N-CSRS

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: 811-04236

JPMorgan Trust II

(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 April 30, 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).

Semi-Annual Report

J.P. Morgan International Equity Funds

April 30, 2020 (Unaudited)

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)	16
JPMorgan International Hedged Equity Fund	19
JPMorgan International Research Enhanced Equity Fund	21
JPMorgan International Value Fund	23
Schedules of Portfolio Investments	26
Financial Statements	60
Financial Highlights	84
Notes to Financial Statements	102
Schedule of Shareholder Expenses	127
Liquidity Risk Management Program	131

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

June 11, 2020 (Unaudited)

Dear Shareholders,

Many have faced significant challenges since my last letter, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. While many have endured uncertainty and abrupt changes in their personal and professional lives related to these challenges, you can be confident that J.P. Morgan Asset Management is well-prepared for adverse events and is taking action to ensure that our clients and mutual fund shareholders continue to receive the service that is the foundation of our enterprise.

  “Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions.” — Andrea L. Lisher

Our extensive planning and testing of resiliency protocols enabled us to provide uninterrupted and expanded assistance to our clients and fund shareholders even as the COVID-19 crisis dramatically increased the volume of client questions and the demand for investment solutions. While our own employees transitioned to working from home, they worked tirelessly to

guide our clients and shareholders through this unprecedented time. We are here for you — our clients and fund shareholders — regardless of the economic, market or social and civic environment. That’s how we have always operated and we will not waiver in that commitment.

JPMorgan Chase & Co. has also recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion, recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion website.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. 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

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

While developed equity markets generally rallied in the final months of 2019, the global response to the COVID-19 pandemic led to a dramatic increase in financial market volatility and drove asset prices sharply lower in February and March of 2020 before equity prices posted a small rebound in April.

Global equity markets, led by the U.S. and Europe, largely recorded gains for the final two months of 2019 on the back of accommodative policies from leading central banks and investor expectations of a reduction in trade tensions. Even as economic data showed slowing or flat growth in China, Europe and the U.S. in the final quarter of 2019, there were no indicators that the longest recorded economic expansion in the U.S. would necessarily end. In the second half of December 2019, the U.S. and China reached a “Phase One” agreement that reduced trade tariffs and headed off the implementation of new tariffs. Combined with less aggressive U.S. trade rhetoric toward Mexico and toward European and Japanese auto industries, the U.S.-China trade agreement fueled price gains in developed equity markets.

In the U.K., the Conservative Party won a large majority in national elections in December, which appeared to remove investor concerns about the possibility of a non-negotiated “hard Brexit” departure from the EU. Equity prices in the U.K. and the British pound briefly rallied on the election result.

Early January 2020 saw continued investor support for global equities that weathered a brief flare up of military tension between the U.S. and Iran. However, investor sentiment began to turn as the outbreak of COVID-19 began to impact large parts of China’s economy. Emerging markets equities led a slump in global equity markets and U.S. and European government bonds largely gained. Notably, prices for benchmark Brent crude oil plummeted 11.9% in January amid shrinking demand from China and other economies hit by the pandemic.

U.S. equity prices found support in early February as companies began to report better-than-expected earnings from the final quarter of 2019. By the end of the month, global equity prices had fallen significantly and global demand for petroleum had declined for the first time since the 2009 financial crisis. China’s central bank responded to the impact of COVID-19 by cutting the prime lending rate and regional authorities across China enacted a range of actions to counter the sharp drop in economic activity. By the end of February, yields on benchmark 10-year U.S. Treasury bonds had fallen to a record low 1.1% as investors sought the perceived safety of government-backed bonds.

The month of March proved to be worse for global equities and a range of other asset classes as COVID-19 was declared a pandemic and national, regional and municipal governments implemented at-home quarantines and a range of other actions designed to prevent hospitals and health care systems from being overwhelmed. The U.S. Federal Reserve slashed interest rates, restarted its quantitative easing or asset purchasing program, and unleashed an array of programs to maintain liquidity and functioning in short-term commercial debt markets. The European Central Bank also stepped in to shore up economic activity via negative interest rates and a commitment to continue purchasing assets until no longer necessary. Statements of broad support from both central banks, along with fiscal stimulus and/or wage protection policies from national governments across the globe, helped to reduce record high volatility in financial markets. However, leading equity indexes lost 20% or more of their value during the first quarter of 2020. Corporate bond prices generally fell and the prices of Brent crude oil ended the first quarter down by 60%. Only developed market sovereign bonds and commodity gold experienced price appreciation in March 2020.

Global equity markets rebounded slightly in April and fixed income markets rallied somewhat as investors reacted positively to the actions of central banks and national governments to mitigate the economic impact of the pandemic. Price gains were seen in large cap technology stocks and pharmaceutical sector stocks. Fixed income investments benefitted from accommodative central bank policies and high quality corporate credit outperformed government bonds for the month. However, a glut in global petroleum markets sent futures prices for benchmark West Texas Intermediate crude oil into negative territory.

For the six months ended April 30, 2020, the S&P 500 Index returned -3.16%, the MSCI EAFE Index returned -14.00% and the MSCI Emerging Markets Index returned 10.39%. Among bond market indexes, the Bloomberg Barclays U.S. Aggregate Index returned 4.86% and the Bloomberg Barclays Emerging Markets Index returned -5.69%.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(10.07)%
MSCI Emerging Markets Index (net of foreign withholding taxes)		(10.50)%
Net Assets as of 4/30/2020 (In Thousands)	$	7,785,761

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 six months ended April 30, 2020.

By sector, the Fund’s underweight allocation to the energy sector and its security selection in the communication services sector were leading contributors to performance relative to the Benchmark, while the Fund’s overweight allocation and security selection in the financials sector and its overweight allocation to the consumer staples sector were leading detractors from relative performance.

By country, the Fund’s overweight allocations to China and Belarus were leading contributors to performance relative to the Benchmark, while the Fund’s overweight allocation and security selection in India and its underweight allocation to Taiwan were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in EPAM Systems Inc., its overweight position in Wuxi Biologics (Cayman) Inc., and its underweight position in Petroleo Brasiliero SA. Shares of EPAM Systems, a U.S.-based global provider of software development and platform engineering services, rose after the company raised its forecast for first quarter 2020 results. 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 COVID-19 pandemic. Shares of Petroleo Brasiliero, a Brazilian oil & natural gas producer, fell amid a global decline in demand for petroleum and a sharp drop in oil prices in 2020.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark positions in IndusInd Bank Ltd. and HDFC Bank Ltd., and its overweight position in Grupo Financiero Banorte SA de CV. Shares of IndusInd Bank and HDFC Bank, both Indian banking and financial services providers, fell amid investor expectations at-home quarantine orders issued by the Indian government in response to the COVID-19 pandemic would lead to a sharp contraction in the India’s economy. Shares of Grupo Financiero Banorte, a Mexican banking and financial services company, fell amid investor expectations for a sharp contraction in Mexico’s economy in response to the COVID-19 pandemic.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, researching companies in an attempt to determine their underlying value and potential for future earnings growth.

As a result of this process, the Fund’s largest sector overweight allocations relative to the Benchmark 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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alibaba Group Holding Ltd., ADR (China)	5.8	%
	2.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	5.3
	3.	Tencent Holdings Ltd. (China)	4.9
	4.	Samsung Electronics Co. Ltd. (South Korea)	4.1
	5.	Housing Development Finance Corp. Ltd. (India)	3.1
	6.	EPAM Systems, Inc. (United States)	3.1
	7.	AIA Group Ltd. (Hong Kong)	3.0
	8.	Ping An Insurance Group Co. of China Ltd., Class H (China)	2.5
	9.	Tata Consultancy Services Ltd. (India)	2.4
	10.	NetEase, Inc., ADR (China)	2.4

PORTFOLIO COMPOSITION BY COUNTRY***
China	34.9	%
India	16.3
Taiwan	8.9
Hong Kong	6.4
South Korea	5.5
Brazil	4.8
United States	3.1
Mexico	2.4
Argentina	2.2
Indonesia	2.1
South Africa	1.7
Portugal	1.6
Hungary	1.5
Macau	1.3
Turkey	1.2
Others (each less than 1.0%)	2.9
Short-Term Investments	3.2

* 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 April 30, 2020. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			(14.98	)%		(12.50	)%		2.71	%		2.21	%
Without Sales Charge			(10.26	)		(7.65	)		3.82			2.77
CLASS C SHARES	February 28, 2006
With CDSC***			(11.48	)		(9.14	)		3.30			2.25
Without CDSC			(10.48	)		(8.14	)		3.30			2.25
CLASS I SHARES	September 10, 2001		(10.14	)		(7.43	)		4.07			3.02
CLASS L SHARES	November 15, 1993		(10.07	)		(7.33	)		4.21			3.17
CLASS R2 SHARES	July 31, 2017		(10.37	)		(7.93	)		3.59			2.65
CLASS R3 SHARES	July 31, 2017		(10.25	)		(7.70	)		3.80			2.76
CLASS R4 SHARES	July 31, 2017		(10.17	)		(7.49	)		4.04			3.00
CLASS R5 SHARES	September 9, 2016		(10.08	)		(7.32	)		4.22			3.17
CLASS R6 SHARES	December 23, 2013		(10.05	)		(7.24	)		4.32			3.23

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/10 TO 4/30/20)

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 April 30, 2010 to April 30, 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 individual 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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 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 United States 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 INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R6 Shares)*		(11.73)%
MSCI Emerging Markets Index (net of foreign withholding taxes)		(10.50)%
Net Assets as of 4/30/2020 (In Thousands)	$	2,382,905

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 underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

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

By country, the Fund’s security selection in South Korea and Taiwan was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in Saudi Arabia and Poland was a leading contributor relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Itau Unibanco Holding SA, CVC Brasil Operadora SA and China Oilfield Services Ltd. Shares of Itau Unibanco Holding, a Brazilian banking and financial services company, fell amid investor expectations for a sharp contraction in Brazil’s economy in response to the COVID-19 pandemic. Shares of CVC Brasil Operadora, a Brazilian travel agency, fell amid investor expectations that its leisure travel would be severely curtailed in response to the COVID-19 pandemic. Shares of China Oilfield Services Ltd., a Chinese offshore oilfield services provider, fell amid a sharp decline in global prices for petroleum and natural gas in 2020.

Leading individual contributors to relative performance included the Fund’s underweight positions in HDFC Ltd. and Axis Bank Ltd. and its overweight position in Yonyou Network Technology Co. Shares of HDFC, and Indian banking and financial services company, fell amid investor expectations that at-home quarantine orders issued by the Indian government in response to the COVID-19 pandemic would lead to a sharp contraction in the India’s economy. Shares of Axis Bank, an Indian financial services company, fell after it reported a loss for the quarter ended March 31, 2020. Shares of Yonyou Network Technology, a Chinese provider of cloud computing, software and services to businesses, rose amid investor expectation that cloud computing services would experience greater demand during at-home quarantines in response to the COVID-19 pandemic.

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, the Fund’s smallest underweight allocations relative to the Benchmark were in the consumer discretionary and real estate sectors and its largest relative 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., ADR (China)	7.1	%
	2.	Tencent Holdings Ltd. (China)	6.1
	3.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	5.1
	4.	Samsung Electronics Co. Ltd. (South Korea)	4.6
	5.	China Construction Bank Corp., Class H (China)	1.8
	6.	Ping An Insurance Group Co. of China Ltd., Class H (China)	1.5
	7.	Reliance Industries Ltd. (India)	1.2
	8.	Housing Development Finance Corp. Ltd. (India)	1.1
	9.	Naspers Ltd., Class N (South Africa)	1.0
	10.	SK Hynix, Inc. (South Korea)	0.9

PORTFOLIO COMPOSITION BY COUNTRY***
China	39.3	%
South Korea	12.3
Taiwan	12.0
India	8.7
Brazil	4.6
Russia	4.1
South Africa	3.5
Mexico	2.4
Saudi Arabia	2.4
Thailand	1.6
Indonesia	1.6
Turkey	1.1
Malaysia	1.1
Others (each less than 1.0%)	4.0
Short-Term Investments	1.3

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

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

*** Percentages indicated are based on total investments as of April 30, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS I SHARES	January 30, 2019		(11.79	)%		(12.63	)%		(0.58	)%
CLASS R6 SHARES	December 11, 2018		(11.73	)		(12.51	)		(0.44	)

* Not annualized.

LIFE OF FUND PERFORMANCE (12/11/18 TO 4/30/20)

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 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 April 30, 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 individual 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.

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(16.65)%
MSCI Europe Index (net of foreign withholding taxes)		(15.47)%
Net Assets as of 4/30/2020 (In Thousands)	$	417,455

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, underperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2020.

By sector, the Fund’s underweight allocation and security selection in the food, beverages & tobacco sector and its security selection in the transportation sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the consumer services sector and its underweight allocation in the banks sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark positions in Nestle SA and Dart Group PLC and its overweight position in Peugeot SA. Shares of Nestle, a Swiss maker of prepared foods and consumer goods, fell after the company reported a decline in sales for the first quarter of 2020. Shares of Dart Group, a U.K. provider of leisure airline travel, distribution and logistics, fell amid a halt to most airline traffic in response to the COVID-19

pandemic. Shares of Peugeot, a French automaker, fell amid a sharp decline in new car sales in early 2020.

Leading individual contributors to relative performance included the Fund’s overweight positions in Roche Holding SA, Evolution Gaming Group AB and Polymetal International PLC. Shares of Roche Holding, a Swiss pharmaceutical company, rose amid investor expectations that it would benefit from a potential vaccine, treatment or test for the COVID-19 virus. Shares of Evolution Gaming Group, a Swedish online casino and gaming provider not held in the Benchmark, rose as investors sought companies they believed were well positioned to weather financial market volatility in 2020. Shares of Polymetal International, a gold and silver mining company not held in the Benchmark, rose amid investor expectations for rising demand for precious metals in the face of financial market volatility in 2020.

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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Europe Dynamic Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Roche Holding AG (Switzerland)	4.7	%
	2.	Novartis AG (Registered) (Switzerland)	3.9
	3.	Nestle SA (Registered) (Switzerland)	3.4
	4.	Sanofi (France)	3.2
	5.	Allianz SE (Registered) (Germany)	2.2
	6.	Linde plc (United Kingdom)	2.1
	7.	Enel SpA (Italy)	2.1
	8.	Koninklijke Ahold Delhaize NV (Netherlands)	2.1
	9.	Kering SA (France)	1.9
	10.	Swisscom AG (Registered) (Switzerland)	1.8

PORTFOLIO COMPOSITION BY COUNTRY***
Switzerland	19.0	%
United Kingdom	15.9
France	13.6
Germany	11.9
Netherlands	7.4
Italy	4.5
Sweden	3.6
Belgium	2.2
Australia	2.1
Austria	2.0
Finland	1.8
Russia	1.8
Ireland	1.7
Spain	1.3
Others (each less than 1.0%)	1.3
Short-Term Investments	9.9

* 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 April 30, 2020. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge**		(21.02)%		(19.45	)%		(3.87	)%		2.83	%
Without Sales Charge		(16.65)		(14.97	)		(2.83	)		3.39
CLASS C SHARES	November 1, 1998
With CDSC***		(17.82)		(16.36	)		(3.31	)		2.87
Without CDSC		(16.82)		(15.36	)		(3.31	)		2.87
CLASS I SHARES	September 10, 2001	(16.56)		(14.73	)		(2.56	)		3.67
CLASS L SHARES	September 10, 2001	(16.47)		(14.63	)		(2.41	)		3.86
CLASS R6 SHARES	October 1, 2018	(16.44)		(14.56	)		(2.39	)		3.87

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/10 TO 4/30/20)

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 April 30, 2010 to April 30, 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 individual 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.

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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan International Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(16.19)%
MSCI EAFE Index (net of foreign withholding taxes)		(14.21)%
Net Assets as of 4/30/2020 (In Thousands)	$	1,494,850

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 six months ended April 30, 2020.

By sector, the Fund’s security selection in the industrials sector and its underweight allocation and security selection in the consumer staples sector were leading detractors from performance relative to the Benchmark, while the Fund’s overweight allocation in the information technology 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 its underweight allocation to France were leading contributors 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 their proprietary multifactor model.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	2.8	%
	2.	Roche Holding AG (Switzerland)	2.7
	3.	Novartis AG (Registered) (Switzerland)	2.2
	4.	Sanofi (France)	1.9
	5.	BHP Group Ltd. (Australia)	1.6
	6.	Novo Nordisk A/S, Class B (Denmark)	1.5
	7.	Toyota Motor Corp. (Japan)	1.5
	8.	Allianz SE (Registered) (Germany)	1.5
	9.	Rio Tinto plc (Australia)	1.3
	10.	Schneider Electric SE (France)	1.3

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	24.5	%
Switzerland	11.3
United Kingdom	10.5
Australia	8.9
France	6.7
Netherlands	6.2
Germany	6.0
Sweden	2.6
Denmark	2.4
Hong Kong	2.4
Singapore	2.4
Spain	1.8
Belgium	1.2
Italy	1.1
Norway	1.0
Others (each less than 1.0%)	4.2
Short-Term Investments	6.8

* 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 April 30, 2020. The Fund’s portfolio composition is subject to change.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			(20.58	)%		(19.93	)%		(3.55	)%		1.79	%
Without Sales Charge			(16.19	)		(15.51	)		(2.50	)		2.34
CLASS C SHARES	February 28, 2006
With CDSC***			(17.34	)		(16.92	)		(2.98	)		1.83
Without CDSC			(16.34	)		(15.92	)		(2.98	)		1.83
CLASS I SHARES	February 28, 2006		(16.01	)		(15.27	)		(2.19	)		2.62
CLASS R2 SHARES	November 3, 2008		(16.29	)		(15.77	)		(2.76	)		2.07
CLASS R6 SHARES	May 29, 2015		(15.95	)		(15.12	)		(2.02	)		2.85

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/10 TO 4/30/20)

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 the now liquidated Institutional Class Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class 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 April 30, 2010 to April 30, 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.

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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(12.50)%
MSCI EAFE Index (net of foreign withholding taxes)		(14.21)%
Net Assets as of 4/30/2020 (In Thousands)	$	2,667,454

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 six months ended April 30, 2020.

By sector, the Fund’s security selection in the financials sector and its security selection and overweight allocation to the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s 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 security selection in Europe, excluding the U.K., and in the Pacific, excluding Japan, was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight allocation to Japan was the sole regional detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Roche Holding SA, Tencent Holdings Ltd. and Novo Nordisk A/S. Shares of Roche Holding, a Swiss pharmaceutical company, rose amid investor expectations that it would benefit from a potential vaccine, treatment or test for the COVID-19 virus. Shares of Tencent Holdings, a Hong Kong online gaming, advertising and services company, rose amid growth in earnings and revenue and investor expectations for increased traffic to its services during at-home quarantines as a result of the COVID-19 pandemic. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected results for the fourth quarter of 2019.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Itau Unibanco Holding SA, ING Groep NV and Royal Dutch Shell PLC. Shares of Itau Unibanco Holding, a Brazilian banking and financial services company, fell amid investor expectations for a sharp contraction in Brazil’s economy in response to the COVID-19 pandemic. Shares of ING Groep, a Dutch banking, financial services and insurance provider, fell after the company reported lower-than-expected earnings for the fourth quarter of 2019. 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.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	4.0	%
	2.	Roche Holding AG (Switzerland)	3.5
	3.	Novartis AG (Registered) (Switzerland)	2.6
	4.	AIA Group Ltd. (Hong Kong)	2.3
	5.	GlaxoSmithKline plc (United Kingdom)	2.3
	6.	Novo Nordisk A/S, Class B (Denmark)	2.2
	7.	ASML Holding NV (Netherlands)	2.1
	8.	Diageo plc (United Kingdom)	2.0
	9.	SAP SE (Germany)	2.0
	10.	Sony Corp. (Japan)	1.9

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	14.8	%
United Kingdom	14.2
Switzerland	13.3
France	12.8
Germany	7.8
Netherlands	4.1
Denmark	4.0
Hong Kong	4.0
China	3.6
Australia	3.4
Sweden	2.3
Taiwan	1.6
South Korea	1.4
Finland	1.2
India	1.2
United States	1.2
Spain	1.0
Singapore	1.0
Others (each less than 1.0%)	2.0
Short-Term Investments	5.1

* 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 April 30, 2020. The Fund’s portfolio composition is subject to change.

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge**			(17.21	)%		(14.00	)%		(1.02	)%		2.89	%
Without Sales Charge			(12.60	)		(9.25	)		0.05			3.45
CLASS C SHARES	January 31, 2003
With CDSC***			(13.88	)		(10.79	)		(0.46	)		2.92
Without CDSC			(12.88	)		(9.79	)		(0.46	)		2.92
CLASS I SHARES	January 1, 1997		(12.50	)		(9.03	)		0.30			3.70
CLASS R2 SHARES	November 3, 2008		(12.77	)		(9.55	)		(0.23	)		3.17
CLASS R5 SHARES	May 15, 2006		(12.45	)		(8.94	)		0.44			3.88
CLASS R6 SHARES	November 30, 2010		(12.43	)		(8.86	)		0.52			3.95

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/10 TO 4/30/20)

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 April 30, 2010 to April 30, 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 United States 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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(9.60)%
MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes)		(13.22)%
Net Assets as of 4/30/2020 (In Thousands)	$	2,535,256

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 six months ended April 30, 2020.

By sector, the Fund’s security selection in the consumer discretionary and financials 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 Novo Nordisk A/S. Shares of Delivery Hero, a German online food delivery service, rose amid investor expectations for increased demand during at-home quarantines as a result of the COVID-19 pandemic. Shares of Tencent Holdings, a Hong Kong online gaming, advertising and services

company, rose amid growth in earnings and revenue and investor expectations for increased traffic to its services during at-home quarantines as a result of the COVID-19 pandemic. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected results for the fourth quarter of 2019.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Airbus SE, Continental AG and HDFC Bank Ltd. Shares of Airbus, a French airplanes and aerospace company, fell after the company slashed production due to decreased demand amid the COVID-19 pandemic. Shares of Continental, a German rubber tire manufacturer, fell amid a sharp decline in automobile sales in 2020. Shares of HDFC Bank, an Indian banking and financial services provider, fell amid investor expectations that at-home quarantine orders issued by the Indian government in response to the COVID-19 pandemic would lead to a sharp contraction in India’s economy.

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 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 the share price.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle SA (Registered) (Switzerland)	4.7	%
	2.	Tencent Holdings Ltd. (China)	3.6
	3.	AIA Group Ltd. (Hong Kong)	3.3
	4.	HDFC Bank Ltd., ADR (India)	3.1
	5.	Alibaba Group Holding Ltd., ADR (China)	3.0
	6.	Ping An Insurance Group Co. of China Ltd., Class H (China)	2.9
	7.	Roche Holding AG (Switzerland)	2.7
	8.	GlaxoSmithKline plc (United Kingdom)	2.7
	9.	Novo Nordisk A/S, Class B (Denmark)	2.6
	10.	Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)	2.6

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	18.9	%
Switzerland	10.5
Germany	9.5
China	9.4
Canada	6.4
France	6.3
Japan	5.3
Hong Kong	3.3
India	3.1
Sweden	2.9
Denmark	2.6
Taiwan	2.6
Netherlands	2.5
South Korea	2.3
Australia	1.9
Belgium	1.5
United States	1.5
Indonesia	1.4
Finland	1.3
Short-Term Investments	6.8

* 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 April 30, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge**			(14.49	)%		(12.08	)%		0.30	%		5.16	%
Without Sales Charge			(9.75	)		(7.21	)		1.39			5.84
CLASS C SHARES	November 30, 2011
With CDSC***			(10.92	)		(8.67	)		0.89			5.31
Without CDSC			(9.92	)		(7.67	)		0.89			5.31
CLASS I SHARES	November 30, 2011		(9.60	)		(6.96	)		1.69			6.14
CLASS R2 SHARES	November 30, 2011		(9.86	)		(7.48	)		1.11			5.55
CLASS R5 SHARES	November 30, 2011		(9.54	)		(6.84	)		1.80			6.29
CLASS R6 SHARES	November 30, 2011		(9.53	)		(6.79	)		1.87			6.35

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (11/30/11 TO 4/30/20)

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 April 30, 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 of the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States 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.

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(8.56)%
MSCI EAFE Index (net of foreign withholding taxes)		(14.21)%
ICE BofAML 3-Month U.S. Treasury Bill Index		0.85%
Net Assets as of 4/30/2020 (In Thousands)	$	95,467

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 outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) and underperformed the ICE BofAML 3-Month U.S. Treasury Bill Index for the six months ended April 30, 2020.

By sector, the Fund’s security selection in the utilities and basic industries sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the retail and consumer staples sectors was a leading detractor from relative performance.

By country, the Fund’s overweight position and security selection in Australia and its security selection in Italy were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and underweight position in Japan and its security selection in France were leading detractors from relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Roche Holding SA, Novo Nordisk A/S and Nintendo Ltd. Shares of Roche Holding, a Swiss pharmaceutical company, rose amid investor expectations that it would benefit from a potential vaccine, treatment or test for the COVID-19. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected results for the fourth quarter of 2019. Shares of Nintendo, a Japanese developer of home entertainment products, rose amid increased demand for its products by households under quarantine as a result of the COVID-19 pandemic.

Leading individual detractors from relative performance included the Fund’s overweight positions in Airbus SE, Anheuser-Busch InBev SA and Standard Chartered PLC. Shares of Airbus, a French airplanes and aerospace company, fell after the company slashed production due to decreased demand amid the COVID-19 pandemic. Shares of Anheuser-Busch, a Belgian beer and beverages company, fell after it reported a sharp decline in fourth quarter 2019 profit as sales in China declined sharply amid COVID-19 quarantines and U.S. sales were hurt by increased demand for alcoholic seltzer products. Shares of Standard Chartered, a U.K. banking and financial services company, fell after the company cancelled dividend payments to shareholders under pressure from regulators to free up capital for lending during the COVID-19 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.	Nestle SA (Registered) (Switzerland)	3.9	%
	2.	Roche Holding AG (Switzerland)	3.0
	3.	Novartis AG (Registered) (Switzerland)	2.4
	4.	Toyota Motor Corp. (Japan)	2.2
	5.	ASML Holding NV (Netherlands)	2.1
	6.	SAP SE (Germany)	2.0
	7.	Sanofi (France)	2.0
	8.	Novo Nordisk A/S, Class B (Denmark)	2.0
	9.	Air Liquide SA (France)	1.6
	10.	Diageo plc (United Kingdom)	1.5

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.7	%
United Kingdom	15.9
France	12.6
Switzerland	11.7
Germany	9.7
Netherlands	4.7
Australia	4.7
Denmark	3.3
Spain	3.2
Hong Kong	2.1
Italy	2.1
Sweden	1.3
Ireland	1.0
Others (each less than 1.0%)	3.1
Short-Term Investments	0.9

* 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 April 30, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES		March 15, 2019
With Sales Charge**				(13.44	)%		(11.40	)%		(9.03	)%
Without Sales Charge				(8.67	)		(6.51	)		(4.57	)
CLASS C SHARES		March 15, 2019
With CDSC***				(9.86	)		(7.94	)		(5.02	)
Without CDSC				(8.86	)		(6.94	)		(5.02	)
CLASS I SHARES		March 15, 2019		(8.56	)		(6.28	)		(4.32	)
CLASS R5 SHARES		March 15, 2019		(8.46	)		(6.11	)		(4.16	)
CLASS R6 SHARES		March 15, 2019		(8.44	)		(6.04	)		(4.09	)

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (3/15/19 TO 4/30/20)

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 April 30, 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.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(15.11)%
MSCI EAFE Index (net of foreign withholding taxes)		(14.21)%
Net Assets as of 4/30/2020 (In Thousands)	$	4,303,710

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 six months ended April 30, 2020.

By sector, the Fund’s security selection in the retail and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the utilities and basic industries 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)	3.6	%
	2.	Roche Holding AG (Switzerland)	2.8
	3.	Novartis AG (Registered) (Switzerland)	2.2
	4.	Toyota Motor Corp. (Japan)	1.9
	5.	ASML Holding NV (Netherlands)	1.9
	6.	SAP SE (Germany)	1.8
	7.	Sanofi (France)	1.8
	8.	Novo Nordisk A/S, Class B (Denmark)	1.8
	9.	Air Liquide SA (France)	1.5
	10.	Diageo plc (United Kingdom)	1.4

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	21.4	%
United Kingdom	14.5
France	11.5
Switzerland	10.6
Germany	8.8
Australia	4.3
Netherlands	4.3
Denmark	3.0
Spain	2.9
Italy	1.9
Hong Kong	1.9
Sweden	1.2
Others (each less than 1.0%)	3.9
Short-Term Investments	9.8

* 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 April 30, 2020. The Fund’s portfolio composition is subject to change.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge**			(19.65	)%		(17.56	)%		(1.84	)%		2.11	%
Without Sales Charge			(15.21	)		(12.98	)		(0.77	)		2.66
CLASS I SHARES	October 28, 1992		(15.11	)		(12.76	)		(0.52	)		2.92
CLASS R6 SHARES	November 1, 2017		(15.10	)		(12.69	)		(0.47	)		2.95

* Not annualized.

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

TEN YEAR PERFORMANCE (4/30/10 TO 4/30/20)

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 April 30, 2010 to April 30, 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 of the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(23.10)%
MSCI EAFE Value Index (net of foreign withholding taxes)		(21.28)%
Net Assets as of 4/30/2020 (In Thousands)	$	274,690

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 six months ended April 30, 2020.

By sector, the Fund’s underweight allocations to the utilities sector and the pharmaceuticals, biotechnology and life sciences sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the materials and real estate sectors was a leading contributor to relative performance.

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

Leading individual detractors from relative performance included the Fund’s underweight positions in Sanofi SA, Softbank Group Corp. and Takeda Pharmaceutical Co. Shares of Sanofi, a French pharmaceuticals company not held in the Fund, rose after the company reported growth in earnings and sales for the first quarter of 2020. Shares of Softbank, a Japanese investment company not held by the Fund, rose after the

company announced it would sell an estimated $41 billion in assets and repurchase $18 billion of its shares. Shares of Takeda Pharmaceutical, a Japanese drug maker not held in the Fund, rose amid investor expectations that the company could benefit from the development of tests, treatments or a vaccine for COVID-19.

Leading individual contributors to relative performance included the Fund’s underweight positions in BP PLC, Banco Santander SA and HSBC Holdings PLC. Shares of BP, a U.K. oil and natural gas producer and retailer, fell amid declining global demand for petroleum and a sharp drop in global oil prices in 2020. Shares of Banco Santander, a Spanish banking and financial services company not held in the Fund, fell after the company reported a sharp drop in earnings as it set aside funds for anticipated loan losses amid the COVID-19 pandemic. Shares of HSBC Holdings, a U.K. banking and financial services company, fell after the company reported a sharp drop in earnings in the face of the COVID-19 pandemic.

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 media & entertainment and materials sectors, while the largest underweight sector positions were in the utilities and capital goods sectors.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Toyota Motor Corp. (Japan)	2.6	%
	2.	Royal Dutch Shell plc, Class A (Netherlands)	2.5
	3.	BHP Group Ltd. (Australia)	1.9
	4.	British American Tobacco plc (United Kingdom)	1.9
	5.	Novartis AG (Registered) (Switzerland)	1.8
	6.	TOTAL SA (France)	1.7
	7.	BP plc (United Kingdom)	1.6
	8.	Rio Tinto plc (Australia)	1.4
	9.	Bayer AG (Registered) (Germany)	1.3
	10.	Allianz SE (Registered) (Germany)	1.1

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	25.5	%
United Kingdom	13.8
Germany	8.2
France	7.9
Australia	7.6
Switzerland	7.4
Netherlands	5.1
Sweden	3.1
Spain	2.7
Norway	2.5
Hong Kong	2.1
Italy	1.9
Finland	1.7
Belgium	1.3
Singapore	1.2
Denmark	1.1
Others (each less than 1.0%)	3.9
Short-Term Investments	3.0

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

** The 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 April 30, 2020. The Fund’s portfolio composition is subject to change.

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2020
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			(27.30	)%		(27.86	)%		(6.47	)%		(0.63	)%
Without Sales Charge			(23.25	)		(23.88	)		(5.46	)		(0.09	)
CLASS C SHARES	July 11, 2006
With CDSC***			(24.44	)		(25.28	)		(5.93	)		(0.60	)
Without CDSC			(23.44	)		(24.28	)		(5.93	)		(0.60	)
CLASS I SHARES	September 10, 2001		(23.13	)		(23.68	)		(5.18	)		0.18
CLASS L SHARES	November 4, 1993		(23.10	)		(23.59	)		(5.08	)		0.31
CLASS R2 SHARES	November 3, 2008		(23.35	)		(24.05	)		(5.70	)		(0.35	)
CLASS R5 SHARES	September 9, 2016		(23.04	)		(23.53	)		(5.07	)		0.31
CLASS R6 SHARES	November 30, 2010		(23.08	)		(23.51	)		(4.96	)		0.42

* Not annualized.

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

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/10 TO 4/30/20)

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 April 30, 2010 to April 30, 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 United States 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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.2%
Argentina — 2.2%
MercadoLibre, Inc. *		298		174,076
Brazil — 4.9%
B3 SA — Brasil Bolsa Balcao		11,978		84,254
Itau Unibanco Holding SA, ADR		18,778		79,056
Lojas Renner SA		11,073		78,379
Pagseguro Digital Ltd., Class A *		963		24,393
Raia Drogasil SA		2,013		38,999
XP, Inc., Class A * (a)		2,949		74,187
				379,268
China — 35.4%
Alibaba Group Holding Ltd., ADR *		2,267		459,399
Budweiser Brewing Co. APAC Ltd. * (a) (b)		47,491		129,053
China Gas Holdings Ltd.		29,783		108,371
Foshan Haitian Flavouring & Food Co. Ltd., Class A		6,237		107,290
Huazhu Group Ltd., ADR(a)		933		33,583
Inner Mongolia Yili Industrial Group Co. Ltd., Class A *		6,631		27,088
Kweichow Moutai Co. Ltd., Class A		406		72,003
Meituan Dianping, Class B * (b)		12,712		170,201
Midea Group Co. Ltd., Class A		11,045		82,463
NetEase, Inc., ADR		544		187,589
New Oriental Education & Technology Group, Inc., ADR *		1,069		136,413
Ping An Bank Co. Ltd., Class A		64,681		125,739
Ping An Insurance Group Co. of China Ltd., Class H		19,123		194,596
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,384		49,394
Shenzhou International Group Holdings Ltd.		8,409		97,055
Sunny Optical Technology Group Co. Ltd.		5,876		81,829
Tencent Holdings Ltd.		7,307		384,120
Wuxi Biologics Cayman, Inc. * (a) (b)		12,029		187,248
Yum China Holdings, Inc.		2,589		125,445
				2,758,879
Egypt — 0.6%
Commercial International Bank Egypt SAE (Registered), GDR (b)		11,635		44,613
Hong Kong — 6.5%
AIA Group Ltd.		25,884		237,559
AIA Group Ltd.		795		7,385
Hong Kong Exchanges & Clearing Ltd.		3,338		107,017
Techtronic Industries Co. Ltd.		20,673		156,749
				508,710
Hungary — 1.5%
OTP Bank Nyrt.		3,991		118,202

INVESTMENTS	SHARES (000)		VALUE ($000)
India — 16.5%
Asian Paints Ltd.		1,773		41,370
Britannia Industries Ltd.		1,686		70,544
HDFC Bank Ltd.		11,598		152,297
HDFC Bank Ltd., ADR		2,412		104,541
HDFC Life Insurance Co. Ltd. * (b)		13,421		88,880
Hindustan Unilever Ltd.		3,253		94,190
Housing Development Finance Corp. Ltd.		9,651		244,117
IndusInd Bank Ltd.		5,379		32,816
ITC Ltd.		39,908		96,146
Kotak Mahindra Bank Ltd.		5,689		102,162
Maruti Suzuki India Ltd.		986		69,993
Tata Consultancy Services Ltd.		7,107		188,139
				1,285,195
Indonesia — 2.1%
Bank Central Asia Tbk. PT		53,178		92,114
Bank Rakyat Indonesia Persero Tbk. PT		401,578		73,042
				165,156
Macau — 1.4%
Sands China Ltd.		26,224		106,169
Mexico — 2.4%
Grupo Financiero Banorte SAB de CV, Class O (a)		24,159		66,140
Infraestructura Energetica Nova SAB de CV		8,509		28,239
Wal-Mart de Mexico SAB de CV		38,929		93,959
				188,338
Panama — 0.5%
Copa Holdings SA, Class A		910		40,244
Peru — 0.8%
Credicorp Ltd.		412		61,377
Portugal — 1.7%
Jeronimo Martins SGPS SA		7,531		127,669
Russia — 0.8%
Sberbank of Russia PJSC		23,235		61,229
Sberbank of Russia PJSC		292		770
				61,999
South Africa — 1.8%
Bid Corp. Ltd.		4,381		57,100
Capitec Bank Holdings Ltd. (a)		1,310		63,883
Mr Price Group Ltd.		2,200		15,675
				136,658
South Korea — 5.6%
NCSoft Corp.		204		107,950

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Korea — continued
Samsung Electronics Co. Ltd.		7,901		324,865
				432,815
Spain — 0.1%
Prosegur Cia de Seguridad SA		4,049		8,929
Taiwan — 9.1%
Largan Precision Co. Ltd.		595		81,106
President Chain Store Corp.		4,522		46,761
Sea Ltd., ADR* (a)		2,798		155,486
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		7,941		421,912
				705,265
Turkey — 1.2%
BIM Birlesik Magazalar A/S		10,764		85,471
Ford Otomotiv Sanayi A/S		1,087		9,846
				95,317
United States — 3.1%
EPAM Systems, Inc. *		1,105		244,037
Total Common Stocks (Cost $6,727,034)				7,642,916
Short-Term Investments — 3.2%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $124,454)		124,472		124,572
Investment of Cash Collateral from Securities Loaned — 1.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		81,033		81,049
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		48,254		48,254
Total Investment of Cash Collateral from Securities Loaned (Cost $129,267)				129,303
Total Short-Term Investments (Cost $253,721)				253,875
Total Investments — 101.4% (Cost $6,980,755)				7,896,791
Liabilities in Excess of Other Assets — (1.4)%				(111,030	)
NET ASSETS — 100.0%				7,785,761

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Banks		14.9	%
Internet & Direct Marketing Retail		10.2
Insurance		6.7
IT Services		5.8
Entertainment		5.7
Food & Staples Retailing		5.7
Semiconductors & Semiconductor Equipment		5.3
Interactive Media & Services		4.9
Technology Hardware, Storage & Peripherals		4.1
Capital Markets		3.4
Hotels, Restaurants & Leisure		3.4
Thrifts & Mortgage Finance		3.1
Food Products		2.6
Beverages		2.6
Life Sciences Tools & Services		2.4
Electronic Equipment, Instruments & Components		2.1
Machinery		2.0
Gas Utilities		1.7
Diversified Consumer Services		1.7
Textiles, Apparel & Luxury Goods		1.2
Tobacco		1.2
Household Products		1.2
Household Durables		1.0
Automobiles		1.0
Multiline Retail		1.0
Others (each less than 1.0%)		1.9
Short-Term Investments		3.2

Abbreviations

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
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 April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $126,114,000.
(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 April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.7%
Argentina — 0.1%
MercadoLibre, Inc. *		5		2,855
Brazil — 4.5%
Ambev SA *		2,785		5,823
B3 SA — Brasil Bolsa Balcao		980		6,894
Banco Bradesco SA (Preference)		3,493		12,339
Banco do Brasil SA *		859		4,474
Cogna Educacao		1,407		1,428
CVC Brasil Operadora e Agencia de Viagens SA *		274		705
Equatorial Energia SA		455		1,542
Gerdau SA (Preference)		2,732		5,902
Itau Unibanco Holding SA (Preference)		3,309		13,954
Itausa — Investimentos Itau SA (Preference)		2,792		4,626
Localiza Rent a Car SA *		644		4,070
Lojas Renner SA		877		6,206
Petroleo Brasileiro SA (Preference)		3,723		12,364
Raia Drogasil SA		255		4,940
Telefonica Brasil SA (Preference)		311		2,630
TIM Participacoes SA, ADR *		446		5,179
Vale SA, ADR *		1,684		13,890
				106,966
Chile — 0.2%
Banco Santander Chile, ADR (a)		174		2,929
Cencosud SA		1,383		1,673
Cia Cervecerias Unidas SA, ADR		113		1,608
				6,210
China — 38.5%
51job, Inc., ADR * (a)		69		4,164
Aier Eye Hospital Group Co. Ltd., Class A		389		2,404
Alibaba Group Holding Ltd., ADR *		822		166,566
ANTA Sports Products Ltd.		283		2,410
Baidu, Inc., ADR *		115		11,559
Bank of China Ltd., Class H		49,027		18,665
Baoshan Iron & Steel Co. Ltd., Class A		9,459		6,460
BeiGene Ltd., ADR * (a)		13		1,965
Beijing Enterprises Holdings Ltd.		558		1,977
Beijing Shiji Information Technology Co. Ltd., Class A		563		2,407
BOE Technology Group Co. Ltd., Class A		8,025		4,195
CGN Power Co. Ltd., Class H * (b)		20,326		5,113
China Conch Venture Holdings Ltd.		1,452		6,943
China Construction Bank Corp., Class H		51,452		41,299
China Gas Holdings Ltd.		2,652		9,649
China Lesso Group Holdings Ltd.		2,928		4,196
China Life Insurance Co. Ltd., Class H		5,920		12,626

INVESTMENTS	SHARES (000)		VALUE ($000)
China — continued
China Merchants Bank Co. Ltd., Class H		4,005		18,953
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,686		6,415
China Mobile Ltd.		2,339		18,803
China Molybdenum Co. Ltd., Class H		11,691		3,527
China Oilfield Services Ltd., Class H		5,470		4,261
China Overseas Land & Investment Ltd.		3,572		13,195
China Pacific Insurance Group Co. Ltd., Class H		2,055		6,798
China Petroleum & Chemical Corp., Class H		10,358		5,162
China Resources Land Ltd.		2,478		10,240
China Shenhua Energy Co. Ltd., Class H		4,356		7,716
China State Construction International Holdings Ltd.		5,300		4,109
China Unicom Hong Kong Ltd.		9,158		5,923
China Vanke Co. Ltd., Class H		2,742		9,213
CNOOC Ltd.		12,794		14,145
Country Garden Holdings Co. Ltd.		4,357		5,644
Country Garden Services Holdings Co. Ltd.		1,320		6,099
CSPC Pharmaceutical Group Ltd.		3,910		7,741
ENN Energy Holdings Ltd.		649		7,311
Far East Horizon Ltd.		2,895		2,344
Fosun International Ltd.		2,569		3,225
GDS Holdings Ltd., ADR * (a)		70		4,003
Geely Automobile Holdings Ltd.		4,295		6,681
Haier Electronics Group Co. Ltd.		37		102
Hangzhou Robam Appliances Co. Ltd., Class A		1,226		5,451
Industrial & Commercial Bank of China Ltd., Class H		30,390		20,377
Inner Mongolia Yili Industrial Group Co. Ltd., Class A *		692		2,829
Innovent Biologics, Inc. * (b)		1,122		5,526
JD.com, Inc., ADR *		316		13,617
Jiangsu Hengrui Medicine Co. Ltd., Class A *		518		6,709
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		391		5,398
Jointown Pharmaceutical Group Co. Ltd., Class A		1,186		2,979
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		515		3,398
Kingdee International Software Group Co. Ltd.		4,746		6,788
Kunlun Energy Co. Ltd.		5,808		3,784
Kweichow Moutai Co. Ltd., Class A		31		5,427
Laobaixing Pharmacy Chain JSC, Class A		443		4,713
Longfor Group Holdings Ltd. (b)		1,993		10,130
Midea Group Co. Ltd., Class A		435		3,246
NARI Technology Co. Ltd., Class A		1,575		4,428
NetEase, Inc., ADR		51		17,720

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
China — continued
New Oriental Education & Technology Group, Inc., ADR *		81		10,361
Nexteer Automotive Group Ltd.		1,507		774
PetroChina Co. Ltd., Class H		11,278		4,051
PICC Property & Casualty Co. Ltd., Class H		7,370		7,053
Ping An Bank Co. Ltd., Class A		3,658		7,112
Ping An Insurance Group Co. of China Ltd., Class H		3,462		35,230
Poly Developments and Holdings Group Co. Ltd., Class A		2,317		5,240
Postal Savings Bank of China Co. Ltd., Class H (b)		13,198		7,886
Prosus NV *		63		4,800
SAIC Motor Corp. Ltd., Class A		2,011		5,306
Shenzhou International Group Holdings Ltd.		715		8,248
Sinopharm Group Co. Ltd., Class H		1,293		3,487
Sunny Optical Technology Group Co. Ltd.		659		9,175
Suofeiya Home Collection Co. Ltd., Class A		2,772		7,274
Tencent Holdings Ltd.		2,728		143,420
Trip.com Group Ltd., ADR *		255		6,578
Vipshop Holdings Ltd., ADR *		193		3,073
Weifu High-Technology Group Co. Ltd., Class A		1,963		5,568
WuXi AppTec Co. Ltd., Class H (b)		177		2,500
Wuxi Biologics Cayman, Inc. * (b)		698		10,865
Xinyangfeng Agricultural Technology Co. Ltd., Class A		3,054		3,602
Yonyou Network Technology Co. Ltd., Class A		690		4,462
Yum China Holdings, Inc.		280		13,578
Zhejiang Chint Electrics Co. Ltd., Class A		1,204		4,200
Zhejiang Supor Co. Ltd., Class A		512		4,733
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,410		2,411
				917,715
Colombia — 0.1%
Bancolombia SA		336		2,153
Ecopetrol SA, ADR (a)		146		1,523
				3,676
Czech Republic — 0.2%
Komercni banka A/S *		155		3,278
Moneta Money Bank A/S (b)		1,179		2,450
				5,728
Greece — 0.2%
OPAP SA		444		3,977
Hong Kong — 0.3%
Hutchison China MediTech Ltd., ADR * (a)		123		2,652

INVESTMENTS	SHARES (000)		VALUE ($000)
Hong Kong — continued
Sino Biopharmaceutical Ltd.		1,539		2,243
Techtronic Industries Co. Ltd.		475		3,598
				8,493
Hungary — 0.6%
OTP Bank Nyrt.		256		7,570
Richter Gedeon Nyrt.		282		6,031
				13,601
India — 8.5%
Axis Bank Ltd.		1,567		9,157
Bajaj Auto Ltd.		79		2,757
Bosch Ltd.		14		1,926
Container Corp. of India Ltd.		543		2,684
HCL Technologies Ltd.		867		6,220
HDFC Bank Ltd., ADR		84		3,654
Hindalco Industries Ltd.		1,518		2,576
Hindustan Unilever Ltd.		479		13,860
Housing Development Finance Corp. Ltd.		987		24,958
ICICI Bank Ltd., ADR		436		4,256
IndusInd Bank Ltd.		337		2,055
Infosys Ltd., ADR		2,145		19,800
ITC Ltd.		3,235		7,794
Larsen & Toubro Ltd.		527		6,251
Maruti Suzuki India Ltd.		143		10,130
NTPC Ltd.		4,552		5,703
Oil & Natural Gas Corp. Ltd.		3,741		3,959
Petronet LNG Ltd.		1,205		3,881
Power Grid Corp. of India Ltd.		3,181		6,819
Reliance Industries Ltd.		1,400		27,218
Shriram Transport Finance Co. Ltd.		354		3,627
Tata Consultancy Services Ltd.		618		16,372
UltraTech Cement Ltd.		167		7,776
United Spirits Ltd. *		675		4,808
UPL Ltd.		1,026		5,677
				203,918
Indonesia — 1.6%
Astra International Tbk. PT		14,174		3,625
Bank Central Asia Tbk. PT		7,672		13,289
Bank Rakyat Indonesia Persero Tbk. PT		43,424		7,898
Telekomunikasi Indonesia Persero Tbk. PT		49,570		11,399
United Tractors Tbk. PT		1,087		1,186
				37,397

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Malaysia — 1.0%
CIMB Group Holdings Bhd.		3,654		2,921
IHH Healthcare Bhd.		2,936		3,573
Petronas Chemicals Group Bhd.		3,822		4,947
Public Bank Bhd.		1,919		7,294
Tenaga Nasional Bhd.		2,110		5,974
				24,709
Mexico — 2.4%
Alfa SAB de CV, Class A		3,579		1,466
America Movil SAB de CV, Series L		21,024		12,701
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (a)		3,086		1,708
Fomento Economico Mexicano SAB de CV, ADR		136		8,726
Grupo Aeroportuario del Pacifico SAB de CV, Class B		538		3,343
Grupo Aeroportuario del Sureste SAB de CV, Class B (a)		407		4,066
Grupo Financiero Banorte SAB de CV, Class O		2,284		6,254
Grupo Mexico SAB de CV, Series B (a)		3,998		8,502
Wal-Mart de Mexico SAB de CV		4,236		10,224
				56,990
Peru — 0.4%
Credicorp Ltd.		65		9,717
Philippines — 0.4%
Ayala Corp.		241		2,746
Ayala Land, Inc.		5,662		3,534
International Container Terminal Services, Inc.		1,434		2,508
				8,788
Poland — 0.5%
CD Projekt SA		84		7,383
Dino Polska SA * (b)		96		4,042
				11,425
Qatar — 0.4%
Qatar National Bank QPSC		1,865		8,796
Russia — 4.0%
Alrosa PJSC		6,268		5,191
Gazprom PJSC, ADR		2,179		11,033
LUKOIL PJSC, ADR		291		18,992
Magnitogorsk Iron & Steel Works PJSC		6,441		3,465
MMC Norilsk Nickel PJSC, ADR		148		4,102
Mobile TeleSystems PJSC, ADR		446		3,819
Moscow Exchange MICEX-RTS PJSC		4,402		7,115
Novatek PJSC, GDR (b)		20		2,814
Sberbank of Russia PJSC, ADR		1,701		17,872

INVESTMENTS	SHARES (000)		VALUE ($000)
Russia — continued
Severstal PJSC, GDR (b)		426		5,073
Tatneft PJSC, ADR		220		9,772
X5 Retail Group NV, GDR (b)		225		6,637
				95,885
Saudi Arabia — 2.4%
Al Rajhi Bank		971		14,761
Alinma Bank *		1,540		6,510
Almarai Co. JSC		363		4,733
Bupa Arabia for Cooperative Insurance Co.		106		3,015
Mouwasat Medical Services Co.		163		3,685
National Commercial Bank		785		7,745
Saudi Basic Industries Corp.		371		7,366
Saudi Telecom Co.		219		5,274
Savola Group (The)		301		3,244
				56,333
Singapore — 0.1%
BOC Aviation Ltd. (b)		331		2,263
South Africa — 3.4%
Absa Group Ltd.		1,052		5,194
Bid Corp. Ltd.		410		5,337
Bidvest Group Ltd. (The)		615		4,993
Capitec Bank Holdings Ltd.		112		5,474
Clicks Group Ltd.		479		5,956
FirstRand Ltd. (a)		4,101		8,950
Mr Price Group Ltd.		560		3,988
MTN Group Ltd.		1,278		3,359
Naspers Ltd., Class N		148		23,065
Pick n Pay Stores Ltd.		983		3,077
Shoprite Holdings Ltd.		313		1,810
SPAR Group Ltd. (The)		593		5,652
Vodacom Group Ltd.		616		4,094
				80,949
South Korea — 12.1%
BGF retail Co. Ltd.		17		2,166
Hana Financial Group, Inc.		346		7,906
Hanon Systems		394		2,970
Hyundai Glovis Co. Ltd.		30		2,536
Hyundai Mobis Co. Ltd.		61		8,609
Hyundai Motor Co.		123		9,543
KB Financial Group, Inc.		350		10,023
Kia Motors Corp.		319		7,789
KIWOOM Securities Co. Ltd.		39		2,403
KT&G Corp.		118		7,903

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
South Korea — continued
LG Chem Ltd.		39		12,248
LG Household & Health Care Ltd.		9		10,680
Lotte Chemical Corp.		34		5,961
Mando Corp.		136		2,663
NAVER Corp.		77		12,538
NCSoft Corp.		20		10,803
POSCO		69		10,456
Samsung Electronics Co. Ltd.		2,602		106,985
Samsung SDI Co. Ltd.		37		8,846
Shinhan Financial Group Co. Ltd.		356		9,038
SK Holdings Co. Ltd.		21		3,205
SK Hynix, Inc.		318		21,869
SK Innovation Co. Ltd.		59		4,781
S-Oil Corp.		99		5,681
				287,602
Taiwan — 11.7%
Advantech Co. Ltd.		544		5,145
ASE Technology Holding Co. Ltd.		1,600		3,564
Catcher Technology Co. Ltd.		1,034		7,832
Chailease Holding Co. Ltd.		2,067		7,852
China Life Insurance Co. Ltd.		7,735		5,282
CTBC Financial Holding Co. Ltd.		18,159		12,101
Delta Electronics, Inc.		2,283		10,648
E.Sun Financial Holding Co. Ltd.		12,076		10,972
Formosa Chemicals & Fibre Corp.		1,361		3,447
Formosa Plastics Corp.		4,186		12,287
Fubon Financial Holding Co. Ltd.		5,107		7,221
Global Unichip Corp.		349		2,804
Globalwafers Co. Ltd.		381		4,849
Hiwin Technologies Corp.		918		8,756
Hon Hai Precision Industry Co. Ltd.		3,154		8,106
Inventec Corp.		2,978		2,340
Largan Precision Co. Ltd.		91		12,405
MediaTek, Inc. *		545		7,526
Nanya Technology Corp.		1,755		3,767
Quanta Computer, Inc.		1,584		3,423
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,229		118,437
Uni-President Enterprises Corp.		4,350		10,129
Vanguard International Semiconductor Corp.		2,069		4,800
Yuanta Financial Holding Co. Ltd.		11,254		6,415
				280,108
Thailand — 1.6%
Kasikornbank PCL		1,665		4,342
Minor International PCL		5,361		3,464

INVESTMENTS	SHARES (000)		VALUE ($000)
Thailand — continued
PTT Exploration & Production PCL		2,202		5,683
PTT Global Chemical PCL		1,294		1,490
PTT PCL		9,237		10,086
Siam Cement PCL (The) (Registered)		821		8,722
Thai Oil PCL		3,126		3,911
				37,698
Turkey — 1.1%
BIM Birlesik Magazalar A/S		655		5,204
Eregli Demir ve Celik Fabrikalari TAS		2,324		2,679
Ford Otomotiv Sanayi A/S		274		2,482
KOC Holding A/S		1,257		2,759
Tofas Turk Otomobil Fabrikasi A/S		884		2,826
Tupras Turkiye Petrol Rafinerileri A/S *		307		3,993
Turkcell Iletisim Hizmetleri A/S		2,936		5,848
				25,791
United Arab Emirates — 0.3%
DP World plc		200		3,193
Emaar Properties PJSC		4,120		3,022
				6,215
United Kingdom — 0.1%
Mondi plc		102		1,824
Total Common Stocks (Cost $2,532,594)				2,305,629
Short-Term Investments — 1.3%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $24,060)		24,064		24,084
Investment of Cash Collateral From Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		2,991		2,991
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		3,246		3,246
Total Investment of Cash Collateral From Securities Loaned (Cost $6,236)				6,237
Total Short-term Investments (Cost $30,296)				30,321
Total Investments — 98.0% (Cost $2,562,890)				2,335,950
Other Assets Less Liabilities — 2.0%				46,955
NET ASSETS — 100.0%				2,382,905

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Emerging Markets Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Banks		15.3	%
Internet & Direct Marketing Retail		9.4
Semiconductors & Semiconductor Equipment		7.2
Interactive Media & Services		7.2
Oil, Gas & Consumable Fuels		6.8
Technology Hardware, Storage & Peripherals		5.4
Insurance		3.3
Metals & Mining		3.1
Real Estate Management & Development		2.8
Food & Staples Retailing		2.6
Chemicals		2.4
Wireless Telecommunication Services		2.3
Electronic Equipment, Instruments & Components		2.3
Automobiles		2.2
IT Services		2.0
Entertainment		1.5
Beverages		1.3
Diversified Financial Services		1.1
Pharmaceuticals		1.1
Diversified Telecommunication Services		1.1
Thrifts & Mortgage Finance		1.1
Food Products		1.0
Gas Utilities		1.0
Auto Components		1.0
Others (each less than 1.0%)		14.2
Short-Term Investments		1.3

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 April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $5,853,000.
(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 April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 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
MSCI Emerging Markets E-Mini Index		697		06/2020		USD		31,574		2,062

Abbreviations

MSCI	Morgan Stanley Capital International
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.0%
Australia — 2.3%
BHP Group plc		262		4,404
Rio Tinto plc		111		5,142
				9,546
Austria — 2.2%
ams AG *		151		1,981
Erste Group Bank AG		211		4,565
Wienerberger AG		134		2,513
				9,059
Belgium — 2.4%
KBC Group NV		82		4,441
UCB SA *		60		5,485
				9,926
Finland — 2.0%
Neste OYJ		231		8,173
France — 14.9%
Atos SE *		52		3,721
BNP Paribas SA		147		4,620
Credit Agricole SA		338		2,717
Eiffage SA		45		3,715
Kering SA (a)		17		8,619
Peugeot SA		278		3,941
Safran SA		69		6,433
Sanofi (a)		153		14,904
Schneider Electric SE * (a)		68		6,241
TOTAL SA		205		7,270
				62,181
Germany — 13.1%
Allianz SE (Registered)		55		10,189
Bayer AG (Registered)		87		5,718
Deutsche Post AG (Registered)		141		4,176
Deutsche Telekom AG (Registered)		536		7,839
DWS Group GmbH & Co. KGaA (b)		100		3,171
HelloFresh SE *		196		6,972
LEG Immobilien AG		36		4,142
Schaeffler AG (Preference)		800		5,399
TeamViewer AG *		72		3,142
Volkswagen AG (Preference)		28		3,958
				54,706
Ireland — 1.8%
AIB Group plc *		1,884		2,564
Bank of Ireland Group plc		1,358		2,735

INVESTMENTS	SHARES (000)		VALUE ($000)
Ireland — continued
Ryanair Holdings plc, ADR *		37		2,356
				7,655
Italy — 4.9%
Enel SpA		1,413		9,655
Falck Renewables SpA		556		2,731
Nexi SpA * (b)		369		5,593
Poste Italiane SpA (b)		304		2,588
				20,567
Netherlands — 8.1%
ASM International NV		73		8,009
ASR Nederland NV		153		4,121
BE Semiconductor Industries NV * (a)		85		3,526
Euronext NV (b)		31		2,638
Koninklijke Ahold Delhaize NV (a)		395		9,581
Wolters Kluwer NV (a)		83		6,077
				33,952
Norway — 0.7%
Scatec Solar ASA (b)		210		3,052
Russia — 2.0%
Polymetal International plc		398		8,141
South Africa — 0.8%
Anglo American plc		182		3,241
Spain — 1.5%
Endesa SA		276		6,131
Sweden — 3.9%
Embracer Group AB *		110		1,166
Evolution Gaming Group AB (b)		76		3,460
Hennes & Mauritz AB, Class B (a)		215		2,942
Sinch AB * (b)		78		4,036
SKF AB, Class B		307		4,846
				16,450
Switzerland — 20.9%
ALSO Holding AG (Registered) *		6		1,194
LafargeHolcim Ltd. (Registered) *		158		6,581
Nestle SA (Registered)		146		15,483
Novartis AG (Registered)		210		17,949
Roche Holding AG		62		21,405
SIG Combibloc Group AG *		257		4,170
STMicroelectronics NV		200		5,152
Swisscom AG (Registered)		16		8,434

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Switzerland — continued
Zurich Insurance Group AG		22		6,970
				87,338
United Kingdom — 17.5%
AstraZeneca plc		44		4,606
Barratt Developments plc		676		4,408
Berkeley Group Holdings plc		51		2,688
British American Tobacco plc		109		4,195
Calisen plc *		1,313		3,059
Centrica plc		2,449		1,225
Dialog Semiconductor plc *		111		3,491
Dunelm Group plc		240		2,768
Games Workshop Group plc		23		1,710
Intermediate Capital Group plc		374		5,293
Linde plc		53		9,795
National Express Group plc		611		2,104
Next plc		83		4,942
Prudential plc		220		3,102
Reckitt Benckiser Group plc		45		3,728
Segro plc, REIT		558		5,849
Spirent Communications plc		1,401		4,237
Taylor Wimpey plc		3,193		5,896
				73,096
Total Common Stocks (Cost $427,263)				413,214
Short-Term Investments — 10.9%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $4,178)		4,181		4,185
Investment of Cash Collateral from Securities Loaned — 9.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		30,000		30,006
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		11,283		11,283
Total Investment of Cash Collateral from Securities Loaned (Cost $41,284)				41,289
Total Short-Term Investments (Cost $45,462)				45,474
Total Investments — 109.9% (Cost $472,725)				458,688
Liabilities in Excess of Other Assets — (9.9)%				(41,233	)
NET ASSETS — 100.0%				417,455

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		15.3	%
Insurance		5.9
Semiconductors & Semiconductor Equipment		4.8
Banks		4.7
Metals & Mining		4.6
Diversified Telecommunication Services		3.5
Electric Utilities		3.4
Food Products		3.4
Oil, Gas & Consumable Fuels		3.4
Household Durables		2.8
Capital Markets		2.4
Chemicals		2.1
Food & Staples Retailing		2.1
IT Services		2.0
Construction Materials		2.0
Textiles, Apparel & Luxury Goods		1.9
Automobiles		1.7
Software		1.6
Internet & Direct Marketing Retail		1.5
Aerospace & Defense		1.4
Electrical Equipment		1.4
Professional Services		1.3
Equity Real Estate Investment Trusts (REITs)		1.3
Independent Power and Renewable Electricity Producers		1.3
Specialty Retail		1.2
Auto Components		1.2
Multiline Retail		1.1
Machinery		1.1
Others (each less than 1.0%)		9.7
Short-Term Investments		9.9

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $35,227,000.

(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 April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 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		32		06/2020		EUR		1,011		215
FTSE 100 Index		7		06/2020		GBP		517		74
										289

Abbreviations

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%
Australia — 9.3%
AGL Energy Ltd.		414		4,549
Ansell Ltd.		354		6,529
Aurizon Holdings Ltd.		3,801		11,548
Austal Ltd.		975		2,115
Beach Energy Ltd.		4,653		4,535
BHP Group Ltd.		1,213		24,772
Caltex Australia Ltd.		185		2,982
Coca-Cola Amatil Ltd.		881		4,905
Coles Group Ltd.		1,070		10,734
CSL Ltd.		53		10,487
CSR Ltd.		2,498		6,004
Fortescue Metals Group Ltd.		948		7,246
IGO Ltd.		1,327		4,025
IOOF Holdings Ltd.		470		1,312
JB Hi-Fi Ltd. (a)		281		6,344
Lendlease Group *		570		4,538
Metcash Ltd.		1,883		3,037
Orica Ltd.		228		2,641
Rio Tinto plc		444		20,603
				138,906
Austria — 0.4%
BAWAG Group AG * (b)		58		1,961
Wienerberger AG		256		4,788
				6,749
Belgium — 1.3%
Ageas		337		12,131
bpost SA		245		1,712
D’ieteren SA/NV		38		1,925
KBC Group NV		66		3,563
				19,331
China — 0.8%
BOC Hong Kong Holdings Ltd.		3,687		11,316
Denmark — 2.5%
Carlsberg A/S, Class B		95		11,953
Novo Nordisk A/S, Class B		378		24,096
Scandinavian Tobacco Group A/S, Class A (b)		147		1,687
				37,736
France — 7.0%
Capgemini SE		57		5,343
Cie de Saint-Gobain		204		5,427
Eiffage SA		152		12,433
LVMH Moet Hennessy Louis Vuitton SE		17		6,499
Peugeot SA		757		10,737

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
Sanofi (a)		295		28,808
Schneider Electric SE * (a)		220		20,306
Sopra Steria Group		30		3,518
SPIE SA		350		5,278
TOTAL SA		103		3,640
Veolia Environnement SA		105		2,234
				104,223
Germany — 6.2%
Allianz SE (Registered)		126		23,259
Bayer AG (Registered)		71		4,653
Deutsche Pfandbriefbank AG (b)		540		3,971
Freenet AG		531		10,079
Hannover Rueck SE		68		10,853
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		77		16,923
RWE AG		150		4,322
SAP SE		85		10,075
Schaeffler AG (Preference)		1,310		8,845
				92,980
Hong Kong — 2.5%
AIA Group Ltd.		852		7,817
Power Assets Holdings Ltd.		1,705		11,424
VTech Holdings Ltd.		558		4,204
WH Group Ltd. (b)		7,227		6,893
Xinyi Glass Holdings Ltd.		5,866		6,794
				37,132
Ireland — 0.3%
Greencore Group plc		1,151		2,635
Ryanair Holdings plc, ADR *		31		1,951
				4,586
Israel — 0.3%
Israel Discount Bank Ltd., Class A		1,560		5,060
Italy — 1.2%
Enel SpA		566		3,869
Snam SpA		3,013		13,516
				17,385
Japan — 25.4%
Advantest Corp.		182		8,826
Alfresa Holdings Corp.		106		2,112
Amano Corp.		111		2,271
Asahi Group Holdings Ltd.		84		2,895
Astellas Pharma, Inc.		664		10,985
Brother Industries Ltd.		391		6,629

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Capcom Co. Ltd.		214		6,544
Chugai Pharmaceutical Co. Ltd.		33		3,958
Dai-ichi Life Holdings, Inc.		353		4,420
Digital Garage, Inc.		78		2,780
Fujitsu Ltd.		84		8,170
GMO internet, Inc.		100		2,174
Hikari Tsushin, Inc.		11		2,109
Hitachi Ltd.		365		10,845
Internet Initiative Japan, Inc.		95		3,261
ITOCHU Corp.		485		9,510
Iwatani Corp. (a)		119		4,055
Japan Aviation Electronics Industry Ltd.		123		1,600
Japan Petroleum Exploration Co. Ltd.		60		1,031
Kaken Pharmaceutical Co. Ltd.		31		1,728
KDDI Corp.		432		12,518
Keyence Corp.		6		2,035
K’s Holdings Corp.		210		2,291
Kyudenko Corp.		86		2,408
Marubeni Corp.		1,159		5,581
Medipal Holdings Corp.		158		3,048
Meitec Corp.		49		2,150
Mitsubishi UFJ Financial Group, Inc.		3,319		13,407
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,011		4,828
Mitsui Fudosan Co. Ltd.		454		8,344
Morinaga & Co. Ltd.		95		3,896
MS&AD Insurance Group Holdings, Inc.		126		3,627
Nihon Unisys Ltd.		224		6,470
Nippon Telegraph & Telephone Corp.		424		9,658
Nomura Holdings, Inc.		1,924		7,986
Nomura Real Estate Holdings, Inc.		398		6,463
NTT DOCOMO, Inc.		358		10,536
Obayashi Corp.		323		2,827
Ono Pharmaceutical Co. Ltd.		173		4,166
Open House Co. Ltd.		163		3,547
ORIX Corp.		652		7,668
Otsuka Corp.		101		4,582
Rohto Pharmaceutical Co. Ltd.		137		3,986
Saizeriya Co. Ltd.		76		1,509
Sankyu, Inc.		107		4,112
Sawai Pharmaceutical Co. Ltd.		48		2,605
SCSK Corp.		55		2,485
Sekisui House Ltd.		480		8,231
Shinsei Bank Ltd.		508		6,126
Shionogi & Co. Ltd.		167		9,195
Ship Healthcare Holdings, Inc.		37		1,678

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Softbank Corp.		648		8,822
Sony Corp.		267		17,176
Sumitomo Mitsui Financial Group, Inc.		429		11,289
Sumitomo Mitsui Trust Holdings, Inc.		283		8,225
Teijin Ltd.		176		2,813
TIS, Inc.		377		7,191
Tokuyama Corp.		143		3,026
Tokyo Electron Ltd.		54		11,544
Tokyo Tatemono Co. Ltd.		511		5,746
Tokyu Fudosan Holdings Corp.		1,281		6,268
Toyota Motor Corp.		380		23,469
Toyota Tsusho Corp.		180		4,280
TS Tech Co. Ltd.		119		3,238
Zeon Corp.		397		3,477
				380,430
Netherlands — 6.5%
ASM International NV		120		13,241
ASML Holding NV (a)		34		9,910
BE Semiconductor Industries NV *(a)		137		5,658
Euronext NV (b)		135		11,339
EXOR NV		154		8,415
Koninklijke Ahold Delhaize NV		557		13,519
Randstad NV *		145		5,831
Royal Dutch Shell plc, Class B		518		8,293
Signify NV (b)		256		5,217
Wolters Kluwer NV (a)		214		15,712
				97,135
New Zealand — 0.3%
Spark New Zealand Ltd.		1,408		3,811
Norway — 1.0%
DNB ASA		657		7,955
Norwegian Finans Holding ASA *		552		2,947
Scatec Solar ASA (b)		291		4,238
				15,140
Portugal — 0.7%
Jeronimo Martins SGPS SA		587		9,955
Singapore — 2.5%
DBS Group Holdings Ltd.		1,100		15,481
Singapore Telecommunications Ltd.		5,677		11,344
United Overseas Bank Ltd.		691		9,874
				36,699
South Africa — 0.9%
Anglo American plc		784		13,948

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Spain — 1.8%
Enagas SA		467		10,905
Endesa SA		661		14,666
Mediaset Espana Comunicacion SA * (a)		574		2,057
				27,628
Sweden — 2.7%
Skandinaviska Enskilda Banken AB, Class A		952		7,835
Skanska AB, Class B *		578		10,995
SKF AB, Class B		578		9,118
Swedish Match AB		194		12,018
				39,966
Switzerland — 11.7%
Adecco Group AG (Registered)		204		8,922
Galenica AG * (b)		79		5,651
Julius Baer Group Ltd. *		163		6,420
Landis+Gyr Group AG *		109		7,358
Nestle SA (Registered)		404		42,831
Novartis AG (Registered)		409		34,869
Roche Holding AG		122		42,171
Swiss Life Holding AG (Registered)		32		11,278
Swisscom AG (Registered)		23		12,038
Zurich Insurance Group AG		11		3,584
				175,122
United Kingdom — 11.0%
3i Group plc		1,098		10,782
Ashtead Group plc		571		15,605
AstraZeneca plc		91		9,522
Avast plc (b)		2,379		13,702
Barratt Developments plc		899		5,861
Berkeley Group Holdings plc		168		8,797
Computacenter plc		107		1,948
Dialog Semiconductor plc *		300		9,410
Dunelm Group plc		547		6,322
GlaxoSmithKline plc		818		17,059
Howden Joinery Group plc		291		1,921
HSBC Holdings plc		337		1,730
Inchcape plc		774		4,873

INVESTMENTS	SHARES (000)		VALUE ($000)
United Kingdom — continued
Legal & General Group plc		4,012		10,315
Next plc		113		6,701
Pets at Home Group plc		445		1,424
Redrow plc		709		4,120
Savills plc		83		1,010
Tate & Lyle plc		497		4,457
Taylor Wimpey plc		3,329		6,148
Ultra Electronics Holdings plc		185		4,587
Unilever plc		313		16,120
Vistry Group plc		137		1,394
				163,808
United States — 0.7%
Ferguson plc		150		10,815
Total Common Stocks (Cost $1,518,438)				1,449,861
Short-Term Investments — 7.0%
Investment Companies — 1.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $28,749)		28,750		28,772
Investment of Cash Collateral from Securities Loaned — 5.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		32,997		33,005
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		43,374		43,374
Total Investment of Cash Collateral from Securities Loaned (Cost $76,371)				76,379
Total Short-Term Investments (Cost $105,120)				105,151
Total Investments — 104.0% (Cost $1,623,558)				1,555,012
Liabilities in Excess of Other Assets — (4.0)%				(60,162	)
NET ASSETS — 100.0%				1,494,850

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		12.5	%
Banks		6.9
Insurance		6.7
Metals & Mining		4.5
Food Products		3.9
Semiconductors & Semiconductor Equipment		3.8
Household Durables		3.3
Trading Companies & Distributors		3.1
IT Services		2.9
Wireless Telecommunication Services		2.7
Diversified Telecommunication Services		2.6
Capital Markets		2.4
Food & Staples Retailing		2.4
Real Estate Management & Development		2.3
Automobiles		2.2
Professional Services		2.1
Electric Utilities		1.9
Construction & Engineering		1.8
Electrical Equipment		1.6
Oil, Gas & Consumable Fuels		1.6
Gas Utilities		1.6
Electronic Equipment, Instruments & Components		1.6
Software		1.5
Diversified Financial Services		1.4
Personal Products		1.3
Beverages		1.3
Auto Components		1.2
Specialty Retail		1.2
Road & Rail		1.0
Others (each less than 1.0%)		10.0
Short-Term Investments		6.7

Abbreviations
ADR	American Depositary Receipt
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SGPS	Holding company
(a)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $72,637,000.
(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 April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

Futures contracts outstanding as of April 30, 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		337		06/2020		EUR		10,643		218
FTSE 100 Index		81		06/2020		GBP		5,983		192
TOPIX Index		53		06/2020		JPY		7,178		181
										591

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.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.4%
Australia — 3.5%
BHP Group Ltd.		1,421		29,018
BHP Group plc		1,074		18,024
Commonwealth Bank of Australia		508		20,531
Rio Tinto plc		560		25,986
				93,559
Austria — 0.4%
Erste Group Bank AG		563		12,211
Belgium — 0.8%
KBC Group NV		397		21,535
China — 3.7%
Alibaba Group Holding Ltd., ADR *		128		25,854
Ping An Insurance Group Co. of China Ltd., Class H		3,092		31,465
Prosus NV * (a)		174		13,189
Tencent Holdings Ltd.		544		28,587
				99,095
Denmark — 4.2%
Carlsberg A/S, Class B		239		30,145
Novo Nordisk A/S, Class B		948		60,472
Orsted A/S (b)		206		20,772
				111,389
Finland — 1.3%
Kone OYJ, Class B		557		33,755
France — 13.2%
Accor SA (a)		628		17,483
Airbus SE *		253		16,046
AXA SA		976		17,352
Capgemini SE		281		26,376
EssilorLuxottica SA		174		21,578
Legrand SA		383		25,670
L’Oreal SA		131		38,002
LVMH Moet Hennessy Louis Vuitton SE		120		46,491
Orange SA		2,029		24,653
Pernod Ricard SA		190		28,952
Safran SA		208		19,302
Schneider Electric SE * (a)		435		40,244
TOTAL SA		855		30,361
				352,510
Germany — 8.1%
adidas AG		119		27,153
Allianz SE (Registered)		215		39,489
Deutsche Boerse AG		189		29,319
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		127		27,800

INVESTMENTS	SHARES (000)		VALUE ($000)
Germany — continued
SAP SE		464		55,267
Symrise AG		192		19,406
Vonovia SE		368		18,209
				216,643
Hong Kong — 4.1%
AIA Group Ltd.		6,919		63,503
CK Asset Holdings Ltd.		3,195		20,185
Hong Kong Exchanges & Clearing Ltd.		796		25,509
				109,197
India — 1.2%
HDFC Bank Ltd., ADR		768		33,304
Japan — 15.4%
Daikin Industries Ltd.		257		32,917
FANUC Corp.		125		20,418
Hoya Corp.		297		27,094
Kao Corp.		532		41,041
Keyence Corp.		141		50,446
Komatsu Ltd.		1,408		26,641
Kubota Corp.		2,208		27,418
Makita Corp.		715		23,292
Mitsui Fudosan Co. Ltd.		771		14,184
Nidec Corp.		452		26,289
Shin-Etsu Chemical Co. Ltd.		348		38,374
SMC Corp.		65		29,336
Sony Corp.		817		52,603
				410,053
Macau — 0.9%
Sands China Ltd.		5,658		22,908
Netherlands — 4.3%
ASML Holding NV (a)		200		58,513
ING Groep NV		3,183		17,832
Royal Dutch Shell plc, Class A		2,300		37,863
				114,208
Singapore — 1.0%
DBS Group Holdings Ltd.		1,937		27,271
South Korea — 1.5%
Samsung Electronics Co. Ltd., GDR (b)		37		38,094
Samsung Electronics Co. Ltd., GDR (b)		1		1,236
				39,330
Spain — 1.0%
Industria de Diseno Textil SA		1,083		27,747

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Sweden — 2.4%
Atlas Copco AB, Class A		969		33,407
Svenska Handelsbanken AB, Class A *		3,376		30,817
				64,224
Switzerland — 13.8%
Cie Financiere Richemont SA (Registered)		373		21,175
LafargeHolcim Ltd. (Registered) *		819		34,010
Lonza Group AG (Registered) *		30		13,235
Nestle SA (Registered)		1,053		111,503
Novartis AG (Registered)		849		72,426
Roche Holding AG		280		97,104
SGS SA (Registered)		8		18,339
				367,792
Taiwan — 1.6%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		818		43,455
United Kingdom — 14.8%
Burberry Group plc		1,362		23,657
Diageo plc		1,615		55,587
GlaxoSmithKline plc		3,004		62,661
Legal & General Group plc		11,556		29,711
Linde plc (a)		188		34,722
London Stock Exchange Group plc		270		25,277
Persimmon plc		964		26,716
Prudential plc		2,073		29,239
RELX plc		1,435		32,655
Smith & Nephew plc		1,370		26,805
Unilever plc		907		46,710
				393,740
United States — 1.2%
Ferguson plc		445		32,095
Total Common Stocks (Cost $2,202,688)				2,626,021
Short-Term Investments — 5.3%
Investment Companies — 1.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $28,678)		28,670		28,692

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 4.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		69,011		69,025
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		42,530		42,530
Total Investment of Cash Collateral from Securities Loaned (Cost $111,540)				111,555
Total Short-Term Investments (Cost $140,218)				140,247
Total Investments — 103.7% (Cost $2,342,906)				2,766,268
Liabilities in Excess of Other Assets — (3.7)%				(98,814	)
NET ASSETS — 100.0%				2,667,454

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		10.6	%
Insurance		8.6
Machinery		7.0
Banks		5.9
Textiles, Apparel & Luxury Goods		5.1
Personal Products		4.6
Beverages		4.1
Food Products		4.0
Semiconductors & Semiconductor Equipment		3.7
Chemicals		3.3
Electrical Equipment		3.3
Capital Markets		2.9
Household Durables		2.9
Metals & Mining		2.6
Oil, Gas & Consumable Fuels		2.5
Software		2.0
Health Care Equipment & Supplies		2.0
Real Estate Management & Development		1.9
Professional Services		1.8
Electronic Equipment, Instruments & Components		1.8
Hotels, Restaurants & Leisure		1.5
Technology Hardware, Storage & Peripherals		1.4
Internet & Direct Marketing Retail		1.4
Aerospace & Defense		1.3
Construction Materials		1.2
Building Products		1.2
Trading Companies & Distributors		1.2
Interactive Media & Services		1.0
Specialty Retail		1.0
IT Services		1.0
Others (each less than 1.0%)		2.2
Short-Term Investments		5.0

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 April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $104,180,000.
(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 April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan International Focus Fund

(formerly known as JPMorgan International Unconstrained Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.8%
Australia — 2.0%
BHP Group plc		3,016		50,620
Belgium — 1.5%
KBC Group NV		718		38,927
Canada — 6.7%
Alimentation Couche-Tard, Inc., Class B		1,483		41,372
Canadian National Railway Co.		571		47,220
Canadian Pacific Railway Ltd.		208		47,210
Toronto-Dominion Bank (The)		828		34,610
				170,412
China — 9.9%
Alibaba Group Holding Ltd., ADR *		391		79,313
Ping An Insurance Group Co. of China Ltd., Class H		7,605		77,385
Tencent Holdings Ltd.		1,804		94,830
				251,528
Denmark — 2.7%
Novo Nordisk A/S, Class B		1,085		69,229
Finland — 1.3%
Kone OYJ, Class B		542		32,832
France — 6.6%
LVMH Moet Hennessy Louis Vuitton SE		157		60,546
Safran SA		560		52,021
Schneider Electric SE * (a)		601		55,561
				168,128
Germany — 10.0%
Allianz SE (Registered)		266		48,975
Delivery Hero SE * (a) (b)		736		62,413
Deutsche Boerse AG		326		50,466
SAP SE		505		60,160
Vonovia SE		625		30,927
				252,941
Hong Kong — 3.5%
AIA Group Ltd.		9,546		87,611
India — 3.3%
HDFC Bank Ltd., ADR		1,925		83,453
Indonesia — 1.5%
Bank Central Asia Tbk. PT		21,608		37,428
Japan — 5.6%
Keyence Corp.		130		46,340
SMC Corp.		92		41,767
Sony Corp.		832		53,523
				141,630

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — 2.7%
ASML Holding NV (a)		233		68,076
South Korea — 2.5%
Samsung Electronics Co. Ltd.		1,520		62,511
Sweden — 3.0%
Atlas Copco AB, Class A (a)		928		31,989
Svenska Handelsbanken AB, Class A *		4,842		44,199
				76,188
Switzerland — 11.0%
LafargeHolcim Ltd. (Registered) *		1,258		52,244
Nestle SA (Registered)		1,179		124,820
Roche Holding AG		209		72,501
SGS SA (Registered)		13		29,272
				278,837
Taiwan — 2.7%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,296		68,847
United Kingdom — 19.8%
Burberry Group plc		1,558		27,052
Diageo plc		1,544		53,170
GlaxoSmithKline plc		3,393		70,794
InterContinental Hotels Group plc		721		32,833
Legal & General Group plc		18,370		47,229
Linde plc (a)		248		45,769
London Stock Exchange Group plc		430		40,217
Persimmon plc		1,490		41,283
RELX plc		1,874		42,655
Smith & Nephew plc		2,365		46,275
Unilever NV		1,119		55,727
				503,004
United States — 1.5%
Ferguson plc		539		38,881
Total Common Stocks (Cost $2,469,881)				2,481,083
Short-Term Investments — 7.2%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (c) (d) (Cost $32,695)		32,698		32,724

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 5.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d)		123,991		124,016
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d)		25,034		25,034
Total Investment of Cash Collateral from Securities Loaned (Cost $149,023)				149,050
Total Short-term Investments (Cost $181,718)				181,774
Total Investments — 105.0% (Cost $2,651,599)				2,662,857
Liabilities in Excess of Other Assets — (5.0)%				(127,601	)
NET ASSETS — 100.0%				2,535,256

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Insurance		9.8	%
Banks		9.0
Pharmaceuticals		8.0
Internet & Direct Marketing Retail		5.3
Semiconductors & Semiconductor Equipment		5.1
Food Products		4.7
Machinery		4.0
Interactive Media & Services		3.6
Household Durables		3.6
Road & Rail		3.5
Capital Markets		3.4

INDUSTRY	PERCENTAGE
Textiles, Apparel & Luxury Goods		3.3	%
Professional Services		2.7
Technology Hardware, Storage & Peripherals		2.3
Software		2.3
Personal Products		2.1
Electrical Equipment		2.1
Beverages		2.0
Construction Materials		2.0
Aerospace & Defense		1.9
Metals & Mining		1.9
Electronic Equipment, Instruments & Components		1.7
Health Care Equipment & Supplies		1.7
Chemicals		1.7
Food & Staples Retailing		1.5
Trading Companies & Distributors		1.5
Hotels, Restaurants & Leisure		1.2
Real Estate Management & Development		1.2
Short-Term Investments		6.9

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 April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $139,159,000.
(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 April 30, 2020.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 104.2%
Australia — 4.9%
Australia & New Zealand Banking Group Ltd.		59		643
BHP Group Ltd.		39		796
Commonwealth Bank of Australia		5		187
CSL Ltd.		4		782
Dexus, REIT		51		303
Goodman Group, REIT		68		581
Macquarie Group Ltd.		1		85
National Australia Bank Ltd.		8		82
Rio Tinto Ltd.		15		851
Rio Tinto plc		5		245
Westpac Banking Corp.		12		125
				4,680
Austria — 0.5%
Erste Group Bank AG		21		445
Denmark — 3.4%
Carlsberg A/S, Class B		3		334
Chr Hansen Holding A/S		4		305
Novo Nordisk A/S, Class B		31		1,961
Orsted A/S (a)		7		677
				3,277
Finland — 0.6%
Nokia OYJ		54		195
UPM-Kymmene OYJ		14		391
				586
France — 13.2%
Accor SA		9		241
Air Liquide SA		13		1,647
Airbus SE *		9		578
Alstom SA		20		820
AXA SA		15		261
BNP Paribas SA		22		699
Capgemini SE		6		585
L’Oreal SA		1		265
LVMH Moet Hennessy Louis Vuitton SE		3		1,254
Natixis SA		6		15
Orange SA		42		508
Safran SA		7		624
Sanofi		20		1,994
Schneider Electric SE *		13		1,162
Sodexo SA		1		91
Thales SA		2		182
TOTAL SA		26		936
Unibail-Rodamco-Westfield, REIT		1		40

INVESTMENTS	SHARES (000)			VALUE ($000)
France — continued
Vinci SA		9			747
					12,649
Germany — 10.2%
adidas AG		5			1,070
Allianz SE (Registered)		1			209
BASF SE		4			186
Bayer AG (Registered)		9			617
Brenntag AG		15			698
Daimler AG (Registered)		—	(b)		9
Deutsche Boerse AG		5			734
Deutsche Post AG (Registered)		26			761
Deutsche Telekom AG (Registered)		78			1,141
Deutsche Wohnen SE		6			226
Henkel AG & Co. KGaA (Preference)		3			288
Infineon Technologies AG		48			896
SAP SE		17			2,008
Siemens AG (Registered)		3			272
Volkswagen AG (Preference)		4			581
					9,696
Hong Kong — 2.2%
AIA Group Ltd.		134			1,226
CK Asset Holdings Ltd.		63			398
Hong Kong Exchanges & Clearing Ltd.		16			526
					2,150
Ireland — 1.0%
CRH plc		10			318
Ryanair Holdings plc, ADR *		10			642
					960
Italy — 2.2%
Assicurazioni Generali SpA		5			72
Enel SpA		204			1,393
FinecoBank Banca Fineco SpA *		53			593
UniCredit SpA *		8			61
					2,119
Japan — 24.9%
Asahi Group Holdings Ltd.		3			100
Bridgestone Corp.		17			542
Central Japan Railway Co.		4			629
Daicel Corp.		37			300
Daikin Industries Ltd.		8			1,001
Electric Power Development Co. Ltd.		9			184
Hitachi Ltd.		12			368

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Honda Motor Co. Ltd.		46		1,122
Japan Airlines Co. Ltd.		6		98
Japan Tobacco, Inc.		10		181
Kao Corp.		18		1,350
Keyence Corp.		4		1,321
Mabuchi Motor Co. Ltd.		16		492
Marui Group Co. Ltd.		22		357
Mitsubishi Corp.		35		740
Mitsubishi UFJ Financial Group, Inc.		206		833
Mitsui Fudosan Co. Ltd.		37		680
Nichirei Corp.		9		228
Nintendo Co. Ltd.		4		1,445
Nippon Telegraph & Telephone Corp.		54		1,230
Nitori Holdings Co. Ltd.		3		521
Nomura Research Institute Ltd.		9		220
Olympus Corp.		19		294
Otsuka Corp.		13		602
Otsuka Holdings Co. Ltd.		21		818
Panasonic Corp.		43		329
Persol Holdings Co. Ltd.		14		166
Renesas Electronics Corp. *		20		103
Seven & i Holdings Co. Ltd.		15		490
SoftBank Group Corp.		5		223
Sony Corp.		11		695
Sumitomo Electric Industries Ltd.		29		294
Sumitomo Mitsui Financial Group, Inc.		27		697
T&D Holdings, Inc.		28		242
Tokio Marine Holdings, Inc.		17		798
Tokyo Gas Co. Ltd.		10		226
Tokyu Corp.		60		899
Toray Industries, Inc.		57		262
Toyota Motor Corp.		35		2,164
West Japan Railway Co.		6		395
Yamato Holdings Co. Ltd.		9		154
				23,793
Luxembourg — 0.2%
ArcelorMittal SA		14		150
Netherlands — 4.9%
Akzo Nobel NV		11		851
ASML Holding NV		7		2,126
Heineken NV		4		342
ING Groep NV		71		399
Koninklijke Philips NV		4		191
Royal Dutch Shell plc, Class A		34		564

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — continued
Royal Dutch Shell plc, Class B		15		234
				4,707
Norway — 0.9%
Telenor ASA		54		835
Singapore — 0.9%
DBS Group Holdings Ltd.		53		739
United Overseas Bank Ltd.		6		92
				831
Spain — 3.4%
Banco Santander SA		125		279
Bankia SA		158		161
Iberdrola SA		151		1,503
Industria de Diseno Textil SA		45		1,141
Telefonica SA		33		150
				3,234
Sweden — 1.4%
Lundin Energy AB		24		606
Svenska Handelsbanken AB, Class A *		79		725
				1,331
Switzerland — 12.3%
Adecco Group AG (Registered)		4		187
Cie Financiere Richemont SA (Registered)		9		533
Credit Suisse Group AG (Registered) *		37		339
LafargeHolcim Ltd. (Registered) *		19		787
Nestle SA (Registered)		37		3,931
Novartis AG (Registered)		29		2,438
Roche Holding AG		9		3,045
Swiss Re AG		7		487
				11,747
United Kingdom — 16.7%
3i Group plc		85		831
AstraZeneca plc		8		846
Aviva plc		22		66
Barratt Developments plc		69		450
Beazley plc		39		191
BP plc		317		1,248
British American Tobacco plc		37		1,445
Burberry Group plc		14		248
CK Hutchison Holdings Ltd.		50		371
Diageo plc		44		1,524
GlaxoSmithKline plc		70		1,452
HSBC Holdings plc		103		527

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
InterContinental Hotels Group plc		21		944
ITV plc		41		39
Lloyds Banking Group plc		1,444		584
M&G plc		237		393
Prudential plc		57		803
RELX plc		36		812
Standard Chartered plc		100		512
Taylor Wimpey plc		244		450
Tesco plc		218		645
Unilever NV		29		1,446
Whitbread plc		3		121
				15,948
United States — 0.4%
Ferguson plc		5		353
Total Common Stocks (Cost $104,403)				99,491
	NO. OF CONTRACTS
Options Purchased — 0.7%
Put Options Purchased — 0.7%
United States — 0.7%
MSCI EAFE Index 6/19/2020 at USD 1,350.00, European Style Notional Amount: USD 104,600 Exchange-Traded * (Cost $5,959)		631		637
	SHARES (000)
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (c) (d) (Cost $854)		854		854
Total Investments — 105.8% (Cost $111,216)				100,982
Liabilities in Excess of Other Assets — (5.8)%				(5,515	)
NET ASSETS — 100.0%				95,467

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		13.1	%
Banks		8.3
Insurance		4.3
Food Products		4.1
Automobiles		3.8
Diversified Telecommunication Services		3.8
Oil, Gas & Consumable Fuels		3.6
Electric Utilities		3.5
Chemicals		3.5
Semiconductors & Semiconductor Equipment		3.1
Textiles, Apparel & Luxury Goods		3.1
Personal Products		3.0
Capital Markets		2.5
Beverages		2.3
Metals & Mining		2.0
Software		2.0
Household Durables		1.9
Road & Rail		1.9
Trading Companies & Distributors		1.8
Electronic Equipment, Instruments & Components		1.7
Specialty Retail		1.7
Electrical Equipment		1.6
Tobacco		1.6
Entertainment		1.4
IT Services		1.4
Hotels, Restaurants & Leisure		1.4
Aerospace & Defense		1.4
Real Estate Management & Development		1.3
Professional Services		1.2
Food & Staples Retailing		1.1
Construction Materials		1.1
Building Products		1.0
Others (each less than 1.0%)		9.7
Short-Term Investments		0.8

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

Abbreviations

ADR	American Depositary Receipt
EAFE	Europe, Australasia and Far East
MSCI	Morgan Stanley Capital International
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 April 30, 2020.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 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		13		06/2020		EUR		410		13
FTSE 100 Index		2		06/2020		GBP		148		5
SPI 200 Index		20		06/2020		AUD		1,767		126
TOPIX Index		9		06/2020		JPY		1,219		104
										248

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

Written Call Options Contracts as of April 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

631

USD 104,600

USD 1,510.00

6/19/2020

(9,771

)

Written Put Options Contracts as of April 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

MSCI EAFE Index

Exchange-Traded

631

USD 104,600

USD 1,125.00

6/19/2020

(110

)

Total Written Options Contracts (Premiums Received $7,118)

(9,881

)

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.1%
Australia — 4.5%
Australia & New Zealand Banking Group Ltd.		2,448		26,592
BHP Group Ltd.		1,612		32,916
Commonwealth Bank of Australia		194		7,822
CSL Ltd.		162		32,265
Dexus, REIT		2,108		12,514
Goodman Group, REIT		2,817		23,994
Macquarie Group Ltd.		55		3,675
National Australia Bank Ltd.		325		3,566
Rio Tinto Ltd.		623		35,130
Rio Tinto plc		222		10,301
Westpac Banking Corp.		504		5,249
				194,024
Austria — 0.4%
Erste Group Bank AG		849		18,394
IMMOFINANZ AG *		1		26
				18,420
Denmark — 3.1%
Carlsberg A/S, Class B		109		13,727
Chr Hansen Holding A/S (a)		136		11,707
Novo Nordisk A/S, Class B		1,267		80,841
Orsted A/S (b)		277		28,002
				134,277
Finland — 0.6%
Nokia OYJ		2,225		8,022
UPM-Kymmene OYJ		591		16,199
				24,221
France — 12.2%
Accor SA		357		9,926
Air Liquide SA (a)		533		67,740
Airbus SE *		378		23,909
Alstom SA		827		33,926
AXA SA		606		10,769
BNP Paribas SA		920		28,903
Capgemini SE		257		24,186
L’Oreal SA		37		10,881
LVMH Moet Hennessy Louis Vuitton SE		135		52,307
Natixis SA		278		656
Orange SA		1,731		21,029
Safran SA		277		25,756
Sanofi (a)		845		82,492
Schneider Electric SE * (a)		520		48,072
Sodexo SA (a)		47		3,719
Thales SA		99		7,531

INVESTMENTS	SHARES (000)		VALUE ($000)
France — continued
TOTAL SA		1,089		38,650
Unibail-Rodamco-Westfield, REIT		28		1,658
Vinci SA		375		30,742
				522,852
Germany — 9.3%
adidas AG		194		44,319
Allianz SE (Registered)		48		8,755
BASF SE		153		7,827
Bayer AG (Registered)		388		25,532
Brenntag AG		638		28,874
Daimler AG (Registered) (a)		17		594
Deutsche Boerse AG		195		30,281
Deutsche Post AG (Registered)		1,060		31,490
Deutsche Telekom AG (Registered)		3,203		46,829
Deutsche Wohnen SE		230		9,310
Henkel AG & Co. KGaA (Preference)		124		11,049
Infineon Technologies AG		1,990		36,991
SAP SE		697		82,987
Siemens AG (Registered)		124		11,476
Volkswagen AG (Preference)		172		23,954
				400,268
Hong Kong — 2.0%
AIA Group Ltd.		5,476		50,254
CK Asset Holdings Ltd.		2,506		15,835
Hong Kong Exchanges & Clearing Ltd.		657		21,065
I-CABLE Communications Ltd. *		254		2
				87,156
Ireland — 0.9%
CRH plc		439		13,321
Ryanair Holdings plc, ADR *		418		26,550
				39,871
Italy — 2.0%
Assicurazioni Generali SpA		208		2,964
Enel SpA		8,450		57,719
FinecoBank Banca Fineco SpA * (a)		2,198		24,492
UniCredit SpA *		341		2,634
				87,809
Japan — 22.6%
Asahi Group Holdings Ltd.		107		3,665
Bridgestone Corp.		696		21,658
Central Japan Railway Co.		147		23,131
Daicel Corp.		1,533		12,441

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Daikin Industries Ltd.		310		39,820
Electric Power Development Co. Ltd.		376		7,516
Hitachi Ltd.		486		14,418
Honda Motor Co. Ltd.		1,888		45,851
Japan Airlines Co. Ltd.		226		4,030
Japan Tobacco, Inc.		363		6,764
Kao Corp.		722		55,647
Keyence Corp.		157		56,158
Mabuchi Motor Co. Ltd.		655		20,276
Marui Group Co. Ltd.		880		14,408
Mitsubishi Corp.		1,426		30,251
Mitsubishi UFJ Financial Group, Inc.		8,429		34,055
Mitsui Fudosan Co. Ltd.		1,509		27,750
Nichirei Corp.		359		8,968
Nintendo Co. Ltd.		141		58,305
Nippon Telegraph & Telephone Corp.		2,222		50,592
Nitori Holdings Co. Ltd.		146		22,409
Nomura Research Institute Ltd.		370		9,053
Olympus Corp.		748		11,875
Otsuka Corp.		584		26,433
Otsuka Holdings Co. Ltd.		937		36,840
Panasonic Corp.		1,736		13,233
Persol Holdings Co. Ltd.		584		6,715
Renesas Electronics Corp. *		792		4,179
Seven & i Holdings Co. Ltd.		611		20,218
SoftBank Group Corp.		207		8,873
Sony Corp.		441		28,385
Sumitomo Electric Industries Ltd.		1,176		12,095
Sumitomo Mitsui Financial Group, Inc.		1,075		28,256
T&D Holdings, Inc.		1,139		9,843
Tokio Marine Holdings, Inc.		693		32,527
Tokyo Gas Co. Ltd.		435		9,535
Tokyu Corp.		2,424		36,486
Toray Industries, Inc.		2,314		10,609
Toyota Motor Corp.		1,413		87,350
West Japan Railway Co.		245		15,140
Yamato Holdings Co. Ltd.		353		6,165
				971,923
Luxembourg — 0.2%
ArcelorMittal SA		569		6,219
Malta — 0.0% (c)
BGP Holdings plc * ‡		449		1
Netherlands — 4.5%
Akzo Nobel NV		463		35,163

INVESTMENTS	SHARES (000)		VALUE ($000)
Netherlands — continued
ASML Holding NV (a)		295		86,171
Heineken NV (a)		166		14,086
ING Groep NV		2,946		16,505
Koninklijke Philips NV		182		7,938
Royal Dutch Shell plc, Class A		1,414		23,274
Royal Dutch Shell plc, Class B		609		9,745
				192,882
Norway — 0.8%
Telenor ASA		2,338		35,863
Singapore — 0.8%
DBS Group Holdings Ltd.		2,149		30,255
United Overseas Bank Ltd.		256		3,658
				33,913
Spain — 3.1%
Banco Santander SA		5,174		11,560
Bankia SA		6,546		6,661
Iberdrola SA		6,245		62,124
Industria de Diseno Textil SA		1,843		47,209
Telefonica SA		1,378		6,302
				133,856
Sweden — 1.3%
Lundin Energy AB (a)		974		25,065
Svenska Handelsbanken AB, Class A *		3,285		29,982
				55,047
Switzerland — 11.2%
Adecco Group AG (Registered)		175		7,679
Cie Financiere Richemont SA (Registered)		388		22,010
Credit Suisse Group AG (Registered) *		1,532		13,987
LafargeHolcim Ltd. (Registered) *		782		32,480
Nestle SA (Registered)		1,525		161,503
Novartis AG (Registered)		1,163		99,290
Roche Holding AG		362		125,394
Swiss Re AG (a)		277		20,138
				482,481
United Kingdom — 15.3%
3i Group plc		3,504		34,420
AstraZeneca plc		334		34,948
Aviva plc		901		2,725
Barratt Developments plc		2,853		18,603
Beazley plc		1,479		7,315
BP plc		13,097		51,608
British American Tobacco plc		1,562		60,223

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — continued
Burberry Group plc		591		10,266
CK Hutchison Holdings Ltd.		2,038		15,103
Diageo plc		1,837		63,243
GlaxoSmithKline plc		2,881		60,098
HSBC Holdings plc		4,196		21,569
InterContinental Hotels Group plc		851		38,786
ITV plc		1,707		1,639
Lloyds Banking Group plc		59,548		24,094
M&G plc		9,790		16,230
Prudential plc		2,358		33,265
RELX plc		1,488		33,573
Standard Chartered plc		4,130		21,101
Taylor Wimpey plc		10,048		18,558
Tesco plc		8,973		26,540
Unilever NV		1,202		59,836
Whitbread plc		138		5,165
				658,908
United States — 0.3%
Ferguson plc		202		14,574
Total Common Stocks (Cost $4,399,744)				4,094,565
Short-term Investments — 10.3%
Investment Companies — 3.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (d) (e) (Cost $138,217)		138,222		138,332
Investment of Cash Collateral from Securities Loaned — 7.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e)		132,004		132,031
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e)		173,313		173,313
Total Investment of Cash Collateral from Securities Loaned (Cost $305,319)				305,344
Total Short-Term Investments (Cost $443,536)				443,676
Total Investments — 105.4% (Cost $4,843,280)				4,538,241
Liabilities in Excess of Other Assets — (5.4)%				(234,531	)
NET ASSETS — 100.0%				4,303,710

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		12.0	%
Banks		7.6
Insurance		3.9
Food Products		3.8
Diversified Telecommunication Services		3.5
Automobiles		3.5
Oil, Gas & Consumable Fuels		3.3
Electric Utilities		3.3
Chemicals		3.2
Textiles, Apparel & Luxury Goods		2.8
Semiconductors & Semiconductor Equipment		2.8
Personal Products		2.8
Capital Markets		2.3
Beverages		2.1
Metals & Mining		1.9
Software		1.8
Household Durables		1.7
Road & Rail		1.6
Trading Companies & Distributors		1.6
Electronic Equipment, Instruments & Components		1.6
Specialty Retail		1.5
Electrical Equipment		1.5
Tobacco		1.5
IT Services		1.3
Entertainment		1.3
Hotels, Restaurants & Leisure		1.3
Aerospace & Defense		1.3
Real Estate Management & Development		1.2
Professional Services		1.1
Food & Staples Retailing		1.0
Construction Materials		1.0
Others (each less than 1.0%)		9.1
Short-Term Investments		9.8

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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)	The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $282,127,000.

(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 April 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of April 30, 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
SPI 200 Index		1,011		06/2020	AUD		89,303		6,793
TOPIX Index		373		06/2020	JPY		50,520		4,704
									11,497

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

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.5%
Australia — 7.6%
AGL Energy Ltd.		65		709
Alumina Ltd.		319		353
Australia & New Zealand Banking Group Ltd.		168		1,820
Beach Energy Ltd.		324		316
BHP Group Ltd.		252		5,147
BlueScope Steel Ltd.		76		496
Caltex Australia Ltd.		22		361
Challenger Ltd.		163		518
CSR Ltd.		137		330
Fortescue Metals Group Ltd.		152		1,159
Harvey Norman Holdings Ltd.		166		298
IOOF Holdings Ltd.		111		309
JB Hi-Fi Ltd.		27		601
Macquarie Group Ltd.		6		407
Metcash Ltd.		263		425
National Australia Bank Ltd.		173		1,896
Origin Energy Ltd.		165		595
Qantas Airways Ltd.		163		405
QBE Insurance Group Ltd.		58		314
Rio Tinto plc		82		3,809
South32 Ltd.		507		638
				20,906
Austria — 0.8%
AT&S Austria Technologie & Systemtechnik AG		17		294
BAWAG Group AG * (a)		15		511
Erste Group Bank AG		29		625
Raiffeisen Bank International AG		25		434
Telekom Austria AG		62		434
				2,298
Belgium — 1.2%
Ageas		21		770
Bekaert SA		16		333
bpost SA		44		306
KBC Group NV		22		1,219
Orange Belgium SA		23		380
Telenet Group Holding NV		9		392
				3,400
China — 0.5%
BOC Hong Kong Holdings Ltd.		331		1,016
CITIC Telecom International Holdings Ltd.		1,206		446
				1,462
Denmark — 1.1%
Jyske Bank A/S (Registered) *		13		348

INVESTMENTS	SHARES (000)		VALUE ($000)
Denmark — continued
Matas A/S		58		393
Pandora A/S		13		467
Scandinavian Tobacco Group A/S, Class A (a)		55		636
Solar A/S, Class B		6		218
Spar Nord Bank A/S *		46		318
Sydbank A/S		24		396
TCM Group A/S * (a)		24		346
				3,122
Finland — 1.7%
Fortum OYJ (b)		28		467
Kemira OYJ		30		361
Konecranes OYJ		14		303
Nordea Bank Abp		222		1,422
Sanoma OYJ		34		310
TietoEVRY OYJ		13		314
UPM-Kymmene OYJ		39		1,082
Valmet OYJ		19		436
				4,695
France — 7.9%
Arkema SA		5		427
Atos SE *		10		738
AXA SA		110		1,953
BNP Paribas SA		69		2,174
Cie de Saint-Gobain		36		959
Cie Generale des Etablissements Michelin SCA		12		1,163
Credit Agricole SA		96		770
Derichebourg SA		117		330
Eutelsat Communications SA		32		356
Faurecia SE		12		442
Gecina SA, REIT		5		592
Groupe Crit		9		480
IPSOS		19		365
Kaufman & Broad SA		17		601
Metropole Television SA		25		281
Natixis SA		123		291
Peugeot SA		38		539
Publicis Groupe SA (b)		20		601
Quadient		22		308
Rexel SA		34		314
Rothschild & Co.		17		328
Societe Generale SA		58		907
Sopra Steria Group		3		348
SPIE SA		27		400
Television Francaise 1 *		47		230

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
France — continued
TOTAL SA		134		4,746
Veolia Environnement SA		43		914
				21,557
Georgia — 0.3%
Bank of Georgia Group plc		27		340
TBC Bank Group plc		33		337
				677
Germany — 8.2%
1&1 Drillisch AG		16		369
Aareal Bank AG		15		237
Allianz SE (Registered)		17		3,099
Aurubis AG		8		392
Bayer AG (Registered)		56		3,682
Bayerische Motoren Werke AG		22		1,287
Deutsche Pfandbriefbank AG (a)		29		215
Deutsche Post AG (Registered)		12		356
Deutsche Telekom AG (Registered)		210		3,075
DWS Group GmbH & Co. KGaA (a)		10		326
Evonik Industries AG		24		602
Freenet AG		22		417
Fresenius SE & Co. KGaA		29		1,267
HeidelbergCement AG		13		602
HOCHTIEF AG		5		362
JOST Werke AG (a)		18		494
Jungheinrich AG (Preference)		17		309
KION Group AG		8		377
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		5		1,116
Porsche Automobil Holding SE (Preference)		13		669
Schaeffler AG (Preference)		51		344
Software AG		12		416
Volkswagen AG (Preference)		13		1,818
Wuestenrot & Wuerttembergische AG		35		611
				22,442
Hong Kong — 2.1%
CK Asset Holdings Ltd.		199		1,254
CK Infrastructure Holdings Ltd.		90		532
Haitong International Securities Group Ltd.		1,246		292
Hang Lung Properties Ltd.		253		541
Shun Tak Holdings Ltd.		976		341
Sun Hung Kai Properties Ltd.		100		1,361
VTech Holdings Ltd.		45		338
Wheelock & Co. Ltd.		113		828

INVESTMENTS	SHARES (000)		VALUE ($000)
Hong Kong — continued
Xinyi Glass Holdings Ltd.		298		345
				5,832
India — 0.1%
Rhi Magnesita NV		9		285
Ireland — 0.2%
Smurfit Kappa Group plc		17		536
Israel — 0.4%
Bank Leumi Le-Israel BM		133		718
Israel Discount Bank Ltd., Class A		135		437
				1,155
Italy — 1.9%
Anima Holding SpA (a)		109		387
Banca Farmafactoring SpA * (a)		80		413
Intesa Sanpaolo SpA		981		1,531
Mediobanca Banca di Credito Finanziario SpA		93		539
Poste Italiane SpA (a)		52		445
Rizzoli Corriere Della Sera Mediagroup SpA		570		445
UniCredit SpA *		131		1,013
Unipol Gruppo SpA		97		334
				5,107
Japan — 25.4%
77 Bank Ltd. (The)		28		376
Acom Co. Ltd.		70		282
AEON Financial Service Co. Ltd.		34		349
Aeon Mall Co. Ltd.		32		399
Aiful Corp. *		198		436
Alfresa Holdings Corp.		20		403
Aozora Bank Ltd.		24		420
Bridgestone Corp.		37		1,161
Brother Industries Ltd.		42		707
Chiba Bank Ltd. (The)		103		479
Concordia Financial Group Ltd.		155		474
Credit Saison Co. Ltd.		35		393
Dai-ichi Life Holdings, Inc.		92		1,149
DIC Corp.		13		309
DMG Mori Co. Ltd.		45		458
Dowa Holdings Co. Ltd.		14		384
Electric Power Development Co. Ltd.		25		498
Exedy Corp.		22		350
Fuji Electric Co. Ltd.		13		301
FUJIFILM Holdings Corp.		7		310
Fuyo General Lease Co. Ltd.		8		385
GS Yuasa Corp.		21		294

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Japan — continued
Hachijuni Bank Ltd. (The)		121		430
Hitachi Ltd.		33		976
Hokuhoku Financial Group, Inc.		45		369
Honda Motor Co. Ltd.		94		2,271
ITOCHU Corp.		55		1,086
Iwatani Corp.		13		441
Izumi Co. Ltd.		11		310
Japan Post Insurance Co. Ltd.		38		482
Japan Tobacco, Inc.		74		1,369
JXTG Holdings, Inc.		227		804
Kaken Pharmaceutical Co. Ltd.		6		352
Kamigumi Co. Ltd.		24		423
Kandenko Co. Ltd.		43		362
KDDI Corp.		101		2,917
Kintetsu World Express, Inc.		24		352
K’s Holdings Corp.		43		473
Kyudenko Corp.		15		409
Kyushu Financial Group, Inc.		106		446
Makino Milling Machine Co. Ltd.		12		342
Marubeni Corp.		161		773
Mebuki Financial Group, Inc.		252		530
Mitsubishi Gas Chemical Co., Inc.		35		431
Mitsubishi UFJ Financial Group, Inc.		708		2,861
Mitsubishi UFJ Lease & Finance Co. Ltd.		111		532
Mitsui & Co. Ltd.		99		1,385
Mitsui Fudosan Co. Ltd.		16		300
Mixi, Inc.		20		342
MS&AD Insurance Group Holdings, Inc.		34		988
Nexon Co. Ltd.		18		297
Nichias Corp.		15		294
Nichiha Corp.		19		347
Nippon Light Metal Holdings Co. Ltd.		223		351
Nippon Telegraph & Telephone Corp.		82		1,858
Nomura Holdings, Inc.		244		1,013
Nomura Real Estate Holdings, Inc.		28		460
NTT DOCOMO, Inc.		77		2,275
Open House Co. Ltd.		14		307
ORIX Corp.		100		1,171
Prima Meat Packers Ltd.		18		404
Rengo Co. Ltd.		38		295
Saizeriya Co. Ltd.		21		424
Sankyu, Inc.		9		334
Sanwa Holdings Corp.		38		297
Sawai Pharmaceutical Co. Ltd.		6		311
SBI Holdings, Inc.		34		626

INVESTMENTS	SHARES (000)		VALUE ($000)
Japan — continued
Sekisui House Ltd.		47		813
Shimamura Co. Ltd.		3		208
Shinsei Bank Ltd.		45		548
Shizuoka Bank Ltd. (The)		95		579
Softbank Corp.		30		411
Sompo Holdings, Inc.		13		425
Sony Corp.		28		1,776
Sumitomo Bakelite Co. Ltd.		11		289
Sumitomo Forestry Co. Ltd.		31		383
Sumitomo Mitsui Financial Group, Inc.		81		2,125
Sumitomo Mitsui Trust Holdings, Inc.		31		908
Sumitomo Rubber Industries Ltd.		43		420
Suzuken Co. Ltd.		9		351
T&D Holdings, Inc.		68		585
Teijin Ltd.		37		582
Toho Holdings Co. Ltd.		22		445
Tokai Rika Co. Ltd.		27		340
Tokuyama Corp.		26		549
Tokyo Steel Manufacturing Co. Ltd.		56		355
Tokyo Tatemono Co. Ltd.		38		432
Tokyu Fudosan Holdings Corp.		115		560
Tosoh Corp.		39		482
Towa Pharmaceutical Co. Ltd.		20		414
Toyoda Gosei Co. Ltd.		20		363
Toyota Motor Corp.		117		7,221
Toyota Tsusho Corp.		30		709
TS Tech Co. Ltd.		20		550
Tsubakimoto Chain Co.		15		351
Ube Industries Ltd.		22		374
Ulvac, Inc.		12		334
Yamaha Motor Co. Ltd.		39		503
Yamato Kogyo Co. Ltd.		18		351
Yokohama Rubber Co. Ltd. (The)		30		382
Zeon Corp.		45		397
				69,652
Luxembourg — 0.4%
ArcelorMittal SA		66		719
RTL Group SA		15		486
				1,205
Malta — 0.1%
Kindred Group plc, SDR		68		323
Netherlands — 5.1%
Arcadis NV *		17		257

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Netherlands — continued
ASR Nederland NV		19		517
ING Groep NV		236		1,321
Intertrust NV (a)		24		372
Koninklijke Ahold Delhaize NV (b)		76		1,847
NIBC Holding NV (a) (b)		60		456
NN Group NV		28		798
Randstad NV *		17		693
Royal Dutch Shell plc, Class A		422		6,943
Signify NV (a)		22		440
Van Lanschot Kempen NV, CVA		21		322
				13,966
New Zealand — 0.1%
Air New Zealand Ltd.		242		197
Norway — 2.5%
Austevoll Seafood ASA		47		366
DNB ASA		88		1,068
Equinor ASA		72		1,004
Europris ASA (a)		128		468
Fjordkraft Holding ASA (a)		47		317
Komplett Bank ASA *		388		156
Norwegian Finans Holding ASA *		71		379
Olav Thon Eiendomsselskap ASA		26		329
Selvaag Bolig ASA		100		415
SpareBank 1 Nord Norge		84		504
SpareBank 1 SMN		64		468
SpareBank 1 SR-Bank ASA		66		416
Storebrand ASA		51		255
Telenor ASA		44		672
				6,817
Russia — 0.2%
Evraz plc		132		436
Singapore — 1.2%
DBS Group Holdings Ltd.		80		1,132
Jardine Cycle & Carriage Ltd.		19		263
Oversea-Chinese Banking Corp. Ltd.		217		1,385
United Overseas Bank Ltd.		37		527
				3,307
South Africa — 0.5%
Anglo American plc		80		1,415
Spain — 2.7%
ACS Actividades de Construccion y Servicios SA		33		814
Banco Bilbao Vizcaya Argentaria SA		459		1,500
Banco de Sabadell SA		725		301

INVESTMENTS	SHARES (000)		VALUE ($000)
Spain — continued
CaixaBank SA		330		593
ContourGlobal plc (a)		175		357
Enagas SA		28		648
Grupo Catalana Occidente SA		25		492
Mediaset Espana Comunicacion SA *		73		262
Repsol SA		110		997
Telefonica SA		331		1,515
				7,479
Sweden — 3.0%
AcadeMedia AB (a)		73		376
Betsson AB *		91		514
Bilia AB, Class A		29		197
Bravida Holding AB * (a)		48		386
Clas Ohlson AB, Class B		44		387
Dometic Group AB * (c)		47		313
Hoist Finance AB * (a) (b)		129		356
Intrum AB (b)		25		380
Inwido AB		80		459
LeoVegas AB (a)		136		477
Lindab International AB		54		498
Resurs Holding AB (a)		74		271
Skandinaviska Enskilda Banken AB, Class A		151		1,241
SKF AB, Class B		41		648
Svenska Handelsbanken AB, Class A *		110		1,008
Tethys Oil AB		88		448
Volvo AB, Class B		31		403
				8,362
Switzerland — 7.4%
Adecco Group AG (Registered)		18		806
BKW AG		4		307
Credit Suisse Group AG (Registered) *		117		1,065
Dufry AG (Registered)		11		349
Glencore plc *		729		1,365
Julius Baer Group Ltd. *		10		375
LafargeHolcim Ltd. (Registered) *		23		975
Novartis AG (Registered)		59		5,020
Roche Holding AG		2		707
Sulzer AG (Registered)		5		349
Swiss Life Holding AG (Registered)		3		1,111
Swiss Re AG (b)		22		1,565
Swisscom AG (Registered)		2		1,063
UBS Group AG (Registered) *		237		2,540
Zurich Insurance Group AG		9		2,736
				20,333

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
United Kingdom — 13.7%
Aggreko plc		32		185
Aviva plc		290		876
Babcock International Group plc		81		428
Barclays plc		1,148		1,533
Barratt Developments plc		93		606
Bellway plc		14		460
Berkeley Group Holdings plc		6		320
BP plc		1,118		4,404
British American Tobacco plc		132		5,098
British Land Co. plc (The), REIT		110		563
BT Group plc		683		995
Capital & Counties Properties plc, REIT		138		287
CK Hutchison Holdings Ltd.		181		1,342
Close Brothers Group plc		21		292
Crest Nicholson Holdings plc		110		355
Dialog Semiconductor plc *		8		243
Dixons Carphone plc		249		242
Drax Group plc		155		406
easyJet plc		39		297
Fiat Chrysler Automobiles NV		94		819
Forterra plc (a)		91		277
Gamesys Group plc *		44		481
Great Portland Estates plc, REIT		35		297
Imperial Brands plc		78		1,643
Inchcape plc		89		559
International Consolidated Airlines Group SA		87		243
ITV plc		600		576
J Sainsbury plc		248		617
Just Group plc *		380		266
Land Securities Group plc, REIT		68		570
Legal & General Group plc		478		1,229
Lloyds Banking Group plc		4,342		1,757
M&G plc		277		460
Mitchells & Butlers plc *		24		54
Morgan Sindall Group plc		21		333
Ninety One plc *		36		77
OneSavings Bank plc		99		303
Paragon Banking Group plc		78		328
Premier Foods plc *		489		280
Prudential plc		165		2,334
Reach plc		206		204
Redrow plc		70		405
ScS Group plc		125		257
St Modwen Properties plc		65		300
Taylor Wimpey plc		360		665

INVESTMENTS	SHARES (000)			VALUE ($000)
United Kingdom — continued
Vesuvius plc		81			407
Virgin Money UK plc *		399			381
Vistry Group plc		43			432
Vodafone Group plc		889			1,254
WPP plc		124			959
					37,699
United States — 0.2%
Samsonite International SA (a)		197			167
TI Fluid Systems plc (a)		180			362
					529
Total Common Stocks (Cost $343,026)					265,194
Short-Term Investments — 3.0%
Investment Companies — 1.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (d) (e) (Cost $4,972)		4,972			4,976
Investment of Cash Collateral from Securities Loaned — 1.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e)		—	(f)		—	(f)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e)		3,129			3,129
Total Investment of Cash Collateral from Securities Loaned (Cost $3,129)					3,129
Total Short-Term Investments (Cost $8,101)					8,105
Total Investments — 99.5% (Cost $351,127)					273,299
Other Assets Less Liabilities — 0.5%					1,391
NET ASSETS — 100.0%					274,690

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

Summary of Investments by Industry, April 30, 2020

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

INDUSTRY	PERCENTAGE
Banks		16.9	%
Insurance		9.0
Oil, Gas & Consumable Fuels		7.7
Metals & Mining		6.5
Automobiles		5.5
Pharmaceuticals		3.8
Diversified Telecommunication Services		3.7
Tobacco		3.2
Capital Markets		2.9
Wireless Telecommunication Services		2.9
Real Estate Management & Development		2.7
Household Durables		2.6
Auto Components		2.4
Media		2.0
Machinery		1.8
Chemicals		1.8
Trading Companies & Distributors		1.6
Diversified Financial Services		1.3
Specialty Retail		1.1
Food & Staples Retailing		1.1
Building Products		1.0
Others (each less than 1.0%)		15.5
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
(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 April 30, 2020. The total value of securities on loan at April 30, 2020 is approximately $2,936,000.
(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 April 30, 2020.
(f)	Amount rounds to less than one thousand.
*	Non-income producing security.

Futures contracts outstanding as of April 30, 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	57		06/2020		EUR		1,800		184
FTSE 100 Index	25		06/2020		GBP		1,847		179
TOPIX Index	11		06/2020		JPY		1,490		133
									496

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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited)

(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	$	7,642,916	$	2,305,629		$	413,214
Investments in affiliates, at value		124,572		24,084			4,185
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		129,303		6,237			41,289
Cash		2,985		3,109			100
Foreign currency, at value		3,842		3,331			138
Deposits at broker for futures contracts		—		4,223			267
Receivables:
Due from custodian		—		2,946			—
Investment securities sold		—		3,552			5,184
Fund shares sold		64,504		36,982			6
Dividends from non-affiliates		8,688		2,895			646
Dividends from affiliates		78		14			8
Tax reclaims		136		47			3,336
Securities lending income (See Note 2.C.)		76		49			13
Other assets		—		196			—
Total Assets		7,977,100		2,393,294			468,386
LIABILITIES:
Payables:
Investment securities purchased		35,735		2,946			8,999
Collateral received on securities loaned (See Note 2.C.)		129,303		6,237			41,289
Fund shares redeemed		18,391		—			218
Variation margin on futures contracts		—		673			10
Accrued liabilities:
Investment advisory fees		3,954		357			194
Administration fees		427		70			25
Distribution fees		137		—			21
Service fees		549		—	(a)		30
Custodian and accounting fees		1,819		61			52
Trustees’ and Chief Compliance Officer’s fees		2		—	(a)		—
Deferred foreign capital gains tax		999		—			—
Other		23		45			93
Total Liabilities		191,339		10,389			50,931
Net Assets	$	7,785,761	$	2,382,905		$	417,455

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan Emerging Markets Equity Fund			JPMorgan Emerging Markets Research Enhanced Equity Fund			JPMorgan Europe Dynamic Fund
NET ASSETS:
Paid-in-Capital	$	7,060,131		$	2,696,140		$	574,080
Total distributable earnings (loss)		725,630			(313,235	)		(156,625	)
Total Net Assets	$	7,785,761		$	2,382,905		$	417,455
Net Assets:
Class A	$	535,839		$	—		$	69,580
Class C		54,761			—			12,752
Class I		2,453,732			8			56,453
Class L		1,146,624			—			50,754
Class R2		210			—			—
Class R3		3,361			—			—
Class R4		1,928			—			—
Class R5		40,652			—			—
Class R6		3,548,654			2,382,897			227,916
Total	$	7,785,761		$	2,382,905		$	417,455
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		19,962			—			3,542
Class C		2,107			—			734
Class I		89,344			1			2,818
Class L		41,431			—			2,502
Class R2		8			—			—
Class R3		126			—			—
Class R4		70			—			—
Class R5		1,472			—			—
Class R6		128,395			162,263			11,289
Net Asset Value (a):
Class A — Redemption price per share	$	26.84		$	—		$	19.65
Class C — Offering price per share (b)		25.99			—			17.38
Class I — Offering and redemption price per share		27.46			14.77			20.04
Class L — Offering and redemption price per share		27.68			—			20.28
Class R2 — Offering and redemption price per share		26.60			—			—
Class R3 — Offering and redemption price per share		26.71			—			—
Class R4 — Offering and redemption price per share		27.37			—			—
Class R5 — Offering and redemption price per share		27.62			—			—
Class R6 — Offering and redemption price per share		27.64			14.69			20.19
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)]	$	28.33		$	—		$	20.74
Cost of investments in non-affiliates	$	6,727,034		$	2,532,594		$	427,263
Cost of investments in affiliates		124,454			24,060			4,178
Cost of foreign currency		3,826			3,341			137
Investment securities on loan, at value (See Note 2.C.)		126,114			5,853			35,227
Cost of investment of cash collateral (See Note 2.C.)		129,267			6,236			41,284

(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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited) (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	$	1,449,861		$	2,626,021	$	2,481,083
Investments in affiliates, at value		28,772			28,692		32,724
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		76,379			111,555		149,050
Cash		50			35		429
Foreign currency, at value		1,249			238		—
Deposits at broker for futures contracts		3,516			—		—
Receivables:
Investment securities sold		11,896			3		17,590
Fund shares sold		13			3,056		27,893
Dividends from non-affiliates		8,087			7,671		5,833
Dividends from affiliates		16			13		19
Tax reclaims		8,408			7,811		1,701
Securities lending income (See Note 2.C.)		37			27		35
Total Assets		1,588,284			2,785,122		2,716,357
LIABILITIES:
Payables:
Foreign currency due to custodian, at value		—			—		12
Investment securities purchased		15,995			1,766		30,243
Collateral received on securities loaned (See Note 2.C.)		76,379			111,555		149,050
Fund shares redeemed		151			2,898		649
Variation margin on futures contracts		66			1		4
Accrued liabilities:
Investment advisory fees		505			914		966
Administration fees		37			74		12
Distribution fees		11			66		32
Service fees		7			76		51
Custodian and accounting fees		180			230		32
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		1
Other		103			87		49
Total Liabilities		93,434			117,668		181,101
Net Assets	$	1,494,850		$	2,667,454	$	2,535,256

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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	$	1,938,781		$	2,359,232		$	2,731,375
Total distributable earnings (loss)		(443,931	)		308,222			(196,119	)
Total Net Assets	$	1,494,850		$	2,667,454		$	2,535,256
Net Assets:
Class A	$	6,150		$	302,646		$	115,420
Class C		923			11,229			14,513
Class I		21,165			179,476			194,013
Class R2		23,550			2,074			1,420
Class R5		—			4,022			2,437
Class R6		1,443,062			2,168,007			2,207,453
Total	$	1,494,850		$	2,667,454		$	2,535,256
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		388			20,636			6,049
Class C		57			810			773
Class I		1,281			12,039			10,038
Class R2		1,508			143			75
Class R5		—			269			126
Class R6		88,761			145,136			114,275
Net Asset Value (a):
Class A — Redemption price per share	$	15.86		$	14.67		$	19.08
Class C — Offering price per share (b)		16.13			13.86			18.79
Class I — Offering and redemption price per share		16.52			14.91			19.33
Class R2 — Offering and redemption price per share		15.62			14.55			18.92
Class R5 — Offering and redemption price per share		—			14.98			19.31
Class R6 — Offering and redemption price per share		16.26			14.94			19.32
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)]	$	16.74		$	15.48		$	20.14
Cost of investments in non-affiliates	$	1,518,438		$	2,202,688		$	2,469,881
Cost of investments in affiliates		28,749			28,678			32,695
Cost of foreign currency		1,250			240			—
Investment securities on loan, at value (See Note 2.C.)		72,637			104,180			139,159
Cost of investment of cash collateral (See Note 2.C.)		76,371			111,540			149,023

(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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2020 (Unaudited) (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	$	99,491		$	4,094,565	$	265,194
Investments in affiliates, at value		854			138,332		4,976
Investment of cash collateral received from securities loaned, at value (See Note 2.C.)		—			305,344		3,129
Options purchased, at value		637			—		—
Cash		528			50		50
Foreign currency, at value		56			4,837		197
Deposits at broker for futures contracts		467			11,949		735
Deposits at broker for options contracts		236			—		—
Receivables:
Due from custodian		—			—		286
Investment securities sold		5,170			132,979		27
Fund shares sold		104			4,880		404
Dividends from non-affiliates		408			16,964		1,875
Dividends from affiliates		1			76		4
Tax reclaims		177			11,735		2,566
Securities lending income (See Note 2.C.)		—			52		6
Variation margin on futures contracts		38			2,257		—
Due from adviser		10			—		—
Total Assets		108,177			4,724,020		279,449
LIABILITIES:
Payables:
Investment securities purchased		2,751			112,060		676
Collateral received on securities loaned (See Note 2.C.)		—			305,344		3,129
Fund shares redeemed		7			1,540		394
Variation margin on futures contracts		—			—		20
Outstanding options written, at fair value		9,881			—		—
Accrued liabilities:
Investment advisory fees		—			548		91
Administration fees		—			184		—
Distribution fees		—	(a)		38		29
Service fees		20			28		27
Custodian and accounting fees		40			278		57
Trustees’ and Chief Compliance Officer’s fees		—			—		—	(a)
Other		11			290		336
Total Liabilities		12,710			420,310		4,759
Net Assets	$	95,467		$	4,303,710	$	274,690

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Hedged Equity Fund			JPMorgan International Research Enhanced Equity Fund			JPMorgan International Value Fund
NET ASSETS:
Paid-in-Capital	$	103,536		$	5,086,460		$	413,510
Total distributable earnings (loss)		(8,069	)		(782,750	)		(138,820	)
Total Net Assets	$	95,467		$	4,303,710		$	274,690
Net Assets:
Class A	$	794		$	192,355		$	130,147
Class C		116			—			5,446
Class I		94,519			208,853			28,328
Class L		—			—			17,257
Class R2		—			—			390
Class R5		19			—			75
Class R6		19			3,902,502			93,047
Total	$	95,467		$	4,303,710		$	274,690
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		57			12,995			14,424
Class C		8			—			623
Class I		6,724			13,940			3,060
Class L		—			—			1,876
Class R2		—			—			44
Class R5		1			—			8
Class R6		1			261,479			10,159
Net Asset Value (a):
Class A — Redemption price per share	$	14.02		$	14.80		$	9.02
Class C — Offering price per share (b)		13.99			—			8.74
Class I — Offering and redemption price per share		14.06			14.98			9.26
Class L — Offering and redemption price per share		—			—			9.20
Class R2 — Offering and redemption price per share		—			—			8.88
Class R5 — Offering and redemption price per share		14.08			—			9.14
Class R6 — Offering and redemption price per share		14.08			14.92			9.16
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)]	$	14.80		$	15.62		$	9.52
Cost of investments in non-affiliates	$	104,403		$	4,399,744		$	343,026
Cost of investments in affiliates		854			138,217			4,972
Cost of options purchased		5,959			—			—
Cost of foreign currency		56			4,822			197
Investment securities on loan, at value (See Note 2.C.)		—			282,127			2,936
Cost of investment of cash collateral (See Note 2.C.)		—			305,319			3,129
Premiums received from options written		7,118			—			—

(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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)

(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		$	17		$	4
Interest income from affiliates		3			4			—
Dividend income from non-affiliates		43,444			21,417			5,980
Dividend income from affiliates		1,173			390			106
Non-cash dividend income from non-affiliates		—			—			278
Income from securities lending (net) (See Note 2.C.)		90			104			18
Foreign taxes withheld (net)		(3,265	)		(1,792	)		(881	)
Total investment income		41,451			20,140			5,505
EXPENSES:
Investment advisory fees		24,467			3,038			1,501
Administration fees		2,699			911			188
Distribution fees:
Class A		715			—			111
Class C		226			—			63
Class R2		—	(a)		—			—
Class R3		4			—			—
Service fees:
Class A		715			—			111
Class C		75			—			21
Class I		2,662			—	(a)		95
Class L		530			—			30
Class R2		—	(a)		—			—
Class R3		4			—			—
Class R4		2			—			—
Class R5		21			—			—
Custodian and accounting fees		2,188			287			48
Interest expense to affiliates		6			8			2
Professional fees		84			46			56
Trustees’ and Chief Compliance Officer’s fees		27			16			13
Printing and mailing costs		193			7			15
Registration and filing fees		154			118			43
Transfer agency fees (See Note 2.J.)		166			3			15
Offering costs (See Note 2.H.)		—			5			—
Other		41			17			10
Total expenses		34,979			4,456			2,322
Less fees waived		(2,338	)		(261	)		(34	)
Less expense reimbursements		(93	)		(5	)		—
Net expenses		32,548			4,190			2,288
Net investment income (loss)		8,903			15,950			3,217
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(58,837	)(b)		(95,298	)		(32,466	)
Investments in affiliates		(59	)		(3	)		15
Futures contracts		—			2,657			2,810
Foreign currency transactions		594			(1,159	)		122
Net realized gain (loss)		(58,302	)		(93,803	)		(29,519	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(806,995	)(c)		(267,850	)		(59,429	)
Investments in affiliates		137			21			12
Futures contracts		—			2,062			301
Foreign currency translations		(261	)		(88	)		(8	)
Change in net unrealized appreciation/depreciation		(807,119	)		(265,855	)		(59,124	)
Net realized/unrealized gains (losses)		(865,421	)		(359,658	)		(88,643	)
Change in net assets resulting from operations	$	(856,518	)	$	(343,708	)	$	(85,426	)

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of approximately $(145,000) for JPMorgan Emerging Markets Equity Fund.

(c) Net of change in foreign capital gains tax of approximately $19,418,000 for JPMorgan Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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		$	3		$	—	(a)
Interest income from affiliates		—			—			5
Dividend income from non-affiliates		26,357			34,007			24,951
Dividend income from affiliates		311			370			343
Income from securities lending (net) (See Note 2.C.)		75			96			87
Foreign taxes withheld (net)		(2,203	)		(2,825	)		(1,762	)
Total investment income		24,561			31,651			23,624
EXPENSES:
Investment advisory fees		4,613			7,251			8,080
Administration fees		692			1,088			1,010
Distribution fees:
Class A		155			400			150
Class C		5			49			66
Class R2		70			5			3
Service fees:
Class A		155			400			150
Class C		2			16			22
Class I		93			243			249
Class R2		35			3			2
Class R5		—			2			1
Custodian and accounting fees		222			262			100
Interest expense to affiliates		23			13			29
Professional fees		70			69			50
Trustees’ and Chief Compliance Officer’s fees		17			20			17
Printing and mailing costs		8			29			21
Registration and filing fees		45			54			72
Transfer agency fees (See Note 2.J.)		45			38			22
Other		30			29			20
Total expenses		6,280			9,971			10,064
Less fees waived		(1,214	)		(1,769	)		(2,113	)
Less expense reimbursements		—	(a)		(1	)		(7	)
Net expenses		5,066			8,201			7,944
Net investment income (loss)		19,495			23,450			15,680
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(91,235	)		(70,225	)		(167,850	)
Investments in affiliates		(48	)		(29	)		18
Futures contracts		(5,042	)		—			—
Foreign currency transactions		471			(42	)		(1,503	)
Net realized gain (loss)		(95,854	)		(70,296	)		(169,335	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(253,979	)		(337,081	)		(121,074	)
Investments in affiliates		24			20			47
Futures contracts		(1,426	)		—			—
Foreign currency translations		66			168			119
Change in net unrealized appreciation/depreciation		(255,315	)		(336,893	)		(120,908	)
Net realized/unrealized gains (losses)		(351,169	)		(407,189	)		(290,243	)
Change in net assets resulting from operations	$	(331,674	)	$	(383,739	)	$	(274,563	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (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	$	1		$	39		$	3
Interest income from affiliates		—	(a)		—	(a)		—
Dividend income from non-affiliates		1,397			68,634			6,519
Dividend income from affiliates		20			1,357			63
Income from securities lending (net) (See Note 2.C.)		—			136			35
Foreign taxes withheld (net)		(131	)		(7,045	)		(725	)
Total investment income		1,287			63,121			5,895
EXPENSES:
Investment advisory fees		109			4,807			956
Administration fees		33			1,803			130
Distribution fees:
Class A		1			248			203
Class C		—	(a)		—			29
Class R2		—			—			1
Service fees:
Class A		1			248			203
Class C		—	(a)		—			9
Class I		108			277			51
Class L		—			—			13
Class R2		—			—			1
Class R5		—	(a)		—			—	(a)
Custodian and accounting fees		47			344			57
Interest expense to affiliates		3			13			2
Professional fees		55			96			54
Trustees’ and Chief Compliance Officer’s fees		12			21			13
Printing and mailing costs		1			123			17
Registration and filing fees		35			7			48
Transfer agency fees (See Note 2.J.)		1			47			10
Offering costs (See Note 2.H.)		39			—			—
Other		6			75			5
Total expenses		451			8,109			1,802
Less fees waived		(131	)		(1,788	)		(393	)
Less expense reimbursements		(56	)		—			—	(a)
Net expenses		264			6,321			1,409
Net investment income (loss)		1,023			56,800			4,486
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(6,903	)		(264,291	)		(16,043	)
Investments in affiliates		—			(55	)		2
Options purchased		23,651			—			—
Futures contracts		(760	)		(32,296	)		(1,685	)
Foreign currency transactions		(21	)		(1,379	)		(83	)
Options written		(12,085	)		—			—
Net realized gain (loss)		3,882			(298,021	)		(17,809	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(6,452	)		(525,910	)		(72,619	)
Investments in affiliates		—			122			3
Options purchased		(4,937	)		—			—
Futures contracts		252			9,940			453
Foreign currency translations		10			559			16
Options written		(2,683	)		—			—
Change in net unrealized appreciation/depreciation		(13,810	)		(515,289	)		(72,147	)
Net realized/unrealized gains (losses)		(9,928	)		(813,310	)		(89,956	)
Change in net assets resulting from operations	$	(8,905	)	$	(756,510	)	$	(85,470	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,903		$	55,860		$	15,950		$	11,213
Net realized gain (loss)		(58,302	)		(2,141	)		(93,803	)		2,423
Change in net unrealized appreciation/depreciation		(807,119	)		1,186,420			(265,855	)		40,909
Change in net assets resulting from operations		(856,518	)		1,240,139			(343,708	)		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		2,385,042			516,272			660,085			2,036,055
NET ASSETS:
Change in net assets		1,472,084			1,712,472			292,331			2,090,574
Beginning of period		6,313,677			4,601,205			2,090,574			—
End of period	$	7,785,761		$	6,313,677		$	2,382,905		$	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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Europe Dynamic Fund						JPMorgan International Advantage Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,217		$	16,941		$	19,495		$	104,540
Net realized gain (loss)		(29,519	)		(56,539	)		(95,854	)		(246,836	)
Change in net unrealized appreciation/depreciation		(59,124	)		83,325			(255,315	)		254,655
Change in net assets resulting from operations		(85,426	)		43,727			(331,674	)		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		(22,535	)		(169,891	)		123,217			(1,616,261	)
NET ASSETS:
Change in net assets		(124,790	)		(143,102	)		(316,499	)		(1,591,907	)
Beginning of period		542,245			685,347			1,811,349			3,403,256
End of period	$	417,455		$	542,245		$	1,494,850		$	1,811,349

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Equity Fund						JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	23,450		$	101,506		$	15,680		$	8,884
Net realized gain (loss)		(70,296	)		(46,740	)		(169,335	)		(22,506	)
Change in net unrealized appreciation/depreciation		(336,893	)		522,611			(120,908	)		157,799
Change in net assets resulting from operations		(383,739	)		577,377			(274,563	)		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		150,578			(1,693,771	)		220,711			1,990,374
NET ASSETS:
Change in net assets		(329,552	)		(1,272,088	)		(64,385	)		2,124,411
Beginning of period		2,997,006			4,269,094			2,599,641			475,230
End of period	$	2,667,454		$	2,997,006		$	2,535,256		$	2,599,641

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

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
	Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)		Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,023		$	1,122	$	56,800		$	151,040
Net realized gain (loss)		3,882			10		(298,021	)		(161,154	)
Change in net unrealized appreciation/depreciation		(13,810	)		1,073		(515,289	)		483,831
Change in net assets resulting from operations		(8,905	)		2,205		(756,510	)		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		45,499			58,037		381,107			(178,801	)
NET ASSETS:
Change in net assets		35,225			60,242		(530,764	)		133,856
Beginning of period		60,242			—		4,834,474			4,700,618
End of period	$	95,467		$	60,242	$	4,303,710		$	4,834,474

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

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Value Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,486		$	16,269
Net realized gain (loss)		(17,809	)		(46,232	)
Change in net unrealized appreciation/depreciation		(72,147	)		36,164
Change in net assets resulting from operations		(85,470	)		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		(17,063	)		(116,184	)
NET ASSETS:
Change in net assets		(118,582	)		(128,297	)
Beginning of period		393,272			521,569
End of period	$	274,690		$	393,272

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

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
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	237,869		$	312,341		$	—		$	—
Distributions reinvested		3,026			1,529			—			—
Cost of shares redeemed		(153,385	)		(252,175	)		—			—
Change in net assets resulting from Class A capital transactions	$	87,510		$	61,695		$	—		$	—
Class C
Proceeds from shares issued	$	16,153		$	19,144		$	—		$	—
Distributions reinvested		76			58			—			—
Cost of shares redeemed		(10,577	)		(17,205	)		—			—
Change in net assets resulting from Class C capital transactions	$	5,652		$	1,997		$	—		$	—
Class I (b)
Proceeds from shares issued	$	1,606,660		$	1,177,539		$	8		$	12,188
Distributions reinvested		13,741			5,945			—	(c)		—
Cost of shares redeemed		(614,642	)		(465,628	)		(3	)		(11,910	)
Change in net assets resulting from Class I capital transactions	$	1,005,759		$	717,856		$	5		$	278
Class L
Proceeds from shares issued	$	571,163		$	534,452		$	—		$	—
Distributions reinvested		8,347			3,845			—			—
Cost of shares redeemed		(226,907	)		(228,859	)		—			—
Change in net assets resulting from Class L capital transactions	$	352,603		$	309,438		$	—		$	—
Class R2
Proceeds from shares issued	$	117		$	51		$	—		$	—
Distributions reinvested		1			1			—			—
Cost of shares redeemed		(26	)		(26	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	92		$	26		$	—		$	—
Class R3
Proceeds from shares issued	$	2,020		$	2,108		$	—		$	—
Distributions reinvested		21			1			—			—
Cost of shares redeemed		(521	)		(478	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	1,520		$	1,631		$	—		$	—
Class R4
Proceeds from shares issued	$	1,087		$	1,602		$	—		$	—
Distributions reinvested		11			11			—			—
Cost of shares redeemed		(243	)		(608	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	855		$	1,005		$	—		$	—
Class R5
Proceeds from shares issued	$	10,691		$	42,685		$	—		$	—
Distributions reinvested		349			296			—			—
Cost of shares redeemed		(7,875	)		(9,680	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	3,165		$	33,301		$	—		$	—
Class R6
Proceeds from shares issued	$	1,233,624		$	1,266,740		$	821,949		$	2,052,510
Distributions reinvested		28,461			30,363			24,046			26
Cost of shares redeemed		(334,199	)		(1,907,780	)		(185,915	)		(16,759	)
Change in net assets resulting from Class R6 capital transactions	$	927,886		$	(610,677	)	$	660,080		$	2,035,777
Total change in net assets resulting from capital transactions	$	2,385,042		$	516,272		$	660,085		$	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.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan Emerging Markets Equity Fund						JPMorgan Emerging Markets Research Enhanced Equity Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)
SHARE TRANSACTIONS:
Class A
Issued		7,867			11,352			—			—
Reinvested		95			64			—			—
Redeemed		(5,439	)		(9,475	)		—			—
Change in Class A Shares		2,523			1,941			—			—
Class C
Issued		544			712			—			—
Reinvested		2			3			—			—
Redeemed		(394	)		(650	)		—			—
Change in Class C Shares		152			65			—			—
Class I (b)
Issued		54,439			41,001			1			744
Reinvested		423			243			—	(c)		—
Redeemed		(21,567	)		(16,821	)		—	(c)		(744	)
Change in Class I Shares		33,295			24,423			1			—	(c)
Class L
Issued		19,333			18,682			—			—
Reinvested		255			156			—			—
Redeemed		(8,024	)		(8,295	)		—			—
Change in Class L Shares		11,564			10,543			—			—
Class R2
Issued		4			2			—			—
Reinvested		—	(c)		—	(c)		—			—
Redeemed		(1	)		(1	)		—			—
Change in Class R2 Shares		3			1			—			—
Class R3
Issued		71			75			—			—
Reinvested		1			—	(c)		—			—
Redeemed		(18	)		(17	)		—			—
Change in Class R3 Shares		54			58			—			—
Class R4
Issued		36			62			—			—
Reinvested		—	(c)		—	(c)		—			—
Redeemed		(8	)		(21	)		—			—
Change in Class R4 Shares		28			41			—			—
Class R5
Issued		366			1,616			—			—
Reinvested		11			12			—			—
Redeemed		(257	)		(344	)		—			—
Change in Class R5 Shares		120			1,284			—			—
Class R6
Issued		40,965			43,818			47,861			125,486
Reinvested		871			1,233			1,356			2
Redeemed		(11,337	)		(66,518	)		(11,415	)		(1,027	)
Change in Class R6 Shares		30,499			(21,467	)		37,802			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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Europe Dynamic Fund						JPMorgan International Advantage Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,788		$	5,583		$	54,404		$	38,451
Distributions reinvested		2,695			2,751			8,609			3,422
Cost of shares redeemed		(14,953	)		(39,739	)		(174,742	)		(45,280	)
Change in net assets resulting from Class A capital transactions	$	(10,470	)	$	(31,405	)	$	(111,729	)	$	(3,407	)
Class C
Proceeds from shares issued	$	126		$	246		$	114		$	175
Distributions reinvested		476			552			54			25
Cost of shares redeemed		(4,283	)		(12,991	)		(193	)		(662	)
Change in net assets resulting from Class C capital transactions	$	(3,681	)	$	(12,193	)	$	(25	)	$	(462	)
Class I
Proceeds from shares issued	$	3,354		$	10,005		$	45,514		$	19,041
Distributions reinvested		2,443			3,023			5,375			1,457
Cost of shares redeemed		(20,510	)		(69,458	)		(71,431	)		(15,652	)
Change in net assets resulting from Class I capital transactions	$	(14,713	)	$	(56,430	)	$	(20,542	)	$	4,846
Class L
Proceeds from shares issued	$	6,671		$	13,398		$	—		$	—
Distributions reinvested		2,057			2,405			—			—
Cost of shares redeemed		(11,049	)		(346,212	)		—			—
Change in net assets resulting from Class L capital transactions	$	(2,321	)	$	(330,409	)	$	—		$	—
Class R2
Proceeds from shares issued	$	—		$	—		$	3,208		$	6,565
Distributions reinvested		—			—			1,448			631
Cost of shares redeemed		—			—			(5,799	)		(8,605	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(1,143	)	$	(1,409	)
Class R6
Proceeds from shares issued	$	4,849		$	294,863		$	213,209		$	108,992
Distributions reinvested		8,878			7,813			92,498			82,457
Cost of shares redeemed		(5,077	)		(42,130	)		(49,051	)		(1,807,278	)
Change in net assets resulting from Class R6 capital transactions	$	8,650		$	260,546		$	256,656		$	(1,615,829	)
Total change in net assets resulting from capital transactions	$	(22,535	)	$	(169,891	)	$	123,217		$	(1,616,261	)

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan Europe Dynamic Fund						JPMorgan International Advantage Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		76			248			2,723			2,015
Reinvested		110			131			438			193
Redeemed		(697	)		(1,745	)		(10,625	)		(2,379	)
Change in Class A Shares		(511	)		(1,366	)		(7,464	)		(171	)
Class C
Issued		7			12			6			8
Reinvested		22			30			3			2
Redeemed		(217	)		(646	)		(12	)		(34	)
Change in Class C Shares		(188	)		(604	)		(3	)		(24	)
Class I
Issued		142			440			2,179			962
Reinvested		97			141			262			79
Redeemed		(920	)		(3,038	)		(4,402	)		(792	)
Change in Class I Shares		(681	)		(2,457	)		(1,961	)		249
Class L
Issued		315			577			—			—
Reinvested		81			111			—			—
Redeemed		(516	)		(14,510	)		—			—
Change in Class L Shares		(120	)		(13,822	)		—			—
Class R2
Issued		—			—			181			348
Reinvested		—			—			75			36
Redeemed		—			—			(323	)		(455	)
Change in Class R2 Shares		—			—			(67	)		(71	)
Class R6
Issued		263			12,295			10,435			5,671
Reinvested		352			363			4,595			4,558
Redeemed		(221	)		(1,764	)		(2,541	)		(91,586	)
Change in Class R6 Shares		394			10,894			12,489			(81,357	)

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

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)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	97,651		$	125,560		$	27,186		$	47,607
Distributions reinvested		9,447			8,068			45			1,609
Cost of shares redeemed		(78,545	)		(76,633	)		(13,197	)		(32,948	)
Change in net assets resulting from Class A capital transactions	$	28,553		$	56,995		$	14,034		$	16,268
Class C
Proceeds from shares issued	$	813		$	2,176		$	1,451		$	2,738
Distributions reinvested		324			495			—			294
Cost of shares redeemed		(2,392	)		(8,733	)		(3,465	)		(10,067	)
Change in net assets resulting from Class C capital transactions	$	(1,255	)	$	(6,062	)	$	(2,014	)	$	(7,035	)
Class I
Proceeds from shares issued	$	79,743		$	77,428		$	86,854		$	86,285
Distributions reinvested		6,146			5,819			416			3,656
Cost of shares redeemed		(64,032	)		(90,398	)		(46,662	)		(125,224	)
Change in net assets resulting from Class I capital transactions	$	21,857		$	(7,151	)	$	40,608		$	(35,283	)
Class R2
Proceeds from shares issued	$	1,156		$	1,194		$	743		$	494
Distributions reinvested		59			29			—			15
Cost of shares redeemed		(838	)		(1,136	)		(212	)		(377	)
Change in net assets resulting from Class R2 capital transactions	$	377		$	87		$	531		$	132
Class R5
Proceeds from shares issued	$	1,096		$	744		$	350		$	603
Distributions reinvested		123			691			9			72
Cost of shares redeemed		(274	)		(18,958	)		(750	)		(1,414	)
Change in net assets resulting from Class R5 capital transactions	$	945		$	(17,523	)	$	(391	)	$	(739	)
Class R6
Proceeds from shares issued	$	230,222		$	458,174		$	254,951		$	2,126,631
Distributions reinvested		80,145			140,364			10,047			4,394
Cost of shares redeemed		(210,266	)		(2,318,655	)		(97,055	)		(113,994	)
Change in net assets resulting from Class R6 capital transactions	$	100,101		$	(1,720,117	)	$	167,943		$	2,017,031
Total change in net assets resulting from capital transactions	$	150,578		$	(1,693,771	)	$	220,711		$	1,990,374

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Equity Fund						JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		6,055			7,833			1,299			2,430
Reinvested		541			554			2			93
Redeemed		(4,967	)		(4,832	)		(673	)		(1,724	)
Change in Class A Shares		1,629			3,555			628			799
Class C
Issued		56			147			70			141
Reinvested		20			36			—			17
Redeemed		(159	)		(577	)		(181	)		(527	)
Change in Class C Shares		(83	)		(394	)		(111	)		(369	)
Class I
Issued		4,845			4,793			4,107			4,374
Reinvested		346			394			18			209
Redeemed		(4,019	)		(5,690	)		(2,381	)		(6,516	)
Change in Class I Shares		1,172			(503	)		1,744			(1,933	)
Class R2
Issued		69			74			36			25
Reinvested		3			2			—			1
Redeemed		(51	)		(73	)		(11	)		(19	)
Change in Class R2 Shares		21			3			25			7
Class R5
Issued		64			45			16			30
Reinvested		7			47			1			4
Redeemed		(17	)		(1,108	)		(35	)		(71	)
Change in Class R5 Shares		54			(1,016	)		(18	)		(37	)
Class R6
Issued		14,062			27,715			11,919			102,465
Reinvested		4,510			9,522			444			252
Redeemed		(12,969	)		(137,801	)		(4,663	)		(5,610	)
Change in Class R6 Shares		5,603			(100,564	)		7,700			97,107

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

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
	Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	605		$	321		$	77,723		$	51,799
Distributions reinvested		5			—			5,420			6,196
Cost of shares redeemed		(90	)		—			(70,651	)		(62,547	)
Change in net assets resulting from Class A capital transactions	$	520		$	321		$	12,492		$	(4,552	)
Class C
Proceeds from shares issued	$	7		$	118		$	—		$	—
Distributions reinvested		1			—			—			—
Cost of shares redeemed		—			—			—			—
Change in net assets resulting from Class C capital transactions	$	8		$	118		$	—		$	—
Class I
Proceeds from shares issued	$	62,691		$	57,561		$	125,017		$	82,525
Distributions reinvested		1,362			—			6,822			5,050
Cost of shares redeemed		(19,083	)		(3	)		(64,919	)		(66,489	)
Change in net assets resulting from Class I capital transactions	$	44,970		$	57,558		$	66,920		$	21,086
Class R5
Proceeds from shares issued	$	—		$	20		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Cost of shares redeemed		—			—			—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(b)	$	20		$	—		$	—
Class R6
Proceeds from shares issued	$	—		$	20		$	496,013		$	567,656
Distributions reinvested		1			—			143,050			149,727
Cost of shares redeemed		—			—			(337,368	)		(912,718	)
Change in net assets resulting from Class R6 capital transactions	$	1		$	20		$	301,695		$	(195,335	)
Total change in net assets resulting from capital transactions	$	45,499		$	58,037		$	381,107		$	(178,801	)

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

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Hedged Equity Fund						JPMorgan International Research Enhanced Equity Fund
	Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 2019 (a)			Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		42			21			5,057			3,097
Reinvested		—	(b)		—			298			402
Redeemed		(6	)		—			(4,254	)		(3,722	)
Change in Class A Shares		36			21			1,101			(223	)
Class C
Issued		—	(b)		8			—			—
Reinvested		—	(b)		—			—			—
Redeemed		—			—			—			—
Change in Class C Shares		—	(b)		8			—			—
Class I
Issued		4,184			3,829			7,579			4,837
Reinvested		87			—			371			324
Redeemed		(1,376	)		—	(b)		(4,230	)		(3,915	)
Change in Class I Shares		2,895			3,829			3,720			1,246
Class R5
Issued		—			1			—			—
Reinvested		—	(b)		—			—			—
Redeemed		—			—			—			—
Change in Class R5 Shares		—	(b)		1			—			—
Class R6
Issued		—			1			28,737			32,819
Reinvested		—	(b)		—			7,817			9,647
Redeemed		—			—			(20,055	)		(53,561	)
Change in Class R6 Shares		—	(b)		1			16,499			(11,095	)

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

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan International Value Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	14,333		$	27,178
Distributions reinvested		7,043			7,349
Cost of shares redeemed		(25,014	)		(90,605	)
Change in net assets resulting from Class A capital transactions	$	(3,638	)	$	(56,078	)
Class C
Proceeds from shares issued	$	143		$	419
Distributions reinvested		270			378
Cost of shares redeemed		(2,233	)		(5,138	)
Change in net assets resulting from Class C capital transactions	$	(1,820	)	$	(4,341	)
Class I
Proceeds from shares issued	$	4,179		$	8,440
Distributions reinvested		1,679			2,109
Cost of shares redeemed		(10,546	)		(29,305	)
Change in net assets resulting from Class I capital transactions	$	(4,688	)	$	(18,756	)
Class L
Proceeds from shares issued	$	1,004		$	2,046
Distributions reinvested		569			762
Cost of shares redeemed		(7,149	)		(42,881	)
Change in net assets resulting from Class L capital transactions	$	(5,576	)	$	(40,073	)
Class R2
Proceeds from shares issued	$	74		$	312
Distributions reinvested		17			15
Cost of shares redeemed		(242	)		(590	)
Change in net assets resulting from Class R2 capital transactions	$	(151	)	$	(263	)
Class R5
Proceeds from shares issued	$	17		$	16
Distributions reinvested		4			3
Cost of shares redeemed		(8	)		—	(a)
Change in net assets resulting from Class R5 capital transactions	$	13		$	19
Class R6
Proceeds from shares issued	$	20,767		$	40,286
Distributions reinvested		5,075			4,629
Cost of shares redeemed		(27,045	)		(41,607	)
Change in net assets resulting from Class R6 capital transactions	$	(1,203	)	$	3,308
Total change in net assets resulting from capital transactions	$	(17,063	)	$	(116,184	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	JPMorgan International Value Fund
	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
SHARE TRANSACTIONS:
Class A
Issued		1,326			2,279
Reinvested		572			663
Redeemed		(2,320	)		(7,568	)
Change in Class A Shares		(422	)		(4,626	)
Class C
Issued		12			37
Reinvested		23			35
Redeemed		(204	)		(449	)
Change in Class C Shares		(169	)		(377	)
Class I
Issued		353			695
Reinvested		133			186
Redeemed		(1,055	)		(2,449	)
Change in Class I Shares		(569	)		(1,568	)
Class L
Issued		90			184
Reinvested		45			67
Redeemed		(686	)		(3,624	)
Change in Class L Shares		(551	)		(3,373	)
Class R2
Issued		8			27
Reinvested		1			1
Redeemed		(25	)		(52	)
Change in Class R2 Shares		(16	)		(24	)
Class R5
Issued		2			2
Reinvested		—	(a)		—	(a)
Redeemed		(1	)		—	(a)
Change in Class R5 Shares		1			2
Class R6
Issued		1,975			3,351
Reinvested		407			412
Redeemed		(2,353	)		(3,438	)
Change in Class R6 Shares		29			325

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

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
Six Months Ended April 30, 2020 (Unaudited)	$	30.07	$	(0.01	)	$	(3.05	)	$	(3.06	)	$	(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	)
Year Ended October 31, 2015		23.72		0.12	(f)		(4.12	)		(4.00	)		(0.19	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		29.07		(0.08	)		(2.96	)		(3.04	)		(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	)		—	(g)
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			—
Year Ended October 31, 2015		23.03		0.03	(f)		(4.02	)		(3.99	)		(0.08	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		30.79		0.03			(3.11	)		(3.08	)		(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	)
Year Ended October 31, 2015		24.24		0.19	(f)		(4.21	)		(4.02	)		(0.24	)
Class L
Six Months Ended April 30, 2020 (Unaudited)		31.03		0.04			(3.12	)		(3.08	)		(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	)
Year Ended October 31, 2015		24.42		0.23	(f)		(4.26	)		(4.03	)		(0.24	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		29.78		(0.05	)		(3.02	)		(3.07	)		(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 (h) through October 31, 2017		26.40		(0.01	)		1.18			1.17			—
Class R3
Six Months Ended April 30, 2020 (Unaudited)		29.96		(0.02	)		(3.02	)		(3.04	)		(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 (h) through October 31, 2017		26.40		0.01			1.18			1.19			—
Class R4
Six Months Ended April 30, 2020 (Unaudited)		30.68		0.02			(3.11	)		(3.09	)		(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 (h) through October 31, 2017		27.05		0.02			1.21			1.23			—
Class R5
Six Months Ended April 30, 2020 (Unaudited)		30.96		0.04			(3.12	)		(3.08	)		(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 (h) through October 31, 2016		22.40		0.01			0.08			0.09			—
Class R6
Six Months Ended April 30, 2020 (Unaudited)		31.00		0.06			(3.13	)		(3.07	)		(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	)
Year Ended October 31, 2015		24.44		0.22	(f)		(4.23	)		(4.01	)		(0.30	)

(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) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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)
$	26.84		(10.26	)%	$	535,839		1.24	%		(0.10	)%		1.34	%		7	%
	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
	19.53		(16.95	)		274,710		1.61			0.57	(f)		1.88			35
	25.99		(10.48	)		54,761		1.74			(0.60	)		1.85			7
	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
	18.96		(17.38	)		43,387		2.10			0.13	(f)		2.33			35
	27.46		(10.14	)		2,453,732		0.99			0.17			1.08			7
	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
	19.98		(16.70	)		502,729		1.35			0.88	(f)		1.48			35
	27.68		(10.07	)		1,146,624		0.89			0.27			0.93			7
	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
	20.15		(16.60	)		316,635		1.21			1.05	(f)		1.31			35
	26.60		(10.37	)		210		1.54			(0.37	)		1.99			7
	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
	26.71		(10.25	)		3,361		1.29			(0.14	)		1.35			7
	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
	27.37		(10.17	)		1,928		1.04			0.15			1.10			7
	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
	27.62		(10.08	)		40,652		0.89			0.25			0.95			7
	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
	27.64		(10.05	)		3,548,654		0.79			0.37			0.84			7
	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
	20.13		(16.54	)		1,128,390		1.10			0.99	(f)		1.16			35

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Six Months Ended April 30, 2020 (Unaudited)	$	16.78	$	0.09	$	(2.06	)	$	(1.97	)	$	—		$	(0.04	)	$	(0.04	)
January 30, 2019 (g) through October 31, 2019		16.22		0.31		0.25			0.56			—			—			—
Class R6
Six Months Ended April 30, 2020 (Unaudited)		16.80		0.11		(2.05	)		(1.94	)		(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) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Commencement of offering of class of shares.

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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) (f)			Expenses without waivers and reimbursements (f)			Portfolio turnover rate (c)
$	14.77		(11.79	)%	$	8		0.43	%		1.17	%		3.50	%		22	%
	16.78		3.45			5		0.44			2.52			0.70			28
	14.69		(11.73	)		2,382,897		0.35			1.31			0.37			22
	16.80		12.60			2,090,569		0.34			2.90			0.46			28

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Europe Dynamic Fund
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	24.25	$	0.11	$	(4.01	)	$	(3.90	)	$	(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	)
Year Ended October 31, 2015		24.54		0.36		0.32			0.68			(0.81	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		21.47		0.04		(3.55	)		(3.51	)		(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	)
Year Ended October 31, 2015		21.99		0.21		0.29			0.50			(0.72	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		24.75		0.13		(4.07	)		(3.94	)		(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	)
Year Ended October 31, 2015		24.95		0.45		0.32			0.77			(0.89	)
Class L
Six Months Ended April 30, 2020 (Unaudited)		25.05		0.16		(4.14	)		(3.98	)		(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	)
Year Ended October 31, 2015		25.23		0.54		0.28			0.82			(0.92	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		24.96		0.17		(4.12	)		(3.95	)		(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.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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)
$	19.65		(16.65	)%	$	69,580		1.24	%		0.93	%		1.27	%		73	%
	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
	24.41		2.86			219,548		1.41			1.48			1.41			167
	17.38		(16.91	)		12,752		1.74			0.40			1.77			73
	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
	21.77		2.37			75,145		1.91			0.98			1.91			167
	20.04		(16.56	)		56,453		0.99			1.15			1.01			73
	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
	24.83		3.22			579,389		1.07			1.81			1.07			167
	20.28		(16.51	)		50,754		0.85			1.37			0.85			73
	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
	25.13		3.36			194,930		0.90			2.16			0.91			167
	20.19		(16.48	)		227,916		0.75			1.49			0.75			73
	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.

APRIL 30, 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
JPMorgan International Advantage Fund
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	19.90	$	0.06		$	(3.09	)	$	(3.03	)	$	(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	(f)		(0.99	)		(0.59	)		(0.33	)
Year Ended October 31, 2015		19.49		0.34	(f)		(0.26	)		0.08			(0.21	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		20.13		0.11			(3.23	)		(3.12	)		(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	(f)		(0.97	)		(0.69	)		(0.26	)
Year Ended October 31, 2015		19.63		0.23	(f)		(0.24	)		(0.01	)		(0.10	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		20.71		0.13			(3.25	)		(3.12	)		(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	(f)		(1.01	)		(0.55	)		(0.38	)
Year Ended October 31, 2015		20.22		0.42	(f)		(0.26	)		0.16			(0.25	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		19.57		0.13			(3.13	)		(3.00	)		(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	(f)		(1.01	)		(0.65	)		(0.27	)
Year Ended October 31, 2015		19.31		0.38	(f)		(0.34	)		0.04			(0.14	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		20.40		0.21			(3.25	)		(3.04	)		(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	(f)		(1.01	)		(0.52	)		(0.41	)
May 29, 2015 (g) through October 31, 2015		21.08		0.12	(f)		(1.36	)		(1.24	)		—

(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.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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)
$	15.86		(16.19	)%	$	6,150		0.95	%		0.63	%		1.14	%		42	%
	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	(f)		1.29			38
	19.36		0.45			152,834		1.29			1.75	(f)		1.49			33
	16.13		(16.34	)		923		1.45			1.22			1.74			42
	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	(f)		1.87			38
	19.52		(0.05	)		2,789		1.78			1.17	(f)		1.91			33
	16.52		(16.06	)		21,165		0.70			1.30			0.88			42
	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	(f)		1.08			38
	20.13		0.80			19,292		0.97			2.04	(f)		1.12			33
	15.62		(16.29	)		23,550		1.25			1.43			1.57			42
	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	(f)		1.75			38
	19.21		0.24			227		1.52			1.91	(f)		1.69			33
	16.26		(15.95	)		1,443,062		0.50			2.28			0.62			42
	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	(f)		0.72			38
	19.84		(5.88	)		1,854,941		0.73			1.47	(f)		0.74			33

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 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			Net realized gain			Total distributions
JPMorgan International Equity Fund
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	17.27	$	0.10	$	(2.20	)	$	(2.10	)	$	(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	)
Year Ended October 31, 2015		15.25		0.23		(0.50	)		(0.27	)		(0.23	)		—			(0.23	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		16.29		0.05		(2.08	)		(2.03	)		(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	)
Year Ended October 31, 2015		14.52		0.15		(0.48	)		(0.33	)		(0.17	)		—			(0.17	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		17.56		0.12		(2.23	)		(2.11	)		(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	)
Year Ended October 31, 2015		15.45		0.29		(0.53	)		(0.24	)		(0.26	)		—			(0.26	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		17.14		0.08		(2.19	)		(2.11	)		(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	)
Year Ended October 31, 2015		15.19		0.20		(0.51	)		(0.31	)		(0.19	)		—			(0.19	)
Class R5
Six Months Ended April 30, 2020 (Unaudited)		17.60		0.13		(2.24	)		(2.11	)		(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	)
Year Ended October 31, 2015		15.46		0.29		(0.49	)		(0.20	)		(0.29	)		—			(0.29	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		17.61		0.14		(2.24	)		(2.10	)		(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	)
Year Ended October 31, 2015		15.46		0.32		(0.52	)		(0.20	)		(0.29	)		—			(0.29	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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)
$	14.67		(12.60	)%	$	302,646		0.95	%		1.26	%		1.12	%		14	%
	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
	14.75		(1.89	)		224,370		1.31			1.50			1.59			13
	13.86		(12.88	)		11,229		1.45			0.67			1.63			14
	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
	14.02		(2.36	)		28,313		1.81			1.02			2.05			13
	14.91		(12.50	)		179,476		0.70			1.49			0.86			14
	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
	14.95		(1.66	)		522,402		1.06			1.84			1.19			13
	14.55		(12.77	)		2,074		1.25			0.99			1.40			14
	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
	14.69		(2.14	)		1,203		1.56			1.28			1.92			13
	14.98		(12.45	)		4,022		0.60			1.61			0.72			14
	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
	14.97		(1.42	)		57,500		0.86			1.88			1.06			13
	14.94		(12.43	)		2,168,007		0.50			1.68			0.61			14
	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
	14.97		(1.37	)		2,088,835		0.80			2.03			0.91			13

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 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) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	21.15	$	0.08		$	(2.14	)	$	(2.06	)	$	(0.01	)	$	—		$	(0.01	)
Year Ended October 31, 2019		18.24		0.26			3.02			3.28			(0.37	)		—			(0.37	)
Year Ended October 31, 2018		21.14		0.36			(3.13	)		(2.77	)		(0.13	)		—			(0.13	)
Year Ended October 31, 2017		17.24		0.16			4.09			4.25			(0.35	)		—			(0.35	)
Year Ended October 31, 2016		17.61		0.22	(f)		(0.55	)		(0.33	)		(0.04	)		—			(0.04	)
Year Ended October 31, 2015		18.59		0.09	(f)		0.39			0.48			(0.17	)		(1.29	)		(1.46	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		20.86		0.02			(2.09	)		(2.07	)		—			—			—
Year Ended October 31, 2019		17.98		0.16			2.97			3.13			(0.25	)		—			(0.25	)
Year Ended October 31, 2018		20.90		0.26			(3.09	)		(2.83	)		(0.09	)		—			(0.09	)
Year Ended October 31, 2017		17.04		0.05			4.06			4.11			(0.25	)		—			(0.25	)
Year Ended October 31, 2016		17.45		0.13	(f)		(0.53	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended October 31, 2015		18.44		(0.02	)(f)		0.39			0.37			(0.07	)		(1.29	)		(1.36	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		21.43		0.11			(2.16	)		(2.05	)		(0.05	)		—			(0.05	)
Year Ended October 31, 2019		18.49		0.31			3.04			3.35			(0.41	)		—			(0.41	)
Year Ended October 31, 2018		21.41		0.44			(3.19	)		(2.75	)		(0.17	)		—			(0.17	)
Year Ended October 31, 2017		17.45		0.23			4.13			4.36			(0.40	)		—			(0.40	)
Year Ended October 31, 2016		17.71		0.24	(f)		(0.50	)		(0.26	)		—			—			—
Year Ended October 31, 2015		18.67		0.15	(f)		0.38			0.53			(0.20	)		(1.29	)		(1.49	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		20.99		0.06			(2.13	)		(2.07	)		—			—			—
Year Ended October 31, 2019		18.14		0.21			2.98			3.19			(0.34	)		—			(0.34	)
Year Ended October 31, 2018		21.11		0.35			(3.17	)		(2.82	)		(0.15	)		—			(0.15	)
Year Ended October 31, 2017		17.21		0.06			4.14			4.20			(0.30	)		—			(0.30	)
Year Ended October 31, 2016		17.57		0.15	(f)		(0.51	)		(0.36	)		—			—			—
Year Ended October 31, 2015		18.55		0.03	(f)		0.39			0.42			(0.11	)		(1.29	)		(1.40	)
Class R5
Six Months Ended April 30, 2020 (Unaudited)		21.42		0.11			(2.15	)		(2.04	)		(0.07	)		—			(0.07	)
Year Ended October 31, 2019		18.49		0.34			3.03			3.37			(0.44	)		—			(0.44	)
Year Ended October 31, 2018		21.39		0.53			(3.25	)		(2.72	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.44		0.20			4.17			4.37			(0.42	)		—			(0.42	)
Year Ended October 31, 2016		17.75		0.27	(f)		(0.52	)		(0.25	)		(0.06	)		—			(0.06	)
Year Ended October 31, 2015		18.72		0.16	(f)		0.39			0.55			(0.23	)		(1.29	)		(1.52	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		21.44		0.13			(2.16	)		(2.03	)		(0.09	)		—			(0.09	)
Year Ended October 31, 2019		18.50		0.27			3.13			3.40			(0.46	)		—			(0.46	)
Year Ended October 31, 2018		21.40		0.44			(3.16	)		(2.72	)		(0.18	)		—			(0.18	)
Year Ended October 31, 2017		17.45		0.26			4.12			4.38			(0.43	)		—			(0.43	)
Year Ended October 31, 2016		17.76		0.29	(f)		(0.52	)		(0.23	)		(0.08	)		—			(0.08	)
Year Ended October 31, 2015		18.73		(0.01	)(f)		0.57			0.56			(0.24	)		(1.29	)		(1.53	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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)
$	19.08		(9.75	)%	$	115,420		1.00	%		0.78	%		1.21	%		18	%
	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	(f)		1.61			51
	17.61		3.04			5,824		1.24			0.49	(f)		2.31			42
	18.79		(9.92	)		14,513		1.50			0.19			1.72			18
	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	(f)		2.14			51
	17.45		2.39			3,439		1.74			(0.12	)(f)		2.79			42
	19.33		(9.60	)		194,013		0.75			1.06			0.95			18
	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	(f)		1.35			51
	17.71		3.29			59,858		0.89			0.83	(f)		1.84			42
	18.92		(9.86	)		1,420		1.30			0.55			1.57			18
	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	(f)		4.37			51
	17.57		2.67			20		1.51			0.19	(f)		5.11			42
	19.31		(9.59	)		2,437		0.65			1.03			0.89			18
	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	(f)		3.59			51
	17.75		3.43			20		0.81			0.89	(f)		4.43			42
	19.32		(9.53	)		2,207,453		0.55			1.20			0.70			18
	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	(f)		1.02			51
	17.76		3.48			5,335		0.74			(0.05	)(f)		2.87			42

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 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) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan International Hedged Equity Fund
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	15.58	$	0.18	$	(1.50	)	$	(1.32	)	$	(0.24	)
March 15, 2019 (g) through October 31, 2019		15.00		0.19		0.39			0.58			—
Class C
Six Months Ended April 30, 2020 (Unaudited)		15.53		0.11		(1.48	)		(1.37	)		(0.17	)
March 15, 2019 (g) through October 31, 2019		15.00		0.16		0.37			0.53			—
Class I
Six Months Ended April 30, 2020 (Unaudited)		15.61		0.18		(1.49	)		(1.31	)		(0.24	)
March 15, 2019 (g) through October 31, 2019		15.00		0.32		0.29			0.61			—
Class R5
Six Months Ended April 30, 2020 (Unaudited)		15.62		0.18		(1.47	)		(1.29	)		(0.25	)
March 15, 2019 (g) through October 31, 2019		15.00		0.34		0.28			0.62			—
Class R6
Six Months Ended April 30, 2020 (Unaudited)		15.63		0.18		(1.47	)		(1.29	)		(0.26	)
March 15, 2019 (g) 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) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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) (f)			Expenses without waivers and reimbursements (f)			Portfolio turnover rate (c)
$	14.02		(8.67	)%	$	794		0.85	%		2.46	%		1.26	%		38	%
	15.58		3.87			330		0.85			1.95			1.31			9
	13.99		(8.92	)		116		1.35			1.46			1.78			38
	15.53		3.53			119		1.35			1.73			1.92			9
	14.06		(8.56	)		94,519		0.60			2.37			0.99			38
	15.61		4.07			59,751		0.60			3.38			1.19			9
	14.08		(8.46	)		19		0.45			2.33			0.97			38
	15.62		4.13			21		0.45			3.59			1.03			9
	14.08		(8.44	)		19		0.35			2.43			0.88			38
	15.63		4.20			21		0.35			3.69			0.93			9

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 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) (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
Six Months Ended April 30, 2020 (Unaudited)	$	17.93	$	0.18		$	(2.82	)	$	(2.64	)	$	(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	)
Year Ended October 31, 2015		20.38		0.43			(0.60	)		(0.17	)		(0.40	)		(3.27	)		(3.67	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		18.17		0.20			(2.85	)		(2.65	)		(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	)
Year Ended October 31, 2015		20.54		0.48			(0.60	)		(0.12	)		(0.45	)		(3.27	)		(3.72	)
Class R6
Six Months Ended April 30, 2020 (Unaudited)		18.11		0.20			(2.83	)		(2.63	)		(0.56	)		—			(0.56	)
Year Ended October 31, 2019		16.97		0.57			1.16			1.73			(0.59	)		—			(0.59	)
November 1, 2017 (h) 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) Amount rounds to less than 0.005%.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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)
$	14.80		(15.21	)%	$	192,355		0.60	%		2.11	%		0.83	%		22	%
	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
	16.54		(0.29	)		82,667		0.60			2.51			0.99			39
	14.98		(15.11	)		208,853		0.34			2.36			0.56			22
	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
	16.70		0.00	(g)		779,908		0.35			2.79			0.60			39
	14.92		(15.10	)		3,902,502		0.24			2.38			0.30			22
	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.

APRIL 30, 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 Value Fund
Class A
Six Months Ended April 30, 2020 (Unaudited)	$	12.22	$	0.13		$	(2.84	)	$	(2.71	)	$	(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	)
Year Ended October 31, 2015		14.14		0.18	(f)		(0.83	)		(0.65	)		(0.47	)
Class C
Six Months Ended April 30, 2020 (Unaudited)		11.81		0.10			(2.76	)		(2.66	)		(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	)
Year Ended October 31, 2015		13.72		0.10	(f)		(0.78	)		(0.68	)		(0.39	)
Class I
Six Months Ended April 30, 2020 (Unaudited)		12.54		0.15			(2.91	)		(2.76	)		(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	)
Year Ended October 31, 2015		14.48		0.23	(f)		(0.84	)		(0.61	)		(0.50	)
Class L
Six Months Ended April 30, 2020 (Unaudited)		12.47		0.15			(2.89	)		(2.74	)		(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	)
Year Ended October 31, 2015		14.41		0.23	(f)		(0.83	)		(0.60	)		(0.52	)
Class R2
Six Months Ended April 30, 2020 (Unaudited)		11.96		0.11			(2.79	)		(2.68	)		(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	)
Year Ended October 31, 2015		13.93		0.14	(f)		(0.81	)		(0.67	)		(0.43	)
Class R5
Six Months Ended April 30, 2020 (Unaudited)		12.40		0.16			(2.88	)		(2.72	)		(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 (g) through October 31, 2016		12.55		0.03			(0.07	)		(0.04	)		—
Class R6
Six Months Ended April 30, 2020 (Unaudited)		12.43		0.16			(2.88	)		(2.72	)		(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	)
Year Ended October 31, 2015		14.42		0.18	(f)		(0.76	)		(0.58	)		(0.53	)

(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.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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)
$	9.02		(23.25	)%	$	130,147		1.00	%		2.40	%		1.25	%		29	%
	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
	13.02		(4.63	)		695,251		1.35			1.31	(f)		1.45			74
	8.74		(23.44	)		5,446		1.50			1.83			1.76			29
	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
	12.65		(5.01	)		31,296		1.85			0.79	(f)		1.90			74
	9.26		(23.13	)		28,328		0.75			2.64			1.00			29
	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
	13.37		(4.28	)		233,045		1.03			1.62	(f)		1.03			74
	9.20		(23.10	)		17,257		0.65			2.65			0.84			29
	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
	13.29		(4.23	)		1,480,321		0.95			1.63	(f)		0.99			74
	8.88		(23.29	)		390		1.30			2.03			1.65			29
	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
	12.83		(4.84	)		1,929		1.60			1.01	(f)		2.01			74
	9.14		(23.12	)		75		0.65			2.89			0.85			29
	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
	9.16		(23.08	)		93,047		0.55			2.88			0.74			29
	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
	13.31		(4.04	)		2,354		0.73			1.32	(f)		0.73			74

SEE NOTES TO FINANCIAL STATEMENTS.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited)

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	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(1)	Class I(2) 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(3)	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan International Hedged Equity Fund(4)	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⁾  The JPMorgan Emerging Markets Research Enhanced Equity Fund commenced operations on December 11, 2018.

⁽²⁾  Class I commenced operations on January 30, 2019.

⁽³⁾  Effective April 20, 2020, JPMorgan International Unconstrained Equity Fund changed its name to JPMorgan International Focus Fund.

⁽⁴⁾  The JPMorgan International Hedged Equity Fund commenced operations on March 15, 2019.

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”) were 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. Class C Shares automatically convert 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.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (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	$	174,076	$	—	$	—	$	174,076
Brazil		379,268		—		—		379,268
China		942,429		1,816,450		—		2,758,879
Egypt		—		44,613		—		44,613
Hong Kong		—		508,710		—		508,710
Hungary		—		118,202		—		118,202
India		104,541		1,180,654		—		1,285,195
Indonesia		—		165,156		—		165,156
Macau		—		106,169		—		106,169
Mexico		188,338		—		—		188,338
Panama		40,244		—		—		40,244
Peru		61,377		—		—		61,377
Portugal		—		127,669		—		127,669
Russia		770		61,229		—		61,999
South Africa		—		136,658		—		136,658
South Korea		—		432,815		—		432,815
Spain		—		8,929		—		8,929
Taiwan		577,398		127,867		—		705,265
Turkey		9,846		85,471		—		95,317
United States		244,037		—		—		244,037
Total Common Stocks		2,722,324		4,920,592		—		7,642,916
Short-Term Investments
Investment Companies		124,572		—		—		124,572
Investment of cash collateral from securities loaned		129,303		—		—		129,303
Total Short-Term Investments		253,875		—		—		253,875
Total Investments in Securities	$	2,976,199	$	4,920,592	$	—	$	7,896,791

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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	$	2,855	$	—	$	—	$	2,855
Brazil		106,966		—		—		106,966
Chile		6,210		—		—		6,210
China		257,984		659,731		—		917,715
Colombia		3,676		—		—		3,676
Czech Republic		—		5,728		—		5,728
Greece		—		3,977		—		3,977
Hong Kong		2,652		5,841		—		8,493
Hungary		—		13,601		—		13,601
India		27,710		176,208		—		203,918
Indonesia		—		37,397		—		37,397
Malaysia		—		24,709		—		24,709
Mexico		56,990		—		—		56,990
Peru		9,717		—		—		9,717
Philippines		—		8,788		—		8,788
Poland		—		11,425		—		11,425
Qatar		—		8,796		—		8,796
Russia		19,590		76,295		—		95,885
Saudi Arabia		—		56,333		—		56,333
Singapore		—		2,263		—		2,263
South Africa		14,937		66,012		—		80,949
South Korea		—		287,602		—		287,602
Taiwan		118,437		161,671		—		280,108
Thailand		8,865		28,833		—		37,698
Turkey		2,482		23,309		—		25,791
United Arab Emirates		—		6,215		—		6,215
United Kingdom		—		1,824		—		1,824
Total Common Stocks		639,071		1,666,558		—		2,305,629
Short-Term Investments
Investment Companies		24,084		—		—		24,084
Investment of cash collateral from securities loaned		6,237		—		—		6,237
Total Short-Term Investments		30,321		—		—		30,321
Total Investments in Securities	$	669,392	$	1,666,558	$	—	$	2,335,950
Appreciation in Other Financial Instruments
Futures Contracts	$	2,062	$	—	$	—	$	2,062

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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	$	—	$	9,546	$	—	$	9,546
Austria		—		9,059		—		9,059
Belgium		—		9,926		—		9,926
Finland		—		8,173		—		8,173
France		—		62,181		—		62,181
Germany		3,142		51,564		—		54,706
Ireland		2,356		5,299		—		7,655
Italy		—		20,567		—		20,567
Netherlands		18,207		15,745		—		33,952
Norway		—		3,052		—		3,052
Russia		—		8,141		—		8,141
South Africa		—		3,241		—		3,241
Spain		—		6,131		—		6,131
Sweden		—		16,450		—		16,450
Switzerland		—		87,338		—		87,338
United Kingdom		3,059		70,037		—		73,096
Total Common Stocks		26,764		386,450		—		413,214
Short-Term Investments
Investment Companies		4,185		—		—		4,185
Investment of cash collateral from securities loaned		41,289		—		—		41,289
Total Short-Term Investments		45,474		—		—		45,474
Total Investments in Securities	$	72,238	$	386,450	$	—	$	458,688
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	289	$	—	$	289

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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	$	4,538	$	134,368	$	—	$	138,906
Austria		—		6,749		—		6,749
Belgium		—		19,331		—		19,331
China		—		11,316		—		11,316
Denmark		—		37,736		—		37,736
France		—		104,223		—		104,223
Germany		—		92,980		—		92,980
Hong Kong		—		37,132		—		37,132
Ireland		1,951		2,635		—		4,586
Israel		—		5,060		—		5,060
Italy		—		17,385		—		17,385
Japan		—		380,430		—		380,430
Netherlands		28,953		68,182		—		97,135
New Zealand		—		3,811		—		3,811
Norway		—		15,140		—		15,140
Portugal		—		9,955		—		9,955
Singapore		—		36,699		—		36,699
South Africa		—		13,948		—		13,948
Spain		—		27,628		—		27,628
Sweden		—		39,966		—		39,966
Switzerland		—		175,122		—		175,122
United Kingdom		—		163,808		—		163,808
United States		—		10,815		—		10,815
Total Common Stocks		35,442		1,414,419		—		1,449,861
Short-Term Investments
Investment Companies		28,772		—		—		28,772
Investment of cash collateral from securities loaned		76,379		—		—		76,379
Total Short-Term Investments		105,151		—		—		105,151
Total Investments in Securities	$	140,593	$	1,414,419	$	—	$	1,555,012
Appreciation in Other Financial Instruments
Futures Contracts	$	181	$	410	$	—	$	591

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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	$	—	$	93,559	$	—	$	93,559
Austria		—		12,211		—		12,211
Belgium		—		21,535		—		21,535
China		39,043		60,052		—		99,095
Denmark		—		111,389		—		111,389
Finland		—		33,755		—		33,755
France		—		352,510		—		352,510
Germany		—		216,643		—		216,643
Hong Kong		—		109,197		—		109,197
India		33,304		—		—		33,304
Japan		—		410,053		—		410,053
Macau		—		22,908		—		22,908
Netherlands		—		114,208		—		114,208
Singapore		—		27,271		—		27,271
South Korea		—		39,330		—		39,330
Spain		—		27,747		—		27,747
Sweden		—		64,224		—		64,224
Switzerland		—		367,792		—		367,792
Taiwan		43,455		—		—		43,455
United Kingdom		—		393,740		—		393,740
United States		—		32,095		—		32,095
Total Common Stocks		115,802		2,510,219		—		2,626,021
Short-Term Investments
Investment Companies		28,692		—		—		28,692
Investment of cash collateral from securities loaned		111,555		—		—		111,555
Total Short-Term Investments		140,247		—		—		140,247
Total Investments in Securities	$	256,049	$	2,510,219	$	—	$	2,766,268

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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	$	—	$	50,620	$	—	$	50,620
Belgium		—		38,927		—		38,927
Canada		170,412		—		—		170,412
China		79,313		172,215		—		251,528
Denmark		—		69,229		—		69,229
Finland		—		32,832		—		32,832
France		—		168,128		—		168,128
Germany		—		252,941		—		252,941
Hong Kong		—		87,611		—		87,611
India		83,453		—		—		83,453
Indonesia		—		37,428		—		37,428
Japan		—		141,630		—		141,630
Netherlands		—		68,076		—		68,076
South Korea		—		62,511		—		62,511
Sweden		—		76,188		—		76,188
Switzerland		—		278,837		—		278,837
Taiwan		68,847		—		—		68,847
United Kingdom		—		503,004		—		503,004
United States		—		38,881		—		38,881
Total Common Stocks		402,025		2,079,058		—		2,481,083
Short-Term Investments
Investment Companies		32,724		—		—		32,724
Investment of cash collateral from securities loaned		149,050		—		—		149,050
Total Short-Term Investments		181,774		—		—		181,774
Total Investments in Securities	$	583,799	$	2,079,058	$	—	$	2,662,857

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (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	$	—		$	4,680	$	—	$	4,680
Austria		—			445		—		445
Denmark		—			3,277		—		3,277
Finland		—			586		—		586
France		—			12,649		—		12,649
Germany		—			9,696		—		9,696
Hong Kong		—			2,150		—		2,150
Ireland		642			318		—		960
Italy		—			2,119		—		2,119
Japan		—			23,793		—		23,793
Luxembourg		—			150		—		150
Netherlands		342			4,365		—		4,707
Norway		—			835		—		835
Singapore		—			831		—		831
Spain		—			3,234		—		3,234
Sweden		—			1,331		—		1,331
Switzerland		—			11,747		—		11,747
United Kingdom		—			15,948		—		15,948
United States		—			353		—		353
Total Common Stocks		984			98,507		—		99,491
Options Purchased
Put Options Purchased		637			—		—		637
Short-Term Investments
Investment Companies		854			—		—		854
Total Investments in Securities	$	2,475		$	98,507	$	—	$	100,982
Appreciation in Other Financial Instruments
Futures Contracts	$	230		$	18	$	—	$	248
Depreciation in Other Financial Instruments
Options Written
Call Options Written	$	(9,771	)	$	—	$	—	$	(9,771	)
Put Options Written		(110	)		—		—		(110	)
Total Depreciation in Other Financial Instruments	$	(9,881	)	$	—	$	—	$	(9,881	)

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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	$	—	$	194,024	$	—	$	194,024
Austria		—		18,420		—		18,420
Denmark		—		134,277		—		134,277
Finland		—		24,221		—		24,221
France		—		522,852		—		522,852
Germany		—		400,268		—		400,268
Hong Kong		2		87,154		—		87,156
Ireland		26,550		13,321		—		39,871
Italy		—		87,809		—		87,809
Japan		—		971,923		—		971,923
Luxembourg		—		6,219		—		6,219
Malta		—		—		1		1
Netherlands		14,086		178,796		—		192,882
Norway		—		35,863		—		35,863
Singapore		—		33,913		—		33,913
Spain		—		133,856		—		133,856
Sweden		—		55,047		—		55,047
Switzerland		—		482,481		—		482,481
United Kingdom		—		658,908		—		658,908
United States		—		14,574		—		14,574
Total Common Stocks		40,638		4,053,926		1		4,094,565
Short-Term Investments
Investment Companies		138,332		—		—		138,332
Investment of cash collateral from securities loaned		305,344		—		—		305,344
Total Short-Term Investments		443,676		—		—		443,676
Total Investments in Securities	$	484,314	$	4,053,926	$	1	$	4,538,241
Appreciation in Other Financial Instruments
Futures Contracts	$	11,497	$	—	$	—	$	11,497

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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	$	—	$	20,906	$	—	$	20,906
Austria		434		1,864		—		2,298
Belgium		—		3,400		—		3,400
China		—		1,462		—		1,462
Denmark		—		3,122		—		3,122
Finland		—		4,695		—		4,695
France		—		21,557		—		21,557
Georgia		—		677		—		677
Germany		494		21,948		—		22,442
Hong Kong		—		5,832		—		5,832
India		—		285		—		285
Ireland		—		536		—		536
Israel		—		1,155		—		1,155
Italy		—		5,107		—		5,107
Japan		—		69,652		—		69,652
Luxembourg		—		1,205		—		1,205
Malta		—		323		—		323
Netherlands		1,146		12,820		—		13,966
New Zealand		—		197		—		197
Norway		—		6,817		—		6,817
Russia		—		436		—		436
Singapore		—		3,307		—		3,307
South Africa		—		1,415		—		1,415
Spain		—		7,479		—		7,479
Sweden		—		8,362		—		8,362
Switzerland		—		20,333		—		20,333
United Kingdom		795		36,904		—		37,699
United States		362		167		—		529
Total Common Stocks		3,231		261,963		—		265,194
Short-Term Investments
Investment Companies		4,976		—		—		4,976
Investment of cash collateral from securities loaned		3,129		—		—		3,129
Total Short-Term Investments		8,105		—		—		8,105
Total Investments in Securities	$	11,336	$	261,963	$	—	$	273,299
Appreciation in Other Financial Instruments
Futures Contracts	$	133	$	363	$	—	$	496

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 April 30, 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

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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.

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 April 30, 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	$	126,114	$	(126,114	)	$	—
Emerging Markets Research Enhanced Equity Fund		5,853		(5,853	)		—
Europe Dynamic Fund		35,227		(35,227	)		—
International Advantage Fund		72,637		(72,637	)		—
International Equity Fund		104,180		(104,180	)		—
International Focus Fund		139,159		(139,159	)		—
International Research Enhanced Equity Fund		282,127		(282,127	)		—
International Value Fund		2,936		(2,936	)		—

* 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 six months ended April 30, 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	$	3
Emerging Markets Research Enhanced Equity Fund		2
Europe Dynamic Fund		1
International Advantage Fund		2
International Equity Fund		2
International Focus Fund		4
International Research Enhanced Equity Fund		4
International Value Fund		1

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

International Hedged Equity Fund did not have any securities out on loan at April 30, 2020.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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 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.

Emerging Markets Equity Fund
For the six months ended April 30, 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 April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	168,369	$	1,329,842	$	1,373,681	$	(59	)	$	101	$	124,572		124,472	$	1,173		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		8,001		200,000		127,000		12	*		36		81,049		81,033		159	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		5,485		192,085		149,316		—			—		48,254		48,254		36	*		—
Total	$	181,855	$	1,721,927	$	1,649,997	$	(47	)	$	137	$	253,875			$	1,368		$	—
Emerging Markets Research Enhanced Equity Fund
For the six months ended April 30, 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 April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	22,226	$	780,662	$	778,821	$	(3	)	$	20	$	24,084		24,064	$	390		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		—		215,000		212,001		(9	)*		1		2,991		2,991		96	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		2,216		182,716		181,686		—			—		3,246		3,246		28	*		—
Total	$	24,442	$	1,178,378	$	1,172,508	$	(12	)	$	21	$	30,321			$	514		$	—
Europe Dynamic Fund
For the six months ended April 30, 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 April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	130	$	154,102	$	150,069	$	15		$	7	$	4,185		4,181	$	106		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		—		35,000		5,000		1	*		5		30,006		30,000		8	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		286		47,504		36,507		—			—		11,283		11,283		12	*		—
Total	$	416	$	236,606	$	191,576	$	16		$	12	$	45,474			$	126		$	—

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

International Advantage Fund
For the six months ended April 30, 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 April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	42,366	$	464,489	$	478,051	$	(48	)	$	16	$	28,772		28,750	$	311		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		1,005		110,000		77,999		(9	)*		8		33,005		32,997		61	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		966		138,064		95,656		—			—		43,374		43,374		33	*		—
Total	$	44,337	$	712,553	$	651,706	$	(57	)	$	24	$	105,151			$	405		$	—
International Equity Fund
For the six months ended April 30, 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 April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	49,197	$	392,707	$	413,188	$	(29	)	$	5	$	28,692		28,670	$	370		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		40,003		200,000		171,001		8	*		15		69,025		69,011		176	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		12,516		161,986		131,972		—			—		42,530		42,530		43	*		—
Total	$	101,716	$	754,693	$	716,161	$	(21	)	$	20	$	140,247			$	589		$	—
International Focus Fund
For the six months ended April 30, 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 April 30, 2020		Shares at April 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	48,921	$	415,838	$	432,073	$	18		$	20	$	32,724		32,698	$	343		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		55,000		320,000		251,000		(11	)*		27		124,016		123,991		223	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		20,853		261,394		257,213		—			—		25,034		25,034		63	*		—
Total	$	124,774	$	997,232	$	940,286	$	7		$	47	$	181,774			$	629		$	—

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

International Hedged Equity Fund
For the six months ended April 30, 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 April 30, 2020			Shares at April 30, 2020			Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b)	$	850	$	79,421	$	79,417	$	—		$	—	$	854			854		$	20		$	—
International Research Enhanced Equity Fund
For the six months ended April 30, 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 April 30, 2020			Shares at April 30, 2020			Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	154,151	$	718,672	$	734,533	$	(55	)	$	97	$	138,332			138,222		$	1,357		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		76,005		296,000		240,000		1	*		25		132,031			132,004			187	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		30,261		342,584		199,532		—			—		173,313			173,313			72	*		—
Total	$	260,417	$	1,357,256	$	1,174,065	$	(54	)	$	122	$	443,676					$	1,616		$	—
International Value Fund
For the six months ended April 30, 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 April 30, 2020			Shares at April 30, 2020			Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.63% (a)(b)	$	3,487	$	46,394	$	44,910	$	2		$	3	$	4,976			4,972		$	63		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b)		2,000		11,000		13,000		—	(c)*		—		—	(c)		—	(c)		13	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b)		2,026		26,388		25,285		—			—		3,129			3,129			13	*		—
Total	$	7,513	$	83,782	$	83,195	$	2		$	3	$	8,105					$	89		$	—

(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 April 30, 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).

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 on the Statements of Operations.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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 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 six months ended April 30, 2020 (amounts in thousands, except number of contracts):

	International Hedged Equity Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		473
Average Number of Contracts Written		946
Ending Number of Contracts Purchased		631
Ending Number of Contracts Written		1262

G. Futures Contracts — The Funds 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 the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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 in 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 six months ended April 30, 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	$	46,103	(a)	$	10,036		$	32,282	$	2,954	$	151,128	$	9,549
Average Notional Balance Short		—			7,291	(b)		—		—		—		—
Ending Notional Balance Long		31,574			1,528			23,804		3,544		139,823		5,137

(a) For the period December 1, 2019 through April 30, 2020.

(b) 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 paid 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 six months ended April 30, 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.

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended April 30, 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	$	28		$	4		$	29		$	8		$	1		$	—	(a)	$	—	(a)	$	3		$	93		$	166
Emerging Markets Research Enhanced Equity Fund
Transfer agency fees		n/a			n/a			—	(a)		n/a			n/a			n/a			n/a			n/a			3			3
Europe Dynamic Fund
Transfer agency fees		9			2			3			—	(a)		n/a			n/a			n/a			n/a			1			15
International Advantage Fund
Transfer agency fees		9			1			1			n/a			27			n/a			n/a			n/a			7			45
International Equity Fund
Transfer agency fees		22			2			3			n/a			—	(a)		n/a			n/a			—	(a)		11			38
International Focus Fund
Transfer agency fees		5			2			5			n/a			1			n/a			n/a			1			8			22
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		27			n/a			2			n/a			n/a			n/a			n/a			n/a			18			47
International Value Fund
Transfer agency fees		6			1			2			—	(a)		1			n/a			n/a			—	(a)		—	(a)		10

(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 April 30, 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 Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains 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.

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 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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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 six months ended April 30, 2020, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements, with the exception of Class R5 Shares and Class R6 Shares of International Hedged 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

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 six months ended April 30, 2020, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Emerging Markets Equity Fund	$	65		$	—	(a)
Europe Dynamic Fund		2			—
International Advantage Fund		1			—
International Equity Fund		55			1
International Focus Fund		19			—	(a)
International Hedged Equity Fund		1			—
International Research Enhanced Equity Fund		—	(a)		—
International Value Fund		18			—

(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

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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 as 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.

Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2020 and are in place until February 28, 2021.

For the six months ended April 30, 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	$	858	$	570	$	755		$	2,183	$	93
Emerging Markets Research Enhanced Equity Fund		115		77		—	(a)		192		5
Europe Dynamic Fund		—		—		21			21		—
International Advantage Fund		651		435		86			1,172		—	(a)
International Equity Fund		938		624		156			1,718		1
International Focus Fund		1,177		785		98			2,060		7
International Hedged Equity Fund		95		32		1			128		56
International Research Enhanced Equity Fund		758		505		343			1,606		—
International Value Fund		201		121		63			385		—	(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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2020 were as follows (amounts in thousands):

Emerging Markets Equity Fund	$	155
Emerging Markets Research Enhanced Equity Fund		69
Europe Dynamic Fund		13
International Advantage Fund		42
International Equity Fund		51
International Focus Fund		53
International Hedged Equity Fund		3
International Research Enhanced Equity Fund		182
International Value Fund		8

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 six months ended April 30, 2020, Emerging Markets Equity 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, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended April 30, 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	$	2,813,915	$	460,593
Emerging Markets Research Enhanced Equity Fund		1,126,545		521,333
Europe Dynamic Fund		349,625		384,501
International Advantage Fund		789,329		735,124
International Equity Fund		492,514		387,276
International Focus Fund		691,918		482,225
International Hedged Equity Fund		85,280		31,484
International Research Enhanced Equity Fund		1,267,069		1,021,570
International Value Fund		97,764		130,638

During the six months ended April 30, 2020, there were no purchases or sales of U.S. Government securities.

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity Fund	$	6,980,755	$	1,477,626	$	561,590	$	916,036
Emerging Markets Research Enhanced Equity Fund		2,562,890		123,728		348,606		(224,878	)
Europe Dynamic Fund		472,725		31,262		45,010		(13,748	)
International Advantage Fund		1,623,558		103,894		171,849		(67,955	)
International Equity Fund		2,342,906		593,638		170,276		423,362
International Focus Fund		2,651,599		149,601		138,343		11,258
International Hedged Equity Fund		104,098		6,216		18,965		(12,749	)
International Research Enhanced Equity Fund		4,843,280		371,478		665,020		(293,542	)
International Value Fund		351,127		6,647		83,979		(77,332	)

At October 31, 2019, 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	$	7,673		$	116,595
Europe Dynamic Fund		111,146			2,935
International Advantage Fund		222,918			54,545
International Equity Fund		38,501			19,256
International Focus Fund		42,042	*		6,985	*
International Hedged Equity Fund		153			297
International Research Enhanced Equity Fund		16,878			145,754
International Value Fund		38,435			7,625

At October 31, 2019, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
Emerging Markets Equity Fund	$	—	$	10,702

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

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 April 30, 2020. Average borrowings from the Facility during the six months ended April 30, 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	$	20,330		1.67	%		4	$	3
Europe Dynamic Fund		2,326		1.85			3		—	(a)
International Advantage Fund		20,534		1.87			3		4
International Hedged Equity Fund		3,784		0.79			2		—	(a)

(a) Amount rounds to less than one thousand.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted facility during the six months ended April 30, 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% plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“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 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended April 30, 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 April 30, 2020, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of individual shareholder and/ or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/ or Non-Affiliated Omnibus Accounts		% of the Fund
Emerging Markets Equity Fund		—		—	%		2		26.1	%
Emerging Markets Research Enhanced Equity Fund		4		58.5			—		—
Europe Dynamic Fund		4		60.2			1		12.0
International Advantage Fund		5		72.9			—		—
International Equity Fund		2		41.0			1		12.4
International Focus Fund		4		68.5			—		—
International Hedged Equity Fund		1		49.8			1		19.1
International Research Enhanced Equity Fund		3		31.0			—		—
International Value Fund		—		—			1		72.8

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

As of April 30, 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 Equity Fund		—	%		12.5	%		—	%
Emerging Markets Research Enhanced Equity Fund		—			65.0			19.1
Europe Dynamic Fund		51.8			—			—
International Advantage Fund		—			95.8			—
International Equity Fund		—			54.6			—
International Focus Fund		—			76.1			—
International Research Enhanced Equity Fund		15.6			64.2			—

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

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 depending on the Fund. 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 April 30, 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:

	China			France			Germany			India			Japan
Emerging Markets Equity Fund		35.5	%		—	%		—	%		16.5	%		—	%
Emerging Markets Research Enhanced Equity Fund		39.4			—			—			—			—
Europe Dynamic Fund		—			14.9			13.1			—			—
International Advantage Fund		—			—			—			—			25.7
International Equity Fund		—			13.3			—			—			15.4
International Focus Fund		10.0			—			10.1			—			—
International Hedged Equity Fund		—			12.5			—			—			23.6
International Research Enhanced Equity Fund		—			12.4			—			—			23.0
International Value Fund		—			—			—			—			25.8

	South Korea			Switzerland			Taiwan			United Kingdom
Emerging Markets Research Enhanced Equity Fund		12.3	%		—	%		12.0	%		—	%
Europe Dynamic Fund		—			20.9			—			17.5
International Advantage Fund		—			11.8			—			11.1
International Equity Fund		—			13.9			—			14.8
International Focus Fund		—			11.1			—			20.0
International Hedged Equity Fund		—			11.6			—			15.8
International Research Enhanced Equity Fund		—			11.4			—			15.6
International Value Fund		—			—			—			14.0

As of April 30, 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 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.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2020 (Unaudited) (continued)

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.

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 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, November 1, 2019, and continued to hold your shares at the end of the reporting period, April 30, 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 November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Equity Fund
Class A
Actual	$	1,000.00	$	897.40	$	5.85		1.24	%
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		895.20		8.20		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		898.60		4.67		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class L
Actual		1,000.00		899.30		4.20		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R2
Actual		1,000.00		896.30		7.26		1.54
Hypothetical		1,000.00		1,017.21		7.72		1.54
Class R3
Actual		1,000.00		897.50		6.09		1.29
Hypothetical		1,000.00		1,018.45		6.47		1.29
Class R4
Actual		1,000.00		898.30		4.91		1.04
Hypothetical		1,000.00		1,019.69		5.22		1.04
Class R5
Actual		1,000.00		899.20		4.20		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R6
Actual		1,000.00		899.50		3.73		0.79
Hypothetical		1,000.00		1,020.93		3.97		0.79

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Actual	$	1,000.00	$	882.10	$	2.01		0.43	%
Hypothetical		1,000.00		1,022.73		2.16		0.43
Class R6
Actual		1,000.00		882.70		1.64		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
JPMorgan Europe Dynamic Fund
Class A		1,000.00		833.50		5.65		1.24
Actual		1,000.00		1,018.70		6.22		1.24
Hypothetical
Class C		1,000.00		830.90		7.92		1.74
Actual		1,000.00		1,016.21		8.72		1.74
Hypothetical
Class I		1,000.00		834.40		4.52		0.99
Actual		1,000.00		1,019.94		4.97		0.99
Hypothetical
Class L		1,000.00		834.90		3.88		0.85
Actual		1,000.00		1,020.64		4.27		0.85
Hypothetical
Class R6		1,000.00		835.20		3.42		0.75
Actual		1,000.00		1,021.13		3.77		0.75
Hypothetical
JPMorgan International Advantage Fund
Class A		1,000.00		838.10		4.34		0.95
Actual		1,000.00		1,020.14		4.77		0.95
Hypothetical
Class C		1,000.00		836.60		6.62		1.45
Actual		1,000.00		1,017.65		7.27		1.45
Hypothetical
Class I		1,000.00		839.40		3.20		0.70
Actual		1,000.00		1,021.38		3.52		0.70
Hypothetical
Class R2		1,000.00		837.10		5.71		1.25
Actual		1,000.00		1,018.65		6.27		1.25
Hypothetical
Class R6		1,000.00		840.50		2.29		0.50
Actual		1,000.00		1,022.38		2.51		0.50
Hypothetical
JPMorgan International Equity Fund
Class A		1,000.00		874.00		4.43		0.95
Actual		1,000.00		1,020.14		4.77		0.95
Hypothetical
Class C		1,000.00		871.20		6.75		1.45
Actual		1,000.00		1,017.65		7.27		1.45
Hypothetical
Class I		1,000.00		875.00		3.26		0.70
Actual		1,000.00		1,021.38		3.52		0.70
Hypothetical
Class R2		1,000.00		872.30		5.82		1.25
Actual		1,000.00		1,018.65		6.27		1.25
Hypothetical
Class R5		1,000.00		875.50		2.80		0.60
Actual		1,000.00		1,021.88		3.02		0.60
Hypothetical

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan International Equity Fund (continued)
Class R6	$	1,000.00	$	875.70	$	2.33		0.50	%
Actual		1,000.00		1,022.38		2.51		0.50
Hypothetical
JPMorgan International Focus Fund (formerly known as JPMorgan International Unconstrained Equity Fund)
Class A		1,000.00		902.50		4.73		1.00
Actual		1,000.00		1,019.89		5.02		1.00
Hypothetical
Class C		1,000.00		900.80		7.09		1.50
Actual		1,000.00		1,017.40		7.52		1.50
Hypothetical
Class I		1,000.00		904.00		3.55		0.75
Actual		1,000.00		1,021.13		3.77		0.75
Hypothetical
Class R2		1,000.00		901.40		6.15		1.30
Actual		1,000.00		1,018.40		6.52		1.30
Hypothetical
Class R5		1,000.00		904.10		3.08		0.65
Actual		1,000.00		1,021.63		3.27		0.65
Hypothetical
Class R6		1,000.00		904.70		2.60		0.55
Actual		1,000.00		1,022.13		2.77		0.55
Hypothetical
JPMorgan International Hedged Equity Fund
Class A		1,000.00		913.30		4.04		0.85
Actual		1,000.00		1,020.64		4.27		0.85
Hypothetical
Class C		1,000.00		910.80		6.41		1.35
Actual		1,000.00		1,018.15		6.77		1.35
Hypothetical
Class I		1,000.00		914.40		2.86		0.60
Actual		1,000.00		1,021.88		3.02		0.60
Hypothetical
Class R5		1,000.00		915.40		2.14		0.45
Actual		1,000.00		1,022.63		2.26		0.45
Hypothetical
Class R6		1,000.00		915.60		1.67		0.35
Actual		1,000.00		1,023.12		1.76		0.35
Hypothetical
JPMorgan International Research Enhanced Equity Fund
Class A		1,000.00		847.90		2.76		0.60
Actual		1,000.00		1,021.88		3.02		0.60
Hypothetical
Class I		1,000.00		848.90		1.56		0.34
Actual		1,000.00		1,023.17		1.71		0.34
Hypothetical
Class R6		1,000.00		849.00		1.10		0.24
Actual		1,000.00		1,023.67		1.21		0.24
Hypothetical
JPMorgan International Value Fund
Class A		1,000.00		767.50		4.39		1.00
Actual		1,000.00		1,019.89		5.02		1.00
Hypothetical

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan International Value Fund (continued)
Class C	$	1,000.00	$	765.60	$	6.58		1.50	%
Actual		1,000.00		1,017.40		7.52		1.50
Hypothetical
Class I		1,000.00		768.70		3.30		0.75
Actual		1,000.00		1,021.13		3.77		0.75
Hypothetical
Class L		1,000.00		769.00		2.86		0.65
Actual		1,000.00		1,021.63		3.27		0.65
Hypothetical
Class R2		1,000.00		767.10		5.71		1.30
Actual		1,000.00		1,018.40		6.52		1.30
Hypothetical
Class R5		1,000.00		768.80		2.86		0.65
Actual		1,000.00		1,021.63		3.27		0.65
Hypothetical
Class R6		1,000.00		769.20		2.42		0.55
Actual		1,000.00		1,022.13		2.77		0.55
Hypothetical

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS APRIL 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

APRIL 30, 2020 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

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 on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q 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. April 2020. SAN-INTEQ-420

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.

Not applicable to a semi-annual 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.

(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)).

(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 to a semi-annual report.

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.

(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.

(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.

(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.

(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.

(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.

(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.

(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.

(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.

Not applicable to a semi-annual report.

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 to a semi-annual report.

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.

Not applicable.

(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 II
By:	/s/ Brian S. Shlissel
Brian S. Shlissel
President and Principal Executive Officer
July 1, 2020

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
July 1, 2020
By:	/s/ Timothy J. Clemens
Timothy J. Clemens
Treasurer and Principal Financial Officer
July 1, 2020

EX-99.CERT

CERTIFICATIONS         EXHIBIT (B)(1)

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan International Research Enhanced Equity Fund (the “Fund”), a series of JPMorgan Trust II (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Funds’ internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Funds’ internal control over financial reporting.

Date: July 1, 2020	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the series JPMorgan International Research Enhanced Equity Fund (the “Fund”), a series of JPMorgan Trust II (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Funds’ internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Funds’ internal control over financial reporting.

Date: July 1, 2020	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan International Research Enhanced Equity Fund (the “Fund”), a series of JPMorgan Trust II (the “Registrant”);

I, Brian S. Shlissel, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Funds.

/s/ Brian S. Shlissel

Brian S. Shlissel

President and Principal Executive Officer

July 1, 2020

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan International Research Enhanced Equity Fund (the “Fund”), a series of JPMorgan Trust II (the “Registrant”);

I, Timothy J. Clemens, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Funds.

/s/ Timothy J. Clemens

Timothy J. Clemens

Treasurer and Principal Financial Officer

July 1, 2020

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.