0.35
Hypothetical		1,000.00		1,023.38		1.78		0.35
JPMorgan International Research Enhanced Equity Fund
Class A
Actual		1,000.00		1,070.30		3.12		0.60
Hypothetical		1,000.00		1,022.12		3.05		0.60
Class I
Actual		1,000.00		1,071.40		1.77		0.34
Hypothetical		1,000.00		1,023.43		1.73		0.34
Class R6
Actual		1,000.00		1,072.40		1.25		0.24
Hypothetical		1,000.00		1,023.93		1.22		0.24
JPMorgan International Value Fund
Class A
Actual		1,000.00		1,048.80		5.15		1.00
Hypothetical		1,000.00		1,020.11		5.08		1.00
Class C
Actual		1,000.00		1,045.80		7.71		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50

138 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan International Value Fund (continued)
Class I
Actual	$	1,000.00	$	1,049.70	$	3.86		0.75	%
Hypothetical		1,000.00		1,021.37		3.81		0.75
Class L
Actual		1,000.00		1,050.00		3.35		0.65
Hypothetical		1,000.00		1,021.87		3.30		0.65
Class R2
Actual		1,000.00		1,046.20		6.69		1.30
Hypothetical		1,000.00		1,018.60		6.60		1.30
Class R5
Actual		1,000.00		1,050.30		3.35		0.65
Hypothetical		1,000.00		1,021.87		3.30		0.65
Class R6
Actual		1,000.00		1,050.20		2.83		0.55
Hypothetical		1,000.00		1,022.37		2.80		0.55

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 139

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 2020, 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 Boards’ 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, 2020.

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 management 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 analyses of the performance of the Funds as compared to the Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent

legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year including additional reporting and information provided in connection with the market volatility caused by 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.

140 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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 the Funds by the Adviser.

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and 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.

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 expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 141

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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/Chief Compliance Officer

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

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Emerging Markets Equity Fund, Europe Dynamic Fund, International Advantage Fund, International Focus Fund and International Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, 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 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 by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge 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 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, 2019. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for each of the one- and three-year periods ended December 31, 2019, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. 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 and Class R6 shares was in the third quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2019. 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.

142 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

The Trustees noted that the Europe Dynamic Fund’s performance for Class A shares was in the fifth, fourth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the fifth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that performance for Class I shares was in the fourth, fifth and fifth quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that performance for Class R6 shares was in the fifth quintile based upon the Peer Group, and in the fourth quintile based upon the Universe, for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regularly scheduled meetings over the course of the next year.

The Trustees noted that the International Advantage Fund’s performance for Class A shares was in the fourth, fourth and fifth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the fifth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class I shares was in the fifth, fifth and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the fifth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that the performance for Class R6 shares was in the fifth quintile based upon both the Peer Group and Universe for both the one- and three-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regularly scheduled meetings over the course of the next year.

The Trustees noted that the International Equity Fund’s performance for Class A shares was in the third quintile for each of the one-, three- and five-year periods ended December 31, 2019 based upon the Peer Group, and in the third, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively.

The Trustees noted that the performance for the Class I shares was in the second, third and second quintiles based upon the Peer Group, and in the third, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, third and third quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2019, respectively, and in the second, fourth and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the International Focus Fund’s performance for Class A shares was in the first, fourth and first quintiles based upon the Peer Group, and in the first, third and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the first, third and first quintiles based upon the Peer Group, and in the first, third and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the first, fourth and second quintiles based upon the Peer Group, and in the first, third and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted the performance of the International Hedged Equity Fund since its inception on March 15, 2019 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 satisfactory.

The Trustees noted that the International Research Enhanced Equity Fund’s performance for Class A shares was in the third, third and second quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that performance for Class I shares was in the third, third and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile based

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 143

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

upon the Universe for the one-year period ended December 31, 2019. 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 Value Fund’s performance for Class A shares was in the fourth, fifth and fourth quintiles based upon both the Peer Group and Universe for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the third, fourth and fourth quintiles based upon the Peer Group, and in the fourth, fifth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class R6 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, 2019. 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 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 first quintile based upon the Peer Group and both in the second quintile based upon the 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 fees were 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 fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Europe Dynamic Fund’s net advisory fee and actual total expenses for both 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, and that the actual total expenses for Class I shares were in the second quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

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

144 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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

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

The Trustees noted that the International Hedged Equity Fund’s net advisory fee and total actual expenses for both the Class A

and Class I 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 R6 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 fees were 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 fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the International Value Fund’s net advisory fee and total actual expenses for 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 fees were satisfactory in light of the services provided to the Fund.

OCTOBER 31, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 145

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2020. 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, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2020 (amounts in thousands):

	Long-Term Capital Gain Distribution
JPMorgan Emerging Markets Research Enhanced Equity Fund	$	3,082

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, 2020 (amounts in thousands):

	Qualified Dividend Income
JPMorgan Emerging Markets Equity Fund	$	66,960
JPMorgan Emerging Markets Research Enhanced Equity Fund		25,595
JPMorgan Europe Dynamic Fund		10,093
JPMorgan International Advantage Fund		51,797
JPMorgan International Equity Fund		54,253
JPMorgan International Focus Fund		14,063
JPMorgan International Hedged Equity Fund		1,623
JPMorgan International Research Enhanced Equity Fund		112,146
JPMorgan International Value Fund		9,794

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2020, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
JPMorgan Emerging Markets Equity Fund	$	108,474	$	10,520
JPMorgan Emerging Markets Research Enhanced Equity Fund		64,814		4,631
JPMorgan Europe Dynamic Fund		12,480		1,071
JPMorgan International Advantage Fund		51,695		3,503
JPMorgan International Equity Fund		65,325		3,682
JPMorgan International Focus Fund		55,594		3,530
JPMorgan International Hedged Equity Fund		2,946		254
JPMorgan International Research Enhanced Equity Fund		138,374		8,982
JPMorgan International Value Fund		12,678		780

146 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2020

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., 2020.  All rights reserved. October 2020. AN-INTEQ-1020

Annual Report

J.P. Morgan Tax Aware Funds

October 31, 2020

JPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware Real Return Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Tax Aware Equity Fund	3
JPMorgan Tax Aware Real Return Fund	5
Schedules of Portfolio Investments	9
Financial Statements	18
Financial Highlights	24
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	38
Trustees	39
Officers	42
Schedule of Shareholder Expenses	43
Board Approval of Investment Advisory Agreements	44
Tax Letter	48
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center 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 10, 2020 (Unaudited)

Dear Shareholders,

Even as the pandemic fueled deep uncertainty over the past year, global financial markets proved to be resilient with unprecedented support from central banks and broad investor optimism over advances in global efforts to end the pandemic. Over the twelve months ended October 31, 2020, equity prices in the U.S. and emerging markets generally led a broad but uneven recovery from lows reached in the first quarter of 2020. For the period, the S&P 500 Index returned 9.71%, the MSCI Emerging Markets Index returned 8.62% and the MSCI EAFE Index returned -6.46%.

  “We maintain an unwavering commitment to seeking to provide investors with innovative and timely solutions required to meet the demands and opportunities of any market environment.”
— Andrea L. Lisher

The period began with upward momentum in global equity markets but by the end of March 2020, investors responded to the emerging pandemic with a broad sell-off that fed a sharp spike in financial market volatility. The swift response of leading central banks to seek to ensure market liquidity brought

some calm to financial markets and in the following months equity prices began to recover. Though the full economic impact of the pandemic remains unknown, investors have appeared to focus on specific efforts to contain Covid-19 and the timeline for the potential availability of vaccines against the virus.

Throughout this period, J.P. Morgan Asset Management has quickly adapted to unique challenges and has continued to operate utilizing the same fundamental practices and principles that have driven our success. We maintain an unwavering commitment to seeking to provide investors with innovative and timely solutions required to meet the demands and opportunities of any market environment. 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, 2020 J.P. MORGAN TAX AWARE FUNDS 1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

While global financial markets largely entered the reporting period with support from an improving economic and trade outlook, the economic shock of the pandemic response sparked a drop in global asset prices and a spike in market volatility in the first quarter of 2020. Rapid interventions by the world’s central banks helped to calm investors and set the stage for general but uneven recovery in financial markets.

The final months of 2019 were marked by rising prices for global equity - led by U.S. markets – driven partly by gains in U.S. and European manufacturing and an initial U.S.-China agreement to lower trade barriers. Amid already low interest rates, the U.S. Federal Reserve declined to cut rates further at its December meeting.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets across the globe. Yields on developed market sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2020, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices generally fell and the price of crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity markets staged a slow and uneven rebound, led by U.S. and emerging markets.

For the twelve months ended October 31, 2020, the S&P 500 Index returned 9.71% and the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned 3.66%.

2 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		17.47%
S&P 500 Index		9.71%
Net Assets as of 10/31/2020 (In Thousands)	$	1,174,073

INVESTMENT OBJECTIVE**

The JPMorgan Tax Aware Equity Fund (the “Fund”) seeks to provide high after-tax total return from a portfolio of selected equity securities.

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended October 31, 2020.

The Fund’s overweight allocation to the media sector and its underweight allocation to the energy sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the pharmaceutical/medical technology sector and its overweight allocation to the financial services sector were leading detractors from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Amazon.com Inc., PayPal Holdings Inc. and Danaher Corp. Shares of Amazon.com, a provider of online retail shopping and related services, rose amid consumer demand for online shopping and services. Shares of PayPal, Holdings, a digital payments platform provider, rose amid increased demand for online purchasing. Shares of Danaher, a provider of medical products and services, rose amid stability in sales and investor expectations that the company would benefit from expanded Covid-19 testing and vaccine development.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Boston Scientific Corp., WEX Inc. and Alphabet Inc. Shares of Boston Scientific, a medical device manufacturer, fell amid investor expectations that a decline in elective surgeries during the pandemic would reduce the company’s sales. Shares of WEX, a provider of payment processing for commercial and government vehicle fleets, fell amid a general decline in travel during the pandemic. Shares of Alphabet, the parent company of Google, Inc., fell amid investor concern about the company’s outlook for revenue from small and mid-sized businesses impacted by the pandemic.

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 portfo-

lio managers believed to be the companies’ underlying value and potential for future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	9.1	%
	2.	Amazon.com, Inc.	8.0
	3.	Apple, Inc.	5.5
	4.	Alphabet, Inc., Class C	4.2
	5.	Mastercard, Inc., Class A	3.5
	6.	Alphabet, Inc., Class A	3.4
	7.	UnitedHealth Group, Inc.	2.8
	8.	Home Depot, Inc. (The)	2.5
	9.	PayPal Holdings, Inc.	2.5
	10.	NextEra Energy, Inc.	2.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	33.3	%
Consumer Discretionary	15.9
Communication Services	13.8
Health Care	13.3
Industrials	11.4
Financials	5.0
Consumer Staples	3.1
Utilities	2.5
Materials	1.7
Short-Term Investments	0.0	(a)

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

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

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

(a) Amount rounds to less than 0.1%.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
		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*			10.82	%		9.16	%		7.37	%		11.19	%		9.78	%		8.58	%		12.52	%		11.63	%		10.25	%
Without Sales Charge			16.96			15.20			11.06			12.40			10.97			9.57			13.13			12.23			10.80
CLASS C SHARES	March 22, 2011
With CDSC**			15.40			13.75			10.09			11.85			10.51			9.15			12.68			11.86			10.42
Without CDSC			16.40			14.75			10.68			11.85			10.51			9.15			12.68			11.86			10.42
CLASS I SHARES	January 30, 1997		17.47			15.61			11.41			12.88			11.35			9.94			13.60			12.61			11.18
CLASS R6 SHARES	October 1, 2018		17.57			15.67			11.48			12.93			11.38			9.98			13.62			12.62			11.20

* 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 (10/31/10 TO 10/31/20)

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 A, Class C and Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class A, Class C and Class R6 Shares would have been different than those shown because Class A, Class C and Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware Equity Fund and the S&P 500 Index from October 31, 2010 to October 31, 2020. 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 appli-

cable. 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.

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, 2020

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	0.82%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index	3.66%
Tax Aware Real Return Composite Benchmark**	3.78%
Net Assets as of 10/31/2020 (In Thousands)	$274,893

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

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

The Fund’s Class I Shares had a positive absolute return and underperformed both the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) and the Tax Aware Real Return Composite Benchmark for the twelve months ended October 31, 2020.

The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, detracted from absolute performance. During the reporting period, the Fund was not fully hedged and five-year inflation swaps had a positive return amid investor expectations for an acceleration in U.S. inflation due to massive fiscal and monetary stimulus in response to the pandemic.

Relative to the Benchmark, the Fund’s overweight allocation to bonds rated single-A and BBB detracted from performance as lower rated bonds generally underperformed higher quality bonds. The Fund’s underweight allocation to general obligation bonds and its overweight to leasing sector bonds also detracted from relative performance. The Fund’s bias toward higher quality bonds in industrial development revenue/pollution control revenue sector was a leading contributor to relative performance. The Fund had no allocation to the housing sector, which contributed to relative performance as housing bonds underperformed the broader municipal bond market.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security-selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its bias to high quality debt securities, as the Fund’s portfolio managers preferred higher quality issuances. The Fund’s portfolio managers also

maintained an inflation-overlay hedging strategy, using zero coupon inflation linked swaps (“inflation swaps”) to purchase protection against inflation along the yield curve.

During the reporting period, the Fund’s portfolio managers decreased the hedge ratio to 89% from 92%.

INVESTMENT APPROACH

The Fund uses inflation swaps in combination with tax-exempt municipal bonds to seek to replicate a portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers believe that matching the duration of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

PORTFOLIO COMPOSITION****
Municipal Bonds	97.5	%
Short-Term Investments	2.5

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

** The Fund’s Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

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

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

6 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
			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*				(3.20	)%		(3.23	)%		(1.11	)%		0.83	%		0.78	%		1.14	%		1.06	%		1.04	%		1.34	%
Without Sales Charge				0.57			0.53			1.15			1.61			1.56			1.75			1.45			1.42			1.65
CLASS C SHARES		August 31, 2005
With CDSC**				(0.96	)		(0.98	)		0.04			1.06			1.03			1.23			0.95			0.94			1.17
Without CDSC				0.04			0.02			0.63			1.06			1.03			1.23			0.95			0.94			1.17
CLASS I SHARES		August 31, 2005		0.82			0.78			1.39			1.86			1.80			1.99			1.71			1.68			1.90
CLASS R6 SHARES		August 16, 2013		0.92			0.88			1.49			1.96			1.94			2.13			1.78			1.77			2.00

* 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 (10/31/10 TO 10/31/20)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware Real Return Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark from October 31, 2010 to October 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has

been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable.

The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Tax Aware Real Return Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index. Investors cannot invest directly in an index.

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

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

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

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (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, 2020

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.8%
Aerospace & Defense — 0.8%
Northrop Grumman Corp.		33		9,593
Banks — 3.2%
Bank of America Corp.		653		15,484
Citigroup, Inc.		272		11,259
First Republic Bank		82		10,356
				37,099
Beverages — 1.8%
PepsiCo, Inc.		160		21,339
Biotechnology — 2.2%
AbbVie, Inc.		225		19,164
Vertex Pharmaceuticals, Inc. *		32		6,684
				25,848
Building Products — 0.7%
Allegion plc		87		8,550
Capital Markets — 1.8%
Morgan Stanley		438		21,108
Chemicals — 1.7%
Air Products and Chemicals, Inc.		25		6,768
Linde plc (United Kingdom)		61		13,433
				20,201
Commercial Services & Supplies — 1.3%
Waste Connections, Inc.		158		15,653
Electric Utilities — 2.5%
NextEra Energy, Inc.		396		28,967
Entertainment — 0.8%
Netflix, Inc. *		21		9,753
Food Products — 1.3%
Mondelez International, Inc., Class A		281		14,919
Health Care Equipment & Supplies — 4.8%
Boston Scientific Corp. *		460		15,774
Danaher Corp.		113		26,007
Zimmer Biomet Holdings, Inc.		111		14,697
				56,478
Health Care Providers & Services — 2.8%
UnitedHealth Group, Inc.		109		33,182
Hotels, Restaurants & Leisure — 1.7%
Hilton Worldwide Holdings, Inc.		83		7,262
Yum! Brands, Inc.		137		12,769
				20,031

INVESTMENTS	SHARES (000)		VALUE ($000)
Industrial Conglomerates — 2.3%
Honeywell International, Inc.		164		26,993
Interactive Media & Services — 9.5%
Alphabet, Inc., Class A *		25		40,259
Alphabet, Inc., Class C *		30		48,705
Facebook, Inc., Class A *		84		22,222
				111,186
Internet & Direct Marketing Retail — 8.5%
Amazon.com, Inc. *		31		94,060
Booking Holdings, Inc. *		3		5,598
				99,658
IT Services — 9.2%
Fidelity National Information Services, Inc.		106		13,192
Fiserv, Inc. *		121		11,561
Leidos Holdings, Inc.		83		6,864
Mastercard, Inc., Class A		141		40,638
PayPal Holdings, Inc. *		157		29,305
WEX, Inc. *		55		7,011
				108,571
Machinery — 1.7%
Stanley Black & Decker, Inc.		119		19,828
Media — 3.5%
Charter Communications, Inc., Class A *		41		24,898
Comcast Corp., Class A		370		15,632
				40,530
Pharmaceuticals — 3.4%
Bristol-Myers Squibb Co.		166		9,673
Eli Lilly and Co.		130		16,944
Merck & Co., Inc.		179		13,463
				40,080
Road & Rail — 4.6%
Norfolk Southern Corp.		118		24,708
Union Pacific Corp.		163		28,882
				53,590
Semiconductors & Semiconductor Equipment — 8.1%
Analog Devices, Inc.		77		9,079
ASML Holding NV (Registered), NYRS (Netherlands)		23		8,254
Broadcom, Inc.		59		20,751
NVIDIA Corp.		35		17,598
NXP Semiconductors NV (Netherlands)		89		12,026
Texas Instruments, Inc.		187		27,082
				94,790

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 10.5%
Microsoft Corp.		528		106,947
salesforce.com, Inc. *		68		15,804
				122,751
Specialty Retail — 5.7%
AutoZone, Inc. *		10		11,031
Home Depot, Inc. (The)		111		29,640
Lowe’s Cos., Inc.		164		25,851
				66,522
Technology Hardware, Storage & Peripherals — 5.4%
Apple, Inc.		587		63,903
Total Common Stocks (Cost $456,563)				1,171,123

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.0% (a)
Investment Companies — 0.0% (a)
JPMorgan Prime Money Market Fund Class IM Shares, 0.11% (b) (c) (Cost $123)		123		123
Total Investments — 99.8% (Cost $456,686)				1,171,246
Other Assets Less Liabilities — 0.2%				2,827
Net Assets — 100.0%				1,174,073

Percentages indicated are based on net assets.

Abbreviations

NYRS New York Registry Shares

(a)	Amount rounds to less than 0.1% of net assets.
(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, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 94.4% (a)
Alabama — 0.0% (b)
Alabama Public School and College Authority Series 2016-A, Rev., 4.00%, 6/1/2031		35		40
Alaska — 1.5%
Borough of Matanuska-Susitna, Goose Creek Correctional Center Project
Series 2016, Rev., 5.00%, 9/1/2024		15		17
Rev., 5.25%, 9/1/2029		3,490		4,086
Total Alaska				4,103
Arizona — 0.1%
City of San Luis Series A, Rev., AGM, 5.00%, 7/1/2025		50		60
County of Pima Rev., 3.00%, 7/1/2023		5		6
Pima County Regional Transportation Authority Series 2014, Rev., 5.00%, 6/1/2025		20		22
Pima County Unified School District No. 16 Catalina Foothills, School Improvement Projects Series 2018-B, GO, 5.00%, 7/1/2028		10		12
Salt River Project Agricultural Improvement & Power District, Electric System Series A, Rev., 5.00%, 1/1/2028		185		240
Town of Queen Creek, Excise Tax Series 2016, Rev., 4.00%, 8/1/2026		25		30
Rev., 5.00%, 8/1/2029		10		12
Total Arizona				382
Arkansas — 0.0% (b)
City of Springdale Public Facilities Board Hospital, Arkansas Children’s Northwest Project Series 2016, Rev., 5.00%, 3/1/2030		10		12
California — 19.5%
Briggs Elementary School District, Election of 2014 Series B, GO, 4.00%, 8/1/2030		5		6
California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038		1,000		1,130
California Infrastructure and Economic Development Bank, Bay Area Toll Bridges, First Lien Series 2003A, Rev., AGM, 5.00%, 7/1/2022 (c)		340		367
California Municipal Finance Authority, Lutheran University
Rev., 5.00%, 10/1/2029		225		267
Rev., 5.00%, 10/1/2030		225		266
Rev., 5.00%, 10/1/2031		225		265
City of Culver City, Wastewater Facilities
Series A, Rev., 4.00%, 9/1/2035		25		30

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
California — continued
City of Los Angeles, Department of Water and Power, Power System
Series A, Rev., 5.00%, 1/1/2023 (c)		15		17
Series B, Rev., 5.00%, 7/1/2031		2,100		2,388
Series A, Rev., 5.00%, 7/1/2032		2,550		3,156
Series B, Rev., 5.00%, 7/1/2032		1,925		2,186
Series D, Rev., 5.00%, 7/1/2032		3,300		3,818
Series 2019-C, Rev., 5.00%, 7/1/2034		5		7
Series A, Rev., 5.00%, 7/1/2034		710		873
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023		4,750		4,674
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds Series 2015A, Rev., 5.00%, 6/1/2034		4,950		5,769
Lompoc Valley Medical Center GO, 5.00%, 8/1/2024		15		18
Long Beach Bond Finance Authority, Natural Gas Series 2007A, Rev., 5.25%, 11/15/2021		5,000		5,234
Los Angeles Community College District, Election of 2008 Series G, GO, 4.00%, 8/1/2039		145		162
Los Angeles Department of Water and Power System
Series B, Rev., 5.00%, 7/1/2029		3,580		4,493
Series 2017A, Rev., 5.00%, 7/1/2033		5,000		6,163
Los Angeles Unified School District, Headquarters Building Projects Series B, COP, 5.00%, 10/1/2031		80		86
Sacramento Municipal Utility District Financing Authority, Cosumnes Project Rev., 5.00%, 7/1/2028		1,290		1,564
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2025		395		478
Series A, Rev., 5.00%, 7/1/2026		225		270
San Francisco City and County, Airport Commission, San Francisco International Airport Series 2019A, Rev., AMT, 5.00%, 5/1/2034		25		30
San Joaquin County Transportation Authority, Measure K Sales Tax Rev., 5.00%, 3/1/2030		2,000		2,503
South Placer Wastewater Authority Rev., 5.00%, 11/1/2024		10		12
State Center Community College District GO, 5.00%, 8/1/2022 (c)		1,000		1,083

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — Continued
California — continued
State of California, Various Purpose GO, 5.00%, 8/1/2030		5,370		6,323
Turlock Irrigation District, First Priority Rev., 5.00%, 1/1/2022		10		11
Westminster School District Series 2016, GO, 5.00%, 8/1/2030		5		6
Total California				53,655
Colorado — 0.9%
City of Aurora COP, 5.00%, 12/1/2031		15		19
City of Greeley COP, 4.00%, 12/1/2034		10		12
Denver Health and Hospital Authority, Healthcare
Series 2019-A, Rev., 4.00%, 12/1/2038		1,250		1,365
Series 2019-A, Rev., 4.00%, 12/1/2039		1,000		1,087
Pueblo County School District No. 70 Series 2014, COP, 3.30%, 1/15/2027		15		15
Total Colorado				2,498
Connecticut — 0.0% (b)
Town of Stafford GO, 3.00%, 8/1/2026		10		10
Delaware — 0.0% (b)
County of New Castle Series 2012B, GO, 5.00%, 7/15/2021		20		21
District of Columbia — 0.9%
District of Columbia
Series 2017A, GO, 5.00%, 6/1/2029		290		367
Series 2017A, GO, 5.00%, 6/1/2030		400		504
Series 2017A, GO, 5.00%, 6/1/2031		600		752
Series 2017A, GO, 5.00%, 6/1/2032		665		830
Total District of Columbia				2,453
Florida — 4.0%
Broward County, Water and Sewer Utility Series 2015B, Rev., 5.00%, 10/1/2030		5,000		6,042
JEA Electric System Series 2017B, Rev., 5.00%, 10/1/2033		4,000		4,859
Total Florida				10,901
Georgia — 1.2%
Albany-Dougherty Inner City Authority, Albany State University Projects Rev., 5.00%, 7/1/2032		2,000		2,522
Henry County, Water & Sewerage Authority Rev., 5.00%, 2/1/2029		125		132
Polk School District, Sales Tax GO, 5.00%, 3/1/2025		325		391

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Georgia — continued
State of Georgia Series 2015A, GO, 5.00%, 2/1/2025		130		156
Total Georgia				3,201
Illinois — 2.2%
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		432
Rev., 5.00%, 11/1/2029		1,000		1,140
Du Page & Will Counties Community School District No. 204 Indian Prairie Series A, GO, AGM-CR, FGIC, 6.25%, 12/30/2021		140		150
Illinois State Toll Highway Authority Series A, Rev., 5.00%, 12/1/2022		3,000		3,279
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		750		889
Total Illinois				5,996
Indiana — 2.1%
Fort Wayne Redevelopment Authority, Harrison Square Project Rev., 5.00%, 2/1/2026		1,110		1,268
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2026		4,050		4,464
Lake Ridge School Building Corp., First Mortgage Rev., 4.00%, 7/15/2028		125		138
Total Indiana				5,870
Iowa — 0.0% (b)
City of Bondurant Series 2020A, GO, 3.00%, 6/1/2029		100		113
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2032		20		24
Total Iowa				137
Louisiana — 1.4%
City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2023 (c)		1,250		1,395
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		32

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — Continued
Louisiana — continued
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project
Series 2020A, Rev., 5.00%, 5/15/2035		650		803
Series 2020A, Rev., 5.00%, 5/15/2036		775		953
Series 2020A, Rev., 5.00%, 5/15/2037		500		613
St. Tammany Parish Hospital Service District No. 1 Series 2018-A, Rev., 5.00%, 7/1/2032		15		19
State of Louisiana, State Highway Improvement Series 2013-A, Rev., 5.00%, 6/15/2023		40		45
Terrebonne Parish Recreation District No. 5 GO, 5.00%, 3/1/2027		20		25
Total Louisiana				3,903
Maryland — 0.0% (b)
County of Howard Series 2019-B, GO, 5.00%, 8/15/2027		15		19
County of Montgomery, Consolidated Public Improvements Series A, GO, 4.00%, 12/1/2033		5		6
Total Maryland				25
Massachusetts — 0.9%
Commonwealth of Massachusetts Series C, GO, AGM, 5.50%, 12/1/2022		200		221
Massachusetts Bay Transportation Authority Series 2006-A, Rev., 5.25%, 7/1/2031		1,500		2,120
Total Massachusetts				2,341
Michigan — 0.5%
Avondale School District GO, Q-SBLF, 5.00%, 11/1/2027		15		19
Eastern Michigan University, Board of Regents Series 2017A, Rev., 5.00%, 3/1/2033		1,000		1,188
Grand Rapids Public Schools, Unlimited Tax GO, AGM, 5.00%, 11/1/2029		5		7
Lakeview School District, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2028		10		12
Onekama Consolidated Schools GO, AGM, 4.00%, 5/1/2025		15		17
Watervliet Public Schools, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2025		10		12
Wayne-Westland Community Schools Series 2019, GO, Q-SBLF, 4.00%, 11/1/2031		10		12
Total Michigan				1,267
Missouri — 1.2%
City of Springfield, Public Utility Rev., 5.00%, 8/1/2022		100		108

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
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		933
Rev., 5.00%, 11/15/2027		150		190
Rev., 5.00%, 11/15/2028		500		641
Rev., 5.00%, 11/15/2029		1,000		1,294
Total Missouri				3,166
Montana — 0.0% (b)
Silver Bow County School District No. 1 GO, 5.00%, 7/1/2029		5		7
Nebraska — 1.3%
Central Plains Energy Project, Gas Project, Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2042		2,550		3,465
Nevada — 0.0% (b)
County of Clark, Nevada Improvement District No. 158 5.00%, 8/1/2034		10		12
New Jersey — 5.6%
County of Morris GO, 3.00%, 2/1/2030		20		22
New Jersey Economic Development Authority, School Facilities Construction Series PP, Rev., 5.00%, 6/15/2029		5,000		5,455
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2028		3,000		3,482
New Jersey Transportation Trust Fund Authority, Transportation Program Series 2013AA, Rev., 5.00%, 6/15/2036		2,500		2,656
New Jersey Turnpike Authority Series 2017B, Rev., 4.00%, 1/1/2035		5		6
Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation Series B, Rev., AGM, Zero Coupon, 12/1/2020		195		195
Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027		2,800		3,487
Township of Branchburg GO, 3.00%, 9/1/2028		40		44
Total New Jersey				15,347
New Mexico — 0.0% (b)
State of New Mexico Severance Tax Permanent Fund Series 2018A, Rev., 5.00%, 7/1/2022		25		27
New York — 21.2%
Battery Park City Authority Series 2019 B, Rev., 5.00%, 11/1/2039		3,010		3,870
City of New York, Fiscal Year 2018 Series 2018-1, GO, 5.00%, 8/1/2030		20		25

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — Continued
New York — continued
Corning City School District Series 2016, GO, 5.00%, 6/15/2021		15		16
County of St. Lawrence GO, AGM, 3.00%, 5/15/2034		10		11
County of Suffolk
Series B, GO, AGM, 4.00%, 10/15/2024		50		56
Series B, GO, AGM, 5.00%, 10/15/2026		25		31
East Moriches Union Free School District GO, AGM, 3.13%, 7/1/2029		25		27
Hudson Yards Infrastructure Corp., Second Indenture, Fiscal Year 2017
Series A, Rev., 5.00%, 2/15/2033		1,500		1,768
Series A, Rev., 5.00%, 2/15/2034		40		47
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		10
Metropolitan Transportation Authority
Series 2015F, Rev., 5.00%, 11/15/2025		15		16
Subseries C-1, Rev., 5.25%, 11/15/2028		5,000		5,370
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031		3,000		3,574
New York City Transitional Finance Authority Building Aid, Fiscal Year 2019 Series S-2A, Rev., 5.00%, 7/15/2032		40		50
New York Convention Center Development Corp., Subordinated Lien Series 2016B, Rev., AGM-CR, Zero Coupon, 11/15/2052		10,000		3,161
New York State Dormitory Authority
Series 2018A, Rev., 5.00%, 10/1/2030		875		1,047
Series 2018A, Rev., 5.00%, 7/1/2038		3,500		4,280
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		1,136
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		4,488
Series 2017A, Rev., 5.00%, 6/15/2028		2,000		2,557
New York State Thruway Authority
Series J, Rev., 5.00%, 1/1/2025		5		6

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York State Thruway Authority, Junior Lien Series 2016-A, Rev., 5.00%, 1/1/2025		25		29
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2017C, Rev., 5.00%, 3/15/2027		5,475		6,871
Port Authority of New York & 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		490
Sales Tax Asset Receivable Corp., Fiscal Year 2015 Series A, Rev., 5.00%, 10/15/2031		1,890		2,213
Syracuse Industrial Development Agency, School District Series 2019-A, Rev., 4.00%, 5/1/2034		10		12
Utility Debt Securitization Authority
Series 2013TE, Rev., 5.00%, 12/15/2028		4,000		4,561
Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,792
Village of Stewart Manor, Public Improvement
GO, 5.00%, 8/1/2026		20		25
GO, 4.00%, 8/1/2028		20		24
Wellsville Central School District GO, AGM, 5.00%, 6/15/2023		20		22
West Genesee Central School District Series 2013-A, GO, 3.00%, 6/15/2021		15		15
Total New York				58,172
North Carolina — 0.6%
City of Sanford, Enterprise System Rev., 5.00%, 6/1/2031		570		743
Mecklenburg County Public Facilities Corp. Rev., 5.00%, 2/1/2026		10		12
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien Rev., AGM, 5.00%, 1/1/2029		700		850
University of North Carolina at Greensboro Rev., 4.00%, 4/1/2035		10		12
Total North Carolina				1,617
Ohio — 0.5%
City of Washington Court House, Various Purpose GO, 4.00%, 12/1/2020		15		15
State of Ohio, Capital Facilities Lease Appropriation Series 2018A, Rev., 5.00%, 4/1/2028		1,020		1,323
Total Ohio				1,338

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — Continued
Oklahoma — 1.5%
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Rev., 5.00%, 10/1/2022		250		272
Rev., 5.00%, 10/1/2023		180		203
Rev., 5.00%, 10/1/2025		500		606
Rev., 5.00%, 10/1/2026		500		621
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series 2017A, Rev., 5.00%, 1/1/2038		2,000		2,360
Total Oklahoma				4,062
Oregon—1.4%
City of Portland, Second Lien Sewer System Series B, Rev., 4.00%, 10/1/2036		2,180		2,372
County of Marion GO, AMBAC, 5.50%, 6/1/2023		100		113
Linn & Benton Counties, School District No. 8J, Greater Albany GO, 5.00%, 6/15/2030		500		630
Tri-County Metropolitan Transportation District of Oregon Series 2017-A, Rev., 5.00%, 10/1/2023		50		57
Washington Counties, Hillsborough School District No. 1J GO, 5.00%, 6/15/2027		570		730
Total Oregon				3,902
Pennsylvania — 3.5%
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2027		350		394
Rev., 5.00%, 11/1/2028		450		502
Rev., 5.00%, 11/1/2029		150		166
Rev., 5.00%, 11/1/2030		150		166
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Rev., 5.00%, 6/1/2024		500		578
Rev., 5.00%, 6/1/2025		630		753
Rev., 5.00%, 6/1/2026		380		467
Rev., 5.00%, 6/1/2027		500		629
Rev., 5.00%, 6/1/2028		880		1,130
Rev., 5.00%, 6/1/2029		380		483
County of Lancaster Series 2016-A, GO, 4.00%, 5/1/2026		15		17
County of Montgomery Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2043		2,000		2,140
Fairview School District Series A, GO, 4.00%, 2/1/2028		10		11

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pennsylvania — continued
Sayre Health Care Facilities Authority, Guthrie Health Issue Rev., (ICE LIBOR USD 3 Month + 0.78%), 0.95%, 12/1/2020 (d)		2,275		2,263
Total Pennsylvania				9,699
Rhode Island — 0.0% (b)
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2016A, Rev., 5.00%, 10/1/2029		10		12
South Carolina — 0.0% (b)
City of Charleston, Waterworks & Sewer System Rev., 5.00%, 1/1/2028		15		18
Spartanburg County Tourist Public Facilities Corp.
COP, 4.00%, 4/1/2028		10		12
Total South Carolina				30
Tennessee — 3.8%
Metropolitan Government Nashville and Davidson County Health and Educational Facilities, The Blakeford at Green Hills Corp. Series 2020A, Rev., 4.00%, 11/1/2038 (e)		1,305		1,305
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (f)		8,000		9,094
Total Tennessee				10,399
Texas — 11.8%
Bexar County Hospital District GO, 4.00%, 2/15/2035		10		11
City of Houston, Airport System Subordinate Lien Series 2011B, Rev., 5.00%, 7/1/2021 (c)		3,000		3,093
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (c)		5,550		8,318
City of Houston, Public Improvement Series 2014A, GO, 5.00%, 3/1/2030		4,000		4,569
City of Portland GO, 3.00%, 8/15/2029		100		113
City of San Antonio, General Improvement GO, 5.00%, 8/1/2021 (c)		700		725
County of El Paso GO, 5.00%, 2/15/2032		1,490		1,834
Crandall Independent School District Series 2012A, GO, PSF-GTD, Zero Coupon, 8/15/2026		2,140		1,847
North Texas Tollway Authority System, First Tier
Series 2017A, Rev., 5.00%, 1/1/2026		200		219
Series 2017A, Rev., 5.00%, 1/1/2027		550		668
Series 2017A, Rev., 5.00%, 1/1/2030		360		430
Series 2017A, Rev., 5.00%, 1/1/2035		600		720

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — Continued
Texas — continued
North Texas Tollway Authority System, Second Tier
Series 2017B, Rev., 5.00%, 1/1/2026		150		164
Series 2017B, Rev., 5.00%, 1/1/2027		300		364
Series 2017B, Rev., 5.00%, 1/1/2030		400		475
San Jacinto College District, Limited Tax Series 2019-A, GO, 5.00%, 2/15/2029		120		157
Trinity River Authority, Walker-Calloway System
Rev., 5.00%, 2/1/2026		275		337
Rev., 5.00%, 2/1/2027		290		364
Rev., 5.00%, 2/1/2028		305		392
Rev., 5.00%, 2/1/2029		320		408
Rev., 5.00%, 2/1/2030		340		430
Rev., 5.00%, 2/1/2031		355		446
Tyler Independent School District GO, PSF-GTD, 5.00%, 2/15/2028		175		220
University of Texas System (The), Board of Regents, Financing System Series 2014B, Rev., 5.00%, 8/15/2026		5,000		6,268
Total Texas				32,572
Utah — 0.7%
University of Utah (The) Series 2019-A, Rev., 5.00%, 8/1/2035		500		645
Utah Infrastructure Agency Telecommunications and Franchise Tax Rev., 4.00%, 10/15/2025 (c)		250		294
Weber Basin Water Conservancy District
Series 2017B, Rev., 5.00%, 10/1/2030		250		316
Series 2017B, Rev., 5.00%, 10/1/2031		470		590
Total Utah				1,845
Virginia — 0.6%
Henrico County Economic Development Authority, Westminster Canterbury Richmond Rev., 4.00%, 10/1/2040 (e)		330		358
Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc. Series 2020A, Rev., 5.00%, 1/1/2034		1,200		1,423
Total Virginia				1,781
Washington — 5.2%
Energy Northwest Rev., 5.00%, 7/1/2026		10		12
Port of Seattle, Intermediate Lien
Series 2015B, Rev., 5.00%, 3/1/2033		3,750		4,229
Series 2015B, Rev., 5.00%, 3/1/2034		1,000		1,125

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Washington — continued
State of Washington Series R-2018C, GO, 5.00%, 8/1/2034		900		1,128
Washington Health Care Facilities Authority, Providence St. Joseph Health
Series 2018B, Rev., 5.00%, 10/1/2025		1,250		1,501
Series 2018B, Rev., 5.00%, 10/1/2026		1,500		1,840
Series 2018B, Rev., 5.00%, 10/1/2027		2,500		3,140
Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Tax-Exempt Series 2020A, Rev., 5.00%, 1/1/2041		1,415		1,423
Total Washington				14,398
Wisconsin — 0.3%
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 3.25%, 1/1/2029 (e)		860		910
Total Municipal Bonds (Cost $240,547)				259,576
	SHARES (000)
Short-Term Investments — 2.4%
Investment Companies — 2.4%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.07% (g) (h) (Cost $6,610)		6,606		6,610
Total Investments — 96.8% (Cost $247,157)				266,186
Other Assets Less Liabilities — 3.2%				8,707
NET ASSETS — 100.0%				274,893

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
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
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

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Security is prerefunded or escrowed to maturity.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2020.
(e)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

(f)	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, 2020.
(g)	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.
(h)	The rate shown is the current yield as of October 31, 2020.

Futures contracts outstanding as of October 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY	NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury Long Bond		49			12/2020	USD		8,430			(202	)
Short Contracts
U.S. Treasury 10 Year Note		(59	)		12/2020	USD		(8,149	)		74
U.S. Treasury Ultra Bond		(12	)		12/2020	USD		(2,567	)		97
											171
											(31	)

Abbreviations
USD	United States Dollar

Centrally Cleared Inflation-linked swap contracts outstanding as of October 31, 2020 (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	0.36% at termination		Receive		3/24/2025	USD	57,000		3,521
CPI-U at termination	0.57% at termination		Receive		4/1/2025	USD	12,700		649
CPI-U at termination	0.83% at termination		Receive		4/7/2025	USD	9,717		369
CPI-U at termination	1.23% at termination		Receive		3/17/2030	USD	7,438		505
CPI-U at termination	1.24% at termination		Receive		3/17/2030	USD	20,709		1,396
CPI-U at termination	1.39% at termination		Receive		6/29/2025	USD	6,376		173
CPI-U at termination	1.74% at termination		Receive		11/3/2025	USD	3,830		—
CPI-U at termination	1.75% at termination		Receive		11/2/2025	USD	14,831		8
CPI-U at termination	1.76% at termination		Receive		10/30/2025	USD	29,273		2
CPI-U at termination	1.78% at termination		Receive		10/2/2025	USD	6,459		6
CPI-U at termination	1.78% at termination		Receive		11/3/2025	USD	3,031		—
CPI-U at termination	1.86% at termination		Receive		8/10/2030	USD	1,218		26
CPI-U at termination	1.93% at termination		Receive		10/2/2030	USD	5,592		36
									6,691
CPI-U at termination	1.78% at termination		Receive		10/28/2025	USD	12,921		(10	)
CPI-U at termination	1.79% at termination		Receive		10/28/2025	USD	10,873		(14	)
CPI-U at termination	1.81% at termination		Receive		10/27/2025	USD	8,788		(20	)
CPI-U at termination	1.84% at termination		Receive		10/26/2025	USD	10,283		(41	)
CPI-U at termination	2.00% at termination		Receive		3/11/2025	USD	13,293		(269	)
									(354	)
									6,337

Abbreviations
CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar
(a)	Value of floating rate index at October 31, 2020 was 2.60%.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 17

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020

(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	$	1,171,123		$	259,576
Investments in affiliates, at value		123			6,610
Cash		827			65
Deposits at broker for futures contracts		—			87
Deposits at broker for centrally cleared swaps		—			8,763
Receivables:
Investment securities sold		1,638			—
Fund shares sold		935			35
Interest and dividends from non-affiliates		1,048			2,915
Dividends from affiliates		—	(a)		1
Total Assets		1,175,694			278,052
LIABILITIES:
Payables:
Investment securities purchased — delayed delivery securities		—			2,573
Fund shares redeemed		996			102
Variation margin on futures contracts		—			14
Variation margin on centrally cleared swaps		—			237
Accrued liabilities:
Investment advisory fees		362			32
Administration fees		75			—
Distribution fees		15			10
Service fees		70			25
Custodian and accounting fees		6			40
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)
Other		97			126
Total Liabilities		1,621			3,159
Net Assets	$	1,174,073		$	274,893

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020 (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	302,221		$	385,605
Total distributable earnings (loss)		871,852			(110,712	)
Total Net Assets	$	1,174,073		$	274,893
Net Assets:
Class A	$	29,515		$	35,094
Class C		12,499			2,859
Class I		634,799			214,709
Class R6		497,260			22,231
Total	$	1,174,073		$	274,893
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		731			3,851
Class C		314			315
Class I		15,621			23,509
Class R6		12,235			2,435
Net Asset Value (a):
Class A — Redemption price per share	$	40.37		$	9.11
Class C — Offering price per share (b)		39.86			9.09
Class I — Offering and redemption price per share		40.64			9.13
Class R6 — Offering and redemption price per share		40.64			9.13
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)]	$	42.61		$	9.46
Cost of investments in non-affiliates	$	456,563		$	240,547
Cost of investments in affiliates		123			6,610

(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, 2020 J.P. MORGAN TAX AWARE FUNDS 19

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2020

(Amounts in thousands)

	JPMorgan Tax Aware Equity Fund			JPMorgan Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	13,491
Interest income from affiliates		—	(a)		10
Dividend income from non-affiliates		16,825			—
Dividend income from affiliates		42			47
Total investment income		16,867			13,548
EXPENSES:
Investment advisory fees		4,196			1,714
Administration fees		899			367
Distribution fees:
Class A		66			91
Class C		92			44
Service fees:
Class A		66			91
Class C		31			15
Class I		1,537			805
Custodian and accounting fees		38			119
Interest expense to affiliates		—			6
Professional fees		68			111
Trustees’ and Chief Compliance Officer’s fees		29			27
Printing and mailing costs		89			8
Registration and filing fees		82			74
Transfer agency fees (See Note 2.H.)		22			9
Other		27			17
Total expenses		7,242			3,498
Less fees waived		(1,034	)		(1,044	)
Less expense reimbursements		(5	)		—
Net expenses		6,203			2,454
Net investment income (loss)		10,664			11,094
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		192,586			29,274
Investments in affiliates		(6	)		(3	)
Swaps		—			(44,134	)
Net realized gain (loss)		192,580			(14,863	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		355			(29,443	)
Investments in affiliates		—			—	(a)
Futures contracts		—			(31	)
Swaps		—			27,677
Change in net unrealized appreciation/depreciation		355			(1,797	)
Net realized/unrealized gains (losses)		192,935			(16,660	)
Change in net assets resulting from operations	$	203,599		$	(5,566	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

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, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,664		$	14,058		$	11,094		$	22,506
Net realized gain (loss)		192,580			88,126			(14,863	)		(20,583	)
Change in net unrealized appreciation/depreciation		355			66,019			(1,797	)		27,565
Change in net assets resulting from operations		203,599			168,203			(5,566	)		29,488
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,704	)		(899	)		(765	)		(838	)
Class C		(712	)		(362	)		(92	)		(260	)
Class I		(40,616	)		(43,309	)		(7,584	)		(10,392	)
Class R6		(43,866	)		(5,174	)		(3,012	)		(11,582	)
Total distributions to shareholders		(86,898	)		(49,744	)		(11,453	)		(23,072	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(217,118	)		(245,851	)		(456,922	)		(309,257	)
NET ASSETS:
Change in net assets		(100,417	)		(127,392	)		(473,941	)		(302,841	)
Beginning of period		1,274,490			1,401,882			748,834			1,051,675
End of period	$	1,174,073		$	1,274,490		$	274,893		$	748,834

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 21

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, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	7,701		$	5,356		$	10,870		$	19,087
Distributions reinvested		1,701			898			717			811
Cost of shares redeemed		(7,837	)		(8,379	)		(15,395	)		(13,239	)
Change in net assets resulting from Class A capital transactions	$	1,565		$	(2,125	)	$	(3,808	)	$	6,659
Class C
Proceeds from shares issued	$	2,778		$	1,868		$	410		$	1,028
Distributions reinvested		711			362			71			199
Cost of shares redeemed		(3,562	)		(4,064	)		(5,805	)		(11,318	)
Change in net assets resulting from Class C capital transactions	$	(73	)	$	(1,834	)	$	(5,324	)	$	(10,091	)
Class I
Proceeds from shares issued	$	172,254		$	104,970		$	77,698		$	152,860
Distributions reinvested		39,560			42,748			5,598			7,702
Cost of shares redeemed		(227,978	)		(932,134	)		(243,517	)		(189,974	)
Change in net assets resulting from Class I capital transactions	$	(16,164	)	$	(784,416	)	$	(160,221	)	$	(29,412	)
Class R6
Proceeds from shares issued	$	37,291		$	698,978		$	11,319		$	14,869
Distributions reinvested		43,746			5,168			2,990			11,527
Cost of shares redeemed		(283,483	)		(161,622	)		(301,878	)		(302,809	)
Change in net assets resulting from Class R6 capital transactions	$	(202,446	)	$	542,524		$	(287,569	)	$	(276,413	)
Total change in net assets resulting from capital transactions	$	(217,118	)	$	(245,851	)	$	(456,922	)	$	(309,257	)
SHARE TRANSACTIONS:
Class A
Issued		207			159			1,186			2,056
Reinvested		47			28			79			88
Redeemed		(219	)		(255	)		(1,722	)		(1,431	)
Change in Class A Shares		35			(68	)		(457	)		713
Class C
Issued		78			54			45			112
Reinvested		20			12			8			21
Redeemed		(96	)		(122	)		(644	)		(1,225	)
Change in Class C Shares		2			(56	)		(591	)		(1,092	)
Class I
Issued		4,986			3,100			8,488			16,503
Reinvested		1,082			1,324			615			830
Redeemed		(6,285	)		(29,095	)		(27,090	)		(20,535	)
Change in Class I Shares		(217	)		(24,671	)		(17,987	)		(3,202	)
Class R6
Issued		1,011			22,042			1,206			1,596
Reinvested		1,196			146			321			1,244
Redeemed		(7,529	)		(4,631	)		(33,179	)		(32,639	)
Change in Class R6 Shares		(5,322	)		17,557			(31,652	)		(29,799	)

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Tax Aware Equity Fund
Class A
Year Ended October 31, 2020	$	36.83	$	0.17		$	5.79		$	5.96		$	(0.18	)	$	(2.24	)	$	(2.42	)
Year Ended October 31, 2019		33.50		0.23			4.28			4.51			(0.25	)		(0.93	)		(1.18	)
Year Ended October 31, 2018		34.41		0.17			1.46			1.63			(0.18	)		(2.36	)		(2.54	)
Year Ended October 31, 2017		28.82		0.17			6.87			7.04			(0.19	)		(1.26	)		(1.45	)
Year Ended October 31, 2016		29.60		0.20			0.47			0.67			(0.22	)		(1.23	)		(1.45	)
Class C
Year Ended October 31, 2020		36.42		(0.02	)		5.74			5.72			(0.04	)		(2.24	)		(2.28	)
Year Ended October 31, 2019		33.17		0.07			4.22			4.29			(0.11	)		(0.93	)		(1.04	)
Year Ended October 31, 2018		34.13		—	(f)		1.44			1.44			(0.04	)		(2.36	)		(2.40	)
Year Ended October 31, 2017		28.62		0.01			6.83			6.84			(0.07	)		(1.26	)		(1.33	)
Year Ended October 31, 2016		29.43		0.06			0.46			0.52			(0.10	)		(1.23	)		(1.33	)
Class I
Year Ended October 31, 2020		37.05		0.32			5.84			6.16			(0.33	)		(2.24	)		(2.57	)
Year Ended October 31, 2019		33.67		0.40			4.28			4.68			(0.37	)		(0.93	)		(1.30	)
Year Ended October 31, 2018		34.57		0.32			1.45			1.77			(0.31	)		(2.36	)		(2.67	)
Year Ended October 31, 2017		28.94		0.31			6.91			7.22			(0.33	)		(1.26	)		(1.59	)
Year Ended October 31, 2016		29.70		0.34			0.46			0.80			(0.33	)		(1.23	)		(1.56	)
Class R6
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.

24 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

		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)
$	40.37		16.96	%	$	29,515		0.95	%		0.45	%		0.96	%		19	%
	36.83		13.99			25,640		0.96			0.67			0.98			14
	33.50		4.83			25,594		0.96			0.50			0.96			38
	34.41		25.25			20,140		0.99			0.53			0.99			28
	28.82		2.47			13,971		1.03			0.71			1.03			41
	39.86		16.40			12,499		1.45			(0.05	)		1.46			19
	36.42		13.42			11,345		1.44			0.19			1.46			14
	33.17		4.31			12,197		1.46			(0.01	)		1.47			38
	34.13		24.65			8,988		1.48			0.04			1.48			28
	28.62		1.95			5,729		1.52			0.21			1.52			41
	40.64		17.47			634,799		0.55			0.85			0.71			19
	37.05		14.45			586,825		0.55			1.16			0.71			14
	33.67		5.26			1,364,073		0.55			0.91			0.70			38
	34.57		25.82			1,244,869		0.55			0.99			0.65			28
	28.94		2.94			1,068,546		0.55			1.19			0.56			41
	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, 2020 J.P. MORGAN TAX AWARE FUNDS 25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period		Total return (excludes sales charge) (b)
JPMorgan Tax Aware Real Return Fund
Class A
Year Ended October 31, 2020	$	9.25	$	0.18	$	(0.13	)	$	0.05		$	(0.19	)	$	9.11		0.57	%
Year Ended October 31, 2019		9.19		0.22		0.07			0.29			(0.23	)		9.25		3.14
Year Ended October 31, 2018		9.46		0.23		(0.26	)		(0.03	)		(0.24	)		9.19		(0.36	)
Year Ended October 31, 2017		9.59		0.23		(0.13	)		0.10			(0.23	)		9.46		1.12
Year Ended October 31, 2016		9.49		0.24		0.10			0.34			(0.24	)		9.59		3.64
Class C
Year Ended October 31, 2020		9.23		0.14		(0.14	)		—	(d)		(0.14	)		9.09		0.04
Year Ended October 31, 2019		9.17		0.17		0.07			0.24			(0.18	)		9.23		2.60
Year Ended October 31, 2018		9.43		0.18		(0.25	)		(0.07	)		(0.19	)		9.17		(0.76	)
Year Ended October 31, 2017		9.57		0.19		(0.14	)		0.05			(0.19	)		9.43		0.50
Year Ended October 31, 2016		9.47		0.18		0.10			0.28			(0.18	)		9.57		2.98
Class I
Year Ended October 31, 2020		9.27		0.20		(0.13	)		0.07			(0.21	)		9.13		0.82
Year Ended October 31, 2019		9.21		0.24		0.07			0.31			(0.25	)		9.27		3.38
Year Ended October 31, 2018		9.48		0.26		(0.27	)		(0.01	)		(0.26	)		9.21		(0.10	)
Year Ended October 31, 2017		9.61		0.26		(0.13	)		0.13			(0.26	)		9.48		1.35
Year Ended October 31, 2016		9.51		0.26		0.11			0.37			(0.27	)		9.61		3.89
Class R6
Year Ended October 31, 2020		9.27		0.23		(0.15	)		0.08			(0.22	)		9.13		0.92
Year Ended October 31, 2019		9.21		0.25		0.07			0.32			(0.26	)		9.27		3.49
Year Ended October 31, 2018		9.48		0.27		(0.27	)		—	(d)		(0.27	)		9.21		0.00	(e)
Year Ended October 31, 2017		9.61		0.26		(0.12	)		0.14			(0.27	)		9.48		1.47
Year Ended October 31, 2016		9.51		0.27		0.11			0.38			(0.28	)		9.61		3.99

(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.

26 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

		Ratios/Supplemental data
		Ratios to average net assets
Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	35,094		0.75	%		1.96	%		1.01	%		12	%
	39,846		0.76			2.32			0.99			4
	33,051		0.74			2.47			0.98			30
	56,720		0.73			2.47			0.97			20
	47,268		0.75			2.50			0.98			7
	2,859		1.25			1.50			1.51			12
	8,353		1.26			1.85			1.48			4
	18,315		1.24			1.97			1.48			30
	26,545		1.23			1.98			1.49			20
	33,016		1.40			1.85			1.50			7
	214,709		0.50			2.24			0.75			12
	384,626		0.51			2.58			0.73			4
	411,760		0.49			2.72			0.73			30
	323,320		0.48			2.74			0.65			20
	1,144,534		0.50			2.75			0.57			7
	22,231		0.40			2.48			0.49			12
	316,009		0.41			2.70			0.48			4
	588,549		0.39			2.82			0.48			30
	1,112,857		0.38			2.75			0.47			20
	197,981		0.40			2.84			0.46			7

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020

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.

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

28 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

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

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

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

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

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

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

Tax Aware Equity Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,171,246		$	—		$	—	$	1,171,246
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	$	—		$	259,576		$	—	$	259,576
Short-Term Investments
Investment Companies		6,610			—			—		6,610
Total Investments in Securities	$	6,610		$	259,576		$	—	$	266,186
Appreciation in Other Financial Instruments
Futures Contracts	$	171		$	—		$	—	$	171
Swaps		—			6,691			—		6,691
Total Appreciation in Other Financial Instruments	$	171		$	6,691		$	—	$	6,862
Depreciation in Other Financial Instruments
Futures Contracts	$	(202	)	$	—		$	—	$	(202	)
Swaps		—			(354	)		—		(354	)
Total Depreciation in Other Financial Instruments	$	(202	)	$	(354	)	$	—	$	(556	)

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

B. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — Tax Aware Real Return Fund purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The 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 settlement date.

Tax Aware Real Return Fund had delayed delivery securities outstanding as of October 31, 2020, 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, 2020 are detailed on the SOI.

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 loan fees and the interest on cash collateral

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to 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, 2020.

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

Tax Aware Equity Fund

	For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.11% (a)(b)	$	1,620	$	219,832	$	221,323	$	(6	)	$	—	$	123		123	$	42	$	—

Tax Aware Real Return Fund

	For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.07% (a)(b)	$	9,622	$	381,986	$	384,995	$	(3	)	$	—	(c)	$	6,610		6,606	$	47	$	—

(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, 2020.

(c) Amount rounds to less than one thousand.

E. 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

30 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

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 table below discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2020 (amounts in thousands):

	Tax Aware Real Return Fund
Futures Contracts — Interest Rate:
Average Notional Balance Long	$	8,531	(a)
Average Notional Balance Short		10,802	(a)
Ending Notional Balance Long		8,430
Ending Notional Balance Short		10,716

(a) For the period September 1, 2020 through October 31, 2020.

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).

F. Swaps — Tax Aware Real Return Fund engaged in inflation-linked swaps to provide inflation protection within its portfolio. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on 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 may be required to post or receive collateral for OTC swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearinghouse.

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

Inflation-Linked Swaps

Tax Aware Real Return Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

The Fund also may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying rate; (ii) counterparty credit risk related to the failure, by the counterparty to the swap, to perform under the terms of the contract; (iii) liquidity risk related to the potential 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.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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

The table below discloses the volume of the Fund’s swap activity during the year ended October 31, 2020 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	414,388
Ending Notional Balance — Pays Fixed Rate		234,332

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 a Fund first learns of the dividend.

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended October 31, 2020 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class R6		Total
Tax Aware Equity Fund
Transfer agency fees	$	2	$	1		$	14	$	5	$	22
Tax Aware Real Return Fund
Transfer agency fees		1		—	(a)		4		4		9

(a) Amount rounds to less than one thousand.

I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2020, 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.

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

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

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Tax Aware Equity Fund	$	32,269	$	—	$	(32,269	)
Tax Aware Real Return Fund		255		415		(670	)

32 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

The reclassifications for the Funds relate primarily to tax equalization and investments in swaps.

K. 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 based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Tax Aware Equity Fund	0.35	%
Tax Aware Real Return Fund	0.35

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to 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, 2020, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as 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. The Class I and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C
Tax Aware Equity Fund		0.25	%		0.75	%
Tax Aware Real Return Fund		0.25			0.75

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Tax Aware Equity Fund	$	9	$	—	(a)
Tax Aware Real Return Fund		1		—

(a) Amount rounds to less than one thousand.

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

	Class A			Class C			Class I
Tax Aware Equity Fund		0.25	%		0.25	%		0.25	%
Tax Aware Real Return Fund		0.25			0.25			0.25

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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, 2020 and are in place until at least February 28, 2021.

For the year ended October 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Tax Aware Equity Fund	$	92	$	61	$	875	$	1,028	$	5
Tax Aware Real Return Fund		314		195		524		1,033		—

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, 2020 were as follows (amounts in thousands):

Tax Aware Equity Fund	$	6
Tax Aware Real Return Fund		11

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

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

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

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

4. Investment Transactions

During the year ended October 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Tax Aware Equity Fund	$	230,687	$	525,288
Tax Aware Real Return Fund		58,047		509,747

34 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

During the year ended October 31, 2020, 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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	457,880	$	716,328	$	2,962	$	713,366
Tax Aware Real Return Fund		247,125		26,295		928		25,367

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, 2020 was as follows (amounts in thousands):

	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.

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

	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	13,909	$	—	$	35,835	$	49,744
Tax Aware Real Return Fund		3		23,069		—		23,072

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

As of October 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	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	$	944		—	$	157,607		$	713,366
Tax Aware Real Return Fund		—		60		(136,069	)		25,367

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals.

As of October 31, 2020, the following Fund had net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Tax Aware Real Return Fund	$	136,069	$	—

6. Borrowings

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

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

The Funds had no borrowings outstanding from another fund at October 31, 2020. Average borrowings from the Facility during the year ended October 31, 2020, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Tax Aware Real Return Fund	$	3,258		1.83	%		5	$	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 Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2020.

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

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

The Funds did not utilize the Credit Facility during the year ended October 31, 2020.

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, 2020, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Tax Aware Equity Fund		1		51.3	%		1		27.0	%
Tax Aware Real Return Fund		1		26.5			2		43.5

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

Tax Aware Real Return Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted

36 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

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.

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.

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

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, 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, 2020 J.P. MORGAN TAX AWARE FUNDS 37

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, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, 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, 2020, 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, 2020 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, 2020 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 21, 2020

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

38 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

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); Chairman since 2020; Trustee of 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).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various 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).	126	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).	126	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, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 39

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	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).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

40 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

(1) Mr. Marshall is retiring from the Board of Trustees effective the close of business on December 31, 2020. The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (126 funds).

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

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

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient 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, 2020 J.P. MORGAN TAX AWARE FUNDS 41

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Executive Director and Assistant General Counsel, JPMorgan Chase. 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 since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
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. (formerly JPMorgan Funds 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. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds 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. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

   * The contact address for the officer is 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.

42 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

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, 2020, and continued to hold your shares at the end of the reporting period, October 31, 2020.

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, 2020		Ending Account Value October 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	1,166.80	$	5.12		0.94	%
Hypothetical		1,000.00		1,020.41		4.77		0.94
Class C
Actual		1,000.00		1,163.90		7.89		1.45
Hypothetical		1,000.00		1,017.85		7.35		1.45
Class I
Actual		1,000.00		1,169.30		3.00		0.55
Hypothetical		1,000.00		1,022.37		2.80		0.55
Class R6
Actual		1,000.00		1,169.60		2.40		0.44
Hypothetical		1,000.00		1,022.92		2.24		0.44
JPMorgan Tax Aware Real Return Fund
Class A
Actual		1,000.00		1,074.40		3.91		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Class C
Actual		1,000.00		1,071.70		6.51		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class I
Actual		1,000.00		1,075.60		2.61		0.50
Hypothetical		1,000.00		1,022.62		2.54		0.50
Class R6
Actual		1,000.00		1,077.40		2.04		0.39
Hypothetical		1,000.00		1,023.18		1.98		0.39

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, 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, 2020.

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 management 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 analyses of the performance of the Funds, as well as a risk/return assessment of the Tax Aware Real Return Fund, as compared to the Fund’s objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their

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

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year including additional reporting and information provided in connection with the market volatility caused by 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.

44 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

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 the Funds by the Adviser.

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

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and 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.

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 expense caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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’ Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, 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 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 by the Trustees’ independent consultant. For the Tax Aware Real Return Fund, the Trustees and Adviser determined that the Peer Group and/or Universe were less meaningful and the independent consultant prepared an analysis of the Fund across various risk and return metrics including tracking error, volatility, total/excess return versus various indices and customized peer groups of funds with similar portfolio objectives (as selected by the independent consultant). The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/ performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s performance for Class A shares was in the second quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the third, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2019, respectively. The Trustees noted that performance for the Class I shares was in the third, second and first quintiles based upon both the Peer Group and Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that performance for Class R6 shares was in the third quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Tax Aware Real Return Fund’s performance for Class A shares was in the fifth quintile for each of the one-, three-, and five-year periods ended December 31, 2019, based upon both the Peer Group and Universe. The Trustees noted that performance for Class I shares was in the fifth quintile based upon the Universe for the one-, three- and five-year periods ended December 31, 2019. The Trustees noted that performance for Class R6 shares was in the fifth quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2019, and in the fourth, fifth and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019,

46 J.P. MORGAN TAX AWARE FUNDS OCTOBER 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. 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 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 second and third quintiles based upon the Peer Group and Universe, respectively. 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 second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Tax Aware Real Return Fund’s net advisory fee for Class A shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon the Universe, and that the actual total expenses for Class I shares were in the fourth quintile based upon the Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were 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 fees were satisfactory in light of the services provided to the Fund.

OCTOBER 31, 2020 J.P. MORGAN TAX AWARE FUNDS 47

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2020. 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, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 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, 2020:

	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, 2020 (amounts in thousands):

	Long-Term Capital Gain
JPMorgan Tax Aware Equity Fund	$	108,295

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, 2020 (amounts in thousands):

	Qualified Dividend Income
JPMorgan Tax Aware Equity Fund	$	10,872

Tax-Exempt Income

The Fund listed below had the following percentage, or maximum allowable percentage, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2019 (amount in thousands):

	Exempt Distributions Paid
JPMorgan Tax Aware Real Return Fund		11,325

48 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2020

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., 2020.  All rights reserved. October 2020. AN-TA-1020

Annual Report

J.P. Morgan Funds

October 31, 2020

JPMorgan Global Allocation Fund

JPMorgan Income Builder Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Global Allocation Fund	3
JPMorgan Income Builder Fund	7
Schedules of Portfolio Investments	9
Financial Statements	130
Financial Highlights	138
Notes to Financial Statements	142
Report of Independent Registered Public Accounting Firm	168
Trustees	169
Officers	172
Schedule of Shareholder Expenses	173
Board Approval of Investment Advisory Agreements	175
Tax Letter	179
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center 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 10, 2020 (Unaudited)

Dear Shareholders,

Even as the pandemic fueled deep uncertainty over the past year, global financial markets proved to be resilient with unprecedented support from central banks and broad investor optimism over advances in global efforts to end the pandemic. Over the twelve months ended October 31, 2020, equity prices in the U.S. and emerging markets generally led a broad but uneven recovery from lows reached in the first quarter of 2020. For the period, the S&P 500 Index returned 9.71%, the MSCI Emerging Markets Index returned 8.62% and the MSCI EAFE Index returned -6.46%.

  “We maintain an unwavering commitment to seeking to provide investors with innovative and timely solutions required to meet the demands and opportunities of any market environment.”
— Andrea L. Lisher

The period began with upward momentum in global equity markets but by the end of March 2020, investors responded to the emerging pandemic with a broad sell-off that fed a sharp spike in financial market volatility. The swift response of leading central banks to seek to ensure market liquidity brought

some calm to financial markets and in the following months equity prices began to recover. Though the full economic impact of the pandemic remains unknown, investors have appeared to focus on specific efforts to contain Covid-19 and the timeline for the potential availability of vaccines against the virus.

Throughout this period, J.P. Morgan Asset Management has quickly adapted to unique challenges and has continued to operate utilizing the same fundamental practices and principles that have driven our success. We maintain an unwavering commitment to seeking to provide investors with innovative and timely solutions required to meet the demands and opportunities of any market environment. 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, 2020 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

While global financial markets largely entered the reporting period with support from an improving economic and trade outlook, the economic shock of the pandemic response sparked a drop in global asset prices and a spike in market volatility in the first quarter of 2020. Rapid interventions by the world’s central banks helped to calm investors and set the stage for general but uneven recovery in financial markets.

The final months of 2019 were marked by rising prices for global equity - led by U.S. markets – driven partly by gains in U.S. and European manufacturing and an initial U.S.-China agreement to lower trade barriers. Amid already low interest rates, the U.S. Federal Reserve (the “Fed”) declined to cut rates further at its December meeting.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets across the globe. Yields on developed market sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2020, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices generally fell and the price of crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity markets staged a slow and uneven rebound, led by U.S. and emerging markets. For the twelve months ended October 31, 2020, MSCI World Index returned 4.36%, the Bloomberg Barclays Global Aggregate Index returned 5.63% and the Bloomberg Barclays US Aggregate returned 6.19%.

2 J.P. MORGAN FUNDS OCTOBER 31, 2020

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	4.19%
MSCI World Index (net of foreign withholding taxes)	4.36%
Bloomberg Barclays Global Aggregate Index (Unhedged USD)	5.63%
Global Allocation Composite Benchmark	5.39%
Net Assets as of 10/31/2020 (In Thousands)	$3,629,166

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, 2020, the Fund’s Class I Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”), the Bloomberg Barclays Global Aggregate Index (Unhedged USD) and the Global Allocation Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index.

During the reporting period, the Fund’s allocation to government bonds in the U.S. and elsewhere was a leading contributor to performance relative to the Benchmark, which is an equity index and holds no bonds.

Relative to the Composite Benchmark, the Fund’s allocations to corporate and non-corporate bonds, including U.S. high yield bonds (also known as “junk bonds”) and non-agency securitized credit, were leading detractors from performance, mainly due to sharp sell-offs in those assets in March 2020.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers increased the overall equity allocation, specifically preferring emerging markets equity. Following the U.S. Federal Reserve’s commitment in February to purchase debt securities in primary and secondary markets to bolster liquidity and the continued flow of credit, the portfolio managers increased the Fund’s allocation to U.S. investment grade corporate bonds, which generally provided higher yields than government bonds. The Fund also continued to hold non-U.S. government bonds and U.S. Treasury futures.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

TOP TEN LONG HOLDINGS OF THE PORTFOLIO***
	1.	U.S. Treasury Notes, 2.50%, 1/31/2021	1.8	%
	2.	Microsoft Corp.	1.0
	3.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	1.0
	4.	Tencent Holdings Ltd. (China)	0.9
	5.	Amazon.com, Inc.	0.9
	6.	Alibaba Group Holding Ltd. (China)	0.9
	7.	Apple, Inc.	0.8
	8.	Nestle SA (Registered) (Switzerland)	0.8
	9.	Samsung Electronics Co. Ltd. (South Korea)	0.8
	10.	Alphabet, Inc., Class C	0.6

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO****
	1.	Varian Medical Systems, Inc.	19.8	%
	2.	National General Holdings Corp.	16.3
	3.	SPDR S&P 500 ETF Trust	16.0
	4.	Sirius XM Holdings, Inc.	13.7
	5.	Acacia Communications, Inc.	13.5
	6.	Walgreens Boots Alliance, Inc.	5.4
	7.	Host Hotels & Resorts, Inc.	5.0
	8.	CVS Health Corp.	3.1
	9.	Exelon Corp.	1.5
	10.	Consolidated Edison, Inc.	1.5

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	50.9	%
Corporate Bonds	26.6
Foreign Government Securities	6.9
Commercial Mortgage-Backed Securities	2.7
Collateralized Mortgage Obligations	2.3
U.S. Treasury Obligations	1.8
Asset-Backed Securities	1.1
Others (each less than 1.0%)	0.7
Short-Term Investments	7.0

SHORT POSITION PORTFOLIO COMPOSITION****
Common Stocks	84.0	%
Exchange-Traded Funds	16.0

* 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.

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN FUNDS OCTOBER 31, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 31, 2011
With Sales Charge*			(0.76	)%		4.57	%		4.98	%
Without Sales Charge			3.94			5.54			5.50
CLASS C SHARES	May 31, 2011
With CDSC**			2.39			5.02			5.05
Without CDSC			3.39			5.02			5.05
CLASS I SHARES	May 31, 2011		4.19			5.81			5.77
CLASS R2 SHARES	May 31, 2011		3.55			5.21			5.20
CLASS R3 SHARES	October 1, 2018		3.85			5.49			5.47
CLASS R4 SHARES	October 1, 2018		4.13			5.76			5.74
CLASS R5 SHARES	October 1, 2018		4.23			5.82			5.77
CLASS R6 SHARES	November 1, 2017		4.34			5.89			5.81

* Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (5/31/11 TO 10/31/20)

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

The Fund commenced operations on May 31, 2011.

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Global Allocation Fund, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays Global Aggregate Index – (Unhedged USD) and the Global Allocation Composite Benchmark from May 31, 2011 to October 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays Global Aggregate Index – (Unhedged USD) and the Global Allocation Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Global Allocation Composite Benchmark does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Global Allocation Composite Benchmark is a composite benchmark comprised of unmanaged

OCTOBER 31, 2020 J.P. MORGAN FUNDS 5

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

indexes that includes 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays Global Aggregate Index (Unhedged USD). The Bloomberg Barclays Global Aggregate Index – (Unhedged USD) provides a broad-based measure of the global investment-grade fixed income markets. Investors cannot invest directly in an index.

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

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

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

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

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, 2020

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	(0.91)%
MSCI World Index (net of foreign withholding taxes)	4.36%
Bloomberg Barclays U.S. Aggregate Index	6.19%
Income Builder Composite Benchmark	5.72%
Net Assets as of 10/31/2020 (In Thousands)	$12,069,418

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, 2020, the Fund’s Class A Shares, without a sales charge, underperformed the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index and the Income Builder Composite Benchmark (the “Composite Benchmark”), which is comprised of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Index.

The Fund’s allocations to global equity and non-government bonds were leading detractors from performance relative to the MSCI World Index, which is an equity index and holds no bonds.

Relative to the Bloomberg Barclays U.S. Aggregate Index, which primarily contains U.S. government bonds, the Fund’s allocations to U.S. high yield bonds (also known as “junk bonds”) and non-agency securitized credit detracted from performance due sharp sell-offs in those sectors in March 2020.

Relative to the Composite Index, the Fund’s higher allocations to international developed market equity and global real estate investment trusts detracted from performance. The Fund’s allocation to both corporate and non-corporate credit, including high yield and non-agency securitized credit, helped relative performance over the reporting period.

HOW WAS THE FUND POSITIONED?

From the start of 2020, the Fund’s portfolio managers reduced the Fund’s overall equity exposure but maintained a bias toward U.S. equity. In March 2020, the Fund’s managers initiated a covered call position in the form of an equity-linked note for the S&P 500 in an effort to increase Fund income amid record high volatility in U.S. equity markets. The Fund’s managers also expanded the U.S. equity allocation to the Russell 2000 Index. Following the U.S. Federal Reserve’s commitment to purchase debt securities in primary and secondary markets, the portfolio managers increased the Fund’s

allocation to U.S. investment grade corporate bonds, which generally provided higher yields than government bonds during the reporting period. The Fund also continued to hold non-U.S. government bonds and U.S. Treasury futures.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	UBS AG, ELN, 7.00%, 11/20/2020, (linked to Russell 2000 Index)	2.1	%
	2.	Goldman Sachs International, ELN, 8.00%, 12/11/2020, (linked to Russell 2000 Index)	2.1
	3.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	0.7
	4.	Prologis, Inc., REIT.	0.6
	5.	Texas Instruments, Inc.	0.5
	6.	Verizon Communications, Inc.	0.5
	7.	Bristol-Myers Squibb Co.	0.5
	8.	Roche Holding AG (Switzerland)	0.5
	9.	Coca-Cola Co. (The)	0.5
	10.	Merck & Co., Inc.	0.4

PORTFOLIO COMPOSITION***
Corporate Bonds	38.1	%
Common Stocks	32.7
Collateralized Mortgage Obligations	6.1
Equity-Linked Notes	4.2
Asset-Backed Securities	3.5
Commercial Mortgage-Backed Securities	2.3
Loan Assignments	2.3
Convertible Bonds	1.6
Foreign Government Securities	1.5
Others (each less than 1.0%)	2.1
Short-Term Investments	5.6

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

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

*** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2007
With Sales Charge*			(5.40	)%		3.71	%		4.95	%
Without Sales Charge			(0.91	)		4.67			5.43
CLASS C SHARES	May 31, 2007
With CDSC**			(2.42	)		4.15			5.01
Without CDSC			(1.42	)		4.15			5.01
CLASS I SHARES	May 31, 2007		(0.76	)		4.81			5.59
CLASS R6 SHARES	November 1, 2017		(0.68	)		4.87			5.62

* 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 (10/31/10 TO 10/31/20)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Income Builder Fund, the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index and the Income Builder Composite Benchmark from October 31, 2010 to October 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI World Index (net of foreign withholding taxes), the Bloomberg Barclays U.S. Aggregate Index and the Income Builder Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index (net of foreign withholding taxes) assumes the dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents

securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Income Builder Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Index. Investors cannot invest directly in an index.

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

8 J.P. MORGAN FUNDS OCTOBER 31, 2020

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 101.5%
Common Stocks — 51.6%
Australia — 1.0%
Afterpay Ltd. *		6		404
AGL Energy Ltd.		18		155
AMP Ltd.		95		102
Ampol Ltd.		7		125
APA Group		33		242
Aristocrat Leisure Ltd.		16		321
ASX Ltd.		5		300
Aurizon Holdings Ltd.		54		143
AusNet Services		52		72
Australia & New Zealand Banking Group Ltd.		79		1,045
BHP Group Ltd.		82		1,961
BHP Group plc		341		6,604
BlueScope Steel Ltd.		14		144
Brambles Ltd.		43		288
CIMIC Group Ltd. *		3		41
Coca-Cola Amatil Ltd.		14		123
Cochlear Ltd.		2		272
Coles Group Ltd.		37		463
Commonwealth Bank of Australia		49		2,386
Computershare Ltd.		13		115
Crown Resorts Ltd.		10		60
CSL Ltd.		13		2,552
Dexus, REIT		30		183
Evolution Mining Ltd.		45		176
Fortescue Metals Group Ltd.		47		575
Glencore plc *		277		560
Goodman Group, REIT		46		591
GPT Group (The), REIT		54		153
Insurance Australia Group Ltd.		64		215
LendLease Corp. Ltd.		18		154
Macquarie Group Ltd.		9		833
Magellan Financial Group Ltd.		4		137
Medibank Pvt Ltd.		76		143
Mirvac Group, REIT		109		162
National Australia Bank Ltd.		89		1,161
Newcrest Mining Ltd.		22		465
Northern Star Resources Ltd.		21		217
Oil Search Ltd.		617		1,114
Orica Ltd.		11		120
Origin Energy Ltd.		49		138
Qantas Airways Ltd.		25		74
QBE Insurance Group Ltd.		41		236
Ramsay Health Care Ltd.		5		223

INVESTMENTS	SHARES (000)		VALUE ($000)
Australia — continued
REA Group Ltd.		1		121
Rio Tinto Ltd.		10		671
Rio Tinto plc		93		5,280
Santos Ltd.		49		163
Scentre Group, REIT		145		214
SEEK Ltd.		9		140
Sonic Healthcare Ltd.		12		306
South32 Ltd.		135		193
Stockland, REIT		66		178
Suncorp Group Ltd.		35		201
Sydney Airport		37		140
Tabcorp Holdings Ltd.		67		154
Telstra Corp. Ltd.		115		217
TPG Telecom Ltd. *		10		52
Transurban Group		76		719
Treasury Wine Estates Ltd.		20		128
Vicinity Centres, REIT		107		91
Washington H Soul Pattinson & Co. Ltd. (a)		3		55
Wesfarmers Ltd.		31		1,019
Westpac Banking Corp.		100		1,269
WiseTech Global Ltd.		4		83
Woodside Petroleum Ltd.		26		327
Woolworths Group Ltd.		35		943
				38,212
Austria — 0.2%
ams AG *		30		647
ANDRITZ AG		2		68
BAWAG Group AG (b)		15		550
Erste Group Bank AG		199		4,094
OMV AG		4		95
Raiffeisen Bank International AG *		4		59
Verbund AG (a)		2		109
voestalpine AG		3		89
Wienerberger AG		13		339
				6,050
Belgium — 0.2%
Ageas SA		5		199
Anheuser-Busch InBev SA/NV (a)		21		1,094
Elia Group SA/NV		1		83
Etablissements Franz Colruyt NV		2		91
Galapagos NV *		1		138
Groupe Bruxelles Lambert SA		3		262

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Belgium — continued
KBC Group NV		74			3,655
Proximus SADP		4			82
Sofina SA		—	(c)		111
Solvay SA		2			166
Telenet Group Holding NV		1			49
UCB SA		3			345
Umicore SA		5			210
					6,485
Brazil — 0.2%
Gerdau SA, ADR		341			1,299
Itau Unibanco Holding SA (Preference)		338			1,385
Localiza Rent a Car SA *		137			1,453
Lojas Renner SA *		367			2,399
Magazine Luiza SA		285			1,220
Raia Drogasil SA		284			1,195
Yara International ASA		5			172
					9,123
Canada — 0.6%
Advanz Pharma Corp. Ltd. *		17			83
Alimentation Couche-Tard, Inc., Class B		139			4,274
Canadian National Railway Co.		53			5,312
Canadian Pacific Railway Ltd. (a)		17			5,030
Canadian Pacific Railway Ltd.		3			987
Fairfax Financial Holdings Ltd.		4			931
Toronto-Dominion Bank (The)		93			4,118
					20,735
Chile — 0.0% (d)
Antofagasta plc		11			145
China — 4.8%
51job, Inc., ADR *		25			1,785
Alibaba Group Holding Ltd. *		950			36,002
Alibaba Group Holding Ltd., ADR *		29			8,804
Ant Group Co. Ltd., Class H * (b)		48			495
BeiGene Ltd., ADR * (a)		1			332
BOC Hong Kong Holdings Ltd.		102			283
BOE Technology Group Co. Ltd., Class A		2,299			1,629
Budweiser Brewing Co. APAC Ltd. (b)		670			1,975
China Gas Holdings Ltd.		526			1,617
China Lesso Group Holdings Ltd.		1,189			1,928
China Merchants Bank Co. Ltd., Class H		783			4,079
China Mobile Ltd.		269			1,642

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
China Oilfield Services Ltd., Class H		2,172		1,312
China Pacific Insurance Group Co. Ltd., Class H		383		1,199
China Vanke Co. Ltd., Class H		385		1,194
CNOOC Ltd.		3,563		3,260
Foshan Haitian Flavouring & Food Co. Ltd., Class A		53		1,267
Haidilao International Holding Ltd. (b)		241		1,596
Hangzhou Tigermed Consulting Co. Ltd., Class H * (b)		76		1,227
Huazhu Group Ltd. *		26		1,116
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		197		1,170
JD.com, Inc., ADR *		24		1,958
JD.com, Inc., Class A *		48		1,966
Jiangsu Hengrui Medicine Co. Ltd., Class A		167		2,224
Kingdee International Software Group Co. Ltd. *		846		2,234
Kingsoft Corp. Ltd.		391		2,103
Kunlun Energy Co. Ltd.		1,328		860
Kweichow Moutai Co. Ltd., Class A		9		2,132
Longfor Group Holdings Ltd. (b)		214		1,170
Luxshare Precision Industry Co. Ltd., Class A		145		1,189
Meituan Dianping, Class B * (b)		187		6,971
Microport Scientific Corp.		20		71
NetEase, Inc., ADR		25		2,175
New Oriental Education & Technology Group, Inc., ADR *		10		1,616
Ping An Bank Co. Ltd., Class A		1,307		3,471
Ping An Insurance Group Co. of China Ltd., Class H		1,411		14,589
Prosus NV *		23		2,278
Shanghai Liangxin Electrical Co. Ltd., Class A		289		1,174
Shenzhou International Group Holdings Ltd.		79		1,376
Silergy Corp.		20		1,233
Sunny Optical Technology Group Co. Ltd.		100		1,662
Suofeiya Home Collection Co. Ltd., Class A		561		2,369
Tencent Holdings Ltd.		455		34,780
Wanhua Chemical Group Co. Ltd., Class A		109		1,281
Wilmar International Ltd.		53		158
Wuxi Biologics Cayman, Inc. * (b)		166		4,662
Yangzijiang Shipbuilding Holdings Ltd.		71		48
Yum China Holdings, Inc.		25		1,345
Zai Lab Ltd. *		14		1,123
Zhejiang Chint Electrics Co. Ltd., Class A		269		1,182
				173,312

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Denmark — 0.8%
Ambu A/S, Class B		5			137
AP Moller — Maersk A/S, Class A		—	(c)		133
AP Moller — Maersk A/S, Class B		1			917
Carlsberg A/S, Class B		28			3,504
Chr Hansen Holding A/S (a)		3			294
Coloplast A/S, Class B		3			481
Danske Bank A/S * (a)		19			254
Demant A/S * (a)		3			96
DSV Panalpina A/S		6			937
Genmab A/S *		2			605
GN Store Nord A/S		4			255
H Lundbeck A/S (a)		2			54
Novo Nordisk A/S, Class B		207			13,222
Novozymes A/S, Class B		6			348
Orsted A/S (b)		30			4,726
Pandora A/S		7			549
Royal Unibrew A/S		4			350
Tryg A/S		3			93
Vestas Wind Systems A/S (a)		9			1,464
					28,419
Finland — 0.3%
Cargotec OYJ, Class B		15			513
Elisa OYJ		4			193
Fortum OYJ		12			232
Kone OYJ, Class B		70			5,563
Neste OYJ		32			1,649
Nokia OYJ *		157			529
Nordea Bank Abp		90			675
Orion OYJ, Class B		3			124
Sampo OYJ, Class A		13			493
Stora Enso OYJ, Class R		16			236
UPM-Kymmene OYJ		15			419
Wartsila OYJ Abp		12			98
					10,724
France — 2.5%
Accor SA *		5			134
Adevinta ASA *		7			103
Aeroports de Paris		1			80
Air Liquide SA		13			1,922
Airbus SE * (a)		62			4,513
Alstom SA *		60			2,674
Amundi SA * (b)		2			110

INVESTMENTS	SHARES (000)			VALUE ($000)
France — continued
Arkema SA		2			188
Atos SE *		3			186
AXA SA		54			862
BioMerieux (a)		1			171
BNP Paribas SA *		113			3,926
Bollore SA		24			88
Bouygues SA		6			208
Bureau Veritas SA *		8			179
Capgemini SE		50			5,738
Carrefour SA		17			261
Cie de Saint-Gobain *		14			560
Cie Generale des Etablissements Michelin SCA		5			509
CNP Assurances *		5			54
Covivio, REIT		1			86
Credit Agricole SA *		101			797
Danone SA		17			951
Dassault Aviation SA * (a)		—	(c)		59
Dassault Systemes SE		4			626
Edenred		7			315
Eiffage SA *		7			526
Electricite de France SA		17			200
Engie SA *		51			613
EssilorLuxottica SA *		8			975
Eurazeo SE *		1			49
Faurecia SE *		2			80
Gecina SA, REIT		1			158
Getlink SE * (a)		12			164
Hermes International (a)		1			819
ICADE, REIT (a)		1			42
Iliad SA		—	(c)		79
Ipsen SA		1			95
JCDecaux SA *		2			36
Kering SA		2			1,271
Klepierre SA, REIT (a)		5			69
La Francaise des Jeux SAEM (b)		22			823
Legrand SA		7			548
L’Oreal SA		7			2,258
LVMH Moet Hennessy Louis Vuitton SE		34			15,712
Natixis SA *		26			61
Orange SA		55			622
Orpea * (a)		1			143
Pernod Ricard SA		6			950
Peugeot SA *		47			842

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
France — continued
Publicis Groupe SA		16		567
Remy Cointreau SA		1		105
Renault SA *		5		132
Safran SA *		59		6,217
Sanofi		46		4,132
Sartorius Stedim Biotech (a)		1		291
Schneider Electric SE		127		15,429
SCOR SE *		4		106
SEB SA		1		102
Societe Generale SA *		23		306
Sodexo SA		2		158
Suez SA		10		176
Teleperformance		2		490
Thales SA (a)		3		193
TOTAL SE		69		2,079
Ubisoft Entertainment SA * (a)		3		223
Unibail-Rodamco-Westfield, REIT (a)		4		156
Valeo SA		6		192
Veolia Environnement SA		15		278
Vinci SA		54		4,295
Vivendi SA		23		665
Wendel SE (a)		1		64
Worldline SA * (b)		7		490
				89,281
Germany — 2.1%
adidas AG *		20		5,985
Allianz SE (Registered)		74		13,107
Aroundtown SA *		28		132
BASF SE		25		1,396
Bayer AG (Registered)		27		1,282
Bayerische Motoren Werke AG		9		628
Bayerische Motoren Werke AG (Preference)		2		81
Beiersdorf AG		3		292
Brenntag AG		4		273
Carl Zeiss Meditec AG		1		144
Commerzbank AG *		28		131
Continental AG		3		323
Covestro AG (b)		5		242
Daimler AG (Registered)		40		2,052
Delivery Hero SE * (b)		58		6,623
Deutsche Bank AG (Registered) * (a)		55		504
Deutsche Boerse AG		5		777
Deutsche Lufthansa AG (Registered) * (a)		8		71

INVESTMENTS	SHARES (000)		VALUE ($000)
Germany — continued
Deutsche Post AG (Registered)		58		2,575
Deutsche Telekom AG (Registered)		183		2,778
Deutsche Wohnen SE		9		477
DWS Group GmbH & Co. KGaA * (b)		15		520
E.ON SE		62		649
Evonik Industries AG		6		140
Fraport AG Frankfurt Airport Services Worldwide * (a)		1		42
Fresenius Medical Care AG & Co. KGaA		6		450
Fresenius SE & Co. KGaA		12		431
FUCHS PETROLUB SE (Preference)		2		99
GEA Group AG		25		846
Hannover Rueck SE		2		242
HeidelbergCement AG		4		235
Henkel AG & Co. KGaA		3		259
Henkel AG & Co. KGaA (Preference)		5		479
HOCHTIEF AG		1		50
Infineon Technologies AG		35		967
Just Eat Takeaway.com NV * (b)		4		390
KION Group AG		2		140
Knorr-Bremse AG		2		233
LANXESS AG		2		116
LEG Immobilien AG		2		258
Merck KGaA		4		532
METRO AG		5		49
MTU Aero Engines AG (a)		1		251
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		4		935
Nemetschek SE		2		116
Porsche Automobil Holding SE (Preference)		4		227
Puma SE * (a)		3		238
RWE AG		68		2,525
SAP SE		80		8,536
Sartorius AG (Preference)		1		418
Schaeffler AG (Preference)		75		457
Scout24 AG (b)		3		243
Siemens AG (Registered)		28		3,264
Siemens Energy AG *		11		233
Siemens Healthineers AG (b)		7		320
Softwareone Holding AG *		18		449
Symrise AG		4		439
TeamViewer AG * (b)		4		183
Telefonica Deutschland Holding AG		29		73

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Germany — continued
thyssenkrupp AG * (a)		11		53
Uniper SE		6		167
United Internet AG (Registered)		3		104
Volkswagen AG		1		140
Volkswagen AG (Preference)		28		4,017
Vonovia SE		84		5,378
Zalando SE * (b)		13		1,245
				77,011
Hong Kong — 0.8%
AIA Group Ltd.		1,598		15,207
ASM Pacific Technology Ltd.		8		85
Bank of East Asia Ltd. (The)		36		65
CK Asset Holdings Ltd.		72		334
CK Infrastructure Holdings Ltd.		19		87
CLP Holdings Ltd.		46		424
Dairy Farm International Holdings Ltd.		9		35
Hang Lung Properties Ltd.		55		134
Hang Seng Bank Ltd.		21		328
Henderson Land Development Co. Ltd.		41		145
HK Electric Investments & HK Electric Investments Ltd. (b)		73		74
HKT Trust & HKT Ltd.		104		134
Hong Kong & China Gas Co. Ltd.		295		426
Hong Kong Exchanges & Clearing Ltd.		118		5,645
Hongkong Land Holdings Ltd.		32		119
Jardine Matheson Holdings Ltd.		6		270
Jardine Strategic Holdings Ltd.		6		134
Kerry Properties Ltd.		19		45
Link, REIT		57		437
Melco Resorts & Entertainment Ltd., ADR		6		97
MTR Corp. Ltd.		43		211
New World Development Co. Ltd.		44		208
PCCW Ltd.		117		70
Power Assets Holdings Ltd.		39		201
Sino Land Co. Ltd.		86		102
Sun Hung Kai Properties Ltd.		37		470
Swire Pacific Ltd., Class A		15		66
Swire Properties Ltd.		32		86
Techtronic Industries Co. Ltd.		219		2,943
Vitasoy International Holdings Ltd.		364		1,472
WH Group Ltd. (b)		265		209
Wharf Real Estate Investment Co. Ltd.		48		185
				30,448

INVESTMENTS	SHARES (000)			VALUE ($000)
Hungary — 0.0% (d)
OTP Bank Nyrt. *		42			1,314
India — 0.6%
HDFC Bank Ltd., ADR *		315			18,072
ICICI Bank Ltd., ADR *		255			2,686
					20,758
Indonesia — 0.2%
Bank Central Asia Tbk. PT		3,727			7,333
Telekomunikasi Indonesia Persero Tbk. PT		5,713			1,011
					8,344
Ireland — 0.2%
AerCap Holdings NV *		4			90
CRH plc		22			763
Flutter Entertainment plc		4			749
Kerry Group plc, Class A		4			474
Kerry Group plc, Class A		—	(c)		54
Kingspan Group plc		4			334
Kingspan Group plc		—	(c)		38
Ryanair Holdings plc, ADR *		40			3,190
Smurfit Kappa Group plc		6			237
					5,929
Israel — 0.1%
Azrieli Group Ltd.		1			55
Bank Hapoalim BM *		31			183
Bank Leumi Le-Israel BM		41			191
Check Point Software Technologies Ltd. *		3			366
Elbit Systems Ltd.		1			83
ICL Group Ltd.		19			71
Isracard Ltd.		—	(c)		—	(c)
Israel Discount Bank Ltd., Class A		32			90
Mizrahi Tefahot Bank Ltd.		4			76
Nice Ltd. *		2			394
Teva Pharmaceutical Industries Ltd., ADR *		30			265
Wix.com Ltd. *		1			353
					2,127
Italy — 0.3%
Assicurazioni Generali SpA		31			411
Atlantia SpA * (a)		14			210
Davide Campari-Milano NV (a)		16			168
DiaSorin SpA		1			153
Enel SpA		379			3,015
Eni SpA		71			495

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Italy — continued
Falck Renewables SpA (a)		56		305
Ferrari NV		4		624
FinecoBank Banca Fineco SpA *		17		232
Infrastrutture Wireless Italiane SpA (a) (b)		7		72
Intesa Sanpaolo SpA *		879		1,459
Leonardo SpA (a)		11		53
Mediobanca Banca di Credito Finanziario SpA		17		122
Moncler SpA *		5		215
Nexi SpA * (b)		12		188
Pirelli & C SpA * (b)		11		46
Poste Italiane SpA (b)		51		418
Prysmian SpA		7		182
Recordati Industria Chimica e Farmaceutica SpA		3		150
Snam SpA		56		275
Telecom Italia SpA		231		78
Telecom Italia SpA (Savings)		167		61
Terna Rete Elettrica Nazionale SpA		39		264
UniCredit SpA *		59		442
				9,638
Japan — 3.2%
ABC-Mart, Inc.		1		51
Acom Co. Ltd.		11		49
Advantest Corp.		6		324
Aeon Co. Ltd.		18		462
Aeon Mall Co. Ltd.		3		44
AGC, Inc.		5		169
Air Water, Inc.		5		71
Aisin Seiki Co. Ltd.		5		136
Ajinomoto Co., Inc.		13		261
Alfresa Holdings Corp.		5		93
Amada Co. Ltd.		9		80
ANA Holdings, Inc.		3		70
Aozora Bank Ltd.		3		53
Asahi Group Holdings Ltd.		13		387
Asahi Intecc Co. Ltd.		5		167
Asahi Kasei Corp.		35		301
Astellas Pharma, Inc.		52		706
Bandai Namco Holdings, Inc.		5		404
Bank of Kyoto Ltd. (The)		2		71
Benesse Holdings, Inc.		2		47
Bridgestone Corp.		15		486
Brother Industries Ltd.		6		96
Calbee, Inc.		2		74

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Canon, Inc.		28			482
Casio Computer Co. Ltd.		5			81
Central Japan Railway Co.		4			484
Chiba Bank Ltd. (The)		15			75
Chubu Electric Power Co., Inc.		18			200
Chugai Pharmaceutical Co. Ltd.		19			718
Chugoku Electric Power Co., Inc. (The)		8			102
Coca-Cola Bottlers Japan Holdings, Inc.		3			48
Concordia Financial Group Ltd.		29			97
Cosmos Pharmaceutical Corp.		1			102
CyberAgent, Inc.		3			176
Dai Nippon Printing Co. Ltd.		7			127
Daicel Corp.		7			49
Daifuku Co. Ltd.		3			299
Dai-ichi Life Holdings, Inc.		30			445
Daiichi Sankyo Co. Ltd.		47			1,243
Daikin Industries Ltd.		7			1,272
Daito Trust Construction Co. Ltd.		2			164
Daiwa House Industry Co. Ltd.		16			412
Daiwa House REIT Investment Corp., REIT		—	(c)		125
Daiwa Securities Group, Inc.		40			162
Denso Corp.		12			559
Dentsu Group, Inc.		6			170
Disco Corp.		1			216
East Japan Railway Co.		8			434
Eisai Co. Ltd.		7			552
Electric Power Development Co. Ltd.		4			50
ENEOS Holdings, Inc.		85			286
FamilyMart Co. Ltd.		5			110
FANUC Corp.		5			1,141
Fast Retailing Co. Ltd.		2			1,116
Fuji Electric Co. Ltd.		4			109
FUJIFILM Holdings Corp.		10			510
Fujitsu Ltd.		6			651
Fukuoka Financial Group, Inc.		5			79
GLP J-REIT, REIT		—	(c)		154
GMO Payment Gateway, Inc.		1			147
Hakuhodo DY Holdings, Inc.		6			82
Hamamatsu Photonics KK		4			191
Hankyu Hanshin Holdings, Inc.		6			195
Hikari Tsushin, Inc.		1			164
Hino Motors Ltd.		8			61
Hirose Electric Co. Ltd.		1			154

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Hisamitsu Pharmaceutical Co., Inc.		1			67
Hitachi Construction Machinery Co. Ltd.		3			72
Hitachi Ltd.		27			907
Hitachi Metals Ltd.		6			80
Honda Motor Co. Ltd.		45			1,071
Hoshizaki Corp.		1			112
Hoya Corp.		11			1,185
Hulic Co. Ltd.		8			77
Idemitsu Kosan Co. Ltd.		5			109
Iida Group Holdings Co. Ltd.		4			72
Inpex Corp.		28			135
Isetan Mitsukoshi Holdings Ltd.		9			45
Isuzu Motors Ltd.		15			124
Ito En Ltd.		2			95
ITOCHU Corp.		37			896
Itochu Techno-Solutions Corp.		3			92
Japan Airlines Co. Ltd.		3			54
Japan Airport Terminal Co. Ltd.		1			61
Japan Exchange Group, Inc.		14			342
Japan Post Bank Co. Ltd.		11			89
Japan Post Holdings Co. Ltd.		44			299
Japan Post Insurance Co. Ltd.		6			100
Japan Prime Realty Investment Corp., REIT		—	(c)		59
Japan Real Estate Investment Corp., REIT		—	(c)		181
Japan Retail Fund Investment Corp., REIT		—	(c)		104
Japan Tobacco, Inc.		33			625
JFE Holdings, Inc.		14			95
JGC Holdings Corp.		6			50
JSR Corp.		6			127
JTEKT Corp.		6			45
Kajima Corp.		13			134
Kakaku.com, Inc.		4			100
Kamigumi Co. Ltd.		2			43
Kansai Electric Power Co., Inc. (The)		20			178
Kansai Paint Co. Ltd.		5			126
Kao Corp.		14			961
Kawasaki Heavy Industries Ltd.		4			48
KDDI Corp.		45			1,220
Keihan Holdings Co. Ltd.		3			99
Keikyu Corp.		6			87
Keio Corp.		3			163
Keisei Electric Railway Co. Ltd.		4			98
Keyence Corp.		17			7,760

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Kikkoman Corp.		4		194
Kintetsu Group Holdings Co. Ltd.		5		192
Kirin Holdings Co. Ltd.		23		411
Kobayashi Pharmaceutical Co. Ltd.		1		136
Kobe Bussan Co. Ltd.		3		96
Koito Manufacturing Co. Ltd.		3		140
Komatsu Ltd.		24		548
Konami Holdings Corp.		3		98
Kose Corp.		1		140
Kubota Corp.		29		499
Kuraray Co. Ltd.		9		82
Kurita Water Industries Ltd.		3		80
Kyocera Corp.		9		490
Kyowa Kirin Co. Ltd.		7		184
Kyushu Electric Power Co., Inc.		10		87
Kyushu Railway Co.		4		89
Lasertec Corp.		2		173
Lawson, Inc.		1		64
LINE Corp. *		1		51
Lion Corp.		6		126
LIXIL Group Corp.		7		161
M3, Inc.		12		824
Makita Corp.		6		270
Marubeni Corp.		46		238
Marui Group Co. Ltd.		5		96
Maruichi Steel Tube Ltd.		2		37
Mazda Motor Corp.		16		82
McDonald’s Holdings Co. Japan Ltd.		2		85
Mebuki Financial Group, Inc.		26		52
Medipal Holdings Corp.		5		89
MEIJI Holdings Co. Ltd.		3		225
Mercari, Inc. *		2		101
MINEBEA MITSUMI, Inc.		10		182
MISUMI Group, Inc.		8		232
Mitsubishi Chemical Holdings Corp.		35		199
Mitsubishi Corp.		37		834
Mitsubishi Electric Corp.		51		650
Mitsubishi Estate Co. Ltd.		33		488
Mitsubishi Gas Chemical Co., Inc.		4		80
Mitsubishi Heavy Industries Ltd.		9		191
Mitsubishi Materials Corp.		3		57
Mitsubishi Motors Corp.		19		34
Mitsubishi UFJ Financial Group, Inc.		339		1,337

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Mitsubishi UFJ Lease & Finance Co. Ltd.		11			47
Mitsui & Co. Ltd.		46			717
Mitsui Chemicals, Inc.		5			131
Mitsui Fudosan Co. Ltd.		26			439
Miura Co. Ltd.		3			118
Mizuho Financial Group, Inc.		67			821
MonotaRO Co. Ltd.		3			188
MS&AD Insurance Group Holdings, Inc.		12			337
Murata Manufacturing Co. Ltd.		16			1,115
Nabtesco Corp.		3			116
Nagoya Railroad Co. Ltd.		5			139
NEC Corp.		7			343
Nexon Co. Ltd.		13			371
NGK Insulators Ltd.		7			104
NGK Spark Plug Co. Ltd.		4			76
NH Foods Ltd.		2			90
Nidec Corp.		13			1,263
Nihon M&A Center, Inc.		4			241
Nikon Corp.		8			51
Nintendo Co. Ltd.		3			1,676
Nippon Building Fund, Inc., REIT		—	(c)		212
Nippon Express Co. Ltd.		2			118
Nippon Paint Holdings Co. Ltd.		4			369
Nippon Prologis REIT, Inc., REIT		—	(c)		191
Nippon Sanso Holdings Corp.		4			62
Nippon Shinyaku Co. Ltd.		1			93
Nippon Steel Corp. *		22			217
Nippon Telegraph & Telephone Corp.		36			749
Nippon Yusen KK		4			79
Nissan Chemical Corp.		3			180
Nissan Motor Co. Ltd.		64			227
Nisshin Seifun Group, Inc.		5			81
Nissin Foods Holdings Co. Ltd.		2			156
Nitori Holdings Co. Ltd.		2			452
Nitto Denko Corp.		4			309
Nomura Holdings, Inc.		87			390
Nomura Real Estate Holdings, Inc.		3			54
Nomura Real Estate Master Fund, Inc., REIT		—	(c)		141
Nomura Research Institute Ltd.		9			259
NSK Ltd.		10			79
NTT Data Corp.		18			197
NTT DOCOMO, Inc.		31			1,169
Obayashi Corp.		18			151

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Obic Co. Ltd.		2			354
Odakyu Electric Railway Co. Ltd.		8			198
Oji Holdings Corp.		24			100
Olympus Corp.		32			618
Omron Corp.		5			375
Ono Pharmaceutical Co. Ltd.		10			294
Oracle Corp.		1			110
Oriental Land Co. Ltd.		6			784
ORIX Corp.		37			429
Orix JREIT, Inc., REIT		—	(c)		101
Osaka Gas Co. Ltd.		10			196
Otsuka Corp.		3			129
Otsuka Holdings Co. Ltd.		11			393
Pan Pacific International Holdings Corp.		11			240
Panasonic Corp.		61			564
Park24 Co. Ltd. *		3			42
PeptiDream, Inc. *		3			120
Persol Holdings Co. Ltd.		5			74
Pigeon Corp.		3			143
Pola Orbis Holdings, Inc.		2			43
Rakuten, Inc.		24			232
Recruit Holdings Co. Ltd.		35			1,343
Renesas Electronics Corp. *		21			175
Resona Holdings, Inc.		58			191
Ricoh Co. Ltd.		19			122
Rinnai Corp.		1			99
Rohm Co. Ltd.		2			185
Ryohin Keikaku Co. Ltd.		7			139
Santen Pharmaceutical Co. Ltd.		10			178
SBI Holdings, Inc.		7			152
SCSK Corp.		1			70
Secom Co. Ltd.		6			498
Sega Sammy Holdings, Inc.		5			59
Seibu Holdings, Inc.		6			59
Seiko Epson Corp.		8			89
Sekisui Chemical Co. Ltd.		10			157
Sekisui House Ltd.		17			286
Seven & i Holdings Co. Ltd.		21			632
Seven Bank Ltd.		16			37
SG Holdings Co. Ltd.		9			217
Sharp Corp.		6			68
Shimadzu Corp.		6			177
Shimamura Co. Ltd.		1			64

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Japan — continued
Shimano, Inc.		2		480
Shimizu Corp.		15		106
Shin-Etsu Chemical Co. Ltd.		10		1,309
Shinsei Bank Ltd.		4		51
Shionogi & Co. Ltd.		7		349
Shiseido Co. Ltd.		11		681
Shizuoka Bank Ltd. (The)		12		79
Showa Denko KK		4		65
SMC Corp.		9		4,894
SoftBank Corp.		80		926
SoftBank Group Corp.		44		2,840
Sohgo Security Services Co. Ltd.		2		89
Sompo Holdings, Inc.		9		343
Sony Corp.		111		9,245
Square Enix Holdings Co. Ltd.		3		151
Stanley Electric Co. Ltd.		4		105
Subaru Corp.		17		314
SUMCO Corp.		7		110
Sumitomo Chemical Co. Ltd.		41		135
Sumitomo Corp.		33		360
Sumitomo Dainippon Pharma Co. Ltd.		5		59
Sumitomo Electric Industries Ltd.		21		231
Sumitomo Heavy Industries Ltd.		3		64
Sumitomo Metal Mining Co. Ltd.		7		202
Sumitomo Mitsui Financial Group, Inc.		36		1,002
Sumitomo Mitsui Trust Holdings, Inc.		9		250
Sumitomo Realty & Development Co. Ltd.		9		233
Sumitomo Rubber Industries Ltd.		5		41
Sundrug Co. Ltd.		2		74
Suntory Beverage & Food Ltd.		4		131
Suzuken Co. Ltd.		2		72
Suzuki Motor Corp.		10		438
Sysmex Corp.		5		441
T&D Holdings, Inc.		15		148
Taiheiyo Cement Corp.		3		80
Taisei Corp.		5		165
Taisho Pharmaceutical Holdings Co. Ltd.		1		54
Takeda Pharmaceutical Co. Ltd.		44		1,350
TDK Corp.		4		435
Teijin Ltd.		5		77
Terumo Corp.		18		659
THK Co. Ltd.		3		90
TIS, Inc.		6		117

INVESTMENTS	SHARES (000)			VALUE ($000)
Japan — continued
Tobu Railway Co. Ltd.		5			150
Toho Co. Ltd.		3			119
Toho Gas Co. Ltd.		2			108
Tohoku Electric Power Co., Inc.		12			104
Tokio Marine Holdings, Inc.		18			787
Tokyo Century Corp.		1			64
Tokyo Electric Power Co. Holdings, Inc. *		40			103
Tokyo Electron Ltd.		4			1,127
Tokyo Gas Co. Ltd.		10			236
Tokyu Corp.		14			165
Tokyu Fudosan Holdings Corp.		17			74
Toppan Printing Co. Ltd.		7			93
Toray Industries, Inc.		38			174
Toshiba Corp.		11			271
Tosoh Corp.		7			117
TOTO Ltd.		4			183
Toyo Suisan Kaisha Ltd.		3			124
Toyoda Gosei Co. Ltd.		2			46
Toyota Industries Corp.		4			265
Toyota Motor Corp.		122			8,002
Toyota Tsusho Corp.		6			165
Trend Micro, Inc.		4			207
Tsuruha Holdings, Inc.		1			140
Unicharm Corp.		11			509
United Urban Investment Corp., REIT		—	(c)		88
USS Co. Ltd.		6			110
Welcia Holdings Co. Ltd.		3			102
West Japan Railway Co.		5			193
Yakult Honsha Co. Ltd.		3			165
Yamada Holdings Co. Ltd.		20			97
Yamaha Corp.		4			185
Yamaha Motor Co. Ltd.		8			112
Yamato Holdings Co. Ltd.		9			228
Yamazaki Baking Co. Ltd.		3			56
Yaskawa Electric Corp.		7			261
Yokogawa Electric Corp.		6			94
Yokohama Rubber Co. Ltd. (The)		3			47
Z Holdings Corp.		73			512
ZOZO, Inc.		3			76
					116,965
Jordan — 0.0% (d)
Hikma Pharmaceuticals plc		5			155

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Luxembourg — 0.0% (d)
ArcelorMittal SA *		20			269
Eurofins Scientific SE *		—	(c)		292
SES SA, FDR		11			85
					646
Macau — 0.1%
Galaxy Entertainment Group Ltd.		60			397
Sands China Ltd.		404			1,418
SJM Holdings Ltd.		54			56
Wynn Macau Ltd. *		43			59
					1,930
Mexico — 0.3%
America Movil SAB de CV, Series L (a)		1,844			1,120
Grupo Aeroportuario del Pacifico SAB de CV, Class B (a)		159			1,321
Grupo Aeroportuario del Sureste SAB de CV, ADR *		10			1,111
Grupo Financiero Banorte SAB de CV, Class O *		820			3,659
Grupo Mexico SAB de CV, Series B		549			1,566
Wal-Mart de Mexico SAB de CV		553			1,338
					10,115
Netherlands — 1.4%
ABN AMRO Bank NV, CVA (b)		12			96
Adyen NV * (b)		1			1,274
Aegon NV		49			133
Akzo Nobel NV		67			6,432
Altice Europe NV * (a)		17			85
Argenx SE *		1			309
ASM International NV		8			1,155
ASML Holding NV		50			18,040
ASR Nederland NV		16			473
BE Semiconductor Industries NV		11			436
Euronext NV (b)		3			331
EXOR NV		3			156
Heineken Holding NV		3			246
Heineken NV		7			634
ING Groep NV		335			2,292
Koninklijke Ahold Delhaize NV		64			1,744
Koninklijke DSM NV		5			762
Koninklijke KPN NV		99			267
Koninklijke Philips NV *		25			1,177
Koninklijke Vopak NV		2			101
NN Group NV		8			281
NXP Semiconductors NV		73			9,852

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — continued
Randstad NV *		3		164
Royal Dutch Shell plc, Class A		114		1,432
Royal Dutch Shell plc, Class B		103		1,242
Shop Apotheke Europe NV * (b)		3		444
Signify NV * (b)		18		628
Wolters Kluwer NV		8		611
				50,797
New Zealand — 0.0% (d)
a2 Milk Co. Ltd. (The) *		21		199
Auckland International Airport Ltd.		35		162
Fisher & Paykel Healthcare Corp. Ltd.		16		369
Mercury NZ Ltd.		19		67
Meridian Energy Ltd.		35		124
Ryman Healthcare Ltd.		11		102
Spark New Zealand Ltd.		51		151
				1,174
Norway — 0.1%
DNB ASA		26		356
Equinor ASA		28		355
Gjensidige Forsikring ASA		6		105
Kongsberg Gruppen ASA		19		315
Mowi ASA		12		192
Norsk Hydro ASA *		37		105
Orkla ASA		21		197
Scatec Solar ASA (b)		11		253
Schibsted ASA, Class B *		3		98
Telenor ASA		20		309
				2,285
Peru — 0.1%
Credicorp Ltd.		44		4,993
Poland — 0.1%
Allegro.eu SA * (b)		81		1,642
CD Projekt SA *		27		2,262
Dino Polska SA * (b)		26		1,455
				5,359
Portugal — 0.0% (d)
EDP — Energias de Portugal SA		77		381
Galp Energia SGPS SA		14		113
Jeronimo Martins SGPS SA		7		111
				605

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Russia — 0.4%
Alrosa PJSC		1,273		1,146
Evraz plc		14		65
LUKOIL PJSC, ADR		43		2,218
Magnitogorsk Iron & Steel Works PJSC		3,232		1,534
Moscow Exchange MICEX-RTS PJSC		811		1,368
Sberbank of Russia PJSC		1,371		3,475
Severstal PAO, GDR (b)		122		1,667
X5 Retail Group NV, GDR (b)		41		1,434
				12,907
Singapore — 0.1%
Ascendas, REIT		85		180
CapitaLand Ltd.		71		134
CapitaLand Mall Trust, REIT		125		159
City Developments Ltd.		13		59
DBS Group Holdings Ltd.		50		742
Genting Singapore Ltd.		167		79
Jardine Cycle & Carriage Ltd.		3		35
Keppel Corp. Ltd.		40		129
Mapletree Commercial Trust, REIT		59		75
Mapletree Logistics Trust, REIT		74		105
Oversea-Chinese Banking Corp. Ltd.		92		569
Singapore Airlines Ltd.		37		93
Singapore Exchange Ltd.		22		141
Singapore Technologies Engineering Ltd.		43		110
Singapore Telecommunications Ltd.		227		337
Suntec, REIT		54		53
United Overseas Bank Ltd.		33		453
UOL Group Ltd.		13		59
Venture Corp. Ltd.		8		109
				3,621
South Africa — 0.3%
Anglo American plc		34		799
Bid Corp. Ltd.		60		821
Bidvest Group Ltd. (The)		208		1,708
Capitec Bank Holdings Ltd. *		35		2,428
Clicks Group Ltd.		165		2,392
Mr Price Group Ltd.		82		619
Naspers Ltd., Class N *		17		3,303
				12,070
South Korea — 1.3%
Hanon Systems		203		2,013
Kia Motors Corp.		34		1,507

INVESTMENTS	SHARES (000)		VALUE ($000)
South Korea — continued
Korea Electric Power Corp. *		48		843
LG Chem Ltd.		3		1,833
LG Household & Health Care Ltd.		1		1,269
Mando Corp.		54		1,705
NCSoft Corp.		2		1,668
POSCO		13		2,428
Samsung Electronics Co. Ltd.		559		28,122
Shinhan Financial Group Co. Ltd.		64		1,748
SK Hynix, Inc.		43		3,028
S-Oil Corp.		20		987
				47,151
Spain — 0.6%
ACS Actividades de Construccion y Servicios SA		8		178
Aena SME SA * (b)		2		252
Amadeus IT Group SA		13		596
Banco Bilbao Vizcaya Argentaria SA		185		534
Banco Santander SA		462		925
Bankinter SA		19		70
CaixaBank SA		99		181
Cellnex Telecom SA (b)		63		4,041
Enagas SA		7		149
Endesa SA		32		862
Ferrovial SA		13		291
Grifols SA (a)		8		224
Iberdrola SA		862		10,181
Industria de Diseno Textil SA		143		3,536
Mapfre SA		30		45
Naturgy Energy Group SA		8		152
Red Electrica Corp. SA		12		211
Repsol SA		41		259
Siemens Gamesa Renewable Energy SA		7		187
Telefonica SA		135		440
				23,314
Sweden — 0.9%
Alfa Laval AB *		9		177
Assa Abloy AB, Class B		28		594
Atlas Copco AB, Class A (a)		124		5,474
Atlas Copco AB, Class B		11		415
Boliden AB		8		206
Electrolux AB, Series B (a)		6		141
Embracer Group AB *		34		669
Epiroc AB, Class A		18		272

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
Sweden — continued
Epiroc AB, Class B		11			154
EQT AB		7			125
Essity AB, Class B (a)		17			487
Evolution Gaming Group AB (a) (b)		14			1,071
Hennes & Mauritz AB, Class B		22			361
Hexagon AB, Class B		8			573
Husqvarna AB, Class B		12			119
ICA Gruppen AB		3			132
Industrivarden AB, Class C * (a)		4			112
Investment AB Latour, Class B		4			95
Investor AB, Class B		13			755
Kinnevik AB, Class B		7			274
L E Lundbergforetagen AB, Class B *		2			94
Lundin Energy AB (a)		5			98
Nibe Industrier AB, Class B *		9			208
Recipharm AB, Class B *		25			395
Sandvik AB *		31			559
Securitas AB, Class B *		9			122
Sinch AB * (b)		8			804
Skandinaviska Enskilda Banken AB, Class A *		45			388
Skanska AB, Class B		9			177
SKF AB, Class B		273			5,589
Stillfront Group AB *		3			303
Svenska Cellulosa AB SCA, Class B *		17			227
Svenska Handelsbanken AB, Class A *		476			3,858
Swedbank AB, Class A *		25			392
Swedish Match AB		12			931
Tele2 AB, Class B		14			164
Telefonaktiebolaget LM Ericsson, Class B		81			905
Telia Co. AB		70			267
Volvo AB, Class B *		238			4,629
					32,316
Switzerland — 2.6%
ABB Ltd. (Registered)		51			1,241
Adecco Group AG (Registered)		4			209
Alcon, Inc. *		14			776
ALSO Holding AG (Registered) *		2			485
Baloise Holding AG (Registered)		1			175
Banque Cantonale Vaudoise (Registered)		1			81
Barry Callebaut AG (Registered)		—	(c)		173
Chocoladefabriken Lindt & Spruengli AG		—	(c)		238
Chocoladefabriken Lindt & Spruengli AG (Registered)		—	(c)		259

INVESTMENTS	SHARES (000)			VALUE ($000)
Switzerland — continued
Cie Financiere Richemont SA (Registered)		14			906
Clariant AG (Registered) (a)		6			94
Coca-Cola HBC AG		6			126
Credit Suisse Group AG (Registered)		143			1,348
EMS-Chemie Holding AG (Registered)		—	(c)		199
Geberit AG (Registered)		1			586
Givaudan SA (Registered)		—	(c)		1,048
Julius Baer Group Ltd.		6			275
Kuehne + Nagel International AG (Registered)		1			300
LafargeHolcim Ltd. (Registered) *		153			6,578
Logitech International SA (Registered)		11			891
Lonza Group AG (Registered)		9			5,595
Nestle SA (Registered)		255			28,730
Novartis AG (Registered)		87			6,750
Partners Group Holding AG		1			466
Roche Holding AG		46			14,623
Schindler Holding AG		4			906
Schindler Holding AG (Registered)		1			143
SGS SA (Registered)		2			4,578
Sika AG (Registered)		4			969
Sonova Holding AG (Registered) *		5			1,103
STMicroelectronics NV		18			540
Straumann Holding AG (Registered) (a)		—	(c)		300
Swatch Group AG (The)		1			169
Swatch Group AG (The) (Registered)		1			59
Swiss Life Holding AG (Registered) *		1			297
Swiss Prime Site AG (Registered)		2			177
Swiss Re AG		8			585
Swisscom AG (Registered)		1			364
Swissquote Group Holding SA (Registered)		5			388
Temenos AG (Registered) (a)		2			198
UBS Group AG (Registered)		102			1,185
Vifor Pharma AG		1			142
Wizz Air Holdings plc * (b)		35			1,441
Zur Rose Group AG *		2			656
Zurich Insurance Group AG		20			6,547
					92,899
Taiwan — 1.4%
Accton Technology Corp.		139			1,010
Advantech Co. Ltd.		171			1,734
Chailease Holding Co. Ltd.		525			2,549
Feng TAY Enterprise Co. Ltd.		227			1,377
Global Unichip Corp.		158			1,434

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Taiwan — continued
Hiwin Technologies Corp.		119		1,043
Sea Ltd., ADR *		36		5,730
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		417		34,993
Wiwynn Corp.		50		1,272
				51,142
Tanzania, United Republic of — 0.0% (d)
AngloGold Ashanti Ltd.		36		838
Thailand — 0.1%
Siam Cement PCL (The) (Registered)		116		1,261
Thai Oil PCL		1,343		1,474
				2,735
United Arab Emirates — 0.0%
NMC Health plc * ‡		3		—
United Kingdom — 3.0%
3i Group plc		27		337
Admiral Group plc		5		189
Ashtead Group plc		12		451
Associated British Foods plc		10		217
AstraZeneca plc		36		3,658
Auto Trader Group plc (b)		27		202
AVEVA Group plc		2		99
Aviva plc		109		364
BAE Systems plc		89		459
Barclays plc		481		667
Barratt Developments plc		28		177
Berkeley Group Holdings plc		3		183
BP plc		2,123		5,416
British American Tobacco plc		64		2,019
British Land Co. plc (The), REIT		24		110
BT Group plc		247		324
Bunzl plc		9		291
Burberry Group plc		11		197
CK Hutchison Holdings Ltd.		75		452
CNH Industrial NV *		28		220
Coca-Cola European Partners plc		6		203
Compass Group plc		50		678
Croda International plc		4		280
DCC plc		3		178
Diageo plc		368		11,885
Dialog Semiconductor plc *		16		601
Direct Line Insurance Group plc		38		130

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
Experian plc		25		924
Fiat Chrysler Automobiles NV *		30		374
GlaxoSmithKline plc		460		7,676
GVC Holdings plc		16		203
Halma plc		11		323
Hargreaves Lansdown plc		9		161
HSBC Holdings plc		565		2,369
Imperial Brands plc		26		416
Informa plc		42		226
InterContinental Hotels Group plc (a)		80		4,083
Intertek Group plc		4		323
J Sainsbury plc		49		128
JD Sports Fashion plc		12		117
Johnson Matthey plc		5		149
Kingfisher plc *		58		217
Land Securities Group plc, REIT		19		129
Legal & General Group plc		1,825		4,375
Linde plc		30		6,683
Linde plc		18		3,998
Lloyds Banking Group plc		1,964		715
London Stock Exchange Group plc		49		5,282
M&G plc		72		137
Melrose Industries plc *		135		209
Mondi plc		13		255
National Express Group plc		151		293
National Grid plc		97		1,159
Natwest Group plc		134		216
Next plc		4		279
Ocado Group plc *		13		377
Pearson plc		21		140
Persimmon plc		155		4,706
Prudential plc		72		886
Reckitt Benckiser Group plc		65		5,739
RELX plc		221		4,367
RELX plc		54		1,061
Rentokil Initial plc		51		350
Rolls-Royce Holdings plc *		53		49
RSA Insurance Group plc		29		157
Sage Group plc (The)		30		248
Schroders plc		3		116
Segro plc, REIT		37		435
Severn Trent plc		7		207
Smith & Nephew plc		24		422

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United Kingdom — continued
Smiths Group plc		11			189
Spirax-Sarco Engineering plc		2			299
SSE plc		29			473
St James’s Place plc		15			174
Standard Chartered plc		75			343
Standard Life Aberdeen plc		64			188
Taylor Wimpey plc		2,302			3,153
Tesco plc		272			723
Unilever NV (a)		182			10,284
Unilever plc		32			1,849
United Utilities Group plc		19			212
Vodafone Group plc (a)		743			991
Whitbread plc		6			156
Wm Morrison Supermarkets plc		67			142
WPP plc		34			273
					110,115
United States — 20.7%
AbbVie, Inc.		93			7,915
Advanced Micro Devices, Inc. *		96			7,209
Air Products and Chemicals, Inc.		10			2,678
Alexion Pharmaceuticals, Inc. *		28			3,238
Alleghany Corp.		2			1,135
Alnylam Pharmaceuticals, Inc. *		7			823
Alphabet, Inc., Class A *		—	(c)		86
Alphabet, Inc., Class C * (e)		14			22,462
Altice USA, Inc., Class A *		105			2,839
Altria Group, Inc.		38			1,366
Amazon.com, Inc. * (e)		11			32,994
American Electric Power Co., Inc.		29			2,627
American Express Co.		16			1,446
American Homes 4 Rent, Class A, REIT		45			1,278
American International Group, Inc.		29			908
AmerisourceBergen Corp.		14			1,325
AMETEK, Inc.		14			1,381
Amgen, Inc.		21			4,614
Amphenol Corp., Class A		11			1,269
Analog Devices, Inc.		58			6,924
Apple, Inc. (e)		278			30,267
Arrow Electronics, Inc. *		14			1,067
AutoZone, Inc. *		2			2,310
Avaya Holdings Corp. *		7			117
Ball Corp.		17			1,484
Bank of America Corp.		264			6,257

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Berkshire Hathaway, Inc., Class B *		22			4,461
Best Buy Co., Inc.		69			7,707
Beyond Meat, Inc. * (a)		5			732
BlackRock, Inc.		3			1,804
Blackstone Group, Inc. (The), Class A		23			1,180
Booking Holdings, Inc. *		5			7,601
Booz Allen Hamilton Holding Corp.		28			2,222
Boston Properties, Inc., REIT		7			533
Boston Scientific Corp. *		199			6,814
Bristol-Myers Squibb Co.		165			9,653
Brixmor Property Group, Inc., REIT		84			924
Cabot Oil & Gas Corp.		39			699
Cadence Design Systems, Inc. *		13			1,379
California Resources Corp. * (a)		56			751
Capital One Financial Corp. (e)		98			7,151
Carlisle Cos., Inc.		8			1,036
CarMax, Inc. *		17			1,473
Catalent, Inc. *		21			1,838
CBRE Group, Inc., Class A * (e)		32			1,626
Ceridian HCM Holding, Inc. *		18			1,587
Charles Schwab Corp. (The)		107			4,418
Charter Communications, Inc., Class A *		23			14,058
Chevron Corp.		59			4,126
Chubb Ltd.		39			5,110
Cigna Corp.		63			10,540
Cisco Systems, Inc. (e)		32			1,150
Citigroup, Inc.		35			1,462
Citizens Financial Group, Inc.		68			1,841
Claire’s Stores, Inc. * ‡		—	(c)		179
Clear Channel Outdoor Holdings, Inc. * (a)		61			55
CNA Financial Corp.		14			421
Coca-Cola Co. (The)		144			6,911
Columbia Sportswear Co.		13			986
Comcast Corp., Class A		173			7,300
Comerica, Inc.		11			500
CommScope Holding Co., Inc. *		108			961
ConocoPhillips		63			1,790
Constellation Brands, Inc., Class A		19			3,073
Copart, Inc. *		14			1,545
Coty, Inc., Class A		99			286
Coupa Software, Inc. *		5			1,302
Crowdstrike Holdings, Inc., Class A *		14			1,713
CyberArk Software Ltd. *		1			104

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Denbury, Inc. *		6		96
DexCom, Inc. *		4		1,431
Diamondback Energy, Inc.		17		432
Discovery, Inc., Class A * (a)		99		1,997
Discovery, Inc., Class C *		51		938
DISH Network Corp., Class A *		41		1,039
Dover Corp.		22		2,407
Duke Energy Corp.		11		1,015
EastGroup Properties, Inc., REIT		6		768
Eastman Chemical Co.		68		5,498
Edison International		17		963
Eli Lilly and Co.		32		4,118
Energizer Holdings, Inc. (a)		37		1,441
Enphase Energy, Inc. *		20		1,991
Entegris, Inc.		25		1,889
Entergy Corp.		10		1,006
EP Energy Corp. *		5		133
EPAM Systems, Inc. *		11		3,378
EQT Corp.		55		839
Equitrans Midstream Corp.		107		776
Estee Lauder Cos., Inc. (The), Class A		10		2,278
Exact Sciences Corp. *		18		2,174
Exelixis, Inc. *		55		1,133
Facebook, Inc., Class A * (e)		12		3,177
Federal Realty Investment Trust, REIT		13		920
Ferguson plc		53		5,246
Fidelity National Information Services, Inc.		1		66
Fifth Third Bancorp		42		986
First Republic Bank		19		2,384
Fiserv, Inc. * (e)		47		4,506
FleetCor Technologies, Inc. *		14		3,083
Fortune Brands Home & Security, Inc.		25		2,031
FTI Consulting, Inc. *		16		1,586
Garmin Ltd.		20		2,113
Generac Holdings, Inc. *		13		2,631
General Dynamics Corp.		10		1,313
Global Payments, Inc.		15		2,300
Goodman Networks, Inc. * ‡		2		—
GoodRx Holdings, Inc., Class A *		7		324
Graphic Packaging Holding Co.		96		1,279
Hartford Financial Services Group, Inc. (The)		32		1,236
HCA Healthcare, Inc.		6		708
Home Depot, Inc. (The)		20		5,284

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Honeywell International, Inc.		53		8,743
Horizon Therapeutics plc *		18		1,382
iHeartMedia, Inc., Class A * (a)		1		5
IHS Markit Ltd.		19		1,548
Illinois Tool Works, Inc. (e)		5		1,006
Ingersoll Rand, Inc. *		33		1,151
Insulet Corp. *		4		927
Intuitive Surgical, Inc. *		4		2,365
Invesco Ltd.		51		672
ITT, Inc.		18		1,094
James Hardie Industries plc, CHDI		12		299
Jazz Pharmaceuticals plc *		10		1,498
Johnson & Johnson		23		3,142
KB Home		30		966
Keurig Dr Pepper, Inc.		32		850
Keysight Technologies, Inc. *		18		1,926
Kimco Realty Corp., REIT		90		923
Kinder Morgan, Inc.		124		1,480
Kohl’s Corp.		21		446
Kraft Heinz Co. (The)		15		465
Lam Research Corp.		7		2,473
Las Vegas Sands Corp.		46		2,209
LendingTree, Inc. * (a)		4		1,401
Liberty Media Corp.-Liberty SiriusXM, Class A *		52		1,782
Liberty Media Corp.-Liberty SiriusXM, Class C *		69		2,374
Loews Corp. (e)		97		3,352
Lowe’s Cos., Inc.		31		4,917
Lyft, Inc., Class A * (a)		89		2,040
M&T Bank Corp.		20		2,033
Marathon Petroleum Corp.		46		1,349
Marsh & McLennan Cos., Inc.		8		805
Martin Marietta Materials, Inc.		10		2,664
Mastercard, Inc., Class A		42		12,241
McKesson Corp.		9		1,255
Medtronic plc		18		1,782
Merck & Co., Inc.		17		1,259
Mettler-Toledo International, Inc. *		2		2,173
Microchip Technology, Inc.		13		1,387
Microsoft Corp. (e)		180		36,459
Mid-America Apartment Communities, Inc., REIT		14		1,588
Middleby Corp. (The) *		10		964
Mohawk Industries, Inc. *		13		1,318
MongoDB, Inc. *		5		1,226

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Moran Foods Backstop Equity * ‡		24			24
Morgan Stanley		160			7,693
Murphy USA, Inc. *		9			1,104
MYT Holding Co. * ‡		23			21
National Vision Holdings, Inc. *		21			842
Neiman Marcus Group Restricted Equity * ‡		—	(c)		10
Neiman Marcus Group Unrestricted Equity * ‡		1			80
Netflix, Inc. *		20			9,629
New York Times Co. (The), Class A		29			1,153
Newell Brands, Inc.		63			1,112
Nexstar Media Group, Inc., Class A		16			1,314
NextEra Energy, Inc.		185			13,580
NIKE, Inc., Class B		23			2,747
NMG, Inc. * ‡		—	(c)		7
Nordson Corp.		6			1,092
Nordstrom, Inc. (a)		43			524
Norfolk Southern Corp.		53			11,003
Northern Trust Corp.		17			1,318
NVIDIA Corp. (e)		16			7,889
Old Dominion Freight Line, Inc.		9			1,794
O’Reilly Automotive, Inc. *		19			8,506
Otis Worldwide Corp.		9			563
Outfront Media, Inc., REIT		36			477
Packaging Corp. of America		15			1,751
Paylocity Holding Corp. *		6			1,074
PayPal Holdings, Inc. *		50			9,296
Penn Virginia Corp. * (a)		1			4
Pfizer, Inc.		70			2,470
Philip Morris International, Inc.		24			1,671
Phillips 66		25			1,167
Pioneer Natural Resources Co.		34			2,680
PNC Financial Services Group, Inc. (The)		25			2,796
Post Holdings, Inc. *		18			1,586
Procter & Gamble Co. (The)		20			2,805
Progressive Corp. (The)		26			2,376
Prologis, Inc., REIT		72			7,098
Public Storage, REIT		9			2,001
QIAGEN NV *		6			303
QUALCOMM, Inc. (e)		35			4,269
Ralph Lauren Corp.		15			992
Rayonier, Inc., REIT		51			1,298
Raytheon Technologies Corp.		33			1,819
Regeneron Pharmaceuticals, Inc. *		9			4,932

INVESTMENTS	SHARES (000)			VALUE ($000)
United States — continued
Remington Outdoor Co., Inc. * ‡		2			—
RingCentral, Inc., Class A *		6			1,434
Rocket Cos., Inc., Class A * (a)		40			722
Royalty Pharma plc, Class A		40			1,470
S&P Global, Inc.		5			1,711
salesforce.com, Inc. *		31			7,145
ServiceNow, Inc. *		4			2,233
Sherwin-Williams Co. (The)		2			1,287
Snowflake, Inc., Class A * (a)		3			675
SolarEdge Technologies, Inc. *		9			2,208
Southwest Airlines Co.		12			475
Splunk, Inc. *		11			2,148
Spotify Technology SA *		5			1,272
Stanley Black & Decker, Inc.		51			8,522
State Street Corp.		54			3,166
Synopsys, Inc. *		9			1,840
Sysco Corp.		14			749
T. Rowe Price Group, Inc.		11			1,377
Take-Two Interactive Software, Inc. *		11			1,638
Teladoc Health, Inc. * (a)		5			1,041
Tenaris SA		13			63
Tesla, Inc. *		36			14,035
Texas Instruments, Inc. (e)		18			2,625
Thermo Fisher Scientific, Inc.		16			7,720
Thor Industries, Inc.		13			1,078
T-Mobile US, Inc. *		12			1,359
Toll Brothers, Inc.		25			1,062
Tractor Supply Co.		19			2,544
Trade Desk, Inc. (The), Class A *		5			2,820
Trane Technologies plc		72			9,600
Travelers Cos., Inc. (The)		26			3,090
Truist Financial Corp.		173			7,296
Twilio, Inc., Class A *		5			1,463
Uber Technologies, Inc. *		89			2,957
UnitedHealth Group, Inc. (e)		54			16,535
US Bancorp		45			1,747
Verizon Communications, Inc. (e)		64			3,647
Vertex Pharmaceuticals, Inc. *		11			2,385
ViacomCBS, Inc.		38			1,072
Visa, Inc., Class A (e)		—	(c)		67
Vistra Corp.		17			297
Walgreens Boots Alliance, Inc.		18			623
Waste Connections, Inc.		16			1,581

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
United States — continued
Wells Fargo & Co. (e)		125		2,673
WestRock Co.		37		1,395
Weyerhaeuser Co., REIT		39		1,057
Whiting Petroleum Corp. *		9		135
Williams Cos., Inc. (The)		64		1,229
Xcel Energy, Inc.		36		2,486
Yum! Brands, Inc.		50		4,620
Zebra Technologies Corp., Class A *		6		1,705
Zillow Group, Inc., Class C *		12		1,092
Zimmer Biomet Holdings, Inc.		50		6,567
Zscaler, Inc. *		10		1,413
				751,894
Total Common Stocks (Cost $1,514,329)				1,874,081
	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 27.0%
Australia — 0.0% (d)
FMG Resources August 2006 Pty. Ltd.
5.13%, 5/15/2024 (f)		230		246
4.50%, 9/15/2027 (f)		275		295
Glencore Funding LLC 2.50%, 9/1/2030 (f)		620		602
Scentre Group Trust 1 REIT, 2.38%, 4/28/2021 (f)		239		240
				1,383
Belgium — 0.2%
Anheuser-Busch InBev Worldwide, Inc.
4.38%, 4/15/2038		1,715		2,000
5.45%, 1/23/2039		355		458
4.60%, 4/15/2048		875		1,037
4.44%, 10/6/2048		630		729
4.50%, 6/1/2050		2,300		2,717
				6,941
Brazil — 0.0% (d)
Vale Overseas Ltd.
6.88%, 11/21/2036		301		405
6.88%, 11/10/2039		526		719
Vale SA 5.63%, 9/11/2042		511		628
				1,752

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Canada — 0.8%
1011778 BC ULC
4.25%, 5/15/2024 (f)		1,102		1,124
5.00%, 10/15/2025 (f)		65		67
Bell Canada, Inc. 4.30%, 7/29/2049		365		444
Bombardier, Inc.
6.00%, 10/15/2022 (a) (f)		506		459
7.50%, 3/15/2025 (f)		93		68
Canadian National Railway Co. 3.20%, 8/2/2046		415		458
Cenovus Energy, Inc.
5.38%, 7/15/2025 (a)		1,312		1,383
4.25%, 4/15/2027 (a)		430		437
5.25%, 6/15/2037		704		687
6.75%, 11/15/2039		388		430
5.40%, 6/15/2047 (a)		700		690
Emera US Finance LP 4.75%, 6/15/2046		1,240		1,493
GFL Environmental, Inc. 3.75%, 8/1/2025 (f)		1,290		1,290
MEG Energy Corp.
7.00%, 3/31/2024 (f)		181		172
6.50%, 1/15/2025 (f)		690		671
7.13%, 2/1/2027 (f)		557		501
Methanex Corp.
5.25%, 12/15/2029		398		403
5.65%, 12/1/2044		2,718		2,613
National Bank of Canada 2.10%, 2/1/2023		250		258
NOVA Chemicals Corp.
5.25%, 8/1/2023 (f)		430		428
4.88%, 6/1/2024 (f)		250		248
5.00%, 5/1/2025 (f)		913		902
5.25%, 6/1/2027 (f)		331		323
Open Text Holdings, Inc. 4.13%, 2/15/2030 (f)		882		915
Province of Ontario
1.10%, 10/19/2027 (f)	CAD	773		578
1.25%, 9/27/2030 (f)		3,000		2,946
Quebecor Media, Inc. 5.75%, 1/15/2023		81		87
Rogers Communications, Inc.
(ICE LIBOR USD 3 Month + 0.60%), 0.83%, 3/22/2022 (g)		81		82
3.70%, 11/15/2049		885		973
Royal Bank of Canada (SOFR + 0.45%), 0.54%, 10/26/2023 (g)		84		84
Stars Group Holdings BV 7.00%, 7/15/2026 (f)		555		587

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
Canada — continued
Suncor Energy Ventures Corp. 6.00%, 4/1/2042 (f)		650		646
Teck Resources Ltd.
6.13%, 10/1/2035		154		178
6.00%, 8/15/2040		350		393
6.25%, 7/15/2041		343		391
5.20%, 3/1/2042		380		388
5.40%, 2/1/2043		350		362
TransAlta Corp. 6.50%, 3/15/2040		835		868
Videotron Ltd.
5.38%, 6/15/2024 (f)		116		126
5.13%, 4/15/2027 (f)		2,195		2,321
				27,474
Cayman Islands — 0.0% (d)
Global Aircraft Leasing Co. Ltd. 13.75% (Blend (cash 6.50% + PIK 7.25%)), 9/15/2024 (f) (h)		254		168
Chile — 0.0% (d)
Celulosa Arauco y Constitucion SA 5.50%, 11/2/2047		355		399
China — 0.1%
China Development Bank
0.38%, 11/16/2021 (b)	EUR	1,270		1,487
2.63%, 1/24/2022 (b)		3,000		3,060
				4,547
Finland — 0.1%
Nokia OYJ
4.38%, 6/12/2027		372		397
6.63%, 5/15/2039		2,065		2,575
				2,972
France — 0.4%
Altice France SA 7.38%, 5/1/2026 (f)		3,064		3,198
Banque Federative du Credit Mutuel SA 2.13%, 11/21/2022 (f)		245		253
BPCE SA (SOFR + 0.44%), 0.53%, 2/17/2022 (f) (g)		590		590
Dexia Credit Local SA
0.75%, 1/25/2023 (b)		EUR 3,500		4,189
1.63%, 12/8/2023 (b)	GBP	2,800		3,775
1.25%, 11/26/2024 (b)	EUR	2,100		2,607
Total Capital International SA
2.88%, 2/17/2022 (a)		241		249
2.99%, 6/29/2041		770		787

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
France — continued
3.46%, 7/12/2049		415		440
3.13%, 5/29/2050		330		330
				16,418
Germany — 0.1%
BMW US Capital LLC 3.10%, 4/12/2021 (f)		380		385
Daimler Finance North America LLC (ICE LIBOR USD 3 Month + 0.45%), 0.71%, 2/22/2021 (f) (g)		250		250
Kreditanstalt fuer Wiederaufbau 0.00%, 12/15/2022	EUR	3,000		3,544
Vertical US Newco, Inc. 5.25%, 7/15/2027 (f)		400		412
Volkswagen Group of America Finance LLC 2.70%, 9/26/2022 (f)		200		207
				4,798
Italy — 0.3%
Enel Finance International NV 6.00%, 10/7/2039 (f)		570		764
Telecom Italia Capital SA
6.38%, 11/15/2033		1,930		2,283
6.00%, 9/30/2034		1,498		1,743
7.20%, 7/18/2036		1,709		2,156
7.72%, 6/4/2038		2,202		2,983
				9,929
Japan — 0.2%
Development Bank of Japan, Inc. 3.13%, 9/6/2023 (a) (f)		1,850		1,989
Mitsubishi UFJ Financial Group, Inc. 2.62%, 7/18/2022		240		249
Mizuho Financial Group, Inc.
2.60%, 9/11/2022		250		260
(ICE LIBOR USD 3 Month + 1.27%), 1.98%, 9/8/2031 (g)		438		432
Sumitomo Mitsui Financial Group, Inc.
2.78%, 7/12/2022		250		260
2.13%, 7/8/2030		690		697
Takeda Pharmaceutical Co. Ltd.
3.03%, 7/9/2040		795		815
3.18%, 7/9/2050		1,150		1,155
				5,857
Luxembourg — 0.2%
Altice Financing SA
7.50%, 5/15/2026 (f)		1,375		1,435
5.00%, 1/15/2028 (f)		1,115		1,082

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
Luxembourg — continued
Altice France Holding SA 10.50%, 5/15/2027 (f)		723		797
ArcelorMittal SA
7.25%, 10/15/2039 (i)		686		838
7.00%, 3/1/2041 (i)		707		852
Intelsat Jackson Holdings SA
5.50%, 8/1/2023 (j)		773		453
8.00%, 2/15/2024 (f) (i) (j)		716		727
8.50%, 10/15/2024 (f) (j)		680		420
				6,604
Macau — 0.0% (d)
Sands China Ltd. 4.38%, 6/18/2030 (f)		830		854
Netherlands — 0.2%
BNG Bank NV 4.75%, 3/6/2023 (b)	AUD	602		466
NXP BV
4.30%, 6/18/2029 (f)		958		1,110
3.40%, 5/1/2030 (f)		578		636
OCI NV 5.25%, 11/1/2024 (f)		365		373
Shell International Finance BV
3.13%, 11/7/2049		1,250		1,255
3.25%, 4/6/2050		555		569
Trivium Packaging Finance BV
5.50%, 8/15/2026 (f) (i)		1,039		1,088
8.50%, 8/15/2027 (f) (i)		227		243
UPC Holding BV 5.50%, 1/15/2028 (f)		200		207
				5,947
New Zealand — 0.0% (d)
ANZ New Zealand Int’l Ltd. 2.88%, 1/25/2022 (f)		239		246
Singapore — 0.3%
Temasek Financial I Ltd.
0.50%, 3/1/2022 (b)	EUR	2,000		2,343
3.63%, 8/1/2028 (f)		6,158		7,188
				9,531
South Korea — 0.2%
Korea Development Bank (The)
3.00%, 3/19/2022		1,087		1,122
1.75%, 12/15/2022 (b)	GBP	2,450		3,236
2.13%, 10/1/2024		1,826		1,911
				6,269

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Spain — 0.0% (d)
Banco Santander SA 3.49%, 5/28/2030		200		216
Telefonica Emisiones SA 4.90%, 3/6/2048		630		717
				933
Sweden — 0.0% (d)
Skandinaviska Enskilda Banken AB 2.20%, 12/12/2022 (a) (f)		250		259
Switzerland — 0.1%
ABB Finance USA, Inc. 2.88%, 5/8/2022		240		249
Credit Suisse AG 2.80%, 4/8/2022		250		259
Glencore Finance Canada Ltd. 5.55%, 10/25/2042 (f) (i)		300		348
Novartis Capital Corp. 2.75%, 8/14/2050		730		770
UBS AG 1.75%, 4/21/2022 (f)		245		250
UBS Group AG (ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (f) (g)		940		1,031
				2,907
United Kingdom — 0.5%
Ashtead Capital, Inc. 4.00%, 5/1/2028 (f)		600		626
AstraZeneca plc
2.38%, 6/12/2022		87		90
2.13%, 8/6/2050 (a)		1,330		1,191
BAE Systems plc 3.00%, 9/15/2050 (f)		620		617
Barclays Bank plc 1.70%, 5/12/2022		250		255
BAT Capital Corp.
4.91%, 4/2/2030		545		634
4.39%, 8/15/2037		1,240		1,323
4.54%, 8/15/2047		595		624
CK Hutchison International 16 Ltd. 1.88%, 10/3/2021 (f)		250		252
CK Hutchison International 19 II Ltd. 3.38%, 9/6/2049 (f)		750		812
HSBC Holdings plc
(SOFR + 1.73%), 2.01%, 9/22/2028 (a) (g)		2,320		2,305
(SOFR + 1.95%), 2.36%, 8/18/2031 (g)		660		654
Marks & Spencer plc 7.13%, 12/1/2037 (a) (f)		2,475		2,586
Rolls-Royce plc 5.75%, 10/15/2027 (f)		321		325
Standard Chartered plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 4.64%, 4/1/2031 (f) (g)		895		1,040
Virgin Media Secured Finance plc
5.50%, 5/15/2029 (f)		1,450		1,549
4.50%, 8/15/2030 (f)		846		860

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United Kingdom — continued
Vodafone Group plc
5.00%, 5/30/2038		255		316
4.38%, 2/19/2043		200		236
4.25%, 9/17/2050		1,655		1,898
				18,193
United States — 23.3%
Abbott Laboratories 4.90%, 11/30/2046		640		897
AbbVie, Inc.
2.15%, 11/19/2021 (f)		250		254
4.50%, 5/14/2035		1,075		1,305
4.05%, 11/21/2039 (f)		865		988
4.45%, 5/14/2046		1,075		1,277
4.25%, 11/21/2049 (f)		840		977
Acadia Healthcare Co., Inc. 5.63%, 2/15/2023		430		432
ACCO Brands Corp. 5.25%, 12/15/2024 (f)		219		224
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a) (f)		930		890
Adient US LLC
9.00%, 4/15/2025 (f)		450		495
7.00%, 5/15/2026 (f)		1,095		1,168
ADT Security Corp. (The) 4.88%, 7/15/2032 (f)		305		314
Advance Auto Parts, Inc. 3.90%, 4/15/2030		550		618
AECOM 5.13%, 3/15/2027		718		785
AEP Transmission Co. LLC Series M, 3.65%, 4/1/2050		505		585
AES Corp. (The)
5.50%, 4/15/2025		250		257
6.00%, 5/15/2026		550		576
Aetna, Inc.
4.13%, 11/15/2042		460		519
3.88%, 8/15/2047		615		681
Aflac, Inc. 4.00%, 10/15/2046 (a)		1,005		1,141
Ahern Rentals, Inc. 7.38%, 5/15/2023 (f)		918		590
AIG Global Funding (ICE LIBOR USD 3 Month + 0.65%), 0.87%, 1/22/2021 (f) (g)		281		281
Air Products and Chemicals, Inc. 2.80%, 5/15/2050		235		244
Albemarle Corp. 5.45%, 12/1/2044		358		409
Albertsons Cos., Inc.
3.25%, 3/15/2026 (f)		383		376
4.63%, 1/15/2027 (f)		2,590		2,687
5.88%, 2/15/2028 (f)		206		218

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
3.50%, 3/15/2029 (f)		421		408
4.88%, 2/15/2030 (f)		770		818
Alcoa Nederland Holding BV
6.75%, 9/30/2024 (f)		402		414
7.00%, 9/30/2026 (f)		750		789
5.50%, 12/15/2027 (f)		450		474
6.13%, 5/15/2028 (f)		500		537
Alexandria Real Estate Equities, Inc.
REIT, 4.90%, 12/15/2030		890		1,108
REIT, 1.88%, 2/1/2033		510		495
Allegion plc 3.50%, 10/1/2029 (a)		550		602
Allied Universal Holdco LLC
6.63%, 7/15/2026 (f)		170		178
9.75%, 7/15/2027 (f)		175		186
Allison Transmission, Inc.
4.75%, 10/1/2027 (f)		1,313		1,352
5.88%, 6/1/2029 (f)		500		546
Ally Financial, Inc. 5.75%, 11/20/2025		2,270		2,580
Alphabet, Inc.
1.90%, 8/15/2040		690		649
2.05%, 8/15/2050		500		451
2.25%, 8/15/2060 (a)		290		260
Altria Group, Inc.
4.25%, 8/9/2042		750		804
3.88%, 9/16/2046 (a)		1,245		1,255
Amazon.com, Inc.
3.88%, 8/22/2037		950		1,161
2.50%, 6/3/2050		375		369
2.70%, 6/3/2060		1,100		1,118
AMC Entertainment Holdings, Inc.
10.50%, 4/24/2026 (f)		191		98
12.00% (cash 10.00% or 12.00% PIK or Blend (cash 5.00% + PIK 6.00%)), 6/15/2026 (f) (h)		508		12
AMC Networks, Inc.
5.00%, 4/1/2024		60		60
4.75%, 8/1/2025 (a)		348		348
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025 (a)		2,225		2,255
6.25%, 3/15/2026		833		835
6.50%, 4/1/2027		347		349
American Express Co. 2.50%, 8/1/2022		160		166
American Honda Finance Corp. 0.88%, 7/7/2023		186		187
American International Group, Inc. 3.88%, 1/15/2035		1,425		1,643

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
American Tower Corp.
REIT, 2.90%, 1/15/2030		459		489
REIT, 2.10%, 6/15/2030		503		504
REIT, 1.88%, 10/15/2030		280		276
REIT, 3.70%, 10/15/2049		610		655
REIT, 3.10%, 6/15/2050		1,215		1,183
American Water Capital Corp. 3.45%, 5/1/2050		945		1,066
AmeriGas Partners LP
5.63%, 5/20/2024		635		675
5.50%, 5/20/2025		1,015		1,086
Amgen, Inc.
2.30%, 2/25/2031		230		238
3.15%, 2/21/2040		700		732
3.38%, 2/21/2050		720		759
2.77%, 9/1/2053 (f)		500		473
Antero Midstream Partners LP 5.38%, 9/15/2024		1,115		1,043
Antero Resources Corp.
5.13%, 12/1/2022		196		182
5.63%, 6/1/2023 (a)		149		125
Anthem, Inc.
4.63%, 5/15/2042		215		267
3.13%, 5/15/2050		500		513
Apache Corp.
4.63%, 11/15/2025 (a)		1,497		1,422
4.88%, 11/15/2027		554		520
Apple, Inc.
3.45%, 2/9/2045		215		251
2.95%, 9/11/2049		1,750		1,867
2.65%, 5/11/2050		765		768
2.40%, 8/20/2050		420		409
2.55%, 8/20/2060		450		431
Aramark Services, Inc.
5.00%, 4/1/2025 (f)		408		414
5.00%, 2/1/2028 (a) (f)		680		686
Archrock Partners LP 6.88%, 4/1/2027 (f)		90		88
Arconic Corp.
6.00%, 5/15/2025 (f)		655		693
6.13%, 2/15/2028 (f)		535		564
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (f)		1,486		1,536
4.13%, 8/15/2026 (f)		1,435		1,464
5.25%, 8/15/2027 (f)		1,079		1,111

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Ashland LLC 6.88%, 5/15/2043		840		1,076
AT&T, Inc.
2.75%, 6/1/2031		1,715		1,776
2.25%, 2/1/2032		470		460
3.50%, 6/1/2041		1,050		1,060
3.10%, 2/1/2043		940		892
3.30%, 2/1/2052		500		459
3.55%, 9/15/2055 (f)		2,275		2,151
3.65%, 9/15/2059 (f)		2,332		2,207
AutoNation, Inc. 4.75%, 6/1/2030		1,885		2,208
AutoZone, Inc. 3.70%, 4/15/2022		150		156
Avantor Funding, Inc. 4.63%, 7/15/2028 (f)		1,342		1,391
Avantor, Inc. 6.00%, 10/1/2024 (f)		750		784
Avis Budget Car Rental LLC
5.25%, 3/15/2025 (f)		395		372
5.75%, 7/15/2027 (f)		132		125
Axalta Coating Systems LLC 4.75%, 6/15/2027 (f)		860		901
B&G Foods, Inc. 5.25%, 4/1/2025		435		448
Baker Hughes Holdings LLC 5.13%, 9/15/2040		380		448
Ball Corp.
4.88%, 3/15/2026		275		306
2.88%, 8/15/2030		2,713		2,682
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022 (g)		206		207
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (g)		5,800		6,511
(SOFR + 1.93%), 2.68%, 6/19/2041 (g)		1,270		1,282
(SOFR + 1.88%), 2.83%, 10/24/2051 (g)		2,000		1,975
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (f)		3,028		3,338
8.50%, 1/31/2027 (f)		1,440		1,575
Bausch Health Cos., Inc.
5.50%, 3/1/2023 (f)		8		8
5.88%, 5/15/2023 (f)		41		41
6.13%, 4/15/2025 (f)		1,333		1,370
5.50%, 11/1/2025 (f)		570		586
9.00%, 12/15/2025 (f)		720		787
7.00%, 1/15/2028 (f)		172		182
5.00%, 1/30/2028 (f)		3,557		3,516
7.25%, 5/30/2029 (f)		170		183
5.25%, 1/30/2030 (f)		332		326

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Becton Dickinson and Co.
2.82%, 5/20/2030		532		567
4.69%, 12/15/2044		322		393
4.67%, 6/6/2047		505		622
3.79%, 5/20/2050		635		704
Berkshire Hathaway Energy Co.
4.50%, 2/1/2045		290		361
2.85%, 5/15/2051 (f)		485		472
Berkshire Hathaway Finance Corp. 4.20%, 8/15/2048		1,305		1,633
Berry Global, Inc. 4.88%, 7/15/2026 (f)		863		904
Biogen, Inc.
3.63%, 9/15/2022		100		106
3.15%, 5/1/2050		872		840
Blue Racer Midstream LLC 6.13%, 11/15/2022 (f)		995		968
Boeing Co. (The)
3.63%, 2/1/2031		1,305		1,299
3.25%, 2/1/2035		1,000		927
5.71%, 5/1/2040		1,185		1,363
Boise Cascade Co. 4.88%, 7/1/2030 (f)		473		506
Boston Scientific Corp. 4.55%, 3/1/2039		345		427
Boyd Gaming Corp.
6.38%, 4/1/2026		355		369
6.00%, 8/15/2026		212		217
Boyne USA, Inc. 7.25%, 5/1/2025 (f)		282		295
BP Capital Markets America, Inc.
3.00%, 2/24/2050		655		615
2.77%, 11/10/2050		445		399
Brink’s Co. (The)
5.50%, 7/15/2025 (f)		375		390
4.63%, 10/15/2027 (f)		370		378
Broadcom, Inc.
4.11%, 9/15/2028		335		373
4.75%, 4/15/2029		427		495
5.00%, 4/15/2030		428		505
4.15%, 11/15/2030		1,530		1,714
4.30%, 11/15/2032		530		605
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026 (f)		247		205
Buckeye Partners LP
4.13%, 3/1/2025 (f)		2,059		1,951
5.85%, 11/15/2043		288		255

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Builders FirstSource, Inc. 6.75%, 6/1/2027 (f)		225		241
Burlington Northern Santa Fe LLC
4.95%, 9/15/2041		495		648
4.38%, 9/1/2042		320		398
3.05%, 2/15/2051		1,395		1,492
BWX Technologies, Inc. 5.38%, 7/15/2026 (f)		225		233
Caesars Resort Collection LLC
5.75%, 7/1/2025 (f)		506		519
5.25%, 10/15/2025 (f)		185		176
Calpine Corp. 5.25%, 6/1/2026 (f)		1,345		1,381
Cameron LNG LLC 3.30%, 1/15/2035 (f)		350		388
Capital One Financial Corp. (ICE LIBOR USD 3 Month + 0.95%), 1.19%, 3/9/2022 (g)		150		151
Carrier Global Corp. 3.38%, 4/5/2040 (f)		560		592
Caterpillar, Inc. 3.25%, 4/9/2050		500		555
CCO Holdings LLC
5.75%, 2/15/2026 (f)		1,751		1,815
5.50%, 5/1/2026 (f)		1,605		1,669
5.13%, 5/1/2027 (f)		3,095		3,250
5.00%, 2/1/2028 (f)		2,092		2,203
4.75%, 3/1/2030 (f)		2,257		2,374
4.25%, 2/1/2031 (f)		2,039		2,085
4.50%, 5/1/2032 (f)		2,532		2,614
CDK Global, Inc.
4.88%, 6/1/2027		1,035		1,072
5.25%, 5/15/2029 (f)		313		336
CDW LLC
4.25%, 4/1/2028		917		948
3.25%, 2/15/2029		399		399
Cedar Fair LP 5.38%, 4/15/2027		331		307
Centene Corp.
5.38%, 6/1/2026 (f)		1,685		1,773
4.25%, 12/15/2027		1,192		1,255
4.63%, 12/15/2029		2,604		2,835
3.38%, 2/15/2030		365		379
3.00%, 10/15/2030		3,095		3,214
CenturyLink, Inc.
Series Y, 7.50%, 4/1/2024		220		243
5.63%, 4/1/2025		500		525
5.13%, 12/15/2026 (f)		1,710		1,748
CF Industries, Inc.
5.15%, 3/15/2034		160		187
4.95%, 6/1/2043		2,202		2,640

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
5.38%, 3/15/2044		2,156		2,646
Charter Communications Operating LLC
6.48%, 10/23/2045		291		390
4.80%, 3/1/2050		3,249		3,686
3.70%, 4/1/2051		1,110		1,069
6.83%, 10/23/2055		281		396
Chemours Co. (The)
7.00%, 5/15/2025 (a)		2,265		2,282
Cheniere Energy Partners LP
5.25%, 10/1/2025		268		273
5.63%, 10/1/2026		988		1,012
Cheniere Energy, Inc. 4.63%, 10/15/2028 (f)		950		981
Chevron Corp. 2.98%, 5/11/2040		540		570
Chevron USA, Inc. 2.34%, 8/12/2050		220		199
Choice Hotels International, Inc.
3.70%, 12/1/2029		1,964		2,050
3.70%, 1/15/2031		580		600
Cigna Corp.
3.20%, 3/15/2040		340		356
3.40%, 3/15/2050		580		607
Cincinnati Bell, Inc. 7.00%, 7/15/2024 (f)		680		703
Cinemark USA, Inc.
4.88%, 6/1/2023		765		641
8.75%, 5/1/2025 (f)		495		511
CIT Group, Inc.
4.75%, 2/16/2024		1,025		1,102
6.13%, 3/9/2028		550		668
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 2/15/2021 (g) (k) (l)		359		355
2.75%, 4/25/2022		200		206
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (g) (k) (l)		210		235
(SOFR + 1.42%), 2.98%, 11/5/2030 (g)		1,595		1,713
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (g)		1,325		1,519
Clarios Global LP
6.75%, 5/15/2025 (f)		850		899
6.25%, 5/15/2026 (f)		925		967
Clear Channel Worldwide Holdings, Inc.
9.25%, 2/15/2024		1,305		1,129
5.13%, 8/15/2027 (f)		3,076		2,984
Coca-Cola Co. (The)
2.50%, 6/1/2040		545		564

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
2.60%, 6/1/2050		855		855
Colfax Corp. 6.38%, 2/15/2026 (f)		120		126
Comcast Corp.
3.20%, 7/15/2036		1,700		1,888
3.75%, 4/1/2040		1,556		1,815
2.45%, 8/15/2052		3,090		2,818
Commercial Metals Co. 4.88%, 5/15/2023		84		88
Commonwealth Edison Co.
Series 123, 3.75%, 8/15/2047 (a)		500		583
3.00%, 3/1/2050		365		381
CommScope, Inc.
6.00%, 3/1/2026 (f)		2,235		2,319
8.25%, 3/1/2027 (f)		2,265		2,344
Community Health Systems, Inc.
6.25%, 3/31/2023		972		963
8.00%, 3/15/2026 (f)		154		155
Comstock Resources, Inc. 9.75%, 8/15/2026		1,425		1,501
Conagra Brands, Inc.
8.25%, 9/15/2030		143		214
5.30%, 11/1/2038		304		394
5.40%, 11/1/2048		290		397
Concho Resources, Inc.
4.88%, 10/1/2047		795		976
4.85%, 8/15/2048		350		427
Connecticut Light and Power Co. (The) 4.30%, 4/15/2044		600		760
Consolidated Edison Co. of New York, Inc. Series 12-A, 4.20%, 3/15/2042		825		972
Constellation Brands, Inc.
3.15%, 8/1/2029		437		478
2.88%, 5/1/2030		413		444
4.50%, 5/9/2047		320		390
4.10%, 2/15/2048		330		382
5.25%, 11/15/2048		100		134
3.75%, 5/1/2050 (a)		850		943
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (a) (f)		188		155
Constellium SE
5.75%, 5/15/2024 (f)		505		512
6.63%, 3/1/2025 (f)		750		761
Continental Resources, Inc.
5.00%, 9/15/2022		1,150		1,133
4.38%, 1/15/2028 (a)		458		412
4.90%, 6/1/2044		1,096		909

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049		160		168
Cox Communications, Inc. 4.80%, 2/1/2035 (f)		925		1,146
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (i)		19		19
5.75%, 4/1/2025		676		609
Crown Americas LLC 4.25%, 9/30/2026		385		409
Crown Castle International Corp.
REIT, 2.25%, 1/15/2031		483		486
REIT, 5.20%, 2/15/2049		371		478
REIT, 4.00%, 11/15/2049		400		443
REIT, 4.15%, 7/1/2050		640		729
REIT, 3.25%, 1/15/2051		1,125		1,116
CSC Holdings LLC
5.50%, 4/15/2027 (f)		1,100		1,158
5.38%, 2/1/2028 (f)		645		685
6.50%, 2/1/2029 (f)		760		843
5.75%, 1/15/2030 (f)		2,960		3,164
4.13%, 12/1/2030 (f)		849		863
3.38%, 2/15/2031 (f)		2,759		2,654
CSX Corp.
4.10%, 3/15/2044 (a)		755		888
3.80%, 4/15/2050 (a)		770		902
Cummins, Inc. 2.60%, 9/1/2050		290		275
CVS Health Corp.
4.30%, 3/25/2028		320		371
2.70%, 8/21/2040		2,765		2,639
4.25%, 4/1/2050		650		756
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (f)		725		752
Dana, Inc. 5.38%, 11/15/2027		500		516
Darden Restaurants, Inc. 4.55%, 2/15/2048		600		607
Darling Ingredients, Inc. 5.25%, 4/15/2027 (f)		1,000		1,060
DaVita, Inc.
4.63%, 6/1/2030 (f)		1,420		1,444
3.75%, 2/15/2031 (f)		633		609
DCP Midstream Operating LP
5.38%, 7/15/2025		1,423		1,494
8.13%, 8/16/2030		350		399
6.45%, 11/3/2036 (f)		406		392
5.60%, 4/1/2044		449		391
Dell International LLC
5.88%, 6/15/2021 (f)		128		128

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
7.13%, 6/15/2024 (f)		180		187
6.02%, 6/15/2026 (f)		750		888
6.20%, 7/15/2030 (f)		575		704
8.10%, 7/15/2036 (f)		300		404
8.35%, 7/15/2046 (f)		300		408
Dell, Inc.
7.10%, 4/15/2028 (a)		320		406
6.50%, 4/15/2038		480		574
Delta Air Lines, Inc.
4.50%, 10/20/2025 (f)		422		428
4.38%, 4/19/2028		958		825
4.75%, 10/20/2028 (f)		590		603
3.75%, 10/28/2029		2,807		2,343
Devon Energy Corp.
4.75%, 5/15/2042		56		52
5.00%, 6/15/2045		929		888
DH Europe Finance II SARL 3.25%, 11/15/2039		530		587
Diamond Sports Group LLC 5.38%, 8/15/2026 (f)		677		394
Diamondback Energy, Inc. 5.38%, 5/31/2025		525		543
Discovery Communications LLC
3.63%, 5/15/2030		1,140		1,260
5.20%, 9/20/2047		335		398
4.65%, 5/15/2050		340		382
4.00%, 9/15/2055 (f)		1,650		1,665
DISH DBS Corp.
5.88%, 7/15/2022		479		493
5.00%, 3/15/2023		198		199
5.88%, 11/15/2024		4,250		4,276
7.75%, 7/1/2026		1,609		1,705
Dow Chemical Co. (The) 2.10%, 11/15/2030		845		837
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (f)		372		346
Duke Energy Indiana LLC 2.75%, 4/1/2050		1,135		1,137
Duke Energy Progress LLC
Series A, (ICE LIBOR USD 3 Month + 0.18%), 0.43%, 2/18/2022 (g)		29		29
3.60%, 9/15/2047		275		313
2.50%, 8/15/2050		1,000		956
Duquesne Light Holdings, Inc. 2.53%, 10/1/2030 (f)		400		398
East Ohio Gas Co. (The) 3.00%, 6/15/2050 (f)		565		570

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Eastman Chemical Co.
4.80%, 9/1/2042		122		148
4.65%, 10/15/2044		450		539
Ecolab, Inc. 2.13%, 8/15/2050		225		201
Edgewell Personal Care Co. 5.50%, 6/1/2028 (f)		825		867
Edison International
5.75%, 6/15/2027 (a)		450		511
4.13%, 3/15/2028		450		471
Elanco Animal Health, Inc. 5.90%, 8/28/2028 (i)		694		808
Eli Lilly and Co. 2.25%, 5/15/2050		1,680		1,558
Embarq Corp. 8.00%, 6/1/2036		2,903		3,404
EMC Corp. 3.38%, 6/1/2023		403		411
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (f)		397		399
Enable Midstream Partners LP 5.00%, 5/15/2044 (i)		102		84
Encompass Health Corp.
5.75%, 11/1/2024		445		445
4.50%, 2/1/2028		1,110		1,137
Endo Dac
9.50%, 7/31/2027 (f)		163		175
6.00%, 6/30/2028 (f)		226		174
Energizer Holdings, Inc. 7.75%, 1/15/2027 (f)		1,090		1,183
Energy Transfer Operating LP
4.90%, 3/15/2035		570		559
5.15%, 2/1/2043		360		335
5.15%, 3/15/2045		670		621
5.30%, 4/15/2047		576		547
6.00%, 6/15/2048		160		163
6.25%, 4/15/2049		450		474
5.00%, 5/15/2050		677		630
EnerSys 4.38%, 12/15/2027 (f)		845		866
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (g) (k) (l)		760		319
4.40%, 4/1/2024		340		308
Entercom Media Corp. 7.25%, 11/1/2024 (a) (f)		230		191
Entergy Corp. 3.75%, 6/15/2050		210		237
Entergy Louisiana LLC 2.90%, 3/15/2051		705		727
Entergy Texas, Inc. 3.55%, 9/30/2049		585		644

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Enterprise Products Operating LLC
4.85%, 8/15/2042		300		342
4.45%, 2/15/2043		295		316
3.70%, 1/31/2051		1,010		1,001
3.20%, 2/15/2052		500		461
Envision Healthcare Corp. 8.75%, 10/15/2026 (f)		321		151
EQM Midstream Partners LP
6.00%, 7/1/2025 (f)		880		902
4.13%, 12/1/2026		515		486
6.50%, 7/15/2048		918		868
EQT Corp.
3.00%, 10/1/2022		525		524
7.88%, 2/1/2025 (i)		665		740
8.75%, 2/1/2030 (i)		335		416
Equinix, Inc.
REIT, 3.20%, 11/18/2029		443		481
REIT, 2.15%, 7/15/2030		571		573
REIT, 3.00%, 7/15/2050 (a)		600		584
REIT, 2.95%, 9/15/2051		600		574
ESH Hospitality, Inc.
REIT, 5.25%, 5/1/2025 (f)		235		235
REIT, 4.63%, 10/1/2027 (f)		956		937
Essex Portfolio LP
REIT, 1.65%, 1/15/2031		430		414
REIT, 2.65%, 9/1/2050		430		390
Evergy Metro, Inc. 4.20%, 3/15/2048		395		482
Exela Intermediate LLC 10.00%, 7/15/2023 (f)		1,233		364
Exelon Corp. 4.70%, 4/15/2050 (a)		530		671
Expedia Group, Inc.
3.80%, 2/15/2028		174		175
3.25%, 2/15/2030		650		630
Exxon Mobil Corp.
2.61%, 10/15/2030 (a)		2,485		2,634
3.00%, 8/16/2039		840		846
3.10%, 8/16/2049		425		423
FedEx Corp. 4.40%, 1/15/2047		570		675
FirstEnergy Corp.
2.65%, 3/1/2030		477		466
Series B, 2.25%, 9/1/2030		374		352
Series C, 7.38%, 11/15/2031		101		134
Series C, 4.85%, 7/15/2047		329		357

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Series C, 3.40%, 3/1/2050		390		350
Fiserv, Inc. 3.50%, 7/1/2029		440		493
Florida Power & Light Co. 3.80%, 12/15/2042		555		664
Flowserve Corp. 3.50%, 10/1/2030		600		597
Fluor Corp. 4.25%, 9/15/2028 (a)		700		626
FMC Corp. 4.50%, 10/1/2049		1,800		2,161
Ford Motor Co.
8.50%, 4/21/2023		143		158
9.00%, 4/22/2025		1,248		1,468
9.63%, 4/22/2030		62		83
Ford Motor Credit Co. LLC
3.47%, 4/5/2021		1,285		1,283
3.37%, 11/17/2023		615		610
4.06%, 11/1/2024		1,375		1,379
5.13%, 6/16/2025		235		245
4.39%, 1/8/2026		3,975		4,005
4.27%, 1/9/2027		345		344
4.13%, 8/17/2027		615		606
Fox Corp. 5.58%, 1/25/2049 (a)		175		238
Freeport-McMoRan, Inc.
5.00%, 9/1/2027		1,005		1,049
4.13%, 3/1/2028		271		277
4.38%, 8/1/2028		691		721
4.25%, 3/1/2030		1,098		1,154
4.63%, 8/1/2030		112		119
5.40%, 11/14/2034		765		876
5.45%, 3/15/2043		3,103		3,541
Frontier Communications Corp.
8.50%, 4/1/2026 (f) (i) (j)		1,020		1,026
5.88%, 10/15/2027 (f)		422		430
Gap, Inc. (The)
8.38%, 5/15/2023 (a) (f)		470		525
8.88%, 5/15/2027 (f)		330		377
Gartner, Inc.
4.50%, 7/1/2028 (f)		435		454
3.75%, 10/1/2030 (f)		862		882
GE Capital Funding LLC 4.40%, 5/15/2030 (f)		465		507
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		2,405		2,600
General Electric Co.
3.63%, 5/1/2030		1,875		1,978
4.13%, 10/9/2042		270		279

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
General Motors Co.
6.60%, 4/1/2036		320		401
6.25%, 10/2/2043		320		392
5.20%, 4/1/2045		1,240		1,379
6.75%, 4/1/2046		325		419
5.40%, 4/1/2048		350		398
5.95%, 4/1/2049		67		82
Genesis Energy LP
6.25%, 5/15/2026		622		498
7.75%, 2/1/2028		369		306
Gilead Sciences, Inc.
(ICE LIBOR USD 3 Month + 0.15%), 0.37%, 9/17/2021 (g)		46		46
4.00%, 9/1/2036		945		1,118
2.60%, 10/1/2040		795		765
4.80%, 4/1/2044		185		234
2.80%, 10/1/2050 (a)		830		789
Global Payments, Inc.
3.20%, 8/15/2029		502		543
2.90%, 5/15/2030		594		631
4.15%, 8/15/2049		1,050		1,211
GLP Capital LP
REIT, 5.75%, 6/1/2028		480		546
REIT, 4.00%, 1/15/2030		1,368		1,423
REIT, 4.00%, 1/15/2031 (a)		609		637
Goldman Sachs Group, Inc. (The)
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (a) (g) (k) (l)		530		507
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (g)		2,530		2,850
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (g)		935		1,090
Goodyear Tire & Rubber Co. (The) 4.88%, 3/15/2027 (a)		73		71
Graphic Packaging International LLC 3.50%, 3/15/2028 (f)		400		400
Gray Television, Inc. 7.00%, 5/15/2027 (f)		540		583
Greif, Inc. 6.50%, 3/1/2027 (f)		349		366
Griffon Corp. 5.75%, 3/1/2028		815		846
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (f)		1,490		1,492
Gulfport Energy Corp. 6.00%, 10/15/2024		515		281
H&E Equipment Services, Inc. 5.63%, 9/1/2025		345		358

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Hanesbrands, Inc. 4.88%, 5/15/2026 (f)		292		316
Hasbro, Inc.
3.90%, 11/19/2029		460		494
6.35%, 3/15/2040		320		385
5.10%, 5/15/2044		824		862
HAT Holdings I LLC REIT, 3.75%, 9/15/2030 (f)		2,645		2,642
HCA, Inc.
5.38%, 2/1/2025		1,013		1,122
5.88%, 2/15/2026		2,880		3,254
5.63%, 9/1/2028		3,221		3,749
5.88%, 2/1/2029		1,635		1,924
3.50%, 9/1/2030		7,686		7,850
5.13%, 6/15/2039		560		680
5.50%, 6/15/2047		375		465
7.50%, 11/15/2095 (a)		450		571
Healthcare Trust of America Holdings LP REIT, 2.00%, 3/15/2031		560		540
Healthpeak Properties, Inc.
REIT, 3.00%, 1/15/2030		1,090		1,170
REIT, 2.88%, 1/15/2031		440		461
Herc Holdings, Inc. 5.50%, 7/15/2027 (f)		1,045		1,074
Hershey Co. (The) 2.65%, 6/1/2050		310		313
Hertz Corp. (The)
7.13%, 8/1/2026 (f) (j)		410		162
6.00%, 1/15/2028 (f) (j)		500		201
Hess Corp. 5.80%, 4/1/2047		360		400
Hilton Domestic Operating Co., Inc.
5.13%, 5/1/2026		1,000		1,012
4.88%, 1/15/2030		656		675
Hilton Worldwide Finance LLC
4.63%, 4/1/2025 (a)		209		211
4.88%, 4/1/2027		1,027		1,039
Home Depot, Inc. (The)
3.30%, 4/15/2040		1,195		1,351
4.25%, 4/1/2046		265		337
3.13%, 12/15/2049		185		201
3.35%, 4/15/2050		475		536
Honeywell International, Inc.
0.48%, 8/19/2022 (a)		131		131
2.80%, 6/1/2050		160		171
Howmet Aerospace, Inc.
5.13%, 10/1/2024		1,058		1,111

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
5.90%, 2/1/2027		1,567		1,720
6.75%, 1/15/2028		769		878
5.95%, 2/1/2037		2,421		2,639
Hughes Satellite Systems Corp.
7.63%, 6/15/2021		85		87
5.25%, 8/1/2026		250		268
6.63%, 8/1/2026 (a)		300		325
Huntington Bancshares, Inc. 3.15%, 3/14/2021		145		146
Huntington Ingalls Industries, Inc. 4.20%, 5/1/2030 (f)		530		612
Hyatt Hotels Corp. 5.75%, 4/23/2030		759		857
Icahn Enterprises LP
6.38%, 12/15/2025		316		324
6.25%, 5/15/2026		791		821
5.25%, 5/15/2027		820		848
iHeartCommunications, Inc.
8.38%, 5/1/2027		233		228
5.25%, 8/15/2027 (f)		1,380		1,362
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 2.98%, 12/21/2065 (f) (g)		1,015		533
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 3.23%, 12/21/2065 (f) (g)		880		488
Intel Corp. 3.25%, 11/15/2049		1,250		1,369
International Business Machines Corp. 2.85%, 5/15/2040		2,185		2,248
International Game Technology plc 6.50%, 2/15/2025 (f)		900		963
IQVIA, Inc.
5.00%, 10/15/2026 (f)		200		207
5.00%, 5/15/2027 (f)		997		1,045
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (f)		370		377
REIT, 5.25%, 3/15/2028 (f)		218		223
REIT, 4.88%, 9/15/2029 (f)		500		503
REIT, 4.50%, 2/15/2031 (f)		2,676		2,664
ITC Holdings Corp. 2.95%, 5/14/2030 (f)		1,360		1,455
Jabil, Inc.
3.60%, 1/15/2030		822		871
3.00%, 1/15/2031		450		454
Jackson National Life Global Funding 3.30%, 2/1/2022 (f)		240		249

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
JBS USA LUX SA
5.75%, 6/15/2025 (f)		480		492
5.50%, 1/15/2030 (f)		363		395
Johnson & Johnson
3.40%, 1/15/2038		495		578
2.25%, 9/1/2050		305		296
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (f)		1,785		1,758
Keurig Dr Pepper, Inc. 4.50%, 11/15/2045		575		705
KFC Holding Co. 5.25%, 6/1/2026 (f)		470		486
Kinder Morgan, Inc.
2.00%, 2/15/2031		1,305		1,241
5.05%, 2/15/2046		505		566
3.25%, 8/1/2050		750		673
Kohl’s Corp. 5.55%, 7/17/2045		429		387
Kraft Heinz Foods Co.
3.95%, 7/15/2025		1,350		1,461
4.63%, 1/30/2029		2,055		2,290
4.63%, 10/1/2039 (f)		633		677
6.50%, 2/9/2040		480		608
5.00%, 6/4/2042		1,047		1,147
5.20%, 7/15/2045		738		815
4.38%, 6/1/2046		1,780		1,820
4.88%, 10/1/2049 (a) (f)		2,546		2,681
5.50%, 6/1/2050 (f)		758		860
Kroger Co. (The) 3.88%, 10/15/2046		800		898
L Brands, Inc.
7.50%, 6/15/2029		805		861
6.88%, 11/1/2035		455		462
LABL Escrow Issuer LLC
6.75%, 7/15/2026 (f)		1,190		1,247
10.50%, 7/15/2027 (f)		315		339
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (f)		124		113
Lamar Media Corp. 4.00%, 2/15/2030		855		862
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (a) (f)		664		690
Las Vegas Sands Corp. 3.90%, 8/8/2029		550		549
Leidos, Inc. 4.38%, 5/15/2030 (f)		870		1,012
Lennar Corp.
4.75%, 5/30/2025		124		136
5.25%, 6/1/2026		760		863
5.00%, 6/15/2027		710		809

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Level 3 Financing, Inc.
5.25%, 3/15/2026		952		983
4.63%, 9/15/2027 (f)		3,965		4,044
3.63%, 1/15/2029 (f)		259		251
Liberty Interactive LLC 8.25%, 2/1/2030		550		595
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (f)		183		175
6.50%, 5/15/2027 (f)		1,380		1,477
4.75%, 10/15/2027 (f)		730		671
Lockheed Martin Corp.
4.07%, 12/15/2042		250		310
3.80%, 3/1/2045		575		688
2.80%, 6/15/2050		905		936
Lowe’s Cos., Inc.
3.70%, 4/15/2046		1,225		1,389
3.00%, 10/15/2050		485		495
Macy’s, Inc. 8.38%, 6/15/2025 (f)		1,370		1,430
Marathon Oil Corp. 5.20%, 6/1/2045		1,708		1,613
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025		530		590
4.63%, 6/15/2030		206		220
Series GG, 3.50%, 10/15/2032		600		591
Marriott Ownership Resorts, Inc.
6.50%, 9/15/2026		1,222		1,259
4.75%, 1/15/2028		20		19
Masco Corp.
2.00%, 10/1/2030		600		599
4.50%, 5/15/2047		333		393
Mastercard, Inc. 3.85%, 3/26/2050		310		384
Mattel, Inc.
3.15%, 3/15/2023 (a)		173		172
6.75%, 12/31/2025 (f)		1,529		1,608
5.88%, 12/15/2027 (f)		1,755		1,904
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/2024 (f)		1,651		1,652
7.25%, 4/15/2025 (f)		1,315		1,268
McDonald’s Corp.
3.63%, 9/1/2049		565		627
4.20%, 4/1/2050		910		1,097
MDC Holdings, Inc.
3.85%, 1/15/2030		2,328		2,460
6.00%, 1/15/2043		2,098		2,624

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Merck & Co., Inc.
2.35%, 6/24/2040		200		203
3.70%, 2/10/2045		455		537
2.45%, 6/24/2050		155		153
Meredith Corp. 6.88%, 2/1/2026		1,210		1,003
MetLife, Inc. 4.13%, 8/13/2042		205		244
Metropolitan Life Global Funding I 3.00%, 1/10/2023 (f)		100		105
MGM Growth Properties Operating Partnership LP
REIT, 4.50%, 9/1/2026		392		402
REIT, 5.75%, 2/1/2027		2,026		2,186
REIT, 4.50%, 1/15/2028		350		355
MGM Resorts International
7.75%, 3/15/2022 (a)		860		903
6.75%, 5/1/2025 (a)		500		526
5.75%, 6/15/2025 (a)		1,689		1,754
4.63%, 9/1/2026		662		651
5.50%, 4/15/2027		2,080		2,100
Micron Technology, Inc.
5.33%, 2/6/2029		520		625
4.66%, 2/15/2030 (a)		520		612
Microsoft Corp.
3.50%, 2/12/2035		970		1,175
3.45%, 8/8/2036		1,060		1,272
3.70%, 8/8/2046		640		783
2.53%, 6/1/2050		855		867
2.68%, 6/1/2060		775		786
Molson Coors Beverage Co. 4.20%, 7/15/2046		350		365
Molson Coors Brewing Co. 5.00%, 5/1/2042		1,986		2,252
Mondelez International, Inc. 0.63%, 7/1/2022		55		55
Morgan Stanley
3.75%, 2/25/2023		150		161
(SOFR + 1.14%), 2.70%, 1/22/2031 (g)		2,270		2,423
(SOFR + 3.12%), 3.62%, 4/1/2031 (g)		1,325		1,519
Motorola Solutions, Inc.
4.60%, 5/23/2029		1,000		1,174
2.30%, 11/15/2030		400		397
5.50%, 9/1/2044		343		403
MPLX LP
4.50%, 4/15/2038		950		961
4.70%, 4/15/2048		285		281
MSCI, Inc.
5.38%, 5/15/2027 (f)		454		485

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
4.00%, 11/15/2029 (f)		375		391
3.88%, 2/15/2031 (f)		379		396
Murphy Oil Corp. 6.37%, 12/1/2042 (i)		1,083		807
Mylan, Inc. 5.20%, 4/15/2048		2,149		2,660
MYT Holding LLC 7.50% (cash 7.50% or PIK 7.50%), 9/25/2025 (f) (h)		58		57
Nabors Industries Ltd. 7.25%, 1/15/2026 (f)		235		92
Narragansett Electric Co. (The) 3.40%, 4/9/2030 (f)		435		490
National Securities Clearing Corp. 1.20%, 4/23/2023 (f)		250		255
Navient Corp.
6.50%, 6/15/2022		560		571
6.13%, 3/25/2024		455		461
5.00%, 3/15/2027		255		238
NCR Corp.
5.75%, 9/1/2027 (f)		1,240		1,278
5.00%, 10/1/2028 (f)		1,073		1,062
6.13%, 9/1/2029 (f)		365		383
Netflix, Inc.
4.88%, 4/15/2028		349		392
5.88%, 11/15/2028		1,194		1,427
6.38%, 5/15/2029		690		845
5.38%, 11/15/2029 (f)		2,468		2,891
4.88%, 6/15/2030 (f)		4,856		5,542
New Albertsons LP
7.75%, 6/15/2026		15		17
7.45%, 8/1/2029		40		45
8.00%, 5/1/2031		420		483
New York and Presbyterian Hospital (The)
2.26%, 8/1/2040		640		598
Newell Brands, Inc.
4.70%, 4/1/2026 (i)		2,015		2,146
5.87%, 4/1/2036 (i)		2,413		2,823
6.00%, 4/1/2046 (i)		567		670
Newmont Corp. 3.63%, 6/9/2021		225		228
Nexstar Broadcasting, Inc.
5.63%, 7/15/2027 (f)		1,219		1,271
4.75%, 11/1/2028 (f)		523		527
NextEra Energy Capital Holdings, Inc. 3.20%, 2/25/2022		120		124
NextEra Energy Operating Partners LP
3.88%, 10/15/2026 (f)		377		391
4.50%, 9/15/2027 (f)		371		405

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (a) (f)		175		180
Nielsen Finance LLC 5.00%, 4/15/2022 (f)		417		417
NIKE, Inc.
3.25%, 3/27/2040		830		936
3.38%, 3/27/2050		180		206
NiSource, Inc. 4.38%, 5/15/2047		550		670
NMG 12.00%, 9/18/2025 ‡		115		115
Noble Energy, Inc.
4.95%, 8/15/2047		717		935
4.20%, 10/15/2049 (a)		865		1,017
Nordstrom, Inc.
4.00%, 3/15/2027 (a)		1,020		854
6.95%, 3/15/2028		1,100		1,034
4.38%, 4/1/2030 (a)		1,071		821
5.00%, 1/15/2044		3,587		2,551
Norfolk Southern Corp. 3.05%, 5/15/2050		1,527		1,571
Northrop Grumman Corp. 3.85%, 4/15/2045		1,000		1,151
Novelis Corp.
5.88%, 9/30/2026 (f)		464		479
4.75%, 1/30/2030 (f)		470		476
NRG Energy, Inc. 6.63%, 1/15/2027		1,262		1,328
NuStar Logistics LP
5.75%, 10/1/2025		246		248
6.00%, 6/1/2026		186		184
5.63%, 4/28/2027		395		387
6.38%, 10/1/2030		246		247
NVIDIA Corp. 3.50%, 4/1/2050		343		393
Oasis Petroleum, Inc.
6.88%, 3/15/2022		908		179
6.25%, 5/1/2026 (f)		483		105
Occidental Petroleum Corp.
2.70%, 8/15/2022		1,138		1,052
8.00%, 7/15/2025 (a)		1,650		1,609
5.88%, 9/1/2025		287		253
8.50%, 7/15/2027		390		372
6.38%, 9/1/2028		287		251
8.88%, 7/15/2030		454		444
6.63%, 9/1/2030		287		252
Olin Corp. 5.13%, 9/15/2027		460		467
ON Semiconductor Corp. 3.88%, 9/1/2028 (f)		845		860
Oncor Electric Delivery Co. LLC
3.80%, 9/30/2047		265		316
3.70%, 5/15/2050 (a)		410		486

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
OneMain Finance Corp.
7.13%, 3/15/2026		1,087		1,205
6.63%, 1/15/2028		768		840
5.38%, 11/15/2029		3,621		3,721
ONEOK, Inc.
4.95%, 7/13/2047		487		464
5.20%, 7/15/2048		660		649
4.45%, 9/1/2049		600		527
4.50%, 3/15/2050		650		574
7.15%, 1/15/2051		404		471
Oracle Corp.
3.60%, 4/1/2040		2,075		2,305
3.60%, 4/1/2050		1,605		1,764
Oshkosh Corp. 3.10%, 3/1/2030		580		614
Outfront Media Capital LLC 5.00%, 8/15/2027 (f)		527		499
Owens Corning 4.30%, 7/15/2047 (a)		350		385
Pacific Gas and Electric Co.
3.30%, 8/1/2040 (a)		315		289
4.45%, 4/15/2042		975		985
4.60%, 6/15/2043		981		980
4.75%, 2/15/2044		386		398
4.30%, 3/15/2045		400		389
4.25%, 3/15/2046		350		340
4.00%, 12/1/2046 (a)		1,370		1,296
3.95%, 12/1/2047		911		858
4.95%, 7/1/2050		350		368
3.50%, 8/1/2050		430		387
PacifiCorp
4.13%, 1/15/2049 (a)		520		637
3.30%, 3/15/2051		1,335		1,451
Par Pharmaceutical, Inc.
7.50%, 4/1/2027 (f)		1,402		1,486
Parsley Energy LLC
5.25%, 8/15/2025 (f)		860		886
5.63%, 10/15/2027 (f)		618		657
PBF Holding Co. LLC
9.25%, 5/15/2025 (f)		306		271
6.00%, 2/15/2028 (f)		315		122
PECO Energy Co. 2.80%, 6/15/2050		234		239
Penske Automotive Group, Inc. 5.50%, 5/15/2026		597		616
Pentair Finance SARL 4.50%, 7/1/2029 (a)		550		634

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
PepsiCo, Inc. 3.50%, 3/19/2040		1,075		1,273
Performance Food Group, Inc.
5.50%, 6/1/2024 (f)		430		433
5.50%, 10/15/2027 (f)		768		787
Perrigo Finance Unlimited Co. 4.90%, 12/15/2044		2,476		2,633
PetSmart, Inc.
7.13%, 3/15/2023 (f)		2,429		2,399
5.88%, 6/1/2025 (f)		1,805		1,832
Pfizer, Inc.
2.55%, 5/28/2040		1,515		1,554
2.70%, 5/28/2050		850		865
PG&E Corp. 5.00%, 7/1/2028		1,580		1,584
Philip Morris International, Inc.
4.50%, 3/20/2042		500		609
3.88%, 8/21/2042		780		876
Phillips 66 2.15%, 12/15/2030		1,412		1,326
Phillips 66 Partners LP
4.68%, 2/15/2045		451		445
4.90%, 10/1/2046 (a)		370		371
Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (f)		175		179
Pioneer Natural Resources Co. 1.90%, 8/15/2030		610		570
Plains All American Pipeline LP
3.80%, 9/15/2030 (a)		440		425
4.30%, 1/31/2043		1,105		915
4.90%, 2/15/2045		2,442		2,188
Plantronics, Inc. 5.50%, 5/31/2023 (f)		271		261
Post Holdings, Inc.
5.00%, 8/15/2026 (f)		1,178		1,222
5.63%, 1/15/2028 (f)		875		923
5.50%, 12/15/2029 (f)		735		793
PPL Electric Utilities Corp. (ICE LIBOR USD 3 Month + 0.25%), 0.47%, 9/28/2023 (g)		150		150
Prestige Brands, Inc. 5.13%, 1/15/2028 (f)		440		457
Prime Security Services Borrower LLC 5.75%, 4/15/2026 (f)		1,433		1,526
Prologis LP REIT, 2.13%, 10/15/2050		775		692
Protective Life Global Funding 0.63%, 10/13/2023 (f)		150		150
Prudential Financial, Inc.
3.00%, 3/10/2040		1,085		1,123
Public Service Co. of Colorado 4.05%, 9/15/2049		500		623

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Public Service Electric and Gas Co.
3.15%, 1/1/2050		500		547
2.70%, 5/1/2050		440		442
PulteGroup, Inc. 6.38%, 5/15/2033		677		863
QEP Resources, Inc. 5.63%, 3/1/2026		459		291
Qorvo, Inc.
4.38%, 10/15/2029		369		396
3.38%, 4/1/2031 (f)		2,659		2,692
QUALCOMM, Inc. 1.65%, 5/20/2032 (f)		1,150		1,123
Quicken Loans LLC
5.25%, 1/15/2028 (f)		445		465
3.63%, 3/1/2029 (f)		166		164
3.88%, 3/1/2031 (f)		166		163
QVC, Inc.
4.75%, 2/15/2027		387		395
4.38%, 9/1/2028		553		554
5.45%, 8/15/2034		2,693		2,659
5.95%, 3/15/2043		2,770		2,659
Radian Group, Inc. 4.88%, 3/15/2027		856		875
Range Resources Corp. 9.25%, 2/1/2026 (f)		650		689
Raytheon Technologies Corp.
4.13%, 11/16/2028		1,970		2,307
4.45%, 11/16/2038		195		238
3.13%, 7/1/2050		675		709
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (f)		421		450
8.25%, 11/15/2026 (f)		139		151
Regeneron Pharmaceuticals, Inc.
1.75%, 9/15/2030		600		578
2.80%, 9/15/2050		2,230		2,083
Reliance Standard Life Global Funding II 2.15%, 1/21/2023 (f)		83		85
Republic Services, Inc.
3.05%, 3/1/2050		465		480
Revlon Consumer Products Corp. 6.25%, 8/1/2024		260		25
RHP Hotel Properties LP
REIT, 5.00%, 4/15/2023		645		625
REIT, 4.75%, 10/15/2027		255		236
Rite Aid Corp.
7.50%, 7/1/2025 (f)		903		903
8.00%, 11/15/2026 (f)		913		915
Roper Technologies, Inc. 2.00%, 6/30/2030		370		376

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Royal Caribbean Cruises Ltd.
10.88%, 6/1/2023 (f)		406		443
11.50%, 6/1/2025 (f)		1,462		1,672
Royalty Pharma plc
3.30%, 9/2/2040 (f)		400		391
3.55%, 9/2/2050 (f)		300		285
RPM International, Inc. 4.25%, 1/15/2048		550		571
S&P Global, Inc. 2.30%, 8/15/2060		715		638
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030 (a) (f)		340		380
Sabre GLBL, Inc. 9.25%, 4/15/2025 (a) (f)		390		430
San Diego Gas & Electric Co. Series UUU, 3.32%, 4/15/2050		505		537
SBA Communications Corp.
REIT, 4.88%, 9/1/2024		380		388
REIT, 3.88%, 2/15/2027 (f)		1,005		1,022
Schlumberger Holdings Corp. 3.90%, 5/17/2028 (f)		630		673
Seagate HDD Cayman
4.09%, 6/1/2029 (f)		50		54
4.13%, 1/15/2031 (a) (f)		550		592
5.75%, 12/1/2034		550		625
Sealed Air Corp.
5.25%, 4/1/2023 (f)		100		105
4.00%, 12/1/2027 (f)		378		396
6.88%, 7/15/2033 (f)		492		635
Sensata Technologies BV 5.00%, 10/1/2025 (f)		1,578		1,723
Sensata Technologies, Inc.
4.38%, 2/15/2030 (f)		2,910		3,041
3.75%, 2/15/2031 (f)		3,324		3,291
Service Corp. International
8.00%, 11/15/2021		95		101
4.63%, 12/15/2027		520		550
5.13%, 6/1/2029		680		743
Sherwin-Williams Co. (The) 3.30%, 5/15/2050		539		571
Simon Property Group LP REIT, 3.25%, 9/13/2049		370		333
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (f)		769		768
5.88%, 3/15/2026 (f)		104		102
Sirius XM Radio, Inc.
4.63%, 7/15/2024 (f)		103		106
5.00%, 8/1/2027 (f)		1,700		1,781

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
5.50%, 7/1/2029 (f)		1,455		1,583
4.13%, 7/1/2030 (f)		2,172		2,233
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (f)		773		719
5.50%, 4/15/2027 (a) (f)		168		156
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (f)		975		1,032
SM Energy Co.
6.75%, 9/15/2026		250		96
6.63%, 1/15/2027 (a)		254		95
Southern California Edison Co.
2.25%, 6/1/2030 (a)		2,470		2,490
3.65%, 2/1/2050		210		218
Southern Co. Gas Capital Corp. Series 20-A, 1.75%, 1/15/2031		1,000		988
Southwestern Energy Co. 6.45%, 1/23/2025 (i)		1,400		1,403
Southwestern Public Service Co. 3.40%, 8/15/2046		440		474
Spectrum Brands, Inc.
5.75%, 7/15/2025		746		768
5.00%, 10/1/2029 (f)		889		942
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (f)		440		444
Sprint Capital Corp.
6.88%, 11/15/2028		313		396
8.75%, 3/15/2032		3,636		5,441
Sprint Corp.
7.13%, 6/15/2024		2,809		3,231
7.63%, 2/15/2025		4,599		5,427
7.63%, 3/1/2026		3,885		4,728
SS&C Technologies, Inc. 5.50%, 9/30/2027 (f)		1,191		1,266
Standard Industries, Inc.
5.00%, 2/15/2027 (f)		302		311
4.75%, 1/15/2028 (f)		1,685		1,761
3.38%, 1/15/2031 (a) (f)		228		222
Staples, Inc.
7.50%, 4/15/2026 (f)		3,335		3,118
10.75%, 4/15/2027 (a) (f)		600		477
Starbucks Corp.
3.75%, 12/1/2047		715		784
3.35%, 3/12/2050		290		301
Station Casinos LLC
5.00%, 10/1/2025 (f)		131		130
4.50%, 2/15/2028 (f)		190		180

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Steel Dynamics, Inc. 3.25%, 10/15/2050		434		419
Summit Materials LLC
5.13%, 6/1/2025 (f)		225		228
6.50%, 3/15/2027 (f)		40		42
Sunoco Logistics Partners Operations LP
5.30%, 4/1/2044		185		174
5.35%, 5/15/2045		325		307
5.40%, 10/1/2047		929		895
Sysco Corp. 3.30%, 2/15/2050		918		865
Targa Resources Partners LP
5.25%, 5/1/2023		430		430
5.13%, 2/1/2025		550		551
5.88%, 4/15/2026		2,378		2,426
5.50%, 3/1/2030 (f)		795		800
4.88%, 2/1/2031 (f)		435		424
Taylor Morrison Communities, Inc. 5.13%, 8/1/2030 (f)		807		876
Team Health Holdings, Inc. 6.38%, 2/1/2025 (f)		695		428
TEGNA, Inc.
5.50%, 9/15/2024 (f)		81		83
4.63%, 3/15/2028 (f)		407		403
5.00%, 9/15/2029		404		409
Teleflex, Inc. 4.63%, 11/15/2027		690		728
Tempur Sealy International, Inc. 5.50%, 6/15/2026		1,997		2,077
Tenet Healthcare Corp.
4.63%, 7/15/2024		600		610
4.63%, 9/1/2024 (f)		1,340		1,372
5.13%, 5/1/2025		750		742
4.88%, 1/1/2026 (f)		2,878		2,920
6.25%, 2/1/2027 (f)		2,100		2,180
5.13%, 11/1/2027 (f)		964		993
TerraForm Power Operating LLC
5.00%, 1/31/2028 (f)		362		398
4.75%, 1/15/2030 (f)		374		401
Texas Competitive Electric Holdings Co. LLC 11.50%, 10/1/2020 ‡ (j)		1,000		—	(c)
Texas Eastern Transmission LP 4.15%, 1/15/2048 (f)		495		514
Texas Health Resources 2.33%, 11/15/2050		160		141
Time Warner Cable LLC
6.55%, 5/1/2037		347		452
7.30%, 7/1/2038		335		467

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
6.75%, 6/15/2039		420		560
5.88%, 11/15/2040 (a)		450		555
5.50%, 9/1/2041		397		475
4.50%, 9/15/2042		1,221		1,323
T-Mobile USA, Inc.
6.00%, 4/15/2024		119		121
5.13%, 4/15/2025		760		779
4.75%, 2/1/2028		4,522		4,845
3.88%, 4/15/2030 (f)		253		284
2.55%, 2/15/2031 (f)		470		478
4.38%, 4/15/2040 (f)		695		803
3.00%, 2/15/2041 (f)		1,290		1,256
4.50%, 4/15/2050 (f)		328		382
3.30%, 2/15/2051 (f)		1,550		1,495
Topaz Solar Farms LLC 5.75%, 9/30/2039 (f)		2,325		2,628
Toyota Motor Credit Corp. 0.50%, 8/14/2023		236		237
Transcontinental Gas Pipe Line Co. LLC 3.25%, 5/15/2030 (f)		1,680		1,799
TransDigm, Inc. 6.25%, 3/15/2026 (f)		2,109		2,199
Transocean Pontus Ltd. 6.13%, 8/1/2025 (f)		519		457
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (f)		502		376
Travelers Cos., Inc. (The) 2.55%, 4/27/2050		675		661
TRI Pointe Group, Inc.
5.25%, 6/1/2027		367		394
5.70%, 6/15/2028		360		400
Tronox, Inc. 6.50%, 4/15/2026 (f)		563		571
Trustees of Boston University Series Ee, 3.17%, 10/1/2050		560		580
Tucson Electric Power Co. 4.00%, 6/15/2050		705		822
Twitter, Inc. 3.88%, 12/15/2027 (f)		380		399
Tyson Foods, Inc. 4.55%, 6/2/2047		190		236
UDR, Inc. REIT, 3.00%, 8/15/2031		209		225
Union Electric Co. 3.25%, 10/1/2049		270		293
Union Pacific Corp.
4.38%, 9/10/2038 (a)		1,040		1,269
3.55%, 8/15/2039		1,495		1,673
United Rentals North America, Inc.
5.50%, 5/15/2027		580		617
4.88%, 1/15/2028		1,990		2,089
5.25%, 1/15/2030		1,207		1,308
4.00%, 7/15/2030		385		393
3.88%, 2/15/2031 (a)		3,885		3,924

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 41

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
United States Cellular Corp. 6.70%, 12/15/2033 (a)		2,005		2,641
United States Steel Corp. 12.00%, 6/1/2025 (f)		203		224
UnitedHealth Group, Inc.
3.50%, 8/15/2039 (a)		955		1,092
2.75%, 5/15/2040		1,018		1,062
2.90%, 5/15/2050		785		816
Universal Health Services, Inc. 2.65%, 10/15/2030 (f)		1,340		1,336
Upjohn, Inc.
2.70%, 6/22/2030 (f)		1,235		1,274
3.85%, 6/22/2040 (a) (f)		696		746
4.00%, 6/22/2050 (f)		666		699
Valmont Industries, Inc.
5.00%, 10/1/2044		361		394
5.25%, 10/1/2054 (a)		550		616
Valvoline, Inc. 4.25%, 2/15/2030 (f)		608		620
Verizon Communications, Inc.
4.27%, 1/15/2036		2,205		2,688
3.85%, 11/1/2042		1,000		1,179
2.99%, 10/30/2056 (f)		1,250		1,263
ViacomCBS, Inc.
4.20%, 5/19/2032 (a)		1,290		1,482
4.60%, 1/15/2045		515		567
VICI Properties LP
REIT, 3.50%, 2/15/2025 (f)		145		145
REIT, 4.25%, 12/1/2026 (f)		251		255
REIT, 3.75%, 2/15/2027 (f)		200		200
REIT, 4.63%, 12/1/2029 (f)		451		469
REIT, 4.13%, 8/15/2030 (f)		1,095		1,109
Virginia Electric and Power Co.
2.95%, 1/15/2022 (a)		52		53
Series B, 4.20%, 5/15/2045		545		682
Visa, Inc. 2.70%, 4/15/2040		915		975
Vistra Operations Co. LLC
5.63%, 2/15/2027 (f)		550		573
5.00%, 7/31/2027 (f)		610		638
VMware, Inc. 4.70%, 5/15/2030		520		613
Vulcan Materials Co.
3.50%, 6/1/2030		429		481
4.50%, 6/15/2047		335		392
4.70%, 3/1/2048		326		395
W&T Offshore, Inc. 9.75%, 11/1/2023 (f)		925		601

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Walmart, Inc. 3.95%, 6/28/2038		1,555		1,939
Walt Disney Co. (The)
2.65%, 1/13/2031		1,505		1,615
3.50%, 5/13/2040		605		674
2.75%, 9/1/2049		350		337
Wells Fargo & Co.
2.63%, 7/22/2022		239		248
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (g)		2,140		2,374
(SOFR + 2.10%), 2.39%, 6/2/2028 (g)		655		679
(ICE LIBOR USD 3 Month + 1.00%), 2.57%, 2/11/2031 (g)		4,065		4,233
(SOFR + 2.53%), 3.07%, 4/30/2041 (g)		630		652
Welltower, Inc.
REIT, 3.10%, 1/15/2030		990		1,042
REIT, 2.75%, 1/15/2031		710		725
WESCO Distribution, Inc.
7.13%, 6/15/2025 (f)		812		875
7.25%, 6/15/2028 (f)		972		1,064
Western Digital Corp. 4.75%, 2/15/2026		243		262
Western Midstream Operating LP
4.00%, 7/1/2022		430		430
5.45%, 4/1/2044		997		847
5.30%, 3/1/2048		3,197		2,574
5.50%, 8/15/2048		700		564
6.25%, 2/1/2050 (i)		927		851
Williams Cos., Inc. (The)
5.40%, 3/4/2044		424		463
5.75%, 6/24/2044		398		458
4.90%, 1/15/2045		442		471
5.10%, 9/15/2045		567		629
4.85%, 3/1/2048		550		597
WMG Acquisition Corp.
3.88%, 7/15/2030 (f)		1,414		1,423
3.00%, 2/15/2031 (f)		2,742		2,605
Wolverine Escrow LLC 9.00%, 11/15/2026 (f)		940		717
WPX Energy, Inc.
5.25%, 10/15/2027		595		597
4.50%, 1/15/2030		1,345		1,291
Wyndham Destinations, Inc.
6.00%, 4/1/2027 (i)		887		914
4.63%, 3/1/2030 (f)		896		858

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Corporate Bonds — continued
United States — continued
Wynn Las Vegas LLC
4.25%, 5/30/2023 (f)		685		653
5.50%, 3/1/2025 (f)		1,113		1,066
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (f)		525		503
Xerox Holdings Corp. 5.50%, 8/15/2028 (f)		869		858
XPO Logistics, Inc.
6.75%, 8/15/2024 (f)		724		766
6.25%, 5/1/2025 (f)		600		638
Yum! Brands, Inc.
4.75%, 1/15/2030 (f)		475		510
3.63%, 3/15/2031		455		447
Zayo Group Holdings, Inc.
4.00%, 3/1/2027 (f)		1,290		1,266
6.13%, 3/1/2028 (f)		410		414
Zimmer Biomet Holdings, Inc.
5.75%, 11/30/2039		307		390
4.45%, 8/15/2045		565		641
Zoetis, Inc. 3.00%, 5/15/2050		445		465
				846,278
Venezuela, Bolivarian Republic of — 0.0% (d)
Petroleos de Venezuela SA
8.50%, 10/27/2020 (b) (j)		75		19
9.00%, 11/17/2021 (b) (j)		50		2
12.75%, 2/17/2022 (b) (j)		120		3
				24
Total Corporate Bonds (Cost $981,974)				980,683
Foreign Government Securities — 7.0%
Australia — 0.2%
Commonwealth of Australia
2.75%, 4/21/2024 (b)	AUD	504		386
3.25%, 4/21/2025 (b)	AUD	1,002		799
0.25%, 11/21/2025 (b)	AUD	4,170		2,926
2.75%, 6/21/2035 (b)	AUD	1,655		1,416
2.75%, 5/21/2041 (b)	AUD	360		306
3.00%, 3/21/2047 (b)	AUD	2,377		2,125
				7,958
Austria — 0.0% (d)
Republic of Austria 0.85%, 6/30/2120 (b)	EUR	421		643

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Belgium — 0.2%
Kingdom of Belgium
0.80%, 6/22/2027 (b)	EUR	845		1,076
0.10%, 6/22/2030 (b)	EUR	1,187		1,448
1.00%, 6/22/2031 (b)	EUR	1,255		1,670
1.90%, 6/22/2038 (b)	EUR	1,090		1,689
1.60%, 6/22/2047 (b)	EUR	185		288
1.70%, 6/22/2050 (b)	EUR	106		171
2.15%, 6/22/2066 (b)	EUR	247		493
				6,835
Canada — 0.1%
Canada Government Bond
5.00%, 6/1/2037	CAD	295		361
4.00%, 6/1/2041	CAD	285		330
3.50%, 12/1/2045	CAD	274		311
2.75%, 12/1/2048	CAD	198		204
2.00%, 12/1/2051	CAD	282		254
2.75%, 12/1/2064	CAD	130		148
				1,608
China — 0.1%
Export-Import Bank of China (The) 0.75%, 5/28/2023 (b)	EUR	3,800		4,488
Denmark — 0.1%
Kingdom of Denmark
0.25%, 11/15/2022 (b)	DKK	1,704		272
1.75%, 11/15/2025	DKK	2,373		417
0.50%, 11/15/2027	DKK	3,009		507
4.50%, 11/15/2039	DKK	2,847		858
				2,054
France — 0.3%
French Republic
1.50%, 5/25/2031 (b)	EUR	519		723
1.25%, 5/25/2036 (b)	EUR	2,845		4,005
1.75%, 6/25/2039 (b)	EUR	1,468		2,265
3.25%, 5/25/2045 (b)	EUR	514		1,039
2.00%, 5/25/2048 (b)	EUR	990		1,689
1.50%, 5/25/2050 (b)	EUR	366		571
0.75%, 5/25/2052 (b)	EUR	211		275
1.75%, 5/25/2066 (b)	EUR	380		684
				11,251
Germany — 0.0% (d)
Bundesrepublik Deutschland 4.00%, 1/4/2037 (b)	EUR	115		235

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 43

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Indonesia — 0.1%
Republic of Indonesia
2.88%, 7/8/2021 (b)	EUR	1,200		1,422
2.15%, 7/18/2024 (b)	EUR	1,120		1,371
				2,793
Italy — 1.2%
Buoni Poliennali del Tesoro
1.00%, 7/15/2022 (b)	EUR	438		522
0.05%, 1/15/2023 (b)	EUR	1,422		1,668
0.95%, 3/1/2023	EUR	879		1,053
0.60%, 6/15/2023 (b)	EUR	187		223
2.45%, 10/1/2023 (b)	EUR	1,738		2,181
0.65%, 10/15/2023	EUR	1,250		1,492
1.85%, 5/15/2024	EUR	879		1,095
0.35%, 2/1/2025 (b)	EUR	1,218		1,440
1.50%, 6/1/2025	EUR	1,281		1,590
1.85%, 7/1/2025 (b)	EUR	9,648		12,158
0.85%, 1/15/2027 (b)	EUR	3,740		4,499
1.65%, 3/1/2032 (b)	EUR	2,334		2,967
2.25%, 9/1/2036 (b)	EUR	2,032		2,760
1.80%, 3/1/2041 (b)	EUR	791		990
4.75%, 9/1/2044 (b)	EUR	610		1,181
2.70%, 3/1/2047 (b)	EUR	690		1,011
3.45%, 3/1/2048 (b)	EUR	704		1,170
2.45%, 9/1/2050 (b)	EUR	215		302
2.80%, 3/1/2067 (b)	EUR	252		380
Italian Republic Government Bond 2.38%, 10/17/2024		5,381		5,625
				44,307
Japan — 2.7%
Japan Finance Organization for Municipalities
0.88%, 9/22/2021 (b)	EUR	770		907
3.25%, 4/24/2023 (f)		1,890		2,015
Japan Government Bond
0.80%, 9/20/2022	JPY	568,150		5,522
0.10%, 12/20/2022	JPY	627,950		6,028
0.80%, 9/20/2023	JPY	245,450		2,407
0.10%, 6/20/2024	JPY	459,150		4,421
0.10%, 9/20/2024	JPY	636,400		6,131
0.50%, 9/20/2024	JPY	393,150		3,845
0.10%, 12/20/2024	JPY	119,250		1,150
0.10%, 6/20/2026	JPY	650,000		6,278
0.10%, 9/20/2027	JPY	36,200		350

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Japan — continued
0.10%, 12/20/2029	JPY	720,150		6,936
0.10%, 3/20/2030	JPY	76,050		732
0.10%, 6/20/2030	JPY	503,450		4,840
1.60%, 3/20/2032	JPY	435,300		4,856
1.50%, 6/20/2034	JPY	517,800		5,802
1.40%, 9/20/2034	JPY	416,700		4,622
0.70%, 3/20/2037	JPY	751,300		7,616
0.60%, 9/20/2037	JPY	929,750		9,273
0.30%, 12/20/2039	JPY	69,950		656
0.40%, 6/20/2040	JPY	81,900		780
1.50%, 3/20/2045	JPY	126,150		1,475
1.40%, 12/20/2045	JPY	330,050		3,791
0.80%, 12/20/2047	JPY	252,100		2,539
0.40%, 9/20/2049	JPY	29,350		264
0.40%, 12/20/2049	JPY	433,100		3,897
0.40%, 3/20/2050	JPY	9,150		82
0.90%, 3/20/2057	JPY	141,900		1,461
				98,676
Kuwait — 0.0% (d)
State of Kuwait 2.75%, 3/20/2022 (b)		700		719
Netherlands — 0.1%
Kingdom of Netherlands
0.25%, 7/15/2029 (b)	EUR	1,035		1,294
0.00%, 1/15/2052 (b)	EUR	1,155		1,396
				2,690
Qatar — 0.0% (d)
State of Qatar 3.88%, 4/23/2023 (f)		860		923
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia 2.38%, 10/26/2021 (b)		3,700		3,751
South Korea — 0.2%
Export-Import Bank of Korea
4.38%, 9/15/2021		2,900		2,992
0.75%, 9/21/2025		4,217		4,193
Republic of Korea 0.00%, 9/16/2025	EUR	1,276		1,500
				8,685
Spain — 0.7%
Bonos and Obligaciones del Estado
0.40%, 4/30/2022	EUR	1,369		1,618
0.45%, 10/31/2022	EUR	1,521		1,807
0.00%, 1/31/2025	EUR	679		804

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Foreign Government Securities — continued
Spain — continued
1.60%, 4/30/2025 (b)	EUR	2,560		3,251
1.50%, 4/30/2027 (b)	EUR	2,179		2,823
1.40%, 7/30/2028 (b)	EUR	102		133
1.45%, 4/30/2029 (b)	EUR	184		241
0.60%, 10/31/2029 (b)	EUR	1,110		1,359
0.50%, 4/30/2030 (b)	EUR	1,833		2,220
1.95%, 7/30/2030 (b)	EUR	959		1,318
1.25%, 10/31/2030 (b)	EUR	1,455		1,881
2.35%, 7/30/2033 (b)	EUR	1,984		2,894
1.20%, 10/31/2040 (b)	EUR	780		994
4.70%, 7/30/2041 (b)	EUR	696		1,440
2.70%, 10/31/2048 (b)	EUR	665		1,121
1.00%, 10/31/2050 (b)	EUR	76		90
3.45%, 7/30/2066 (b)	EUR	311		648
				24,642
Sweden — 0.1%
Kingdom of Sweden
1.50%, 11/13/2023 (b)	SEK	4,690		558
0.75%, 5/12/2028	SEK	1,985		239
0.75%, 11/12/2029 (b)	SEK	945		115
3.50%, 3/30/2039	SEK	1,370		242
Svensk Exportkredit AB 2.88%, 3/14/2023		3,300		3,496
				4,650
United Arab Emirates — 0.1%
United Arab Emirates Government Bond 0.75%, 9/2/2023 (f)		1,569		1,567
United Kingdom — 0.7%
UK Treasury
0.75%, 7/22/2023 (b)	GBP	1,064		1,409
0.63%, 6/7/2025 (b)	GBP	1,119		1,494
1.25%, 7/22/2027 (b)	GBP	1,185		1,657
4.25%, 3/7/2036 (b)	GBP	895		1,783
1.75%, 9/7/2037 (b)	GBP	2,533		3,844
4.75%, 12/7/2038 (b)	GBP	1,018		2,240
4.25%, 12/7/2046 (b)	GBP	975		2,282
1.50%, 7/22/2047 (b)	GBP	1,265		1,905
1.75%, 1/22/2049 (b)	GBP	1,512		2,418
1.75%, 7/22/2057 (b)	GBP	1,869		3,169
2.50%, 7/22/2065 (b)	GBP	1,027		2,210
				24,411

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Venezuela, Bolivarian Republic of — 0.0% (d)
Bolivarian Republic of Venezuela
7.75%, 10/13/2019 (b) (j)		10		1
12.75%, 8/23/2022 (b) (j)		180		15
9.25%, 5/7/2028 (b) (j)		180		16
				32
Total Foreign Government Securities (Cost $238,609)				252,918
Commercial Mortgage-Backed Securities — 2.7%
Cayman Islands — 0.0% (d)
GPMT Ltd. Series 2018-FL1, Class AS, 1.34%, 11/21/2035 ‡ (f) (m)		1,000		982
United States — 2.7%
BX Commercial Mortgage Trust Series 2020-BXLP, Class F, 2.15%, 12/15/2036 ‡ (f) (m)		564		545
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class C, 1.60%, 12/15/2037 ‡ (f) (m)		2,900		2,899
Series 2019-LIFE, Class E, 2.30%, 12/15/2037 ‡ (f) (m)		2,845		2,802
Series 2019-LIFE, Class G, 3.40%, 12/15/2037 ‡ (f) (m)		2,560		2,426
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.74%, 1/10/2036 ‡ (f) (m)		3,160		3,226
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		960		1,053
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.29%, 7/25/2023 (m)		104,896		740
Series KC03, Class X1, IO, 0.49%, 11/25/2024 (m)		29,785		511
Series K734, Class X3, IO, 2.17%, 7/25/2026 (m)		7,480		764
Series KC04, Class X1, IO, 1.25%, 12/25/2026 (m)		12,999		728
Series K064, Class X3, IO, 2.13%, 5/25/2027 (m)		14,685		1,715
Series K078, Class X1, IO, 0.09%, 6/25/2028 (m)		63,604		571
Series K082, Class X1, IO, 0.01%, 9/25/2028 (m)		420,709		1,849
Series K083, Class X1, IO, 0.03%, 9/25/2028 (m)		134,030		772

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 45

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series K082, Class X3, IO, 2.21%, 10/25/2028 (m)		9,250		1,306
Series K084, Class X3, IO, 2.24%, 11/25/2028 (m)		10,000		1,455
Series K094, Class X1, IO, 0.88%, 6/25/2029 (m)		40,594		2,681
Series K723, Class X3, IO, 1.92%, 10/25/2034 (m)		6,909		343
Series K153, Class X3, IO, 3.77%, 4/25/2035 (m)		5,395		1,587
Series K716, Class X3, IO, 1.79%, 8/25/2042 (m)		16,608		137
Series K721, Class X3, IO, 1.30%, 11/25/2042 (m)		22,604		521
Series K726, Class X3, IO, 2.14%, 7/25/2044 (m)		15,363		1,016
Series K059, Class X3, IO, 1.92%, 11/25/2044 (m)		15,200		1,489
Series K070, Class X3, IO, 2.04%, 12/25/2044 (m)		7,175		870
Series K065, Class X3, IO, 2.18%, 7/25/2045 (m)		16,900		2,046
Series K728, Class X3, IO, 1.95%, 11/25/2045 (m)		8,624		590
Series K071, Class X3, IO, 2.01%, 11/25/2045 (m)		8,000		956
Series K072, Class X3, IO, 2.14%, 12/25/2045 (m)		5,200		664
Series K087, Class X3, IO, 2.32%, 1/25/2046 (m)		11,320		1,721
Series K081, Class X3, IO, 2.23%, 9/25/2046 (m)		15,822		2,277
Series K088, Class X3, IO, 2.35%, 2/25/2047 (m)		16,690		2,697
Series K092, Class X3, IO, 2.25%, 5/25/2047 (m)		7,055		1,112
Series K094, Class X3, IO, 2.12%, 7/25/2047 (m)		14,794		2,196
FNMA ACES Series 2019-M21, Class X2, IO, 1.34%, 2/25/2031 (m)		3,717		389
FREMF Series 2018-KF46, Class B, 2.10%, 3/25/2028 (f) (m)		444		426
FREMF Mortgage Trust
Series 2015-KF09, Class B, 5.50%, 5/25/2022 (f) (m)		118		117
Series 2015-KF10, Class B, 6.25%, 7/25/2022 (f) (m)		429		427

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2018-KI01, Class B, 2.60%, 9/25/2022 (f) (m)		1,692		1,677
Series 2017-KF31, Class B, 3.05%, 4/25/2024 (f) (m)		141		138
Series 2017-KF32, Class B, 2.70%, 5/25/2024 (f) (m)		381		362
Series 2017-KF36, Class B, 2.80%, 8/25/2024 (f) (m)		438		427
Series 2017-KF38, Class B, 2.65%, 9/25/2024 (f) (m)		455		439
Series 2018-KF42, Class B, 2.35%, 12/25/2024 (f) (m)		372		360
Series 2018-K731, Class B, 3.93%, 2/25/2025 (f) (m)		1,450		1,576
Series 2018-KF45, Class B, 2.10%, 3/25/2025 (f) (m)		840		798
Series 2018-KF47, Class B, 2.15%, 5/25/2025 (f) (m)		564		536
Series 2018-KF49, Class B, 2.05%, 6/25/2025 (f) (m)		300		285
Series 2018-KC02, Class B, 4.09%, 7/25/2025 (f) (m)		1,530		1,544
Series 2018-KF53, Class B, 2.20%, 10/25/2025 (m)		2,018		1,908
Series 2019-KC03, Class B, 4.37%, 1/25/2026 (f) (m)		1,325		1,361
Series 2019-KF62, Class B, 2.20%, 4/25/2026 (f) (m)		940		888
Series 2019-K736, Class C, 3.76%, 7/25/2026 (f) (m)		1,500		1,552
Series 2018-KF48, Class B, 2.20%, 6/25/2028 (f) (m)		1,437		1,356
Series 2018-KF50, Class B, 2.05%, 7/25/2028 (f) (m)		211		201
Series 2018-K82, Class B, 4.13%, 9/25/2028 (f) (m)		725		818
Series 2019-KG01, Class B, 4.16%, 4/25/2029 (f) (m)		1,675		1,705
Series 2019-KF63, Class B, 2.50%, 5/25/2029 (f) (m)		1,817		1,706
Series 2019-KF65, Class B, 2.55%, 7/25/2029 (f) (m)		1,125		1,060
Series 2012-K19, Class C, 4.02%, 5/25/2045 (f) (m)		480		495
Series 2017-K67, Class C, 3.94%, 9/25/2049 (f) (m)		770		815

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2016-K60, Class B, 3.54%, 12/25/2049 (f) (m)		355		384
Series 2017-K65, Class B, 4.07%, 7/25/2050 (f) (m)		2,000		2,225
Series 2018-K72, Class B, 3.99%, 12/25/2050 (f) (m)		650		725
Series 2018-K74, Class B, 4.09%, 2/25/2051 (f) (m)		930		1,039
Series 2018-K75, Class B, 3.97%, 4/25/2051 (f) (m)		600		670
Series 2019-K103, Class C, 3.45%, 12/25/2051 (f) (m)		235		234
Series 2019-K94, Class C, 3.97%, 7/25/2052 (f) (m)		2,257		2,321
Series 2020-K737, Class B, 3.30%, 1/25/2053 (f) (m)		400		431
Series 2019-K96, Class B, 3.81%, 8/25/2056 (f) (m)		1,110		1,231
GNMA
Series 2013-7, IO, 0.33%, 5/16/2053 (m)		14,783		230
Series 2013-178, IO, 0.42%, 6/16/2055 (m)		2,911		57
Series 2015-59, IO, 0.92%, 6/16/2056 (m)		5,082		221
Series 2015-172, IO, 0.79%, 3/16/2057 (m)		2,598		104
Series 2016-40, IO, 0.70%, 7/16/2057 (m)		9,793		396
Series 2016-157, IO, 0.92%, 11/16/2057 (m)		9,515		586
Series 2016-151, IO, 1.06%, 6/16/2058 (m)		19,129		1,263
Series 2017-54, IO, 0.62%, 12/16/2058 (m)		6,498		334
Series 2017-69, IO, 0.79%, 7/16/2059 (m)		2,492		138
Series 2018-119, IO, 0.68%, 5/16/2060 (m)		6,759		448
Series 2020-28, IO, 0.86%, 11/16/2061 (m)		8,909		655
GS Mortgage Securities Corp. Trust Series 2016-RENT, Class E, 4.07%, 2/10/2029 ‡ (f) (m)		2,500		2,479
KNDL Mortgage Trust Series 2019-KNSQ, Class E, 1.95%, 5/15/2036 ‡ (f) (m)		990		980
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 5.91%, 7/15/2044 (m)		331		327
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (m)		1,568		908

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15, Class D, 4.91%, 4/15/2047 ‡ (f) (m)		385		327
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (f) (m)		770		634
Series 2006-T23, Class D, 6.19%, 8/12/2041 ‡ (f) (m)		797		800
MRCD MARK Mortgage Trust Series 2019-PARK, Class G, 2.72%, 12/15/2036 (f)		5,000		4,586
Multifamily Connecticut Avenue Securities Trust Series 2019-01, Class M7, 1.85%, 10/15/2049 ‡ (f) (m)		367		351
Nationslink Funding Corp. Commercial Loan Pass-Through Certificates Series 1999-LTL1, Class E, 5.00%, 1/22/2026 ‡ (f)		1,285		1,299
Velocity Commercial Capital Loan Trust
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (f) (m)		331		333
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (f) (m)		479		476
Wells Fargo Commercial Mortgage Trust Series 2019-C52, Class XA, IO, 1.62%, 8/15/2052 (m)		3,970		425
				97,248
Total Commercial Mortgage-Backed Securities (Cost $100,584)				98,230
Collateralized Mortgage Obligations — 2.3%
Bermuda — 0.1%
Bellemeade Re Ltd.
Series 2018-3A, Class M1B, 2.00%, 10/25/2028 ‡ (f) (m)		906		900
Series 2018-3A, Class M2, 2.90%, 10/25/2028 ‡ (f) (m)		1,440		1,402
				2,302
United States — 2.2%
Alternative Loan Trust
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		333		334
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		82		83
Series 2005-11CB, Class 2A1, 5.50%, 6/25/2035		64		64
Series 2005-19CB, Class A2, IF, 16.61%, 6/25/2035 (m)		15		17

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 47

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-27, Class 1A6, 0.97%, 8/25/2035 (m)		768		693
Series 2005-28CB, Class 2A6, 5.00%, 8/25/2035		854		689
Series 2005-50CB, Class 1A1, 5.50%, 11/25/2035		758		727
Series 2006-4CB, Class 2A6, 5.50%, 4/25/2036		2,049		1,924
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		625		499
American Home Mortgage Investment Trust Series 2006-3, Class 22A1, 2.02%, 12/25/2036 (m)		2,011		1,805
Angel Oak Mortgage Trust Series 2019-3, Class B1, 4.10%, 5/25/2059 ‡ (f) (m)		2,203		2,207
Angel Oak Mortgage Trust I LLC
Series 2019-2, Class B1, 5.02%, 3/25/2049 ‡ (f) (m)		1,000		1,033
Series 2019-4, Class B1, 4.41%, 7/26/2049 (f) (m)		2,813		2,888
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (f)		386		386
Arroyo Mortgage Trust
Series 2019-3, Class M1, 4.20%, 10/25/2048 ‡ (f) (m)		2,000		2,055
Series 2019-2, Class A3, 3.80%, 4/25/2049 (f) (m)		2,398		2,458
Banc of America Funding Trust Series 2005-6, Class 1A2, 5.50%, 10/25/2035		48		46
Bear Stearns ALT-A Trust
Series 2003-6, Class 2A2, 3.57%, 1/25/2034 (m)		1,344		1,365
Series 2005-4, Class 23A1, 3.40%, 5/25/2035 (m)		47		47
Series 2005-4, Class 23A2, 3.40%, 5/25/2035 (m)		363		364
Series 2005-7, Class 12A3, 0.83%, 8/25/2035 (m)		10		10
Bear Stearns ARM Trust
Series 2005-9, Class A1, 2.41%, 10/25/2035 (m)		108		109
Series 2006-1, Class A1, 3.84%, 2/25/2036 (m)		197		200
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC3, Class M1, 0.97%, 6/25/2034 ‡ (m)		445		389

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Chase Mortgage Finance Trust
Series 2006-S4, Class A5, 6.00%, 12/25/2036		249		176
Series 2007-A1, Class 8A1, 2.88%, 2/25/2037 (m)		89		89
Series 2007-A1, Class 1A1, 3.44%, 2/25/2037 (m)		57		57
CHL GMSR Issuer Trust Series 2018-GT1, Class B, 3.65%, 5/25/2023 ‡ (f) (m)		840		779
CHL Mortgage Pass-Through Trust
Series 2004-9, Class A7, 5.25%, 6/25/2034		61		61
Series 2004-25, Class 2A1, 0.83%, 2/25/2035 (m)		336		310
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		454		386
Series 2005-31, Class 2A1, 3.27%, 1/25/2036 (m)		286		257
Series 2006-21, Class A14, 6.00%, 2/25/2037		152		117
Series 2007-10, Class A4, 5.50%, 7/25/2037		197		141
Series 2007-9, Class A11, 5.75%, 7/25/2037		1,639		1,241
Citigroup Mortgage Loan Trust
Series 2005-3, Class 2A2A, 3.15%, 8/25/2035 (m)		196		197
Series 2005-11, Class A2A, 2.53%, 10/25/2035 (m)		56		56
Citigroup Mortgage Loan Trust, Inc.
Series 2005-4, Class A, 3.03%, 8/25/2035 (m)		208		211
Series 2019-IMC1, Class B1, 3.97%, 7/25/2049 ‡ (f) (m)		2,123		2,136
Series 2019-IMC1, Class B2, 5.41%, 7/25/2049 ‡ (f) (m)		2,000		1,997
Connecticut Avenue Securities Trust Series 2019-R05, Class 1B1, 4.25%, 7/25/2039 (f) (m)		1,000		895
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8, Class 5A1, 6.00%, 12/25/2034		329		352
Deephaven Residential Mortgage Trust
Series 2017-3A, Class B2, 6.25%, 10/25/2047 ‡ (f) (m)		2,000		1,958
Series 2019-2A, Class M1, 3.92%, 4/25/2059 ‡ (f) (m)		250		251

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Series 2019-3A, Class B2, 5.66%, 7/25/2059 ‡ (f) (m)		2,000		2,019
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AF1, Class A4, 0.45%, 4/25/2036 (m)		530		514
Series 2007-3, Class 2A1, 0.90%, 10/25/2047 (m)		2,691		2,446
FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA2, Class B1, 5.30%, 10/25/2029 (m)		2,000		2,075
FNMA, Connecticut Avenue Securities Series 2017-C01, Class 1B1, 5.90%, 7/25/2029 (m)		2,000		2,055
GCAT Trust Series 2019-NQM2, Class M1, 3.31%, 9/25/2059 ‡ (f) (m)		2,337		2,353
GSR Mortgage Loan Trust Series 2004-11, Class 2A2, 3.36%, 9/25/2034 (m)		160		164
HarborView Mortgage Loan Trust Series 2006-14, Class 1A1A, 0.33%, 1/25/2047 (m)		1,797		1,716
Homeward Opportunities Fund I Trust
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (f) (m)		500		505
Series 2019-1, Class B1, 4.80%, 1/25/2059 ‡ (f) (m)		500		515
Impac CMB Trust
Series 2004-6, Class 1A2, 0.93%, 10/25/2034 (m)		45		45
Series 2005-2, Class 2A2, 0.95%, 4/25/2035 (m)		288		274
Series 2005-4, Class 2A2, 0.91%, 5/25/2035 (m)		264		250
Series 2005-4, Class 2M2, 1.27%, 5/25/2035 (m)		186		173
Series 2005-4, Class 2B1, 2.62%, 5/25/2035 ‡ (m)		279		270
IndyMac INDX Mortgage Loan Trust Series 2007-AR21, Class 6A1, 3.04%, 9/25/2037 (m)		2,024		1,677
JP Morgan Mortgage Trust
Series 2005-A8, Class 2A3, 2.90%, 11/25/2035 (m)		135		127
Series 2006-A7, Class 2A2, 3.46%, 1/25/2037 (m)		913		843
Lehman XS Trust Series 2006-16N, Class A4A, 0.34%, 11/25/2046 (m)		1,779		1,611

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
LHOME Mortgage Trust
Series 2019-RTL2, Class A2, 4.34%, 3/25/2024 (f) (i)		340		336
Series 2019-RTL3, Class A2, 4.34%, 7/25/2024 (f) (i)		740		729
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 3.36%, 4/21/2034 (m)		130		130
MASTR Alternative Loan Trust
Series 2003-5, Class 30B1, 5.92%, 8/25/2033 ‡ (m)		610		623
Series 2004-6, Class 8A1, 5.50%, 7/25/2034		48		48
Merrill Lynch Mortgage Investors Trust
Series 2005-A2, Class A3, 3.79%, 2/25/2035 (m)		31		32
Series 2005-1, Class 2A1, 2.57%, 4/25/2035 (m)		37		36
Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A4, Class 3A, 3.87%, 5/25/2033 (m)		60		59
Morgan Stanley Mortgage Loan Trust
Series 2004-5AR, Class 4A, 3.47%, 7/25/2034 (m)		62		63
Series 2004-7AR, Class 2A6, 2.92%, 9/25/2034 (m)		159		158
Series 2004-11AR, Class 1A2A, 0.46%, 1/25/2035 (m)		148		157
MortgageIT Mortgage Loan Trust Series 2006-1, Class 1A2, 0.35%, 4/25/2036 (m)		2,090		1,618
MortgageIT Trust Series 2005-1, Class 1B1, 1.65%, 2/25/2035 ‡ (m)		179		178
New Residential Mortgage Loan Trust
Series 2018-NQM1, Class B1, 5.28%, 11/25/2048 ‡ (f) (m)		1,184		1,185
Series 2019-NQM4, Class B2, 5.02%, 9/25/2059 ‡ (f) (m)		2,000		1,885
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-4, Class 1A2, 0.54%, 11/25/2035 (m)		145		145
Series 2005-5, Class 1APT, 0.43%, 12/25/2035 (m)		516		485

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 49

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Collateralized Mortgage Obligations — continued
United States — continued
Opteum Mortgage Acceptance Corp. Trust
Series 2006-1, Class 1APT, 0.36%, 4/25/2036 (m)		622		596
Series 2006-1, Class 1AC1, 0.45%, 4/25/2036 (m)		444		423
PMT Credit Risk Transfer Trust Series 2019-2R, Class A, 2.90%, 5/27/2023 (f) (m)		286		269
RALI Trust Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		538		541
Residential Asset Securitization Trust Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		2,398		1,705
RFMSI Trust
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		495		475
Series 2007-S6, Class 2A5, 0.65%, 6/25/2037 (m)		1,585		1,287
Starwood Mortgage Residential Trust
Series 2019-1, Class M1, 3.76%, 6/25/2049 ‡ (f) (m)		2,000		2,019
Series 2019-INV1, Class M1, 3.06%, 9/27/2049 ‡ (f) (m)		500		478
Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 1A1, 1.00%, 5/25/2047 (m)		2,136		1,646
Verus Securitization Trust
Series 2018-2, Class B2, 5.18%, 6/1/2058 (f) (m)		4,000		3,906
Series 2019-INV2, Class M1, 3.50%, 7/25/2059 ‡ (f) (m)		2,000		2,024
Series 2019-INV2, Class B1, 4.45%, 7/25/2059 ‡ (f) (m)		1,500		1,452
Series 2019-INV1, Class M1, 4.03%, 12/25/2059 ‡ (f) (m)		1,000		1,001
Series 2020-1, Class B1, 3.62%, 1/25/2060 ‡ (f) (m)		1,177		1,171
WaMu Mortgage Pass-Through Certificates Series 2005-AR8, Class 2AB2, 0.99%, 7/25/2045 (m)		1,557		1,521
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 3.62%, 3/25/2035 (m)		371		379
Series 2005-AR5, Class A6, 3.62%, 5/25/2035 (m)		238		241
Series 2005-AR7, Class A3, 2.95%, 8/25/2035 (m)		200		204

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2005-AR10, Class 1A3, 3.03%, 9/25/2035 (m)		139		147
Series 2005-AR14, Class 1A4, 3.37%, 12/25/2035 (m)		190		188
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-K, Class 1A2, 3.01%, 7/25/2034 (m)		29		28
Series 2005-AR14, Class A1, 3.09%, 8/25/2035 (m)		170		171
				81,430
Total Collateralized Mortgage Obligations (Cost $85,590)				83,732
U.S. Treasury Obligations — 1.9%
U.S. Treasury Notes
2.50%, 1/31/2021 (n)		66,530		66,910
2.13%, 9/30/2021		250		255
Total U.S. Treasury Obligations (Cost $67,030)				67,165
Asset-Backed Securities — 1.1%
United States — 1.1%
ABFC Trust Series 2004-HE1, Class M1, 1.05%, 3/25/2034 ‡ (m)		280		277
ACE Securities Corp. Home Equity Loan Trust
Series 2002-HE3, Class M1, 1.95%, 10/25/2032 ‡ (m)		174		176
Series 2003-NC1, Class M1, 1.32%, 7/25/2033 ‡ (m)		172		171
Series 2003-OP1, Class M1, 1.20%, 12/25/2033 ‡ (m)		300		295
Series 2004-OP1, Class M3, 2.02%, 4/25/2034 (m)		189		184
Series 2004-HE4, Class M2, 1.12%, 12/25/2034 ‡ (m)		103		101
Ally Auto Receivables Trust
Series 2017-4, Class A3, 1.75%, 12/15/2021		13		13
Series 2017-5, Class A3, 1.99%, 3/15/2022		30		30
Series 2019-4, Class A2, 1.93%, 10/17/2022		241		242
American Credit Acceptance Receivables Trust
Series 2017-4, Class E, 5.02%, 12/10/2024 (f)		445		457
Series 2018-4, Class E, 5.38%, 1/13/2025 (f)		765		806

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Series 2019-2, Class D, 3.41%, 6/12/2025 (f)		370		382
Series 2019-2, Class E, 4.29%, 6/12/2025 (f)		350		364
AmeriCredit Automobile Receivables Trust Series 2018-3, Class A3, 3.38%, 7/18/2023		444		451
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W, Class A6, 4.13%, 5/25/2034 ‡ (i)		180		184
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE2, Class M1, 1.50%, 4/15/2033 ‡ (m)		826		821
Series 2004-HE2, Class M2, 2.02%, 4/25/2034 ‡ (m)		424		422
Series 2004-HE3, Class M2, 1.83%, 6/25/2034 ‡ (m)		817		817
Bear Stearns Asset-Backed Securities I Trust
Series 2004-FR2, Class M3, 1.95%, 6/25/2034 (m)		100		99
Series 2004-HE6, Class M2, 2.02%, 8/25/2034 ‡ (m)		367		366
Bear Stearns Asset-Backed Securities Trust
Series 2004-1, Class M1, 1.12%, 6/25/2034 ‡ (m)		324		326
Series 2004-2, Class M1, 1.35%, 8/25/2034 ‡ (m)		153		151
BMW Vehicle Lease Trust Series 2018-1, Class A3, 3.26%, 7/20/2021		142		142
CarMax Auto Owner Trust
Series 2017-2, Class A3, 1.93%, 3/15/2022		28		28
Series 2019-1, Class A2A, 3.02%, 7/15/2022		17		17
Chase Funding Trust Series 2003-2, Class 2M1, 0.97%, 11/25/2032 ‡ (m)		683		680
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (i)		610		634
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates Series 2005-OPT3, Class M3, 0.87%, 5/25/2035 ‡ (m)		167		167
Conn’s Receivables Funding LLC
Series 2018-A, Class B, 4.65%, 1/15/2023 ‡ (f)		82		82

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2019-B, Class B, 3.62%, 6/17/2024 ‡ (f)		540		535
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.27%, 12/25/2032 ‡ (m)		24		24
Series 2003-BC6, Class M2, 1.87%, 10/25/2033 ‡ (m)		5		5
Series 2004-2, Class M1, 0.90%, 5/25/2034 ‡ (m)		32		32
Series 2004-3, Class M1, 0.90%, 6/25/2034 ‡ (m)		57		55
Series 2005-12, Class M2, 0.64%, 2/25/2036 ‡ (m)		688		685
Countrywide Partnership Trust Series 2004-EC1, Class M2, 1.09%, 1/25/2035 ‡ (m)		398		387
Credit-Based Asset Servicing & Securitization LLC
Series 2005-CB1, Class M2, 1.24%, 1/25/2035 ‡ (m)		110		109
Series 2004-CB4, Class A5, 6.78%, 5/25/2035 (i)		1,013		1,044
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M3, 1.87%, 7/25/2034 ‡ (m)		62		62
Series 2004-6, Class M1, 1.05%, 10/25/2034 (m)		177		166
Series 2004-6, Class M2, 1.12%, 10/25/2034 ‡ (m)		50		49
Drive Auto Receivables Trust Series 2019-4, Class A2A, 2.32%, 6/15/2022		30		30
DT Auto Owner Trust Series 2018-2A, Class E, 5.54%, 6/16/2025 (f)		725		749
Exeter Automobile Receivables Trust
Series 2019-2A, Class D, 3.71%, 3/17/2025 (f)		360		376
Series 2018-4A, Class E, 5.38%, 7/15/2025 (f)		1,110		1,153
Series 2019-3A, Class E, 4.00%, 8/17/2026 (f)		810		828
First Franklin Mortgage Loan Trust Series 2005-FF10, Class A1, 0.45%, 11/25/2035 ‡ (m)		298		290
Ford Credit Auto Owner Trust
Series 2017-C, Class A3, 2.01%, 3/15/2022		49		49
Series 2019-B, Class A3, 2.23%, 10/15/2023		154		157

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 51

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
Fremont Home Loan Trust
Series 2004-B, Class M7, 3.15%, 5/25/2034 (m)		43		43
Series 2004-2, Class M2, 1.08%, 7/25/2034 (m)		131		131
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class A, 2.47%, 11/15/2023 (f)		227		230
Series 2019-4A, Class C, 3.06%, 8/15/2025 (f)		620		638
Series 2019-1A, Class D, 4.94%, 12/15/2025 (f)		560		581
Series 2019-4A, Class D, 4.09%, 8/17/2026 (f)		900		919
GM Financial Automobile Leasing Trust Series 2018-3, Class A3, 3.18%, 6/21/2021		12		12
GSAMP Trust
Series 2004-OPT, Class M1, 1.02%, 11/25/2034 ‡ (m)		468		461
Series 2006-HE3, Class A2C, 0.31%, 5/25/2046 (m)		137		136
Home Equity Asset Trust Series 2004-7, Class M1, 1.08%, 1/25/2035 (m)		111		110
Home Equity Mortgage Loan Asset-Backed Trust SPMD
Series 2004-B, Class M3, 1.35%, 11/25/2034 ‡ (m)		176		174
Series 2004-B, Class M8, 3.45%, 11/25/2034 ‡ (m)		105		107
Series 2004-C, Class M1, 0.99%, 3/25/2035 ‡ (m)		1,925		1,867
Honda Auto Receivables Owner Trust
Series 2017-2, Class A3, 1.68%, 8/16/2021		23		23
Series 2017-2, Class A4, 1.87%, 9/15/2023		441		442
Hyundai Auto Receivables Trust Series 2019-B, Class A2, 1.93%, 7/15/2022		148		148
John Deere Owner Trust Series 2019-A, Class A2, 2.85%, 12/15/2021		29		29
Long Beach Mortgage Loan Trust
Series 2004-3, Class M2, 1.05%, 7/25/2034 ‡ (m)		656		644
Series 2004-3, Class M4, 1.76%, 7/25/2034 ‡ (m)		377		374

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2004-6, Class A3, 1.45%, 11/25/2034 ‡ (m)		152		152
MASTR Asset-Backed Securities Trust
Series 2003-NC1, Class M5, 6.15%, 4/25/2033 ‡ (m)		87		86
Series 2005-NC1, Class M2, 0.90%, 12/25/2034 ‡ (m)		165		163
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049 (f)		4,000		3,596
Mercedes-Benz Auto Lease Trust Series 2019-B, Class A2, 2.01%, 12/15/2021		186		186
MFA LLC Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (f) (i)		386		387
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-HE2, Class M2, 2.62%, 8/25/2033 ‡ (m)		6		6
Series 2004-NC5, Class M1, 1.05%, 5/25/2034 ‡ (m)		279		270
Series 2004-NC7, Class M2, 1.08%, 7/25/2034 ‡ (m)		73		71
Series 2004-NC6, Class M2, 2.02%, 7/25/2034 ‡ (m)		281		281
Series 2004-HE6, Class M1, 0.97%, 8/25/2034 (m)		247		245
Series 2004-HE8, Class M3, 1.27%, 9/25/2034 ‡ (m)		21		20
Series 2005-HE1, Class M3, 0.93%, 12/25/2034 ‡ (m)		37		34
Morgan Stanley Dean Witter Capital I, Inc. Trust Series 2002-AM3, Class A3, 1.13%, 2/25/2033 ‡ (m)		248		245
New Century Home Equity Loan Trust Series 2004-2, Class M3, 1.15%, 8/25/2034 ‡ (m)		393		388
Nissan Auto Receivables Owner Trust Series 2017-B, Class A3, 1.75%, 10/15/2021		27		27
NovaStar Mortgage Funding Trust Series 2003-2, Class M3, 3.52%, 9/25/2033 ‡ (m)		510		528
NRZ Excess Spread-Collateralized Notes Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (f)		245		239
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class C, 4.52%, 4/18/2022 ‡ (f)		250		250

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Asset-Backed Securities — continued
United States — continued
OneMain Financial Issuance Trust
Series 2015-3A, Class C, 5.82%, 11/20/2028 ‡ (f)		965		967
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (f)		1,045		1,074
Option One Mortgage Acceptance Corp. Asset-Backed Certificates Series 2003-4, Class M1, 1.17%, 7/25/2033 ‡ (m)		986		983
Option One Mortgage Loan Trust
Series 2004-1, Class M1, 1.05%, 1/25/2034 ‡ (m)		475		464
Series 2004-1, Class M2, 1.80%, 1/25/2034 ‡ (m)		451		447
Series 2004-3, Class M2, 1.00%, 11/25/2034 ‡ (m)		23		23
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-WWF1, Class M4, 1.80%, 12/25/2034 ‡ (m)		1,486		1,513
Prestige Auto Receivables Trust Series 2018-1A, Class E, 5.03%, 1/15/2026 (f)		680		705
Pretium Mortgage Credit Partners I LLC Series 2019-NPL2, Class A1, 3.84%, 12/27/2058 ‡ (f) (i)		866		868
PRPM LLC Series 2019-4A, Class A1, 3.35%, 11/25/2024 ‡ (f) (i)		526		528
Renaissance Home Equity Loan Trust
Series 2003-2, Class M1, 1.39%, 8/25/2033 ‡ (m)		232		228
Series 2004-1, Class M4, 2.85%, 5/25/2034 ‡ (m)		616		608
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (i)		24		25
Saxon Asset Securities Trust Series 2003-3, Class M1, 1.12%, 12/25/2033 ‡ (m)		277		271
Securitized Asset-Backed Receivables LLC Trust Series 2004-NC1, Class M2, 1.87%, 2/25/2034 ‡ (m)		369		369
Soundview Home Loan Trust Series 2005-OPT1, Class M2, 0.82%, 6/25/2035 ‡ (m)		293		291
Specialty Underwriting & Residential Finance Trust Series 2003-BC4, Class M1, 1.05%, 11/25/2034 ‡ (m)		368		365
Structured Asset Investment Loan Trust
Series 2003-BC11, Class M1, 1.12%, 10/25/2033 ‡ (m)		76		76

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2004-7, Class M2, 1.27%, 8/25/2034 ‡ (m)		13		13
Series 2004-BNC1, Class A5, 1.39%, 9/25/2034 ‡ (m)		27		27
Series 2004-8, Class M9, 3.90%, 9/25/2034 (m)		644		634
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC4, Class A4, 0.32%, 12/25/2036 ‡ (m)		241		236
Toyota Auto Receivables Owner Trust Series 2017-D, Class A3, 1.93%, 1/18/2022		80		80
Volvo Financial Equipment LLC Series 2019-2A, Class A2, 2.02%, 8/15/2022 (f)		250		252
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2004-2, Class M6, 2.97%, 10/25/2034 (m)		100		99
Series 2004-2, Class M8A, 4.65%, 10/25/2034 ‡ (f) (m)		97		89
Westlake Automobile Receivables Trust Series 2019-2A, Class E, 4.02%, 4/15/2025 (f)		470		479
Total Asset-Backed Securities (Cost $40,320)				41,627
	SHARES (000)
Exchange-Traded Funds — 0.4%
United States — 0.4%
iShares MSCI India ETF (a) (Cost $11,127)		420		14,114
	PRINCIPAL AMOUNT ($000)
Loan Assignments — 0.3% (o)
Canada — 0.0% (d)
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 3 Month + 5.50%), 6.50%, 9/6/2024 (g)		534		518
United States — 0.3%
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (g)		108		104
Buckeye Partners LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 11/1/2026 (g)		348		341
California Resources Corp., Term Loan B-2 (ICE LIBOR USD 3 Month + 9.00%), 10.00%, 10/27/2025 ‡ (g)		196		196

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 53

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Long Positions — continued
Loan Assignments — continued
United States — continued
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.40%, 3/15/2027 (g)		238		229
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024 (g)		601		600
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.65%, 12/18/2026 (g) (p)		260		201
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024 (g)		396		387
Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 3.96%, 8/3/2026 (g)		71		70
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022 ‡ (g) (j)		21		11
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (g) (j)		84		—
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 12/1/2023 (g)		250		224
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 12/1/2023 (g)		274		272
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.25%, 8/25/2023 (g)		484		340
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 1/31/2025 (g)		322		311
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 4/1/2024 ‡ (g)		555		555
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 4/1/2025 ‡ (g)		351		274
PetSmart, Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 3/11/2022 (g)		921		910
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 2/5/2023 (g)		136		134
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 8/14/2024 (g)		997		926
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 9/25/2026 (g)		344		317

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
United States — continued
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/14/2025 (g)		116			111
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026 (g)		333			325
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 10/22/2025 (g)		244			239
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 6/2/2025 (g)		1,528			1,491
					8,568
Total Loan Assignments (Cost $9,177)					9,086
Supranational — 0.1%
European Investment Bank 0.50%, 6/21/2023	AUD	1,210			852
Inter-American Development Bank
0.50%, 5/23/2023	CAD	3,650			2,752
1.70%, 10/10/2024	CAD	800			627
4.40%, 1/26/2026	CAD	614			546
Total Supranational (Cost $4,737)					4,777
	SHARES (000)
Convertible Preferred Stocks — 0.0% (d)
United States — 0.0% (d)
Claire’s Stores, Inc. * ‡ (Cost $109)		—	(c)		415
	PRINCIPAL AMOUNT ($000)
Convertible Bonds — 0.0% (d)
United States — 0.0% (d)
Liberty Interactive LLC
4.00%, 11/15/2029		55			40
3.75%, 2/15/2030		100			73
Whiting Petroleum Corp. 1.25%, 4/1/2021 ‡		168			—
Total Convertible Bonds (Cost $273)					113

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	NO. OF RIGHTS (000)		VALUE (000)
Long Positions — continued
Rights — 0.0%
Singapore — 0.0%
Mapletree Logistics Trust, expiring 11/10/2020 *		1		—
United Kingdom — 0.0% (d)
Rolls-Royce Holdings plc, expiring 11/11/2020 *		178		90
United States — 0.0% (d)
Media General, Inc., CVR * ‡		44		—	(c)
Vistra Corp., expiring 12/31/2049 * ‡		17		19
				19
Total Rights (Cost $291)				109
	SHARES (000)
Preferred Stocks — 0.0% (d)
United States — 0.0% (d)
GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 6.07%, 2/15/2040 ($25 par value) (g)		1		17
Goodman Networks, Inc. * ‡		3		—	(c)
MYT Holding LLC, Series A, 10.00%, 6/6/2029 ‡ (a)		47		45
Total Preferred Stocks (Cost $72)				62
	NO. OF WARRANTS (000)
Warrants — 0.0% (d)
United Kingdom — 0.0% (d)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD * ‡		1		—	(c)
United States — 0.0% (d)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡		4		31
Total Warrants (Cost $74)				31
	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 7.1%
Certificates of Deposit — 0.0% (d)
Chiba Bank Ltd. 0.37%, 11/13/2020		154		154

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE (000)
Certificates of Deposit — continued
Lloyds Bank Corporate Markets plc 0.61%, 6/17/2021		250		251
Norinchukin Bank (The) 0.30%, 1/28/2021		250		250
Shinhan Bank 0.58%, 8/23/2021		48		48
Shizuoka Bank 0.39%, 2/5/2021		250		250
Societe Generale SA 0.32%, 9/17/2021		250		250
Woori Bank 0.30%, 2/25/2021 (f)		265		265
Total Certificates of Deposit (Cost $1,467)				1,468
Commercial Paper — 0.1%
Banco Santander SA 0.49%, 8/31/2021 (f) (q)		141		141
Eni Finance USA, Inc. 0.58%, 10/18/2021 (f) (q)		250		249
Entergy Corp. 0.30%, 11/19/2020 (f) (q)		250		250
First Abu Dhabi Bank PJSC 0.40%, 8/27/2021 (f) (q)		231		230
Glencore Funding LLC 0.59%, 3/19/2021 (f) (q)		250		249
Henkel of America, Inc. 0.25%, 4/27/2021 (f) (q)		250		250
Hyundai Capital America 0.45%, 11/3/2020 (f) (q)		250		250
KEB Hana Bank 0.40%, 3/16/2021 (f) (q)		130		130
Suncor Energy, Inc. 0.26%, 1/20/2021 (f) (q)		250		250
Telstra Corp Ltd. 0.40%, 10/27/2021 (f) (q)		250		249
Walt Disney Co. (The) 0.40%, 7/23/2021 (f) (q)		250		249
Total Commercial Paper (Cost $2,496)				2,497
Foreign Government Treasury Bills — 1.0%
Canadian Treasury Bills
0.26%, 3/4/2021 (q)	CAD	15,793		11,850
0.17%, 4/1/2021 (q)	CAD	15,796		11,850
0.19%, 4/29/2021 (q)	CAD	15,800		11,851
Total Foreign Government Treasury Bills (Cost $34,866)				35,551
	SHARES (000)
Investment Companies — 3.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (r) (s) (Cost $139,631)		139,606		139,690

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 55

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)			VALUE (000)
Long Positions — continued
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 2.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (r) (s)		64,020			64,026
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (r) (s)		9,113			9,113
Total Investment of Cash Collateral from Securities Loaned (Cost $73,144)					73,139
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.1%
U.S. Treasury Bills
0.10%, 3/11/2021 (n) (q)		3,286			3,285
0.13%, 9/9/2021 (q)		350			349
Total U.S. Treasury Obligations (Cost $3,634)					3,634
Total Short-Term Investments (Cost $255,238)					255,979
Total Long Positions (Cost $3,309,534)					3,683,122
	SHARES (000)
Short Positions — (0.7)%
Common Stocks — (0.6)%
United States — (0.6)%
Acacia Communications, Inc. *		(48	)		(3,257	)
AvalonBay Communities, Inc., REIT		(2	)		(320	)
Consolidated Edison, Inc.		(5	)		(361	)
CVS Health Corp.		(13	)		(747	)
DTE Energy Co.		(1	)		(169	)
Exelon Corp.		(9	)		(365	)
Host Hotels & Resorts, Inc., REIT		(115	)		(1,205	)
Molson Coors Beverage Co., Class B		(2	)		(83	)
National General Holdings Corp.		(116	)		(3,941	)
Pinnacle West Capital Corp.		(2	)		(176	)
Schlumberger NV		(7	)		(104	)
Sirius XM Holdings, Inc.		(578	)		(3,314	)
Varian Medical Systems, Inc. *		(28	)		(4,777	)
Vornado Realty Trust, REIT		(7	)		(206	)
Walgreens Boots Alliance, Inc.		(38	)		(1,299	)
Total Common Stocks (Proceeds $(20,401))					(20,324	)

INVESTMENTS	SHARES (000)			VALUE (000)
Exchange-Traded Funds — (0.1)%
United States — (0.1)%
SPDR S&P 500 ETF Trust (Proceeds $(3,922))		(12	)		(3,863	)
Total Short Positions (Proceeds $(24,323))					(24,187	)
Total Investments — 100.8% (Cost $3,285,211)					3,658,935
Liabilities in Excess of Other Assets — (0.8)%					(29,769	)
NET ASSETS — 100.0%					3,629,166

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		6.9	%
Banks		5.3
Oil, Gas & Consumable Fuels		3.7
Semiconductors & Semiconductor Equipment		3.5
Pharmaceuticals		3.4
Internet & Direct Marketing Retail		3.3
Media		2.8
Commercial Mortgage-Backed Securities		2.7
Software		2.5
Insurance		2.5
Health Care Providers & Services		2.4
Diversified Telecommunication Services		2.4
Collateralized Mortgage Obligations		2.3
Electric Utilities		2.1
Technology Hardware, Storage & Peripherals		2.1
U.S. Treasury Notes		1.8
Capital Markets		1.8
Chemicals		1.8
Interactive Media & Services		1.8
Specialty Retail		1.7
Machinery		1.7
IT Services		1.7
Food Products		1.6
Equity Real Estate Investment Trusts (REITs)		1.6
Hotels, Restaurants & Leisure		1.6
Metals & Mining		1.4
Beverages		1.4

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS OCTOBER 31, 2020

INDUSTRY	PERCENTAGE
Entertainment		1.4	%
Biotechnology		1.2
Household Durables		1.2
Road & Rail		1.2
Automobiles		1.1
Wireless Telecommunication Services		1.1
Asset-Backed Securities		1.1
Aerospace & Defense		1.0
Health Care Equipment & Supplies		1.0
Textiles, Apparel & Luxury Goods		1.0
Foreign Government Treasury Bills		1.0
Others (each less than 1.0%)		14.1
Short-Term Investments		5.8

INDUSTRY(SHORT)	PERCENTAGE
Health Care Equipment & Supplies		19.7	%
Insurance		16.3
Exchange-Traded Fund		16.0
Media		13.6
Communications Equipment		13.5
Equity Real Estate Investment Trusts (REITs)		7.2
Food & Staples Retailing		5.4
Health Care Providers & Services		3.1
Electric Utilities		2.2
Multi-Utilities		2.2
Others (each less than 1.0%)		0.8

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
CVR	Contingent Value Rights
DKK	Danish Krone
ETF	Exchange-Traded Fund
EUR	Euro
FDR	Fiduciary Depository Receipt
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
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, 2020. 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
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
RTS	Russian Trading System
SCA	Limited partnership with share capital
SEK	Swedish Krona
SGPS	Holding company
SOFR	Secured Overnight Financing Rate
SPDR	Standard & Poor’s Depository Receipts
USD	United States Dollar
(a)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is approximately $69,542,000.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than one thousand.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is approximately $25,566,000 and $30,084,000 respectively.
(f)	Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2020.
(h)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(i)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2020.
(j)	Defaulted security.
(k)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2020.
(l)	Security is an interest bearing note with preferred security characteristics.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 57

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

(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, 2020.
(n)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(o)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(p)	Fund is subject to legal or contractual restrictions on the resale of the security.

(q)	The rate shown is the effective yield as of October 31, 2020.
(r)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(s)	The rate shown is the current yield as of October 31, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Canada 10 Year Bond		23			12/2020		CAD		2,604			(15	)
Canada 5 Year Bond		37			12/2020		CAD		3,596			(5	)
Euro-BTP		40			12/2020		EUR		6,961			130
Euro-Bund		32			12/2020		EUR		6,564			89
Euro-Buxl		9			12/2020		EUR		2,394			51
Euro-OAT		58			12/2020		EUR		11,492			165
Foreign Exchange AUD/USD		513			12/2020		USD		36,064			(1,397	)
Foreign Exchange CAD/USD		1,236			12/2020		USD		92,793			(1,051	)
Foreign Exchange EUR/USD		2,007			12/2020		USD		292,445			(4,065	)
Foreign Exchange GBP/USD		340			12/2020		USD		27,534			(120	)
Foreign Exchange JPY/USD		2,008			12/2020		USD		239,856			3,355
Japan 10 Year Bond Mini		52			12/2020		JPY		7,541			(4	)
Long Gilt		51			12/2020		GBP		8,958			(40	)
MSCI EAFE E-Mini Index		36			12/2020		USD		3,213			(180	)
Russell 2000 E-Mini Index		987			12/2020		USD		75,880			1,742
S&P 500 E-Mini Index		2,994			12/2020		USD		488,808			(9,737	)
Short-Term Euro-BTP		4			12/2020		EUR		529			3
U.S. Treasury 10 Year Note		1,502			12/2020		USD		207,464			(1,371	)
U.S. Treasury Long Bond		465			12/2020		USD		79,995			(1,635	)
U.S. Treasury Ultra Bond		11			12/2020		USD		2,352			(44	)
3 Month Sterling		286			09/2021		GBP		46,328			43
												(14,086	)
Short Contracts
Australia 10 Year Bond		(2	)		12/2020		AUD		(210	)		(3	)
Australia 3 Year Bond		(5	)		12/2020		AUD		(413	)		(2	)
Euro-Bobl		(2	)		12/2020		EUR		(317	)		(2	)
Euro-Schatz		(69	)		12/2020		EUR		(9,038	)		(16	)
MSCI EAFE E-Mini Index		(139	)		12/2020		USD		(12,405	)		735
MSCI Emerging Markets E-Mini Index		(311	)		12/2020		USD		(17,138	)		(193	)
MSCI Europe Equity Index		(2,860	)		12/2020		EUR		(67,034	)		5,533
U.S. Treasury 2 Year Note		(79	)		12/2020		USD		(17,446	)		1
U.S. Treasury 5 Year Note		(52	)		12/2020		USD		(6,531	)		23
U.S. Treasury 10 Year Note		(112	)		12/2020		USD		(15,470	)		153
U.S. Treasury 10 Year Ultra Note		(466	)		12/2020		USD		(73,191	)		994
U.S. Treasury Long Bond		(1,342	)		12/2020		USD		(230,866	)		2,465
U.S. Treasury Ultra Bond		(5	)		12/2020		USD		(1,069	)		41
3 Month Sterling		(286	)		03/2021		GBP		(46,305	)		(31	)
												9,698
												(4,388	)

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS OCTOBER 31, 2020

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EAFE	Europe, Australasia, and Far East
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of October 31, 2020 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
CAD	2,036	USD	1,522	Royal Bank of Canada		11/4/2020		7
USD	11,542	AUD	16,231	Barclays Bank plc		11/4/2020		133
USD	580	CAD	767	Barclays Bank plc		11/4/2020		4
USD	2,848	EUR	2,415	Barclays Bank plc		11/4/2020		36
USD	50,934	EUR	43,404	HSBC Bank, NA		11/4/2020		382
USD	59,042	EUR	50,303	Merrill Lynch International		11/4/2020		456
USD	1,034	EUR	876	State Street Corp.		11/4/2020		14
USD	36,016	CAD	47,321	BNP Paribas		11/18/2020		496
USD	9,416	AUD	13,334	State Street Corp.		12/3/2020		42
USD	5,420	CAD	7,210	BNP Paribas		12/3/2020		8
USD	112,084	EUR	95,840	Goldman Sachs International		12/3/2020		391
USD	33,435	GBP	25,779	TD Bank Financial Group		12/3/2020		32
USD	1,965	JPY	205,410	State Street Corp.		12/3/2020		2
USD	94,317	JPY	9,862,227	TD Bank Financial Group		12/3/2020		85
USD	1,210	SEK	10,718	Barclays Bank plc		12/3/2020		5
CHF	701	EUR	654	BNP Paribas		12/29/2020		3
CHF	833	EUR	780	Merrill Lynch International		12/29/2020		1
CHF	244	USD	265	Barclays Bank plc		12/29/2020		2
CHF	326	USD	355	Royal Bank of Canada		12/29/2020		1
EUR	357	USD	416	BNP Paribas		12/29/2020		—	(a)
EUR	374	USD	436	Citibank, NA		12/29/2020		—	(a)
GBP	824	EUR	912	Merrill Lynch International		12/29/2020		5
GBP	418	EUR	460	State Street Corp.		12/29/2020		5
GBP	155	USD	199	Barclays Bank plc		12/29/2020		2
GBP	11,029	USD	14,050	Standard Chartered Bank		12/29/2020		245
SEK	3,856	USD	432	Barclays Bank plc		12/29/2020		1
SEK	5,180	USD	571	BNP Paribas		12/29/2020		11
USD	354	CHF	323	BNP Paribas		12/29/2020		2
USD	1,641	CHF	1,487	Royal Bank of Canada		12/29/2020		16
USD	277	DKK	1,758	Goldman Sachs International		12/29/2020		1
USD	609	DKK	3,849	Merrill Lynch International		12/29/2020		5
USD	495	DKK	3,133	State Street Corp.		12/29/2020		4
USD	69,397	EUR	59,444	Barclays Bank plc		12/29/2020		65
USD	633	EUR	539	Citibank, NA		12/29/2020		4
USD	2,323	EUR	1,986	Merrill Lynch International		12/29/2020		7
USD	828	EUR	700	State Street Corp.		12/29/2020		12
USD	643	SEK	5,675	Barclays Bank plc		12/29/2020		5
USD	910	SEK	7,952	State Street Corp.		12/29/2020		16
Total unrealized appreciation								2,506
AUD	1,857	USD	1,336	HSBC Bank, NA		11/4/2020		(30	)
AUD	1,040	USD	747	Royal Bank of Canada		11/4/2020		(16	)
AUD	13,334	USD	9,415	State Street Corp.		11/4/2020		(42	)
CAD	7,210	USD	5,419	BNP Paribas		11/4/2020		(8	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 59

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
EUR	2,494	USD	2,930	BNP Paribas		11/4/2020		(25	)
EUR	95,840	USD	112,014	Goldman Sachs International		11/4/2020		(392	)
GBP	25,779	USD	33,429	TD Bank Financial Group		11/4/2020		(32	)
SEK	10,718	USD	1,209	Barclays Bank plc		11/4/2020		(5	)
USD	6,328	CAD	8,479	BNP Paribas		11/4/2020		(36	)
USD	1,556	EUR	1,336	Merrill Lynch International		11/4/2020		—	(a)
USD	31,413	GBP	24,473	BNP Paribas		11/4/2020		(291	)
USD	1,691	GBP	1,306	Merrill Lynch International		11/4/2020		(1	)
USD	1,822	JPY	192,316	Standard Chartered Bank		11/4/2020		(15	)
USD	91,558	JPY	9,669,911	State Street Corp.		11/4/2020		(806	)
USD	1,191	SEK	10,718	State Street Corp.		11/4/2020		(13	)
AUD	1,364	USD	961	Royal Bank of Canada		12/3/2020		(2	)
USD	795	JPY	83,377	Citibank, NA		12/3/2020		(1	)
DKK	7,771	USD	1,219	Citibank, NA		12/29/2020		(1	)
EUR	556	CHF	600	Citibank, NA		12/29/2020		(7	)
EUR	515	GBP	468	Citibank, NA		12/29/2020		(6	)
EUR	651	GBP	594	State Street Corp.		12/29/2020		(11	)
EUR	2,123	USD	2,494	BNP Paribas		12/29/2020		(18	)
EUR	2,527	USD	2,965	Citibank, NA		12/29/2020		(17	)
EUR	1,822	USD	2,141	Royal Bank of Canada		12/29/2020		(16	)
EUR	403	USD	473	Standard Chartered Bank		12/29/2020		(3	)
GBP	388	USD	504	Goldman Sachs International		12/29/2020		(2	)
NOK	3,482	USD	372	Royal Bank of Canada		12/29/2020		(8	)
USD	1,119	CHF	1,029	Goldman Sachs International		12/29/2020		(6	)
USD	1,047	CHF	960	Royal Bank of Canada		12/29/2020		(3	)
USD	278	GBP	215	State Street Corp.		12/29/2020		—	(a)
USD	364	NOK	3,482	BNP Paribas		12/29/2020		(1	)
USD	338	SEK	3,006	Barclays Bank plc		12/29/2020		—	(a)
USD	220	SEK	1,957	Merrill Lynch International		12/29/2020		—	(a)
USD	424	SEK	3,843	State Street Corp.		12/29/2020		(8	)
Total unrealized depreciation								(1,822	)
Net unrealized appreciation								684

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound

JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
USD	United States Dollar
(a)	Amount rounds to less than one thousand.

Over-the-Counter (“OTC”) Total Return Basket Swaps Outstanding at October 31, 2020 (amounts in thousands):
COUNTERPARTY		DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
	Bank of America, NA	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in GBP based on the local currencies of the positions within the swaps.		4/29/2022	$	13,609	$	(897	)	$	3	$	(894	)

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS OCTOBER 31, 2020

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
United Kingdom
3i Group plc		52		650		(58	)		0.0	(a)
AstraZeneca plc		5		464		(22	)		0.0	(a)
Berkeley Group Holdings plc		9		495		(35	)		0.0	(a)
boohoo Group plc *		137		480		(75	)		0.0	(a)
Centrica plc		1,339		645		(42	)		0.0	(a)
Computacenter plc		15		453		(40	)		0.0	(a)
Dunelm Group plc		25		425		(58	)		0.0	(a)
Games Workshop Group plc		3		393		(7	)		0.0	(a)
Informa plc		74		404		16			0.0	(a)
Intermediate Capital Group plc		31		471		(60	)		0.0	(a)
Kingfisher plc *		113		419		(31	)		0.0	(a)
M&G plc		136		260		(31	)		0.0	(a)
National Express Group plc *		140		271		4			0.0	(a)
Next plc		13		950		(11	)		0.0	(a)
Persimmon plc		24		726		(59	)		0.0	(a)
Pets at Home Group plc		49		244		(13	)		0.0	(a)
Prudential plc		40		488		(70	)		0.0	(a)
Reckitt Benckiser Group plc		9		752		(51	)		0.0	(a)
Segro plc		59		684		(22	)		0.0	(a)
Spirent Communications plc		153		576		(5	)		0.0	(a)
		2,426		10,250		(670	)		0.0	(a)
Australia
BHP Group plc		49		946		(86	)		0.0	(a)
Rio Tinto plc		18		1,000		(67	)		0.0	(a)
		67		1,946		(153	)		0.0	(a)
Jordan
Hikma Pharmaceuticals plc		21		697		(46	)		0.0	(a)
United States
Ferguson plc		7		716		(28	)		0.0	(a)
Total Long Positions of Total Return Basket Swap		2,521		13,609		(897	)		0.0	(a)

COUNTERPARTY		DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
	Bank of America, NA	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month EURIBOR on long positions, plus or minus a specified spread of 0.15%, which is denominated in EUR based on the local currencies of the positions within the swaps.		10/29/2021	$	1,590	$	84	$	—	(b)	$	84

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 61

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)  (1)		NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stock
Ireland
AIB Group plc *		365		412		13			0.0	(a)
Bank of Ireland Group plc *		235		583		104			0.0	(a)
Smurfit Kappa Group plc		16		595		(33	)		0.0	(a)
Total Long Positions of Total Return Basket Swap		616		1,590		84			0.0	(a)

The following reference rates, and their values as of period-end, are used for security descriptions:
	VALUE
EURIBOR		(0.55	)%
GBP LIBOR		0.04

Summary of total OTC swap contracts outstanding as of October 31, 2020 (amounts in thousands):
	NET UPFRONT PAYMENTS (RECEIPTS)($)		VALUE($)
Assets
OTC total return basket swap contracts outstanding		—		84
Liabilities
OTC total return basket swap contracts outstanding		—		(894	)

Abbreviations

EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GBP	British Pound
LIBOR	London Interbank Offered Rate
(a)	Amount rounds to less than 0.1% of net assets.
(b)	Amount rounds to less than one thousand.
(1)	Notional value represents market value as of October 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.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS OCTOBER 31, 2020

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 38.4%
Australia — 0.1%
Australia & New Zealand Banking Group Ltd.
2.05%, 11/21/2022		405		419
(USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (a) (b) (c) (d)		10,853		12,310
FMG Resources August 2006 Pty. Ltd.
4.75%, 5/15/2022 (c)		1,290		1,320
5.13%, 5/15/2024 (c) (e)		1,089		1,165
Macquarie Bank Ltd. (ICE LIBOR USD 3 Month + 0.45%), 0.71%, 11/24/2021 (b) (c)		380		381
Newcrest Finance Pty. Ltd.
3.25%, 5/13/2030 (c)		430		468
4.20%, 5/13/2050 (c)		275		318
				16,381
Austria — 0.0% (f)
ams AG 7.00%, 7/31/2025 (c)		1,280		1,354
Azerbaijan — 0.1%
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (g)		950		1,082
State Oil Co. of the Azerbaijan Republic
4.75%, 3/13/2023 (g)		686		713
6.95%, 3/18/2030 (g)		2,180		2,572
				4,367
Bahrain — 0.0% (f)
Oil and Gas Holding Co. BSCC (The) 7.50%, 10/25/2027 (g)		1,150		1,211
Belarus — 0.0% (f)
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (c)		750		716
Belgium — 0.1%
Anheuser-Busch Cos. LLC 4.90%, 2/1/2046		1,760		2,154
Anheuser-Busch InBev Worldwide, Inc.
4.38%, 4/15/2038		1,225		1,429
4.60%, 4/15/2048		3,020		3,577
4.50%, 6/1/2050 (e)		2,690		3,178
KBC Group NV (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024 (a) (b) (d) (g)		EUR 1,200		1,430
				11,768
Brazil — 0.1%
Klabin Austria GmbH 7.00%, 4/3/2049 (g)		1,150		1,314
MV24 Capital BV 6.75%, 6/1/2034 (c)		663		668
Petrobras Global Finance BV
6.90%, 3/19/2049		1,030		1,166
6.85%, 6/5/2115		300		322

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Brazil — continued
Suzano Austria GmbH 6.00%, 1/15/2029		900		1,045
Votorantim Cimentos International SA 7.25%, 4/5/2041 (g)		440		561
				5,076
Canada — 1.4%
1011778 BC ULC
4.25%, 5/15/2024 (c)		8,332		8,503
3.50%, 2/15/2029 (c)		1,546		1,534
4.00%, 10/15/2030 (c)		3,105		3,086
Advanz Pharma Corp. Ltd. 8.00%, 9/6/2024 (e)		2,095		2,053
Alimentation Couche-Tard, Inc.
4.50%, 7/26/2047 (c)		930		1,100
3.80%, 1/25/2050 (c)		135		146
Bank of Nova Scotia (The) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (a) (b) (d)		2,323		2,425
Baytex Energy Corp. 8.75%, 4/1/2027 (c)		2,925		1,287
Bell Canada, Inc. 4.30%, 7/29/2049		2,625		3,193
Bombardier, Inc.
6.00%, 10/15/2022 (c)		1,868		1,695
7.50%, 12/1/2024 (c)		3,887		2,925
7.50%, 3/15/2025 (c)		6,539		4,757
Cenovus Energy, Inc. 5.38%, 7/15/2025		4,837		5,097
Emera US Finance LP 4.75%, 6/15/2046		370		446
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (b)		24,158		26,755
Enbridge, Inc.
4.50%, 6/10/2044 (e)		340		375
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (b)		2,730		2,716
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (b)		5,421		5,485
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (b)		11,041		11,254
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024 (c)		5,033		4,202
GFL Environmental, Inc.
4.25%, 6/1/2025 (c)		2,345		2,392
3.75%, 8/1/2025 (c)		1,688		1,688
MEG Energy Corp.
7.00%, 3/31/2024 (c)		944		897
6.50%, 1/15/2025 (c)		4,437		4,315
7.13%, 2/1/2027 (c)		6,579		5,919

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Canada — continued
National Bank of Canada 2.15%, 10/7/2022 (c)		250		258
NOVA Chemicals Corp. 4.88%, 6/1/2024 (c)		5,040		4,986
5.00%, 5/1/2025 (c)		3,340		3,300
5.25%, 6/1/2027 (c)		4,811		4,698
Open Text Corp. 5.88%, 6/1/2026 (c)		1,781		1,852
Precision Drilling Corp. 7.75%, 12/15/2023		1,540		1,140
5.25%, 11/15/2024		248		160
7.13%, 1/15/2026 (c)		5,484		3,455
Quebecor Media, Inc. 5.75%, 1/15/2023		6,263		6,723
Rogers Communications, Inc.
(ICE LIBOR USD 3 Month + 0.60%), 0.83%, 3/22/2022 (b)		129		130
4.35%, 5/1/2049		3,015		3,649
3.70%, 11/15/2049		1,340		1,473
Royal Bank of Canada (SOFR + 0.45%), 0.54%, 10/26/2023 (b)		126		126
Stars Group Holdings BV 7.00%, 7/15/2026 (c)		3,481		3,680
TransCanada PipeLines Ltd. 9.88%, 1/1/2021		476		483
4.75%, 5/15/2038 (e)		1,135		1,332
5.10%, 3/15/2049		895		1,124
Transcanada Trust
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (b)		2,515		2,673
(ICE LIBOR USD 3 Month + 4.15%), 5.50%, 9/15/2079 (b)		9,787		10,026
Videotron Ltd. 5.38%, 6/15/2024 (c)		5,053		5,495
5.13%, 4/15/2027 (c)		4,520		4,780
				165,788
Cayman Islands — 0.0% (f)
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (c)		417		305
Global Aircraft Leasing Co. Ltd. 13.75% (Blend (cash 6.50% + PIK 7.25%)), 9/15/2024 (c) (h)		5,171		3,415
				3,720
Chile — 0.0% (f)
Corp. Nacional del Cobre de Chile 4.88%, 11/4/2044 (g)		400		490
3.70%, 1/30/2050 (c)		1,400		1,459
Empresa Nacional del Petroleo 3.75%, 8/5/2026 (g)		1,000		1,054
				3,003

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
China — 0.0% (f)
China Evergrande Group 7.50%, 6/28/2023 (g)		800		602
8.75%, 6/28/2025 (g)		800		586
				1,188
Colombia — 0.0% (f)
Ecopetrol SA 5.88%, 9/18/2023		950		1,050
5.38%, 6/26/2026		1,160		1,279
7.38%, 9/18/2043		412		515
5.88%, 5/28/2045		730		792
				3,636
Costa Rica — 0.0% (f)
Instituto Costarricense de Electricidad 6.95%, 11/10/2021 (g)		790		775
Finland — 0.1%
Nordea Bank Abp (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.11%), 6.63%, 3/26/2026 (a) (b) (c) (d)		3,870		4,330
France — 0.6%
Altice France SA 7.38%, 5/1/2026 (c)		14,428		15,059
8.13%, 2/1/2027 (c)		4,609		5,012
Credit Agricole SA (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (a) (b) (c) (d)		15,767		18,501
Societe Generale SA
(USD Swap Semi 5 Year + 6.24%), 7.38%, 9/13/2021 (a) (b) (c) (d)		16,593		17,044
(USD Swap Semi 5 Year + 4.98%), 7.88%, 12/18/2023 (a) (b) (c) (d)		1,680		1,793
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (a) (b) (c) (d)		9,053		10,173
(USD Swap Semi 5 Year + 3.93%), 6.75%, 4/6/2028 (a) (b) (c) (d)		2,035		2,139
Total Capital International SA 2.99%, 6/29/2041		2,995		3,061
3.13%, 5/29/2050		950		952
3.39%, 6/29/2060		830		841
				74,575
Germany — 0.1%
Bayer US Finance II LLC 4.88%, 6/25/2048 (c)		2,740		3,283
Deutsche Telekom AG 3.63%, 1/21/2050 (c) (e)		1,690		1,857

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Germany — continued
Deutsche Telekom International Finance BV 8.75%, 6/15/2030 (i)		4,340		6,744
Vertical US Newco, Inc. 5.25%, 7/15/2027 (c)		2,295		2,362
Volkswagen Group of America Finance LLC 2.50%, 9/24/2021 (c)		390		397
				14,643
Guatemala — 0.0% (f)
Energuate Trust 5.88%, 5/3/2027 (g)		1,147		1,184
India — 0.0% (f)
Reliance Industries Ltd. 5.40%, 2/14/2022 (g)		830		872
Indonesia — 0.1%
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/2023 (c)		990		1,091
6.53%, 11/15/2028 (c)		2,380		2,878
6.76%, 11/15/2048 (c)		250		318
Minejesa Capital BV 4.63%, 8/10/2030 (c)		824		848
Pertamina Persero PT 4.30%, 5/20/2023 (g)		260		278
3.10%, 1/22/2030 (c) (e)		450		463
6.00%, 5/3/2042 (g)		880		1,070
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.13%, 5/15/2027 (g)		680		738
6.25%, 1/25/2049 (g)		810		1,049
				8,733
Ireland — 0.1%
AerCap Global Aviation Trust (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (b) (c)		7,463		6,605
AerCap Holdings NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.87%, 10/10/2079 (b)		4,045		3,203
Avolon Holdings Funding Ltd. 5.25%, 5/15/2024 (c) (e)		3,725		3,799
4.38%, 5/1/2026 (c)		1,765		1,713
Park Aerospace Holdings Ltd. 5.25%, 8/15/2022 (c)		992		1,022
5.50%, 2/15/2024 (c)		2		2
				16,344
Italy — 0.2%
Enel SpA (USD Swap Semi 5 Year + 5.88%), 8.75%, 9/24/2073 (b) (c)		2,430		2,807

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Italy — continued
Telecom Italia Capital SA 6.38%, 11/15/2033		3,907		4,621
6.00%, 9/30/2034		5,846		6,802
7.72%, 6/4/2038		1,500		2,032
Telecom Italia SpA 5.30%, 5/30/2024 (c)		3,510		3,798
				20,060
Japan — 0.1%
Mitsubishi UFJ Financial Group, Inc. 3.22%, 3/7/2022		304		315
Mizuho Financial Group, Inc. 2.60%, 9/11/2022		350		364
Nippon Life Insurance Co. (USD ICE Swap Rate 5 Year + 3.65%), 5.10%, 10/16/2044 (b) (c)		2,887		3,226
Sumitomo Mitsui Financial Group, Inc. 2.78%, 7/12/2022		240		250
2.13%, 7/8/2030		1,805		1,825
Takeda Pharmaceutical Co. Ltd. 3.03%, 7/9/2040		1,330		1,363
3.18%, 7/9/2050		940		944
3.38%, 7/9/2060 (e)		2,330		2,412
				10,699
Kazakhstan — 0.1%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (g)		1,545		2,114
KazMunayGas National Co. JSC 4.40%, 4/30/2023 (g)		700		749
4.75%, 4/24/2025 (c)		550		611
4.75%, 4/19/2027 (g)		500		563
6.38%, 10/24/2048 (g)		1,040		1,374
Tengizchevroil Finance Co. International Ltd. 4.00%, 8/15/2026 (g)		800		850
				6,261
Luxembourg — 0.5%
Altice Financing SA 7.50%, 5/15/2026 (c)		10,355		10,808
Altice France Holding SA 10.50%, 5/15/2027 (c)		8,469		9,337
6.00%, 2/15/2028 (c)		1,845		1,770
INEOS Group Holdings SA 5.63%, 8/1/2024 (c) (e)		9,470		9,612
Intelsat Jackson Holdings SA 5.50%, 8/1/2023 (j)		10,554		6,187
8.00%, 2/15/2024 (c) (i) (j)		8,800		8,932
8.50%, 10/15/2024 (c) (j)		16,148		9,973

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Luxembourg — continued
9.75%, 7/15/2025 (c) (j)		1,585		991
				57,610
Mexico — 0.1%
Alfa SAB de CV 6.88%, 3/25/2044 (c)		712		831
BBVA Bancomer SA 6.75%, 9/30/2022 (g)		900		969
Petroleos Mexicanos 5.38%, 3/13/2022		2,850		2,886
6.88%, 8/4/2026		505		485
6.49%, 1/23/2027		247		230
5.35%, 2/12/2028		1,900		1,623
5.63%, 1/23/2046		1,999		1,466
6.75%, 9/21/2047		850		658
6.35%, 2/12/2048		500		379
7.69%, 1/23/2050		1,102		915
6.95%, 1/28/2060		2,100		1,642
				12,084
Morocco — 0.0% (f)
OCP SA 5.63%, 4/25/2024 (g)		1,080		1,174
6.88%, 4/25/2044 (g)		1,030		1,290
				2,464
Netherlands — 0.2%
ABN AMRO Bank NV (ICE LIBOR USD 3 Month + 0.57%), 0.82%, 8/27/2021 (b) (c)		700		703
Cooperatieve Rabobank UA
(EUR Swap Annual 5 Year + 6.70%), 6.62%, 6/29/2021 (a) (b) (d) (g)		EUR 2,000		2,392
3.88%, 2/8/2022		473		494
ING Groep NV (USD Swap Semi 5 Year + 5.12%), 6.87%, 4/16/2022 (a) (b) (d) (g)		7,168		7,410
Nouryon Holding BV 8.00%, 10/1/2026 (c) (e)		4,815		5,068
Shell International Finance BV
4.00%, 5/10/2046		2,220		2,524
3.25%, 4/6/2050		3,515		3,607
Trivium Packaging Finance BV
5.50%, 8/15/2026 (c) (i)		2,741		2,871
8.50%, 8/15/2027 (c) (i)		2,181		2,334
				27,403
Norway — 0.0% (f)
DNB Bank ASA (USD Swap Semi 5 Year + 5.08%), 6.50%, 3/26/2022 (a) (b) (d) (g)		2,973		3,058

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Panama — 0.0% (f)
AES Panama Generation Holdings SRL 4.38%, 5/31/2030 (c)		960		1,013
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (c)		580		676
				1,689
Peru — 0.0% (f)
Banco BBVA Peru SA 5.00%, 8/26/2022 (g)		580		618
Hudbay Minerals, Inc. 7.63%, 1/15/2025 (c)		825		856
Nexa Resources SA 5.38%, 5/4/2027 (g)		580		613
Petroleos del Peru SA
4.75%, 6/19/2032 (c)		900		984
5.63%, 6/19/2047 (g)		600		688
Southern Copper Corp. 5.88%, 4/23/2045		185		253
				4,012
Qatar — 0.0% (f)
ABQ Finance Ltd.
3.63%, 4/13/2021 (g)		1,550		1,568
3.50%, 2/22/2022 (g)		720		736
				2,304
South Africa — 0.0% (f)
Eskom Holdings SOC Ltd.
5.75%, 1/26/2021 (g)		350		343
6.75%, 8/6/2023 (g)		430		407
7.13%, 2/11/2025 (g)		650		608
				1,358
South Korea — 0.0% (f)
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2022 (a) (b) (d) (g)		1,150		1,150
Spain — 0.1%
Banco Bilbao Vizcaya Argentaria SA
(EUR Swap Annual 5 Year + 9.18%), 8.87%, 4/14/2021 (a) (b) (d) (g)		EUR 2,600		3,096
(EUR Swap Annual 5 Year + 6.04%), 6.00%, 3/29/2024 (a) (b) (d) (g)		EUR 2,000		2,292
Banco Santander SA 3.49%, 5/28/2030		800		865
Telefonica Emisiones SA 4.90%, 3/6/2048		1,960		2,230
				8,483
Sweden — 0.0% (f)
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.69%), 6.25%, 3/1/2024 (a) (b) (d) (g)		600		647

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Switzerland — 0.6%
Alcon Finance Corp. 2.60%, 5/27/2030 (c)		1,140		1,191
Credit Suisse AG 1.00%, 5/5/2023		250		253
Credit Suisse Group AG
(USD Swap Semi 5 Year + 5.11%), 7.13%, 7/29/2022 (a) (b) (d) (g)		2,660		2,763
(USD Swap Semi 5 Year + 4.60%), 7.50%, 7/17/2023 (a) (b) (c) (d)		2,765		2,931
(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (a) (b) (c) (d)		6,891		7,477
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (a) (b) (c) (d)		7,005		7,460
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026 (a) (b) (c) (d)		11,234		12,063
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027 (a) (b) (c) (d)		5,130		5,165
(SOFR + 3.73%), 4.19%, 4/1/2031 (b) (c)		1,635		1,875
UBS AG 1.75%, 4/21/2022 (c)		330		336
UBS Group AG
(USD Swap Semi 5 Year + 5.50%), 6.87%, 3/22/2021 (a) (b) (d) (g)		4,355		4,407
(USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024 (a) (b) (c) (d)		14,940		16,079
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (b) (d) (g)		8,000		8,915
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025 (a) (b) (d) (g)		3,000		3,307
				74,222
Trinidad and Tobago — 0.0% (f)
Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026 (c)		1,565		1,746
Turkey — 0.0% (f)
Turkcell Iletisim Hizmetleri A/S 5.80%, 4/11/2028 (g)		660		635
United Arab Emirates — 0.1%
DAE Funding LLC 4.50%, 8/1/2022 (c)		1,205		1,214
5.00%, 8/1/2024 (c)		1,489		1,493
MDGH — GMTN BV 3.70%, 11/7/2049 (g)		600		659
Shelf Drilling Holdings Ltd. 8.25%, 2/15/2025 (c)		3,596		1,151
Telford Offshore Ltd. 12.00% (PIK 12.00%), 12/31/2164 (a) (d) (h)		1,236		57
				4,574

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United Kingdom — 0.9%
Ashtead Capital, Inc. 4.13%, 8/15/2025 (c)		2,645		2,716
4.38%, 8/15/2027 (c)		500		524
AstraZeneca plc 2.13%, 8/6/2050 (e)		5,895		5,278
BAE Systems plc 3.40%, 4/15/2030 (c)		8,614		9,571
Barclays Bank plc 1.70%, 5/12/2022		350		357
Barclays plc 4.84%, 5/9/2028		1,277		1,393
(ICE LIBOR USD 3 Month + 3.05%), 5.09%, 6/20/2030 (b)		1,190		1,354
BAT Capital Corp.
4.39%, 8/15/2037		2,085		2,224
4.76%, 9/6/2049 (e)		3,930		4,240
BP Capital Markets plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (a) (b) (d)		5,789		5,977
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (a) (b) (d)		16,219		17,030
CK Hutchison International 16 Ltd. 1.88%, 10/3/2021 (c)		330		333
CK Hutchison International 20 Ltd. 3.38%, 5/8/2050 (c)		340		365
GlaxoSmithKline Capital plc 0.53%, 10/1/2023		450		450
HSBC Holdings plc
(USD ICE Swap Rate 5 Year + 5.51%), 6.87%, 6/1/2021 (a) (b) (d)		1,556		1,579
(EUR Swap Annual 5 Year + 5.34%), 6.00%, 9/29/2023 (a) (b) (d) (g)		EUR 3,970		4,891
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025 (a) (b) (d)		6,350		6,612
(USD ICE Swap Rate 5 Year + 3.61%), 6.50%, 3/23/2028 (a) (b) (d)		8,180		8,757
(SOFR + 1.95%), 2.36%, 8/18/2031 (b)		380		377
Lloyds Banking Group plc (ICE LIBOR USD 3 Month + 0.80%), 1.03%, 6/21/2021 (b)		250		251
Nationwide Building Society (U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.39%), 5.87%, 12/20/2024 (a) (b) (d) (g)		GBP 200		267
Natwest Group plc
(USD Swap Semi 5 Year + 7.60%), 8.62%, 8/15/2021 (a) (b) (d)		1,566		1,616
6.00%, 12/19/2023		1,194		1,341
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (a) (b) (d)		2,641		2,733

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United Kingdom — continued
Rolls-Royce plc 5.75%, 10/15/2027 (c)		2,632		2,665
Virgin Media Secured Finance plc
5.50%, 8/15/2026 (c)		2,545		2,648
5.50%, 5/15/2029 (c)		6,525		6,971
Vodafone Group plc
5.00%, 5/30/2038		1,175		1,456
4.38%, 2/19/2043		3,355		3,967
5.25%, 5/30/2048		1,275		1,644
4.25%, 9/17/2050		1,880		2,156
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (b)		7,333		8,703
				110,446
United States — 32.7%
Abbott Laboratories 4.75%, 11/30/2036 (e)		8,505		11,302
AbbVie, Inc.
2.15%, 11/19/2021 (c)		160		163
4.05%, 11/21/2039 (c)		1,310		1,496
4.45%, 5/14/2046		1,395		1,657
4.25%, 11/21/2049 (c)		4,360		5,071
Acadia Healthcare Co., Inc.
5.63%, 2/15/2023		1,836		1,843
6.50%, 3/1/2024		3,004		3,071
5.00%, 4/15/2029 (c)		1,117		1,151
ACCO Brands Corp. 5.25%, 12/15/2024 (c)		6,624		6,790
ACI Worldwide, Inc. 5.75%, 8/15/2026 (c)		3,105		3,276
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (c) (e)		1,876		1,796
Adient US LLC
9.00%, 4/15/2025 (c)		1,155		1,270
7.00%, 5/15/2026 (c)		8,125		8,667
ADT Security Corp. (The)
4.13%, 6/15/2023		1,398		1,454
4.88%, 7/15/2032 (c)		4,823		4,966
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (c)		1,315		1,376
AECOM
5.88%, 10/15/2024		346		381
5.13%, 3/15/2027		3,641		3,982
AEP Texas, Inc. Series H, 3.45%, 1/15/2050		815		871
AEP Transmission Co. LLC Series M, 3.65%, 4/1/2050		745		863
AES Corp. (The)
5.50%, 4/15/2025		6,707		6,890
6.00%, 5/15/2026 (e)		1,765		1,849

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Aetna, Inc. 3.88%, 8/15/2047		3,230		3,574
Ahern Rentals, Inc. 7.38%, 5/15/2023 (c)		4,316		2,773
AIG Global Funding (ICE LIBOR USD 3 Month + 0.46%), 0.69%, 6/25/2021 (b) (c)		435		436
Air Lease Corp.
3.38%, 7/1/2025 (e)		780		799
3.75%, 6/1/2026		1,275		1,305
Albertsons Cos., Inc.
3.50%, 2/15/2023 (c)		2,005		2,038
5.75%, 3/15/2025		3,488		3,595
3.25%, 3/15/2026 (c)		3,540		3,478
7.50%, 3/15/2026 (c)		2,170		2,404
4.63%, 1/15/2027 (c)		7,060		7,325
5.88%, 2/15/2028 (c)		3,316		3,507
3.50%, 3/15/2029 (c)		3,532		3,426
4.88%, 2/15/2030 (c)		2,850		3,027
Alcoa Nederland Holding BV 6.75%, 9/30/2024 (c)		7,576		7,813
7.00%, 9/30/2026 (c)		1,650		1,737
5.50%, 12/15/2027 (c)		2,635		2,773
Allegheny Technologies, Inc. 7.88%, 8/15/2023 (i)		500		505
5.88%, 12/1/2027 (e)		1,361		1,281
Allied Universal Holdco LLC 6.63%, 7/15/2026 (c)		1,996		2,088
9.75%, 7/15/2027 (c)		907		968
Allison Transmission, Inc. 5.00%, 10/1/2024 (c)		5,325		5,373
4.75%, 10/1/2027 (c)		2,545		2,621
5.88%, 6/1/2029 (c)		4,125		4,504
Allstate Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 8/15/2053 (b)		5,429		5,760
Ally Financial, Inc. 4.63%, 5/19/2022 (e)		4,061		4,285
5.13%, 9/30/2024 (e)		1,908		2,157
4.63%, 3/30/2025 (e)		6,278		7,021
5.75%, 11/20/2025		5,333		6,060
8.00%, 11/1/2031		2,055		2,835
Alphabet, Inc. 2.05%, 8/15/2050		2,145		1,935
2.25%, 8/15/2060 (e)		995		893
Altria Group, Inc. 3.88%, 9/16/2046		3,235		3,262
5.95%, 2/14/2049		215		284
4.45%, 5/6/2050		1,460		1,621

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Amazon.com, Inc. 4.95%, 12/5/2044		755		1,068
2.50%, 6/3/2050		514		507
2.70%, 6/3/2060		2,440		2,479
AMC Entertainment Holdings, Inc. 10.50%, 4/24/2026 (c)		2,786		1,421
12.00% (cash 10.00% or 12.00% PIK or Blend (cash 5.00% + PIK 6.00%)), 6/15/2026 (c) (h)		7,411		178
AMC Networks, Inc. 5.00%, 4/1/2024		3,240		3,256
4.75%, 8/1/2025 (e)		831		830
American Axle & Manufacturing, Inc. 6.25%, 4/1/2025 (e)		12,783		12,955
6.25%, 3/15/2026		8,893		8,912
6.50%, 4/1/2027 (e)		4,642		4,677
6.88%, 7/1/2028 (e)		1,272		1,294
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (c)		4,195		4,267
American Express Co.
Series B, (ICE LIBOR USD 3 Month + 3.43%), 3.71%, 11/15/2020 (a) (b) (d)		1,818		1,735
Series C, (ICE LIBOR USD 3 Month + 3.29%), 3.54%, 12/15/2020 (a) (b) (d)		1,973		1,834
American Honda Finance Corp. 0.88%, 7/7/2023		186		188
American International Group, Inc.
3.88%, 1/15/2035		2,256		2,601
Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (b)		4,853		5,438
American Tower Corp.
REIT, 3.70%, 10/15/2049		625		671
REIT, 3.10%, 6/15/2050 (e)		5,310		5,171
American Water Capital Corp. 3.45%, 5/1/2050		410		463
American Woodmark Corp. 4.88%, 3/15/2026 (c)		4,775		4,799
AmeriGas Partners LP
5.63%, 5/20/2024		515		547
5.50%, 5/20/2025		5,898		6,311
5.88%, 8/20/2026		2,714		2,973
5.75%, 5/20/2027		1,024		1,122
Amgen, Inc.
3.63%, 5/15/2022		239		249
3.15%, 2/21/2040		805		842
3.38%, 2/21/2050		3,605		3,801

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Amkor Technology, Inc. 6.63%, 9/15/2027 (c)		3,941		4,217
AMN Healthcare, Inc. 5.13%, 10/1/2024 (c)		1,775		1,820
Amsted Industries, Inc. 5.63%, 7/1/2027 (c)		1,629		1,715
Antero Midstream Partners LP
5.38%, 9/15/2024		2,975		2,782
5.75%, 3/1/2027 (c)		490		441
5.75%, 1/15/2028 (c)		1,690		1,504
Antero Resources Corp.
5.13%, 12/1/2022 (e)		1,174		1,090
5.63%, 6/1/2023 (e)		6,797		5,710
Anthem, Inc. 3.13%, 5/15/2050		1,370		1,406
Apache Corp.
4.63%, 11/15/2025 (e)		737		700
4.88%, 11/15/2027		1,517		1,424
Apple, Inc.
4.50%, 2/23/2036		3,960		5,223
3.85%, 5/4/2043		2,125		2,593
4.65%, 2/23/2046		925		1,258
2.65%, 5/11/2050		2,435		2,444
2.40%, 8/20/2050		850		828
2.55%, 8/20/2060		480		459
Aramark Services, Inc. 5.00%, 2/1/2028 (c) (e)		8,335		8,409
Archrock Partners LP 6.88%, 4/1/2027 (c)		472		463
Arconic Corp.
6.00%, 5/15/2025 (c)		2,269		2,402
6.13%, 2/15/2028 (c)		1,910		2,013
Ardagh Packaging Finance plc
6.00%, 2/15/2025 (c)		4,132		4,271
5.25%, 8/15/2027 (c)		12,045		12,403
Asbury Automotive Group, Inc.
4.50%, 3/1/2028 (c)		412		419
4.75%, 3/1/2030 (c)		385		398
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026 (c)		755		668
AT&T, Inc.
Series B, (EURIBOR ICE Swap Rate 5 Year + 3.14%), 2.88%, 3/2/2025 (a) (b) (d)		EUR   700		777
3.50%, 6/1/2041		2,410		2,432
4.50%, 3/9/2048		2,793		3,113
3.65%, 6/1/2051		1,075		1,053
3.30%, 2/1/2052		1,470		1,351
3.50%, 9/15/2053 (c)		1,179		1,116
3.65%, 9/15/2059 (c)		541		512

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
3.85%, 6/1/2060		2,470		2,426
3.50%, 2/1/2061		1,475		1,362
AutoZone, Inc. 3.70%, 4/15/2022 (e)		160		166
Avantor Funding, Inc. 4.63%, 7/15/2028 (c)		6,184		6,408
Avantor, Inc. 6.00%, 10/1/2024 (c)		3,880		4,054
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (c)		7,460		7,264
5.25%, 3/15/2025 (c)		8,155		7,686
10.50%, 5/15/2025 (c) (e)		4,025		4,614
5.75%, 7/15/2027 (c) (e)		5,358		5,083
Axalta Coating Systems LLC
4.88%, 8/15/2024 (c)		2,480		2,530
4.75%, 6/15/2027 (c)		1,983		2,077
B&G Foods, Inc. 5.25%, 4/1/2025		10,104		10,407
Baker Hughes a GE Co. LLC 4.08%, 12/15/2047		1,610		1,587
Baltimore Gas and Electric Co. 2.90%, 6/15/2050 (e)		315		318
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022 (b)		313		315
Series U, (ICE LIBOR USD 3 Month + 3.14%), 5.20%, 6/1/2023 (a) (b) (d)		7,114		7,085
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.13%, 6/20/2024 (a) (b) (d)		2,341		2,403
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (a) (b) (d)		8,050		8,754
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (a) (b) (d)		7,182		8,030
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (a) (b) (d)		7,917		8,740
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (a) (b) (d)		15,217		17,271
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (a) (b) (d)		18,929		20,348
(SOFR + 1.93%), 2.68%, 6/19/2041 (b)		7,405		7,471
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (b)		1,935		2,349
Bank of New York Mellon Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.42%), 3.65%, 12/20/2020 (a) (b) (d)		2,111		2,087
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (a) (b) (d)		6,160		6,090
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.36%), 4.70%, 9/20/2025 (a) (b) (d)		2,095		2,241

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 3.70%, 3/20/2026 (a) (b) (d)		2,910		2,888
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (a) (b) (d)		9,378		9,730
Bausch Health Americas, Inc. 9.25%, 4/1/2026 (c)		4,876		5,376
8.50%, 1/31/2027 (c)		5,791		6,332
Bausch Health Cos., Inc. 5.50%, 3/1/2023 (c)		58		58
5.88%, 5/15/2023 (c)		380		379
7.00%, 3/15/2024 (c)		12,827		13,292
6.13%, 4/15/2025 (c)		21,707		22,315
5.50%, 11/1/2025 (c)		10,586		10,875
9.00%, 12/15/2025 (c)		23,732		25,932
5.75%, 8/15/2027 (c)		965		1,035
7.00%, 1/15/2028 (c)		3,489		3,698
5.00%, 1/30/2028 (c)		3,460		3,420
7.25%, 5/30/2029 (c)		1,679		1,808
5.25%, 1/30/2030 (c)		3,476		3,415
Baxter International, Inc. 3.50%, 8/15/2046		1,385		1,536
Berkshire Hathaway Energy Co. 4.25%, 10/15/2050 (c)		1,060		1,306
2.85%, 5/15/2051 (c)		1,575		1,534
Berkshire Hathaway Finance Corp. 4.25%, 1/15/2049		705		892
2.85%, 10/15/2050		850		861
Berry Global, Inc. 5.13%, 7/15/2023 (e)		674		682
4.88%, 7/15/2026 (c)		6,914		7,243
Big River Steel LLC 6.63%, 1/31/2029 (c)		2,088		2,151
Biogen, Inc. 3.63%, 9/15/2022		120		127
3.15%, 5/1/2050		4,930		4,748
Black Knight InfoServ LLC 3.63%, 9/1/2028 (c)		1,892		1,916
Blue Racer Midstream LLC 6.13%, 11/15/2022 (c)		9,145		8,894
6.63%, 7/15/2026 (c)		1,510		1,355
Boise Cascade Co. 4.88%, 7/1/2030 (c)		487		521
Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (c)		1,882		1,910
BorgWarner, Inc. 5.00%, 10/1/2025 (c) (e)		6,660		7,734
Boston Scientific Corp. 4.55%, 3/1/2039		1,160		1,434
Boyd Gaming Corp. 6.38%, 4/1/2026		1,760		1,826
6.00%, 8/15/2026		3,419		3,504

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Boyne USA, Inc. 7.25%, 5/1/2025 (c)		5,157		5,389
BP Capital Markets America, Inc. 3.00%, 2/24/2050		2,355		2,211
2.77%, 11/10/2050		2,445		2,192
Brink’s Co. (The) 5.50%, 7/15/2025 (c)		1,890		1,966
4.63%, 10/15/2027 (c) (e)		5,525		5,637
Bristol-Myers Squibb Co. 4.13%, 6/15/2039		2,210		2,726
4.25%, 10/26/2049		1,695		2,154
Broadcom, Inc. 4.15%, 11/15/2030		1,670		1,870
4.30%, 11/15/2032		1,390		1,588
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026 (c)		4,531		3,761
Buckeye Partners LP 4.13%, 3/1/2025 (c)		3,620		3,430
3.95%, 12/1/2026		200		186
4.13%, 12/1/2027		2,947		2,770
4.50%, 3/1/2028 (c)		3,620		3,439
Builders FirstSource, Inc. 5.00%, 3/1/2030 (c)		1,720		1,815
Burlington Northern Santa Fe LLC 5.15%, 9/1/2043		790		1,071
3.05%, 2/15/2051		4,490		4,801
BWX Technologies, Inc. 5.38%, 7/15/2026 (c)		3,360		3,483
4.13%, 6/30/2028 (c)		1,453		1,468
BY Crown Parent LLC 4.25%, 1/31/2026 (c)		1,406		1,424
Caesars Resort Collection LLC 5.25%, 10/15/2025 (c)		985		937
Callon Petroleum Co. 6.25%, 4/15/2023		2,653		1,035
6.13%, 10/1/2024		568		204
6.38%, 7/1/2026		487		117
Calpine Corp. 5.25%, 6/1/2026 (c)		5,825		5,983
4.63%, 2/1/2029 (c)		1,122		1,133
5.00%, 2/1/2031 (c)		1,402		1,431
Cameron LNG LLC 2.90%, 7/15/2031 (c)		685		741
3.30%, 1/15/2035 (c)		570		633
Capital One Financial Corp. (ICE LIBOR USD 3 Month + 0.95%), 1.19%, 3/9/2022 (b)		250		252
Carnival Corp. 11.50%, 4/1/2023 (c)		1,228		1,357
10.50%, 2/1/2026 (c) (e)		742		807

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Carpenter Technology Corp. 6.38%, 7/15/2028		1,466		1,537
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (c) (e)		2,188		2,232
5.00%, 7/15/2027 (c)		2,038		2,124
CCM Merger, Inc. 6.00%, 3/15/2022 (c) (e)		1,601		1,627
CCO Holdings LLC 5.38%, 5/1/2025 (c)		3,790		3,892
5.75%, 2/15/2026 (c)		20,736		21,496
5.50%, 5/1/2026 (c)		17,215		17,904
5.13%, 5/1/2027 (c)		29,047		30,499
5.00%, 2/1/2028 (c)		3,049		3,211
5.38%, 6/1/2029 (c)		1,758		1,903
4.75%, 3/1/2030 (c)		11,296		11,882
4.25%, 2/1/2031 (c)		10,261		10,492
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (c)		503		531
CDK Global, Inc. 5.88%, 6/15/2026		1,115		1,161
5.25%, 5/15/2029 (c)		7,151		7,671
CDW LLC 5.50%, 12/1/2024		635		702
4.25%, 4/1/2028		7,526		7,784
3.25%, 2/15/2029		1,372		1,370
Cedar Fair LP 5.50%, 5/1/2025 (c)		1,455		1,473
5.38%, 4/15/2027		160		148
5.25%, 7/15/2029		1,395		1,266
Centene Corp. 4.75%, 1/15/2025		1,626		1,671
5.38%, 6/1/2026 (c)		2,389		2,514
4.25%, 12/15/2027		10,622		11,179
4.63%, 12/15/2029		12,950		14,099
3.38%, 2/15/2030		5,040		5,235
CenterPoint Energy Houston Electric LLC 3.95%, 3/1/2048		975		1,187
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (a) (b) (d)		5,558		5,623
Central Garden & Pet Co. 6.13%, 11/15/2023		4,700		4,778
5.13%, 2/1/2028		4,900		5,182
4.13%, 10/15/2030		1,594		1,612
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022		3,290		3,422
Series Y, 7.50%, 4/1/2024 (e)		12,456		13,745

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
5.63%, 4/1/2025		6,409		6,729
5.13%, 12/15/2026 (c)		6,775		6,927
4.00%, 2/15/2027 (c) (e)		1,295		1,324
Series G, 6.88%, 1/15/2028 (e)		799		887
Charles Schwab Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.32%), 4.62%, 3/1/2022 (a) (b) (d)		1,433		1,437
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%, 6/1/2025 (a) (b) (d)		5,370		5,880
Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (a) (b) (d)		13,993		14,558
Chemours Co. (The) 6.63%, 5/15/2023 (e)		5,095		5,082
7.00%, 5/15/2025 (e)		7,650		7,708
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		2,960		3,350
5.13%, 6/30/2027		895		1,002
Cheniere Energy Partners LP 5.25%, 10/1/2025		1,258		1,281
5.63%, 10/1/2026		1,278		1,310
4.50%, 10/1/2029		4,325		4,409
Cheniere Energy, Inc. 4.63%, 10/15/2028 (c)		7,790		8,043
Chesapeake Energy Corp. 11.50%, 1/1/2025 (c) (j)		3,508		517
Chevron Corp. 2.98%, 5/11/2040 (e)		480		507
Chevron USA, Inc. 2.34%, 8/12/2050		825		745
Cincinnati Bell, Inc. 7.00%, 7/15/2024 (c)		5,606		5,795
8.00%, 10/15/2025 (c)		2,388		2,531
Cinemark USA, Inc. 4.88%, 6/1/2023		5,466		4,583
8.75%, 5/1/2025 (c)		1,000		1,032
CIT Group, Inc. 4.75%, 2/16/2024		1,001		1,076
5.25%, 3/7/2025		4,078		4,547
6.13%, 3/9/2028		1,838		2,233
Citigroup, Inc.
Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 2/15/2021 (a) (b) (d)		1,670		1,650
2.75%, 4/25/2022		171		176
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (a) (b) (d)		15,818		16,353
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (a) (b) (d)		4,043		4,189
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (a) (b) (d)		1,410		1,441

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (a) (b) (d)		15,657		16,253
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (a) (b) (d)		18,810		18,891
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (a) (b) (d)		17,009		16,665
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (a) (b) (d)		11,822		12,389
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (a) (b) (d) (e)		9,594		10,717
(SOFR + 2.11%), 2.57%, 6/3/2031 (b)		3,000		3,122
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (b)		715		820
(SOFR + 4.55%), 5.32%, 3/26/2041 (b)		3,175		4,292
(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 4/24/2048 (b) (e)		442		546
Citizens Financial Group, Inc.
Series B, (ICE LIBOR USD 3 Month + 3.00%), 6.00%, 7/6/2023 (a) (b) (d)		2,549		2,457
Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (a) (b) (d)		4,158		4,163
Clarios Global LP 6.75%, 5/15/2025 (c)		1,323		1,399
6.25%, 5/15/2026 (c)		4,076		4,260
Clean Harbors, Inc. 4.88%, 7/15/2027 (c)		785		820
Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024		20,436		17,685
5.13%, 8/15/2027 (c) (e)		7,188		6,972
Clearway Energy Operating LLC 5.75%, 10/15/2025		20		21
5.00%, 9/15/2026		2,612		2,700
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/2030 (c)		1,390		1,569
CMS Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (b)		3,130		3,346
Coca-Cola Co. (The) 2.60%, 6/1/2050		5,450		5,448
Cogent Communications Group, Inc. 5.38%, 3/1/2022 (c)		3,480		3,541
Colfax Corp. 6.00%, 2/15/2024 (c)		2,616		2,721
6.38%, 2/15/2026 (c)		483		509
Comcast Corp. 3.20%, 7/15/2036		2,950		3,275
3.75%, 4/1/2040		1,610		1,878
3.45%, 2/1/2050		3,720		4,130

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
4.05%, 11/1/2052		2,735		3,336
2.65%, 8/15/2062 (e)		1,675		1,576
Commercial Metals Co. 4.88%, 5/15/2023		627		654
5.38%, 7/15/2027		1,415		1,475
CommScope Technologies LLC 6.00%, 6/15/2025 (c)		7,185		7,123
5.00%, 3/15/2027 (c)		2,405		2,252
CommScope, Inc. 5.50%, 3/1/2024 (c)		1,923		1,966
6.00%, 3/1/2026 (c)		9,090		9,430
8.25%, 3/1/2027 (c) (e)		10,160		10,515
Community Health Systems, Inc. 6.25%, 3/31/2023		3,798		3,765
8.63%, 1/15/2024 (c)		7,722		7,838
8.00%, 3/15/2026 (c)		848		851
Comstock Resources, Inc. 7.50%, 5/15/2025 (c)		3,730		3,703
9.75%, 8/15/2026		666		702
Constellation Brands, Inc. 4.50%, 5/9/2047		1,125		1,369
5.25%, 11/15/2048		1,610		2,151
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (c) (e)		2,652		2,188
Constellium SE 5.75%, 5/15/2024 (c)		466		472
6.63%, 3/1/2025 (c)		1,650		1,675
Cooper-Standard Automotive, Inc. 13.00%, 6/1/2024 (c)		2,655		2,887
5.63%, 11/15/2026 (c)		6,858		4,595
CoreCivic, Inc.
REIT, 5.00%, 10/15/2022		430		412
REIT, 4.63%, 5/1/2023 (e)		4,230		3,870
Corning, Inc. 5.35%, 11/15/2048		260		349
Coty, Inc. 6.50%, 4/15/2026 (c)		2,005		1,569
Covanta Holding Corp. 5.88%, 7/1/2025		379		392
Cox Communications, Inc. 4.80%, 2/1/2035 (c)		553		685
2.95%, 10/1/2050 (c)		1,145		1,096
Crestwood Midstream Partners LP 6.25%, 4/1/2023 (i)		3,404		3,300
5.75%, 4/1/2025 (e)		5,719		5,154
5.63%, 5/1/2027 (c) (e)		2,445		2,142
Crown Americas LLC 4.75%, 2/1/2026		681		707
Crown Castle International Corp.
REIT, 4.15%, 7/1/2050		3,125		3,560
REIT, 3.25%, 1/15/2051		810		804

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
CSC Holdings LLC 6.75%, 11/15/2021		2,089		2,183
5.88%, 9/15/2022		1,585		1,672
5.25%, 6/1/2024		1,349		1,440
5.50%, 5/15/2026 (c)		6,208		6,449
5.50%, 4/15/2027 (c)		5,420		5,705
5.38%, 2/1/2028 (c)		2,010		2,136
7.50%, 4/1/2028 (c)		2,260		2,474
6.50%, 2/1/2029 (c)		5,444		6,040
CSX Corp. 4.75%, 11/15/2048		1,678		2,189
3.35%, 9/15/2049		1,300		1,413
Cummins, Inc. 2.60%, 9/1/2050		1,935		1,838
Curo Group Holdings Corp. 8.25%, 9/1/2025 (c)		5,322		4,404
CVR Partners LP 9.25%, 6/15/2023 (c)		13,017		11,943
CVS Health Corp. 4.78%, 3/25/2038		1,225		1,475
4.13%, 4/1/2040		790		894
2.70%, 8/21/2040		1,895		1,809
5.30%, 12/5/2043		2,075		2,641
5.05%, 3/25/2048		1,090		1,377
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (c)		6,145		6,375
Dana, Inc. 5.38%, 11/15/2027		895		924
5.63%, 6/15/2028		604		634
Darling Ingredients, Inc. 5.25%, 4/15/2027 (c)		4,001		4,241
DaVita, Inc. 3.75%, 2/15/2031 (c)		6,066		5,831
DCP Midstream Operating LP 3.88%, 3/15/2023		2,613		2,600
5.38%, 7/15/2025		1,919		2,015
5.63%, 7/15/2027		2,481		2,571
6.75%, 9/15/2037 (c)		1,740		1,653
5.60%, 4/1/2044 (e)		525		458
Deere & Co. 3.75%, 4/15/2050 (e)		2,390		2,946
Delek Logistics Partners LP 6.75%, 5/15/2025		3,673		3,278
Dell International LLC 5.88%, 6/15/2021 (c)		939		941
7.13%, 6/15/2024 (c)		1,465		1,518
5.85%, 7/15/2025 (c)		340		399
6.02%, 6/15/2026 (c)		4,575		5,416
4.90%, 10/1/2026 (c)		625		712
6.10%, 7/15/2027 (c)		680		808

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
6.20%, 7/15/2030 (c)		680		832
Delta Air Lines, Inc.
4.50%, 10/20/2025 (c)		3,465		3,517
4.75%, 10/20/2028 (c)		4,851		4,954
DH Europe Finance II SARL 3.25%, 11/15/2039		1,730		1,918
Diamond Sports Group LLC 5.38%, 8/15/2026 (c)		10,853		6,322
Discovery Communications LLC 5.20%, 9/20/2047		385		457
5.30%, 5/15/2049		1,140		1,365
4.65%, 5/15/2050		1,380		1,552
DISH DBS Corp. 6.75%, 6/1/2021		8,412		8,574
5.88%, 7/15/2022		2,197		2,263
5.00%, 3/15/2023		12,079		12,124
5.88%, 11/15/2024		30,567		30,752
7.75%, 7/1/2026		12,861		13,632
Dole Food Co., Inc. 7.25%, 6/15/2025 (c)		3,818		3,818
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020 (e)		384		384
Dominion Energy, Inc.
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024 (a) (b) (d)		3,636		3,721
(ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/1/2054 (b)		2,201		2,374
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (c)		5,611		5,218
Duke Energy Corp. 3.75%, 9/1/2046		1,370		1,540
3.95%, 8/15/2047		1,360		1,579
Duke Energy Progress LLC
Series A, (ICE LIBOR USD 3 Month + 0.18%), 0.43%, 2/18/2022 (b)		39		39
4.10%, 3/15/2043		895		1,063
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (c)		1,550		1,658
DuPont de Nemours, Inc. (ICE LIBOR USD 3 Month + 0.71%), 0.99%, 11/15/2020 (b) (e)		361		361
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (c)		114		123
Ecolab, Inc. 2.13%, 8/15/2050 (e)		1,420		1,272
Edgewell Personal Care Co. 5.50%, 6/1/2028 (c)		1,815		1,908

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Element Solutions, Inc. 3.88%, 9/1/2028 (c)		696		687
Eli Lilly and Co. 2.25%, 5/15/2050		5,468		5,072
Embarq Corp. 8.00%, 6/1/2036		9,098		10,667
EMC Corp. 3.38%, 6/1/2023		2,029		2,069
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (c)		551		554
Encompass Health Corp. 5.75%, 11/1/2024		4,407		4,407
5.75%, 9/15/2025		4,690		4,842
4.50%, 2/1/2028		4,340		4,445
4.63%, 4/1/2031		1,161		1,196
Endeavor Energy Resources LP 6.63%, 7/15/2025 (c)		1,197		1,242
Endo Dac 5.88%, 10/15/2024 (c)		925		925
9.50%, 7/31/2027 (c) (e)		3,857		4,137
6.00%, 6/30/2028 (c)		5,029		3,885
Energizer Holdings, Inc. 7.75%, 1/15/2027 (c)		7,050		7,649
4.75%, 6/15/2028 (c)		2,772		2,853
4.38%, 3/31/2029 (c)		2,516		2,540
Energy Transfer Operating LP
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (a) (b) (d)		8,894		6,315
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (a) (b) (d)		4,455		3,641
EnLink Midstream LLC 5.38%, 6/1/2029		803		687
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (a) (b) (d)		2,797		1,175
4.40%, 4/1/2024		4,495		4,074
4.15%, 6/1/2025		1,600		1,377
4.85%, 7/15/2026		2,940		2,509
5.60%, 4/1/2044		522		322
EnPro Industries, Inc. 5.75%, 10/15/2026		2,337		2,454
Entegris, Inc. 4.63%, 2/10/2026 (c)		7,946		8,165
Entercom Media Corp. 7.25%, 11/1/2024 (c) (e)		4,240		3,519
6.50%, 5/1/2027 (c) (e)		3,564		3,101
Entergy Texas, Inc. 3.55%, 9/30/2049		1,435		1,581
Enterprise Development Authority (The) 12.00%, 7/15/2024 (c)		3,904		4,324

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Enterprise Products Operating LLC 4.80%, 2/1/2049		870		1,005
4.20%, 1/31/2050		1,415		1,511
3.70%, 1/31/2051		565		560
Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (b)		4,380		4,133
Envision Healthcare Corp. 8.75%, 10/15/2026 (c)		7,419		3,487
EOG Resources, Inc. 5.10%, 1/15/2036 (e)		865		1,017
EQM Midstream Partners LP 6.00%, 7/1/2025 (c)		1,770		1,814
6.50%, 7/1/2027 (c)		1,170		1,227
EQT Corp. 5.00%, 1/15/2029 (k)		1,550		1,550
8.75%, 2/1/2030 (i)		1,165		1,448
Equitable Holdings, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025 (a) (b) (d)		786		810
ESH Hospitality, Inc.
REIT, 5.25%, 5/1/2025 (c)		4,424		4,424
REIT, 4.63%, 10/1/2027 (c)		2,343		2,296
Essex Portfolio LP REIT, 2.65%, 9/1/2050		990		899
Evergy, Inc. 2.90%, 9/15/2029		2,660		2,827
Evernorth Health, Inc. (ICE LIBOR USD 3 Month + 0.75%), 1.01%, 11/30/2020 (b)		106		106
Exela Intermediate LLC 10.00%, 7/15/2023 (c)		6,862		2,024
Expedia Group, Inc. 6.25%, 5/1/2025 (c)		1,432		1,574
7.00%, 5/1/2025 (c)		859		920
Exxon Mobil Corp. 4.23%, 3/19/2040		1,060		1,258
4.33%, 3/19/2050		950		1,142
3.45%, 4/15/2051 (e)		3,145		3,320
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (c) (e)		1,289		1,406
Florida Power & Light Co. 4.05%, 6/1/2042		2,140		2,619
Ford Motor Co. 8.50%, 4/21/2023		3,269		3,608
9.00%, 4/22/2025		3,539		4,163
9.63%, 4/22/2030		2,615		3,511
Ford Motor Credit Co. LLC 3.47%, 4/5/2021		1,205		1,204
2.98%, 8/3/2022		1,180		1,172
3.37%, 11/17/2023		4,109		4,073
4.06%, 11/1/2024		6,575		6,593

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
4.69%, 6/9/2025		6,845		7,009
5.13%, 6/16/2025		3,275		3,414
4.13%, 8/4/2025		786		781
4.39%, 1/8/2026		6,665		6,715
4.54%, 8/1/2026		1,725		1,755
4.27%, 1/9/2027		8,696		8,685
4.13%, 8/17/2027		5,190		5,112
Forterra Finance LLC 6.50%, 7/15/2025 (c)		1,465		1,547
Fox Corp. 5.58%, 1/25/2049		500		680
Freeport-McMoRan, Inc. 5.00%, 9/1/2027		1,000		1,044
4.13%, 3/1/2028		5,265		5,374
4.38%, 8/1/2028		3,530		3,684
5.40%, 11/14/2034		375		429
Frontier Communications Corp. 7.63%, 4/15/2024 (j)		882		353
6.88%, 1/15/2025 (j)		9,178		3,573
11.00%, 9/15/2025 (j)		6,729		2,801
8.50%, 4/1/2026 (c) (i) (j)		8,283		8,335
5.88%, 10/15/2027 (c)		3,478		3,543
Gap, Inc. (The) 8.38%, 5/15/2023 (c) (e)		4,990		5,571
8.88%, 5/15/2027 (c)		1,320		1,509
Gartner, Inc. 4.50%, 7/1/2028 (c)		410		428
3.75%, 10/1/2030 (c)		925		946
GCI LLC 4.75%, 10/15/2028 (c)		2,325		2,400
GCP Applied Technologies, Inc. 5.50%, 4/15/2026 (c)		6,630		6,796
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 1/21/2021 (a) (b) (d)		23,330		19,064
General Motors Co. 6.13%, 10/1/2025		1,425		1,670
6.80%, 10/1/2027		1,425		1,748
Genesis Energy LP 6.00%, 5/15/2023		1,359		1,235
6.50%, 10/1/2025		180		149
6.25%, 5/15/2026		1,933		1,547
7.75%, 2/1/2028		3,721		3,089
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (c)		2,182		2,302
GEO Group, Inc. (The)
REIT, 5.88%, 1/15/2022		4,035		3,732
REIT, 5.88%, 10/15/2024 (e)		2,215		1,534

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Gilead Sciences, Inc.
(ICE LIBOR USD 3 Month + 0.15%), 0.37%, 9/17/2021 (b)		46		46
2.60%, 10/1/2040		1,150		1,107
4.15%, 3/1/2047		1,390		1,620
2.80%, 10/1/2050		2,960		2,814
Global Medical Response, Inc. 6.50%, 10/1/2025 (c)		2,285		2,256
Global Partners LP 7.00%, 8/1/2027		1,916		1,972
Global Payments, Inc. 4.15%, 8/15/2049		535		617
GLP Capital LP
REIT, 5.25%, 6/1/2025		2,780		3,037
REIT, 5.75%, 6/1/2028		2,320		2,639
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (c)		1,581		1,656
Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%), 4.00%, 12/7/2020 (a) (b) (d)		2,351		2,208
Goldman Sachs Group, Inc. (The)
Series M, (ICE LIBOR USD 3 Month + 3.92%), 4.17%, 12/7/2020 (a) (b) (d)		17,101		16,844
5.75%, 1/24/2022		310		330
Series S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 4.40%, 2/10/2025 (a) (b) (d)		3,453		3,311
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (a) (b) (d)		2,470		2,530
3.80%, 3/15/2030		1,130		1,302
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (b)		3,015		3,515
4.80%, 7/8/2044		1,690		2,210
Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026 (e)		4,195		4,134
4.88%, 3/15/2027 (e)		532		516
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (c)		676		706
Gray Television, Inc. 5.88%, 7/15/2026 (c)		2,102		2,188
7.00%, 5/15/2027 (c)		6,085		6,564
4.75%, 10/15/2030 (c)		1,945		1,916
Greif, Inc. 6.50%, 3/1/2027 (c)		5,836		6,121
Griffon Corp. 5.75%, 3/1/2028		3,475		3,605
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (c)		226		226
Guardian Life Insurance Co. of America (The) 4.88%, 6/19/2064 (c)		621		800
3.70%, 1/22/2070 (c)		305		315

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Gulfport Energy Corp. 6.63%, 5/1/2023		745		415
6.00%, 10/15/2024		4,620		2,518
6.38%, 5/15/2025		1,458		809
6.38%, 1/15/2026		4,130		2,261
H&E Equipment Services, Inc. 5.63%, 9/1/2025		1,753		1,819
Hanesbrands, Inc. 4.88%, 5/15/2026 (c)		2,359		2,551
Harsco Corp. 5.75%, 7/31/2027 (c)		757		774
HAT Holdings I LLC REIT, 5.25%, 7/15/2024 (c)		973		1,002
HCA, Inc. 5.88%, 5/1/2023		3,940		4,275
5.38%, 2/1/2025		39,539		43,783
5.88%, 2/15/2026		16,880		19,075
5.38%, 9/1/2026		4,251		4,777
5.63%, 9/1/2028		10,285		11,971
3.50%, 9/1/2030		7,926		8,095
Healthpeak Properties, Inc.
REIT, 3.00%, 1/15/2030		685		735
REIT, 2.88%, 1/15/2031		710		744
Herc Holdings, Inc. 5.50%, 7/15/2027 (c)		9,623		9,894
Hertz Corp. (The) 7.63%, 6/1/2022 (c) (j)		1,824		1,632
6.25%, 10/15/2022 (j)		1,106		437
5.50%, 10/15/2024 (c) (j)		11,828		4,702
7.13%, 8/1/2026 (c) (j)		5,505		2,174
6.00%, 1/15/2028 (c) (j)		5,450		2,194
Hess Midstream Operations LP 5.63%, 2/15/2026 (c)		1,315		1,315
Hexion, Inc. 7.88%, 7/15/2027 (c)		2,444		2,536
Hilcorp Energy I LP 5.00%, 12/1/2024 (c)		1,369		1,266
5.75%, 10/1/2025 (c)		320		296
6.25%, 11/1/2028 (c)		2,000		1,832
Hillman Group, Inc. (The) 6.38%, 7/15/2022 (c) (e)		865		854
Hill-Rom Holdings, Inc. 5.00%, 2/15/2025 (c)		3,197		3,273
4.38%, 9/15/2027 (c)		2,722		2,814
Hilton Domestic Operating Co., Inc. 4.25%, 9/1/2024		1,175		1,169
5.38%, 5/1/2025 (c)		584		603
5.13%, 5/1/2026		9,419		9,537
5.75%, 5/1/2028 (c)		876		918
4.88%, 1/15/2030		1,473		1,515

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		2,845		2,930
Hilton Worldwide Finance LLC 4.63%, 4/1/2025 (e)		1,665		1,681
4.88%, 4/1/2027		3,279		3,317
Holly Energy Partners LP 5.00%, 2/1/2028 (c)		1,435		1,342
Hologic, Inc. 3.25%, 2/15/2029 (c)		2,046		2,056
Home Depot, Inc. (The) 3.30%, 4/15/2040		170		192
4.25%, 4/1/2046 (e)		1,300		1,651
3.35%, 4/15/2050		1,560		1,762
Honeywell International, Inc. 0.48%, 8/19/2022		264		264
2.80%, 6/1/2050		580		618
Howmet Aerospace, Inc. 5.13%, 10/1/2024 (e)		5,601		5,884
6.88%, 5/1/2025		1,615		1,797
5.90%, 2/1/2027		4,185		4,593
6.75%, 1/15/2028		145		165
Hughes Satellite Systems Corp. 5.25%, 8/1/2026		4,580		4,909
6.63%, 8/1/2026 (e)		2,485		2,691
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (a) (b) (d)		1,920		1,842
Hyatt Hotels Corp. 5.38%, 4/23/2025		685		743
5.75%, 4/23/2030		685		773
Icahn Enterprises LP 6.75%, 2/1/2024		800		816
4.75%, 9/15/2024		2,865		2,914
6.25%, 5/15/2026		3,065		3,180
iHeartCommunications, Inc. 6.38%, 5/1/2026		2,920		3,041
8.38%, 5/1/2027		6,548		6,386
5.25%, 8/15/2027 (c)		3,190		3,149
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 2.98%, 12/21/2065 (b) (c)		7,148		3,752
ILFC E-Capital Trust II (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%), 3.23%, 12/21/2065 (b) (c)		2,205		1,224
Intel Corp. 4.10%, 5/19/2046 (e)		1,300		1,613
3.10%, 2/15/2060		455		481

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
International Business Machines Corp. 4.15%, 5/15/2039		1,475		1,793
2.85%, 5/15/2040		470		484
4.25%, 5/15/2049		1,985		2,440
2.95%, 5/15/2050		850		849
International Game Technology plc 6.50%, 2/15/2025 (c)		9,488		10,152
6.25%, 1/15/2027 (c)		4,429		4,706
5.25%, 1/15/2029 (c)		936		927
IQVIA, Inc. 5.00%, 10/15/2026 (c)		7,463		7,735
5.00%, 5/15/2027 (c)		2,790		2,922
IRB Holding Corp. 7.00%, 6/15/2025 (c)		1,040		1,108
6.75%, 2/15/2026 (c)		4,363		4,374
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (c)		4,756		4,839
REIT, 5.25%, 3/15/2028 (c)		2,013		2,063
REIT, 4.50%, 2/15/2031 (c)		2,140		2,131
ITC Holdings Corp. 2.95%, 5/14/2030 (c)		650		695
Jackson National Life Global Funding (ICE LIBOR USD 3 Month + 0.31%), 0.55%, 3/16/2021 (b) (c)		530		530
Jagged Peak Energy LLC 5.88%, 5/1/2026		1,315		1,354
Jaguar Holding Co. II 4.63%, 6/15/2025 (c)		774		799
5.00%, 6/15/2028 (c)		775		808
James Hardie International Finance DAC 4.75%, 1/15/2025 (c)		1,080		1,107
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (c)		1,631		1,733
JBS USA LUX SA 5.75%, 6/15/2025 (c)		4,557		4,671
6.75%, 2/15/2028 (c)		1,722		1,887
6.50%, 4/15/2029 (c)		3,938		4,426
JELD-WEN, Inc. 6.25%, 5/15/2025 (c)		1,197		1,278
4.63%, 12/15/2025 (c)		2,505		2,536
4.88%, 12/15/2027 (c)		1,375		1,420
John Deere Capital Corp. 0.55%, 7/5/2022		41		41
Johnson & Johnson 2.25%, 9/1/2050		1,320		1,283
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (c)		1,500		1,477
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		596		575
Keurig Dr Pepper, Inc. 4.42%, 12/15/2046		2,405		2,941
3.80%, 5/1/2050 (e)		2,235		2,535

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Kinder Morgan Energy Partners LP 4.70%, 11/1/2042		710		747
Kinder Morgan, Inc. 3.25%, 8/1/2050		1,590		1,427
Kraft Heinz Foods Co. 4.63%, 1/30/2029		1,350		1,504
4.63%, 10/1/2039 (c)		1,115		1,192
5.00%, 6/4/2042		2,891		3,167
Kroger Co. (The) 3.88%, 10/15/2046		1,432		1,607
L Brands, Inc. 6.88%, 7/1/2025 (c)		352		377
9.38%, 7/1/2025 (c) (e)		256		297
6.88%, 11/1/2035		32		33
6.75%, 7/1/2036		2,070		2,091
LABL Escrow Issuer LLC 6.75%, 7/15/2026 (c)		9,270		9,718
10.50%, 7/15/2027 (c)		2,020		2,171
Ladder Capital Finance Holdings LLLP
REIT, 5.25%, 3/15/2022 (c)		1,514		1,469
REIT, 5.25%, 10/1/2025 (c)		1,937		1,770
Lamar Media Corp. 3.75%, 2/15/2028		895		889
4.00%, 2/15/2030		630		635
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (c) (e)		4,360		4,528
4.88%, 5/15/2028 (c)		1,115		1,208
Leidos, Inc. 4.38%, 5/15/2030 (c)		920		1,071
Lennar Corp. 8.38%, 1/15/2021 (e)		295		299
5.38%, 10/1/2022		600		639
4.50%, 4/30/2024 (e)		1,455		1,568
5.88%, 11/15/2024		2,770		3,109
5.25%, 6/1/2026		1,630		1,850
5.00%, 6/15/2027		535		610
Level 3 Financing, Inc. 5.38%, 1/15/2024		4,086		4,116
5.38%, 5/1/2025		10,443		10,741
5.25%, 3/15/2026		2,170		2,240
3.63%, 1/15/2029 (c)		1,404		1,358
Liberty Interactive LLC 8.25%, 2/1/2030		2,370		2,566
Lithia Motors, Inc. 4.38%, 1/15/2031 (c)		1,668		1,722
Live Nation Entertainment, Inc. 4.88%, 11/1/2024 (c)		2,560		2,465
5.63%, 3/15/2026 (c)		4,047		3,865
6.50%, 5/15/2027 (c)		3,001		3,211
4.75%, 10/15/2027 (c)		1,340		1,233

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Lockheed Martin Corp. 2.80%, 6/15/2050		3,150		3,258
Lowe’s Cos., Inc. 3.70%, 4/15/2046		585		663
LPL Holdings, Inc. 5.75%, 9/15/2025 (c)		3,564		3,680
4.63%, 11/15/2027 (c)		1,400		1,435
Macy’s, Inc. 8.38%, 6/15/2025 (c)		4,208		4,394
Mallinckrodt International Finance SA 5.63%, 10/15/2023 (c) (j)		2,615		837
5.50%, 4/15/2025 (c) (j)		5,555		1,861
Manufacturers & Traders Trust Co. 2.50%, 5/18/2022 (e)		405		418
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025		895		997
4.63%, 6/15/2030		1,034		1,103
Marriott Ownership Resorts, Inc. 6.13%, 9/15/2025 (c)		1,949		2,032
6.50%, 9/15/2026		8,393		8,644
4.75%, 1/15/2028		108		103
Masonite International Corp. 5.75%, 9/15/2026 (c)		2,988		3,122
5.38%, 2/1/2028 (c)		1,582		1,677
MasTec, Inc. 4.50%, 8/15/2028 (c)		2,861		2,940
Mastercard, Inc. 3.85%, 3/26/2050		1,155		1,431
Matador Resources Co. 5.88%, 9/15/2026		1,977		1,591
Mattel, Inc. 3.15%, 3/15/2023 (e)		1,000		995
6.75%, 12/31/2025 (c)		23,164		24,363
5.88%, 12/15/2027 (c)		1,034		1,122
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (c)		7,122		7,125
7.25%, 4/15/2025 (c) (e)		3,000		2,894
McDonald’s Corp. 3.70%, 2/15/2042		670		754
3.63%, 9/1/2049		1,190		1,319
Mellon Capital IV Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 12/7/2020 (a) (b) (d)		887		876
Merck & Co., Inc. 2.35%, 6/24/2040 (e)		580		587
4.00%, 3/7/2049		1,695		2,127
Meredith Corp. 6.88%, 2/1/2026		7,260		6,017
MetLife, Inc.
Series C, (ICE LIBOR USD 3 Month + 3.58%), 3.83%, 12/7/2020 (a) (b) (d)		2,615		2,589
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 3.85%, 9/15/2025 (a) (b) (d)		10,292		10,322

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (a) (b) (d)		8,635		9,572
6.40%, 12/15/2036		14,937		18,450
Metropolitan Life Global Funding I 2.40%, 6/17/2022 (c) (e)		322		332
3.00%, 1/10/2023 (c)		125		132
MGM Growth Properties Operating Partnership LP
REIT, 5.63%, 5/1/2024		1,490		1,569
REIT, 4.63%, 6/15/2025 (c)		2,116		2,155
REIT, 4.50%, 9/1/2026		995		1,020
REIT, 5.75%, 2/1/2027		4,882		5,268
REIT, 4.50%, 1/15/2028		555		563
MGM Resorts International 6.00%, 3/15/2023		11,330		11,755
5.75%, 6/15/2025		8,437		8,764
4.63%, 9/1/2026 (e)		2,640		2,595
5.50%, 4/15/2027		1,468		1,482
Microchip Technology, Inc. 4.25%, 9/1/2025 (c)		1,091		1,130
Microsoft Corp. 3.45%, 8/8/2036		4,860		5,831
4.10%, 2/6/2037		2,019		2,573
2.53%, 6/1/2050		1,196		1,212
MidAmerican Energy Co. 4.25%, 5/1/2046		1,945		2,419
Midcontinent Communications 5.38%, 8/15/2027 (c)		2,488		2,590
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (c)		4,455		4,639
Mississippi Power Co. Series 12-A, 4.25%, 3/15/2042		1,485		1,753
Mondelez International, Inc. 0.63%, 7/1/2022		55		55
Moody’s Corp. 2.55%, 8/18/2060		965		858
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 3.85%, 1/15/2021 (a) (b) (d)		23,204		22,333
Series J, (ICE LIBOR USD 3 Month + 3.81%), 4.05%, 1/15/2021 (a) (b) (d)		24,710		24,122
2.75%, 5/19/2022		242		251
Series M, (ICE LIBOR USD 3 Month + 4.44%), 5.87%, 9/15/2026 (a) (b) (d)		1,997		2,199
Motors Liquidation Co. 6.75%, 5/1/2028 ‡ (j) (l)		10		—
8.38%, 7/15/2033 ‡ (j)		115		—
7.75%, 3/15/2036 ‡ (j)		11		—

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
MPLX LP 2.65%, 8/15/2030		1,550		1,491
4.50%, 4/15/2038		680		688
MSCI, Inc. 5.38%, 5/15/2027 (c)		4,395		4,692
MTS Systems Corp. 5.75%, 8/15/2027 (c)		2,772		2,793
Mueller Water Products, Inc. 5.50%, 6/15/2026 (c)		1,425		1,478
MYT Holding LLC 7.50% (cash 7.50% or PIK 7.50%), 9/25/2025 (c) (h)		3,002		2,964
Nabors Industries Ltd. 7.25%, 1/15/2026 (c)		2,395		934
Nabors Industries, Inc. 5.75%, 2/1/2025		3,930		1,041
National CineMedia LLC 5.88%, 4/15/2028 (c)		1,130		785
National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (b)		3,053		3,325
National Securities Clearing Corp. 1.20%, 4/23/2023 (c)		250		255
Nationstar Mortgage Holdings, Inc. 9.13%, 7/15/2026 (c)		2,360		2,524
6.00%, 1/15/2027 (c)		450		450
5.50%, 8/15/2028 (c)		1,633		1,629
Navient Corp. 6.50%, 6/15/2022		2,140		2,183
5.00%, 3/15/2027		1,330		1,242
NCR Corp. 8.13%, 4/15/2025 (c)		1,030		1,133
5.75%, 9/1/2027 (c)		6,319		6,513
5.00%, 10/1/2028 (c)		2,390		2,366
6.13%, 9/1/2029 (c)		5,370		5,625
Netflix, Inc. 4.88%, 4/15/2028		6,870		7,727
5.88%, 11/15/2028		7,453		8,905
5.38%, 11/15/2029 (c)		2,603		3,049
4.88%, 6/15/2030 (c)		5,731		6,540
New Albertsons LP 7.75%, 6/15/2026		1,535		1,696
6.63%, 6/1/2028		613		662
7.45%, 8/1/2029		392		443
8.00%, 5/1/2031		3,108		3,575
New York Life Global Funding (ICE LIBOR USD 3 Month + 0.28%), 0.49%, 1/21/2022 (b) (c)		460		461
New York Life Insurance Co. 3.75%, 5/15/2050 (c)		530		589
4.45%, 5/15/2069 (c)		205		251

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Newell Brands, Inc. 4.88%, 6/1/2025		365		395
4.70%, 4/1/2026 (i)		8,195		8,728
5.87%, 4/1/2036 (i)		4,455		5,212
Newfield Exploration Co.
5.63%, 7/1/2024		2,010		1,944
5.38%, 1/1/2026 (e)		1,515		1,424
Nexstar Broadcasting, Inc. 5.63%, 7/15/2027 (c)		10,142		10,573
4.75%, 11/1/2028 (c)		4,292		4,324
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 0.48%), 0.73%, 5/4/2021 (b)		345		345
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (b)		4,282		4,821
NextEra Energy Operating Partners LP 4.25%, 7/15/2024 (c)		1,811		1,893
4.25%, 9/15/2024 (c)		637		667
4.50%, 9/15/2027 (c) (e)		986		1,077
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (c) (e)		914		939
Nielsen Finance LLC 5.00%, 4/15/2022 (c)		4,908		4,910
NIKE, Inc. 3.88%, 11/1/2045		1,295		1,588
3.38%, 3/27/2050		205		234
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (a) (b) (d)		4,485		4,485
4.80%, 2/15/2044		474		587
NMG 12.00%, 9/18/2025‡		4,180		4,180
Nordstrom, Inc. 8.75%, 5/15/2025 (c)		4,050		4,436
Norfolk Southern Corp. 3.40%, 11/1/2049		2,000		2,189
3.05%, 5/15/2050		2,925		3,010
Northern States Power Co. 3.40%, 8/15/2042		2,355		2,645
Northrop Grumman Corp. 5.15%, 5/1/2040		1,565		2,091
3.85%, 4/15/2045 (e)		4,608		5,302
Northwestern Mutual Life Insurance Co. (The) 3.85%, 9/30/2047 (c)		320		362
Novelis Corp. 5.88%, 9/30/2026 (c)		3,615		3,730
4.75%, 1/30/2030 (c)		4,705		4,772
NRG Energy, Inc. 7.25%, 5/15/2026		2,340		2,473
6.63%, 1/15/2027		7,206		7,584

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
5.75%, 1/15/2028		704		757
5.25%, 6/15/2029 (c)		1,892		2,051
Nuance Communications, Inc. 5.63%, 12/15/2026		3,789		3,978
NuStar Logistics LP 5.75%, 10/1/2025		2,025		2,039
6.00%, 6/1/2026		992		979
5.63%, 4/28/2027		2,195		2,151
6.38%, 10/1/2030		2,025		2,038
Oasis Petroleum, Inc. 6.88%, 3/15/2022		5,782		1,139
6.88%, 1/15/2023		1,505		327
6.25%, 5/1/2026 (c)		4,347		946
Occidental Petroleum Corp. 2.70%, 8/15/2022		467		432
2.90%, 8/15/2024		475		395
3.50%, 6/15/2025 (e)		2,410		1,936
8.00%, 7/15/2025 (e)		5,030		4,904
5.88%, 9/1/2025		2,940		2,587
3.40%, 4/15/2026		2,835		2,218
8.50%, 7/15/2027		6,264		5,982
6.38%, 9/1/2028		2,425		2,122
8.88%, 7/15/2030		6,661		6,520
6.63%, 9/1/2030		2,425		2,125
Oceaneering International, Inc. 6.00%, 2/1/2028		1,175		869
ON Semiconductor Corp. 3.88%, 9/1/2028 (c)		3,376		3,435
Oncor Electric Delivery Co. LLC 4.10%, 11/15/2048		1,610		2,005
OneMain Finance Corp. 7.75%, 10/1/2021		854		895
6.13%, 5/15/2022		1,830		1,906
5.63%, 3/15/2023		3,088		3,215
6.13%, 3/15/2024		1,060		1,114
6.88%, 3/15/2025		2,110		2,321
7.13%, 3/15/2026		794		880
6.63%, 1/15/2028		4,188		4,580
5.38%, 11/15/2029		1,405		1,444
ONEOK, Inc. 3.40%, 9/1/2029		685		665
Oracle Corp. 2.50%, 5/15/2022		324		333
3.90%, 5/15/2035		3,390		4,052
3.85%, 7/15/2036		610		710
3.60%, 4/1/2040		4,360		4,842
3.60%, 4/1/2050		2,440		2,682

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Otis Worldwide Corp. 3.36%, 2/15/2050 (e)		765		826
Outfront Media Capital LLC 5.63%, 2/15/2024		1,650		1,662
5.00%, 8/15/2027 (c)		2,982		2,826
Owens-Brockway Glass Container, Inc. 6.38%, 8/15/2025 (c)		1,084		1,190
6.63%, 5/13/2027 (c)		2,358		2,529
Pacific Gas and Electric Co. 4.00%, 12/1/2046 (e)		2,190		2,072
PacifiCorp 4.10%, 2/1/2042		1,580		1,884
3.30%, 3/15/2051		1,732		1,883
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (c)		6,648		7,047
Parsley Energy LLC 5.38%, 1/15/2025 (c)		2,925		2,991
5.25%, 8/15/2025 (c)		4,950		5,098
5.63%, 10/15/2027 (c)		904		962
4.13%, 2/15/2028 (c)		3,565		3,710
PBF Holding Co. LLC 9.25%, 5/15/2025 (c)		1,743		1,547
6.00%, 2/15/2028 (c)		3,215		1,242
PBF Logistics LP 6.88%, 5/15/2023		1,254		984
PECO Energy Co. 2.80%, 6/15/2050		267		273
Penske Automotive Group, Inc. 5.50%, 5/15/2026		5,777		5,961
Performance Food Group, Inc. 6.88%, 5/1/2025 (c)		400		423
5.50%, 10/15/2027 (c)		4,211		4,316
PetSmart, Inc. 7.13%, 3/15/2023 (c)		12,385		12,230
5.88%, 6/1/2025 (c)		10,344		10,499
8.88%, 6/1/2025 (c)		2,365		2,377
Pfizer, Inc. 2.55%, 5/28/2040 (e)		1,330		1,364
2.70%, 5/28/2050		4,960		5,045
PG&E Corp. 5.00%, 7/1/2028		5,914		5,929
5.25%, 7/1/2030		503		503
PGT Innovations, Inc. 6.75%, 8/1/2026 (c)		2,080		2,200
Philip Morris International, Inc. 4.38%, 11/15/2041 (e)		1,195		1,435
4.13%, 3/4/2043		480		560
4.25%, 11/10/2044		2,570		3,064
Phillips 66 4.88%, 11/15/2044		1,215		1,337
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (c)		10,815		10,058

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050		1,175		1,251
Pike Corp. 5.50%, 9/1/2028 (c)		1,568		1,604
Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (c)		5,329		5,456
5.88%, 9/30/2027 (c)		2,116		2,235
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (a) (b) (d)		825		509
Plantronics, Inc. 5.50%, 5/31/2023 (c)		6,369		6,130
PM General Purchaser LLC 9.50%, 10/1/2028 (c)		1,853		1,936
PNC Bank NA 2.63%, 2/17/2022		251		258
PNC Financial Services Group, Inc. (The)
Series O, (ICE LIBOR USD 3 Month + 3.68%), 6.75%, 8/1/2021 (a) (b) (d)		10,102		10,314
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (a) (b) (d)		8,712		8,777
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (a) (b) (d)		4,756		5,085
Post Holdings, Inc. 5.00%, 8/15/2026 (c)		2,728		2,829
5.75%, 3/1/2027 (c)		5,130		5,375
5.63%, 1/15/2028 (c)		1,900		2,004
5.50%, 12/15/2029 (c)		2,860		3,085
4.63%, 4/15/2030 (c)		2,427		2,491
PPL Electric Utilities Corp. (ICE LIBOR USD 3 Month + 0.25%), 0.47%, 9/28/2023 (b)		229		229
Presidio Holdings, Inc. 4.88%, 2/1/2027 (c) (e)		1,785		1,832
Prestige Brands, Inc. 6.38%, 3/1/2024 (c)		3,220		3,292
5.13%, 1/15/2028 (c)		900		935
Pricoa Global Funding I 2.20%, 6/3/2021 (c)		176		178
Prime Security Services Borrower LLC 5.25%, 4/15/2024 (c)		2,327		2,434
5.75%, 4/15/2026 (c)		8,426		8,974
3.38%, 8/31/2027 (c)		1,842		1,777
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (a) (b) (d)		10,800		10,800
Prologis LP REIT, 2.13%, 10/15/2050		3,070		2,739
Protective Life Global Funding 0.63%, 10/13/2023 (c)		150		150
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 9/15/2042 (b)		4,231		4,476

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (b)		19,489		20,778
4.35%, 2/25/2050		750		896
PTC, Inc. 3.63%, 2/15/2025 (c)		940		957
4.00%, 2/15/2028 (c)		820		848
Public Service Co. of Colorado
Series 36, 2.70%, 1/15/2051 (e)		405		407
Public Service Electric and Gas Co. 2.70%, 5/1/2050		785		788
QEP Resources, Inc. 5.38%, 10/1/2022		1,144		1,007
5.25%, 5/1/2023		1,072		852
5.63%, 3/1/2026		1,350		857
QUALCOMM, Inc. 3.25%, 5/20/2050		4,255		4,672
Quicken Loans LLC 5.25%, 1/15/2028 (c)		5,290		5,529
3.63%, 3/1/2029 (c)		1,356		1,336
3.88%, 3/1/2031 (c)		1,356		1,334
Qwest Corp. 7.25%, 9/15/2025		325		374
Radian Group, Inc. 4.50%, 10/1/2024		2,265		2,299
4.88%, 3/15/2027		1,859		1,901
Rain CII Carbon LLC 7.25%, 4/1/2025 (c)		4,225		4,167
Range Resources Corp. 4.88%, 5/15/2025 (e)		3,485		3,241
Raytheon Technologies Corp. 4.15%, 5/15/2045		4,355		5,176
3.13%, 7/1/2050		3,730		3,917
RBS Global, Inc. 4.88%, 12/15/2025 (c)		1,560		1,587
Refinitiv US Holdings, Inc. 6.25%, 5/15/2026 (c)		2,627		2,806
8.25%, 11/15/2026 (c)		3,869		4,217
Regeneron Pharmaceuticals, Inc. 2.80%, 9/15/2050		1,010		944
Reliance Standard Life Global Funding II 2.15%, 1/21/2023 (c)		295		302
Revlon Consumer Products Corp. 6.25%, 8/1/2024		1,359		131
Reynolds Group Issuer, Inc. 4.00%, 10/15/2027 (c)		2,056		2,087
RHP Hotel Properties LP
REIT, 5.00%, 4/15/2023		5,658		5,488
REIT, 4.75%, 10/15/2027		5,817		5,376
Rite Aid Corp. 7.50%, 7/1/2025 (c)		2,722		2,722
8.00%, 11/15/2026 (c)		3,886		3,896

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Royal Caribbean Cruises Ltd. 10.88%, 6/1/2023 (c)		2,590		2,824
9.13%, 6/15/2023 (c)		447		466
11.50%, 6/1/2025 (c)		7,504		8,583
S&P Global, Inc. 2.30%, 8/15/2060		3,140		2,804
Sabre GLBL, Inc. 5.25%, 11/15/2023 (c)		2,152		2,109
9.25%, 4/15/2025 (c) (e)		1,432		1,579
7.38%, 9/1/2025 (c)		2,875		2,932
SBA Communications Corp.
REIT, 4.00%, 10/1/2022		314		317
REIT, 4.88%, 9/1/2024		3,980		4,067
Science Applications International Corp. 4.88%, 4/1/2028 (c)		710		744
Scientific Games International, Inc. 5.00%, 10/15/2025 (c)		4,097		4,112
Scotts Miracle-Gro Co. (The) 5.25%, 12/15/2026		2,180		2,316
4.50%, 10/15/2029		640		680
Scripps Escrow, Inc. 5.88%, 7/15/2027 (c)		880		856
Sealed Air Corp. 5.25%, 4/1/2023 (c)		633		669
5.13%, 12/1/2024 (c)		355		387
Sempra Energy (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025 (a) (b) (d)		9,265		9,636
Sensata Technologies BV 4.88%, 10/15/2023 (c)		4,531		4,797
5.63%, 11/1/2024 (c)		1,825		2,003
5.00%, 10/1/2025 (c)		895		977
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (c)		12,061		12,483
Sensata Technologies, Inc. 3.75%, 2/15/2031 (c)		878		869
Service Corp. International 8.00%, 11/15/2021		1,240		1,314
7.50%, 4/1/2027		2,735		3,309
4.63%, 12/15/2027		825		873
5.13%, 6/1/2029		3,005		3,284
3.38%, 8/15/2030		1,412		1,432
Sherwin-Williams Co. (The) 4.55%, 8/1/2045		500		610
Simon Property Group LP REIT, 3.80%, 7/15/2050		1,555		1,525
Sinclair Television Group, Inc. 5.63%, 8/1/2024 (c)		3,933		3,925
5.88%, 3/15/2026 (c)		205		202
5.13%, 2/15/2027 (c)		2,890		2,718

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Sirius XM Radio, Inc. 4.63%, 7/15/2024 (c)		3,675		3,790
5.38%, 7/15/2026 (c)		7,266		7,567
5.00%, 8/1/2027 (c)		7,829		8,201
5.50%, 7/1/2029 (c)		1,642		1,787
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (c)		8,491		7,890
5.50%, 4/15/2027 (c) (e)		874		813
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (c)		1,390		1,472
SM Energy Co. 5.63%, 6/1/2025		3,980		1,563
6.75%, 9/15/2026		968		373
6.63%, 1/15/2027 (e)		3,281		1,230
Southern California Edison Co.
Series E, (ICE LIBOR USD 3 Month + 4.20%), 6.25%, 2/1/2022 (a) (b) (d)		2,040		2,003
3.65%, 2/1/2050		1,945		2,021
Southwestern Energy Co. 6.45%, 1/23/2025 (e) (i)		3,097		3,103
7.50%, 4/1/2026		477		485
7.75%, 10/1/2027 (e)		1,165		1,203
Southwestern Public Service Co. 3.40%, 8/15/2046		650		700
Spectrum Brands, Inc. 6.13%, 12/15/2024		3,812		3,898
5.75%, 7/15/2025		7,488		7,703
5.00%, 10/1/2029 (c)		2,486		2,635
5.50%, 7/15/2030 (c)		2,135		2,285
Spirit AeroSystems, Inc. 5.50%, 1/15/2025 (c)		1,147		1,167
7.50%, 4/15/2025 (c)		4,150		4,186
Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025 (c)		934		990
Sprint Capital Corp. 6.88%, 11/15/2028		140		177
8.75%, 3/15/2032		18,554		27,765
Sprint Communications, Inc. 11.50%, 11/15/2021		305		333
Sprint Corp.
7.25%, 9/15/2021		1,006		1,048
7.88%, 9/15/2023		18,616		21,246
7.13%, 6/15/2024		6,327		7,277
7.63%, 2/15/2025		33,116		39,077
7.63%, 3/1/2026		29,453		35,843
SPX FLOW, Inc. 5.88%, 8/15/2026 (c)		2,175		2,267

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
SS&C Technologies, Inc. 5.50%, 9/30/2027 (c)		8,338		8,862
Standard Industries, Inc. 5.00%, 2/15/2027 (c)		1,647		1,698
4.75%, 1/15/2028 (c)		8,598		8,985
3.38%, 1/15/2031 (c) (e)		2,105		2,049
Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (b)		670		699
Staples, Inc. 7.50%, 4/15/2026 (c)		15,693		14,673
10.75%, 4/15/2027 (c) (e)		7,739		6,152
Starbucks Corp. 3.75%, 12/1/2047		955		1,048
4.45%, 8/15/2049		775		939
3.35%, 3/12/2050		830		860
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 3.85%, 12/15/2020 (a) (b) (d)		5,881		5,859
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (a) (b) (d)		9,420		9,637
Station Casinos LLC 5.00%, 10/1/2025 (c)		2,945		2,930
4.50%, 2/15/2028 (c)		5,250		4,975
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (c)		1,940		2,073
Stryker Corp. 2.90%, 6/15/2050		1,180		1,182
Summit Materials LLC 5.13%, 6/1/2025 (c)		1,270		1,286
5.25%, 1/15/2029 (c)		952		980
Summit Midstream Holdings LLC 5.50%, 8/15/2022		799		643
5.75%, 4/15/2025		3,155		2,043
Sunoco Logistics Partners Operations LP 4.00%, 10/1/2027		1,315		1,344
Sunoco LP 4.88%, 1/15/2023		1,540		1,551
6.00%, 4/15/2027		2,015		2,083
5.88%, 3/15/2028		423		439
Switch Ltd. 3.75%, 9/15/2028 (c)		845		846
Sysco Corp. 3.30%, 2/15/2050		450		424
Tallgrass Energy Partners LP 5.50%, 9/15/2024 (c)		2,040		1,960
7.50%, 10/1/2025 (c)		5,596		5,652
6.00%, 3/1/2027 (c)		1,000		945

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
5.50%, 1/15/2028 (c)		710		653
Targa Resources Partners LP 4.25%, 11/15/2023		2,888		2,888
5.13%, 2/1/2025		2,869		2,876
5.88%, 4/15/2026		4,488		4,578
6.50%, 7/15/2027 (e)		3,538		3,706
5.00%, 1/15/2028		1,745		1,723
6.88%, 1/15/2029		1,906		2,044
4.88%, 2/1/2031 (c)		4,010		3,913
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (c)		5,325		5,415
Team Health Holdings, Inc. 6.38%, 2/1/2025 (c) (e)		7,717		4,751
TEGNA, Inc. 5.50%, 9/15/2024 (c)		303		309
4.75%, 3/15/2026 (c)		563		578
4.63%, 3/15/2028 (c)		1,820		1,803
Teleflex, Inc. 4.88%, 6/1/2026		368		383
Tempur Sealy International, Inc. 5.63%, 10/15/2023 (e)		4,942		5,004
5.50%, 6/15/2026		9,236		9,605
Tenet Healthcare Corp. 6.75%, 6/15/2023		7,475		7,883
4.63%, 7/15/2024		4,053		4,121
4.63%, 9/1/2024 (c)		1,018		1,042
7.50%, 4/1/2025 (c)		1,374		1,480
5.13%, 5/1/2025		6,321		6,256
7.00%, 8/1/2025		4		4
4.88%, 1/1/2026 (c)		21,946		22,263
6.25%, 2/1/2027 (c)		19,083		19,814
5.13%, 11/1/2027 (c)		8,371		8,620
4.63%, 6/15/2028 (c)		562		570
Tennant Co. 5.63%, 5/1/2025		4,377		4,539
Tenneco, Inc. 5.00%, 7/15/2026		4,155		3,179
Terex Corp. 5.63%, 2/1/2025 (c) (e)		6,140		6,155
TerraForm Power Operating LLC 4.25%, 1/31/2023 (c)		1,869		1,902
5.00%, 1/31/2028 (c)		1,839		2,019
Texas Competitive Electric Holdings Co. LLC 8.50%, 10/1/2021 ‡ (j)		16,772		8
8.50%, 12/1/2021 ‡ (j)		12,477		13
T-Mobile USA, Inc. 6.00%, 3/1/2023		1,598		1,598
3.50%, 4/15/2025 (c)		2,240		2,454
5.13%, 4/15/2025		1,704		1,747
6.50%, 1/15/2026		17,580		18,318

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
4.50%, 2/1/2026		10,879		11,151
3.75%, 4/15/2027 (c)		2,250		2,507
4.75%, 2/1/2028		19,226		20,599
3.88%, 4/15/2030 (c)		2,250		2,527
2.25%, 11/15/2031 (c)		950		941
4.38%, 4/15/2040 (c)		4,025		4,649
3.00%, 2/15/2041 (c)		820		798
4.50%, 4/15/2050 (c)		2,075		2,416
3.30%, 2/15/2051 (c)		320		309
Toyota Motor Credit Corp. 0.50%, 8/14/2023 (e)		243		244
Transcontinental Gas Pipe Line Co. LLC 3.95%, 5/15/2050 (c) (e)		865		879
TransDigm, Inc. 6.25%, 3/15/2026 (c)		9,380		9,779
Transocean Guardian Ltd. 5.88%, 1/15/2024 (c)		1,604		978
Transocean Pontus Ltd. 6.13%, 8/1/2025 (c)		4,528		3,985
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (c)		2,486		1,864
Transocean Proteus Ltd. 6.25%, 12/1/2024 (c)		400		352
Transocean, Inc. 11.50%, 1/30/2027 (c)		2,941		972
Travelers Cos., Inc. (The) 3.75%, 5/15/2046		815		957
2.55%, 4/27/2050		260		255
TreeHouse Foods, Inc. 6.00%, 2/15/2024 (c)		4,010		4,085
4.00%, 9/1/2028		325		326
TriMas Corp. 4.88%, 10/15/2025 (c)		2,315		2,350
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (c) (e)		9,060		9,196
TripAdvisor, Inc. 7.00%, 7/15/2025 (c)		174		181
Triumph Group, Inc. 8.88%, 6/1/2024 (c)		277		294
6.25%, 9/15/2024 (c)		545		471
7.75%, 8/15/2025 (e)		1,670		1,077
Tronox, Inc. 6.50%, 4/15/2026 (c)		1,755		1,780
Truist Financial Corp.
Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (a) (b) (d)		4,320		4,355
Series L, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 12/15/2024 (a) (b) (d)		4,268		4,181
Series P, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.61%), 4.95%, 9/1/2025 (a) (b) (d)		2,950		3,127

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Series M, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (a) (b) (d)		8,713		8,888
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (a) (b) (d)		9,859		10,789
Tucson Electric Power Co. 4.00%, 6/15/2050		1,491		1,738
TWDC Enterprises 18 Corp. 2.55%, 2/15/2022		242		249
UDR, Inc. REIT, 3.00%, 8/15/2031 (e)		1,355		1,457
Union Electric Co. 4.00%, 4/1/2048		219		263
Union Pacific Corp. 3.25%, 2/5/2050		1,270		1,361
3.95%, 8/15/2059		1,785		2,040
United Airlines Holdings, Inc. 5.00%, 2/1/2024 (e)		2,404		2,101
4.88%, 1/15/2025		2,345		1,969
United Rentals North America, Inc. 5.88%, 9/15/2026		931		980
5.50%, 5/15/2027		10,010		10,642
4.88%, 1/15/2028		3,315		3,481
5.25%, 1/15/2030		2,500		2,709
3.88%, 2/15/2031 (e)		4,089		4,130
United States Cellular Corp. 6.70%, 12/15/2033 (e)		1,860		2,450
United States Steel Corp. 12.00%, 6/1/2025 (c)		3,436		3,791
UnitedHealth Group, Inc. 4.25%, 4/15/2047		2,587		3,293
3.13%, 5/15/2060		1,135		1,212
Uniti Group LP
REIT, 6.00%, 4/15/2023 (c) (e)		2,600		2,634
REIT, 8.25%, 10/15/2023		1,144		1,127
REIT, 7.13%, 12/15/2024 (c)		55		53
Upjohn, Inc. 3.85%, 6/22/2040 (c)		680		729
4.00%, 6/22/2050 (c)		1,460		1,531
US Bancorp
Series I, (ICE LIBOR USD 3 Month + 3.49%), 5.13%, 1/15/2021 (a) (b) (d)		2,940		2,922
Series J, (ICE LIBOR USD 3 Month + 2.91%), 5.30%, 4/15/2027 (a) (b) (d)		1,414		1,539
US Renal Care, Inc. 10.63%, 7/15/2027 (c)		900		958
Vail Resorts, Inc. 6.25%, 5/15/2025 (c)		1,142		1,199
Valvoline, Inc. 4.25%, 2/15/2030 (c)		1,400		1,428
Venator Finance SARL 5.75%, 7/15/2025 (c)		3,375		2,902

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Verizon Communications, Inc. 4.40%, 11/1/2034		1,185		1,461
4.27%, 1/15/2036		2,265		2,760
3.85%, 11/1/2042		1,275		1,504
4.86%, 8/21/2046		4,405		5,830
4.52%, 9/15/2048		2,190		2,803
ViacomCBS, Inc. 5.90%, 10/15/2040		950		1,168
4.95%, 5/19/2050 (e)		2,970		3,476
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (b)		3,472		3,507
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (b)		8,879		9,656
VICI Properties LP
REIT, 3.50%, 2/15/2025 (c)		1,195		1,192
REIT, 4.25%, 12/1/2026 (c)		7,084		7,203
REIT, 3.75%, 2/15/2027 (c)		1,875		1,880
REIT, 4.63%, 12/1/2029 (c)		4,688		4,871
REIT, 4.13%, 8/15/2030 (c)		1,620		1,640
Virginia Electric and Power Co. 2.95%, 1/15/2022 (e)		104		106
Visa, Inc. 2.00%, 8/15/2050		2,960		2,695
Vista Outdoor, Inc. 5.88%, 10/1/2023 (e)		7,094		7,156
Vistra Operations Co. LLC 5.50%, 9/1/2026 (c)		212		219
5.63%, 2/15/2027 (c)		6,585		6,865
W&T Offshore, Inc. 9.75%, 11/1/2023 (c)		4,630		3,009
W.R. Grace & Co.-Conn. 5.63%, 10/1/2024 (c)		1,010		1,088
Wabash National Corp. 5.50%, 10/1/2025 (c) (e)		3,730		3,731
Wachovia Capital Trust III (ICE LIBOR USD 3 Month + 0.93%), 5.57%, 12/7/2020 (a) (b) (d)		7,330		7,339
Walmart, Inc. 4.05%, 6/29/2048		1,855		2,395
2.95%, 9/24/2049		1,200		1,327
Weekley Homes LLC 4.88%, 9/15/2028 (c)		649		657
Welbilt, Inc. 9.50%, 2/15/2024 (e)		940		954
Wells Fargo & Co. 2.63%, 7/22/2022		121		126
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (a) (b) (d)		7,127		7,189
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (a) (b) (d)		2,207		2,368
(SOFR + 2.53%), 3.07%, 4/30/2041 (b)		2,790		2,888
(ICE LIBOR USD 3 Month + 4.24%), 5.01%, 4/4/2051 (b)		3,145		4,235

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
United States — continued
Wells Fargo Bank NA (ICE LIBOR USD 3 Month + 0.65%), 2.08%, 9/9/2022 (b)		250		253
Welltower, Inc. REIT, 2.75%, 1/15/2031		1,415		1,445
WESCO Distribution, Inc. 5.38%, 6/15/2024		2,287		2,338
7.13%, 6/15/2025 (c)		5,708		6,150
7.25%, 6/15/2028 (c)		5,708		6,249
Western Digital Corp. 4.75%, 2/15/2026 (e)		4,512		4,860
William Carter Co. (The) 5.63%, 3/15/2027 (c)		7,290		7,650
Wisconsin Power and Light Co. 3.65%, 4/1/2050		975		1,110
WMG Acquisition Corp. 5.50%, 4/15/2026 (c)		3,018		3,131
3.00%, 2/15/2031 (c)		4,575		4,346
Wolverine Escrow LLC 9.00%, 11/15/2026 (c)		10,310		7,865
13.13%, 11/15/2027 (c) (e)		1,855		1,261
WPX Energy, Inc. 8.25%, 8/1/2023		720		808
5.75%, 6/1/2026		3,249		3,337
5.88%, 6/15/2028 (e)		2,496		2,552
4.50%, 1/15/2030		2,345		2,251
Wyndham Destinations, Inc. 4.25%, 3/1/2022		162		162
6.60%, 10/1/2025 (i)		1,258		1,340
6.00%, 4/1/2027 (i)		1,602		1,650
Wynn Las Vegas LLC 5.50%, 3/1/2025 (c)		11,657		11,162
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (c)		6,555		6,276
Xcel Energy, Inc. 3.50%, 12/1/2049		380		419
Xerox Corp. 4.38%, 3/15/2023 (i)		2,347		2,443
XPO Logistics, Inc. 6.50%, 6/15/2022 (c)		2,310		2,319
6.13%, 9/1/2023 (c)		4,967		5,029
6.75%, 8/15/2024 (c)		4,161		4,403
Yum! Brands, Inc. 7.75%, 4/1/2025 (c)		900		989
4.75%, 1/15/2030 (c)		1,834		1,967
3.63%, 3/15/2031		3,713		3,648
Zoetis, Inc. 4.45%, 8/20/2048		2,655		3,393
3.00%, 5/15/2050		3,895		4,073
				3,946,433
Total Corporate Bonds (Cost $4,632,107)				4,637,002

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 32.9%
Australia — 0.8%
Adbri Ltd.		373		741
AGL Energy Ltd.		463		4,062
Alumina Ltd.		1,131		1,142
APA Group		307		2,264
Atlas Arteria Ltd.		183		727
AusNet Services		940		1,322
Bank of Queensland Ltd.		135		607
Bendigo & Adelaide Bank Ltd.		301		1,416
BHP Group plc		431		8,345
Charter Hall Long Wale, REIT		2,605		8,734
CSR Ltd.		234		726
Dexus, REIT		1,139		6,894
Goodman Group, REIT		1,377		17,817
IOOF Holdings Ltd.		302		621
Mirvac Group, REIT		6,373		9,452
Rio Tinto plc		402		22,749
Sonic Healthcare Ltd.		44		1,086
Spark Infrastructure Group		722		1,007
Sydney Airport		742		2,844
Transurban Group		293		2,776
Wesfarmers Ltd.		50		1,620
Woodside Petroleum Ltd.		83		1,020
				97,972
Austria — 0.0% (f)
ANDRITZ AG		25		840
OMV AG		39		906
Verbund AG (e)		20		1,126
				2,872
Belgium — 0.2%
Ageas SA		30		1,210
KBC Group NV		27		1,343
Proximus SADP		48		930
Shurgard Self Storage SA		181		7,715
Solvay SA		12		970
Telenet Group Holding NV		27		1,037
Warehouses De Pauw, REIT, CVA		289		9,678
				22,883
Brazil — 0.1%
Ambev SA, ADR *		2,618		5,603
BB Seguridade Participacoes SA		931		3,845
Itau Unibanco Holding SA (Preference)		1,515		6,204
Yara International ASA		32		1,108
				16,760

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Canada — 0.8%
Advanz Pharma Corp. Ltd. *		171		835
Algonquin Power & Utilities Corp. (e)		197		2,984
Allied Properties, REIT		411		9,978
AltaGas Ltd.		144		1,827
Atco Ltd., Class I		31		857
BCE, Inc.		48		1,940
Canadian Apartment Properties, REIT		307		9,875
Canadian Imperial Bank of Commerce (e)		26		1,944
Canadian Tire Corp. Ltd., Class A		19		2,070
Canadian Utilities Ltd., Class A		140		3,274
Capital Power Corp. (e)		53		1,159
Emera, Inc.		72		2,859
Enbridge, Inc. (e)		62		1,718
Fortis, Inc.		126		4,997
Great-West Lifeco, Inc. (e)		35		720
Hydro One Ltd. (g)		189		4,130
IGM Financial, Inc. (e)		54		1,191
Magna International, Inc.		41		2,073
Northland Power, Inc.		70		2,272
Nutrien Ltd.		51		2,080
Pembina Pipeline Corp.		80		1,680
Power Corp. of Canada		103		1,969
Restaurant Brands International, Inc.		32		1,687
Rogers Communications, Inc., Class B		11		456
Shaw Communications, Inc., Class B		114		1,884
Superior Plus Corp.		84		746
TC Energy Corp.		291		11,465
TELUS Corp.		118		2,019
Thomson Reuters Corp.		27		2,086
Toronto-Dominion Bank (The)		291		12,848
				95,623
Cayman Islands — 0.0% (f)
Telford Offshore Holdings Ltd. * ‡		58		22
Chile — 0.0% (f)
Banco Santander Chile, ADR		133		1,852
China — 1.7%
China Construction Bank Corp., Class H		26,169		18,033
China Life Insurance Co. Ltd., Class H		2,209		4,820
China Merchants Bank Co. Ltd., Class H		2,892		15,064
China Mobile Ltd.		1,174		7,178
China Overseas Land & Investment Ltd.		6,078		15,265
China Pacific Insurance Group Co. Ltd., Class H		4,662		14,590
China Petroleum & Chemical Corp., Class H		11,082		4,327

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
CNOOC Ltd.		5,638		5,158
Fuyao Glass Industry Group Co. Ltd., Class A		691		3,878
Guangdong Investment Ltd.		2,290		3,396
Haier Electronics Group Co. Ltd.		1,086		4,140
Huayu Automotive Systems Co. Ltd., Class A		1,402		6,524
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,135		18,638
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		633		15,932
Joyoung Co. Ltd., Class A		582		3,073
Midea Group Co. Ltd., Class A		1,917		22,383
Ping An Insurance Group Co. of China Ltd., Class H		2,528		26,134
Postal Savings Bank of China Co. Ltd., Class H (g)		10,675		5,239
Tingyi Cayman Islands Holding Corp.		4,750		8,692
Topsports International Holdings Ltd. (g)		2,455		3,366
				205,830
Czech Republic — 0.0% (f)
Komercni banka A/S *		90		1,836
Denmark — 0.2%
Carlsberg A/S, Class B		134		16,975
Novo Nordisk A/S, Class B		67		4,276
Pandora A/S		16		1,305
				22,556
Finland — 0.2%
Fortum OYJ (e)		249		4,687
Kone OYJ, Class B		23		1,798
Neste OYJ		33		1,744
Nordea Bank Abp		405		3,038
Orion OYJ, Class B (e)		42		1,819
Sampo OYJ, Class A		38		1,438
Stora Enso OYJ, Class R		78		1,145
UPM-Kymmene OYJ		52		1,470
Wartsila OYJ Abp		150		1,190
				18,329
France — 0.9%
Aeroports de Paris (e)		6		564
Amundi SA * (g)		17		1,109
Atos SE *		24		1,670
AXA SA		114		1,837
BNP Paribas SA *		59		2,073
Bouygues SA		39		1,280
Casino Guichard Perrachon SA * (e)		16		355

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 87

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
France — continued
Cie de Saint-Gobain *		40		1,545
Cie Generale des Etablissements Michelin SCA		15		1,622
Covivio, REIT		140		8,314
Credit Agricole SA *		151		1,197
Eiffage SA *		15		1,069
Electricite de France SA		160		1,855
Engie SA *		200		2,422
LVMH Moet Hennessy Louis Vuitton SE		35		16,409
Orange SA		156		1,755
Peugeot SA *		81		1,451
Publicis Groupe SA		37		1,289
Renault SA *		29		711
Rexel SA *		81		851
Rubis SCA		27		872
Safran SA *		120		12,692
Sanofi		47		4,202
Schneider Electric SE		182		22,122
Suez SA (e)		217		3,975
TOTAL SE		102		3,098
Veolia Environnement SA		176		3,278
Vinci SA		173		13,662
				113,279
Germany — 0.9%
adidas AG *		36		10,622
Allianz SE (Registered)		20		3,555
BASF SE		48		2,602
Bayer AG (Registered)		28		1,319
Bayerische Motoren Werke AG		28		1,946
Continental AG		12		1,326
Covestro AG (g)		22		1,068
Daimler AG (Registered)		46		2,360
Deutsche Post AG (Registered)		250		11,101
Deutsche Telekom AG (Registered)		557		8,471
E.ON SE		444		4,623
Evonik Industries AG		44		1,067
Hannover Rueck SE		7		1,060
HeidelbergCement AG		21		1,214
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		73		17,078
ProSiebenSat.1 Media SE *		37		414
Scout24 AG (g)		14		1,119
Siemens AG (Registered)		30		3,476
Siemens Energy AG *		14		313
Telefonica Deutschland Holding AG (e)		689		1,737

INVESTMENTS	SHARES (000)		VALUE ($000)
Germany — continued
TUI AG (e)		180		707
Uniper SE		59		1,751
Volkswagen AG (Preference)		49		7,128
Vonovia SE		296		18,934
				104,991
Hong Kong — 0.5%
CK Infrastructure Holdings Ltd.		359		1,693
CLP Holdings Ltd.		306		2,815
Hang Seng Bank Ltd.		521		8,033
HKT Trust & HKT Ltd.		4,530		5,859
Hong Kong & China Gas Co. Ltd.		2,000		2,886
Hong Kong Exchanges & Clearing Ltd.		346		16,585
Link, REIT		1,354		10,333
Power Assets Holdings Ltd.		474		2,441
VTech Holdings Ltd.		166		1,103
WH Group Ltd. (g)		5,972		4,703
Xinyi Glass Holdings Ltd.		1,104		2,424
Yue Yuen Industrial Holdings Ltd.		848		1,381
				60,256
India — 0.6%
Infosys Ltd., ADR		1,483		21,161
ITC Ltd.		6,067		13,557
Tata Consultancy Services Ltd.		1,029		37,075
				71,793
Indonesia — 0.2%
Bank Rakyat Indonesia Persero Tbk. PT		50,616		11,458
Telekomunikasi Indonesia Persero Tbk. PT		72,059		12,759
				24,217
Ireland — 0.0% (f)
CRH plc		56		1,946
Smurfit Kappa Group plc		35		1,326
				3,272
Italy — 0.4%
A2A SpA		2,739		3,478
Assicurazioni Generali SpA		107		1,442
Atlantia SpA *		57		876
Enel SpA		2,005		15,939
Eni SpA		123		862
ERG SpA		31		705
Hera SpA		378		1,188
Intesa Sanpaolo SpA *		2,044		3,393
Iren SpA		314		712

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Italy — continued
Italgas SpA		334		1,928
Mediobanca Banca di Credito Finanziario SpA		133		943
Poste Italiane SpA (g)		120		983
Snam SpA		933		4,551
Telecom Italia SpA		2,679		975
Terna Rete Elettrica Nazionale SpA		599		4,045
				42,020
Japan — 1.4%
Aozora Bank Ltd.		92		1,513
Chubu Electric Power Co., Inc.		228		2,550
Chugoku Electric Power Co., Inc. (The)		155		1,942
Daiwa House REIT Investment Corp., REIT		3		6,190
Electric Power Development Co. Ltd.		93		1,255
ENEOS Holdings, Inc.		534		1,803
FANUC Corp.		10		2,154
H.U. Group Holdings, Inc.		43		1,094
Hokkaido Electric Power Co., Inc.		168		653
Japan Airlines Co. Ltd.		31		533
Japan Hotel REIT Investment Corp., REIT		15		7,164
Japan Post Holdings Co. Ltd.		91		621
Japan Retail Fund Investment Corp., REIT		7		9,505
Japan Tobacco, Inc.		83		1,563
JFE Holdings, Inc.		225		1,581
Kamigumi Co. Ltd.		49		875
Kansai Electric Power Co., Inc. (The)		497		4,518
KDDI Corp.		76		2,062
Kenedix Office Investment Corp., REIT		1		8,311
Kenedix Retail REIT Corp., REIT		4		7,200
Kyushu Electric Power Co., Inc.		248		2,080
Lawson, Inc.		29		1,346
Matsui Securities Co. Ltd.		134		1,076
MCUBS MidCity Investment Corp., REIT		6		4,104
Mitsubishi Chemical Holdings Corp.		93		522
Mitsubishi Logistics Corp.		29		753
Mitsui Fudosan Logistics Park, Inc., REIT		2		8,132
Nippon Accommodations Fund, Inc., REIT		2		9,825
Nippon Prologis REIT, Inc., REIT		4		12,376
Nissan Motor Co. Ltd.		225		797
NTT DOCOMO, Inc.		82		3,068
Otsuka Corp.		147		6,741
Shikoku Electric Power Co., Inc.		93		665
Takeda Pharmaceutical Co. Ltd.		40		1,236
Tohoku Electric Power Co., Inc.		305		2,689
Tokio Marine Holdings, Inc.		333		14,901

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Tokyo Electron Ltd.		9		2,443
Tokyo Gas Co. Ltd.		39		888
Toyota Motor Corp.		424		27,847
				164,576
Macau — 0.0% (f)
Sands China Ltd.		618		2,169
Mexico — 0.2%
Bolsa Mexicana de Valores SAB de CV (e)		729		1,484
Grupo Financiero Banorte SAB de CV, Class O *		552		2,462
Kimberly-Clark de Mexico SAB de CV, Class A		2,865		4,279
Wal-Mart de Mexico SAB de CV		8,638		20,916
				29,141
Netherlands — 0.3%
ABN AMRO Bank NV, CVA (e) (g)		99		810
Aegon NV		331		891
Akzo Nobel NV		92		8,817
Eurocommercial Properties NV, REIT, CVA		276		3,014
ING Groep NV		976		6,683
Koninklijke Ahold Delhaize NV		75		2,063
Koninklijke KPN NV		484		1,308
NN Group NV		38		1,329
Randstad NV *		22		1,122
Royal Dutch Shell plc, Class A		95		1,197
Royal Dutch Shell plc, Class B		310		3,743
				30,977
New Zealand — 0.0% (f)
Contact Energy Ltd.		412		2,011
Spark New Zealand Ltd.		684		2,029
				4,040
Norway — 0.1%
Aker BP ASA		82		1,270
DNB ASA		100		1,345
Equinor ASA		98		1,256
Gjensidige Forsikring ASA		61		1,157
Orkla ASA		119		1,126
Telenor ASA		101		1,568
				7,722
Peru — 0.0% (f)
Southern Copper Corp.		46		2,428
Portugal — 0.1%
EDP — Energias de Portugal SA		989		4,876

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 89

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Portugal — continued
Galp Energia SGPS SA		109		889
				5,765
Russia — 0.4%
Alrosa PJSC		4,496		4,047
Evraz plc		721		3,358
LUKOIL PJSC, ADR		155		7,939
Moscow Exchange MICEX-RTS PJSC		8,059		13,611
Sberbank of Russia PJSC		7,034		17,827
Sberbank of Russia PJSC		312		790
Severstal PAO, GDR (g)		303		4,140
				51,712
Saudi Arabia — 0.1%
Al Rajhi Bank		719		12,617
Singapore — 0.2%
Ascendas, REIT		5,743		12,120
Mapletree Logistics Trust, REIT		5,828		8,325
Mapletree Logistics Trust Management Ltd., REIT *		145		207
SATS Ltd.		592		1,290
StarHub Ltd.		718		615
				22,557
South Africa — 0.1%
Anglo American plc		91		2,136
AVI Ltd.		542		2,448
Bid Corp. Ltd.		210		2,887
FirstRand Ltd.		1,061		2,462
SPAR Group Ltd. (The)		216		2,297
Vodacom Group Ltd.		669		5,040
				17,270
South Korea — 0.5%
KT&G Corp.		121		8,621
Samsung Electronics Co. Ltd.		1,011		50,814
SK Telecom Co. Ltd., ADR		210		4,429
				63,864
Spain — 0.8%
Acciona SA		11		1,068
ACS Actividades de Construccion y Servicios SA		46		1,086
Aena SME SA * (g)		21		2,821
Atlantica Sustainable Infrastructure plc		52		1,545
Bankinter SA		197		740
CaixaBank SA		601		1,096

INVESTMENTS	SHARES (000)		VALUE ($000)
Spain — continued
Cellnex Telecom SA (g)		139		8,908
Enagas SA		180		3,883
Endesa SA		172		4,627
Iberdrola SA		3,478		41,066
Industria de Diseno Textil SA		657		16,215
Inmobiliaria Colonial Socimi SA, REIT		632		4,500
Naturgy Energy Group SA		242		4,491
Red Electrica Corp. SA		232		4,090
Repsol SA		410		2,572
Telefonica SA		851		2,769
				101,477
Sweden — 0.3%
Autoliv, Inc.		13		1,018
Boliden AB		32		866
Lundin Energy AB		53		1,015
Sandvik AB *		80		1,426
Skandinaviska Enskilda Banken AB, Class A *		170		1,461
SKF AB, Class B		446		9,136
Svenska Handelsbanken AB, Class A *		167		1,355
Swedish Match AB		22		1,663
Telia Co. AB		510		1,952
Volvo AB, Class B *		663		12,894
				32,786
Switzerland — 1.0%
ABB Ltd. (Registered)		110		2,663
Flughafen Zurich AG (Registered) *		4		598
Julius Baer Group Ltd.		26		1,154
LafargeHolcim Ltd. (Registered) *		37		1,598
Nestle SA (Registered)		106		11,939
Novartis AG (Registered)		191		14,916
OC Oerlikon Corp. AG (Registered)		186		1,295
Roche Holding AG		177		56,932
Swiss Life Holding AG (Registered) *		3		1,096
Swisscom AG (Registered)		2		1,152
UBS Group AG (Registered)		207		2,410
Zurich Insurance Group AG		77		25,525
				121,278
Taiwan — 1.3%
Accton Technology Corp.		860		6,248
Catcher Technology Co. Ltd.		191		1,207
Chicony Electronics Co. Ltd.		450		1,358
Delta Electronics, Inc.		1,205		8,019
MediaTek, Inc.		650		15,451

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Taiwan — continued
Mega Financial Holding Co. Ltd.		6,356		6,125
Novatek Microelectronics Corp.		161		1,505
President Chain Store Corp.		972		8,773
Quanta Computer, Inc.		4,353		10,984
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,074		90,075
Vanguard International Semiconductor Corp.		2,927		9,563
				159,308
Thailand — 0.1%
Siam Cement PCL (The) (Registered)		660		7,149
United Kingdom — 1.8%
3i Group plc		108		1,348
Admiral Group plc		34		1,227
Ashtead Group plc		42		1,501
AstraZeneca plc		51		5,138
Avast plc (g)		88		543
Aviva plc		425		1,418
BAE Systems plc		244		1,255
Barclays plc		1,147		1,589
Barratt Developments plc		506		3,163
Berkeley Group Holdings plc		148		7,757
BP plc		5,871		14,976
British American Tobacco plc		103		3,274
BT Group plc		979		1,286
Centrica plc		8,011		3,858
Diageo plc		353		11,398
Direct Line Insurance Group plc		603		2,061
Drax Group plc		208		796
easyJet plc		209		1,368
GlaxoSmithKline plc		312		5,215
Imperial Brands plc		104		1,652
InterContinental Hotels Group plc		83		4,203
J Sainsbury plc		409		1,067
Legal & General Group plc		589		1,413
Linde plc		26		5,736
Lloyds Banking Group plc		3,865		1,407
M&G plc		671		1,277
Mondi plc		63		1,190
National Grid plc		503		5,980
NewRiver REIT plc, REIT		5,661		4,657
Pennon Group plc		142		1,832
Persimmon plc		43		1,287
RSA Insurance Group plc		184		1,010

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
Safestore Holdings plc, REIT		705		7,337
Sage Group plc (The)		104		854
Schroders plc		35		1,182
Segro plc, REIT		1,336		15,609
Severn Trent plc		136		4,284
Signature Aviation plc		219		671
Smiths Group plc		84		1,443
SSE plc		411		6,743
St James’s Place plc		96		1,120
Standard Chartered plc		253		1,155
Standard Life Aberdeen plc		386		1,125
Taylor Wimpey plc		8,143		11,156
Tesco plc		660		1,757
Tritax Big Box REIT plc, REIT		3,851		7,813
Unilever NV		56		3,146
Unilever plc		468		26,654
UNITE Group plc (The), REIT		692		7,464
United Utilities Group plc		372		4,155
Vodafone Group plc		874		1,166
Wm Morrison Supermarkets plc		508		1,072
Workspace Group plc, REIT		667		5,333
WPP plc		137		1,096
				214,217
United States — 16.7%
3M Co.		13		2,079
AbbVie, Inc.		500		42,516
Accenture plc, Class A		31		6,707
AES Corp. (The)		272		5,311
AGNC Investment Corp., REIT		136		1,906
Air Products and Chemicals, Inc.		43		11,936
ALLETE, Inc.		44		2,290
Altria Group, Inc.		624		22,506
Ameren Corp.		38		3,073
American Electric Power Co., Inc.		55		4,930
American Express Co.		79		7,233
American Tower Corp., REIT		57		13,137
Americold Realty Trust, REIT		554		20,067
Amgen, Inc.		9		1,873
Analog Devices, Inc.		348		41,251
Annaly Capital Management, Inc., REIT		265		1,876
Apple, Inc.		60		6,515
Arthur J Gallagher & Co.		68		7,030
AT&T, Inc.		68		1,831

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 91

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Automatic Data Processing, Inc.		50		7,833
AvalonBay Communities, Inc., REIT		165		23,012
Avangrid, Inc.		104		5,123
Avaya Holdings Corp. *		29		492
Avista Corp.		64		2,126
Bank of America Corp.		611		14,482
Battalion Oil Corp. *		18		125
Black Hills Corp.		39		2,182
BlackRock, Inc.		14		8,537
Brandywine Realty Trust, REIT		929		8,136
Bristol-Myers Squibb Co.		980		57,280
Broadcom, Inc.		6		2,086
Bunge Ltd.		43		2,426
California Resources Corp. *		734		9,842
Camden Property Trust, REIT		142		13,116
Cardinal Health, Inc.		39		1,797
Carnival Corp.		126		1,723
CenterPoint Energy, Inc.		243		5,143
CenturyLink, Inc.		184		1,590
CF Industries Holdings, Inc.		55		1,526
Chevron Corp.		344		23,923
Chubb Ltd.		214		27,793
Claire’s Stores, Inc. * ‡		4		2,302
Clear Channel Outdoor Holdings, Inc. *		287		257
Clearway Energy, Inc., Class C		73		2,046
CME Group, Inc.		167		25,152
CMS Energy Corp.		150		9,527
CNA Financial Corp.		55		1,642
Coca-Cola Co. (The)		1,178		56,630
Comcast Corp., Class A		864		36,502
Comerica, Inc.		46		2,114
ConocoPhillips		534		15,269
Consolidated Edison, Inc.		68		5,368
Deere & Co.		89		20,188
Denbury, Inc. *		93		1,548
Digital Realty Trust, Inc., REIT		57		8,245
Dominion Energy, Inc.		62		4,980
Douglas Emmett, Inc., REIT		456		10,769
Dover Corp.		127		14,110
Dow, Inc.		44		1,990
DTE Energy Co.		44		5,371
Duke Energy Corp.		61		5,576
DuPont de Nemours, Inc.		15		852
Eastman Chemical Co.		226		18,305

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Eaton Corp. plc		329		34,158
Eaton Corp. plc		6		595
Edison International		81		4,542
Eli Lilly and Co.		163		21,267
Emerson Electric Co.		23		1,473
Entergy Corp.		32		3,213
EP Energy Corp. *		141		4,093
Equinix, Inc., REIT		22		15,801
Equity LifeStyle Properties, Inc., REIT		343		20,324
Essex Property Trust, Inc., REIT		70		14,393
Evergy, Inc.		58		3,204
Exelon Corp.		135		5,394
Exxon Mobil Corp.		49		1,612
Federal Realty Investment Trust, REIT		109		7,501
Fidelity National Information Services, Inc.		85		10,594
FirstEnergy Corp.		164		4,878
Ford Motor Co.		289		2,234
General Dynamics Corp.		56		7,419
General Motors Co.		66		2,281
Genuine Parts Co.		19		1,682
Gilead Sciences, Inc.		28		1,628
Goodman Networks, Inc. * ‡		53		—	(m)
Hasbro, Inc.		24		1,953
Hawaiian Electric Industries, Inc.		64		2,130
Healthcare Trust of America, Inc., Class A, REIT		460		11,169
Healthpeak Properties, Inc., REIT		824		22,221
Hewlett Packard Enterprise Co.		195		1,681
Home Depot, Inc. (The)		65		17,445
Honeywell International, Inc.		124		20,471
HP, Inc.		105		1,892
IDACORP, Inc.		28		2,479
iHeartMedia, Inc., Class A *		14		118
International Business Machines Corp.		16		1,818
International Flavors & Fragrances, Inc.		3		318
International Paper Co.		51		2,234
Interpublic Group of Cos., Inc. (The)		106		1,925
Invitation Homes, Inc., REIT		913		24,881
Iron Mountain, Inc., REIT		341		8,879
Johnson & Johnson		118		16,125
Johnson Controls International plc		37		1,548
Kellogg Co.		31		1,979
Kimco Realty Corp., REIT		155		1,595
Kinder Morgan, Inc.		140		1,662
Kraft Heinz Co. (The)		64		1,943

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Las Vegas Sands Corp.		39		1,871
Leidos Holdings, Inc.		84		6,977
LyondellBasell Industries NV, Class A		29		1,952
Macquarie Infrastructure Corp.		107		2,768
Maxim Integrated Products, Inc.		23		1,607
McDonald’s Corp.		56		11,863
MDU Resources Group, Inc.		102		2,432
Medtronic plc		162		16,281
Merck & Co., Inc.		702		52,804
Microsoft Corp.		61		12,322
Mondelez International, Inc., Class A		246		13,075
Moran Foods Backstop Equity * ‡		148		148
Morgan Stanley		260		12,518
MYT Holding Co. * ‡		1,342		1,241
National Fuel Gas Co.		71		2,827
National Retail Properties, Inc., REIT		343		10,979
Neiman Marcus Group Restricted Equity * ‡		4		362
Neiman Marcus Group Unrestricted Equity * ‡		36		2,959
NetApp, Inc.		43		1,905
New Jersey Resources Corp.		63		1,837
Newell Brands, Inc.		123		2,165
NextEra Energy, Inc.		482		35,283
Nielsen Holdings plc		110		1,490
NiSource, Inc.		81		1,858
NMG, Inc. * ‡		5		384
Norfolk Southern Corp.		136		28,452
Northern Trust Corp.		72		5,631
Northrop Grumman Corp.		23		6,702
Northwest Natural Holding Co.		17		759
NorthWestern Corp.		56		2,907
NRG Energy, Inc.		76		2,388
Nucor Corp.		39		1,873
Occidental Petroleum Corp.		45		407
OGE Energy Corp.		101		3,113
Omnicom Group, Inc.		185		8,712
ONE Gas, Inc.		28		1,949
ONEOK, Inc.		68		1,970
PACCAR, Inc.		23		1,985
Packaging Corp. of America		19		2,221
Park Hotels & Resorts, Inc., REIT		825		8,193
Parker-Hannifin Corp.		49		10,242
Penn Virginia Corp. *		12		90
PepsiCo, Inc.		103		13,685
Pfizer, Inc.		169		5,979

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
Philip Morris International, Inc.		278		19,766
Pinnacle West Capital Corp.		66		5,413
PNC Financial Services Group, Inc. (The)		104		11,589
PNM Resources, Inc.		38		1,907
Portland General Electric Co.		82		3,234
PPG Industries, Inc.		86		11,159
PPL Corp.		189		5,192
Procter & Gamble Co. (The)		311		42,600
Prologis, Inc., REIT		759		75,309
Public Service Enterprise Group, Inc.		98		5,680
Public Storage, REIT		159		36,367
QUALCOMM, Inc.		13		1,588
Quest Diagnostics, Inc.		8		984
Raytheon Technologies Corp.		190		10,347
Reminco LLC * ‡		65		78
Remington Outdoor Co., Inc. * ‡		16		—	(m)
Republic Services, Inc.		75		6,623
Rexford Industrial Realty, Inc., REIT		215		10,007
Schlumberger NV		104		1,554
Seagate Technology plc		239		11,447
Simon Property Group, Inc., REIT		28		1,739
South Jersey Industries, Inc.		76		1,456
Southern Co. (The)		94		5,384
Southwest Gas Holdings, Inc.		38		2,521
Spire, Inc.		31		1,741
Stanley Black & Decker, Inc.		82		13,656
State Street Corp.		200		11,806
Steel Dynamics, Inc.		70		2,211
Sysco Corp.		64		3,531
T. Rowe Price Group, Inc.		88		11,096
Texas Instruments, Inc.		452		65,414
Trane Technologies plc		111		14,765
Truist Financial Corp.		569		23,971
UGI Corp.		80		2,578
United Parcel Service, Inc., Class B		13		2,047
UnitedHealth Group, Inc.		97		29,510
US Bancorp		305		11,889
Valero Energy Corp.		38		1,464
Ventas, Inc., REIT		641		25,306
VEREIT, Inc., REIT		2,311		14,325
Verizon Communications, Inc.		1,118		63,733
VICI Properties, Inc., REIT		1,381		31,688
Vistra Corp.		308		5,345
Vornado Realty Trust, REIT		307		9,435
Walgreens Boots Alliance, Inc.		50		1,709

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 93

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United States — continued
Walmart, Inc.		67		9,229
WEC Energy Group, Inc.		31		3,077
Weingarten Realty Investors, REIT		577		9,158
WestRock Co.		60		2,236
Whiting Petroleum Corp. *		188		2,749
Williams Cos., Inc. (The)		101		1,946
Xcel Energy, Inc.		645		45,136
Yum! Brands, Inc.		169		15,793
Zimmer Biomet Holdings, Inc.		93		12,347
				2,015,856
Total Common Stocks (Cost $3,618,430)				3,973,272
	PRINCIPAL AMOUNT ($000)
Collateralized Mortgage Obligations — 6.1%
Bermuda — 0.0% (f)
Bellemeade Re Ltd.
Series 2018-3A, Class M1B, 2.00%, 10/25/2028 ‡ (c) (l)		811		806
Series 2018-3A, Class M2, 2.90%, 10/25/2028 ‡ (c) (l)		1,365		1,329
Series 2019-1A, Class M2, 2.85%, 3/25/2029 ‡ (c) (l)		1,000		939
Eagle RE Ltd.
Series 2019-1, Class M1B, 1.95%, 4/25/2029 ‡ (c) (l)		487		484
Series 2019-1, Class M2, 3.45%, 4/25/2029 ‡ (c) (l)		1,980		1,887
				5,445
United States — 6.1%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 6A1, 2.76%, 2/25/2035 (l)		1,481		1,505
Series 2004-4, Class 4A1, 3.21%, 3/25/2035 (l)		2,773		2,816
Series 2005-2, Class 3A1, 3.73%, 6/25/2035 (l)		755		752
Alternative Loan Trust
Series 2004-28CB, Class 4A1, 5.00%, 1/25/2020		6		6
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		3		3
Series 2005-J11, Class 5A1, 5.50%, 11/25/2020		157		155

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2005-85CB, Class 3A2, 5.25%, 2/25/2021		169		167
Series 2007-25, Class 2A1, 6.00%, 11/25/2022		65		66
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025		145		142
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026		376		340
Series 2005-J1, Class 3A1, 6.50%, 8/25/2032		57		58
Series 2004-12CB, Class 2A1, 6.00%, 6/25/2034		336		343
Series 2004-25CB, Class A1, 6.00%, 12/25/2034		4,572		4,646
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		286		286
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035		432		437
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035		807		816
Series 2004-32CB, Class 2A5, 5.50%, 2/25/2035		2,739		2,681
Series 2005-3CB, Class 1A4, 5.25%, 3/25/2035		71		71
Series 2005-3CB, Class 1A13, 5.50%, 3/25/2035		8,472		8,596
Series 2005-J2, Class 1A5, 0.65%, 4/25/2035 (l)		5,218		4,234
Series 2005-6CB, Class 1A4, 5.50%, 4/25/2035		3,437		3,348
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035		405		404
Series 2005-10CB, Class 1A5, 5.50%, 5/25/2035		3,506		3,271
Series 2005-10CB, Class 1A8, 5.50%, 5/25/2035		2,024		2,040
Series 2005-13CB, Class A4, 5.50%, 5/25/2035		1,455		1,495
Series 2005-21CB, Class A4, 5.25%, 6/25/2035		761		707
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		3,385		3,259
Series 2005-20CB, Class 1A1, 5.50%, 7/25/2035		160		153
Series 2005-23CB, Class A15, 5.50%, 7/25/2035		1,671		1,614
Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035		617		600

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		1,562		1,520
Series 2005-J14, Class A3, 5.50%, 12/25/2035		331		267
Series 2005-J14, Class A7, 5.50%, 12/25/2035		1,746		1,412
Series 2005-J14, Class A8, 5.50%, 12/25/2035		1,459		1,180
Series 2005-86CB, Class A4, 5.50%, 2/25/2036		393		324
Series 2006-J1, Class 1A13, 5.50%, 2/25/2036		147		132
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036		4,633		4,727
Series 2006-4CB, Class 2A5, 5.50%, 4/25/2036		888		834
Series 2006-14CB, Class A1, 6.00%, 6/25/2036		1,488		1,187
Series 2006-19CB, Class A15, 6.00%, 8/25/2036		574		472
Series 2006-25CB, Class A2, 6.00%, 10/25/2036		273		212
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037		2,960		2,306
Series 2007-8CB, Class A9, 6.00%, 5/25/2037		193		156
Series 2007-19, Class 1A8, 6.00%, 8/25/2037		167		122
American Home Mortgage Investment Trust
Series 2007-2, Class 12A1, 0.42%, 3/25/2037 (l)		5,650		2,842
Series 2005-1, Class 6A, 2.27%, 6/25/2045 (l)		151		152
Angel Oak Mortgage Trust
Series 2019-5, Class B1, 3.96%, 10/25/2049 ‡ (c) (l)		2,250		2,236
Series 2019-3, Class B1, 4.10%, 5/25/2059 ‡ (c) (l)		7,000		7,014
Series 2019-6, Class B1, 3.94%, 11/25/2059 (c) (l)		4,000		3,981
Angel Oak Mortgage Trust I LLC
Series 2019-2, Class B1, 5.02%, 3/25/2049 ‡ (c) (l)		4,000		4,132
Series 2019-4, Class A3, 3.30%, 7/26/2049 (c) (l)		3,845		3,885
Series 2019-4, Class B1, 4.41%, 7/26/2049 (c) (l)		5,000		5,133

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Antler Mortgage Trust Series 2018-RTL1, Class A1, 4.34%, 7/25/2022 (c)		3,258		3,264
Arroyo Mortgage Trust
Series 2018-1, Class A1, 3.76%, 4/25/2048 (c) (l)		4,987		5,040
Series 2019-3, Class M1, 4.20%, 10/25/2048 ‡ (c) (l)		3,000		3,083
Banc of America Alternative Loan Trust
Series 2005-3, Class 2A1, 5.50%, 4/25/2020		4		4
Series 2005-12, Class 5A1, 5.25%, 1/25/2021		52		48
Series 2006-4, Class 2A1, 6.00%, 5/25/2021		3		3
Series 2005-11, Class 4A5, 5.75%, 12/25/2035		571		557
Series 2006-4, Class 3CB4, 6.00%, 5/25/2046		660		654
Series 2006-4, Class 4CB1, 6.50%, 5/25/2046		2,144		2,173
Series 2006-5, Class CB7, 6.00%, 6/25/2046		416		401
Banc of America Funding Trust
Series 2007-4, Class 8A1, 5.50%, 11/25/2034		52		43
Series 2005-6, Class 1A2, 5.50%, 10/25/2035		1,914		1,801
Series 2005-7, Class 4A7, 6.00%, 11/25/2035		266		270
Series 2006-A, Class 1A1, 3.05%, 2/20/2036 (l)		787		764
Series 2006-2, Class 2A20, 5.75%, 3/25/2036		434		426
Series 2007-5, Class 4A1, 0.52%, 7/25/2037 (l)		3,510		2,273
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 3.85%, 2/25/2034 (l)		368		366
Series 2007-3, Class 1A1, 6.00%, 9/25/2037		244		243
Bear Stearns ALT-A Trust Series 2006-8, Class 3A1, 0.47%, 2/25/2034 (l)		283		264
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC5, Class M1, 1.15%, 10/25/2034 ‡ (l)		378		59
Chase Mortgage Finance Trust
Series 2007-A2, Class 3A1, 3.79%, 6/25/2035 (l)		4,377		4,426

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 95

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($0 00)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Chase Mortgage Finance Trust
Series 2006-S3, Class 1A2, 6.00%, 11/25/2036		1,251		838
Series 2006-S4, Class A5, 6.00%, 12/25/2036		963		678
Series 2007-S2, Class 1A8, 6.00%, 3/25/2037		240		174
CHL GMSR Issuer Trust
Series 2018-GT1, Class A, 2.90%, 5/25/2023 (c) (l)		4,530		4,354
Series 2018-GT1, Class B, 3.65%, 5/25/2023 ‡ (c) (l)		795		737
CHL Mortgage Pass-Through Trust
Series 2005-20, Class A7, 5.25%, 12/25/2027		135		114
Series 2004-25, Class 2A1, 0.83%, 2/25/2035 (l)		2,804		2,589
Series 2005-26, Class 1A11, 5.50%, 11/25/2035		1,814		1,545
Series 2005-31, Class 2A1, 3.27%, 1/25/2036 (l)		773		694
Series 2005-30, Class A5, 5.50%, 1/25/2036		176		150
Series 2006-HYB1, Class 2A2C, 3.15%, 3/20/2036 (l)		2,660		2,576
Series 2006-HYB2, Class 2A1B, 3.40%, 4/20/2036 (l)		851		788
Series 2006-J2, Class 1A1, 6.00%, 4/25/2036		109		87
Series 2006-10, Class 1A16, 6.00%, 5/25/2036		1,364		1,018
Series 2006-15, Class A1, 6.25%, 10/25/2036		94		67
Series 2006-17, Class A2, 6.00%, 12/25/2036		390		265
Series 2006-18, Class 2A4, 6.00%, 12/25/2036		2,445		1,995
Series 2007-2, Class A2, 6.00%, 3/25/2037		149		113
Series 2007-3, Class A18, 6.00%, 4/25/2037		1,120		844
Series 2007-10, Class A4, 5.50%, 7/25/2037		141		101
Series 2007-13, Class A4, 6.00%, 8/25/2037		308		237
Series 2007-16, Class A1, 6.50%, 10/25/2037		2,702		2,037

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2007-18, Class 2A1, 6.50%, 11/25/2037		503		301
Citicorp Mortgage Securities Trust Series 2007-4, Class 1A9, 6.00%, 5/25/2037		537		532
Citigroup Mortgage Loan Trust
Series 2005-3, Class 2A2A, 3.15%, 8/25/2035 (l)		136		136
Series 2005-11, Class A2A, 2.53%, 10/25/2035 (l)		238		241
Series 2006-AR3, Class 1A1A, 4.03%, 6/25/2036 (l)		1,365		1,310
Series 2006-AR5, Class 1A5A, 3.52%, 7/25/2036 (l)		736		694
Citigroup Mortgage Loan Trust, Inc.
Series 2005-4, Class A, 3.03%, 8/25/2035 (l)		311		316
Series 2005-6, Class A1, 2.22%, 9/25/2035 (l)		458		479
Series 2006-8, Class A3, 0.50%, 10/25/2035 (c) (l)		703		457
Series 2005-9, Class 2A2, 5.50%, 11/25/2035		102		102
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2, 2.55%, 4/25/2031 ‡ (c) (l)		7,593		7,551
Series 2019-R01, Class 2M2, 2.60%, 7/25/2031 ‡ (c) (l)		3,034		3,007
Series 2019-R02, Class 1M2, 2.45%, 8/25/2031 ‡ (c) (l)		9,979		9,917
Series 2019-R03, Class 1M2, 2.30%, 9/25/2031 (c) (l)		1,257		1,248
Series 2019-R04, Class 2M2, 2.25%, 6/25/2039 ‡ (c) (l)		5,620		5,572
Series 2019-R05, Class 1M2, 2.15%, 7/25/2039 ‡ (c) (l)		5,142		5,122
Series 2019-R06, Class 2M2, 2.25%, 9/25/2039 (c) (l)		15,039		14,881
Series 2019-R07, Class 1M2, 2.25%, 10/25/2039 ‡ (c) (l)		9,984		9,895
Series 2020-R02, Class 2M2, 2.15%, 1/25/2040 (c) (l)		10,000		9,699
Series 2020-R01, Class 1M2, 2.20%, 1/25/2040 ‡ (c) (l)		5,000		4,898
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-10, Class 11A1, 5.50%, 11/25/2020		581		118

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2003-29, Class 3A1, 5.50%, 12/25/2033		277		283
Series 2004-AR4, Class 4A1, 3.15%, 5/25/2034 (l)		1,821		1,842
Series 2004-AR4, Class 2A1, 3.41%, 5/25/2034 (l)		319		325
Series 2004-AR5, Class 6A1, 3.40%, 6/25/2034 (l)		444		457
Series 2004-4, Class 4A1, 5.50%, 8/25/2034		2,715		2,865
Series 2004-8, Class 4A3, 5.50%, 12/25/2034		112		115
Series 2005-4, Class 2A5, 0.70%, 6/25/2035 (l)		3,535		2,676
Series 2005-10, Class 5A3, 5.50%, 11/25/2035		399		356
CSFB Mortgage-Backed Trust Series 2004-AR6, Class 7A1, 3.24%, 10/25/2034 (l)		1,105		1,131
CSMC Mortgage-Backed Trust
Series 2006-8, Class 5A1, 5.61%, 10/25/2026 (l)		46		45
Series 2007-2, Class 3A13, 5.50%, 3/25/2037		512		412
Series 2007-3, Class 4A5, 5.00%, 4/25/2037		100		98
Deephave Residential Mortgage Trust
Series 2019-2A, Class B1, 4.72%, 4/25/2059 ‡ (c) (l)		7,061		6,798
Series 2019-2A, Class B2, 5.79%, 4/25/2059 ‡ (c) (l)		3,100		2,849
Deephaven Residential Mortgage Trust
Series 2019-1A, Class B1, 5.25%, 1/25/2059 ‡ (c) (l)		4,750		4,657
Series 2019-3A, Class B1, 4.26%, 7/25/2059 ‡ (c) (l)		3,900		3,780
Series 2019-3A, Class B2, 5.66%, 7/25/2059 ‡ (c) (l)		6,000		6,057
Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (c) (l)		4,000		3,944
Series 2019-4A, Class B2, 4.92%, 10/25/2059 ‡ (c) (l)		5,250		5,105
Series 2020-1, Class A3, 2.65%, 1/25/2060 (c) (l)		4,717		4,767
Series 2020-1, Class B1, 3.66%, 1/25/2060 ‡ (c) (l)		2,000		1,974
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 4.92%, 2/25/2020 (l)		42		42

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2005-2, Class 2A1, 0.45%, 3/25/2020 (l)		4		4
DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 0.41%, 8/19/2045 (l)		1,988		1,878
FHLMC STACR REMIC Trust
Series 2020-DNA2, Class M2, 2.00%, 2/25/2050 (c) (l)		3,000		2,935
Series 2020-HQA2, Class M2, 3.25%, 3/25/2050 (c) (l)		6,228		6,123
FHLMC STACR Trust Series 2018-HQA2, Class M2, 2.45%, 10/25/2048 (c) (l)		7,260		7,054
FHLMC Structured Agency Credit Risk Debt Notes
Series 2017-DNA1, Class M2, 3.42%, 7/25/2029 (l)		2,903		2,986
Series 2017-DNA2, Class M2, 3.60%, 10/25/2029 (l)		4,000		4,111
Series 2017-DNA3, Class B1, 4.60%, 3/25/2030 (l)		3,000		2,955
Series 2018-HQA1, Class M2, 2.45%, 9/25/2030 (l)		14,678		14,352
FHLMC, REMIC
Series 4068, Class DS, IF, IO, 5.85%, 6/15/2042 (l)		3,718		736
Series 4097, Class ES, IF, IO, 5.95%, 8/15/2042 (l)		5,370		1,087
Series 4103, Class SB, IF, IO, 5.90%, 9/15/2042 (l)		5,829		1,152
Series 4425, Class SA, IF, IO, 5.90%, 1/15/2045 (l)		6,122		1,174
Series 4594, Class SG, IF, IO, 5.85%, 6/15/2046 (l)		5,144		1,170
Series 4606, Class SB, IF, IO, 5.85%, 8/15/2046 (l)		9,257		2,057
Series 4614, Class SK, IF, IO, 5.85%, 9/15/2046 (l)		16,553		3,755
Series 4616, Class HS, IF, IO, 5.85%, 9/15/2046 (l)		6,824		1,264
Series 4703, Class SA, IF, IO, 6.00%, 7/15/2047 (l)		10,064		2,193
Series 4718, Class SD, IF, IO, 6.00%, 9/15/2047 (l)		5,586		1,161
Series 4768, Class SG, IF, IO, 6.05%, 3/15/2048 (l)		4,385		851
Series 4820, Class ES, IF, IO, 6.05%, 3/15/2048 (l)		3,642		496
Series 4834, Class SA, IF, IO, 6.00%, 10/15/2048 (l)		7,826		1,176
Series 4937, Class MS, IF, IO, 5.90%, 12/25/2049 (l)		10,567		1,989

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 97

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 4839, Class WS, IF, IO, 5.95%, 8/15/2056 (l)		10,359		2,713
FHLMC, STRIPS
Series 264, Class S1, IF, IO, 5.80%, 7/15/2042 (l)		3,784		628
Series 274, Class S1, IF, IO, 5.85%, 8/15/2042 (l)		5,058		969
Series 278, Class S1, IF, IO, 5.90%, 9/15/2042 (l)		4,737		942
Series 279, Class S6, IF, IO, 5.90%, 9/15/2042 (l)		3,590		745
Series 300, Class S1, IF, IO, 5.95%, 1/15/2043 (l)		4,353		840
Series 311, Class S1, IF, IO, 5.80%, 8/15/2043 (l)		2,473		415
Series 316, Class S7, IF, IO, 5.95%, 11/15/2043 (l)		3,904		689
Series 326, Class S2, IF, IO, 5.80%, 3/15/2044 (l)		5,052		986
Series 336, Class S1, IF, IO, 5.90%, 8/15/2044 (l)		3,284		648
Series 337, Class S1, IF, IO, 5.90%, 9/15/2044 (l)		2,457		451
Series 356, Class S5, IF, IO, 5.85%, 9/15/2047 (l)		14,458		3,023
First Horizon Alternative Mortgage Securities Trust
Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021		48		45
FNMA, Connecticut Avenue Securities
Series 2017-C01, Class 1B1, 5.90%, 7/25/2029 (l)		1,820		1,870
Series 2017-C05, Class 1M2, 2.37%, 1/25/2030 (l)		9,897		9,774
Series 2017-C06, Class 1M2, 2.80%, 2/25/2030 (l)		2,996		2,975
Series 2017-C07, Class 2M2, 2.65%, 5/25/2030 (l)		1,904		1,884
Series 2018-C01, Class 1M2, 2.40%, 7/25/2030 (l)		6,598		6,499
Series 2018-C02, Class 2M2, 2.35%, 8/25/2030 (l)		328		318
Series 2018-C03, Class 1M2, 2.32%, 10/25/2030 (l)		4,523		4,415
Series 2018-C04, Class 2M2, 2.70%, 12/25/2030 (l)		11,045		10,830
Series 2018-C05, Class 1M2, 2.50%, 1/25/2031 (l)		6,330		6,180

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
FNMA, REMIC
Series 2011-126, Class SM, IF, IO, 5.80%, 12/25/2041 (l)		4,494		798
Series 2012-20, Class SL, IF, IO, 6.30%, 3/25/2042 (l)		5,513		1,032
Series 2012-35, Class SN, IF, IO, 6.30%, 4/25/2042 (l)		6,062		1,257
Series 2012-75, Class DS, IF, IO, 5.80%, 7/25/2042 (l)		5,597		1,116
Series 2012-128, Class MS, IF, IO, 6.00%, 11/25/2042 (l)		2,003		512
Series 2013-124, Class SB, IF, IO, 5.80%, 12/25/2043 (l)		5,861		1,161
Series 2013-136, Class SB, IF, IO, 5.75%, 1/25/2044 (l)		6,200		1,202
Series 2015-35, Class SA, IF, IO, 5.45%, 6/25/2045 (l)		5,803		1,037
Series 2015-37, Class ST, IF, IO, 5.47%, 6/25/2045 (l)		5,251		986
Series 2016-1, Class SJ, IF, IO, 6.00%, 2/25/2046 (l)		13,555		2,463
Series 2016-77, Class SA, IF, IO, 5.85%, 10/25/2046 (l)		4,815		921
Series 2017-1, Class SA, IF, IO, 5.90%, 2/25/2047 (l)		4,890		1,043
Series 2017-16, Class SM, IF, IO, 5.90%, 3/25/2047 (l)		3,034		626
Series 2017-37, Class AS, IF, IO, 5.95%, 5/25/2047 (l)		14,148		3,050
Series 2018-14, Class SA, IF, IO, 6.05%, 3/25/2048 (l)		10,050		1,850
Series 2018-15, Class JS, IF, IO, 6.05%, 3/25/2048 (l)		6,106		1,126
Series 2018-16, Class SN, IF, IO, 6.10%, 3/25/2048 (l)		2,705		477
Series 2018-27, Class SE, IF, IO, 6.05%, 5/25/2048 (l)		3,985		924
Series 2018-60, Class SK, IF, IO, 5.55%, 8/25/2048 (l)		4,623		855
Series 2018-73, Class SC, IF, IO, 6.05%, 10/25/2048 (l)		9,391		1,859
Series 2019-9, Class SM, IF, IO, 5.90%, 3/25/2049 (l)		6,237		1,005
Series 2019-20, Class BS, IF, IO, 5.90%, 5/25/2049 (l)		2,620		315
Fremont Home Loan Trust Series 2004-A, Class M1, 0.97%, 1/25/2034 ‡ (l)		2,663		2,626
GCAT LLC Series 2019-NQM1, Class M1, 3.85%, 2/25/2059 ‡ (c) (l)		2,500		2,489

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
GCAT Trust
Series 2019-NQM2, Class M1, 3.31%, 9/25/2059 ‡ (c) (l)		10,000		10,070
Series 2019-NQM2, Class B1, 4.01%, 9/25/2059 ‡ (c) (l)		5,000		4,985
Series 2020-NQM1, Class B1, 3.64%, 1/25/2060 ‡ (c) (l)		3,000		2,913
GMACM Mortgage Loan Trust
Series 2004-AR2, Class 3A, 3.45%, 8/19/2034 (l)		420		394
Series 2005-AR1, Class 3A, 4.30%, 3/18/2035 (l)		143		139
GNMA
Series 2014-25, Class HS, IF, IO, 5.95%, 2/20/2044 (l)		3,632		848
Series 2015-124, Class SB, IF, IO, 6.10%, 9/20/2045 (l)		6,473		1,437
Series 2015-149, Class GS, IF, IO, 6.10%, 10/20/2045 (l)		5,769		1,328
Series 2016-111, Class SA, IF, IO, 5.95%, 8/20/2046 (l)		3,188		740
Series 2016-120, Class NS, IF, IO, 5.95%, 9/20/2046 (l)		8,554		1,891
Series 2017-11, Class AS, IF, IO, 5.95%, 1/20/2047 (l)		3,744		759
Series 2017-55, Class AS, IF, IO, 6.00%, 4/20/2047 (l)		2,857		542
Series 2017-56, Class SC, IF, IO, 6.00%, 4/20/2047 (l)		5,608		1,136
Series 2017-68, Class SA, IF, IO, 6.00%, 5/20/2047 (l)		5,273		1,075
Series 2017-67, Class ST, IF, IO, 6.05%, 5/20/2047 (l)		8,995		2,229
Series 2017-75, Class SD, IF, IO, 6.05%, 5/20/2047 (l)		2,353		444
Series 2017-80, Class AS, IF, IO, 6.05%, 5/20/2047 (l)		5,564		1,203
Series 2017-93, Class SE, IF, IO, 6.05%, 6/20/2047 (l)		4,026		851
Series 2017-107, Class SL, IF, IO, 6.05%, 7/20/2047 (l)		10,624		2,326
Series 2017-112, Class S, IF, IO, 6.05%, 7/20/2047 (l)		8,999		1,664
Series 2017-120, Class QS, IF, IO, 6.05%, 8/20/2047 (l)		4,709		922
Series 2017-134, Class SB, IF, IO, 6.05%, 9/20/2047 (l)		5,177		885
Series 2017-141, Class QS, IF, IO, 6.05%, 9/20/2047 (l)		10,695		2,097

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2017-149, Class QS, IF, IO, 6.05%, 10/20/2047 (l)		5,397		1,030
Series 2018-1, Class ST, IF, IO, 6.05%, 1/20/2048 (l)		10,135		2,244
Series 2018-11, Class SA, IF, IO, 6.05%, 1/20/2048 (l)		7,321		949
Series 2018-6, Class CS, IF, IO, 6.05%, 1/20/2048 (l)		3,413		782
Series 2018-36, Class SG, IF, IO, 6.05%, 3/20/2048 (l)		9,789		1,705
Series 2018-63, Class SB, IF, IO, 6.05%, 4/20/2048 (l)		2,047		347
Series 2018-64, Class GS, IF, IO, 6.05%, 5/20/2048 (l)		8,196		1,203
Series 2018-65, Class SE, IF, IO, 6.05%, 5/20/2048 (l)		8,644		1,630
Series 2018-92, Class SH, IF, IO, 6.05%, 7/20/2048 (l)		4,737		816
Series 2018-115, Class DS, IF, IO, 6.05%, 8/20/2048 (l)		12,088		2,328
Series 2018-126, Class CS, IF, IO, 6.05%, 9/20/2048 (l)		7,542		1,252
Series 2018-146, Class S, IF, IO, 6.00%, 10/20/2048 (l)		6,313		893
Series 2018-147, Class SD, IF, IO, 6.00%, 10/20/2048 (l)		14,059		2,283
Series 2018-168, Class SA, IF, IO, 5.95%, 12/20/2048 (l)		5,350		891
Series 2019-16, Class SB, IF, IO, 5.90%, 2/20/2049 (l)		9,927		1,466
Series 2019-22, Class SM, IF, IO, 5.90%, 2/20/2049 (l)		21,550		4,192
Series 2019-23, Class JS, IF, IO, 5.90%, 2/20/2049 (l)		7,552		1,054
Series 2019-30, Class SA, IF, IO, 5.90%, 3/20/2049 (l)		11,498		1,715
Series 2019-38, Class SN, IF, IO, 5.90%, 3/20/2049 (l)		9,780		2,035
Series 2019-41, Class CS, IF, IO, 5.90%, 3/20/2049 (l)		9,650		1,092
Series 2019-42, Class SJ, IF, IO, 5.90%, 4/20/2049 (l)		10,420		1,504
Series 2019-56, Class GS, IF, IO, 6.00%, 5/20/2049 (l)		6,097		1,197
Series 2019-69, Class DS, IF, IO, 5.95%, 6/20/2049 (l)		6,974		1,220
Series 2019-70, Class SM, IF, IO, 5.95%, 6/20/2049 (l)		6,663		1,214

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 99

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2020-76, Class SL, IF, IO, 6.00%, 5/20/2050 (l)		8,216		1,938
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (c) (l)		1,373		679
GSR Mortgage Loan Trust
Series 2004-15F, Class 1A2, 5.50%, 12/25/2034		259		273
Series 2005-1F, Class 2A3, 6.00%, 2/25/2035		224		219
Series 2005-AR3, Class 6A1, 3.56%, 5/25/2035 (l)		107		102
Series 2005-AR4, Class 3A5, 3.61%, 7/25/2035 (l)		1,701		1,488
Series 2005-6F, Class 3A18, 5.50%, 7/25/2035		1,049		1,103
Series 2005-AR7, Class 6A1, 2.95%, 11/25/2035 (l)		972		962
Series 2006-1F, Class 2A16, 6.00%, 2/25/2036		774		569
Series 2006-1F, Class 2A9, 6.00%, 2/25/2036		1,253		922
Series 2006-9F, Class 3A1, 6.25%, 10/25/2036		657		653
Series 2007-1F, Class 3A13, 6.00%, 1/25/2037		337		300
HarborView Mortgage Loan Trust Series 2005-11, Class 2A1A, 0.77%, 8/19/2045 (l)		240		233
Homeward Opportunities Fund I Trust
Series 2018-2, Class A1, 3.98%, 11/25/2058 (c) (l)		2,408		2,493
Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (c) (l)		2,000		2,022
Series 2019-1, Class B1, 4.80%, 1/25/2059 ‡ (c) (l)		1,850		1,905
Series 2019-3, Class B1, 4.02%, 11/25/2059 ‡ (c) (l)		4,970		4,971
Impac CMB Trust
Series 2004-5, Class 1A1, 0.87%, 10/25/2034 (l)		510		525
Series 2004-6, Class 1A2, 0.93%, 10/25/2034 (l)		1,185		1,178
Series 2004-5, Class 1M2, 1.02%, 10/25/2034 ‡ (l)		177		172
Series 2004-7, Class 1A2, 1.07%, 11/25/2034 (l)		563		566
Series 2004-9, Class 1A1, 0.91%, 1/25/2035 (l)		2,237		2,235

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2004-10, Class 2A, 0.79%, 3/25/2035 (l)		707		653
Series 2004-10, Class 3A1, 0.85%, 3/25/2035 (l)		2,356		2,283
Series 2005-1, Class 1A1, 0.67%, 4/25/2035 (l)		445		436
Series 2005-2, Class 1A2, 0.77%, 4/25/2035 (l)		477		463
Series 2005-1, Class 1A2, 0.77%, 4/25/2035 (l)		545		532
Series 2005-4, Class 1A1A, 0.69%, 5/25/2035 (l)		351		350
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A4, 3.75%, 8/25/2033		274		269
Impac Secured Assets Trust
Series 2007-3, Class A1B, 0.39%, 9/25/2037 (l)		2,688		2,290
Series 2007-3, Class A1C, 0.51%, 9/25/2037 (l)		4,504		3,686
IndyMac INDX Mortgage Loan Trust
Series 2005-AR3, Class 3A1, 3.31%, 4/25/2035 (l)		335		334
Series 2005-AR14, Class 2A1A, 0.45%, 7/25/2035 (l)		1,095		1,019
Series 2007-AR21, Class 6A1, 3.04%, 9/25/2037 (l)		5,465		4,528
JP Morgan Alternative Loan Trust Series 2006-A2, Class 1A1, 0.33%, 5/25/2036 (l)		3,435		3,166
JP Morgan Mortgage Trust
Series 2006-S2, Class 2A1, 5.00%, 6/25/2021		30		27
Series 2006-S3, Class 2A4, 5.50%, 8/25/2021		22		22
Series 2007-S3, Class 2A3, 6.00%, 8/25/2022		26		27
Series 2004-A6, Class 1A1, 3.20%, 12/25/2034 (l)		136		135
Series 2005-A3, Class 6A6, 3.79%, 6/25/2035 (l)		342		343
Series 2007-A1, Class 2A2, 3.12%, 7/25/2035 (l)		261		264
Series 2005-A6, Class 1A2, 2.97%, 9/25/2035 (l)		311		313
Series 2005-A8, Class 1A1, 2.95%, 11/25/2035 (l)		136		123

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-A8, Class 4A1, 3.05%, 11/25/2035 (l)		1,791		1,635
Series 2006-A7, Class 2A4, 3.46%, 1/25/2037 (l)		685		632
Series 2007-S1, Class 2A17, 0.48%, 3/25/2037 (l)		4,636		1,459
Lehman Mortgage Trust
Series 2005-2, Class 2A5, 5.50%, 12/25/2035		1,029		873
Series 2007-7, Class 5A7, 6.50%, 8/25/2037		8,819		6,366
Lehman XS Trust
Series 2005-5N, Class 3A1A, 0.45%, 11/25/2035 (l)		4,408		4,329
Series 2005-7N, Class 1A1A, 0.69%, 12/25/2035 (l)		4,005		3,879
LHOME Mortgage Trust
Series 2019-RTL2, Class A2, 4.34%, 3/25/2024 (c) (i)		580		573
Series 2019-RTL3, Class A2, 4.34%, 7/25/2024 (c) (i)		1,340		1,321
MASTR Alternative Loan Trust
Series 2006-3, Class 3A1, 5.50%, 6/25/2021		98		110
Series 2004-8, Class 1A1, 6.50%, 9/25/2034		369		389
Series 2004-12, Class 3A1, 6.00%, 12/25/2034		889		921
Series 2005-3, Class 1A1, 5.50%, 4/25/2035		268		272
Series 2005-5, Class 3A1, 5.75%, 8/25/2035		254		187
Series 2005-6, Class 1A2, 5.50%, 12/25/2035		599		537
Merrill Lynch Mortgage Investors Trust
Series 2005-1, Class 2A1, 2.57%, 4/25/2035 (l)		76		74
Series 2005-1, Class 2A2, 2.57%, 4/25/2035 (l)		241		234
Series 2006-1, Class 2A1, 2.71%, 2/25/2036 (l)		1,048		1,075
Series 2006-AF2, Class AF2, 6.25%, 10/25/2036		265		178
Morgan Stanley Mortgage Loan Trust
Series 2006-2, Class 1A, 5.25%, 2/25/2021		585		575
Series 2004-8AR, Class 4A1, 2.85%, 10/25/2034 (l)		866		900

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2004-9, Class 1A, 5.46%, 11/25/2034 (l)		597		646
Series 2005-4, Class 1A, 5.00%, 8/25/2035		22		22
MortgageIT Trust
Series 2005-3, Class A1, 0.75%, 8/25/2035 (l)		2,464		2,426
Series 2005-5, Class A1, 0.67%, 12/25/2035 (l)		348		345
New Residential Mortgage Loan Trust
Series 2019-NQM2, Class M1, 4.27%, 4/25/2049 ‡ (c) (l)		2,000		2,056
Series 2019-NQM4, Class B1, 3.74%, 9/25/2059 ‡ (c) (l)		2,500		2,454
Series 2019-NQM4, Class B2, 5.02%, 9/25/2059 ‡ (c) (l)		4,000		3,769
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 ‡ (c) (l)		2,041		2,013
Series 2020-NQM1, Class M1, 3.21%, 1/26/2060 ‡ (c) (l)		3,600		3,571
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-WF1, Class 2A5, 5.16%, 3/25/2035 (i)		12		12
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
Series 2005-4, Class 1A2, 0.54%, 11/25/2035 (l)		165		165
Series 2005-5, Class 1APT, 0.43%, 12/25/2035 (l)		1,680		1,578
Opteum Mortgage Acceptance Corp. Trust
Series 2006-1, Class 1APT, 0.36%, 4/25/2036 (l)		549		526
Series 2006-1, Class 1AC1, 0.45%, 4/25/2036 (l)		1,963		1,873
PMT Credit Risk Transfer Trust Series 2019-2R, Class A, 2.90%, 5/27/2023 (c) (l)		594		559
PRPM LLC
Series 2020-2, Class A1, 3.67%, 8/25/2025 (c) (i)		3,194		3,192
Series 2020-3, Class A2, 5.07%, 9/25/2025 (c) (i)		8,500		8,493
RALI Trust
Series 2003-QS20, Class CB, 5.00%, 11/25/2018		3		3
Series 2005-QA5, Class A2, 4.90%, 4/25/2035 (l)		1,556		1,546

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 101

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2005-QS17, Class A3, 6.00%, 12/25/2035		892			878
Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036		1,467			1,477
Series 2006-QS4, Class A2, 6.00%, 4/25/2036		1,598			1,538
Series 2006-QS17, Class A5, 6.00%, 12/25/2036		2,555			2,468
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		4			5
Series 2005-A3, Class A2, 5.50%, 4/25/2035		3,007			2,576
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035		1,904			1,744
Series 2005-A14, Class A1, 5.50%, 12/25/2035		161			120
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		3,289			2,338
Series 2007-A5, Class 2A2, 6.00%, 5/25/2037		7,884			6,393
Residential Mortgage Loan Trust Series 2019-2, Class M1, 3.86%, 5/25/2059 (c) (l)		1,700			1,737
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		—	(m)		—	(m)
Series 2005-SA1, Class 3A, 2.66%, 3/25/2035 (l)		70			70
Series 2005-S7, Class A6, 5.50%, 11/25/2035		116			109
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		2,024			1,947
Series 2006-SA4, Class 2A1, 4.88%, 11/25/2036 (l)		1,977			1,766
Seasoned Credit Risk Transfer Trust
Series 2017-3, Class AIO, IO, 0.02%, 7/25/2056 (l)		274,149			247
Sequoia Mortgage Trust Series 2007-3, Class 1A1, 0.35%, 7/20/2036 (l)		610			586
Spruce Hill Mortgage Loan Trust
Series 2019-SH1, Class A1, 3.40%, 4/29/2049 (c) (l)		1,729			1,745
Series 2019-SH1, Class A3, 3.65%, 4/29/2049 (c) (l)		2,183			2,199
STACR Trust Series 2018-DNA2, Class M2, 2.33%, 12/25/2030 ‡ (c) (l)		11,100			10,860

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
STACR Trust 2018-DNA3 Series 2018-DNA3, Class M2, 2.27%, 9/25/2048 ‡ (c) (l)		8,000		7,807
Starwood Mortgage Residential Trust
Series 2018-IMC1, Class A1, 3.79%, 3/25/2048 (c) (l)		3,356		3,375
Series 2018-IMC1, Class B1, 5.29%, 3/25/2048 (c) (l)		5,661		5,887
Series 2019-IMC1, Class B1, 5.05%, 2/25/2049 (c) (l)		1,599		1,580
Series 2019-1, Class M1, 3.76%, 6/25/2049 ‡ (c) (l)		6,250		6,311
Series 2020-1, Class B1, 3.73%, 2/25/2050 ‡ (c) (l)		5,410		5,387
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 1A1, 3.11%, 2/25/2035 (l)		330		324
Structured Asset Mortgage Investments II Trust
Series 2005-AR3, Class 1A1, 0.69%, 8/25/2035 (l)		2,912		2,983
Series 2007-AR7, Class 1A1, 1.00%, 5/25/2047 (l)		3,482		2,682
Toorak Mortgage Corp. Ltd. Series 2018-1, Class A1, 4.34%, 8/25/2021 (c) (i)		4,347		4,361
Verus Securitization Trust
Series 2018-INV1, Class B1, 4.55%, 3/25/2058 ‡ (c) (l)		5,000		5,076
Series 2018-3, Class A1, 4.11%, 10/25/2058 (c) (l)		2,364		2,421
Series 2019-2, Class B1, 4.44%, 5/25/2059 ‡ (c) (l)		1,700		1,576
Series 2019-INV2, Class M1, 3.50%, 7/25/2059 ‡ (c) (l)		2,000		2,023
Series 2019-INV2, Class B1, 4.45%, 7/25/2059 ‡ (c) (l)		2,000		1,936
Series 2019-INV3, Class B1, 3.73%, 11/25/2059 ‡ (c) (l)		5,000		4,929
Series 2019-INV1, Class M1, 4.03%, 12/25/2059 ‡ (c) (l)		1,000		1,001
Series 2019-INV1, Class B1, 4.99%, 12/25/2059 ‡ (c)		4,100		4,024
Series 2020-1, Class M1, 3.02%, 1/25/2060 ‡ (c) (l)		1,700		1,690
Series 2020-5, Class B1, 3.71%, 5/25/2065 (c) (l)		2,400		2,400
Series 2020-5, Class B2, 4.71%, 5/25/2065 (c) (l)		1,400		1,400

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
United States — continued
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR11, Class A, 2.81%, 10/25/2034 (l)		1,000		1,005
Series 2005-AR5, Class A6, 3.62%, 5/25/2035 (l)		2,229		2,259
Series 2005-AR7, Class A3, 2.95%, 8/25/2035 (l)		3,335		3,396
Series 2005-AR10, Class 1A3, 3.03%, 9/25/2035 (l)		1,875		1,990
Series 2005-AR14, Class 1A3, 3.37%, 12/25/2035 (l)		1,446		1,431
Series 2005-AR14, Class 1A4, 3.37%, 12/25/2035 (l)		964		954
Series 2005-AR16, Class 1A1, 3.68%, 12/25/2035 (l)		600		589
Series 2005-AR18, Class 1A3A, 3.66%, 1/25/2036 (l)		65		66
Series 2006-AR2, Class 1A1, 3.69%, 3/25/2036 (l)		282		270
Series 2004-AR10, Class A1B, 0.57%, 7/25/2044 (l)		839		826
Series 2005-AR15, Class A1A1, 0.41%, 11/25/2045 (l)		39		38
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2006-3, Class 5A2, 5.50%, 3/25/2021		360		360
Series 2007-1, Class 2A1, 6.00%, 1/25/2022		480		455
Series 2005-1, Class 1A3, 5.50%, 3/25/2035		779		766
Series 2005-4, Class CB7, 5.50%, 6/25/2035		521		494
Series 2005-10, Class 2A5, 5.75%, 11/25/2035		2,500		2,392
Series 2005-10, Class 4CB1, 5.75%, 12/25/2035		810		813
Series 2006-5, Class 2CB5, 6.50%, 7/25/2036		199		179
Series 2007-1, Class 1A7, 0.75%, 2/25/2037 (l)		3,514		2,423
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-AR19, Class A3, 3.48%, 12/25/2036 (l)		198		184

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2007-15, Class A1, 6.00%, 11/25/2037		250		250
				731,257
Total Collateralized Mortgage Obligations (Cost $734,780)				736,702
Equity-Linked Notes — 4.2%
Goldman Sachs International, ELN, 8.00%, 12/11/2020, (linked to Russell 2000 Index) (c)		165		253,998
UBS AG, ELN, 7.00%, 11/20/2020, (linked to Russell 2000 Index) (c)		166		254,754
Total Equity-Linked Notes (Cost $502,770)				508,752
Asset-Backed Securities — 3.5%
Cayman Islands — 0.0% (f)
BlueMountain CLO Ltd.
Series 2012-2A, Class DR2, 3.15%, 11/20/2028 ‡ (c) (l)		750		686
Series 2018-3A, Class D, 3.46%, 10/25/2030 ‡ (c) (l)		685		629
Voya CLO Ltd. Series 2016-3A, Class CR, 3.47%, 10/18/2031 ‡ (c) (l)		550		499
				1,814
United States — 3.5%
ABFC Trust
Series 2003-OPT1, Class A1A, 0.97%, 4/25/2033 ‡ (l)		184		176
Series 2004-OPT3, Class M1, 0.90%, 9/25/2033 ‡ (l)		587		572
Series 2004-HE1, Class M1, 1.05%, 3/25/2034 ‡ (l)		1,030		1,020
Series 2005-WF1, Class M1, 0.69%, 11/25/2034 ‡ (l)		453		451
ACC Trust
Series 2019-1, Class A, 3.75%, 5/20/2022 (c)		195		196
Series 2019-1, Class B, 4.47%, 10/20/2022 (c)		3,145		3,154
Series 2019-1, Class C, 6.41%, 2/20/2024 (c)		2,050		2,019
Accredited Mortgage Loan Trust
Series 2004-4, Class M1, 1.02%, 1/25/2035 ‡ (l)		670		643

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 103

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
ACE Securities Corp. Home Equity Loan Trust
Series 2003-FM1, Class M1, 1.44%, 11/25/2032 ‡ (l)		699		702
Series 2003-NC1, Class M1, 1.32%, 7/25/2033 ‡ (l)		411		409
Series 2003-HE1, Class M1, 1.12%, 11/25/2033 (l)		923		918
Series 2003-OP1, Class M1, 1.20%, 12/25/2033 ‡ (l)		2,724		2,680
Series 2004-OP1, Class M2, 1.72%, 4/25/2034 ‡ (l)		2,869		2,818
Series 2004-HE4, Class M2, 1.12%, 12/25/2034 ‡ (l)		1,114		1,093
American Credit Acceptance Receivables Trust
Series 2018-3, Class E, 5.17%, 10/15/2024 (c)		1,545		1,610
Series 2017-4, Class E, 5.02%, 12/10/2024 (c)		420		431
Series 2018-4, Class D, 4.40%, 1/13/2025 (c)		3,280		3,407
Series 2018-4, Class E, 5.38%, 1/13/2025 (c)		725		764
Series 2019-2, Class D, 3.41%, 6/12/2025 (c)		610		631
Series 2019-2, Class E, 4.29%, 6/12/2025 (c)		480		499
Series 2018-3, Class F, 6.44%, 6/12/2025 (c)		1,255		1,306
Series 2018-4, Class F, 6.94%, 10/13/2025 (c)		1,045		1,102
Series 2019-1, Class F, 6.06%, 12/12/2025 (c)		1,630		1,671
Series 2020-2, Class C, 3.88%, 4/13/2026 (c)		1,000		1,058
Series 2019-3, Class F, 5.42%, 5/12/2026 (c)		1,210		1,229
Series 2020-2, Class D, 5.65%, 5/13/2026 (c)		900		989
Series 2019-2, Class F, 5.81%, 6/12/2026 (c)		510		510
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2002-AR1, Class M1, 1.21%, 9/25/2032 ‡ (l)		332		335
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities
Series 2004-R1, Class A2, 0.75%, 2/25/2034 ‡ (l)		681		640

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2004-R1, Class M1, 0.94%, 2/25/2034 ‡ (l)		1,778		1,716
Series 2004-R1, Class M2, 1.02%, 2/25/2034 ‡ (l)		319		306
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-W3, Class A3, 0.97%, 2/25/2034 ‡ (l)		1,304		1,258
Series 2004-W2, Class M2, 2.02%, 4/25/2034 ‡ (l)		475		476
Series 2004-W2, Class M3, 2.25%, 4/25/2034 ‡ (l)		350		351
Series 2004-W7, Class M2, 1.05%, 5/25/2034 ‡ (l)		378		373
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2001-HE3, Class A1, 0.69%, 11/15/2031 (l)		1,228		1,203
Series 2003-HE3, Class M2, 3.15%, 6/15/2033 ‡ (l)		32		32
Series 2003-HE4, Class M1, 1.39%, 8/15/2033 (l)		1,189		1,186
Series 2003-HE4, Class M2, 3.15%, 8/15/2033 ‡ (l)		693		698
Series 2004-HE2, Class M2, 2.02%, 4/25/2034 ‡ (l)		1,171		1,165
Series 2004-HE7, Class M2, 1.72%, 10/25/2034 ‡ (l)		829		843
Series 2005-HE6, Class M4, 1.11%, 7/25/2035 ‡ (l)		474		475
Bayview Financial Acquisition Trust
Series 2006-D, Class 1A5, 5.67%, 12/28/2036 ‡ (i)		139		150
Bayview Financial Mortgage Pass-Through Trust Series 2006-C, Class 1A2, 5.64%, 11/28/2036 ‡ (i)		17		17
Bear Stearns Asset-Backed Securities I Trust
Series 2004-HE6, Class M2, 2.02%, 8/25/2034 ‡ (l)		2,203		2,195
Series 2004-HE11, Class M2, 1.72%, 12/25/2034 ‡ (l)		690		692
Bear Stearns Asset-Backed Securities Trust
Series 2003-SD1, Class A, 1.05%, 12/25/2033 ‡ (l)		375		366
Series 2003-SD1, Class M1, 1.42%, 12/25/2033 ‡ (l)		388		379
Series 2004-HE2, Class M2, 1.95%, 3/25/2034 ‡ (l)		696		704

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Series 2003-1, Class M1, 1.80%, 11/25/2042 ‡ (l)		257		263
Series 2004-SD4, Class A1, 1.05%, 8/25/2044 ‡ (l)		1,124		1,121
CDC Mortgage Capital Trust Series 2003-HE1, Class M1, 1.50%, 8/25/2033 (l)		244		244
Centex Home Equity Loan Trust
Series 2004-A, Class M1, 0.75%, 1/25/2034 ‡ (l)		2,751		2,710
Series 2004-C, Class M2, 0.94%, 6/25/2034 ‡ (l)		491		468
Series 2004-D, Class MV2, 0.84%, 9/25/2034 ‡ (l)		169		168
Series 2004-D, Class MF2, 5.56%, 9/25/2034 ‡ (i)		603		631
Series 2004-D, Class MF3, 5.76%, 9/25/2034 ‡ (i)		1,640		1,707
Chase Funding Loan Acquisition Trust
Series 2004-AQ1, Class M1, 1.24%, 5/25/2034 ‡ (l)		1,116		1,078
Series 2004-OPT1, Class M2, 1.65%, 6/25/2034 ‡ (l)		341		338
Chase Funding Trust
Series 2003-5, Class 1M2, 5.64%, 9/25/2032 ‡ (l)		131		130
Series 2003-4, Class 2M1, 1.05%, 3/25/2033 ‡ (l)		62		61
Series 2004-1, Class 1M1, 4.73%, 5/25/2033 ‡		841		871
Series 2003-4, Class 1A5, 5.08%, 5/25/2033 ‡ (i)		892		927
Series 2004-1, Class 2M1, 0.90%, 9/25/2033 ‡ (l)		173		172
Series 2003-6, Class 2A2, 0.73%, 11/25/2034 ‡ (l)		2,061		1,941
Series 2003-6, Class 2M1, 0.90%, 11/25/2034 ‡ (l)		1,019		1,019
Series 2004-2, Class 1M1, 5.70%, 2/26/2035 ‡ (l)		1,803		1,874
CHEC Loan Trust Series 2004-1, Class M1, 1.05%, 7/25/2034 ‡ (c) (l)		854		820
Citifinancial Mortgage Securities, Inc.
Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (i)		2,593		2,695

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Citigroup Mortgage Loan Trust, Inc.
Series 2005-OPT1, Class M4, 1.20%, 2/25/2035 ‡ (l)		186		179
Series 2005-WF2, Class AF7, 5.25%, 8/25/2035 ‡ (i)		37		37
Conn’s Receivables Funding LLC
Series 2018-A, Class B, 4.65%, 1/15/2023 ‡ (c)		79		79
Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (c)		62		62
Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (c)		869		871
Series 2019-A, Class C, 5.29%, 10/16/2023 (c)		1,288		1,268
Series 2019-B, Class B, 3.62%, 6/17/2024 ‡ (c)		920		911
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2020-9, Class PT, 8.34%, 4/15/2045 (c) (l)		6,630		6,180
Series 2020-8, Class PT, HB, 24.57%, 4/17/2045 (c) (l)		2,655		2,319
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 1.27%, 12/25/2032 ‡ (l)		450		450
Series 2004-2, Class M1, 0.90%, 5/25/2034 ‡ (l)		2,839		2,824
Series 2004-3, Class M1, 0.90%, 6/25/2034 ‡ (l)		427		414
Series 2004-3, Class M2, 0.97%, 6/25/2034 ‡ (l)		397		389
Series 2004-BC4, Class M1, 1.20%, 11/25/2034 ‡ (l)		118		118
Series 2004-ECC2, Class M2, 1.12%, 12/25/2034 ‡ (l)		269		269
Series 2005-12, Class M2, 0.64%, 2/25/2036 ‡ (l)		2,065		2,056
Series 2005-AB4, Class 2A1, 0.42%, 3/25/2036 ‡ (l)		1,567		1,461
Series 2006-19, Class 2A2, 0.31%, 3/25/2037 ‡ (l)		4,334		4,276
Countrywide Partnership Trust
Series 2004-EC1, Class M2, 1.09%, 1/25/2035 ‡ (l)		554		537
Credit Acceptance Auto Loan Trust
Series 2019-3A, Class B, 2.86%, 1/16/2029 (c)		1,500		1,560

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 105

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Credit-Based Asset Servicing and Securitization LLC
Series 2004-CB2, Class M1, 0.93%, 7/25/2033 ‡ (l)		1,072		1,038
Series 2003-CB6, Class M1, 1.20%, 12/25/2033 ‡ (l)		1,824		1,809
CWABS Asset-Backed Certificates Trust
Series 2005-11, Class AF6, 5.05%, 2/25/2036 ‡ (l)		351		357
CWABS, Inc. Asset-Backed Certificates
Series 2004-1, Class M3, 1.12%, 2/25/2034 ‡ (l)		874		872
Series 2004-1, Class M2, 0.97%, 3/25/2034 ‡ (l)		487		483
CWABS, Inc. Asset-Backed Certificates Trust
Series 2004-5, Class M2, 1.15%, 7/25/2034 ‡ (l)		1,213		1,210
Series 2004-6, Class M2, 1.12%, 10/25/2034 ‡ (l)		454		445
Drive Auto Receivables Trust
Series 2019-4, Class A2A, 2.32%, 6/15/2022		50		50
Series 2019-3, Class C, 2.90%, 8/15/2025		2,390		2,462
Series 2019-3, Class D, 3.18%, 10/15/2026		2,010		2,090
DT Auto Owner Trust
Series 2019-1A, Class D, 3.87%, 11/15/2024 (c)		3,285		3,404
Series 2018-2A, Class E, 5.54%, 6/16/2025 (c)		685		707
Series 2018-3A, Class E, 5.33%, 11/17/2025 (c)		2,732		2,861
Series 2019-1A, Class E, 4.94%, 2/17/2026 (c)		3,690		3,800
Series 2019-2A, Class E, 4.46%, 5/15/2026 (c)		4,167		4,322
Series 2019-3A, Class E, 3.85%, 8/17/2026 (c)		3,900		3,984
Exeter Automobile Receivables Trust
Series 2018-2A, Class D, 4.04%, 3/15/2024 (c)		4,000		4,090
Series 2019-2A, Class D, 3.71%, 3/17/2025 (c)		620		648
Series 2018-2A, Class E, 5.33%, 5/15/2025 (c)		1,300		1,349
Series 2018-4A, Class E, 5.38%, 7/15/2025 (c)		1,050		1,091

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2019-3A, Class D, 3.11%, 8/15/2025 (c)		2,385		2,451
Series 2019-1A, Class E, 5.20%, 1/15/2026 (c)		4,340		4,549
Series 2019-2A, Class E, 4.68%, 5/15/2026 (c)		10,840		11,284
Series 2019-3A, Class E, 4.00%, 8/17/2026 (c)		2,333		2,384
Series 2020-1A, Class E, 3.74%, 1/15/2027 (c)		2,690		2,725
FFMLT Trust Series 2005-FF11, Class M1, 0.79%, 11/25/2035 ‡ (l)		3,037		3,024
Finance America Mortgage Loan Trust
Series 2004-3, Class M2, 1.09%, 11/25/2034 ‡ (l)		140		128
First Franklin Mortgage Loan Asset-Backed Certificates Series 2004-FF3, Class M1, 0.97%, 5/25/2034 ‡ (l)		547		537
First Franklin Mortgage Loan Trust
Series 2003-FF5, Class M1, 1.05%, 3/25/2034 ‡ (l)		2,723		2,709
Series 2004-FF5, Class A1, 0.87%, 8/25/2034 ‡ (l)		1,404		1,395
Series 2005-FF10, Class A1, 0.45%, 11/25/2035 ‡ (l)		6,499		6,327
Series 2006-FF8, Class IIA3, 0.30%, 7/25/2036 ‡ (l)		162		162
Flagship Credit Auto Trust Series 2016-3, Class E, 6.25%, 10/15/2023 (c)		1,460		1,494
Ford Credit Auto Owner Trust
Series 2020-B, Class A2, 0.50%, 2/15/2023		313		313
Series 2019-B, Class A3, 2.23%, 10/15/2023		154		157
FREED ABS Trust
Series 2019-1, Class B, 3.87%, 6/18/2026 ‡ (c)		2,126		2,129
Series 2019-1, Class C, 5.39%, 6/18/2026 ‡ (c)		1,760		1,767
Fremont Home Loan Trust
Series 2003-A, Class M1, 1.12%, 8/25/2033 ‡ (l)		1,467		1,422
Series 2002-1, Class M1, 1.40%, 8/25/2033 ‡ (l)		1,357		1,365
Series 2004-B, Class M2, 1.09%, 5/25/2034 ‡ (l)		366		367

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Series 2004-2, Class M2, 1.08%, 7/25/2034 (l)		342		341
Series 2004-C, Class M1, 1.12%, 8/25/2034 ‡ (l)		648		620
Series 2004-D, Class M1, 1.02%, 11/25/2034 (l)		1,561		1,534
Series 2004-D, Class M2, 1.05%, 11/25/2034 (l)		226		216
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class A, 2.47%, 11/15/2023 (c)		385		389
Series 2019-1A, Class C, 3.87%, 12/16/2024 (c)		1,485		1,541
Series 2019-4A, Class C, 3.06%, 8/15/2025 (c)		1,050		1,080
Series 2019-1A, Class D, 4.94%, 12/15/2025 (c)		540		560
Series 2019-2A, Class D, 4.52%, 2/17/2026 (c)		1,000		1,031
GM Financial Automobile Leasing Trust Series 2020-3, Class A2A, 0.35%, 11/21/2022		71		71
GSAMP Trust
Series 2003-SEA, Class A1, 0.55%, 2/25/2033 ‡ (l)		758		730
Series 2003-HE1, Class M1, 1.40%, 6/20/2033 ‡ (l)		1,460		1,420
Series 2005-NC1, Class M1, 0.82%, 2/25/2035 ‡ (l)		759		763
Series 2006-FM1, Class A2C, 0.31%, 4/25/2036 ‡ (l)		2,599		2,067
Series 2006-HE4, Class A2C, 0.30%, 6/25/2036 ‡ (l)		249		249
Series 2007-SEA1, Class A, 0.45%, 12/25/2036 ‡ (c) (l)		4,677		4,501
Series 2006-HE3, Class A2C, 0.31%, 5/25/2046 (l)		2,578		2,552
Home Equity Asset Trust
Series 2002-5, Class M1, 1.85%, 5/25/2033 ‡ (l)		2,271		2,270
Series 2003-3, Class M1, 1.44%, 8/25/2033 ‡ (l)		528		525
Series 2004-6, Class M2, 1.05%, 12/25/2034 ‡ (l)		443		438
Home Equity Loan Trust Series 2007-FRE1, Class 2AV3, 0.38%, 4/25/2037 ‡ (l)		12,825		12,184

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Home Equity Mortgage Loan Asset-Backed Trust SPMD
Series 2004-B, Class M2, 1.27%, 11/25/2034 ‡ (l)		353		349
Series 2004-C, Class M1, 0.99%, 3/25/2035 ‡ (l)		5,833		5,658
Series 2004-C, Class M2, 1.05%, 3/25/2035 ‡ (l)		678		622
Honda Auto Receivables Owner Trust
Series 2017-2, Class A3, 1.68%, 8/16/2021		83		83
Hyundai Auto Receivables Trust
Series 2020-C, Class A2, 0.26%, 9/15/2023		156		156
Lendmark Funding Trust
Series 2018-1A, Class C, 5.03%, 12/21/2026 ‡ (c)		1,110		1,139
Long Beach Mortgage Loan Trust
Series 2001-2, Class M1, 0.71%, 7/25/2031 ‡ (l)		223		221
Series 2002-5, Class M1, 1.39%, 11/25/2032 ‡ (l)		1,754		1,735
Series 2003-4, Class M1, 1.17%, 8/25/2033 ‡ (l)		110		109
Series 2004-3, Class M2, 1.05%, 7/25/2034 ‡ (l)		591		581
Series 2004-3, Class M4, 1.76%, 7/25/2034 ‡ (l)		386		382
Series 2004-3, Class M6, 2.29%, 7/25/2034 (l)		141		141
Series 2004-4, Class M1, 1.05%, 10/25/2034 ‡ (l)		1,018		1,000
Mariner Finance Issuance Trust Series 2018-AA, Class A, 4.20%, 11/20/2030 (c)		2,050		2,059
Marlette Funding Trust Series 2017-3A, Class D, 5.03%, 12/15/2024 ‡ (c)		1,000		1,005
MASTR Asset-Backed Securities Trust
Series 2003-OPT1, Class M3, 4.27%, 12/25/2032 ‡ (l)		2,069		2,080
Series 2004-OPT2, Class M1, 1.05%, 9/25/2034 ‡ (l)		426		419
Series 2004-OPT2, Class M2, 1.12%, 9/25/2034 ‡ (l)		704		693
Series 2005-NC1, Class M2, 0.90%, 12/25/2034 ‡ (l)		493		484
Series 2005-NC1, Class M4, 1.29%, 12/25/2034 ‡ (l)		689		691

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 107

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049 (c)		4,703		4,228
Mercedes-Benz Auto Lease Trust Series 2019-B, Class A2, 2.01%, 12/15/2021		419		420
Mercedes-Benz Auto Receivables Trust Series 2019-1, Class A2A, 2.04%, 6/15/2022		380		383
Merrill Lynch Mortgage Investors Trust
Series 2003-OPT1, Class M1, 1.12%, 7/25/2034 (l)		303		296
Series 2004-HE2, Class M1, 1.35%, 8/25/2035 ‡ (l)		147		146
Series 2005-FM1, Class M1, 0.87%, 5/25/2036 (l)		1,084		1,062
Metlife Securitization Trust Series 2017-1A, Class A, 3.00%, 4/25/2055 (c) (l)		5,072		5,343
MFA LLC
Series 2017-NPL1, Class A1, 3.35%, 11/25/2047 ‡ (c) (i)		4,019		4,024
Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (c) (i)		8,523		8,549
Series 2018-NPL2, Class A1, 4.16%, 7/25/2048 ‡ (c) (i)		7,409		7,437
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-NC10, Class M1, 1.17%, 10/25/2033 ‡ (l)		514		511
Series 2004-HE1, Class M1, 1.00%, 1/25/2034 ‡ (l)		1,647		1,636
Series 2004-NC3, Class M1, 0.94%, 3/25/2034 ‡ (l)		1,770		1,725
Series 2004-HE3, Class M1, 1.00%, 3/25/2034 ‡ (l)		2,376		2,336
Series 2004-HE2, Class M2, 1.95%, 3/25/2034 ‡ (l)		31		31
Series 2004-HE3, Class M2, 2.02%, 3/25/2034 ‡ (l)		437		434
Series 2004-HE2, Class M3, 2.32%, 3/25/2034 ‡ (l)		1,033		1,001
Series 2004-NC5, Class M1, 1.05%, 5/25/2034 ‡ (l)		3,700		3,580
Series 2004-WMC2, Class M1, 1.06%, 7/25/2034 ‡ (l)		1,323		1,310
Series 2004-WMC2, Class M2, 1.95%, 7/25/2034 ‡ (l)		213		214
Series 2004-NC6, Class M2, 2.02%, 7/25/2034 ‡ (l)		407		406

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2004-HE6, Class M1, 0.97%, 8/25/2034 (l)		414		411
Series 2004-HE6, Class M2, 1.05%, 8/25/2034 ‡ (l)		799		783
Series 2004-HE7, Class M2, 1.09%, 8/25/2034 ‡ (l)		210		209
Series 2004-HE6, Class M3, 1.12%, 8/25/2034 ‡ (l)		529		521
Series 2004-HE7, Class M3, 1.17%, 8/25/2034 ‡ (l)		54		54
Series 2004-HE8, Class M1, 1.11%, 9/25/2034 ‡ (l)		1,745		1,683
Series 2004-HE8, Class M2, 1.17%, 9/25/2034 ‡ (l)		292		283
Series 2004-NC8, Class M3, 1.26%, 9/25/2034 ‡ (l)		416		410
Series 2004-HE8, Class M3, 1.27%, 9/25/2034 ‡ (l)		513		502
Series 2005-HE1, Class M2, 0.85%, 12/25/2034 ‡ (l)		308		278
Series 2005-HE1, Class M3, 0.93%, 12/25/2034 ‡ (l)		832		755
Series 2005-NC1, Class M3, 0.91%, 1/25/2035 ‡ (l)		263		247
Series 2004-WMC3, Class M2, 0.94%, 1/25/2035 ‡ (l)		2,511		2,441
Morgan Stanley Mortgage Loan Trust
Series 2007-5AX, Class 2A2, 0.30%, 2/25/2037 ‡ (l)		3,592		1,446
New Century Home Equity Loan Trust
Series 2003-3, Class M1, 1.33%, 7/25/2033 ‡ (l)		16		16
Series 2003-B, Class M2, 2.62%, 11/25/2033 ‡ (l)		250		251
Series 2004-1, Class M1, 1.03%, 5/25/2034 (l)		1,910		1,860
Series 2004-2, Class M2, 1.08%, 8/25/2034 ‡ (l)		163		160
Series 2004-2, Class M4, 1.95%, 8/25/2034 ‡ (l)		689		686
Series 2004-2, Class M6, 2.40%, 8/25/2034 ‡ (l)		408		407
Series 2004-3, Class M2, 1.12%, 11/25/2034 ‡ (l)		387		386
Series 2004-3, Class M3, 1.21%, 11/25/2034 ‡ (l)		300		299
Series 2004-4, Class M1, 0.91%, 2/25/2035 ‡ (l)		3,237		3,142

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
United States — continued
Series 2004-4, Class M2, 0.94%, 2/25/2035 ‡ (l)		361		357
Series 2005-1, Class M3, 0.93%, 3/25/2035 ‡ (l)		292		273
Series 2006-2, Class A2B, 0.31%, 8/25/2036 ‡ (l)		1,386		1,346
NovaStar Mortgage Funding Trust
Series 2003-2, Class M2, 2.92%, 9/25/2033 ‡ (l)		1,156		1,176
Series 2004-2, Class M4, 1.95%, 9/25/2034 ‡ (l)		1,252		1,217
NRZ Excess Spread-Collateralized Notes
Series 2018-FNT1, Class D, 4.69%, 5/25/2023 ‡ (c)		696		687
Series 2018-FNT1, Class E, 4.89%, 5/25/2023 ‡ (c)		570		557
OnDeck Asset Securitization Trust LLC
Series 2018-1A, Class C, 4.52%, 4/18/2022 ‡ (c)		250		250
OneMain Financial Issuance Trust
Series 2015-3A, Class C, 5.82%, 11/20/2028 ‡ (c)		915		917
Series 2019-1A, Class B, 3.79%, 2/14/2031 ‡ (c)		990		1,017
Option One Mortgage Acceptance Corp. Asset-Backed Certificates
Series 2003-5, Class A2, 0.79%, 8/25/2033 ‡ (l)		347		331
Series 2003-5, Class M2, 2.47%, 8/25/2033 ‡ (l)		65		70
Option One Mortgage Loan Trust
Series 2002-3, Class A1, 0.65%, 8/25/2032 ‡ (l)		2,570		2,507
Series 2002-3, Class A2, 0.69%, 8/25/2032 ‡ (l)		432		422
Series 2004-3, Class M2, 1.00%, 11/25/2034 ‡ (l)		475		464
People’s Choice Home Loan Securities Trust Series 2004-2, Class M3, 1.87%, 10/25/2034 ‡ (l)		1,910		1,881
PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.50%, 4/25/2023 (c) (l)		2,878		2,768
PNMAC GMSR Issuer Trust Series 2018-GT1, Class A, 3.00%, 2/25/2023 (c) (l)		3,715		3,631
Prestige Auto Receivables Trust
Series 2017-1A, Class E, 4.89%, 5/15/2024 (c)		780		803

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2018-1A, Class D, 4.14%, 10/15/2024 (c)		865		900
Series 2018-1A, Class E, 5.03%, 1/15/2026 (c)		635		658
Pretium Mortgage Credit Partners I LLC
Series 2019-NPL2, Class A1, 3.84%, 12/27/2058 ‡ (c) (i)		2,453		2,458
Series 2019-NPL3, Class A2, 4.58%, 7/27/2059 ‡ (c) (i)		2,500		2,457
Series 2020-NPL3, Class A2, 6.41%, 6/27/2060 (c) (i)		14,500		14,500
PRPM LLC
Series 2019-3A, Class A1, 3.35%, 7/25/2024 ‡ (c) (i)		4,025		4,030
Series 2019-4A, Class A1, 3.35%, 11/25/2024 ‡ (c) (i)		3,860		3,870
Series 2020-4, Class A2, 5.19%, 10/25/2025 (c) (i)		7,000		7,000
RAMP Trust
Series 2002-RS2, Class AI5, 5.44%, 3/25/2032 ‡ (l)		349		362
Series 2006-RZ3, Class M1, 0.50%, 8/25/2036 ‡ (l)		5,439		5,293
RASC Trust
Series 2005-EMX1, Class M1, 0.79%, 3/25/2035 ‡ (l)		1,221		1,212
Series 2005-KS2, Class M1, 0.79%, 3/25/2035 ‡ (l)		568		562
Renaissance Home Equity Loan Trust
Series 2002-3, Class M1, 1.65%, 12/25/2032 ‡ (l)		666		653
Series 2003-1, Class M1, 1.65%, 6/25/2033 ‡ (l)		292		289
Series 2003-4, Class M1, 1.00%, 3/25/2034 ‡ (l)		1,404		1,373
Series 2003-4, Class M2F, 6.24%, 3/25/2034 ‡ (i)		755		758
Series 2005-1, Class AF6, 4.97%, 5/25/2035 ‡ (i)		103		108
Series 2005-2, Class AV3, 0.52%, 8/25/2035 ‡ (l)		826		777
Santander Prime Auto Issuance Notes Trust
Series 2018-A, Class E, 5.04%, 9/15/2025 (c)		921		928
Series 2018-A, Class F, 6.80%, 9/15/2025 (c)		1,395		1,412

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 109

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-backed Securities — continued
United States — continued
SASCO Mortgage Loan Trust Series 2004-GEL3, Class M1, 1.72%, 8/25/2034 ‡ (l)		668		668
Saxon Asset Securities Trust
Series 2003-3, Class M1, 1.12%, 12/25/2033 ‡ (l)		3,516		3,441
Series 2004-2, Class MV2, 1.95%, 8/25/2035 ‡ (l)		680		678
Series 2005-2, Class M2, 0.81%, 10/25/2035 (l)		2,738		2,674
Securitized Asset-Backed Receivables LLC Trust
Series 2004-NC1, Class M1, 0.93%, 2/25/2034 ‡ (l)		1,687		1,653
Series 2004-OP1, Class M2, 1.80%, 2/25/2034 ‡ (l)		334		336
Series 2005-OP1, Class M2, 0.82%, 1/25/2035 ‡ (l)		482		457
Series 2005-FR2, Class M2, 1.12%, 3/25/2035 ‡ (l)		220		220
Specialty Underwriting & Residential Finance Trust
Series 2004-BC1, Class M2, 1.75%, 2/25/2035 ‡ (l)		316		316
Series 2004-BC3, Class M1, 1.08%, 7/25/2035 ‡ (l)		699		695
Stanwich Mortgage Loan Trust Series 2019-NPB2, Class A1, 3.48%, 11/16/2024 ‡ (c) (i)		4,958		4,949
Structured Asset Investment Loan Trust
Series 2003-BC6, Class M1, 1.27%, 7/25/2033 ‡ (l)		423		422
Series 2003-BC12, Class M1, 1.12%, 11/25/2033 ‡ (l)		10		10
Series 2004-5, Class M3, 1.08%, 5/25/2034 ‡ (l)		135		125
Series 2004-6, Class M1, 1.05%, 7/25/2034 ‡ (l)		578		574
Series 2004-7, Class M1, 1.20%, 8/25/2034 ‡ (l)		783		780
Series 2004-8, Class M2, 1.08%, 9/25/2034 ‡ (l)		357		349
Series 2004-BNC1, Class A5, 1.39%, 9/25/2034 ‡ (l)		174		174
Structured Asset Securities Corp. Mortgage Loan Trust
Series 2006-BC4, Class A4, 0.32%, 12/25/2036 ‡ (l)		2,625		2,570

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2006-BC6, Class A4, 0.32%, 1/25/2037 (l)		5,677		5,588
Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡		1,889		1,838
Toyota Auto Receivables Owner Trust Series 2020-A, Class A2, 1.67%, 11/15/2022		233		234
Vericrest Opportunity Loan Trust
Series 2019-NPL2, Class A1, 3.97%, 2/25/2049 ‡ (c) (i)		7,611		7,623
Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (c) (i)		2,391		2,395
Volvo Financial Equipment LLC Series 2019-2A, Class A2, 2.02%, 8/15/2022 (c)		716		721
Wells Fargo Home Equity Asset-Backed Securities Trust
Series 2004-2, Class M4, 1.95%, 12/25/2033 (l)		882		876
Series 2004-2, Class M1, 1.05%, 10/25/2034 ‡ (l)		571		554
Series 2004-2, Class M5, 2.02%, 10/25/2034 ‡ (l)		154		154
Series 2004-2, Class M8A, 4.65%, 10/25/2034 ‡ (c) (l)		290		265
Series 2004-2, Class M8B, 5.00%, 10/25/2034 ‡ (c) (l)		290		266
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
Series 2004-1, Class M2, 0.78%, 4/25/2034 ‡ (l)		284		280
Series 2004-1, Class M4, 1.30%, 4/25/2034 ‡ (l)		630		589
Westlake Automobile Receivables Trust
Series 2019-1A, Class E, 4.49%, 7/15/2024 (c)		2,865		2,995
Series 2018-3A, Class F, 6.02%, 2/18/2025 (c)		3,605		3,691
Series 2019-2A, Class E, 4.02%, 4/15/2025 (c)		1,760		1,795
Series 2019-1A, Class F, 5.67%, 2/17/2026 (c)		1,769		1,825
Series 2019-2A, Class F, 5.00%, 3/16/2026 (c)		1,880		1,860
				418,782
Total Asset-Backed Securities (Cost $407,822)				420,596

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities—2.4%
United States—2.4%
BANK Series 2020-BN28, Class E, 2.50%, 3/15/2063 (c)		3,000		2,434
Benchmark Mortgage Trust
Series 2018-B1, Class D, 2.75%, 1/15/2051 ‡ (c)		975		753
Series 2019-B11, Class D, 3.00%, 5/15/2052 ‡ (c)		4,000		3,238
BX Commercial Mortgage Trust
Series 2018-IND, Class E, 1.85%, 11/15/2035 ‡ (c) (l)		455		449
Series 2020-BXLP, Class F, 2.15%, 12/15/2036 ‡ (c) (l)		924		893
Series 2020-VIV3, Class B, 3.54%, 3/9/2044 (c)		8,179		8,128
Series 2020-VIV2, Class C, 3.66%, 3/9/2044 (c) (l)		10,590		10,035
BXMT Ltd. Series 2017-FL1, Class C, 2.10%, 6/15/2035 ‡ (c) (l)		1,500		1,485
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class E, 2.30%, 12/15/2037 ‡ (c) (l)		2,690		2,649
Series 2019-LIFE, Class G, 3.40%, 12/15/2037 ‡ (c) (l)		2,420		2,293
CD Mortgage Trust Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (c)		331		224
CFCRE Commercial Mortgage Trust Series 2016-C6, Class D, 4.21%, 11/10/2049 ‡ (c) (l)		1,000		779
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class D, 4.74%, 1/10/2036 ‡ (c) (l)		2,500		2,553
Series 2019-PRM, Class E, 4.73%, 5/10/2036 ‡ (c) (l)		2,750		2,792
Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (c)		2,500		1,950
Series 2016-C1, Class D, 4.95%, 5/10/2049 ‡ (c) (l)		2,225		1,889
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (c)		1,325		981
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (l)		910		998
Commercial Mortgage Trust
Series 2020-CBM, Class F, 3.63%, 2/10/2037 ‡ (c) (l)		2,750		2,232
Series 2014-CR15, Class C, 4.74%, 2/10/2047 ‡ (l)		3,375		3,578
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 ‡ (c)		3,100		1,990

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2014-LC17, Class D, 3.69%, 10/10/2047 (c)		2,000		1,790
Series 2014-CR20, Class D, 3.22%, 11/10/2047 (c)		3,000		2,179
Series 2015-CR22, Class D, 4.11%, 3/10/2048 (c) (l)		1,000		923
Series 2015-LC21, Class D, 4.34%, 7/10/2048 (l)		450		357
Series 2016-CR28, Class D, 3.89%, 2/10/2049 ‡ (l)		1,350		1,250
Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class AM, 5.42%, 2/15/2040		25		24
CSAIL Commercial Mortgage Trust Series 2019-C15, Class C, 4.98%, 3/15/2052 ‡ (l)		3,835		3,826
FHLMC Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029		17,110		2,496
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K033, Class X1, IO, 0.29%, 7/25/2023 (l)		107,444		758
Series KC03, Class X1, IO, 0.49%, 11/25/2024 (l)		64,967		1,115
Series K734, Class X3, IO, 2.17%, 7/25/2026 (l)		13,025		1,331
Series KC04, Class X1, IO, 1.25%, 12/25/2026 (l)		14,998		839
Series K082, Class X3, IO, 2.21%, 10/25/2028 (l)		11,750		1,659
Series K084, Class X3, IO, 2.24%, 11/25/2028 (l)		6,000		873
Series K094, Class X1, IO, 0.88%, 6/25/2029 (l)		39,320		2,597
Series K090, Class X3, IO, 2.31%, 10/25/2029 (l)		1,750		286
Series K723, Class X3, IO, 1.92%, 10/25/2034 (l)		6,552		325
Series Q012, Class X, IO, 4.24%, 9/25/2035 (l)		26,500		7,042
Series K716, Class X3, IO, 1.79%, 8/25/2042 (l)		15,656		130
Series K054, Class X3, IO, 1.60%, 4/25/2043 (l)		17,000		1,252
Series K067, Class X3, IO, 2.11%, 9/25/2044 (l)		34,106		4,137
Series K727, Class X3, IO, 2.00%, 10/25/2044 (l)		33,818		2,300

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 111

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series K068, Class X3, IO, 2.06%, 10/25/2044 (l)		11,050		1,314
Series K059, Class X3, IO, 1.92%, 11/25/2044 (l)		24,693		2,419
Series K729, Class X3, IO, 1.97%, 11/25/2044 (l)		37,637		2,623
Series K066, Class X3, IO, 2.16%, 8/25/2045 (l)		20,000		2,452
Series K728, Class X3, IO, 1.95%, 11/25/2045 (l)		8,120		555
Series K071, Class X3, IO, 2.01%, 11/25/2045 (l)		5,000		597
Series K087, Class X3, IO, 2.32%, 1/25/2046 (l)		18,300		2,782
Series K088, Class X3, IO, 2.35%, 2/25/2047 (l)		11,130		1,799
Series K092, Class X3, IO, 2.25%, 5/25/2047 (l)		21,150		3,334
Series K094, Class X3, IO, 2.12%, 7/25/2047 (l)		14,206		2,109
Series K108, Class X3, IO, 3.49%, 4/25/2048 (l)		19,600		4,987
FNMA ACES
Series 2019-M21, Class X2, IO, 1.34%, 2/25/2031 (l)		6,519		681
Series 2016-M4, Class X2, IO, 2.66%, 1/25/2039 (l)		15,493		1,022
FNMA, Multifamily REMIC Trust Series 2020-M37, Class X, IO, 1.23%, 4/25/2032 (l)		29,985		2,480
FREMF Mortgage Trust
Series 2015-KF09, Class B, 5.50%, 5/25/2022 (c) (l)		111		110
Series 2015-KF10, Class B, 6.25%, 7/25/2022 (c) (l)		405		403
Series 2017-KF31, Class B, 3.05%, 4/25/2024 (c) (l)		1,322		1,292
Series 2017-KF32, Class B, 2.70%, 5/25/2024 (c) (l)		2,020		1,921
Series 2017-KF38, Class B, 2.65%, 9/25/2024 (c) (l)		1,478		1,426
Series 2018-K731, Class C, 3.93%, 2/25/2025 (c) (l)		2,000		2,090
Series 2018-KF47, Class B, 2.15%, 5/25/2025 (c) (l)		3,363		3,198
Series 2018-KF49, Class B, 2.05%, 6/25/2025 (c) (l)		285		270

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Series 2019-KF58, Class B, 2.30%, 1/25/2026 (c) (l)		2,016		1,916
Series 2019-KC03, Class B, 4.37%, 1/25/2026 (c) (l)		2,304		2,367
Series 2019-KF62, Class B, 2.20%, 4/25/2026 (c) (l)		2,108		1,992
Series 2017-KF33, Class B, 2.70%, 6/25/2027 (c) (l)		610		579
Series 2017-KF40, Class B, 2.85%, 11/25/2027 (c) (l)		1,546		1,477
Series 2018-KF43, Class B, 2.30%, 1/25/2028 (c) (l)		2,683		2,584
Series 2018-KF50, Class B, 2.05%, 7/25/2028 (c) (l)		629		599
Series 2018-K82, Class B, 4.13%, 9/25/2028 (c) (l)		1,460		1,647
Series 2019-KF59, Class B, 2.50%, 2/25/2029 (c) (l)		3,967		3,706
Series 2019-KG01, Class B, 4.16%, 4/25/2029 (c) (l)		3,090		3,146
Series 2019-KF63, Class B, 2.50%, 5/25/2029 (c) (l)		4,516		4,241
Series 2019-KF73, Class B, 2.60%, 11/25/2029 (c) (l)		5,000		4,737
Series 2017-K67, Class C, 3.94%, 9/25/2049 (c) (l)		730		772
Series 2017-K729, Class B, 3.68%, 11/25/2049 (c) (l)		1,400		1,502
Series 2017-K63, Class C, 3.87%, 2/25/2050 (c) (l)		1,380		1,453
Series 2017-K71, Class B, 3.75%, 11/25/2050 (c) (l)		1,280		1,412
Series 2017-K71, Class C, 3.75%, 11/25/2050 (c) (l)		1,065		1,111
Series 2018-K72, Class B, 3.99%, 12/25/2050 (c) (l)		3,000		3,346
Series 2019-K87, Class C, 4.32%, 1/25/2051 (c) (l)		2,000		2,144
Series 2018-K74, Class B, 4.09%, 2/25/2051 (c) (l)		2,445		2,731
Series 2018-K75, Class B, 3.97%, 4/25/2051 (c) (l)		1,235		1,379
Series 2019-K103, Class B, 3.45%, 12/25/2051 (c) (l)		970		1,037
Series 2019-K103, Class C, 3.45%, 12/25/2051 (c) (l)		400		398
Series 2019-K94, Class C, 3.97%, 7/25/2052 (c) (l)		2,000		2,056

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2020-K737, Class B, 3.30%, 1/25/2053 (c) (l)		1,000		1,078
Series 2020-K737, Class C, 3.30%, 1/25/2053 (c) (l)		1,470		1,492
Series 2019-K96, Class B, 3.81%, 8/25/2056 (c) (l)		1,915		2,124
GNMA
Series 2012-44, IO, 0.22%, 3/16/2049 (l)		9,769		46
Series 2015-86, IO, 0.62%, 5/16/2052 (l)		19,046		609
Series 2013-7, IO, 0.33%, 5/16/2053 (l)		61,413		955
Series 2012-89, IO, 0.44%, 12/16/2053 (l)		11,804		148
Series 2014-186, IO, 0.70%, 8/16/2054 (l)		17,051		567
Series 2013-178, IO, 0.42%, 6/16/2055 (l)		4,986		98
Series 2015-33, IO, 0.68%, 2/16/2056 (l)		14,150		549
Series 2015-59, IO, 0.92%, 6/16/2056 (l)		5,051		219
Series 2015-172, IO, 0.79%, 3/16/2057 (l)		4,451		178
Series 2016-40, IO, 0.70%, 7/16/2057 (l)		16,796		680
Series 2016-157, IO, 0.92%, 11/16/2057 (l)		19,795		1,218
Series 2016-71, Class QI, IO, 0.94%, 11/16/2057 (l)		98,810		5,452
Series 2016-155, IO, 0.83%, 2/16/2058 (l)		30,282		1,859
Series 2016-151, IO, 1.06%, 6/16/2058 (l)		79,459		5,246
Series 2017-54, IO, 0.62%, 12/16/2058 (l)		13,504		694
Series 2017-86, IO, 0.77%, 5/16/2059 (l)		4,671		243
Series 2017-148, IO, 0.64%, 7/16/2059 (l)		17,681		925
Series 2017-69, IO, 0.79%, 7/16/2059 (l)		2,362		131
Series 2019-53, Class IA, IO, 0.74%, 6/16/2061 (l)		13,537		956
Series 2020-28, IO, 0.86%, 11/16/2061 (l)		16,003		1,177

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
GS Mortgage Securities Trust
Series 2006-GG8, Class AJ, 5.62%, 11/10/2039		1,769		920
Series 2013-GC12, Class E, 3.25%, 6/10/2046 ‡ (c)		800		556
Series 2013-GC12, Class D, 4.45%, 6/10/2046 ‡ (c) (l)		750		600
Series 2015-GC34, Class D, 2.98%, 10/10/2048 ‡		1,380		961
Series 2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (c) (l)		900		778
Jackson Park Trust
Series 2019-LIC, Class E, 3.24%, 10/14/2039 ‡ (c) (l)		3,625		3,378
Series 2019-LIC, Class F, 3.24%, 10/14/2039 ‡ (c) (l)		4,170		3,578
JPMBB Commercial Mortgage Securities Trust
Series 2013-C17, Class D, 4.89%, 1/15/2047 ‡ (c) (l)		1,250		1,096
Series 2016-C1, Class D2, 4.24%, 3/15/2049 ‡ (c) (l)		1,465		1,190
KNDL Mortgage Trust Series 2019-KNSQ, Class E, 1.95%, 5/15/2036 ‡ (c) (l)		2,040		2,020
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 5.91%, 7/15/2044 (l)		331		327
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (l)		3,990		2,310
Series 2007-C6, Class AJ, 6.24%, 7/15/2040 (l)		1,844		1,772
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C5, Class G, 4.50%, 8/15/2045 ‡ (c)		1,500		1,244
Series 2014-C14, Class D, 4.94%, 2/15/2047 (c) (l)		1,500		1,493
Series 2014-C15, Class D, 4.91%, 4/15/2047 ‡ (c) (l)		365		310
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (c) (l)		730		601
Series 2006-T23, Class D, 6.19%, 8/12/2041 ‡ (c) (l)		1,644		1,650
Series 2007-HQ11, Class B, 5.54%, 2/12/2044 ‡ (l)		53		52
Series 2006-HQ8, Class D, 5.56%, 3/12/2044 ‡ (l)		191		191

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 113

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2019-L2, Class D, 3.00%, 3/15/2052 ‡ (c)		4,075		3,056
Series 2019-L2, Class E, 3.00%, 3/15/2052 ‡ (c)		2,575		1,642
MRCD MARK Mortgage Trust
Series 2019-PARK, Class F, 2.72%, 12/15/2036 (c)		10,000		9,497
Series 2019-PARK, Class G, 2.72%, 12/15/2036 (c)		4,000		3,669
Series 2019-PARK, Class J, 4.25%, 12/15/2036 (c)		17,000		15,482
Multifamily Connecticut Avenue Securities Trust
Series 2019-01, Class M7, 1.85%, 10/15/2049 ‡ (c) (l)		551		526
Series 2019-01, Class M10, 3.40%, 10/15/2049 ‡ (c) (l)		4,900		4,497
Series 2020-01, Class M10, 3.90%, 3/25/2050 ‡ (c) (l)		5,000		4,736
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048 (c) (l)		5,367		5,450
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (c) (l)		313		315
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (c) (l)		451		448
Wells Fargo Commercial Mortgage Trust
Series 2019-C52, Class XA, IO, 1.62%, 8/15/2052 (l)		3,970		425
WFRBS Commercial Mortgage Trust
Series 2014-C22, Class D, 3.90%, 9/15/2057 (c) (l)		5,505		4,396
Total Commercial Mortgage-Backed Securities (Cost $300,616)				283,818
Loan Assignments — 2.3% (n)
Canada — 0.1%
1011778 BC ULC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 11/19/2026 (b)		1,070		1,025
Bombardier Recreational Products, Inc., 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 5.00%), 6.00%, 1/1/2038 (b)		155		156
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 3 Month + 5.50%), 6.50%, 9/6/2024 (b)		5,564		5,397
Kik Custom Products, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 5/15/2023 (b)		582		576

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Canada — continued
Stars Group Holdings BV, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.72%, 7/10/2025 (b)		173		173
				7,327
France — 0.0% (f)
Altice France SA, 1st Lien Term loan B-13 (ICE LIBOR USD 3 Month + 4.00%), 4.24%, 8/14/2026 (b)		2,702		2,618
Luxembourg — 0.0% (f)
Intelsat Jackson Holdings, 1st Lien Term Loan (1-MONTH PRIME + 4.75%), 8.00%, 11/27/2023 (b)		2,707		2,717
United States — 2.2%
Acadia Healthcare Co., Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 2/16/2023 (b)		839		831
Adient US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%; ICE LIBOR USD 3 Month + 4.25%), 4.42%, 5/6/2024 (b)		684		673
Advanced Drainage Systems, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.44%, 7/31/2026 (b)		389		385
Air Medical Group Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 10/2/2025 (b)		455		440
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 8/30/2024 (b)		836		823
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027 (b) (o)		690		683
Allied Universal Holdco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 7/10/2026 (b)		674		659
Altice Financing SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 7/15/2025 (b)		898		854
AMC Entertainment Holdings, Inc., 1st Lien Term Loan B (3-MONTH PRIME + 2.00%), 3.22%, 4/22/2026 (b)		518		289
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (b)		1,508		1,456
API Group Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 10/1/2026 (b)		865		845

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
APi Group DE, Inc., Term B (ICE LIBOR USD 3 Month + 2.75%), 2.75%, 10/1/2026 (b) (o)		154		151
AppleCaramel Buyer LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 10/19/2027 (b) (o)		8,073		7,948
Ascend Learning LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 7/12/2024 (b)		735		718
Ascend Learning, LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024 (b) (o)		1,639		1,621
Asplundh Tree Expert LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.64%, 9/7/2027 (b) (o)		820		817
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 6.65%, 8/4/2025 (b)		302		302
Asurion LLC, Term Loan B-6 (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 11/3/2023 (b)		992		973
Asurion LLC, Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 11/3/2024 (b)		246		241
Atkins Nutritionals, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/7/2024 (b)		453		452
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 1.97%, 6/1/2024 (b)		2,173		2,106
B&G Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 10/10/2026 (b)		221		220
Banijay Entertainment, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.89%, 3/1/2025 (b)		890		861
Barracuda Networks, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 2/12/2025 (b)		332		326
Berry Global, Inc., 1st Lien Term Loan W (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 10/1/2022 (b)		1,750		1,730
BJ’s Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 2/3/2024 (b)		213		209
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 12/30/2027 (b)		455		439

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Brookfield WEC Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/1/2025 (b)		1,054		1,028
Buckeye Partners LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 11/1/2026 (b)		2,752		2,696
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.48%, 4/3/2024 (b)		7,205		6,718
Caesars Resort Collection LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 12/23/2024 (b)		487		455
California Resources Corp., Term Loan B-2 (ICE LIBOR USD 3 Month + 9.00%), 10.00%, 10/27/2025 ‡ (b) (o)		2,545		2,545
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 1/15/2025 (b)		1,000		969
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.72%, 2/15/2026 (b)		805		797
CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 11/18/2024 (b)		293		283
CCM Merger, Inc., 1st Lien Term Loan B (3-MONTH PRIME + 1.25%), 4.50%, 8/6/2021 (b)		1,264		1,253
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.40%, 3/15/2027 (b)		4,016		3,859
Charter Communications Operating LLC, 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 2/1/2027 (b)		2,456		2,391
CHG Healthcare Services, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 6/7/2023 (b)		544		530
Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024 (b)		3,436		3,431
Cineworld Finance US, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 2.77%, 2/28/2025 (b)		439		244
CITGO Holding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 8/1/2023 (b)		331		304
CityCenter Holdings LLC, Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/18/2024 (b)		1,002		940

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 115

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.65%, 12/18/2026 (b) (p)		1,842		1,428
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.71%, 8/21/2026 (b)		2,530		2,299
Clover Merger Sub, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 3.65%, 9/26/2024 (b)		729		703
Club Corp Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 2.97%, 9/18/2024 (b)		377		316
CommScope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 4/6/2026 (b)		1,411		1,359
Conservice, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.47%, 5/13/2027 (b)		670		655
Consolidated Container Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 5/22/2024 (b)		673		662
Cornerstone OnDemand, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 4/22/2027 (b)		2,033		2,013
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 3/2/2027 (b)		2,144		2,102
CPV Shore Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.90%, 12/29/2025 (b)		317		314
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 2.40%, 7/17/2025 (b)		1,361		1,311
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.40%, 1/15/2026 (b)		2,466		2,378
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 8/31/2026 (b)		324		308
CVS Holdings I LP, Delayed Draw Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 8/31/2026 (b) (o)		57		54
DaVita, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 8/12/2026 (b)		647		632
Dell International LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.75%, 9/19/2025 (b)		988		977

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Delta 2 SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 2/1/2024 (b)		467		447
Diamond Sports Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 8/24/2026 (b)		343		211
Digicert, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.15%, 10/16/2026 (b)		487		476
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024 (b)		3,978		3,888
Duff & Phelps Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 4/9/2027 (b)		544		534
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.91%, 2/6/2026 (b)		482		474
Edgewater Generation LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.90%, 12/13/2025 (b)		417		402
EIF Channelview Cogeneration LLC, Term Loan (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 5/3/2025 (b)		307		305
Elanco Animal Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 8/1/2027 (b)		938		916
Endo Pharmaceuticals, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.00%, 4/29/2024 (b)		329		312
Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 3.96%, 8/3/2026 (b)		308		301
Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.90%, 10/10/2025 (b)		826		587
Epic Crude Services LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.26%, 3/2/2026 (b)		11,536		7,994
ESH Hospitality, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 9/18/2026 (b)		671		647
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 7.50%, 7/12/2023 (b)		551		178
ExGen Renewables IV LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 11/28/2024 (b)		641		636

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022 ‡ (b) (j)		195		98
FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 12/31/2100 (b) (j)		792		–	(m)
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 4.00%, 12/29/2023 (b)		466		453
Gardner Denver Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 3/1/2027 (b)		409		403
Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/1/2024 (b)		5,032		4,927
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 12/1/2023 (b)		1,820		1,627
Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 2.22%, 12/30/2026 (b)		1,038		1,015
Getty Images, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 4.69%, 2/19/2026 (b)		2,912		2,709
GGP, Inc., 1st Lien Term Loan B REIT, (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 8/27/2025 (b)		607		501
Go Daddy Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 2/15/2024 (b)		1,253		1,221
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.50%), 3.25%, 10/4/2023 (b)		603		530
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 10/10/2025 (b)		668		653
Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 8/4/2027 (b)		3,624		3,590
Gray Television, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 1/2/2026 (b)		862		838
Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 10/8/2027 (b) (o)		5,228		5,139
Greeneden US Holdings II LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 12/1/2023 (b)		1,552		1,539

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Grizzly Acquisitions, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 3.48%, 10/1/2025 (b)		317		296
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.25%, 8/25/2023 (b)		2,877		2,022
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 5/16/2024 (b)		958		944
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 3.84%, 5/23/2025 (b)		353		339
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.50%, 6/30/2023 (b)		666		619
Hillman Group, Inc., Initial Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.15%, 5/30/2025 (b)		620		603
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 (b)		692		674
HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 3.21%, 4/25/2025 (b)		972		934
Hyland Software, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 7/1/2024 (b)		553		544
iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 5/1/2026 (b)		4,639		4,349
iHeartCommunications, Inc., Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 5/1/2026 (b)		168		161
INEOS Enterprises Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 8/28/2026 (b)		539		530
Informatica LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 2/25/2027 (b)		1,710		1,650
Invenergy LLC, Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 8/28/2025 (b)		309		307
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 2/5/2025 (b)		1,133		1,075
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 5/1/2026 (b)		3,656		3,561

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 117

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Jet Blue Airways Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 6.25%, 6/17/2024 (b)		257		255
KDC US Holding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.90%, 12/22/2025 (b)		862		840
Lifepoint Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.90%, 11/16/2025 (b)		566		548
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024 (b)		452		397
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024 (b)		26		22
LogMeIn, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.75%), 4.89%, 8/31/2027 (b)		490		474
MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 10/4/2024 (b)		448		432
Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/30/2024 (b)		302		282
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 1/31/2025 (b)		1,400		1,353
(ICE LIBOR USD 1 Month + 4.25%), 5.25%, 1/31/2025 (b)		3,257		3,181
Midcontinent Communications., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 8/15/2026 (b)		348		344
Misys, Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 6/13/2024 (b)		345		325
Moda Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 9/29/2025 (b)		333		328
Momentive Performance, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 5/15/2024 (b)		677		641
Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 4/1/2024 ‡ (b)		3,102		3,102
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 4/1/2025 ‡ (b)		2,246		1,750
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023 (b)		8,625		8,505

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 5/8/2025 (b)		294		266
Navistar International, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.65%, 11/6/2024 (b)		2,720		2,689
Nestle Skin Health SA, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 10/1/2026 (b) (o)		7,728		7,643
Netsmart Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 6.25%, 10/1/2027 (b)		456		447
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 9/18/2026 (b)		1,050		1,022
Nielsen Finance LLC, 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 10/4/2023 (b)		469		457
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.69%), 3.84%, 1/31/2026 (b)		1,085		1,048
Oryx Midstream Services LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.15%, 5/22/2026 (b)		357		323
Pathway Vet Alliance, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.15%, 3/31/2027 (b)		322		315
PCI Pharma Services, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 9.00%, 9/25/2027 (b) (o)		440		432
Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 5/1/2025 (b)		354		337
Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.75%), 8.75%, 5/1/2026 (b)		592		468
PetSmart, Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 3/11/2022 (b)		5,006		4,946
Petvet Care Centers LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 2/14/2025 (b)		554		537
PetVet Care Centers LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 2/14/2025 (b)		199		199
PG&E Corp., Exit Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.50%, 6/18/2025 (b)		718		709

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Pike Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 2.00%), 3.28%, 7/24/2026 (b)		359		353
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 7/2/2025 (b)		1,921		1,835
Prestige Brands, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 1/26/2024 (b)		764		760
Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%), 4.25%, 9/23/2026 (b)		1,385		1,366
Project Boost Purchaser LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.65%, 6/1/2026 (b)		406		393
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.65%, 12/22/2025 (b) (o)		10,941		9,806
Qlik Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 4/26/2024 (b)		346		338
Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.46%, 5/16/2025 (b)		541		520
Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 3/21/2025 (b)		147		134
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 11/3/2023 (b)		592		578
Red Ventures LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 11/8/2024 (b)		334		321
Refinitiv US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 10/1/2025 (b)		1,680		1,653
Reynolds Consumer Products, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 2/4/2027 (b)		907		888
Reynolds Group Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 2/5/2026 (b)		680		663
Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 2/5/2023 (b)		1,219		1,195
Ring Container Technologies LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 10/31/2024 (b)		338		327

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
RSA Securities LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 6.00%, 12/1/2028 (b)		612		606
Samsonite IP Holdings SARL, 1st Lien Term Loan A (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 4/25/2025 (b)		407		381
Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 8/14/2024 (b)		5,541		5,145
Shearer’s Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 9/23/2027 (b)		330		326
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 9/25/2026 (b) (o)		2,264		2,088
Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 6/27/2025 (b)		399		390
Spirit AeroSystems, Inc., Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.00%, 1/15/2025 (b) (o)		1,539		1,535
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 4/16/2025 (b)		453		440
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 4/16/2025 (b)		319		309
St George’s University Scholastic Services LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 7/17/2025 (b)		1,011		987
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.25%, 4/16/2026 (b)		1,686		1,543
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/14/2025 (b)		3,800		3,632
Summit Materials LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 11/21/2024 (b)		466		456
Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/17/2027 (b)		723		692
Tenneco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 10/1/2025 (b)		631		581
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 2/6/2024 (b)		816		663

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 119

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Loan Assignments — continued
United States — continued
Thyssenkrupp Elevator, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 4.25%), 4.57%, 6/30/2027 (b)		2,725		2,682
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.36%, 3/28/2025 (b)		6,972		6,608
Tivity Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 5.40%, 3/6/2026 (b)		326		319
Trans Union LLC, 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 11/16/2026 (b)		647		631
TransDigm Group, Inc., 1st Lien Term Loan E (ICE LIBOR USD 1 Month + 2.25%), 2.40%, 5/30/2025 (b)		1,082		1,017
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.25%), 2.40%, 12/9/2025 (b)		1,768		1,661
Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 9/6/2024 (b)		341		331
Tronox Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 3.18%, 9/23/2024 (b)		450		440
U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.19%, 6/26/2026 (b)		4,148		3,981
UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026 (b)		2,783		2,724
Ultimate Software Group, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 5/4/2026 (b)		905		899
United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 10/22/2025 (b)		1,755		1,725
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.22%, 5/16/2024 (b)		546		525
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 6/2/2025 (b)		12,850		12,534
VICI Properties 1 LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 12/22/2024 (b)		660		633
WestJet Airlines Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 12/11/2026 (b)		655		574

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 7/31/2026 (b)		557		541
WIRB Copernicus Group, Inc., 1st Lien term Loan B (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 1/8/2027 (b) (o)		1,253		1,236
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 2.27%, 11/1/2023 (b)		1,249		1,229
XPO Logistics, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 2/24/2025 (b)		625		612
Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 3/9/2027 (b)		3,553		3,418
Zekelman Industries, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 1/24/2027 (b)		682		661
				265,667
Total Loan Assignments (Cost $288,851)				278,329
Convertible Bonds — 1.6%
Australia — 0.1%
DEXUS Finance Pty. Ltd. REIT, 2.30%, 6/19/2026 (g)		AUD 6,000		4,167
Glencore Funding LLC Zero Coupon, 3/27/2025 (g)		3,000		2,624
				6,791
Cameroon — 0.0% (f)
Golar LNG Ltd. 2.75%, 2/15/2022		1,886		1,491
China — 0.2%
China Conch Venture Holdings International Ltd. Zero Coupon, 9/5/2023 (g)		HKD 25,000		3,526
CRRC Corp. Ltd. Zero Coupon, 2/5/2021 (g)		2,000		1,977
Harvest International Co. Zero Coupon, 11/21/2022 (g)		HKD 26,000		3,684
Huazhu Group Ltd.
0.38%, 11/1/2022		1,288		1,356
3.00%, 5/1/2026 (c)		2,400		2,765
Lenovo Group Ltd. 3.38%, 1/24/2024 (g)		3,189		3,471
Momo, Inc. 1.25%, 7/1/2025		4,850		3,916
Weibo Corp. 1.25%, 11/15/2022		3,985		3,851
				24,546

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Convertible Bonds — continued
France — 0.1%
Orpar SA Zero Coupon, 6/20/2024 (g)		EUR 3,400		4,439
Germany — 0.0% (f)
MTU Aero Engines AG Series MTX, 0.05%, 3/18/2027 (g)		EUR 2,000		2,068
Israel — 0.0% (f)
Wix.com Ltd. Zero Coupon, 8/15/2025 (c)		2,680		2,619
Singapore — 0.0% (f)
CapitaLand Ltd. 2.95%, 6/20/2022 (g)		SGD 5,000		3,684
South Africa — 0.0% (f)
Remgro Jersey GBP Ltd. 2.63%, 3/22/2021 (g)		GBP 2,800		3,576
United Kingdom — 0.1%
Barclays Bank plc
Zero Coupon, 2/4/2025		1,975		2,381
Series VUN, Zero Coupon, 2/18/2025		2,025		2,100
				4,481
United States — 1.1%
Ares Capital Corp.
3.75%, 2/1/2022		4,716		4,742
4.63%, 3/1/2024		2,550		2,642
BlackRock Capital Investment Corp. 5.00%, 6/15/2022		2,580		2,515
BlackRock TCP Capital Corp. 4.63%, 3/1/2022		2,536		2,510
BofA Finance LLC 0.25%, 5/1/2023		2,670		2,646
Chegg, Inc. Zero Coupon, 9/1/2026 (c)		2,694		2,717
Colony Capital, Inc. REIT, 5.00%, 4/15/2023		3,721		3,648
CyberArk Software Ltd. Zero Coupon, 11/15/2024 (c)		4,642		4,444
DISH Network Corp.
2.38%, 3/15/2024		9,116		8,188
3.38%, 8/15/2026		3,235		2,860
FireEye, Inc. Series B, 1.63%, 6/1/2035		6,958		6,785
Five9, Inc. 0.50%, 6/1/2025 (c)		2,500		3,306
Hercules Capital, Inc. 4.38%, 2/1/2022		3,031		3,065
Jazz Investments I Ltd. 1.88%, 8/15/2021		1,997		2,004
LendingTree, Inc. 0.50%, 7/15/2025 (c)		2,630		2,620
Liberty Interactive LLC
4.00%, 11/15/2029		6,966		5,033
3.75%, 2/15/2030		320		235
1.75%, 9/30/2046 (c)		2,426		4,332
Live Nation Entertainment, Inc. 2.00%, 2/15/2025 (c)		4,900		4,257

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United States — continued
Macquarie Infrastructure Corp. 2.00%, 10/1/2023		4,269		3,880
Meritor, Inc. 3.25%, 10/15/2037		2,491		2,704
MFA Financial, Inc. REIT, 6.25%, 6/15/2024		3,869		3,625
Oasis Petroleum, Inc. 2.63%, 9/15/2023		865		168
Okta, Inc. 0.38%, 6/15/2026 (c)		5,190		5,866
Pluralsight, Inc. 0.38%, 3/1/2024		4,910		4,252
Redwood Trust, Inc. REIT, 4.75%, 8/15/2023		2,632		2,413
RingCentral, Inc. Zero Coupon, 3/1/2025 (c)		5,460		5,759
RWT Holdings, Inc. 5.75%, 10/1/2025		1,340		1,186
Sixth Street Specialty Lending, Inc. 4.50%, 8/1/2022		959		984
Starwood Property Trust, Inc. REIT, 4.38%, 4/1/2023		3,788		3,644
SunPower Corp. 0.88%, 6/1/2021		3,183		3,078
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023		2,705		2,499
Twitter, Inc. 1.00%, 9/15/2021		5,359		5,349
0.25%, 6/15/2024		5,494		5,998
VEREIT, Inc. REIT, 3.75%, 12/15/2020		2,552		2,552
Vishay Intertechnology, Inc. 2.25%, 6/15/2025		3,329		3,252
Vonage Holdings Corp. 1.75%, 6/1/2024		5,210		5,079
Whiting Petroleum Corp. 1.25%, 4/1/2021 ‡		974		—	(m)
Zillow Group, Inc. 1.50%, 7/1/2023		4,291		5,602
				136,439
Total Convertible Bonds (Cost $190,168)				190,134
Foreign Government Securities — 1.5%
Angola — 0.0% (f)
Republic of Angola 9.50%, 11/12/2025 (g)		970		828
8.00%, 11/26/2029 (c)		1,550		1,191
8.00%, 11/26/2029 (g)		780		600
9.13%, 11/26/2049 (g)		1,800		1,366
				3,985
Argentina — 0.0% (f)
Argentine Republic 1.00%, 7/9/2029		353		145
0.12%, 7/9/2030 (i)		1,853		672
0.12%, 7/9/2035 (i)		5,116		1,675

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 121

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Argentina — continued
0.12%, 1/9/2038 (i)		1,486		551
				3,043
Bahrain — 0.1%
Kingdom of Bahrain 7.00%, 1/26/2026 (g)		620		700
7.00%, 10/12/2028 (g)		1,400		1,543
5.45%, 9/16/2032 (c) (e)		481		470
6.00%, 9/19/2044 (g)		1,850		1,725
7.50%, 9/20/2047 (g)		1,410		1,488
				5,926
Belarus — 0.0% (f)
Republic of Belarus 6.88%, 2/28/2023 (g)		270		266
6.20%, 2/28/2030 (g)		400		377
6.38%, 2/24/2031 (g)		700		662
				1,305
Brazil — 0.1%
Federative Republic of Brazil
4.25%, 1/7/2025		880		953
4.50%, 5/30/2029		1,130		1,212
8.25%, 1/20/2034		585		792
5.63%, 1/7/2041		950		1,041
5.00%, 1/27/2045		1,230		1,265
				5,263
Chile — 0.0% (f)
Republic of Chile
3.86%, 6/21/2047		500		580
3.50%, 1/25/2050		600		661
				1,241
Colombia — 0.1%
Republic of Colombia
4.50%, 1/28/2026		350		388
3.88%, 4/25/2027		690		744
7.38%, 9/18/2037		1,000		1,406
6.13%, 1/18/2041		950		1,223
5.00%, 6/15/2045		1,370		1,590
5.20%, 5/15/2049		420		506
				5,857
Costa Rica — 0.0% (f)
Republic of Costa Rica
4.38%, 4/30/2025 (g)		200		169

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Costa Rica — continued
7.00%, 4/4/2044 (g)		1,100		856
				1,025
Croatia — 0.0% (f)
Republic of Croatia 6.00%, 1/26/2024 (g)		1,290		1,487
Dominican Republic — 0.1%
Dominican Republic Government Bond
7.50%, 5/6/2021 (g)		173		178
5.88%, 4/18/2024 (g)		760		804
5.50%, 1/27/2025 (g)		510		545
6.88%, 1/29/2026 (g)		600		677
9.75%, 6/5/2026 (c)		DOP 47,550		831
5.95%, 1/25/2027 (g)		780		851
4.88%, 9/23/2032 (c) (e)		590		601
7.45%, 4/30/2044 (g)		1,580		1,805
6.85%, 1/27/2045 (g)		500		537
6.50%, 2/15/2048 (g)		1,250		1,286
5.88%, 1/30/2060 (c)		880		845
				8,960
Egypt — 0.1%
Arab Republic of Egypt
5.75%, 5/29/2024 (c)		750		768
7.50%, 1/31/2027 (g)		1,180		1,248
7.60%, 3/1/2029 (c)		1,090		1,134
7.05%, 1/15/2032 (c)		880		860
7.63%, 5/29/2032 (c)		750		759
8.50%, 1/31/2047 (g)		1,049		1,041
8.70%, 3/1/2049 (c)		1,320		1,326
8.15%, 11/20/2059 (c)		1,050		992
				8,128
El Salvador — 0.0% (f)
Republic of El Salvador
5.88%, 1/30/2025 (g)		650		537
6.38%, 1/18/2027 (g)		1,250		1,020
7.65%, 6/15/2035 (g)		700		555
7.12%, 1/20/2050 (g)		2,100		1,584
				3,696
Ethiopia — 0.0% (f)
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (g)		1,037		1,042
Gabon — 0.0% (f)
Gabonese Republic
6.38%, 12/12/2024 (g)		646		614

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Gabon — continued
6.95%, 6/16/2025 (g)		300		283
				897
Ghana — 0.0% (f)
Republic of Ghana
7.88%, 3/26/2027 (g)		360		349
7.63%, 5/16/2029 (g)		840		777
10.75%, 10/14/2030 (g)		1,325		1,621
8.63%, 6/16/2049 (g)		2,090		1,829
				4,576
Guatemala — 0.0% (f)
Republic of Guatemala
4.50%, 5/3/2026 (g)		655		713
6.13%, 6/1/2050 (c)		720		889
				1,602
Honduras — 0.0% (f)
Republic of Honduras 8.75%, 12/16/2020 (g)		1,178		1,185
Hungary — 0.0% (f)
Hungary Government Bond 7.63%, 3/29/2041		952		1,695
Indonesia — 0.0% (f)
Republic of Indonesia
3.50%, 1/11/2028		670		732
6.75%, 1/15/2044 (g)		650		975
				1,707
Iraq — 0.0% (f)
Republic of Iraq 6.75%, 3/9/2023 (g)		950		884
Ivory Coast — 0.0% (f)
Republic of Cote d’Ivoire
5.75%, 12/31/2032 (g) (i)		1,079		1,051
6.13%, 6/15/2033 (g)		3,430		3,456
				4,507
Jamaica — 0.0% (f)
Jamaica Government Bond
8.00%, 3/15/2039		1,243		1,649
7.88%, 7/28/2045		550		713
				2,362
Jordan — 0.0% (f)
Hashemite Kingdom of Jordan 5.85%, 7/7/2030 (c) (e)		780		784

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Kazakhstan — 0.0% (f)
Republic of Kazakhstan 6.50%, 7/21/2045 (g)		560		882
Kenya — 0.0% (f)
Republic of Kenya
6.88%, 6/24/2024 (g)		2,663		2,811
8.00%, 5/22/2032 (c)		1,360		1,427
				4,238
Lebanon — 0.0% (f)
Lebanese Republic
6.00%, 1/27/2023 (g) (j)		1,250		172
6.65%, 4/22/2024 (g) (j)		625		86
6.85%, 3/23/2027 (g) (j)		2,639		364
6.65%, 11/3/2028 (g) (j)		2,215		300
7.25%, 3/23/2037 (g) (j)		492		68
				990
Mexico — 0.0% (f)
United Mexican States
5.55%, 1/21/2045		650		792
4.60%, 1/23/2046		610		661
				1,453
Mongolia — 0.0% (f)
State of Mongolia
10.88%, 4/6/2021 (g)		480		496
5.13%, 12/5/2022 (g)		903		926
				1,422
Morocco — 0.0% (f)
Kingdom of Morocco 5.50%, 12/11/2042 (g)		1,000		1,201
Nigeria — 0.1%
Federal Republic of Nigeria
7.63%, 11/21/2025 (g)		1,000		1,050
6.50%, 11/28/2027 (g)		920		890
6.50%, 11/28/2027 (c)		1,220		1,180
8.75%, 1/21/2031 (g)		780		809
7.88%, 2/16/2032 (g)		710		688
7.63%, 11/28/2047 (c)		1,290		1,175
7.63%, 11/28/2047 (g)		600		546
				6,338
Oman — 0.0% (f)
Sultanate of Oman Government Bond
4.75%, 6/15/2026 (g)		1,100		1,004

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 123

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Oman — continued
5.38%, 3/8/2027 (g)		1,320		1,207
6.00%, 8/1/2029 (g)		1,180		1,077
6.50%, 3/8/2047 (g)		340		275
6.75%, 1/17/2048 (g)		1,170		956
				4,519
Pakistan — 0.0% (f)
Islamic Republic of Pakistan
8.25%, 4/15/2024 (g)		930		966
8.25%, 9/30/2025 (g)		550		574
				1,540
Panama — 0.1%
Republic of Panama
3.75%, 3/16/2025		1,050		1,149
3.88%, 3/17/2028		2,500		2,830
6.70%, 1/26/2036		1,150		1,658
4.50%, 5/15/2047		1,230		1,516
4.50%, 4/1/2056		810		999
3.87%, 7/23/2060		380		427
				8,579
Paraguay — 0.1%
Republic of Paraguay
4.70%, 3/27/2027 (g)		2,020		2,282
6.10%, 8/11/2044 (g)		2,130		2,749
5.60%, 3/13/2048 (g)		350		430
5.40%, 3/30/2050 (c) (e)		950		1,152
				6,613
Peru — 0.0% (f)
Republic of Peru
4.13%, 8/25/2027		760		882
6.35%, 8/12/2028 (g)		PEN 3,900		1,314
5.63%, 11/18/2050		750		1,196
				3,392
Philippines — 0.0% (f)
Republic of Philippines
10.63%, 3/16/2025		655		929
3.00%, 2/1/2028		1,100		1,207
7.75%, 1/14/2031		270		408
3.70%, 2/2/2042		1,430		1,646
				4,190
Poland — 0.0% (f)
Republic of Poland 3.25%, 4/6/2026		1,580		1,783

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Qatar — 0.1%
State of Qatar
3.25%, 6/2/2026 (g)		520		573
4.50%, 4/23/2028 (g)		940		1,126
4.00%, 3/14/2029 (c)		540		632
5.10%, 4/23/2048 (g)		1,830		2,525
4.82%, 3/14/2049 (g)		1,570		2,094
4.82%, 3/14/2049 (c)		430		574
				7,524
Romania — 0.0% (f)
Romania Government Bond
4.38%, 8/22/2023 (g)		1,010		1,099
6.13%, 1/22/2044 (g)		810		1,091
5.13%, 6/15/2048 (g)		730		881
				3,071
Russia — 0.1%
Russian Federation
4.88%, 9/16/2023 (g)		400		438
12.75%, 6/24/2028 (g)		1,390		2,382
5.10%, 3/28/2035 (c)		2,000		2,427
5.88%, 9/16/2043 (g)		1,800		2,453
5.25%, 6/23/2047 (g)		800		1,050
				8,750
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia
3.25%, 10/26/2026 (g)		1,000		1,089
3.63%, 3/4/2028 (g)		1,980		2,191
4.63%, 10/4/2047 (g)		1,050		1,266
5.00%, 4/17/2049 (g)		650		830
				5,376
Senegal — 0.0% (f)
Republic of Senegal
6.25%, 7/30/2024 (g)		500		525
6.75%, 3/13/2048 (c)		460		449
				974
Serbia — 0.0% (f)
Republic of Serbia 7.25%, 9/28/2021 (g)		1,190		1,256
South Africa — 0.0% (f)
Republic of South Africa 5.88%, 5/30/2022		750		793
4.30%, 10/12/2028		1,700		1,649
6.25%, 3/8/2041		2,500		2,466
				4,908

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Sri Lanka — 0.0% (f)
Democratic Socialist Republic of Sri Lanka 6.85%, 11/3/2025 (g)		596		331
6.20%, 5/11/2027 (g)		1,050		564
6.75%, 4/18/2028 (g)		2,600		1,394
7.55%, 3/28/2030 (c)		660		357
				2,646
Tajikistan — 0.0% (f)
Republic of Tajikistan 7.13%, 9/14/2027 (g)		600		447
Turkey — 0.1%
Republic of Turkey 3.25%, 3/23/2023		780		736
5.75%, 3/22/2024		1,390		1,349
5.60%, 11/14/2024		1,200		1,153
4.88%, 10/9/2026		900		812
5.13%, 2/17/2028		940		836
6.00%, 1/14/2041		1,040		842
4.88%, 4/16/2043		510		373
				6,101
Ukraine — 0.1%
Ukraine Government Bond 7.75%, 9/1/2022 (g)		510		534
7.75%, 9/1/2023 (g)		1,910		1,984
7.75%, 9/1/2024 (g)		700		723
7.75%, 9/1/2025 (g)		970		992
7.75%, 9/1/2026 (g)		500		505
7.75%, 9/1/2027 (g)		1,080		1,087
9.75%, 11/1/2028 (g)		840		913
7.38%, 9/25/2032 (g)		1,060		1,015
				7,753
United Arab Emirates — 0.1%
United Arab Emirates Government Bond 4.13%, 10/11/2047 (g)		2,950		3,621
3.13%, 9/30/2049 (g)		1,430		1,506
				5,127
Uruguay — 0.1%
Oriental Republic of Uruguay 4.38%, 10/27/2027		550		642
7.88%, 1/15/2033		1,060		1,638
7.63%, 3/21/2036		790		1,231
5.10%, 6/18/2050		2,420		3,228
4.98%, 4/20/2055		440		582
				7,321

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Zambia — 0.0% (f)
Republic of Zambia 8.97%, 7/30/2027 (g)		1,050		441
Total Foreign Government Securities (Cost $183,049)				179,992
	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		1,319
Bank of America Corp.,
Series GG, 6.00%, 5/16/2023 ($25 par value) (q)		145		3,890
Series HH, 5.88%, 7/24/2023 ($25 par value) (q)		109		2,940
Series HH, 5.88%, 7/24/2023 ($25 par value) (q)		12		323
Series KK, 5.38%, 6/25/2024 ($25 par value) (q)		49		1,308
Series LL, 5.00%, 9/17/2024 ($25 par value) (q)		58		1,523
Series NN, 4.38%, 11/3/2025 ($25 par value) (q)		38		950
Energy Transfer Operating LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 ($25 par value) (b) (q)		255		4,966
GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 6.07%, 2/15/2040 ($25 par value) (b)		12		309
Goodman Networks, Inc. * ‡		64		1
MetLife, Inc., Series F, 4.75%, 3/15/2025 ($25 par value) (q)		99		2,605
Morgan Stanley, Series I, (ICE LIBOR USD 3 Month + 3.71%), 6.38%, 10/15/2024 ($25 par value) (b) (q)		87		2,458
Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (b) (q)		419		11,799
MYT Holding LLC, Series A, 10.00%, 6/6/2029 ‡		2,731		2,622
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		115		3,211
Northern Trust Corp., Series E, 4.70%, 1/1/2025 ($25 par value) (q)		62		1,652
Public Storage, Series L, , REIT4.63%, 6/17/2025 ($25 par value) (q)		77		2,022

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 125

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Preferred Stocks — continued
United States — continued
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value) (b) (q)		53		1,451
SCE Trust II, 5.10%, 5/5/2020 ($25 par value) (q)		82		1,948
SCE Trust VI, 5.00%, 6/26/2022 ($25 par value) (q)		312		7,125
Sempra Energy, 5.75%, 7/1/2079 ($25 par value)		18		474
Southern Co. (The), Series 2020, 4.95%, 1/30/2080 ($25 par value)		160		4,221
State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (b) (q)		43		1,222
Truist Financial Corp., Series F, 5.20%, 12/1/2020 ($25 par value) (q)		66		1,672
Series R, 4.75%, 9/1/2025 ($25 par value) (q)		104		2,713
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (q)		137		3,705
Wells Fargo & Co., Series Y, 5.63%, 6/15/2022 ($25 par value) (q)		153		3,953
Series Z, 4.75%, 3/15/2025 ($25 par value) (q)		702		17,539
Total Preferred Stocks (Cost $86,908)				89,921
Convertible Preferred Stocks—0.6%
United States—0.6%
AMG Capital Trust II 5.15%, 10/15/2037 ($50 par value)		86		4,056
Bank of America Corp. Series L, 7.25% ($1,000 par value)		9		13,735
Broadcom, Inc. Series A, 8.00%, 9/30/2022 ($1,000 par value)		5		6,220
Bunge Ltd. 4.88% ($100 par value)		40		4,134
Claire’s Stores, Inc. * ‡		3		5,308
Dominion Energy, Inc. Series A, 7.25%, 6/1/2022 ($100 par value)		42		4,319
Energizer Holdings, Inc. Series A, 7.50%, 1/15/2022 ($100 par value)		26		2,233
Essential Utilities, Inc. 6.00%, 4/30/2022 ($50 par value)		34		1,864
International Flavors & Fragrances, Inc. 6.00%, 9/15/2021 ($50 par value)		88		3,387
KKR & Co., Inc. Series C, 6.00%, 9/15/2023 ($50 par value)		65		3,362

INVESTMENTS	SHARES (000)		VALUE ($000)
United States — continued
NextEra Energy, Inc. 6.22%, 9/1/2023 ($50 par value)		120		5,940
Sempra Energy Series B, 6.75%, 7/15/2021 ($100 par value)		33		3,394
Stanley Black & Decker, Inc. Series C, 5.00%, 5/15/2021 ($1,000 par value)		3		4,092
Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		10		13,929
Total Convertible Preferred Stocks (Cost $70,043)				75,973
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 2.50%, 1/31/2021(r)		47,404		47,675
2.13%, 9/30/2021		370		377
Total U.S. Treasury Obligations (Cost $47,907)				48,052
Mortgage-Backed Securities — 0.3%
United States — 0.3%
FHLMC Gold Pools, 15 Year Pool # G18569, 3.00%, 9/1/2030		1,716		1,801
FNMA UMBS, 20 Year Pool # CA1231, 3.50%, 2/1/2038		493		536
FNMA UMBS, 30 Year
Pool # AS4085, 4.00%, 12/1/2044		1,056		1,187
Pool # BM1909, 4.00%, 2/1/2045		1,793		2,022
Pool # AS9403, 3.50%, 4/1/2047		479		536
Pool # FM1747, 3.50%, 8/1/2047		8,075		9,020
Pool # MA4100, 2.00%, 8/1/2050		7,312		7,541
Pool # MA4119, 2.00%, 9/1/2050		4,567		4,710
Pool # MA4159, 2.50%, 10/1/2050		2,233		2,328
Pool # MA4208, 2.00%, 11/1/2050		1,670		1,722
GNMA II, 30 Year Pool # MA6865, 2.50%, 9/20/2050		2,194		2,300
Total Mortgage-backed Securities (Cost $32,978)				33,703
U.S. Government Agency Securities — 0.1%
Israel — 0.1%
Israel Government AID Bond 4.50%, 1/30/2043		2,773		3,587
4.13%, 1/17/2048		1,966		2,460
Total U.S. Government Agency Securities (Cost $5,203)				6,047

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	NO. OF WARRANTS (000)		VALUE ($000)
Warrants — 0.0% (f)
United Kingdom—0.0% (f)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD * ‡		48		—	(m)
United States — 0.0% (f)
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡		108		809
Total Warrants (Cost $1,929)				809
	NO. OF RIGHTS (000)
Rights — 0.0% (f)
Singapore — 0.0% (f)
Mapletree Logistics Trust, expiring 11/10/2020 *		113		—
United States — 0.0% (f)
Vistra Corp., expiring 12/31/2049 * ‡		483		531
Total Rights (Cost $—)				531
	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 5.6%
Certificates of Deposit — 0.0% (f)
Chiba Bank Ltd. 0.37%, 11/13/2020		203		203
Credit Industriel et Commercial 0.25%, 8/13/2021		250		250
Norinchukin Bank (The) 0.30%, 1/28/2021		300		300
Shinhan Bank 0.58%, 8/23/2021		48		48
Shizuoka Bank 0.39%, 2/5/2021		350		350
Societe Generale SA 0.32%, 9/17/2021		250		250
Woori Bank 0.30%, 2/25/2021 (c)		310		310
Total Certificates of Deposit (Cost $1,711)				1,711
Commercial Paper — 0.0% (f)
ASB Finance Ltd. 0.19%, 2/17/2021 (c) (s)		660		660
Banco Santander SA 0.49%, 8/31/2021 (c) (s)		186		185
Dexia Credit Local SA 0.20%, 2/19/2021 (c) (s)		330		330
DNB Bank ASA 0.24%, 8/25/2021 (c) (s)		330		329
Eni Finance USA, Inc. 0.58%, 10/18/2021 (c) (s)		250		249
Entergy Corp. 0.30%, 11/19/2020 (c) (s)		250		250
First Abu Dhabi Bank PJSC 0.40%, 8/27/2021 (c) (s)		314		313

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
Glencore Funding LLC 0.59%, 3/19/2021 (c) (s)		250		249
Hyundai Capital America 0.45%, 11/3/2020 (c) (s)		250		250
Intercontinental Exchange, Inc. 0.33%, 11/16/2020 (c) (s)		300		300
KEB Hana Bank 0.40%, 3/16/2021 (c) (s)		182		182
Nordea Bank Abp 0.19%, 2/22/2021 (c) (s)		330		330
Rogers Communications, Inc. 0.55%, 8/26/2021 (c)		268		267
Suncor Energy, Inc. 0.26%, 1/20/2021 (c) (s)		250		250
Suncorp-Metway Ltd. 0.20%, 2/23/2021 (c) (s)		300		300
Total Commercial Paper (Cost $4,443)				4,444
	SHARES (000)
Investment Companies — 4.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (t) (u)		446,606		446,873
JPMorgan Prime Money Market Fund Class IM Shares, 0.11% (t) (u)		67,429		67,470
Total Investment Companies (Cost $514,246)				514,343
Investment of Cash Collateral from Securities Loaned — 1.3%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 0.15% (t) (u)		142,992		143,007
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 0.04% (t) (u)		16,419		16,419
Total Investment of Cash Collateral from Securities Loaned (Cost $159,453)				159,426
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.0% (f)
U.S. Treasury Bills 0.13%, 9/9/2021 (s) (Cost $499)		500		500
Total Short-Term Investments (Cost $680,352)				680,424
Total Investments — 100.6% (Cost $11,783,913)				12,144,057
Liabilities in Excess of Other Assets — (0.6)%				(74,639	)
NET ASSETS — 100.0%				12,069,418

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 127

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

Summary of Investments by Industry, October 31, 2020

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

INDUSTRY	PERCENTAGE
Equity Real Estate Investment Trusts (REITs)		6.7	%
Collateralized Mortgage Obligations		6.1
Banks		5.9
Oil, Gas & Consumable Fuels		4.6
Convertible Bonds		4.2
Diversified Telecommunication Services		4.1
Pharmaceuticals		3.6
Electric Utilities		3.5
Asset-Backed Securities		3.5
Media		3.2
Capital Markets		3.2
Health Care Providers & Services		2.7
Insurance		2.3
Commercial Mortgage-Backed Securities		2.3
Semiconductors & Semiconductor Equipment		2.3
Hotels, Restaurants & Leisure		2.1

INDUSTRY	PERCENTAGE
Wireless Telecommunication Services		1.9	%
Chemicals		1.5
Foreign Government Securities		1.5
Machinery		1.3
Food Products		1.2
Beverages		1.2
Technology Hardware, Storage & Peripherals		1.2
IT Services		1.1
Multi-Utilities		1.1
Metals & Mining		1.0
Specialty Retail		1.0
Aerospace & Defense		1.0
Auto Components		1.0
Consumer Finance		1.0
Others (each less than 1.0%)		17.1
Short-Term Investments		5.6

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
DOP	Dominican Republic Peso
ELN	Equity-Linked Note
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GDR	Global Depositary Receipt
GMTN	Global medium term note
GNMA	Government National Mortgage Association
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
HKD	Hong Kong Dollar
ICE	Intercontinental Exchange

IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of October 31, 2020. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
PEN	Peruvian Nuevo Sol
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RTS	Russian Trading System
SCA	Limited partnership with share capital
SGD	Singapore Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN FUNDS OCTOBER 31, 2020

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)	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, 2020.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2020.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	Security is an interest bearing note with preferred security characteristics.
(e)	The security or a portion of this security is on loan at October 31, 2020. The total value of securities on loan at October 31, 2020 is approximately $153,063,000.
(f)	Amount rounds to less than 0.1% of net assets.
(g)	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.
(h)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.

(i)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2020.
(j)	Defaulted security.
(k)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(l)	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, 2020.
(m)	Amount rounds to less than one thousand.
(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, 2020. 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, 2020.
(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, 2020.
(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, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of October 31, 2020 (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		3,409		12/2020		EUR		117,481			(13,847	)
Foreign Exchange EUR/USD		851		12/2020		USD		124,001			(1,877	)
FTSE 100 Index		19		12/2020		GBP		1,369			(69	)
MSCI Emerging Markets E-Mini Index		649		12/2020		USD		35,763			328
U.S. Treasury 10 Year Note		13,259		12/2020		USD		1,831,400			(13,557	)
											(29,022	)
Short Contracts
Foreign Exchange GBP/USD		(3,336)		12/2020		USD		(270,153	)		1,270
											(27,752	)

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 129

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	3,470,293		$	11,470,288
Investments in affiliates, at value		139,690			514,343
Investment of cash collateral received from securities loaned, at value (See Note 2.F.)		73,139			159,426
Restricted cash for OTC derivatives		810			—
Cash		3,467			10,668
Foreign currency, at value		5,968			3,389
Deposits at broker for futures contracts		6,614			811
Deposits at broker for securities sold short		30,084			—
Receivables:
Due from custodian		2,204			—
Investment securities sold		35,121			22,913
Fund shares sold		3,471			7,384
Interest and dividends from non-affiliates		15,529			84,891
Dividends from affiliates		15			28
Tax reclaims		2,445			9,604
Securities lending income (See Note 2.F.)		20			54
Variation margin on futures contracts		—			805
Unrealized appreciation on forward foreign currency exchange contracts		2,506			—
Outstanding OTC swap contracts, at value		84			—
Total Assets		3,791,460			12,284,604
LIABILITIES:
Payables:
Securities sold short, at value		24,187			—
Dividend expense to non-affiliates on securities sold short		6			—
Investment securities purchased		50,464			27,873
Investment securities purchased—delayed delivery securities		—			1,550
Interest expense to non-affiliates on securities sold short		24			—
Collateral received on securities loaned (See Note 2.F.)		73,139			159,426
Fund shares redeemed		2,289			16,359
Variation margin on futures contracts		6,318			—
Unrealized depreciation on forward foreign currency exchange contracts		1,822			—
Unrealized depreciation on unfunded commitments		—			1
Outstanding OTC swap contracts, at value		894			—
Accrued liabilities:
Investment advisory fees		1,691			4,298
Administration fees		218			732
Distribution fees		411			2,585
Service fees		345			404
Custodian and accounting fees		141			311
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1
Deferred foreign capital gains tax		—			1,034
Other		345			612
Total Liabilities		162,294			215,186
Net Assets	$	3,629,166		$	12,069,418

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN FUNDS OCTOBER 31, 2020

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	3,322,720		$	11,906,369
Total distributable earnings (loss)		306,446			163,049
Total Net Assets	$	3,629,166		$	12,069,418
Net Assets:
Class A	$	472,779		$	4,132,310
Class C		463,256			2,497,469
Class I		2,091,223			4,930,991
Class R2		5,724			—
Class R3		720			—
Class R4		688			—
Class R5		22			—
Class R6		594,754			508,648
Total	$	3,629,166		$	12,069,418
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		24,530			404,545
Class C		24,455			245,189
Class I		107,861			481,991
Class R2		299			—
Class R3		37			—
Class R4		36			—
Class R5		1			—
Class R6		30,688			49,715
Net Asset Value (a):
Class A — Redemption price per share	$	19.27		$	10.21
Class C — Offering price per share (b)		18.94			10.19
Class I — Offering and redemption price per share		19.39			10.23
Class R2 — Offering and redemption price per share		19.14			—
Class R3 — Offering and redemption price per share		19.34			—
Class R4 — Offering and redemption price per share		19.28			—
Class R5 — Offering and redemption price per share		19.39			—
Class R6 — Offering and redemption price per share		19.38			10.23
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)]	$	20.18		$	10.69
Cost of investments in non-affiliates	$	3,096,759		$	11,110,214
Cost of investments in affiliates		139,631			514,246
Cost of foreign currency		5,986			3,232
Investment securities on loan, at value (See Note 2.F.)		69,542			153,063
Cost of investment of cash collateral (See Note 2.F.)		73,144			159,453
Proceeds from securities sold short		24,323			—

(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, 2020 J.P. MORGAN FUNDS 131

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2020

(Amounts in thousands)

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	50,553		$	404,672
Interest income from affiliates		2			—
Dividend income from non-affiliates		39,348			159,434
Dividend income from affiliates		2,195			4,243
Income from securities lending (net) (See Note 2.F.)		415			1,335
Foreign taxes withheld (net)		(1,945	)		(7,363	)
Total investment income		90,568			562,321
EXPENSES:
Investment advisory fees		20,040			53,742
Administration fees		2,733			8,874
Distribution fees:
Class A		1,130			9,442
Class C		3,705			24,980
Class R2		29			—
Class R3		1			—
Service fees:
Class A		1,130			9,442
Class C		1,235			8,327
Class I		5,319			13,164
Class R2		14			—
Class R3		1			—
Class R4		2			—
Class R5		—	(a)		—
Custodian and accounting fees		830			1,638
Interest expense to affiliates		27			16
Professional fees		200			354
Trustees’ and Chief Compliance Officer’s fees		38			70
Printing and mailing costs		202			741
Registration and filing fees		227			283
Transfer agency fees (See Note 2.L.)		81			289
Dividend expense to non-affiliates on securities sold short		342			—
Interest expense to non-affiliates on securities sold short		3			—
Other		147			270
Total expenses		37,436			131,632
Less fees waived		(4,854	)		(27,463	)
Less expense reimbursements		(2	)		(1,243	)
Net expenses		32,580			102,926
Net investment income (loss)	$	57,988		$	459,395

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN FUNDS OCTOBER 31, 2020

	JPMorgan Global Allocation Fund			JPMorgan Income Builder Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	354	(a)	$	(184,109	)(b)
Investments in affiliates		(103	)		194
Options purchased		(37,489	)		—
Futures contracts		58,862			68,740
Securities sold short		(2,879	)		—
Foreign currency transactions		(1,238	)		(1,914	)
Forward foreign currency exchange contracts		(3,426	)		—
Options written		585			—
Swaps		587			—
Unfunded commitments		—			—	(c)
Net realized gain (loss)		15,253			(117,089	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		46,221	(d)		(595,084	)(e)
Investments in affiliates		23			—	(c)
Options purchased		(5,182	)		—
Futures contracts		(4,234	)		3,176
Securities sold short		28			—
Foreign currency translations		(167	)		670
Forward foreign currency exchange contracts		6,572			—
Options written		4			—
Swaps		(1,915	)		—
Unfunded commitments		18			30
Change in net unrealized appreciation/depreciation		41,368			(591,208	)
Net realized/unrealized gains (losses)		56,621			(708,297	)
Change in net assets resulting from operations	$	114,609		$	(248,902	)

(a) Net of foreign capital gains tax of approximately $10,000.

(b) Net of foreign capital gains tax of approximately $(511,000).

(c) Amount rounds to less than one thousand.

(d) Net of change in foreign capital gains tax of approximately $6,000.

(e) Net of change in foreign capital gains tax of approximately $(402,000).

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 133

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, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	57,988		$	74,010		$	459,395		$	483,657
Net realized gain (loss)		15,253			(13,419	)		(117,089	)		5,385
Change in net unrealized appreciation/depreciation		41,368			245,135			(591,208	)		721,644
Change in net assets resulting from operations		114,609			305,726			(248,902	)		1,210,686
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(6,886	)		(9,986	)		(148,881	)		(130,780	)
Class C		(6,657	)		(11,406	)		(114,167	)		(136,430	)
Class I		(36,160	)		(56,951	)		(214,354	)		(208,281	)
Class R2		(76	)		(103	)		—			—
Class R3		(1	)		(1	)		—			—
Class R4		(14	)		(6	)		—			—
Class R5		—	(a)		(1	)		—			—
Class R6		(9,820	)		(14,152	)		(17,663	)		(11,756	)
Total distributions to shareholders		(59,614	)		(92,606	)		(495,065	)		(487,247	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(100,642	)		(96,230	)		(706,760	)		636,913
NET ASSETS:
Change in net assets		(45,647	)		116,890			(1,450,727	)		1,360,352
Beginning of period		3,674,813			3,557,923			13,520,145			12,159,793
End of period	$	3,629,166		$	3,674,813		$	12,069,418		$	13,520,145

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN FUNDS OCTOBER 31, 2020

	JPMorgan Global Allocation Fund						JPMorgan Income Builder Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	188,060		$	217,930		$	1,840,939		$	1,647,527
Distributions reinvested		6,380			9,209			141,045			126,307
Cost of shares redeemed		(172,254	)		(152,045	)		(1,309,710	)		(1,668,716	)
Change in net assets resulting from Class A capital transactions	$	22,186		$	75,094		$	672,274		$	105,118
Class C
Proceeds from shares issued	$	49,908		$	97,211		$	276,536		$	433,833
Distributions reinvested		5,634			9,866			103,061			121,362
Cost of shares redeemed		(125,737	)		(124,058	)		(1,511,458	)		(1,084,073	)
Change in net assets resulting from Class C capital transactions	$	(70,195	)	$	(16,981	)	$	(1,131,861	)	$	(528,878	)
Class I
Proceeds from shares issued	$	618,742		$	892,758		$	1,147,501		$	2,066,543
Distributions reinvested		28,888			45,377			189,667			182,360
Cost of shares redeemed		(753,615	)		(751,445	)		(1,762,957	)		(1,314,086	)
Change in net assets resulting from Class I capital transactions	$	(105,985	)	$	186,690		$	(425,789	)	$	934,817
Class R2
Proceeds from shares issued	$	1,252		$	2,438		$	—		$	—
Distributions reinvested		76			103			—			—
Cost of shares redeemed		(1,094	)		(1,073	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	234		$	1,468		$	—		$	—
Class R3
Proceeds from shares issued	$	679		$	29		$	—		$	—
Distributions reinvested		1			1			—			—
Cost of shares redeemed		(44)			—			—			—
Change in net assets resulting from Class R3 capital transactions	$	636		$	30		$	—		$	—
Class R4
Proceeds from shares issued	$	320		$	653		$	—		$	—
Distributions reinvested		14			6			—			—
Cost of shares redeemed		(290	)		(64	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	44		$	595		$	—		$	—
Class R5
Proceeds from shares issued	$	—	(a)	$	—		$	—		$	—
Distributions reinvested		—	(a)		—	(a)		—			—
Cost of shares redeemed		—	(a)		—			—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(a)	$	—	(a)	$	—		$	—
Class R6
Proceeds from shares issued	$	70,260		$	102,415		$	243,943		$	161,099
Distributions reinvested		9,623			14,078			17,611			11,748
Cost of shares redeemed		(27,445	)		(459,619	)		(82,938	)		(46,991	)
Change in net assets resulting from Class R6 capital transactions	$	52,438		$	(343,126	)	$	178,616		$	125,856
Total change in net assets resulting from capital transactions	$	(100,642	)	$	(96,230	)	$	(706,760	)	$	636,913

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 135

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, 2020			Year Ended October 31, 2019			Year Ended October 31, 2020			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		10,041			12,001			176,710			157,460
Reinvested		338			517			13,807			12,156
Redeemed		(9,429	)		(8,386	)		(128,870	)		(161,130	)
Change in Class A Shares		950			4,132			61,647			8,486
Class C
Issued		2,723			5,479			26,585			41,729
Reinvested		298			566			10,109			11,724
Redeemed		(6,952	)		(6,953	)		(148,018	)		(104,351	)
Change in Class C Shares		(3,931	)		(908	)		(111,324	)		(50,898	)
Class I
Issued		33,090			49,612			111,133			199,051
Reinvested		1,531			2,537			18,517			17,480
Redeemed		(41,507	)		(41,703	)		(175,591	)		(126,882	)
Change in Class I Shares		(6,886	)		10,446			(45,941	)		89,649
Class R2
Issued		67			133			—			—
Reinvested		4			6			—			—
Redeemed		(60	)		(59	)		—			—
Change in Class R2 Shares		11			80			—			—
Class R3
Issued		36			2			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(2	)		—			—			—
Change in Class R3 Shares		34			2			—			—
Class R4
Issued		18			35			—			—
Reinvested		1			—	(a)		—			—
Redeemed		(16	)		(3	)		—			—
Change in Class R4 Shares		3			32			—			—
Class R5
Issued		—	(a)		—			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—	(a)		—			—			—
Change in Class R5 Shares		—	(a)		—	(a)		—			—
Class R6
Issued		3,722			5,601			23,202			15,445
Reinvested		511			787			1,724			1,125
Redeemed		(1,481	)		(25,785	)		(8,234	)		(4,513	)
Change in Class R6 Shares		2,752			(19,397	)		16,692			12,057

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN FUNDS OCTOBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2020 J.P. MORGAN FUNDS 137

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, 2020	$	18.82	$	0.27	$	0.46		$	0.73		$	(0.28	)	$	—		$	(0.28	)
Year Ended October 31, 2019		17.71		0.36		1.22			1.58			(0.47	)		—			(0.47	)
Year Ended October 31, 2018		18.63		0.31		(0.63	)		(0.32	)		(0.31	)		(0.29	)		(0.60	)
Year Ended October 31, 2017		16.38		0.34		2.23			2.57			(0.32	)		—			(0.32	)
Year Ended October 31, 2016		16.47		0.34		(0.10	)		0.24			(0.31	)		(0.02	)		(0.33	)
Class C
Year Ended October 31, 2020		18.54		0.18		0.46			0.64			(0.24	)		—			(0.24	)
Year Ended October 31, 2019		17.47		0.27		1.19			1.46			(0.39	)		—			(0.39	)
Year Ended October 31, 2018		18.39		0.22		(0.63	)		(0.41	)		(0.22	)		(0.29	)		(0.51	)
Year Ended October 31, 2017		16.20		0.25		2.20			2.45			(0.26	)		—			(0.26	)
Year Ended October 31, 2016		16.30		0.26		(0.10	)		0.16			(0.24	)		(0.02	)		(0.26	)
Class I
Year Ended October 31, 2020		18.91		0.32		0.47			0.79			(0.31	)		—			(0.31	)
Year Ended October 31, 2019		17.79		0.41		1.22			1.63			(0.51	)		—			(0.51	)
Year Ended October 31, 2018		18.71		0.37		(0.65	)		(0.28	)		(0.35	)		(0.29	)		(0.64	)
Year Ended October 31, 2017		16.45		0.38		2.23			2.61			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		16.53		0.39		(0.10	)		0.29			(0.35	)		(0.02	)		(0.37	)
Class R2
Year Ended October 31, 2020		18.73		0.20		0.46			0.66			(0.25	)		—			(0.25	)
Year Ended October 31, 2019		17.64		0.30		1.20			1.50			(0.41	)		—			(0.41	)
Year Ended October 31, 2018		18.57		0.25		(0.62	)		(0.37	)		(0.27	)		(0.29	)		(0.56	)
Year Ended October 31, 2017		16.36		0.28		2.22			2.50			(0.29	)		—			(0.29	)
Year Ended October 31, 2016		16.44		0.31		(0.10	)		0.21			(0.27	)		(0.02	)		(0.29	)
Class R3
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, 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, 2020		18.92		0.33		0.46			0.79			(0.32	)		—			(0.32	)
Year Ended October 31, 2019		17.80		0.42		1.22			1.64			(0.52	)		—			(0.52	)
October 1, 2018 (j) through October 31, 2018		18.65		0.02		(0.87	)		(0.85	)		—			—			—
Class R6
Year Ended October 31, 2020		18.91		0.35		0.46			0.81			(0.34	)		—			(0.34	)
Year Ended October 31, 2019		17.79		0.43		1.22			1.65			(0.53	)		—			(0.53	)
November 1, 2017 (j) through October 31, 2018		18.74		0.37		(0.65	)		(0.28	)		(0.38	)		(0.29	)		(0.67	)

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

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

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

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

(f) Does not include expenses of Underlying Funds.

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

(h) Commencing on October 31, 2017, the Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For periods prior to October 31, 2016, the Fund did not transact in securities sold short.

(i) The net expenses and expenses without waivers (excluding dividend and interest expense for securities sold short) for Class A are 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 1.68% 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 0.77% 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 1.39% 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 1.14% 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 0.89% 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 0.74% 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 0.64% 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.

138 J.P. MORGAN FUNDS OCTOBER 31, 2020

					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)
$	19.27		3.94	%	$	472,779		1.03	%(i)		1.45	%		1.19	%(i)		105	%		116	%
	18.82		9.08			443,776		1.05	(i)		2.00			1.26	(i)		111			139
	17.71		(1.81	)		344,414		1.06	(i)		1.67			1.28	(i)		108			131
	18.63		15.88			305,300		1.04	(i)		1.96			1.29	(i)		83			95
	16.38		1.50			289,961		1.02			2.12			1.32			64			—
	18.94		3.44			463,256		1.54	(i)		0.95			1.69	(i)		105			116
	18.54		8.54			526,390		1.55	(i)		1.49			1.76	(i)		111			139
	17.47		(2.32	)		511,863		1.56	(i)		1.18			1.78	(i)		108			131
	18.39		15.29			406,887		1.54	(i)		1.45			1.79	(i)		83			95
	16.20		1.03			357,682		1.52			1.63			1.82			64			—
	19.39		4.25			2,091,223		0.78	(i)		1.71			0.93	(i)		105			116
	18.91		9.36			2,170,359		0.80	(i)		2.25			1.00	(i)		111			139
	17.79		(1.58	)		1,855,964		0.82	(i)		1.95			1.03	(i)		108			131
	18.71		16.12			1,611,736		0.79	(i)		2.14			1.02	(i)		83			95
	16.45		1.79			782,381		0.77			2.39			1.04			64			—
	19.14		3.55			5,724		1.40	(i)		1.09			1.46	(i)		105			116
	18.73		8.69			5,394		1.42	(i)		1.64			1.56	(i)		111			139
	17.64		(2.09	)		3,658		1.39	(i)		1.35			1.56	(i)		108			131
	18.57		15.50			2,441		1.29	(i)		1.58			1.62	(i)		83			95
	16.36		1.30			758		1.27			1.93			1.75			64			—
	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
	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
	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
	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, 2020 J.P. MORGAN FUNDS 139

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, 2020	$	10.73	$	0.38	$	(0.49	)	$	(0.11	)	$	(0.39	)	$	(0.02	)	$	(0.41	)
Year Ended October 31, 2019		10.13		0.41		0.60			1.01			(0.41	)		—			(0.41	)
Year Ended October 31, 2018		10.62		0.42		(0.48	)		(0.06	)		(0.43	)		—			(0.43	)
Year Ended October 31, 2017		9.95		0.41		0.67			1.08			(0.41	)		—			(0.41	)
Year Ended October 31, 2016		9.96		0.42		(0.01	)		0.41			(0.42	)		—			(0.42	)
Class C
Year Ended October 31, 2020		10.70		0.32		(0.47	)		(0.15	)		(0.34	)		(0.02	)		(0.36	)
Year Ended October 31, 2019		10.10		0.36		0.60			0.96			(0.36	)		—			(0.36	)
Year Ended October 31, 2018		10.59		0.37		(0.49	)		(0.12	)		(0.37	)		—			(0.37	)
Year Ended October 31, 2017		9.92		0.36		0.67			1.03			(0.36	)		—			(0.36	)
Year Ended October 31, 2016		9.93		0.37		(0.01	)		0.36			(0.37	)		—			(0.37	)
Class I
Year Ended October 31, 2020		10.74		0.39		(0.48	)		(0.09	)		(0.40	)		(0.02	)		(0.42	)
Year Ended October 31, 2019		10.14		0.43		0.60			1.03			(0.43	)		—			(0.43	)
Year Ended October 31, 2018		10.63		0.44		(0.49	)		(0.05	)		(0.44	)		—			(0.44	)
Year Ended October 31, 2017		9.96		0.43		0.67			1.10			(0.43	)		—			(0.43	)
Year Ended October 31, 2016		9.97		0.43		(0.01	)		0.42			(0.43	)		—			(0.43	)
Class R6
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.

140 J.P. MORGAN FUNDS OCTOBER 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	10.21		(1.01	)%	$	4,132,310		0.74	%		3.65	%		1.02	%		64	%
	10.73		10.20			3,678,891		0.74			3.90			1.05			48
	10.13		(0.67	)		3,386,949		0.75			4.02			1.07			59
	10.62		11.11			3,731,312		0.75			4.02			1.08			52
	9.95		4.23			3,991,877		0.75			4.25			1.10			52
	10.19		(1.42	)		2,497,469		1.24			3.16			1.52			64
	10.70		9.67			3,814,158		1.24			3.43			1.55			48
	10.10		(1.17	)		4,114,927		1.25			3.52			1.57			59
	10.59		10.58			4,609,784		1.25			3.53			1.59			52
	9.92		3.70			4,968,359		1.25			3.76			1.61			52
	10.23		(0.76	)		4,930,991		0.59			3.80			0.77			64
	10.74		10.35			5,672,266		0.59			4.08			0.80			48
	10.14		(0.52	)		4,445,260		0.60			4.17			0.81			59
	10.63		11.26			4,448,619		0.60			4.15			0.83			52
	9.96		4.36			3,198,358		0.60			4.39			0.86			52
	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, 2020 J.P. MORGAN FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020

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, Class R6 and Class T(1)	Diversified
JPMorgan Income Builder Fund	Class A, Class C, Class I, Class R6 and Class T(1)	Diversified

⁽¹⁾  Class T Shares had no assets from the close of business on June 5, 2018 and are not offered to the public.

The investment objective of JPMorgan Global Allocation Fund (“Global Allocation Fund”) is to seek to maximize long-term total return.

The investment objective of JPMorgan Income Builder Fund (“Income Builder Fund”) is to seek to maximize income while maintaining prospects for capital appreciation.

Class A and Class T Shares generally provide for 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 the 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

142 J.P. MORGAN FUNDS OCTOBER 31, 2020

comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with foreign equity reference obligations, are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments 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. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Funds at October 31, 2020.

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

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

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

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

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

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

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

Global Allocation Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	17,512	$	24,115	$	41,627
Collateralized Mortgage Obligations
Bermuda		—		—		2,302		2,302
United States		—		50,947		30,483		81,430
Total Collateralized Mortgage Obligations		—		50,947		32,785		83,732
Commercial Mortgage-Backed Securities
Cayman Islands		—		—		982		982
United States		—		75,710		21,538		97,248
Total Commercial Mortgage-Backed Securities		—		75,710		22,520		98,230
Common Stocks
Australia		—		38,212		—		38,212
Austria		339		5,711		—		6,050
Belgium		91		6,394		—		6,485
Brazil		8,951		172		—		9,123
Canada		20,735		—		—		20,735
Chile		—		145		—		145
China		23,150		150,162		—		173,312
Denmark		4,726		23,693		—		28,419
Finland		—		10,724		—		10,724
France		394		88,887		—		89,281
Germany		1,035		75,976		—		77,011

OCTOBER 31, 2020 J.P. MORGAN FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Global Allocation Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Hong Kong	$	97	$	30,351	$	—		$	30,448
Hungary		—		1,314		—			1,314
India		20,758		—		—			20,758
Indonesia		—		8,344		—			8,344
Ireland		3,614		2,315		—			5,929
Israel		984		1,143		—			2,127
Italy		—		9,638		—			9,638
Japan		102		116,863		—			116,965
Jordan		—		155		—			155
Luxembourg		—		646		—			646
Macau		—		1,930		—			1,930
Mexico		10,115		—		—			10,115
Netherlands		9,953		40,844		—			50,797
New Zealand		—		1,174		—			1,174
Norway		—		2,285		—			2,285
Peru		4,993		—		—			4,993
Poland		1,642		3,717		—			5,359
Portugal		—		605		—			605
Russia		5,100		7,807		—			12,907
Singapore		—		3,621		—			3,621
South Africa		2,392		9,678		—			12,070
South Korea		—		47,151		—			47,151
Spain		—		23,314		—			23,314
Sweden		135		32,181		—			32,316
Switzerland		—		92,899		—			92,899
Taiwan		40,723		10,419		—			51,142
Tanzania, United Republic of		—		838		—			838
Thailand		—		2,735		—			2,735
United Arab Emirates		—		—		—	(a)		—	(a)
United Kingdom		4,201		105,914		—			110,115
United States		745,832		5,741		321			751,894
Total Common Stocks		910,062		963,698		321			1,874,081
Convertible Bonds
United States		—		113		—	(a)		113
Convertible Preferred Stocks		—		—		415			415
Corporate Bonds
Australia		—		1,383		—			1,383
Belgium		—		6,941		—			6,941
Brazil		—		1,752		—			1,752
Canada		—		27,474		—			27,474
Cayman Islands		—		168		—			168
Chile		—		399		—			399
China		—		4,547		—			4,547
Finland		—		2,972		—			2,972
France		—		16,418		—			16,418
Germany		—		4,798		—			4,798
Italy		—		9,929		—			9,929
Japan		—		5,857		—			5,857
Luxembourg		—		6,604		—			6,604
Macau		—		854		—			854
Netherlands		—		5,947		—			5,947
New Zealand		—		246		—			246
Singapore		—		9,531		—			9,531
South Korea		—		6,269		—			6,269

144 J.P. MORGAN FUNDS OCTOBER 31, 2020

Global Allocation Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Spain	$	—		$	933		$	—	$	933
Sweden		—			259			—		259
Switzerland		—			2,907			—		2,907
United Kingdom		—			18,193			—		18,193
United States		—			846,163			115		846,278
Venezuela, Bolivarian Republic of		—			24			—		24
Total Corporate Bonds		—			980,568			115		980,683
Exchange-Traded Funds		14,114			—			—		14,114
Foreign Government Securities		—			252,918			—		252,918
Loan Assignments
Canada		—			518			—		518
United States		—			7,532			1,036		8,568
Total Loan Assignments		—			8,050			1,036		9,086
Preferred Stocks
United States		17			—			45		62
Rights
Singapore		—			—	(a)		—		—	(a)
United Kingdom		90			—			—		90
United States		—			—			19		19
Total Rights		90			—	(a)		19		109
Supranational		—			4,777			—		4,777
U.S. Treasury Obligations		—			67,165			—		67,165
Warrants		—			—			31		31
Short-Term Investments
Certificates of Deposit		—			1,468			—		1,468
Commercial Paper		—			2,497			—		2,497
Foreign Government Treasury Bills		—			35,551			—		35,551
Investment Companies		139,690			—			—		139,690
Investment of cash collateral from securities loaned		73,139			—			—		73,139
U.S. Treasury Obligations		—			3,634			—		3,634
Total Short-Term Investments		212,829			43,150			—		255,979
Total Investments in Securities	$	1,137,112		$	2,464,608		$	81,402	$	3,683,122
Liabilities
Common Stocks	$	(20,324	)	$	—		$	—	$	(20,324	)
Exchange-Traded Funds		(3,863	)		—			—		(3,863	)
Total Liabilities in Securities Sold Short	$	(24,187	)	$	—		$	—	$	(24,187	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,506		$	—	$	2,506
Futures Contracts		15,523			—			—		15,523
Swaps		—			84			—		84
Total Appreciation in Other Financial Instruments	$	15,523		$	2,590		$	—	$	18,113
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(1,822	)	$	—	$	(1,822	)
Futures Contracts		(19,911	)		—			—		(19,911	)
Swaps		—			(897	)		—		(897	)
Total Depreciation in Other Financial Instruments	$	(19,911	)	$	(2,719	)	$	—	$	(22,630	)

OCTOBER 31, 2020 J.P. MORGAN FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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	$	—	$	—	$	1,814	$	1,814
United States		—		172,285		246,497		418,782
Total Asset-Backed Securities		—		172,285		248,311		420,596
Collateralized Mortgage Obligations
Bermuda		—		—		5,445		5,445
United States		—		534,234		197,023		731,257
Total Collateralized Mortgage Obligations		—		534,234		202,468		736,702
Commercial Mortgage-Backed Securities
United States		—		211,281		72,537		283,818
Common Stocks
Australia		—		97,972		—		97,972
Austria		—		2,872		—		2,872
Belgium		—		22,883		—		22,883
Brazil		15,652		1,108		—		16,760
Canada		95,623		—		—		95,623
Cayman Islands		—		—		22		22
Chile		1,852		—		—		1,852
China		—		205,830		—		205,830
Czech Republic		—		1,836		—		1,836
Denmark		—		22,556		—		22,556
Finland		—		18,329		—		18,329
France		—		113,279		—		113,279
Germany		313		104,678		—		104,991
Hong Kong		—		60,256		—		60,256
India		21,161		50,632		—		71,793
Indonesia		—		24,217		—		24,217
Ireland		—		3,272		—		3,272
Italy		—		42,020		—		42,020
Japan		—		164,576		—		164,576
Macau		—		2,169		—		2,169
Mexico		29,141		—		—		29,141
Netherlands		—		30,977		—		30,977
New Zealand		—		4,040		—		4,040
Norway		—		7,722		—		7,722
Peru		2,428		—		—		2,428
Portugal		—		5,765		—		5,765
Russia		18,448		33,264		—		51,712
Saudi Arabia		12,617		—		—		12,617
Singapore		207		22,350		—		22,557
South Africa		4,745		12,525		—		17,270
South Korea		4,429		59,435		—		63,864
Spain		1,545		99,932		—		101,477
Sweden		1,018		31,768		—		32,786
Switzerland		—		121,278		—		121,278
Taiwan		90,075		69,233		—		159,308
Thailand		—		7,149		—		7,149
United Kingdom		11,189		203,028		—		214,217
United States		2,004,289		4,093		7,474		2,015,856
Total Common Stocks		2,314,732		1,651,044		7,496		3,973,272

146 J.P. MORGAN FUNDS OCTOBER 31, 2020

Income Builder Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Convertible Bonds
Australia	$	—	$	6,791	$	—		$	6,791
Cameroon		—		1,491		—			1,491
China		—		24,546		—			24,546
France		—		4,439		—			4,439
Germany		—		2,068		—			2,068
Israel		—		2,619		—			2,619
Singapore		—		3,684		—			3,684
South Africa		—		3,576		—			3,576
United Kingdom		—		4,481		—			4,481
United States		—		136,439		—	(b)		136,439
Total Convertible Bonds		—		190,134		—	(b)		190,134
Convertible Preferred Stocks
United States		70,665		—		5,308			75,973
Corporate Bonds
Australia		—		16,381		—			16,381
Austria		—		1,354		—			1,354
Azerbaijan		—		4,367		—			4,367
Bahrain		—		1,211		—			1,211
Belarus		—		716		—			716
Belgium		—		11,768		—			11,768
Brazil		—		5,076		—			5,076
Canada		—		165,788		—			165,788
Cayman Islands		—		3,720		—			3,720
Chile		—		3,003		—			3,003
China		—		1,188		—			1,188
Colombia		—		3,636		—			3,636
Costa Rica		—		775		—			775
Finland		—		4,330		—			4,330
France		—		74,575		—			74,575
Germany		—		14,643		—			14,643
Guatemala		—		1,184		—			1,184
India		—		872		—			872
Indonesia		—		8,733		—			8,733
Ireland		—		16,344		—			16,344
Italy		—		20,060		—			20,060
Japan		—		10,699		—			10,699
Kazakhstan		—		6,261		—			6,261
Luxembourg		—		57,610		—			57,610
Mexico		—		12,084		—			12,084
Morocco		—		2,464		—			2,464
Netherlands		—		27,403		—			27,403
Norway		—		3,058		—			3,058
Panama		—		1,689		—			1,689
Peru		—		4,012		—			4,012
Qatar		—		2,304		—			2,304
South Africa		—		1,358		—			1,358
South Korea		—		1,150		—			1,150
Spain		—		8,483		—			8,483
Sweden		—		647		—			647
Switzerland		—		74,222		—			74,222
Trinidad and Tobago		—		1,746		—			1,746
Turkey		—		635		—			635
United Arab Emirates		—		4,574		—			4,574

OCTOBER 31, 2020 J.P. MORGAN FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Income Builder Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
United Kingdom	$	—		$	110,446		$	—	$	110,446
United States		—			3,942,232			4,201		3,946,433
Total Corporate Bonds		—			4,632,801			4,201		4,637,002
Equity-Linked Notes		—			508,752			—		508,752
Foreign Government Securities		—			179,992			—		179,992
Loan Assignments
Canada		—			7,327			—		7,327
France		—			2,618			—		2,618
Luxembourg		—			2,717			—		2,717
United States		—			258,172			7,495		265,667
Total Loan Assignments		—			270,834			7,495		278,329
Mortgage-Backed Securities		—			33,703			—		33,703
Preferred Stocks
United States		87,298			—			2,623		89,921
Rights
Singapore		—			—	(b)		—		—	(b)
United States		—			—			531		531
Total Rights		—			—	(b)		531		531
U.S. Government Agency Securities		—			6,047			—		6,047
U.S. Treasury Obligations		—			48,052			—		48,052
Warrants		—			—			809		809
Short-Term Investments
Certificates of Deposit		—			1,711			—		1,711
Commercial Paper		—			4,444			—		4,444
Investment Companies		514,343			—			—		514,343
Investment of cash collateral from securities loaned		159,426			—			—		159,426
U.S. Treasury Obligations		—			500			—		500
Total Short-Term Investments		673,769			6,655			—		680,424
Total Investments in Securities	$	3,146,464		$	8,445,814		$	551,779	$	12,144,057
Appreciation in Other Financial Instruments
Futures Contracts	$	1,598		$	—		$	—	$	1,598
Depreciation in Other Financial Instruments
Futures Contracts	$	(29,350	)	$	—		$	—	$	(29,350	)

(a) Value is zero.

(b) Amount rounds to less than one thousand.

148 J.P. MORGAN FUNDS OCTOBER 31, 2020

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):

Global Allocation Fund	Balance as of October 31, 2019			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, 2020
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	7,751		$	(560	)	$	395		$	—	(a)	$	—		$	(7,586	)	$	—	$	—		$	—
Asset-Backed Securities — United States		55,876			42			(637	)		61			1,140			(33,565	)		1,524		(326	)		24,115
Collateralized Mortgage Obligations — Bermuda		3,103			—			(48	)		—			—			(753	)		—		—			2,302
Collateralized Mortgage Obligations — United States		37,037			(149	)		(364	)		(1	)		1,177			(11,268	)		4,051		—			30,483
Commercial Mortgage-Backed Securities — Cayman Islands		1,995			(47	)		(13	)		—			—			(953	)		—		—			982
Commercial Mortgage-Backed Securities — United States		78,449			(9,543	)		(2,766	)		23			565			(45,592	)		402		—			21,538
Common Stocks — United Arab Emirates		—			—			(80	)		—			14			—			66		—			—	(b)
Common Stocks — United States		215			—			40			—			66			—			—		—			321
Convertible Bonds — United States		—			—			(163	)		—			163			—			—		—			—	(b)
Convertible Preferred Stocks — United States		331			—			84			—			—			—			—		—			415
Corporate Bonds — United States		4			23			(4	)		—			115			(23	)		—		—			115
Loan Assignments — United States		253			100			64			13			839			(233	)		—		—			1,036
Preferred Stocks — United States		—	(a)		—			—			—			45			—			—		—			45
Rights — United States		15			—			4			—			—			—			—		—			19
Warrants — United Kingdom		—			—			—			—			—	(a)		—			—		—			—	(a)
Warrants — United States		57			—			(26	)		—			—			—			—		—			31
Total	$	185,086		$	(10,134	)	$	(3,514	)	$	96		$	4,124		$	(99,973	)	$	6,043	$	(326	)	$	81,402

OCTOBER 31, 2020 J.P. MORGAN FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Income Builder Fund	Balance as of October 31, 2019		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, 2020
Investments in Securities
Asset-Backed Securities — Cayman Islands	$	10,743	$	(375	)	$	366		$	1	$	—		$	(8,921	)	$	—	$	—		$	1,814
Asset-Backed Securities — United States		357,064		224			(6,736	)		1,053		25,935			(147,363	)		19,530		(3,210	)		246,497
Collateralized Mortgage Obligations — Bermuda		6,680		—			(237	)		—		—			(998	)		—		—			5,445
Collateralized Mortgage Obligations — United States		104,140		—	(a)		(3,181	)		1		84,868			(26,889	)		38,084		—			197,023
Commercial Mortgage-Backed Securities — Cayman Islands		2,992		(141	)		8			—		—			(2,859	)		—		—			—
Commercial Mortgage-Backed Securities — United States		139,275		(5,857	)		(8,873	)		57		24,527			(80,809	)		7,603		(3,386	)		72,537
Common Stocks — Cayman Islands		25		—			(3	)		—		—			—			—		—			22
Common Stocks — New Zealand		1,488		1,475			(712	)		—		—			(2,251	)		—		—			—
Common Stocks — United States		3,022		—			2,727			—		2,001			(276	)		—		—			7,474
Convertible Bonds — United States		—		—			(945	)		—		945			—			—		—			—	(a)
Convertible Preferred Stocks — United States		4,229		—			1,079			—		—			—			—		—			5,308
Corporate Bonds — United States		11		411			11			—		4,180			(412	)		—		—			4,201
Loan Assignments — United States		1,842		708			271			78		6,253			(1,657	)		—		—			7,495
Preferred Stocks — United States		1		—			—			—		2,622			—			—		—			2,623
Rights — United States		432		—			99			—		—			—			—		—			531
Warrants — United Kingdom		—		—			—			—		—	(a)		—			—		—			—	(a)
Warrants — United States		1,482		—			(673	)		—		—			—			—		—			809
Total	$	633,426	$	(3,555	)	$	(16,799	)	$	1,190	$	151,331		$	(272,435	)	$	65,217	$	(6,596	)	$	551,779

¹   Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Amount rounds to less than one thousand.

(b) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at October 31, 2020, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Global Allocation Fund	$	(1,550	)
Income Builder Fund		(13,023	)

These amounts are included in Change in net unrealized appreciation/ depreciation of 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, 2020 for Global Allocation Fund.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the year ended October 31, 2020 for Income Builder Fund.

150 J.P. MORGAN FUNDS OCTOBER 31, 2020

Global Allocation Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at October 31, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	23,863		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (8.79%)
					Constant Default Rate		0.00% - 6.00% (2.81%)
					Yield (Discount Rate of Cash Flows)		1.30% - 6.57% (2.42%)
Asset-Backed Securities		23,863
		21,539		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (3.76%)
					Constant Default Rate		0.00% - 5.00% (0.19%)
					Yield (Discount Rate of Cash Flows)		(9.45)% - 199.00% (11.76%)
Commercial Mortgage Backed Securities		21,539
		30,901		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (20.63%)
					Constant Default Rate		0.00% - 3.70% (0.17%)
					Yield (Discount Rate of Cash Flows)		2.21% - 6.77% (4.27%)
Collateralized Mortgage Obligation		30,901
		24		Market Comparable Companies	EBITDA Multiple (c)		6.0x (6.0x)
					Liquidity Discount		30.00% (30.00%)
Common Stocks		24
		—	(b)	Market Comparable Companies	EBITDA Multiple (c)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
Preferred Stocks		—	(b)
		761		Term of Restructuring	Expected Recovery		50.00% - 100.00% (99.31%)
		275		Market Comparable Companies	EBITDA Multiple (c)		6.0x (6.0x)
Loan Assignments		1,036
		—	(d)	Pending Distribution	Discount for Potential Outcome (e)		100.00% (100.00%)
Rights		—	(d)
Total	$	77,363

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At October 31, 2020, the value of these investments was approximately $4,039,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Senior-ranking securities in the issuing entity capital structure result in this security being valued at zero.

(c) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(d) Amount rounds to less than one thousand.

(e) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the constant prepayment rate may decrease or increase the fair value measurement.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at October 31, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	147		Market Comparable Companies	EBITDA Multiple (b)		5.0x - 6.0x (6.0x)
					Liquidity Discount		0.00% - 30.00% (0.00%)
		78		Pending Distribution	Expected Recovery		$1.20
Common Stocks		225
		1		Market Comparable Companies	EBITDA Multiple (b)		5.0x (5.0x)
					Liquidity Discount		30.00% (30.00%)
Preferred Stocks		1
		—	(c)	Pending Distribution	Discount for Potential Outcome (d)		100.00% (100.00%)
Corporate Bonds		—	(c)
		246,247		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (8.19%)
					Constant Default Rate		0.00% - 10.30% (2.55%)
					Yield (Discount Rate of Cash Flows)		0.86% - 11.96% (2.60%)
Asset-Backed Securities		246,247
		198,702		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (17.70%)
					Constant Default Rate		0.00% - 4.00% (0.12%)
					Yield (Discount Rate of Cash Flows)		1.91% - 7.21% (3.78%)
Collateralized Mortgage Obligations		198,702
		69,862		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (1.09%)
					Constant Default Rate		0.00% - 5.00% (0.05%)
					Yield (Discount Rate of Cash Flows)		-9.45% - 199.00% (12.34%)
Commercial Mortgage-Backed Securities		69,862
		5,745		Pending Distribution	Expected Recovery		50.00% - 100.00% (99.15%)
		1,750		Market Comparable Companies	EBITDA Multiple (b)		6.0x (6.0x)
Loan Assignments		7,495
Total	$	522,532

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At October 31, 2020, the value of these investments was approximately $29,247,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(c) Value is zero.

(d) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, yield and default rate may decrease (increase) the fair value measurement. A significant change in the constant prepayment rate may decrease or increase the fair value measurement.

152 J.P. MORGAN FUNDS OCTOBER 31, 2020

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

As of October 31, 2020, 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 they 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 the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a Fund could experience delays or limitations in realizing the value on such collateral or have their interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a Fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

D. Unfunded Commitments — The Funds have entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Funds to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.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, 2020, Income Builder Fund had the following loan commitments in which all or a portion of the commitment was unfunded which could be extended at the options of the borrower (amounts in thousands):

										Unfunded Commitment				Funded Commitment				Total Commitment
	Security Description	Maturity Date		Commitment Fee Rate			Rate if Funded			Par Amount		Value		Par Amount		Value		Par Amount		Value
Income Builder Fund	CVS Holdings I LP, Delayed Draw Term Loan		8/31/2026		0.000	%		4.398	%	$	24	$	23	$	57	$	54	$	81	$	77
	Moran Foods LLC, 1st Lien Term Loan B		4/1/2023		1.000			11.500			483		483		—		—		483		483
	Pathway Vet Alliance, Delayed Draw Term Loan		3/31/2027		0.000			3.935			19		18		—		—		19		18

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 settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until settlement date.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Income Builder Fund had delayed delivery securities outstanding as of October 31, 2020, 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, 2020 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/or the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans 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 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, 2020 (amounts in thousands):

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to counterparty (not less than zero)
Global Allocation Fund	$	69,542	$	(69,542	)	$	—
Income Builder Fund	$	153,063	$	(153,063	)		—

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

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

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the year ended October 31, 2020, JPMIM waived fees associated with the Fund’s investments in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Global Allocation Fund	$	7
Income Builder Fund		19

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

G. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Funds 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 the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

154 J.P. MORGAN FUNDS OCTOBER 31, 2020

Global Allocation Fund

	For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a)(b)	$	158,629	$	2,359,766	$	2,378,632	$	(103	)	$	30		$	139,690		139,606	$	2,195		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)		20,002		460,998		417,000		33	*		(7	)		64,026		64,020		343	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		12,304		287,064		290,255		—			—			9,113		9,113		56	*		—
Total	$	190,935	$	3,107,828	$	3,085,887	$	(70	)	$	23		$	212,829			$	2,594		$	—

Income Builder Fund

	For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.11% (a)(b)	$	83,862	$	906,680	$	923,062	$	(2	)	$	(8	)	$	67,470		67,429	$	697		$	—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a)(b)		607,894		4,715,036		4,876,288		196			35			446,873		446,606		3,546			—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.15% (a)(b)		—		625,000		482,000		34	*		(27	)		143,007		142,992		1,694	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a)(b)		—		712,531		696,112		—			—			16,419		16,419		195	*		—
Total	$	691,756	$	6,959,247	$	6,977,462	$	228		$	—	(c)	$	673,769			$	6,132		$	—

(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, 2020.

(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).

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

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

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

OCTOBER 31, 2020 J.P. MORGAN FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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

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

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by 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 will 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 futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

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

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change is recorded as Change in net unrealized appreciation/depreciation of options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

The Fund’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 Funds used index, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to particular countries or regions. The Funds also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

156 J.P. MORGAN FUNDS OCTOBER 31, 2020

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

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

(3). Forward Foreign Currency Exchange Contracts — Global Allocation Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of 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 record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also record 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, including credit default swaps, interest rate swaps and total return basket swaps, to manage credit risks, interest rate (e.g., duration, yield curve) and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

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

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

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

OCTOBER 31, 2020 J.P. MORGAN FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Credit Default Swaps

Global Allocation Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

Global Allocation Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.

Total Return Basket Swaps

Global Allocation Fund entered into a total return basket swap agreement to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity.

Under the terms of the agreement, 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” 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 contracts on the Statements of Assets and Liabilities and as Net realized gain (loss) on transactions from swaps on the Statements of Operations.

Each swap involve additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of the Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Fund’s activities in the total return basket swap are concentrated with one counterparty. Investing in swaps results in a form of leverage (i.e., the Fund’s risk of loss associated with these instruments may exceed their value as recorded on the Statements of Assets and Liabilities).

The value of 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 each swap are recognized as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations.

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

158 J.P. MORGAN FUNDS OCTOBER 31, 2020

(5). Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2020 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Allocation Fund

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	8,010		$	—		$	84			8,094
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		3,355			2,506			—			5,861
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		4,158			—			—			4,158
Total		$	15,523		$	2,506		$	84		$	18,113
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(10,110	)	$	—		$	(894	)	$	(11,004	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		(6,633	)		(1,822	)		—			(8,455	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(3,168	)		—			—			(3,168	)
Total		$	(19,911	)	$	(1,822	)	$	(894	)	$	(22,627	)

Income Builder Fund

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	328
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		1,270
Total		$	1,598
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(13,916	)
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation		(1,877	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(13,557	)
Total		$	(29,350	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2020 by primary underlying risk exposure (amounts in thousands):

Global Allocation Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	412		$	412
Equity contracts		(36,902	)		34,717			—			310			(1,875	)
Foreign exchange contracts		(2	)		1,564			(3,426	)		—			(1,864	)
Interest rate contracts		—			22,581			—			(135	)		22,446
Total	$	(36,904	)	$	58,862		$	(3,426	)	$	587		$	19,119
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	75		$	75
Equity contracts		(5,210	)		(2,936	)		—			(1,962	)		(10,108	)
Foreign exchange contracts		32			(3,667	)		6,572			—			2,937
Interest rate contracts		—			2,369			—			(28	)		2,341
Total	$	(5,178	)	$	(4,234	)	$	6,572		$	(1,915	)	$	(4,755	)

OCTOBER 31, 2020 J.P. MORGAN FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Income Builder Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	286
Foreign exchange contracts		(12,975	)
Interest rate contracts		81,429
Total	$	68,740

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,520	)
Foreign exchange contracts		11,863
Interest rate contracts		(7,167	)
Total	$	3,176

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts, forward foreign currency exchange contracts, options and swaps activity during the year ended October 31, 2020. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):

	Global Allocation Fund			Income Builder Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	541,873		$	163,992
Average Notional Balance Short		135,236			215,465
Ending Notional Balance Long		567,901			154,613
Ending Notional Balance Short		96,577			—
Futures Contracts — Foreign Exchange:
Average Notional Balance Long		419,115			125,285	(e)
Average Notional Balance Short		—			268,380
Ending Notional Balance Long		688,692			124,001
Ending Notional Balance Short		—			270,153
Futures Contracts — Interest Rate:
Average Notional Balance Long		506,708			1,608,592
Average Notional Balance Short		243,267			—
Ending Notional Balance Long		386,778			1,831,400
Ending Notional Balance Short		400,856			—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		186,834			—
Average Settlement Value Sold		704,827			—
Ending Settlement Value Purchased		201,180			—
Ending Settlement Value Sold		638,097			—
Exchange-Traded Options:
Average Number of Contracts Purchased		25,639	(a)		—
Average Number of Contracts Written		29	(b)		—
Swaptions & OTC Options:
Average Notional Balance Purchased		15,305	(c)		—
Average Notional Balance Written		10,046	(c)		—
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed Rate		17,178	(d)		—
Average Notional Balance — Receives Fixed Rate		2,541			—

160 J.P. MORGAN FUNDS OCTOBER 31, 2020

	Global Allocation Fund		Income Builder Fund
Credit Default Swaps:
Average Notional Balance—Buy Protection	$	2,393	$	—
Total Return Basket Swaps:
Average Notional Balance Long		13,951		—
Ending Notional Balance Long		15,199		—

(a) For the period November 1, 2019 through September 30, 2020.

(b) For the period June 1, 2020 through June 30, 2020.

(c) For the period November 1, 2019 through August 31, 2020.

(d) For the period November 1, 2019 through February 29, 2020.

(e) For the period August 1, 2020 through October 31, 2020.

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts, non-deliverable forward foreign currency exchange contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties, cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.F.). Otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in escrow in a separate account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Funds. These amounts are not reflected on the Funds’ Statements of Assets and Liabilities and are disclosed in the table below.

Global Allocation Fund’s derivative contracts collateral requirements and collateral posted or received by counterparty as of October 31, 2020 are as follows (amounts in thousands):

Fund Counterparty		Value of swap contracts			Collateral amount
Bank of America, NA	Collateral Posted	$	(810	)	$	810

The Funds’ derivatives contracts held at October 31, 2020 are not accounted for as hedging instruments under GAAP.

J. Short Sales — Global Allocation Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

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

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

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The 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, 2020, the Fund had outstanding short sales as listed on the SOI.

K. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Security gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend. The Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 161

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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

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, 2020 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2		Class R3			Class R4			Class R5			Class R6		Total
Global Allocation Fund
Transfer agency fees	$	24	$	24	$	26	$	2	$	—	(a)	$	—	(a)	$	—	(a)	$	5	$	81
Income Builder Fund
Transfer agency fees		114		106		63		n/a		n/a			n/a			n/a			6		289

(a) Amount rounds to less than one thousand.

M. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2020, 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.

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

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

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

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
JPMorgan Global Allocation Fund	$	—	$	(23,902	)	$	23,902
JPMorgan Income Builder Fund		5,880		1,277			(7,157	)

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

P. Recent Accounting Pronouncements — In March 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Funds have adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU 2017-08, as of November 1, 2019, the amortized cost basis of investments and unrealized appreciation (depreciation) of investments of the Funds were increased (decreased) by the amounts presented in the following table (amounts in thousands). The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

	Amortized Cost Basis of Investments			Unrealized Appreciation (Depreciation) of Investments
Global Allocation Fund	$	(354	)	$	354
Income Builder Fund		(5,880	)		5,880

162 J.P. MORGAN FUNDS OCTOBER 31, 2020

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 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, 2020, the effective rate for Global Allocation Fund and Income Builder Fund was 0.08% and 0.07%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, pursuant to Rule 12b-1 under the 1940 Act. The Class I, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Global Allocation Fund		0.25	%		0.75	%		0.50	%		0.25	%
Income Builder Fund		0.25			0.75			n/a			n/a

In addition, JPMDS is entitled to receive 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, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	43	$	—	(a)
Income Builder Fund		332		13

(a) Amount rounds to less than one thousand.

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

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5
Global Allocation Fund		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.10	%
Income Builder Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 163

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket 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 of the Funds and Underlying Funds and ETFs (excluding 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 incurred by the Funds and any Underlying Fund and ETFs and acquired fund fees incurred by an Underlying Fund and ETFs) 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, 2020 and are in place until at least February 28, 2021.

For the year ended October 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Global Allocation Fund	$	408	$	272	$	3,746	$	4,426	$	2
Income Builder Fund		58		38		26,488		26,584		1,243

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, 2020 were as follows (amounts in thousands):

Global Allocation Fund	$	428
Income Builder Fund		879

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, 2020, 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, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government		Securities Sold Short		Covers on Securities Sold Short
Global Allocation Fund	$	3,508,208	$	3,339,972	$	45,035	$	52,357	$	350,347	$	341,133
Income Builder Fund		7,644,219		7,857,233		64,397		128,622		—		—

164 J.P. MORGAN FUNDS OCTOBER 31, 2020

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, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Allocation Fund*	$	3,332,921	$	459,204	$	137,705	$	321,499
Income Builder Fund		11,874,826		918,978		677,499		241,479

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

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, investments in perpetual bonds, investments in callable bonds, mark to market of futures contracts, investments in contingent payment debt instruments and investments in PFICs.

The tax character of distributions paid during the year ended October 31, 2020 was as follows (amounts in thousands):

	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.

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

	Ordinary Income*		Total Distributions Paid
Global Allocation Fund	$	92,606	$	92,606
Income Builder Fund		487,247		487,247

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

As of October 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Global Allocation Fund	$	50,729	$	—		$	255,752
Income Builder Fund		4,762		(76,974	)		235,389

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, mark to market of futures contracts, investments in callable bonds, investments in contingent payment debt instruments, straddle loss deferrals, investments in perpetual bonds and investments in PFICs.

As of October 31, 2020, the following Fund had net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
JPMorgan Income Builder Fund	$	58,864	$	18,110

During the year ended October 31, 2020, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
Global Allocation Fund	$	24,999	$	7,095

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates

OCTOBER 31, 2020 J.P. MORGAN FUNDS 165

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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, 2020.

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

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2020.

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

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

The Funds did not utilize the Credit Facility during the year ended October 31, 2020.

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, 2020, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Global Allocation Fund		—		—	%		2		24.6	%
Income Builder Fund		1		16.1			3		32.3

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

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

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.

166 J.P. MORGAN FUNDS OCTOBER 31, 2020

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.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap and option contracts, credit linked notes, exchange-traded notes, forward foreign currency exchange contracts and To-Be-Announced securities.

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Funds invest in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds.”) These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

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

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, 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, 2020 J.P. MORGAN FUNDS 167

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, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, 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, 2020, 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, 2020 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, 2020 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 21, 2020

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

168 J.P. MORGAN FUNDS OCTOBER 31, 2020

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); Chairman since 2020; Trustee of 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).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various 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).	126	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).	126	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, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None

OCTOBER 31, 2020 J.P. MORGAN FUNDS 169

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	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).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

170 J.P. MORGAN FUNDS OCTOBER 31, 2020

(1) Mr. Marshall is retiring from the Board of Trustees effective the close of business on December 31, 2020. The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (126 funds).

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

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

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient 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, 2020 J.P. MORGAN FUNDS 171

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Executive Director and Assistant General Counsel, JPMorgan Chase. 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 since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
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. (formerly JPMorgan Funds 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. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds 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. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

   * The contact address for the officer is 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.

172 J.P. MORGAN FUNDS OCTOBER 31, 2020

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, 2020, and continued to hold your shares at the end of the reporting period, October 31, 2020.

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, 2020		Ending Account Value October 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Global Allocation Fund
Class A
Actual	$	1,000.00	$	1,113.90	$	5.47		1.03	%
Hypothetical		1,000.00		1,019.96		5.23		1.03
Class C
Actual		1,000.00		1,110.80		8.12		1.53
Hypothetical		1,000.00		1,017.44		7.76		1.53
Class I
Actual		1,000.00		1,115.40		4.15		0.78
Hypothetical		1,000.00		1,021.21		3.96		0.78
Class R2
Actual		1,000.00		1,111.50		7.43		1.40
Hypothetical		1,000.00		1,018.10		7.10		1.40
Class R3
Actual		1,000.00		1,113.80		6.11		1.15
Hypothetical		1,000.00		1,019.35		5.84		1.15
Class R4
Actual		1,000.00		1,114.50		4.84		0.91
Hypothetical		1,000.00		1,020.56		4.62		0.91
Class R5
Actual		1,000.00		1,115.50		4.04		0.76
Hypothetical		1,000.00		1,021.32		3.86		0.76
Class R6
Actual		1,000.00		1,116.10		3.46		0.65
Hypothetical		1,000.00		1,021.87		3.30		0.65

OCTOBER 31, 2020 J.P. MORGAN FUNDS 173

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Income Builder Fund
Class A
Actual	$	1,000.00	$	1,085.10	$	3.88		0.74	%
Hypothetical		1,000.00		1,021.42		3.76		0.74
Class C
Actual		1,000.00		1,083.60		6.49		1.24
Hypothetical		1,000.00		1,018.90		6.29		1.24
Class I
Actual		1,000.00		1,086.90		3.09		0.59
Hypothetical		1,000.00		1,022.17		3.00		0.59
Class R6
Actual		1,000.00		1,087.30		2.68		0.51
Hypothetical		1,000.00		1,022.57		2.59		0.51

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

174 J.P. MORGAN FUNDS OCTOBER 31, 2020

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 2020, 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, 2020.

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 management 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 analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser,

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

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, including additional reporting and information provided in connection with the market volatility caused by 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

OCTOBER 31, 2020 J.P. MORGAN FUNDS 175

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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.

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

176 J.P. MORGAN FUNDS OCTOBER 31, 2020

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 expense 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’ Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, 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 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 by the independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Global Allocation Fund’s performance for Class A shares was in the second quintile based upon the Peer Group for each of the one-, three-,and five-year periods ended December 31, 2019, and in the third, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the performance for Class I shares was in the fourth, second and second quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the 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, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Income Builder Fund’s performance for Class A shares was in the second, third and second quintiles based upon the Peer Group, and in the fourth, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that performance for Class I shares was in the fourth, fourth and second quintile based upon the Peer Group, and in the fourth, third and second quintiles based upon the Universe, for the one-, three-, and five-year

OCTOBER 31, 2020 J.P. MORGAN FUNDS 177

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

periods ended December 31, 2019, respectively. The Trustees noted that performance for Class R6 shares was in the second quintile based upon the Peer Group, and in the fourth quintile based upon the Universe, for the one-year period ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

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 first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and 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 third 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 fees were satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund invests.

The Trustees noted that the Income Builder Fund’s net advisory fee for Class A shares was in the second 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 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 quintile based upon both the Peer Group and Universe. The Trustees noted that 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 fees were satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund may invest.

178 J.P. MORGAN FUNDS OCTOBER 31, 2020

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2020. 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, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 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, 2020:

	Dividends Received Deduction
JPMorgan Global Allocation Fund		16.67	%
JPMorgan Income Builder Fund		12.62

Long Term Capital Gain

JPMorgan Income Builder Fund distributed approximately $19,434,000, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2020.

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, 2020 (amounts in thousands):

	Qualified Dividend Income
JPMorgan Global Allocation Fund	$	29,147
JPMorgan Income Builder Fund		123,929

OCTOBER 31, 2020 J.P. MORGAN FUNDS 179

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., 2020.  All rights reserved. October 2020 AN-IB-GAL-1020

Annual Report

J.P. Morgan Funds

October 31, 2020

JPMorgan Emerging Markets Strategic Debt Fund

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

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

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

CONTENTS

Letter to Shareholders	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	14
Financial Highlights	22
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	37
Trustees	38
Officers	41
Schedule of Shareholder Expenses	42
Board Approval of Investment Advisory Agreement	43
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 10, 2020 (Unaudited)

Dear Shareholders,

Even as the pandemic fueled deep uncertainty over the past year, global financial markets proved to be resilient with unprecedented support from central banks and broad investor optimism over advances in global efforts to end the pandemic. Over the twelve months ended October 31, 2020, equity prices in the U.S. and emerging markets generally led a broad but uneven recovery from lows reached in the first quarter of 2020. For the period, the S&P 500 Index returned 9.71%, the MSCI Emerging Markets Index returned 8.62% and the MSCI EAFE Index returned -6.46%.

  “We maintain an unwavering commitment to seeking to provide investors with innovative and timely solutions required to meet the demands and opportunities of any market environment.”
— Andrea L. Lisher

The period began with upward momentum in global equity markets but by the end of March 2020, investors responded to the emerging pandemic with a broad sell-off that fed a sharp spike in financial market volatility. The swift response of leading central banks to seek to ensure market liquidity brought

some calm to financial markets and in the following months equity prices began to recover. Though the full economic impact of the pandemic remains unknown, investors have appeared to focus on specific efforts to contain Covid-19 and the timeline for the potential availability of vaccines against the virus.

Throughout this period, J.P. Morgan Asset Management has quickly adapted to unique challenges and has continued to operate utilizing the same fundamental practices and principles that have driven our success. We maintain an unwavering commitment to seeking to provide investors with innovative and timely solutions required to meet the demands and opportunities of any market environment. 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, 2020 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(1.91)%
J.P. Morgan Emerging Markets Bond Index Global Diversified	0.98%
Emerging Markets Strategic Debt Composite Benchmark**	0.48%
Net Assets as of 10/31/2020 (In Thousands)	$259,834
Duration as of 10/31/2020	8.4 years

INVESTMENT OBJECTIVE***

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

HOW DID THE MARKET PERFORM?

While global financial markets largely entered the reporting period with support from an improving economic and trade outlook, the economic shock of the pandemic response sparked a drop in global asset prices and a spike in market volatility in the first quarter of 2020. Rapid interventions by the world’s central banks helped to calm investors and set the stage for general but uneven recovery in financial markets.

The final months of 2019 were marked by rising prices for global equity — led by U.S. markets — driven partly by gains in U.S. and European manufacturing and an initial U.S.-China agreement to lower trade barriers. Amid already low interest rates, the U.S. Federal Reserve (the “Fed”) declined to cut rates further at its December meeting.

In the first days of January 2020, financial markets largely shrugged off a brief flare-up in military tensions between the U.S. and Iran. However, the emergence and spread of Covid-19 fed increasing investor uncertainty and by early March, the novel coronavirus was declared a pandemic by the World Health Organization. The closure of large sectors of national economies on a global scale sparked a dramatic sell-off in financial markets across the globe. Yields on developed market sovereign bonds fell sharply and prices for commodity gold spiked. By the end of the first quarter of 2002, leading developed market equity indexes had lost 20% or more of their value from the start of the year. Corporate bond prices generally fell and prices for crude oil ended the first quarter down by 60%.

Leading central banks promptly responded with lower interest rates and/or asset purchasing programs, which helped to support asset price stability and head off a potential liquidity crunch in credit markets. Governments also responded with a range of fiscal stimulus or paycheck protection programs designed to cushion the economic impact of the pandemic. In the ensuing months, global equity and bond markets staged a slow and uneven rebound.

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

The Fund’s Class I Shares had a negative absolute performance and underperformed both the J.P. Morgan Emerging Markets Bond Index Global Diversified (the “Index”) and the Emerging Markets Strategic Debt Composite Benchmark (the “Composite Benchmark”) for the twelve months ended October 31, 2020.

Relative to the Index, the Fund’s underweight allocation to emerging market sovereign bonds was the leading detractor from performance. The Fund’s overweight allocation to local currency-denominated bonds was a leading contributor to performance relative to the Index.

The Fund’s overweight allocation to Lebanon was the largest detractor from performance relative to the Index relative after the nation defaulted on loans during the reporting period. The Fund’s overweight allocation to Angola also detracted from performance. Angola’s economy is heavily reliant on petroleum exports and a sharp decline in global oil prices in 2020 hurt Angolan bond prices. The Fund’s underweight allocation to China also detracted from relative performance as both sovereign and corporate bonds rebounded faster than expected from a sell-off sparked by the initial outbreak of Covid-19.

The Fund’s allocation to U.S. Treasury bond futures was the largest contributor to performance relative to the Index. By purchasing long futures positions, the Fund’s managers increased the duration of the Fund, which helped performance as interest rates fell during the reporting period. Generally, bonds with longer duration will experience greater price appreciation as interest rates decline, compared with shorter duration bonds. The Fund’s allocation to Ecuador sovereign bonds also contributed to relative performance amid a larger-than-expected financing agreement with the International Monetary Fund that covered most of the nation’s funding needs for 2020.

Relative to the Composite Benchmark, the Fund’s allocation in emerging market sovereign bonds detracted from performance. The Fund’s out-of-benchmark allocations to emerging market local currency bonds contributed to performance relative to the Composite Benchmark.

2 J.P. MORGAN FUNDS OCTOBER 31, 2020

HOW WAS THE FUND POSITIONED?

The Fund invested primarily in debt securities from emerging market countries that the Fund’s portfolio managers believed had the potential to provide total return. At the end of the reporting period, the Fund’s largest overweight positions were in the currencies of Serbia, Ukraine and Egypt, while the Fund’s largest underweight positions were in the euro and the U.S. dollar. In terms of sovereign debt, the Fund was overweight in Egypt, Mexico and Ukraine and underweight in China, Indonesia and Qatar.

PORTFOLIO COMPOSITION BY SECURITY TYPE****
Foreign Government Securities	61.9	%
Corporate Bonds	32.3
Options Purchased	1.0
Short-Term Investments	4.8

PORTFOLIO COMPOSITION BY COUNTRY****
Mexico	6.5	%
Egypt	4.8
Ukraine	4.0
Brazil	3.4
Kazakhstan	3.3
South Africa	3.0
Panama	3.0
Colombia	2.9
Indonesia	2.9
Nigeria	2.6
Saudi Arabia	2.6
United Arab Emirates	2.4
Russia	2.4
Dominican Republic	2.3
Ghana	2.3
Bahrain	2.3
Philippines	2.2
Qatar	2.1
Chile	2.0
Turkey	1.9
China	1.8

PORTFOLIO COMPOSITION BY COUNTRY****
Ecuador	1.8	%
El Salvador	1.8
Angola	1.6
Malaysia	1.5
Peru	1.5
Belarus	1.5
Kenya	1.4
Senegal	1.3
Paraguay	1.3
Oman	1.2
Serbia	1.2
Morocco	1.2
Sri Lanka	1.2
Argentina	1.1
Uruguay	1.1
Jamaica	1.1
United States	1.1
Ivory Coast	1.0
Cayman Islands	1.0
Israel	1.0
Others (each less than 1.0%)	8.6
Short-Term Investments	4.8

      * 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 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.

**** Percentages indicated are based on total investments as of October 31, 2020. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2020
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		June 29, 2012
With Sales Charge*				(5.80	)%		2.52	%		(1.62	)%
Without Sales Charge				(2.08	)		3.29			(1.16	)
CLASS C SHARES		June 29, 2012
With CDSC**				(3.57	)		2.80			(1.64	)
Without CDSC				(2.57	)		2.80			(1.64	)
CLASS I SHARES		June 29, 2012		(1.91	)		3.53			(0.92	)
CLASS R2 SHARES		June 29, 2012		(2.44	)		3.03			(1.41	)
CLASS R5 SHARES		June 29, 2012		(1.76	)		3.75			(0.72	)
CLASS R6 SHARES		June 29, 2012		(1.66	)		3.81			(0.67	)

* 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 10/31/20)

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, 2020. 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 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.

4 J.P. MORGAN FUNDS OCTOBER 31, 2020

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — 61.1%
Angola — 1.6%
Republic of Angola
8.00%, 11/26/2029 (a)		3,410		2,621
8.00%, 11/26/2029 (b)		1,450		1,115
9.38%, 5/8/2048 (b)		406		310
				4,046
Argentina — 1.1%
Argentine Republic
1.00%, 7/9/2029		415		170
0.12%, 7/9/2030 (c)		3,167		1,148
0.12%, 7/9/2035 (c)		2,590		848
0.12%, 1/9/2038 (c)		1,979		734
				2,900
Armenia — 0.1%
Republic of Armenia 3.95%, 9/26/2029 (a)		390		367
Azerbaijan — 0.2%
Republic of Azerbaijan 3.50%, 9/1/2032 (b)		500		483
Bahrain — 1.6%
Kingdom of Bahrain
6.13%, 8/1/2023 (b)		500		532
7.00%, 1/26/2026 (b)		1,450		1,637
7.00%, 10/12/2028 (b)		710		783
6.75%, 9/20/2029 (b)		994		1,076
				4,028
Belarus — 1.2%
Republic of Belarus
6.88%, 2/28/2023 (b)		450		445
6.38%, 2/24/2031 (a)		2,770		2,618
				3,063
Bermuda — 0.7%
Bermuda Government Bond
4.85%, 2/6/2024 (b)		643		710
2.38%, 8/20/2030 (a)		524		538
3.38%, 8/20/2050 (a)		612		634
				1,882
Bolivia, Plurinational State of — 0.3%
Plurinational State of Bolivia 4.50%, 3/20/2028 (b)		1,000		867
Brazil — 1.7%
Federative Republic of Brazil
2.88%, 6/6/2025		760		768
3.88%, 6/12/2030		640		648

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Brazil — continued
5.63%, 1/7/2041		2,100		2,301
4.75%, 1/14/2050		650		638
				4,355
Colombia — 1.4%
Republic of Colombia
3.13%, 4/15/2031		700		718
5.00%, 6/15/2045		2,241		2,601
4.13%, 5/15/2051		413		433
				3,752
Costa Rica — 0.2%
Republic of Costa Rica 4.25%, 1/26/2023 (b)		450		410
Dominican Republic — 2.3%
Dominican Republic Government Bond
6.88%, 1/29/2026 (b)		500		564
4.88%, 9/23/2032 (a)		1,470		1,498
6.40%, 6/5/2049 (a)		2,040		2,076
5.88%, 1/30/2060 (a)		1,930		1,852
				5,990
Ecuador — 1.3%
Republic of Ecuador
Zero Coupon, 7/31/2030 (a)		429		193
0.50%, 7/31/2030 (a) (c)		1,427		942
0.50%, 7/31/2035 (a) (c)		3,125		1,719
0.50%, 7/31/2040 (a) (c)		1,198		593
				3,447
Egypt — 4.8%
Arab Republic of Egypt
14.31%, 10/13/2023		EGP 21,000		1,337
5.75%, 5/29/2024 (a)		2,000		2,046
5.88%, 6/11/2025 (b)		500		513
7.50%, 1/31/2027 (b)		3,150		3,332
7.05%, 1/15/2032 (a)		2,640		2,581
8.50%, 1/31/2047 (b)		1,033		1,025
8.88%, 5/29/2050 (b)		1,300		1,313
8.15%, 11/20/2059 (a)		250		236
				12,383
El Salvador — 1.5%
Republic of El Salvador
7.75%, 1/24/2023 (b)		75		68
5.88%, 1/30/2025 (b)		620		512
8.63%, 2/28/2029 (b)		1,020		885

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities  — continued
El Salvador — continued
7.63%, 2/1/2041 (b)		2,100		1,620
9.50%, 7/15/2052 (a)		810		704
				3,789
Ethiopia — 0.7%
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (b)		1,717		1,726
Gabon — 0.5%
Gabonese Republic
6.38%, 12/12/2024 (b)		359		342
6.95%, 6/16/2025 (b)		402		380
6.63%, 2/6/2031 (a)		500		446
				1,168
Ghana — 2.3%
Republic of Ghana
7.63%, 5/16/2029 (b)		2,850		2,636
10.75%, 10/14/2030 (b)		570		697
8.63%, 6/16/2049 (b)		2,900		2,538
				5,871
Guatemala — 0.5%
Republic of Guatemala 6.13%, 6/1/2050 (a)		1,100		1,357
Honduras — 0.1%
Republic of Honduras 5.63%, 6/24/2030 (a)		280		309
Hungary — 0.5%
Hungary Government Bond 7.63%, 3/29/2041		674		1,200
Iraq — 0.4%
Republic of Iraq 5.80%, 1/15/2028 (b)		1,266		1,091
Israel — 0.2%
State of Israel Government Bond 3.88%, 7/3/2050		520		603
Ivory Coast — 1.0%
Republic of Cote d’Ivoire
6.38%, 3/3/2028 (b)		1,300		1,362
6.13%, 6/15/2033 (b)		1,289		1,299
				2,661
Jamaica — 1.1%
Jamaica Government Bond
8.00%, 3/15/2039		511		678
7.88%, 7/28/2045		1,605		2,081
				2,759

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Jordan — 0.6%
Hashemite Kingdom of Jordan 5.85%, 7/7/2030 (a)		1,520		1,528
Kenya — 1.4%
Republic of Kenya 6.88%, 6/24/2024 (b)		3,350		3,536
Lebanon — 0.5%
Lebanese Republic
6.38%, 3/9/2020 (d)		3,165		507
6.15%, 6/19/2020 (d)		1,450		233
6.85%, 3/23/2027 (b) (d)		727		100
6.65%, 11/3/2028 (b) (d)		2,678		362
6.65%, 2/26/2030 (b) (d)		708		96
				1,298
Malaysia — 0.5%
1MDB Global Investments Ltd. 4.40%, 3/9/2023 (b)		1,400		1,393
Mexico — 0.9%
United Mexican States
4.50%, 4/22/2029		650		735
4.75%, 3/8/2044		250		277
4.60%, 2/10/2048		750		811
5.75%, 10/12/2110		400		465
				2,288
Morocco — 0.2%
Kingdom of Morocco 5.50%, 12/11/2042 (b)		500		601
Mozambique — 0.2%
Republic of Mozambique 5.00%, 9/15/2031 (a) (c)		700		576
Nigeria — 2.6%
Federal Republic of Nigeria
7.63%, 11/21/2025 (b)		2,000		2,099
6.50%, 11/28/2027 (b)		1,000		968
7.14%, 2/23/2030 (b)		300		290
7.88%, 2/16/2032 (b)		2,014		1,952
7.63%, 11/28/2047 (b)		1,550		1,411
				6,720
Oman — 1.2%
Sultanate of Oman Government Bond
5.38%, 3/8/2027 (b)		2,094		1,915
6.00%, 8/1/2029 (b)		209		191
6.75%, 1/17/2048 (b)		1,272		1,039
				3,145

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
Panama — 1.3%
Republic of Panama
4.50%, 4/1/2056		1,080		1,331
3.87%, 7/23/2060		1,850		2,082
				3,413
Paraguay — 1.2%
Republic of Paraguay
6.10%, 8/11/2044 (b)		1,368		1,766
5.40%, 3/30/2050 (a)		1,200		1,455
				3,221
Peru — 0.4%
Republic of Peru
5.94%, 2/12/2029 (a)		PEN 670		219
5.63%, 11/18/2050		450		718
				937
Philippines — 2.1%
Republic of Philippines
7.75%, 1/14/2031		850		1,286
3.70%, 2/2/2042		1,450		1,669
2.95%, 5/5/2045		2,450		2,574
				5,529
Qatar — 2.0%
State of Qatar
4.63%, 6/2/2046 (b)		500		654
4.82%, 3/14/2049 (b)		2,000		2,668
4.40%, 4/16/2050 (a)		1,570		1,994
				5,316
Romania — 0.8%
Romania Government Bond 4.63%, 4/3/2049 (b)		EUR 1,389		2,003
Russia — 2.4%
Russian Federation
5.88%, 9/16/2043 (b)		2,000		2,726
5.25%, 6/23/2047 (b)		2,600		3,412
				6,138
Saudi Arabia — 1.7%
Kingdom of Saudi Arabia
4.38%, 4/16/2029 (b)		850		999
4.50%, 10/26/2046 (b)		1,460		1,723
5.00%, 4/17/2049 (b)		400		510
4.50%, 4/22/2060 (a)		1,000		1,217
				4,449

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Senegal — 1.3%
Republic of Senegal 6.25%, 7/30/2024 (b)		3,150		3,309
Serbia — 1.2%
Republic of Serbia
4.50%, 1/11/2026		RSD 239,890		2,552
5.88%, 2/8/2028		RSD 50,000		573
				3,125
South Africa — 1.9%
Republic of South Africa
4.67%, 1/17/2024		950		987
4.85%, 9/30/2029		2,550		2,526
5.00%, 10/12/2046		400		337
5.75%, 9/30/2049		1,250		1,127
				4,977
Sri Lanka — 1.1%
Democratic Socialist Republic of Sri Lanka
6.35%, 6/28/2024 (a)		520		294
6.85%, 11/3/2025 (b)		1,900		1,056
6.20%, 5/11/2027 (b)		1,050		564
6.75%, 4/18/2028 (b)		458		246
7.85%, 3/14/2029 (b)		1,460		789
				2,949
Trinidad and Tobago — 0.3%
Republic of Trinidad and Tobago 4.50%, 6/26/2030 (a)		830		839
Turkey — 1.7%
Republic of Turkey
5.75%, 3/22/2024		1,250		1,213
5.13%, 2/17/2028		600		533
7.63%, 4/26/2029		750		756
4.88%, 4/16/2043		2,237		1,636
Turkiye Ihracat Kredi Bankasi A/S 8.25%, 1/24/2024 (a)		340		344
				4,482
Ukraine — 3.9%
Ukraine Government Bond
7.75%, 9/1/2023 (b)		2,100		2,181
7.75%, 9/1/2024 (b)		1,150		1,188
15.84%, 2/26/2025 (b)		UAH 45,620		1,784
7.75%, 9/1/2025 (b)		2,800		2,863
7.75%, 9/1/2027 (b)		713		718
0.00%, 5/31/2040 (b) (e)		1,456		1,257
				9,991

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
United Arab Emirates — 1.0%
United Arab Emirates Government Bond
4.13%, 10/11/2047 (b)		1,550		1,903
4.00%, 7/28/2050 (a)		710		706
				2,609
Uruguay — 1.1%
Oriental Republic of Uruguay
7.88%, 1/15/2033		900		1,391
4.98%, 4/20/2055		1,060		1,402
				2,793
Venezuela, Bolivarian Republic of — 0.1%
Bolivarian Republic of Venezuela
7.75%, 10/13/2019 (b) (d)		91		8
12.75%, 8/23/2022 (b) (d)		1,470		129
9.25%, 5/7/2028 (b) (d)		2,130		186
				323
Zambia — 0.2%
Republic of Zambia 8.97%, 7/30/2027 (b)		1,145		481
Total Foreign Government Securities (Cost $165,449)				158,476
Corporate Bonds — 31.8%
Azerbaijan — 0.3%
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030 (b)		700		826
Bahrain — 0.7%
Oil and Gas Holding Co. BSCC (The)
7.63%, 11/7/2024 (a)		500		532
8.38%, 11/7/2028 (a)		1,100		1,207
				1,739
Belarus — 0.3%
Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024 (a)		870		831
Brazil — 1.7%
GUSAP III LP 4.25%, 1/21/2030 (b)		1,200		1,259
Petrobras Global Finance BV
6.90%, 3/19/2049		450		509
6.75%, 6/3/2050		850		929
Prumo Participacoes e Investimentos S/A 7.50%, 12/31/2031 (a)		420		444
Suzano Austria GmbH 6.00%, 1/15/2029		1,100		1,278
				4,419

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Cayman Islands — 0.9%
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (a)		3,388		2,473
Chile — 1.9%
Corp. Nacional del Cobre de Chile 4.38%, 2/5/2049 (b)		570		662
Empresa de los Ferrocarriles del Estado 3.07%, 8/18/2050 (a)		376		350
Empresa de Transporte de Pasajeros Metro SA
5.00%, 1/25/2047 (b)		400		489
4.70%, 5/7/2050 (a)		870		1,048
Empresa Nacional del Petroleo
5.25%, 11/6/2029 (a)		1,750		2,000
4.50%, 9/14/2047 (b)		400		426
				4,975
China — 1.8%
Avi Funding Co. Ltd. 3.80%, 9/16/2025 (b)		900		1,008
Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021 (b)		1,100		1,110
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (b)		400		429
GCL New Energy Holdings Ltd. 7.10%, 1/30/2021 (b)		200		97
Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026 (b)		450		499
New Metro Global Ltd. 6.50%, 5/20/2022 (b)		720		732
Yango Justice International Ltd. 10.25%, 3/18/2022 (b)		800		837
				4,712
Colombia — 1.5%
Ecopetrol SA 5.88%, 5/28/2045		2,040		2,214
Empresas Publicas de Medellin ESP 4.25%, 7/18/2029 (a)		1,520		1,560
				3,774
Congo, Democratic Republic of the — 0.3%
HTA Group Ltd. 7.00%, 12/18/2025 (a)		746		780
Costa Rica — 0.4%
Instituto Costarricense de Electricidad 6.95%, 11/10/2021 (b)		600		588
6.38%, 5/15/2043 (b)		500		335
				923
Ecuador — 0.4%
Petroamazonas EP 4.63%, 12/6/2021 (a)		1,155		1,065

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
El Salvador — 0.3%
AES El Salvador Trust II 6.75%, 3/28/2023 (b)		800		720
Georgia — 0.3%
Georgian Railway JSC 7.75%, 7/11/2022 (b)		750		780
Indonesia — 2.9%
Indonesia Asahan Aluminium Persero PT 6.76%, 11/15/2048 (b)		1,650		2,098
Pertamina Persero PT 5.63%, 5/20/2043 (b)		820		956
4.70%, 7/30/2049 (b)		388		414
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.13%, 5/15/2027 (b)		600		651
3.88%, 7/17/2029 (a)		1,940		2,081
5.25%, 5/15/2047 (b)		500		574
4.88%, 7/17/2049 (a)		678		746
				7,520
Israel — 0.7%
Leviathan Bond Ltd. 6.13%, 6/30/2025 (b)		661		678
6.50%, 6/30/2027 (b)		717		741
6.75%, 6/30/2030 (b)		413		427
				1,846
Kazakhstan — 3.2%
Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042 (b)		386		528
KazMunayGas National Co. JSC 4.75%, 4/19/2027 (b)		1,000		1,126
5.75%, 4/19/2047 (b)		3,298		4,099
KazTransGas JSC 4.38%, 9/26/2027 (b)		1,200		1,309
Tengizchevroil Finance Co. International Ltd. 3.25%, 8/15/2030 (b)		1,300		1,320
				8,382
Malaysia — 1.0%
Petronas Capital Ltd. 4.50%, 3/18/2045 (b)		1,150		1,447
4.55%, 4/21/2050 (a)		890		1,110
				2,557
Mexico — 5.5%
Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 7.76%), 8.38%, 10/14/2030 (a) (f) (g) (h)		394		418

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mexico — continued
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025 (b)		500		538
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 8/11/2026 (b) (g)		500		498
Petroleos Mexicanos
(ICE LIBOR USD 3 Month + 3.65%), 3.90%, 3/11/2022 (g)		799		788
5.38%, 3/13/2022		1,300		1,317
3.50%, 1/30/2023		500		487
6.49%, 1/23/2027		903		840
5.35%, 2/12/2028		3,620		3,092
6.75%, 9/21/2047		831		644
7.69%, 1/23/2050		4,852		4,027
6.95%, 1/28/2060		2,209		1,727
				14,376
Morocco — 1.0%
OCP SA 6.88%, 4/25/2044 (b)		2,000		2,505
Panama — 1.6%
Aeropuerto Internacional de Tocumen SA 6.00%, 11/18/2048 (b)		697		782
AES Panama Generation Holdings SRL 4.38%, 5/31/2030 (a)		1,450		1,530
Banco Nacional de Panama 2.50%, 8/11/2030 (a)		866		861
Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (a)		850		991
				4,164
Peru — 1.1%
Nexa Resources SA 6.50%, 1/18/2028 (a)		1,320		1,458
Peru LNG Srl 5.38%, 3/22/2030 (b)		1,980		1,506
				2,964
Saudi Arabia — 0.9%
Saudi Arabian Oil Co. 3.50%, 4/16/2029 (b)		2,050		2,250
South Africa — 1.1%
Eskom Holdings SOC Ltd. 5.75%, 1/26/2021 (b)		800		784
6.75%, 8/6/2023 (b)		800		757
8.45%, 8/10/2028 (b)		635		604
Transnet SOC Ltd. 4.00%, 7/26/2022 (b)		600		594
				2,739

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Trinidad and Tobago — 0.3%
Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026 (a)		800		893
Turkey — 0.1%
Ronesans Gayrimenkul Yatirim A/S 7.25%, 4/26/2023 (a)		281		238
Ukraine — 0.1%
State Savings Bank of Ukraine 9.63%, 3/20/2025 (b) (c)		270		277
United Arab Emirates — 1.4%
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (b)		850		1,013
EA Partners I BV 6.88%, 9/28/2020 (b)		2,751		49
EA Partners II BV 6.75%, 6/1/2021 (b) (d)		1,076		377
MDGH — GMTN BV 3.70%, 11/7/2049 (a)		2,000		2,196
				3,635
Venezuela, Bolivarian Republic of — 0.1%
Petroleos de Venezuela SA 8.50%, 10/27/2020 (b) (d)		624		156
9.00%, 11/17/2021 (b) (d)		1,240		35
12.75%, 2/17/2022 (b) (d)		770		21
5.38%, 4/12/2027 (b) (d)		730		21
				233
Total Corporate Bonds (Cost $85,676)				82,596
Options Purchased — 1.0%
Call Options Purchased — 0.0% (i)
United States — 0.0% (i)
Foreign Exchange USD/MXN 12/17/2020 at USD 22.57, Vanilla, European Style Notional Amount: USD 13,242 Counterparty: Citibank, NA *		13,242		151

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Put Options Purchased — 1.0%
United States — 1.0%
Foreign Exchange USD/CNH 11/30/2020 at USD 7.05, Vanilla, European Style Notional Amount: USD 26,128 Counterparty: Goldman Sachs International *		26,128		1,352
Foreign Exchange USD/JPY 11/10/2020 at USD 100.00, Vanilla, European Style Notional Amount: USD 9,717 Counterparty: Barclays Bank plc *		9,717		3
Foreign Exchange USD/JPY 11/12/2020 at USD 100.00, Vanilla, European Style Notional Amount: USD 20,695 Counterparty: Citibank, NA *		20,695		6
Foreign Exchange USD/MXN 11/30/2020 at USD 22.00, Vanilla, European Style Notional Amount: USD 26,128 Counterparty: Goldman Sachs International *		26,128		1,169
Total Put Options Purchased				2,530
Total Options Purchased (Cost $1,399)				2,681
	Shares (000)
Short-Term Investments — 4.7%
Investment Companies — 4.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (j) (k) (Cost $12,251)		12,243		12,250
Total Investments — 98.6% (Cost $264,775)				256,003
Other Assets Less Liabilities — 1.4%				3,831
NET ASSETS — 100.0%				259,834

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2020

Abbreviations

CNH	China Renminbi
EGP	Egyptian Pound
EUR	Euro
GMTN	Global medium term note
ICE	Intercontinental Exchange
JPY	Japanese Yen
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
PT	Limited liability company
RSD	Serbian dinar
UAH	Ukrainian Hryvnia
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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)	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, 2020.

(d)	Defaulted security.
(e)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates. The interest rate shown is the current rate as of October 31, 2020.
(f)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2020.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2020.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	Amount rounds to less than 0.1% of net assets.
(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, 2020.
*	Non-income producing security.

Futures contracts outstanding as of October 31, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note	60		12/2020		USD		13,250		—	(a)

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

Forward foreign currency exchange contracts outstanding as of October 31, 2020 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	1,746	EUR	1,484	Merrill Lynch International		11/16/2020		17
CLP	778,909	USD	978	Goldman Sachs International**		11/24/2020		29
CNY	4,388	EUR	553	BNP Paribas**		11/24/2020		9
CNY	2,219	USD	330	BNP Paribas**		11/24/2020		1
CZK	7,569	EUR	277	BNP Paribas		11/24/2020		1
EUR	1,411	PLN	6,346	Barclays Bank plc		11/24/2020		41
ILS	2,234	USD	653	Goldman Sachs International		11/24/2020		2
KRW	760,561	USD	664	BNP Paribas**		11/24/2020		4
KRW	380,197	USD	332	Citibank, NA**		11/24/2020		2
KRW	379,684	USD	333	Goldman Sachs International**		11/24/2020		1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 11

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2020 (continued)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
MXN	14,655	USD	682	Barclays Bank plc		11/24/2020		7
MXN	6,848	USD	321	Goldman Sachs International		11/24/2020		1
THB	10,745	USD	344	BNP Paribas		11/24/2020		1
THB	9,723	USD	311	Goldman Sachs International		11/24/2020		1
USD	657	CAD	864	TD Bank Financial Group		11/24/2020		9
USD	330	CNY	2,191	Goldman Sachs International**		11/24/2020		3
USD	652	COP	2,511,730	BNP Paribas**		11/24/2020		3
USD	332	COP	1,277,580	Goldman Sachs International**		11/24/2020		2
USD	18	CZK	430	Royal Bank of Canada		11/24/2020		—	(a)
USD	2,599	EUR	2,214	BNP Paribas		11/24/2020		19
USD	21	HUF	6,429	HSBC Bank, NA		11/24/2020		—	(a)
USD	644	HUF	199,512	State Street Corp.		11/24/2020		11
USD	684	IDR	10,098,120	BNP Paribas**		11/24/2020		2
USD	331	ILS	1,125	BNP Paribas		11/24/2020		1
USD	332	ILS	1,128	Citibank, NA		11/24/2020		1
USD	331	KRW	375,485	Barclays Bank plc**		11/24/2020		1
USD	329	KRW	371,265	Citibank, NA**		11/24/2020		3
USD	80	PLN	312	HSBC Bank, NA		11/24/2020		2
USD	344	SGD	468	BNP Paribas		11/24/2020		1
USD	311	SGD	423	Goldman Sachs International		11/24/2020		2
USD	663	SGD	901	Standard Chartered Bank		11/24/2020		3
USD	15	SGD	21	State Street Corp.		11/24/2020		—	(a)
MXN	87,975	USD	4,092	HSBC Bank, NA		12/22/2020		32
MXN	44,285	USD	2,049	State Street Corp.		12/22/2020		27
USD	2,940	EUR	2,473	Citibank, NA		12/22/2020		56
Total unrealized appreciation								295
BRL	1,838	USD	327	Citibank, NA**		11/24/2020		(7	)
BRL	1,840	USD	329	Goldman Sachs International**		11/24/2020		(9	)
CNY	4,407	USD	659	Goldman Sachs International**		11/24/2020		(2	)
COP	1,236,012	USD	324	Goldman Sachs International**		11/24/2020		(5	)
CZK	7,545	EUR	277	BNP Paribas		11/24/2020		—	(a)
CZK	15,785	USD	679	Barclays Bank plc		11/24/2020		(4	)
EUR	562	CZK	15,355	Goldman Sachs International		11/24/2020		(1	)
HUF	205,942	EUR	566	Barclays Bank plc		11/24/2020		(6	)
INR	99,253	USD	1,349	Goldman Sachs International**		11/24/2020		(20	)
PLN	133	EUR	29	BNP Paribas		11/24/2020		—	(a)
PLN	2,433	EUR	532	BNP Paribas		11/24/2020		(5	)
PLN	6,658	USD	1,736	Citibank, NA		11/24/2020		(54	)
RUB	51,355	USD	654	BNP Paribas**		11/24/2020		(9	)
RUB	50,375	USD	648	Goldman Sachs International**		11/24/2020		(15	)
SGD	922	USD	679	BNP Paribas		11/24/2020		(4	)
USD	649	BRL	3,752	Goldman Sachs International**		11/24/2020		(5	)
USD	983	CLP	764,647	Goldman Sachs International**		11/24/2020		(6	)
USD	664	KRW	760,454	Goldman Sachs International**		11/24/2020		(4	)
USD	355	ZAR	5,891	Citibank, NA		11/24/2020		(6	)
MXN	42,941	USD	2,037	State Street Corp.		12/22/2020		(24	)
USD	4,039	MXN	87,600	Goldman Sachs International		12/22/2020		(68	)
USD	3,855	MXN	87,601	Merrill Lynch International		12/22/2020		(252	)
Total unrealized depreciation								(506	)
Net unrealized depreciation								(211	)

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2020

Abbreviations

BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chile Peso
CNY	China Yuan
COP	Colombian Peso
CZK	Czech Republic Koruna
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee

KRW	Korean Republic Won
MXN	Mexican Peso
PLN	Polish Zloty
RUB	Russian Ruble
SGD	Singapore Dollar
THB	Thai Baht
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
**	Non-deliverable forward.

Centrally Cleared Credit default swap contracts outstanding — buy protection (a) as of October 31, 2020 (amounts in thousands):
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (b)		NOTIONAL AMOUNT  (c)		UPFRONT PAYMENTS (RECEIPTS) ($) (d)		UNREALIZED APPRECIATION (DEPRECIATION) ($)		VALUE ($)
CDX.NA.EM.34-V1		1.00		Quarterly		12/20/2025		2.17		USD 11,000		592		11		603
CDX.NA.EM.34-V1		1.00		Quarterly		12/20/2025		2.17		USD 11,500		568		62		630
												1,160		73		1,233

^(a)   The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

^(b)  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

^(c)  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

^(d)  Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Abbreviations

CDX	Credit Default Swap Index
USD	United States Dollar

Written Put Options Contracts as of October 31, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

Foreign Exchange USD/CNH

Goldman Sachs International

26,128,000

USD 26,128

USD 7.05

11/30/2020

(1,352

)

Foreign Exchange USD/MXN

Goldman Sachs International

26,128,000

USD 26,128

USD 22.00

11/30/2020

(1,169

)

Total Written Options Contracts (Premiums Received $1,265)

(2,521

)

Abbreviations

CNH	China Renminbi
MXN	Mexican Peso
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 13

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2020

(Amounts in thousands, except per share amounts)

	JPMorgan Emerging Markets Strategic Debt  Fund
ASSETS:
Investments in non-affiliates, at value	$	241,072
Investments in affiliates, at value		12,250
Options purchased, at value		2,681
Cash		777
Foreign currency, at value		290
Deposits at broker for futures contracts		205
Deposits at broker for centrally cleared swaps		1,078
Receivables:
Due from custodian		1,303
Investment securities sold		1,319
Fund shares sold		4
Interest from non-affiliates		3,572
Dividends from affiliates		1
Tax reclaims		39
Unrealized appreciation on forward foreign currency exchange contracts		295
Total Assets		264,886
LIABILITIES:
Payables:
Investment securities purchased		1,303
Fund shares redeemed		211
Variation margin on futures contracts		—	(a)
Unrealized depreciation on forward foreign currency exchange contracts		506
Outstanding options written, at fair value		2,521
Variation margin on centrally cleared swaps (net upfront payments of $1,160)		39
Accrued liabilities:
Investment advisory fees		130
Administration fees		7
Distribution fees		—	(a)
Service fees		1
Custodian and accounting fees		65
Other		269
Total Liabilities		5,052
Net Assets	$	259,834

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2020

	JPMorgan Emerging Markets Strategic Debt Fund
NET ASSETS:
Paid-in-Capital	$	372,719
Total distributable earnings (loss)		(112,885	)
Total Net Assets	$	259,834
Net Assets:
Class A	$	493
Class C		49
Class I		3,019
Class R2		28
Class R5		22
Class R6		256,223
Total	$	259,834
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		64
Class C		7
Class I		393
Class R2		4
Class R5		3
Class R6		33,053
Net Asset Value (a):
Class A — Redemption price per share	$	7.63
Class C — Offering price per share (b)		7.45
Class I — Offering and redemption price per share		7.69
Class R2 — Offering and redemption price per share		7.54
Class R5 — Offering and redemption price per share		7.75
Class R6 — Offering and redemption price per share		7.75
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	7.93
Cost of investments in non-affiliates	$	251,125
Cost of investments in affiliates		12,251
Cost of options purchased		1,399
Cost of foreign currency		247
Premiums received from options written		1,265

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 15

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2020

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	27,873
Interest income from affiliates		30
Dividend income from affiliates		110
Income from securities lending (net) (See Note 2.C.)		1
Foreign taxes withheld (net)		(45	)
Total investment income		27,969
EXPENSES:
Investment advisory fees		3,206
Administration fees		370
Distribution fees:
Class A		1
Class C		1
Class R2		—	(a)
Service fees:
Class A		1
Class C		—	(a)
Class I		5
Class R2		—	(a)
Class R5		—	(a)
Custodian and accounting fees		202
Interest expense to affiliates		3
Professional fees		116
Trustees’ and Chief Compliance Officer’s fees		27
Printing and mailing costs		9
Registration and filing fees		98
Transfer agency fees (See Note 2.H.)		11
Other		18
Total expenses		4,068
Less fees waived		(620	)
Less expense reimbursements		(9	)
Net expenses		3,439
Net investment income (loss)	$	24,530

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2020

	JPMorgan Emerging Markets Strategic Debt Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$	(65,426	)(a)
Investments in affiliates		51
Options purchased		(6,363	)
Futures contracts		7,013
Foreign currency transactions		714
Forward foreign currency exchange contracts		823
Options written		5,986
Swaps		1,636
Net realized gain (loss)		(55,566	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(23,506	)(b)
Investments in affiliates		(2	)
Options purchased		1,572
Futures contracts		(117	)
Foreign currency translations		(269	)
Forward foreign currency exchange contracts		163
Options written		(1,220	)
Swaps		651
Change in net unrealized appreciation/depreciation		(22,728	)
Net realized/unrealized gains (losses)		(78,294	)
Change in net assets resulting from operations	$	(53,764	)

(a) Net of foreign capital gains tax of approximately $(124,000).

(b) Net of change in foreign capital gains tax of approximately $57,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 17

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	24,530		$	38,979
Net realized gain (loss)		(55,566	)		(3,595	)
Change in net unrealized appreciation/depreciation		(22,728	)		47,630
Change in net assets resulting from operations		(53,764	)		83,014
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(20	)		(402	)
Return of capital		(2	)		—
Class C
From net investment income		(3	)		(11	)
Return of capital		—	(a)		—
Class I
From net investment income		(68	)		(330	)
Return of capital		(7	)		—
Class R2
From net investment income		(1	)		(1	)
Return of capital		—	(a)		—
Class R5
From net investment income		(1	)		(1	)
Return of capital		—	(a)		—
Class R6
From net investment income		(23,576	)		(34,359	)
Return of capital		(1,662	)		—
Total distributions to shareholders		(25,340	)		(35,104	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(388,187	)		(5,990	)
NET ASSETS:
Change in net assets		(467,291	)		41,920
Beginning of period		727,125			685,205
End of period	$	259,834		$	727,125

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2020

	JPMorgan Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,811		$	2,349
Distributions reinvested		21			402
Cost of shares redeemed		(2,889	)		(43,448	)
Change in net assets resulting from Class A capital transactions	$	(57	)	$	(40,697	)
Class C
Proceeds from shares issued	$	30		$	485
Distributions reinvested		4			11
Cost of shares redeemed		(69	)		(506	)
Change in net assets resulting from Class C capital transactions	$	(35	)	$	(10	)
Class I
Proceeds from shares issued	$	3,595		$	10,081
Distributions reinvested		75			330
Cost of shares redeemed		(1,175	)		(23,973	)
Change in net assets resulting from Class I capital transactions	$	2,495		$	(13,562	)
Class R2
Proceeds from shares issued	$	1		$	1
Distributions reinvested		1			1
Cost of shares redeemed		—	(a)		—	(a)
Change in net assets resulting from Class R2 capital transactions	$	2		$	2
Class R5
Distributions reinvested	$	1			1
Cost of shares redeemed		—	(a)		—	(a)
Change in net assets resulting from Class R5 capital transactions	$	1		$	1
Class R6
Proceeds from shares issued	$	50,556		$	230,565
Distributions reinvested		25,237			34,359
Cost of shares redeemed		(466,386	)		(216,648	)
Change in net assets resulting from Class R6 capital transactions	$	(390,593	)	$	48,276
Total change in net assets resulting from capital transactions	$	(388,187	)	$	(5,990	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 19

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2020			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		382			310
Reinvested		3			54
Redeemed		(390	)		(5,749	)
Change in Class A Shares		(5	)		(5,385	)
Class C
Issued		4			64
Reinvested		1			2
Redeemed		(9	)		(68	)
Change in Class C Shares		(4	)		(2	)
Class I
Issued		448			1,299
Reinvested		10			43
Redeemed		(154	)		(3,085	)
Change in Class I Shares		304			(1,743	)
Class R2
Issued		—	(a)		—	(a)
Reinvested		—	(a)		1
Redeemed		—	(a)		—	(a)
Change in Class R2 Shares		—	(a)		1
Class R5
Reinvested		—	(a)		—	(a)
Redeemed		—			—	(a)
Change in Class R5 Shares		—	(a)		—	(a)
Class R6
Issued		6,492			29,498
Reinvested		3,219			4,336
Redeemed		(64,734	)		(27,012	)
Change in Class R6 Shares		(55,023	)		6,822

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2020 J.P. MORGAN FUNDS 21

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, 2020	$	8.10	$	0.32	$	(0.47	)	$	(0.15	)	$	(0.29	)	$	(0.03	)	$	(0.32	)
Year Ended October 31, 2019		7.61		0.39		0.43			0.82			(0.33	)		—			(0.33	)
Year Ended October 31, 2018		8.31		0.35		(0.75	)		(0.40	)		(0.30	)		—			(0.30	)
Year Ended October 31, 2017		8.18		0.37		0.05			0.42			(0.29	)		—			(0.29	)
Year Ended October 31, 2016		7.56		0.28		0.34			0.62			—			—			—
Class C
Year Ended October 31, 2020		7.93		0.28		(0.48	)		(0.20	)		(0.25	)		(0.03	)		(0.28	)
Year Ended October 31, 2019		7.47		0.32		0.45			0.77			(0.31	)		—			(0.31	)
Year Ended October 31, 2018		8.15		0.31		(0.74	)		(0.43	)		(0.25	)		—			(0.25	)
Year Ended October 31, 2017		8.05		0.33		0.03			0.36			(0.26	)		—			(0.26	)
Year Ended October 31, 2016		7.47		0.24		0.34			0.58			—			—			—
Class I
Year Ended October 31, 2020		8.16		0.31		(0.44	)		(0.13	)		(0.31	)		(0.03	)		(0.34	)
Year Ended October 31, 2019		7.67		0.40		0.45			0.85			(0.36	)		—			(0.36	)
Year Ended October 31, 2018		8.37		0.36		(0.74	)		(0.38	)		(0.32	)		—			(0.32	)
Year Ended October 31, 2017		8.25		0.39		0.05			0.44			(0.32	)		—			(0.32	)
Year Ended October 31, 2016		7.61		0.31		0.33			0.64			—			—			—
Class R2
Year Ended October 31, 2020		8.01		0.30		(0.47	)		(0.17	)		(0.27	)		(0.03	)		(0.30	)
Year Ended October 31, 2019		7.54		0.34		0.45			0.79			(0.32	)		—			(0.32	)
Year Ended October 31, 2018		8.23		0.32		(0.73	)		(0.41	)		(0.28	)		—			(0.28	)
Year Ended October 31, 2017		8.12		0.33		0.05			0.38			(0.27	)		—			(0.27	)
Year Ended October 31, 2016		7.52		0.26		0.34			0.60			—			—			—
Class R5
Year Ended October 31, 2020		8.23		0.36		(0.49	)		(0.13	)		(0.32	)		(0.03	)		(0.35	)
Year Ended October 31, 2019		7.73		0.41		0.47			0.88			(0.38	)		—			(0.38	)
Year Ended October 31, 2018		8.43		0.38		(0.75	)		(0.37	)		(0.33	)		—			(0.33	)
Year Ended October 31, 2017		8.31		0.40		0.05			0.45			(0.33	)		—			(0.33	)
Year Ended October 31, 2016		7.64		0.32		0.35			0.67			—			—			—
Class R6
Year Ended October 31, 2020		8.24		0.39		(0.52	)		(0.13	)		(0.33	)		(0.03	)		(0.36	)
Year Ended October 31, 2019		7.75		0.41		0.46			0.87			(0.38	)		—			(0.38	)
Year Ended October 31, 2018		8.45		0.39		(0.76	)		(0.37	)		(0.33	)		—			(0.33	)
Year Ended October 31, 2017		8.32		0.42		0.05			0.47			(0.34	)		—			(0.34	)
Year Ended October 31, 2016		7.65		0.32		0.35			0.67			—			—			—

(a) 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.

22 J.P. MORGAN FUNDS OCTOBER 31, 2020

		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
$	7.63		(1.82	)%	$	493		1.19	%		4.22	%		1.37	%		119	%
	8.10		10.97			560		1.20			5.18			1.49			164
	7.61		(4.95	)		41,505		1.19			4.32			1.33			172
	8.31		5.21			75,732		1.19			4.50			1.48			148
	8.18		8.20			1,036		1.13			3.70			2.43			189
	7.45		(2.44	)		49		1.69			3.79			2.02			119
	7.93		10.50			90		1.69			4.17			1.85			164
	7.47		(5.38	)		94		1.69			3.84			1.84			172
	8.15		4.56			301		1.69			4.03			2.66			148
	8.05		7.76			52		1.63			3.14			3.65			189
	7.69		(1.53	)		3,019		0.94			4.06			1.37			119
	8.16		11.36			727		0.95			5.12			1.08			164
	7.67		(4.71	)		14,057		0.94			4.53			1.07			172
	8.37		5.40			12,211		0.94			4.67			1.43			148
	8.25		8.41			3,723		0.89			3.99			1.51			189
	7.54		(2.05	)		28		1.44			3.97			2.15			119
	8.01		10.81			27		1.45			4.42			6.24			164
	7.54		(5.11	)		24		1.44			4.06			2.20			172
	8.23		4.83			21		1.44			4.12			3.49			148
	8.12		7.98			20		1.38			3.37			4.61			189
	7.75		(1.51	)		22		0.79			4.62			1.45			119
	8.23		11.63			23		0.80			5.08			0.94			164
	7.73		(4.53	)		20		0.76			4.72			1.07			172
	8.43		5.56			21		0.74			4.82			2.82			148
	8.31		8.77			20		0.68			4.07			3.86			189
	7.75		(1.54	)		256,223		0.70			4.98			0.82			119
	8.24		11.58			725,698		0.70			5.17			0.82			164
	7.75		(4.45	)		629,505		0.69			4.81			0.82			172
	8.45		5.73			572,727		0.69			4.94			1.08			148
	8.32		8.76			76,275		0.63			4.12			1.25			189

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020

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(1)
JPMorgan Emerging Markets Strategic Debt Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	Diversified

⁽¹⁾  Effective September 20, 2019, the Fund is classified as a diversified fund.

The investment objective of the Fund is to seek to provide total return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

2. Significant Accounting Policies

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

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

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

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.

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

Futures contracts and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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.

24 J.P. MORGAN FUNDS OCTOBER 31, 2020

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Corporate Bonds	$	—		$	82,596		$	—	$	82,596
Foreign Government Securities		—			158,476			—		158,476
Options Purchased
Call Options Purchased		—			151			—		151
Put Options Purchased		—			2,530			—		2,530
Total Options Purchased		—			2,681			—		2,681
Short-Term Investments
Investment Companies		12,250			—			—		12,250
Total Investments in Securities	$	12,250		$	243,753		$	—	$	256,003
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	295		$	—	$	295
Swaps		—			73			—		73
Total Appreciation in Other Financial Instruments	$	—		$	368		$	—	$	368
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(506	)	$	—	$	(506	)
Futures		—	(a)		—			—		—	(a)
Options Written
Put Options Written		—			(2,521	)		—		(2,521	)
Total Depreciation in Other Financial Instruments	$	—	(a)	$	(3,027	)	$	—	$	(3,027	)

(a) Amount rounds to less than one thousand.

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

As of October 31, 2020, 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 the Class IM Shares of the JPMorgan U.S. Government Money Market Fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans 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.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

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.

JPMIM voluntarily waived investment advisory fees charged to the Fund to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the year ended October 31, 2020, JPMIM waived fees associated with the Fund’s investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

$ — (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 Statement of Operations as Income from securities lending (net).

The Fund did not have any securities out on loan at October 31, 2020.

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

For the year ended October 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 October 31, 2020		Shares at October 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a)(b)	$	6,875	$	407,945	$	402,619	$	51	$	(2	)	$	12,250		12,243	$	110		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		987		7,376		8,363		—		—			—		—		4	*		—
Total	$	7,862	$	415,321	$	410,982	$	51	$	(2	)	$	12,250			$	114		$	—

(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, 2020.

* Amount is included on the Statement 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 Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

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

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

F. Derivatives — The Fund used derivative instruments including options, futures, 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 portfo-

26 J.P. MORGAN FUNDS OCTOBER 31, 2020

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

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

Options Written — Premiums received by the Fund for options written are included on the Statement of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of options written on the Statement of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’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 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

OCTOBER 31, 2020 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

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

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

(3). Forward Foreign Currency Exchange Contracts — The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollar without the delivery of 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, including credit default and interest rate swaps to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts 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 Fund may be required to post or receive collateral for OTC swaps.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearinghouse.

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

Credit Default Swaps

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

28 J.P. MORGAN FUNDS OCTOBER 31, 2020

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.

(5). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 2020 by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:			Options			Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Centrally Cleared Swaps (b)		Total
Credit contracts		Receivables	$	—		$	—		$	—		$	1,233	$	1,233
Foreign exchange contracts		Receivables		2,681			—			295			—		2,976
Total			$	2,681		$	—		$	295		$	1,233	$	4,209
Gross Liabilities:
Credit contracts		Payables	$	—		$	—		$	—		$	—	$	—
Foreign exchange contracts		Payables		(2,521	)		—			(506	)		—		(3,027	)
Interest rate contracts		Payables, Net Assets — Unrealized Depreciation		—			—	(c)		—			—		—	(c)
Total			$	(2,521	)	$	—	(c)	$	(506	)	$	—	$	(3,027	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

(c) Amount rounds to less than one thousand.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2020 (amounts in thousands):

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)			Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Barclays Bank plc	$	52		$	(10	)	$	—	$	42
BNP Paribas		42			(18	)		—		24
Citibank, NA		219			(67	)		—		152
Goldman Sachs International		2,562			(2,562	)		—		—
HSBC Bank, NA		34			—			—		34
Merrill Lynch International		17			(17	)		—		—
Royal Bank of Canada		—	(b)		—			—		—	(b)
Standard Chartered Bank		3			—			—		3
State Street Corp.		38			(24	)		—		14
TD Bank Financial Group		9			—			—		9
	$	2,976		$	(2,698	)	$	—	$	278
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	$	10		$	(10	)	$	—	$	—
BNP Paribas		18			(18	)		—		—
Citibank, NA		67			(67	)		—		—
Goldman Sachs International		2,656			(2,562	)		—		94
Merrill Lynch International		252			(17	)		—		235
State Street Corp.		24			(24	)		—		—
	$	3,027		$	(2,698)		$	—	$	329

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.

(b) Amount rounds to less than one thousand.

The following tables present the effect of derivatives on the Statement of Operations for the year ended October 31, 2020 by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Credit contracts	$	—		$	—		$	—	$	2,980		$	2,980
Foreign exchange contracts		(377	)		—			823		—			446
Interest rate contracts		—			7,013			—		(1,344	)		5,669
Total	$	(377	)	$	7,013		$	823	$	1,636		$	9,095
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Credit contracts	$	—		$	—		$	—	$	937		$	937
Foreign exchange contracts		352			—			163		—			515
Interest rate contracts		—			(117	)		—		(286	)		(403	)
Total	$	352		$	(117	)	$	163	$	651		$	1,049

30 J.P. MORGAN FUNDS OCTOBER 31, 2020

The Fund’s derivatives contracts held at October 31, 2020 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The table below discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts, options and swaps activity during the year ended October 31, 2020 (amounts in thousands). Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts — Interest Rate:
Average Notional Balance Long	$	109,146
Average Notional Balance Short		5,435	(a)
Ending Notional Balance Long		13,250
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	194,368
Average Settlement Value Sold		212,998
Ending Settlement Value Purchased		25,373
Ending Settlement Value Sold		23,904
OTC Options:
Average Notional Balance Purchased	$	180,177
Average Notional Balance Written		119,445
Ending Notional Balance Purchased		95,910
Ending Notional Balance Written		52,256
Credit Default Swaps:
Average Notional Balance — Buy Protection	$	36,745
Ending Notional Balance — Buy Protection		22,500
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed Rate	$	173,486	(b)
Average Notional Balance — Receives Fixed Rate		28,680

(a) For the period May 1, 2020 through May 31, 2020.

(b) For the period November 1, 2019 through February 29, 2020.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, non-deliverable forward foreign currency exchange contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the 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. 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.

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

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the year ended October 31, 2020 are as follows (amounts in thousands):

	Class A			Class C			Class I		Class R2			Class R5			Class R6		Total
Transfer agency fees	$	—	(a)	$	—	(a)	$	6	$	—	(a)	$	—	(a)	$	5	$	11

(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.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 2020, 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 gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

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

Paid-in-Capital		Accumulated undistributed (distributions in excess of) net  investment income			Accumulated net realized gains (losses)
$	9	$	(2,505	)	$	2,496

The reclassifications for the Fund relate primarily to India capital gains taxes, investments in swaps and foreign currency gains or losses.

L. Recent Accounting Pronouncements — In March 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Fund has adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU 2017-08, as of November 1, 2019, the amortized cost basis of investments was reduced by approximately $9,000 and unrealized appreciation of investments was increased by approximately $9,000. The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

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 equal to 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, 2020, 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.

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.

32 J.P. MORGAN FUNDS OCTOBER 31, 2020

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Fund, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R5 and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C			Class R2
0.25%		0.75	%		0.50	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2020, JPMDS retained the following (amounts in thousands):

Front-End Sales Charge	CDSC
$—(a)	$—

(a) Amount rounds to less than one thousand.

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

Class A			Class C			Class I			Class R2			Class R5
	0.25	%		0.25	%		0.25	%		0.25	%		0.10	%

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. The Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately on the Statement of Operations.

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

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

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

Class A			Class C			Class I			Class R2			Class R5			Class R6
	1.20	%		1.70	%		0.95	%		1.45	%		0.80	%		0.70	%

The expense limitation agreements were in effect for the year ended October 31, 2020 and are in place until at least February 28, 2021.

For the year ended October 31, 2020, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total		Reimbursements
$	366	$	228	$	1	$	595	$	9

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.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

The amount of these waivers/reimbursements resulting from investments in these money market funds for the year ended October 31, 2020 was approximately $25,000.

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, 2020, 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, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$548,365	$	906,855

During the year ended October 31, 2020, 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, 2020 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	266,186	$	12,434	$	24,116	$	(11,682	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of forward foreign currency contracts and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2020 was as follows (amounts in thousands):

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.

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

Ordinary Income*	Total Distributions Paid
$35,104	$	35,104

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

As of October 31, 2020, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
$	(100,306	)	$	(12,549	)

34 J.P. MORGAN FUNDS OCTOBER 31, 2020

The cumulative timing differences primarily consist of wash sale loss deferrals, straddle loss deferrals and mark to market of forward foreign currency contracts.

At October 31, 2020, the Fund had net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

Capital Loss Carryforward Character
Short-Term		Long-Term
$	63,091	$	37,215

6. Borrowings

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

The Fund had no borrowings outstanding from another fund at October 31, 2020. Average borrowings from the Facility during the year ended October 31, 2020, were as follows (amounts in thousands, except number of days outstanding):

Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
$	2,078		0.82	%		1	$	—	(a)

(a) Amount rounds to less than one thousand.

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

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2020.

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

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

The Fund did not utilize the Credit Facility during the year ended October 31, 2020.

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, 2020, the Fund had three individual shareholder and/or affiliated omnibus accounts, which owned 41.3% of the Fund’s outstanding shares.

OCTOBER 31, 2020 J.P. MORGAN FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2020 (continued)

As of October 31, 2020, the JPMorgan SmartRetirement Funds and JPMorgan SmartRetirment Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

JPMorgan SmartRetirement Funds			JPMorgan SmartRetirement Blend Funds
	71.3	%		16.1	%

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

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

As of October 31, 2020, a significant portion of the Fund’s investments consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would have been if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund, such as swap and option contracts and credit linked notes.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Fund’s yield (and total return) also may be low or the Fund may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

The Fund is subject to the risk that should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems to be representative of its value, the value of the Fund’s net assets could be adversely affected.

The Fund’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Fund’s investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

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

The Fund is subject to infectious disease epidemics/pandemics risk. Recently, 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 Event

On November 17, 2020, the Board approved the liquidation of Class R5 Shares of the Fund which occurred on December 7, 2020.

36 J.P. MORGAN FUNDS OCTOBER 31, 2020

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, 2020, the related statement of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 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, 2020 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 21, 2020

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

OCTOBER 31, 2020 J.P. MORGAN FUNDS 37

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); Chairman since 2020; Trustee of 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).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various 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).	126	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 Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	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, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None

38 J.P. MORGAN FUNDS OCTOBER 31, 2020

Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	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).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

OCTOBER 31, 2020 J.P. MORGAN FUNDS 39

TRUSTEES

(Unaudited) (continued)

(1) Mr. Marshall is retiring from the Board of Trustees effective the close of business on December 31, 2020. The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (126 funds).

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

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

*** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient 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.

40 J.P. MORGAN FUNDS OCTOBER 31, 2020

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)*	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)**	Executive Director and Assistant General Counsel, JPMorgan Chase. 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 since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)***	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)**	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.
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. (formerly JPMorgan Funds 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. (formerly JPMorgan Funds Management, Inc.) since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)***	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds 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. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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

   * The contact address for the officer is 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, 2020 J.P. MORGAN FUNDS 41

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, 2020, and continued to hold your shares at the end of the reporting period, October 31, 2020.

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, 2020		Ending Account Value October 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Strategic Debt Fund
Class A
Actual	$	1,000.00	$	1,125.30	$	6.36		1.19	%
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class C
Actual		1,000.00		1,122.70		9.02		1.69
Hypothetical		1,000.00		1,016.64		8.57		1.69
Class I
Actual		1,000.00		1,129.00		5.03		0.94
Hypothetical		1,000.00		1,020.41		4.77		0.94
Class R2
Actual		1,000.00		1,125.80		7.69		1.44
Hypothetical		1,000.00		1,017.90		7.30		1.44
Class R5
Actual		1,000.00		1,128.80		4.23		0.79
Hypothetical		1,000.00		1,021.17		4.01		0.79
Class R6
Actual		1,000.00		1,127.70		3.69		0.69
Hypothetical		1,000.00		1,021.67		3.51		0.69

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

42 J.P. MORGAN FUNDS OCTOBER 31, 2020

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 2020, 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, 2020.

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 management 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 analyses of the performance of the Fund as compared to the Fund’s objectives and peer group. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, including additional reporting and information provided in connection with the market volatility caused by 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.

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

OCTOBER 31, 2020 J.P. MORGAN FUNDS 43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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.

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.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

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

44 J.P. MORGAN FUNDS OCTOBER 31, 2020

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 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 by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge 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, fourth and fifth quintiles based upon

the Peer Group, and in the fourth, fifth and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the Fund’s performance for Class I shares was in the fourth, fifth and fifth quintiles based upon both the Peer Group and Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees noted that the Fund’s performance for Class R6 shares was in the third, fifth and fifth quintiles based upon the Peer Group, and in the third, fourth and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with 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’ 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 third quintile based upon both the Peer Group and Universe, 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 quintile based upon both the Peer Group and Universe, and that the actual total

OCTOBER 31, 2020 J.P. MORGAN FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

46 J.P. MORGAN FUNDS OCTOBER 31, 2020

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., 2020.  All rights reserved. October 2020. AN-EMSD-1020

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.

(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

2020 – $917,646

2019 – $1,144,003

(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

2020 – $139,797

2019 – $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

2020 – $237,771

2019 – $270,666

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, 2020 and 2019, 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

2020 – Not applicable

2019 – 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.

2020 – 0.0%

2019 – 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 - $25.1 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
	January 4, 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
	January 4, 2021
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	January 4, 2021