JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited)

Investments	Shares (000)		Value ($000)
COMMON STOCKS - 99.8%
Argentina - 2.8%
MercadoLibre, Inc.*		299		338,958
Brazil - 2.3%
B3 SA - Brasil Bolsa Balcao		36,160		99,965
Magazine Luiza SA*		35,416		46,687
NU Holdings Ltd., Class A*(a)		3,477		25,803
Pagseguro Digital Ltd., Class A*(a)		2,070		46,830
Raia Drogasil SA		12,592		55,159
				274,444
China - 34.6%
Alibaba Group Holding Ltd.*		9,145		143,341
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		14,621		114,476
Budweiser Brewing Co. APAC Ltd.(b)		36,765		97,116
China Gas Holdings Ltd.		33,756		57,352
Contemporary Amperex Technology Co. Ltd., Class A		933		90,038
Dada Nexus Ltd., ADR*		3,482		38,027
Foshan Haitian Flavouring & Food Co. Ltd., Class A		9,791		149,843
Hundsun Technologies, Inc., Class A		6,998		64,758
JD.com, Inc., ADR*		1,578		118,195
JD.com, Inc., Class A*		7,921		300,209
Jiangsu Hengli Hydraulic Co. Ltd., Class A		15,471		188,398
KE Holdings, Inc., ADR*		3,440		74,950
Kingdee International Software Group Co. Ltd.*		33,349		76,414
Meituan*(b)		7,797		232,611
Midea Group Co. Ltd., Class A		3,256		37,818
NetEase, Inc.		12,341		257,680
Pharmaron Beijing Co. Ltd., Class A		5,886		109,218
Ping An Bank Co. Ltd., Class A		48,156		120,700
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,976		150,978
Shenzhou International Group Holdings Ltd.		8,462		157,006
Sichuan Swellfun Co. Ltd., Class A		1,990		31,197
Silergy Corp.		1,023		138,273
Sunny Optical Technology Group Co. Ltd.		6,004		154,996
Tencent Holdings Ltd.		9,578		600,173
Wanhua Chemical Group Co. Ltd., Class A		8,751		126,205
Wuliangye Yibin Co. Ltd., Class A		2,814		88,509
Wuxi Biologics Cayman, Inc.*(b)		19,749		197,935
Xinyi Solar Holdings Ltd.		96,810		155,309
Yum China Holdings, Inc.		2,605		125,475
				4,197,200
Hong Kong - 5.7%
AIA Group Ltd.		23,790		248,367
AIA Group Ltd.		795		8,245
Hong Kong Exchanges & Clearing Ltd.		2,106		120,219
JD.com cash in lieu of shares*		456		17,286
Techtronic Industries Co. Ltd.		17,840		294,362
				688,479
India - 19.5%
Apollo Hospitals Enterprise Ltd.		1,562		93,871
Asian Paints Ltd.		2,519		106,727
Britannia Industries Ltd.		1,516		72,085
HDFC Bank Ltd.		13,065		262,759
HDFC Bank Ltd., ADR		2,799		192,082
HDFC Life Insurance Co. Ltd.(b)		16,679		139,822
Hindustan Unilever Ltd.		5,256		160,723
Housing Development Finance Corp. Ltd.		9,711		331,357
Infosys Ltd., ADR		6,857		161,608
Infosys Ltd.		3,073		72,300
Kotak Mahindra Bank Ltd.		7,575		189,860
Reliance Industries Ltd.		7,829		252,309
Tata Consultancy Services Ltd.		6,652		334,972
				2,370,475
Indonesia - 3.2%
Bank Central Asia Tbk. PT		383,535		204,001
Bank Rakyat Indonesia Persero Tbk. PT		655,689		186,632
				390,633
Macau - 0.6%
Sands China Ltd.*		26,388		73,583
Mexico - 2.0%
Grupo Financiero Banorte SAB de CV, Class O		9,341		59,089
Wal-Mart de Mexico SAB de CV(a)		52,447		177,901
				236,990
Panama - 0.6%
Copa Holdings SA, Class A*		879		73,482
Poland - 0.6%
Allegro.eu SA*(b)		8,323		77,144
Portugal - 0.8%
Jeronimo Martins SGPS SA		4,290		103,083
Russia - 1.1%
Sberbank of Russia PJSC		37,519		129,297
South Africa - 1.2%
Bid Corp. Ltd.		3,452		74,407
Capitec Bank Holdings Ltd.		525		68,934
				143,341
South Korea - 8.3%
Delivery Hero SE*(b)		1,063		82,024
LG Chem Ltd.*		225		120,754
NCSoft Corp.*		206		92,974
Samsung Electronics Co. Ltd.		11,386		708,181
				1,003,933
Taiwan - 12.6%
Chailease Holding Co. Ltd.		16,230		148,865
Realtek Semiconductor Corp.		3,104		60,218
Sea Ltd., ADR*(a)		1,120		168,279
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		8,238		1,010,211
Taiwan Semiconductor Manufacturing Co. Ltd.		6,120		141,506
				1,529,079

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited) (continued)

Investments	Shares (000)		Value ($000)
United Kingdom - 1.2%
Prudential plc		8,809		148,474
United States - 2.7%
EPAM Systems, Inc.*		544		258,799
JS Global Lifestyle Co. Ltd.(b)		41,166		65,786
				324,585
TOTAL COMMON STOCKS     (Cost $9,235,381)				12,103,180
SHORT-TERM INVESTMENTS - 0.7%
INVESTMENT COMPANIES - 0.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(c)(d)(Cost $35,270)		35,256		35,270
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED - 0.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.09%(c)(d)		47,029		47,015
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(c)(d)		7,831		7,831
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED     (Cost $54,850)				54,846
TOTAL SHORT-TERM INVESTMENTS     (Cost $90,120)				90,116
Total Investments - 100.5%     (Cost $9,325,501)				12,193,296
Liabilities in Excess of Other Assets - (0.5)%				(62,985	)
Net Assets - 100.0%				12,130,311
Percentages indicated are based on net assets.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Semiconductors & Semiconductor Equipment	12.3%
Banks	11.8
Internet & Direct Marketing Retail	11.1
IT Services	7.2
Technology Hardware, Storage & Peripherals	5.8
Interactive Media & Services	4.9
Insurance	4.5
Entertainment	4.3
Machinery	4.0
Food & Staples Retailing	3.4
Chemicals	2.9
Thrifts & Mortgage Finance	2.7
Life Sciences Tools & Services	2.5
Oil, Gas & Consumable Fuels	2.1
Food Products	1.8
Capital Markets	1.8
Beverages	1.8
Hotels, Restaurants & Leisure	1.6
Personal Products	1.3
Textiles, Apparel & Luxury Goods	1.3
Electronic Equipment, Instruments & Components	1.3
Health Care Equipment & Supplies	1.2
Diversified Financial Services	1.2
Software	1.2
Others (each less than 1.0%)	5.3
Short-Term Investments	0.7

Abbreviations
ADR	American Depositary Receipt
APAC	Asia Pacific
PJSC	Public Joint Stock Company
PT	Limited liability company
SGPS	Holding company
(a)	The security or a portion of this security is on loan at January 31, 2022. The total value of securities on loan at January 31, 2022 is $55,022.
(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 January 31, 2022.
*	Non-income producing security.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited) (continued)

(Dollar values in thousands)

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.

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

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

	Level 1         Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	338,958	$	–	$	–	$	338,958
Brazil		274,444		–		–		274,444
China		465,865		3,731,335		–		4,197,200
Hong Kong		–		688,479		–		688,479
India		353,690		2,016,785		–		2,370,475
Indonesia		–		390,633		–		390,633
Macau		–		73,583		–		73,583
Mexico		236,990		–		–		236,990
Panama		73,482		–		–		73,482
Poland		–		77,144		–		77,144
Portugal		103,083		–		–		103,083
Russia		129,297		–		–		129,297
South Africa		68,934		74,407		–		143,341
South Korea		–		1,003,933		–		1,003,933
Taiwan		1,178,490		350,589		–		1,529,079
United Kingdom		–		148,474		–		148,474
United States		258,799		65,786		–		324,585
Total Common Stocks		3,482,032		8,621,148		–		12,103,180
Short-Term Investments
Investment Companies		35,270		–		–		35,270
Investment of Cash Collateral from Securities Loaned		54,846		–		–		54,846
Total Short-Term Investments		90,116		–		–		90,116
Total Investments in Securities	$	3,572,148	$	8,621,148	$	–	$	12,193,296

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 such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

For the period ended January 31, 2022
Security Description	Value at October 31, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at January 31, 2022		Shares at January 31, 2022		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)	$	24,800	$	1,071,124	$	1,060,653	$	(1	)	$	—	(c)	$	35,270		35,256	$	17	$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.09%(a)(b)		222,040		96,000		271,000		(21	)		(4	)		47,015		47,029		22		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)		25,886		234,354		252,409		—			—			7,831		7,831		1		—
Total	$	272,726	$	1,401,478	$	1,584,062	$	(22	)	$	(4	)	$	90,116			$	40	$	—

(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 January 31, 2022.

(c) Amount rounds to less than one thousand.