JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2020 (Unaudited)

Investments	Shares (000)		Value ($000)
COMMON STOCKS - 96.8%
Australia - 7.8%
AGL Energy Ltd.		65		765
Alumina Ltd.		319		345
AMP Ltd.*		479		498
Ampol Ltd.		22		421
Australia & New Zealand Banking Group Ltd.		148		1,874
Beach Energy Ltd.		324		325
BHP Group Ltd.		225		5,913
BlueScope Steel Ltd.		76		608
Challenger Ltd.		121		373
CSR Ltd.		137		343
Fortescue Metals Group Ltd.		130		1,613
Harvey Norman Holdings Ltd.		148		391
IOOF Holdings Ltd.(a)		111		359
JB Hi-Fi Ltd.(a)		12		388
Macquarie Group Ltd.		18		1,607
Metcash Ltd.		197		379
Origin Energy Ltd.		165		633
Qantas Airways Ltd.		204		467
Rio Tinto plc		61		3,685
South32 Ltd.		466		684
Super Retail Group Ltd.		65		409
				22,080
Austria - 1.0%
ANDRITZ AG		13		431
BAWAG Group AG(b)		15		552
OMV AG*		17		542
Raiffeisen Bank International AG*		25		432
Telekom Austria AG*		62		464
Vienna Insurance Group AG Wiener Versicherung Gruppe*		17		370
				2,791
Belgium - 1.3%
Ageas SA		21		799
Bekaert SA		20		387
bpost SA		58		378
KBC Group NV		22		1,282
Orange Belgium SA		23		383
Telenet Group Holding NV		9		364
				3,593
China - 0.3%
BOC Hong Kong Holdings Ltd.		331		923
Denmark - 1.5%
H+H International A/S, Class B*		25		429
Jyske Bank A/S (Registered)*		12		368
Matas A/S*		40		403
Pandora A/S		13		834
Scandinavian Tobacco Group A/S(b)		45		665
Solar A/S, Class B		9		379
Spar Nord Bank A/S*		46		376
Sydbank A/S*		24		455
TCM Group A/S*(a)(b)		24		491
				4,400
Finland - 2.3%
Cargotec OYJ, Class B		9		281
Caverion OYJ		42		314
Fortum OYJ		28		572
Kemira OYJ		30		397
Konecranes OYJ		14		355
Nordea Bank Abp(a)		222		1,713
Outokumpu OYJ*		140		373
Sanoma OYJ		34		387
TietoEVRY OYJ		13		378
UPM-Kymmene OYJ		35		939
Uponor OYJ		22		374
Valmet OYJ		19		534
				6,617
France - 7.7%
Arkema SA		5		534
Atos SE*		10		882
AXA SA(a)		100		2,000
BNP Paribas SA*		65		2,611
Carrefour SA		48		767
Cie de Saint-Gobain*		36		1,333
Cie Generale des Etablissements Michelin SCA		11		1,095
Credit Agricole SA*		96		921
Eutelsat Communications SA		42		420
Fnac Darty SA*		9		366
Gecina SA, REIT		5		585
Groupe Crit*		9		481
IPSOS		19		503
Kaufman & Broad SA		9		378
Metropole Television SA*		34		406
Peugeot SA*		50		809
Publicis Groupe SA		21		673
Quadient SAS		28		407
Rexel SA*		34		400
Sopra Steria Group*		3		439
SPIE SA		27		432
TOTAL SE		124		4,675
Veolia Environnement SA		39		902
				22,019
Germany - 9.1%
1&1 Drillisch AG		16		420
Allianz SE (Registered)		20		4,100
Aurubis AG		8		505
Bayer AG (Registered)		52		3,452
Bayerische Motoren Werke AG		22		1,400
Deutsche Post AG (Registered)		50		2,049
Deutsche Telekom AG (Registered)		182		3,045
DWS Group GmbH & Co. KGaA*(b)		10		387
Freenet AG		22		375
Fresenius SE & Co. KGaA		29		1,459
HeidelbergCement AG		13		705
HOCHTIEF AG		5		378
Hornbach Holding AG & Co. KGaA		5		480
JOST Werke AG(b)		18		666
Jungheinrich AG (Preference)		12		373
Kloeckner & Co. SE*		74		470

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)		Value ($000)
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		7		1,959
Porsche Automobil Holding SE (Preference)*		13		750
ProSiebenSat.1 Media SE*		28		292
Schaeffler AG (Preference)		51		371
Talanx AG		10		372
Volkswagen AG (Preference)		11		1,674
Wuestenrot & Wuerttembergische AG		10		170
				25,852
Hong Kong - 2.0%
CK Asset Holdings Ltd.		199		1,102
CK Infrastructure Holdings Ltd.		90		467
Haitong International Securities Group Ltd.		1,484		401
Hang Lung Properties Ltd.		253		621
Kerry Properties Ltd.		180		428
New World Development Co. Ltd.		145		708
Shun Tak Holdings Ltd.		976		352
Sun Hung Kai Properties Ltd.		100		1,210
VTech Holdings Ltd.		60		323
				5,612
India - 0.1%
Rhi Magnesita NV		9		294
Ireland - 0.2%
Smurfit Kappa Group plc		17		562
Israel - 0.1%
Israel Discount Bank Ltd., Class A		135		415
Italy - 2.4%
Anima Holding SpA(b)		109		493
Azimut Holding SpA		23		434
Banca Farmafactoring SpA(b)		80		454
Intesa Sanpaolo SpA*		981		1,999
Mediobanca Banca di Credito Finanziario SpA		77		621
Poste Italiane SpA(b)		52		480
Telecom Italia SpA		1,598		648
UniCredit SpA*		127		1,162
Unipol Gruppo SpA*		97		407
				6,698
Japan - 23.6%
77 Bank Ltd. (The)		28		379
Acom Co. Ltd.		103		362
Aiful Corp.*(a)		145		297
Alfresa Holdings Corp.		20		414
Aozora Bank Ltd.		24		378
Asahi Group Holdings Ltd.		28		896
Bridgestone Corp.		37		1,099
Brother Industries Ltd.		42		649
Chiba Bank Ltd. (The)		103		473
Concordia Financial Group Ltd.		155		459
Dai-ichi Life Holdings, Inc.		74		868
DIC Corp.		13		320
DMG Mori Co. Ltd.		45		481
Dowa Holdings Co. Ltd.		11		329
Fujitsu Ltd.		11		1,473
Fuyo General Lease Co. Ltd.		8		436
GS Yuasa Corp.		21		322
Gunma Bank Ltd. (The)		115		362
Hachijuni Bank Ltd. (The)		101		373
Hiroshima Bank Ltd. (The)		77		353
Hitachi Ltd.		33		985
Hokuriku Electric Power Co.		55		351
Honda Motor Co. Ltd.		94		2,280
ITOCHU Corp.		55		1,215
Itoham Yonekyu Holdings, Inc.		66		399
Iwatani Corp.		13		456
Izumi Co. Ltd.		10		366
Japan Post Insurance Co. Ltd.		38		501
Japan Tobacco, Inc.		74		1,256
Kaken Pharmaceutical Co. Ltd.		6		291
Kamigumi Co. Ltd.		24		438
Kandenko Co. Ltd.		43		339
KDDI Corp.		91		2,900
Kinden Corp.		24		364
Kintetsu World Express, Inc.		22		368
K’s Holdings Corp.		43		557
Kyudenko Corp.		15		414
Kyushu Financial Group, Inc.		85		345
Maeda Corp.		52		352
Mebuki Financial Group, Inc.		199		442
Medipal Holdings Corp.		28		505
Mitsubishi Gas Chemical Co., Inc.		35		559
Mitsubishi UFJ Financial Group, Inc.		614		2,300
Mitsubishi UFJ Lease & Finance Co. Ltd.		111		472
Mitsui & Co. Ltd.		99		1,483
Mitsui Fudosan Co. Ltd.		16		255
Mixi, Inc.		20		387
Mizuho Financial Group, Inc.		1,328		1,619
MS&AD Insurance Group Holdings, Inc.		34		862
Nichias Corp.		15		320
Nichiha Corp.		19		386
Nippon Light Metal Holdings Co. Ltd.		223		367
Nippon Telegraph & Telephone Corp.		82		1,894
Nomura Holdings, Inc.		244		1,148
NTT DOCOMO, Inc.		77		2,125
Obayashi Corp.		67		594
Open House Co. Ltd.		11		322
ORIX Corp.		100		1,076
Prima Meat Packers Ltd.		15		393
Rengo Co. Ltd.		49		367
Resona Holdings, Inc.		200		655
Sanwa Holdings Corp.		38		328
Sawai Pharmaceutical Co. Ltd.		6		271
SBI Holdings, Inc.		27		564
Sekisui House Ltd.		47		866
Senko Group Holdings Co. Ltd.		45		337
Shimizu Corp.		71		510

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)		Value ($000)
Shinsei Bank Ltd.		35		393
Shizuoka Bank Ltd. (The)		95		619
Showa Denko KK		23		481
Softbank Corp.		110		1,466
Sompo Holdings, Inc.		24		804
Sony Corp.		11		824
Sumitomo Bakelite Co. Ltd.		11		272
Sumitomo Forestry Co. Ltd.		31		347
Sumitomo Mitsui Financial Group, Inc.		81		2,153
Sumitomo Mitsui Trust Holdings, Inc.		31		801
Sumitomo Rubber Industries Ltd.		43		360
T&D Holdings, Inc.		68		557
Taikisha Ltd.		12		323
Taisei Corp.		19		635
Teijin Ltd.		37		527
Toda Corp.		58		374
Tohoku Electric Power Co., Inc.		53		500
Tokuyama Corp.		26		609
Tokyo Steel Manufacturing Co. Ltd.		56		315
Tokyo Tatemono Co. Ltd.		38		410
Tosoh Corp.		39		529
Toyoda Gosei Co. Ltd.		20		382
Toyota Boshoku Corp.		26		298
Toyota Motor Corp.		94		5,604
TS Tech Co. Ltd.		20		515
Ulvac, Inc.		12		359
Yamaguchi Financial Group, Inc.		64		376
				67,140
Luxembourg - 0.4%
ArcelorMittal SA*		66		728
RTL Group SA		15		482
				1,210
Malta - 0.2%
Kindred Group plc, SDR		68		480
Netherlands - 5.1%
Arcadis NV*		17		339
ASR Nederland NV		19		621
Flow Traders(b)		10		377
ING Groep NV		222		1,546
Intertrust NV(b)		24		437
Koninklijke Ahold Delhaize NV		70		2,003
NIBC Holding NV(b)		60		521
NN Group NV		28		1,010
PostNL NV		175		428
Randstad NV*		17		829
Royal Dutch Shell plc, Class A		375		5,475
Signify NV*(b)		22		649
Van Lanschot Kempen NV, CVA		21		363
				14,598
Norway - 2.9%
Austevoll Seafood ASA		47		397
DNB ASA		85		1,310
Equinor ASA		72		1,087
Europris ASA(b)		76		375
Fjordkraft Holding ASA(b)		47		420
Norwegian Finans Holding ASA*		71		530
Olav Thon Eiendomsselskap ASA*		26		431
Selvaag Bolig ASA		100		557
SpareBank 1 Nord Norge		84		582
SpareBank 1 SMN		45		385
SpareBank 1 SR-Bank ASA		48		384
Storebrand ASA*		70		383
Telenor ASA		44		677
Yara International ASA		18		770
				8,288
Portugal - 0.1%
Sonae SGPS SA		481		337
Russia - 0.2%
Evraz plc		132		487
Singapore - 1.2%
DBS Group Holdings Ltd.		100		1,450
Oversea-Chinese Banking Corp. Ltd.		217		1,359
United Overseas Bank Ltd.		37		520
				3,329
South Africa - 0.7%
Anglo American plc		80		1,926
Spain - 2.4%
ACS Actividades de Construccion y Servicios SA		35		802
Banco Bilbao Vizcaya Argentaria SA		459		1,429
CaixaBank SA		307		661
ContourGlobal plc(b)		159		433
Enagas SA		26		648
Mediaset Espana Comunicacion SA*		101		330
Repsol SA		104		821
Tecnicas Reunidas SA*		24		297
Telefonica SA		345		1,446
				6,867
Sweden - 3.6%
Ambea AB*(b)		60		372
Betsson AB*		54		404
Bilia AB, Class A		37		356
Bravida Holding AB*(b)		37		408
Clas Ohlson AB, Class B		44		496
Dometic Group AB*(c)		38		371
Dustin Group AB(b)		61		368
HIQ International AB*		18		107
Intrum AB		25		598
Inwido AB*		73		680
LeoVegas AB(b)		136		632
Lindab International AB		24		373
Nordic Waterproofing Holding A/S*(b)		28		377
Securitas AB, Class B*(a)		27		403
Skandinaviska Enskilda Banken AB, Class A*		139		1,340
Skanska AB, Class B*		18		367
SKF AB, Class B		36		663

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)		Value ($000)
Svenska Handelsbanken AB, Class A*		110		1,041
Tethys Oil AB		88		450
Volvo AB, Class B*		25		439
				10,245
Switzerland - 7.5%
Adecco Group AG (Registered)		18		871
BKW AG		4		365
Credit Suisse Group AG (Registered)		107		1,137
Julius Baer Group Ltd.		10		420
LafargeHolcim Ltd. (Registered)*		31		1,466
Novartis AG (Registered)		95		7,833
Roche Holding AG		2		707
Sulzer AG (Registered)		5		410
Swiss Life Holding AG (Registered)*		3		1,144
Swisscom AG (Registered)		2		1,088
UBS Group AG (Registered)		215		2,532
Valiant Holding AG (Registered)		4		375
Zurich Insurance Group AG		8		3,036
				21,384
Ukraine - 0.1%
Ferrexpo plc		165		382
United Kingdom - 12.8%
3i Group plc		77		883
Aggreko plc		68		340
Aviva plc		290		996
Babcock International Group plc		81		305
Barclays plc		1,148		1,488
Barratt Developments plc		93		618
Bellway plc		11		375
Berkeley Group Holdings plc		11		666
BP plc		1,032		3,737
British American Tobacco plc		115		3,800
BT Group plc		652		838
CK Hutchison Holdings Ltd.		172		1,120
Close Brothers Group plc		21		305
Countryside Properties plc(b)		94		346
Crest Nicholson Holdings plc		110		269
Dart Group plc		35		298
Dialog Semiconductor plc*		8		363
Drax Group plc		155		564
Fiat Chrysler Automobiles NV*		81		819
Great Portland Estates plc, REIT		35		269
Imperial Brands plc		78		1,301
Inchcape plc		89		497
International Consolidated Airlines Group SA(a)		87		190
ITV plc		600		443
J Sainsbury plc		248		604
Just Group plc*		554		325
Kingfisher plc		116		367
Legal & General Group plc		478		1,323
Lloyds Banking Group plc		3,932		1,340
M&G plc		318		666
Morgan Sindall Group plc		21		281
National Express Group plc		134		267
OneSavings Bank plc		99		305
Paragon Banking Group plc		78		321
Phoenix Group Holdings plc		48		416
Playtech plc		104		405
Premier Foods plc*		641		722
Prudential plc		154		2,195
Reach plc		350		282
Redrow plc		70		389
ScS Group plc		125		302
Standard Chartered plc		188		942
Taylor Wimpey plc		396		611
TP ICAP plc		87		374
Vesuvius plc		81		429
Vistry Group plc		44		353
Vodafone Group plc		889		1,336
WPP plc		124		917
				36,302
United States - 0.2%
Samsonite International SA*(b)		197		184
TI Fluid Systems plc(b)		180		410
				594
TOTAL COMMON STOCKS (Cost $319,902)				275,425
SHORT-TERM INVESTMENTS - 3.0%
INVESTMENT COMPANIES - 2.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.22%(d)(e)(Cost $6,004)		5,999		6,004
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED - 0.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.40%(d)(e)		1,000		1,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.10%(d)(e)		1,494		1,494
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $2,494)				2,494
TOTAL SHORT-TERM INVESTMENTS (Cost $8,498)				8,498
Total Investments - 99.8% (Cost $328,400)				283,923
Other Assets Less Liabilities - 0.2%				589
Net Assets - 100.0%				284,512

Percentages indicated are based on net assets.    

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of Investments by Industry, July 31, 2020

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

INDUSTRY	PERCENTAGE
Banks	16.2%
Insurance	9.1
Metals & Mining	6.6
Oil, Gas & Consumable Fuels	6.6
Automobiles	4.7
Pharmaceuticals	4.4
Capital Markets	3.9
Diversified Telecommunication Services	3.6
Wireless Telecommunication Services	3.2
Tobacco	2.5
Household Durables	2.3
Construction & Engineering	2.1
Real Estate Management & Development	2.1
Media	1.9
Machinery	1.8
Chemicals	1.8
Auto Components	1.7
Building Products	1.5
Specialty Retail	1.5
Food & Staples Retailing	1.4
Diversified Financial Services	1.4
Trading Companies & Distributors	1.4
IT Services	1.2
Construction Materials	1.1
Air Freight & Logistics	1.1
Commercial Services & Supplies	1.0
Health Care Providers & Services	1.0
Others (each less than 1.0%)	9.9
Short-Term Investments	3.0

Abbreviations
CVA	Dutch Certification
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt
SGPS	Holding company

(a) The security or a portion of this security is on loan at July 31, 2020. The total value of securities on loan at July 31, 2020 is approximately $4,010,000.

(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.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(c) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

(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 July 31, 2020.

* Non-income producing security.

Futures contracts outstanding as of July 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		70	09/2020	EUR		2,612		(112	)
FTSE 100 Index		16	09/2020	GBP		1,229		(52	)
TOPIX Index		14	09/2020	JPY		1,991		(70	)
								(234	)

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

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

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

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

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

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

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

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

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

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

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

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

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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 (amounts in thousands):

	Level 1     Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	–		$	22,080	$	–	$	22,080
Austria		464			2,327		–		2,791
Belgium		–			3,593		–		3,593
China		–			923		–		923
Denmark		–			4,400		–		4,400
Finland		387			6,230		–		6,617
France		–			22,019		–		22,019
Germany		1,703			24,149		–		25,852
Hong Kong		–			5,612		–		5,612
India		–			294		–		294
Ireland		–			562		–		562
Israel		–			415		–		415
Italy		–			6,698		–		6,698
Japan		–			67,140		–		67,140
Luxembourg		–			1,210		–		1,210
Malta		–			480		–		480
Netherlands		521			14,077		–		14,598
Norway		557			7,731		–		8,288
Portugal		–			337		–		337
Russia		–			487		–		487
Singapore		–			3,329		–		3,329
South Africa		–			1,926		–		1,926
Spain		–			6,867		–		6,867
Sweden		484			9,761		–		10,245
Switzerland		–			21,384		–		21,384
Ukraine		–			382		–		382
United Kingdom		–			36,302		–		36,302
United States		410			184		–		594
Total Common Stocks		4,526			270,899		–		275,425
Short-Term Investments
Investment Companies		6,004			–		–		6,004
Investment of cash collateral from securities loaned		2,494			–		–		2,494
Total Short-Term Investments		8,498			–		–		8,498
Total Investments in Securities		13,024			270,899		–		283,923
Depreciation in Other Financial Instruments
Futures Contracts	$	(234	)	$	–	$	–	$	(234)

B. 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. 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 period ended July 31, 2020
Security Description	Value at October 31, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at July 31, 2020		Shares at July 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.22%(a)(b)	$	3,487	$	66,863	$	64,353	$	7		$	—	(c)	$	6,004		5,999	$	66	$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.40%(a)(b)		2,000		14,000		15,000		—	(c)		—			1,000		1,000		14		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.10%(a)(b)		2,026		43,700		44,232		—			—			1,494		1,494		15		—
Total	$	7,513	$	124,563	$	123,585	$	7		$	—	(c)	$	8,498			$	95	$	—

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

(b) The rate shown is the current yield as of July 31, 2020.

(c) Amount rounds to less than one thousand.