# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001193125-25-336833
**Filing Date:** 2025-12
**Character Count:** 1902125
**Document Hash:** ed906cd657ff411b7aba1c192624717b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-336833.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-336833

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 137

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286

**ORGANIZATION NAME:**
- **EIN:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251613713

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JP MORGAN MUTUAL FUND SERIES
- **DATE OF NAME CHANGE:** 20030204

## Series and Classes Contracts Data

### JPMorgan Tax Aware Real Return Fund (Series ID: S000002608)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007161 | Class I      | TXRIX           |
| C000007162 | Class A      | TXRAX           |
| C000007163 | Class C      | TXRCX           |
| C000130213 | Class R6     | TXRRX           |

### JPMorgan Research Market Neutral Fund (Series ID: S000002614)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007189 | Class A      | JMNAX           |
| C000081099 | Class C      | JMNCX           |
| C000081100 | Class I      | JMNSX           |

### JPMorgan Emerging Markets Equity Fund (Series ID: S000002615)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007191 | Class I      | JEMSX           |
| C000007192 | Class L      | JMIEX           |
| C000007193 | Class A      | JFAMX           |
| C000017326 | Class C      | JEMCX           |
| C000134566 | Class R6     | JEMWX           |
| C000173218 | Class R5     | JEMOX           |
| C000190873 | Class R2     | JHUJX           |
| C000190874 | Class R3     | JHURX           |
| C000190875 | Class R4     | JHUKX           |

### JPMorgan International Equity Fund (Series ID: S000002623)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007216 | Class I      | VSIEX           |
| C000007217 | Class A      | JSEAX           |
| C000007219 | Class C      | JIECX           |
| C000033527 | Class R5     | JIERX           |
| C000070619 | Class R2     | JIEZX           |
| C000093772 | Class R6     | JNEMX           |

### JPMorgan Developed International Value Fund (Series ID: S000002627)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007227 | Class I      | JIESX           |
| C000007228 | Class L      | JNUSX           |
| C000007229 | Class A      | JFEAX           |
| C000034831 | Class C      | JIUCX           |
| C000070620 | Class R2     | JPVZX           |
| C000093774 | Class R6     | JNVMX           |
| C000173219 | Class R5     | JPVRX           |

### JPMorgan Europe Dynamic Fund (Series ID: S000002662)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007293 | Class I      | JFESX           |
| C000007294 | Class L      | JFEIX           |
| C000007295 | Class A      | VEUAX           |
| C000007297 | Class C      | VEUCX           |
| C000205200 | Class R6     | VEUVX           |

### JPMorgan Income Builder Fund (Series ID: S000015698)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000042871 | Class A      | JNBAX           |
| C000042872 | Class C      | JNBCX           |
| C000042873 | Class I      | JNBSX           |
| C000195048 | Class R6     | JNBZX           |

### JPMorgan Global Allocation Fund (Series ID: S000031462)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000097802 | Class A      | GAOAX           |
| C000097803 | Class C      | GAOCX           |
| C000097804 | Class I      | GAOSX           |
| C000097805 | Class R2     | GAONX           |
| C000195049 | Class R6     | GAOZX           |
| C000205203 | Class R5     | GAORX           |
| C000205204 | Class R4     | GAOFX           |
| C000205205 | Class R3     | GAOTX           |

### JPMorgan International Focus Fund (Series ID: S000034585)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000106399 | Class A      | IUAEX           |
| C000106400 | Class C      | IUCEX           |
| C000106401 | Class I      | IUESX           |
| C000106402 | Class R2     | IUERX           |
| C000106403 | Class R5     | IUEFX           |
| C000106404 | Class R6     | IUENX           |

?xml version='1.0' encoding='ASCII'? JPMorgan Trust I

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-21295

#### JPMorgan Trust I
(Exact name of registrant as specified in charter)

------

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to: <br> Elizabeth A. Davin, Esq. JPMorgan Chase & Co. 1111 Polaris Parkway Columbus, OH 43240 Alison M. Fumai, Esq. Dechert LLP 1905 Avenue of the Americas New York, NY 10036

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 480-4111

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### October 31, 2025
Item 1. Report to Stockholders.

a.) 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).

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g60217images_2647.jpg)

Class A Shares/Ticker: JFEAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Developed International Value Fund<br>(Class A Shares) | $116 | 0.99% |

---

**How did the Fund Perform?**

The JPMorgan Developed International Value Fund's Class A Shares, without a sales charge, returned 34.40% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) returned 23.03% and the MSCI EAFE Value Index (net total return) (the "Index") returned 29.55% for the twelve months ended October 31, 2025.

* The Fund's security selection in the banks and capital goods sectors contributed to performance relative to the Index. 

* The Fund's security selection in the telecommunication services, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014006.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Developed International Value Fund (Class A Shares)** | September 28, 2001 | 27.30% | 18.12% | 7.05% |
| **JPMorgan Developed International Value Fund (Class A Shares) - excluding sales charge** |  | 34.40 | 19.40 | 7.63 |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |
| **MSCI EAFE Value Index (net total return)** |  | 29.55 | 16.79 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Developed International Value Fund, the MSCI EAFE Index (net total return) and the MSCI EAFE Value Index (net total return) from October 31, 2015 to October 31, 2025. 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 EAFE Index (net total return) and MSCI EAFE Value Index (net total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The MSCI EAFE Value Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1910969 |
| **Total number of portfolio holdings** | 289 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $5122 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013803.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JFEAX-1025

JPMorgan Developed International Value Fund - Class A

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g60217images_2647.jpg)

Class C Shares/Ticker: JIUCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Developed International Value Fund<br>(Class C Shares) | $174 | 1.49% |

---

**How did the Fund Perform?**

The JPMorgan Developed International Value Fund's Class C Shares, without a sales charge, returned 33.74% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) returned 23.03% and the MSCI EAFE Value Index (net total return) (the "Index") returned 29.55% for the twelve months ended October 31, 2025.

* The Fund's security selection in the banks and capital goods sectors contributed to performance relative to the Index. 

* The Fund's security selection in the telecommunication services, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014008.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Developed International Value Fund (Class C Shares)** | July 11, 2006 | 32.74% | 18.81% | 7.18% |
| **JPMorgan Developed International Value Fund (Class C Shares) - excluding sales charge** |  | 33.74 | 18.81 | 7.18 |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |
| **MSCI EAFE Value Index (net total return)** |  | 29.55 | 16.79 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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.

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Developed International Value Fund, the MSCI EAFE Index (net total return) and the MSCI EAFE Value Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) and MSCI EAFE Value Index (net total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The MSCI EAFE Value Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1910969 |
| **Total number of portfolio holdings** | 289 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $5122 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013801.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JIUCX-1025

JPMorgan Developed International Value Fund - Class C

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g60217images_2647.jpg)

Class I Shares/Ticker: JIESX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Developed International Value Fund<br>(Class I Shares) | $87 | 0.74% |

---

**How did the Fund Perform?**

The JPMorgan Developed International Value Fund's Class I Shares returned 34.77% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) returned 23.03% and the MSCI EAFE Value Index (net total return) (the "Index") returned 29.55% for the twelve months ended October 31, 2025.

* The Fund's security selection in the banks and capital goods sectors contributed to performance relative to the Index. 

* The Fund's security selection in the telecommunication services, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014007.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Developed International Value Fund (Class I Shares)** | September 10, 2001 | 34.77% | 19.70% | 7.91% |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |
| **MSCI EAFE Value Index (net total return)** |  | 29.55 | 16.79 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Developed International Value Fund, the MSCI EAFE Index (net total return) and the MSCI EAFE Value Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) and MSCI EAFE Value Index (net total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The MSCI EAFE Value Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1910969 |
| **Total number of portfolio holdings** | 289 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $5122 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013802.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JIESX-1025

JPMorgan Developed International Value Fund - Class I

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g60217images_2647.jpg)

Class L Shares/Ticker: JNUSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Developed International Value Fund<br>(Class L Shares) | $75 | 0.64% |

---

**How did the Fund Perform?**

The JPMorgan Developed International Value Fund's Class L Shares returned 34.82% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) returned 23.03% and the MSCI EAFE Value Index (net total return) (the "Index") returned 29.55% for the twelve months ended October 31, 2025.

* The Fund's security selection in the banks and capital goods sectors contributed to performance relative to the Index. 

* The Fund's security selection in the telecommunication services, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014009.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Developed International Value Fund (Class L Shares)** | November 4, 1993 | 34.82% | 19.81% | 8.02% |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |
| **MSCI EAFE Value Index (net total return)** |  | 29.55 | 16.79 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Developed International Value Fund, the MSCI EAFE Index (net total return) and the MSCI EAFE Value Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) and MSCI EAFE Value Index (net total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The MSCI EAFE Value Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1910969 |
| **Total number of portfolio holdings** | 289 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $5122 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013812.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JNUSX-1025

JPMorgan Developed International Value Fund - Class L

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R2 Shares/Ticker: JPVZX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Developed International Value Fund<br>(Class R2 Shares) | $151 | 1.29% |

---

**How did the Fund Perform?**

The JPMorgan Developed International Value Fund's Class R2 Shares returned 33.96% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) returned 23.03% and the MSCI EAFE Value Index (net total return) (the "Index") returned 29.55% for the twelve months ended October 31, 2025.

* The Fund's security selection in the banks and capital goods sectors contributed to performance relative to the Index. 

* The Fund's security selection in the telecommunication services, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014010.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Developed International Value Fund (Class R2 Shares)** | November 3, 2008 | 33.96% | 19.04% | 7.31% |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |
| **MSCI EAFE Value Index (net total return)** |  | 29.55 | 16.79 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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.

The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Developed International Value Fund, the MSCI EAFE Index (net total return) and the MSCI EAFE Value Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) and MSCI EAFE Value Index (net total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The MSCI EAFE Value Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1910969 |
| **Total number of portfolio holdings** | 289 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $5122 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013811.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPVZX-1025

JPMorgan Developed International Value Fund - Class R2

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R5 Shares/Ticker: JPVRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Developed International Value Fund<br>(Class R5 Shares) | $76 | 0.64% |

---

**How did the Fund Perform?**

The JPMorgan Developed International Value Fund's Class R5 Shares returned 34.91% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) returned 23.03% and the MSCI EAFE Value Index (net total return) (the "Index") returned 29.55% for the twelve months ended October 31, 2025.

* The Fund's security selection in the banks and capital goods sectors contributed to performance relative to the Index. 

* The Fund's security selection in the telecommunication services, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014000.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Developed International Value Fund (Class R5 Shares)** | September 9, 2016 | 34.91% | 19.81% | 8.03% |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |
| **MSCI EAFE Value Index (net total return)** |  | 29.55 | 16.79 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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 prior to its inception date are based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class L Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Developed International Value Fund, the MSCI EAFE Index (net total return) and the MSCI EAFE Value Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) and MSCI EAFE Value Index (net total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The MSCI EAFE Value Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1910969 |
| **Total number of portfolio holdings** | 289 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $5122 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013809.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPVRX-1025

JPMorgan Developed International Value Fund - Class R5

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R6 Shares/Ticker: JNVMX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Developed International Value Fund<br>(Class R6 Shares) | $64 | 0.54% |

---

**How did the Fund Perform?**

The JPMorgan Developed International Value Fund's Class R6 Shares returned 34.96% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) returned 23.03% and the MSCI EAFE Value Index (net total return) (the "Index") returned 29.55% for the twelve months ended October 31, 2025.

* The Fund's security selection in the banks and capital goods sectors contributed to performance relative to the Index. 

* The Fund's security selection in the telecommunication services, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013999.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Developed International Value Fund (Class R6 Shares)** | November 30, 2010 | 34.96% | 19.92% | 8.14% |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |
| **MSCI EAFE Value Index (net total return)** |  | 29.55 | 16.79 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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.

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Developed International Value Fund, the MSCI EAFE Index (net total return) and the MSCI EAFE Value Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) and MSCI EAFE Value Index (net total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The MSCI EAFE Value Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1910969 |
| **Total number of portfolio holdings** | 289 |
| **Portfolio turnover rate** | 29% |
| **Total advisory fees paid (000's)** | $5122 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013810.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JNVMX-1025

JPMorgan Developed International Value Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class A Shares/Ticker: JFAMX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Equity Fund<br>(Class A Shares) | $145 | 1.24% |

---

**How did the Fund Perform?**

The JPMorgan Emerging Markets Equity Fund's Class A Shares, without a sales charge, returned 33.83% for the twelve months ended October 31, 2025. The MSCI Emerging Markets Index (net total return) (the "Index") returned 27.91% for the twelve months ended October 31, 2025.

* The Fund's stock selection in the information technology sector and in Taiwan contributed to performance relative to the Index, driven by strong returns in the region. 

* The consumer discretionary sector detracted from performance relative to the Index. 

* Exposure to Argentina detracted from the Fund's performance, reflecting unfavorable market conditions and investment decisions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014014.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Equity Fund (Class A Shares)** | September 28, 2001 | 26.80% | 2.33% | 7.92% |
| **JPMorgan Emerging Markets Equity Fund (Class A Shares) - excluding sales charge** |  | 33.83 | 3.44 | 8.50 |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 7.46 | 7.69 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Emerging Markets Equity Fund and the MSCI Emerging Markets Index (net total return) from October 31, 2015 to October 31, 2025. 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 Emerging Markets Index (net total return) 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 MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9413105 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $48039 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013795.jpg)

#### Material changes to the Fund during the period
Prior to April 1, 2025, Class A Shares of the Fund were publicly offered on a limited basis. Investors were not eligible to purchase Class A Shares of the Fund unless they met certain requirements.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JFAMX-1025

JPMorgan Emerging Markets Equity Fund - Class A

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class C Shares/Ticker: JEMCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Equity Fund<br>(Class C Shares) | $203 | 1.74% |

---

**How did the Fund Perform?**

The JPMorgan Emerging Markets Equity Fund's Class C Shares, without a sales charge, returned 33.13% for the twelve months ended October 31, 2025. The MSCI Emerging Markets Index (net total return) (the "Index") returned 27.91% for the twelve months ended October 31, 2025.

* The Fund's stock selection in the information technology sector and in Taiwan contributed to performance relative to the Index, driven by strong returns in the region. 

* The consumer discretionary sector detracted from performance relative to the Index. 

* Exposure to Argentina detracted from the Fund's performance, reflecting unfavorable market conditions and investment decisions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014015.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Equity Fund (Class C Shares)** | February 28, 2006 | 32.13% | 2.92% | 8.07% |
| **JPMorgan Emerging Markets Equity Fund (Class C Shares) - excluding sales charge** |  | 33.13 | 2.92 | 8.07 |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 7.46 | 7.69 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Emerging Markets Equity Fund and the MSCI Emerging Markets Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9413105 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $48039 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013806.jpg)

#### Material changes to the Fund during the period
Prior to April 1, 2025, Class C Shares of the Fund were publicly offered on a limited basis. Investors were not eligible to purchase Class C Shares of the Fund unless they met certain requirements.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JEMCX-1025

JPMorgan Emerging Markets Equity Fund - Class C

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class I Shares/Ticker: JEMSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Equity Fund<br>(Class I Shares) | $116 | 0.99% |

---

**How did the Fund Perform?**

The JPMorgan Emerging Markets Equity Fund's Class I Shares returned 34.14% for the twelve months ended October 31, 2025. The MSCI Emerging Markets Index (net total return) (the "Index") returned 27.91% for the twelve months ended October 31, 2025.

* The Fund's stock selection in the information technology sector and in Taiwan contributed to performance relative to the Index, driven by strong returns in the region. 

* The consumer discretionary sector detracted from performance relative to the Index. 

* Exposure to Argentina detracted from the Fund's performance, reflecting unfavorable market conditions and investment decisions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014016.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Equity Fund (Class I Shares)** | September 10, 2001 | 34.14% | 3.70% | 8.77% |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 7.46 | 7.69 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Emerging Markets Equity Fund and the MSCI Emerging Markets Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9413105 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $48039 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013805.jpg)

#### Material changes to the Fund during the period
Prior to April 1, 2025, Class I Shares of the Fund were publicly offered on a limited basis. Investors were not eligible to purchase Class I Shares of the Fund unless they met certain requirements.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JEMSX-1025

JPMorgan Emerging Markets Equity Fund - Class I

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class L Shares/Ticker: JMIEX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Equity Fund<br>(Class L Shares) | $104 | 0.89% |

---

**How did the Fund Perform?**

The JPMorgan Emerging Markets Equity Fund's Class L Shares returned 34.30% for the twelve months ended October 31, 2025. The MSCI Emerging Markets Index (net total return) (the "Index") returned 27.91% for the twelve months ended October 31, 2025.

* The Fund's stock selection in the information technology sector and in Taiwan contributed to performance relative to the Index, driven by strong returns in the region. 

* The consumer discretionary sector detracted from performance relative to the Index. 

* Exposure to Argentina detracted from the Fund's performance, reflecting unfavorable market conditions and investment decisions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014005.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Equity Fund (Class L Shares)** | November 15, 1993 | 34.30% | 3.80% | 8.89% |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 7.46 | 7.69 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

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 total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9413105 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $48039 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013804.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JMIEX-1025

JPMorgan Emerging Markets Equity Fund - Class L

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R2 Shares/Ticker: JHUJX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Equity Fund<br>(Class R2 Shares) | $180 | 1.54% |

---

**How did the Fund Perform?**

The JPMorgan Emerging Markets Equity Fund's Class R2 Shares returned 33.40% for the twelve months ended October 31, 2025. The MSCI Emerging Markets Index (net total return) (the "Index") returned 27.91% for the twelve months ended October 31, 2025.

* The Fund's stock selection in the information technology sector and in Taiwan contributed to performance relative to the Index, driven by strong returns in the region. 

* The consumer discretionary sector detracted from performance relative to the Index. 

* Exposure to Argentina detracted from the Fund's performance, reflecting unfavorable market conditions and investment decisions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014021.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Equity Fund (Class R2 Shares)** | July 31, 2017 | 33.40% | 3.13% | 8.20% |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 7.46 | 7.69 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

Returns for Class R2 Shares prior to its inception date 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 have higher expenses than Class A Shares.

The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Emerging Markets Equity Fund and the MSCI Emerging Markets Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9413105 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $48039 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013800.jpg)

#### Material changes to the Fund during the period
Prior to April 1, 2025, Class R2 Shares of the Fund were publicly offered on a limited basis. Investors were not eligible to purchase Class R2 Shares of the Fund unless they met certain requirements.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHUJX-1025

JPMorgan Emerging Markets Equity Fund - Class R2

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R3 Shares/Ticker: JHURX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Equity Fund<br>(Class R3 Shares) | $151 | 1.29% |

---

**How did the Fund Perform?**

The JPMorgan Emerging Markets Equity Fund's Class R3 Shares returned 33.77% for the twelve months ended October 31, 2025. The MSCI Emerging Markets Index (net total return) (the "Index") returned 27.91% for the twelve months ended October 31, 2025.

* The Fund's stock selection in the information technology sector and in Taiwan contributed to performance relative to the Index, driven by strong returns in the region. 

* The consumer discretionary sector detracted from performance relative to the Index. 

* Exposure to Argentina detracted from the Fund's performance, reflecting unfavorable market conditions and investment decisions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014022.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Equity Fund (Class R3 Shares)** | July 31, 2017 | 33.77% | 3.39% | 8.46% |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 7.46 | 7.69 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

Returns for Class R3 Shares prior to its inception date 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 R3 Shares have higher expenses than Class A Shares.

The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Emerging Markets Equity Fund and the MSCI Emerging Markets Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9413105 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $48039 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013799.jpg)

#### Material changes to the Fund during the period
Prior to April 1, 2025, Class R3 Shares of the Fund were publicly offered on a limited basis. Investors were not eligible to purchase Class R3 Shares of the Fund unless they met certain requirements.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHURX-1025

JPMorgan Emerging Markets Equity Fund - Class R3

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R4 Shares/Ticker: JHUKX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Equity Fund<br>(Class R4 Shares) | $122 | 1.04% |

---

The JPMorgan Emerging Markets Equity Fund's Class R4 Shares returned 34.06% for the twelve months ended October 31, 2025. The MSCI Emerging Markets Index (net total return) (the "Index") returned 27.91% for the twelve months ended October 31, 2025.

* The Fund's stock selection in the information technology sector and in Taiwan contributed to performance relative to the Index, driven by strong returns in the region. 

* The consumer discretionary sector detracted from performance relative to the Index. 

* Exposure to Argentina detracted from the Fund's performance, reflecting unfavorable market conditions and investment decisions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014011.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Equity Fund (Class R4 Shares)** | July 31, 2017 | 34.06% | 3.64% | 8.72% |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 7.46 | 7.69 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

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 $10,000 invested in Class R4 Shares of the JPMorgan Emerging Markets Equity Fund and the MSCI Emerging Markets Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9413105 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $48039 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013798.jpg)

#### Material changes to the Fund during the period
Prior to April 1, 2025, Class R4 Shares of the Fund were publicly offered on a limited basis. Investors were not eligible to purchase Class R4 Shares of the Fund unless they met certain requirements.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JHUKX-1025

JPMorgan Emerging Markets Equity Fund - Class R4

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R5 Shares/Ticker: JEMOX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Equity Fund<br>(Class R5 Shares) | $104 | 0.89% |

---

**How did the Fund Perform?**

The JPMorgan Emerging Markets Equity Fund's Class R5 Shares returned 34.30% for the twelve months ended October 31, 2025. The MSCI Emerging Markets Index (net total return) (the "Index") returned 27.91% for the twelve months ended October 31, 2025.

* The Fund's stock selection in the information technology sector and in Taiwan contributed to performance relative to the Index, driven by strong returns in the region. 

* The consumer discretionary sector detracted from performance relative to the Index. 

* Exposure to Argentina detracted from the Fund's performance, reflecting unfavorable market conditions and investment decisions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014012.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Equity Fund (Class R5 Shares)** | September 9, 2016 | 34.30% | 3.80% | 8.89% |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 7.46 | 7.69 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

Returns for Class R5 Shares prior to its inception date are based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class L Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Emerging Markets Equity Fund and the MSCI Emerging Markets Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9413105 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $48039 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013797.jpg)

#### Material changes to the Fund during the period
Prior to April 1, 2025, Class R5 Shares of the Fund were publicly offered on a limited basis. Investors were not eligible to purchase Class R5 Shares of the Fund unless they met certain requirements.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JEMOX-1025

JPMorgan Emerging Markets Equity Fund - Class R5

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R6 Shares/Ticker: JEMWX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Equity Fund<br>(Class R6 Shares) | $92 | 0.79% |

---

**How did the Fund Perform?**

The JPMorgan Emerging Markets Equity Fund's Class R6 Shares returned 34.43% for the twelve months ended October 31, 2025. The MSCI Emerging Markets Index (net total return) (the "Index") returned 27.91% for the twelve months ended October 31, 2025.

* The Fund's stock selection in the information technology sector and in Taiwan contributed to performance relative to the Index, driven by strong returns in the region. 

* The consumer discretionary sector detracted from performance relative to the Index. 

* Exposure to Argentina detracted from the Fund's performance, reflecting unfavorable market conditions and investment decisions. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014013.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Equity Fund (Class R6 Shares)** | December 23, 2013 | 34.43% | 3.90% | 9.00% |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 7.46 | 7.69 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Emerging Markets Equity Fund and the MSCI Emerging Markets Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9413105 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $48039 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013796.jpg)

#### Material changes to the Fund during the period
Prior to April 1, 2025, Class R6 Shares of the Fund were publicly offered on a limited basis. Investors were not eligible to purchase Class R6 Shares of the Fund unless they met certain requirements.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JEMWX-1025

JPMorgan Emerging Markets Equity Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Europe Dynamic Fund

![FrontCoverImage](g60217images_2647.jpg)

Class A Shares/Ticker: VEUAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Europe Dynamic Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Europe Dynamic Fund<br>(Class A Shares) | $140 | 1.24% |

---

**How did the Fund Perform?**

The JPMorgan Europe Dynamic Fund's Class A Shares, without a sales charge, returned 26.22% for the twelve months ended October 31, 2025. The MSCI Europe Index (net total return) (the "Index") returned 23.19% for the twelve months ended October 31, 2025.

* The Fund's security selection in the pharmaceuticals, biotech & life sciences and banks sectors contributed to performance relative to the Index. 

* The Fund's security selection in the capital goods, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014028.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Europe Dynamic Fund (Class A Shares)** | November 2, 1995 | 19.61% | 14.03% | 6.56% |
| **JPMorgan Europe Dynamic Fund (Class A Shares) - excluding sales charge** |  | 26.22 | 15.27 | 7.14 |
| **MSCI Europe Index (net total return)** |  | 23.19 | 13.66 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

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 total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI Europe Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in the developed markets countries in Europe. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $644719 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 102% |
| **Total advisory fees paid (000's)** | $3387 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013793.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

VEUAX-1025

JPMorgan Europe Dynamic Fund - Class A

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Europe Dynamic Fund

![FrontCoverImage](g60217images_2647.jpg)

Class C Shares/Ticker: VEUCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Europe Dynamic Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Europe Dynamic Fund<br>(Class C Shares) | $196 | 1.73% |

---

The JPMorgan Europe Dynamic Fund's Class C Shares, without a sales charge, returned 25.58% for the twelve months ended October 31, 2025. The MSCI Europe Index (net total return) (the "Index") returned 23.19% for the twelve months ended October 31, 2025.

* The Fund's security selection in the pharmaceuticals, biotech & life sciences and banks sectors contributed to performance relative to the Index. 

* The Fund's security selection in the capital goods, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014017.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Europe Dynamic Fund (Class C Shares)** | November 1, 1998 | 24.58% | 14.69% | 6.71% |
| **JPMorgan Europe Dynamic Fund (Class C Shares) - excluding sales charge** |  | 25.58 | 14.69 | 6.71 |
| **MSCI Europe Index (net total return)** |  | 23.19 | 13.66 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Europe Dynamic Fund and the MSCI Europe Index (net total return) from October 31, 2015 to October 31, 2025. 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 Europe Index (net total return) 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 MSCI Europe Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in the developed markets countries in Europe. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $644719 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 102% |
| **Total advisory fees paid (000's)** | $3387 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013792.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

VEUCX-1025

JPMorgan Europe Dynamic Fund - Class C

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Europe Dynamic Fund

![FrontCoverImage](g60217images_2647.jpg)

Class I Shares/Ticker: JFESX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Europe Dynamic Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Europe Dynamic Fund<br>(Class I Shares) | $110 | 0.98% |

---

**How did the Fund Perform?**

The JPMorgan Europe Dynamic Fund's Class I Shares returned 26.54% for the twelve months ended October 31, 2025. The MSCI Europe Index (net total return) (the "Index") returned 23.19% for the twelve months ended October 31, 2025.

* The Fund's security selection in the pharmaceuticals, biotech & life sciences and banks sectors contributed to performance relative to the Index. 

* The Fund's security selection in the capital goods, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014018.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Europe Dynamic Fund (Class I Shares)** | September 10, 2001 | 26.54% | 15.56% | 7.42% |
| **MSCI Europe Index (net total return)** |  | 23.19 | 13.66 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Europe Dynamic Fund and the MSCI Europe Index (net total return) from October 31, 2015 to October 31, 2025. 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 Europe Index (net total return) 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 MSCI Europe Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in the developed markets countries in Europe. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $644719 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 102% |
| **Total advisory fees paid (000's)** | $3387 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013791.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JFESX-1025

JPMorgan Europe Dynamic Fund - Class I

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Europe Dynamic Fund

![FrontCoverImage](g60217images_2647.jpg)

Class L Shares/Ticker: JFEIX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Europe Dynamic Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Europe Dynamic Fund<br>(Class L Shares) | $95 | 0.84% |

---

**How did the Fund Perform?**

The JPMorgan Europe Dynamic Fund's Class L Shares returned 26.73% for the twelve months ended October 31, 2025. The MSCI Europe Index (net total return) (the "Index") returned 23.19% for the twelve months ended October 31, 2025.

* The Fund's security selection in the pharmaceuticals, biotech & life sciences and banks sectors contributed to performance relative to the Index. 

* The Fund's security selection in the capital goods, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014019.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Europe Dynamic Fund (Class L Shares)** | September 10, 2001 | 26.73% | 15.72% | 7.57% |
| **MSCI Europe Index (net total return)** |  | 23.19 | 13.66 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Europe Dynamic Fund and the MSCI Europe Index (net total return) from October 31, 2015 to October 31, 2025. 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 Europe Index (net total return) 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 MSCI Europe Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in the developed markets countries in Europe. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $644719 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 102% |
| **Total advisory fees paid (000's)** | $3387 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013790.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JFEIX-1025

JPMorgan Europe Dynamic Fund - Class L

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Europe Dynamic Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R6 Shares/Ticker: VEUVX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Europe Dynamic Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Europe Dynamic Fund<br>(Class R6 Shares) | $83 | 0.73% |

---

**How did the Fund Perform?**

The JPMorgan Europe Dynamic Fund's Class R6 Shares returned 26.85% for the twelve months ended October 31, 2025. The MSCI Europe Index (net total return) (the "Index") returned 23.19% for the twelve months ended October 31, 2025.

* The Fund's security selection in the pharmaceuticals, biotech & life sciences and banks sectors contributed to performance relative to the Index. 

* The Fund's security selection in the capital goods, consumer durables and apparel sectors detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014020.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Europe Dynamic Fund (Class R6 Shares)** | October 1, 2018 | 26.85% | 15.84% | 7.65% |
| **MSCI Europe Index (net total return)** |  | 23.19 | 13.66 | 7.47 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Europe Dynamic Fund and the MSCI Europe Index (net total return) from October 31, 2015 to October 31, 2025. 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 Europe Index (net total return) 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 MSCI Europe Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in the developed markets countries in Europe. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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 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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $644719 |
| **Total number of portfolio holdings** | 79 |
| **Portfolio turnover rate** | 102% |
| **Total advisory fees paid (000's)** | $3387 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013789.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

VEUVX-1025

JPMorgan Europe Dynamic Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g60217images_2647.jpg)

Class A Shares/Ticker: GAOAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Allocation Fund<br>(Class A Shares) | $107 | 1.00% |

---

**How did the Fund Perform?**

The JPMorgan Global Allocation Fund's Class A Shares, without a sales charge, returned 13.05% for the twelve months ended October 31, 2025. The MSCI ACWI Index (net total return) returned 22.64% and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD (the "Index") returned 15.37% for the twelve months ended October 31, 2025.

* Relative to the Benchmark, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from relative performance as equity assets outperformed bonds. As a flexible, multi-asset strategy, the Fund seeks to provide a more attractive risk-adjusted return versus a balanced portfolio, rather than outperform an all-equity index. 

* Relative to the Composite Benchmark, the Fund's preference for equities contributed to overall relative performance as global growth continued to be strong, driven by the U.S.-China trade development, robust corporate profits and looser global monetary conditions as many central banks continued easing over the last year. Within equities, we preferred U.S. large-cap and international developed equities, which contributed positively to relative performance. The Fund's allocation to high yield and global developed bonds also contributed positively to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013995.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Allocation Fund (Class A Shares)** | May 31, 2011 | 7.98% | 6.22% | 5.88% |
| **JPMorgan Global Allocation Fund (Class A Shares) - excluding sales charge** |  | 13.05 | 7.20 | 6.37 |
| **MSCI ACWI Index (net total return)** |  | 22.64 | 14.61 | 11.31 |
| **60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD** |  | 15.37 | 8.56 | 7.60 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Global Allocation Fund, the MSCI ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD from October 31, 2015 to October 31, 2025. 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 ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2893121 |
| **Total number of portfolio holdings** | 1845 |
| **Portfolio turnover rate** | 107% |
| **Total advisory fees paid (000's)** | $14708 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013814.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

GAOAX-1025

JPMorgan Global Allocation Fund - Class A

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g60217images_2647.jpg)

Class C Shares/Ticker: GAOCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Allocation Fund<br>(Class C Shares) | $160 | 1.50% |

---

**How did the Fund Perform?**

The JPMorgan Global Allocation Fund's Class C Shares, without a sales charge, returned 12.48% for the twelve months ended October 31, 2025. The MSCI ACWI Index (net total return) returned 22.64% and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD (the "Index") returned 15.37% for the twelve months ended October 31, 2025.

* Relative to the Benchmark, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from relative performance as equity assets outperformed bonds. As a flexible, multi-asset strategy, the Fund seeks to provide a more attractive risk-adjusted return versus a balanced portfolio, rather than outperform an all-equity index. 

* Relative to the Composite Benchmark, the Fund's preference for equities contributed to overall relative performance as global growth continued to be strong, driven by the U.S.-China trade development, robust corporate profits and looser global monetary conditions as many central banks continued easing over the last year. Within equities, we preferred U.S. large-cap and international developed equities, which contributed positively to relative performance. The Fund's allocation to high yield and global developed bonds also contributed positively to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013996.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Allocation Fund (Class C Shares)** | May 31, 2011 | 11.48% | 6.67% | 5.94% |
| **JPMorgan Global Allocation Fund (Class C Shares) - excluding sales charge** |  | 12.48 | 6.67 | 5.94 |
| **MSCI ACWI Index (net total return)** |  | 22.64 | 14.61 | 11.31 |
| **60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD** |  | 15.37 | 8.56 | 7.60 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Global Allocation Fund, the MSCI ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD from October 31, 2015 to October 31, 2025. 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 ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2893121 |
| **Total number of portfolio holdings** | 1845 |
| **Portfolio turnover rate** | 107% |
| **Total advisory fees paid (000's)** | $14708 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013813.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

GAOCX-1025

JPMorgan Global Allocation Fund - Class C

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g60217images_2647.jpg)

Class I Shares/Ticker: GAOSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Allocation Fund<br>(Class I Shares) | $80 | 0.75% |

---

**How did the Fund Perform?**

The JPMorgan Global Allocation Fund's Class I Shares returned 13.35% for the twelve months ended October 31, 2025. The MSCI ACWI Index (net total return) returned 22.64% and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD (the "Index") returned 15.37% for the twelve months ended October 31, 2025.

* Relative to the Benchmark, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from relative performance as equity assets outperformed bonds. As a flexible, multi-asset strategy, the Fund seeks to provide a more attractive risk-adjusted return versus a balanced portfolio, rather than outperform an all-equity index. 

* Relative to the Composite Benchmark, the Fund's preference for equities contributed to overall relative performance as global growth continued to be strong, driven by the U.S.-China trade development, robust corporate profits and looser global monetary conditions as many central banks continued easing over the last year. Within equities, we preferred U.S. large-cap and international developed equities, which contributed positively to relative performance. The Fund's allocation to high yield and global developed bonds also contributed positively to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013997.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Allocation Fund (Class I Shares)** | May 31, 2011 | 13.35% | 7.47% | 6.64% |
| **MSCI ACWI Index (net total return)** |  | 22.64 | 14.61 | 11.31 |
| **60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD** |  | 15.37 | 8.56 | 7.60 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Global Allocation Fund, the MSCI ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD from October 31, 2015 to October 31, 2025. 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 ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2893121 |
| **Total number of portfolio holdings** | 1845 |
| **Portfolio turnover rate** | 107% |
| **Total advisory fees paid (000's)** | $14708 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013824.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

GAOSX-1025

JPMorgan Global Allocation Fund - Class I

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R2 Shares/Ticker: GAONX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Allocation Fund<br>(Class R2 Shares) | $146 | 1.37% |

---

**How did the Fund Perform?**

The JPMorgan Global Allocation Fund's Class R2 Shares returned 12.67% for the twelve months ended October 31, 2025. The MSCI ACWI Index (net total return) returned 22.64% and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD (the "Index") returned 15.37% for the twelve months ended October 31, 2025.

* Relative to the Benchmark, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from relative performance as equity assets outperformed bonds. As a flexible, multi-asset strategy, the Fund seeks to provide a more attractive risk-adjusted return versus a balanced portfolio, rather than outperform an all-equity index. 

* Relative to the Composite Benchmark, the Fund's preference for equities contributed to overall relative performance as global growth continued to be strong, driven by the U.S.-China trade development, robust corporate profits and looser global monetary conditions as many central banks continued easing over the last year. Within equities, we preferred U.S. large-cap and international developed equities, which contributed positively to relative performance. The Fund's allocation to high yield and global developed bonds also contributed positively to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013987.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Allocation Fund (Class R2 Shares)** | May 31, 2011 | 12.67% | 6.81% | 6.01% |
| **MSCI ACWI Index (net total return)** |  | 22.64 | 14.61 | 11.31 |
| **60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD** |  | 15.37 | 8.56 | 7.60 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Global Allocation Fund, the MSCI ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD from October 31, 2015 to October 31, 2025. 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 ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2893121 |
| **Total number of portfolio holdings** | 1845 |
| **Portfolio turnover rate** | 107% |
| **Total advisory fees paid (000's)** | $14708 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013822.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

GAONX-1025

JPMorgan Global Allocation Fund - Class R2

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R3 Shares/Ticker: GAOTX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Allocation Fund<br>(Class R3 Shares) | $119 | 1.12% |

---

**How did the Fund Perform?**

The JPMorgan Global Allocation Fund's Class R3 Shares returned 12.96% for the twelve months ended October 31, 2025. The MSCI ACWI Index (net total return) returned 22.64% and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD (the "Index") returned 15.37% for the twelve months ended October 31, 2025.

* Relative to the Benchmark, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from relative performance as equity assets outperformed bonds. As a flexible, multi-asset strategy, the Fund seeks to provide a more attractive risk-adjusted return versus a balanced portfolio, rather than outperform an all-equity index. 

* Relative to the Composite Benchmark, the Fund's preference for equities contributed to overall relative performance as global growth continued to be strong, driven by the U.S.-China trade development, robust corporate profits and looser global monetary conditions as many central banks continued easing over the last year. Within equities, we preferred U.S. large-cap and international developed equities, which contributed positively to relative performance. The Fund's allocation to high yield and global developed bonds also contributed positively to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013998.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Allocation Fund (Class R3 Shares)** | October 1, 2018 | 12.96% | 7.06% | 6.27% |
| **MSCI ACWI Index (net total return)** |  | 22.64 | 14.61 | 11.31 |
| **60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD** |  | 15.37 | 8.56 | 7.60 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

Returns for Class R3 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares.

The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Global Allocation Fund, the MSCI ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD from October 31, 2015 to October 31, 2025. 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 ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2893121 |
| **Total number of portfolio holdings** | 1845 |
| **Portfolio turnover rate** | 107% |
| **Total advisory fees paid (000's)** | $14708 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013823.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

GAOTX-1025

JPMorgan Global Allocation Fund - Class R3

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R4 Shares/Ticker: GAOFX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Allocation Fund<br>(Class R4 Shares) | $93 | 0.87% |

---

**How did the Fund Perform?**

The JPMorgan Global Allocation Fund's Class R4 Shares returned 13.19% for the twelve months ended October 31, 2025. The MSCI ACWI Index (net total return) returned 22.64% and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD (the "Index") returned 15.37% for the twelve months ended October 31, 2025.

* Relative to the Benchmark, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from relative performance as equity assets outperformed bonds. As a flexible, multi-asset strategy, the Fund seeks to provide a more attractive risk-adjusted return versus a balanced portfolio, rather than outperform an all-equity index. 

* Relative to the Composite Benchmark, the Fund's preference for equities contributed to overall relative performance as global growth continued to be strong, driven by the U.S.-China trade development, robust corporate profits and looser global monetary conditions as many central banks continued easing over the last year. Within equities, we preferred U.S. large-cap and international developed equities, which contributed positively to relative performance. The Fund's allocation to high yield and global developed bonds also contributed positively to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013988.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Allocation Fund (Class R4 Shares)** | October 1, 2018 | 13.19% | 7.33% | 6.54% |
| **MSCI ACWI Index (net total return)** |  | 22.64 | 14.61 | 11.31 |
| **60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD** |  | 15.37 | 8.56 | 7.60 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

Returns for Class R4 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan Global Allocation Fund, the MSCI ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD from October 31, 2015 to October 31, 2025. 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 ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2893121 |
| **Total number of portfolio holdings** | 1845 |
| **Portfolio turnover rate** | 107% |
| **Total advisory fees paid (000's)** | $14708 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013821.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

GAOFX-1025

JPMorgan Global Allocation Fund - Class R4

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R5 Shares/Ticker: GAORX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Allocation Fund<br>(Class R5 Shares) | $77 | 0.72% |

---

**How did the Fund Perform?**

The JPMorgan Global Allocation Fund's Class R5 Shares returned 13.42% for the twelve months ended October 31, 2025. The MSCI ACWI Index (net total return) returned 22.64% and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD (the "Index") returned 15.37% for the twelve months ended October 31, 2025.

* Relative to the Benchmark, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from relative performance as equity assets outperformed bonds. As a flexible, multi-asset strategy, the Fund seeks to provide a more attractive risk-adjusted return versus a balanced portfolio, rather than outperform an all-equity index. 

* Relative to the Composite Benchmark, the Fund's preference for equities contributed to overall relative performance as global growth continued to be strong, driven by the U.S.-China trade development, robust corporate profits and looser global monetary conditions as many central banks continued easing over the last year. Within equities, we preferred U.S. large-cap and international developed equities, which contributed positively to relative performance. The Fund's allocation to high yield and global developed bonds also contributed positively to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013989.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Allocation Fund (Class R5 Shares)** | October 1, 2018 | 13.42% | 7.50% | 6.66% |
| **MSCI ACWI Index (net total return)** |  | 22.64 | 14.61 | 11.31 |
| **60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD** |  | 15.37 | 8.56 | 7.60 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

Returns for Class R5 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Global Allocation Fund, the MSCI ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD from October 31, 2015 to October 31, 2025. 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 ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2893121 |
| **Total number of portfolio holdings** | 1845 |
| **Portfolio turnover rate** | 107% |
| **Total advisory fees paid (000's)** | $14708 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013820.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

GAORX-1025

JPMorgan Global Allocation Fund - Class R5

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R6 Shares/Ticker: GAOZX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Allocation Fund<br>(Class R6 Shares) | $66 | 0.62% |

---

**How did the Fund Perform?**

The JPMorgan Global Allocation Fund's Class R6 Shares returned 13.56% for the twelve months ended October 31, 2025. The MSCI ACWI Index (net total return) returned 22.64% and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD (the "Index") returned 15.37% for the twelve months ended October 31, 2025.

* Relative to the Benchmark, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from relative performance as equity assets outperformed bonds. As a flexible, multi-asset strategy, the Fund seeks to provide a more attractive risk-adjusted return versus a balanced portfolio, rather than outperform an all-equity index. 

* Relative to the Composite Benchmark, the Fund's preference for equities contributed to overall relative performance as global growth continued to be strong, driven by the U.S.-China trade development, robust corporate profits and looser global monetary conditions as many central banks continued easing over the last year. Within equities, we preferred U.S. large-cap and international developed equities, which contributed positively to relative performance. The Fund's allocation to high yield and global developed bonds also contributed positively to relative performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013990.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Allocation Fund (Class R6 Shares)** | November 1, 2017 | 13.56% | 7.61% | 6.75% |
| **MSCI ACWI Index (net total return)** |  | 22.64 | 14.61 | 11.31 |
| **60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD** |  | 15.37 | 8.56 | 7.60 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Global Allocation Fund, the MSCI ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD from October 31, 2015 to October 31, 2025. 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 ACWI Index (net total return) and the 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of 60% MSCI ACWI Index (net total return) / 40% Bloomberg Global Aggregate ex China Index-Unhedged USD does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2893121 |
| **Total number of portfolio holdings** | 1845 |
| **Portfolio turnover rate** | 107% |
| **Total advisory fees paid (000's)** | $14708 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013819.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

GAOZX-1025

JPMorgan Global Allocation Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Income Builder Fund

![FrontCoverImage](g60217images_2647.jpg)

Class A Shares/Ticker: JNBAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Income Builder Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Income Builder Fund<br>(Class A Shares) | $75 | 0.71% |

---

**How did the Fund Perform?**

The JPMorgan Income Builder Fund's Class A Shares, without a sales charge, returned 11.23% for the twelve months ended October 31, 2025. The MSCI World Index (net total return) returned 22.02% and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index (the "Index") returned 15.56% for the twelve months ended October 31, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period. The Fund aims to deliver consistent, attractive multi-asset income compared to a balanced fund, with potential for capital appreciation. 

* Relative to the Bloomberg US Aggregate Bond Index, which primarily contains U.S. government bonds, the Fund's allocation to a more diversified set of corporate bonds was a leading contributor to performance. 

* Relative to the JPMorgan Income Builder Composite Index, the Fund's overall underweight to growth-style equities were detractors from performance. However, the Fund's allocation to developed market equities and its diversified mix of corporate credit, including high-yield bonds and nonagency securitized bonds, helped relative performance versus the Composite Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013991.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Income Builder Fund (Class A Shares)** | May 31, 2007 | 6.20% | 5.33% | 5.00% |
| **JPMorgan Income Builder Fund (Class A Shares) - excluding sales charge** |  | 11.23 | 6.31 | 5.48 |
| **MSCI World Index (net total return)** |  | 22.02 | 15.58 | 11.79 |
| **60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index** |  | 15.56 | 9.18 | 7.97 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Income Builder Fund, the MSCI World Index (net total return) and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index from October 31, 2015 to October 31, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI World Index (net total return) and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index (net total return) assumes 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 World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index is a customized blend of unmanaged indices that includes 60% MSCI World Index (net total return) and 40% Bloomberg U.S. Aggregate Index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8471903 |
| **Total number of portfolio holdings** | 2788 |
| **Portfolio turnover rate** | 113% |
| **Total advisory fees paid (000's)** | $32565 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013830.jpg)

#### Material changes to the Fund during the period
The Fund added "High Portfolio Turnover Risk " disclosure to its prospectus as of March 1, 2025, as the Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility that the recognition of capital gains will be accelerated, including short- term capital gains that will generally be taxable to shareholders as ordinary income.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JNBAX-1025

JPMorgan Income Builder Fund - Class A

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Income Builder Fund

![FrontCoverImage](g60217images_2647.jpg)

Class C Shares/Ticker: JNBCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Income Builder Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Income Builder Fund<br>(Class C Shares) | $128 | 1.21% |

---

**How did the Fund Perform?**

The JPMorgan Income Builder Fund's Class C Shares, without a sales charge, returned 10.60% for the twelve months ended October 31, 2025. The MSCI World Index (net total return) returned 22.02% and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index (the "Index") returned 15.56% for the twelve months ended October 31, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period. The Fund aims to deliver consistent, attractive multi-asset income compared to a balanced fund, with potential for capital appreciation. 

* Relative to the Bloomberg US Aggregate Bond Index, which primarily contains U.S. government bonds, the Fund's allocation to a more diversified set of corporate bonds was a leading contributor to performance. 

* Relative to the JPMorgan Income Builder Composite Index, the Fund's overall underweight to growth-style equities were detractors from performance. However, the Fund's allocation to developed market equities and its diversified mix of corporate credit, including high-yield bonds and nonagency securitized bonds, helped relative performance versus the Composite Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013992.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Income Builder Fund (Class C Shares)** | May 31, 2007 | 9.60% | 5.76% | 5.06% |
| **JPMorgan Income Builder Fund (Class C Shares) - excluding sales charge** |  | 10.60 | 5.76 | 5.06 |
| **MSCI World Index (net total return)** |  | 22.02 | 15.58 | 11.79 |
| **60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index** |  | 15.56 | 9.18 | 7.97 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Income Builder Fund, the MSCI World Index (net total return) and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index from October 31, 2015 to October 31, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index (net total return) and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index (net total return) assumes 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 World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index is a customized blend of unmanaged indices that includes 60% MSCI World Index (net total return) and 40% Bloomberg U.S. Aggregate Index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8471903 |
| **Total number of portfolio holdings** | 2788 |
| **Portfolio turnover rate** | 113% |
| **Total advisory fees paid (000's)** | $32565 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013829.jpg)

#### Material changes to the Fund during the period
The Fund added "High Portfolio Turnover Risk " disclosure to its prospectus as of March 1, 2025, as the Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility that the recognition of capital gains will be accelerated, including short- term capital gains that will generally be taxable to shareholders as ordinary income.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JNBCX-1025

JPMorgan Income Builder Fund - Class C

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Income Builder Fund

![FrontCoverImage](g60217images_2647.jpg)

Class I Shares/Ticker: JNBSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Income Builder Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Income Builder Fund<br>(Class I Shares) | $59 | 0.56% |

---

**How did the Fund Perform?**

The JPMorgan Income Builder Fund's Class I Shares returned 11.37% for the twelve months ended October 31, 2025. The MSCI World Index (net total return) returned 22.02% and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index (the "Index") returned 15.56% for the twelve months ended October 31, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period. The Fund aims to deliver consistent, attractive multi-asset income compared to a balanced fund, with potential for capital appreciation. 

* Relative to the Bloomberg US Aggregate Bond Index, which primarily contains U.S. government bonds, the Fund's allocation to a more diversified set of corporate bonds was a leading contributor to performance. 

* Relative to the JPMorgan Income Builder Composite Index, the Fund's overall underweight to growth-style equities were detractors from performance. However, the Fund's allocation to developed market equities and its diversified mix of corporate credit, including high-yield bonds and nonagency securitized bonds, helped relative performance versus the Composite Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013981.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Income Builder Fund (Class I Shares)** | May 31, 2007 | 11.37% | 6.47% | 5.64% |
| **MSCI World Index (net total return)** |  | 22.02 | 15.58 | 11.79 |
| **60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index** |  | 15.56 | 9.18 | 7.97 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Income Builder Fund, the MSCI World Index (net total return) and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index from October 31, 2015 to October 31, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index (net total return) and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index (net total return) assumes 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 World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index is a customized blend of unmanaged indices that includes 60% MSCI World Index (net total return) and 40% Bloomberg U.S. Aggregate Index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8471903 |
| **Total number of portfolio holdings** | 2788 |
| **Portfolio turnover rate** | 113% |
| **Total advisory fees paid (000's)** | $32565 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013828.jpg)

#### Material changes to the Fund during the period
The Fund added "High Portfolio Turnover Risk " disclosure to its prospectus as of March 1, 2025, as the Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility that the recognition of capital gains will be accelerated, including short- term capital gains that will generally be taxable to shareholders as ordinary income.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JNBSX-1025

JPMorgan Income Builder Fund - Class I

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Income Builder Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R6 Shares/Ticker: JNBZX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Income Builder Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Income Builder Fund<br>(Class R6 Shares) | $51 | 0.48% |

---

**How did the Fund Perform?**

The JPMorgan Income Builder Fund's Class R6 Shares returned 11.46% for the twelve months ended October 31, 2025. The MSCI World Index (net total return) returned 22.02% and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index (the "Index") returned 15.56% for the twelve months ended October 31, 2025.

* Relative to the Index, which is an all-equity index, the Fund's allocation to fixed income was a leading detractor from performance, as equity markets outperformed fixed income markets during the period. The Fund aims to deliver consistent, attractive multi-asset income compared to a balanced fund, with potential for capital appreciation. 

* Relative to the Bloomberg US Aggregate Bond Index, which primarily contains U.S. government bonds, the Fund's allocation to a more diversified set of corporate bonds was a leading contributor to performance. 

* Relative to the JPMorgan Income Builder Composite Index, the Fund's overall underweight to growth-style equities were detractors from performance. However, the Fund's allocation to developed market equities and its diversified mix of corporate credit, including high-yield bonds and nonagency securitized bonds, helped relative performance versus the Composite Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013982.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Income Builder Fund (Class R6 Shares)** | November 1, 2017 | 11.46% | 6.56% | 5.71% |
| **MSCI World Index (net total return)** |  | 22.02 | 15.58 | 11.79 |
| **60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index** |  | 15.56 | 9.18 | 7.97 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Income Builder Fund, the MSCI World Index (net total return) and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index from October 31, 2015 to October 31, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index (net total return) and the 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index (net total return) assumes 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 World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index is a customized blend of unmanaged indices that includes 60% MSCI World Index (net total return) and 40% Bloomberg U.S. Aggregate Index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: MSCI. 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)*

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8471903 |
| **Total number of portfolio holdings** | 2788 |
| **Portfolio turnover rate** | 113% |
| **Total advisory fees paid (000's)** | $32565 |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013827.jpg)

#### Material changes to the Fund during the period
The Fund added "High Portfolio Turnover Risk " disclosure to its prospectus as of March 1, 2025, as the Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility that the recognition of capital gains will be accelerated, including short- term capital gains that will generally be taxable to shareholders as ordinary income.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JNBZX-1025

JPMorgan Income Builder Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class A Shares/Ticker: JSEAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Equity Fund<br>(Class A Shares) | $104 | 0.95% |

---

**How did the Fund Perform?**

The JPMorgan International Equity Fund's Class A Shares, without a sales charge, returned 20.00% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) (the "Index") returned 23.03% for the twelve months ended October 31, 2025.

* The Fund's security selection in the industrials and communication services sectors detracted from performance relative to the Index. 

* The Fund's security selection in the consumer discretionary sector and an overweight allocation in financials sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014034.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Equity Fund (Class A Shares)** | February 28, 2002 | 13.72% | 8.57% | 6.37% |
| **JPMorgan International Equity Fund (Class A Shares) - excluding sales charge** |  | 20.00 | 9.75 | 6.95 |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan International Equity Fund and the MSCI EAFE Index (net total return) from October 31, 2015 to October 31, 2025. 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 EAFE Index (net total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5423980 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 44% |
| **Total advisory fees paid (000's)** | $21044 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013787.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JSEAX-1025

JPMorgan International Equity Fund - Class A

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class C Shares/Ticker: JIECX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Equity Fund<br>(Class C Shares) | $159 | 1.45% |

---

**How did the Fund Perform?**

The JPMorgan International Equity Fund's Class C Shares, without a sales charge, returned 19.36% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) (the "Index") returned 23.03% for the twelve months ended October 31, 2025.

* The Fund's security selection in the industrials and communication services sectors detracted from performance relative to the Index. 

* The Fund's security selection in the consumer discretionary sector and an overweight allocation in financials sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014023.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Equity Fund (Class C Shares)** | January 31, 2003 | 18.36% | 9.20% | 6.52% |
| **JPMorgan International Equity Fund (Class C Shares) - excluding sales charge** |  | 19.36 | 9.20 | 6.52 |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan International Equity Fund and the MSCI EAFE Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5423980 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 44% |
| **Total advisory fees paid (000's)** | $21044 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013786.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JIECX-1025

JPMorgan International Equity Fund - Class C

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class I Shares/Ticker: VSIEX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Equity Fund<br>(Class I Shares) | $77 | 0.70% |

---

**How did the Fund Perform?**

The JPMorgan International Equity Fund's Class I Shares returned 20.32% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) (the "Index") returned 23.03% for the twelve months ended October 31, 2025.

* The Fund's security selection in the industrials and communication services sectors detracted from performance relative to the Index. 

* The Fund's security selection in the consumer discretionary sector and an overweight allocation in financials sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014024.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Equity Fund (Class I Shares)** | January 1, 1997 | 20.32% | 10.02% | 7.22% |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

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 total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5423980 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 44% |
| **Total advisory fees paid (000's)** | $21044 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013785.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

VSIEX-1025

JPMorgan International Equity Fund - Class I

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R2 Shares/Ticker: JIEZX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Equity Fund<br>(Class R2 Shares) | $137 | 1.25% |

---

**How did the Fund Perform?**

The JPMorgan International Equity Fund's Class R2 Shares returned 19.62% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) (the "Index") returned 23.03% for the twelve months ended October 31, 2025.

* The Fund's security selection in the industrials and communication services sectors detracted from performance relative to the Index. 

* The Fund's security selection in the consumer discretionary sector and an overweight allocation in financials sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014025.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Equity Fund (Class R2 Shares)** | November 3, 2008 | 19.62% | 9.42% | 6.64% |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan International Equity Fund and the MSCI EAFE Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5423980 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 44% |
| **Total advisory fees paid (000's)** | $21044 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013784.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JIEZX-1025

JPMorgan International Equity Fund - Class R2

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R5 Shares/Ticker: JIERX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Equity Fund<br>(Class R5 Shares) | $66 | 0.60% |

---

**How did the Fund Perform?**

The JPMorgan International Equity Fund's Class R5 Shares returned 20.46% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) (the "Index") returned 23.03% for the twelve months ended October 31, 2025.

* The Fund's security selection in the industrials and communication services sectors detracted from performance relative to the Index. 

* The Fund's security selection in the consumer discretionary sector and an overweight allocation in financials sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014026.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Equity Fund (Class R5 Shares)** | May 15, 2006 | 20.46% | 10.13% | 7.34% |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan International Equity Fund and the MSCI EAFE Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5423980 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 44% |
| **Total advisory fees paid (000's)** | $21044 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013783.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JIERX-1025

JPMorgan International Equity Fund - Class R5

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R6 Shares/Ticker: JNEMX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Equity Fund<br>(Class R6 Shares) | $55 | 0.50% |

---

**How did the Fund Perform?**

The JPMorgan International Equity Fund's Class R6 Shares returned 20.54% for the twelve months ended October 31, 2025. The MSCI EAFE Index (net total return) (the "Index") returned 23.03% for the twelve months ended October 31, 2025.

* The Fund's security selection in the industrials and communication services sectors detracted from performance relative to the Index. 

* The Fund's security selection in the consumer discretionary sector and an overweight allocation in financials sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014027.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Equity Fund (Class R6 Shares)** | November 30, 2010 | 20.54% | 10.25% | 7.45% |
| **MSCI EAFE Index (net total return)** |  | 23.03 | 12.33 | 7.48 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan International Equity Fund and the MSCI EAFE Index (net total return) from October 31, 2015 to October 31, 2025. 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 total return) 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 MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5423980 |
| **Total number of portfolio holdings** | 80 |
| **Portfolio turnover rate** | 44% |
| **Total advisory fees paid (000's)** | $21044 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013794.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JNEMX-1025

JPMorgan International Equity Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g60217images_2647.jpg)

Class A Shares/Ticker: IUAEX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Focus Fund<br>(Class A Shares) | $111 | 1.00% |

---

**How did the Fund Perform?**

The JPMorgan International Focus Fund's Class A Shares, without a sales charge, returned 22.58% for the twelve months ended October 31, 2025. The MSCI ACWI ex USA Index (net total return) (the "Index") returned 24.93% for the twelve months ended October 31, 2025.

* The Fund's security selection in the materials and consumer staples sectors detracted from performance relative to the Index. 

* The Fund's security selection in information technology and an underweight allocation in the health care sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013993.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Focus Fund (Class A Shares)** | November 30, 2011 | 16.16% | 7.55% | 6.62% |
| **JPMorgan International Focus Fund (Class A Shares) - excluding sales charge** |  | 22.58 | 8.71 | 7.20 |
| **MSCI ACWI ex USA Index (net total return)** |  | 24.93 | 11.18 | 7.67 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan International Focus Fund and the MSCI ACWI ex USA Index (net total return) from October 31, 2015 to October 31, 2025. 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 ACWI ex USA Index (net total return) 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 MSCI ACWI ex USA Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1623174 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $7589 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013816.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

IUAEX-1025

JPMorgan International Focus Fund - Class A

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g60217images_2647.jpg)

Class C Shares/Ticker: IUCEX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Focus Fund<br>(Class C Shares) | $166 | 1.50% |

---

**How did the Fund Perform?**

The JPMorgan International Focus Fund's Class C Shares, without a sales charge, returned 21.97% for the twelve months ended October 31, 2025. The MSCI ACWI ex USA Index (net total return) (the "Index") returned 24.93% for the twelve months ended October 31, 2025.

* The Fund's security selection in the materials and consumer staples sectors detracted from performance relative to the Index. 

* The Fund's security selection in information technology and an underweight allocation in the health care sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5013994.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Focus Fund (Class C Shares)** | November 30, 2011 | 20.97% | 8.17% | 6.77% |
| **JPMorgan International Focus Fund (Class C Shares) - excluding sales charge** |  | 21.97 | 8.17 | 6.77 |
| **MSCI ACWI ex USA Index (net total return)** |  | 24.93 | 11.18 | 7.67 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan International Focus Fund and the MSCI ACWI ex USA Index (net total return) from October 31, 2015 to October 31, 2025. 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 ACWI ex USA Index (net total return) 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 MSCI ACWI ex USA Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1623174 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $7589 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013815.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

IUCEX-1025

JPMorgan International Focus Fund - Class C

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g60217images_2647.jpg)

Class I Shares/Ticker: IUESX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Focus Fund<br>(Class I Shares) | $84 | 0.75% |

---

**How did the Fund Perform?**

The JPMorgan International Focus Fund's Class I Shares returned 22.86% for the twelve months ended October 31, 2025. The MSCI ACWI ex USA Index (net total return) (the "Index") returned 24.93% for the twelve months ended October 31, 2025.

* The Fund's security selection in the materials and consumer staples sectors detracted from performance relative to the Index. 

* The Fund's security selection in information technology and an underweight allocation in the health care sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Focus Fund (Class I Shares)** | November 30, 2011 | 22.86% | 8.99% | 7.48% |
| **MSCI ACWI ex USA Index (net total return)** |  | 24.93 | 11.18 | 7.67 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Focus Fund and the MSCI ACWI ex USA Index (net total return) from October 31, 2015 to October 31, 2025. 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 ACWI ex USA Index (net total return) 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 MSCI ACWI ex USA Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1623174 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $7589 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013808.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

IUESX-1025

JPMorgan International Focus Fund - Class I

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R2 Shares/Ticker: IUERX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Focus Fund<br>(Class R2 Shares) | $144 | 1.30% |

---

**How did the Fund Perform?**

The JPMorgan International Focus Fund's Class R2 Shares returned 22.19% for the twelve months ended October 31, 2025. The MSCI ACWI ex USA Index (net total return) (the "Index") returned 24.93% for the twelve months ended October 31, 2025.

* The Fund's security selection in the materials and consumer staples sectors detracted from performance relative to the Index. 

* The Fund's security selection in information technology and an underweight allocation in the health care sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014002.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Focus Fund (Class R2 Shares)** | November 30, 2011 | 22.19% | 8.39% | 6.88% |
| **MSCI ACWI ex USA Index (net total return)** |  | 24.93 | 11.18 | 7.67 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan International Focus Fund and the MSCI ACWI ex USA Index (net total return) from October 31, 2015 to October 31, 2025. 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 ACWI ex USA Index (net total return) 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 MSCI ACWI ex USA Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1623174 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $7589 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013807.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

IUERX-1025

JPMorgan International Focus Fund - Class R2

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R5 Shares/Ticker: IUEFX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Focus Fund<br>(Class R5 Shares) | $72 | 0.65% |

---

**How did the Fund Perform?**

The JPMorgan International Focus Fund's Class R5 Shares returned 22.99% for the twelve months ended October 31, 2025. The MSCI ACWI ex USA Index (net total return) (the "Index") returned 24.93% for the twelve months ended October 31, 2025.

* The Fund's security selection in the materials and consumer staples sectors detracted from performance relative to the Index. 

* The Fund's security selection in information technology and an underweight allocation in the health care sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014004.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Focus Fund (Class R5 Shares)** | November 30, 2011 | 22.99% | 9.10% | 7.59% |
| **MSCI ACWI ex USA Index (net total return)** |  | 24.93 | 11.18 | 7.67 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan International Focus Fund and the MSCI ACWI ex USA Index (net total return) from October 31, 2015 to October 31, 2025. 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 ACWI ex USA Index (net total return) 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 MSCI ACWI ex USA Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1623174 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $7589 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013817.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

IUEFX-1025

JPMorgan International Focus Fund - Class R5

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R6 Shares/Ticker: IUENX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan International Focus Fund<br>(Class R6 Shares) | $61 | 0.55% |

---

**How did the Fund Perform?**

The JPMorgan International Focus Fund's Class R6 Shares returned 23.11% for the twelve months ended October 31, 2025. The MSCI ACWI ex USA Index (net total return) (the "Index") returned 24.93% for the twelve months ended October 31, 2025.

* The Fund's security selection in the materials and consumer staples sectors detracted from performance relative to the Index. 

* The Fund's security selection in information technology and an underweight allocation in the health care sector contributed to performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014003.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan International Focus Fund (Class R6 Shares)** | November 30, 2011 | 23.11% | 9.21% | 7.69% |
| **MSCI ACWI ex USA Index (net total return)** |  | 24.93 | 11.18 | 7.67 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan International Focus Fund and the MSCI ACWI ex USA Index (net total return) from October 31, 2015 to October 31, 2025. 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 ACWI ex USA Index (net total return) 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 MSCI ACWI ex USA Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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.

*Source: MSCI. 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)*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1623174 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 55% |
| **Total advisory fees paid (000's)** | $7589 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013818.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

IUENX-1025

JPMorgan International Focus Fund - Class R6

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Research Market Neutral Fund

![FrontCoverImage](g60217images_2647.jpg)

Class A Shares/Ticker: JMNAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Research Market Neutral Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Research Market Neutral Fund<br>(Class A Shares) | $263 | 2.58%\* |

---

\* Includes dividend and interest expenses on short sales.

**How did the Fund Perform?**

The JPMorgan Research Market Neutral Fund's Class A Shares, without a sales charge, returned 4.15% for the twelve months ended October 31, 2025. The Bloomberg U.S. Aggregate Index returned 6.16% and the ICE BofA 3-Month US Treasury Bill Index returned 4.34% for the twelve months ended October 31, 2025.

* The hardware & semiconductors and industrial cyclical sectors were additive to performance. 

* Longs in Howmet Aerospace and Seagate Technology were among the top contributors. 

* The insurance and retail sectors took away from performance. 

* Shorts in Fox and KLA were among the top detractors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014039.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Research Market Neutral Fund (Class A Shares)** | February 28, 2002 | (1.31)% | 4.33% | 3.97% |
| **JPMorgan Research Market Neutral Fund (Class A Shares) - excluding sales charge** |  | 4.15 | 5.46 | 4.54 |
| **Bloomberg U.S. Aggregate Index** |  | 6.16 | (0.24) | 1.90 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.34 | 3.05 | 2.12 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Research Market Neutral Fund, the Bloomberg U.S. Aggregate Index and the ICE BofA 3-Month US Treasury Bill Index from October 31, 2015 to October 31, 2025. 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 Bloomberg U.S. Aggregate Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index. The ICE BofA 3-Month US 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.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $388455 |
| **Total number of portfolio holdings** | 319 |
| **Portfolio turnover rate** | 284% |
| **Total advisory fees paid (000's)** | $578 |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013782.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g60217chartimages_5015223.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JMNAX-1025

JPMorgan Research Market Neutral Fund - Class A

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Research Market Neutral Fund

![FrontCoverImage](g60217images_2647.jpg)

Class C Shares/Ticker: JMNCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Research Market Neutral Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Research Market Neutral Fund<br>(Class C Shares) | $304 | 2.99%\* |

---

\* Includes dividend and interest expenses on short sales.

**How did the Fund Perform?**

The JPMorgan Research Market Neutral Fund's Class C Shares, without a sales charge, returned 3.58% for the twelve months ended October 31, 2025. The Bloomberg U.S. Aggregate Index returned 6.16% and the ICE BofA 3-Month US Treasury Bill Index returned 4.34% for the twelve months ended October 31, 2025.

* The hardware & semiconductors and industrial cyclical sectors were additive to performance. 

* Longs in Howmet Aerospace and Seagate Technology were among the top contributors. 

* The insurance and retail sectors took away from performance. 

* Shorts in Fox and KLA were among the top detractors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014040.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Research Market Neutral Fund (Class C Shares)** | November 2, 2009 | 2.58% | 4.93% | 4.13% |
| **JPMorgan Research Market Neutral Fund (Class C Shares) - excluding sales charge** |  | 3.58 | 4.93 | 4.13 |
| **Bloomberg U.S. Aggregate Index** |  | 6.16 | (0.24) | 1.90 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.34 | 3.05 | 2.12 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Research Market Neutral Fund, the Bloomberg U.S. Aggregate Index and the ICE BofA 3-Month US Treasury Bill Index from October 31, 2015 to October 31, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index. The ICE BofA 3-Month US 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.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $388455 |
| **Total number of portfolio holdings** | 319 |
| **Portfolio turnover rate** | 284% |
| **Total advisory fees paid (000's)** | $578 |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013781.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g60217chartimages_5015224.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JMNCX-1025

JPMorgan Research Market Neutral Fund - Class C

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Research Market Neutral Fund

![FrontCoverImage](g60217images_2647.jpg)

Class I Shares/Ticker: JMNSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Research Market Neutral Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Research Market Neutral Fund<br>(Class I Shares) | $235 | 2.30%\* |

---

\* Includes dividend and interest expenses on short sales.

**How did the Fund Perform?**

The JPMorgan Research Market Neutral Fund's Class I Shares returned 4.37% for the twelve months ended October 31, 2025. The Bloomberg U.S. Aggregate Index returned 6.16% and the ICE BofA 3-Month US Treasury Bill Index returned 4.34% for the twelve months ended October 31, 2025.

* The hardware & semiconductors and industrial cyclical sectors were additive to performance. 

* Longs in Howmet Aerospace and Seagate Technology were among the top contributors. 

* The insurance and retail sectors took away from performance. 

* Shorts in Fox and KLA were among the top detractors. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014029.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Research Market Neutral Fund (Class I Shares)** | November 2, 2009 | 4.37% | 5.71% | 4.79% |
| **Bloomberg U.S. Aggregate Index** |  | 6.16 | (0.24) | 1.90 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.34 | 3.05 | 2.12 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Research Market Neutral Fund, the Bloomberg U.S. Aggregate Index and the ICE BofA 3-Month US Treasury Bill Index from October 31, 2015 to October 31, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index. The ICE BofA 3-Month US 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.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $388455 |
| **Total number of portfolio holdings** | 319 |
| **Portfolio turnover rate** | 284% |
| **Total advisory fees paid (000's)** | $578 |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013780.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g60217chartimages_5015225.jpg)

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JMNSX-1025

JPMorgan Research Market Neutral Fund - Class I

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Tax Aware Real Return Fund

![FrontCoverImage](g60217images_2647.jpg)

Class A Shares/Ticker: TXRAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Tax Aware Real Return Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Tax Aware Real Return Fund<br>Class A Shares | $71 | 0.69% |

---

**How did the Fund Perform?**

The JPMorgan Tax Aware Real Return Fund's Class A Shares, without a sales charge, returned 4.00% for the twelve months ended October 31, 2025. The Bloomberg US Municipal Index returned 4.17%, the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned 4.83%, and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index returned 4.66% for the period.

* The overweight to A-rated bonds was additive to performance on the year as they outperformed. 

* The Fund's overweight to the IDR/PCR sector positively contributed to performance. Additionally, the Fund's overweight to the housing sector boosted performance on the year. 

* The Fund's hedge against inflation, which was implemented using swaps contracts, detracted from absolute performance. 

* The Fund's overweight to the front end of the yield curve, specifically the zero to 1-year effective duration bucket, detracted from performance as it underperformed on the year. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014030.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Tax Aware Real Return Fund Class A Shares** | August 31, 2005 | 0.05% | 2.42% | 2.01% |
| **JPMorgan Tax Aware Real Return Fund Class A Shares - excluding sales charge** |  | 4.00 | 3.20 | 2.40 |
| **Bloomberg US Municipal Index** |  | 4.17 | 1.16 | 2.42 |
| **Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index** |  | 4.83 | 1.37 | 2.29 |
| **Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index** |  | 4.66 | 4.10 | 3.89 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Tax Aware Real Return Fund, the Bloomberg US Municipal Index, the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index from October 31, 2015 to October 31, 2025. 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 Bloomberg US Municipal Index, Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index is determined by adding the return of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Inflation Swap 5 Year Zero Coupon Index. Investors cannot invest directly in an index. Effective August 8, 2024, the Fund's primary benchmark changed from the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index to the Bloomberg US Municipal Index, which more closely reflects the Fund's investment universe.

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders' tax liability in connection with the Fund's distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower.

Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares, with the exception of returns noted above as returns after taxes.

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $612231 |
| **Total number of portfolio holdings** | 369 |
| **Portfolio turnover rate** | 65% |
| **Total advisory fees paid (000's)** | $1470 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013779.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

TXRAX-1025

JPMorgan Tax Aware Real Return Fund - Class A

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Tax Aware Real Return Fund

![FrontCoverImage](g60217images_2647.jpg)

Class C Shares/Ticker: TXRCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Tax Aware Real Return Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Tax Aware Real Return Fund<br>Class C Shares | $121 | 1.19% |

---

**How did the Fund Perform?**

The JPMorgan Tax Aware Real Return Fund's Class C Shares, without a sales charge, returned 3.49% for the twelve months ended October 31, 2025. The Bloomberg US Municipal Index returned 4.17%, the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned 4.83%, and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index returned 4.66% for the period.

* The overweight to A-rated bonds was additive to performance on the year as they outperformed. 

* The Fund's overweight to the IDR/PCR sector positively contributed to performance. Additionally, the Fund's overweight to the housing sector boosted performance on the year. 

* The Fund's hedge against inflation, which was implemented using swaps contracts, detracted from absolute performance. 

* The Fund's overweight to the front end of the yield curve, specifically the zero to 1-year effective duration bucket, detracted from performance as it underperformed on the year. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014031.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Tax Aware Real Return Fund Class C Shares** | August 31, 2005 | 2.49% | 2.69% | 1.97% |
| **JPMorgan Tax Aware Real Return Fund Class C Shares - excluding sales charge** |  | 3.49 | 2.69 | 1.97 |
| **Bloomberg US Municipal Index** |  | 4.17 | 1.16 | 2.42 |
| **Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index** |  | 4.83 | 1.37 | 2.29 |
| **Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index** |  | 4.66 | 4.10 | 3.89 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Tax Aware Real Return Fund, the Bloomberg US Municipal Index, the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index from October 31, 2015 to October 31, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg US Municipal Index, Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index is determined by adding the return of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Inflation Swap 5 Year Zero Coupon Index. Investors cannot invest directly in an index. Effective August 8, 2024, the Fund's primary benchmark changed from the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index to the Bloomberg US Municipal Index, which more closely reflects the Fund's investment universe.

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders' tax liability in connection with the Fund's distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower.

Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares, with the exception of returns noted above as returns after taxes.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $612231 |
| **Total number of portfolio holdings** | 369 |
| **Portfolio turnover rate** | 65% |
| **Total advisory fees paid (000's)** | $1470 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013778.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

TXRCX-1025

JPMorgan Tax Aware Real Return Fund - Class C

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Tax Aware Real Return Fund

![FrontCoverImage](g60217images_2647.jpg)

Class I Shares/Ticker: TXRIX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Tax Aware Real Return Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Tax Aware Real Return Fund<br>Class I Shares | $45 | 0.44% |

---

**How did the Fund Perform?**

The JPMorgan Tax Aware Real Return Fund's Class I Shares returned 4.25% for the twelve months ended October 31, 2025. The Bloomberg US Municipal Index returned 4.17%, the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned 4.83%, and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index returned 4.66% for the period.

* The overweight to A-rated bonds was additive to performance on the year as they outperformed. 

* The Fund's overweight to the IDR/PCR sector positively contributed to performance. Additionally, the Fund's overweight to the housing sector boosted performance on the year. 

* The Fund's hedge against inflation, which was implemented using swaps contracts, detracted from absolute performance. 

* The Fund's overweight to the front end of the yield curve, specifically the zero to 1-year effective duration bucket, detracted from performance as it underperformed on the year. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014032.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Tax Aware Real Return Fund Class I Shares** | August 31, 2005 | 4.25% | 3.47% | 2.66% |
| **Bloomberg US Municipal Index** |  | 4.17 | 1.16 | 2.42 |
| **Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index** |  | 4.83 | 1.37 | 2.29 |
| **Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index** |  | 4.66 | 4.10 | 3.89 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware Real Return Fund, the Bloomberg US Municipal Index, the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index from October 31, 2015 to October 31, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg US Municipal Index, Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index is determined by adding the return of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Inflation Swap 5 Year Zero Coupon Index. Investors cannot invest directly in an index. Effective August 8, 2024, the Fund's primary benchmark changed from the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index to the Bloomberg US Municipal Index, which more closely reflects the Fund's investment universe.

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders' tax liability in connection with the Fund's distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower.

Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares, with the exception of returns noted above as returns after taxes.

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $612231 |
| **Total number of portfolio holdings** | 369 |
| **Portfolio turnover rate** | 65% |
| **Total advisory fees paid (000's)** | $1470 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013777.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

TXRIX-1025

JPMorgan Tax Aware Real Return Fund - Class I

ANNUAL SHAREHOLDER REPORT \| October 31, 2025 (Unaudited)

JPMorgan Tax Aware Real Return Fund

![FrontCoverImage](g60217images_2647.jpg)

Class R6 Shares/Ticker: TXRRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Tax Aware Real Return Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Tax Aware Real Return Fund<br>Class R6 Shares | $35 | 0.34% |

---

**How did the Fund Perform?**

The JPMorgan Tax Aware Real Return Fund's Class R6 Shares returned 4.35% for the twelve months ended October 31, 2025. The Bloomberg US Municipal Index returned 4.17%, the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index returned 4.83%, and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index returned 4.66% for the period.

* The overweight to A-rated bonds was additive to performance on the year as they outperformed. 

* The Fund's overweight to the IDR/PCR sector positively contributed to performance. Additionally, the Fund's overweight to the housing sector boosted performance on the year. 

* The Fund's hedge against inflation, which was implemented using swaps contracts, detracted from absolute performance. 

* The Fund's overweight to the front end of the yield curve, specifically the zero to 1-year effective duration bucket, detracted from performance as it underperformed on the year. 

**Fund Performance**

![Fund Performance - Growth of 10K](g60217chartimages_5014033.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Tax Aware Real Return Fund Class R6 Shares** | August 16, 2013 | 4.35% | 3.55% | 2.75% |
| **Bloomberg US Municipal Index** |  | 4.17 | 1.16 | 2.42 |
| **Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index** |  | 4.83 | 1.37 | 2.29 |
| **Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index** |  | 4.66 | 4.10 | 3.89 |

---

 ***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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Tax Aware Real Return Fund, the Bloomberg US Municipal Index, the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index from October 31, 2015 to October 31, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg US Municipal Index, Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Bloomberg US Municipal/Inflation Swap 5 Year Zero Coupon Custom Index is determined by adding the return of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Inflation Swap 5 Year Zero Coupon Index. Investors cannot invest directly in an index. Effective August 8, 2024, the Fund's primary benchmark changed from the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index to the Bloomberg US Municipal Index, which more closely reflects the Fund's investment universe.

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders' tax liability in connection with the Fund's distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower.

Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares, with the exception of returns noted above as returns after taxes.

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $612231 |
| **Total number of portfolio holdings** | 369 |
| **Portfolio turnover rate** | 65% |
| **Total advisory fees paid (000's)** | $1470 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g60217chartimages_5013788.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g60217images_2646.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

TXRRX-1025

JPMorgan Tax Aware Real Return Fund - Class R6

------

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

**The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.** 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant's board of directors has determined that the registrant either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has at least one audit committee financial expert serving on its audit committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have an audit committee financial expert serving on its audit committee.

**The Registrant's Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

**The Audit committee financial experts are Gary L. French, Kathleen M. Gallagher, Raymond Kanner and Lawrence R. Maffia, each of whom is not an "interested person" of the Registrant and is also "independent" as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

**Not applicable**.

------

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

#### AUDIT FEES

#### 2025 – $610,076

#### 2024 – $596,214
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### AUDIT-RELATED FEES

#### 2025 – $102,688

#### 2024 – $101,669
**Audit-related fees consists of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant's fiscal year**.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### TAX FEES

#### 2025 – $130,200

#### 2024 – $128,864
**The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2025 and 2024, respectively.** 

#### For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### ALL OTHER FEES

#### 2025 – Not applicable

#### 2024 – Not applicable
(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

**Pursuant to the Registrant's Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the "Pre-approval Policy"), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant's independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor's engagement for non-audit services with the Registrant's investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the** 

------

 **"Pre-approval List"). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.** 

**One or more members of the Audit Committee may be appointed as the Committee's delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee's responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

#### 2025 – 0.0%

#### 2024 – 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

#### Not applicable – Less than 50%.
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

**The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:** 

#### 2024 – $40.7 million

#### 2023 – $35.1 million
(h) Disclose whether the registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

**The Registrant's Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm's independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.** 

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

#### Not applicable.
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

------

(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;

(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;

(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant;

(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and

(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

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.

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 in the Financial Statements under Item 7 of this Form.

#### Included in Item 7.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

------

Annual Financial Statements

J.P. Morgan International Equity Funds

October 31, 2025

---

| |
|:---|
| JPMorgan Developed International Value Fund |
| JPMorgan Emerging Markets Equity Fund |
| JPMorgan Emerging Markets Research Enhanced Equity Fund |
| JPMorgan Europe Dynamic Fund |
| JPMorgan International Equity Fund |
| JPMorgan International Focus Fund |

---

![](g13827imgee8e08921.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_f678f962-6ea0-4ec8-b858-d1ff791f746d_SOI-TOC-ScheduleofInvestments-871_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_f678f962-6ea0-4ec8-b858-d1ff791f746d_FS-TOC-FinancialStatement-871_1) | &nbsp;&nbsp; **27** |
| [Financial Highlights](#xx_f678f962-6ea0-4ec8-b858-d1ff791f746d_FIHI-TOC-FinancialHighlights-871_2) | &nbsp;&nbsp; **46** |
| [Notes to Financial Statements](#xx_f678f962-6ea0-4ec8-b858-d1ff791f746d_NTF-NTFRunningFooter-871_1) | &nbsp;&nbsp; **60** |
| [Report of Independent Registered Public Accounting Firm](#xx_f678f962-6ea0-4ec8-b858-d1ff791f746d_AUD-TOC-AuditorsReport-871_1) | &nbsp;&nbsp; **80** |
| [Tax Letter](#xx_f678f962-6ea0-4ec8-b858-d1ff791f746d_TL-TAXLETTERCC-871_1) | &nbsp;&nbsp; **81** |

---

**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.

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.

------

JPMorgan Developed International Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 96.3%** | **Common Stocks — 96.3%** | **Common Stocks — 96.3%** |
| **Australia — 3.6%** | **Australia — 3.6%** | **Australia — 3.6%** |
| BHP Group Ltd. | 1127 | 32131 |
| Fortescue Ltd. | 448 | 6227 |
| Insignia Financial Ltd. \* | 1281 | 3798 |
| Perseus Mining Ltd. | 659 | 2091 |
| QBE Insurance Group Ltd. | 568 | 7370 |
| Rio Tinto plc | 133 | 9584 |
| Ventia Services Group Pty. Ltd. | 728 | 2726 |
| Yancoal Australia Ltd. (a) | 1073 | 3905 |
|  |  | 67832 |
| **Austria — 1.2%** | **Austria — 1.2%** | **Austria — 1.2%** |
| BAWAG Group AG (b) | 14 | 1820 |
| Erste Group Bank AG | 79 | 8121 |
| OMV AG | 92 | 5051 |
| Telekom Austria AG | 207 | 2205 |
| Vienna Insurance Group AG Wiener Versicherung <br> Gruppe<br>| 104 | 5302 |
|  |  | 22499 |
| **Belgium — 1.2%** | **Belgium — 1.2%** | **Belgium — 1.2%** |
| Ageas SA | 105 | 6937 |
| Deme Group NV | 15 | 2289 |
| KBC Group NV | 64 | 7672 |
| Proximus SADP | 214 | 1842 |
| Umicore SA | 194 | 3690 |
|  |  | 22430 |
| **China — 0.7%** | **China — 0.7%** | **China — 0.7%** |
| BOC Hong Kong Holdings Ltd. | 1210 | 5945 |
| Yangzijiang Shipbuilding Holdings Ltd. | 2696 | 7281 |
|  |  | 13226 |
| **Denmark — 1.5%** | **Denmark — 1.5%** | **Denmark — 1.5%** |
| Carlsberg A/S, Class B (a) | 33 | 3888 |
| Danske Bank A/S | 173 | 7735 |
| H Lundbeck A/S | 548 | 3997 |
| ISS A/S | 74 | 2334 |
| Novo Nordisk A/S, Class B | 64 | 3159 |
| Orsted A/S \* (b) | 327 | 5853 |
| Sydbank A/S | 26 | 2212 |
|  |  | 29178 |
| **Finland — 1.4%** | **Finland — 1.4%** | **Finland — 1.4%** |
| Kalmar OYJ, Class B | 88 | 3664 |
| Konecranes OYJ | 38 | 3700 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Finland — continued** | **Finland — continued** | **Finland — continued** |
| Nokia OYJ | 1077 | 7349 |
| Nordea Bank Abp | 708 | 12112 |
|  |  | 26825 |
| **France — 7.0%** | **France — 7.0%** | **France — 7.0%** |
| Arkema SA | 47 | 2761 |
| AXA SA | 441 | 19146 |
| Ayvens SA (b) | 222 | 2965 |
| BNP Paribas SA | 211 | 16322 |
| Capgemini SE | 25 | 3911 |
| Coface SA | 97 | 1704 |
| Covivio SA, REIT | 64 | 4103 |
| Credit Agricole SA | 256 | 4625 |
| Eiffage SA | 53 | 6546 |
| Engie SA | 588 | 13758 |
| Forvia SE \* | 181 | 2320 |
| Orange SA | 446 | 7140 |
| Rubis SCA | 63 | 2270 |
| Societe Generale SA | 154 | 9789 |
| Television Francaise 1 SA | 244 | 2234 |
| TotalEnergies SE | 435 | 27166 |
| Valeo SE | 220 | 3037 |
| Vallourec SACA | 121 | 2247 |
| Vicat SACA | 29 | 2209 |
|  |  | 134253 |
| **Georgia — 0.1%** | **Georgia — 0.1%** | **Georgia — 0.1%** |
| Lion Finance Group plc | 25 | 2575 |
| **Germany — 9.0%** | **Germany — 9.0%** | **Germany — 9.0%** |
| Allianz SE (Registered) | 84 | 33635 |
| Aroundtown SA \* | 648 | 2315 |
| Aumovio SE \* | 41 | 1746 |
| Bayer AG (Registered) | 238 | 7409 |
| Bayerische Motoren Werke AG | 80 | 7484 |
| Commerzbank AG | 203 | 7395 |
| Continental AG | 87 | 6635 |
| Deutsche Bank AG (Registered) | 396 | 14176 |
| Deutsche Post AG | 187 | 8576 |
| Deutsche Telekom AG (Registered) | 533 | 16514 |
| E.ON SE | 363 | 6765 |
| Freenet AG | 73 | 2260 |
| Fresenius SE & Co. KGaA (a) | 110 | 6338 |
| Henkel AG & Co. KGaA (Preference) (a) | 67 | 5422 |
| Hornbach Holding AG & Co. KGaA | 15 | 1461 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 1

------

JPMorgan Developed International Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| LEG Immobilien SE | 35 | 2648 |
| Mercedes-Benz Group AG | 139 | 9042 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered)<br>| 25 | 15252 |
| ProSiebenSat.1 Media SE (a) | 280 | 1709 |
| SAF-Holland SE | 146 | 2380 |
| Talanx AG | 19 | 2383 |
| Volkswagen AG (Preference) | 48 | 5015 |
| Vonovia SE (a) | 187 | 5618 |
|  |  | 172178 |
| **Guatemala — 0.1%** | **Guatemala — 0.1%** | **Guatemala — 0.1%** |
| Millicom International Cellular SA | 37 | 1752 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| CK Asset Holdings Ltd. | 1446 | 7151 |
| Hang Lung Properties Ltd. | 4659 | 5188 |
| Hysan Development Co. Ltd. | 2594 | 5374 |
| Kerry Properties Ltd. | 1922 | 4846 |
| Prudential plc | 602 | 8371 |
| Swire Properties Ltd. | 967 | 2635 |
| WH Group Ltd. (b) | 3078 | 2961 |
|  |  | 36526 |
| **Indonesia — 0.3%** | **Indonesia — 0.3%** | **Indonesia — 0.3%** |
| First Pacific Co. Ltd. | 6278 | 5069 |
| **Ireland — 1.4%** | **Ireland — 1.4%** | **Ireland — 1.4%** |
| AerCap Holdings NV | 49 | 6411 |
| AIB Group plc | 538 | 4955 |
| Bank of Ireland Group plc | 285 | 4660 |
| Cairn Homes plc | 824 | 1832 |
| Glanbia plc | 228 | 3857 |
| Glenveagh Properties plc \* (b) | 1246 | 2741 |
| Greencore Group plc | 534 | 1674 |
|  |  | 26130 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Plus500 Ltd. | 54 | 2238 |
| **Italy — 5.0%** | **Italy — 5.0%** | **Italy — 5.0%** |
| Azimut Holding SpA | 145 | 5680 |
| Banca Monte dei Paschi di Siena SpA | 278 | 2439 |
| Banco BPM SpA | 327 | 4756 |
| BFF Bank SpA \* (b) | 157 | 1898 |
| BPER Banca SpA | 416 | 4986 |
| Danieli & C Officine Meccaniche SpA | 69 | 2624 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| doValue SpA \* (b) | 969 | 3027 |
| Enel SpA | 1779 | 17997 |
| Intesa Sanpaolo SpA | 2948 | 19003 |
| Iveco Group NV | 80 | 1693 |
| MFE-MediaForEurope NV, Class A | 236 | 837 |
| MFE-MediaForEurope NV, Class B | 268 | 1250 |
| Pirelli & C SpA (b) | 349 | 2450 |
| Poste Italiane SpA (b) | 204 | 4920 |
| Saipem SpA (a) | 928 | 2419 |
| UniCredit SpA | 158 | 11713 |
| Unipol Assicurazioni SpA | 314 | 6880 |
| Webuild SpA | 455 | 1837 |
|  |  | 96409 |
| **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** |
| Endeavour Mining plc | 67 | 2695 |
| **Japan — 24.3%** | **Japan — 24.3%** | **Japan — 24.3%** |
| Aiful Corp. | 1604 | 4717 |
| Aisin Corp. | 405 | 7273 |
| Asahi Kasei Corp. | 458 | 3513 |
| Central Japan Railway Co. | 286 | 7007 |
| Chiba Bank Ltd. (The) | 333 | 3245 |
| Concordia Financial Group Ltd. | 713 | 5179 |
| Credit Saison Co. Ltd. | 204 | 4960 |
| Dai-ichi Life Holdings, Inc. | 796 | 5584 |
| Daiwa Securities Group, Inc. | 649 | 4995 |
| ENEOS Holdings, Inc. | 901 | 5687 |
| Fuji Media Holdings, Inc. | 131 | 2916 |
| Furukawa Electric Co. Ltd. | 69 | 4863 |
| Gunma Bank Ltd. (The) | 164 | 1704 |
| Hakuhodo DY Holdings, Inc. | 307 | 2225 |
| Inpex Corp. | 459 | 8464 |
| Isuzu Motors Ltd. | 232 | 2843 |
| Japan Airlines Co. Ltd. | 225 | 4052 |
| Japan Airport Terminal Co. Ltd. | 63 | 1942 |
| Japan Petroleum Exploration Co. Ltd. | 618 | 5167 |
| Kamigumi Co. Ltd. | 57 | 1717 |
| Kandenko Co. Ltd. | 97 | 2949 |
| Kanematsu Corp. | 246 | 4976 |
| Kansai Paint Co. Ltd. | 169 | 2714 |
| KDDI Corp. | 897 | 14303 |
| KDX Realty Investment Corp., REIT | 5 | 5188 |
| Kioxia Holdings Corp. \* | 120 | 8341 |
| Kyocera Corp. | 443 | 5878 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan International Equity Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Marubeni Corp. | 374 | 9189 |
| Mitsubishi Corp. | 761 | 18276 |
| Mitsubishi UFJ Financial Group, Inc. | 2237 | 33786 |
| Mitsui & Co. Ltd. | 551 | 13548 |
| Mitsui Fudosan Co. Ltd. | 773 | 8050 |
| Mitsui Kinzoku Co. Ltd. | 68 | 6916 |
| Mizuho Financial Group, Inc. | 535 | 17907 |
| Modec, Inc. | 141 | 9127 |
| MS&AD Insurance Group Holdings, Inc. | 466 | 9611 |
| Namura Shipbuilding Co. Ltd. | 128 | 4348 |
| Nippon Yusen KK | 223 | 7718 |
| Niterra Co. Ltd. | 44 | 1793 |
| Nomura Holdings, Inc. | 1147 | 8182 |
| Nomura Real Estate Holdings, Inc. | 284 | 1622 |
| Open House Group Co. Ltd. | 101 | 4865 |
| ORIX Corp. | 304 | 7427 |
| Osaka Gas Co. Ltd. | 133 | 4179 |
| Panasonic Holdings Corp. | 515 | 5984 |
| Resona Holdings, Inc. | 451 | 4347 |
| Sankyo Co. Ltd. | 155 | 2694 |
| SBI Holdings, Inc. | 188 | 8397 |
| Shionogi & Co. Ltd. | 348 | 5844 |
| Sojitz Corp. | 77 | 2051 |
| Sompo Holdings, Inc. | 117 | 3578 |
| Sumitomo Corp. | 340 | 9879 |
| Sumitomo Electric Industries Ltd. | 277 | 10110 |
| Sumitomo Mitsui Financial Group, Inc. | 762 | 20641 |
| Sumitomo Realty & Development Co. Ltd. | 131 | 5598 |
| Sumitomo Rubber Industries Ltd. | 203 | 2376 |
| Suzuki Motor Corp. | 438 | 6540 |
| T&D Holdings, Inc. | 228 | 4892 |
| Takeda Pharmaceutical Co. Ltd. | 223 | 6032 |
| TBS Holdings, Inc. | 54 | 1865 |
| Tokai Rika Co. Ltd. | 114 | 2046 |
| Tokuyama Corp. | 226 | 5611 |
| Tokyo Century Corp. | 411 | 4854 |
| Tokyo Gas Co. Ltd. | 74 | 2593 |
| Tokyo Tatemono Co. Ltd. | 274 | 5119 |
| Tokyu Fudosan Holdings Corp. | 624 | 5032 |
| Toyo Tire Corp. | 97 | 2643 |
| Toyoda Gosei Co. Ltd. | 160 | 3710 |
| Toyota Motor Corp. | 819 | 16703 |
| Toyota Tsusho Corp. | 322 | 9855 |
| Tsubakimoto Chain Co. | 137 | 1919 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| UACJ Corp. | 217 | 2800 |
| Yamato Kogyo Co. Ltd. | 24 | 1538 |
|  |  | 464197 |
| **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** |
| ArcelorMittal SA | 194 | 7413 |
| **Netherlands — 2.9%** | **Netherlands — 2.9%** | **Netherlands — 2.9%** |
| ABN AMRO Bank NV, CVA (b) | 127 | 3787 |
| ASR Nederland NV | 52 | 3499 |
| Eurocommercial Properties NV, REIT | 82 | 2465 |
| Havas NV | 887 | 1549 |
| Heineken Holding NV | 89 | 6004 |
| ING Groep NV | 617 | 15404 |
| Koninklijke BAM Groep NV | 395 | 3663 |
| Koninklijke Heijmans N.V., CVA | 103 | 7324 |
| NN Group NV | 96 | 6559 |
| OCI NV | 283 | 1109 |
| SBM Offshore NV | 74 | 1907 |
| Wereldhave NV, REIT | 128 | 2720 |
|  |  | 55990 |
| **Norway — 1.8%** | **Norway — 1.8%** | **Norway — 1.8%** |
| Aker Solutions ASA | 472 | 1296 |
| DNB Bank ASA | 220 | 5626 |
| DOF Group ASA | 548 | 4916 |
| Equinor ASA | 361 | 8653 |
| Norsk Hydro ASA | 591 | 3992 |
| Norwegian Air Shuttle ASA | 3232 | 5017 |
| Telenor ASA | 285 | 4239 |
|  |  | 33739 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Hochschild Mining plc | 624 | 2714 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Banco Comercial Portugues SA, Class R | 4220 | 3725 |
| NOS SGPS SA | 449 | 1947 |
|  |  | 5672 |
| **South Africa — 0.5%** | **South Africa — 0.5%** | **South Africa — 0.5%** |
| Anglo American plc | 255 | 9656 |
| **Spain — 4.0%** | **Spain — 4.0%** | **Spain — 4.0%** |
| Banco Bilbao Vizcaya Argentaria SA | 1184 | 23845 |
| Banco de Sabadell SA | 1386 | 5198 |
| Banco Santander SA | 2073 | 21123 |
| CaixaBank SA | 927 | 9801 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 3

------

JPMorgan Developed International Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| Mapfre SA | 361 | 1593 |
| Repsol SA | 454 | 8335 |
| Tecnicas Reunidas SA \* | 138 | 4927 |
| Unicaja Banco SA (b) | 841 | 2271 |
|  |  | 77093 |
| **Sweden — 2.7%** | **Sweden — 2.7%** | **Sweden — 2.7%** |
| AcadeMedia AB (b) | 264 | 2912 |
| Ambea AB (b) | 262 | 3532 |
| Betsson AB, Class B | 149 | 2328 |
| Dometic Group AB (c) | 454 | 2221 |
| Evolution AB (b) | 37 | 2441 |
| Loomis AB | 49 | 1988 |
| Modern Times Group MTG AB, Class B \* | 294 | 3945 |
| NCC AB, Class B | 101 | 2311 |
| Skandinaviska Enskilda Banken AB, Class A | 358 | 6831 |
| SSAB AB, Class B | 554 | 3432 |
| Storskogen Group AB, Class B | 1743 | 1801 |
| Svenska Handelsbanken AB, Class A (a) | 380 | 4961 |
| Swedbank AB, Class A | 228 | 6905 |
| Telia Co. AB | 1433 | 5639 |
|  |  | 51247 |
| **Switzerland — 0.7%** | **Switzerland — 0.7%** | **Switzerland — 0.7%** |
| Adecco Group AG (Registered) | 190 | 5293 |
| Aryzta AG \* | 20 | 1312 |
| Avolta AG | 44 | 2321 |
| Implenia AG (Registered) | 45 | 3564 |
|  |  | 12490 |
| **United Kingdom — 12.9%** | **United Kingdom — 12.9%** | **United Kingdom — 12.9%** |
| 3i Group plc | 131 | 7558 |
| Balfour Beatty plc | 261 | 2307 |
| Barclays plc | 3083 | 16536 |
| Beazley plc | 160 | 1951 |
| Bellway plc | 55 | 1910 |
| British American Tobacco plc | 365 | 18696 |
| British Land Co. plc (The), REIT | 559 | 2794 |
| Centrica plc | 2580 | 6080 |
| CK Hutchison Holdings Ltd. | 1292 | 8568 |
| Currys plc | 1444 | 2666 |
| Drax Group plc | 531 | 5031 |
| Dunelm Group plc | 192 | 2820 |
| easyJet plc | 285 | 1815 |
| Great Portland Estates plc, REIT | 360 | 1577 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| HSBC Holdings plc | 3360 | 47042 |
| IG Group Holdings plc | 109 | 1600 |
| Imperial Brands plc | 241 | 9583 |
| International Consolidated Airlines Group SA | 620 | 3410 |
| Investec plc | 693 | 5219 |
| ITV plc | 2363 | 2163 |
| JD Sports Fashion plc | 3497 | 4285 |
| JET2 plc | 129 | 2255 |
| Johnson Matthey plc | 78 | 2181 |
| Keller Group plc | 104 | 2164 |
| Kier Group plc | 1373 | 3907 |
| Lancashire Holdings Ltd. | 381 | 3347 |
| Land Securities Group plc, REIT | 411 | 3360 |
| Lloyds Banking Group plc | 13218 | 15498 |
| Marks & Spencer Group plc | 699 | 3653 |
| Mitie Group plc | 1983 | 4294 |
| Morgan Sindall Group plc | 24 | 1493 |
| NatWest Group plc | 1837 | 14139 |
| Paragon Banking Group plc | 233 | 2534 |
| Phoenix Group Holdings plc | 471 | 4176 |
| Premier Foods plc | 474 | 1135 |
| Serco Group plc | 932 | 3108 |
| SSE plc | 171 | 4299 |
| Standard Chartered plc | 458 | 9393 |
| Tesco plc | 1712 | 10329 |
| TP ICAP Group plc | 443 | 1526 |
|  |  | 246402 |
| **United States — 11.1%** | **United States — 11.1%** | **United States — 11.1%** |
| Aegon Ltd. | 487 | 3708 |
| BP plc | 3527 | 20666 |
| Buzzi SpA | 30 | 1814 |
| Carnival plc \* | 83 | 2155 |
| GSK plc | 879 | 20583 |
| Nestle SA (Registered) | 214 | 20427 |
| Novartis AG (Registered) | 199 | 24665 |
| Roche Holding AG | 145 | 46961 |
| Sanofi SA | 102 | 10265 |
| Shell plc | 1185 | 44422 |
| Swiss Re AG | 68 | 12319 |
| Tenaris SA | 235 | 4680 |
|  |  | 212665 |
| Total Common Stocks <br>(Cost $1,494,430)<br>|  | 1841093 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan International Equity Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** |
| **Investment Companies — 3.6%** | **Investment Companies — 3.6%** | **Investment Companies — 3.6%** |
| JPMorgan Prime Money Market Fund Class Institutional <br> Shares, 4.01% (d) (e) <br>(Cost $68,355)<br>| 68323 | 68350 |
| **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (d) (e)(Cost <br> $9,405)<br>| 9405 | 9405 |
| Total Short-Term Investments <br>(Cost $77,760)<br>|  | 77755 |
| **Total Investments — 100.4%** <br>**(Cost $1,572,190)**<br>|  | **1918848** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | **(7879)**<br>|
| **NET ASSETS — 100.0%** |  | **1910969** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| OYJ | Public Limited Company |
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| REIT | Real Estate Investment Trust |
| SCA | Limited partnership with share capital |
| SGPS | Holding company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at October 31, 2025. The total value of securities on loan at October 31, 2025 is $8,827. 

(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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the current yield as of October 31, 2025.

**Summary of Investments by Industry, October 31, 2025**

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 22.8<br> %<br>|
| Insurance | 8.7 |
| Oil, Gas & Consumable Fuels | 7.2 |
| Pharmaceuticals | 6.7 |
| Metals & Mining | 4.7 |
| Trading Companies & Distributors | 3.9 |
| Capital Markets | 3.3 |
| Real Estate Management & Development | 3.2 |
| Automobile Components | 2.6 |
| Automobiles | 2.5 |
| Construction & Engineering | 2.2 |
| Diversified Telecommunication Services | 2.1 |
| Food Products | 1.9 |
| Energy Equipment & Services | 1.6 |
| Tobacco | 1.5 |
| Multi-Utilities | 1.4 |
| Machinery | 1.3 |
| Electric Utilities | 1.2 |
| Financial Services | 1.1 |
| Chemicals | 1.1 |
| Wireless Telecommunication Services | 1.0 |
| Others (each less than 1.0%) | 13.9 |
| Short-Term Investments | 4.1 |

---

**Futures contracts outstanding as of October 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 27080 | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 5

------

JPMorgan Developed International Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan International Equity Funds October 31, 2025

------

JPMorgan Emerging Markets Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 100.4%** | **Common Stocks — 100.4%** | **Common Stocks — 100.4%** |
| **Argentina — 1.5%** | **Argentina — 1.5%** | **Argentina — 1.5%** |
| Vista Energy SAB de CV, ADR \* | 1881 | 91150 |
| YPF SA, ADR \* | 1470 | 53535 |
|  |  | 144685 |
| **Brazil — 10.8%** | **Brazil — 10.8%** | **Brazil — 10.8%** |
| Banco BTG Pactual SA | 9459 | 86062 |
| Banco do Brasil SA | 10704 | 43692 |
| Embraer SA, ADR | 1470 | 94782 |
| Itau Unibanco Holding SA, ADR | 12791 | 94139 |
| MercadoLibre, Inc. \* | 84 | 196265 |
| NU Holdings Ltd., Class A \* | 13206 | 212747 |
| Petroleo Brasileiro SA, ADR | 7973 | 88103 |
| Telefonica Brasil SA | 10568 | 63371 |
| WEG SA | 16971 | 132713 |
|  |  | 1011874 |
| **China — 25.3%** | **China — 25.3%** | **China — 25.3%** |
| Advanced Micro-Fabrication Equipment, Inc., Class A | 1705 | 66902 |
| Alibaba Group Holding Ltd., ADR | 1319 | 224873 |
| BYD Co. Ltd., Class A | 4212 | 59642 |
| Contemporary Amperex Technology Co. Ltd., Class A | 2978 | 162565 |
| Full Truck Alliance Co. Ltd., ADR | 7401 | 96219 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 9299 | 88107 |
| H World Group Ltd., ADR | 1912 | 73821 |
| KE Holdings, Inc., ADR | 2979 | 50790 |
| Meituan \* (a) | 4418 | 58156 |
| Midea Group Co. Ltd., Class A | 10534 | 112992 |
| Montage Technology Co. Ltd., Class A | 6895 | 131965 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 10696 | 115562 |
| Sieyuan Electric Co. Ltd., Class A | 6100 | 112443 |
| Tencent Holdings Ltd. | 8224 | 668017 |
| Tencent Music Entertainment Group, ADR | 4520 | 100882 |
| Trip.com Group Ltd., ADR | 1464 | 103421 |
| Yum China Holdings, Inc. | 2055 | 88907 |
| Zhongji Innolight Co. Ltd., Class A | 1049 | 69182 |
|  |  | 2384446 |
| **Greece — 0.6%** | **Greece — 0.6%** | **Greece — 0.6%** |
| National Bank of Greece SA | 4126 | 60649 |
| **Guatemala — 0.7%** | **Guatemala — 0.7%** | **Guatemala — 0.7%** |
| Millicom International Cellular SA | 1470 | 69247 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hong Kong — 2.8%** | **Hong Kong — 2.8%** | **Hong Kong — 2.8%** |
| AIA Group Ltd. | 16234 | 157969 |
| Techtronic Industries Co. Ltd. | 8648 | 100870 |
|  |  | 258839 |
| **Hungary — 0.7%** | **Hungary — 0.7%** | **Hungary — 0.7%** |
| OTP Bank Nyrt. | 684 | 65259 |
| **India — 12.7%** | **India — 12.7%** | **India — 12.7%** |
| Bajaj Finance Ltd. | 16684 | 195945 |
| Bharat Electronics Ltd. | 13791 | 66129 |
| Bharti Airtel Ltd. | 3468 | 80303 |
| Cholamandalam Investment and Finance Co. Ltd. | 5181 | 99012 |
| Dr Reddy's Laboratories Ltd. | 4083 | 54942 |
| HDFC Asset Management Co. Ltd. (a) | 1545 | 93559 |
| ICICI Bank Ltd. | 4488 | 68005 |
| Mahindra & Mahindra Ltd. | 1647 | 64664 |
| MakeMyTrip Ltd. \* | 1125 | 90002 |
| Max Healthcare Institute Ltd. | 7047 | 91122 |
| NTPC Ltd. | 23705 | 89914 |
| Polycab India Ltd. | 821 | 71241 |
| Shriram Finance Ltd. | 15223 | 128375 |
|  |  | 1193213 |
| **Indonesia — 0.9%** | **Indonesia — 0.9%** | **Indonesia — 0.9%** |
| Bank Central Asia Tbk. PT | 166976 | 85490 |
| **Mexico — 1.7%** | **Mexico — 1.7%** | **Mexico — 1.7%** |
| Grupo Financiero Banorte SAB de CV, Class O | 11173 | 104885 |
| Grupo Mexico SAB de CV | 6164 | 53191 |
|  |  | 158076 |
| **Panama — 0.7%** | **Panama — 0.7%** | **Panama — 0.7%** |
| Copa Holdings SA, Class A | 527 | 66032 |
| **Portugal — 1.0%** | **Portugal — 1.0%** | **Portugal — 1.0%** |
| Jeronimo Martins SGPS SA | 3723 | 95881 |
| **Saudi Arabia — 0.7%** | **Saudi Arabia — 0.7%** | **Saudi Arabia — 0.7%** |
| Al Rajhi Bank | 2296 | 64887 |
| **Singapore — 2.1%** | **Singapore — 2.1%** | **Singapore — 2.1%** |
| Grab Holdings Ltd., Class A \* | 14459 | 86900 |
| Sea Ltd., ADR \* | 708 | 110610 |
|  |  | 197510 |
| **South Africa — 1.6%** | **South Africa — 1.6%** | **South Africa — 1.6%** |
| Bid Corp. Ltd. | 2557 | 63245 |
| Capitec Bank Holdings Ltd. (b) | 408 | 90277 |
|  |  | 153522 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 7

------

JPMorgan Emerging Markets Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **South Korea — 12.0%** | **South Korea — 12.0%** | **South Korea — 12.0%** |
| Coupang, Inc. \* | 2819 | 90116 |
| Hanwha Aerospace Co. Ltd. | 303 | 207712 |
| Hanwha Vision Co. Ltd. \* | 872 | 30694 |
| Kia Corp. | 756 | 63421 |
| Samsung Electronics Co. Ltd. | 3486 | 262457 |
| SK hynix, Inc. | 1222 | 475441 |
|  |  | 1129841 |
| **Spain — 1.8%** | **Spain — 1.8%** | **Spain — 1.8%** |
| Banco Bilbao Vizcaya Argentaria SA | 8464 | 170514 |
| **Taiwan — 18.0%** | **Taiwan — 18.0%** | **Taiwan — 18.0%** |
| Delta Electronics, Inc. | 4844 | 155802 |
| MediaTek, Inc. | 2338 | 99153 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1090 | 327606 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 19100 | 923670 |
| Wiwynn Corp. | 1331 | 187697 |
|  |  | 1693928 |
| **Turkey — 3.5%** | **Turkey — 3.5%** | **Turkey — 3.5%** |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 32688 | 158033 |
| BIM Birlesik Magazalar A/S | 6239 | 79895 |
| Turkiye Garanti Bankasi A/S | 16841 | 53790 |
| Yapi ve Kredi Bankasi A/S \* | 47155 | 37617 |
|  |  | 329335 |
| **United States — 1.3%** | **United States — 1.3%** | **United States — 1.3%** |
| ExlService Holdings, Inc. \* | 1302 | 50916 |
| Monolithic Power Systems, Inc. | 70 | 69733 |
|  |  | 120649 |
| Total Common Stocks <br>(Cost $6,082,250)<br>|  | 9453877 |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| **Investment of Cash Collateral from Securities Loaned — 0.8%** | **Investment of Cash Collateral from Securities Loaned — 0.8%** | **Investment of Cash Collateral from Securities Loaned — 0.8%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (c) (d)(Cost <br> $70,284)<br>| 70284 | 70284 |
| **Total Investments — 101.2%** <br>**(Cost $6,152,534)**<br>|  | **9524161** |
| **Liabilities in Excess of Other Assets — (1.2)%** |  | **(111056)**<br>|
| **NET ASSETS — 100.0%** |  | **9413105** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| PT | Limited liability company |
| SGPS | Holding company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

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

(b) The security or a portion of this security is on loan at October 31, 2025. The total value of securities on loan at October 31, 2025 is $66,374. 

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

(d) The rate shown is the current yield as of October 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan International Equity Funds October 31, 2025

------

**Summary of Investments by Industry, October 31, 2025**

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Semiconductors & Semiconductor Equipment | 22.0<br> %<br>|
| Banks | 12.1 |
| Interactive Media & Services | 7.0 |
| Broadline Retail | 6.5 |
| Aerospace & Defense | 5.5 |
| Electrical Equipment | 5.0 |
| Technology Hardware, Storage & Peripherals | 4.7 |
| Consumer Finance | 4.4 |
| Hotels, Restaurants & Leisure | 4.4 |
| Consumer Staples Distribution & Retail | 2.5 |
| Oil, Gas & Consumable Fuels | 2.4 |
| Machinery | 2.3 |
| Automobiles | 2.0 |
| Electronic Equipment, Instruments & Components | 2.0 |
| Ground Transportation | 1.9 |
| Capital Markets | 1.9 |
| Insurance | 1.7 |
| Wireless Telecommunication Services | 1.6 |
| Household Durables | 1.2 |
| Entertainment | 1.1 |
| Health Care Providers & Services | 1.0 |
| Others (each less than 1.0%) | 6.1 |
| Short-Term Investments | 0.7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 9

------

JPMorgan Emerging Markets Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 103.0%** | **Common Stocks — 103.0%** | **Common Stocks — 103.0%** |
| **Brazil — 5.0%** | **Brazil — 5.0%** | **Brazil — 5.0%** |
| B3 SA - Brasil Bolsa Balcao | 2023 | 4767 |
| Banco BTG Pactual SA | 663 | 6029 |
| Banco do Brasil SA | 663 | 2706 |
| Banco Santander Brasil SA | 317 | 1839 |
| Centrais Eletricas Brasileiras SA | 522 | 5396 |
| Cia de Saneamento Basico do Estado de Sao Paulo <br> SABESP<br>| 83 | 2043 |
| Cia Energetica de Minas Gerais (Preference) | 1288 | 2710 |
| Gerdau SA (Preference) | 1096 | 3846 |
| Itau Unibanco Holding SA (Preference) | 1336 | 9817 |
| Itausa SA (Preference) | 2136 | 4617 |
| Localiza Rent a Car SA | 216 | 1577 |
| MercadoLibre, Inc. \* |  | 1399 |
| Motiva Infraestrutura de Mobilidade SA | 920 | 2713 |
| NU Holdings Ltd., Class A \* | 593 | 9558 |
| Petroleo Brasileiro SA (Preference) | 2603 | 14359 |
| Porto Seguro SA | 452 | 4036 |
| Telefonica Brasil SA | 744 | 4465 |
| TIM SA, ADR | 102 | 2297 |
| Ultrapar Participacoes SA | 760 | 3028 |
| Vale SA, ADR | 940 | 11365 |
|  |  | 98567 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Banco Santander Chile, ADR | 172 | 4934 |
| **China — 30.6%** | **China — 30.6%** | **China — 30.6%** |
| 3SBio, Inc. \* (a) | 581 | 2310 |
| Advanced Micro-Fabrication Equipment, Inc., Class A | 27 | 1062 |
| Airtac International Group | 67 | 1976 |
| Alibaba Group Holding Ltd. | 3576 | 76086 |
| Angel Yeast Co. Ltd., Class A | 281 | 1532 |
| Anker Innovations Technology Co. Ltd., Class A | 183 | 3000 |
| ANTA Sports Products Ltd. | 226 | 2361 |
| Baidu, Inc., Class A \* | 177 | 2684 |
| Bank of Chengdu Co. Ltd., Class A | 1009 | 2381 |
| Bank of China Ltd., Class H | 8304 | 4702 |
| Beijing Huafeng Test & Control Technology Co. Ltd., <br> Class A<br>| 124 | 3488 |
| BYD Co. Ltd., Class H | 408 | 5269 |
| China Construction Bank Corp., Class H | 24860 | 24613 |
| China Galaxy Securities Co. Ltd., Class H | 1692 | 2433 |
| China Hongqiao Group Ltd. | 1967 | 7466 |
| China International Capital Corp. Ltd., Class H (a) | 720 | 1958 |
| China Life Insurance Co. Ltd., Class H | 1529 | 4822 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **China — continued** | **China — continued** | **China — continued** |
| China Mengniu Dairy Co. Ltd. | 1368 | 2489 |
| China Merchants Bank Co. Ltd., Class A | 86 | 495 |
| China Merchants Bank Co. Ltd., Class H | 1594 | 9992 |
| China Minsheng Banking Corp. Ltd., Class H | 4862 | 2491 |
| China Pacific Insurance Group Co. Ltd., Class H | 1232 | 4995 |
| China Resources Land Ltd. | 1094 | 3951 |
| China Resources Mixc Lifestyle Services Ltd. (a) | 742 | 3884 |
| China Resources Power Holdings Co. Ltd. | 1435 | 3432 |
| China Shenhua Energy Co. Ltd., Class H | 381 | 1984 |
| China Yangtze Power Co. Ltd., Class A | 1049 | 4139 |
| CMOC Group Ltd., Class H | 2667 | 5774 |
| Contemporary Amperex Technology Co. Ltd., Class A | 161 | 8809 |
| COSCO SHIPPING Holdings Co. Ltd., Class A | 2530 | 5330 |
| ENN Energy Holdings Ltd. | 589 | 5128 |
| Foxconn Industrial Internet Co. Ltd., Class A | 254 | 2557 |
| Fuyao Glass Industry Group Co. Ltd., Class H (a) | 576 | 5129 |
| Geely Automobile Holdings Ltd. | 3413 | 8098 |
| GF Securities Co. Ltd., Class A | 390 | 1236 |
| Guangdong Haid Group Co. Ltd., Class A | 346 | 2838 |
| H World Group Ltd. | 1176 | 4561 |
| Haidilao International Holding Ltd. (a) | 2326 | 3833 |
| Haier Smart Home Co. Ltd., Class H | 1767 | 5746 |
| Haitian International Holdings Ltd. | 271 | 741 |
| Hongfa Technology Co. Ltd., Class A | 676 | 2893 |
| Industrial & Commercial Bank of China Ltd., Class H | 11228 | 8699 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 572 | 2201 |
| JD Health International, Inc. \* (a) | 113 | 882 |
| JD.com, Inc., Class A | 304 | 5013 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 434 | 3907 |
| Kanzhun Ltd., ADR | 159 | 3526 |
| Kuaishou Technology (a) | 651 | 6048 |
| Kunlun Energy Co. Ltd. | 1676 | 1541 |
| Kweichow Moutai Co. Ltd., Class A | 26 | 5305 |
| Lenovo Group Ltd. | 1964 | 2865 |
| Meituan \* (a) | 666 | 8763 |
| Midea Group Co. Ltd., Class A | 421 | 4519 |
| MINISO Group Holding Ltd. | 383 | 2046 |
| Minth Group Ltd. | 612 | 2716 |
| Montage Technology Co. Ltd., Class A | 280 | 5351 |
| NAURA Technology Group Co. Ltd., Class A | 25 | 1402 |
| NetEase, Inc. | 531 | 14895 |
| Nongfu Spring Co. Ltd., Class H (a) | 750 | 4987 |
| OmniVision Integrated Circuits Group, Inc. | 98 | 1800 |
| PDD Holdings, Inc., ADR \* | 137 | 18431 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan International Equity Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| 2269 | 2038 |
| PetroChina Co. Ltd., Class H | 9284 | 9597 |
| PICC Property & Casualty Co. Ltd., Class H | 3178 | 7508 |
| Ping An Insurance Group Co. of China Ltd., Class H | 2090 | 15102 |
| Pop Mart International Group Ltd. (a) | 22 | 637 |
| Sany Heavy Industry Co. Ltd., Class A | 1121 | 3484 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| 992 | 4071 |
| Shanghai United Imaging Healthcare Co. Ltd., Class A | 102 | 2002 |
| Shenzhou International Group Holdings Ltd. | 677 | 5842 |
| Sieyuan Electric Co. Ltd., Class A | 109 | 2015 |
| Silergy Corp. | 278 | 2002 |
| Sungrow Power Supply Co. Ltd., Class A | 78 | 2073 |
| Tencent Holdings Ltd. | 1373 | 111496 |
| Tencent Music Entertainment Group, ADR | 193 | 4318 |
| Tianshan Aluminum Group Co. Ltd., Class A | 1224 | 2295 |
| Tingyi Cayman Islands Holding Corp. | 1459 | 2001 |
| Trip.com Group Ltd. | 113 | 7939 |
| Weichai Power Co. Ltd., Class H | 862 | 1781 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | 368 | 3654 |
| WuXi AppTec Co. Ltd., Class H (a) | 475 | 6640 |
| Wuxi Biologics Cayman, Inc. \* (a) | 879 | 4100 |
| XCMG Construction Machinery Co. Ltd., Class A | 1918 | 2865 |
| Xiamen Faratronic Co. Ltd., Class A | 43 | 720 |
| Xiaomi Corp., Class B \* (a) | 3892 | 21593 |
| Xinyi Solar Holdings Ltd. | 1612 | 743 |
| Yum China Holdings, Inc. | 186 | 8023 |
| Zhongji Innolight Co. Ltd., Class A | 33 | 2163 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | 680 | 3453 |
| Zijin Mining Group Co. Ltd., Class H | 2712 | 11220 |
| ZTO Express Cayman, Inc. | 127 | 2351 |
|  |  | 607291 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Grupo Cibest SA, ADR | 68 | 3956 |
| **Greece — 1.0%** | **Greece — 1.0%** | **Greece — 1.0%** |
| Eurobank Ergasias Services and Holdings SA | 859 | 3230 |
| Hellenic Telecommunications Organization SA | 233 | 4382 |
| National Bank of Greece SA | 522 | 7668 |
| Piraeus Financial Holdings SA | 627 | 4901 |
|  |  | 20181 |
| **Guatemala — 0.1%** | **Guatemala — 0.1%** | **Guatemala — 0.1%** |
| Millicom International Cellular SA | 39 | 1837 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hong Kong — 0.2%** | **Hong Kong — 0.2%** | **Hong Kong — 0.2%** |
| Prudential plc | 143 | 1982 |
| Techtronic Industries Co. Ltd. | 125 | 1464 |
|  |  | 3446 |
| **Hungary — 0.6%** | **Hungary — 0.6%** | **Hungary — 0.6%** |
| MOL Hungarian Oil & Gas plc | 278 | 2446 |
| OTP Bank Nyrt. | 95 | 9022 |
|  |  | 11468 |
| **India — 15.4%** | **India — 15.4%** | **India — 15.4%** |
| Apollo Hospitals Enterprise Ltd. | 59 | 5105 |
| Ashok Leyland Ltd. | 2594 | 4130 |
| Axis Bank Ltd. | 777 | 10790 |
| Bajaj Auto Ltd. | 46 | 4622 |
| Bajaj Finance Ltd. | 781 | 9168 |
| Bharat Electronics Ltd. | 1433 | 6872 |
| Bharat Petroleum Corp. Ltd. | 841 | 3374 |
| Bharti Airtel Ltd. | 525 | 12147 |
| Biocon Ltd. | 180 | 755 |
| Blue Star Ltd. | 70 | 1523 |
| Britannia Industries Ltd. | 35 | 2319 |
| CG Power & Industrial Solutions Ltd. | 431 | 3569 |
| Cholamandalam Investment and Finance Co. Ltd. | 238 | 4540 |
| Cipla Ltd. | 88 | 1493 |
| Coforge Ltd. | 44 | 880 |
| Coromandel International Ltd. | 36 | 858 |
| Crompton Greaves Consumer Electricals Ltd. | 417 | 1328 |
| DLF Ltd. | 74 | 633 |
| Dr Reddy's Laboratories Ltd. | 420 | 5656 |
| Embassy Office Parks, REIT | 170 | 819 |
| Eternal Ltd. \* | 1213 | 4329 |
| Havells India Ltd. | 238 | 3999 |
| HCL Technologies Ltd. | 117 | 2024 |
| HDFC Asset Management Co. Ltd. (a) | 27 | 1652 |
| HDFC Bank Ltd. | 2705 | 30078 |
| HDFC Life Insurance Co. Ltd. (a) | 465 | 3826 |
| Hindalco Industries Ltd. | 892 | 8508 |
| Hindustan Aeronautics Ltd. (a) | 50 | 2649 |
| Hindustan Petroleum Corp. Ltd. | 245 | 1312 |
| Hindustan Unilever Ltd. | 96 | 2674 |
| ICICI Bank Ltd. | 1379 | 20900 |
| Indian Hotels Co. Ltd. (The) | 655 | 5473 |
| Infosys Ltd., ADR (b) | 945 | 15659 |
| InterGlobe Aviation Ltd. (a) | 67 | 4259 |
| ITC Ltd. | 1761 | 8337 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 11

------

JPMorgan Emerging Markets Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Kotak Mahindra Bank Ltd. | 392 | 9295 |
| Larsen & Toubro Ltd. | 53 | 2421 |
| Mahindra & Mahindra Ltd. | 260 | 10215 |
| MakeMyTrip Ltd. \* | 7 | 544 |
| Maruti Suzuki India Ltd. | 41 | 7399 |
| Max Financial Services Ltd. \* | 135 | 2343 |
| NTPC Ltd. | 2212 | 8389 |
| Oil & Natural Gas Corp. Ltd. | 918 | 2641 |
| Petronet LNG Ltd. | 967 | 3061 |
| Power Grid Corp. of India Ltd. | 597 | 1938 |
| REC Ltd. | 232 | 979 |
| Reliance Industries Ltd. | 1529 | 25592 |
| SBI Life Insurance Co. Ltd. (a) | 189 | 4157 |
| Shriram Finance Ltd. | 144 | 1216 |
| Solar Industries India Ltd. | 10 | 1532 |
| State Bank of India | 87 | 915 |
| Tata Consultancy Services Ltd. | 259 | 8920 |
| Tata Motors Ltd. ‡ \* | 531 | 1560 |
| Tata Power Co. Ltd. (The) | 494 | 2250 |
| Tata Steel Ltd. | 3101 | 6381 |
| Tube Investments of India Ltd. | 49 | 1665 |
| UltraTech Cement Ltd. | 37 | 4999 |
|  |  | 304672 |
| **Indonesia — 1.3%** | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| Astra International Tbk. PT | 6974 | 2579 |
| Bank Central Asia Tbk. PT | 19441 | 9954 |
| Bank Rakyat Indonesia Persero Tbk. PT | 20697 | 4951 |
| Telkom Indonesia Persero Tbk. PT | 26057 | 5040 |
| United Tractors Tbk. PT | 1712 | 2768 |
|  |  | 25292 |
| **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** |
| Kaspi.KZ JSC, ADR | 16 | 1168 |
| **Kuwait — 0.2%** | **Kuwait — 0.2%** | **Kuwait — 0.2%** |
| Kuwait Finance House KSCP | 440 | 1153 |
| National Bank of Kuwait SAKP | 694 | 2375 |
|  |  | 3528 |
| **Malaysia — 0.6%** | **Malaysia — 0.6%** | **Malaysia — 0.6%** |
| CIMB Group Holdings Bhd. | 3380 | 5881 |
| Malayan Banking Bhd. | 483 | 1138 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Malaysia — continued** | **Malaysia — continued** | **Malaysia — continued** |
| Public Bank Bhd. | 2047 | 2061 |
| Telekom Malaysia Bhd. | 1753 | 3055 |
|  |  | 12135 |
| **Mexico — 2.1%** | **Mexico — 2.1%** | **Mexico — 2.1%** |
| America Movil SAB de CV | 5049 | 5745 |
| Arca Continental SAB de CV (b) | 406 | 3928 |
| Cemex SAB de CV | 6074 | 6160 |
| Coca-Cola Femsa SAB de CV | 147 | 1264 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 129 | 3884 |
| Grupo Financiero Banorte SAB de CV, Class O | 1049 | 9846 |
| Grupo Mexico SAB de CV | 638 | 5503 |
| Southern Copper Corp. | 4 | 585 |
| Wal-Mart de Mexico SAB de CV | 1509 | 4995 |
|  |  | 41910 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Copa Holdings SA, Class A | 16 | 2008 |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| Credicorp Ltd. | 32 | 8350 |
| **Philippines — 0.2%** | **Philippines — 0.2%** | **Philippines — 0.2%** |
| Bank of the Philippine Islands | 717 | 1284 |
| BDO Unibank, Inc. | 1112 | 2524 |
|  |  | 3808 |
| **Poland — 0.5%** | **Poland — 0.5%** | **Poland — 0.5%** |
| CCC SA \* (b) | 32 | 1336 |
| Dino Polska SA \* (a) | 163 | 1945 |
| KGHM Polska Miedz SA \* | 19 | 980 |
| Powszechny Zaklad Ubezpieczen SA | 324 | 5180 |
|  |  | 9441 |
| **Qatar — 0.5%** | **Qatar — 0.5%** | **Qatar — 0.5%** |
| Qatar National Bank QPSC | 1958 | 9956 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Gazprom PJSC ‡ \* | 4581 | —<br> (c)<br>|
| GMK Norilskiy Nickel PAO, ADR ‡ \* |  | —<br> (c)<br>|
| GMK Norilskiy Nickel PAO ‡ \* | 4097 | —<br> (c)<br>|
| Magnitogorsk Iron & Steel Works PJSC ‡ \* | 3146 | —<br> (c)<br>|
| Novatek PJSC ‡ \* | 165 | —<br> (c)<br>|
| Rosneft Oil Co. PJSC ‡ \* | 833 | —<br> (c)<br>|
| Sberbank of Russia PJSC ‡ \* | 3172 | —<br> (c)<br>|
| Severstal PAO, GDR ‡ \* (a) | 329 | —<br> (c)<br>|
|  |  | —<br> (c)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan International Equity Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Saudi Arabia — 2.8%** | **Saudi Arabia — 2.8%** | **Saudi Arabia — 2.8%** |
| Ades Holding Co. | 769 | 3475 |
| Al Rajhi Bank | 575 | 16255 |
| Alinma Bank | 109 | 758 |
| Arab National Bank | 637 | 4118 |
| Arabian Internet & Communications Services Co. | 30 | 1999 |
| Etihad Etisalat Co. | 221 | 3986 |
| Mouwasat Medical Services Co. | 22 | 454 |
| SABIC Agri-Nutrients Co. | 70 | 2269 |
| Saudi Arabian Oil Co. (a) | 732 | 5059 |
| Saudi National Bank (The) | 1116 | 11872 |
| Saudi Telecom Co. | 374 | 4507 |
| United Electronics Co. | 75 | 1779 |
|  |  | 56531 |
| **Singapore — 0.0% ^** | **Singapore — 0.0% ^** | **Singapore — 0.0% ^** |
| Sea Ltd., ADR \* | 6 | 899 |
| **South Africa — 3.6%** | **South Africa — 3.6%** | **South Africa — 3.6%** |
| Absa Group Ltd. | 459 | 5131 |
| Bidvest Group Ltd. | 276 | 3584 |
| Capitec Bank Holdings Ltd. | 17 | 3827 |
| Clicks Group Ltd. | 234 | 4929 |
| FirstRand Ltd. | 1334 | 6331 |
| Gold Fields Ltd. | 245 | 9457 |
| Harmony Gold Mining Co. Ltd. | 230 | 3825 |
| Impala Platinum Holdings Ltd. | 250 | 2680 |
| MTN Group Ltd. | 870 | 8692 |
| Naspers Ltd., Class N | 102 | 7186 |
| Sanlam Ltd. | 990 | 5192 |
| Shoprite Holdings Ltd. | 354 | 5918 |
| Valterra Platinum Ltd. | 61 | 3755 |
|  |  | 70507 |
| **South Korea — 13.6%** | **South Korea — 13.6%** | **South Korea — 13.6%** |
| Coupang, Inc. \* | 64 | 2056 |
| Coway Co. Ltd. | 43 | 2708 |
| DB Insurance Co. Ltd. | 48 | 4288 |
| Doosan Bobcat, Inc. | 46 | 1959 |
| Doosan Co. Ltd. | 3 | 2006 |
| Hana Financial Group, Inc. | 120 | 7197 |
| Hanwha Aerospace Co. Ltd. | 10 | 6985 |
| HD Hyundai Co. Ltd. | 19 | 2682 |
| HD Hyundai Electric Co. Ltd. | 12 | 7030 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 25 | 8235 |
| Hugel, Inc. \* | 7 | 1261 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| Hyosung Heavy Industries Corp. | 2 | 2809 |
| Hyundai Glovis Co. Ltd. | 34 | 4510 |
| Hyundai Mobis Co. Ltd. | 26 | 5838 |
| Hyundai Motor Co. | 41 | 8244 |
| JB Financial Group Co. Ltd. | 141 | 2212 |
| KakaoBank Corp. | 115 | 1857 |
| KB Financial Group, Inc. | 10 | 840 |
| Kia Corp. | 122 | 10234 |
| KIWOOM Securities Co. Ltd. | 10 | 2130 |
| Korean Air Lines Co. Ltd. | 174 | 2698 |
| LG Chem Ltd. | 13 | 3622 |
| POSCO Holdings, Inc. | 38 | 8295 |
| Samsung Biologics Co. Ltd. \* (a) | 11 | 9425 |
| Samsung C&T Corp. | 45 | 7089 |
| Samsung Electronics Co. Ltd. | 1179 | 88784 |
| Samsung Fire & Marine Insurance Co. Ltd. | 13 | 4029 |
| Samsung Securities Co. Ltd. | 23 | 1234 |
| Shinhan Financial Group Co. Ltd. | 123 | 6333 |
| SK hynix, Inc. | 128 | 49737 |
| SM Entertainment Co. Ltd. | 18 | 1480 |
| S-Oil Corp. \* | 56 | 2815 |
|  |  | 270622 |
| **Taiwan — 20.4%** | **Taiwan — 20.4%** | **Taiwan — 20.4%** |
| Accton Technology Corp. | 166 | 5764 |
| Advantech Co. Ltd. | 308 | 3127 |
| ASE Technology Holding Co. Ltd. | 794 | 6353 |
| Asia Vital Components Co. Ltd. | 125 | 5720 |
| Asustek Computer, Inc. | 172 | 3880 |
| Cathay Financial Holding Co. Ltd. | 1904 | 3951 |
| Chailease Holding Co. Ltd. | 1096 | 3663 |
| China Airlines Ltd. | 2212 | 1434 |
| CTBC Financial Holding Co. Ltd. | 7449 | 10116 |
| Delta Electronics, Inc. | 481 | 15487 |
| Eclat Textile Co. Ltd. | 144 | 1914 |
| Elite Material Co. Ltd. | 122 | 5374 |
| eMemory Technology, Inc. | 53 | 3450 |
| Eva Airways Corp. | 3516 | 4127 |
| Formosa Chemicals & Fibre Corp. | 2268 | 2146 |
| Fortune Electric Co. Ltd. | 51 | 1170 |
| Hon Hai Precision Industry Co. Ltd. | 2315 | 19256 |
| KGI Financial Holding Co. Ltd. | 46 | 24 |
| Largan Precision Co. Ltd. | 46 | 3306 |
| MediaTek, Inc. | 206 | 8722 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 13

------

JPMorgan Emerging Markets Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Taiwan — continued** | **Taiwan — continued** | **Taiwan — continued** |
| Nien Made Enterprise Co. Ltd. | 222 | 2659 |
| Quanta Computer, Inc. | 1013 | 9823 |
| Realtek Semiconductor Corp. | 331 | 5530 |
| Taiwan Mobile Co. Ltd. | 1082 | 3851 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5152 | 249134 |
| Uni-President Enterprises Corp. | 2013 | 5143 |
| Wistron Corp. | 1166 | 5649 |
| Wiwynn Corp. | 42 | 5890 |
| Yuanta Financial Holding Co. Ltd. | 4701 | 5264 |
| Zhen Ding Technology Holding Ltd. | 534 | 2820 |
|  |  | 404747 |
| **Thailand — 1.0%** | **Thailand — 1.0%** | **Thailand — 1.0%** |
| Bangkok Dusit Medical Services PCL, Class F | 9845 | 5745 |
| Bumrungrad Hospital PCL | 807 | 4286 |
| Central Pattana PCL | 954 | 1582 |
| Krung Thai Bank PCL | 3511 | 2931 |
| PTT Exploration & Production PCL | 976 | 3235 |
| PTT Oil & Retail Business PCL | 5522 | 2506 |
|  |  | 20285 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| BIM Birlesik Magazalar A/S | 292 | 3736 |
| Turkiye Garanti Bankasi A/S | 521 | 1665 |
| Turkiye Petrol Rafinerileri A/S | 570 | 2675 |
|  |  | 8076 |
| **United Arab Emirates — 1.4%** | **United Arab Emirates — 1.4%** | **United Arab Emirates — 1.4%** |
| Abu Dhabi Commercial Bank PJSC | 415 | 1630 |
| Abu Dhabi Islamic Bank PJSC | 638 | 3669 |
| Aldar Properties PJSC | 989 | 2422 |
| Dubai Islamic Bank PJSC | 2365 | 6117 |
| Emaar Properties PJSC | 2427 | 9391 |
| Emirates Telecommunications Group Co. PJSC | 968 | 5113 |
|  |  | 28342 |
| **United Kingdom — 0.3%** | **United Kingdom — 0.3%** | **United Kingdom — 0.3%** |
| Anglogold Ashanti plc | 68 | 4635 |
| Metlen Energy & Metals plc \* | 21 | 1084 |
|  |  | 5719 |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| BeOne Medicines Ltd., Class H \* | 71 | 1721 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| ExlService Holdings, Inc. \* | 19 | 740 |
| Genpact Ltd. | 29 | 1105 |
|  |  | 3566 |
| Total Common Stocks <br>(Cost $1,365,734)<br>|  | 2043242 |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investment of Cash Collateral from Securities Loaned — 0.7%** | **Investment of Cash Collateral from Securities Loaned — 0.7%** | **Investment of Cash Collateral from Securities Loaned — 0.7%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (d) (e)(Cost <br> $14,532)<br>| 14532 | 14532 |
| **Total Investments — 103.7%** <br>**(Cost $1,380,266)**<br>|  | **2057774** |
| **Liabilities in Excess of Other Assets — (3.7)%** |  | **(72976)**<br>|
| **NET ASSETS — 100.0%** |  | **1984798** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **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 <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (b) | The security or a portion of this security is on loan at <br> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $14,107.<br>|
| (c) | Value is zero. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the current yield as of October 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 15

------

JPMorgan Emerging Markets Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

**Summary of Investments by Industry, October 31, 2025**

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Semiconductors & Semiconductor Equipment | 16.5<br> %<br>|
| Banks | 16.2 |
| Technology Hardware, Storage & Peripherals | 7.3 |
| Interactive Media & Services | 5.8 |
| Broadline Retail | 5.5 |
| Metals & Mining | 4.7 |
| Oil, Gas & Consumable Fuels | 4.1 |
| Insurance | 3.6 |
| Automobiles | 2.6 |
| Electronic Equipment, Instruments & Components | 2.6 |
| Hotels, Restaurants & Leisure | 2.1 |
| Wireless Telecommunication Services | 1.9 |
| Electrical Equipment | 1.7 |
| Machinery | 1.5 |
| IT Services | 1.4 |
| Diversified Telecommunication Services | 1.3 |
| Consumer Staples Distribution & Retail | 1.1 |
| Real Estate Management & Development | 1.1 |
| Capital Markets | 1.0 |
| Entertainment | 1.0 |
| Life Sciences Tools & Services | 1.0 |
| Others (each less than 1.0%) | 15.3 |
| Short-Term Investments | 0.7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan International Equity Funds October 31, 2025

------

**Futures contracts outstanding as of October 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6118 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 17

------

JPMorgan Europe Dynamic Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 96.9%** | **Common Stocks — 96.9%** | **Common Stocks — 96.9%** |
| **Australia — 1.7%** | **Australia — 1.7%** | **Australia — 1.7%** |
| Rio Tinto plc | 152 | 10954 |
| **Belgium — 0.5%** | **Belgium — 0.5%** | **Belgium — 0.5%** |
| Umicore SA | 175 | 3333 |
| **China — 2.0%** | **China — 2.0%** | **China — 2.0%** |
| Prosus NV \* | 192 | 13258 |
| **Denmark — 4.1%** | **Denmark — 4.1%** | **Denmark — 4.1%** |
| Carlsberg A/S, Class B (a) | 87 | 10162 |
| Genmab A/S \* | 19 | 5429 |
| H Lundbeck A/S | 563 | 4107 |
| Novo Nordisk A/S, Class B | 142 | 6995 |
|  |  | 26693 |
| **Finland — 2.7%** | **Finland — 2.7%** | **Finland — 2.7%** |
| Konecranes OYJ | 84 | 8270 |
| Neste OYJ | 320 | 6630 |
| Orion OYJ, Class B | 40 | 2808 |
|  |  | 17708 |
| **France — 16.1%** | **France — 16.1%** | **France — 16.1%** |
| Air Liquide SA | 63 | 12196 |
| Arkema SA | 62 | 3706 |
| Capgemini SE | 35 | 5315 |
| Engie SA | 527 | 12339 |
| Gaztransport Et Technigaz SA | 31 | 6068 |
| LVMH Moet Hennessy Louis Vuitton SE | 9 | 6295 |
| Pernod Ricard SA | 55 | 5338 |
| Publicis Groupe SA | 56 | 5578 |
| Safran SA | 45 | 16144 |
| Societe Generale SA | 179 | 11381 |
| SPIE SA | 144 | 7324 |
| Thales SA | 20 | 5829 |
| VusionGroup | 22 | 6189 |
|  |  | 103702 |
| **Germany — 17.2%** | **Germany — 17.2%** | **Germany — 17.2%** |
| Allianz SE (Registered) | 37 | 15036 |
| Bayer AG (Registered) | 129 | 4017 |
| Bilfinger SE | 55 | 5942 |
| Continental AG | 38 | 2880 |
| Deutsche Telekom AG (Registered) | 392 | 12139 |
| DWS Group GmbH & Co. KGaA (b) | 140 | 8971 |
| E.ON SE | 526 | 9782 |
| GEA Group AG | 102 | 7293 |
| KION Group AG | 46 | 3305 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| MTU Aero Engines AG | 21 | 9024 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered)<br>| 19 | 11578 |
| SAP SE | 29 | 7545 |
| Siemens AG (Registered) | 15 | 4136 |
| Siemens Energy AG \* | 72 | 8983 |
|  |  | 110631 |
| **Hong Kong — 1.5%** | **Hong Kong — 1.5%** | **Hong Kong — 1.5%** |
| Prudential plc | 678 | 9432 |
| **Italy — 5.3%** | **Italy — 5.3%** | **Italy — 5.3%** |
| Banca Monte dei Paschi di Siena SpA | 496 | 4350 |
| Coca-Cola HBC AG | 154 | 6993 |
| Danieli & C Officine Meccaniche SpA | 81 | 3123 |
| Maire SpA | 59 | 896 |
| UniCredit SpA | 155 | 11449 |
| Unipol Assicurazioni SpA | 330 | 7217 |
|  |  | 34028 |
| **Netherlands — 8.7%** | **Netherlands — 8.7%** | **Netherlands — 8.7%** |
| Argenx SE \* | 11 | 8805 |
| ASML Holding NV | 24 | 25502 |
| ASR Nederland NV | 137 | 9120 |
| Euronext NV (b) | 38 | 5479 |
| SBM Offshore NV | 281 | 7266 |
|  |  | 56172 |
| **Portugal — 1.1%** | **Portugal — 1.1%** | **Portugal — 1.1%** |
| Galp Energia SGPS SA | 341 | 6860 |
| **Spain — 3.9%** | **Spain — 3.9%** | **Spain — 3.9%** |
| Banco Santander SA | 1879 | 19148 |
| Indra Sistemas SA | 105 | 5810 |
|  |  | 24958 |
| **Sweden — 1.4%** | **Sweden — 1.4%** | **Sweden — 1.4%** |
| Asmodee Group AB, Class B \* | 333 | 4297 |
| Volvo AB, Class B | 164 | 4490 |
|  |  | 8787 |
| **Switzerland — 3.6%** | **Switzerland — 3.6%** | **Switzerland — 3.6%** |
| Galderma Group AG | 54 | 9951 |
| Logitech International SA (Registered) | 70 | 8442 |
| Temenos AG (Registered) | 53 | 5044 |
|  |  | 23437 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan International Equity Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — 15.9%** | **United Kingdom — 15.9%** | **United Kingdom — 15.9%** |
| Balfour Beatty plc | 732 | 6473 |
| Barclays plc | 2575 | 13813 |
| Burberry Group plc \* | 254 | 4126 |
| Cranswick plc | 79 | 5119 |
| Games Workshop Group plc | 21 | 4353 |
| International Consolidated Airlines Group SA | 969 | 5320 |
| Mitie Group plc | 2508 | 5431 |
| NatWest Group plc | 1812 | 13949 |
| Next plc | 51 | 9625 |
| Reckitt Benckiser Group plc | 114 | 8707 |
| Rolls-Royce Holdings plc | 770 | 11854 |
| SSE plc | 289 | 7267 |
| St. James's Place plc | 395 | 6736 |
|  |  | 102773 |
| **United States — 11.2%** | **United States — 11.2%** | **United States — 11.2%** |
| GSK plc | 529 | 12389 |
| Nestle SA (Registered) | 77 | 7304 |
| Novartis AG (Registered) | 158 | 19554 |
| Roche Holding AG | 44 | 14174 |
| Shell plc | 497 | 18641 |
|  |  | 72062 |
| Total Common Stocks <br>(Cost $489,659)<br>|  | 624788 |
| **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** |
| **Investment Companies — 2.3%** | **Investment Companies — 2.3%** | **Investment Companies — 2.3%** |
| JPMorgan Prime Money Market Fund Class Institutional <br> Shares, 4.01% (c) (d) <br>(Cost $14,860)<br>| 14856 | 14862 |
| **Investment of Cash Collateral from Securities Loaned — 0.8%** | **Investment of Cash Collateral from Securities Loaned — 0.8%** | **Investment of Cash Collateral from Securities Loaned — 0.8%** |
| JPMorgan Securities Lending Money Market Fund Agency <br> SL Class Shares, 4.12% (c) (d)(Cost $4,966)<br>| 4966 | 4966 |
| Total Short-Term Investments <br>(Cost $19,826)<br>|  | 19828 |
| **Total Investments — 100.0%** <br>**(Cost $509,485)**<br>|  | **644616** |
| **Other Assets in Excess of Liabilities — 0.0% ^** |  | **103** |
| **NET ASSETS — 100.0%** |  | **644719** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| OYJ | Public Limited Company |
| SGPS | Holding company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at <br> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $4,675.<br>|
| (b) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (c) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (d) | The rate shown is the current yield as of October 31, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 19

------

JPMorgan Europe Dynamic Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

**Summary of Investments by Industry, October 31, 2025**

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 11.5<br> %<br>|
| Pharmaceuticals | 11.5 |
| Insurance | 8.1 |
| Aerospace & Defense | 6.7 |
| Oil, Gas & Consumable Fuels | 5.9 |
| Machinery | 4.1 |
| Semiconductors & Semiconductor Equipment | 4.0 |
| Broadline Retail | 3.6 |
| Beverages | 3.5 |
| Multi-Utilities | 3.4 |
| Capital Markets | 3.3 |
| Chemicals | 3.0 |
| Commercial Services & Supplies | 2.9 |
| Biotechnology | 2.2 |
| Software | 2.0 |
| Food Products | 1.9 |
| Diversified Telecommunication Services | 1.9 |
| IT Services | 1.7 |
| Metals & Mining | 1.7 |
| Textiles, Apparel & Luxury Goods | 1.6 |
| Electrical Equipment | 1.4 |
| Household Products | 1.4 |
| Leisure Products | 1.3 |
| Technology Hardware, Storage & Peripherals | 1.3 |
| Construction & Engineering | 1.1 |
| Electric Utilities | 1.1 |
| Energy Equipment & Services | 1.1 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Others (each less than 1.0%) | 2.7 |
| Short-Term Investments | 3.1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan International Equity Funds October 31, 2025

------

**Futures contracts outstanding as of October 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 8437 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 3974 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 540 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| FTSE | Financial Times and the London Stock Exchange |
| GBP | British Pound |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 21

------

JPMorgan International Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.2%** | **Common Stocks — 97.2%** | **Common Stocks — 97.2%** |
| **Australia — 3.4%** | **Australia — 3.4%** | **Australia — 3.4%** |
| Medibank Pvt Ltd. | 12044 | 38440 |
| QBE Insurance Group Ltd. | 825 | 10700 |
| Rio Tinto Ltd. | 409 | 35512 |
| Rio Tinto plc | 667 | 48062 |
| Telstra Group Ltd. | 16786 | 53630 |
|  |  | 186344 |
| **Austria — 0.9%** | **Austria — 0.9%** | **Austria — 0.9%** |
| Erste Group Bank AG | 460 | 47644 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| KBC Group NV | 509 | 61295 |
| **China — 0.6%** | **China — 0.6%** | **China — 0.6%** |
| Prosus NV \* | 508 | 35109 |
| **Denmark — 1.6%** | **Denmark — 1.6%** | **Denmark — 1.6%** |
| Carlsberg A/S, Class B (a) | 193 | 22756 |
| Novo Nordisk A/S, Class B | 702 | 34551 |
| Novonesis Novozymes B | 526 | 31434 |
|  |  | 88741 |
| **Finland — 1.6%** | **Finland — 1.6%** | **Finland — 1.6%** |
| Nordea Bank Abp | 5202 | 88989 |
| **France — 12.0%** | **France — 12.0%** | **France — 12.0%** |
| Air Liquide SA | 425 | 82239 |
| Arkema SA | 349 | 20698 |
| Capgemini SE | 229 | 35181 |
| Cie Generale des Etablissements Michelin SCA | 1655 | 52856 |
| Engie SA | 2882 | 67482 |
| Legrand SA | 745 | 128722 |
| Safran SA | 415 | 147486 |
| TotalEnergies SE | 974 | 60821 |
| Vinci SA | 402 | 53740 |
|  |  | 649225 |
| **Germany — 8.9%** | **Germany — 8.9%** | **Germany — 8.9%** |
| Allianz SE (Registered) | 175 | 70501 |
| Deutsche Boerse AG | 166 | 41971 |
| Deutsche Telekom AG (Registered) | 1847 | 57199 |
| Infineon Technologies AG | 1671 | 66344 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered)<br>| 136 | 84003 |
| SAP SE | 154 | 39966 |
| Siemens AG (Registered) | 427 | 121092 |
|  |  | 481076 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hong Kong — 2.5%** | **Hong Kong — 2.5%** | **Hong Kong — 2.5%** |
| AIA Group Ltd. | 8816 | 85790 |
| Hong Kong Exchanges & Clearing Ltd. | 903 | 49216 |
|  |  | 135006 |
| **Ireland — 0.6%** | **Ireland — 0.6%** | **Ireland — 0.6%** |
| Kingspan Group plc | 413 | 30962 |
| **Italy — 1.7%** | **Italy — 1.7%** | **Italy — 1.7%** |
| UniCredit SpA | 1280 | 94752 |
| **Japan — 20.1%** | **Japan — 20.1%** | **Japan — 20.1%** |
| Ajinomoto Co., Inc. | 2388 | 67718 |
| Hitachi Ltd. | 2580 | 88116 |
| Hoya Corp. | 570 | 92570 |
| IHI Corp. | 3656 | 75704 |
| ITOCHU Corp. | 1233 | 71396 |
| Kao Corp. | 1651 | 69853 |
| Keyence Corp. | 128 | 47617 |
| Mitsubishi UFJ Financial Group, Inc. | 7269 | 109803 |
| Mitsui Fudosan Co. Ltd. | 6248 | 65058 |
| Nintendo Co. Ltd. | 589 | 50261 |
| Recruit Holdings Co. Ltd. | 748 | 37087 |
| Sony Financial Group, Inc. \* | 5873 | 5923 |
| Sony Group Corp. | 5873 | 163572 |
| Suzuki Motor Corp. | 3862 | 57663 |
| Terumo Corp. | 2705 | 43658 |
| Tokio Marine Holdings, Inc. | 1240 | 46236 |
|  |  | 1092235 |
| **Netherlands — 5.9%** | **Netherlands — 5.9%** | **Netherlands — 5.9%** |
| ASML Holding NV | 157 | 165578 |
| Heineken NV | 346 | 26796 |
| Koninklijke Ahold Delhaize NV | 1354 | 55428 |
| Koninklijke KPN NV | 15173 | 70211 |
|  |  | 318013 |
| **Singapore — 3.4%** | **Singapore — 3.4%** | **Singapore — 3.4%** |
| DBS Group Holdings Ltd. | 3141 | 130027 |
| Sea Ltd., ADR \* | 347 | 54243 |
|  |  | 184270 |
| **Spain — 4.3%** | **Spain — 4.3%** | **Spain — 4.3%** |
| Banco Santander SA | 8997 | 91681 |
| Iberdrola SA | 4835 | 97989 |
| Industria de Diseno Textil SA (a) | 784 | 43273 |
|  |  | 232943 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan International Equity Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Sweden — 3.4%** | **Sweden — 3.4%** | **Sweden — 3.4%** |
| Atlas Copco AB, Class A | 5343 | 89533 |
| Volvo AB, Class B | 3468 | 95004 |
|  |  | 184537 |
| **Switzerland — 2.8%** | **Switzerland — 2.8%** | **Switzerland — 2.8%** |
| Cie Financiere Richemont SA (Registered) | 333 | 65918 |
| Lonza Group AG (Registered) | 123 | 84629 |
|  |  | 150547 |
| **Taiwan — 1.6%** | **Taiwan — 1.6%** | **Taiwan — 1.6%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 290 | 87231 |
| **United Kingdom — 14.6%** | **United Kingdom — 14.6%** | **United Kingdom — 14.6%** |
| 3i Group plc | 2244 | 129844 |
| AstraZeneca plc | 779 | 128463 |
| BAE Systems plc | 2147 | 52899 |
| Compass Group plc | 1824 | 60375 |
| Diageo plc | 1128 | 25956 |
| InterContinental Hotels Group plc | 314 | 37844 |
| London Stock Exchange Group plc | 429 | 53413 |
| NatWest Group plc | 10277 | 79117 |
| Next plc | 416 | 78205 |
| RELX plc | 1642 | 72345 |
| Sage Group plc (The) | 2453 | 37078 |
| SSE plc | 1370 | 34508 |
|  |  | 790047 |
| **United States — 6.2%** | **United States — 6.2%** | **United States — 6.2%** |
| Nestle SA (Registered) | 1097 | 104766 |
| Novartis AG (Registered) | 875 | 108257 |
| Shell plc | 3286 | 123205 |
|  |  | 336228 |
| Total Common Stocks <br>(Cost $3,657,141)<br>|  | 5275194 |
| **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** | **Short-Term Investments — 3.3%** |
| **Investment Companies — 2.6%** | **Investment Companies — 2.6%** | **Investment Companies — 2.6%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (b) (c) <br>(Cost $141,352)<br>| 141282 | 141338 |
| **Investment of Cash Collateral from Securities Loaned — 0.7%** | **Investment of Cash Collateral from Securities Loaned — 0.7%** | **Investment of Cash Collateral from Securities Loaned — 0.7%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (b) (c)(Cost <br> $36,487)<br>| 36487 | 36487 |
| Total Short-Term Investments <br>(Cost $177,839)<br>|  | 177825 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Total Investments — 100.5%** <br>**(Cost $3,834,980)**<br>|  | **5453019** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(29039)**<br>|
| **NET ASSETS — 100.0%** |  | **5423980** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| SCA | Limited partnership with share capital |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at October 31, 2025. The total value of securities on loan at October 31, 2025 is $34,641. 

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

(c) The rate shown is the current yield as of October 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 23

------

JPMorgan International Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

**Summary of Investments by Industry, October 31, 2025**

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 12.9<br> %<br>|
| Insurance | 6.1 |
| Semiconductors & Semiconductor Equipment | 5.8 |
| Capital Markets | 5.0 |
| Pharmaceuticals | 5.0 |
| Machinery | 4.8 |
| Industrial Conglomerates | 3.8 |
| Aerospace & Defense | 3.7 |
| Oil, Gas & Consumable Fuels | 3.4 |
| Diversified Telecommunication Services | 3.3 |
| Food Products | 3.2 |
| Broadline Retail | 3.1 |
| Household Durables | 3.0 |
| Health Care Equipment & Supplies | 2.5 |
| Chemicals | 2.5 |
| Electric Utilities | 2.4 |
| Electrical Equipment | 2.4 |
| Professional Services | 2.0 |
| Hotels, Restaurants & Leisure | 1.8 |
| Life Sciences Tools & Services | 1.5 |
| Metals & Mining | 1.5 |
| Software | 1.4 |
| Beverages | 1.4 |
| Trading Companies & Distributors | 1.3 |
| Personal Care Products | 1.3 |
| Multi-Utilities | 1.2 |
| Textiles, Apparel & Luxury Goods | 1.2 |
| Real Estate Management & Development | 1.2 |
| Automobiles | 1.1 |
| Consumer Staples Distribution & Retail | 1.0 |
| Construction & Engineering | 1.0 |
| Automobile Components | 1.0 |
| Others (each less than 1.0%) | 3.9 |
| Short-Term Investments | 3.3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan International Equity Funds October 31, 2025

------

JPMorgan International Focus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| **Australia — 1.7%** | **Australia — 1.7%** | **Australia — 1.7%** |
| Telstra Group Ltd. | 8770 | 28019 |
| **Belgium — 2.0%** | **Belgium — 2.0%** | **Belgium — 2.0%** |
| KBC Group NV | 271 | 32547 |
| **Brazil — 1.1%** | **Brazil — 1.1%** | **Brazil — 1.1%** |
| MercadoLibre, Inc. \* | 8 | 18343 |
| **Canada — 5.6%** | **Canada — 5.6%** | **Canada — 5.6%** |
| Brookfield Corp. | 337 | 15509 |
| Intact Financial Corp. | 87 | 16102 |
| Royal Bank of Canada | 259 | 37983 |
| WSP Global, Inc. | 107 | 20487 |
|  |  | 90081 |
| **China — 7.8%** | **China — 7.8%** | **China — 7.8%** |
| Alibaba Group Holding Ltd. | 2181 | 46413 |
| Tencent Holdings Ltd. | 781 | 63407 |
| Yum China Holdings, Inc. | 392 | 16975 |
|  |  | 126795 |
| **France — 10.7%** | **France — 10.7%** | **France — 10.7%** |
| Air Liquide SA | 195 | 37769 |
| Cie Generale des Etablissements Michelin SCA | 487 | 15544 |
| Engie SA | 1543 | 36113 |
| Legrand SA | 205 | 35417 |
| Safran SA | 139 | 49447 |
|  |  | 174290 |
| **Germany — 7.5%** | **Germany — 7.5%** | **Germany — 7.5%** |
| Deutsche Telekom AG (Registered) | 589 | 18230 |
| Infineon Technologies AG | 586 | 23274 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered)<br>| 55 | 33770 |
| Siemens AG (Registered) | 163 | 46332 |
|  |  | 121606 |
| **Greece — 1.1%** | **Greece — 1.1%** | **Greece — 1.1%** |
| National Bank of Greece SA | 1202 | 17666 |
| **Hong Kong — 2.3%** | **Hong Kong — 2.3%** | **Hong Kong — 2.3%** |
| Hong Kong Exchanges & Clearing Ltd. | 673 | 36697 |
| **India — 2.5%** | **India — 2.5%** | **India — 2.5%** |
| HDFC Bank Ltd., ADR | 1120 | 40556 |
| **Indonesia — 1.3%** | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| Bank Central Asia Tbk. PT | 40420 | 20695 |
| **Italy — 1.9%** | **Italy — 1.9%** | **Italy — 1.9%** |
| UniCredit SpA | 422 | 31270 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — 13.2%** | **Japan — 13.2%** | **Japan — 13.2%** |
| Hoya Corp. | 200 | 32568 |
| IHI Corp. | 1099 | 22750 |
| ITOCHU Corp. | 403 | 23372 |
| Kao Corp. | 514 | 21744 |
| Mitsubishi UFJ Financial Group, Inc. | 2590 | 39124 |
| Mitsui Fudosan Co. Ltd. | 2434 | 25339 |
| Sony Group Corp. | 1787 | 49764 |
|  |  | 214661 |
| **Netherlands — 3.3%** | **Netherlands — 3.3%** | **Netherlands — 3.3%** |
| ASML Holding NV | 36 | 37947 |
| Heineken NV | 206 | 15918 |
|  |  | 53865 |
| **Saudi Arabia — 1.7%** | **Saudi Arabia — 1.7%** | **Saudi Arabia — 1.7%** |
| Al Rajhi Bank | 956 | 27016 |
| **Singapore — 2.7%** | **Singapore — 2.7%** | **Singapore — 2.7%** |
| DBS Group Holdings Ltd. | 1072 | 44397 |
| **South Korea — 5.5%** | **South Korea — 5.5%** | **South Korea — 5.5%** |
| Hanwha Aerospace Co. Ltd. | 30 | 20329 |
| Kia Corp. | 227 | 19021 |
| SK hynix, Inc. | 129 | 50427 |
|  |  | 89777 |
| **Sweden — 3.4%** | **Sweden — 3.4%** | **Sweden — 3.4%** |
| Atlas Copco AB, Class A (a) | 1788 | 29960 |
| Volvo AB, Class B | 900 | 24660 |
|  |  | 54620 |
| **Switzerland — 2.0%** | **Switzerland — 2.0%** | **Switzerland — 2.0%** |
| Lonza Group AG (Registered) | 46 | 31876 |
| **Taiwan — 6.6%** | **Taiwan — 6.6%** | **Taiwan — 6.6%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 202 | 60794 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 951 | 45990 |
|  |  | 106784 |
| **United Kingdom — 6.9%** | **United Kingdom — 6.9%** | **United Kingdom — 6.9%** |
| 3i Group plc | 681 | 39436 |
| Compass Group plc | 710 | 23501 |
| NatWest Group plc | 2708 | 20844 |
| RELX plc | 636 | 27991 |
|  |  | 111772 |
| **United States — 8.0%** | **United States — 8.0%** | **United States — 8.0%** |
| Nestle SA (Registered) | 362 | 34552 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 25

------

JPMorgan International Focus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Novartis AG (Registered) | 267 | 33096 |
| Shell plc | 1663 | 62354 |
|  |  | 130002 |
| Total Common Stocks <br>(Cost $1,166,924)<br>|  | 1603335 |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| JPMorgan Prime Money Market Fund Class Institutional <br> Shares, 4.01% (b) (c) <br>(Cost $18,466)<br>| 18456 | 18464 |
| **Investment of Cash Collateral from Securities Loaned — 0.2%** | **Investment of Cash Collateral from Securities Loaned — 0.2%** | **Investment of Cash Collateral from Securities Loaned — 0.2%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (b) (c)(Cost <br> $2,292)<br>| 2292 | 2292 |
| Total Short-Term Investments <br>(Cost $20,758)<br>|  | 20756 |
| **Total Investments — 100.1%** <br>**(Cost $1,187,682)**<br>|  | **1624091** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(917)**<br>|
| **NET ASSETS — 100.0%** |  | **1623174** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| PT | Limited liability company |
| SCA | Limited partnership with share capital |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at October 31, 2025. The total value of securities on loan at October 31, 2025 is $2,092. 

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

(c) The rate shown is the current yield as of October 31, 2025.

**Summary of Investments by Industry, October 31, 2025**

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Banks | 19.2<br> %<br>|
| Semiconductors & Semiconductor Equipment | 13.4 |
| Capital Markets | 5.6 |
| Machinery | 4.8 |
| Aerospace & Defense | 4.3 |
| Broadline Retail | 4.0 |
| Interactive Media & Services | 3.9 |
| Oil, Gas & Consumable Fuels | 3.8 |
| Insurance | 3.1 |
| Household Durables | 3.1 |
| Industrial Conglomerates | 2.9 |
| Diversified Telecommunication Services | 2.8 |
| Hotels, Restaurants & Leisure | 2.5 |
| Chemicals | 2.3 |
| Multi-Utilities | 2.2 |
| Electrical Equipment | 2.2 |
| Food Products | 2.1 |
| Pharmaceuticals | 2.0 |
| Health Care Equipment & Supplies | 2.0 |
| Life Sciences Tools & Services | 2.0 |
| Professional Services | 1.7 |
| Real Estate Management & Development | 1.6 |
| Trading Companies & Distributors | 1.4 |
| Personal Care Products | 1.3 |
| Construction & Engineering | 1.3 |
| Automobiles | 1.2 |
| Beverages | 1.0 |
| Automobile Components | 1.0 |
| Short-Term Investments | 1.3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan International Equity Funds October 31, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF October 31, 2025

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Developed** <br>**International** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Emerging** <br>**Markets** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Emerging** <br>**Markets** <br>**Research** <br>**Enhanced** <br>**Equity Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1841093 | &nbsp;&nbsp;&nbsp; $9453877 | &nbsp;&nbsp;&nbsp; $2043242 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 68350 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 9405 | &nbsp;&nbsp;&nbsp; 70284 | &nbsp;&nbsp;&nbsp; 14532 |
| Cash | &nbsp;&nbsp;&nbsp; 498 | &nbsp;&nbsp;&nbsp; 22021 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp; 104 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 64832 | &nbsp;&nbsp;&nbsp; 15956 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 3475 | &nbsp;&nbsp;&nbsp; 5924 | &nbsp;&nbsp;&nbsp; 162 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 6318 | &nbsp;&nbsp;&nbsp; 3421 | &nbsp;&nbsp;&nbsp; 2454 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 11 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 2364 | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 80 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 117 |
| Interfund lending | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22012 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1931894 | &nbsp;&nbsp;&nbsp; 9621088 | &nbsp;&nbsp;&nbsp; 2098686 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22012 | &nbsp;&nbsp;&nbsp; 18471 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 40375 | &nbsp;&nbsp;&nbsp; 13105 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 9405 | &nbsp;&nbsp;&nbsp; 70284 | &nbsp;&nbsp;&nbsp; 14532 |
| Interfund lending | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16618 | &nbsp;&nbsp;&nbsp; 22012 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 10036 | &nbsp;&nbsp;&nbsp; 15822 | &nbsp;&nbsp;&nbsp; 34877 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp; 5095 | &nbsp;&nbsp;&nbsp; 246 |
| Administration fees | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; 8 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; — |
| Service fees | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp; 28 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp; 463 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35738 | &nbsp;&nbsp;&nbsp; 10030 |
| Other | &nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp; 116 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 20925 | &nbsp;&nbsp;&nbsp; 207983 | &nbsp;&nbsp;&nbsp; 113888 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1910969 | &nbsp;&nbsp;&nbsp; $9413105 | &nbsp;&nbsp;&nbsp; $1984798 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 27

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF October 31, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Developed**<br> **International**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Emerging**<br> **Markets**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Emerging**<br> **Markets**<br> **Research**<br> **Enhanced**<br>**Equity Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1569054 | &nbsp;&nbsp;&nbsp; $6040659 | &nbsp;&nbsp;&nbsp; $1609886 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 341915 | &nbsp;&nbsp;&nbsp; 3372446 | &nbsp;&nbsp;&nbsp; 374912 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1910969 | &nbsp;&nbsp;&nbsp; $9413105 | &nbsp;&nbsp;&nbsp; $1984798 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $428883 | &nbsp;&nbsp;&nbsp; $374199 | &nbsp;&nbsp;&nbsp; $— |
| Class C | &nbsp;&nbsp;&nbsp; 3902 | &nbsp;&nbsp;&nbsp; 18931 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 872877 | &nbsp;&nbsp;&nbsp; 1653181 | &nbsp;&nbsp;&nbsp; 327393 |
| Class L | &nbsp;&nbsp;&nbsp; 13925 | &nbsp;&nbsp;&nbsp; 2883527 | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 970 | &nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3473 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2359 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 1436 | &nbsp;&nbsp;&nbsp; 7914 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 588976 | &nbsp;&nbsp;&nbsp; 4468905 | &nbsp;&nbsp;&nbsp; 1657405 |
| Total | &nbsp;&nbsp;&nbsp; $1910969 | &nbsp;&nbsp;&nbsp; $9413105 | &nbsp;&nbsp;&nbsp; $1984798 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 22904 | &nbsp;&nbsp;&nbsp; 9214 | &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 45095 | &nbsp;&nbsp;&nbsp; 39628 | &nbsp;&nbsp;&nbsp; 15121 |
| Class L | &nbsp;&nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp; 68569 | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 30786 | &nbsp;&nbsp;&nbsp; 106391 | &nbsp;&nbsp;&nbsp; 76956 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $18.72 | &nbsp;&nbsp;&nbsp; $40.61 | &nbsp;&nbsp;&nbsp; $— |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;18.17 | &nbsp;&nbsp;&nbsp;&nbsp;38.78 | &nbsp;&nbsp;&nbsp; — |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.36 | &nbsp;&nbsp;&nbsp;&nbsp;41.72 | &nbsp;&nbsp;&nbsp;&nbsp;21.65 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;42.05 | &nbsp;&nbsp;&nbsp; — |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;18.33 | &nbsp;&nbsp;&nbsp;&nbsp;39.96 | &nbsp;&nbsp;&nbsp; — |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;40.21 | &nbsp;&nbsp;&nbsp; — |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;41.51 | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.13 | &nbsp;&nbsp;&nbsp;&nbsp;42.03 | &nbsp;&nbsp;&nbsp; — |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.13 | &nbsp;&nbsp;&nbsp;&nbsp;42.00 | &nbsp;&nbsp;&nbsp;&nbsp;21.54 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $19.76 | &nbsp;&nbsp;&nbsp; $42.86 | &nbsp;&nbsp;&nbsp; $— |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1494430 | &nbsp;&nbsp;&nbsp; $6082250 | &nbsp;&nbsp;&nbsp; $1365734 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 68355 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 106 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 8827 | &nbsp;&nbsp;&nbsp; 66374 | &nbsp;&nbsp;&nbsp; 14107 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 9405 | &nbsp;&nbsp;&nbsp; 70284 | &nbsp;&nbsp;&nbsp; 14532 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Europe** <br>**Dynamic** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Focus Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $624788 | &nbsp;&nbsp;&nbsp; $5275194 | &nbsp;&nbsp;&nbsp; $1603335 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 14862 | &nbsp;&nbsp;&nbsp; 141338 | &nbsp;&nbsp;&nbsp; 18464 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 4966 | &nbsp;&nbsp;&nbsp; 36487 | &nbsp;&nbsp;&nbsp; 2292 |
| Cash | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; 56 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 3517 | &nbsp;&nbsp;&nbsp; 24 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 998 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 2617 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 5592 | &nbsp;&nbsp;&nbsp; 3899 | &nbsp;&nbsp;&nbsp; 837 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 347 | &nbsp;&nbsp;&nbsp; 9608 | &nbsp;&nbsp;&nbsp; 1718 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 52 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 2218 | &nbsp;&nbsp;&nbsp; 5644 | &nbsp;&nbsp;&nbsp; 1315 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 6 |
| Total Assets | &nbsp;&nbsp;&nbsp; 656710 | &nbsp;&nbsp;&nbsp; 5476146 | &nbsp;&nbsp;&nbsp; 1628099 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 5065 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 4966 | &nbsp;&nbsp;&nbsp; 36487 | &nbsp;&nbsp;&nbsp; 2292 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 12921 | &nbsp;&nbsp;&nbsp; 1478 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| IRS compliance fees for foreign withholding tax claims (See Note 2.J.) | &nbsp;&nbsp;&nbsp; 1221 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 1950 | &nbsp;&nbsp;&nbsp; 660 |
| Administration fees | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; — |
| Distribution fees | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 100 |
| Service fees | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 169 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 80 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 146 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 11991 | &nbsp;&nbsp;&nbsp; 52166 | &nbsp;&nbsp;&nbsp; 4925 |
| Net Assets | &nbsp;&nbsp;&nbsp; $644719 | &nbsp;&nbsp;&nbsp; $5423980 | &nbsp;&nbsp;&nbsp; $1623174 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 29

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF October 31, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Europe**<br> **Dynamic**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **International**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **International**<br>**Focus Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $508531 | &nbsp;&nbsp;&nbsp; $3581177 | &nbsp;&nbsp;&nbsp; $1149884 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 136188 | &nbsp;&nbsp;&nbsp; 1842803 | &nbsp;&nbsp;&nbsp; 473290 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $644719 | &nbsp;&nbsp;&nbsp; $5423980 | &nbsp;&nbsp;&nbsp; $1623174 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $113516 | &nbsp;&nbsp;&nbsp; $498099 | &nbsp;&nbsp;&nbsp; $432931 |
| Class C | &nbsp;&nbsp;&nbsp; 3177 | &nbsp;&nbsp;&nbsp; 8356 | &nbsp;&nbsp;&nbsp; 8608 |
| Class I | &nbsp;&nbsp;&nbsp; 199904 | &nbsp;&nbsp;&nbsp; 746644 | &nbsp;&nbsp;&nbsp; 540777 |
| Class L | &nbsp;&nbsp;&nbsp; 11066 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3627 | &nbsp;&nbsp;&nbsp; 6321 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5329 | &nbsp;&nbsp;&nbsp; 1762 |
| Class R6 | &nbsp;&nbsp;&nbsp; 317056 | &nbsp;&nbsp;&nbsp; 4161925 | &nbsp;&nbsp;&nbsp; 632775 |
| Total | &nbsp;&nbsp;&nbsp; $644719 | &nbsp;&nbsp;&nbsp; $5423980 | &nbsp;&nbsp;&nbsp; $1623174 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2870 | &nbsp;&nbsp;&nbsp; 22029 | &nbsp;&nbsp;&nbsp; 14334 |
| Class C | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp; 289 |
| Class I | &nbsp;&nbsp;&nbsp; 4935 | &nbsp;&nbsp;&nbsp; 32358 | &nbsp;&nbsp;&nbsp; 17607 |
| Class L | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 212 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 57 |
| Class R6 | &nbsp;&nbsp;&nbsp; 7755 | &nbsp;&nbsp;&nbsp; 179605 | &nbsp;&nbsp;&nbsp; 20581 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $39.56 | &nbsp;&nbsp;&nbsp; $22.61 | &nbsp;&nbsp;&nbsp; $30.20 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;35.00 | &nbsp;&nbsp;&nbsp;&nbsp;21.26 | &nbsp;&nbsp;&nbsp;&nbsp;29.79 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;40.51 | &nbsp;&nbsp;&nbsp;&nbsp;23.07 | &nbsp;&nbsp;&nbsp;&nbsp;30.72 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;41.22 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;22.64 | &nbsp;&nbsp;&nbsp;&nbsp;29.83 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;23.23 | &nbsp;&nbsp;&nbsp;&nbsp;30.72 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;40.88 | &nbsp;&nbsp;&nbsp;&nbsp;23.17 | &nbsp;&nbsp;&nbsp;&nbsp;30.74 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $41.78 | &nbsp;&nbsp;&nbsp; $23.86 | &nbsp;&nbsp;&nbsp; $31.87 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $489659 | &nbsp;&nbsp;&nbsp; $3657141 | &nbsp;&nbsp;&nbsp; $1166924 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 14860 | &nbsp;&nbsp;&nbsp; 141352 | &nbsp;&nbsp;&nbsp; 18466 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 3558 | &nbsp;&nbsp;&nbsp; 24 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 4675 | &nbsp;&nbsp;&nbsp; 34641 | &nbsp;&nbsp;&nbsp; 2092 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 4966 | &nbsp;&nbsp;&nbsp; 36487 | &nbsp;&nbsp;&nbsp; 2292 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan International Equity Funds October 31, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Developed** <br>**International** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Emerging** <br>**Markets** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Emerging** <br>**Markets** <br>**Research** <br>**Enhanced** <br>**Equity Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp;&nbsp; $8 | &nbsp;&nbsp;&nbsp; $15 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 62 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 50439 | &nbsp;&nbsp;&nbsp; 148041 | &nbsp;&nbsp;&nbsp; 65234 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 2095 | &nbsp;&nbsp;&nbsp; 2372 | &nbsp;&nbsp;&nbsp; 346 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 229 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (4769)<br>| &nbsp;&nbsp;&nbsp; (15178)<br>| &nbsp;&nbsp;&nbsp; (7357)<br>|
| Foreign withholding tax claims (See Note 2.J.) | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 47966 | &nbsp;&nbsp;&nbsp; 135376 | &nbsp;&nbsp;&nbsp; 58529 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 6181 | &nbsp;&nbsp;&nbsp; 48944 | &nbsp;&nbsp;&nbsp; 5252 |
| Administration fees | &nbsp;&nbsp;&nbsp; 843 | &nbsp;&nbsp;&nbsp; 5401 | &nbsp;&nbsp;&nbsp; 1576 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 797 | &nbsp;&nbsp;&nbsp; 797 | &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 797 | &nbsp;&nbsp;&nbsp; 797 | &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp; 3495 | &nbsp;&nbsp;&nbsp; 679 |
| Class L | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 1427 | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; 2493 | &nbsp;&nbsp;&nbsp; 1739 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 123 |
| Professional fees | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 218 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 31 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 546 | &nbsp;&nbsp;&nbsp; 91 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp; 24 |
| Transfer agency fees (See Note 2.H.) | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 31 |
| Other | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 32 |
| Total expenses | &nbsp;&nbsp;&nbsp; 10432 | &nbsp;&nbsp;&nbsp; 65164 | &nbsp;&nbsp;&nbsp; 9796 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (2079)<br>| &nbsp;&nbsp;&nbsp; (2361)<br>| &nbsp;&nbsp;&nbsp; (2068)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 8343 | &nbsp;&nbsp;&nbsp; 62722 | &nbsp;&nbsp;&nbsp; 7728 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 39623 | &nbsp;&nbsp;&nbsp; 72654 | &nbsp;&nbsp;&nbsp; 50801 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 31

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025 (continued)

(Amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Developed**<br> **International**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Emerging**<br> **Markets**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Emerging**<br> **Markets**<br> **Research**<br> **Enhanced**<br>**Equity Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $34313 | &nbsp;&nbsp;&nbsp; $744,634<br> (a)<br>| &nbsp;&nbsp;&nbsp; $118,514<br> (b)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; (7)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 9013 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5046)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp; (2934)<br>| &nbsp;&nbsp;&nbsp; (1218)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 43659 | &nbsp;&nbsp;&nbsp; 741743 | &nbsp;&nbsp;&nbsp; 112243 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 244640 | &nbsp;&nbsp;&nbsp; 1,466,977<br> (c)<br>| &nbsp;&nbsp;&nbsp; 367,456<br> (d)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 810 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 82 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 244866 | &nbsp;&nbsp;&nbsp; 1467095 | &nbsp;&nbsp;&nbsp; 368352 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 288525 | &nbsp;&nbsp;&nbsp; 2208838 | &nbsp;&nbsp;&nbsp; 480595 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $328148 | &nbsp;&nbsp;&nbsp; $2281492 | &nbsp;&nbsp;&nbsp; $531396 |

---

------

(a) Net of foreign capital gains tax of $(8,509).

(b) Net of foreign capital gains tax of $(3,707).

(c) Net of change in foreign capital gains tax of $(20,822).

(d) Net of change in foreign capital gains tax of $848.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Europe** <br>**Dynamic** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Focus Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $49 | &nbsp;&nbsp;&nbsp; $86 | &nbsp;&nbsp;&nbsp; $8 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 15 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 19679 | &nbsp;&nbsp;&nbsp; 136265 | &nbsp;&nbsp;&nbsp; 38161 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 4050 | &nbsp;&nbsp;&nbsp; 748 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp; 132 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (2409)<br>| &nbsp;&nbsp;&nbsp; (12398)<br>| &nbsp;&nbsp;&nbsp; (3181)<br>|
| Foreign withholding tax claims (See Note 2.J.) | &nbsp;&nbsp;&nbsp; 2830 | &nbsp;&nbsp;&nbsp; 3774 | &nbsp;&nbsp;&nbsp; — |
| IRS compliance fees for foreign withholding tax claims (See Note 2.J.) | &nbsp;&nbsp;&nbsp; (1221)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 19640 | &nbsp;&nbsp;&nbsp; 132126 | &nbsp;&nbsp;&nbsp; 35883 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 3416 | &nbsp;&nbsp;&nbsp; 24213 | &nbsp;&nbsp;&nbsp; 9208 |
| Administration fees | &nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp; 3633 | &nbsp;&nbsp;&nbsp; 1152 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 1123 | &nbsp;&nbsp;&nbsp; 964 |
| Class C | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 67 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 27 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 1123 | &nbsp;&nbsp;&nbsp; 964 |
| Class C | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 22 |
| Class I | &nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp; 2035 | &nbsp;&nbsp;&nbsp; 1358 |
| Class L | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 13 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 2 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 611 | &nbsp;&nbsp;&nbsp; 298 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 28 |
| Professional fees | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 125 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 29 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 122 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; 95 |
| Transfer agency fees (See Note 2.H.) | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 55 |
| Other | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 28 |
| Total expenses | &nbsp;&nbsp;&nbsp; 5113 | &nbsp;&nbsp;&nbsp; 33730 | &nbsp;&nbsp;&nbsp; 14557 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (5837)<br>| &nbsp;&nbsp;&nbsp; (3159)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 5061 | &nbsp;&nbsp;&nbsp; 27860 | &nbsp;&nbsp;&nbsp; 11398 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 14579 | &nbsp;&nbsp;&nbsp; 104266 | &nbsp;&nbsp;&nbsp; 24485 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 33

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025 (continued)

(Amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Europe**<br> **Dynamic**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **International**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **International**<br>**Focus Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $79164 | &nbsp;&nbsp;&nbsp; $301986 | &nbsp;&nbsp;&nbsp; $154370 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 6 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 399 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 80433 | &nbsp;&nbsp;&nbsp; 303097 | &nbsp;&nbsp;&nbsp; 154775 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 37163 | &nbsp;&nbsp;&nbsp; 500282 | &nbsp;&nbsp;&nbsp; 138237 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (3)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 22 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 37966 | &nbsp;&nbsp;&nbsp; 500475 | &nbsp;&nbsp;&nbsp; 138256 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 118399 | &nbsp;&nbsp;&nbsp; 803572 | &nbsp;&nbsp;&nbsp; 293031 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $132978 | &nbsp;&nbsp;&nbsp; $907838 | &nbsp;&nbsp;&nbsp; $317516 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan International Equity Funds October 31, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Developed International** <br>**Value Fund**  | **JPMorgan Developed International** <br>**Value Fund**  | **JPMorgan Emerging Markets** <br>**Equity Fund**  | **JPMorgan Emerging Markets** <br>**Equity Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $39623 | &nbsp;&nbsp;&nbsp; $20589 | &nbsp;&nbsp;&nbsp; $72654 | &nbsp;&nbsp;&nbsp; $95924 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 43659 | &nbsp;&nbsp;&nbsp; 23763 | &nbsp;&nbsp;&nbsp; 741743 | &nbsp;&nbsp;&nbsp; (92175)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 244866 | &nbsp;&nbsp;&nbsp; 64133 | &nbsp;&nbsp;&nbsp; 1467095 | &nbsp;&nbsp;&nbsp; 1271863 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 328148 | &nbsp;&nbsp;&nbsp; 108485 | &nbsp;&nbsp;&nbsp; 2281492 | &nbsp;&nbsp;&nbsp; 1275612 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (10205)<br>| &nbsp;&nbsp;&nbsp; (10586)<br>| &nbsp;&nbsp;&nbsp; (3578)<br>| &nbsp;&nbsp;&nbsp; (4482)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp; (110)<br>| &nbsp;&nbsp;&nbsp; (208)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (3818)<br>| &nbsp;&nbsp;&nbsp; (2239)<br>| &nbsp;&nbsp;&nbsp; (18410)<br>| &nbsp;&nbsp;&nbsp; (24555)<br>|
| Class L | &nbsp;&nbsp;&nbsp; (349)<br>| &nbsp;&nbsp;&nbsp; (352)<br>| &nbsp;&nbsp;&nbsp; (14912)<br>| &nbsp;&nbsp;&nbsp; (19418)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (5)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (159)<br>| &nbsp;&nbsp;&nbsp; (162)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (40)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (208)<br>| &nbsp;&nbsp;&nbsp; (239)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (12998)<br>| &nbsp;&nbsp;&nbsp; (11620)<br>| &nbsp;&nbsp;&nbsp; (65166)<br>| &nbsp;&nbsp;&nbsp; (70543)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (27453)<br>| &nbsp;&nbsp;&nbsp; (24895)<br>| &nbsp;&nbsp;&nbsp; (102579)<br>| &nbsp;&nbsp;&nbsp; (119652)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 972392 | &nbsp;&nbsp;&nbsp; 95033 | &nbsp;&nbsp;&nbsp; 274993 | &nbsp;&nbsp;&nbsp; (1277475)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1273087 | &nbsp;&nbsp;&nbsp; 178623 | &nbsp;&nbsp;&nbsp; 2453906 | &nbsp;&nbsp;&nbsp; (121515)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 637882 | &nbsp;&nbsp;&nbsp; 459259 | &nbsp;&nbsp;&nbsp; 6959199 | &nbsp;&nbsp;&nbsp; 7080714 |
| End of period | &nbsp;&nbsp;&nbsp; $1910969 | &nbsp;&nbsp;&nbsp; $637882 | &nbsp;&nbsp;&nbsp; $9413105 | &nbsp;&nbsp;&nbsp; $6959199 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 35

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Emerging Markets Research** <br>**Enhanced Equity Fund**  | **JPMorgan Emerging Markets Research** <br>**Enhanced Equity Fund**  | **JPMorgan Europe Dynamic Fund**  | **JPMorgan Europe Dynamic Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $50801 | &nbsp;&nbsp;&nbsp; $50057 | &nbsp;&nbsp;&nbsp; $14579 | &nbsp;&nbsp;&nbsp; $11749 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 112243 | &nbsp;&nbsp;&nbsp; (43080)<br>| &nbsp;&nbsp;&nbsp; 80433 | &nbsp;&nbsp;&nbsp; 61122 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 368352 | &nbsp;&nbsp;&nbsp; 369889 | &nbsp;&nbsp;&nbsp; 37966 | &nbsp;&nbsp;&nbsp; 53116 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 531396 | &nbsp;&nbsp;&nbsp; 376866 | &nbsp;&nbsp;&nbsp; 132978 | &nbsp;&nbsp;&nbsp; 125987 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2716)<br>| &nbsp;&nbsp;&nbsp; (2268)<br>|
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; (37)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (5501)<br>| &nbsp;&nbsp;&nbsp; (6248)<br>| &nbsp;&nbsp;&nbsp; (4264)<br>| &nbsp;&nbsp;&nbsp; (3418)<br>|
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (299)<br>| &nbsp;&nbsp;&nbsp; (249)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (44244)<br>| &nbsp;&nbsp;&nbsp; (53977)<br>| &nbsp;&nbsp;&nbsp; (11901)<br>| &nbsp;&nbsp;&nbsp; (11541)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (49745)<br>| &nbsp;&nbsp;&nbsp; (60225)<br>| &nbsp;&nbsp;&nbsp; (19217)<br>| &nbsp;&nbsp;&nbsp; (17513)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (683375)<br>| &nbsp;&nbsp;&nbsp; 169550 | &nbsp;&nbsp;&nbsp; 11695 | &nbsp;&nbsp;&nbsp; (87886)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (201724)<br>| &nbsp;&nbsp;&nbsp; 486191 | &nbsp;&nbsp;&nbsp; 125456 | &nbsp;&nbsp;&nbsp; 20588 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2186522 | &nbsp;&nbsp;&nbsp; 1700331 | &nbsp;&nbsp;&nbsp; 519263 | &nbsp;&nbsp;&nbsp; 498675 |
| End of period | &nbsp;&nbsp;&nbsp; $1984798 | &nbsp;&nbsp;&nbsp; $2186522 | &nbsp;&nbsp;&nbsp; $644719 | &nbsp;&nbsp;&nbsp; $519263 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan International Equity Fund**  | **JPMorgan International Equity Fund**  | **JPMorgan International Focus Fund**  | **JPMorgan International Focus Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $104266 | &nbsp;&nbsp;&nbsp; $92953 | &nbsp;&nbsp;&nbsp; $24485 | &nbsp;&nbsp;&nbsp; $26611 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 303097 | &nbsp;&nbsp;&nbsp; 124365 | &nbsp;&nbsp;&nbsp; 154775 | &nbsp;&nbsp;&nbsp; 67514 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 500475 | &nbsp;&nbsp;&nbsp; 571588 | &nbsp;&nbsp;&nbsp; 138256 | &nbsp;&nbsp;&nbsp; 163628 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 907838 | &nbsp;&nbsp;&nbsp; 788906 | &nbsp;&nbsp;&nbsp; 317516 | &nbsp;&nbsp;&nbsp; 257753 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (11142)<br>| &nbsp;&nbsp;&nbsp; (7909)<br>| &nbsp;&nbsp;&nbsp; (9904)<br>| &nbsp;&nbsp;&nbsp; (6061)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp; (207)<br>| &nbsp;&nbsp;&nbsp; (125)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (22580)<br>| &nbsp;&nbsp;&nbsp; (18124)<br>| &nbsp;&nbsp;&nbsp; (16497)<br>| &nbsp;&nbsp;&nbsp; (11800)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp; (29)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (181)<br>| &nbsp;&nbsp;&nbsp; (165)<br>| &nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; (41)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (99448)<br>| &nbsp;&nbsp;&nbsp; (75777)<br>| &nbsp;&nbsp;&nbsp; (17439)<br>| &nbsp;&nbsp;&nbsp; (11847)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (133518)<br>| &nbsp;&nbsp;&nbsp; (102056)<br>| &nbsp;&nbsp;&nbsp; (44188)<br>| &nbsp;&nbsp;&nbsp; (29903)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 362851 | &nbsp;&nbsp;&nbsp; (346288)<br>| &nbsp;&nbsp;&nbsp; (164109)<br>| &nbsp;&nbsp;&nbsp; (59282)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1137171 | &nbsp;&nbsp;&nbsp; 340562 | &nbsp;&nbsp;&nbsp; 109219 | &nbsp;&nbsp;&nbsp; 168568 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 4286809 | &nbsp;&nbsp;&nbsp; 3946247 | &nbsp;&nbsp;&nbsp; 1513955 | &nbsp;&nbsp;&nbsp; 1345387 |
| End of period | &nbsp;&nbsp;&nbsp; $5423980 | &nbsp;&nbsp;&nbsp; $4286809 | &nbsp;&nbsp;&nbsp; $1623174 | &nbsp;&nbsp;&nbsp; $1513955 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 37

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Developed International** <br>**Value Fund** | **JPMorgan Developed International** <br>**Value Fund** | **JPMorgan Emerging Markets** <br>**Equity Fund** | **JPMorgan Emerging Markets** <br>**Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $142988 | &nbsp;&nbsp;&nbsp; $41986 | &nbsp;&nbsp;&nbsp; $46783 | &nbsp;&nbsp;&nbsp; $42721 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10145 | &nbsp;&nbsp;&nbsp; 10508 | &nbsp;&nbsp;&nbsp; 3478 | &nbsp;&nbsp;&nbsp; 4367 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (60155)<br>| &nbsp;&nbsp;&nbsp; (37674)<br>| &nbsp;&nbsp;&nbsp; (93041)<br>| &nbsp;&nbsp;&nbsp; (108478)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 92978 | &nbsp;&nbsp;&nbsp; 14820 | &nbsp;&nbsp;&nbsp; (42780)<br>| &nbsp;&nbsp;&nbsp; (61390)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2720 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 931 | &nbsp;&nbsp;&nbsp; 445 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 197 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (746)<br>| &nbsp;&nbsp;&nbsp; (806)<br>| &nbsp;&nbsp;&nbsp; (10157)<br>| &nbsp;&nbsp;&nbsp; (10662)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 2010 | &nbsp;&nbsp;&nbsp; (465)<br>| &nbsp;&nbsp;&nbsp; (9121)<br>| &nbsp;&nbsp;&nbsp; (10020)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 812556 | &nbsp;&nbsp;&nbsp; 59054 | &nbsp;&nbsp;&nbsp; 263809 | &nbsp;&nbsp;&nbsp; 225947 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3793 | &nbsp;&nbsp;&nbsp; 2218 | &nbsp;&nbsp;&nbsp; 16941 | &nbsp;&nbsp;&nbsp; 22774 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (132679)<br>| &nbsp;&nbsp;&nbsp; (26457)<br>| &nbsp;&nbsp;&nbsp; (441594)<br>| &nbsp;&nbsp;&nbsp; (711852)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 683670 | &nbsp;&nbsp;&nbsp; 34815 | &nbsp;&nbsp;&nbsp; (160844)<br>| &nbsp;&nbsp;&nbsp; (463131)<br>|
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3801 | &nbsp;&nbsp;&nbsp; 1517 | &nbsp;&nbsp;&nbsp; 1696258 | &nbsp;&nbsp;&nbsp; 182570 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp; 14430 | &nbsp;&nbsp;&nbsp; 18145 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1275)<br>| &nbsp;&nbsp;&nbsp; (1029)<br>| &nbsp;&nbsp;&nbsp; (439484)<br>| &nbsp;&nbsp;&nbsp; (513503)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; 2860 | &nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 1271204 | &nbsp;&nbsp;&nbsp; (312788)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 212 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 5 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (85)<br>| &nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp; (287)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (70)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2351 | &nbsp;&nbsp;&nbsp; 3187 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 49 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11838)<br>| &nbsp;&nbsp;&nbsp; (3458)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9462)<br>| &nbsp;&nbsp;&nbsp; (222)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp; 628 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 40 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1727)<br>| &nbsp;&nbsp;&nbsp; (992)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (971)<br>| &nbsp;&nbsp;&nbsp; (324)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan International Equity Funds October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Developed International**<br> **Value Fund** | **JPMorgan Developed International**<br> **Value Fund** | **JPMorgan Emerging Markets**<br> **Equity Fund** | **JPMorgan Emerging Markets**<br> **Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1038 | &nbsp;&nbsp;&nbsp; $291 | &nbsp;&nbsp;&nbsp; $2654 | &nbsp;&nbsp;&nbsp; $2766 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 224 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (128)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (12842)<br>| &nbsp;&nbsp;&nbsp; (3394)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp; (9995)<br>| &nbsp;&nbsp;&nbsp; (404)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 273042 | &nbsp;&nbsp;&nbsp; 91811 | &nbsp;&nbsp;&nbsp; 885207 | &nbsp;&nbsp;&nbsp; 758662 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 12975 | &nbsp;&nbsp;&nbsp; 11565 | &nbsp;&nbsp;&nbsp; 59219 | &nbsp;&nbsp;&nbsp; 64168 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (96188)<br>| &nbsp;&nbsp;&nbsp; (58621)<br>| &nbsp;&nbsp;&nbsp; (1707455)<br>| &nbsp;&nbsp;&nbsp; (1251956)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 189829 | &nbsp;&nbsp;&nbsp; 44755 | &nbsp;&nbsp;&nbsp; (763029)<br>| &nbsp;&nbsp;&nbsp; (429126)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $972392 | &nbsp;&nbsp;&nbsp; $95033 | &nbsp;&nbsp;&nbsp; $274993 | &nbsp;&nbsp;&nbsp; $(1277475)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 8472 | &nbsp;&nbsp;&nbsp; 2982 | &nbsp;&nbsp;&nbsp; 1397 | &nbsp;&nbsp;&nbsp; 1460 |
| Reinvested | &nbsp;&nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp; 822 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 156 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3717)<br>| &nbsp;&nbsp;&nbsp; (2714)<br>| &nbsp;&nbsp;&nbsp; (2874)<br>| &nbsp;&nbsp;&nbsp; (3691)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 5501 | &nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp; (1359)<br>| &nbsp;&nbsp;&nbsp; (2075)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 17 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 7 |
| Redeemed | &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; (329)<br>| &nbsp;&nbsp;&nbsp; (380)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; (299)<br>| &nbsp;&nbsp;&nbsp; (356)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 46388 | &nbsp;&nbsp;&nbsp; 3943 | &nbsp;&nbsp;&nbsp; 7912 | &nbsp;&nbsp;&nbsp; 7545 |
| Reinvested | &nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 795 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7224)<br>| &nbsp;&nbsp;&nbsp; (1799)<br>| &nbsp;&nbsp;&nbsp; (13330)<br>| &nbsp;&nbsp;&nbsp; (23723)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 39435 | &nbsp;&nbsp;&nbsp; 2312 | &nbsp;&nbsp;&nbsp; (4858)<br>| &nbsp;&nbsp;&nbsp; (15383)<br>|
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 47244 | &nbsp;&nbsp;&nbsp; 6055 |
| Reinvested | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp; 629 |
| Redeemed | &nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp; (12935)<br>| &nbsp;&nbsp;&nbsp; (16978)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 34782 | &nbsp;&nbsp;&nbsp; (10294)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 8 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (10)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (2)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 39

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Developed International**<br> **Value Fund** | **JPMorgan Developed International**<br> **Value Fund** | **JPMorgan Emerging Markets**<br> **Equity Fund** | **JPMorgan Emerging Markets**<br> **Equity Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 109 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (430)<br>| &nbsp;&nbsp;&nbsp; (118)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (352)<br>| &nbsp;&nbsp;&nbsp; (7)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 20 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (33)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (11)<br>|
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 90 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 8 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (385)<br>| &nbsp;&nbsp;&nbsp; (110)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; (301)<br>| &nbsp;&nbsp;&nbsp; (12)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 16065 | &nbsp;&nbsp;&nbsp; 6390 | &nbsp;&nbsp;&nbsp; 26539 | &nbsp;&nbsp;&nbsp; 24769 |
| Reinvested | &nbsp;&nbsp;&nbsp; 938 | &nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp; 1945 | &nbsp;&nbsp;&nbsp; 2227 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5720)<br>| &nbsp;&nbsp;&nbsp; (4124)<br>| &nbsp;&nbsp;&nbsp; (51318)<br>| &nbsp;&nbsp;&nbsp; (41258)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 11283 | &nbsp;&nbsp;&nbsp; 3156 | &nbsp;&nbsp;&nbsp; (22834)<br>| &nbsp;&nbsp;&nbsp; (14262)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Emerging Markets Research** <br>**Enhanced Equity Fund** | **JPMorgan Emerging Markets Research** <br>**Enhanced Equity Fund** | **JPMorgan Europe Dynamic Fund** | **JPMorgan Europe Dynamic Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $35566 | &nbsp;&nbsp;&nbsp; $3881 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2610 | &nbsp;&nbsp;&nbsp; 2182 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22485)<br>| &nbsp;&nbsp;&nbsp; (10297)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15691 | &nbsp;&nbsp;&nbsp; (4234)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2885 | &nbsp;&nbsp;&nbsp; 91 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 36 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1362)<br>| &nbsp;&nbsp;&nbsp; (1527)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1557 | &nbsp;&nbsp;&nbsp; (1400)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 90838 | &nbsp;&nbsp;&nbsp; 112941 | &nbsp;&nbsp;&nbsp; 79594 | &nbsp;&nbsp;&nbsp; 16553 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5501 | &nbsp;&nbsp;&nbsp; 6247 | &nbsp;&nbsp;&nbsp; 4020 | &nbsp;&nbsp;&nbsp; 3221 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (86183)<br>| &nbsp;&nbsp;&nbsp; (60063)<br>| &nbsp;&nbsp;&nbsp; (33748)<br>| &nbsp;&nbsp;&nbsp; (20938)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 10156 | &nbsp;&nbsp;&nbsp; 59125 | &nbsp;&nbsp;&nbsp; 49866 | &nbsp;&nbsp;&nbsp; (1164)<br>|
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2288 | &nbsp;&nbsp;&nbsp; 515 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; 243 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1530)<br>| &nbsp;&nbsp;&nbsp; (1416)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp; (658)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 186947 | &nbsp;&nbsp;&nbsp; 467274 | &nbsp;&nbsp;&nbsp; 7647 | &nbsp;&nbsp;&nbsp; 3695 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 43825 | &nbsp;&nbsp;&nbsp; 53457 | &nbsp;&nbsp;&nbsp; 11901 | &nbsp;&nbsp;&nbsp; 11541 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (924303)<br>| &nbsp;&nbsp;&nbsp; (410306)<br>| &nbsp;&nbsp;&nbsp; (76017)<br>| &nbsp;&nbsp;&nbsp; (95666)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (693531)<br>| &nbsp;&nbsp;&nbsp; 110425 | &nbsp;&nbsp;&nbsp; (56469)<br>| &nbsp;&nbsp;&nbsp; (80430)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(683375)<br>| &nbsp;&nbsp;&nbsp; $169550 | &nbsp;&nbsp;&nbsp; $11695 | &nbsp;&nbsp;&nbsp; $(87886)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp; 125 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 75 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (636)<br>| &nbsp;&nbsp;&nbsp; (332)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp; (132)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 2 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (56)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; (53)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 41

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Emerging Markets Research**<br> **Enhanced Equity Fund** | **JPMorgan Emerging Markets Research**<br> **Enhanced Equity Fund** | **JPMorgan Europe Dynamic Fund** | **JPMorgan Europe Dynamic Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4945 | &nbsp;&nbsp;&nbsp; 7064 | &nbsp;&nbsp;&nbsp; 2159 | &nbsp;&nbsp;&nbsp; 511 |
| Reinvested | &nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 108 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4666)<br>| &nbsp;&nbsp;&nbsp; (3715)<br>| &nbsp;&nbsp;&nbsp; (928)<br>| &nbsp;&nbsp;&nbsp; (663)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; 3764 | &nbsp;&nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp; (44)<br>|
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 16 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 8 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; (44)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; (20)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10952 | &nbsp;&nbsp;&nbsp; 28681 | &nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp; 124 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2704 | &nbsp;&nbsp;&nbsp; 3573 | &nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp; 385 |
| Redeemed | &nbsp;&nbsp;&nbsp; (50288)<br>| &nbsp;&nbsp;&nbsp; (25890)<br>| &nbsp;&nbsp;&nbsp; (2096)<br>| &nbsp;&nbsp;&nbsp; (2944)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (36632)<br>| &nbsp;&nbsp;&nbsp; 6364 | &nbsp;&nbsp;&nbsp; (1513)<br>| &nbsp;&nbsp;&nbsp; (2435)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan International Equity Fund** | **JPMorgan International Equity Fund** | **JPMorgan International Focus Fund** | **JPMorgan International Focus Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $73487 | &nbsp;&nbsp;&nbsp; $68919 | &nbsp;&nbsp;&nbsp; $63484 | &nbsp;&nbsp;&nbsp; $69881 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 11100 | &nbsp;&nbsp;&nbsp; 7875 | &nbsp;&nbsp;&nbsp; 9862 | &nbsp;&nbsp;&nbsp; 6030 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (73747)<br>| &nbsp;&nbsp;&nbsp; (72374)<br>| &nbsp;&nbsp;&nbsp; (74770)<br>| &nbsp;&nbsp;&nbsp; (62276)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 10840 | &nbsp;&nbsp;&nbsp; 4420 | &nbsp;&nbsp;&nbsp; (1424)<br>| &nbsp;&nbsp;&nbsp; 13635 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6369 | &nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp; 799 | &nbsp;&nbsp;&nbsp; 1184 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; 125 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3042)<br>| &nbsp;&nbsp;&nbsp; (2392)<br>| &nbsp;&nbsp;&nbsp; (3788)<br>| &nbsp;&nbsp;&nbsp; (5516)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 3414 | &nbsp;&nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; (2783)<br>| &nbsp;&nbsp;&nbsp; (4207)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 232394 | &nbsp;&nbsp;&nbsp; 228483 | &nbsp;&nbsp;&nbsp; 109290 | &nbsp;&nbsp;&nbsp; 124040 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 22560 | &nbsp;&nbsp;&nbsp; 18106 | &nbsp;&nbsp;&nbsp; 14993 | &nbsp;&nbsp;&nbsp; 11004 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (394325)<br>| &nbsp;&nbsp;&nbsp; (351725)<br>| &nbsp;&nbsp;&nbsp; (262848)<br>| &nbsp;&nbsp;&nbsp; (180513)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (139371)<br>| &nbsp;&nbsp;&nbsp; (105136)<br>| &nbsp;&nbsp;&nbsp; (138565)<br>| &nbsp;&nbsp;&nbsp; (45469)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1304 | &nbsp;&nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp; 3699 | &nbsp;&nbsp;&nbsp; 1647 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 29 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1718)<br>| &nbsp;&nbsp;&nbsp; (1064)<br>| &nbsp;&nbsp;&nbsp; (1545)<br>| &nbsp;&nbsp;&nbsp; (256)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (336)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; 2241 | &nbsp;&nbsp;&nbsp; 1420 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1115 | &nbsp;&nbsp;&nbsp; 884 | &nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 251 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 41 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3217)<br>| &nbsp;&nbsp;&nbsp; (2579)<br>| &nbsp;&nbsp;&nbsp; (565)<br>| &nbsp;&nbsp;&nbsp; (682)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (1921)<br>| &nbsp;&nbsp;&nbsp; (1542)<br>| &nbsp;&nbsp;&nbsp; (274)<br>| &nbsp;&nbsp;&nbsp; (390)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1069155 | &nbsp;&nbsp;&nbsp; 424215 | &nbsp;&nbsp;&nbsp; 67338 | &nbsp;&nbsp;&nbsp; 85161 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 97497 | &nbsp;&nbsp;&nbsp; 74307 | &nbsp;&nbsp;&nbsp; 17427 | &nbsp;&nbsp;&nbsp; 11840 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (676427)<br>| &nbsp;&nbsp;&nbsp; (740942)<br>| &nbsp;&nbsp;&nbsp; (108069)<br>| &nbsp;&nbsp;&nbsp; (121272)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 490225 | &nbsp;&nbsp;&nbsp; (242420)<br>| &nbsp;&nbsp;&nbsp; (23304)<br>| &nbsp;&nbsp;&nbsp; (24271)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $362851 | &nbsp;&nbsp;&nbsp; $(346288)<br>| &nbsp;&nbsp;&nbsp; $(164109)<br>| &nbsp;&nbsp;&nbsp; $(59282)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3549 | &nbsp;&nbsp;&nbsp; 3579 | &nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp;&nbsp; 2800 |
| Reinvested | &nbsp;&nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 255 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3614)<br>| &nbsp;&nbsp;&nbsp; (3768)<br>| &nbsp;&nbsp;&nbsp; (2829)<br>| &nbsp;&nbsp;&nbsp; (2481)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; 574 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 43

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan International Equity Fund** | **JPMorgan International Equity Fund** | **JPMorgan International Focus Fund** | **JPMorgan International Focus Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 48 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 5 |
| Redeemed | &nbsp;&nbsp;&nbsp; (154)<br>| &nbsp;&nbsp;&nbsp; (131)<br>| &nbsp;&nbsp;&nbsp; (143)<br>| &nbsp;&nbsp;&nbsp; (228)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp; (105)<br>| &nbsp;&nbsp;&nbsp; (175)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11214 | &nbsp;&nbsp;&nbsp; 11696 | &nbsp;&nbsp;&nbsp; 4054 | &nbsp;&nbsp;&nbsp; 4903 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1213 | &nbsp;&nbsp;&nbsp; 986 | &nbsp;&nbsp;&nbsp; 611 | &nbsp;&nbsp;&nbsp; 460 |
| Redeemed | &nbsp;&nbsp;&nbsp; (18513)<br>| &nbsp;&nbsp;&nbsp; (17846)<br>| &nbsp;&nbsp;&nbsp; (9802)<br>| &nbsp;&nbsp;&nbsp; (7101)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (6086)<br>| &nbsp;&nbsp;&nbsp; (5164)<br>| &nbsp;&nbsp;&nbsp; (5137)<br>| &nbsp;&nbsp;&nbsp; (1738)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 67 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; (10)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 58 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 10 |
| Reinvested | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (27)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (15)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 50827 | &nbsp;&nbsp;&nbsp; 21569 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 3345 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5228 | &nbsp;&nbsp;&nbsp; 4038 | &nbsp;&nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp; 495 |
| Redeemed | &nbsp;&nbsp;&nbsp; (32488)<br>| &nbsp;&nbsp;&nbsp; (37681)<br>| &nbsp;&nbsp;&nbsp; (3903)<br>| &nbsp;&nbsp;&nbsp; (4723)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 23567 | &nbsp;&nbsp;&nbsp; (12074)<br>| &nbsp;&nbsp;&nbsp; (692)<br>| &nbsp;&nbsp;&nbsp; (883)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan International Equity Funds October 31, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

45 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Developed International Value Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended October 31, 2025 | $14.53 | &nbsp;&nbsp; $0.53<br> (d)<br>| &nbsp;&nbsp; $4.25 | &nbsp;&nbsp; $4.78 | &nbsp;&nbsp; $(0.59)<br>|
| Year Ended October 31, 2024 | 12.37 | 0.48 | 2.33 | 2.81 | &nbsp;&nbsp; (0.65)<br>|
| Year Ended October 31, 2023 | 10.57 | 0.53<br> (e)<br>| 1.70 | 2.23 | &nbsp;&nbsp; (0.43)<br>|
| Year Ended October 31, 2022 | 13.46 | 0.44 | &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.61)<br>|
| Year Ended October 31, 2021 | 9.46 | 0.43<br> (f)<br>| 3.89 | 4.32 | &nbsp;&nbsp; (0.32)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended October 31, 2025 | 14.09 | 0.39<br> (d)<br>| 4.18 | 4.57 | &nbsp;&nbsp; (0.49)<br>|
| Year Ended October 31, 2024 | 11.99 | 0.39 | 2.27 | 2.66 | &nbsp;&nbsp; (0.56)<br>|
| Year Ended October 31, 2023 | 10.23 | 0.46<br> (e)<br>| 1.65 | 2.11 | &nbsp;&nbsp; (0.35)<br>|
| Year Ended October 31, 2022 | 13.02 | 0.35 | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; (0.52)<br>|
| Year Ended October 31, 2021 | 9.14 | 0.33<br> (f)<br>| 3.79 | 4.12 | &nbsp;&nbsp; (0.24)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended October 31, 2025 | 15.01 | 0.63<br> (d)<br>| 4.35 | 4.98 | &nbsp;&nbsp; (0.63)<br>|
| Year Ended October 31, 2024 | 12.76 | 0.54 | 2.39 | 2.93 | &nbsp;&nbsp; (0.68)<br>|
| Year Ended October 31, 2023 | 10.88 | 0.58<br> (e)<br>| 1.75 | 2.33 | &nbsp;&nbsp; (0.45)<br>|
| Year Ended October 31, 2022 | 13.84 | 0.49 | &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (0.64)<br>|
| Year Ended October 31, 2021 | 9.72 | 0.47<br> (f)<br>| 3.99 | 4.46 | &nbsp;&nbsp; (0.34)<br>|
| **Class L** |  |  |  |  |  |
| Year Ended October 31, 2025 | 14.93 | 0.61<br> (d)<br>| 4.35 | 4.96 | &nbsp;&nbsp; (0.64)<br>|
| Year Ended October 31, 2024 | 12.69 | 0.55 | 2.38 | 2.93 | &nbsp;&nbsp; (0.69)<br>|
| Year Ended October 31, 2023 | 10.83 | 0.59<br> (e)<br>| 1.74 | 2.33 | &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2022 | 13.78 | 0.49 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (0.65)<br>|
| Year Ended October 31, 2021 | 9.66 | 0.47<br> (f)<br>| 3.99 | 4.46 | &nbsp;&nbsp; (0.34)<br>|
| **Class R2** |  |  |  |  |  |
| Year Ended October 31, 2025 | 14.24 | 0.48<br> (d)<br>| 4.15 | 4.63 | &nbsp;&nbsp; (0.54)<br>|
| Year Ended October 31, 2024 | 12.14 | 0.43 | 2.28 | 2.71 | &nbsp;&nbsp; (0.61)<br>|
| Year Ended October 31, 2023 | 10.37 | 0.48<br> (e)<br>| 1.68 | 2.16 | &nbsp;&nbsp; (0.39)<br>|
| Year Ended October 31, 2022 | 13.22 | 0.40 | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended October 31, 2021 | 9.29 | 0.39<br> (f)<br>| 3.82 | 4.21 | &nbsp;&nbsp; (0.28)<br>|
| **Class R5** |  |  |  |  |  |
| Year Ended October 31, 2025 | 14.84 | 0.59<br> (d)<br>| 4.34 | 4.93 | &nbsp;&nbsp; (0.64)<br>|
| Year Ended October 31, 2024 | 12.62 | 0.55 | 2.34 | 2.89 | &nbsp;&nbsp; (0.67)<br>|
| Year Ended October 31, 2023 | 10.75 | 0.71<br> (e)<br>| 1.63 | 2.34 | &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2022 | 13.67 | 0.52 | &nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.64)<br>|
| Year Ended October 31, 2021 | 9.60 | 0.41<br> (f)<br>| 4.02 | 4.43 | &nbsp;&nbsp; (0.36)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended October 31, 2025 | 14.84 | 0.62<br> (d)<br>| 4.32 | 4.94 | &nbsp;&nbsp; (0.65)<br>|
| Year Ended October 31, 2024 | 12.62 | 0.56 | 2.36 | 2.92 | &nbsp;&nbsp; (0.70)<br>|
| Year Ended October 31, 2023 | 10.77 | 0.60<br> (e)<br>| 1.73 | 2.33 | &nbsp;&nbsp; (0.48)<br>|
| Year Ended October 31, 2022 | 13.71 | 0.50 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; (0.67)<br>|
| Year Ended October 31, 2021 | 9.62 | 0.49<br> (f)<br>| 3.97 | 4.46 | &nbsp;&nbsp; (0.37)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

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

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

(d) Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.53, $0.39, $0.63, $0.61, $0.48, $0.59 and $0.62 for Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratios would have been 3.25%, 2.39%, 3.54%, 3.59%, 3.00%, 3.39% and 3.70% for Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6, respectively. 

(e) Reflects income from foreign withholding tax claims, including related interest income, less IRS compliance fees. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.46, $0.39, $0.51, $0.52, $0.41, $0.64 and $0.53 for Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratios would have been 3.73%, 3.27%, 3.96%, 4.09%, 3.42%, 5.07% and 4.20% for Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6, respectively. 

(f) Reflects income from foreign withholding tax claims, including related interest income, less IRS compliance fees. Without these proceeds, the net investment income (loss) per share would have been $0.38, $0.28, $0.42, $0.41, $0.34, $0.35 and $0.44 for Class A, Class C, Class I, Class L, Class R2, Class R5, and Class R6,respectively, and the net investment income (loss) ratios would have been 3.00%, 2.26%, 3.19%, 3.23%, 2.72%, 2.80% and 3.44% for Class A, Class C, Class I, Class L, Class R2, Class R5, and Class R6, respectively. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan International Equity Funds October 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $428883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.26<br> %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.83<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.24<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.83<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 47

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Emerging Markets Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | $30.70 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.35)<br>|
| Year Ended October 31, 2024 | 26.20 | 0.29 | 4.57 | 4.86 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended October 31, 2023 | 23.85 | 0.15 | 2.23 | 2.38 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended October 31, 2022 | 40.54 | 0.06 | &nbsp;&nbsp; (15.42)<br>| &nbsp;&nbsp; (15.36)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.33)<br>|
| Year Ended October 31, 2021 | 36.44 | &nbsp;&nbsp; (0.14)<br>| 4.24 | 4.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Class C** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 29.28 | 0.07 | 9.58 | 9.65 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended October 31, 2024 | 24.97 | 0.13 | 4.37 | 4.50 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended October 31, 2023 | 22.82 | &nbsp;&nbsp; — | 2.15 | 2.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2022 | 38.96 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.88)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.26)<br>|
| Year Ended October 31, 2021 | 35.20 | &nbsp;&nbsp; (0.34)<br>| 4.10 | 3.76 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 31.53 | 0.32 | 10.29 | 10.61 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended October 31, 2024 | 26.90 | 0.37 | 4.69 | 5.06 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended October 31, 2023 | 24.48 | 0.22 | 2.30 | 2.52 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| Year Ended October 31, 2022 | 41.60 | 0.12 | &nbsp;&nbsp; (15.81)<br>| &nbsp;&nbsp; (15.69)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.43)<br>|
| Year Ended October 31, 2021 | 37.34 | &nbsp;&nbsp; (0.04)<br>| 4.34 | 4.30 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 31.78 | 0.27 | 10.46 | 10.73 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>|
| Year Ended October 31, 2024 | 27.11 | 0.40 | 4.73 | 5.13 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>|
| Year Ended October 31, 2023 | 24.70 | 0.26 | 2.30 | 2.56 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended October 31, 2022 | 41.96 | 0.17 | &nbsp;&nbsp; (15.95)<br>| &nbsp;&nbsp; (15.78)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.48)<br>|
| Year Ended October 31, 2021 | 37.64 | 0.01 | 4.37 | 4.38 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 30.16 | 0.10 | 9.91 | 10.01 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|
| Year Ended October 31, 2024 | 25.76 | 0.19 | 4.50 | 4.69 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended October 31, 2023 | 23.49 | 0.07 | 2.20 | 2.27 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2022 | 39.99 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (15.22)<br>| &nbsp;&nbsp; (15.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.26)<br>|
| Year Ended October 31, 2021 | 36.06 | &nbsp;&nbsp; (0.26)<br>| 4.19 | 3.93 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 30.41 | 0.21 | 9.94 | 10.15 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended October 31, 2024 | 25.97 | 0.27 | 4.53 | 4.80 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended October 31, 2023 | 23.67 | 0.13 | 2.22 | 2.35 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended October 31, 2022 | 40.30 | 0.06 | &nbsp;&nbsp; (15.32)<br>| &nbsp;&nbsp; (15.26)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended October 31, 2021 | 36.25 | &nbsp;&nbsp; (0.15)<br>| 4.20 | 4.05 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 31.37 | 0.32 | 10.22 | 10.54 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended October 31, 2024 | 26.77 | 0.35 | 4.67 | 5.02 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended October 31, 2023 | 24.39 | 0.21 | 2.28 | 2.49 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Year Ended October 31, 2022 | 41.45 | 0.13 | &nbsp;&nbsp; (15.77)<br>| &nbsp;&nbsp; (15.64)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended October 31, 2021 | 37.20 | &nbsp;&nbsp; (0.05)<br>| 4.32 | 4.27 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 31.76 | 0.39 | 10.34 | 10.73 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>|
| Year Ended October 31, 2024 | 27.10 | 0.40 | 4.73 | 5.13 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2023 | 24.69 | 0.26 | 2.31 | 2.57 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>|
| Year Ended October 31, 2022 | 41.88 | 0.18 | &nbsp;&nbsp; (15.96)<br>| &nbsp;&nbsp; (15.78)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended October 31, 2021 | 37.56 | 0.01 | 4.36 | 4.37 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $374199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1653181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1402636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1610205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1871401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4753438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2883527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1195188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2598326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 49

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Emerging Markets Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | $31.75 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $10.74 | &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.49)<br>|
| Year Ended October 31, 2024 | 27.09 | 0.43 | 4.73 | 5.16 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended October 31, 2023 | 24.69 | 0.28 | 2.31 | 2.59 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended October 31, 2022 | 41.95 | 0.21 | &nbsp;&nbsp; (15.95)<br>| &nbsp;&nbsp; (15.74)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.52)<br>|
| Year Ended October 31, 2021 | 37.61 | 0.05 | 4.37 | 4.42 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4468905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4103129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3887241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3579903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5659334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 51

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Emerging Markets Research Enhanced Equity Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | $17.15 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $4.45 | &nbsp;&nbsp; $4.87 | &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.37)<br>|
| Year Ended October 31, 2024 | 14.48 | 0.40 | 2.73 | 3.13 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>|
| Year Ended October 31, 2023 | 13.34 | 0.34 | 1.15 | 1.49 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended October 31, 2022 | 20.87 | 0.48 | &nbsp;&nbsp; (6.96)<br>| &nbsp;&nbsp; (6.48)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.05)<br>|
| Year Ended October 31, 2021 | 18.11 | 0.51 | 2.56 | 3.07 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 17.06 | 0.43 | 4.44 | 4.87 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended October 31, 2024 | 14.41 | 0.41 | 2.72 | 3.13 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended October 31, 2023 | 13.27 | 0.36 | 1.14 | 1.50 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended October 31, 2022 | 20.77 | 0.45 | &nbsp;&nbsp; (6.88)<br>| &nbsp;&nbsp; (6.43)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.07)<br>|
| Year Ended October 31, 2021 | 18.01 | 0.42 | 2.65 | 3.07 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

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

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

(d) Interest expense is 0.02%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan International Equity Funds October 31, 2025

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $327393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1657405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1937760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1544778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2479030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3787953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 53

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Europe Dynamic Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended October 31, 2025 | $32.56 | &nbsp;&nbsp; $0.77<br> (d)<br>| &nbsp;&nbsp; $7.36 | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $(1.13)<br>|
| Year Ended October 31, 2024 | 26.68 | 0.60 | 6.17 | 6.77 | &nbsp;&nbsp; (0.89)<br>|
| Year Ended October 31, 2023 | 23.70 | 0.49<br> (e)<br>| 2.69 | 3.18 | &nbsp;&nbsp; (0.20)<br>|
| Year Ended October 31, 2022 | 30.91 | 0.36 | &nbsp;&nbsp; (6.95)<br>| &nbsp;&nbsp; (6.59)<br>| &nbsp;&nbsp; (0.62)<br>|
| Year Ended October 31, 2021 | 21.64 | 0.40<br> (f)<br>| 9.14 | 9.54 | &nbsp;&nbsp; (0.27)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended October 31, 2025 | 28.86 | 0.52<br> (d)<br>| 6.54 | 7.06 | &nbsp;&nbsp; (0.92)<br>|
| Year Ended October 31, 2024 | 23.50 | 0.34 | 5.52 | 5.86 | &nbsp;&nbsp; (0.50)<br>|
| Year Ended October 31, 2023 | 20.85 | 0.33<br> (e)<br>| 2.36 | 2.69 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended October 31, 2022 | 27.25 | 0.20 | &nbsp;&nbsp; (6.13)<br>| &nbsp;&nbsp; (5.93)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2021 | 19.10 | 0.22<br> (f)<br>| 8.08 | 8.30 | &nbsp;&nbsp; (0.15)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended October 31, 2025 | 33.32 | 0.90<br> (d)<br>| 7.50 | 8.40 | &nbsp;&nbsp; (1.21)<br>|
| Year Ended October 31, 2024 | 27.28 | 0.69 | 6.31 | 7.00 | &nbsp;&nbsp; (0.96)<br>|
| Year Ended October 31, 2023 | 24.20 | 0.58<br> (e)<br>| 2.74 | 3.32 | &nbsp;&nbsp; (0.24)<br>|
| Year Ended October 31, 2022 | 31.57 | 0.24 | &nbsp;&nbsp; (6.88)<br>| &nbsp;&nbsp; (6.64)<br>| &nbsp;&nbsp; (0.73)<br>|
| Year Ended October 31, 2021 | 22.10 | 0.47<br> (f)<br>| 9.33 | 9.80 | &nbsp;&nbsp; (0.33)<br>|
| **Class L** |  |  |  |  |  |
| Year Ended October 31, 2025 | 33.88 | 0.96<br> (d)<br>| 7.63 | 8.59 | &nbsp;&nbsp; (1.25)<br>|
| Year Ended October 31, 2024 | 27.71 | 0.73 | 6.43 | 7.16 | &nbsp;&nbsp; (0.99)<br>|
| Year Ended October 31, 2023 | 24.54 | 0.75<br> (e)<br>| 2.64 | 3.39 | &nbsp;&nbsp; (0.22)<br>|
| Year Ended October 31, 2022 | 31.99 | 0.52 | &nbsp;&nbsp; (7.22)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; (0.75)<br>|
| Year Ended October 31, 2021 | 22.38 | 0.54<br> (f)<br>| 9.44 | 9.98 | &nbsp;&nbsp; (0.37)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended October 31, 2025 | 33.62 | 0.98<br> (d)<br>| 7.56 | 8.54 | &nbsp;&nbsp; (1.28)<br>|
| Year Ended October 31, 2024 | 27.52 | 0.74 | 6.40 | 7.14 | &nbsp;&nbsp; (1.04)<br>|
| Year Ended October 31, 2023 | 24.44 | 0.66<br> (e)<br>| 2.75 | 3.41 | &nbsp;&nbsp; (0.33)<br>|
| Year Ended October 31, 2022 | 31.86 | 0.49 | &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp; (6.64)<br>| &nbsp;&nbsp; (0.78)<br>|
| Year Ended October 31, 2021 | 22.29 | 0.55<br> (f)<br>| 9.41 | 9.96 | &nbsp;&nbsp; (0.39)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

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

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

(d) Reflects income from foreign withholding tax claims, including related interest income, less IRS compliance fees. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.67, $0.43, $0.80, $0.86 and $0.88 for Class A, Class C, Class I, Class L and Class R6, respectively, and the net investment income (loss) ratios would have been 1.90%, 1.33%, 2.18%, 2.32% and 2.45% for Class A, Class C, Class I, Class L and Class R6, respectively. 

(e) Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.47, $0.31, $0.56, $0.73 and $0.64 for Class A, Class C, Class I, Class L and Class R6, respectively, and the net investment income (loss) ratios would have been 1.69%, 1.28%, 1.98%, 2.54% and 2.24% for Class A, Class C, Class I, Class L and Class R6, respectively. 

(f) Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.38, $0.20, $0.45, $0.52 and $0.53 for Class A, Class C, Class I, Class L and Class R6, respectively, and the net investment income (loss) ratios would have been 1.29%, 0.78%, 1.44%, 1.70% and 1.75% for Class A, Class C, Class I, Class L and Class R6, respectively. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan International Equity Funds October 31, 2025

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $39.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $113516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 55

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan International Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | $19.38 | &nbsp;&nbsp; $0.37<br> (d)<br>| &nbsp;&nbsp; $3.38 | &nbsp;&nbsp; $3.75 | &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.52)<br>|
| Year Ended October 31, 2024 | 16.54 | 0.34 | 2.87 | 3.21 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended October 31, 2023 | 14.75 | 0.33<br> (e)<br>| 1.85 | 2.18 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended October 31, 2022 | 21.63 | 0.31 | &nbsp;&nbsp; (5.83)<br>| &nbsp;&nbsp; (5.52)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.36)<br>|
| Year Ended October 31, 2021 | 16.47 | 0.30<br> (f)<br>| 5.04 | 5.34 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 18.22 | 0.24<br> (d)<br>| 3.20 | 3.44 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended October 31, 2024 | 15.54 | 0.23 | 2.71 | 2.94 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| Year Ended October 31, 2023 | 13.87 | 0.24<br> (e)<br>| 1.73 | 1.97 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended October 31, 2022 | 20.41 | 0.20 | &nbsp;&nbsp; (5.48)<br>| &nbsp;&nbsp; (5.28)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.26)<br>|
| Year Ended October 31, 2021 | 15.53 | 0.18<br> (f)<br>| 4.77 | 4.95 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 19.76 | 0.42<br> (d)<br>| 3.46 | 3.88 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended October 31, 2024 | 16.86 | 0.39 | 2.93 | 3.32 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended October 31, 2023 | 15.04 | 0.38<br> (e)<br>| 1.88 | 2.26 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended October 31, 2022 | 22.02 | 0.38 | &nbsp;&nbsp; (5.95)<br>| &nbsp;&nbsp; (5.57)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended October 31, 2021 | 16.76 | 0.36<br> (f)<br>| 5.13 | 5.49 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 19.40 | 0.32<br> (d)<br>| 3.38 | 3.70 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>|
| Year Ended October 31, 2024 | 16.28 | 0.29 | 2.85 | 3.14 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended October 31, 2023 | 14.53 | 0.38<br> (e)<br>| 1.71 | 2.09 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended October 31, 2022 | 21.31 | 0.25 | &nbsp;&nbsp; (5.74)<br>| &nbsp;&nbsp; (5.49)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.29)<br>|
| Year Ended October 31, 2021 | 16.31 | 0.23<br> (f)<br>| 4.99 | 5.22 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 19.89 | 0.45<br> (d)<br>| 3.48 | 3.93 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59)<br>|
| Year Ended October 31, 2024 | 16.96 | 0.42 | 2.94 | 3.36 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended October 31, 2023 | 15.13 | 0.38<br> (e)<br>| 1.91 | 2.29 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>|
| Year Ended October 31, 2022 | 22.14 | 0.38 | &nbsp;&nbsp; (5.96)<br>| &nbsp;&nbsp; (5.58)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.43)<br>|
| Year Ended October 31, 2021 | 16.85 | 0.39<br> (f)<br>| 5.15 | 5.54 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 19.85 | 0.47<br> (d)<br>| 3.46 | 3.93 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended October 31, 2024 | 16.93 | 0.43 | 2.94 | 3.37 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended October 31, 2023 | 15.10 | 0.41<br> (e)<br>| 1.89 | 2.30 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2022 | 22.10 | 0.39 | &nbsp;&nbsp; (5.94)<br>| &nbsp;&nbsp; (5.55)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.45)<br>|
| Year Ended October 31, 2021 | 16.81 | 0.42<br> (f)<br>| 5.13 | 5.55 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

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

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

(d) Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.35, $0.22, $0.40, $0.30, $0.43 and $0.45 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratios would have been 1.71%, 1.16%, 1.91%, 1.46%, 2.07% and 2.16% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively. 

(e) Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.32, $0.23, $0.37, $0.37, $0.37 and $0.40 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratios would have been 1.85%, 1.39%, 2.08%, 2.20%, 2.07% and 2.29% for Class A, Class C, Class I, Cass R2, Class R5 and Class R6, respectively. 

(f) Reflects income from foreign withholding tax claims. Had the Fund not received these proceeds, the net investment income (loss) per share and the net investment income (loss) ratios for each share class would have remained the same. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan International Equity Funds October 31, 2025

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $498099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4161925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3097141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2845622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2961811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3782533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 57

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan International Focus Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended October 31, 2025 | $25.35 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $5.19 | &nbsp;&nbsp; $5.55 | &nbsp;&nbsp; $(0.70)<br>|
| Year Ended October 31, 2024 | 21.73 | 0.37 | 3.69 | 4.06 | &nbsp;&nbsp; (0.44)<br>|
| Year Ended October 31, 2023 | 19.58 | 0.38 | 2.50 | 2.88 | &nbsp;&nbsp; (0.73)<br>|
| Year Ended October 31, 2022 | 27.55 | 0.41 | &nbsp;&nbsp; (7.95)<br>| &nbsp;&nbsp; (7.54)<br>| &nbsp;&nbsp; (0.43)<br>|
| Year Ended October 31, 2021 | 22.07 | 0.35<br> (d)<br>| 5.32 | 5.67 | &nbsp;&nbsp; (0.19)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended October 31, 2025 | 24.98 | 0.22 | 5.13 | 5.35 | &nbsp;&nbsp; (0.54)<br>|
| Year Ended October 31, 2024 | 21.36 | 0.24 | 3.63 | 3.87 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended October 31, 2023 | 19.23 | 0.27 | 2.45 | 2.72 | &nbsp;&nbsp; (0.59)<br>|
| Year Ended October 31, 2022 | 27.06 | 0.29 | &nbsp;&nbsp; (7.83)<br>| &nbsp;&nbsp; (7.54)<br>| &nbsp;&nbsp; (0.29)<br>|
| Year Ended October 31, 2021 | 21.68 | 0.20<br> (d)<br>| 5.24 | 5.44 | &nbsp;&nbsp; (0.06)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended October 31, 2025 | 25.77 | 0.43 | 5.28 | 5.71 | &nbsp;&nbsp; (0.76)<br>|
| Year Ended October 31, 2024 | 22.08 | 0.44 | 3.74 | 4.18 | &nbsp;&nbsp; (0.49)<br>|
| Year Ended October 31, 2023 | 19.88 | 0.44 | 2.54 | 2.98 | &nbsp;&nbsp; (0.78)<br>|
| Year Ended October 31, 2022 | 27.95 | 0.47 | &nbsp;&nbsp; (8.06)<br>| &nbsp;&nbsp; (7.59)<br>| &nbsp;&nbsp; (0.48)<br>|
| Year Ended October 31, 2021 | 22.39 | 0.42<br> (d)<br>| 5.39 | 5.81 | &nbsp;&nbsp; (0.25)<br>|
| **Class R2** |  |  |  |  |  |
| Year Ended October 31, 2025 | 25.10 | 0.29 | 5.11 | 5.40 | &nbsp;&nbsp; (0.67)<br>|
| Year Ended October 31, 2024 | 21.53 | 0.29 | 3.66 | 3.95 | &nbsp;&nbsp; (0.38)<br>|
| Year Ended October 31, 2023 | 19.40 | 0.31 | 2.49 | 2.80 | &nbsp;&nbsp; (0.67)<br>|
| Year Ended October 31, 2022 | 27.25 | 0.34 | &nbsp;&nbsp; (7.89)<br>| &nbsp;&nbsp; (7.55)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended October 31, 2021 | 21.85 | 0.27<br> (d)<br>| 5.26 | 5.53 | &nbsp;&nbsp; (0.13)<br>|
| **Class R5** |  |  |  |  |  |
| Year Ended October 31, 2025 | 25.78 | 0.46 | 5.27 | 5.73 | &nbsp;&nbsp; (0.79)<br>|
| Year Ended October 31, 2024 | 22.07 | 0.46 | 3.75 | 4.21 | &nbsp;&nbsp; (0.50)<br>|
| Year Ended October 31, 2023 | 19.89 | 0.52 | 2.48 | 3.00 | &nbsp;&nbsp; (0.82)<br>|
| Year Ended October 31, 2022 | 27.96 | 0.49 | &nbsp;&nbsp; (8.06)<br>| &nbsp;&nbsp; (7.57)<br>| &nbsp;&nbsp; (0.50)<br>|
| Year Ended October 31, 2021 | 22.38 | 0.44<br> (d)<br>| 5.40 | 5.84 | &nbsp;&nbsp; (0.26)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended October 31, 2025 | 25.80 | 0.49 | 5.26 | 5.75 | &nbsp;&nbsp; (0.81)<br>|
| Year Ended October 31, 2024 | 22.10 | 0.49 | 3.74 | 4.23 | &nbsp;&nbsp; (0.53)<br>|
| Year Ended October 31, 2023 | 19.90 | 0.49 | 2.54 | 3.03 | &nbsp;&nbsp; (0.83)<br>|
| Year Ended October 31, 2022 | 27.98 | 0.39 | &nbsp;&nbsp; (7.94)<br>| &nbsp;&nbsp; (7.55)<br>| &nbsp;&nbsp; (0.53)<br>|
| Year Ended October 31, 2021 | 22.40 | 0.46<br> (d)<br>| 5.40 | 5.86 | &nbsp;&nbsp; (0.28)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

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

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

(d) Reflects income from foreign withholding tax claims. Had the Fund not received these proceeds, the net investment income (loss) per share and the net investment income (loss) ratios for each share class would have remained the same. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $432931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2721224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 59

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

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

The following are 6 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Developed International Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, <br> Class R5 and Class R6<br>| JPM I | Diversified |
| JPMorgan Emerging Markets Equity Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, <br> Class R3, Class R4, Class R5 and Class R6<br>| JPM I | Diversified |
| JPMorgan Emerging Markets Research Enhanced Equity Fund | Class I and Class R6 | JPM IV | Diversified |
| JPMorgan Europe Dynamic Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan International Equity Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan International Focus Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R5 <br> and Class R6<br>| JPM I | Diversified |

---

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

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

The investment objective of JPMorgan Europe Dynamic Fund ("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 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.

Class L Shares of Developed International Value Fund, Emerging Market Equity Fund and Europe Dynamic Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of Developed International Value Fund, Emerging Markets Equity Fund and Europe Dynamic Fund unless they meet certain requirements as described in the Funds' prospectuses.

Prior to April 2, 2025, all share classes of Emerging Markets Equity Fund were offered on a limited basis. Investors were not eligible to purchase shares of the Fund unless they met certain requirements.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as Adviser (the "Adviser") and Administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.

Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC 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 using prices supplied 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 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 NAV is calculated.

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

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

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

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

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

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Developed International Value Fund**  | **Developed International Value Fund**  | **Developed International Value Fund**  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $67832 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $67832 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; 2205 | &nbsp;&nbsp;&nbsp;&nbsp; 20294 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22499 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22430 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 61

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Developed International Value Fund** (continued) | **Developed International Value Fund** (continued) | **Developed International Value Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| China | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13226 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13226 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29178 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29178 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26825 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26825 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134253 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134253 |
| Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2575 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2575 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; 1746 | &nbsp;&nbsp;&nbsp;&nbsp; 170432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172178 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 1752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1752 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36526 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5069 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5069 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 12658 | &nbsp;&nbsp;&nbsp;&nbsp; 13472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26130 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2238 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96409 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96409 |
| Ivory Coast | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2695 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 2916 | &nbsp;&nbsp;&nbsp;&nbsp; 461281 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 464197 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7413 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7413 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55990 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55990 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33739 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33739 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5672 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5672 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9656 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9656 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77093 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51247 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12490 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 18050 | &nbsp;&nbsp;&nbsp;&nbsp; 228352 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 246402 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 212665 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 212665 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 39327 | &nbsp;&nbsp;&nbsp;&nbsp; 1801766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1841093 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 68350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68350 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 9405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9405 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 77755 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77755 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $117082 | &nbsp;&nbsp;&nbsp;&nbsp; $1801766 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1918848 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(11)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp; $144685 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $144685 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 1011874 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1011874 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 738913 | &nbsp;&nbsp;&nbsp;&nbsp; 1645533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2384446 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60649 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60649 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 69247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69247 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 258839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 258839 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan International Equity Funds October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Equity Fund** (continued) | **Emerging Markets Equity Fund** (continued) | **Emerging Markets Equity Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| India | &nbsp;&nbsp;&nbsp;&nbsp; $181124 | &nbsp;&nbsp;&nbsp;&nbsp; $1012089 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1193213 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85490 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 158076 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158076 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp; 66032 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66032 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95881 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64887 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64887 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 197510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 197510 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 63245 | &nbsp;&nbsp;&nbsp;&nbsp; 90277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153522 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; 90116 | &nbsp;&nbsp;&nbsp;&nbsp; 1039725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1129841 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170514 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170514 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 327606 | &nbsp;&nbsp;&nbsp;&nbsp; 1366322 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1693928 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 329335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 329335 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 120649 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120649 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 3169077 | &nbsp;&nbsp;&nbsp;&nbsp; 6284800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9453877 |
| Short-Term Investments |  |  |  |  |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 70284 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70284 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3239361 | &nbsp;&nbsp;&nbsp;&nbsp; $6284800 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9524161 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Research Enhanced Equity Fund**  | **Emerging Markets Research Enhanced Equity Fund**  | **Emerging Markets Research Enhanced Equity Fund**  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; $98567 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $98567 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 4934 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4934 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 29113 | &nbsp;&nbsp;&nbsp;&nbsp; 578178 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 607291 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 3956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3956 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20181 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20181 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 1837 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1837 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3446 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3446 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11468 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 22521 | &nbsp;&nbsp;&nbsp;&nbsp; 280591 | &nbsp;&nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp;&nbsp; 304672 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25292 |
| Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp; 1168 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1168 |
| Kuwait | &nbsp;&nbsp;&nbsp;&nbsp; 1153 | &nbsp;&nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3528 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12135 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 41910 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41910 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp; 2008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2008 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 8350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8350 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; 3808 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3808 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9441 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9956 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56531 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56531 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 899 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 899 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 14694 | &nbsp;&nbsp;&nbsp;&nbsp; 55813 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70507 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; 2056 | &nbsp;&nbsp;&nbsp;&nbsp; 268566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 270622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 63

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Research Enhanced Equity Fund** (continued) | **Emerging Markets Research Enhanced Equity Fund** (continued) | **Emerging Markets Research Enhanced Equity Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $404747 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $404747 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; 2931 | &nbsp;&nbsp;&nbsp;&nbsp; 17354 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20285 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8076 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8076 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28342 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp;&nbsp; 4635 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5719 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 1845 | &nbsp;&nbsp;&nbsp;&nbsp; 1721 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3566 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 242834 | &nbsp;&nbsp;&nbsp;&nbsp; 1798848 | &nbsp;&nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp;&nbsp; 2043242 |
| Short-Term Investments |  |  |  |  |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 14532 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14532 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $257366 | &nbsp;&nbsp;&nbsp;&nbsp; $1798848 | &nbsp;&nbsp;&nbsp;&nbsp; $1560 | &nbsp;&nbsp;&nbsp;&nbsp; $2057774 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $16 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Europe Dynamic Fund**  | **Europe Dynamic Fund**  | **Europe Dynamic Fund**  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10954 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10954 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3333 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13258 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13258 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26693 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26693 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17708 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17708 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103702 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103702 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110631 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9432 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34028 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34028 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56172 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6860 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6860 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24958 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24958 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8787 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8787 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23437 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23437 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 5431 | &nbsp;&nbsp;&nbsp;&nbsp; 97342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102773 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72062 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72062 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 5431 | &nbsp;&nbsp;&nbsp;&nbsp; 619357 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 624788 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 14862 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14862 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 4966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4966 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 19828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19828 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $25259 | &nbsp;&nbsp;&nbsp;&nbsp; $619357 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $644616 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $540 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $540 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan International Equity Funds October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund**  | **International Equity Fund**  | **International Equity Fund**  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $186344 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $186344 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47644 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47644 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61295 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35109 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88741 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88989 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88989 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 649225 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 649225 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 481076 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 481076 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135006 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135006 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30962 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30962 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94752 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 5923 | &nbsp;&nbsp;&nbsp;&nbsp; 1086312 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1092235 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 55428 | &nbsp;&nbsp;&nbsp;&nbsp; 262585 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 318013 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 54243 | &nbsp;&nbsp;&nbsp;&nbsp; 130027 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 184270 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 232943 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 232943 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 184537 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 184537 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150547 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150547 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 87231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87231 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 790047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 790047 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 336228 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 336228 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 202825 | &nbsp;&nbsp;&nbsp;&nbsp; 5072369 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5275194 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 141338 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141338 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 36487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36487 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 177825 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177825 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $380650 | &nbsp;&nbsp;&nbsp;&nbsp; $5072369 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5453019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Focus Fund**  | **International Focus Fund**  | **International Focus Fund**  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $28019 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $28019 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32547 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32547 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 18343 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18343 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 90081 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90081 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 16975 | &nbsp;&nbsp;&nbsp;&nbsp; 109820 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126795 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 174290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 174290 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121606 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17666 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17666 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36697 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36697 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 40556 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40556 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20695 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31270 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31270 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214661 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 65

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Focus Fund** (continued) | **International Focus Fund** (continued) | **International Focus Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $53865 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $53865 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27016 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44397 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44397 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89777 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89777 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54620 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31876 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31876 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 60794 | &nbsp;&nbsp;&nbsp;&nbsp; 45990 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106784 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111772 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111772 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130002 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 226749 | &nbsp;&nbsp;&nbsp;&nbsp; 1376586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1603335 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 18464 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18464 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 2292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2292 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 20756 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20756 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $247505 | &nbsp;&nbsp;&nbsp;&nbsp; $1376586 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1624091 |

---

**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 NAVs of the Funds.

As of October 31, 2025, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan International Equity Funds October 31, 2025

------

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of October 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Developed International Value Fund | &nbsp;&nbsp; $8827 | &nbsp;&nbsp; $(8827)<br>| &nbsp;&nbsp; $— |
| Emerging Markets Equity Fund | &nbsp;&nbsp; 66374 | &nbsp;&nbsp; (66374)<br>| &nbsp;&nbsp; — |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp; 14107 | &nbsp;&nbsp; (14107)<br>| &nbsp;&nbsp; — |
| Europe Dynamic Fund | &nbsp;&nbsp; 4675 | &nbsp;&nbsp; (4675)<br>| &nbsp;&nbsp; — |
| International Equity Fund | &nbsp;&nbsp; 34641 | &nbsp;&nbsp; (34641)<br>| &nbsp;&nbsp; — |
| International Focus Fund | &nbsp;&nbsp; 2092 | &nbsp;&nbsp; (2092)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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.

**D. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Developed International Value Fund**  | **Developed International Value Fund**  | **Developed International Value Fund**  | **Developed International Value Fund**  | **Developed International Value Fund**  | **Developed International Value Fund**  | **Developed International Value Fund**  | **Developed International Value Fund**  | **Developed International Value Fund**  | **Developed International Value Fund**  |
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (a) (b)<br>| $31322 | $776718 | $739697 | $14 | $(7)<br>| $68350 | 68323 | $2095 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (a) (b)<br>| 1743 | 140556 | 132894 |  |  | 9405 | 9405 | 350<br> \*<br>|  |
| **Total** | $33065 | $917274 | $872591 | $14 | $(7)<br>| $77755 |  | $2445 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of October 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  |
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (a) (b)<br>| $89919 | $3139135 | $3229101 | $43 | $4 | $— |  | $2372 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (a) (b)<br>|  | 285348 | 215064 |  |  | 70284 | 70284 | 338<br> \*<br>|  |
| **Total** | $89919 | $3424483 | $3444165 | $43 | $4 | $70284 |  | $2710 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 67

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) The rate shown is the current yield as of October 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Emerging Markets Research Enhanced Equity Fund**  | **Emerging Markets Research Enhanced Equity Fund**  | **Emerging Markets Research Enhanced Equity Fund**  | **Emerging Markets Research Enhanced Equity Fund**  | **Emerging Markets Research Enhanced Equity Fund**  | **Emerging Markets Research Enhanced Equity Fund**  | **Emerging Markets Research Enhanced Equity Fund**  | **Emerging Markets Research Enhanced Equity Fund**  | **Emerging Markets Research Enhanced Equity Fund**  | **Emerging Markets Research Enhanced Equity Fund**  |
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (a) (b)<br>| $47163 | $489734 | $536894 | $(7)<br>| $4 | $— |  | $346 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (a) (b)<br>| 25964 | 165221 | 176653 |  |  | 14532 | 14532 | 613<br> \*<br>|  |
| **Total** | $73127 | $654955 | $713547 | $(7)<br>| $4 | $14532 |  | $959 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of October 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Europe Dynamic Fund**  | **Europe Dynamic Fund**  | **Europe Dynamic Fund**  | **Europe Dynamic Fund**  | **Europe Dynamic Fund**  | **Europe Dynamic Fund**  | **Europe Dynamic Fund**  | **Europe Dynamic Fund**  | **Europe Dynamic Fund**  | **Europe Dynamic Fund**  |
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (a) (b)<br>| $3146 | $329992 | $318276 | $(2)<br>| $2 | $14862 | 14856 | $670 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (a) (b)<br>|  | 83794 | 78828 |  |  | 4966 | 4966 | 321<br> \*<br>|  |
| **Total** | $3146 | $413786 | $397104 | $(2)<br>| $2 | $19828 |  | $991 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of October 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Equity Fund**  | **International Equity Fund**  | **International Equity Fund**  | **International Equity Fund**  | **International Equity Fund**  | **International Equity Fund**  | **International Equity Fund**  | **International Equity Fund**  | **International Equity Fund**  | **International Equity Fund**  |
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (a) (b)<br>| $90815 | $1595302 | $1544783 | $11 | $(7)<br>| $141338 | 141282 | $4050 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (a) (b)<br>| 73806 | 515071 | 552390 |  |  | 36487 | 36487 | 826<br> \*<br>|  |
| **Total** | $164621 | $2110373 | $2097173 | $11 | $(7)<br>| $177825 |  | $4876 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of October 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan International Equity Funds October 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Focus Fund**  | **International Focus Fund**  | **International Focus Fund**  | **International Focus Fund**  | **International Focus Fund**  | **International Focus Fund**  | **International Focus Fund**  | **International Focus Fund**  | **International Focus Fund**  | **International Focus Fund**  |
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (a) (b)<br>| $26162 | $509041 | $516742 | $6 | $(3)<br>| $18464 | 18456 | $748 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (a) (b)<br>| 49416 | 246349 | 293473 |  |  | 2292 | 2292 | 637<br> \*<br>|  |
| **Total** | $75578 | $755390 | $810215 | $6 | $(3)<br>| $20756 |  | $1385 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of October 31, 2025.

\* 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 in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**F. Futures Contracts**— Developed International Value Fund, Emerging Markets Research Enhanced Equity Fund and Europe Dynamic Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 69

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

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).

**Derivatives Volume**

The table below discloses the volume of the Funds' futures contracts activity during the year ended October 31, 2025 (amounts in thousands, except for number of contracts):

---

| | | | |
|:---|:---|:---|:---|
|  | **Developed** <br>**International** <br>**Value Fund**<br>| **Emerging** <br>**Markets** <br>**Research** <br>**Enhanced** <br>**Equity Fund**<br>| **Europe** <br>**Dynamic** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $21691 | &nbsp;&nbsp; $6693 | &nbsp;&nbsp; $11089 |
| Average Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (714)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 27080 | &nbsp;&nbsp; 6118 | &nbsp;&nbsp; 12411 |

---

The Funds' derivatives contracts held at October 31, 2025 are not accounted for as hedging instruments under GAAP.

**G. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**H. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended October 31, 2025, are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Developed International Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $17 | $1 | $7 | n/a | $1 | n/a | n/a | n/a | $10 | $36 |
| **Emerging Markets Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 31 | 4 | 45 | $12 | 1 | $1 | $—<br> (a)<br>| $2 | 112 | 208 |
| **Emerging Markets Research Enhanced Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | n/a | n/a | 18 | n/a | n/a | n/a | n/a | n/a | 13 | 31 |
| **Europe Dynamic Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 16 | 1 | 3 | 1 | n/a | n/a | n/a | n/a | 3 | 24 |
| **International Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 27 | 2 | 16 | n/a | —<br> (a)<br>| n/a | n/a | —<br> (a)<br>| 39 | 84 |
| **International Focus Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 17 | 5 | 17 | n/a | 1 | n/a | n/a | 2 | 13 | 55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**I. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of October 31, 2025, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**J. 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 gains 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.

As a result of several court rulings in certain European countries, the tax authorities of each of these countries, recently paid Developed International Value Fund (Finland), Europe Dynamic Fund (Finland & France) and International Equity Fund (France & Spain) tax reclaims for prior tax withholding. These tax reclaim payments, including any related interest income, are included in Foreign withholding tax reclaims on the Statements of Operations.

In the event that tax reclaims received by the Funds during the fiscal year ending October 31, 2025 exceed the foreign withholding taxes paid by the Funds for other foreign investments, and the Funds have previously passed foreign tax credits on to their shareholders, the Funds will have a U.S. tax liability. The Funds will enter into a closing agreement with the Internal Revenue Service (IRS) in order to pay the associated tax liability (fees) on behalf of the Funds' shareholders. These IRS fees are estimated through the year ended October 31, 2025 and are included in IRS Compliance Fees for foreign withholding tax reclaims on the Statements of Operations, if applicable. At October 31, 2025, Europe Dynamic Fund had a U.S. tax liability amounting to $1,122.

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

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $773 | &nbsp;&nbsp;&nbsp;&nbsp; $3136 | &nbsp;&nbsp;&nbsp;&nbsp; $(3909)<br>|
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5349 | &nbsp;&nbsp;&nbsp;&nbsp; (5349)<br>|
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11331 | &nbsp;&nbsp;&nbsp;&nbsp; (11331)<br>|
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7616 | &nbsp;&nbsp;&nbsp;&nbsp; (7616)<br>|
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10434 | &nbsp;&nbsp;&nbsp;&nbsp; (10434)<br>|
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10790 | &nbsp;&nbsp;&nbsp;&nbsp; (10790)<br>|

---

The reclassifications for the Funds relate primarily to tax adjustments on certain investments, foreign currency gains or losses and foreign taxes.

**L. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 71

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**M. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |

---

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

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended October 31, 2025, the effective rate was 0.07% of each Fund's average daily net assets, except for International Focus Fund, which was 0.08%, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The 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 the following Funds 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** |
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2025, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $61 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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** |
| Developed International Value <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Emerging Markets Research <br> Enhanced Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Developed International <br> Value Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Emerging Markets Equity <br> Fund <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Emerging Markets Research <br> Enhanced Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Europe Dynamic Fund <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| International Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| International Focus Fund  | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Effective November 1, 2025, the contractual expense limitations will be changed to 1.19%, 1.69%, 0.94%, 1.49%, 1.24%, 0.99%, 0.84% and 0.74% for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively. 

<sup>(2)</sup> Effective November 1, 2025, the contractual expense limitations will be changed to 1.00%, 1.50%, 0.75% and 0.55% for Class A, Class C, Class I and Class R6 Shares, respectively. 

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2025 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 73

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

For the year ended October 31, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Developed International Value Fund | &nbsp;&nbsp; $963 | &nbsp;&nbsp; $642 | &nbsp;&nbsp; $378 | &nbsp;&nbsp; $1983 | &nbsp;&nbsp; $10 |
| Emerging Markets Equity Fund | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 924 | &nbsp;&nbsp; 2252 | &nbsp;&nbsp; 81 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 2049 | &nbsp;&nbsp; — |
| Europe Dynamic Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — |
| International Equity Fund | &nbsp;&nbsp; 2984 | &nbsp;&nbsp; 1990 | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 5652 | &nbsp;&nbsp; 33 |
| International Focus Fund | &nbsp;&nbsp; 1583 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 3123 | &nbsp;&nbsp; —<br> (a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $96 |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 36 |

---

**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.

The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the year ended October 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| Developed International Value Fund | $1271256 | $312120 |
| Emerging Markets Equity Fund | 4315407 | 3996864 |
| Emerging Markets Research Enhanced Equity Fund | 1000500 | 1553370 |
| Europe Dynamic Fund | 564747 | 566211 |
| International Equity Fund | 2430212 | 2074962 |
| International Focus Fund | 830848 | 1000745 |

---

During the year ended October 31, 2025, there were no purchases or sales of U.S. Government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan International Equity Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1606193 | &nbsp;&nbsp;&nbsp;&nbsp; $332005 | &nbsp;&nbsp;&nbsp;&nbsp; $19361 | &nbsp;&nbsp;&nbsp;&nbsp; $312644 |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6227594 | &nbsp;&nbsp;&nbsp;&nbsp; 3401121 | &nbsp;&nbsp;&nbsp;&nbsp; 104554 | &nbsp;&nbsp;&nbsp;&nbsp; 3296567 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1462681 | &nbsp;&nbsp;&nbsp;&nbsp; 676714 | &nbsp;&nbsp;&nbsp;&nbsp; 81605 | &nbsp;&nbsp;&nbsp;&nbsp; 595109 |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 519333 | &nbsp;&nbsp;&nbsp;&nbsp; 132276 | &nbsp;&nbsp;&nbsp;&nbsp; 6453 | &nbsp;&nbsp;&nbsp;&nbsp; 125823 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3939615 | &nbsp;&nbsp;&nbsp;&nbsp; 1567166 | &nbsp;&nbsp;&nbsp;&nbsp; 53762 | &nbsp;&nbsp;&nbsp;&nbsp; 1513404 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1221077 | &nbsp;&nbsp;&nbsp;&nbsp; 417211 | &nbsp;&nbsp;&nbsp;&nbsp; 14197 | &nbsp;&nbsp;&nbsp;&nbsp; 403014 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to certain derivatives, tax adjustments on certain investments and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $27453 | &nbsp;&nbsp;&nbsp;&nbsp; $27453 |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 102579 | &nbsp;&nbsp;&nbsp;&nbsp; 102579 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 49745 | &nbsp;&nbsp;&nbsp;&nbsp; 49745 |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 19217 | &nbsp;&nbsp;&nbsp;&nbsp; 19217 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 133518 | &nbsp;&nbsp;&nbsp;&nbsp; 133518 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 44188 | &nbsp;&nbsp;&nbsp;&nbsp; 44188 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $24895 | &nbsp;&nbsp;&nbsp;&nbsp; $24895 |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 119652 | &nbsp;&nbsp;&nbsp;&nbsp; 119652 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 60225 | &nbsp;&nbsp;&nbsp;&nbsp; 60225 |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17513 | &nbsp;&nbsp;&nbsp;&nbsp; 17513 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 102056 | &nbsp;&nbsp;&nbsp;&nbsp; 102056 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 29903 | &nbsp;&nbsp;&nbsp;&nbsp; 29903 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 75

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

As of October 31, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $62208 | &nbsp;&nbsp;&nbsp;&nbsp; $(32811)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $312585 |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 106944 | &nbsp;&nbsp;&nbsp;&nbsp; 4547 | &nbsp;&nbsp;&nbsp;&nbsp; 3261051 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 65828 | &nbsp;&nbsp;&nbsp;&nbsp; (275938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 585067 |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 23486 | &nbsp;&nbsp;&nbsp;&nbsp; (13176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125931 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 151804 | &nbsp;&nbsp;&nbsp;&nbsp; 177676 | &nbsp;&nbsp;&nbsp;&nbsp; 1513419 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 39851 | &nbsp;&nbsp;&nbsp;&nbsp; 30456 | &nbsp;&nbsp;&nbsp;&nbsp; 403031 |

---

The cumulative timing differences primarily consist of certain derivatives, tax adjustments on certain investments and wash sale loss deferrals.

As of October 31, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $32811 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 136365 | &nbsp;&nbsp;&nbsp;&nbsp; 139573 |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13176 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

During the year ended October 31, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $27776 | &nbsp;&nbsp;&nbsp;&nbsp; $13662 |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 357835 | &nbsp;&nbsp;&nbsp;&nbsp; 373096 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7667 | &nbsp;&nbsp;&nbsp;&nbsp; 78796 |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 72584 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 25309 | &nbsp;&nbsp;&nbsp;&nbsp; 82363 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 110706 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II ("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, excluding Emerging Markets Equity Fund and Emerging Markets Research Enhanced Equity Fund, had no borrowings outstanding from another fund, or loans outstanding to another fund, at October 31, 2025. Emerging Markets Equity Fund and Emerging Markets Research Enhanced

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan International Equity Funds October 31, 2025

------

Equity Fund had borrowings outstanding from another fund, or loans outstanding to another fund, at October 31, 2025. Average borrowings from the Facility during the year ended October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Average** <br>**Borrowings**<br>| &nbsp;&nbsp; **Average** <br>**Interest** <br>**Rate Paid**<br>| &nbsp;&nbsp; **Number of** <br>**Days** <br>**Outstanding**<br>| &nbsp;&nbsp; **Interest** <br>**Paid**<br>|
| Developed International Value Fund | &nbsp;&nbsp; $2546 | &nbsp;&nbsp;&nbsp;&nbsp; 4.88<br> %<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; $1 |
| Emerging Markets Equity Fund | &nbsp;&nbsp; 13610 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 67 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp; 15114 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 118 |
| Europe Dynamic Fund | &nbsp;&nbsp; 8977 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| International Equity Fund | &nbsp;&nbsp; 61247 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 50 |
| International Focus Fund | &nbsp;&nbsp; 21866 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 18 |

---

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 October 27, 2026.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2025.

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 million in adjusted NAV 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 million minimum adjusted NAV 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 on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 2025.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of October 31, 2025, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Developed International Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 68.4<br> %<br>|
| Emerging Markets Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;64.6 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;10.1 |
| Europe Dynamic Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;54.1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;16.2 |
| International Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;34.9 |
| International Focus Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;11.2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;49.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 77

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

As of October 31, 2025, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **J.P. Morgan** <br>**Investor** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Blend Funds**<br>|
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17.5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.8<br> %<br>|
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp;46.7 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;28.2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp;15.7 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

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 foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2025, 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Developed** <br>**International** <br>**Value Fund**<br>| **Emerging** <br>**Markets** <br>**Equity Fund**<br>| **Emerging** <br>**Markets** <br>**Research** <br>**Enhanced** <br>**Equity Fund**<br>| **Europe** <br>**Dynamic** <br>**Fund**<br>| **International** <br>**Equity Fund**<br>| **International** <br>**Focus Fund**<br>|
| Brazil | —<br> %<br>| 10.7<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| China |  | 25.2 | 29.7 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| France |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 16.2 | 12.0 | 10.7 |
| Germany |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 17.3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| India |  | 12.6 | 14.9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Japan | 24.3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 20.2 | 13.2 |
| South Korea |  | 12.0 | 13.2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Taiwan |  | 17.9 | 19.8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| United Kingdom | 12.9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 16.1 | 14.6 | &nbsp;&nbsp; — |

---

As of October 31, 2025, 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.

The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded "delivery versus payment," a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit Fund's ability to buy and sell securities.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Emerging Markets Equity Fund and Emerging Markets Research Enhanced Equity Fund each invests a substantial portion of their assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less established market economies than developed countries and may face

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan International Equity Funds October 31, 2025

------

greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable.

Additionally, the Funds may have substantial difficulties exercising their legal rights or enforcing a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 79

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust IV and Shareholders of JPMorgan Developed International Value Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Emerging Markets Research Enhanced Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan International Equity Fund and JPMorgan International Focus Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Developed International Value Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan International Equity Fund and JPMorgan International Focus Fund (five of the funds constituting JPMorgan Trust I) and JPMorgan Emerging Markets Research Enhanced Equity Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 23, 2025

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

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80 J.P. Morgan International Equity Funds October 31, 2025

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**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended October 31, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Qualified Dividend Income (QDI)**

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions and foreign tax credits (if applicable) treated as qualified dividends for the fiscal year ended October 31, 2025:

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| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan Developed International Value Fund | &nbsp;&nbsp; $32105 |
| JPMorgan Emerging Markets Equity Fund | &nbsp;&nbsp; 113726 |
| JPMorgan Emerging Markets Research Enhanced Equity <br> Fund<br>| &nbsp;&nbsp; 33254 |
| JPMorgan Europe Dynamic Fund | &nbsp;&nbsp; 17615 |
| JPMorgan International Equity Fund | &nbsp;&nbsp; 122041 |
| JPMorgan International Focus Fund | &nbsp;&nbsp; 30186 |

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**Foreign Source Income and Foreign Tax Credit Pass Through**

For the fiscal year ended October 31, 2025, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined:

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| | | |
|:---|:---|:---|
|  | **Total Foreign** <br>**Source Income**<br>| **Total Foreign Tax** <br>**Credit**<br>|
| JPMorgan Developed <br> International Value Fund<br>| &nbsp;&nbsp; $51320 | &nbsp;&nbsp; $4651 |
| JPMorgan Emerging Markets <br> Equity Fund<br>| &nbsp;&nbsp; 155063 | &nbsp;&nbsp; 31169 |
| JPMorgan Emerging Markets <br> Research Enhanced Equity <br> Fund<br>| &nbsp;&nbsp; 66768 | &nbsp;&nbsp; 12387 |
| JPMorgan International Equity <br> Fund<br>| &nbsp;&nbsp; 143394 | &nbsp;&nbsp; 7629 |
| JPMorgan International Focus <br> Fund<br>| &nbsp;&nbsp; 40557 | &nbsp;&nbsp; 3036 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 81

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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.

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J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. October 2025.

AN-INTEQ-1025

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**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

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**Statement Regarding Basis for Approval of Investment Advisory Agreements**

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025 at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose annual report is contained herein (each an "Advisory Agreement" and collectively, the "Advisory Agreements"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 14, 2025.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Funds' performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds' performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds' objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Funds, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any;

• The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for each Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The administration services provided by the Adviser in its role as Administrator;

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Funds;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.

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

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

The Trustees also considered that JPMorgan Distribution Services, Inc. ("JPMDS"), an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds' distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds' potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser's allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser's use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.

***Economies of Scale***

The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers ("Fee Caps"), which allow a Fund's shareholders to share potential economies of scale from a Fund's inception, prior to reaching scale. The Trustees also noted that certain other Funds that had achieved scale as asset levels had increased no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain fair

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and reasonable relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Funds, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund's shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund's shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser's reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

***Independent Written Evaluation of the Funds' Senior Officer***

The Trustees noted that, upon their direction, the Senior Officer for the International Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer's report.

***Fees Relative to Adviser's Other Clients***

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser's other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser's other clients were reasonable.

***Investment Performance***

The Trustees receive and consider information about each Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds' selected share classes with the same Broadridge investment classification and objective (the "Universe"), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting mutual funds in each Fund's Universe and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. The Trustees also considered enhancements to the methodology employed by Broadridge for identifying funds in the Peer Groups for Class I and Class R6 shares, based upon discussions with the Adviser, Broadridge and certain Trustees in advance of, and preparation for, the June meeting. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund's performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees' independent consultant and also considered the special analysis prepared for certain Funds by the Trustees' independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund's performance for certain representative classes are summarized below:

The Trustees noted that the Developed International Value Fund's performance for Class A, Class I and Class R6 shares was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

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The Trustees noted that the Emerging Markets Equity Fund's performance for both Class A and Class I shares was in the fourth, fifth, and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that performance for Class R6 shares was in the fifth, fifth and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Emerging Markets Research Enhanced Equity Fund's performance for Class I shares was in the third, third and fourth quintiles of the Universe for the one-, three- and five- year periods ended December 31, 2024, respectively. The Trustees noted that performance for Class R6 shares was in the third quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Europe Dynamic Fund's performance for Class A shares was in the third, first and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that performance for both Class I and Class R6 shares was in the second, first and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

The Trustees noted that the International Equity Fund's performance for Class A shares was in the fifth, fifth and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that performance for both Class I and Class R6 shares was in the fifth, fifth and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the International Focus Fund's performance for Class A, Class I and Class R6 shares was in the fifth, fourth and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

***Advisory Fees and Expense Ratios***

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds' selected share classes in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees recognized that Broadridge reported each Fund's management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees recognized that it can be difficult to make

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comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of each Fund's advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Developed International Value Fund's net advisory fee and actual total expenses for Class A and Class R6 shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Emerging Markets Equity Fund's net advisory fee and actual total expenses for Class A shares were in the second quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the third and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Emerging Markets Research Enhanced Equity Fund's net advisory fee and actual total expenses for Class I and Class R6 shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Europe Dynamic Fund's net advisory fee for Class A shares was in the second and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the International Equity Fund's net advisory fee for Class A shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the International Focus Fund's net advisory fee and actual total expenses for Class A shares were both in the first and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that both the net advisory fee and actual total expenses for Class I shares were in the second quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

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Annual Financial Statements

J.P. Morgan Funds

October 31, 2025

JPMorgan Global Allocation Fund <br> JPMorgan Income Builder Fund

![](g29776imgef8af6ce1.jpg)

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**CONTENTS** 

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| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_c9fac733-cc82-44d3-9713-537f7d0f8fa0_SOI-TOC-ScheduleofInvestments-884_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_c9fac733-cc82-44d3-9713-537f7d0f8fa0_FS-TOC-FinancialStatement-884_1) | &nbsp;&nbsp; **93** |
| [Financial Highlights](#xx_c9fac733-cc82-44d3-9713-537f7d0f8fa0_FIHI-TOC-FinancialHighlights-884_2) | &nbsp;&nbsp; **102** |
| [Notes to Financial Statements](#xx_c9fac733-cc82-44d3-9713-537f7d0f8fa0_NTF-NTFRunningFooter-884_1) | &nbsp;&nbsp; **108** |
| [Report of Independent Registered Public Accounting Firm](#xx_c9fac733-cc82-44d3-9713-537f7d0f8fa0_AUD-TOC-AuditorsReport-884_1) | &nbsp;&nbsp; **129** |
| [Tax Letter](#xx_c9fac733-cc82-44d3-9713-537f7d0f8fa0_TL-TAXLETTERCC-884_1) | &nbsp;&nbsp; **130** |

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**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.

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.

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JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 51.7%** | **Common Stocks — 51.7%** | **Common Stocks — 51.7%** |
| **Argentina — 0.0% ^** | **Argentina — 0.0% ^** | **Argentina — 0.0% ^** |
| Grupo Financiero Galicia SA, ADR (a) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 595 |
| **Australia — 0.6%** | **Australia — 0.6%** | **Australia — 0.6%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 857 |
| APA Group | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 94 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 278 |
| ASX Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 86 |
| BHP Group Ltd. | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 1735 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 78 |
| Brambles Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 267 |
| CAR Group Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 105 |
| Cochlear Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 147 |
| Coles Group Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 232 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 2252 |
| Computershare Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 149 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 169 |
| Fortescue Ltd. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 282 |
| Glencore plc | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 582 |
| Goodman Group, REIT | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 525 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 145 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 96 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 619 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 105 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 1047 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 262 |
| Origin Energy Ltd. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 165 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 118 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 59 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 235 |
| REA Group Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 88 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 386 |
| Rio Tinto plc | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 976 |
| Rio Tinto plc, ADR | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 906 |
| Santos Ltd. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 161 |
| Scentre Group, REIT | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 166 |
| SGH Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 77 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 112 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 78 |
| South32 Ltd. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 112 |
| Stockland, REIT | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 119 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 167 |
| Telstra Group Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 153 |
| Transurban Group | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 353 |
| Vicinity Ltd., REIT | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 77 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Australia — continued** | **Australia — continued** | **Australia — continued** |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 101 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 747 |
| Westpac Banking Corp. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1038 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 109 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 369 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 272 |
|  |  | &nbsp;&nbsp; 17256 |
| **Austria — 0.0% ^** | **Austria — 0.0% ^** | **Austria — 0.0% ^** |
| Erste Group Bank AG | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 383 |
| Mondi plc | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 59 |
| OMV AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 96 |
| Verbund AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 63 |
|  |  | &nbsp;&nbsp; 601 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Ageas SA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 118 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 723 |
| D'ieteren Group | &nbsp;&nbsp; — | &nbsp;&nbsp; 47 |
| Elia Group SA/NV (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 63 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 84 |
| KBC Group NV | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 331 |
| Lotus Bakeries NV (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 |
| Sofina SA | &nbsp;&nbsp; — | &nbsp;&nbsp; 51 |
| Syensqo SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 72 |
| UCB SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 390 |
|  |  | &nbsp;&nbsp; 1923 |
| **Brazil — 0.4%** | **Brazil — 0.4%** | **Brazil — 0.4%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 589 | &nbsp;&nbsp; 1389 |
| Banco do Brasil SA | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 758 |
| Banco Santander Brasil SA | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 1129 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 939 |
| Itausa SA (Preference) | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 655 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 961 |
| MercadoLibre, Inc. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1101 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 897 |
| NU Holdings Ltd., Class A \* | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 760 |
| Petroleo Brasileiro SA (Preference) | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 2027 |
| Porto Seguro SA | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 518 |
| Raia Drogasil SA | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 604 |
| Telefonica Brasil SA | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 1066 |
| Yara International ASA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 72 |
|  |  | &nbsp;&nbsp; 12876 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 1

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |
| Shopify, Inc., Class A \* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1595 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 878 |
|  |  | &nbsp;&nbsp; 2473 |
| **Chile — 0.0% ^** | **Chile — 0.0% ^** | **Chile — 0.0% ^** |
| Antofagasta plc | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 173 |
| **China — 2.7%** | **China — 2.7%** | **China — 2.7%** |
| Advanced Micro-Fabrication Equipment, <br> Inc., Class A<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 659 |
| Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1572 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 8527 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 219 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 462 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 1780 | &nbsp;&nbsp; 1762 |
| China International Capital Corp. Ltd., <br> Class H (b)<br>| &nbsp;&nbsp; 396 | &nbsp;&nbsp; 1077 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 1578 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 1494 | &nbsp;&nbsp; 766 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 507 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 659 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 793 |
| Contemporary Amperex Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 1867 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 806 |
| Fuyao Glass Industry Group Co. Ltd., <br> Class H (b)<br>| &nbsp;&nbsp; 128 | &nbsp;&nbsp; 1140 |
| H World Group Ltd. | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 824 |
| Haidilao International Holding Ltd. (b) | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 461 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 127 | &nbsp;&nbsp; 1146 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 1107 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 744 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 812 | &nbsp;&nbsp; 1185 |
| Meituan \* (b) | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 856 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 1228 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 1018 |
| NetEase, Inc. | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 2714 |
| Nongfu Spring Co. Ltd., Class H (b) | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 1304 |
| PDD Holdings, Inc., ADR \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 840 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1323 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 1806 |
| Prosus NV \* | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1085 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 59 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 25749 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **China — continued** | **China — continued** | **China — continued** |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 883 |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 34 |
| Wilmar International Ltd. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 55 |
| XCMG Construction Machinery Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 459 | &nbsp;&nbsp; 686 |
| Xiaomi Corp., Class B \* (b) | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 1806 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 1366 | &nbsp;&nbsp; 629 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 83 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 4535 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 1690 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 1762 |
| ZTO Express Cayman, Inc. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 515 |
|  |  | &nbsp;&nbsp; 78521 |
| **Denmark — 0.3%** | **Denmark — 0.3%** | **Denmark — 0.3%** |
| Carlsberg A/S, Class B (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 133 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 136 |
| Danske Bank A/S | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 358 |
| Demant A/S \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 34 |
| DSV A/S (a) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 523 |
| Genmab A/S \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 209 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 5098 |
| Novonesis Novozymes B | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 252 |
| Orsted A/S \* (b) | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 113 |
| Pandora A/S | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 127 |
| ROCKWOOL A/S, Class B | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 40 |
| Tryg A/S | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 100 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 248 |
|  |  | &nbsp;&nbsp; 7371 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| Elisa OYJ | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 75 |
| Fortum OYJ | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 120 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 69 |
| Kone OYJ, Class B | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 272 |
| Metso OYJ (a) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 130 |
| Neste OYJ | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 105 |
| Nokia OYJ | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 424 |
| Nordea Bank Abp | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 640 |
| Orion OYJ, Class B | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 91 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 324 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 81 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Finland — continued** | **Finland — continued** | **Finland — continued** |
| UPM-Kymmene OYJ (a) | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 170 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 197 |
|  |  | &nbsp;&nbsp; 2698 |
| **France — 1.7%** | **France — 1.7%** | **France — 1.7%** |
| Accor SA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 119 |
| Aeroports de Paris SA (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 57 |
| Air Liquide SA | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1343 |
| Airbus SE | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1757 |
| Alstom SA \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 104 |
| Amundi SA (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 55 |
| Arkema SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 40 |
| AXA SA | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 922 |
| BioMerieux | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 64 |
| BNP Paribas SA | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 945 |
| Bollore SE | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 47 |
| Bouygues SA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 104 |
| Bureau Veritas SA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 134 |
| Capgemini SE | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 300 |
| Carrefour SA | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 106 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 523 |
| Cie Generale des Etablissements Michelin <br> SCA<br>| &nbsp;&nbsp; 97 | &nbsp;&nbsp; 3095 |
| Covivio SA, REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 43 |
| Credit Agricole SA | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 229 |
| Danone SA | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 686 |
| Dassault Aviation SA | &nbsp;&nbsp; — | &nbsp;&nbsp; 75 |
| Dassault Systemes SE | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 229 |
| Edenred SE | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 83 |
| Eiffage SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 101 |
| Engie SA | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 513 |
| EssilorLuxottica SA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1322 |
| FDJ UNITED (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 39 |
| Gecina SA, REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 51 |
| Getlink SE | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 66 |
| Hermes International SCA | &nbsp;&nbsp; — | &nbsp;&nbsp; 940 |
| Ipsen SA | &nbsp;&nbsp; — | &nbsp;&nbsp; 63 |
| Kering SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 317 |
| Klepierre SA, REIT | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 98 |
| Legrand SA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 543 |
| L'Oreal SA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1203 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 14418 |
| Orange SA | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 357 |
| Pernod Ricard SA | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1568 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **France — continued** | **France — continued** | **France — continued** |
| Publicis Groupe SA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 275 |
| Renault SA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 89 |
| Rexel SA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 93 |
| Safran SA | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 12177 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; — | &nbsp;&nbsp; 83 |
| Societe Generale SA | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 548 |
| Sodexo SA (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 59 |
| Teleperformance SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 46 |
| Thales SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 317 |
| TotalEnergies SE | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1537 |
| Unibail-Rodamco-Westfield, REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 151 |
| Veolia Environnement SA | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 250 |
| Vinci SA | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 793 |
|  |  | &nbsp;&nbsp; 49077 |
| **Germany — 1.2%** | **Germany — 1.2%** | **Germany — 1.2%** |
| adidas AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 388 |
| Allianz SE (Registered) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1861 |
| BASF SE (a) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 528 |
| Bayer AG (Registered) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 366 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 314 |
| Bayerische Motoren Werke AG (Preference) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 58 |
| Beiersdorf AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 124 |
| Brenntag SE (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 81 |
| Commerzbank AG | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 337 |
| Continental AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 100 |
| Covestro AG \* (b) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 143 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 67 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 228 |
| Deutsche Bank AG (Registered) | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 795 |
| Deutsche Boerse AG | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 5428 |
| Deutsche Lufthansa AG (Registered) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 63 |
| Deutsche Post AG | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 529 |
| Deutsche Telekom AG (Registered) | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 1297 |
| Dr Ing hc F Porsche AG (Preference) (a) (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 71 |
| E.ON SE | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 501 |
| Evonik Industries AG | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 51 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 141 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 291 |
| GEA Group AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 125 |
| Hannover Rueck SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 206 |
| Heidelberg Materials AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 377 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 93 |
| Henkel AG & Co. KGaA (Preference) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 156 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 3

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| Hensoldt AG (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 81 |
| Infineon Technologies AG | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 622 |
| Knorr-Bremse AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 81 |
| LEG Immobilien SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 69 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 562 |
| Merck KGaA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 203 |
| MTU Aero Engines AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 281 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG (Registered)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 3462 |
| Nemetschek SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 80 |
| Porsche Automobil Holding SE (Preference) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 73 |
| Rational AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 45 |
| Rheinmetall AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 1081 |
| RWE AG | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 373 |
| SAP SE | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 3257 |
| Sartorius AG (Preference) (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 86 |
| Scout24 SE (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 104 |
| Siemens AG (Registered) | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 8375 |
| Siemens Energy AG \* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1015 |
| Siemens Healthineers AG (b) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 227 |
| Symrise AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 131 |
| Talanx AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 94 |
| Volkswagen AG (Preference) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 258 |
| Vonovia SE | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 271 |
| Zalando SE \* (b) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 75 |
|  |  | &nbsp;&nbsp; 35625 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| National Bank of Greece SA | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 1339 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 1105 |
|  |  | &nbsp;&nbsp; 2444 |
| **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** |
| Millicom International Cellular SA | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 696 |
| **Hong Kong — 0.3%** | **Hong Kong — 0.3%** | **Hong Kong — 0.3%** |
| AIA Group Ltd. | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 1903 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 113 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 49 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 166 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 147 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 175 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 60 |
| HKT Trust & HKT Ltd. | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 66 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 125 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hong Kong — continued** | **Hong Kong — continued** | **Hong Kong — continued** |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 3755 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 81 |
| Link, REIT | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 163 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 68 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 105 |
| Prudential plc | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 1469 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 55 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 213 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 33 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 758 |
| WH Group Ltd. (b) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 96 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 57 |
| Zijin Gold International Co. Ltd. \* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 149 |
|  |  | &nbsp;&nbsp; 9806 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| OTP Bank Nyrt. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 1927 |
| **India — 1.0%** | **India — 1.0%** | **India — 1.0%** |
| Axis Bank Ltd. | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 907 |
| Axis Bank Ltd., GDR (b) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 670 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 1709 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 381 |
| Biocon Ltd. | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 736 |
| Blue Star Ltd. | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 725 |
| Coforge Ltd. | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 575 |
| Dr Reddy's Laboratories Ltd., ADR | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 611 |
| Eternal Ltd. \* | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 567 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 741 |
| Havells India Ltd. | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 706 |
| HDFC Bank Ltd., ADR | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 4169 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 737 |
| ICICI Bank Ltd., ADR | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 995 |
| Indian Hotels Co. Ltd. (The) | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 550 |
| Infosys Ltd., ADR (a) | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 1827 |
| ITC Ltd. | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 641 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 2337 |
| MakeMyTrip Ltd. \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 311 |
| Max Financial Services Ltd. \* | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 1005 |
| NTPC Ltd. | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 1112 |
| PB Fintech Ltd. \* | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 655 |
| Reliance Industries Ltd., GDR (c) | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 3005 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Shriram Finance Ltd. | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 1153 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 998 |
|  |  | &nbsp;&nbsp; 27823 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Bank Central Asia Tbk. PT | &nbsp;&nbsp; 5123 | &nbsp;&nbsp; 2623 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 111 |
| Telkom Indonesia Persero Tbk. PT | &nbsp;&nbsp; 8637 | &nbsp;&nbsp; 1671 |
|  |  | &nbsp;&nbsp; 4405 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| AerCap Holdings NV | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 2727 |
| AIB Group plc | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 236 |
| Bank of Ireland Group plc | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 189 |
| Kerry Group plc, Class A | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 179 |
| Kingspan Group plc | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 139 |
|  |  | &nbsp;&nbsp; 3470 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; — | &nbsp;&nbsp; 53 |
| Bank Hapoalim BM | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 304 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 364 |
| Check Point Software Technologies Ltd. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 203 |
| Elbit Systems Ltd. | &nbsp;&nbsp; — | &nbsp;&nbsp; 158 |
| ICL Group Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 61 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 147 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 122 |
| Nice Ltd. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 103 |
| Nova Ltd. \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 122 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 104 |
| Teva Pharmaceutical Industries Ltd., ADR \* | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 282 |
| Wix.com Ltd. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 97 |
|  |  | &nbsp;&nbsp; 2120 |
| **Italy — 0.3%** | **Italy — 0.3%** | **Italy — 0.3%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 54 |
| Banca Monte dei Paschi di Siena SpA (a) | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 207 |
| Banco BPM SpA | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 199 |
| BPER Banca SpA (a) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 210 |
| Coca-Cola HBC AG | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 118 |
| Davide Campari-Milano NV (a) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 51 |
| Enel SpA | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 987 |
| Eni SpA | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 452 |
| Ferrari NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 605 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 167 |
| Generali | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 393 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| Infrastrutture Wireless Italiane SpA (a) (b) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 37 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 1101 |
| Leonardo SpA | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 285 |
| Moncler SpA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 168 |
| Nexi SpA (a) (b) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 35 |
| Poste Italiane SpA (b) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 132 |
| Prysmian SpA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 352 |
| Recordati Industria Chimica e Farmaceutica <br> SpA<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 82 |
| Ryanair Holdings plc | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 308 |
| Snam SpA | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 149 |
| Telecom Italia SpA \* | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 81 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 172 |
| UniCredit SpA | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1245 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 94 |
|  |  | &nbsp;&nbsp; 7684 |
| **Japan — 2.7%** | **Japan — 2.7%** | **Japan — 2.7%** |
| Advantest Corp. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1378 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 422 |
| AGC, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 72 |
| Aisin Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 106 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 309 |
| ANA Holdings, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 36 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 187 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 113 |
| Asics Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 214 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 227 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 218 |
| Bridgestone Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 297 |
| Canon, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 299 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 110 |
| Central Japan Railway Co. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 228 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 66 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 114 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 371 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 90 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 78 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 124 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 296 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 487 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 372 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 65 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 227 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 5

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 123 |
| Denso Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 292 |
| Disco Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 365 |
| East Japan Railway Co. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 283 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 92 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 206 |
| FANUC Corp. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 374 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 844 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 114 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 311 |
| Fujikura Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 409 |
| Fujitsu Ltd. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 550 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 78 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp; — | &nbsp;&nbsp; 53 |
| Hitachi Ltd. | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 1875 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 480 |
| Hoya Corp. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 666 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 57 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 65 |
| IHI Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 261 |
| Inpex Corp. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 196 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 79 |
| ITOCHU Corp. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 828 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 31 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 5299 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 240 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 201 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 57 |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 502 |
| JFE Holdings, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 79 |
| Kajima Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 164 |
| Kansai Electric Power Co., Inc. (The) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 178 |
| Kao Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 237 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 144 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 60 |
| KDDI Corp. | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 601 |
| Keyence Corp. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 6680 |
| Kikkoman Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 64 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 131 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 42 |
| Komatsu Ltd. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 381 |
| Konami Group Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 200 |
| Kubota Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 151 |
| Kyocera Corp. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 204 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 43 |
| Lasertec Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 203 |
| LY Corp. | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 98 |
| M3, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 74 |
| Makita Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 82 |
| Marubeni Corp. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 415 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 71 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 56 |
| MINEBEA MITSUMI, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 87 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 80 |
| Mitsubishi Corp. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 927 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 647 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 269 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 83 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 1159 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 6716 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 728 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 330 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 122 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 1008 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 42 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 317 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 431 |
| NEC Corp. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 563 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 80 |
| NIDEC Corp. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 122 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1126 |
| Nippon Building Fund, Inc., REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 86 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 72 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 70 |
| Nippon Steel Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 239 |
| Nippon Yusen KK | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 180 |
| Nissan Motor Co. Ltd. \* | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 61 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 42 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 81 |
| Nitto Denko Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 212 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 257 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 174 |
| NTT, Inc. | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 369 |
| Obayashi Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 132 |
| Obic Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 121 |
| Olympus Corp. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 169 |
| Oracle Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 46 |
| Oriental Land Co. Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 263 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| ORIX Corp. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 340 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 135 |
| Otsuka Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 53 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 283 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 137 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 325 |
| Rakuten Group, Inc. \* | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 119 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 788 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 249 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 240 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 123 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 97 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 152 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 95 |
| SCSK Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 70 |
| Secom Co. Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 169 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 78 |
| Sekisui House Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 154 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 318 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 32 |
| Shimadzu Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 75 |
| Shimano, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 94 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 3430 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 153 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 81 |
| SMC Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 240 |
| SoftBank Corp. | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 489 |
| SoftBank Group Corp. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2018 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 323 |
| Sony Financial Group, Inc. \* | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 74 |
| Sony Group Corp. | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 9001 |
| Subaru Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 149 |
| Sumitomo Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 381 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 314 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 98 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 1199 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 211 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 158 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 51 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 281 |
| Sysmex Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 67 |
| T&D Holdings, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 127 |
| Taisei Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 138 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 515 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| TDK Corp. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 407 |
| Terumo Corp. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 258 |
| TIS, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 86 |
| Toho Co. Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 76 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 820 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1191 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 133 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 37 |
| Tokyu Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 67 |
| TOPPAN Holdings, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 68 |
| Toray Industries, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 102 |
| Toyota Industries Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 217 |
| Toyota Motor Corp. | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 2316 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 254 |
| Trend Micro, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 77 |
| Unicharm Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 83 |
| West Japan Railway Co. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 105 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 45 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 79 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 81 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 75 |
| ZOZO, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 46 |
|  |  | &nbsp;&nbsp; 79453 |
| **Kazakhstan — 0.0% ^** | **Kazakhstan — 0.0% ^** | **Kazakhstan — 0.0% ^** |
| Kaspi.KZ JSC, ADR | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 510 |
| **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** |
| ArcelorMittal SA | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 215 |
| CVC Capital Partners plc (b) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 42 |
| Eurofins Scientific SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp; 357 |
| **Macau — 0.0% ^** | **Macau — 0.0% ^** | **Macau — 0.0% ^** |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 747 |
| Sands China Ltd. | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 76 |
|  |  | &nbsp;&nbsp; 823 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| Arca Continental SAB de CV | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 710 |
| Fresnillo plc | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 78 |
| Grupo Aeroportuario del Sureste SAB de <br> CV, ADR<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1031 |
| Grupo Financiero Banorte SAB de CV, <br> Class O<br>| &nbsp;&nbsp; 80 | &nbsp;&nbsp; 747 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 7

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Mexico — continued** | **Mexico — continued** | **Mexico — continued** |
| Regional SAB de CV (a) | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 958 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 1020 |
|  |  | &nbsp;&nbsp; 4544 |
| **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** |
| ABN AMRO Bank NV, CVA (b) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 209 |
| Adyen NV \* (b) | &nbsp;&nbsp; — | &nbsp;&nbsp; 517 |
| Akzo Nobel NV | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 135 |
| Argenx SE \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 600 |
| ASM International NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 365 |
| ASML Holding NV | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13575 |
| ASR Nederland NV | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 125 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 149 |
| Euronext NV (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 134 |
| EXOR NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 97 |
| Heineken Holding NV | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 105 |
| Heineken NV | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 3080 |
| IMCD NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 73 |
| ING Groep NV | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 905 |
| JDE Peet's NV | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 74 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 446 |
| Koninklijke KPN NV | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 216 |
| Koninklijke Philips NV | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 253 |
| NN Group NV | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 221 |
| NXP Semiconductors NV | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 3652 |
| Randstad NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 51 |
| uniQure NV \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 408 |
| Universal Music Group NV | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 354 |
| Wolters Kluwer NV | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 351 |
|  |  | &nbsp;&nbsp; 26095 |
| **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 94 |
| Contact Energy Ltd. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 53 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 149 |
| Infratil Ltd. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 79 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 53 |
| Xero Ltd. \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 187 |
|  |  | &nbsp;&nbsp; 615 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Aker BP ASA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 98 |
| DNB Bank ASA | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 272 |
| Equinor ASA | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 220 |
| Equinor ASA, ADR (a) | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 706 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Norway — continued** | **Norway — continued** | **Norway — continued** |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 64 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 134 |
| Mowi ASA | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 122 |
| Norsk Hydro ASA | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 112 |
| Orkla ASA | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 85 |
| Salmar ASA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 45 |
| Telenor ASA | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 110 |
|  |  | &nbsp;&nbsp; 1968 |
| **Peru — 0.0% ^** | **Peru — 0.0% ^** | **Peru — 0.0% ^** |
| Credicorp Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 986 |
| **Poland — 0.0% ^** | **Poland — 0.0% ^** | **Poland — 0.0% ^** |
| InPost SA \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 38 |
| **Portugal — 0.0% ^** | **Portugal — 0.0% ^** | **Portugal — 0.0% ^** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 88 |
| EDP SA | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 187 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 100 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 655 |
|  |  | &nbsp;&nbsp; 1030 |
| **Qatar — 0.0% ^** | **Qatar — 0.0% ^** | **Qatar — 0.0% ^** |
| Qatar National Bank QPSC | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 982 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Severstal PAO, GDR ‡ \* (b) | &nbsp;&nbsp; 58 | &nbsp;&nbsp; —<br> (d)<br>|
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| Al Rajhi Bank | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 3040 |
| **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| CapitaLand Ascendas, REIT | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 101 |
| CapitaLand Integrated Commercial Trust, <br> REIT<br>| &nbsp;&nbsp; 70 | &nbsp;&nbsp; 127 |
| CapitaLand Investment Ltd. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 57 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 5400 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 40 |
| Grab Holdings Ltd., Class A \* | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 170 |
| Keppel Ltd. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 137 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 531 |
| Sea Ltd., ADR \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1492 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 54 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 93 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 134 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 122 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 291 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Singapore — continued** | **Singapore — continued** | **Singapore — continued** |
| STMicroelectronics NV (a) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 201 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 402 |
|  |  | &nbsp;&nbsp; 9352 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| Absa Group Ltd. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 1098 |
| Anglo American plc | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 508 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 884 |
| Clicks Group Ltd. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 595 |
| Gold Fields Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 1855 |
| MTN Group Ltd. | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 899 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 695 |
| Sibanye Stillwater Ltd. \* | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 806 |
|  |  | &nbsp;&nbsp; 7340 |
| **South Korea — 1.1%** | **South Korea — 1.1%** | **South Korea — 1.1%** |
| Coupang, Inc. \* | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 651 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 739 |
| Delivery Hero SE \* (a) (b) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 59 |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 1552 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1481 |
| Hugel, Inc. \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 457 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 720 |
| JB Financial Group Co. Ltd. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 753 |
| JYP Entertainment Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 684 |
| Kia Corp. | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 2175 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 900 |
| KT Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 403 |
| KT Corp., ADR | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 648 |
| POSCO Holdings, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 590 |
| Samsung Biologics Co. Ltd. \* (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 642 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 10370 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 592 |
| SK hynix, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 8145 |
| S-Oil Corp. \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 498 |
|  |  | &nbsp;&nbsp; 32059 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| Acciona SA | &nbsp;&nbsp; — | &nbsp;&nbsp; 65 |
| ACS Actividades de Construccion y <br> Servicios SA<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 177 |
| Aena SME SA (b) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 244 |
| Amadeus IT Group SA | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 413 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 1392 |
| Banco de Sabadell SA | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 226 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| Banco Santander SA | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 1819 |
| Bankinter SA | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 122 |
| CaixaBank SA | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 494 |
| Cellnex Telecom SA (b) | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 185 |
| EDP Renovaveis SA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 55 |
| Endesa SA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 136 |
| Grifols SA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 46 |
| Iberdrola SA | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 1542 |
| Industria de Diseno Textil SA (a) | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 722 |
| Redeia Corp. SA | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 87 |
| Repsol SA | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 255 |
| Telefonica SA | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 224 |
|  |  | &nbsp;&nbsp; 8204 |
| **Sweden — 0.7%** | **Sweden — 0.7%** | **Sweden — 0.7%** |
| AddTech AB, Class B | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 105 |
| Alfa Laval AB | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 164 |
| Assa Abloy AB, Class B (a) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 453 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 6584 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 280 |
| Beijer Ref AB | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 73 |
| Boliden AB \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 152 |
| Epiroc AB, Class A (a) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 166 |
| Epiroc AB, Class B | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 87 |
| EQT AB (a) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 154 |
| Essity AB, Class B | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 198 |
| Evolution AB (b) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 114 |
| Fastighets AB Balder, Class B \* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 63 |
| H & M Hennes & Mauritz AB, Class B (a) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 128 |
| Hexagon AB, Class B | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 303 |
| Holmen AB, Class B (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 34 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 59 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 78 |
| Indutrade AB | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 87 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 45 |
| Investor AB, Class B | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 683 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 49 |
| Lifco AB, Class B | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 108 |
| Nibe Industrier AB, Class B (a) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 70 |
| Saab AB, Class B | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 211 |
| Sagax AB, Class B | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 59 |
| Sandvik AB | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 387 |
| Securitas AB, Class B (a) | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 87 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 347 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 9

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Sweden — continued** | **Sweden — continued** | **Sweden — continued** |
| Skanska AB, Class B | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 111 |
| SKF AB, Class B | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 105 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 97 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 228 |
| Swedbank AB, Class A | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 309 |
| Swedish Orphan Biovitrum AB \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 81 |
| Tele2 AB, Class B | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 104 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 340 |
| Telia Co. AB (a) | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 111 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 101 |
| Volvo AB, Class B | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 7904 |
|  |  | &nbsp;&nbsp; 20819 |
| **Switzerland — 0.5%** | **Switzerland — 0.5%** | **Switzerland — 0.5%** |
| ABB Ltd. (Registered) | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 1397 |
| Avolta AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 55 |
| Baloise Holding AG (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 122 |
| Banque Cantonale Vaudoise (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 42 |
| Barry Callebaut AG (Registered) (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 56 |
| Belimo Holding AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 127 |
| BKW AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 57 |
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 169 |
| Chocoladefabriken Lindt & Spruengli AG <br> (Registered)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 153 |
| Cie Financiere Richemont SA (Registered) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1275 |
| DSM-Firmenich AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 182 |
| EMS-Chemie Holding AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 58 |
| Galderma Group AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 344 |
| Geberit AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 298 |
| Givaudan SA (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 455 |
| Helvetia Holding AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 109 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 167 |
| Kuehne + Nagel International AG <br> (Registered)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 111 |
| Logitech International SA (Registered) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 219 |
| Lonza Group AG (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 581 |
| Partners Group Holding AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 333 |
| Sandoz Group AG | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 334 |
| Schindler Holding AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 174 |
| Schindler Holding AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 95 |
| SGS SA (Registered) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 224 |
| SIG Group AG | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 41 |
| Sika AG (Registered) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 358 |
| Sonova Holding AG (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 166 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Switzerland — continued** | **Switzerland — continued** | **Switzerland — continued** |
| Straumann Holding AG (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 168 |
| Swatch Group AG (The) (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 72 |
| Swiss Life Holding AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 371 |
| Swiss Prime Site AG (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 136 |
| Swisscom AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 228 |
| UBS Group AG (Registered) | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 4739 |
| VAT Group AG (b) | &nbsp;&nbsp; — | &nbsp;&nbsp; 141 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1221 |
|  |  | &nbsp;&nbsp; 14778 |
| **Taiwan — 2.0%** | **Taiwan — 2.0%** | **Taiwan — 2.0%** |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 2832 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 2895 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 614 | &nbsp;&nbsp; 581 |
| MediaTek, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 439 |
| Quanta Computer, Inc. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 1455 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 1202 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| &nbsp;&nbsp; 756 | &nbsp;&nbsp; 36548 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 8906 |
| Wiwynn Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1891 |
| WUS Printed Circuit Co. Ltd. | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 534 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 742 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 686 |
|  |  | &nbsp;&nbsp; 58711 |
| **Thailand — 0.0% ^** | **Thailand — 0.0% ^** | **Thailand — 0.0% ^** |
| Bumrungrad Hospital PCL | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 499 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |
| Akbank TAS | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 544 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 1251 |
|  |  | &nbsp;&nbsp; 1795 |
| **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 554 |
| Emaar Properties PJSC | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 1209 |
| NMC Health plc ‡ \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; —<br> (d)<br>|
|  |  | &nbsp;&nbsp; 1763 |
| **United Kingdom — 1.4%** | **United Kingdom — 1.4%** | **United Kingdom — 1.4%** |
| 3i Group plc | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 676 |
| Admiral Group plc | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 134 |
| Ashtead Group plc | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 342 |
| Associated British Foods plc | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 118 |
| AstraZeneca plc | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 8224 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Auto Trader Group plc (b) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 108 |
| Aviva plc | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 322 |
| BAE Systems plc | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 890 |
| Barclays plc | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 910 |
| Barratt Redrow plc | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 81 |
| British American Tobacco plc | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1280 |
| BT Group plc | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 175 |
| Bunzl plc | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 119 |
| Centrica plc | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 137 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 215 |
| Coca-Cola Europacific Partners plc | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 245 |
| Compass Group plc | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 674 |
| DCC plc | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 78 |
| Diageo plc | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 614 |
| Entain plc | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 76 |
| Flutter Entertainment plc \* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1067 |
| Halma plc | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 212 |
| Hikma Pharmaceuticals plc | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 48 |
| HSBC Holdings plc | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 2928 |
| Imperial Brands plc | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 368 |
| Informa plc | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 199 |
| InterContinental Hotels Group plc | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 213 |
| International Consolidated Airlines Group <br> SA<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 82 |
| Intertek Group plc | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 126 |
| J Sainsbury plc | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 93 |
| JD Sports Fashion plc | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 38 |
| Kingfisher plc | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 85 |
| Land Securities Group plc, REIT | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 69 |
| Legal & General Group plc | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 215 |
| Lloyds Banking Group plc | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 842 |
| London Stock Exchange Group plc | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 710 |
| M&G plc | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 95 |
| Marks & Spencer Group plc | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 128 |
| Melrose Industries plc | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 126 |
| National Grid plc | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 881 |
| NatWest Group plc | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 748 |
| Next plc | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 263 |
| Pearson plc | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 98 |
| Phoenix Group Holdings plc | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 74 |
| Reckitt Benckiser Group plc | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 624 |
| RELX plc | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 5956 |
| Rentokil Initial plc | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 169 |
| Rolls-Royce Holdings plc | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 1560 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Sage Group plc (The) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 175 |
| Schroders plc | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 43 |
| Segro plc, REIT | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 141 |
| Severn Trent plc | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 119 |
| Smith & Nephew plc | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 184 |
| Smiths Group plc | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 131 |
| Spirax Group plc | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 82 |
| SSE plc | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 334 |
| Standard Chartered plc | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 486 |
| TechnipFMC plc | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 1394 |
| Tesco plc | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 475 |
| Unilever plc | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 1764 |
| United Utilities Group plc | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 129 |
| Vodafone Group plc | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 283 |
| Whitbread plc | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 80 |
| Wise plc, Class A \* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 101 |
| WPP plc | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 39405 |
| **United States — 31.5%** | **United States — 31.5%** | **United States — 31.5%** |
| 3M Co. | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 7365 |
| AbbVie, Inc. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 8406 |
| Accenture plc, Class A | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1084 |
| Aegon Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 120 |
| AGCO Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 475 |
| Alcoa Corp. | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 802 |
| Alcon AG | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 447 |
| Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 2427 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 15411 |
| Amazon.com, Inc. \* | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 40001 |
| American Express Co. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 11653 |
| American Homes 4 Rent, Class A, REIT | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 404 |
| American Tower Corp., REIT | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 4931 |
| AMETEK, Inc. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1889 |
| Amrize Ltd. \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 317 |
| Amrize Ltd. \* | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 1048 |
| Analog Devices, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 3632 |
| Angi, Inc. \* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 63 |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; 72 |
| AP Moller - Maersk A/S, Class B | &nbsp;&nbsp; — | &nbsp;&nbsp; 97 |
| Apple, Inc. | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 53622 |
| AppLovin Corp., Class A \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1872 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1156 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 2600 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 11

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| AT&T, Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 5067 |
| AutoZone, Inc. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2260 |
| AvalonBay Communities, Inc., REIT | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 415 |
| Axalta Coating Systems Ltd. \* | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 373 |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 5756 |
| Ball Corp. | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 1898 |
| Bank of America Corp. | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 15017 |
| Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 4061 |
| Best Buy Co., Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 449 |
| Biogen, Inc. \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 850 |
| BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 1705 |
| Blackstone, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 2355 |
| Boeing Co. (The) \* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1559 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3397 |
| BP plc | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 1114 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 5706 |
| Broadcom, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 13038 |
| Burlington Stores, Inc. \* | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 3283 |
| BWX Technologies, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1344 |
| Capital One Financial Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1574 |
| Cardinal Health, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1198 |
| Carlisle Cos., Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 270 |
| Carvana Co. \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1065 |
| Casey's General Stores, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1025 |
| CBRE Group, Inc., Class A \* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1247 |
| CDW Corp. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 1701 |
| Cencora, Inc. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 3195 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 9744 |
| Chemours Co. (The) | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 763 |
| Cheniere Energy, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 562 |
| Chevron Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 908 |
| Chipotle Mexican Grill, Inc., Class A \* | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 562 |
| Chubb Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 448 |
| Ciena Corp. \* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1363 |
| Cigna Group (The) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1952 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 445 |
| Claire's Stores, Inc. ‡ \* (e) | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (d)<br>|
| Cleveland-Cliffs, Inc. \* | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 552 |
| Cloudflare, Inc., Class A \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 836 |
| CME Group, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 4503 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 12434 |
| Columbia Banking System, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 53 |
| Columbia Sportswear Co. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 271 |
| Comerica, Inc. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 1346 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Comfort Systems USA, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1192 |
| ConocoPhillips | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1484 |
| Copart, Inc. \* | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1084 |
| CoreWeave, Inc., Class A \* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 904 |
| Corning, Inc. | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 2586 |
| Corpay, Inc. \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 929 |
| Crowdstrike Holdings, Inc., Class A \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1736 |
| CSL Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 677 |
| Cummins, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1359 |
| CVS Health Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 553 |
| CyberArk Software Ltd. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 298 |
| Danaher Corp. | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 4692 |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1345 |
| Deere & Co. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 726 |
| Dominion Energy, Inc. | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 6539 |
| DoorDash, Inc., Class A \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 2427 |
| Dover Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 886 |
| Eagle Materials, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 608 |
| EastGroup Properties, Inc., REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 218 |
| Eaton Corp. plc | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 6934 |
| Elevance Health, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1675 |
| Eli Lilly & Co. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2212 |
| Emerson Electric Co. | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 9575 |
| Entergy Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 332 |
| EOG Resources, Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 3622 |
| EQT Corp. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 2004 |
| Equinix, Inc., REIT | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3830 |
| Expedia Group, Inc. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 4420 |
| Experian plc | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 514 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 15396 |
| FedEx Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 821 |
| Ferrovial SE | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 378 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 3364 |
| Fifth Third Bancorp | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 941 |
| Figma, Inc., Class A \* (a) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 211 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2942 |
| Fiserv, Inc. \* | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 817 |
| Flowserve Corp. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 1936 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 174 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 668 |
| Garmin Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1018 |
| Gates Industrial Corp. plc \* | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 2484 |
| General Dynamics Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 741 |
| General Motors Co. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1083 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Genpact Ltd. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 705 |
| Gentex Corp. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 594 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1438 |
| GoDaddy, Inc., Class A \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 233 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2723 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 592 |
| GSK plc | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 1147 |
| Haleon plc | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 502 |
| Hayward Holdings, Inc. \* | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 355 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 476 |
| Henry Schein, Inc. \* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 497 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 3148 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 731 |
| Holcim AG | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 544 |
| Home Depot, Inc. (The) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1586 |
| Host Hotels & Resorts, Inc., REIT | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 235 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 6893 |
| HubSpot, Inc. \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1362 |
| Humana, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 4378 |
| Incora Intermediate LLC ‡ \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| Insmed, Inc. \* | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 3098 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 1393 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1463 |
| International Paper Co. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 230 |
| Intuit, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3503 |
| Intuitive Surgical, Inc. \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2217 |
| IQVIA Holdings, Inc. \* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1164 |
| ITT, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 2222 |
| Jabil, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 424 |
| James Hardie Industries plc, CHDI \* (a) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 146 |
| James Hardie Industries plc, ADR \* | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 942 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 570 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 471 |
| Johnson & Johnson | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 22041 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 376 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 533 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 232 |
| Kontoor Brands, Inc. | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 2067 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 2054 |
| Lamar Advertising Co., Class A, REIT | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 401 |
| Lennar Corp., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 2002 |
| Linde plc | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 6735 |
| Loews Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 596 |
| Lowe's Cos., Inc. | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 12529 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| M&T Bank Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1330 |
| Marriott International, Inc., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 4274 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 576 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 487 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 17520 |
| McDonald's Corp. | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 11373 |
| Medtronic plc | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 8690 |
| Merck & Co., Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1047 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 26938 |
| Mettler-Toledo International, Inc. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 761 |
| MGIC Investment Corp. | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 1335 |
| Microsoft Corp. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 65280 |
| Mid-America Apartment Communities, Inc., <br> REIT<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 605 |
| Middleby Corp. (The) \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 316 |
| Mohawk Industries, Inc. \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 374 |
| Monday.com Ltd. \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 |
| Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp; 2995 | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 4416 |
| Murphy USA, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 304 |
| MYT Holding LLC ‡ \* | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 6 |
| Natera, Inc. \* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1758 |
| Nestle SA (Registered) | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 2952 |
| Netflix, Inc. \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4682 |
| Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1796 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 327 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 6923 |
| NMG Parent LLC, Escrow ‡ \* (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 13 |
| Northern Trust Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 369 |
| Novartis AG (Registered) | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 2821 |
| NVIDIA Corp. | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 76003 |
| Omnicom Group, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 452 |
| ON Semiconductor Corp. \* | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 604 |
| Oracle Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 3535 |
| Packaging Corp. of America | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 421 |
| Palo Alto Networks, Inc. \* | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2366 |
| Performance Food Group Co. \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1013 |
| PG&E Corp. | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 845 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 5489 |
| Post Holdings, Inc. \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 606 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 630 |
| Progressive Corp. (The) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 912 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 268 |
| Public Storage, REIT | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 547 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 13

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| QIAGEN NV | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 122 |
| Quanta Services, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2537 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 817 |
| Range Resources Corp. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 1147 |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 238 |
| Rayonier, Inc., REIT | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 269 |
| Reddit, Inc., Class A \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1196 |
| Regency Centers Corp., REIT | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 695 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1685 |
| Regions Financial Corp. | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 1320 |
| Robinhood Markets, Inc., Class A \* | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 2728 |
| ROBLOX Corp., Class A \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 695 |
| Roche Holding AG | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 2729 |
| Roche Holding AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 130 |
| RTX Corp. | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 4864 |
| Saia, Inc. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 383 |
| Salesforce, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 761 |
| Sandisk Corp. \* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 949 |
| Sanofi SA | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1340 |
| SBA Communications Corp., REIT | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 404 |
| Schneider Electric SE | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1873 |
| Seagate Technology Holdings plc | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2700 |
| ServiceNow, Inc. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1145 |
| Shell plc | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 2649 |
| Silgan Holdings, Inc. | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 995 |
| Smurfit WestRock plc | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 253 |
| Snowflake, Inc., Class A \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 2813 |
| Southern Co. (The) | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 16502 |
| Southwest Airlines Co. | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 1397 |
| Spotify Technology SA \* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 2980 |
| State Street Corp. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1003 |
| Stellantis NV (a) | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 246 |
| Stryker Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 419 |
| Swiss Re AG | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 654 |
| Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2240 |
| TD SYNNEX Corp. | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 3375 |
| Tenaris SA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 89 |
| Teradyne, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1529 |
| Tesla, Inc. \* | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 14437 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1319 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1623 |
| TJX Cos., Inc. (The) | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 2354 |
| Trane Technologies plc | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 10906 |
| TransUnion | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 526 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Travelers Cos., Inc. (The) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 876 |
| Twilio, Inc., Class A \* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 966 |
| Uber Technologies, Inc. \* | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1454 |
| Ulta Beauty, Inc. \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1555 |
| Union Pacific Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 762 |
| United Rentals, Inc. | &nbsp;&nbsp; — | &nbsp;&nbsp; 148 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 8244 |
| US Bancorp | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 5582 |
| Ventas, Inc., REIT | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 1500 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 1866 |
| Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 2128 |
| Vistra Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1447 |
| Walmart, Inc. | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 8059 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 17102 |
| Wells Fargo & Co. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 12177 |
| WESCO International, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 677 |
| Western Digital Corp. | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 6013 |
| Weyerhaeuser Co., REIT | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 414 |
| Williams Cos., Inc. (The) | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 2102 |
| WillScot Holdings Corp. | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 623 |
| WR Berkley Corp. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 282 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 540 |
| Yum! Brands, Inc. | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 4504 |
| Zillow Group, Inc., Class C \* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 634 |
|  |  | &nbsp;&nbsp; 911201 |
| Total Common Stocks <br>(Cost $1,050,353)<br>|  | &nbsp;&nbsp; 1495931 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Corporate Bonds — 15.5%** | **Corporate Bonds — 15.5%** | **Corporate Bonds — 15.5%** |
| **Australia — 0.1%** | **Australia — 0.1%** | **Australia — 0.1%** |
| Transurban Finance Co. Pty. Ltd. 4.92%, <br> 3/24/2036 (c)<br>| &nbsp;&nbsp; 324 | &nbsp;&nbsp; 323 |
| Woolworths Group Ltd. 0.38%, <br> 11/15/2028 (b)<br>| &nbsp;&nbsp; EUR1,534 | &nbsp;&nbsp; 1655 |
|  |  | &nbsp;&nbsp; 1978 |
| **Austria — 0.0% ^** | **Austria — 0.0% ^** | **Austria — 0.0% ^** |
| Benteler International AG 7.25%, <br> 6/15/2031 (b)<br>| &nbsp;&nbsp; EUR230 | &nbsp;&nbsp; 282 |
| **Canada — 0.8%** | **Canada — 0.8%** | **Canada — 0.8%** |
| Bank of Montreal 0.05%, 6/8/2029 (b) | &nbsp;&nbsp; EUR5,059 | &nbsp;&nbsp; 5335 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| Element Fleet Management Corp. 5.64%, <br> 3/13/2027 (c)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 255 |
| Enbridge, Inc. |  |  |
| (3-MONTH CME TERM SOFR + 3.68%), <br> 5.50%, 7/15/2077 (f)<br>| &nbsp;&nbsp; 450 | &nbsp;&nbsp; 448 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.71%), 7.38%, 1/15/2083 (f)<br>| &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1134 |
| National Bank of Canada |  |  |
| (SOFRINDX + 0.90%), 5.19%, <br> 3/25/2027 (f)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| (SOFR + 0.79%), 4.95%, 2/1/2028 (f) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
| Ontario Teachers' Finance Trust |  |  |
| 1.13%, 5/15/2026 (b) | &nbsp;&nbsp; GBP2,544 | &nbsp;&nbsp; 3292 |
| 1.10%, 10/19/2027 (c) | &nbsp;&nbsp; CAD773 | &nbsp;&nbsp; 536 |
| 4.25%, 4/25/2028 (c) | &nbsp;&nbsp; 3483 | &nbsp;&nbsp; 3523 |
| 0.10%, 5/19/2028 (b) | &nbsp;&nbsp; EUR2,955 | &nbsp;&nbsp; 3219 |
| 0.05%, 11/25/2030 (b) | &nbsp;&nbsp; EUR2,896 | &nbsp;&nbsp; 2921 |
| Toronto-Dominion Bank (The) |  |  |
| 1.20%, 6/3/2026 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 147 |
| 3.19%, 2/16/2029 (b) | &nbsp;&nbsp; EUR1,300 | &nbsp;&nbsp; 1532 |
|  |  | &nbsp;&nbsp; 22844 |
| **Denmark — 0.1%** | **Denmark — 0.1%** | **Denmark — 0.1%** |
| Danske Bank A/S (EUR Swap Annual 1 Year <br> + 1.35%), 4.50%, 11/9/2028 (b) (f)<br>| &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2394 |
| **France — 0.3%** | **France — 0.3%** | **France — 0.3%** |
| Alstom SA 0.13%, 7/27/2027 (b) | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 222 |
| BNP Paribas SA (SOFR + 1.68%), 5.09%, <br> 5/9/2031 (c) (f)<br>| &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1729 |
| BPCE SFH SA 3.38%, 3/13/2029 (b) | &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2252 |
| Credit Agricole SA (SOFR + 1.36%), <br> 4.82%, 9/25/2033 (c) (f)<br>| &nbsp;&nbsp; 766 | &nbsp;&nbsp; 761 |
| Electricite de France SA (EUR Swap Annual <br> 5 Year + 2.86%), 2.63%, <br> 12/1/2027 (b) (f) (g) (h)<br>| &nbsp;&nbsp; EUR400 | &nbsp;&nbsp; 448 |
| Engie SA 3.63%, 3/6/2031 (b) | &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2253 |
| Forvia SE 5.63%, 6/15/2030 (b) | &nbsp;&nbsp; EUR225 | &nbsp;&nbsp; 269 |
| Societe Generale SA (EURIBOR 3 Month + <br> 1.80%), 4.25%, 12/6/2030 (b) (f)<br>| &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1205 |
|  |  | &nbsp;&nbsp; 9139 |
| **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** |
| Deutsche Bank AG |  |  |
| (SOFR + 1.22%), 2.31%, <br> 11/16/2027 (f)<br>| &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2401 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| (EURIBOR 3 Month + 1.25%), 3.38%, <br> 2/13/2031 (b) (f)<br>| &nbsp;&nbsp; EUR900 | &nbsp;&nbsp; 1048 |
| Heidelberg Materials Finance Luxembourg <br> SA 4.88%, 11/21/2033 (b)<br>| &nbsp;&nbsp; EUR1,995 | &nbsp;&nbsp; 2512 |
| IHO Verwaltungs GmbH 6.75% (Cash), <br> 11/15/2029 (b) (i)<br>| &nbsp;&nbsp; EUR220 | &nbsp;&nbsp; 269 |
| Mercedes-Benz Finance North America LLC <br> 4.90%, 11/15/2027 (c)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 254 |
| Traton Finance Luxembourg SA |  |  |
| 3.75%, 3/27/2030 (b) | &nbsp;&nbsp; EUR2,100 | &nbsp;&nbsp; 2473 |
| 3.75%, 1/14/2031 (b) | &nbsp;&nbsp; EUR400 | &nbsp;&nbsp; 469 |
| Volkswagen Leasing GmbH |  |  |
| 0.63%, 7/19/2029 (b) | &nbsp;&nbsp; EUR150 | &nbsp;&nbsp; 160 |
| 4.00%, 4/11/2031 (b) | &nbsp;&nbsp; EUR1,950 | &nbsp;&nbsp; 2329 |
| Vonovia SE 1.00%, 7/9/2030 (b) | &nbsp;&nbsp; EUR1,200 | &nbsp;&nbsp; 1265 |
| ZF Europe Finance BV 7.00%, <br> 6/12/2030 (b)<br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 236 |
|  |  | &nbsp;&nbsp; 13416 |
| **Hong Kong — 0.0% ^** | **Hong Kong — 0.0% ^** | **Hong Kong — 0.0% ^** |
| Melco Resorts Finance Ltd. 6.50%, <br> 9/24/2033 (c)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| AIB Group plc (EUR Swap Annual 1 Year + <br> 1.95%), 4.63%, 7/23/2029 (b) (f)<br>| &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2423 |
| Avolon Holdings Funding Ltd. 3.25%, <br> 2/15/2027 (c)<br>| &nbsp;&nbsp; 2350 | &nbsp;&nbsp; 2315 |
| Bank of Ireland Group plc (EURIBOR ICE <br> Swap Rate 1 Year + 2.05%), 5.00%, <br> 7/4/2031 (b) (f)<br>| &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2379 |
|  |  | &nbsp;&nbsp; 7117 |
| **Italy — 0.5%** | **Italy — 0.5%** | **Italy — 0.5%** |
| Autostrade per l'Italia SpA 5.13%, <br> 6/14/2033 (b)<br>| &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2405 |
| Banca Monte dei Paschi di Siena SpA <br> 3.50%, 4/23/2029 (b)<br>| &nbsp;&nbsp; EUR2,150 | &nbsp;&nbsp; 2553 |
| Banco BPM SpA 4.63%, 11/29/2027 (b) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2400 |
| Credito Emiliano SpA 3.25%, <br> 4/18/2029 (b)<br>| &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2352 |
| Enel SpA (EURIBOR ICE Swap Rate 5 Year + <br> 3.49%), 6.38%, 4/16/2028 (b) (f) (g) <br> (h)<br>| &nbsp;&nbsp; EUR300 | &nbsp;&nbsp; 372 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 15

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| Intesa Sanpaolo SpA 5.13%, <br> 8/29/2031 (b)<br>| &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2430 |
| UniCredit SpA (EURIBOR 3 Month + <br> 1.60%), 4.45%, 2/16/2029 (b) (f)<br>| &nbsp;&nbsp; EUR2,050 | &nbsp;&nbsp; 2454 |
|  |  | &nbsp;&nbsp; 14966 |
| **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** |
| Maxam Prill Sarl 6.00%, 7/15/2030 (b) | &nbsp;&nbsp; EUR245 | &nbsp;&nbsp; 287 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| Petroleos Mexicanos |  |  |
| 6.70%, 2/16/2032 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2498 |
| 7.69%, 1/23/2050 | &nbsp;&nbsp; 2635 | &nbsp;&nbsp; 2390 |
|  |  | &nbsp;&nbsp; 4888 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| ING Groep NV (SOFR + 1.01%), 1.73%, <br> 4/1/2027 (f)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 198 |
| Nederlandse Waterschapsbank NV 3.50%, <br> 7/20/2027<br>| &nbsp;&nbsp; AUD3,120 | &nbsp;&nbsp; 2026 |
|  |  | &nbsp;&nbsp; 2224 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Banco Santander Totta SA 3.25%, <br> 2/15/2031 (b)<br>| &nbsp;&nbsp; EUR3,600 | &nbsp;&nbsp; 4267 |
| **Puerto Rico — 0.0% ^** | **Puerto Rico — 0.0% ^** | **Puerto Rico — 0.0% ^** |
| LCPR Senior Secured Financing DAC <br> 5.13%, 7/15/2029 (c)<br>| &nbsp;&nbsp; 893 | &nbsp;&nbsp; 540 |
| **Saudi Arabia — 0.0% ^** | **Saudi Arabia — 0.0% ^** | **Saudi Arabia — 0.0% ^** |
| Greensaif Pipelines Bidco Sarl 5.85%, <br> 2/23/2036 (b)<br>| &nbsp;&nbsp; 780 | &nbsp;&nbsp; 820 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Hanwha Life Insurance Co. Ltd. (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.29%), 6.30%, 6/24/2055 (c) (f)<br>| &nbsp;&nbsp; 205 | &nbsp;&nbsp; 215 |
| Korea Southern Power Co. Ltd. 0.75%, <br> 1/27/2026 (a) (c)<br>| &nbsp;&nbsp; 2155 | &nbsp;&nbsp; 2133 |
|  |  | &nbsp;&nbsp; 2348 |
| **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** |
| Banco de Sabadell SA (EURIBOR ICE Swap <br> Rate 1 Year + 1.60%), 4.25%, <br> 9/13/2030 (b) (f)<br>| &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1208 |
| Banco Santander SA 5.13%, 11/6/2035 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 400 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| Bankinter SA 0.88%, 7/8/2026 (b) | &nbsp;&nbsp; EUR2,300 | &nbsp;&nbsp; 2628 |
| CaixaBank SA (EURIBOR 3 Month + <br> 1.65%), 5.00%, 7/19/2029 (b) (f)<br>| &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2323 |
|  |  | &nbsp;&nbsp; 6559 |
| **Switzerland — 0.5%** | **Switzerland — 0.5%** | **Switzerland — 0.5%** |
| Holcim Finance Luxembourg SA 0.50%, <br> 4/23/2031 (b)<br>| &nbsp;&nbsp; EUR2,108 | &nbsp;&nbsp; 2127 |
| UBS Group AG |  |  |
| (SOFRINDX + 0.98%), 1.31%, <br> 2/2/2027 (c) (f)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| (EURIBOR ICE Swap Rate 1 Year + <br> 4.95%), 7.75%, 3/1/2029 (b) (f)<br>| &nbsp;&nbsp; EUR1,850 | &nbsp;&nbsp; 2375 |
| (SOFR + 1.06%), 4.40%, <br> 9/23/2031 (c) (f)<br>| &nbsp;&nbsp; 548 | &nbsp;&nbsp; 546 |
| UBS Switzerland AG 3.30%, 3/5/2029 (b) | &nbsp;&nbsp; EUR7,070 | &nbsp;&nbsp; 8342 |
|  |  | &nbsp;&nbsp; 13638 |
| **Thailand — 0.0% ^** | **Thailand — 0.0% ^** | **Thailand — 0.0% ^** |
| Krung Thai Bank PCL (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 3.53%), 4.40%, 3/25/2026 (b) <br> (f) (g) (h) (j)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; 528 |
| **Trinidad And Tobago — 0.0% ^** | **Trinidad And Tobago — 0.0% ^** | **Trinidad And Tobago — 0.0% ^** |
| Trinidad Generation UnLtd 7.75%, <br> 6/16/2033 (c)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 210 |
| **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** |
| Barclays plc |  |  |
| (SOFR + 1.08%), 4.48%, <br> 11/11/2029 (f)<br>| &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1753 |
| (EURIBOR ICE Swap Rate 1 Year + <br> 2.05%), 4.51%, 1/31/2033 (b) (f)<br>| &nbsp;&nbsp; EUR457 | &nbsp;&nbsp; 560 |
| Cadent Finance plc 0.63%, 3/19/2030 (b) | &nbsp;&nbsp; EUR2,325 | &nbsp;&nbsp; 2427 |
| HSBC Holdings plc |  |  |
| (SOFR + 1.29%), 5.29%, <br> 11/19/2030 (f)<br>| &nbsp;&nbsp; 310 | &nbsp;&nbsp; 320 |
| (SOFR + 1.43%), 5.13%, <br> 11/6/2036 (f)<br>| &nbsp;&nbsp; 857 | &nbsp;&nbsp; 856 |
| INEOS Quattro Finance 2 plc 8.50%, <br> 3/15/2029 (b)<br>| &nbsp;&nbsp; EUR225 | &nbsp;&nbsp; 240 |
| Motability Operations Group plc 3.88%, <br> 1/24/2034 (b)<br>| &nbsp;&nbsp; EUR1,217 | &nbsp;&nbsp; 1423 |
| Santander UK Group Holdings plc |  |  |
| (SOFR + 1.22%), 2.47%, <br> 1/11/2028 (f)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 245 |
| (SOFRINDX + 1.07%), 4.32%, <br> 9/22/2029 (f)<br>| &nbsp;&nbsp; 529 | &nbsp;&nbsp; 528 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Standard Chartered plc (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 <br> Year + 1.20%), 5.40%, 8/12/2036 (c) <br> (f)<br>| &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1779 |
| Synthomer plc 7.38%, 5/2/2029 (b) | &nbsp;&nbsp; EUR230 | &nbsp;&nbsp; 231 |
| TSB Bank plc |  |  |
| 3.32%, 3/5/2029 (b) | &nbsp;&nbsp; EUR1,490 | &nbsp;&nbsp; 1758 |
| 2.70%, 2/18/2030 (b) | &nbsp;&nbsp; EUR1,300 | &nbsp;&nbsp; 1498 |
|  |  | &nbsp;&nbsp; 13618 |
| **United States — 11.3%** | **United States — 11.3%** | **United States — 11.3%** |
| AAR Escrow Issuer LLC 6.75%, <br> 3/15/2029 (c)<br>| &nbsp;&nbsp; 989 | &nbsp;&nbsp; 1021 |
| Acrisure LLC 4.25%, 2/15/2029 (c) | &nbsp;&nbsp; 1171 | &nbsp;&nbsp; 1124 |
| Adient Global Holdings Ltd. 7.00%, <br> 4/15/2028 (c)<br>| &nbsp;&nbsp; 966 | &nbsp;&nbsp; 989 |
| ADT Security Corp. (The) 4.13%, <br> 8/1/2029 (c)<br>| &nbsp;&nbsp; 280 | &nbsp;&nbsp; 271 |
| Advantage Sales & Marketing, Inc. 6.50%, <br> 11/15/2028 (a) (c)<br>| &nbsp;&nbsp; 1007 | &nbsp;&nbsp; 865 |
| Affinity Interactive 6.88%, <br> 12/15/2027 (c)<br>| &nbsp;&nbsp; 738 | &nbsp;&nbsp; 367 |
| Albertsons Cos., Inc. 3.50%, <br> 3/15/2029 (c)<br>| &nbsp;&nbsp; 866 | &nbsp;&nbsp; 825 |
| Alcoa Nederland Holding BV 4.13%, <br> 3/31/2029 (c)<br>| &nbsp;&nbsp; 492 | &nbsp;&nbsp; 479 |
| Alexandria Real Estate Equities, Inc. REIT, <br> 3.80%, 4/15/2026<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 249 |
| Allegiant Travel Co. 7.25%, 8/15/2027 (c) | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 413 |
| Alliant Holdings Intermediate LLC 6.75%, <br> 4/15/2028 (c)<br>| &nbsp;&nbsp; 1755 | &nbsp;&nbsp; 1787 |
| Allied Universal Holdco LLC |  |  |
| 4.63%, 6/1/2028 (c) | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 1118 |
| 6.88%, 6/15/2030 (c) | &nbsp;&nbsp; 1183 | &nbsp;&nbsp; 1214 |
| Alta Equipment Group, Inc. 9.00%, <br> 6/1/2029 (c)<br>| &nbsp;&nbsp; 1028 | &nbsp;&nbsp; 932 |
| Alumina Pty. Ltd. 6.13%, 3/15/2030 (c) | &nbsp;&nbsp; 794 | &nbsp;&nbsp; 814 |
| AMC Networks, Inc. 10.25%, <br> 1/15/2029 (c)<br>| &nbsp;&nbsp; 1167 | &nbsp;&nbsp; 1225 |
| American Airlines, Inc. 8.50%, <br> 5/15/2029 (c)<br>| &nbsp;&nbsp; 3122 | &nbsp;&nbsp; 3257 |
| American Axle & Manufacturing, Inc. <br> 5.00%, 10/1/2029<br>| &nbsp;&nbsp; 1111 | &nbsp;&nbsp; 1056 |
| American Express Co. (SOFR + 1.24%), <br> 4.80%, 10/24/2036 (f)<br>| &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1779 |
| American Honda Finance Corp. (SOFR + <br> 0.87%), 5.15%, 7/9/2027 (f)<br>| &nbsp;&nbsp; 67 | &nbsp;&nbsp; 67 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| AmWINS Group, Inc. 6.38%, <br> 2/15/2029 (c)<br>| &nbsp;&nbsp; 1534 | &nbsp;&nbsp; 1564 |
| Antero Resources Corp. 5.38%, <br> 3/1/2030 (c)<br>| &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1913 |
| Anywhere Real Estate Group LLC 7.00%, <br> 4/15/2030 (a) (c)<br>| &nbsp;&nbsp; 1382 | &nbsp;&nbsp; 1392 |
| APH Somerset Investor 2 LLC 7.88%, <br> 11/1/2029 (c)<br>| &nbsp;&nbsp; 1093 | &nbsp;&nbsp; 1126 |
| Arbor Realty SR, Inc. REIT, 7.88%, <br> 7/15/2030 (c)<br>| &nbsp;&nbsp; 687 | &nbsp;&nbsp; 699 |
| Arches Buyer, Inc. 4.25%, 6/1/2028 (c) | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 1092 |
| Ardagh Metal Packaging Finance USA LLC <br> 3.25%, 9/1/2028 (c)<br>| &nbsp;&nbsp; 1433 | &nbsp;&nbsp; 1367 |
| Asbury Automotive Group, Inc. 4.63%, <br> 11/15/2029 (c)<br>| &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1170 |
| Athene Global Funding 5.62%, <br> 5/8/2026 (c)<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 79 |
| Avantor Funding, Inc. |  |  |
| 4.63%, 7/15/2028 (c) | &nbsp;&nbsp; 1159 | &nbsp;&nbsp; 1140 |
| 3.88%, 11/1/2029 (c) | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 28 |
| Avianca Midco 2 plc 9.00%, <br> 12/1/2028 (c)<br>| &nbsp;&nbsp; 452 | &nbsp;&nbsp; 452 |
| Avis Budget Car Rental LLC 5.38%, <br> 3/1/2029 (c)<br>| &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1647 |
| Axalta Coating Systems LLC |  |  |
| 4.75%, 6/15/2027 (c) | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 398 |
| 3.38%, 2/15/2029 (c) | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 143 |
| Ball Corp. |  |  |
| 6.88%, 3/15/2028 | &nbsp;&nbsp; 1637 | &nbsp;&nbsp; 1666 |
| 6.00%, 6/15/2029 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 55 |
| Bank of America Corp. |  |  |
| Series N, (SOFR + 0.91%), 1.66%, <br> 3/11/2027 (f)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| (EURIBOR 3 Month + 0.95%), 1.10%, <br> 5/24/2032 (b) (f)<br>| &nbsp;&nbsp; EUR630 | &nbsp;&nbsp; 654 |
| Bausch + Lomb Corp. 8.38%, <br> 10/1/2028 (c)<br>| &nbsp;&nbsp; 1429 | &nbsp;&nbsp; 1493 |
| Bausch Health Cos., Inc. |  |  |
| 4.88%, 6/1/2028 (c) | &nbsp;&nbsp; 2043 | &nbsp;&nbsp; 1859 |
| 11.00%, 9/30/2028 (c) | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 1011 |
| Block, Inc. 5.63%, 8/15/2030 (c) | &nbsp;&nbsp; 1417 | &nbsp;&nbsp; 1438 |
| Bread Financial Holdings, Inc. 9.75%, <br> 3/15/2029 (c)<br>| &nbsp;&nbsp; 359 | &nbsp;&nbsp; 383 |
| Brookfield Property REIT, Inc. REIT, 4.50%, <br> 4/1/2027 (c)<br>| &nbsp;&nbsp; 102 | &nbsp;&nbsp; 100 |
| Buckeye Partners LP 6.88%, 7/1/2029 (c) | &nbsp;&nbsp; 1255 | &nbsp;&nbsp; 1300 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 17

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Bunge Finance Europe BV 1.00%, <br> 9/24/2028 (b)<br>| &nbsp;&nbsp; EUR2,350 | &nbsp;&nbsp; 2589 |
| Caesars Entertainment, Inc. 7.00%, <br> 2/15/2030 (c)<br>| &nbsp;&nbsp; 1931 | &nbsp;&nbsp; 1987 |
| California Resources Corp. 8.25%, <br> 6/15/2029 (c)<br>| &nbsp;&nbsp; 1183 | &nbsp;&nbsp; 1231 |
| Carnival Corp. 6.00%, 5/1/2029 (c) | &nbsp;&nbsp; 1976 | &nbsp;&nbsp; 2006 |
| CCO Holdings LLC 6.38%, 9/1/2029 (c) | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 1516 |
| Celanese US Holdings LLC |  |  |
| 6.67%, 7/15/2027 (k) | &nbsp;&nbsp; 741 | &nbsp;&nbsp; 761 |
| 6.85%, 11/15/2028 (k) | &nbsp;&nbsp; 2045 | &nbsp;&nbsp; 2118 |
| Century Communities, Inc. 3.88%, <br> 8/15/2029 (c)<br>| &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 1010 |
| Champions Financing, Inc. 8.75%, <br> 2/15/2029 (a) (c)<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1163 |
| Charles River Laboratories International, <br> Inc. 3.75%, 3/15/2029 (c)<br>| &nbsp;&nbsp; 762 | &nbsp;&nbsp; 731 |
| Chart Industries, Inc. 7.50%, <br> 1/1/2030 (c)<br>| &nbsp;&nbsp; 1473 | &nbsp;&nbsp; 1536 |
| Charter Communications Operating LLC |  |  |
| 2.80%, 4/1/2031 | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 729 |
| 6.65%, 2/1/2034 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 53 |
| 6.38%, 10/23/2035 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2331 |
| Chemours Co. (The) |  |  |
| 5.75%, 11/15/2028 (c) | &nbsp;&nbsp; 1473 | &nbsp;&nbsp; 1411 |
| 4.63%, 11/15/2029 (c) | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 47 |
| Chevron Phillips Chemical Co. LLC 3.40%, <br> 12/1/2026 (c)<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 77 |
| Churchill Downs, Inc. 5.75%, <br> 4/1/2030 (c)<br>| &nbsp;&nbsp; 670 | &nbsp;&nbsp; 672 |
| Cinemark USA, Inc. 5.25%, 7/15/2028 (c) | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 593 |
| Citigroup, Inc. |  |  |
| (SOFR + 0.76%), 1.12%, <br> 1/28/2027 (f)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| (SOFR + 1.34%), 4.54%, <br> 9/19/2030 (f)<br>| &nbsp;&nbsp; 2805 | &nbsp;&nbsp; 2823 |
| (SOFR + 1.17%), 2.56%, 5/1/2032 (f) | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 1762 |
| Civitas Resources, Inc. 8.38%, <br> 7/1/2028 (c)<br>| &nbsp;&nbsp; 1073 | &nbsp;&nbsp; 1109 |
| Clarios Global LP |  |  |
| 6.75%, 5/15/2028 (c) | &nbsp;&nbsp; 1647 | &nbsp;&nbsp; 1687 |
| 6.75%, 2/15/2030 (c) | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| Clarivate Science Holdings Corp. 3.88%, <br> 7/1/2028 (c)<br>| &nbsp;&nbsp; 1732 | &nbsp;&nbsp; 1668 |
| Clear Channel Outdoor Holdings, Inc. <br> 7.88%, 4/1/2030 (c)<br>| &nbsp;&nbsp; 1178 | &nbsp;&nbsp; 1235 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Cleveland-Cliffs, Inc. 6.88%, <br> 11/1/2029 (c)<br>| &nbsp;&nbsp; 1592 | &nbsp;&nbsp; 1635 |
| Cloud Software Group, Inc. 6.50%, <br> 3/31/2029 (c)<br>| &nbsp;&nbsp; 3945 | &nbsp;&nbsp; 3975 |
| Clydesdale Acquisition Holdings, Inc. <br> 6.88%, 1/15/2030 (c)<br>| &nbsp;&nbsp; 492 | &nbsp;&nbsp; 497 |
| Coherent Corp. 5.00%, 12/15/2029 (c) | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 546 |
| Coinbase Global, Inc. 3.38%, <br> 10/1/2028 (c)<br>| &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 1279 |
| CommScope LLC 4.75%, 9/1/2029 (c) | &nbsp;&nbsp; 1109 | &nbsp;&nbsp; 1106 |
| Community Health Systems, Inc. 6.00%, <br> 1/15/2029 (c)<br>| &nbsp;&nbsp; 1925 | &nbsp;&nbsp; 1906 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 3/1/2029 (c) | &nbsp;&nbsp; 1682 | &nbsp;&nbsp; 1667 |
| 5.88%, 1/15/2030 (c) | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 287 |
| Corebridge Financial, Inc. (US Treasury <br> Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.85%), 6.88%, <br> 12/15/2052 (f)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| CoreLogic, Inc. 4.50%, 5/1/2028 (c) | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 1117 |
| CoreWeave, Inc. 9.25%, 6/1/2030 (c) | &nbsp;&nbsp; 1794 | &nbsp;&nbsp; 1811 |
| CP Atlas Buyer, Inc. 9.75%, 7/15/2030 (c) | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 1012 |
| Credit Acceptance Corp. |  |  |
| 9.25%, 12/15/2028 (c) | &nbsp;&nbsp; 736 | &nbsp;&nbsp; 772 |
| 6.63%, 3/15/2030 (c) | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 534 |
| Crescent Energy Finance LLC 9.25%, <br> 2/15/2028 (c)<br>| &nbsp;&nbsp; 984 | &nbsp;&nbsp; 1017 |
| Crowdstrike Holdings, Inc. 3.00%, <br> 2/15/2029<br>| &nbsp;&nbsp; 457 | &nbsp;&nbsp; 435 |
| Crown Americas LLC 5.25%, 4/1/2030 (a) | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 97 |
| CSC Holdings LLC |  |  |
| 11.25%, 5/15/2028 (c) | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 479 |
| 11.75%, 1/31/2029 (c) | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1232 |
| CVR Partners LP 6.13%, 6/15/2028 (c) | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 851 |
| Darling Ingredients, Inc. 6.00%, <br> 6/15/2030 (c)<br>| &nbsp;&nbsp; 1297 | &nbsp;&nbsp; 1311 |
| Dcli Bidco LLC 7.75%, 11/15/2029 (c) | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 601 |
| Delek Logistics Partners LP 8.63%, <br> 3/15/2029 (c)<br>| &nbsp;&nbsp; 729 | &nbsp;&nbsp; 761 |
| Directv Financing LLC 8.88%, <br> 2/1/2030 (c)<br>| &nbsp;&nbsp; 1796 | &nbsp;&nbsp; 1785 |
| Discovery Communications LLC |  |  |
| 3.95%, 3/20/2028 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 510 |
| 4.13%, 5/15/2029 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; 1357 |
| 3.63%, 5/15/2030 | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 1684 |
| DTE Energy Co. 5.05%, 10/1/2035 | &nbsp;&nbsp; 1237 | &nbsp;&nbsp; 1233 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Duquesne Light Holdings, Inc. 3.62%, <br> 8/1/2027 (c)<br>| &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2364 |
| Edison International (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 3.86%), 8.13%, 6/15/2053 (a) <br> (f)<br>| &nbsp;&nbsp; 809 | &nbsp;&nbsp; 835 |
| Elastic NV 4.13%, 7/15/2029 (c) | &nbsp;&nbsp; 1069 | &nbsp;&nbsp; 1030 |
| Encore Capital Group, Inc. 9.25%, <br> 4/1/2029 (c)<br>| &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 1259 |
| Energy Transfer LP |  |  |
| 4.75%, 1/15/2026 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.83%), 7.13%, 10/1/2054 (f)<br>| &nbsp;&nbsp; 450 | &nbsp;&nbsp; 465 |
| Entegris, Inc. 5.95%, 6/15/2030 (c) | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 767 |
| EquipmentShare.com, Inc. 9.00%, <br> 5/15/2028 (c)<br>| &nbsp;&nbsp; 1276 | &nbsp;&nbsp; 1286 |
| Esab Corp. 6.25%, 4/15/2029 (c) | &nbsp;&nbsp; 1076 | &nbsp;&nbsp; 1101 |
| Ferrellgas LP 5.88%, 4/1/2029 (c) | &nbsp;&nbsp; 1661 | &nbsp;&nbsp; 1579 |
| First Student Bidco, Inc. 4.00%, <br> 7/31/2029 (a) (c)<br>| &nbsp;&nbsp; 165 | &nbsp;&nbsp; 160 |
| FirstCash, Inc. 5.63%, 1/1/2030 (c) | &nbsp;&nbsp; 1047 | &nbsp;&nbsp; 1049 |
| Fortrea Holdings, Inc. 7.50%, <br> 7/1/2030 (c)<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; 305 |
| Freedom Mortgage Corp. 6.63%, <br> 1/15/2027 (c)<br>| &nbsp;&nbsp; 564 | &nbsp;&nbsp; 565 |
| Frontier Communications Holdings LLC <br> 5.88%, 10/15/2027 (c)<br>| &nbsp;&nbsp; 2823 | &nbsp;&nbsp; 2821 |
| FTAI Aviation Investors LLC 5.50%, <br> 5/1/2028 (c)<br>| &nbsp;&nbsp; 1301 | &nbsp;&nbsp; 1302 |
| Gap, Inc. (The) 3.63%, 10/1/2029 (c) | &nbsp;&nbsp; 1178 | &nbsp;&nbsp; 1108 |
| GCI LLC 4.75%, 10/15/2028 (c) | &nbsp;&nbsp; 1087 | &nbsp;&nbsp; 1061 |
| Gen Digital, Inc. 6.75%, 9/30/2027 (c) | &nbsp;&nbsp; 1186 | &nbsp;&nbsp; 1204 |
| General Motors Financial Co., Inc. 5.25%, <br> 3/1/2026<br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| Genting New York LLC 7.25%, <br> 10/1/2029 (c)<br>| &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 1085 |
| GEO Group, Inc. (The) 8.63%, 4/15/2029 | &nbsp;&nbsp; 1022 | &nbsp;&nbsp; 1079 |
| GFL Environmental, Inc. 4.38%, <br> 8/15/2029 (c)<br>| &nbsp;&nbsp; 1419 | &nbsp;&nbsp; 1388 |
| Global Net Lease, Inc. REIT, 3.75%, <br> 12/15/2027 (c)<br>| &nbsp;&nbsp; 1298 | &nbsp;&nbsp; 1258 |
| Goldman Sachs Bank USA (SOFR + 0.77%), <br> 5.06%, 3/18/2027 (f)<br>| &nbsp;&nbsp; 320 | &nbsp;&nbsp; 321 |
| Goldman Sachs Group, Inc. (The) |  |  |
| 0.88%, 1/21/2030 (b) | &nbsp;&nbsp; EUR2,455 | &nbsp;&nbsp; 2636 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| (SOFR + 1.33%), 4.94%, <br> 10/21/2036 (f)<br>| &nbsp;&nbsp; 1252 | &nbsp;&nbsp; 1246 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| 5.00%, 7/15/2029 | &nbsp;&nbsp; 1531 | &nbsp;&nbsp; 1457 |
| 6.63%, 7/15/2030 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |
| Gray Media, Inc. 10.50%, 7/15/2029 (c) | &nbsp;&nbsp; 1358 | &nbsp;&nbsp; 1463 |
| Group 1 Automotive, Inc. 4.00%, <br> 8/15/2028 (c)<br>| &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 1032 |
| HCA, Inc. 4.90%, 11/15/2035 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 988 |
| Herc Holdings, Inc. |  |  |
| 6.63%, 6/15/2029 (c) | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; 1121 |
| 7.00%, 6/15/2030 (c) | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 620 |
| Hertz Corp. (The) 12.63%, 7/15/2029 (c) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1287 |
| Hess Midstream Operations LP |  |  |
| 5.88%, 3/1/2028 (c) | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 636 |
| 6.50%, 6/1/2029 (c) | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 586 |
| 4.25%, 2/15/2030 (c) | &nbsp;&nbsp; 773 | &nbsp;&nbsp; 753 |
| Hilcorp Energy I LP 5.75%, 2/1/2029 (c) | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 1310 |
| Hillenbrand, Inc. 6.25%, 2/15/2029 | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 608 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.75%, 5/1/2028 (c) | &nbsp;&nbsp; 951 | &nbsp;&nbsp; 952 |
| 5.88%, 4/1/2029 (c) | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 319 |
| HLF Financing Sarl LLC 12.25%, <br> 4/15/2029 (c)<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 59 |
| HLF Financing SARL LLC 4.88%, <br> 6/1/2029 (c)<br>| &nbsp;&nbsp; 396 | &nbsp;&nbsp; 348 |
| Howard Hughes Corp. (The) 4.13%, <br> 2/1/2029 (c)<br>| &nbsp;&nbsp; 485 | &nbsp;&nbsp; 466 |
| HUB International Ltd. 7.25%, <br> 6/15/2030 (c)<br>| &nbsp;&nbsp; 2437 | &nbsp;&nbsp; 2544 |
| Hunt Cos., Inc. 5.25%, 4/15/2029 (c) | &nbsp;&nbsp; 1079 | &nbsp;&nbsp; 1049 |
| Hyundai Capital America 4.30%, <br> 9/24/2027 (c)<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; 71 |
| Icahn Enterprises LP |  |  |
| 4.38%, 2/1/2029 | &nbsp;&nbsp; 1072 | &nbsp;&nbsp; 922 |
| 10.00%, 11/15/2029 (c) | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 773 |
| ICITII 6.00% (PIK), 1/31/2033 ‡ (c) (i) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 4 |
| Imola Merger Corp. 4.75%, <br> 5/15/2029 (c)<br>| &nbsp;&nbsp; 1811 | &nbsp;&nbsp; 1785 |
| Ingevity Corp. 3.88%, 11/1/2028 (c) | &nbsp;&nbsp; 876 | &nbsp;&nbsp; 844 |
| Iron Mountain, Inc. REIT, 7.00%, <br> 2/15/2029 (c)<br>| &nbsp;&nbsp; 1289 | &nbsp;&nbsp; 1328 |
| Jacobs Entertainment, Inc. 6.75%, <br> 2/15/2029 (c)<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; 105 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 19

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Jane Street Group 4.50%, <br> 11/15/2029 (c)<br>| &nbsp;&nbsp; 389 | &nbsp;&nbsp; 378 |
| Jazz Securities DAC 4.38%, 1/15/2029 (c) | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1519 |
| KeHE Distributors LLC 9.00%, <br> 2/15/2029 (c)<br>| &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1324 |
| Kennedy-Wilson, Inc. 4.75%, 2/1/2030 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 368 |
| KeyCorp (SOFRINDX + 2.42%), 6.40%, <br> 3/6/2035 (f)<br>| &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1572 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/2028 (c) | &nbsp;&nbsp; 1790 | &nbsp;&nbsp; 1838 |
| 5.88%, 6/15/2030 (c) | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 79 |
| LABL, Inc. 5.88%, 11/1/2028 (c) | &nbsp;&nbsp; 867 | &nbsp;&nbsp; 618 |
| Lamb Weston Holdings, Inc. 4.88%, <br> 5/15/2028 (c)<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; 74 |
| Level 3 Financing, Inc. |  |  |
| 4.88%, 6/15/2029 (c) | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 663 |
| 4.50%, 4/1/2030 (c) | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 792 |
| Liberty Mutual Group, Inc. (US Treasury <br> Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.31%), 4.13%, <br> 12/15/2051 (c) (f)<br>| &nbsp;&nbsp; 724 | &nbsp;&nbsp; 708 |
| Lithia Motors, Inc. 3.88%, 6/1/2029 (c) | &nbsp;&nbsp; 1192 | &nbsp;&nbsp; 1138 |
| Live Nation Entertainment, Inc. 3.75%, <br> 1/15/2028 (c)<br>| &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 993 |
| Madison IAQ LLC 4.13%, 6/30/2028 (c) | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 426 |
| Magnera Corp. 4.75%, 11/15/2029 (c) | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; 904 |
| Matador Resources Co. 6.88%, <br> 4/15/2028 (c)<br>| &nbsp;&nbsp; 420 | &nbsp;&nbsp; 428 |
| Mauser Packaging Solutions Holding Co. <br> 7.88%, 4/15/2027 (c)<br>| &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1268 |
| McGraw-Hill Education, Inc. 5.75%, <br> 8/1/2028 (c)<br>| &nbsp;&nbsp; 1213 | &nbsp;&nbsp; 1211 |
| Medline Borrower LP |  |  |
| 3.88%, 4/1/2029 (c) | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 660 |
| 6.25%, 4/1/2029 (c) | &nbsp;&nbsp; 2482 | &nbsp;&nbsp; 2553 |
| 5.25%, 10/1/2029 (c) | &nbsp;&nbsp; 1963 | &nbsp;&nbsp; 1956 |
| Meta Platforms, Inc. 4.60%, 11/15/2032 | &nbsp;&nbsp; 1338 | &nbsp;&nbsp; 1345 |
| MGM Resorts International |  |  |
| 4.75%, 10/15/2028 | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 555 |
| 6.13%, 9/15/2029 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 33 |
| Michaels Cos., Inc. (The) 5.25%, <br> 5/1/2028 (c)<br>| &nbsp;&nbsp; 1282 | &nbsp;&nbsp; 1197 |
| Midcap Financial Issuer Trust 6.50%, <br> 5/1/2028 (c)<br>| &nbsp;&nbsp; 1303 | &nbsp;&nbsp; 1280 |
| Millrose Properties, Inc. REIT, 6.38%, <br> 8/1/2030 (c)<br>| &nbsp;&nbsp; 788 | &nbsp;&nbsp; 798 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Mobius Merger Sub, Inc. 9.00%, <br> 6/1/2030 (c)<br>| &nbsp;&nbsp; 719 | &nbsp;&nbsp; 599 |
| Mohegan Tribal Gaming Authority 8.25%, <br> 4/15/2030 (c)<br>| &nbsp;&nbsp; 1119 | &nbsp;&nbsp; 1162 |
| Morgan Stanley Series I, (SOFR + 1.31%), <br> 4.89%, 10/22/2036 (f)<br>| &nbsp;&nbsp; 474 | &nbsp;&nbsp; 471 |
| Nabors Industries, Inc. 9.13%, <br> 1/31/2030 (c)<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 54 |
| Navient Corp. |  |  |
| 5.50%, 3/15/2029 | &nbsp;&nbsp; 1684 | &nbsp;&nbsp; 1654 |
| 9.38%, 7/25/2030 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 107 |
| NCL Corp. Ltd. 7.75%, 2/15/2029 (c) | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1412 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (c) | &nbsp;&nbsp; 1374 | &nbsp;&nbsp; 1484 |
| Neptune Bidco US, Inc. 9.29%, <br> 4/15/2029 (c)<br>| &nbsp;&nbsp; 2106 | &nbsp;&nbsp; 2080 |
| NESCO Holdings II, Inc. 5.50%, <br> 4/15/2029 (c)<br>| &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1204 |
| New Enterprise Stone & Lime Co., Inc. <br> 5.25%, 7/15/2028 (c)<br>| &nbsp;&nbsp; 1051 | &nbsp;&nbsp; 1046 |
| New Fortress Energy, Inc. 6.50%, <br> 9/30/2026 (a) (c)<br>| &nbsp;&nbsp; 2099 | &nbsp;&nbsp; 310 |
| Newell Brands, Inc. |  |  |
| 6.38%, 9/15/2027 | &nbsp;&nbsp; 741 | &nbsp;&nbsp; 739 |
| 8.50%, 6/1/2028 (c) | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 1096 |
| 6.63%, 9/15/2029 | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 459 |
| NFE Financing LLC 12.00%, <br> 11/15/2029 (c)<br>| &nbsp;&nbsp; 838 | &nbsp;&nbsp; 204 |
| NGL Energy Operating LLC 8.13%, <br> 2/15/2029 (c)<br>| &nbsp;&nbsp; 1211 | &nbsp;&nbsp; 1240 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 2.00%, 3/9/2026 (c) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| 2.75%, 3/9/2028 (c) | &nbsp;&nbsp; 1772 | &nbsp;&nbsp; 1663 |
| 7.05%, 9/15/2028 (c) | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 257 |
| Noble Finance II LLC 8.00%, <br> 4/15/2030 (c)<br>| &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1495 |
| Novelis Corp. 6.88%, 1/30/2030 (c) | &nbsp;&nbsp; 1136 | &nbsp;&nbsp; 1179 |
| NRG Energy, Inc. |  |  |
| 3.38%, 2/15/2029 (c) | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 209 |
| 5.75%, 7/15/2029 (c) | &nbsp;&nbsp; 1204 | &nbsp;&nbsp; 1209 |
| Olympus Water US Holding Corp. 4.25%, <br> 10/1/2028 (c)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 192 |
| OneMain Finance Corp. |  |  |
| 3.50%, 1/15/2027 | &nbsp;&nbsp; 1761 | &nbsp;&nbsp; 1732 |
| 6.63%, 5/15/2029 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 555 |
| OneSky Flight LLC 8.88%, <br> 12/15/2029 (c)<br>| &nbsp;&nbsp; 852 | &nbsp;&nbsp; 904 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Organon & Co. 4.13%, 4/30/2028 (c) | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 406 |
| Outfront Media Capital LLC 4.25%, <br> 1/15/2029 (c)<br>| &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1019 |
| Owens & Minor, Inc. 6.63%, 4/1/2030 (a) <br> (c)<br>| &nbsp;&nbsp; 697 | &nbsp;&nbsp; 531 |
| Pagaya US Holdings Co. LLC 8.88%, <br> 8/1/2030 (a) (c)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; 472 |
| Paramount Global (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 4.00%), 6.38%, 3/30/2062 (f)<br>| &nbsp;&nbsp; 1114 | &nbsp;&nbsp; 1097 |
| Park Intermediate Holdings LLC REIT, <br> 5.88%, 10/1/2028 (c)<br>| &nbsp;&nbsp; 1458 | &nbsp;&nbsp; 1457 |
| PBF Holding Co. LLC |  |  |
| 6.00%, 2/15/2028 | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 588 |
| 9.88%, 3/15/2030 (c) | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 328 |
| PennyMac Financial Services, Inc. |  |  |
| 4.25%, 2/15/2029 (c) | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 808 |
| 7.88%, 12/15/2029 (c) | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 101 |
| Penske Automotive Group, Inc. 3.75%, <br> 6/15/2029<br>| &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1018 |
| Penske Truck Leasing Co. LP 1.20%, <br> 11/15/2025 (c)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| Performance Food Group, Inc. |  |  |
| 5.50%, 10/15/2027 (c) | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 61 |
| 4.25%, 8/1/2029 (c) | &nbsp;&nbsp; 901 | &nbsp;&nbsp; 879 |
| Permian Resources Operating LLC |  |  |
| 8.00%, 4/15/2027 (c) | &nbsp;&nbsp; 1357 | &nbsp;&nbsp; 1376 |
| 5.88%, 7/1/2029 (c) | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 51 |
| PG&E Corp. 5.00%, 7/1/2028 | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 1057 |
| Phinia, Inc. 6.75%, 4/15/2029 (c) | &nbsp;&nbsp; 977 | &nbsp;&nbsp; 1008 |
| Playtika Holding Corp. 4.25%, <br> 3/15/2029 (c)<br>| &nbsp;&nbsp; 1108 | &nbsp;&nbsp; 1001 |
| PRA Group, Inc. 8.88%, 1/31/2030 (c) | &nbsp;&nbsp; 474 | &nbsp;&nbsp; 481 |
| Prime Healthcare Services, Inc. 9.38%, <br> 9/1/2029 (c)<br>| &nbsp;&nbsp; 1488 | &nbsp;&nbsp; 1565 |
| Primo Water Holdings, Inc. 4.38%, <br> 4/30/2029 (c)<br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 151 |
| Prologis Euro Finance LLC REIT, 3.88%, <br> 9/22/2037<br>| &nbsp;&nbsp; EUR694 | &nbsp;&nbsp; 801 |
| Raising Cane's Restaurants LLC 9.38%, <br> 5/1/2029 (c)<br>| &nbsp;&nbsp; 946 | &nbsp;&nbsp; 990 |
| Rand Parent LLC 8.50%, 2/15/2030 (c) | &nbsp;&nbsp; 1187 | &nbsp;&nbsp; 1213 |
| Range Resources Corp. 8.25%, <br> 1/15/2029<br>| &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 1314 |
| Realty Income Corp. REIT, 4.88%, <br> 7/6/2030<br>| &nbsp;&nbsp; EUR1,600 | &nbsp;&nbsp; 1981 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Reworld Holding Corp. 4.88%, <br> 12/1/2029 (c)<br>| &nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1095 |
| RLJ Lodging Trust LP REIT, 3.75%, <br> 7/1/2026 (c)<br>| &nbsp;&nbsp; 999 | &nbsp;&nbsp; 991 |
| ROBLOX Corp. 3.88%, 5/1/2030 (c) | &nbsp;&nbsp; 1334 | &nbsp;&nbsp; 1276 |
| Rocket Mortgage LLC 2.88%, <br> 10/15/2026 (c)<br>| &nbsp;&nbsp; 1751 | &nbsp;&nbsp; 1719 |
| Rocket Software, Inc. 9.00%, <br> 11/28/2028 (c)<br>| &nbsp;&nbsp; 404 | &nbsp;&nbsp; 416 |
| RR Donnelley & Sons Co. 9.50%, <br> 8/1/2029 (c)<br>| &nbsp;&nbsp; 1281 | &nbsp;&nbsp; 1313 |
| Sabre GLBL, Inc. |  |  |
| 11.25%, 12/15/2027 (c) | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 326 |
| 11.13%, 7/15/2030 (c) | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 1414 |
| Saks Global Enterprises LLC 11.00%, <br> 12/15/2029 (c)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SBA Communications Corp. REIT, 3.13%, <br> 2/1/2029<br>| &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1541 |
| Scientific Games Holdings LP 6.63%, <br> 3/1/2030 (c)<br>| &nbsp;&nbsp; 1198 | &nbsp;&nbsp; 1094 |
| SCIH Salt Holdings, Inc. 4.88%, <br> 5/1/2028 (c)<br>| &nbsp;&nbsp; 1328 | &nbsp;&nbsp; 1313 |
| SCIL IV LLC 5.38%, 11/1/2026 (c) | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 1133 |
| Scripps Escrow II, Inc. 3.88%, <br> 1/15/2029 (c)<br>| &nbsp;&nbsp; 1137 | &nbsp;&nbsp; 1028 |
| Sealed Air Corp. 6.13%, 2/1/2028 (c) | &nbsp;&nbsp; 1136 | &nbsp;&nbsp; 1151 |
| Sensata Technologies BV 4.00%, <br> 4/15/2029 (c)<br>| &nbsp;&nbsp; 1292 | &nbsp;&nbsp; 1259 |
| Service Properties Trust REIT, 8.38%, <br> 6/15/2029<br>| &nbsp;&nbsp; 404 | &nbsp;&nbsp; 401 |
| SGUS LLC 11.00%, 12/15/2029 (c) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Simmons Foods, Inc. 4.63%, 3/1/2029 (c) | &nbsp;&nbsp; 1261 | &nbsp;&nbsp; 1208 |
| Sirius XM Radio LLC 4.00%, <br> 7/15/2028 (c)<br>| &nbsp;&nbsp; 1905 | &nbsp;&nbsp; 1852 |
| SLM Corp. 3.13%, 11/2/2026 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 1317 |
| SM Energy Co. 6.75%, 8/1/2029 (c) | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 1125 |
| Smyrna Ready Mix Concrete LLC 6.00%, <br> 11/1/2028 (c)<br>| &nbsp;&nbsp; 858 | &nbsp;&nbsp; 855 |
| Somnigroup International, Inc. 4.00%, <br> 4/15/2029 (c)<br>| &nbsp;&nbsp; 1184 | &nbsp;&nbsp; 1140 |
| Sonic Automotive, Inc. 4.63%, <br> 11/15/2029 (a) (c)<br>| &nbsp;&nbsp; 939 | &nbsp;&nbsp; 913 |
| Southern Power Co. |  |  |
| 1.85%, 6/20/2026 | &nbsp;&nbsp; EUR150 | &nbsp;&nbsp; 172 |
| Series B, 4.90%, 10/1/2035 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 366 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 21

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Spirit AeroSystems, Inc. 9.38%, <br> 11/30/2029 (c)<br>| &nbsp;&nbsp; 1162 | &nbsp;&nbsp; 1220 |
| Stagwell Global LLC 5.63%, <br> 8/15/2029 (c)<br>| &nbsp;&nbsp; 1385 | &nbsp;&nbsp; 1320 |
| Staples, Inc. 10.75%, 9/1/2029 (c) | &nbsp;&nbsp; 1996 | &nbsp;&nbsp; 1934 |
| Star Leasing Co. LLC 7.63%, <br> 2/15/2030 (c)<br>| &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1068 |
| Starwood Property Trust, Inc. |  |  |
| REIT, 7.25%, 4/1/2029 (c) | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 1584 |
| REIT, 6.50%, 7/1/2030 (c) | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 345 |
| Stellantis Financial Services US Corp. <br> 5.40%, 9/15/2030 (c)<br>| &nbsp;&nbsp; 471 | &nbsp;&nbsp; 474 |
| Sunoco LP |  |  |
| 7.00%, 9/15/2028 (c) | &nbsp;&nbsp; 2148 | &nbsp;&nbsp; 2215 |
| 4.50%, 4/30/2030 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 170 |
| Talen Energy Supply LLC 8.63%, <br> 6/1/2030 (c)<br>| &nbsp;&nbsp; 1279 | &nbsp;&nbsp; 1357 |
| Tenet Healthcare Corp. 6.13%, <br> 10/1/2028<br>| &nbsp;&nbsp; 3410 | &nbsp;&nbsp; 3414 |
| Tenneco, Inc. 8.00%, 11/17/2028 (c) | &nbsp;&nbsp; 1789 | &nbsp;&nbsp; 1784 |
| Tidewater, Inc. 9.13%, 7/15/2030 (c) | &nbsp;&nbsp; 1029 | &nbsp;&nbsp; 1098 |
| Time Warner Cable LLC 5.50%, 9/1/2041 | &nbsp;&nbsp; 2650 | &nbsp;&nbsp; 2377 |
| Toyota Motor Credit Corp. 4.05%, <br> 9/5/2028<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 47 |
| TransDigm, Inc. |  |  |
| 6.75%, 8/15/2028 (c) | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 867 |
| 4.63%, 1/15/2029 | &nbsp;&nbsp; 3677 | &nbsp;&nbsp; 3617 |
| Travel + Leisure Co. |  |  |
| 6.63%, 7/31/2026 (c) | &nbsp;&nbsp; 1061 | &nbsp;&nbsp; 1069 |
| 4.50%, 12/1/2029 (c) | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 26 |
| TriNet Group, Inc. 3.50%, 3/1/2029 (c) | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; 979 |
| Trinity Industries, Inc. 7.75%, <br> 7/15/2028 (c)<br>| &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 1060 |
| Tronox, Inc. 4.63%, 3/15/2029 (a) (c) | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 750 |
| TTM Technologies, Inc. 4.00%, <br> 3/1/2029 (c)<br>| &nbsp;&nbsp; 1021 | &nbsp;&nbsp; 986 |
| Twilio, Inc. 3.63%, 3/15/2029 | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; 987 |
| Uber Technologies, Inc. 4.80%, <br> 9/15/2035<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1191 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 11/15/2025 (c) | &nbsp;&nbsp; 1349 | &nbsp;&nbsp; 1349 |
| 5.50%, 4/15/2029 (c) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| Univision Communications, Inc. |  |  |
| 8.00%, 8/15/2028 (c) | &nbsp;&nbsp; 1516 | &nbsp;&nbsp; 1561 |
| 4.50%, 5/1/2029 (c) | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 998 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| US Acute Care Solutions LLC 9.75%, <br> 5/15/2029 (c)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| US Foods, Inc. |  |  |
| 6.88%, 9/15/2028 (c) | &nbsp;&nbsp; 1172 | &nbsp;&nbsp; 1209 |
| 4.75%, 2/15/2029 (c) | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 618 |
| UWM Holdings LLC 6.63%, 2/1/2030 (c) | &nbsp;&nbsp; 1149 | &nbsp;&nbsp; 1171 |
| Vail Resorts, Inc. 5.63%, 7/15/2030 (c) | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 231 |
| Valaris Ltd. 8.38%, 4/30/2030 (c) | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 881 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.88%, 8/15/2029 (c) | &nbsp;&nbsp; 1503 | &nbsp;&nbsp; 1424 |
| 6.25%, 1/15/2030 (c) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 306 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 2/1/2029 (c) | &nbsp;&nbsp; 2038 | &nbsp;&nbsp; 2193 |
| 7.00%, 1/15/2030 (a) (c) | &nbsp;&nbsp; 2260 | &nbsp;&nbsp; 2287 |
| Vertiv Group Corp. 4.13%, <br> 11/15/2028 (c)<br>| &nbsp;&nbsp; 176 | &nbsp;&nbsp; 173 |
| Victoria's Secret & Co. 4.63%, <br> 7/15/2029 (a) (c)<br>| &nbsp;&nbsp; 1111 | &nbsp;&nbsp; 1069 |
| Viking Cruises Ltd. 7.00%, 2/15/2029 (c) | &nbsp;&nbsp; 1006 | &nbsp;&nbsp; 1012 |
| Vistra Operations Co. LLC |  |  |
| 5.00%, 7/31/2027 (c) | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1396 |
| 4.38%, 5/1/2029 (c) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 3/15/2027 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 118 |
| 4.30%, 1/17/2030 | &nbsp;&nbsp; EUR888 | &nbsp;&nbsp; 1021 |
| Wayfair LLC 7.25%, 10/31/2029 (c) | &nbsp;&nbsp; 1161 | &nbsp;&nbsp; 1201 |
| Weatherford International Ltd. 8.63%, <br> 4/30/2030 (c)<br>| &nbsp;&nbsp; 571 | &nbsp;&nbsp; 582 |
| WESCO Distribution, Inc. 7.25%, <br> 6/15/2028 (c)<br>| &nbsp;&nbsp; 1209 | &nbsp;&nbsp; 1226 |
| Westlake Corp. 1.63%, 7/17/2029 | &nbsp;&nbsp; EUR2,350 | &nbsp;&nbsp; 2582 |
| Whirlpool Corp. 6.13%, 6/15/2030 | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1064 |
| Williams Scotsman, Inc. 4.63%, <br> 8/15/2028 (c)<br>| &nbsp;&nbsp; 1352 | &nbsp;&nbsp; 1334 |
| WPC Eurobond BV REIT, 1.35%, <br> 4/15/2028<br>| &nbsp;&nbsp; EUR2,350 | &nbsp;&nbsp; 2619 |
| WR Grace Holdings LLC 4.88%, <br> 6/15/2027 (c)<br>| &nbsp;&nbsp; 735 | &nbsp;&nbsp; 728 |
| XPLR Infrastructure Operating Partners LP <br> 7.25%, 1/15/2029 (c)<br>| &nbsp;&nbsp; 418 | &nbsp;&nbsp; 430 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| ZipRecruiter, Inc. 5.00%, 1/15/2030 (c) | &nbsp;&nbsp; 1049 | &nbsp;&nbsp; 821 |
| ZoomInfo Technologies LLC 3.88%, <br> 2/1/2029 (c)<br>| &nbsp;&nbsp; 1131 | &nbsp;&nbsp; 1067 |
|  |  | &nbsp;&nbsp; 326311 |
| Total Corporate Bonds <br>(Cost $439,725)<br>|  | &nbsp;&nbsp; 448575 |
| **Foreign Government Securities — 12.9%** | **Foreign Government Securities — 12.9%** | **Foreign Government Securities — 12.9%** |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| Commonwealth of Australia 4.75%, <br> 6/21/2054 (b)<br>| &nbsp;&nbsp; AUD5,880 | &nbsp;&nbsp; 3736 |
| New South Wales Treasury Corp. 4.75%, <br> 2/20/2035 (b)<br>| &nbsp;&nbsp; AUD5,585 | &nbsp;&nbsp; 3642 |
| Treasury Corp. of Victoria 2.25%, <br> 9/15/2033 (b)<br>| &nbsp;&nbsp; AUD6,715 | &nbsp;&nbsp; 3700 |
|  |  | &nbsp;&nbsp; 11078 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Dexia SA 0.25%, 12/10/2026 (b) | &nbsp;&nbsp; GBP4,200 | &nbsp;&nbsp; 5300 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Federative Republic of Brazil 10.00%, <br> 1/1/2033<br>| &nbsp;&nbsp; BRL6,860 | &nbsp;&nbsp; 1076 |
| Notas do Tesouro Nacional |  |  |
| 10.00%, 1/1/2029 | &nbsp;&nbsp; BRL7,065 | &nbsp;&nbsp; 1215 |
| 10.00%, 1/1/2031 | &nbsp;&nbsp; BRL6,855 | &nbsp;&nbsp; 1121 |
| 10.00%, 1/1/2035 | &nbsp;&nbsp; BRL6,145 | &nbsp;&nbsp; 935 |
|  |  | &nbsp;&nbsp; 4347 |
| **Canada — 1.3%** | **Canada — 1.3%** | **Canada — 1.3%** |
| Province of Alberta 2.90%, 12/1/2028 | &nbsp;&nbsp; CAD410 | &nbsp;&nbsp; 295 |
| Province of British Columbia |  |  |
| 4.70%, 6/18/2037 | &nbsp;&nbsp; CAD880 | &nbsp;&nbsp; 674 |
| 2.95%, 6/18/2050 | &nbsp;&nbsp; CAD505 | &nbsp;&nbsp; 281 |
| Province of Ontario |  |  |
| 0.01%, 11/25/2030 (b) | &nbsp;&nbsp; EUR5,800 | &nbsp;&nbsp; 5854 |
| 3.80%, 12/2/2034 | &nbsp;&nbsp; CAD21,944 | &nbsp;&nbsp; 15942 |
| Province of Quebec 4.00%, 9/1/2035 | &nbsp;&nbsp; CAD21,435 | &nbsp;&nbsp; 15658 |
|  |  | &nbsp;&nbsp; 38704 |
| **Chile — 0.0% ^** | **Chile — 0.0% ^** | **Chile — 0.0% ^** |
| Bonos de la Tesoreria de la Republica en <br> pesos 7.00%, 5/1/2034 (b)<br>| &nbsp;&nbsp; CLP230,000 | &nbsp;&nbsp; 259 |
| Republic of Chile 3.75%, 1/14/2032 | &nbsp;&nbsp; EUR483 | &nbsp;&nbsp; 570 |
|  |  | &nbsp;&nbsp; 829 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **China — 0.2%** | **China — 0.2%** | **China — 0.2%** |
| People's Republic of China |  |  |
| 2.11%, 8/25/2034 | &nbsp;&nbsp; CNY7,040 | &nbsp;&nbsp; 1014 |
| 2.04%, 11/25/2034 | &nbsp;&nbsp; CNY10,070 | &nbsp;&nbsp; 1444 |
| 1.83%, 8/25/2035 | &nbsp;&nbsp; CNY9,460 | &nbsp;&nbsp; 1332 |
| 1.98%, 4/25/2045 | &nbsp;&nbsp; CNY4,520 | &nbsp;&nbsp; 617 |
| 3.12%, 10/25/2052 | &nbsp;&nbsp; CNY3,120 | &nbsp;&nbsp; 523 |
| 2.15%, 8/25/2055 | &nbsp;&nbsp; CNY3,860 | &nbsp;&nbsp; 541 |
|  |  | &nbsp;&nbsp; 5471 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Republic of Colombia |  |  |
| 11.00%, 8/22/2029 | &nbsp;&nbsp; COP4,792,600 | &nbsp;&nbsp; 1240 |
| 7.75%, 9/18/2030 | &nbsp;&nbsp; COP3,332,300 | &nbsp;&nbsp; 754 |
| 7.00%, 3/26/2031 | &nbsp;&nbsp; COP2,568,900 | &nbsp;&nbsp; 550 |
| 7.00%, 6/30/2032 | &nbsp;&nbsp; COP3,706,500 | &nbsp;&nbsp; 763 |
| 11.75%, 1/24/2035 | &nbsp;&nbsp; COP2,982,200 | &nbsp;&nbsp; 763 |
|  |  | &nbsp;&nbsp; 4070 |
| **Czech Republic — 0.2%** | **Czech Republic — 0.2%** | **Czech Republic — 0.2%** |
| Czech Republic |  |  |
| 4.50%, 11/11/2032 | &nbsp;&nbsp; CZK64,070 | &nbsp;&nbsp; 3074 |
| 2.00%, 10/13/2033 | &nbsp;&nbsp; CZK78,670 | &nbsp;&nbsp; 3137 |
|  |  | &nbsp;&nbsp; 6211 |
| **Egypt — 0.0% ^** | **Egypt — 0.0% ^** | **Egypt — 0.0% ^** |
| Arab Republic of Egypt 7.30%, <br> 9/30/2033 (b)<br>| &nbsp;&nbsp; 915 | &nbsp;&nbsp; 893 |
| **El Salvador — 0.0% ^** | **El Salvador — 0.0% ^** | **El Salvador — 0.0% ^** |
| Republic of El Salvador 7.65%, <br> 6/15/2035 (b)<br>| &nbsp;&nbsp; 267 | &nbsp;&nbsp; 277 |
| **France — 0.0% ^** | **France — 0.0% ^** | **France — 0.0% ^** |
| French Republic 2.70%, 2/25/2031 (b) | &nbsp;&nbsp; EUR5 | &nbsp;&nbsp; 6 |
| **Germany — 1.7%** | **Germany — 1.7%** | **Germany — 1.7%** |
| Bundesrepublik Deutschland |  |  |
| 2.60%, 8/15/2035 (b) | &nbsp;&nbsp; EUR10,185 | &nbsp;&nbsp; 11705 |
| 2.90%, 8/15/2056 (b) | &nbsp;&nbsp; EUR3,858 | &nbsp;&nbsp; 4175 |
| Bundesschatzanweisungen 2.20%, <br> 3/11/2027 (b)<br>| &nbsp;&nbsp; EUR29,275 | &nbsp;&nbsp; 33851 |
|  |  | &nbsp;&nbsp; 49731 |
| **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** |
| Republic of Guatemala 6.25%, <br> 8/15/2036 (c)<br>| &nbsp;&nbsp; 611 | &nbsp;&nbsp; 645 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 23

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Hungary — 0.6%** | **Hungary — 0.6%** | **Hungary — 0.6%** |
| Hungary Government Bond |  |  |
| 2.13%, 9/22/2031 (c) | &nbsp;&nbsp; 1158 | &nbsp;&nbsp; 995 |
| 4.75%, 11/24/2032 | &nbsp;&nbsp; HUF448,840 | &nbsp;&nbsp; 1199 |
| 2.25%, 4/20/2033 | &nbsp;&nbsp; HUF439,690 | &nbsp;&nbsp; 979 |
| 4.50%, 6/16/2034 (b) | &nbsp;&nbsp; EUR3,305 | &nbsp;&nbsp; 3952 |
| 1.75%, 6/5/2035 (b) | &nbsp;&nbsp; EUR300 | &nbsp;&nbsp; 285 |
| 7.00%, 10/24/2035 | &nbsp;&nbsp; HUF2,742,060 | &nbsp;&nbsp; 8250 |
|  |  | &nbsp;&nbsp; 15660 |
| **India — 0.4%** | **India — 0.4%** | **India — 0.4%** |
| Republic of India |  |  |
| 7.02%, 6/18/2031 | &nbsp;&nbsp; INR391,640 | &nbsp;&nbsp; 4547 |
| 7.10%, 4/8/2034 | &nbsp;&nbsp; INR285,920 | &nbsp;&nbsp; 3321 |
| 7.30%, 6/19/2053 | &nbsp;&nbsp; INR183,680 | &nbsp;&nbsp; 2087 |
|  |  | &nbsp;&nbsp; 9955 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** |
| Republic of Indonesia |  |  |
| 6.50%, 2/15/2031 | &nbsp;&nbsp; IDR31,580,000 | &nbsp;&nbsp; 1975 |
| 6.38%, 4/15/2032 | &nbsp;&nbsp; IDR30,390,000 | &nbsp;&nbsp; 1874 |
| 7.00%, 2/15/2033 | &nbsp;&nbsp; IDR24,075,000 | &nbsp;&nbsp; 1528 |
| 6.63%, 2/15/2034 | &nbsp;&nbsp; IDR82,342,000 | &nbsp;&nbsp; 5129 |
| 7.50%, 6/15/2035 | &nbsp;&nbsp; IDR16,011,000 | &nbsp;&nbsp; 1060 |
| 6.75%, 7/15/2035 | &nbsp;&nbsp; IDR24,562,000 | &nbsp;&nbsp; 1545 |
|  |  | &nbsp;&nbsp; 13111 |
| **Italy — 1.9%** | **Italy — 1.9%** | **Italy — 1.9%** |
| Buoni Poliennali del Tesoro |  |  |
| 2.95%, 7/1/2030 (b) | &nbsp;&nbsp; EUR37,330 | &nbsp;&nbsp; 43687 |
| 3.65%, 8/1/2035 (b) | &nbsp;&nbsp; EUR7,560 | &nbsp;&nbsp; 8944 |
| 4.30%, 10/1/2054 (b) | &nbsp;&nbsp; EUR2,720 | &nbsp;&nbsp; 3167 |
|  |  | &nbsp;&nbsp; 55798 |
| **Japan — 1.3%** | **Japan — 1.3%** | **Japan — 1.3%** |
| Japan Bank for International Cooperation |  |  |
| 4.25%, 1/26/2026 | &nbsp;&nbsp; 2264 | &nbsp;&nbsp; 2264 |
| 1.63%, 1/20/2027 | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 656 |
| Japan Government Bond |  |  |
| 1.50%, 6/20/2035 | &nbsp;&nbsp; JPY579,800 | &nbsp;&nbsp; 3715 |
| 1.50%, 9/20/2043 | &nbsp;&nbsp; JPY3,543,850 | &nbsp;&nbsp; 19819 |
| 1.00%, 3/20/2052 | &nbsp;&nbsp; JPY574,850 | &nbsp;&nbsp; 2352 |
| 2.30%, 12/20/2054 | &nbsp;&nbsp; JPY430,000 | &nbsp;&nbsp; 2371 |
| 1.40%, 3/20/2055 | &nbsp;&nbsp; JPY296,250 | &nbsp;&nbsp; 1304 |
| 2.40%, 3/20/2055 | &nbsp;&nbsp; JPY979,450 | &nbsp;&nbsp; 5522 |
|  |  | &nbsp;&nbsp; 38003 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Malaysia — 0.2%** | **Malaysia — 0.2%** | **Malaysia — 0.2%** |
| Malaysia Government Bond |  |  |
| 2.63%, 4/15/2031 | &nbsp;&nbsp; MYR9,751 | &nbsp;&nbsp; 2243 |
| 3.83%, 7/5/2034 | &nbsp;&nbsp; MYR6,762 | &nbsp;&nbsp; 1649 |
| 4.18%, 5/16/2044 | &nbsp;&nbsp; MYR2,516 | &nbsp;&nbsp; 621 |
| 4.74%, 3/15/2046 | &nbsp;&nbsp; MYR3,636 | &nbsp;&nbsp; 962 |
| 4.07%, 6/15/2050 | &nbsp;&nbsp; MYR3,228 | &nbsp;&nbsp; 776 |
| 4.46%, 3/31/2053 | &nbsp;&nbsp; MYR2,726 | &nbsp;&nbsp; 696 |
|  |  | &nbsp;&nbsp; 6947 |
| **Mexico — 1.0%** | **Mexico — 1.0%** | **Mexico — 1.0%** |
| Eagle Funding Luxco Sarl 5.50%, <br> 8/17/2030 (b)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 406 |
| Mex Bonos Desarr Fix Rt |  |  |
| 8.50%, 3/1/2029 | &nbsp;&nbsp; MXN40,182 | &nbsp;&nbsp; 2200 |
| 7.75%, 5/29/2031 | &nbsp;&nbsp; MXN290,620 | &nbsp;&nbsp; 15257 |
| 7.50%, 5/26/2033 | &nbsp;&nbsp; MXN128,410 | &nbsp;&nbsp; 6522 |
| 8.00%, 2/21/2036 | &nbsp;&nbsp; MXN28,180 | &nbsp;&nbsp; 1428 |
| 7.75%, 11/13/2042 | &nbsp;&nbsp; MXN33,440 | &nbsp;&nbsp; 1551 |
| United Mexican States 2.66%, 5/24/2031 | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 994 |
|  |  | &nbsp;&nbsp; 28358 |
| **Panama — 0.0% ^** | **Panama — 0.0% ^** | **Panama — 0.0% ^** |
| Republic of Panama 3.87%, 7/23/2060 | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 632 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Bonos de la Tesoreria |  |  |
| 5.40%, 8/12/2034 | &nbsp;&nbsp; PEN5,431 | &nbsp;&nbsp; 1566 |
| 6.85%, 8/12/2035 (b) | &nbsp;&nbsp; PEN5,318 | &nbsp;&nbsp; 1668 |
|  |  | &nbsp;&nbsp; 3234 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
| Republic of Poland |  |  |
| 4.75%, 7/25/2029 | &nbsp;&nbsp; PLN7,333 | &nbsp;&nbsp; 2003 |
| 4.50%, 7/25/2030 | &nbsp;&nbsp; PLN6,868 | &nbsp;&nbsp; 1843 |
| 1.75%, 4/25/2032 | &nbsp;&nbsp; PLN5,858 | &nbsp;&nbsp; 1313 |
| 6.00%, 10/25/2033 | &nbsp;&nbsp; PLN2,841 | &nbsp;&nbsp; 813 |
| 5.00%, 10/25/2035 | &nbsp;&nbsp; PLN2,407 | &nbsp;&nbsp; 635 |
|  |  | &nbsp;&nbsp; 6607 |
| **Romania — 0.2%** | **Romania — 0.2%** | **Romania — 0.2%** |
| Romania Government Bond |  |  |
| 6.30%, 4/25/2029 | &nbsp;&nbsp; RON9,415 | &nbsp;&nbsp; 2088 |
| 4.15%, 10/24/2030 | &nbsp;&nbsp; RON3,895 | &nbsp;&nbsp; 781 |
| 3.65%, 9/24/2031 | &nbsp;&nbsp; RON3,790 | &nbsp;&nbsp; 727 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Romania — continued** | **Romania — continued** | **Romania — continued** |
| 8.25%, 9/29/2032 | &nbsp;&nbsp; RON3,935 | &nbsp;&nbsp; 952 |
| 2.00%, 4/14/2033 (c) | &nbsp;&nbsp; EUR715 | &nbsp;&nbsp; 667 |
|  |  | &nbsp;&nbsp; 5215 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| Republic of South Africa |  |  |
| 8.25%, 3/31/2032 | &nbsp;&nbsp; ZAR25,484 | &nbsp;&nbsp; 1464 |
| 10.00%, 3/31/2033 | &nbsp;&nbsp; ZAR7,000 | &nbsp;&nbsp; 437 |
| 8.88%, 2/28/2035 | &nbsp;&nbsp; ZAR19,992 | &nbsp;&nbsp; 1154 |
| 8.50%, 1/31/2037 | &nbsp;&nbsp; ZAR20,530 | &nbsp;&nbsp; 1115 |
| 9.00%, 1/31/2040 | &nbsp;&nbsp; ZAR17,217 | &nbsp;&nbsp; 933 |
| 8.75%, 1/31/2044 | &nbsp;&nbsp; ZAR21,360 | &nbsp;&nbsp; 1101 |
| 5.75%, 9/30/2049 | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 932 |
|  |  | &nbsp;&nbsp; 7136 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Export-Import Bank of Korea 4.88%, <br> 1/11/2026<br>| &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 1394 |
| **Spain — 0.8%** | **Spain — 0.8%** | **Spain — 0.8%** |
| Bonos and Obligaciones del Estado |  |  |
| 3.20%, 10/31/2035 (b) | &nbsp;&nbsp; EUR6,270 | &nbsp;&nbsp; 7262 |
| 4.00%, 10/31/2054 (b) | &nbsp;&nbsp; EUR14,715 | &nbsp;&nbsp; 17046 |
|  |  | &nbsp;&nbsp; 24308 |
| **Thailand — 0.4%** | **Thailand — 0.4%** | **Thailand — 0.4%** |
| Kingdom of Thailand |  |  |
| 2.80%, 6/17/2034 | &nbsp;&nbsp; THB186,986 | &nbsp;&nbsp; 6272 |
| 3.40%, 6/17/2036 | &nbsp;&nbsp; THB36,403 | &nbsp;&nbsp; 1302 |
| 3.30%, 6/17/2038 | &nbsp;&nbsp; THB40,405 | &nbsp;&nbsp; 1434 |
| 2.00%, 6/17/2042 | &nbsp;&nbsp; THB45,134 | &nbsp;&nbsp; 1352 |
| 3.45%, 6/17/2043 | &nbsp;&nbsp; THB24,951 | &nbsp;&nbsp; 902 |
|  |  | &nbsp;&nbsp; 11262 |
| **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** |
| United Kingdom of Great Britain and <br> Northern Ireland<br>|  |  |
| 4.50%, 3/7/2035 (b) | &nbsp;&nbsp; GBP3,271 | &nbsp;&nbsp; 4325 |
| 4.38%, 7/31/2054 (b) | &nbsp;&nbsp; GBP11,260 | &nbsp;&nbsp; 13017 |
|  |  | &nbsp;&nbsp; 17342 |
| Total Foreign Government Securities <br>(Cost $372,671)<br>|  | &nbsp;&nbsp; 372524 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 4.0%** | **Investment Companies — 4.0%** | **Investment Companies — 4.0%** |
| **United States — 4.0%** |  |  |
| JPMorgan Income Fund, Class R6 <br> Shares (l)(Cost $114,343)<br>| &nbsp;&nbsp; 13315 | &nbsp;&nbsp; 114375 |
| **Exchange-Traded Funds — 3.4%** | **Exchange-Traded Funds — 3.4%** | **Exchange-Traded Funds — 3.4%** |
| **United States — 3.4%** | **United States — 3.4%** | **United States — 3.4%** |
| JPMorgan Income ETF (l)(Cost $95,792) | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 97243 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 1.9%** | **U.S. Treasury Obligations — 1.9%** | **U.S. Treasury Obligations — 1.9%** |
| U.S. Treasury Inflation Linked Notes |  |  |
| 1.63%, 10/15/2029 | &nbsp;&nbsp; 10039 | &nbsp;&nbsp; 10204 |
| 1.88%, 7/15/2035 | &nbsp;&nbsp; 6553 | &nbsp;&nbsp; 6607 |
| U.S. Treasury Notes |  |  |
| 4.25%, 1/31/2026 (m) | &nbsp;&nbsp; 35445 | &nbsp;&nbsp; 35473 |
| 3.75%, 6/30/2027 | &nbsp;&nbsp; 3160 | &nbsp;&nbsp; 3166 |
| 3.38%, 9/15/2027 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 199 |
| Total U.S. Treasury Obligations <br>(Cost $55,613)<br>|  | &nbsp;&nbsp; 55649 |
| **Mortgage-Backed Securities — 0.8%** | **Mortgage-Backed Securities — 0.8%** | **Mortgage-Backed Securities — 0.8%** |
| **United States — 0.8%** | **United States — 0.8%** | **United States — 0.8%** |
| FHLMC UMBS, 30 Year |  |  |
| Pool # SD7572, 5/1/2054 | &nbsp;&nbsp; USD2,423 | &nbsp;&nbsp; 2546 |
| Pool # SD8475, 11/1/2054 | &nbsp;&nbsp; USD8,510 | &nbsp;&nbsp; 8599 |
| Pool # RQ0014, 6/1/2055 | &nbsp;&nbsp; USD6,259 | &nbsp;&nbsp; 6402 |
| GNMA II, 30 Year Pool # MA7650, 3.00%, <br> 10/20/2051<br>| &nbsp;&nbsp; USD5,873 | &nbsp;&nbsp; 5282 |
| Total Mortgage-Backed Securities <br>(Cost $22,456)<br>|  | &nbsp;&nbsp; 22829 |
| **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** | **Asset-Backed Securities — 0.1%** |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| Aqua Finance Issuer Trust Series 2025-B, <br> Class A, 4.79%, 5/17/2051 (c)<br>| &nbsp;&nbsp; 694 | &nbsp;&nbsp; 698 |
| Lendmark Funding Trust Series 2025-2A, <br> Class A, 4.78%, 10/20/2034 (c)<br>| &nbsp;&nbsp; 1407 | &nbsp;&nbsp; 1415 |
| Progress Residential Trust Series <br> 2025-SFR3, Class A, 3.39%, <br> 7/17/2042 (c)<br>| &nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1233 |
| Santander Drive Auto Receivables Trust <br> Series 2025-3, Class C, 4.68%, <br> 9/15/2031<br>| &nbsp;&nbsp; 313 | &nbsp;&nbsp; 313 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 25

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Sierra Timeshare Receivables Funding LLC <br> Series 2025-2A, Class A, 4.72%, <br> 4/20/2044 (c)<br>| &nbsp;&nbsp; 216 | &nbsp;&nbsp; 217 |
| Total Asset-Backed Securities <br>(Cost $3,830)<br>|  | &nbsp;&nbsp; 3876 |
| **Supranational — 0.1%** | **Supranational — 0.1%** | **Supranational — 0.1%** |
| Asian Development Bank, 3.40%, <br> 9/10/2027 (b)<br>| &nbsp;&nbsp; AUD3,030 | &nbsp;&nbsp; 1966 |
| Inter-American Development Bank, 4.40%, <br> 1/26/2026<br>| &nbsp;&nbsp; CAD614 | &nbsp;&nbsp; 440 |
| Total Supranational <br>(Cost $2,715)<br>|  | &nbsp;&nbsp; 2406 |
| **Loan Assignments — 0.0% ‡ (n) ^** | **Loan Assignments — 0.0% ‡ (n) ^** | **Loan Assignments — 0.0% ‡ (n) ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| Moran Foods LLC, 1st Lien PIK Term Loan |  |  |
| (9.35% (PIK) + 2.00% (Cash)), <br> 11.35%, 6/30/2026 (f) (i)<br>| &nbsp;&nbsp; 343 | &nbsp;&nbsp; 76 |
| (9.35% (PIK) + 2.00% (Cash)), <br> 11.35%, 6/30/2026 (f) (i)<br>| &nbsp;&nbsp; 948 | &nbsp;&nbsp; 647 |
| FGI Operating Co. LLC, 1st Lien Term Loan <br> 0.00%, 12/31/2025 (o) (p)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; — |
| Moran Foods LLC, 1st Lien Super Senior <br> Delayed Draw Term Loan (11.50% (PIK) <br> + 4.33% (Cash)), 15.83%, <br> 6/30/2026 (f) (i)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 28 |
| Total Loan Assignments <br>(Cost $1,284)<br>|  | &nbsp;&nbsp; 751 |
| **Commercial Mortgage-Backed Securities — 0.0% ^** | **Commercial Mortgage-Backed Securities — 0.0% ^** | **Commercial Mortgage-Backed Securities — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| Velocity Commercial Capital Loan Trust |  |  |
| Series 2018-2, Class M2, 4.51%, <br> 10/26/2048 (c) (p)<br>| &nbsp;&nbsp; 107 | &nbsp;&nbsp; 102 |
| Series 2018-2, Class M3, 4.72%, <br> 10/26/2048 (c) (p)<br>| &nbsp;&nbsp; 156 | &nbsp;&nbsp; 145 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.35%, <br> 7/15/2040 (c) (p)<br>| &nbsp;&nbsp; 177 | &nbsp;&nbsp; 182 |
| Total Commercial Mortgage-Backed <br> Securities <br>(Cost $440)<br>|  | &nbsp;&nbsp; 429 |
| **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| CHL Mortgage Pass-Through Trust Series <br> 2007-10, Class A4, 5.50%, 7/25/2037<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Deutsche Alt-A Securities Mortgage Loan <br> Trust Series 2006-AF1, Class A4, <br> 4.71%, 4/25/2036 (p)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| GS Mortgage-Backed Securities Trust Series <br> 2025-RPL3, Class A1, 4.10%, <br> 7/25/2065 (c) (k)<br>| &nbsp;&nbsp; 256 | &nbsp;&nbsp; 250 |
| HarborView Mortgage Loan Trust Series <br> 2006-14, Class 1A1A, 4.51%, <br> 1/25/2047 (p)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Mortgage Trust Series 2005-A8, <br> Class 2A3, 5.21%, 11/25/2035 (p)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Collateralized Mortgage Obligations <br>(Cost $246)<br>|  | &nbsp;&nbsp; 250 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Convertible Preferred Stocks — 0.0%** | **Convertible Preferred Stocks — 0.0%** | **Convertible Preferred Stocks — 0.0%** |
| **United States — 0.0%** | **United States — 0.0%** | **United States — 0.0%** |
| Claire's Stores, Inc. ‡ \* (e)(Cost $442) | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (d)<br>|
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Short-Term Investments — 9.1%** | **Short-Term Investments — 9.1%** | **Short-Term Investments — 9.1%** |
| **Commercial Paper — 0.0% ^** | **Commercial Paper — 0.0% ^** | **Commercial Paper — 0.0% ^** |
| BPCE SA, 4.62%, 11/6/2025 (c) (q) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| Credit Industriel et Commercial, 4.44%, <br> 5/12/2026 (c) (q)<br>| &nbsp;&nbsp; 186 | &nbsp;&nbsp; 182 |
| Telstra Group Ltd., 4.20%, <br> 12/18/2025 (c) (q)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 249 |
| Total Commercial Paper <br>(Cost $680)<br>|  | &nbsp;&nbsp; 681 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Investment Companies — 8.5%** | **Investment Companies — 8.5%** | **Investment Companies — 8.5%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (l) (r) <br> (Cost $245,072)<br>| &nbsp;&nbsp; 245020 | &nbsp;&nbsp; 245117 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Investment of Cash Collateral from Securities Loaned — 0.6%** | **Investment of Cash Collateral from Securities Loaned — 0.6%** | **Investment of Cash Collateral from Securities Loaned — 0.6%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.12% (l) <br> (r) (Cost $17,427)<br>| &nbsp;&nbsp; 17427 | &nbsp;&nbsp; 17427 |
| Total Short-Term Investments <br>(Cost $263,179)<br>|  | &nbsp;&nbsp; 263225 |
| **Total Investments — 99.5%** <br>**(Cost $2,423,089)**<br>|  | &nbsp;&nbsp; **2878063** |
| **Assets in Excess of Other Liabilities —** <br> **0.5%**<br>|  | &nbsp;&nbsp; **15058** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **2893121** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHDI | Clearing House Electronic Subregister System (CHESS) Depository <br> Interest<br>|
| CLP | Chile Peso |
| CME | Chicago Mercantile Exchange |
| CNY | China Yuan |
| COP | Columbian Peso |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| CZK | Czech Republic Koruna |
| ETF | Exchange Traded Fund |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corp. |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| GNMA | Government National Mortgage Association |
| HUF | Hungarian Forint |
| ICE | Intercontinental Exchange |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| JSC | Joint Stock Company |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| OYJ | Public Limited Company |
| PEN | Peruvian Nuevo Sol |
| PIK | Payment In Kind |
| PJSC | Public Joint Stock Company |
| PLN | Polish Zloty |

---

---

| | |
|:---|:---|
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| RON | Romanian Leu |
| SCA | Limited partnership with share capital |
| SGPS | Holding company |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| THB | Thai Baht |
| UMBS | Uniform Mortgage-Backed Securities |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at <br> October 31, 2025. The total value of securities on <br> loan at October 31, 2025 is $15,719.<br>|
| (b) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (c) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (d) | Value is zero. |
| (e) | Fund is subject to legal or contractual restrictions on <br> the resale of the security.<br>|
| (f) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of October 31, 2025.<br>|
| (g) | Security is an interest bearing note with preferred <br> security characteristics.<br>|
| (h) | Security is perpetual and thus, does not have a <br> predetermined maturity date. The coupon rate for this <br> security is fixed for a period of time and may be <br> structured to adjust thereafter. The date shown, if <br> applicable, reflects the next call date. The coupon rate <br> shown is the rate in effect as of October 31, 2025.<br>|
| (i) | Security has the ability to pay in kind ("PIK") or pay <br> income in cash. When applicable, separate rates of <br> such payments are disclosed.<br>|
| (j) | Contingent Capital security ("CoCo"). CoCos are hybrid <br> debt securities that may be convertible into equity or <br> may be written down if a pre-specified trigger event <br> occurs. The total value of aggregate CoCo holdings at <br> October 31, 2025 is $528 or 0.02% of the Fund's <br> net assets as of October 31, 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 27

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The rate shown is the effective yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The rate shown is the current yield as of October 31, 2025.

**Summary of Investments by Industry, October 31, 2025**

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Foreign Government Securities | 12.9<br> %<br>|
| Fixed Income | 7.4 |
| Banks | 6.6 |
| Semiconductors & Semiconductor Equipment | 6.2 |
| Software | 3.3 |
| Capital Markets | 2.9 |
| Technology Hardware, Storage & Peripherals | 2.9 |
| Oil, Gas & Consumable Fuels | 2.8 |
| Interactive Media & Services | 2.5 |
| Pharmaceuticals | 2.2 |
| Hotels, Restaurants & Leisure | 2.2 |
| Broadline Retail | 2.0 |
| U.S. Treasury Notes | 1.9 |
| Financial Services | 1.5 |
| Aerospace & Defense | 1.5 |
| Electric Utilities | 1.4 |
| Machinery | 1.4 |
| Insurance | 1.4 |
| Entertainment | 1.4 |
| Specialty Retail | 1.3 |
| Health Care Providers & Services | 1.2 |
| Consumer Finance | 1.2 |
| Media | 1.1 |
| Electrical Equipment | 1.1 |
| Chemicals | 1.1 |
| Automobiles | 1.0 |
| Others (each less than 1.0%) | 18.5 |
| Short-Term Investments | 9.1 |

---

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, can be found in financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Funds October 31, 2025

------

**Futures contracts outstanding as of October 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 9511 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| Euro-OAT | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 31660 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 26044 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Japan 10 Year Mini Bond | &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 13320 | &nbsp;&nbsp;&nbsp;&nbsp; (90)<br>|
| Australia 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 5352 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Foreign Exchange EUR / USD | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9532 | &nbsp;&nbsp;&nbsp;&nbsp; (217)<br>|
| Foreign Exchange JPY / USD | &nbsp;&nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 30383 | &nbsp;&nbsp;&nbsp;&nbsp; (1506)<br>|
| Japan 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 20294 | &nbsp;&nbsp;&nbsp;&nbsp; (94)<br>|
| Korea 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 12/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp;&nbsp; 12255 | &nbsp;&nbsp;&nbsp;&nbsp; (226)<br>|
| Canada 5 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 5106 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 71137 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 56260 | &nbsp;&nbsp;&nbsp;&nbsp; 2433 |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 220895 | &nbsp;&nbsp;&nbsp;&nbsp; 7231 |
| S&P E-Mini Communication Services Index | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29969 | &nbsp;&nbsp;&nbsp;&nbsp; (771)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1174 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
| XAK Technology Equity Index | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 33172 | &nbsp;&nbsp;&nbsp;&nbsp; 2993 |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; 12/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 25090 | &nbsp;&nbsp;&nbsp;&nbsp; 812 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 4567 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 499016 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12531 |
| **Short Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; (209)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (28497)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (141)<br>|
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (2379)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>|
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (8655)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>|
| Short-Term Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; (144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (17953)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| Canada 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; (8755)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (208)<br>|
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (33144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (245)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (18721)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (172)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (124)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (25828)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (907)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11624 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| EAFE | Europe, Australasia and Far East |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| KRW | Korean Republic Won |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 29

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

**Forward foreign currency exchange contracts outstanding as of October 31, 2025 (amounts in thousands):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| AUD | &nbsp;&nbsp;&nbsp; 1397 | CHF | &nbsp;&nbsp;&nbsp; 732 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; 2 |
| AUD | &nbsp;&nbsp;&nbsp; 1536 | NZD | &nbsp;&nbsp;&nbsp; 1740 | Citibank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; 8 |
| AUD | &nbsp;&nbsp;&nbsp; 1545 | USD | &nbsp;&nbsp;&nbsp; 998 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; 13 |
| AUD | &nbsp;&nbsp;&nbsp; 4698 | USD | &nbsp;&nbsp;&nbsp; 3054 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; 21 |
| CAD | &nbsp;&nbsp;&nbsp; 333 | CHF | &nbsp;&nbsp;&nbsp; 189 | Citibank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; 2 |
| CAD | &nbsp;&nbsp;&nbsp; 1092 | CHF | &nbsp;&nbsp;&nbsp; 619 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; 8 |
| CAD | &nbsp;&nbsp;&nbsp; 439 | EUR | &nbsp;&nbsp;&nbsp; 272 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| CAD | &nbsp;&nbsp;&nbsp; 1416 | USD | &nbsp;&nbsp;&nbsp; 1010 | Citibank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| ILS | &nbsp;&nbsp;&nbsp; 6470 | USD | &nbsp;&nbsp;&nbsp; 1951 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; 35 |
| JPY | &nbsp;&nbsp;&nbsp; 76702 | EUR | &nbsp;&nbsp;&nbsp; 432 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; 1 |
| NOK | &nbsp;&nbsp;&nbsp; 11661 | USD | &nbsp;&nbsp;&nbsp; 1147 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; 4 |
| NZD | &nbsp;&nbsp;&nbsp; 1779 | EUR | &nbsp;&nbsp;&nbsp; 875 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; 10 |
| NZD | &nbsp;&nbsp;&nbsp; 15574 | USD | &nbsp;&nbsp;&nbsp; 8878 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; 42 |
| SEK | &nbsp;&nbsp;&nbsp; 9602 | EUR | &nbsp;&nbsp;&nbsp; 869 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; 9 |
| SEK | &nbsp;&nbsp;&nbsp; 65545 | USD | &nbsp;&nbsp;&nbsp; 6900 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; 8 |
| THB | &nbsp;&nbsp;&nbsp; 46802 | USD | &nbsp;&nbsp;&nbsp; 1448 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; 2 |
| USD | &nbsp;&nbsp;&nbsp; 1023 | AUD | &nbsp;&nbsp;&nbsp; 1562 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; 1 |
| USD | &nbsp;&nbsp;&nbsp; 1902 | AUD | &nbsp;&nbsp;&nbsp; 2901 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; 3 |
| USD | &nbsp;&nbsp;&nbsp; 3246 | CAD | &nbsp;&nbsp;&nbsp; 4537 | Citibank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; 8 |
| USD | &nbsp;&nbsp;&nbsp; 920 | CAD | &nbsp;&nbsp;&nbsp; 1287 | TD Bank Financial Group | 11/25/2025 | &nbsp;&nbsp;&nbsp; 1 |
| USD | &nbsp;&nbsp;&nbsp; 920 | CHF | &nbsp;&nbsp;&nbsp; 734 | Citibank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; 5 |
| USD | &nbsp;&nbsp;&nbsp; 357 | CHF | &nbsp;&nbsp;&nbsp; 283 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; 4 |
| USD | &nbsp;&nbsp;&nbsp; 2905 | EUR | &nbsp;&nbsp;&nbsp; 2503 | Citibank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; 17 |
| USD | &nbsp;&nbsp;&nbsp; 2887 | EUR | &nbsp;&nbsp;&nbsp; 2481 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; 24 |
| USD | &nbsp;&nbsp;&nbsp; 37424 | EUR | &nbsp;&nbsp;&nbsp; 32114 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; 363 |
| USD | &nbsp;&nbsp;&nbsp; 2618 | EUR | &nbsp;&nbsp;&nbsp; 2253 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; 18 |
| USD | &nbsp;&nbsp;&nbsp; 308 | EUR | &nbsp;&nbsp;&nbsp; 266 | State Street Corp. | 11/25/2025 | &nbsp;&nbsp;&nbsp; 2 |
| USD | &nbsp;&nbsp;&nbsp; 307 | GBP | &nbsp;&nbsp;&nbsp; 228 | Barclays Bank plc | 11/25/2025 | &nbsp;&nbsp;&nbsp; 7 |
| USD | &nbsp;&nbsp;&nbsp; 5446 | GBP | &nbsp;&nbsp;&nbsp; 4085 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; 79 |
| USD | &nbsp;&nbsp;&nbsp; 352 | HUF | &nbsp;&nbsp;&nbsp; 117614 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; 3 |
| USD | &nbsp;&nbsp;&nbsp; 12039 | JPY | &nbsp;&nbsp;&nbsp; 1835321 | Citibank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; 105 |
| USD | &nbsp;&nbsp;&nbsp; 1672 | JPY | &nbsp;&nbsp;&nbsp; 253297 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; 25 |
| USD | &nbsp;&nbsp;&nbsp; 1314 | JPY | &nbsp;&nbsp;&nbsp; 201840 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; 1 |
| USD | &nbsp;&nbsp;&nbsp; 1222 | MXN | &nbsp;&nbsp;&nbsp; 22554 | Merrill Lynch International | 11/25/2025 | &nbsp;&nbsp;&nbsp; 11 |
| USD | &nbsp;&nbsp;&nbsp; 1012 | NZD | &nbsp;&nbsp;&nbsp; 1742 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; 14 |
| USD | &nbsp;&nbsp;&nbsp; 541 | NZD | &nbsp;&nbsp;&nbsp; 938 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; 4 |
| USD | &nbsp;&nbsp;&nbsp; 313 | PLN | &nbsp;&nbsp;&nbsp; 1139 | Merrill Lynch International | 11/25/2025 | &nbsp;&nbsp;&nbsp; 5 |
| USD | &nbsp;&nbsp;&nbsp; 772 | SEK | &nbsp;&nbsp;&nbsp; 7238 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; 9 |
| USD | &nbsp;&nbsp;&nbsp; 2848 | SGD | &nbsp;&nbsp;&nbsp; 3693 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; 6 |
| BRL | &nbsp;&nbsp;&nbsp; 9294 | USD | &nbsp;&nbsp;&nbsp; 1664 | BNP Paribas<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 44 |
| BRL | &nbsp;&nbsp;&nbsp; 19488 | USD | &nbsp;&nbsp;&nbsp; 3578 | Goldman Sachs International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 4 |
| CLP | &nbsp;&nbsp;&nbsp; 246296 | USD | &nbsp;&nbsp;&nbsp; 261 | Barclays Bank plc<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| CLP | &nbsp;&nbsp;&nbsp; 328940 | USD | &nbsp;&nbsp;&nbsp; 342 | BNP Paribas<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 7 |
| CNY | &nbsp;&nbsp;&nbsp; 1856 | USD | &nbsp;&nbsp;&nbsp; 262 | Goldman Sachs International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| CNY | &nbsp;&nbsp;&nbsp; 46633 | USD | &nbsp;&nbsp;&nbsp; 6580 | State Street Corp.<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 5 |
| COP | &nbsp;&nbsp;&nbsp; 3232015 | USD | &nbsp;&nbsp;&nbsp; 815 | Merrill Lynch International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 18 |
| CZK | &nbsp;&nbsp;&nbsp; 9128 | EUR | &nbsp;&nbsp;&nbsp; 374 | Barclays Bank plc | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| CZK | &nbsp;&nbsp;&nbsp; 9121 | EUR | &nbsp;&nbsp;&nbsp; 374 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 124 | GBP | &nbsp;&nbsp;&nbsp; 109 | Barclays Bank plc | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| HUF | &nbsp;&nbsp;&nbsp; 310756 | USD | &nbsp;&nbsp;&nbsp; 913 | State Street Corp. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 7 |
| IDR | &nbsp;&nbsp;&nbsp; 40595652 | USD | &nbsp;&nbsp;&nbsp; 2437 | Merrill Lynch International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 2 |
| IDR | &nbsp;&nbsp;&nbsp; 83941415 | USD | &nbsp;&nbsp;&nbsp; 5042 | Standard Chartered Bank<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Funds October 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **PURCHASED** | **CURRENCY**<br> **PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT**<br> **DATE**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| INR | &nbsp;&nbsp;&nbsp; 265168 | USD | &nbsp;&nbsp;&nbsp; 2976 | Merrill Lynch International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 3 |
| JPY | &nbsp;&nbsp;&nbsp; 22279 | GBP | &nbsp;&nbsp;&nbsp; 110 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| KRW | &nbsp;&nbsp;&nbsp; 325951 | USD | &nbsp;&nbsp;&nbsp; 228 | Barclays Bank plc<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| KRW | &nbsp;&nbsp;&nbsp; 161031 | USD | &nbsp;&nbsp;&nbsp; 113 | Merrill Lynch International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| MYR | &nbsp;&nbsp;&nbsp; 7626 | USD | &nbsp;&nbsp;&nbsp; 1817 | BNP Paribas<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 6 |
| PEN | &nbsp;&nbsp;&nbsp; 602 | USD | &nbsp;&nbsp;&nbsp; 177 | Merrill Lynch International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| RON | &nbsp;&nbsp;&nbsp; 961 | EUR | &nbsp;&nbsp;&nbsp; 188 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| THB | &nbsp;&nbsp;&nbsp; 81267 | USD | &nbsp;&nbsp;&nbsp; 2490 | Citibank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; 33 |
| THB | &nbsp;&nbsp;&nbsp; 179637 | USD | &nbsp;&nbsp;&nbsp; 5511 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; 66 |
| USD | &nbsp;&nbsp;&nbsp; 1564 | BRL | &nbsp;&nbsp;&nbsp; 8493 | Barclays Bank plc<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 3 |
| USD | &nbsp;&nbsp;&nbsp; 145 | CLP | &nbsp;&nbsp;&nbsp; 136064 | Goldman Sachs International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 6430 | CZK | &nbsp;&nbsp;&nbsp; 134034 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; 74 |
| USD | &nbsp;&nbsp;&nbsp; 550 | GBP | &nbsp;&nbsp;&nbsp; 414 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; 8 |
| USD | &nbsp;&nbsp;&nbsp; 2345 | HUF | &nbsp;&nbsp;&nbsp; 784030 | Morgan Stanley | 12/22/2025 | &nbsp;&nbsp;&nbsp; 22 |
| USD | &nbsp;&nbsp;&nbsp; 6251 | IDR | &nbsp;&nbsp;&nbsp; 103894829 | Barclays Bank plc<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 9 |
| USD | &nbsp;&nbsp;&nbsp; 3143 | IDR | &nbsp;&nbsp;&nbsp; 52265285 | Standard Chartered Bank<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 3 |
| USD | &nbsp;&nbsp;&nbsp; 3027 | INR | &nbsp;&nbsp;&nbsp; 266853 | Standard Chartered Bank<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 29 |
| USD | &nbsp;&nbsp;&nbsp; 7154 | INR | &nbsp;&nbsp;&nbsp; 632988 | State Street Corp.<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 43 |
| USD | &nbsp;&nbsp;&nbsp; 84 | MXN | &nbsp;&nbsp;&nbsp; 1557 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| USD | &nbsp;&nbsp;&nbsp; 8678 | MXN | &nbsp;&nbsp;&nbsp; 161062 | Morgan Stanley | 12/22/2025 | &nbsp;&nbsp;&nbsp; 53 |
| USD | &nbsp;&nbsp;&nbsp; 289 | PHP | &nbsp;&nbsp;&nbsp; 16864 | Merrill Lynch International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; 2 |
| USD | &nbsp;&nbsp;&nbsp; 2461 | PLN | &nbsp;&nbsp;&nbsp; 9020 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; 20 |
| USD | &nbsp;&nbsp;&nbsp; 4338 | PLN | &nbsp;&nbsp;&nbsp; 15769 | Morgan Stanley | 12/22/2025 | &nbsp;&nbsp;&nbsp; 70 |
| USD | &nbsp;&nbsp;&nbsp; 55 | RON | &nbsp;&nbsp;&nbsp; 238 | Goldman Sachs International | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| USD | &nbsp;&nbsp;&nbsp; 88 | SGD | &nbsp;&nbsp;&nbsp; 113 | Goldman Sachs International | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 246 | SGD | &nbsp;&nbsp;&nbsp; 318 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| USD | &nbsp;&nbsp;&nbsp; 72 | SGD | &nbsp;&nbsp;&nbsp; 94 | State Street Corp. | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 4250 | ZAR | &nbsp;&nbsp;&nbsp; 73567 | Goldman Sachs International | 12/22/2025 | &nbsp;&nbsp;&nbsp; 21 |
| ZAR | &nbsp;&nbsp;&nbsp; 22594 | USD | &nbsp;&nbsp;&nbsp; 1291 | State Street Corp. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 8 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp; 1448 |
| AUD | &nbsp;&nbsp;&nbsp; 1391 | USD | &nbsp;&nbsp;&nbsp; 911 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| CAD | &nbsp;&nbsp;&nbsp; 6084 | USD | &nbsp;&nbsp;&nbsp; 4353 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; (10)<br>|
| CHF | &nbsp;&nbsp;&nbsp; 5207 | USD | &nbsp;&nbsp;&nbsp; 6505 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; (19)<br>|
| CZK | &nbsp;&nbsp;&nbsp; 37993 | USD | &nbsp;&nbsp;&nbsp; 1805 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; (5)<br>|
| DKK | &nbsp;&nbsp;&nbsp; 16273 | USD | &nbsp;&nbsp;&nbsp; 2525 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; (10)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 871 | CAD | &nbsp;&nbsp;&nbsp; 1416 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; (6)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 867 | CAD | &nbsp;&nbsp;&nbsp; 1409 | Citibank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; (5)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 875 | NZD | &nbsp;&nbsp;&nbsp; 1769 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 27403 | USD | &nbsp;&nbsp;&nbsp; 31994 | Barclays Bank plc | 11/25/2025 | &nbsp;&nbsp;&nbsp; (370)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 20404 | USD | &nbsp;&nbsp;&nbsp; 23634 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; (86)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 256 | USD | &nbsp;&nbsp;&nbsp; 299 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; (3)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 1169 | USD | &nbsp;&nbsp;&nbsp; 1354 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; (6)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 1252 | USD | &nbsp;&nbsp;&nbsp; 1459 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; (14)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 764 | EUR | &nbsp;&nbsp;&nbsp; 876 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; (7)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 7345 | USD | &nbsp;&nbsp;&nbsp; 9782 | Barclays Bank plc | 11/25/2025 | &nbsp;&nbsp;&nbsp; (132)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 753 | USD | &nbsp;&nbsp;&nbsp; 1010 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; (21)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 5040 | USD | &nbsp;&nbsp;&nbsp; 6695 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; (74)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 6906 | USD | &nbsp;&nbsp;&nbsp; 9087 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; (15)<br>|
| HUF | &nbsp;&nbsp;&nbsp; 340689 | USD | &nbsp;&nbsp;&nbsp; 1021 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; (10)<br>|
| HUF | &nbsp;&nbsp;&nbsp; 194696 | USD | &nbsp;&nbsp;&nbsp; 578 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 152994 | CAD | &nbsp;&nbsp;&nbsp; 1406 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; (9)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 10945783 | USD | &nbsp;&nbsp;&nbsp; 72329 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; (1152)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 1175969 | USD | &nbsp;&nbsp;&nbsp; 7756 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; (108)<br>|
| MXN | &nbsp;&nbsp;&nbsp; 33222 | USD | &nbsp;&nbsp;&nbsp; 1798 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; (14)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 31

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **PURCHASED** | **CURRENCY**<br> **PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT**<br> **DATE**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| NZD | &nbsp;&nbsp;&nbsp; 1591 | USD | &nbsp;&nbsp;&nbsp; 921 | Citibank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; (10)<br>|
| PLN | &nbsp;&nbsp;&nbsp; 13794 | USD | &nbsp;&nbsp;&nbsp; 3735 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| RON | &nbsp;&nbsp;&nbsp; 5877 | USD | &nbsp;&nbsp;&nbsp; 1331 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| SGD | &nbsp;&nbsp;&nbsp; 342 | USD | &nbsp;&nbsp;&nbsp; 263 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1166 | AUD | &nbsp;&nbsp;&nbsp; 1806 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; (15)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1018 | AUD | &nbsp;&nbsp;&nbsp; 1569 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; (9)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1016 | CAD | &nbsp;&nbsp;&nbsp; 1427 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp; 4012 | CAD | &nbsp;&nbsp;&nbsp; 5632 | HSBC Bank, NA | 11/25/2025 | &nbsp;&nbsp;&nbsp; (8)<br>|
| USD | &nbsp;&nbsp;&nbsp; 7689 | HUF | &nbsp;&nbsp;&nbsp; 2618190 | BNP Paribas | 11/25/2025 | &nbsp;&nbsp;&nbsp; (82)<br>|
| USD | &nbsp;&nbsp;&nbsp; 2357 | JPY | &nbsp;&nbsp;&nbsp; 362651 | Morgan Stanley | 11/25/2025 | &nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp; 10313 | MXN | &nbsp;&nbsp;&nbsp; 192656 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; (34)<br>|
| USD | &nbsp;&nbsp;&nbsp; 297 | THB | &nbsp;&nbsp;&nbsp; 9701 | Barclays Bank plc | 11/25/2025 | &nbsp;&nbsp;&nbsp; (3)<br>|
| USD | &nbsp;&nbsp;&nbsp; 2925 | THB | &nbsp;&nbsp;&nbsp; 95645 | Goldman Sachs International | 11/25/2025 | &nbsp;&nbsp;&nbsp; (38)<br>|
| CLP | &nbsp;&nbsp;&nbsp; 204380 | USD | &nbsp;&nbsp;&nbsp; 217 | Barclays Bank plc\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| CLP | &nbsp;&nbsp;&nbsp; 912770 | USD | &nbsp;&nbsp;&nbsp; 971 | Goldman Sachs International\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (2)<br>|
| COP | &nbsp;&nbsp;&nbsp; 6366436 | USD | &nbsp;&nbsp;&nbsp; 1646 | Goldman Sachs International\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (6)<br>|
| CZK | &nbsp;&nbsp;&nbsp; 89330 | USD | &nbsp;&nbsp;&nbsp; 4277 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; (41)<br>|
| CZK | &nbsp;&nbsp;&nbsp; 43573 | USD | &nbsp;&nbsp;&nbsp; 2080 | Morgan Stanley | 12/22/2025 | &nbsp;&nbsp;&nbsp; (13)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 250 | SGD | &nbsp;&nbsp;&nbsp; 377 | State Street Corp. | 12/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| HUF | &nbsp;&nbsp;&nbsp; 604784 | USD | &nbsp;&nbsp;&nbsp; 1804 | Morgan Stanley | 12/22/2025 | &nbsp;&nbsp;&nbsp; (12)<br>|
| IDR | &nbsp;&nbsp;&nbsp; 1450258 | USD | &nbsp;&nbsp;&nbsp; 87 | BNP Paribas\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| INR | &nbsp;&nbsp;&nbsp; 6420 | USD | &nbsp;&nbsp;&nbsp; 73 | Goldman Sachs International\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| INR | &nbsp;&nbsp;&nbsp; 7729 | USD | &nbsp;&nbsp;&nbsp; 87 | Merrill Lynch International\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| INR | &nbsp;&nbsp;&nbsp; 583609 | USD | &nbsp;&nbsp;&nbsp; 6595 | Standard Chartered Bank<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; (38)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 10891 | GBP | &nbsp;&nbsp;&nbsp; 54 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| MXN | &nbsp;&nbsp;&nbsp; 36971 | USD | &nbsp;&nbsp;&nbsp; 1981 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp; (2)<br>|
| MXN | &nbsp;&nbsp;&nbsp; 77831 | USD | &nbsp;&nbsp;&nbsp; 4205 | Goldman Sachs International | 12/22/2025 | &nbsp;&nbsp;&nbsp; (37)<br>|
| MXN | &nbsp;&nbsp;&nbsp; 2148 | USD | &nbsp;&nbsp;&nbsp; 116 | Morgan Stanley | 12/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| PHP | &nbsp;&nbsp;&nbsp; 5068 | USD | &nbsp;&nbsp;&nbsp; 87 | Standard Chartered Bank\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| PLN | &nbsp;&nbsp;&nbsp; 10927 | USD | &nbsp;&nbsp;&nbsp; 2968 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; (11)<br>|
| PLN | &nbsp;&nbsp;&nbsp; 20892 | USD | &nbsp;&nbsp;&nbsp; 5739 | Morgan Stanley | 12/22/2025 | &nbsp;&nbsp;&nbsp; (84)<br>|
| RON | &nbsp;&nbsp;&nbsp; 1900 | EUR | &nbsp;&nbsp;&nbsp; 372 | Barclays Bank plc | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| RON | &nbsp;&nbsp;&nbsp; 1900 | EUR | &nbsp;&nbsp;&nbsp; 372 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1400 | BRL | &nbsp;&nbsp;&nbsp; 7633 | Citibank, NA\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (3)<br>|
| USD | &nbsp;&nbsp;&nbsp; 159 | BRL | &nbsp;&nbsp;&nbsp; 867 | Goldman Sachs International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1460 | BRL | &nbsp;&nbsp;&nbsp; 8078 | Standard Chartered Bank\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (24)<br>|
| USD | &nbsp;&nbsp;&nbsp; 3649 | CNY | &nbsp;&nbsp;&nbsp; 25840 | HSBC Bank, NA\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 49 | CNY | &nbsp;&nbsp;&nbsp; 351 | Morgan Stanley\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 2245 | COP | &nbsp;&nbsp;&nbsp; 8795502 | Citibank, NA\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (21)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1846 | COP | &nbsp;&nbsp;&nbsp; 7219073 | Goldman Sachs International<sup>\*\*</sup> <br>| 12/22/2025 | &nbsp;&nbsp;&nbsp; (14)<br>|
| USD | &nbsp;&nbsp;&nbsp; 824 | HUF | &nbsp;&nbsp;&nbsp; 278240 | Morgan Stanley | 12/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp; 88 | MYR | &nbsp;&nbsp;&nbsp; 372 | BNP Paribas\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp; 475 | PEN | &nbsp;&nbsp;&nbsp; 1614 | Goldman Sachs International\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (4)<br>|
| USD | &nbsp;&nbsp;&nbsp; 290 | PEN | &nbsp;&nbsp;&nbsp; 994 | Standard Chartered Bank\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (5)<br>|
| USD | &nbsp;&nbsp;&nbsp; 405 | PHP | &nbsp;&nbsp;&nbsp; 23877 | Barclays Bank plc\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp; 2635 | THB | &nbsp;&nbsp;&nbsp; 85539 | Barclays Bank plc | 12/22/2025 | &nbsp;&nbsp;&nbsp; (21)<br>|
| USD | &nbsp;&nbsp;&nbsp; 2390 | THB | &nbsp;&nbsp;&nbsp; 77454 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; (15)<br>|
| USD | &nbsp;&nbsp;&nbsp; 67 | ZAR | &nbsp;&nbsp;&nbsp; 1177 | Goldman Sachs International | 12/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1756 | ZAR | &nbsp;&nbsp;&nbsp; 30582 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; (2)<br>|
| ZAR | &nbsp;&nbsp;&nbsp; 1258 | USD | &nbsp;&nbsp;&nbsp; 72 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| ZAR | &nbsp;&nbsp;&nbsp; 54122 | USD | &nbsp;&nbsp;&nbsp; 3127 | Morgan Stanley | 12/22/2025 | &nbsp;&nbsp;&nbsp; (16)<br>|
| RON | &nbsp;&nbsp;&nbsp; 1904 | EUR | &nbsp;&nbsp;&nbsp; 369 | BNP Paribas | 3/24/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| RON | &nbsp;&nbsp;&nbsp; 951 | EUR | &nbsp;&nbsp;&nbsp; 184 | HSBC Bank, NA | 3/24/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp; (2665)<br>|
| Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | &nbsp;&nbsp;&nbsp; (1217)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chile Peso |
| CNY | China Yuan |
| COP | Columbian Peso |
| CZK | Czech Republic Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | Korean Republic Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippines Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

\*\* Non-deliverable forward.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 33

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 32.4%** | **Corporate Bonds — 32.4%** | **Corporate Bonds — 32.4%** |
| **Angola — 0.0% ^** | **Angola — 0.0% ^** | **Angola — 0.0% ^** |
| Azule Energy Finance plc 8.13%, <br> 1/23/2030 (a)<br>| &nbsp;&nbsp; 700 | &nbsp;&nbsp; 704 |
| **Argentina — 0.0% ^** | **Argentina — 0.0% ^** | **Argentina — 0.0% ^** |
| Pampa Energia SA 7.95%, 9/10/2031 (b) | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 395 |
| Transportadora de Gas del Sur SA 8.50%, <br> 7/24/2031 (b)<br>| &nbsp;&nbsp; 365 | &nbsp;&nbsp; 380 |
| YPF Energia Electrica SA 7.88%, <br> 10/16/2032 (a) (c)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 395 |
| YPF SA |  |  |
| 8.50%, 6/27/2029 (b) | &nbsp;&nbsp; 913 | &nbsp;&nbsp; 928 |
| 8.25%, 1/17/2034 (a) (c) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1007 |
|  |  | &nbsp;&nbsp; 3105 |
| **Australia — 0.0% ^** | **Australia — 0.0% ^** | **Australia — 0.0% ^** |
| Australia & New Zealand Banking Group Ltd. <br> (SOFR + 0.56%), 4.85%, 3/18/2026 (a) <br> (d)<br>| &nbsp;&nbsp; 262 | &nbsp;&nbsp; 262 |
| Glencore Funding LLC |  |  |
| 2.50%, 9/1/2030 (a) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 37 |
| 2.63%, 9/23/2031 (a) | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 758 |
|  |  | &nbsp;&nbsp; 1057 |
| **Austria — 0.0% ^** | **Austria — 0.0% ^** | **Austria — 0.0% ^** |
| ams-OSRAM AG 12.25%, 3/30/2029 (a) | &nbsp;&nbsp; 3316 | &nbsp;&nbsp; 3568 |
| **Bahrain — 0.0% ^** | **Bahrain — 0.0% ^** | **Bahrain — 0.0% ^** |
| Bapco Energies BSC Closed 7.50%, <br> 10/25/2027 (b)<br>| &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1197 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Braskem Netherlands Finance BV |  |  |
| 7.25%, 2/13/2033 (a) (c) | &nbsp;&nbsp; 1287 | &nbsp;&nbsp; 526 |
| 8.00%, 10/15/2034 (a) (c) | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 401 |
| Caixa Economica Federal 5.63%, <br> 5/13/2030 (a)<br>| &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1589 |
| Centrais Eletricas Brasileiras SA 6.50%, <br> 1/11/2035 (a)<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 931 |
| CSN Resources SA 4.63%, 6/10/2031 (a) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 705 |
| FS Luxembourg Sarl |  |  |
| 8.88%, 2/12/2031 (a) | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 432 |
| 8.88%, 2/12/2031 (b) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 728 |
| 8.63%, 6/25/2033 (a) | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1778 |
| LD Celulose International GmbH 7.95%, <br> 1/26/2032 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1053 |
| Minerva Luxembourg SA 8.88%, <br> 9/13/2033 (a)<br>| &nbsp;&nbsp; 1778 | &nbsp;&nbsp; 1945 |
| MV24 Capital BV 6.75%, 6/1/2034 (a) | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 495 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Brazil — continued** | **Brazil — continued** | **Brazil — continued** |
| Petrobras Global Finance BV 6.85%, <br> 6/5/2115<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 289 |
| Raizen Fuels Finance SA 6.45%, 3/5/2034 (b) | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2205 |
| Vale Overseas Ltd. 3.75%, 7/8/2030 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| Yinson Bergenia Production BV 8.50%, <br> 1/31/2045 (a)<br>| &nbsp;&nbsp; 1356 | &nbsp;&nbsp; 1429 |
| Yinson Boronia Production BV 8.95%, <br> 7/31/2042 (a)<br>| &nbsp;&nbsp; 1411 | &nbsp;&nbsp; 1539 |
|  |  | &nbsp;&nbsp; 16057 |
| **Canada — 1.6%** | **Canada — 1.6%** | **Canada — 1.6%** |
| 1011778 BC ULC |  |  |
| 3.88%, 1/15/2028 (a) | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 1885 |
| 3.50%, 2/15/2029 (a) | &nbsp;&nbsp; 891 | &nbsp;&nbsp; 859 |
| 4.00%, 10/15/2030 (a) | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2600 |
| ATS Corp. 4.13%, 12/15/2028 (a) | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1111 |
| Bank of Montreal |  |  |
| Series f2f, (SOFR + 0.88%), 4.57%, <br> 9/10/2027 (d)<br>| &nbsp;&nbsp; 350 | &nbsp;&nbsp; 351 |
| 5.72%, 9/25/2028 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 24 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.01%), <br> 7.30%, 11/26/2084 (d) (e)<br>| &nbsp;&nbsp; 4575 | &nbsp;&nbsp; 4869 |
| Bank of Nova Scotia (The) |  |  |
| 5.65%, 2/1/2034 | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 943 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.39%), <br> 8.63%, 10/27/2082 (d) (e)<br>| &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 4495 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.73%), <br> 6.88%, 10/27/2085 (d) (e)<br>| &nbsp;&nbsp; 1425 | &nbsp;&nbsp; 1438 |
| Baytex Energy Corp. |  |  |
| 8.50%, 4/30/2030 (a) | &nbsp;&nbsp; 4755 | &nbsp;&nbsp; 4875 |
| 7.38%, 3/15/2032 (a) | &nbsp;&nbsp; 1407 | &nbsp;&nbsp; 1385 |
| Bombardier, Inc. |  |  |
| 7.88%, 4/15/2027 (a) | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 373 |
| 7.50%, 2/1/2029 (a) | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 271 |
| 8.75%, 11/15/2030 (a) | &nbsp;&nbsp; 1497 | &nbsp;&nbsp; 1614 |
| 7.25%, 7/1/2031 (a) | &nbsp;&nbsp; 4448 | &nbsp;&nbsp; 4721 |
| 7.00%, 6/1/2032 (a) | &nbsp;&nbsp; 1579 | &nbsp;&nbsp; 1658 |
| 6.75%, 6/15/2033 (a) | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 1161 |
| Canadian Imperial Bank of Commerce |  |  |
| (SOFRINDX + 0.60%), 4.24%, <br> 9/8/2028 (d)<br>| &nbsp;&nbsp; 247 | &nbsp;&nbsp; 247 |
| 5.26%, 4/8/2029 | &nbsp;&nbsp; 1257 | &nbsp;&nbsp; 1300 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| Element Fleet Management Corp. 5.64%, <br> 3/13/2027 (a)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 255 |
| Emera US Finance LP 2.64%, 6/15/2031 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 14 |
| Emera, Inc. Series 16-A, (3-MONTH SOFR + <br> 5.44%), 6.75%, 6/15/2076 (d)<br>| &nbsp;&nbsp; 7618 | &nbsp;&nbsp; 7654 |
| Enbridge, Inc. |  |  |
| Series 16-A, (3-MONTH CME TERM SOFR + <br> 4.15%), 6.00%, 1/15/2077 (d)<br>| &nbsp;&nbsp; 1924 | &nbsp;&nbsp; 1930 |
| Series 20-A, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.31%), <br> 5.75%, 7/15/2080 (d)<br>| &nbsp;&nbsp; 10157 | &nbsp;&nbsp; 10226 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.42%), <br> 7.63%, 1/15/2083 (d)<br>| &nbsp;&nbsp; 4061 | &nbsp;&nbsp; 4400 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.43%), <br> 8.50%, 1/15/2084 (d)<br>| &nbsp;&nbsp; 575 | &nbsp;&nbsp; 661 |
| Federation des Caisses Desjardins du Quebec |  |  |
| 5.70%, 3/14/2028 (a) | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 276 |
| 5.25%, 4/26/2029 (a) | &nbsp;&nbsp; 1252 | &nbsp;&nbsp; 1296 |
| Garda World Security Corp. |  |  |
| 4.63%, 2/15/2027 (a) | &nbsp;&nbsp; 2850 | &nbsp;&nbsp; 2828 |
| 7.75%, 2/15/2028 (a) | &nbsp;&nbsp; 1547 | &nbsp;&nbsp; 1583 |
| 8.38%, 11/15/2032 (a) | &nbsp;&nbsp; 1332 | &nbsp;&nbsp; 1355 |
| MEG Energy Corp. 5.88%, 2/1/2029 (a) | &nbsp;&nbsp; 816 | &nbsp;&nbsp; 817 |
| National Bank of Canada (SOFR + 0.80%), <br> 4.95%, 2/1/2028 (d)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 253 |
| Northriver Midstream Finance LP 6.75%, <br> 7/15/2032 (a)<br>| &nbsp;&nbsp; 1242 | &nbsp;&nbsp; 1266 |
| NOVA Chemicals Corp. |  |  |
| 5.25%, 6/1/2027 (a) | &nbsp;&nbsp; 5351 | &nbsp;&nbsp; 5363 |
| 8.50%, 11/15/2028 (a) | &nbsp;&nbsp; 2819 | &nbsp;&nbsp; 2955 |
| 9.00%, 2/15/2030 (a) | &nbsp;&nbsp; 5814 | &nbsp;&nbsp; 6217 |
| Precision Drilling Corp. 6.88%, 1/15/2029 (a) | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 169 |
| RB Global Holdings, Inc. |  |  |
| 6.75%, 3/15/2028 (a) | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 776 |
| 7.75%, 3/15/2031 (a) | &nbsp;&nbsp; 1476 | &nbsp;&nbsp; 1540 |
| Rogers Communications, Inc. |  |  |
| 3.80%, 3/15/2032 | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 744 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.59%), <br> 5.25%, 3/15/2082 (a) (d)<br>| &nbsp;&nbsp; 4421 | &nbsp;&nbsp; 4392 |
| Royal Bank of Canada |  |  |
| 5.20%, 7/20/2026 | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 179 |
| (SOFRINDX + 0.46%), 4.77%, <br> 8/3/2026 (d)<br>| &nbsp;&nbsp; 457 | &nbsp;&nbsp; 458 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| (SOFRINDX + 1.08%), 4.65%, <br> 10/18/2030 (d)<br>| &nbsp;&nbsp; 970 | &nbsp;&nbsp; 982 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.89%), <br> 7.50%, 5/2/2084 (d) (e)<br>| &nbsp;&nbsp; 5406 | &nbsp;&nbsp; 5742 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.82%), <br> 6.75%, 8/24/2085 (d) (e)<br>| &nbsp;&nbsp; 2670 | &nbsp;&nbsp; 2775 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.46%), <br> 6.50%, 11/24/2085 (d) (e)<br>| &nbsp;&nbsp; 2895 | &nbsp;&nbsp; 2890 |
| Superior Plus LP 4.50%, 3/15/2029 (a) | &nbsp;&nbsp; 1621 | &nbsp;&nbsp; 1572 |
| Toronto-Dominion Bank (The) |  |  |
| 1.20%, 6/3/2026 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 257 |
| 4.99%, 4/5/2029 | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 876 |
| 4.46%, 6/8/2032 | &nbsp;&nbsp; 1093 | &nbsp;&nbsp; 1093 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.08%), <br> 8.13%, 10/31/2082 (d) (e)<br>| &nbsp;&nbsp; 5676 | &nbsp;&nbsp; 5995 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.72%), <br> 6.35%, 10/31/2085 (d)<br>| &nbsp;&nbsp; 7189 | &nbsp;&nbsp; 7272 |
| Transcanada Trust |  |  |
| Series 16-A, (3-MONTH SOFR + 4.64%), <br> 5.88%, 8/15/2076 (d)<br>| &nbsp;&nbsp; 2598 | &nbsp;&nbsp; 2598 |
| (SOFR + 4.42%), 5.50%, 9/15/2079 (d) | &nbsp;&nbsp; 7546 | &nbsp;&nbsp; 7514 |
| Wrangler Holdco Corp. 6.63%, 4/1/2032 (a) | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 1131 |
|  |  | &nbsp;&nbsp; 134484 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Ecopetrol SA |  |  |
| 8.63%, 1/19/2029 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 647 |
| 7.75%, 2/1/2032 | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1371 |
| 8.38%, 1/19/2036 | &nbsp;&nbsp; 1469 | &nbsp;&nbsp; 1520 |
| 7.38%, 9/18/2043 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 381 |
| 5.88%, 5/28/2045 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 268 |
| EnfraGen Energia Sur SA 5.38%, <br> 12/30/2030 (b)<br>| &nbsp;&nbsp; 950 | &nbsp;&nbsp; 879 |
| Grupo Nutresa SA |  |  |
| 9.00%, 5/12/2035 (a) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 1022 |
| 9.00%, 5/12/2035 (b) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1135 |
|  |  | &nbsp;&nbsp; 7223 |
| **Denmark — 0.0% ^** | **Denmark — 0.0% ^** | **Denmark — 0.0% ^** |
| Danske Bank A/S (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + <br> 1.40%), 5.71%, 3/1/2030 (a) (d)<br>| &nbsp;&nbsp; 274 | &nbsp;&nbsp; 285 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 35

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **El Salvador — 0.0% ^** | **El Salvador — 0.0% ^** | **El Salvador — 0.0% ^** |
| Comision Ejecutiva Hidroelectrica del Rio <br> Lempa 8.65%, 1/24/2033 (a) (c)<br>| &nbsp;&nbsp; 288 | &nbsp;&nbsp; 305 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| Amer Sports Co. 6.75%, 2/16/2031 (a) | &nbsp;&nbsp; 4350 | &nbsp;&nbsp; 4525 |
| Nordea Bank Abp |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.11%), <br> 6.63%, 3/26/2026 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 4887 | &nbsp;&nbsp; 4918 |
| 1.50%, 9/30/2026 (a) | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 565 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.66%), <br> 6.30%, 9/25/2031 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1303 |
|  |  | &nbsp;&nbsp; 11311 |
| **France — 0.7%** | **France — 0.7%** | **France — 0.7%** |
| Altice France SA |  |  |
| 9.50%, 11/1/2029 (a) (c) | &nbsp;&nbsp; 2325 | &nbsp;&nbsp; 2369 |
| 6.88%, 10/15/2030 (a) | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 279 |
| 6.50%, 3/15/2032 (a) (c) | &nbsp;&nbsp; 2926 | &nbsp;&nbsp; 2802 |
| 6.88%, 7/15/2032 (a) | &nbsp;&nbsp; 2258 | &nbsp;&nbsp; 2168 |
| Zero Coupon, ‡ (a) (f) (g) | &nbsp;&nbsp; EUR4 | &nbsp;&nbsp; — |
| BNP Paribas SA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.97%), <br> 9.25%, 11/17/2027 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 4121 | &nbsp;&nbsp; 4385 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.90%), <br> 7.75%, 8/16/2029 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 11268 | &nbsp;&nbsp; 11875 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (a) <br> (d)<br>| &nbsp;&nbsp; 880 | &nbsp;&nbsp; 910 |
| BPCE SA (SOFR + 1.98%), 6.61%, <br> 10/19/2027 (a) (d)<br>| &nbsp;&nbsp; 518 | &nbsp;&nbsp; 529 |
| Credit Agricole SA |  |  |
| 4.13%, 1/10/2027 (a) | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 481 |
| 5.13%, 3/11/2027 (a) | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 483 |
| 5.30%, 7/12/2028 (a) | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 367 |
| (USD SOFR Spread-Adjusted ICE Swap Rate 5 <br> Year + 3.60%), 6.70%, 9/23/2034 (a) <br> (d) (e) (f) (g)<br>| &nbsp;&nbsp; 9970 | &nbsp;&nbsp; 10092 |
| (SOFR + 1.74%), 5.86%, 1/9/2036 (a) (d) | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 652 |
| Forvia SE 6.75%, 9/15/2033 (a) | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 777 |
| Societe Generale SA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 2.30%), <br> 6.45%, 1/12/2027 (a) (d)<br>| &nbsp;&nbsp; 604 | &nbsp;&nbsp; 606 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **France — continued** | **France — continued** | **France — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.39%), <br> 9.38%, 11/22/2027 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 5786 | &nbsp;&nbsp; 6199 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.30%), <br> 2.80%, 1/19/2028 (a) (d)<br>| &nbsp;&nbsp; 1091 | &nbsp;&nbsp; 1070 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.50%), <br> 5.52%, 1/19/2028 (a) (d)<br>| &nbsp;&nbsp; 897 | &nbsp;&nbsp; 908 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.79%), <br> 8.13%, 11/21/2029 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 3320 | &nbsp;&nbsp; 3472 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.51%), <br> 5.38%, 11/18/2030 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 5432 | &nbsp;&nbsp; 5144 |
|  |  | &nbsp;&nbsp; 55568 |
| **Georgia — 0.0% ^** | **Georgia — 0.0% ^** | **Georgia — 0.0% ^** |
| Georgian Railway JSC 4.00%, 6/17/2028 (b) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 654 |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Allianz SE (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.77%), <br> 5.60%, 9/3/2054 (a) (d)<br>| &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2268 |
| BMW US Capital LLC |  |  |
| (SOFRINDX + 0.55%), 4.83%, <br> 4/2/2026 (a) (d)<br>| &nbsp;&nbsp; 240 | &nbsp;&nbsp; 240 |
| 4.60%, 8/13/2027 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
| Commerzbank AG (USD SOFR Spread-Adjusted <br> ICE Swap Rate 5 Year + 4.32%), 7.50%, <br> 10/9/2030 (b) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1469 |
| Deutsche Bank AG, (SOFR + 1.87%), 2.13%, <br> 11/24/2026 (d)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1248 |
| Deutsche Telekom International Finance BV <br> 8.75%, 6/15/2030 (h)<br>| &nbsp;&nbsp; 878 | &nbsp;&nbsp; 1033 |
| IHO Verwaltungs GmbH |  |  |
| 7.75% (Cash), 11/15/2030 (a) (i) | &nbsp;&nbsp; 1816 | &nbsp;&nbsp; 1882 |
| 8.00% (Cash), 11/15/2032 (a) (i) | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 753 |
| Mercedes-Benz Finance North America LLC <br> 4.90%, 11/15/2027 (a)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 254 |
| Volkswagen Group of America Finance LLC <br> (SOFR + 0.83%), 5.12%, 3/20/2026 (a) <br> (d)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  |  | &nbsp;&nbsp; 9599 |
| **Ireland — 0.0% ^** | **Ireland — 0.0% ^** | **Ireland — 0.0% ^** |
| AerCap Ireland Capital DAC |  |  |
| 6.45%, 4/15/2027 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 514 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ireland — continued** | **Ireland — continued** | **Ireland — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.72%), <br> 6.95%, 3/10/2055 (d)<br>| &nbsp;&nbsp; 1247 | &nbsp;&nbsp; 1311 |
| EndoDesign 0.00%, 10/15/2024 ‡ (j) | &nbsp;&nbsp; 925 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 1825 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Fibercop SpA |  |  |
| Series 2033, 6.38%, 11/15/2033 (a) | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 845 |
| 6.00%, 9/30/2034 (a) | &nbsp;&nbsp; 4028 | &nbsp;&nbsp; 3794 |
| 7.72%, 6/4/2038 (a) | &nbsp;&nbsp; 488 | &nbsp;&nbsp; 494 |
| Intesa Sanpaolo SpA 7.00%, 11/21/2025 (a) | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 323 |
| Telecom Italia Capital SA |  |  |
| 6.38%, 11/15/2033 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 152 |
| 6.00%, 9/30/2034 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 279 |
|  |  | &nbsp;&nbsp; 5887 |
| **Jamaica — 0.0% ^** | **Jamaica — 0.0% ^** | **Jamaica — 0.0% ^** |
| Digicel International Finance Ltd. 8.63%, <br> 8/1/2032 (a)<br>| &nbsp;&nbsp; 1349 | &nbsp;&nbsp; 1346 |
| Kingston Airport Revenue Finance Ltd. 6.75%, <br> 12/15/2036 (a)<br>| &nbsp;&nbsp; 1299 | &nbsp;&nbsp; 1318 |
|  |  | &nbsp;&nbsp; 2664 |
| **Japan — 0.1%** | **Japan — 0.1%** | **Japan — 0.1%** |
| Kioxia Holdings Corp. 6.25%, 7/24/2030 (a) | &nbsp;&nbsp; 3822 | &nbsp;&nbsp; 3946 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.75%), <br> 1.54%, 7/20/2027 (d)<br>| &nbsp;&nbsp; 264 | &nbsp;&nbsp; 259 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.67%), <br> 1.64%, 10/13/2027 (d)<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; 647 |
| Mizuho Financial Group, Inc. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.67%), <br> 1.23%, 5/22/2027 (d)<br>| &nbsp;&nbsp; 268 | &nbsp;&nbsp; 263 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.08%), <br> 5.38%, 7/10/2030 (d)<br>| &nbsp;&nbsp; 267 | &nbsp;&nbsp; 277 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.30%), <br> 5.59%, 7/10/2035 (d)<br>| &nbsp;&nbsp; 420 | &nbsp;&nbsp; 442 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.32%, 7/9/2029 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 391 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.28%), <br> 6.60%, 6/5/2034 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 2696 | &nbsp;&nbsp; 2807 |
|  |  | &nbsp;&nbsp; 9032 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| Altice Financing SA 5.75%, 8/15/2029 (a) | &nbsp;&nbsp; 4343 | &nbsp;&nbsp; 3160 |
| Altice France Lux 3 10.00%, 1/15/2033 (a) | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 764 |
| GCB Endo 0.00%, 4/1/2029 ‡ | &nbsp;&nbsp; 2045 | &nbsp;&nbsp; — |
| INEOS Finance plc |  |  |
| 6.75%, 5/15/2028 (a) | &nbsp;&nbsp; 1877 | &nbsp;&nbsp; 1770 |
| 7.50%, 4/15/2029 (a) (c) | &nbsp;&nbsp; 1780 | &nbsp;&nbsp; 1657 |
|  |  | &nbsp;&nbsp; 7351 |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |
| Cemex SAB de CV (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 3.52%), 7.20%, 6/10/2030 (a) (d) (f) (g)<br>| &nbsp;&nbsp; 523 | &nbsp;&nbsp; 544 |
| FIEMEX Energia - Banco Actinver SA Institucion <br> de Banca Multiple 7.25%, 1/31/2041 (a)<br>| &nbsp;&nbsp; 683 | &nbsp;&nbsp; 722 |
| Petroleos Mexicanos |  |  |
| 5.95%, 1/28/2031 | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1429 |
| 6.70%, 2/16/2032 | &nbsp;&nbsp; 6320 | &nbsp;&nbsp; 6314 |
| 10.00%, 2/7/2033 (c) | &nbsp;&nbsp; 4025 | &nbsp;&nbsp; 4711 |
| 10.00%, 2/7/2033 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 702 |
| 6.38%, 1/23/2045 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 730 |
| 5.63%, 1/23/2046 (c) | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 569 |
| 6.75%, 9/21/2047 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 703 |
| 6.35%, 2/12/2048 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 400 |
| 7.69%, 1/23/2050 | &nbsp;&nbsp; 13222 | &nbsp;&nbsp; 11993 |
| 6.95%, 1/28/2060 | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2388 |
| Saavi Energia Sarl 8.88%, 2/10/2035 (a) | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 1850 |
|  |  | &nbsp;&nbsp; 33055 |
| **Morocco — 0.0% ^** | **Morocco — 0.0% ^** | **Morocco — 0.0% ^** |
| OCP SA |  |  |
| 6.88%, 4/25/2044 (b) | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1081 |
| 5.13%, 6/23/2051 (b) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 841 |
| 7.50%, 5/2/2054 (a) | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1595 |
|  |  | &nbsp;&nbsp; 3517 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| ABN AMRO Bank NV (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + <br> 1.65%), 6.34%, 9/18/2027 (a) (d)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 37

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| Cooperatieve Rabobank UA |  |  |
| 3.75%, 7/21/2026 | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 372 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.73%), <br> 1.98%, 12/15/2027 (a) (d)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; 517 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.40%), <br> 5.56%, 2/28/2029 (a) (d)<br>| &nbsp;&nbsp; 552 | &nbsp;&nbsp; 569 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.12%), <br> 5.45%, 3/5/2030 (a) (d)<br>| &nbsp;&nbsp; 552 | &nbsp;&nbsp; 572 |
| ING Groep NV |  |  |
| 4.63%, 1/6/2026 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.34%), <br> 5.75%, 11/16/2026 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 8357 | &nbsp;&nbsp; 8386 |
| 3.95%, 3/29/2027 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 727 |
| (SOFR + 1.01%), 1.73%, 4/1/2027 (d) | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 346 |
| (USD SOFR Spread-Adjusted ICE Swap Rate 5 <br> Year + 4.36%), 8.00%, 5/16/2030 (b) <br> (d) (e) (f) (g)<br>| &nbsp;&nbsp; 5125 | &nbsp;&nbsp; 5543 |
|  |  | &nbsp;&nbsp; 17485 |
| **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** |
| ASB Bank Ltd. 1.63%, 10/22/2026 (a) (c) | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 256 |
| **Paraguay — 0.0% ^** | **Paraguay — 0.0% ^** | **Paraguay — 0.0% ^** |
| Bioceanico Sovereign Certificate Ltd., Zero <br> Coupon, 6/5/2034 (a)<br>| &nbsp;&nbsp; 311 | &nbsp;&nbsp; 255 |
| **Peru — 0.0% ^** | **Peru — 0.0% ^** | **Peru — 0.0% ^** |
| Petroleos del Peru SA |  |  |
| 4.75%, 6/19/2032 (a) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1193 |
| 5.63%, 6/19/2047 (b) | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 1882 |
|  |  | &nbsp;&nbsp; 3075 |
| **South Africa — 0.0% ^** | **South Africa — 0.0% ^** | **South Africa — 0.0% ^** |
| Eskom Holdings, 8.45%, 8/10/2028 (b) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2351 |
| Transnet 8.25%, 2/6/2028 (a) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1689 |
|  |  | &nbsp;&nbsp; 4040 |
| **Spain — 0.4%** | **Spain — 0.4%** | **Spain — 0.4%** |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| 5.38%, 3/13/2029 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 414 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.10%), <br> 9.38%, 3/19/2029 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 10409 | &nbsp;&nbsp; 11634 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| Banco Santander SA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.25%), <br> 5.55%, 3/14/2028 (d)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 406 |
| 5.44%, 7/15/2031 | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1260 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.30%), <br> 9.63%, 5/21/2033 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 11949 |
| 6.94%, 11/7/2033 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1605 |
| Grifols SA 4.75%, 10/15/2028 (a) (c) | &nbsp;&nbsp; 3309 | &nbsp;&nbsp; 3200 |
|  |  | &nbsp;&nbsp; 30468 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Skandinaviska Enskilda Banken AB |  |  |
| 1.40%, 11/19/2025 (a) (c) | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 336 |
| 5.38%, 3/5/2029 (a) | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1261 |
| Svenska Handelsbanken AB |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.63%), <br> 1.42%, 6/11/2027 (a) (d)<br>| &nbsp;&nbsp; 351 | &nbsp;&nbsp; 345 |
| 5.50%, 6/15/2028 (a) | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 885 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.05%), <br> 4.75%, 3/1/2031 (b) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2655 |
| Swedbank AB 5.34%, 9/20/2027 (a) | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 358 |
|  |  | &nbsp;&nbsp; 5840 |
| **Switzerland — 0.3%** | **Switzerland — 0.3%** | **Switzerland — 0.3%** |
| UBS Group AG |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.86%), <br> 5.13%, 7/29/2026 (b) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 1356 | &nbsp;&nbsp; 1351 |
| (SOFRINDX + 0.98%), 1.31%, <br> 2/2/2027 (a) (d)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 496 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.40%), <br> 4.88%, 2/12/2027 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 1661 | &nbsp;&nbsp; 1631 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.75%), <br> 9.25%, 11/13/2028 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 2264 | &nbsp;&nbsp; 2467 |
| (USD SOFR Spread-Adjusted ICE Swap Rate 1 <br> Year + 1.34%), 5.62%, 9/13/2030 (a) <br> (d)<br>| &nbsp;&nbsp; 288 | &nbsp;&nbsp; 301 |
| (SOFR + 3.92%), 6.54%, 8/12/2033 (a) <br> (d)<br>| &nbsp;&nbsp; 2387 | &nbsp;&nbsp; 2639 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Switzerland — continued** | **Switzerland — continued** | **Switzerland — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.76%), <br> 9.25%, 11/13/2033 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 8905 | &nbsp;&nbsp; 10428 |
| VistaJet Malta Finance plc 9.50%, <br> 6/1/2028 (a) (c)<br>| &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2184 |
|  |  | &nbsp;&nbsp; 21497 |
| **Trinidad And Tobago — 0.0% ^** | **Trinidad And Tobago — 0.0% ^** | **Trinidad And Tobago — 0.0% ^** |
| Trinidad Generation UnLtd 7.75%, <br> 6/16/2033 (a) (c)<br>| &nbsp;&nbsp; 836 | &nbsp;&nbsp; 876 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |
| TC Ziraat Bankasi A/S |  |  |
| 8.00%, 1/16/2029 (b) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1471 |
| 7.25%, 2/4/2030 (a) | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 2155 |
| Turkiye Varlik Fonu Yonetimi A/S 8.25%, <br> 2/14/2029 (b)<br>| &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1702 |
|  |  | &nbsp;&nbsp; 5328 |
| **United Kingdom — 0.9%** | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |
| Barclays plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.43%), <br> 8.00%, 3/15/2029 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 2749 | &nbsp;&nbsp; 2926 |
| (USD SOFR Spread-Adjusted ICE Swap Rate 5 <br> Year + 5.78%), 9.63%, 12/15/2029 (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1699 |
| (SOFR + 1.74%), 5.69%, 3/12/2030 (d) | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 229 |
| BAT Capital Corp. |  |  |
| 5.83%, 2/20/2031 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 883 |
| 5.35%, 8/15/2032 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 543 |
| Connect Finco SARL 9.00%, 9/15/2029 (a) | &nbsp;&nbsp; 2325 | &nbsp;&nbsp; 2462 |
| HSBC Holdings plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.86%), <br> 8.00%, 3/7/2028 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 8840 | &nbsp;&nbsp; 9360 |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (d) | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 637 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.65%), <br> 4.60%, 12/17/2030 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 6541 | &nbsp;&nbsp; 6184 |
| (SOFR + 1.52%), 5.73%, 5/17/2032 (d) | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1297 |
| (SOFR + 1.19%), 2.80%, 5/24/2032 (d) | &nbsp;&nbsp; 1201 | &nbsp;&nbsp; 1093 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.19%), <br> 6.95%, 3/11/2034 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 2380 | &nbsp;&nbsp; 2511 |
| INEOS Quattro Finance 2 plc 9.63%, <br> 3/15/2029 (a)<br>| &nbsp;&nbsp; 1867 | &nbsp;&nbsp; 1750 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Lloyds Banking Group plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.82%), <br> 6.75%, 6/27/2026 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 5231 | &nbsp;&nbsp; 5268 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.38%), <br> 5.46%, 1/5/2028 (d)<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; 322 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.15%), <br> 6.75%, 9/27/2031 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2061 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.75%), <br> 5.68%, 1/5/2035 (d)<br>| &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2205 |
| Mead Johnson Nutrition Co., 4.13%, <br> 11/15/2025<br>| &nbsp;&nbsp; 111 | &nbsp;&nbsp; 111 |
| Nationwide Building Society 5.13%, <br> 7/29/2029 (a)<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; 683 |
| NatWest Group plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.63%), <br> 6.00%, 12/29/2025 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 4017 | &nbsp;&nbsp; 4022 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.75%), <br> 8.13%, 11/10/2033 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 3952 | &nbsp;&nbsp; 4451 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.50%), <br> 5.78%, 3/1/2035 (d)<br>| &nbsp;&nbsp; 3080 | &nbsp;&nbsp; 3260 |
| Santander UK Group Holdings plc |  |  |
| (SOFR + 2.75%), 6.83%, 11/21/2026 (d) | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 1128 |
| (SOFR + 1.22%), 2.47%, 1/11/2028 (d) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 245 |
| Standard Chartered plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 2.05%), <br> 6.17%, 1/9/2027 (a) (d)<br>| &nbsp;&nbsp; 492 | &nbsp;&nbsp; 493 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.98%), <br> 7.75%, 8/15/2027 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 3866 | &nbsp;&nbsp; 3999 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.57%), <br> 7.88%, 3/8/2030 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2676 |
| Virgin Media Secured Finance plc 5.50%, <br> 5/15/2029 (a)<br>| &nbsp;&nbsp; 4295 | &nbsp;&nbsp; 4216 |
| Vodafone Group plc (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 2.77%), 4.13%, 6/4/2081 (d)<br>| &nbsp;&nbsp; 6106 | &nbsp;&nbsp; 5732 |
|  |  | &nbsp;&nbsp; 72446 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 39

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — 26.7%** | **United States — 26.7%** | **United States — 26.7%** |
| 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | &nbsp;&nbsp; 2525 | &nbsp;&nbsp; 2639 |
| AbbVie, Inc. |  |  |
| 4.88%, 3/15/2030 | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 1015 |
| 4.05%, 11/21/2039 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 33 |
| Acadia Healthcare Co., Inc. |  |  |
| 5.50%, 7/1/2028 (a) | &nbsp;&nbsp; 3516 | &nbsp;&nbsp; 3493 |
| 5.00%, 4/15/2029 (a) | &nbsp;&nbsp; 1883 | &nbsp;&nbsp; 1843 |
| 7.38%, 3/15/2033 (a) (c) | &nbsp;&nbsp; 653 | &nbsp;&nbsp; 675 |
| ACCO Brands Corp. 4.25%, 3/15/2029 (a) (c) | &nbsp;&nbsp; 5180 | &nbsp;&nbsp; 4550 |
| Acushnet Co. 7.38%, 10/15/2028 (a) | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; 1066 |
| Adient Global Holdings Ltd. |  |  |
| 7.00%, 4/15/2028 (a) | &nbsp;&nbsp; 3066 | &nbsp;&nbsp; 3138 |
| 8.25%, 4/15/2031 (a) | &nbsp;&nbsp; 5839 | &nbsp;&nbsp; 6100 |
| 7.50%, 2/15/2033 (a) (c) | &nbsp;&nbsp; 2152 | &nbsp;&nbsp; 2225 |
| ADT Security Corp. (The) |  |  |
| 4.13%, 8/1/2029 (a) | &nbsp;&nbsp; 4070 | &nbsp;&nbsp; 3941 |
| 4.88%, 7/15/2032 (a) | &nbsp;&nbsp; 6428 | &nbsp;&nbsp; 6225 |
| AECOM 6.00%, 8/1/2033 (a) | &nbsp;&nbsp; 2306 | &nbsp;&nbsp; 2367 |
| Aethon United BR LP 7.50%, 10/1/2029 (a) | &nbsp;&nbsp; 892 | &nbsp;&nbsp; 925 |
| Air Lease Corp. 3.75%, 6/1/2026 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Albertsons Cos., Inc. |  |  |
| 3.25%, 3/15/2026 (a) | &nbsp;&nbsp; 4172 | &nbsp;&nbsp; 4166 |
| 4.63%, 1/15/2027 (a) | &nbsp;&nbsp; 6975 | &nbsp;&nbsp; 6960 |
| 5.88%, 2/15/2028 (a) | &nbsp;&nbsp; 3141 | &nbsp;&nbsp; 3145 |
| 3.50%, 3/15/2029 (a) | &nbsp;&nbsp; 5758 | &nbsp;&nbsp; 5488 |
| 4.88%, 2/15/2030 (a) | &nbsp;&nbsp; 839 | &nbsp;&nbsp; 829 |
| 5.50%, 3/31/2031 (a) (k) | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 664 |
| Alcoa Nederland Holding BV 7.13%, <br> 3/15/2031 (a)<br>| &nbsp;&nbsp; 4251 | &nbsp;&nbsp; 4493 |
| Alexandria Real Estate Equities, Inc., REIT |  |  |
| 3.80%, 4/15/2026 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 299 |
| 2.75%, 12/15/2029 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 |
| 2.95%, 3/15/2034 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6 |
| Alliant Energy Corp. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 2.08%), 5.75%, 4/1/2056 (d)<br>| &nbsp;&nbsp; 890 | &nbsp;&nbsp; 893 |
| Allied Universal Holdco LLC 4.63%, <br> 6/1/2028 (a)<br>| &nbsp;&nbsp; 4140 | &nbsp;&nbsp; 4053 |
| Allison Transmission, Inc. |  |  |
| 4.75%, 10/1/2027 (a) | &nbsp;&nbsp; 3337 | &nbsp;&nbsp; 3319 |
| 5.88%, 6/1/2029 (a) | &nbsp;&nbsp; 8169 | &nbsp;&nbsp; 8238 |
| 3.75%, 1/30/2031 (a) | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1154 |
| Allstate Corp. (The) (3-MONTH SOFR + <br> 2.12%), 6.50%, 5/15/2057 (d)<br>| &nbsp;&nbsp; 2669 | &nbsp;&nbsp; 2817 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Ally Financial, Inc. |  |  |
| 5.75%, 11/20/2025 | &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 2989 |
| Series C, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 7 Year + 3.48%), <br> 4.70%, 5/15/2028 (d) (f) (g)<br>| &nbsp;&nbsp; 5049 | &nbsp;&nbsp; 4696 |
| Altria Group, Inc. |  |  |
| 4.80%, 2/14/2029 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| 5.63%, 2/6/2035 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 192 |
| Alumina Pty. Ltd. |  |  |
| 6.13%, 3/15/2030 (a) | &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 1253 |
| 6.38%, 9/15/2032 (a) | &nbsp;&nbsp; 1414 | &nbsp;&nbsp; 1463 |
| American Airlines, Inc. |  |  |
| 5.50%, 4/20/2026 (a) | &nbsp;&nbsp; 2699 | &nbsp;&nbsp; 2706 |
| 5.75%, 4/20/2029 (a) | &nbsp;&nbsp; 9798 | &nbsp;&nbsp; 9885 |
| American Axle & Manufacturing, Inc. |  |  |
| 6.50%, 4/1/2027 | &nbsp;&nbsp; 4510 | &nbsp;&nbsp; 4510 |
| 6.88%, 7/1/2028 (c) | &nbsp;&nbsp; 3337 | &nbsp;&nbsp; 3344 |
| American Builders & Contractors Supply Co., <br> Inc. 4.00%, 1/15/2028 (a)<br>| &nbsp;&nbsp; 2810 | &nbsp;&nbsp; 2770 |
| American Electric Power Co., Inc. (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 <br> Year + 2.68%), 3.88%, 2/15/2062 (d)<br>| &nbsp;&nbsp; 2949 | &nbsp;&nbsp; 2864 |
| American Express Co. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.85%), <br> 3.55%, 9/15/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 3302 | &nbsp;&nbsp; 3240 |
| (SOFR + 0.97%), 5.39%, 7/28/2027 (d) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
| (SOFR + 0.93%), 5.04%, 7/26/2028 (d) | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 212 |
| American Honda Finance Corp. (SOFR + <br> 0.87%), 5.15%, 7/9/2027 (d)<br>| &nbsp;&nbsp; 67 | &nbsp;&nbsp; 67 |
| American Tower Corp., REIT |  |  |
| 1.45%, 9/15/2026 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 21 |
| 1.50%, 1/31/2028 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 70 |
| 5.00%, 1/31/2030 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 978 |
| 2.10%, 6/15/2030 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 24 |
| AmeriGas Partners LP |  |  |
| 5.75%, 5/20/2027 | &nbsp;&nbsp; 1154 | &nbsp;&nbsp; 1158 |
| 9.38%, 6/1/2028 (a) | &nbsp;&nbsp; 1960 | &nbsp;&nbsp; 2033 |
| 9.50%, 6/1/2030 (a) | &nbsp;&nbsp; 1372 | &nbsp;&nbsp; 1444 |
| Amkor Technology, Inc. 5.88%, <br> 10/1/2033 (a)<br>| &nbsp;&nbsp; 1463 | &nbsp;&nbsp; 1488 |
| Antero Midstream Partners LP |  |  |
| 5.75%, 1/15/2028 (a) | &nbsp;&nbsp; 4280 | &nbsp;&nbsp; 4278 |
| 5.38%, 6/15/2029 (a) | &nbsp;&nbsp; 4232 | &nbsp;&nbsp; 4229 |
| 5.75%, 10/15/2033 (a) | &nbsp;&nbsp; 1429 | &nbsp;&nbsp; 1427 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Antero Resources Corp. |  |  |
| 7.63%, 2/1/2029 (a) | &nbsp;&nbsp; 1744 | &nbsp;&nbsp; 1775 |
| 5.38%, 3/1/2030 (a) | &nbsp;&nbsp; 1432 | &nbsp;&nbsp; 1442 |
| Anywhere Real Estate Group LLC |  |  |
| 5.25%, 4/15/2030 (a) | &nbsp;&nbsp; 5203 | &nbsp;&nbsp; 4790 |
| 9.75%, 4/15/2030 (a) | &nbsp;&nbsp; 2019 | &nbsp;&nbsp; 2198 |
| APi Group DE, Inc. |  |  |
| 4.13%, 7/15/2029 (a) | &nbsp;&nbsp; 2586 | &nbsp;&nbsp; 2496 |
| 4.75%, 10/15/2029 (a) | &nbsp;&nbsp; 2037 | &nbsp;&nbsp; 1996 |
| Aramark Services, Inc. 5.00%, 2/1/2028 (a) | &nbsp;&nbsp; 5180 | &nbsp;&nbsp; 5173 |
| Arches Buyer, Inc. |  |  |
| 4.25%, 6/1/2028 (a) | &nbsp;&nbsp; 1690 | &nbsp;&nbsp; 1651 |
| 6.13%, 12/1/2028 (a) | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 603 |
| Archrock Partners LP |  |  |
| 6.88%, 4/1/2027 (a) | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 637 |
| 6.25%, 4/1/2028 (a) | &nbsp;&nbsp; 2631 | &nbsp;&nbsp; 2642 |
| 6.63%, 9/1/2032 (a) | &nbsp;&nbsp; 1609 | &nbsp;&nbsp; 1654 |
| Ardagh Group SA 9.50%, 1/12/2030 (a) | &nbsp;&nbsp; 3791 | &nbsp;&nbsp; 3791 |
| Ardagh Metal Packaging Finance USA LLC <br> 6.00%, 6/15/2027 (a)<br>| &nbsp;&nbsp; 687 | &nbsp;&nbsp; 689 |
| Ardagh Packaging Finance plc |  |  |
| 4.13%, 8/15/2026 (a) | &nbsp;&nbsp; 3785 | &nbsp;&nbsp; 3482 |
| 5.25%, 8/15/2027 (a) | &nbsp;&nbsp; 8915 | &nbsp;&nbsp; 2229 |
| Asbury Automotive Group, Inc. |  |  |
| 4.50%, 3/1/2028 | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 399 |
| 4.63%, 11/15/2029 (a) | &nbsp;&nbsp; 4259 | &nbsp;&nbsp; 4137 |
| 4.75%, 3/1/2030 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 401 |
| Ascent Resources Utica Holdings LLC |  |  |
| 5.88%, 6/30/2029 (a) | &nbsp;&nbsp; 1067 | &nbsp;&nbsp; 1064 |
| 6.63%, 10/15/2032 (a) | &nbsp;&nbsp; 1412 | &nbsp;&nbsp; 1440 |
| 6.63%, 7/15/2033 (a) | &nbsp;&nbsp; 1532 | &nbsp;&nbsp; 1559 |
| ASGN, Inc. 4.63%, 5/15/2028 (a) | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 627 |
| AthenaHealth Group, Inc. 6.50%, <br> 2/15/2030 (a)<br>| &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1043 |
| Athene Global Funding |  |  |
| 5.62%, 5/8/2026 (a) | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 337 |
| 4.86%, 8/27/2026 (a) | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 213 |
| ATI, Inc. |  |  |
| 5.88%, 12/1/2027 | &nbsp;&nbsp; 1861 | &nbsp;&nbsp; 1863 |
| 4.88%, 10/1/2029 | &nbsp;&nbsp; 1655 | &nbsp;&nbsp; 1646 |
| 7.25%, 8/15/2030 | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 1911 |
| 5.13%, 10/1/2031 | &nbsp;&nbsp; 1240 | &nbsp;&nbsp; 1229 |
| Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | &nbsp;&nbsp; 6986 | &nbsp;&nbsp; 6874 |
| Avient Corp. 7.13%, 8/1/2030 (a) | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1153 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Avis Budget Car Rental LLC |  |  |
| 5.75%, 7/15/2027 (a) | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 128 |
| 5.75%, 7/15/2027 (a) (c) | &nbsp;&nbsp; 3832 | &nbsp;&nbsp; 3806 |
| 4.75%, 4/1/2028 (a) | &nbsp;&nbsp; 7740 | &nbsp;&nbsp; 7427 |
| 5.38%, 3/1/2029 (a) | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 486 |
| 8.25%, 1/15/2030 (a) (c) | &nbsp;&nbsp; 3781 | &nbsp;&nbsp; 3859 |
| 8.38%, 6/15/2032 (a) | &nbsp;&nbsp; 2078 | &nbsp;&nbsp; 2129 |
| Axalta Coating Systems Dutch Holding B BV <br> 7.25%, 2/15/2031 (a)<br>| &nbsp;&nbsp; 832 | &nbsp;&nbsp; 872 |
| Axalta Coating Systems LLC |  |  |
| 4.75%, 6/15/2027 (a) | &nbsp;&nbsp; 4598 | &nbsp;&nbsp; 4587 |
| 3.38%, 2/15/2029 (a) | &nbsp;&nbsp; 4455 | &nbsp;&nbsp; 4239 |
| Axon Enterprise, Inc. 6.13%, 3/15/2030 (a) | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 492 |
| Bank of America Corp. |  |  |
| Series DD, (3-MONTH CME TERM SOFR + <br> 4.81%), 6.30%, 3/10/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 4459 | &nbsp;&nbsp; 4472 |
| Series RR, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.76%), <br> 4.38%, 1/27/2027 (d) (f) (g)<br>| &nbsp;&nbsp; 2627 | &nbsp;&nbsp; 2584 |
| Series N, (SOFR + 0.91%), 1.66%, <br> 3/11/2027 (d)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| Series TT, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.23%), <br> 6.13%, 4/27/2027 (d) (f) (g)<br>| &nbsp;&nbsp; 2778 | &nbsp;&nbsp; 2811 |
| Series FF, (3-MONTH CME TERM SOFR + <br> 3.19%), 5.88%, 3/15/2028 (d) (f) (g)<br>| &nbsp;&nbsp; 4378 | &nbsp;&nbsp; 4425 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.68%), <br> 6.63%, 5/1/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4789 |
| (3-MONTH CME TERM SOFR + 1.44%), <br> 3.19%, 7/23/2030 (d)<br>| &nbsp;&nbsp; 464 | &nbsp;&nbsp; 448 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.35%), <br> 6.25%, 7/26/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 4755 | &nbsp;&nbsp; 4837 |
| (SOFR + 1.21%), 2.57%, 10/20/2032 (d) | &nbsp;&nbsp; 694 | &nbsp;&nbsp; 624 |
| (SOFR + 1.83%), 4.57%, 4/27/2033 (d) | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 948 |
| (SOFR + 1.65%), 5.47%, 1/23/2035 (d) | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 703 |
| Bank of New York Mellon Corp. (The) |  |  |
| Series F, (3-MONTH CME TERM SOFR + <br> 3.39%), 4.63%, 9/20/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 6537 | &nbsp;&nbsp; 6499 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.30%), <br> 6.30%, 3/20/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 1403 |
| (SOFRINDX + 2.07%), 5.83%, <br> 10/25/2033 (d)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 24 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 41

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Bath & Body Works, Inc. |  |  |
| 5.25%, 2/1/2028 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| 6.88%, 11/1/2035 | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 1042 |
| 6.75%, 7/1/2036 | &nbsp;&nbsp; 2162 | &nbsp;&nbsp; 2238 |
| Bausch + Lomb Corp. 8.38%, 10/1/2028 (a) | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 779 |
| Bausch Health Americas, Inc. 8.50%, <br> 1/31/2027 (a)<br>| &nbsp;&nbsp; 3952 | &nbsp;&nbsp; 3935 |
| Bausch Health Cos., Inc. |  |  |
| 4.88%, 6/1/2028 (a) | &nbsp;&nbsp; 4771 | &nbsp;&nbsp; 4342 |
| 5.00%, 2/15/2029 (a) | &nbsp;&nbsp; 4668 | &nbsp;&nbsp; 3633 |
| 5.25%, 1/30/2030 (a) | &nbsp;&nbsp; 8398 | &nbsp;&nbsp; 6048 |
| 5.25%, 2/15/2031 (a) | &nbsp;&nbsp; 3262 | &nbsp;&nbsp; 2198 |
| Big River Steel LLC 6.63%, 1/31/2029 (a) | &nbsp;&nbsp; 3183 | &nbsp;&nbsp; 3188 |
| Block, Inc. |  |  |
| 2.75%, 6/1/2026 | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 1962 |
| 5.63%, 8/15/2030 (a) | &nbsp;&nbsp; 977 | &nbsp;&nbsp; 992 |
| 6.50%, 5/15/2032 | &nbsp;&nbsp; 5261 | &nbsp;&nbsp; 5459 |
| 6.00%, 8/15/2033 (a) | &nbsp;&nbsp; 1217 | &nbsp;&nbsp; 1244 |
| Blue Racer Midstream LLC |  |  |
| 6.63%, 7/15/2026 (a) | &nbsp;&nbsp; 1675 | &nbsp;&nbsp; 1676 |
| 7.00%, 7/15/2029 (a) | &nbsp;&nbsp; 1347 | &nbsp;&nbsp; 1397 |
| 7.25%, 7/15/2032 (a) | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 1040 |
| Boise Cascade Co. 4.88%, 7/1/2030 (a) | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 841 |
| Boost Newco Borrower LLC 7.50%, <br> 1/15/2031 (a)<br>| &nbsp;&nbsp; 560 | &nbsp;&nbsp; 595 |
| Boyd Gaming Corp. 4.75%, 6/15/2031 (a) | &nbsp;&nbsp; 933 | &nbsp;&nbsp; 898 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3530 |
| BP Capital Markets America, Inc., 3.02%, <br> 1/16/2027<br>| &nbsp;&nbsp; 258 | &nbsp;&nbsp; 255 |
| BP Capital Markets plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.40%), <br> 4.88%, 3/22/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 2196 | &nbsp;&nbsp; 2195 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.15%), <br> 6.45%, 12/1/2033 (d) (f) (g)<br>| &nbsp;&nbsp; 1918 | &nbsp;&nbsp; 2049 |
| Brink's Co. (The) |  |  |
| 4.63%, 10/15/2027 (a) | &nbsp;&nbsp; 3785 | &nbsp;&nbsp; 3759 |
| 6.50%, 6/15/2029 (a) | &nbsp;&nbsp; 1032 | &nbsp;&nbsp; 1064 |
| Broadcom, Inc. |  |  |
| 4.30%, 11/15/2032 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 32 |
| 2.60%, 2/15/2033 | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 808 |
| Buckeye Partners LP |  |  |
| 3.95%, 12/1/2026 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 228 |
| 4.50%, 3/1/2028 (a) | &nbsp;&nbsp; 4925 | &nbsp;&nbsp; 4876 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 6.75%, 2/1/2030 (a) | &nbsp;&nbsp; 944 | &nbsp;&nbsp; 985 |
| Builders FirstSource, Inc. |  |  |
| 5.00%, 3/1/2030 (a) | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1094 |
| 4.25%, 2/1/2032 (a) | &nbsp;&nbsp; 2983 | &nbsp;&nbsp; 2822 |
| 6.38%, 6/15/2032 (a) | &nbsp;&nbsp; 3340 | &nbsp;&nbsp; 3461 |
| 6.38%, 3/1/2034 (a) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2278 |
| 6.75%, 5/15/2035 (a) | &nbsp;&nbsp; 1149 | &nbsp;&nbsp; 1206 |
| BWX Technologies, Inc. |  |  |
| 4.13%, 6/30/2028 (a) | &nbsp;&nbsp; 2624 | &nbsp;&nbsp; 2563 |
| 4.13%, 4/15/2029 (a) | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 4508 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/2029 (a) | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2258 |
| 7.00%, 2/15/2030 (a) | &nbsp;&nbsp; 3385 | &nbsp;&nbsp; 3483 |
| 6.50%, 2/15/2032 (a) | &nbsp;&nbsp; 6083 | &nbsp;&nbsp; 6134 |
| Calpine Corp. |  |  |
| 4.63%, 2/1/2029 (a) | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 1055 |
| 5.00%, 2/1/2031 (a) | &nbsp;&nbsp; 2242 | &nbsp;&nbsp; 2246 |
| Capital One Financial Corp. Series M, (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.16%), 3.95%, <br> 9/1/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 5396 | &nbsp;&nbsp; 5303 |
| Cardinal Health, Inc. 4.70%, 11/15/2026 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62 |
| Carnival Corp. |  |  |
| 4.00%, 8/1/2028 (a) | &nbsp;&nbsp; 1406 | &nbsp;&nbsp; 1383 |
| 6.00%, 5/1/2029 (a) | &nbsp;&nbsp; 8103 | &nbsp;&nbsp; 8225 |
| 7.00%, 8/15/2029 (a) | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 1303 |
| 5.75%, 3/15/2030 (a) | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1803 |
| 5.88%, 6/15/2031 (a) | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1392 |
| 5.75%, 8/1/2032 (a) | &nbsp;&nbsp; 5631 | &nbsp;&nbsp; 5785 |
| 6.13%, 2/15/2033 (a) | &nbsp;&nbsp; 4243 | &nbsp;&nbsp; 4375 |
| Carpenter Technology Corp. 7.63%, <br> 3/15/2030<br>| &nbsp;&nbsp; 870 | &nbsp;&nbsp; 896 |
| CCO Holdings LLC |  |  |
| 5.13%, 5/1/2027 (a) | &nbsp;&nbsp; 6093 | &nbsp;&nbsp; 6058 |
| 5.00%, 2/1/2028 (a) | &nbsp;&nbsp; 18006 | &nbsp;&nbsp; 17825 |
| 5.38%, 6/1/2029 (a) | &nbsp;&nbsp; 4650 | &nbsp;&nbsp; 4589 |
| 4.75%, 3/1/2030 (a) | &nbsp;&nbsp; 33521 | &nbsp;&nbsp; 31874 |
| 4.50%, 8/15/2030 (a) | &nbsp;&nbsp; 16872 | &nbsp;&nbsp; 15816 |
| 4.25%, 2/1/2031 (a) | &nbsp;&nbsp; 16476 | &nbsp;&nbsp; 14913 |
| 4.75%, 2/1/2032 (a) | &nbsp;&nbsp; 2360 | &nbsp;&nbsp; 2137 |
| 4.50%, 5/1/2032 | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1183 |
| CD&R Smokey Buyer, Inc. 9.50%, <br> 10/15/2029 (a)<br>| &nbsp;&nbsp; 3398 | &nbsp;&nbsp; 2378 |
| Cencora, Inc. 2.70%, 3/15/2031 | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1034 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Central Garden & Pet Co. |  |  |
| 5.13%, 2/1/2028 | &nbsp;&nbsp; 6555 | &nbsp;&nbsp; 6545 |
| 4.13%, 10/15/2030 | &nbsp;&nbsp; 3404 | &nbsp;&nbsp; 3234 |
| Charles Schwab Corp. (The) Series H, (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 10 Year + 3.08%), 4.00%, <br> 12/1/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 11818 | &nbsp;&nbsp; 11083 |
| Chart Industries, Inc. |  |  |
| 7.50%, 1/1/2030 (a) | &nbsp;&nbsp; 5498 | &nbsp;&nbsp; 5734 |
| 9.50%, 1/1/2031 (a) | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 654 |
| Charter Communications Operating LLC |  |  |
| 2.30%, 2/1/2032 (c) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 469 |
| 6.65%, 2/1/2034 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 645 |
| Chemours Co. (The) |  |  |
| 5.75%, 11/15/2028 (a) | &nbsp;&nbsp; 8584 | &nbsp;&nbsp; 8225 |
| 8.00%, 1/15/2033 (a) | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1459 |
| Cheniere Energy Partners LP |  |  |
| 4.50%, 10/1/2029 | &nbsp;&nbsp; 4325 | &nbsp;&nbsp; 4326 |
| 4.00%, 3/1/2031 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 966 |
| 3.25%, 1/31/2032 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 34 |
| Chevron Phillips Chemical Co. LLC 3.40%, <br> 12/1/2026 (a)<br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 154 |
| Chord Energy Corp. |  |  |
| 6.00%, 10/1/2030 (a) | &nbsp;&nbsp; 2299 | &nbsp;&nbsp; 2304 |
| 6.75%, 3/15/2033 (a) | &nbsp;&nbsp; 1704 | &nbsp;&nbsp; 1740 |
| Ciena Corp. 4.00%, 1/31/2030 (a) | &nbsp;&nbsp; 2329 | &nbsp;&nbsp; 2238 |
| Cinemark USA, Inc. |  |  |
| 5.25%, 7/15/2028 (a) | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 2050 |
| 7.00%, 8/1/2032 (a) | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 979 |
| Citibank NA 4.93%, 8/6/2026 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
| Citigroup, Inc. |  |  |
| Series X, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.42%), <br> 3.88%, 2/18/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 5615 | &nbsp;&nbsp; 5579 |
| Series T, (3-MONTH CME TERM SOFR + <br> 4.78%), 6.25%, 8/15/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 4682 | &nbsp;&nbsp; 4721 |
| (SOFR + 0.77%), 1.12%, 1/28/2027 (d) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| Series CC, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.69%), <br> 7.13%, 8/15/2029 (d) (f) (g)<br>| &nbsp;&nbsp; 4928 | &nbsp;&nbsp; 5083 |
| Series EE, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.57%), <br> 6.75%, 2/15/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 1880 | &nbsp;&nbsp; 1913 |
| Series FF, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.73%), <br> 6.95%, 2/15/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 3789 | &nbsp;&nbsp; 3898 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series GG, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.89%), <br> 6.88%, 8/15/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1154 |
| (SOFR + 2.11%), 2.57%, 6/3/2031 (d) | &nbsp;&nbsp; 972 | &nbsp;&nbsp; 896 |
| (SOFR + 1.18%), 2.52%, 11/3/2032 (d) | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 413 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (d) | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 777 |
| (SOFR + 1.94%), 3.79%, 3/17/2033 (d) | &nbsp;&nbsp; 913 | &nbsp;&nbsp; 868 |
| Series DD, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + <br> 2.76%), 7.00%, 8/15/2034 (d) (f) (g)<br>| &nbsp;&nbsp; 6264 | &nbsp;&nbsp; 6694 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 7/1/2028 (a) | &nbsp;&nbsp; 3494 | &nbsp;&nbsp; 3610 |
| 8.63%, 11/1/2030 (a) | &nbsp;&nbsp; 1981 | &nbsp;&nbsp; 2048 |
| 8.75%, 7/1/2031 (a) | &nbsp;&nbsp; 2780 | &nbsp;&nbsp; 2858 |
| 9.63%, 6/15/2033 (a) | &nbsp;&nbsp; 1658 | &nbsp;&nbsp; 1779 |
| Clarios Global LP |  |  |
| 6.75%, 5/15/2028 (a) | &nbsp;&nbsp; 2747 | &nbsp;&nbsp; 2814 |
| 6.75%, 2/15/2030 (a) | &nbsp;&nbsp; 2142 | &nbsp;&nbsp; 2221 |
| 6.75%, 9/15/2032 (a) | &nbsp;&nbsp; 2461 | &nbsp;&nbsp; 2518 |
| Clarivate Science Holdings Corp. |  |  |
| 3.88%, 7/1/2028 (a) | &nbsp;&nbsp; 2416 | &nbsp;&nbsp; 2327 |
| 4.88%, 7/1/2029 (a) | &nbsp;&nbsp; 2803 | &nbsp;&nbsp; 2615 |
| Clean Harbors, Inc. 5.75%, 10/15/2033 (a) | &nbsp;&nbsp; 1831 | &nbsp;&nbsp; 1871 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 4/15/2028 (a) | &nbsp;&nbsp; 4871 | &nbsp;&nbsp; 4834 |
| 7.50%, 6/1/2029 (a) | &nbsp;&nbsp; 7562 | &nbsp;&nbsp; 7420 |
| 7.13%, 2/15/2031 (a) | &nbsp;&nbsp; 7189 | &nbsp;&nbsp; 7414 |
| 7.50%, 3/15/2033 (a) | &nbsp;&nbsp; 3513 | &nbsp;&nbsp; 3673 |
| Cleveland-Cliffs, Inc. |  |  |
| 4.63%, 3/1/2029 (a) | &nbsp;&nbsp; 3037 | &nbsp;&nbsp; 2968 |
| 6.88%, 11/1/2029 (a) | &nbsp;&nbsp; 2479 | &nbsp;&nbsp; 2546 |
| 6.75%, 4/15/2030 (a) | &nbsp;&nbsp; 2612 | &nbsp;&nbsp; 2670 |
| 4.88%, 3/1/2031 (a) | &nbsp;&nbsp; 1772 | &nbsp;&nbsp; 1675 |
| 7.50%, 9/15/2031 (a) | &nbsp;&nbsp; 1528 | &nbsp;&nbsp; 1600 |
| 7.63%, 1/15/2034 (a) | &nbsp;&nbsp; 887 | &nbsp;&nbsp; 922 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 4/15/2029 (a) | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 143 |
| 6.75%, 4/15/2032 (a) | &nbsp;&nbsp; 4910 | &nbsp;&nbsp; 4927 |
| CMS Energy Corp. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.12%), <br> 4.75%, 6/1/2050 (d)<br>| &nbsp;&nbsp; 3823 | &nbsp;&nbsp; 3756 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.96%), <br> 6.50%, 6/1/2055 (d)<br>| &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1144 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 43

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| CNX Midstream Partners LP 4.75%, <br> 4/15/2030 (a)<br>| &nbsp;&nbsp; 828 | &nbsp;&nbsp; 793 |
| CNX Resources Corp. 7.38%, 1/15/2031 (a) | &nbsp;&nbsp; 2371 | &nbsp;&nbsp; 2454 |
| Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 9003 |
| Coinbase Global, Inc. |  |  |
| 3.38%, 10/1/2028 (a) | &nbsp;&nbsp; 1548 | &nbsp;&nbsp; 1472 |
| 3.63%, 10/1/2031 (a) | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1528 |
| Columbia Pipelines Operating Co. LLC 5.93%, <br> 8/15/2030 (a)<br>| &nbsp;&nbsp; 540 | &nbsp;&nbsp; 571 |
| CommScope LLC |  |  |
| 8.25%, 3/1/2027 (a) (c) | &nbsp;&nbsp; 7245 | &nbsp;&nbsp; 7292 |
| 4.75%, 9/1/2029 (a) | &nbsp;&nbsp; 3891 | &nbsp;&nbsp; 3879 |
| 9.50%, 12/15/2031 (a) (c) | &nbsp;&nbsp; 1755 | &nbsp;&nbsp; 1788 |
| Community Health Systems, Inc. |  |  |
| 6.00%, 1/15/2029 (a) | &nbsp;&nbsp; 1803 | &nbsp;&nbsp; 1785 |
| 6.13%, 4/1/2030 (a) | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 433 |
| 5.25%, 5/15/2030 (a) | &nbsp;&nbsp; 8889 | &nbsp;&nbsp; 8332 |
| 4.75%, 2/15/2031 (a) | &nbsp;&nbsp; 3723 | &nbsp;&nbsp; 3324 |
| 10.88%, 1/15/2032 (a) | &nbsp;&nbsp; 2854 | &nbsp;&nbsp; 3077 |
| Compass Minerals International, Inc. 8.00%, <br> 7/1/2030 (a)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; 1023 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 3/1/2029 (a) | &nbsp;&nbsp; 8146 | &nbsp;&nbsp; 8075 |
| 5.88%, 1/15/2030 (a) | &nbsp;&nbsp; 2382 | &nbsp;&nbsp; 2267 |
| Concentra Health Services, Inc. 6.88%, <br> 7/15/2032 (a)<br>| &nbsp;&nbsp; 1101 | &nbsp;&nbsp; 1148 |
| Conduent Business Services LLC 6.00%, <br> 11/1/2029 (a)<br>| &nbsp;&nbsp; 4030 | &nbsp;&nbsp; 3769 |
| Cooper-Standard Automotive, Inc. |  |  |
| 13.50% (Cash), 3/31/2027 (a) (i) | &nbsp;&nbsp; 13330 | &nbsp;&nbsp; 13949 |
| 5.63% (Cash), 5/15/2027 (a) (c) (i) | &nbsp;&nbsp; 8013 | &nbsp;&nbsp; 7676 |
| Corebridge Financial, Inc. (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year <br> + 3.85%), 6.88%, 12/15/2052 (d)<br>| &nbsp;&nbsp; 3996 | &nbsp;&nbsp; 4092 |
| CoreCivic, Inc. 8.25%, 4/15/2029 | &nbsp;&nbsp; 4255 | &nbsp;&nbsp; 4481 |
| CoreWeave, Inc. |  |  |
| 9.25%, 6/1/2030 (a) | &nbsp;&nbsp; 3416 | &nbsp;&nbsp; 3449 |
| 9.00%, 2/1/2031 (a) | &nbsp;&nbsp; 3729 | &nbsp;&nbsp; 3740 |
| Coty, Inc. 4.75%, 1/15/2029 (a) | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 868 |
| Crescent Energy Finance LLC |  |  |
| 9.25%, 2/15/2028 (a) | &nbsp;&nbsp; 5176 | &nbsp;&nbsp; 5349 |
| 7.63%, 4/1/2032 (a) | &nbsp;&nbsp; 4309 | &nbsp;&nbsp; 4178 |
| 7.38%, 1/15/2033 (a) | &nbsp;&nbsp; 2468 | &nbsp;&nbsp; 2331 |
| 8.38%, 1/15/2034 (a) | &nbsp;&nbsp; 2004 | &nbsp;&nbsp; 1960 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Crown Castle, Inc., REIT |  |  |
| 3.65%, 9/1/2027 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 54 |
| 4.90%, 9/1/2029 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1050 |
| CSC Holdings LLC |  |  |
| 5.38%, 2/1/2028 (a) | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 688 |
| 11.25%, 5/15/2028 (a) | &nbsp;&nbsp; 1367 | &nbsp;&nbsp; 1199 |
| 11.75%, 1/31/2029 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 158 |
| 6.50%, 2/1/2029 (a) | &nbsp;&nbsp; 10417 | &nbsp;&nbsp; 7165 |
| 3.38%, 2/15/2031 (a) | &nbsp;&nbsp; 1735 | &nbsp;&nbsp; 1050 |
| 4.50%, 11/15/2031 (a) | &nbsp;&nbsp; 2518 | &nbsp;&nbsp; 1542 |
| Dana, Inc. 5.63%, 6/15/2028 | &nbsp;&nbsp; 1719 | &nbsp;&nbsp; 1717 |
| DaVita, Inc. |  |  |
| 4.63%, 6/1/2030 (a) | &nbsp;&nbsp; 8585 | &nbsp;&nbsp; 8290 |
| 3.75%, 2/15/2031 (a) | &nbsp;&nbsp; 6221 | &nbsp;&nbsp; 5712 |
| 6.88%, 9/1/2032 (a) | &nbsp;&nbsp; 1611 | &nbsp;&nbsp; 1669 |
| Diamond Foreign Asset Co. 8.50%, <br> 10/1/2030 (a)<br>| &nbsp;&nbsp; 2452 | &nbsp;&nbsp; 2603 |
| Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | &nbsp;&nbsp; 1924 | &nbsp;&nbsp; 2037 |
| Directv Financing LLC 5.88%, 8/15/2027 (a) | &nbsp;&nbsp; 4210 | &nbsp;&nbsp; 4210 |
| Discovery Communications LLC 5.00%, <br> 9/20/2037<br>| &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 854 |
| DISH DBS Corp. |  |  |
| 7.75%, 7/1/2026 | &nbsp;&nbsp; 10816 | &nbsp;&nbsp; 10705 |
| 5.25%, 12/1/2026 (a) | &nbsp;&nbsp; 10065 | &nbsp;&nbsp; 9903 |
| 5.75%, 12/1/2028 (a) | &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2354 |
| DISH Network Corp. 11.75%, 11/15/2027 (a) | &nbsp;&nbsp; 12420 | &nbsp;&nbsp; 13076 |
| DOC DR LLC, REIT |  |  |
| 3.95%, 1/15/2028 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| 2.63%, 11/1/2031 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Dominion Energy, Inc. |  |  |
| Series C, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.20%), <br> 4.35%, 1/15/2027 (d) (f) (g)<br>| &nbsp;&nbsp; 3390 | &nbsp;&nbsp; 3334 |
| Series B, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.51%), <br> 7.00%, 6/1/2054 (d)<br>| &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 1250 |
| Series A, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.39%), <br> 6.88%, 2/1/2055 (d)<br>| &nbsp;&nbsp; 1754 | &nbsp;&nbsp; 1844 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.21%), <br> 6.63%, 5/15/2055 (d)<br>| &nbsp;&nbsp; 2345 | &nbsp;&nbsp; 2445 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.26%), <br> 6.00%, 2/15/2056 (d)<br>| &nbsp;&nbsp; 2845 | &nbsp;&nbsp; 2882 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Dornoch Debt Merger Sub, Inc. 6.63%, <br> 10/15/2029 (a) (c)<br>| &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 2331 |
| DT Midstream, Inc. 4.13%, 6/15/2029 (a) | &nbsp;&nbsp; 4705 | &nbsp;&nbsp; 4605 |
| Duke Energy Corp. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 2.59%), 6.45%, 9/1/2054 (d)<br>| &nbsp;&nbsp; 3268 | &nbsp;&nbsp; 3455 |
| Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | &nbsp;&nbsp; 5847 | &nbsp;&nbsp; 5729 |
| EchoStar Corp. |  |  |
| 10.75%, 11/30/2029 | &nbsp;&nbsp; 5220 | &nbsp;&nbsp; 5747 |
| 6.75% (PIK), 11/30/2030 (i) | &nbsp;&nbsp; 2844 | &nbsp;&nbsp; 2852 |
| Edgewell Personal Care Co. |  |  |
| 5.50%, 6/1/2028 (a) | &nbsp;&nbsp; 2997 | &nbsp;&nbsp; 2993 |
| 4.13%, 4/1/2029 (a) | &nbsp;&nbsp; 2707 | &nbsp;&nbsp; 2571 |
| Elanco Animal Health, Inc. 6.65%, <br> 8/28/2028 (h)<br>| &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 2334 |
| Embarq LLC 8.00%, 6/1/2036 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 1813 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/2030 (a) | &nbsp;&nbsp; 8772 | &nbsp;&nbsp; 9018 |
| 6.75%, 7/15/2031 (a) | &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 1269 |
| Encompass Health Corp. |  |  |
| 4.75%, 2/1/2030 (c) | &nbsp;&nbsp; 2431 | &nbsp;&nbsp; 2405 |
| 4.63%, 4/1/2031 | &nbsp;&nbsp; 4515 | &nbsp;&nbsp; 4405 |
| Endo Finance Holdings, Inc. 8.50%, <br> 4/15/2031 (a) (c)<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 954 |
| Energizer Holdings, Inc. |  |  |
| 4.75%, 6/15/2028 (a) | &nbsp;&nbsp; 6100 | &nbsp;&nbsp; 6001 |
| 4.38%, 3/31/2029 (a) | &nbsp;&nbsp; 5141 | &nbsp;&nbsp; 4934 |
| Energy Transfer LP |  |  |
| 4.75%, 1/15/2026 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.02%), <br> 8.00%, 5/15/2054 (d)<br>| &nbsp;&nbsp; 636 | &nbsp;&nbsp; 679 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.68%), <br> 6.50%, 2/15/2056 (d)<br>| &nbsp;&nbsp; 7575 | &nbsp;&nbsp; 7506 |
| Enpro, Inc. 6.13%, 6/1/2033 (a) | &nbsp;&nbsp; 926 | &nbsp;&nbsp; 947 |
| Entegris, Inc. |  |  |
| 4.38%, 4/15/2028 (a) | &nbsp;&nbsp; 1501 | &nbsp;&nbsp; 1476 |
| 4.75%, 4/15/2029 (a) | &nbsp;&nbsp; 4756 | &nbsp;&nbsp; 4727 |
| 3.63%, 5/1/2029 (a) | &nbsp;&nbsp; 2864 | &nbsp;&nbsp; 2723 |
| 5.95%, 6/15/2030 (a) | &nbsp;&nbsp; 7567 | &nbsp;&nbsp; 7682 |
| Entergy Corp. |  |  |
| 2.95%, 9/1/2026 (c) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.67%), <br> 7.13%, 12/1/2054 (d)<br>| &nbsp;&nbsp; 1531 | &nbsp;&nbsp; 1608 |
| Enterprise Products Operating LLC Series E, <br> (3-MONTH CME TERM SOFR + 3.29%), <br> 5.25%, 8/16/2077 (d)<br>| &nbsp;&nbsp; 3227 | &nbsp;&nbsp; 3218 |
| EQT Corp. |  |  |
| 7.50%, 6/1/2027 | &nbsp;&nbsp; 2955 | &nbsp;&nbsp; 3006 |
| 7.50%, 6/1/2030 | &nbsp;&nbsp; 2365 | &nbsp;&nbsp; 2605 |
| 4.75%, 1/15/2031 | &nbsp;&nbsp; 5576 | &nbsp;&nbsp; 5581 |
| EquipmentShare.com, Inc. |  |  |
| 9.00%, 5/15/2028 (a) | &nbsp;&nbsp; 6258 | &nbsp;&nbsp; 6305 |
| 8.63%, 5/15/2032 (a) | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 787 |
| 8.00%, 3/15/2033 (a) | &nbsp;&nbsp; 1271 | &nbsp;&nbsp; 1246 |
| Equitable Financial Life Global Funding |  |  |
| 5.50%, 12/2/2025 (a) | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 272 |
| 4.88%, 11/19/2027 (a) | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 134 |
| Esab Corp. 6.25%, 4/15/2029 (a) | &nbsp;&nbsp; 1862 | &nbsp;&nbsp; 1906 |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ (j) | &nbsp;&nbsp; 968 | &nbsp;&nbsp; — |
| EUSHI Finance, Inc. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 2.51%), 6.25%, 4/1/2056 (d)<br>| &nbsp;&nbsp; 2815 | &nbsp;&nbsp; 2802 |
| Exelon Corp. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.98%), <br> 6.50%, 3/15/2055 (d)<br>| &nbsp;&nbsp; 2690 | &nbsp;&nbsp; 2827 |
| Expand Energy Corp. |  |  |
| 5.88%, 2/1/2029 (a) | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 576 |
| 6.75%, 4/15/2029 (a) | &nbsp;&nbsp; 11991 | &nbsp;&nbsp; 12089 |
| 5.38%, 3/15/2030 | &nbsp;&nbsp; 5142 | &nbsp;&nbsp; 5218 |
| 4.75%, 2/1/2032 | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 901 |
| F&G Global Funding 5.88%, 6/10/2027 (a) | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 164 |
| Fair Isaac Corp. |  |  |
| 4.00%, 6/15/2028 (a) | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1205 |
| 6.00%, 5/15/2033 (a) | &nbsp;&nbsp; 1452 | &nbsp;&nbsp; 1478 |
| Fertitta Entertainment LLC 4.63%, <br> 1/15/2029 (a)<br>| &nbsp;&nbsp; 198 | &nbsp;&nbsp; 189 |
| Fifth Third Bancorp |  |  |
| (SOFRINDX + 2.19%), 6.36%, <br> 10/27/2028 (d)<br>| &nbsp;&nbsp; 301 | &nbsp;&nbsp; 313 |
| (SOFR + 1.84%), 5.63%, 1/29/2032 (d) | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 417 |
| Series H, (3-MONTH CME TERM SOFR + <br> 3.29%), 7.30%, 11/30/2025 (d) (f) (g)<br>| &nbsp;&nbsp; 625 | &nbsp;&nbsp; 626 |
| Ford Motor Credit Co. LLC |  |  |
| 4.39%, 1/8/2026 | &nbsp;&nbsp; 3665 | &nbsp;&nbsp; 3662 |
| 6.95%, 3/6/2026 | &nbsp;&nbsp; 1712 | &nbsp;&nbsp; 1722 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 45

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 6.95%, 6/10/2026 | &nbsp;&nbsp; 1864 | &nbsp;&nbsp; 1888 |
| 4.54%, 8/1/2026 | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 2047 |
| 2.70%, 8/10/2026 | &nbsp;&nbsp; 2049 | &nbsp;&nbsp; 2020 |
| 4.27%, 1/9/2027 | &nbsp;&nbsp; 8068 | &nbsp;&nbsp; 8018 |
| 4.13%, 8/17/2027 | &nbsp;&nbsp; 1605 | &nbsp;&nbsp; 1585 |
| 2.90%, 2/16/2028 | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 1391 |
| 6.80%, 5/12/2028 | &nbsp;&nbsp; 1944 | &nbsp;&nbsp; 2022 |
| 2.90%, 2/10/2029 | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 820 |
| 7.20%, 6/10/2030 | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 959 |
| 5.73%, 9/5/2030 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1156 |
| 4.00%, 11/13/2030 | &nbsp;&nbsp; 3339 | &nbsp;&nbsp; 3133 |
| Foundry JV Holdco LLC 5.50%, 1/25/2031 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 207 |
| Frontier Communications Holdings LLC |  |  |
| 5.88%, 10/15/2027 (a) | &nbsp;&nbsp; 2020 | &nbsp;&nbsp; 2018 |
| 5.00%, 5/1/2028 (a) | &nbsp;&nbsp; 9638 | &nbsp;&nbsp; 9625 |
| 6.75%, 5/1/2029 (a) | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1293 |
| 5.88%, 11/1/2029 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| 6.00%, 1/15/2030 (a) | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 111 |
| 8.75%, 5/15/2030 (a) | &nbsp;&nbsp; 2033 | &nbsp;&nbsp; 2127 |
| Gap, Inc. (The) 3.63%, 10/1/2029 (a) | &nbsp;&nbsp; 2615 | &nbsp;&nbsp; 2460 |
| Gartner, Inc. |  |  |
| 4.50%, 7/1/2028 (a) | &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 1959 |
| 3.63%, 6/15/2029 (a) | &nbsp;&nbsp; 1138 | &nbsp;&nbsp; 1093 |
| 3.75%, 10/1/2030 (a) | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 444 |
| Gates Corp. 6.88%, 7/1/2029 (a) | &nbsp;&nbsp; 873 | &nbsp;&nbsp; 906 |
| GCI LLC 4.75%, 10/15/2028 (a) | &nbsp;&nbsp; 8852 | &nbsp;&nbsp; 8638 |
| General Motors Financial Co., Inc. |  |  |
| 5.25%, 3/1/2026 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| 4.30%, 4/6/2029 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 488 |
| Genesis Energy LP |  |  |
| 7.75%, 2/1/2028 | &nbsp;&nbsp; 3521 | &nbsp;&nbsp; 3543 |
| 8.88%, 4/15/2030 | &nbsp;&nbsp; 2410 | &nbsp;&nbsp; 2540 |
| 7.88%, 5/15/2032 | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 782 |
| GEO Group, Inc. (The) |  |  |
| 8.63%, 4/15/2029 | &nbsp;&nbsp; 3023 | &nbsp;&nbsp; 3190 |
| 10.25%, 4/15/2031 | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 516 |
| GFL Environmental, Inc. |  |  |
| 4.00%, 8/1/2028 (a) | &nbsp;&nbsp; 3832 | &nbsp;&nbsp; 3749 |
| 4.75%, 6/15/2029 (a) | &nbsp;&nbsp; 2745 | &nbsp;&nbsp; 2716 |
| 6.75%, 1/15/2031 (a) | &nbsp;&nbsp; 4377 | &nbsp;&nbsp; 4579 |
| Global Infrastructure Solutions, Inc. |  |  |
| 5.63%, 6/1/2029 (a) | &nbsp;&nbsp; 3005 | &nbsp;&nbsp; 3004 |
| 7.50%, 4/15/2032 (a) | &nbsp;&nbsp; 2995 | &nbsp;&nbsp; 3136 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Global Medical Response, Inc. 7.38%, <br> 10/1/2032 (a)<br>| &nbsp;&nbsp; 1494 | &nbsp;&nbsp; 1563 |
| Global Payments, Inc. 3.20%, 8/15/2029 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 |
| Goat Holdco LLC 6.75%, 2/1/2032 (a) | &nbsp;&nbsp; 1182 | &nbsp;&nbsp; 1207 |
| Goldman Sachs Bank USA (SOFR + 0.77%), <br> 5.06%, 3/18/2027 (d)<br>| &nbsp;&nbsp; 320 | &nbsp;&nbsp; 321 |
| Goldman Sachs Group, Inc. (The) |  |  |
| Series S, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.85%), <br> 7.19%, 2/10/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 1490 | &nbsp;&nbsp; 1498 |
| Series R, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.22%), <br> 7.56%, 2/10/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 1815 |
| Series T, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.97%), <br> 3.80%, 5/10/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 5607 | &nbsp;&nbsp; 5525 |
| Series U, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.92%), <br> 3.65%, 8/10/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 1830 | &nbsp;&nbsp; 1794 |
| (SOFR + 0.82%), 1.54%, 9/10/2027 (d) | &nbsp;&nbsp; 363 | &nbsp;&nbsp; 355 |
| (SOFR + 0.91%), 1.95%, 10/21/2027 (d) | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (d) | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| (SOFR + 1.85%), 3.62%, 3/15/2028 (d) | &nbsp;&nbsp; 983 | &nbsp;&nbsp; 976 |
| Series W, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.16%), <br> 7.50%, 2/10/2029 (d) (f) (g)<br>| &nbsp;&nbsp; 4001 | &nbsp;&nbsp; 4245 |
| Series X, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.81%), <br> 7.50%, 5/10/2029 (d) (f) (g)<br>| &nbsp;&nbsp; 6484 | &nbsp;&nbsp; 6872 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.46%), <br> 6.85%, 2/10/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 4610 | &nbsp;&nbsp; 4797 |
| (SOFR + 1.28%), 2.62%, 4/22/2032 (d) | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 441 |
| (SOFR + 1.25%), 2.38%, 7/21/2032 (d) | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 413 |
| (SOFR + 1.26%), 2.65%, 10/21/2032 (d) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 14 |
| Series Y, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + <br> 2.40%), 6.13%, 11/10/2034 (d) (f) (g)<br>| &nbsp;&nbsp; 5630 | &nbsp;&nbsp; 5740 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (d) | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 153 |
| (SOFR + 1.42%), 5.02%, 10/23/2035 (d) | &nbsp;&nbsp; 1805 | &nbsp;&nbsp; 1817 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| 5.00%, 7/15/2029 | &nbsp;&nbsp; 5452 | &nbsp;&nbsp; 5189 |
| 6.63%, 7/15/2030 | &nbsp;&nbsp; 2872 | &nbsp;&nbsp; 2853 |
| 5.25%, 7/15/2031 | &nbsp;&nbsp; 1129 | &nbsp;&nbsp; 1029 |
| Graham Packaging Co., Inc. 7.13%, <br> 8/15/2028 (a)<br>| &nbsp;&nbsp; 1006 | &nbsp;&nbsp; 1001 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Gray Media, Inc. |  |  |
| 10.50%, 7/15/2029 (a) | &nbsp;&nbsp; 7900 | &nbsp;&nbsp; 8513 |
| 4.75%, 10/15/2030 (a) | &nbsp;&nbsp; 3240 | &nbsp;&nbsp; 2304 |
| 5.38%, 11/15/2031 (a) | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 884 |
| 7.25%, 8/15/2033 (a) | &nbsp;&nbsp; 4787 | &nbsp;&nbsp; 4687 |
| Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp; 4655 | &nbsp;&nbsp; 4655 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 8/15/2028 (a) | &nbsp;&nbsp; 1211 | &nbsp;&nbsp; 1175 |
| 6.38%, 1/15/2030 (a) | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 1150 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (a)<br>| &nbsp;&nbsp; 2718 | &nbsp;&nbsp; 2775 |
| Hanesbrands, Inc. 9.00%, 2/15/2031 (a) | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1750 |
| Harvest Midstream I LP 7.50%, <br> 5/15/2032 (a)<br>| &nbsp;&nbsp; 1581 | &nbsp;&nbsp; 1638 |
| HCA, Inc. |  |  |
| 2.38%, 7/15/2031 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 409 |
| 5.60%, 4/1/2034 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 625 |
| HealthEquity, Inc. 4.50%, 10/1/2029 (a) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
| Herc Holdings, Inc. |  |  |
| 5.50%, 7/15/2027 (a) | &nbsp;&nbsp; 3656 | &nbsp;&nbsp; 3655 |
| 6.63%, 6/15/2029 (a) | &nbsp;&nbsp; 2158 | &nbsp;&nbsp; 2228 |
| 7.00%, 6/15/2030 (a) | &nbsp;&nbsp; 4092 | &nbsp;&nbsp; 4283 |
| Hertz Corp. (The) |  |  |
| 4.63%, 12/1/2026 (a) | &nbsp;&nbsp; 3713 | &nbsp;&nbsp; 3605 |
| 12.63%, 7/15/2029 (a) | &nbsp;&nbsp; 5580 | &nbsp;&nbsp; 5524 |
| 5.00%, 12/1/2029 (a) | &nbsp;&nbsp; 8062 | &nbsp;&nbsp; 5476 |
| Hertz Corp. (The), Escrow |  |  |
| 6.25%, 10/15/2022 ‡ (j) | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 66 |
| 5.50%, 10/15/2024 ‡ (j) | &nbsp;&nbsp; 11828 | &nbsp;&nbsp; 591 |
| 7.13%, 8/1/2026 ‡ (j) | &nbsp;&nbsp; 5505 | &nbsp;&nbsp; 881 |
| 6.00%, 1/15/2028 ‡ (j) | &nbsp;&nbsp; 5450 | &nbsp;&nbsp; 818 |
| Hess Midstream Operations LP |  |  |
| 5.88%, 3/1/2028 (a) | &nbsp;&nbsp; 772 | &nbsp;&nbsp; 788 |
| 5.13%, 6/15/2028 (a) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| 6.50%, 6/1/2029 (a) | &nbsp;&nbsp; 1678 | &nbsp;&nbsp; 1739 |
| 4.25%, 2/15/2030 (a) | &nbsp;&nbsp; 2578 | &nbsp;&nbsp; 2511 |
| Hilcorp Energy I LP |  |  |
| 6.25%, 11/1/2028 (a) | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 183 |
| 6.00%, 4/15/2030 (a) | &nbsp;&nbsp; 1701 | &nbsp;&nbsp; 1659 |
| 6.25%, 4/15/2032 (a) | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1343 |
| 6.88%, 5/15/2034 (a) | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 501 |
| Hillenbrand, Inc. 6.25%, 2/15/2029 | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 790 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.75%, 5/1/2028 (a) | &nbsp;&nbsp; 2667 | &nbsp;&nbsp; 2670 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 5.88%, 4/1/2029 (a) | &nbsp;&nbsp; 1194 | &nbsp;&nbsp; 1219 |
| 3.75%, 5/1/2029 (a) | &nbsp;&nbsp; 1565 | &nbsp;&nbsp; 1514 |
| 4.88%, 1/15/2030 | &nbsp;&nbsp; 1393 | &nbsp;&nbsp; 1391 |
| 6.13%, 4/1/2032 (a) | &nbsp;&nbsp; 1129 | &nbsp;&nbsp; 1165 |
| 5.88%, 3/15/2033 (a) | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2614 |
| 5.75%, 9/15/2033 (a) | &nbsp;&nbsp; 5627 | &nbsp;&nbsp; 5733 |
| Hologic, Inc. 3.25%, 2/15/2029 (a) | &nbsp;&nbsp; 4372 | &nbsp;&nbsp; 4316 |
| Howard Midstream Energy Partners LLC |  |  |
| 7.38%, 7/15/2032 (a) | &nbsp;&nbsp; 2177 | &nbsp;&nbsp; 2281 |
| 6.63%, 1/15/2034 (a) | &nbsp;&nbsp; 1327 | &nbsp;&nbsp; 1367 |
| Hughes Satellite Systems Corp. 6.63%, <br> 8/1/2026<br>| &nbsp;&nbsp; 3046 | &nbsp;&nbsp; 2883 |
| Hyundai Capital America |  |  |
| 1.65%, 9/17/2026 (a) | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36 |
| 4.30%, 9/24/2027 (a) | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 141 |
| 2.10%, 9/15/2028 (a) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 |
| ICITII 6.00% (PIK), 1/31/2033 ‡ (a) (i) | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 406 |
| iHeartCommunications, Inc. |  |  |
| 9.13%, 5/1/2029 (a) (c) | &nbsp;&nbsp; 9406 | &nbsp;&nbsp; 8654 |
| 10.88%, 5/1/2030 (a) (c) | &nbsp;&nbsp; 4810 | &nbsp;&nbsp; 3468 |
| 7.75%, 8/15/2030 (a) | &nbsp;&nbsp; 924 | &nbsp;&nbsp; 772 |
| ILFC E-Capital Trust I 6.27%, 12/21/2065 (a) <br> (l)<br>| &nbsp;&nbsp; 2263 | &nbsp;&nbsp; 1881 |
| ILFC E-Capital Trust II 6.52%, 12/21/2065 (a) <br> (l)<br>| &nbsp;&nbsp; 3358 | &nbsp;&nbsp; 2870 |
| Imola Merger Corp. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp; 10299 | &nbsp;&nbsp; 10152 |
| Insight Enterprises, Inc. 6.63%, <br> 5/15/2032 (a)<br>| &nbsp;&nbsp; 897 | &nbsp;&nbsp; 918 |
| ION Platform Finance US, Inc. 7.88%, <br> 9/30/2032 (a)<br>| &nbsp;&nbsp; 2287 | &nbsp;&nbsp; 2231 |
| IQVIA, Inc. |  |  |
| 5.00%, 10/15/2026 (a) | &nbsp;&nbsp; 6890 | &nbsp;&nbsp; 6879 |
| 5.00%, 5/15/2027 (a) | &nbsp;&nbsp; 2586 | &nbsp;&nbsp; 2585 |
| 6.25%, 6/1/2032 (a) | &nbsp;&nbsp; 6453 | &nbsp;&nbsp; 6726 |
| Iron Mountain, Inc., REIT |  |  |
| 4.88%, 9/15/2027 (a) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2991 |
| 5.25%, 3/15/2028 (a) | &nbsp;&nbsp; 2207 | &nbsp;&nbsp; 2206 |
| 5.00%, 7/15/2028 (a) | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 387 |
| 5.25%, 7/15/2030 (a) | &nbsp;&nbsp; 5358 | &nbsp;&nbsp; 5333 |
| 6.25%, 1/15/2033 (a) | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 352 |
| ITC Holdings Corp., 2.95%, 5/14/2030 (a) | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 32 |
| Jackson National Life Global Funding 5.55%, <br> 7/2/2027 (a)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 255 |
| JELD-WEN, Inc. |  |  |
| 4.88%, 12/15/2027 (a) | &nbsp;&nbsp; 3295 | &nbsp;&nbsp; 3205 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 47

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 7.00%, 9/1/2032 (a) (c) | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 1398 |
| JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | &nbsp;&nbsp; 4762 | &nbsp;&nbsp; 4681 |
| JH North America Holdings, Inc. |  |  |
| 5.88%, 1/31/2031 (a) | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 1076 |
| 6.13%, 7/31/2032 (a) | &nbsp;&nbsp; 1581 | &nbsp;&nbsp; 1621 |
| Kimco Realty OP LLC, REIT 2.25%, 12/1/2031 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/2028 (a) | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1181 |
| 5.88%, 6/15/2030 (a) | &nbsp;&nbsp; 2331 | &nbsp;&nbsp; 2348 |
| Knife River Corp. 7.75%, 5/1/2031 (a) | &nbsp;&nbsp; 3104 | &nbsp;&nbsp; 3252 |
| Kodiak Gas Services LLC |  |  |
| 7.25%, 2/15/2029 (a) | &nbsp;&nbsp; 1711 | &nbsp;&nbsp; 1777 |
| 6.50%, 10/1/2033 (a) | &nbsp;&nbsp; 1389 | &nbsp;&nbsp; 1423 |
| LABL, Inc. 8.63%, 10/1/2031 (a) | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 349 |
| Lamar Media Corp. 4.00%, 2/15/2030 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 456 |
| Lamb Weston Holdings, Inc. 4.13%, <br> 1/31/2030 (a)<br>| &nbsp;&nbsp; 6455 | &nbsp;&nbsp; 6235 |
| Lear Corp. 2.60%, 1/15/2032 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
| Leidos, Inc. 5.40%, 3/15/2032 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 215 |
| Level 3 Financing, Inc. |  |  |
| 3.88%, 10/15/2030 (a) | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 1110 |
| 6.88%, 6/30/2033 (a) | &nbsp;&nbsp; 4290 | &nbsp;&nbsp; 4394 |
| 7.00%, 3/31/2034 (a) | &nbsp;&nbsp; 3182 | &nbsp;&nbsp; 3269 |
| Liberty Interactive LLC 8.25%, 2/1/2030 | &nbsp;&nbsp; 1702 | &nbsp;&nbsp; 106 |
| Lithia Motors, Inc. |  |  |
| 5.50%, 10/1/2030 (a) | &nbsp;&nbsp; 869 | &nbsp;&nbsp; 871 |
| 4.38%, 1/15/2031 (a) (c) | &nbsp;&nbsp; 1524 | &nbsp;&nbsp; 1453 |
| Live Nation Entertainment, Inc. |  |  |
| 5.63%, 3/15/2026 (a) | &nbsp;&nbsp; 4097 | &nbsp;&nbsp; 4101 |
| 6.50%, 5/15/2027 (a) | &nbsp;&nbsp; 10261 | &nbsp;&nbsp; 10349 |
| 4.75%, 10/15/2027 (a) | &nbsp;&nbsp; 8509 | &nbsp;&nbsp; 8482 |
| 3.75%, 1/15/2028 (a) | &nbsp;&nbsp; 2163 | &nbsp;&nbsp; 2111 |
| Lumen Technologies, Inc. |  |  |
| 4.13%, 4/15/2029 (a) | &nbsp;&nbsp; 2184 | &nbsp;&nbsp; 2155 |
| 5.38%, 6/15/2029 (a) | &nbsp;&nbsp; 3421 | &nbsp;&nbsp; 3207 |
| 4.13%, 4/15/2030 (a) | &nbsp;&nbsp; 8787 | &nbsp;&nbsp; 8672 |
| 10.00%, 10/15/2032 (a) | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 722 |
| M/I Homes, Inc. 4.95%, 2/1/2028 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 130 |
| Madison IAQ LLC |  |  |
| 4.13%, 6/30/2028 (a) | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1689 |
| 5.88%, 6/30/2029 (a) (c) | &nbsp;&nbsp; 6049 | &nbsp;&nbsp; 5927 |
| Marriott International, Inc. 4.20%, 7/15/2027 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 133 |
| Marriott Ownership Resorts, Inc. |  |  |
| 4.75%, 1/15/2028 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 4.50%, 6/15/2029 (a) | &nbsp;&nbsp; 926 | &nbsp;&nbsp; 892 |
| Mars, Inc. |  |  |
| 4.60%, 3/1/2028 (a) | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 435 |
| 4.80%, 3/1/2030 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 255 |
| Masterbrand, Inc. 7.00%, 7/15/2032 (a) | &nbsp;&nbsp; 2004 | &nbsp;&nbsp; 2079 |
| Matador Resources Co. |  |  |
| 6.50%, 4/15/2032 (a) | &nbsp;&nbsp; 1849 | &nbsp;&nbsp; 1866 |
| 6.25%, 4/15/2033 (a) | &nbsp;&nbsp; 2616 | &nbsp;&nbsp; 2612 |
| Mauser Packaging Solutions Holding Co. <br> 7.88%, 4/15/2027 (a)<br>| &nbsp;&nbsp; 14574 | &nbsp;&nbsp; 14612 |
| McGraw-Hill Education, Inc. 5.75%, <br> 8/1/2028 (a)<br>| &nbsp;&nbsp; 2008 | &nbsp;&nbsp; 2004 |
| Medline Borrower LP |  |  |
| 3.88%, 4/1/2029 (a) | &nbsp;&nbsp; 9852 | &nbsp;&nbsp; 9569 |
| 6.25%, 4/1/2029 (a) | &nbsp;&nbsp; 3812 | &nbsp;&nbsp; 3922 |
| 5.25%, 10/1/2029 (a) | &nbsp;&nbsp; 5730 | &nbsp;&nbsp; 5708 |
| MetLife Capital Trust IV 7.88%, <br> 12/15/2037 (a)<br>| &nbsp;&nbsp; 8747 | &nbsp;&nbsp; 9813 |
| MetLife, Inc. Series D, (3-MONTH CME TERM <br> SOFR + 3.22%), 5.88%, 3/15/2028 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 106 | &nbsp;&nbsp; 109 |
| MGM Resorts International |  |  |
| 6.13%, 9/15/2029 | &nbsp;&nbsp; 2358 | &nbsp;&nbsp; 2401 |
| 6.50%, 4/15/2032 (c) | &nbsp;&nbsp; 2976 | &nbsp;&nbsp; 3022 |
| Midcontinent Communications 8.00%, <br> 8/15/2032 (a)<br>| &nbsp;&nbsp; 3668 | &nbsp;&nbsp; 3736 |
| Millrose Properties, Inc., REIT |  |  |
| 6.38%, 8/1/2030 (a) | &nbsp;&nbsp; 2386 | &nbsp;&nbsp; 2417 |
| 6.25%, 9/15/2032 (a) | &nbsp;&nbsp; 1146 | &nbsp;&nbsp; 1151 |
| Miter Brands Acquisition Holdco, Inc. 6.75%, <br> 4/1/2032 (a)<br>| &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 1721 |
| MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | &nbsp;&nbsp; 1196 | &nbsp;&nbsp; 1160 |
| Molina Healthcare, Inc. 4.38%, <br> 6/15/2028 (a)<br>| &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1067 |
| Moog, Inc. 4.25%, 12/15/2027 (a) | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 244 |
| Morgan Stanley |  |  |
| (SOFR + 0.86%), 1.51%, 7/20/2027 (d) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39 |
| (SOFR + 1.61%), 4.21%, 4/20/2028 (d) | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| (SOFR + 1.45%), 5.17%, 1/16/2030 (d) | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 636 |
| (SOFR + 1.02%), 1.93%, 4/28/2032 (d) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 16 |
| (SOFR + 1.20%), 2.51%, 10/20/2032 (d) | &nbsp;&nbsp; 948 | &nbsp;&nbsp; 848 |
| (SOFR + 1.73%), 5.47%, 1/18/2035 (d) | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 700 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (d) | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 134 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.43%), <br> 5.95%, 1/19/2038 (d)<br>| &nbsp;&nbsp; 817 | &nbsp;&nbsp; 857 |
| Morgan Stanley Bank NA (SOFR + 1.08%), <br> 4.95%, 1/14/2028 (d)<br>| &nbsp;&nbsp; 455 | &nbsp;&nbsp; 459 |
| MPT Operating Partnership LP, REIT 8.50%, <br> 2/15/2032 (a)<br>| &nbsp;&nbsp; 1606 | &nbsp;&nbsp; 1683 |
| NCL Corp. Ltd. 5.88%, 1/15/2031 (a) | &nbsp;&nbsp; 2352 | &nbsp;&nbsp; 2351 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp; 4514 | &nbsp;&nbsp; 4875 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/1/2028 (a) | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 109 |
| 5.13%, 4/15/2029 (a) | &nbsp;&nbsp; 5206 | &nbsp;&nbsp; 5152 |
| Neptune Bidco US, Inc. 9.29%, 4/15/2029 (a) | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 851 |
| NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | &nbsp;&nbsp; 1187 | &nbsp;&nbsp; 1160 |
| Nevada Power Co. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 1.94%), 6.25%, 5/15/2055 (d)<br>| &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1090 |
| New Albertsons LP |  |  |
| 7.75%, 6/15/2026 | &nbsp;&nbsp; 1535 | &nbsp;&nbsp; 1553 |
| 6.63%, 6/1/2028 | &nbsp;&nbsp; 613 | &nbsp;&nbsp; 651 |
| 7.45%, 8/1/2029 | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 410 |
| 8.00%, 5/1/2031 | &nbsp;&nbsp; 2108 | &nbsp;&nbsp; 2319 |
| Newell Brands, Inc. |  |  |
| 6.38%, 9/15/2027 | &nbsp;&nbsp; 847 | &nbsp;&nbsp; 845 |
| 8.50%, 6/1/2028 (a) | &nbsp;&nbsp; 1852 | &nbsp;&nbsp; 1900 |
| 6.63%, 9/15/2029 | &nbsp;&nbsp; 3051 | &nbsp;&nbsp; 2984 |
| 6.38%, 5/15/2030 (c) | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1325 |
| 6.63%, 5/15/2032 (c) | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 563 |
| 7.37%, 4/1/2036 (h) | &nbsp;&nbsp; 1192 | &nbsp;&nbsp; 1123 |
| News Corp. |  |  |
| 3.88%, 5/15/2029 (a) | &nbsp;&nbsp; 4395 | &nbsp;&nbsp; 4238 |
| 5.13%, 2/15/2032 (a) | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 2465 |
| Nexstar Media, Inc. |  |  |
| 5.63%, 7/15/2027 (a) | &nbsp;&nbsp; 9939 | &nbsp;&nbsp; 9935 |
| 4.75%, 11/1/2028 (a) | &nbsp;&nbsp; 7740 | &nbsp;&nbsp; 7618 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.05%, 3/15/2030 | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 1020 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.46%), <br> 6.75%, 6/15/2054 (d)<br>| &nbsp;&nbsp; 1617 | &nbsp;&nbsp; 1749 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.36%), <br> 6.70%, 9/1/2054 (d)<br>| &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1144 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.05%), <br> 6.38%, 8/15/2055 (d)<br>| &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1228 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| (3-MONTH SOFR + 3.16%), 5.65%, <br> 5/1/2079 (d)<br>| &nbsp;&nbsp; 3683 | &nbsp;&nbsp; 3718 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 2/15/2029 (a) | &nbsp;&nbsp; 2457 | &nbsp;&nbsp; 2515 |
| 8.38%, 2/15/2032 (a) | &nbsp;&nbsp; 2145 | &nbsp;&nbsp; 2193 |
| NiSource, Inc. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.45%), <br> 6.95%, 11/30/2054 (d)<br>| &nbsp;&nbsp; 3014 | &nbsp;&nbsp; 3145 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.53%), <br> 6.38%, 3/31/2055 (d)<br>| &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2630 |
| Noble Finance II LLC 8.00%, 4/15/2030 (a) | &nbsp;&nbsp; 1719 | &nbsp;&nbsp; 1784 |
| Novelis Corp. |  |  |
| 4.75%, 1/30/2030 (a) | &nbsp;&nbsp; 4460 | &nbsp;&nbsp; 4309 |
| 6.88%, 1/30/2030 (a) | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 642 |
| 6.38%, 8/15/2033 (a) | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1155 |
| NRG Energy, Inc. |  |  |
| 5.75%, 1/15/2028 | &nbsp;&nbsp; 1031 | &nbsp;&nbsp; 1035 |
| 3.38%, 2/15/2029 (a) | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 1968 |
| 5.25%, 6/15/2029 (a) | &nbsp;&nbsp; 3022 | &nbsp;&nbsp; 3035 |
| 5.75%, 7/15/2029 (a) | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 176 |
| 3.88%, 2/15/2032 (a) | &nbsp;&nbsp; 727 | &nbsp;&nbsp; 675 |
| 6.00%, 2/1/2033 (a) | &nbsp;&nbsp; 6155 | &nbsp;&nbsp; 6279 |
| 7.00%, 3/15/2033 (a) | &nbsp;&nbsp; 1272 | &nbsp;&nbsp; 1404 |
| 5.75%, 1/15/2034 (a) | &nbsp;&nbsp; 2154 | &nbsp;&nbsp; 2169 |
| 6.00%, 1/15/2036 (a) | &nbsp;&nbsp; 2152 | &nbsp;&nbsp; 2189 |
| NuStar Logistics LP |  |  |
| 6.00%, 6/1/2026 | &nbsp;&nbsp; 3036 | &nbsp;&nbsp; 3046 |
| 6.38%, 10/1/2030 | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 2000 |
| ON Semiconductor Corp. 3.88%, <br> 9/1/2028 (a)<br>| &nbsp;&nbsp; 4166 | &nbsp;&nbsp; 4054 |
| OneMain Finance Corp. |  |  |
| 7.13%, 3/15/2026 | &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 1482 |
| 3.50%, 1/15/2027 | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 1756 |
| 6.63%, 1/15/2028 | &nbsp;&nbsp; 3313 | &nbsp;&nbsp; 3397 |
| 3.88%, 9/15/2028 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 338 |
| ONEOK, Inc. 5.60%, 4/1/2044 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 492 |
| Oracle Corp. 4.45%, 9/26/2030 | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 922 |
| Organon & Co. |  |  |
| 4.13%, 4/30/2028 (a) | &nbsp;&nbsp; 5543 | &nbsp;&nbsp; 5274 |
| 5.13%, 4/30/2031 (a) | &nbsp;&nbsp; 5971 | &nbsp;&nbsp; 4577 |
| 6.75%, 5/15/2034 (a) | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 560 |
| 7.88%, 5/15/2034 (a) | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 409 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 49

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Outfront Media Capital LLC |  |  |
| 4.25%, 1/15/2029 (a) | &nbsp;&nbsp; 1161 | &nbsp;&nbsp; 1121 |
| 7.38%, 2/15/2031 (a) | &nbsp;&nbsp; 3463 | &nbsp;&nbsp; 3658 |
| Owens & Minor, Inc. |  |  |
| 4.50%, 3/31/2029 (a) (c) | &nbsp;&nbsp; 4362 | &nbsp;&nbsp; 3357 |
| 6.63%, 4/1/2030 (a) (c) | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; 1678 |
| Owens-Brockway Glass Container, Inc. 6.63%, <br> 5/13/2027 (a)<br>| &nbsp;&nbsp; 2113 | &nbsp;&nbsp; 2113 |
| Pacific Gas and Electric Co. 5.55%, <br> 5/15/2029<br>| &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1112 |
| Par Pharmaceutical, Inc. 0.00%, 4/1/2027 ‡ <br> (j)<br>| &nbsp;&nbsp; 6648 | &nbsp;&nbsp; — |
| Paramount Global (3-MONTH SOFR + 3.90%), <br> 6.25%, 2/28/2057 (d)<br>| &nbsp;&nbsp; 2248 | &nbsp;&nbsp; 2203 |
| Penske Truck Leasing Co. LP 1.20%, <br> 11/15/2025 (a)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| Performance Food Group, Inc. |  |  |
| 5.50%, 10/15/2027 (a) | &nbsp;&nbsp; 2430 | &nbsp;&nbsp; 2431 |
| 4.25%, 8/1/2029 (a) | &nbsp;&nbsp; 7327 | &nbsp;&nbsp; 7146 |
| 6.13%, 9/15/2032 (a) | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 1092 |
| Permian Resources Operating LLC |  |  |
| 8.00%, 4/15/2027 (a) | &nbsp;&nbsp; 2260 | &nbsp;&nbsp; 2291 |
| 9.88%, 7/15/2031 (a) | &nbsp;&nbsp; 4657 | &nbsp;&nbsp; 5049 |
| 7.00%, 1/15/2032 (a) | &nbsp;&nbsp; 2111 | &nbsp;&nbsp; 2190 |
| 6.25%, 2/1/2033 (a) | &nbsp;&nbsp; 1908 | &nbsp;&nbsp; 1941 |
| Perrigo Finance Unlimited Co. Series USD, <br> 6.13%, 9/30/2032<br>| &nbsp;&nbsp; 1343 | &nbsp;&nbsp; 1354 |
| PetSmart LLC 7.50%, 9/15/2032 (a) | &nbsp;&nbsp; 4092 | &nbsp;&nbsp; 4082 |
| PG&E Corp. |  |  |
| 5.00%, 7/1/2028 | &nbsp;&nbsp; 3253 | &nbsp;&nbsp; 3230 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.88%), <br> 7.38%, 3/15/2055 (d)<br>| &nbsp;&nbsp; 2693 | &nbsp;&nbsp; 2770 |
| Philip Morris International, Inc. |  |  |
| 5.13%, 2/15/2030 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 609 |
| 4.38%, 4/30/2030 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 206 |
| Pike Corp. |  |  |
| 5.50%, 9/1/2028 (a) | &nbsp;&nbsp; 2768 | &nbsp;&nbsp; 2762 |
| 8.63%, 1/31/2031 (a) | &nbsp;&nbsp; 757 | &nbsp;&nbsp; 808 |
| Plains All American Pipeline LP 4.70%, <br> 1/15/2031<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| PM General Purchaser LLC 9.50%, <br> 10/1/2028 (a)<br>| &nbsp;&nbsp; 2542 | &nbsp;&nbsp; 2199 |
| PNC Bank NA (SOFR + 0.50%), 4.78%, <br> 1/15/2027 (d)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| PNC Financial Services Group, Inc. (The) |  |  |
| Series T, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.60%), <br> 3.40%, 9/15/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 8023 | &nbsp;&nbsp; 7791 |
| (SOFR + 0.80%), 5.10%, 7/23/2027 (d) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 251 |
| Series V, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.24%), <br> 6.20%, 9/15/2027 (d) (f) (g)<br>| &nbsp;&nbsp; 4543 | &nbsp;&nbsp; 4616 |
| (SOFR + 1.34%), 5.30%, 1/21/2028 (d) | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 217 |
| (SOFR + 1.62%), 5.35%, 12/2/2028 (d) | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 126 |
| Series W, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 7 Year + 2.81%), <br> 6.25%, 3/15/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 1701 | &nbsp;&nbsp; 1745 |
| (SOFR + 1.90%), 5.68%, 1/22/2035 (d) | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 710 |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/2029 (a) | &nbsp;&nbsp; 6798 | &nbsp;&nbsp; 6801 |
| 6.25%, 2/15/2032 (a) | &nbsp;&nbsp; 2502 | &nbsp;&nbsp; 2572 |
| PPL Capital Funding, Inc. Series A, (3-MONTH <br> CME TERM SOFR + 2.93%), 6.93%, <br> 3/30/2067 (d)<br>| &nbsp;&nbsp; 4388 | &nbsp;&nbsp; 4315 |
| Prairie Acquiror LP 9.00%, 8/1/2029 (a) | &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 1085 |
| Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 266 |
| Prime Security Services Borrower LLC |  |  |
| 5.75%, 4/15/2026 (a) | &nbsp;&nbsp; 2129 | &nbsp;&nbsp; 2134 |
| 3.38%, 8/31/2027 (a) | &nbsp;&nbsp; 1886 | &nbsp;&nbsp; 1837 |
| Primo Water Holdings, Inc. |  |  |
| 6.25%, 4/1/2029 (a) | &nbsp;&nbsp; 2623 | &nbsp;&nbsp; 2625 |
| 4.38%, 4/30/2029 (a) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 292 |
| Prudential Financial, Inc. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.16%), <br> 5.13%, 3/1/2052 (d)<br>| &nbsp;&nbsp; 3169 | &nbsp;&nbsp; 3157 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.23%), <br> 6.00%, 9/1/2052 (d)<br>| &nbsp;&nbsp; 286 | &nbsp;&nbsp; 298 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.85%), <br> 6.75%, 3/1/2053 (d)<br>| &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 3268 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.40%), <br> 6.50%, 3/15/2054 (d)<br>| &nbsp;&nbsp; 2743 | &nbsp;&nbsp; 2921 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 8/15/2032 (a) | &nbsp;&nbsp; 1019 | &nbsp;&nbsp; 1037 |
| 6.25%, 8/15/2033 (a) | &nbsp;&nbsp; 944 | &nbsp;&nbsp; 969 |
| Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | &nbsp;&nbsp; 5884 | &nbsp;&nbsp; 6103 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| QXO Building Products, Inc. 6.75%, <br> 4/30/2032 (a)<br>| &nbsp;&nbsp; 3470 | &nbsp;&nbsp; 3592 |
| Radiology Partners, Inc. 8.50%, <br> 7/15/2032 (a)<br>| &nbsp;&nbsp; 4851 | &nbsp;&nbsp; 5045 |
| Range Resources Corp. |  |  |
| 8.25%, 1/15/2029 | &nbsp;&nbsp; 3677 | &nbsp;&nbsp; 3751 |
| 4.75%, 2/15/2030 (a) | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 237 |
| Raven Acquisition Holdings LLC 6.88%, <br> 11/15/2031 (a)<br>| &nbsp;&nbsp; 2130 | &nbsp;&nbsp; 2177 |
| Regal Rexnord Corp. |  |  |
| 6.30%, 2/15/2030 | &nbsp;&nbsp; 1822 | &nbsp;&nbsp; 1928 |
| 6.40%, 4/15/2033 | &nbsp;&nbsp; 2552 | &nbsp;&nbsp; 2735 |
| Resideo Funding, Inc. 6.50%, 7/15/2032 (a) | &nbsp;&nbsp; 2896 | &nbsp;&nbsp; 2964 |
| RHP Hotel Properties LP, REIT |  |  |
| 4.75%, 10/15/2027 | &nbsp;&nbsp; 6905 | &nbsp;&nbsp; 6890 |
| 7.25%, 7/15/2028 (a) | &nbsp;&nbsp; 884 | &nbsp;&nbsp; 912 |
| 4.50%, 2/15/2029 (a) | &nbsp;&nbsp; 6893 | &nbsp;&nbsp; 6781 |
| 6.50%, 4/1/2032 (a) | &nbsp;&nbsp; 3259 | &nbsp;&nbsp; 3353 |
| 6.50%, 6/15/2033 (a) | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 537 |
| RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp; 3887 | &nbsp;&nbsp; 4140 |
| Rite Aid Corp. |  |  |
| 7.50%, 7/1/2025 ‡ (j) | &nbsp;&nbsp; 3803 | &nbsp;&nbsp; — |
| 8.00%, 11/15/2026 ‡ (j) | &nbsp;&nbsp; 6024 | &nbsp;&nbsp; — |
| (3-MONTH CME TERM SOFR + 7.00%), <br> 11.32%, 8/30/2031 ‡ (a) (d) (j)<br>| &nbsp;&nbsp; 1027 | &nbsp;&nbsp; — |
| Series B, 15.00%, 8/30/2031 ‡ (j) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; —<br> (m)<br>|
| Series A, 15.00%, 8/30/2031 ‡ (j) | &nbsp;&nbsp; 2975 | &nbsp;&nbsp; — |
| Rite Aid Corp., Escrow 8.00%, 10/18/2025 ‡ <br> (j)<br>| &nbsp;&nbsp; 2765 | &nbsp;&nbsp; — |
| Rivers Enterprise Lender LLC 6.25%, <br> 10/15/2030 (a)<br>| &nbsp;&nbsp; 656 | &nbsp;&nbsp; 661 |
| Rocket Cos., Inc. |  |  |
| 6.50%, 8/1/2029 (a) | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 197 |
| 6.13%, 8/1/2030 (a) | &nbsp;&nbsp; 3180 | &nbsp;&nbsp; 3280 |
| 7.13%, 2/1/2032 (a) | &nbsp;&nbsp; 1522 | &nbsp;&nbsp; 1598 |
| 6.38%, 8/1/2033 (a) | &nbsp;&nbsp; 1693 | &nbsp;&nbsp; 1764 |
| Rocket Mortgage LLC |  |  |
| 2.88%, 10/15/2026 (a) | &nbsp;&nbsp; 2624 | &nbsp;&nbsp; 2576 |
| 3.63%, 3/1/2029 (a) | &nbsp;&nbsp; 2903 | &nbsp;&nbsp; 2789 |
| 4.00%, 10/15/2033 (a) | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 406 |
| Rockies Express Pipeline LLC |  |  |
| 4.80%, 5/15/2030 (a) | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1145 |
| 6.75%, 3/15/2033 (a) | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 1388 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 9/30/2031 (a) | &nbsp;&nbsp; 2372 | &nbsp;&nbsp; 2417 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 6.25%, 3/15/2032 (a) | &nbsp;&nbsp; 5835 | &nbsp;&nbsp; 6022 |
| 6.00%, 2/1/2033 (a) | &nbsp;&nbsp; 4021 | &nbsp;&nbsp; 4128 |
| RXO, Inc. 7.50%, 11/15/2027 (a) | &nbsp;&nbsp; 2956 | &nbsp;&nbsp; 3011 |
| Sabine Pass Liquefaction LLC 5.88%, <br> 6/30/2026<br>| &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| Saks Global Enterprises LLC 11.00%, <br> 12/15/2029 (a)<br>| &nbsp;&nbsp; 1850 | &nbsp;&nbsp; 809 |
| SBA Communications Corp., REIT |  |  |
| 3.88%, 2/15/2027 | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1073 |
| 3.13%, 2/1/2029 | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 936 |
| Science Applications International Corp. <br> 5.88%, 11/1/2033 (a)<br>| &nbsp;&nbsp; 1179 | &nbsp;&nbsp; 1176 |
| Scotts Miracle-Gro Co. (The) |  |  |
| 4.50%, 10/15/2029 (c) | &nbsp;&nbsp; 3762 | &nbsp;&nbsp; 3664 |
| 4.00%, 4/1/2031 | &nbsp;&nbsp; 2694 | &nbsp;&nbsp; 2494 |
| 4.38%, 2/1/2032 | &nbsp;&nbsp; 4547 | &nbsp;&nbsp; 4203 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |
| 8.25%, 12/15/2029 (a) | &nbsp;&nbsp; 2265 | &nbsp;&nbsp; 2406 |
| 8.50%, 7/15/2031 (a) | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 569 |
| 5.75%, 12/1/2034 (a) | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 1375 |
| Sempra |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.87%), <br> 4.13%, 4/1/2052 (d)<br>| &nbsp;&nbsp; 1453 | &nbsp;&nbsp; 1417 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.63%), <br> 6.37%, 4/1/2056 (d)<br>| &nbsp;&nbsp; 1442 | &nbsp;&nbsp; 1482 |
| Sensata Technologies BV |  |  |
| 4.00%, 4/15/2029 (a) | &nbsp;&nbsp; 5280 | &nbsp;&nbsp; 5146 |
| 5.88%, 9/1/2030 (a) | &nbsp;&nbsp; 1870 | &nbsp;&nbsp; 1888 |
| Sensata Technologies, Inc. |  |  |
| 3.75%, 2/15/2031 (a) (c) | &nbsp;&nbsp; 833 | &nbsp;&nbsp; 774 |
| 6.63%, 7/15/2032 (a) | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1093 |
| Service Corp. International |  |  |
| 7.50%, 4/1/2027 | &nbsp;&nbsp; 2735 | &nbsp;&nbsp; 2828 |
| 4.63%, 12/15/2027 | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 186 |
| 5.13%, 6/1/2029 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| 3.38%, 8/15/2030 | &nbsp;&nbsp; 2238 | &nbsp;&nbsp; 2080 |
| 4.00%, 5/15/2031 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 824 |
| SGUS LLC 11.00%, 12/15/2029 (a) | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 681 |
| Shift4 Payments LLC 6.75%, 8/15/2032 (a) | &nbsp;&nbsp; 2286 | &nbsp;&nbsp; 2361 |
| Shutterfly Finance LLC |  |  |
| 8.50% (Cash), 10/1/2027 (a) (c) (i) | &nbsp;&nbsp; 10578 | &nbsp;&nbsp; 10340 |
| 9.75%, 10/1/2027 (a) | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1580 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 51

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Sierra Pacific Power Co. (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year <br> + 2.55%), 6.20%, 12/15/2055 (d)<br>| &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1763 |
| Sinclair Television Group, Inc. 8.13%, <br> 2/15/2033 (a)<br>| &nbsp;&nbsp; 2479 | &nbsp;&nbsp; 2526 |
| Sirius XM Radio LLC |  |  |
| 4.00%, 7/15/2028 (a) | &nbsp;&nbsp; 22457 | &nbsp;&nbsp; 21826 |
| 5.50%, 7/1/2029 (a) | &nbsp;&nbsp; 9898 | &nbsp;&nbsp; 9912 |
| 3.88%, 9/1/2031 (a) (c) | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 69 |
| Six Flags Entertainment Corp. |  |  |
| 5.38%, 4/15/2027 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 353 |
| 5.25%, 7/15/2029 | &nbsp;&nbsp; 3186 | &nbsp;&nbsp; 3062 |
| 7.25%, 5/15/2031 (a) (c) | &nbsp;&nbsp; 2278 | &nbsp;&nbsp; 2284 |
| 6.63%, 5/1/2032 (a) | &nbsp;&nbsp; 7265 | &nbsp;&nbsp; 7377 |
| SM Energy Co. |  |  |
| 6.75%, 9/15/2026 | &nbsp;&nbsp; 2398 | &nbsp;&nbsp; 2400 |
| 6.63%, 1/15/2027 | &nbsp;&nbsp; 3170 | &nbsp;&nbsp; 3172 |
| 6.50%, 7/15/2028 | &nbsp;&nbsp; 1702 | &nbsp;&nbsp; 1717 |
| 6.75%, 8/1/2029 (a) | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 334 |
| 7.00%, 8/1/2032 (a) | &nbsp;&nbsp; 1583 | &nbsp;&nbsp; 1549 |
| Smyrna Ready Mix Concrete LLC 8.88%, <br> 11/15/2031 (a)<br>| &nbsp;&nbsp; 2745 | &nbsp;&nbsp; 2890 |
| Snap, Inc. 6.88%, 3/1/2033 (a) | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 991 |
| Solstice Advanced Materials, Inc. 5.63%, <br> 9/30/2033 (a)<br>| &nbsp;&nbsp; 1464 | &nbsp;&nbsp; 1465 |
| Somnigroup International, Inc. |  |  |
| 4.00%, 4/15/2029 (a) | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 6934 |
| 3.88%, 10/15/2031 (a) | &nbsp;&nbsp; 2845 | &nbsp;&nbsp; 2629 |
| Sonic Automotive, Inc. |  |  |
| 4.63%, 11/15/2029 (a) (c) | &nbsp;&nbsp; 3836 | &nbsp;&nbsp; 3730 |
| 4.88%, 11/15/2031 (a) (c) | &nbsp;&nbsp; 3279 | &nbsp;&nbsp; 3120 |
| Sotera Health Holdings LLC 7.38%, <br> 6/1/2031 (a)<br>| &nbsp;&nbsp; 2502 | &nbsp;&nbsp; 2629 |
| Southern Co. (The) |  |  |
| 3.25%, 7/1/2026 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 249 |
| Series 21-A, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.92%), <br> 3.75%, 9/15/2051 (d)<br>| &nbsp;&nbsp; 2065 | &nbsp;&nbsp; 2038 |
| Spectrum Brands, Inc. 3.88%, 3/15/2031 (a) | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 590 |
| Spirit AeroSystems, Inc. 9.38%, <br> 11/30/2029 (a)<br>| &nbsp;&nbsp; 2416 | &nbsp;&nbsp; 2537 |
| SS&C Technologies, Inc. |  |  |
| 5.50%, 9/30/2027 (a) | &nbsp;&nbsp; 11533 | &nbsp;&nbsp; 11539 |
| 6.50%, 6/1/2032 (a) | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 695 |
| Stagwell Global LLC 5.63%, 8/15/2029 (a) | &nbsp;&nbsp; 5741 | &nbsp;&nbsp; 5470 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Standard Building Solutions, Inc. |  |  |
| 6.50%, 8/15/2032 (a) | &nbsp;&nbsp; 4404 | &nbsp;&nbsp; 4527 |
| 6.25%, 8/1/2033 (a) | &nbsp;&nbsp; 4823 | &nbsp;&nbsp; 4918 |
| Standard Industries, Inc. |  |  |
| 4.75%, 1/15/2028 (a) | &nbsp;&nbsp; 6645 | &nbsp;&nbsp; 6623 |
| 4.38%, 7/15/2030 (a) | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 198 |
| Staples, Inc. |  |  |
| 10.75%, 9/1/2029 (a) | &nbsp;&nbsp; 8710 | &nbsp;&nbsp; 8441 |
| 12.75%, 1/15/2030 (a) | &nbsp;&nbsp; 4892 | &nbsp;&nbsp; 3767 |
| Starwood Property Trust, Inc., REIT 7.25%, <br> 4/1/2029 (a)<br>| &nbsp;&nbsp; 1162 | &nbsp;&nbsp; 1224 |
| State Street Corp. |  |  |
| Series I, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.61%), <br> 6.70%, 3/15/2029 (d) (f) (g)<br>| &nbsp;&nbsp; 8012 | &nbsp;&nbsp; 8328 |
| Series J, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.63%), <br> 6.70%, 9/15/2029 (d) (f) (g)<br>| &nbsp;&nbsp; 1240 | &nbsp;&nbsp; 1301 |
| (SOFR + 1.57%), 4.82%, 1/26/2034 (d) | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 470 |
| Stryker Corp. 4.85%, 2/10/2030 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1031 |
| Sunoco LP |  |  |
| 5.88%, 3/15/2028 | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 414 |
| 7.00%, 5/1/2029 (a) | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 1146 |
| 4.50%, 5/15/2029 | &nbsp;&nbsp; 2645 | &nbsp;&nbsp; 2594 |
| 4.50%, 4/30/2030 | &nbsp;&nbsp; 4022 | &nbsp;&nbsp; 3896 |
| Surgery Center Holdings, Inc. 7.25%, <br> 4/15/2032 (a) (c)<br>| &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2367 |
| Synaptics, Inc. 4.00%, 6/15/2029 (a) | &nbsp;&nbsp; 2089 | &nbsp;&nbsp; 2005 |
| Synopsys, Inc. 4.85%, 4/1/2030 | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 891 |
| Take-Two Interactive Software, Inc. 4.00%, <br> 4/14/2032<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| Talen Energy Supply LLC 6.25%, <br> 2/1/2034 (a)<br>| &nbsp;&nbsp; 6556 | &nbsp;&nbsp; 6723 |
| Tallgrass Energy Partners LP |  |  |
| 5.50%, 1/15/2028 (a) | &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2435 |
| 7.38%, 2/15/2029 (a) | &nbsp;&nbsp; 1508 | &nbsp;&nbsp; 1552 |
| 6.00%, 12/31/2030 (a) | &nbsp;&nbsp; 3738 | &nbsp;&nbsp; 3709 |
| 6.00%, 9/1/2031 (a) | &nbsp;&nbsp; 4842 | &nbsp;&nbsp; 4760 |
| 6.75%, 3/15/2034 (a) | &nbsp;&nbsp; 2420 | &nbsp;&nbsp; 2401 |
| Targa Resources Partners LP 6.88%, <br> 1/15/2029<br>| &nbsp;&nbsp; 1906 | &nbsp;&nbsp; 1936 |
| TEGNA, Inc. 5.00%, 9/15/2029 | &nbsp;&nbsp; 3077 | &nbsp;&nbsp; 3054 |
| Tenet Healthcare Corp. |  |  |
| 6.25%, 2/1/2027 | &nbsp;&nbsp; 4860 | &nbsp;&nbsp; 4868 |
| 5.13%, 11/1/2027 | &nbsp;&nbsp; 7416 | &nbsp;&nbsp; 7408 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 4.25%, 6/1/2029 | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 947 |
| 6.13%, 6/15/2030 | &nbsp;&nbsp; 5926 | &nbsp;&nbsp; 6036 |
| 6.75%, 5/15/2031 | &nbsp;&nbsp; 5139 | &nbsp;&nbsp; 5332 |
| Terex Corp. |  |  |
| 5.00%, 5/15/2029 (a) | &nbsp;&nbsp; 5949 | &nbsp;&nbsp; 5839 |
| 6.25%, 10/15/2032 (a) | &nbsp;&nbsp; 1808 | &nbsp;&nbsp; 1834 |
| T-Mobile USA, Inc. 2.25%, 11/15/2031 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 850 |
| TopBuild Corp. |  |  |
| 4.13%, 2/15/2032 (a) | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 385 |
| 5.63%, 1/31/2034 (a) | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 1400 |
| Toyota Motor Credit Corp. 4.05%, 9/5/2028 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 78 |
| TransDigm, Inc. |  |  |
| 6.38%, 3/1/2029 (a) | &nbsp;&nbsp; 4771 | &nbsp;&nbsp; 4901 |
| 6.63%, 3/1/2032 (a) | &nbsp;&nbsp; 2982 | &nbsp;&nbsp; 3084 |
| 6.25%, 1/31/2034 (a) | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 819 |
| Transocean International Ltd. 8.75%, <br> 2/15/2030 (a)<br>| &nbsp;&nbsp; 979 | &nbsp;&nbsp; 1028 |
| Transocean Titan Financing Ltd. 8.38%, <br> 2/1/2028 (a)<br>| &nbsp;&nbsp; 742 | &nbsp;&nbsp; 762 |
| TriMas Corp. 4.13%, 4/15/2029 (a) | &nbsp;&nbsp; 4505 | &nbsp;&nbsp; 4356 |
| TriNet Group, Inc. 7.13%, 8/15/2031 (a) | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 2174 |
| Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | &nbsp;&nbsp; 2548 | &nbsp;&nbsp; 2641 |
| Trinseo Luxco Finance SPV Sarl 7.63% (Blend <br> (Cash 5.13% + PIK 2.50%)), 5/3/2029 (a) <br> (i)<br>| &nbsp;&nbsp; 2848 | &nbsp;&nbsp; 924 |
| Truist Financial Corp. |  |  |
| (SOFR + 0.61%), 1.27%, 3/2/2027 (d) | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 346 |
| Series M, (3-MONTH CME TERM SOFR + <br> 3.05%), 5.13%, 12/15/2027 (d) (f) (g)<br>| &nbsp;&nbsp; 2018 | &nbsp;&nbsp; 1994 |
| Series Q, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + <br> 4.35%), 5.10%, 3/1/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 6957 | &nbsp;&nbsp; 6977 |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (d) | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 404 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (d) | &nbsp;&nbsp; 979 | &nbsp;&nbsp; 1026 |
| UDR, Inc., REIT |  |  |
| 3.20%, 1/15/2030 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34 |
| 3.00%, 8/15/2031 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8 |
| United Airlines, Inc. 4.63%, 4/15/2029 (a) | &nbsp;&nbsp; 3330 | &nbsp;&nbsp; 3298 |
| United Rentals North America, Inc. |  |  |
| 5.50%, 5/15/2027 | &nbsp;&nbsp; 6376 | &nbsp;&nbsp; 6382 |
| 3.88%, 2/15/2031 | &nbsp;&nbsp; 2155 | &nbsp;&nbsp; 2046 |
| 6.13%, 3/15/2034 (a) | &nbsp;&nbsp; 4772 | &nbsp;&nbsp; 4980 |
| United States Steel Corp. 6.88%, 3/1/2029 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 213 |
| Univision Communications, Inc. |  |  |
| 8.00%, 8/15/2028 (a) | &nbsp;&nbsp; 5365 | &nbsp;&nbsp; 5523 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 4.50%, 5/1/2029 (a) | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 227 |
| 7.38%, 6/30/2030 (a) | &nbsp;&nbsp; 3822 | &nbsp;&nbsp; 3835 |
| 9.38%, 8/1/2032 (a) | &nbsp;&nbsp; 1294 | &nbsp;&nbsp; 1366 |
| US Bancorp |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.54%), <br> 3.70%, 1/15/2027 (d) (f) (g)<br>| &nbsp;&nbsp; 8601 | &nbsp;&nbsp; 8354 |
| Series J, (3-MONTH CME TERM SOFR + <br> 3.18%), 5.30%, 4/15/2027 (d) (f) (g)<br>| &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 1216 |
| (SOFR + 1.56%), 5.38%, 1/23/2030 (c) <br> (d)<br>| &nbsp;&nbsp; 82 | &nbsp;&nbsp; 85 |
| (SOFR + 1.02%), 2.68%, 1/27/2033 (d) | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 820 |
| (SOFR + 1.86%), 5.68%, 1/23/2035 (d) | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 854 |
| US Foods, Inc. 6.88%, 9/15/2028 (a) | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1176 |
| Vail Resorts, Inc. |  |  |
| 5.63%, 7/15/2030 (a) | &nbsp;&nbsp; 1307 | &nbsp;&nbsp; 1324 |
| 6.50%, 5/15/2032 (a) | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 1713 |
| Valaris Ltd. 8.38%, 4/30/2030 (a) | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 884 |
| Ventas Realty LP, REIT 4.00%, 3/1/2028 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| Venture Global Calcasieu Pass LLC 3.88%, <br> 11/1/2033 (a)<br>| &nbsp;&nbsp; 495 | &nbsp;&nbsp; 437 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 6/1/2028 (a) | &nbsp;&nbsp; 4292 | &nbsp;&nbsp; 4421 |
| 9.50%, 2/1/2029 (a) | &nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1415 |
| 7.00%, 1/15/2030 (a) (c) | &nbsp;&nbsp; 868 | &nbsp;&nbsp; 878 |
| 8.38%, 6/1/2031 (a) | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 2038 |
| 9.88%, 2/1/2032 (a) | &nbsp;&nbsp; 5570 | &nbsp;&nbsp; 5950 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.50%, 1/15/2034 (a) | &nbsp;&nbsp; 6604 | &nbsp;&nbsp; 6917 |
| 7.75%, 5/1/2035 (a) | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 739 |
| 6.75%, 1/15/2036 (a) | &nbsp;&nbsp; 2140 | &nbsp;&nbsp; 2267 |
| VICI Properties LP, REIT 4.63%, <br> 12/1/2029 (a)<br>| &nbsp;&nbsp; 3583 | &nbsp;&nbsp; 3553 |
| Viking Cruises Ltd. 5.88%, 10/15/2033 (a) | &nbsp;&nbsp; 2907 | &nbsp;&nbsp; 2955 |
| Vistra Corp. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.74%), <br> 7.00%, 12/15/2026 (a) (d) (f) (g)<br>| &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 1487 |
| Vistra Operations Co. LLC |  |  |
| 5.63%, 2/15/2027 (a) | &nbsp;&nbsp; 7615 | &nbsp;&nbsp; 7617 |
| 5.00%, 7/31/2027 (a) | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 81 |
| 4.38%, 5/1/2029 (a) | &nbsp;&nbsp; 866 | &nbsp;&nbsp; 850 |
| 7.75%, 10/15/2031 (a) | &nbsp;&nbsp; 5404 | &nbsp;&nbsp; 5735 |
| 6.88%, 4/15/2032 (a) | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2125 |
| Vital Energy, Inc. 7.88%, 4/15/2032 (a) (c) | &nbsp;&nbsp; 4070 | &nbsp;&nbsp; 3852 |
| VMware LLC 2.20%, 8/15/2031 | &nbsp;&nbsp; 823 | &nbsp;&nbsp; 728 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 53

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Wabash National Corp. 4.50%, <br> 10/15/2028 (a)<br>| &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3085 |
| Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | &nbsp;&nbsp; 2220 | &nbsp;&nbsp; 2320 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 3/15/2032 | &nbsp;&nbsp; 3511 | &nbsp;&nbsp; 3216 |
| 5.05%, 3/15/2042 | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 550 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/2029 (a) | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 1144 |
| 7.75%, 9/15/2030 (a) | &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 2886 |
| WBI Operating LLC 6.25%, 10/15/2030 (a) | &nbsp;&nbsp; 2524 | &nbsp;&nbsp; 2522 |
| Weekley Homes LLC 4.88%, 9/15/2028 (a) | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 585 |
| Wells Fargo & Co. |  |  |
| Series BB, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.45%), <br> 3.90%, 3/15/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 8146 | &nbsp;&nbsp; 8086 |
| (3-MONTH CME TERM SOFR + 1.43%), <br> 3.20%, 6/17/2027 (d)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| (SOFR + 1.51%), 3.53%, 3/24/2028 (d) | &nbsp;&nbsp; 983 | &nbsp;&nbsp; 975 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.61%), <br> 7.63%, 9/15/2028 (d) (f) (g)<br>| &nbsp;&nbsp; 2541 | &nbsp;&nbsp; 2712 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.77%), <br> 6.85%, 9/15/2029 (d) (f) (g)<br>| &nbsp;&nbsp; 5226 | &nbsp;&nbsp; 5489 |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (d) | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 572 |
| (SOFR + 2.10%), 4.90%, 7/25/2033 (d) | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 471 |
| (SOFR + 2.02%), 5.39%, 4/24/2034 (d) | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 279 |
| (SOFR + 1.78%), 5.50%, 1/23/2035 (d) | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 484 |
| WESCO Distribution, Inc. |  |  |
| 7.25%, 6/15/2028 (a) | &nbsp;&nbsp; 3055 | &nbsp;&nbsp; 3098 |
| 6.38%, 3/15/2029 (a) | &nbsp;&nbsp; 5878 | &nbsp;&nbsp; 6073 |
| 6.63%, 3/15/2032 (a) | &nbsp;&nbsp; 3107 | &nbsp;&nbsp; 3247 |
| 6.38%, 3/15/2033 (a) | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1207 |
| Williams Cos., Inc. (The) 2.60%, 3/15/2031 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 17 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 6/15/2029 (a) | &nbsp;&nbsp; 1061 | &nbsp;&nbsp; 1092 |
| 6.63%, 4/15/2030 (a) | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 639 |
| 7.38%, 10/1/2031 (a) | &nbsp;&nbsp; 2771 | &nbsp;&nbsp; 2900 |
| WMG Acquisition Corp. 3.75%, 12/1/2029 (a) | &nbsp;&nbsp; 1861 | &nbsp;&nbsp; 1780 |
| WP Carey, Inc., REIT |  |  |
| 2.40%, 2/1/2031 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 30 |
| 2.45%, 2/1/2032 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6 |
| WR Grace Holdings LLC |  |  |
| 4.88%, 6/15/2027 (a) | &nbsp;&nbsp; 2794 | &nbsp;&nbsp; 2769 |
| 5.63%, 8/15/2029 (a) | &nbsp;&nbsp; 2671 | &nbsp;&nbsp; 2444 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 6.63%, 8/15/2032 (a) | &nbsp;&nbsp; 1727 | &nbsp;&nbsp; 1668 |
| WULF Compute LLC 7.75%, 10/15/2030 (a) | &nbsp;&nbsp; 4415 | &nbsp;&nbsp; 4587 |
| Wynn Resorts Finance LLC |  |  |
| 5.13%, 10/1/2029 (a) | &nbsp;&nbsp; 6205 | &nbsp;&nbsp; 6203 |
| 7.13%, 2/15/2031 (a) | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 945 |
| 6.25%, 3/15/2033 (a) (c) | &nbsp;&nbsp; 1768 | &nbsp;&nbsp; 1796 |
| Xerox Corp. 10.25%, 10/15/2030 (a) (c) | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1314 |
| Xerox Holdings Corp. |  |  |
| 5.50%, 8/15/2028 (a) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 48 |
| 8.88%, 11/30/2029 (a) (c) | &nbsp;&nbsp; 2419 | &nbsp;&nbsp; 1052 |
| XPO, Inc. |  |  |
| 6.25%, 6/1/2028 (a) | &nbsp;&nbsp; 1845 | &nbsp;&nbsp; 1881 |
| 7.13%, 2/1/2032 (a) | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1641 |
| Yum! Brands, Inc. |  |  |
| 4.63%, 1/31/2032 | &nbsp;&nbsp; 2997 | &nbsp;&nbsp; 2927 |
| 5.38%, 4/1/2032 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 60 |
| Zimmer Biomet Holdings, Inc. 2.60%, <br> 11/24/2031<br>| &nbsp;&nbsp; 720 | &nbsp;&nbsp; 649 |
|  |  | &nbsp;&nbsp; 2259527 |
| **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** |
| Jscb Agrobank 9.25%, 10/2/2029 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 762 |
| Navoi Mining & Metallurgical Combinat 6.95%, <br> 10/17/2031 (a)<br>| &nbsp;&nbsp; 940 | &nbsp;&nbsp; 1005 |
| Navoiyuran State Enterprise 6.70%, <br> 7/2/2030 (a)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1414 |
| Uzbekneftegaz JSC 4.75%, 11/16/2028 (a) | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1281 |
|  |  | &nbsp;&nbsp; 4462 |
| **Venezuela, Bolivarian Republic of — 0.1%** | **Venezuela, Bolivarian Republic of — 0.1%** | **Venezuela, Bolivarian Republic of — 0.1%** |
| Petroleos de Venezuela SA |  |  |
| 8.50%, 10/27/2020 (b) (j) | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 612 |
| 6.00%, 11/15/2026 (b) (j) | &nbsp;&nbsp; 3705 | &nbsp;&nbsp; 817 |
| 5.38%, 4/12/2027 (b) (j) | &nbsp;&nbsp; 17960 | &nbsp;&nbsp; 4005 |
| 5.50%, 4/12/2037 (b) (j) | &nbsp;&nbsp; 4450 | &nbsp;&nbsp; 983 |
|  |  | &nbsp;&nbsp; 6417 |
| Total Corporate Bonds <br>(Cost $2,719,150)<br>|  | &nbsp;&nbsp; 2740420 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Common Stocks — 30.4%** | **Common Stocks — 30.4%** | **Common Stocks — 30.4%** |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| AGL Energy Ltd. | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 1939 |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 512 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Australia — continued** | **Australia — continued** | **Australia — continued** |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 766 |
| BHP Group Ltd. (c) | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 965 |
| Dexus, REIT | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 273 |
| Endeavour Group Ltd. | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 399 |
| Fortescue Ltd. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 441 |
| Glencore plc | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 2405 |
| Insignia Financial Ltd. \* | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 543 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 198 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 233 |
| Metcash Ltd. | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 819 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 434 |
| Region Group, REIT | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 151 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 7339 |
| Rio Tinto plc | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 8591 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 1336 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 1586 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 1395 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 285 |
|  |  | &nbsp;&nbsp; 30610 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| ANDRITZ AG | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1319 |
| BAWAG Group AG (b) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1320 |
| Erste Group Bank AG | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 2397 |
| OMV AG | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 3201 |
| Strabag SE | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 592 |
|  |  | &nbsp;&nbsp; 8829 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Ageas SA | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 1612 |
| KBC Group NV | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1492 |
| Proximus SADP | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 1798 |
| Umicore SA | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 1577 |
|  |  | &nbsp;&nbsp; 6479 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 1804 | &nbsp;&nbsp; 4253 |
| Banco do Brasil SA | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 2065 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 4059 |
| Itau Unibanco Holding SA (Preference) | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 3166 |
| Petroleo Brasileiro SA (Preference) | &nbsp;&nbsp; 937 | &nbsp;&nbsp; 5168 |
| TIM SA | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 4591 |
|  |  | &nbsp;&nbsp; 23302 |
| **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1557 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 4637 |
| Barrick Mining Corp. | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 3537 |
| BCE, Inc. | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 3822 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 3848 |
| Canadian Tire Corp. Ltd., Class A | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 908 |
| Enbridge, Inc. | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 4231 |
| Fortis, Inc. | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 4330 |
| Great-West Lifeco, Inc. | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 4636 |
| Hydro One Ltd. (b) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 395 |
| Magna International, Inc. | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 4546 |
| Nutrien Ltd. | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 4112 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 3940 |
| Power Corp. of Canada | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 4937 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 4003 |
| Suncor Energy, Inc. | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 4096 |
| TC Energy Corp. | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 9904 |
| TELUS Corp. | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 3629 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 3596 |
| Whitecap Resources, Inc. | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 453 |
|  |  | &nbsp;&nbsp; 75117 |
| **Chile — 0.0% ^** | **Chile — 0.0% ^** | **Chile — 0.0% ^** |
| Banco Santander Chile, ADR | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 1609 |
| **China — 1.3%** | **China — 1.3%** | **China — 1.3%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 7301 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 903 | &nbsp;&nbsp; 5660 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 4418 | &nbsp;&nbsp; 2350 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 2464 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 5531 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 3928 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 1522 |
| Fuyao Glass Industry Group Co. Ltd., <br> Class H (b)<br>| &nbsp;&nbsp; 589 | &nbsp;&nbsp; 5248 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 4967 |
| Haidilao International Holding Ltd. (b) | &nbsp;&nbsp; 1164 | &nbsp;&nbsp; 1918 |
| Haier Smart Home Co. Ltd., Class H | &nbsp;&nbsp; 1675 | &nbsp;&nbsp; 5448 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1114 | &nbsp;&nbsp; 4286 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 902 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 6333 |
| NetEase, Inc. | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 10520 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 6573 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 55

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 851 | &nbsp;&nbsp; 6147 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 6978 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 18744 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1671 |
| Wilmar International Ltd. | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 407 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 1854 |
| Zhejiang Supor Co. Ltd., Class A | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 1416 |
|  |  | &nbsp;&nbsp; 112168 |
| **Denmark — 0.2%** | **Denmark — 0.2%** | **Denmark — 0.2%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 1594 |
| Danske Bank A/S | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 14054 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 3275 |
| Sydbank A/S | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1394 |
|  |  | &nbsp;&nbsp; 20317 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Fortum OYJ | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 2687 |
| Kemira OYJ | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 1498 |
| Kone OYJ, Class B | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 2713 |
| Konecranes OYJ | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 2390 |
| Mandatum OYJ | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 969 |
| Nordea Bank Abp | &nbsp;&nbsp; 647 | &nbsp;&nbsp; 11070 |
| Nordea Bank Abp | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 4738 |
| Orion OYJ, Class B | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 3200 |
| TietoEVRY OYJ | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 219 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 707 |
| Valmet OYJ | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 1700 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 1868 |
|  |  | &nbsp;&nbsp; 33759 |
| **France — 1.5%** | **France — 1.5%** | **France — 1.5%** |
| Airbus SE | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 2517 |
| Amundi SA (b) | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1104 |
| Arkema SA | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 1205 |
| AXA SA | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 3586 |
| Ayvens SA (b) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 443 |
| Bouygues SA | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 629 |
| Capgemini SE | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1339 |
| Carrefour SA | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 1910 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 5772 |
| Coface SA | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 1105 |
| Covivio SA, REIT | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 1757 |
| Danone SA | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 4120 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **France — continued** | **France — continued** | **France — continued** |
| Eiffage SA | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1509 |
| Engie SA | &nbsp;&nbsp; 834 | &nbsp;&nbsp; 19526 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1789 |
| Klepierre SA, REIT | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 5449 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 12234 |
| Orange SA | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 4046 |
| Pernod Ricard SA | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1706 |
| Rubis SCA | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 1821 |
| Safran SA | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 28821 |
| TotalEnergies SE | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 5412 |
| Unibail-Rodamco-Westfield, REIT | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1593 |
| Vallourec SACA | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 1149 |
| Vinci SA | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 12102 |
|  |  | &nbsp;&nbsp; 122644 |
| **Germany — 1.2%** | **Germany — 1.2%** | **Germany — 1.2%** |
| Allianz SE (Registered) | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 16350 |
| BASF SE (c) | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 1597 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 872 |
| Bilfinger SE | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 2145 |
| Commerzbank AG | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 2155 |
| Continental AG | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 2064 |
| Deutsche Telekom AG (Registered) | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 4776 |
| E.ON SE | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 12373 |
| Evonik Industries AG | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 1561 |
| Freenet AG | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 1678 |
| HOCHTIEF AG | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1634 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 4274 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG (Registered)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 25079 |
| RWE AG | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 2446 |
| SAP SE | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 4694 |
| Siemens AG (Registered) | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 17134 |
| Vonovia SE | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 1250 |
|  |  | &nbsp;&nbsp; 102082 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| National Bank of Greece SA | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 7158 |
| **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** |
| Millicom International Cellular SA | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 1985 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| Cathay Pacific Airways Ltd. | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 290 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 912 | &nbsp;&nbsp; 1016 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 348 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hong Kong — continued** | **Hong Kong — continued** | **Hong Kong — continued** |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 2551 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 255 |
| Man Wah Holdings Ltd. | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 171 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 1428 |
| PCCW Ltd. | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 266 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 1788 |
| Prudential plc | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 2538 |
| United Energy Group Ltd. | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 239 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 480 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 904 |
|  |  | &nbsp;&nbsp; 12274 |
| **India — 0.3%** | **India — 0.3%** | **India — 0.3%** |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 3696 |
| HDFC Bank Ltd., ADR | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 561 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 8902 |
| Infosys Ltd., ADR | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 1054 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 1982 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 1416 | &nbsp;&nbsp; 4594 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 3631 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 1768 |
|  |  | &nbsp;&nbsp; 26188 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Bank Central Asia Tbk. PT | &nbsp;&nbsp; 6328 | &nbsp;&nbsp; 3240 |
| Bank Rakyat Indonesia Persero Tbk. PT | &nbsp;&nbsp; 23958 | &nbsp;&nbsp; 5731 |
| Telkom Indonesia Persero Tbk. PT | &nbsp;&nbsp; 35263 | &nbsp;&nbsp; 6821 |
|  |  | &nbsp;&nbsp; 15792 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| AIB Group plc | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 1970 |
| Bank of Ireland Group plc | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 1569 |
| Cairn Homes plc | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 1415 |
|  |  | &nbsp;&nbsp; 4954 |
| **Israel — 0.0% ^** | **Israel — 0.0% ^** | **Israel — 0.0% ^** |
| Delek Group Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 819 |
| Plus500 Ltd. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1052 |
|  |  | &nbsp;&nbsp; 1871 |
| **Italy — 0.7%** | **Italy — 0.7%** | **Italy — 0.7%** |
| Azimut Holding SpA | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 1506 |
| Banca Generali SpA | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 1221 |
| Banca Mediolanum SpA | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 3194 |
| Banca Monte dei Paschi di Siena SpA (c) | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 2422 |
| Banco BPM SpA | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 1779 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| BFF Bank SpA \* (b) | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 1125 |
| BPER Banca SpA | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 2071 |
| Enel SpA | &nbsp;&nbsp; 777 | &nbsp;&nbsp; 7857 |
| Eni SpA | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 4587 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 1301 |
| Generali | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 2322 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 1242 | &nbsp;&nbsp; 8003 |
| Maire SpA | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 1985 |
| Poste Italiane SpA (b) | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 1651 |
| Ryanair Holdings plc | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 8250 |
| Snam SpA | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 1614 |
| Technogym SpA (b) | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 2032 |
| UniCredit SpA | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 4454 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 1694 |
|  |  | &nbsp;&nbsp; 59068 |
| **Ivory Coast — 0.0% ^** | **Ivory Coast — 0.0% ^** | **Ivory Coast — 0.0% ^** |
| Endeavour Mining plc | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 2454 |
| **Japan — 1.2%** | **Japan — 1.2%** | **Japan — 1.2%** |
| Activia Properties, Inc., REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 375 |
| AEON REIT Investment Corp., REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 395 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 1828 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 293 |
| Canon, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 1844 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 637 |
| Chugoku Electric Power Co., Inc. (The) | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 764 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 587 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 1300 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 750 |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 1857 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 368 |
| FANUC Corp. | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 1565 |
| Frontier Real Estate Investment Corp., REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 282 |
| Hitachi Ltd. | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 7194 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 1969 |
| Industrial & Infrastructure Fund Investment <br> Corp., REIT<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 559 |
| Inpex Corp. | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 799 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 117 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 4409 |
| Japan Metropolitan Fund Invest, REIT | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2236 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 946 |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 1212 |
| Kansai Electric Power Co., Inc. (The) | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 466 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 57

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| KDX Realty Investment Corp., REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 782 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 1174 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 938 |
| Kyushu Electric Power Co., Inc. | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 428 |
| Kyushu Railway Co. | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 1895 |
| Lixil Corp. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 458 |
| Mazda Motor Corp. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 248 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 912 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 12692 |
| Mori Hills REIT Investment Corp., REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 80 |
| Nippon Building Fund, Inc., REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 141 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 343 |
| Nippon Steel Corp. | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 2123 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 230 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 645 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 206 |
| Oracle Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 157 |
| Pola Orbis Holdings, Inc. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 318 |
| Sekisui House REIT, Inc., REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 434 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 4623 |
| SoftBank Corp. | &nbsp;&nbsp; 2224 | &nbsp;&nbsp; 3161 |
| Sony Group Corp. | &nbsp;&nbsp; 686 | &nbsp;&nbsp; 19110 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 376 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 7668 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 2280 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 5367 |
| Toyo Tire Corp. | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 787 |
| United Urban Investment Corp., REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1306 |
|  |  | &nbsp;&nbsp; 101634 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| ArcelorMittal SA | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 1867 |
| Intelsat SA ‡ \* | &nbsp;&nbsp; 271 | &nbsp;&nbsp; — |
| Mallinckrodt \* | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 6802 |
| SES SA ‡ \* | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 3920 |
|  |  | &nbsp;&nbsp; 12589 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| Arca Continental SAB de CV | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 2140 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 6044 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 627 | &nbsp;&nbsp; 1215 |
| Southern Copper Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1159 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 2326 | &nbsp;&nbsp; 7700 |
|  |  | &nbsp;&nbsp; 18258 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** |
| ABN AMRO Bank NV, CVA (b) | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 568 |
| ASML Holding NV | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 39458 |
| ASR Nederland NV | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1641 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1989 |
| ING Groep NV | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 3179 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 3131 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 2379 |
| Koninklijke Heijmans N.V., CVA | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 2463 |
| Koninklijke KPN NV | &nbsp;&nbsp; 1936 | &nbsp;&nbsp; 8957 |
| NN Group NV | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 1857 |
| NXP Semiconductors NV | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 6170 |
| OCI NV | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 871 |
| Randstad NV (c) | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 557 |
| SBM Offshore NV | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 2302 |
|  |  | &nbsp;&nbsp; 75522 |
| **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 620 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| Aker BP ASA | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 1381 |
| Aker Solutions ASA | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 1228 |
| DNB Bank ASA | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 1741 |
| DOF Group ASA | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 1504 |
| Equinor ASA | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 4538 |
| Gjensidige Forsikring ASA (c) | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 1018 |
| Norsk Hydro ASA | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 861 |
| Orkla ASA (c) | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 659 |
| Salmar ASA (c) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 686 |
| Telenor ASA | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 4984 |
| Var Energi ASA | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 642 |
| Vend Marketplaces ASA, Class B (c) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 623 |
|  |  | &nbsp;&nbsp; 19865 |
| **Peru — 0.0% ^** | **Peru — 0.0% ^** | **Peru — 0.0% ^** |
| Credicorp Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1078 |
| **Poland — 0.0% ^** | **Poland — 0.0% ^** | **Poland — 0.0% ^** |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 1402 |
| Santander Bank Polska SA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 331 |
|  |  | &nbsp;&nbsp; 1733 |
| **Portugal — 0.0% ^** | **Portugal — 0.0% ^** | **Portugal — 0.0% ^** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1271 |
| NOS SGPS SA | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 1562 |
|  |  | &nbsp;&nbsp; 2833 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Moscow Exchange MICEX-RTS PJSC ‡ \* | &nbsp;&nbsp; 2553 | &nbsp;&nbsp; —<br> (m)<br>|
| Severstal PAO, GDR ‡ \* (b) | &nbsp;&nbsp; 142 | &nbsp;&nbsp; —<br> (m)<br>|
|  |  | &nbsp;&nbsp; —<br> (m)<br>|
| **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** |
| Al Rajhi Bank | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 3221 |
| Saudi Arabian Oil Co. (b) | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 4621 |
| Saudi National Bank (The) | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 5803 |
|  |  | &nbsp;&nbsp; 13645 |
| **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| CapitaLand Ascendas, REIT | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 947 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 20963 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 2727 |
| Venture Corp. Ltd. | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 483 |
|  |  | &nbsp;&nbsp; 25120 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| FirstRand Ltd. | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 2327 |
| Gold Fields Ltd. | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 3423 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 720 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 3291 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 1560 |
|  |  | &nbsp;&nbsp; 11321 |
| **South Korea — 0.6%** | **South Korea — 0.6%** | **South Korea — 0.6%** |
| Cheil Worldwide, Inc. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 126 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 2254 |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 4972 |
| Hyundai Motor Co. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2307 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 2131 |
| Kia Corp. | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 5964 |
| KT&G Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 603 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 16813 |
| Samsung Electronics Co. Ltd. (Preference) | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 9207 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 4890 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 5114 |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 376 |
|  |  | &nbsp;&nbsp; 54757 |
| **Spain — 0.4%** | **Spain — 0.4%** | **Spain — 0.4%** |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 2476 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 5113 |
| Banco de Sabadell SA | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 1250 |
| Banco Santander SA | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 6013 |
| Bankinter SA | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 894 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| CaixaBank SA | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 2719 |
| Enagas SA | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 438 |
| Endesa SA | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 6811 |
| Iberdrola SA | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 1875 |
| Logista Integral SA | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 1669 |
| Mapfre SA | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 1235 |
| Naturgy Energy Group SA | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 1549 |
| Repsol SA | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 2019 |
| Unicaja Banco SA (b) | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 968 |
|  |  | &nbsp;&nbsp; 35029 |
| **Sweden — 0.5%** | **Sweden — 0.5%** | **Sweden — 0.5%** |
| Betsson AB, Class B | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 1513 |
| Loomis AB | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 1596 |
| NCC AB, Class B | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 1846 |
| SKF AB, Class B | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 1539 |
| SSAB AB, Class B | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 1671 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 1762 |
| Swedbank AB, Class A | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 1662 |
| Tele2 AB, Class B | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 5795 |
| Telia Co. AB | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 2160 |
| Volvo AB, Class B | &nbsp;&nbsp; 878 | &nbsp;&nbsp; 24069 |
|  |  | &nbsp;&nbsp; 43613 |
| **Switzerland — 0.2%** | **Switzerland — 0.2%** | **Switzerland — 0.2%** |
| ABB Ltd. (Registered) | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 4735 |
| Adecco Group AG (Registered) | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 658 |
| Cembra Money Bank AG | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1101 |
| Temenos AG (Registered) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 835 |
| UBS Group AG (Registered) | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 2048 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3406 |
|  |  | &nbsp;&nbsp; 12783 |
| **Taiwan — 1.4%** | **Taiwan — 1.4%** | **Taiwan — 1.4%** |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 8130 |
| MediaTek, Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 1442 |
| Quanta Computer, Inc. | &nbsp;&nbsp; 799 | &nbsp;&nbsp; 7749 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 382 | &nbsp;&nbsp; 6379 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 1839 | &nbsp;&nbsp; 88928 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 1881 |
| Wistron Corp. | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 3212 |
|  |  | &nbsp;&nbsp; 117721 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| SCB X PCL | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 4518 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 59

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — 1.8%** | **United Kingdom — 1.8%** | **United Kingdom — 1.8%** |
| Admiral Group plc | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 1587 |
| AstraZeneca plc | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 24555 |
| Aviva plc | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 1949 |
| Balfour Beatty plc | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 2453 |
| Barclays plc | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 3145 |
| Barratt Redrow plc | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 2226 |
| Beazley plc | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 1183 |
| British American Tobacco plc | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 4392 |
| British Land Co. plc (The), REIT | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 1313 |
| Centrica plc | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 2502 |
| Diageo plc | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 2672 |
| Drax Group plc | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 2136 |
| Dunelm Group plc | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 1475 |
| HSBC Holdings plc | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 8031 |
| IG Group Holdings plc | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 610 |
| Imperial Brands plc | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 242 |
| International Consolidated Airlines Group SA | &nbsp;&nbsp; 363 | &nbsp;&nbsp; 1994 |
| Investec plc | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 1249 |
| ITV plc | &nbsp;&nbsp; 1422 | &nbsp;&nbsp; 1301 |
| J Sainsbury plc | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 2555 |
| JET2 plc | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 28 |
| Johnson Matthey plc | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 2360 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 1345 |
| Land Securities Group plc, REIT | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 2169 |
| Lloyds Banking Group plc | &nbsp;&nbsp; 2979 | &nbsp;&nbsp; 3493 |
| M&G plc | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 1835 |
| Man Group plc | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 560 |
| Mitie Group plc | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 2199 |
| Morgan Sindall Group plc | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 1676 |
| National Grid plc | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 2260 |
| NatWest Group plc | &nbsp;&nbsp; 1651 | &nbsp;&nbsp; 12712 |
| Next plc | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 2215 |
| Persimmon plc | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 971 |
| Phoenix Group Holdings plc | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 2323 |
| Reckitt Benckiser Group plc | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 2939 |
| RELX plc | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 26658 |
| Rolls-Royce Holdings plc | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 4127 |
| Sage Group plc (The) | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 945 |
| SSE plc | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1038 |
| Telecom Plus plc | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 1700 |
| Tesco plc | &nbsp;&nbsp; 1011 | &nbsp;&nbsp; 6102 |
| TP ICAP Group plc | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 1157 |
| Unilever plc | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 582 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Vodafone Group plc | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 4721 |
| WPP plc | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 1188 |
|  |  | &nbsp;&nbsp; 154873 |
| **United States — 14.2%** | **United States — 14.2%** | **United States — 14.2%** |
| 3M Co. | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 15929 |
| Abbott Laboratories | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 10907 |
| AbbVie, Inc. | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 23697 |
| Accenture plc, Class A | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 8680 |
| Alexandria Real Estate Equities, Inc., REIT | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 2732 |
| Alliant Energy Corp. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 2321 |
| Altria Group, Inc. | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 3908 |
| Amcor plc | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 807 |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 4725 |
| American Tower Corp., REIT | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 9958 |
| Amgen, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 4163 |
| Analog Devices, Inc. | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 18959 |
| Apple, Inc. | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 16416 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 158 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 4626 |
| AT&T, Inc. | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 13442 |
| Avery Dennison Corp. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 3585 |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 19052 |
| Bank of America Corp. | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 23846 |
| Baxter International, Inc. | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 3171 |
| Best Buy Co., Inc. | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 4247 |
| Blackrock, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7550 |
| BP plc | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 6769 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 12149 |
| Broadcom, Inc. | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 32390 |
| Brown-Forman Corp., Class B | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 3536 |
| Cardinal Health, Inc. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 3845 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 3915 |
| Chevron Corp. | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 11493 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 4679 |
| Claire's Stores, Inc. ‡ \* (n) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; —<br> (m)<br>|
| Clear Channel Outdoor Holdings, Inc. \* | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 520 |
| Clorox Co. (The) | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 3566 |
| CME Group, Inc. | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 18554 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 17612 |
| Comcast Corp., Class A | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 3482 |
| Consolidated Edison, Inc. | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 3657 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 3815 |
| Crown Castle, Inc., REIT | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 3661 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Cummins, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 4734 |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 3702 |
| Devon Energy Corp. | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 3155 |
| Diamondback Energy, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 3157 |
| Digital Realty Trust, Inc., REIT | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 3219 |
| Dominion Energy, Inc. | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 4128 |
| Dow, Inc. | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 4068 |
| DTE Energy Co. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 3853 |
| Duke Energy Corp. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 4383 |
| Eaton Corp. plc | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 11530 |
| Edison International | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 4039 |
| Emerson Electric Co. | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 22933 |
| Endo GUC Trust ‡ \* | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 217 |
| Entergy Corp. | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 4707 |
| EOG Resources, Inc. | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 6880 |
| Evergy, Inc. | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 4607 |
| Eversource Energy | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 4538 |
| Exelon Corp. | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 4295 |
| Expedia Group, Inc. | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 9189 |
| Extra Space Storage, Inc., REIT | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 3707 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 17361 |
| Fastenal Co. | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 3834 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 31470 |
| Ford Motor Co. | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 4815 |
| Franklin Resources, Inc. | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 3821 |
| Frontier Communications Parent, Inc. \* | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 2689 |
| General Dynamics Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1015 |
| General Mills, Inc. | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 3617 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 4607 |
| GQG Partners, Inc., CHDI | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 114 |
| GSK plc | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 8354 |
| Gulfport Energy Corp. \* | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 1974 |
| Hershey Co. (The) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 2054 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 4537 |
| Hormel Foods Corp. | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 3411 |
| HP, Inc. | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 3975 |
| iHeartMedia, Inc., Class A \* | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 363 |
| Incora Intermediate LLC ‡ \* | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 468 |
| Incora Top Holdco LLC ‡ \* (c) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 49 |
| International Business Machines Corp. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 4630 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 2984 |
| International Paper Co. | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 2960 |
| Iron Mountain, Inc., REIT | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 3840 |
| Johnson & Johnson | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 26452 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Kellanova | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 4226 |
| Kenvue, Inc. | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 3465 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 4166 |
| KeyCorp | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 4226 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 3770 |
| Kimco Realty Corp., REIT | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 3697 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 3917 |
| Kraft Heinz Co. (The) | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 3715 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3743 |
| Lowe's Cos., Inc. | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 16829 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 2427 |
| Mallinckrodt ARD LLC ‡ \* | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 4068 |
| Mallinckrodt plc ‡ | &nbsp;&nbsp; 3008864 | &nbsp;&nbsp; —<br> (m)<br>|
| Mallinckrodt plc, Class B ‡ | &nbsp;&nbsp; 1799505 | &nbsp;&nbsp; —<br> (m)<br>|
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 5980 |
| McDonald's Corp. | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 31888 |
| Medtronic plc | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 8900 |
| Merck & Co., Inc. | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 12984 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 9889 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 615 |
| Microsoft Corp. | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 83315 |
| Mid-America Apartment Communities, Inc., <br> REIT<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 116 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 10722 |
| Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp; 23005766 | &nbsp;&nbsp; 23 |
| Morgan Stanley | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 16367 |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 3488 |
| MYT Holding LLC ‡ \* | &nbsp;&nbsp; 1342 | &nbsp;&nbsp; 336 |
| National CineMedia, Inc. | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 474 |
| Neiman Marcus ‡ \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 54 |
| Nestle SA (Registered) | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 7888 |
| NetApp, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 3657 |
| New Evhc Physical Equity \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 100 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 26841 |
| NMG Parent LLC, Escrow ‡ \* (c) | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 517 |
| Novartis AG (Registered) | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 9507 |
| Omnicom Group, Inc. | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 15994 |
| ONEOK, Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 2757 |
| Oracle Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 15343 |
| PACCAR, Inc. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 10003 |
| PepsiCo, Inc. | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 4199 |
| Pfizer, Inc. | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 3851 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 3520 |
| Phillips 66 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 3462 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 61

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| PPL Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 1226 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 8452 |
| Prudential Financial, Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 3552 |
| Public Storage, REIT | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 3166 |
| Realty Income Corp., REIT | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 3840 |
| Regency Centers Corp., REIT | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 3624 |
| Regions Financial Corp. | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 8110 |
| Rite Aid ‡ \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — |
| Roche Holding AG | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 8471 |
| RTX Corp. | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 4908 |
| Salesforce, Inc. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 10092 |
| Sanofi SA | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 5300 |
| Seagate Technology Holdings plc | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 4951 |
| Sempra | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 4103 |
| Shell plc | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 7965 |
| Simon Property Group, Inc., REIT | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 4211 |
| Smurfit WestRock plc | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 848 |
| Southern Co. (The) | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 21572 |
| Stellantis NV (c) | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 295 |
| Sun Communities, Inc., REIT | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 3526 |
| Swiss Re AG | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 2511 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 3058 |
| Target Corp. | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 4047 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 2962 |
| T-Mobile US, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 3448 |
| Trane Technologies plc | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 19253 |
| TransDigm Group, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3893 |
| Truist Financial Corp. | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 4245 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 3702 |
| Ubiquiti, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1367 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 4524 |
| US Bancorp | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 6849 |
| Valero Energy Corp. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 4060 |
| Venator Materials plc ‡ \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 828 |
| Ventas, Inc., REIT | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 4602 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 3786 |
| VICI Properties, Inc., REIT, Class A | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 13128 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 33381 |
| Warner Music Group Corp., Class A | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 5380 |
| WEC Energy Group, Inc. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 4038 |
| Wells Fargo & Co. | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 8956 |
| Weyerhaeuser Co., REIT | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 2471 |
| Williams Cos., Inc. (The) | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 4054 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| WP Carey, Inc., REIT | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 4276 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 4490 |
|  |  | &nbsp;&nbsp; 1199517 |
| Total Common Stocks <br>(Cost $1,969,489)<br>|  | &nbsp;&nbsp; 2575689 |
| **Exchange-Traded Funds — 10.2%** | **Exchange-Traded Funds — 10.2%** | **Exchange-Traded Funds — 10.2%** |
| **United States — 10.2%** | **United States — 10.2%** | **United States — 10.2%** |
| JPMorgan Income ETF (o) | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 23867 |
| JPMorgan Nasdaq Equity Premium Income <br> ETF (o)<br>| &nbsp;&nbsp; 14247 | &nbsp;&nbsp; 841981 |
| Total Exchange-Traded Funds <br>(Cost $764,914)<br>|  | &nbsp;&nbsp; 865848 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Equity Linked Notes — 5.8%** | **Equity Linked Notes — 5.8%** | **Equity Linked Notes — 5.8%** |
| **Canada — 0.6%** | **Canada — 0.6%** | **Canada — 0.6%** |
| Royal Bank of Canada, ELN, 10.20%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 148 | &nbsp;&nbsp; 4698 |
| Royal Bank of Canada, ELN, 12.10%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 4946 |
| Royal Bank of Canada, ELN, 13.10%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 4074 |
| Royal Bank of Canada, ELN, 15.10%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; 5896 |
| Royal Bank of Canada, ELN, 16.30%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 3185 |
| Royal Bank of Canada, ELN, 19.30%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 5001 |
| Royal Bank of Canada, ELN, 19.50%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 3769 |
| Royal Bank of Canada, ELN, 6.10%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 4525 |
| Royal Bank of Canada, ELN, 7.30%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 65 | &nbsp;&nbsp; 4342 |
| Toronto-Dominion Bank (The), ELN, 12.90%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 5645 |
| Toronto-Dominion Bank (The), ELN, 26.20%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 202 | &nbsp;&nbsp; 3383 |
| Toronto-Dominion Bank (The), ELN, 8.20%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 3604 |
|  |  | &nbsp;&nbsp; 53068 |
| **France — 0.8%** | **France — 0.8%** | **France — 0.8%** |
| BNP Paribas Issuance BV, ELN, 10.00%, <br> 11/7/2025 (a)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 4375 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Equity Linked Notes — continued** | **Equity Linked Notes — continued** | **Equity Linked Notes — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| BNP Paribas Issuance BV, ELN, 11.70%, <br> 12/1/2025 (a)<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 7670 |
| BNP Paribas Issuance BV, ELN, 26.80%, <br> 11/21/2025 (a)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 3494 |
| BNP Paribas Issuance BV, ELN, 7.60%, <br> 11/14/2025 (a)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 3995 |
| BNP Paribas Issuance BV, ELN, 8.20%, <br> 11/7/2025 (a)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 4045 |
| Societe Generale SA, ELN, 12.10%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 6252 |
| Societe Generale SA, ELN, 13.30%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2802 |
| Societe Generale SA, ELN, 15.00%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 4056 |
| Societe Generale SA, ELN, 15.90%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 6577 |
| Societe Generale SA, ELN, 16.20%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 3697 |
| Societe Generale SA, ELN, 21.70%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 4598 |
| Societe Generale SA, ELN, 21.80%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 7175 |
| Societe Generale SA, ELN, 6.40%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 6250 |
|  |  | &nbsp;&nbsp; 64986 |
| **Japan — 0.2%** | **Japan — 0.2%** | **Japan — 0.2%** |
| Mizuho Markets Cayman LP, ELN, 12.50%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 3402 |
| Mizuho Markets Cayman LP, ELN, 18.90%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 4372 |
| Nomura America Finance LLC, ELN, 13.90%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 112 | &nbsp;&nbsp; 4242 |
| Nomura America Finance LLC, ELN, 15.70%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 4027 |
| Nomura America Finance LLC, ELN, 6.30%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 4628 |
|  |  | &nbsp;&nbsp; 20671 |
| **United Kingdom — 0.9%** | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |
| Barclays Bank plc, ELN, 10.40%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 2885 |
| Barclays Bank plc, ELN, 10.70%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 4663 |
| Barclays Bank plc, ELN, 11.50%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; 7048 |
| Barclays Bank plc, ELN, 11.80%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4327 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Barclays Bank plc, ELN, 12.00%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; 3853 |
| Barclays Bank plc, ELN, 12.60%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 70 | &nbsp;&nbsp; 3673 |
| Barclays Bank plc, ELN, 14.00%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; 7579 |
| Barclays Bank plc, ELN, 14.20%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 4228 |
| Barclays Bank plc, ELN, 15.80%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 4332 |
| Barclays Bank plc, ELN, 17.20%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 3809 |
| Barclays Bank plc, ELN, 20.00%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 3792 |
| Barclays Bank plc, ELN, 20.10%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 243 | &nbsp;&nbsp; 3853 |
| Barclays Bank plc, ELN, 20.40%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 4918 |
| Barclays Bank plc, ELN, 24.80%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 3789 |
| Barclays Bank plc, ELN, 9.50%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 5745 |
| Barclays Bank plc, ELN, 9.70%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 4030 |
| Barclays Bank plc, ELN, 9.70%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 6851 |
|  |  | &nbsp;&nbsp; 79375 |
| **United States — 3.3%** | **United States — 3.3%** | **United States — 3.3%** |
| Citigroup Global Markets Holdings Inc., ELN, <br> 20.20%, 12/1/2025 (b)<br>| &nbsp;&nbsp; 170 | &nbsp;&nbsp; 3972 |
| Citigroup Global Markets Holdings, Inc., ELN, <br> 11.90%, 12/1/2025 (b)<br>| &nbsp;&nbsp; 312 | &nbsp;&nbsp; 5006 |
| Citigroup Global Markets Holdings, Inc., ELN, <br> 13.50%, 12/1/2025 (b)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 5032 |
| Citigroup Global Markets Holdings, Inc., ELN, <br> 13.60%, 11/21/2025 (b)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 3220 |
| Citigroup Global Markets Holdings, Inc., ELN, <br> 22.60%, 11/7/2025 (b)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 4092 |
| Citigroup Global Markets Holdings, Inc., ELN, <br> 25.80%, 11/7/2025 (b)<br>| &nbsp;&nbsp; 131 | &nbsp;&nbsp; 3560 |
| Citigroup Global Markets Holdings, Inc., ELN, <br> 9.10%, 12/1/2025 (b)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 2962 |
| Goldman Sachs International, ELN, 14.40%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 10040 |
| Goldman Sachs International, ELN, 15.90%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 18628 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 63

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Equity Linked Notes — continued** | **Equity Linked Notes — continued** | **Equity Linked Notes — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Goldman Sachs International, ELN, 17.30%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 11643 |
| Goldman Sachs International, ELN, 20.40%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 176 | &nbsp;&nbsp; 7068 |
| Goldman Sachs International, ELN, 22.50%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 4406 |
| Goldman Sachs International, ELN, 7.00%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; 5263 |
| Goldman Sachs International, ELN, 9.50%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 104 | &nbsp;&nbsp; 20641 |
| Morgan Stanley Finance LLC, ELN, 10.20%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 7065 |
| Morgan Stanley Finance LLC, ELN, 10.30%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 4879 |
| Morgan Stanley Finance LLC, ELN, 10.70%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 6207 |
| Morgan Stanley Finance LLC, ELN, 11.30%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 214 | &nbsp;&nbsp; 3806 |
| Morgan Stanley Finance LLC, ELN, 12.40%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 12945 |
| Morgan Stanley Finance LLC, ELN, 13.20%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 6122 |
| Morgan Stanley Finance LLC, ELN, 13.40%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 4989 |
| Morgan Stanley Finance LLC, ELN, 13.60%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; 6064 |
| Morgan Stanley Finance LLC, ELN, 13.70%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 4094 |
| Morgan Stanley Finance LLC, ELN, 14.40%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7366 |
| Morgan Stanley Finance LLC, ELN, 14.60%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 4281 |
| Morgan Stanley Finance LLC, ELN, 14.80%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 4561 |
| Morgan Stanley Finance LLC, ELN, 15.00%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 5393 |
| Morgan Stanley Finance LLC, ELN, 15.60%, <br> 11/14/2025 (b)<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 4210 |
| Morgan Stanley Finance LLC, ELN, 17.10%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4510 |
| Morgan Stanley Finance LLC, ELN, 17.50%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; 4085 |
| Morgan Stanley Finance LLC, ELN, 6.00%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 12707 |
| Morgan Stanley Finance LLC, ELN, 6.10%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 4689 |
| Morgan Stanley Finance LLC, ELN, 6.30%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 3606 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Morgan Stanley Finance LLC, ELN, 6.70%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8955 |
| Wells Fargo Bank NA, ELN, 11.20%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 4155 |
| Wells Fargo Bank NA, ELN, 13.90%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 5018 |
| Wells Fargo Bank NA, ELN, 14.00%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 18704 |
| Wells Fargo Bank NA, ELN, 14.90%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 4135 |
| Wells Fargo Bank NA, ELN, 16.00%, <br> 11/7/2025 (b)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 3852 |
| Wells Fargo Bank NA, ELN, 17.20%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 3111 |
| Wells Fargo Bank NA, ELN, 19.70%, <br> 11/21/2025 (b)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 6066 |
| Wells Fargo Bank NA, ELN, 6.90%, <br> 12/1/2025 (b)<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; 5511 |
|  |  | &nbsp;&nbsp; 276619 |
| Total Equity Linked Notes <br>(Cost $490,983)<br>|  | &nbsp;&nbsp; 494719 |
| **Commercial Mortgage-Backed Securities — 4.7%** | **Commercial Mortgage-Backed Securities — 4.7%** | **Commercial Mortgage-Backed Securities — 4.7%** |
| **United States — 4.7%** | **United States — 4.7%** | **United States — 4.7%** |
| BANK |  |  |
| Series 2019-BN16, Class D, 3.00%, <br> 2/15/2052 (a)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 1999 |
| Series 2019-BN16, Class F, 3.67%, <br> 2/15/2052 (a) (l)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 903 |
| Series 2019-BN21, Class F, 2.68%, <br> 10/17/2052 (a)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1112 |
| Series 2019-BN23, Class D, 2.50%, <br> 12/15/2052 (a)<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3109 |
| Series 2021-BN31, Class E, 2.50%, <br> 2/15/2054 (a) (l)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 1804 |
| Series 2017-BNK5, Class D, 3.08%, <br> 6/15/2060 (a) (l)<br>| &nbsp;&nbsp; 8500 | &nbsp;&nbsp; 7537 |
| Series 2018-BN14, Class F, 3.94%, <br> 9/15/2060 (a)<br>| &nbsp;&nbsp; 1534 | &nbsp;&nbsp; 836 |
| Series 2019-BN19, Class C, 4.03%, <br> 8/15/2061 (l)<br>| &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 5442 |
| Series 2018-BN15, Class E, 3.00%, <br> 11/15/2061 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 769 |
| Series 2019-BN24, Class D, 2.50%, <br> 11/15/2062 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 787 |
| Series 2019-BN24, Class C, 3.52%, <br> 11/15/2062 (l)<br>| &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5314 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2020-BN26, Class D, 2.50%, <br> 3/15/2063 (a)<br>| &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 985 |
| Series 2020-BN28, Class E, 2.50%, <br> 3/15/2063 (a)<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2213 |
| BBCMS Mortgage Trust Series 2017-C1, <br> Class D, 3.55%, 2/15/2050 (a) (l)<br>| &nbsp;&nbsp; 2887 | &nbsp;&nbsp; 1992 |
| Benchmark Mortgage Trust |  |  |
| Series 2018-B1, Class D, 2.75%, <br> 1/15/2051 (a)<br>| &nbsp;&nbsp; 975 | &nbsp;&nbsp; 556 |
| Series 2019-B9, Class F, 3.74%, <br> 3/15/2052 (a) (l)<br>| &nbsp;&nbsp; 6590 | &nbsp;&nbsp; 2763 |
| Series 2019-B11, Class D, 3.00%, <br> 5/15/2052 (a)<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 2099 |
| Series 2019-B11, Class C, 3.75%, <br> 5/15/2052 (l)<br>| &nbsp;&nbsp; 13959 | &nbsp;&nbsp; 10952 |
| Series 2020-B21, Class E, 2.00%, <br> 12/17/2053 (a)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 1326 |
| Series 2019-B14, Class E, 2.50%, <br> 12/15/2062 (a)<br>| &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 465 |
| Series 2019-B15, Class E, 2.75%, <br> 12/15/2072 (a)<br>| &nbsp;&nbsp; 4391 | &nbsp;&nbsp; 2443 |
| BX Series 2021-MFM1, Class G, 8.05%, <br> 1/15/2034 (a) (l)<br>| &nbsp;&nbsp; 525 | &nbsp;&nbsp; 524 |
| BX Mortgage Trust Series 2025-BIO3, Class D, <br> 6.96%, 2/10/2042 (a) (l)<br>| &nbsp;&nbsp; 475 | &nbsp;&nbsp; 472 |
| CD Mortgage Trust |  |  |
| Series 2016-CD2, Class C, 3.97%, <br> 11/10/2049 (l)<br>| &nbsp;&nbsp; 750 | &nbsp;&nbsp; 443 |
| Series 2017-CD3, Class A4, 3.63%, <br> 2/10/2050<br>| &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 3691 |
| Series 2017-CD4, Class D, 3.30%, <br> 5/10/2050 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 854 |
| Series 2017-CD5, Class D, 3.35%, <br> 8/15/2050 (a)<br>| &nbsp;&nbsp; 1831 | &nbsp;&nbsp; 1673 |
| Series 2017-CD6, Class C, 4.27%, <br> 11/13/2050 (l)<br>| &nbsp;&nbsp; 1371 | &nbsp;&nbsp; 1280 |
| Series 2018-CD7, Class D, 3.09%, <br> 8/15/2051 (a) (l)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1648 |
| Series 2019-CD8, Class E, 3.00%, <br> 8/15/2057 (a)<br>| &nbsp;&nbsp; 1790 | &nbsp;&nbsp; 1017 |
| CFCRE Commercial Mortgage Trust Series <br> 2016-C6, Class D, 4.16%, 11/10/2049 (a) <br> (l)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 827 |
| CGMS Commercial Mortgage Trust Series <br> 2017-B1, Class E, 3.30%, 8/15/2050 (a) <br> (l)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1022 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2015-GC27, Class D, 4.40%, <br> 2/10/2048 (a) (l)<br>| &nbsp;&nbsp; 1742 | &nbsp;&nbsp; 1679 |
| Series 2015-GC29, Class C, 3.98%, <br> 4/10/2048 (l)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1760 |
| Series 2015-P1, Class D, 3.23%, <br> 9/15/2048 (a)<br>| &nbsp;&nbsp; 258 | &nbsp;&nbsp; 250 |
| Series 2016-C1, Class D, 4.95%, <br> 5/10/2049 (a) (l)<br>| &nbsp;&nbsp; 4975 | &nbsp;&nbsp; 4755 |
| Series 2016-C2, Class D, 3.25%, <br> 8/10/2049 (a) (l)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 941 |
| Series 2016-P6, Class D, 3.25%, <br> 12/10/2049 (a)<br>| &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 947 |
| Series 2017-P7, Class B, 4.14%, <br> 4/14/2050 (l)<br>| &nbsp;&nbsp; 910 | &nbsp;&nbsp; 863 |
| Series 2017-P7, Class C, 4.40%, <br> 4/14/2050 (l)<br>| &nbsp;&nbsp; 3295 | &nbsp;&nbsp; 2955 |
| Series 2020-GC46, Class E, 2.60%, <br> 2/15/2053 (a)<br>| &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 2374 |
| COLEM Mortgage Trust Series 2022-HLNE, <br> Class A, 2.46%, 4/12/2042 (a) (l)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2361 |
| Commercial Mortgage Trust |  |  |
| Series 2014-CR15, Class C, 3.96%, <br> 2/10/2047 (l)<br>| &nbsp;&nbsp; 989 | &nbsp;&nbsp; 954 |
| Series 2014-LC15, Class D, 4.76%, <br> 4/10/2047 (a) (l)<br>| &nbsp;&nbsp; 465 | &nbsp;&nbsp; 456 |
| Series 2014-CR19, Class D, 4.42%, <br> 8/10/2047 (a) (l)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| Series 2014-UBS5, Class D, 3.50%, <br> 9/10/2047 (a)<br>| &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 2686 |
| Series 2014-LC17, Class D, 3.69%, <br> 10/10/2047 (a)<br>| &nbsp;&nbsp; 294 | &nbsp;&nbsp; 287 |
| Series 2015-CR22, Class E, 3.00%, <br> 3/10/2048 (a)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 1462 |
| Series 2015-CR22, Class D, 3.70%, <br> 3/10/2048 (a) (l)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 795 |
| Series 2015-LC21, Class D, 4.30%, <br> 7/10/2048 (l)<br>| &nbsp;&nbsp; 450 | &nbsp;&nbsp; 402 |
| Series 2015-CR24, Class D, 3.46%, <br> 8/10/2048 (l)<br>| &nbsp;&nbsp; 2134 | &nbsp;&nbsp; 1963 |
| Series 2015-CR25, Class D, 3.55%, <br> 8/10/2048 (l)<br>| &nbsp;&nbsp; 1719 | &nbsp;&nbsp; 1633 |
| Series 2015-CR27, Class D, 3.21%, <br> 10/10/2048 (a) (l)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 434 |
| Series 2015-CR26, Class D, 3.39%, <br> 10/10/2048 (l)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2029 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 65

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2015-LC23, Class D, 3.52%, <br> 10/10/2048 (a) (l)<br>| &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2358 |
| Series 2015-LC23, Class E, 3.52%, <br> 10/10/2048 (a) (l)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1215 |
| Series 2016-CR28, Class D, 3.79%, <br> 2/10/2049 (l)<br>| &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1158 |
| Series 2016-CR28, Class C, 4.54%, <br> 2/10/2049 (l)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1861 |
| Series 2018-COR3, Class D, 2.81%, <br> 5/10/2051 (a) (l)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 790 |
| CSAIL Commercial Mortgage Trust |  |  |
| Series 2015-C4, Class C, 4.76%, <br> 11/15/2048 (l)<br>| &nbsp;&nbsp; 2157 | &nbsp;&nbsp; 2150 |
| Series 2018-C14, Class D, 4.88%, <br> 11/15/2051 (a) (l)<br>| &nbsp;&nbsp; 2973 | &nbsp;&nbsp; 2433 |
| Series 2015-C2, Class B, 4.21%, <br> 6/15/2057 (l)<br>| &nbsp;&nbsp; 701 | &nbsp;&nbsp; 675 |
| DBJPM Mortgage Trust |  |  |
| Series 2016-C3, Class D, 3.47%, <br> 8/10/2049 (a) (l)<br>| &nbsp;&nbsp; 3570 | &nbsp;&nbsp; 2292 |
| Series 2016-C3, Class E, 4.22%, <br> 8/10/2049 (a) (l)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 528 |
| FHLMC |  |  |
| Series 2025-MN11, Class M1, 5.83%, <br> 7/25/2045 (a) (l)<br>| &nbsp;&nbsp; 2728 | &nbsp;&nbsp; 2717 |
| Series 2025-MN11, Class M2, 6.83%, <br> 7/25/2045 (a) (l)<br>| &nbsp;&nbsp; 3772 | &nbsp;&nbsp; 3750 |
| FHLMC MSCR Trust |  |  |
| Series 2021-MN2, Class B1, 9.68%, <br> 7/25/2041 (a) (l)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2000 |
| Series 2025-MN10, Class M2, 7.16%, <br> 2/25/2045 (a) (l)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2500 |
| Series 2025-MN11, Class B1, 8.58%, <br> 7/25/2045 (a) (l)<br>| &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1688 |
| Series 2021-MN1, Class M1, 6.18%, <br> 1/25/2051 (a) (l)<br>| &nbsp;&nbsp; 151 | &nbsp;&nbsp; 151 |
| Series 2021-MN1, Class M2, 7.93%, <br> 1/25/2051 (a) (l)<br>| &nbsp;&nbsp; 10750 | &nbsp;&nbsp; 11134 |
| Series 2021-MN1, Class B1, 11.93%, <br> 1/25/2051 (a) (l)<br>| &nbsp;&nbsp; 2650 | &nbsp;&nbsp; 2914 |
| Series 2021-MN3, Class M1, 6.48%, <br> 11/25/2051 (a) (l)<br>| &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1353 |
| FHLMC, Multi-Class Certificates Series <br> 2020-RR05, Class X, IO, 2.01%, <br> 1/27/2029<br>| &nbsp;&nbsp; 17110 | &nbsp;&nbsp; 934 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| FHLMC, Multi-Family Structured Credit Risk <br> Series 2022-MN5, Class B1, 13.68%, <br> 11/25/2042 (a) (l)<br>| &nbsp;&nbsp; 8302 | &nbsp;&nbsp; 9483 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K734, Class X3, IO, 2.18%, <br> 7/25/2026 (l)<br>| &nbsp;&nbsp; 11615 | &nbsp;&nbsp; 89 |
| Series KC04, Class X1, IO, 1.26%, <br> 12/25/2026 (l)<br>| &nbsp;&nbsp; 10046 | &nbsp;&nbsp; 94 |
| Series K084, Class X3, IO, 2.24%, <br> 11/25/2028 (l)<br>| &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 366 |
| Series K090, Class X3, IO, 2.31%, <br> 10/25/2029 (l)<br>| &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 128 |
| Series Q012, Class X, IO, 3.96%, <br> 9/25/2035 (l)<br>| &nbsp;&nbsp; 18444 | &nbsp;&nbsp; 2791 |
| Series K060, Class X3, IO, 1.90%, <br> 12/25/2044 (l)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 18 |
| Series K061, Class X3, IO, 1.97%, <br> 12/25/2044 (l)<br>| &nbsp;&nbsp; 1528 | &nbsp;&nbsp; 31 |
| Series K087, Class X3, IO, 2.28%, <br> 1/25/2046 (l)<br>| &nbsp;&nbsp; 17957 | &nbsp;&nbsp; 1140 |
| Series K089, Class X3, IO, 2.30%, <br> 1/25/2046 (l)<br>| &nbsp;&nbsp; 22283 | &nbsp;&nbsp; 1533 |
| Series K102, Class X3, IO, 1.89%, <br> 12/25/2046 (l)<br>| &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 78 |
| Series K088, Class X3, IO, 2.35%, <br> 2/25/2047 (l)<br>| &nbsp;&nbsp; 10130 | &nbsp;&nbsp; 703 |
| Series K093, Class X3, IO, 2.21%, <br> 5/25/2047 (l)<br>| &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 1047 |
| Series K116, Class X3, IO, 3.02%, <br> 9/25/2047 (l)<br>| &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 1277 |
| Series K108, Class X3, IO, 3.49%, <br> 4/25/2048 (l)<br>| &nbsp;&nbsp; 16575 | &nbsp;&nbsp; 2111 |
| FNMA ACES |  |  |
| Series 2019-M11, Class X1, IO, 1.04%, <br> 6/25/2029 (l)<br>| &nbsp;&nbsp; 4084 | &nbsp;&nbsp; 110 |
| Series 2019-M21, Class X2, IO, 1.28%, <br> 2/25/2031 (l)<br>| &nbsp;&nbsp; 82490 | &nbsp;&nbsp; 4132 |
| Series 2020-M37, Class X, IO, 0.98%, <br> 4/25/2032 (l)<br>| &nbsp;&nbsp; 23048 | &nbsp;&nbsp; 808 |
| FREMF Mortgage Trust |  |  |
| Series 2019-KC03, Class B, 4.40%, <br> 1/25/2026 (a) (l)<br>| &nbsp;&nbsp; 2304 | &nbsp;&nbsp; 2287 |
| Series 2019-KF58, Class B, 6.57%, <br> 1/25/2026 (a) (l)<br>| &nbsp;&nbsp; 906 | &nbsp;&nbsp; 902 |
| Series 2019-KF62, Class B, 6.47%, <br> 4/25/2026 (a) (l)<br>| &nbsp;&nbsp; 489 | &nbsp;&nbsp; 483 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2017-KL1E, Class BE, 3.91%, <br> 2/25/2027 (a) (l)<br>| &nbsp;&nbsp; 186 | &nbsp;&nbsp; 175 |
| Series 2017-KF33, Class B, 6.97%, <br> 6/25/2027 (a) (l)<br>| &nbsp;&nbsp; 566 | &nbsp;&nbsp; 545 |
| Series 2017-KF40, Class B, 7.12%, <br> 11/25/2027 (a) (l)<br>| &nbsp;&nbsp; 978 | &nbsp;&nbsp; 938 |
| Series 2018-KF43, Class B, 6.57%, <br> 1/25/2028 (a) (l)<br>| &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 1248 |
| Series 21K-F116, Class CS, 10.71%, <br> 6/25/2028 (a) (l)<br>| &nbsp;&nbsp; 4798 | &nbsp;&nbsp; 4773 |
| Series 2018-KF50, Class B, 6.32%, <br> 7/25/2028 (a) (l)<br>| &nbsp;&nbsp; 293 | &nbsp;&nbsp; 282 |
| Series 2019-KG01, Class B, 4.17%, <br> 4/25/2029 (a) (l)<br>| &nbsp;&nbsp; 4765 | &nbsp;&nbsp; 4356 |
| Series 2019-KW09, Class X2A, IO, 0.10%, <br> 5/25/2029 (a)<br>| &nbsp;&nbsp; 263162 | &nbsp;&nbsp; 614 |
| Series 2019-KW09, Class C, PO, <br> 6/25/2029 (a)<br>| &nbsp;&nbsp; 24011 | &nbsp;&nbsp; 17882 |
| Series 2019-KW09, Class X2B, IO, 0.10%, <br> 6/25/2029 (a)<br>| &nbsp;&nbsp; 32681 | &nbsp;&nbsp; 95 |
| Series 2022-KF132, Class CS, 10.71%, <br> 2/25/2032 (a) (l)<br>| &nbsp;&nbsp; 7696 | &nbsp;&nbsp; 7133 |
| Series 2023-KF149, Class CS, 10.46%, <br> 12/25/2032 (a) (l)<br>| &nbsp;&nbsp; 7829 | &nbsp;&nbsp; 7984 |
| Series 2017-K724, Class D, PO, <br> 12/25/2049 (a)<br>| &nbsp;&nbsp; 723 | &nbsp;&nbsp; 694 |
| Series 2017-K724, Class X2B, IO, 0.10%, <br> 12/25/2049 (a)<br>| &nbsp;&nbsp; 723 | &nbsp;&nbsp; — |
| GNMA |  |  |
| Series 2012-89, IO, 0.19%, <br> 12/16/2053 (l)<br>| &nbsp;&nbsp; 4321 | &nbsp;&nbsp; — |
| Series 2025-138, Class A, 4.75%, <br> 5/16/2056<br>| &nbsp;&nbsp; 769 | &nbsp;&nbsp; 763 |
| Series 2019-53, Class IA, IO, 0.75%, <br> 6/16/2061 (l)<br>| &nbsp;&nbsp; 5521 | &nbsp;&nbsp; 277 |
| Series 2021-169, IO, 1.11%, <br> 6/16/2061 (l)<br>| &nbsp;&nbsp; 10606 | &nbsp;&nbsp; 872 |
| Series 2021-153, Class SA, IF, IO, 3.60%, <br> 8/16/2061 (l)<br>| &nbsp;&nbsp; 15705 | &nbsp;&nbsp; 576 |
| Series 2020-2, IO, 0.59%, 3/16/2062 (l) | &nbsp;&nbsp; 6132 | &nbsp;&nbsp; 265 |
| Series 2020-94, IO, 0.97%, 3/16/2062 (l) | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; 252 |
| Series 2020-89, Class IA, IO, 1.17%, <br> 4/16/2062 (l)<br>| &nbsp;&nbsp; 3193 | &nbsp;&nbsp; 261 |
| Series 2020-169, IO, 0.85%, <br> 7/16/2062 (l)<br>| &nbsp;&nbsp; 16285 | &nbsp;&nbsp; 1028 |
| Series 2021-33, IO, 0.84%, <br> 10/16/2062 (l)<br>| &nbsp;&nbsp; 7916 | &nbsp;&nbsp; 510 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2020-195, Class IX, IO, 1.13%, <br> 12/16/2062 (l)<br>| &nbsp;&nbsp; 1698 | &nbsp;&nbsp; 137 |
| Series 2021-48, Class FT, 4.00%, <br> 12/16/2062 (l)<br>| &nbsp;&nbsp; 1173 | &nbsp;&nbsp; 1064 |
| Series 2020-145, IO, 0.73%, <br> 3/16/2063 (l)<br>| &nbsp;&nbsp; 52741 | &nbsp;&nbsp; 2788 |
| Series 2022-41, IO, 0.75%, 4/16/2063 (l) | &nbsp;&nbsp; 12579 | &nbsp;&nbsp; 666 |
| Series 2024-32, IO, 0.70%, 6/16/2063 (l) | &nbsp;&nbsp; 50030 | &nbsp;&nbsp; 2532 |
| Series 2021-195, Class IX, IO, 1.20%, <br> 8/16/2063 (l)<br>| &nbsp;&nbsp; 11085 | &nbsp;&nbsp; 1011 |
| Series 2025-78, IO, 1.00%, <br> 11/16/2063 (l)<br>| &nbsp;&nbsp; 75399 | &nbsp;&nbsp; 5415 |
| Series 2023-28, IO, 0.86%, 2/16/2065 (l) | &nbsp;&nbsp; 18162 | &nbsp;&nbsp; 1209 |
| Series 2025-21, IO, 0.95%, 4/16/2065 (l) | &nbsp;&nbsp; 25140 | &nbsp;&nbsp; 1737 |
| Series 2025-42, IO, 0.54%, <br> 11/16/2065 (l)<br>| &nbsp;&nbsp; 22641 | &nbsp;&nbsp; 1083 |
| Series 2025-112, IO, 0.56%, <br> 3/16/2066 (l)<br>| &nbsp;&nbsp; 18413 | &nbsp;&nbsp; 938 |
| GS Mortgage Securities Trust |  |  |
| Series 2015-GC28, Class D, 4.42%, <br> 2/10/2048 (a) (l)<br>| &nbsp;&nbsp; 1053 | &nbsp;&nbsp; 1006 |
| Series 2016-GS2, Class D, 2.75%, <br> 5/10/2049 (a)<br>| &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2474 |
| Series 2017-GS5, Class D, 3.51%, <br> 3/10/2050 (a) (l)<br>| &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 426 |
| Series 2017-GS6, Class D, 3.24%, <br> 5/10/2050 (a)<br>| &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1125 |
| Series 2015-GC30, Class D, 3.38%, <br> 5/10/2050<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 687 |
| Series 2017-GS6, Class C, 4.32%, <br> 5/10/2050 (l)<br>| &nbsp;&nbsp; 4330 | &nbsp;&nbsp; 3107 |
| Series 2019-GC40, Class D, 3.00%, <br> 7/10/2052 (a)<br>| &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 2721 |
| Series 2019-GC40, Class E, 3.00%, <br> 7/10/2052 (a)<br>| &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 1470 |
| Series 2020-GC45, Class D, 2.85%, <br> 2/13/2053 (a) (l)<br>| &nbsp;&nbsp; 2824 | &nbsp;&nbsp; 2246 |
| IRV Trust |  |  |
| Series 2025-200P, Class A, 5.29%, <br> 3/14/2047 (a) (l)<br>| &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3489 |
| Series 2025-200P, Class B, 5.44%, <br> 3/14/2047 (a) (l)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1416 |
| Series 2025-200P, Class C, 5.73%, <br> 3/14/2047 (a) (l)<br>| &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1719 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| Series 2013-C15, Class E, 3.50%, <br> 11/15/2045 (a)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1063 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 67

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2014-C26, Class D, 3.57%, <br> 1/15/2048 (a) (l)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1313 |
| Series 2014-C26, Class C, 4.07%, <br> 1/15/2048 (l)<br>| &nbsp;&nbsp; 1926 | &nbsp;&nbsp; 1816 |
| Series 2015-C33, Class C, 4.68%, <br> 12/15/2048 (l)<br>| &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 7612 |
| Series 2016-C1, Class D2, 4.20%, <br> 3/17/2049 (a) (l)<br>| &nbsp;&nbsp; 1464 | &nbsp;&nbsp; 1230 |
| Series 2016-C1, Class C, 4.70%, <br> 3/17/2049 (l)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4916 |
| JPMCC Commercial Mortgage Securities Trust <br> Series 2017-JP5, Class D, 4.49%, <br> 3/15/2050 (a) (l)<br>| &nbsp;&nbsp; 7577 | &nbsp;&nbsp; 6041 |
| JPMDB Commercial Mortgage Securities Trust <br> Series 2016-C4, Class D, 3.02%, <br> 12/15/2049 (a) (l)<br>| &nbsp;&nbsp; 2514 | &nbsp;&nbsp; 1738 |
| JPMorgan Chase Commercial Mortgage <br> Securities Trust Series 2016-JP3, Class D, <br> 3.41%, 8/15/2049 (a) (l)<br>| &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 3291 |
| Morgan Stanley Bank of America Merrill Lynch <br> Trust<br>|  |  |
| Series 2012-C5, Class G, 4.50%, <br> 8/15/2045 (a)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1305 |
| Series 2014-C19, Class D, 3.25%, <br> 12/15/2047 (a)<br>| &nbsp;&nbsp; 1919 | &nbsp;&nbsp; 1833 |
| Series 2015-C24, Class D, 3.26%, <br> 5/15/2048 (a)<br>| &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5896 |
| Series 2015-C25, Class C, 4.37%, <br> 10/15/2048 (l)<br>| &nbsp;&nbsp; 2199 | &nbsp;&nbsp; 2166 |
| Series 2016-C31, Class C, 4.24%, <br> 11/15/2049 (l)<br>| &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1290 |
| Morgan Stanley Capital I Trust |  |  |
| Series 2018-MP, Class D, 4.28%, <br> 7/11/2040 (a) (l)<br>| &nbsp;&nbsp; 730 | &nbsp;&nbsp; 579 |
| Series 2018-L1, Class E, 3.00%, <br> 10/15/2051 (a)<br>| &nbsp;&nbsp; 5486 | &nbsp;&nbsp; 4297 |
| Series 2019-L2, Class D, 3.00%, <br> 3/15/2052 (a)<br>| &nbsp;&nbsp; 7075 | &nbsp;&nbsp; 5521 |
| Series 2019-L2, Class E, 3.00%, <br> 3/15/2052 (a)<br>| &nbsp;&nbsp; 2575 | &nbsp;&nbsp; 1884 |
| MRCD MARK Mortgage Trust |  |  |
| Series 2019-PARK, Class F, 2.72%, <br> 12/15/2036 (a)<br>| &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 6104 |
| Series 2019-PARK, Class G, 2.72%, <br> 12/15/2036 (a)<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 2148 |
| Series 2019-PARK, Class J, 4.25%, <br> 12/15/2036 (a)<br>| &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 7565 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Multi-Family Connecticut Avenue Securities <br> Trust<br>|  |  |
| Series 2019-01, Class M10, 7.55%, <br> 10/25/2049 (a) (l)<br>| &nbsp;&nbsp; 3692 | &nbsp;&nbsp; 3747 |
| Series 2020-01, Class M10, 8.05%, <br> 3/25/2050 (a) (l)<br>| &nbsp;&nbsp; 8258 | &nbsp;&nbsp; 8398 |
| Series 2024-01, Class M10, 8.03%, <br> 7/25/2054 (a) (l)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5194 |
| Series 2025-01, Class M1, 6.58%, <br> 5/25/2055 (a) (l)<br>| &nbsp;&nbsp; 3399 | &nbsp;&nbsp; 3397 |
| Series 2025-01, Class M2, 7.28%, <br> 5/25/2055 (a) (l)<br>| &nbsp;&nbsp; 2510 | &nbsp;&nbsp; 2548 |
| NYC Commercial Mortgage Trust Series <br> 2021-909, Class E, 3.21%, 4/10/2043 (a) <br> (l)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 3522 |
| ROCK Trust Series 2024-CNTR, Class E, 8.82%, <br> 11/13/2041 (a)<br>| &nbsp;&nbsp; 8925 | &nbsp;&nbsp; 9418 |
| VASA Trust Series 2021-VASA, Class G, 9.15%, <br> 7/15/2039 (a) (l)<br>| &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 967 |
| Velocity Commercial Capital Loan Trust |  |  |
| Series 2018-2, Class A, 4.05%, <br> 10/26/2048 (a) (l)<br>| &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1086 |
| Series 2018-2, Class M2, 4.51%, <br> 10/26/2048 (a) (l)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 96 |
| Series 2018-2, Class M3, 4.72%, <br> 10/26/2048 (a) (l)<br>| &nbsp;&nbsp; 147 | &nbsp;&nbsp; 137 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| Series 2021-SAVE, Class E, 7.90%, <br> 2/15/2040 (a) (l)<br>| &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1598 |
| Series 2015-NXS1, Class E, 2.88%, <br> 5/15/2048 (a) (l)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1339 |
| Series 2015-C28, Class D, 4.10%, <br> 5/15/2048 (l)<br>| &nbsp;&nbsp; 5823 | &nbsp;&nbsp; 5474 |
| Series 2016-C35, Class D, 3.14%, <br> 7/15/2048 (a)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4731 |
| Series 2017-C38, Class D, 3.00%, <br> 7/15/2050 (a)<br>| &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1278 |
| Series 2018-C43, Class D, 3.00%, <br> 3/15/2051 (a)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1026 |
| Series 2018-C44, Class D, 3.00%, <br> 5/15/2051 (a)<br>| &nbsp;&nbsp; 1517 | &nbsp;&nbsp; 1174 |
| Series 2019-C52, Class XA, IO, 1.56%, <br> 8/15/2052 (l)<br>| &nbsp;&nbsp; 3291 | &nbsp;&nbsp; 151 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| WFRBS Commercial Mortgage Trust |  |  |
| Series 2014-C21, Class D, 3.50%, <br> 8/15/2047 (a)<br>| &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1426 |
| Series 2014-C22, Class D, 3.75%, <br> 9/15/2057 (a) (l)<br>| &nbsp;&nbsp; 5505 | &nbsp;&nbsp; 2128 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $434,191)<br>|  | &nbsp;&nbsp; 395499 |
| **Collateralized Mortgage Obligations — 3.4%** | **Collateralized Mortgage Obligations — 3.4%** | **Collateralized Mortgage Obligations — 3.4%** |
| **United States — 3.4%** | **United States — 3.4%** | **United States — 3.4%** |
| Adjustable Rate Mortgage Trust |  |  |
| Series 2004-2, Class 6A1, 5.56%, <br> 2/25/2035 (l)<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
| Series 2005-2, Class 3A1, 6.91%, <br> 6/25/2035 (l)<br>| &nbsp;&nbsp; 235 | &nbsp;&nbsp; 234 |
| Alternative Loan Trust |  |  |
| Series 2004-28CB, Class 4A1, 5.00%, <br> 1/25/2020<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
| Series 2005-50CB, Class 4A1, 5.00%, <br> 11/25/2020<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Series 2005-85CB, Class 3A2, 5.25%, <br> 2/25/2021<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8 |
| Series 2007-9T1, Class 3A1, 5.50%, <br> 5/25/2022 ‡<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Series 2005-J6, Class 2A1, 5.50%, <br> 7/25/2025<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3 |
| Series 2006-J3, Class 4A1, 5.75%, <br> 5/25/2026<br>| &nbsp;&nbsp; 57 | &nbsp;&nbsp; 57 |
| Series 2005-J1, Class 3A1, 6.50%, <br> 8/25/2032<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| Series 2004-12CB, Class 2A1, 6.00%, <br> 6/25/2034<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| Series 2004-28CB, Class 2A4, 5.75%, <br> 1/25/2035<br>| &nbsp;&nbsp; 239 | &nbsp;&nbsp; 222 |
| Series 2004-28CB, Class 6A1, 6.00%, <br> 1/25/2035<br>| &nbsp;&nbsp; 282 | &nbsp;&nbsp; 265 |
| Series 2004-32CB, Class 2A5, 5.50%, <br> 2/25/2035<br>| &nbsp;&nbsp; 965 | &nbsp;&nbsp; 956 |
| Series 2005-J2, Class 1A5, 4.61%, <br> 4/25/2035 (l)<br>| &nbsp;&nbsp; 2826 | &nbsp;&nbsp; 2186 |
| Series 2005-6CB, Class 1A4, 5.50%, <br> 4/25/2035<br>| &nbsp;&nbsp; 1654 | &nbsp;&nbsp; 1418 |
| Series 2005-6CB, Class 1A6, 5.50%, <br> 4/25/2035<br>| &nbsp;&nbsp; 199 | &nbsp;&nbsp; 170 |
| Series 2005-13CB, Class A4, 5.50%, <br> 5/25/2035<br>| &nbsp;&nbsp; 667 | &nbsp;&nbsp; 577 |
| Series 2005-21CB, Class A4, 5.25%, <br> 6/25/2035<br>| &nbsp;&nbsp; 361 | &nbsp;&nbsp; 272 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2005-21CB, Class A17, 6.00%, <br> 6/25/2035<br>| &nbsp;&nbsp; 1607 | &nbsp;&nbsp; 1271 |
| Series 2005-20CB, Class 1A1, 5.50%, <br> 7/25/2035<br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; 60 |
| Series 2005-23CB, Class A15, 5.50%, <br> 7/25/2035<br>| &nbsp;&nbsp; 823 | &nbsp;&nbsp; 669 |
| Series 2005-64CB, Class 1A1, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 278 | &nbsp;&nbsp; 248 |
| Series 2005-64CB, Class 1A15, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 702 | &nbsp;&nbsp; 627 |
| Series 2005-J14, Class A3, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 192 | &nbsp;&nbsp; 114 |
| Series 2005-J14, Class A7, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 604 |
| Series 2005-J14, Class A8, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 848 | &nbsp;&nbsp; 505 |
| Series 2005-86CB, Class A4, 5.50%, <br> 2/25/2036<br>| &nbsp;&nbsp; 260 | &nbsp;&nbsp; 146 |
| Series 2006-J1, Class 1A13, 5.50%, <br> 2/25/2036<br>| &nbsp;&nbsp; 82 | &nbsp;&nbsp; 55 |
| Series 2006-4CB, Class 2A5, 5.50%, <br> 4/25/2036<br>| &nbsp;&nbsp; 437 | &nbsp;&nbsp; 329 |
| Series 2006-14CB, Class A1, 6.00%, <br> 6/25/2036<br>| &nbsp;&nbsp; 1069 | &nbsp;&nbsp; 570 |
| Series 2006-19CB, Class A15, 6.00%, <br> 8/25/2036<br>| &nbsp;&nbsp; 383 | &nbsp;&nbsp; 214 |
| Series 2006-25CB, Class A2, 6.00%, <br> 10/25/2036<br>| &nbsp;&nbsp; 187 | &nbsp;&nbsp; 95 |
| Series 2006-41CB, Class 2A13, 5.75%, <br> 1/25/2037<br>| &nbsp;&nbsp; 2083 | &nbsp;&nbsp; 1009 |
| Series 2007-8CB, Class A9, 6.00%, <br> 5/25/2037<br>| &nbsp;&nbsp; 132 | &nbsp;&nbsp; 69 |
| Series 2007-19, Class 1A8, 6.00%, <br> 8/25/2037<br>| &nbsp;&nbsp; 132 | &nbsp;&nbsp; 61 |
| American Home Mortgage Investment Trust <br> Series 2007-2, Class 12A1, 4.65%, <br> 3/25/2037 (l)<br>| &nbsp;&nbsp; 3945 | &nbsp;&nbsp; 1486 |
| Angel Oak Mortgage Trust |  |  |
| Series 2019-5, Class B1, 3.96%, <br> 10/25/2049 (a) (l)<br>| &nbsp;&nbsp; 6250 | &nbsp;&nbsp; 5887 |
| Series 2019-6, Class B3, 5.95%, <br> 11/25/2059 (a) (l)<br>| &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1159 |
| Banc of America Alternative Loan Trust |  |  |
| Series 2006-4, Class 2A1, 6.00%, <br> 3/25/2029<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| Series 2005-11, Class 4A5, 5.75%, <br> 12/25/2035<br>| &nbsp;&nbsp; 247 | &nbsp;&nbsp; 221 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 69

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2006-4, Class 3CB4, 6.00%, <br> 5/25/2046<br>| &nbsp;&nbsp; 308 | &nbsp;&nbsp; 288 |
| Series 2006-4, Class 4CB1, 6.50%, <br> 5/25/2046<br>| &nbsp;&nbsp; 587 | &nbsp;&nbsp; 555 |
| Series 2006-5, Class CB7, 6.00%, <br> 6/25/2046<br>| &nbsp;&nbsp; 183 | &nbsp;&nbsp; 161 |
| Banc of America Funding Trust |  |  |
| Series 2007-4, Class 8A1, 5.50%, <br> 11/25/2034<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 40 |
| Series 2005-6, Class 1A2, 5.50%, <br> 10/25/2035<br>| &nbsp;&nbsp; 968 | &nbsp;&nbsp; 801 |
| Series 2005-7, Class 4A7, 6.00%, <br> 11/25/2035<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 |
| Series 2006-A, Class 1A1, 5.82%, <br> 2/20/2036 (l)<br>| &nbsp;&nbsp; 217 | &nbsp;&nbsp; 208 |
| Series 2006-2, Class 2A20, 5.75%, <br> 3/25/2036<br>| &nbsp;&nbsp; 130 | &nbsp;&nbsp; 115 |
| Series 2007-5, Class 4A1, 4.48%, <br> 7/25/2037 (l)<br>| &nbsp;&nbsp; 1764 | &nbsp;&nbsp; 1231 |
| Banc of America Mortgage Trust |  |  |
| Series 2004-A, Class 2A2, 5.74%, <br> 2/25/2034 (l)<br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; 148 |
| Series 2007-3, Class 1A1, 6.00%, <br> 9/25/2037<br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 72 |
| Bear Stearns ALT-A Trust Series 2006-8, Class <br> 3A1, 4.43%, 2/25/2034 (l)<br>| &nbsp;&nbsp; 97 | &nbsp;&nbsp; 92 |
| Bear Stearns Asset-Backed Securities I Trust <br> Series 2004-AC5, Class M1, 5.11%, <br> 10/25/2034 (l)<br>| &nbsp;&nbsp; 180 | &nbsp;&nbsp; 162 |
| BRAVO Residential Funding Trust Series <br> 2023-NQM5, Class B1, 7.30%, <br> 6/25/2063 (a) (l)<br>| &nbsp;&nbsp; 1263 | &nbsp;&nbsp; 1266 |
| Chase Mortgage Finance Trust |  |  |
| Series 2006-S3, Class 1A2, 6.00%, <br> 11/25/2036<br>| &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 440 |
| Series 2006-S4, Class A5, 6.00%, <br> 12/25/2036<br>| &nbsp;&nbsp; 812 | &nbsp;&nbsp; 323 |
| Series 2007-S2, Class 1A8, 6.00%, <br> 3/25/2037<br>| &nbsp;&nbsp; 182 | &nbsp;&nbsp; 96 |
| CHL Mortgage Pass-Through Trust |  |  |
| Series 2005-20, Class A7, 5.25%, <br> 12/25/2027<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; 38 |
| Series 2004-25, Class 2A1, 4.79%, <br> 2/25/2035 (l)<br>| &nbsp;&nbsp; 1434 | &nbsp;&nbsp; 1349 |
| Series 2005-26, Class 1A11, 5.50%, <br> 11/25/2035<br>| &nbsp;&nbsp; 949 | &nbsp;&nbsp; 560 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2005-31, Class 2A1, 4.48%, <br> 1/25/2036 (l)<br>| &nbsp;&nbsp; 426 | &nbsp;&nbsp; 383 |
| Series 2005-30, Class A5, 5.50%, <br> 1/25/2036<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 60 |
| Series 2006-HYB1, Class 2A2C, 4.54%, <br> 3/20/2036 (l)<br>| &nbsp;&nbsp; 1174 | &nbsp;&nbsp; 1100 |
| Series 2006-HYB2, Class 2A1B, 4.56%, <br> 4/20/2036 (l)<br>| &nbsp;&nbsp; 351 | &nbsp;&nbsp; 322 |
| Series 2006-J2, Class 1A1, 6.00%, <br> 4/25/2036<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; 31 |
| Series 2006-10, Class 1A16, 6.00%, <br> 5/25/2036<br>| &nbsp;&nbsp; 953 | &nbsp;&nbsp; 373 |
| Series 2006-17, Class A2, 6.00%, <br> 12/25/2036<br>| &nbsp;&nbsp; 280 | &nbsp;&nbsp; 123 |
| Series 2006-18, Class 2A4, 6.00%, <br> 12/25/2036<br>| &nbsp;&nbsp; 1586 | &nbsp;&nbsp; 814 |
| Series 2007-2, Class A2, 6.00%, <br> 3/25/2037<br>| &nbsp;&nbsp; 95 | &nbsp;&nbsp; 40 |
| Series 2007-3, Class A18, 6.00%, <br> 4/25/2037<br>| &nbsp;&nbsp; 771 | &nbsp;&nbsp; 351 |
| Series 2007-10, Class A4, 5.50%, <br> 7/25/2037<br>| &nbsp;&nbsp; 99 | &nbsp;&nbsp; 40 |
| Series 2007-13, Class A4, 6.00%, <br> 8/25/2037<br>| &nbsp;&nbsp; 206 | &nbsp;&nbsp; 93 |
| Series 2007-16, Class A1, 6.50%, <br> 10/25/2037<br>| &nbsp;&nbsp; 1799 | &nbsp;&nbsp; 740 |
| Series 2007-18, Class 2A1, 6.50%, <br> 11/25/2037<br>| &nbsp;&nbsp; 414 | &nbsp;&nbsp; 137 |
| Series 2006-OA5, Class 2A1, 4.51%, <br> 4/25/2046 (l)<br>| &nbsp;&nbsp; 1363 | &nbsp;&nbsp; 1207 |
| Citi Asset Receivables Trust |  |  |
| Series 2025-6, Class CERT, 0.00%, <br> 9/20/2031 ‡ (a)<br>| &nbsp;&nbsp; 192 | &nbsp;&nbsp; 195 |
| Series 2025-7, Class CERT, 0.00%, <br> 10/20/2031 ‡ (a)<br>| &nbsp;&nbsp; 301 | &nbsp;&nbsp; 312 |
| Series 2025-8, Class CERT, 0.00%, <br> 11/20/2031 ‡ (a)<br>| &nbsp;&nbsp; 326 | &nbsp;&nbsp; 339 |
| Citi Asset Receivables Trust I |  |  |
| Series 2025-3, Class CERT, 0.00%, <br> 6/20/2031 ‡ (a)<br>| &nbsp;&nbsp; 671 | &nbsp;&nbsp; 673 |
| Series 2025-4, Class CERT, 0.00%, <br> 7/20/2031 ‡ (a) (j)<br>| &nbsp;&nbsp; 218 | &nbsp;&nbsp; 220 |
| Series 2025-5, Class CERT, 0.00%, <br> 8/20/2031 ‡ (a) (j)<br>| &nbsp;&nbsp; 272 | &nbsp;&nbsp; 274 |
| CITI Asset Receivables Trust I Series 2025-2, <br> Class CERT, 0.00%, 5/20/2031 ‡ (a) (j)<br>| &nbsp;&nbsp; 511 | &nbsp;&nbsp; 513 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Citicorp Mortgage Securities Trust Series <br> 2007-4, Class 1A9, 6.00%, 5/25/2037<br>| &nbsp;&nbsp; 293 | &nbsp;&nbsp; 258 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2005-9, Class 2A2, 5.50%, <br> 11/25/2035<br>| &nbsp;&nbsp; 57 | &nbsp;&nbsp; 40 |
| Series 2006-AR3, Class 1A1A, 5.68%, <br> 6/25/2036 (l)<br>| &nbsp;&nbsp; 749 | &nbsp;&nbsp; 708 |
| Series 2006-AR5, Class 1A5A, 4.95%, <br> 7/25/2036 (l)<br>| &nbsp;&nbsp; 283 | &nbsp;&nbsp; 276 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| Series 2005-6, Class A1, 5.75%, <br> 9/25/2035 (l)<br>| &nbsp;&nbsp; 115 | &nbsp;&nbsp; 118 |
| Series 2006-8, Class A3, 4.46%, <br> 10/25/2035 (a) (l)<br>| &nbsp;&nbsp; 425 | &nbsp;&nbsp; 183 |
| COLT Mortgage Loan Trust |  |  |
| Series 2021-3, Class B1, 3.06%, <br> 9/27/2066 (a) (l)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 1815 |
| Series 2021-5, Class B2, 4.23%, <br> 11/26/2066 (a) (l)<br>| &nbsp;&nbsp; 2247 | &nbsp;&nbsp; 1847 |
| Series 2022-1, Class B2, 4.15%, <br> 12/27/2066 (a) (l)<br>| &nbsp;&nbsp; 2581 | &nbsp;&nbsp; 2258 |
| Series 2023-2, Class A1, 6.60%, <br> 7/25/2068 (a) (h)<br>| &nbsp;&nbsp; 1684 | &nbsp;&nbsp; 1694 |
| Series 2023-4, Class A1, 7.16%, <br> 10/25/2068 (a) (h)<br>| &nbsp;&nbsp; 3092 | &nbsp;&nbsp; 3136 |
| Connecticut Avenue Securities Series <br> 2025-R01, Class 1B1, 5.88%, <br> 1/25/2045 (a) (l)<br>| &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1595 |
| Connecticut Avenue Securities Trust |  |  |
| Series 2019-R04, Class 2B1, 9.55%, <br> 6/25/2039 (a) (l)<br>| &nbsp;&nbsp; 2074 | &nbsp;&nbsp; 2129 |
| Series 2019-R05, Class 1B1, 8.40%, <br> 7/25/2039 (a) (l)<br>| &nbsp;&nbsp; 259 | &nbsp;&nbsp; 264 |
| Series 2019-R06, Class 2B1, 8.05%, <br> 9/25/2039 (a) (l)<br>| &nbsp;&nbsp; 3631 | &nbsp;&nbsp; 3710 |
| Series 2019-R07, Class 1B1, 7.70%, <br> 10/25/2039 (a) (l)<br>| &nbsp;&nbsp; 6822 | &nbsp;&nbsp; 6961 |
| Series 2020-R02, Class 2B1, 7.30%, <br> 1/25/2040 (a) (l)<br>| &nbsp;&nbsp; 7158 | &nbsp;&nbsp; 7309 |
| Series 2020-R01, Class 1B1, 7.55%, <br> 1/25/2040 (a) (l)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1025 |
| Series 2021-R01, Class 1B1, 7.28%, <br> 10/25/2041 (a) (l)<br>| &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 5304 |
| Series 2024-R02, Class 1M2, 5.98%, <br> 2/25/2044 (a) (l)<br>| &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 7048 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| CSFB Mortgage-Backed Pass-Through <br> Certificates<br>|  |  |
| Series 2005-10, Class 11A1, 5.50%, <br> 11/25/2020<br>| &nbsp;&nbsp; 572 | &nbsp;&nbsp; 69 |
| Series 2004-AR4, Class 2A1, 5.18%, <br> 5/25/2034 (l)<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; 77 |
| Series 2004-AR4, Class 4A1, 6.18%, <br> 5/25/2034 (l)<br>| &nbsp;&nbsp; 615 | &nbsp;&nbsp; 626 |
| Series 2004-AR5, Class 6A1, 6.03%, <br> 6/25/2034 (l)<br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; 112 |
| Series 2004-4, Class 4A1, 5.50%, <br> 8/25/2034<br>| &nbsp;&nbsp; 593 | &nbsp;&nbsp; 610 |
| Series 2005-4, Class 2A5, 4.66%, <br> 6/25/2035 (l)<br>| &nbsp;&nbsp; 1783 | &nbsp;&nbsp; 1161 |
| Series 2005-10, Class 5A3, 5.50%, <br> 11/25/2035<br>| &nbsp;&nbsp; 215 | &nbsp;&nbsp; 154 |
| CSMC Mortgage-Backed Trust |  |  |
| Series 2006-8, Class 5A1, 5.46%, <br> 10/25/2026 (l)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22 |
| Series 2007-2, Class 3A13, 5.50%, <br> 3/25/2037<br>| &nbsp;&nbsp; 307 | &nbsp;&nbsp; 142 |
| Deephaven Residential Mortgage Trust |  |  |
| Series 2021-3, Class B2, 4.13%, <br> 8/25/2066 (a) (l)<br>| &nbsp;&nbsp; 4502 | &nbsp;&nbsp; 3551 |
| Series 2021-4, Class B1, 4.16%, <br> 11/25/2066 (a) (l)<br>| &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4843 |
| Series 2021-4, Class B2, 4.81%, <br> 11/25/2066 (a) (l)<br>| &nbsp;&nbsp; 6508 | &nbsp;&nbsp; 5304 |
| Series 2022-1, Class B1, 4.27%, <br> 1/25/2067 (a) (l)<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2583 |
| Series 2022-1, Class B2, 4.27%, <br> 1/25/2067 (a) (l)<br>| &nbsp;&nbsp; 5640 | &nbsp;&nbsp; 4481 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan <br> Trust Series 2005-1, Class 2A1, 3.41%, <br> 2/25/2020 (l)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 |
| DSLA Mortgage Loan Trust Series 2005-AR4, <br> Class 2A1A, 4.99%, 8/19/2045 (l)<br>| &nbsp;&nbsp; 1004 | &nbsp;&nbsp; 907 |
| FHLMC Seasoned Credit Risk Transfer Trust <br> Series 2017-3, Class A, IO, 0.00%, <br> 7/25/2056 (l)<br>| &nbsp;&nbsp; 165455 | &nbsp;&nbsp; — |
| FHLMC STACR REMIC Trust |  |  |
| Series 2021-DNA2, Class B2, 10.18%, <br> 8/25/2033 (a) (l)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1849 |
| Series 2021-HQA2, Class B2, 9.63%, <br> 12/25/2033 (a) (l)<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1420 |
| Series 2021-DNA5, Class B2, 9.68%, <br> 1/25/2034 (a) (l)<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4787 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 71

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2021-DNA6, Class B2, 11.68%, <br> 10/25/2041 (a) (l)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 421 |
| Series 2022-HQA2, Class M1A, 6.83%, <br> 7/25/2042 (a) (l)<br>| &nbsp;&nbsp; 10107 | &nbsp;&nbsp; 10325 |
| Series 2022-HQA3, Class M1A, 6.48%, <br> 8/25/2042 (a) (l)<br>| &nbsp;&nbsp; 12960 | &nbsp;&nbsp; 13216 |
| Series 2023-HQA2, Class M2, 8.03%, <br> 6/25/2043 (a) (l)<br>| &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2950 |
| Series 2024-DNA2, Class M1, 5.38%, <br> 5/25/2044 (a) (l)<br>| &nbsp;&nbsp; 3351 | &nbsp;&nbsp; 3361 |
| Series 2020-DNA2, Class B2, 9.10%, <br> 2/25/2050 (a) (l)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5559 |
| Series 2021-DNA1, Class B2, 8.93%, <br> 1/25/2051 (a) (l)<br>| &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 4213 |
| FHLMC, REMIC Series 5516, Class BZ, 5.50%, <br> 3/25/2055<br>| &nbsp;&nbsp; 2282 | &nbsp;&nbsp; 2277 |
| First Horizon Alternative Mortgage Securities <br> Trust Series 2006-FA6, Class 3A1, 5.75%, <br> 11/25/2021<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| FNMA, REMIC Series 2025-98, Class UZ, <br> 6.00%, 8/25/2054<br>| &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 1882 |
| GCAT Trust Series 2020-NQM1, Class B1, <br> 3.64%, 1/25/2060 (a) (l)<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2639 |
| GMACM Mortgage Loan Trust |  |  |
| Series 2004-AR2, Class 3A, 4.75%, <br> 8/19/2034 (l)<br>| &nbsp;&nbsp; 146 | &nbsp;&nbsp; 134 |
| Series 2005-AR1, Class 3A, 4.06%, <br> 3/18/2035 (l)<br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; 29 |
| GNMA Series 2025-139, Class UZ, 5.00%, <br> 3/20/2065<br>| &nbsp;&nbsp; 2985 | &nbsp;&nbsp; 2747 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2025-PJ7, Class A1, 6.00%, <br> 12/25/2055 (a) (l)<br>| &nbsp;&nbsp; 2977 | &nbsp;&nbsp; 3018 |
| Series 2025-PJ9, Class A1, 6.00%, <br> 3/25/2056 (a) (l)<br>| &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6076 |
| GSMSC Pass-Through Trust Series 2008-2R, <br> Class 2A1, 7.50%, 10/25/2036 (a) (l)<br>| &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 129 |
| GSR Mortgage Loan Trust |  |  |
| Series 2004-15F, Class 1A2, 5.50%, <br> 12/25/2034<br>| &nbsp;&nbsp; 135 | &nbsp;&nbsp; 89 |
| Series 2005-1F, Class 2A3, 6.00%, <br> 2/25/2035<br>| &nbsp;&nbsp; 121 | &nbsp;&nbsp; 85 |
| Series 2005-AR3, Class 6A1, 4.25%, <br> 5/25/2035 (l)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 34 |
| Series 2005-AR4, Class 3A5, 5.17%, <br> 7/25/2035 (l)<br>| &nbsp;&nbsp; 808 | &nbsp;&nbsp; 481 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2005-6F, Class 3A18, 5.50%, <br> 7/25/2035<br>| &nbsp;&nbsp; 421 | &nbsp;&nbsp; 407 |
| Series 2005-AR7, Class 6A1, 4.14%, <br> 11/25/2035 (l)<br>| &nbsp;&nbsp; 302 | &nbsp;&nbsp; 263 |
| Series 2006-1F, Class 2A16, 6.00%, <br> 2/25/2036<br>| &nbsp;&nbsp; 469 | &nbsp;&nbsp; 193 |
| Series 2006-1F, Class 2A9, 6.00%, <br> 2/25/2036<br>| &nbsp;&nbsp; 759 | &nbsp;&nbsp; 312 |
| Series 2006-9F, Class 3A1, 6.25%, <br> 10/25/2036<br>| &nbsp;&nbsp; 322 | &nbsp;&nbsp; 300 |
| Series 2007-1F, Class 3A13, 6.00%, <br> 1/25/2037<br>| &nbsp;&nbsp; 192 | &nbsp;&nbsp; 116 |
| HarborView Mortgage Loan Trust Series <br> 2005-11, Class 2A1A, 4.77%, <br> 8/19/2045 (l)<br>| &nbsp;&nbsp; 83 | &nbsp;&nbsp; 80 |
| Impac CMB Trust |  |  |
| Series 2004-10, Class 2A, 4.75%, <br> 3/25/2035 (l)<br>| &nbsp;&nbsp; 284 | &nbsp;&nbsp; 266 |
| Series 2005-1, Class 1A1, 4.63%, <br> 4/25/2035 (l)<br>| &nbsp;&nbsp; 127 | &nbsp;&nbsp; 124 |
| Series 2005-1, Class 1A2, 4.73%, <br> 4/25/2035 (l)<br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 150 |
| Series 2005-2, Class 1A2, 4.73%, <br> 4/25/2035 (l)<br>| &nbsp;&nbsp; 156 | &nbsp;&nbsp; 154 |
| Impac Secured Assets CMN Owner Trust Series <br> 2003-2, Class A4, 3.75%, 8/25/2033<br>| &nbsp;&nbsp; 134 | &nbsp;&nbsp; 90 |
| Impac Secured Assets Trust |  |  |
| Series 2007-3, Class A1B, 4.59%, <br> 9/25/2037 (l)<br>| &nbsp;&nbsp; 1187 | &nbsp;&nbsp; 1047 |
| Series 2007-3, Class A1C, 4.83%, <br> 9/25/2037 (l)<br>| &nbsp;&nbsp; 1990 | &nbsp;&nbsp; 1763 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| Series 2005-AR3, Class 3A1, 3.94%, <br> 4/25/2035 (l)<br>| &nbsp;&nbsp; 124 | &nbsp;&nbsp; 116 |
| Series 2005-AR14, Class 2A1A, 4.71%, <br> 7/25/2035 (l)<br>| &nbsp;&nbsp; 572 | &nbsp;&nbsp; 462 |
| Series 2007-AR21, Class 6A1, 3.77%, <br> 9/25/2037 (l)<br>| &nbsp;&nbsp; 3732 | &nbsp;&nbsp; 2308 |
| JPMorgan Mortgage Trust |  |  |
| Series 2006-S3, Class 2A4, 5.50%, <br> 8/25/2021<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6 |
| Series 2004-A6, Class 1A1, 4.06%, <br> 12/25/2034 (l)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 16 |
| Series 2005-A3, Class 6A6, 5.56%, <br> 6/25/2035 (l)<br>| &nbsp;&nbsp; 79 | &nbsp;&nbsp; 79 |
| Series 2005-A6, Class 1A2, 5.67%, <br> 9/25/2035 (l)<br>| &nbsp;&nbsp; 79 | &nbsp;&nbsp; 75 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2005-A8, Class 1A1, 4.84%, <br> 11/25/2035 (l)<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; 44 |
| Series 2005-A8, Class 4A1, 4.93%, <br> 11/25/2035 (l)<br>| &nbsp;&nbsp; 929 | &nbsp;&nbsp; 760 |
| Series 2006-A7, Class 2A4, 4.47%, <br> 1/25/2037 (l)<br>| &nbsp;&nbsp; 266 | &nbsp;&nbsp; 213 |
| Series 2007-S1, Class 2A17, 4.44%, <br> 3/25/2037 (l)<br>| &nbsp;&nbsp; 3558 | &nbsp;&nbsp; 944 |
| Legacy Mortgage Asset Trust |  |  |
| Series 2021-GS3, Class A2, 7.25%, <br> 7/25/2061 (a) (h)<br>| &nbsp;&nbsp; 3071 | &nbsp;&nbsp; 3068 |
| Series 2021-GS1, Class A2, 7.84%, <br> 10/25/2066 (a) (h)<br>| &nbsp;&nbsp; 2271 | &nbsp;&nbsp; 2271 |
| Lehman Mortgage Trust |  |  |
| Series 2005-2, Class 2A5, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 568 | &nbsp;&nbsp; 312 |
| Series 2007-7, Class 5A7, 6.50%, <br> 8/25/2037<br>| &nbsp;&nbsp; 6578 | &nbsp;&nbsp; 2878 |
| LHOME Mortgage Trust |  |  |
| Series 2023-RTL3, Class A1, 8.00%, <br> 8/25/2028 (a) (h)<br>| &nbsp;&nbsp; 2236 | &nbsp;&nbsp; 2240 |
| Series 2024-RTL1, Class A1, 7.02%, <br> 1/25/2029 (a) (h)<br>| &nbsp;&nbsp; 4025 | &nbsp;&nbsp; 4045 |
| Series 2024-RTL2, Class A1, 7.13%, <br> 3/25/2029 (a) (h)<br>| &nbsp;&nbsp; 3325 | &nbsp;&nbsp; 3346 |
| Series 2024-RTL3, Class A1, 6.90%, <br> 5/25/2029 (a) (h)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5043 |
| Series 2024-RTL5, Class A1, 5.32%, <br> 9/25/2039 (a) (h)<br>| &nbsp;&nbsp; 480 | &nbsp;&nbsp; 480 |
| MASTR Alternative Loan Trust |  |  |
| Series 2004-12, Class 3A1, 6.00%, <br> 12/25/2034<br>| &nbsp;&nbsp; 289 | &nbsp;&nbsp; 291 |
| Series 2005-3, Class 1A1, 5.50%, <br> 4/25/2035<br>| &nbsp;&nbsp; 65 | &nbsp;&nbsp; 60 |
| Series 2005-5, Class 3A1, 5.75%, <br> 8/25/2035<br>| &nbsp;&nbsp; 193 | &nbsp;&nbsp; 85 |
| Series 2005-6, Class 1A2, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 336 | &nbsp;&nbsp; 216 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2005-1, Class 2A2, 5.04%, <br> 4/25/2035 (l)<br>| &nbsp;&nbsp; 83 | &nbsp;&nbsp; 75 |
| Series 2006-1, Class 2A1, 5.60%, <br> 2/25/2036 (l)<br>| &nbsp;&nbsp; 391 | &nbsp;&nbsp; 384 |
| Series 2006-AF2, Class AF2, 6.25%, <br> 10/25/2036<br>| &nbsp;&nbsp; 146 | &nbsp;&nbsp; 52 |
| Metlife Securitization Trust Series 2017-1A, <br> Class A, 3.00%, 4/25/2055 (a) (l)<br>| &nbsp;&nbsp; 1389 | &nbsp;&nbsp; 1339 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Morgan Stanley Mortgage Loan Trust |  |  |
| Series 2006-2, Class 1A, 5.25%, <br> 2/25/2021<br>| &nbsp;&nbsp; 192 | &nbsp;&nbsp; 176 |
| Series 2004-9, Class 1A, 5.27%, <br> 11/25/2034 (l)<br>| &nbsp;&nbsp; 260 | &nbsp;&nbsp; 259 |
| Series 2005-4, Class 1A, 5.00%, <br> 8/25/2035<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (a) (h)<br>| &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3773 |
| Series 2019-NQM4, Class B1, 3.74%, <br> 9/25/2059 (a) (l)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2199 |
| Series 2019-NQM4, Class B2, 5.13%, <br> 9/25/2059 (a) (l)<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3760 |
| Nomura Asset Acceptance Corp. Alternative <br> Loan Trust Series 2005-WF1, Class 2A5, <br> 5.66%, 3/25/2035 (h)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| NRM FHT1 Excess Owner LLC Series <br> 2025-FHT1, Class A, 6.55%, <br> 3/25/2032 (a) (h)<br>| &nbsp;&nbsp; 799 | &nbsp;&nbsp; 806 |
| OBX Trust |  |  |
| Series 2023-NQM3, Class A1, 5.95%, <br> 2/25/2063 (a) (h)<br>| &nbsp;&nbsp; 259 | &nbsp;&nbsp; 260 |
| Series 2024-NQM4, Class A3, 6.32%, <br> 1/25/2064 (a) (h)<br>| &nbsp;&nbsp; 3228 | &nbsp;&nbsp; 3251 |
| PMT Loan Trust |  |  |
| Series 2025-J1, Class A1, 6.00%, <br> 4/25/2055 (a) (l)<br>| &nbsp;&nbsp; 1339 | &nbsp;&nbsp; 1357 |
| Series 2025-INV5, Class A2, 6.00%, <br> 5/25/2056 (a) (l)<br>| &nbsp;&nbsp; 817 | &nbsp;&nbsp; 829 |
| Series 2025-INV6, Class A2, 6.00%, <br> 6/25/2056 (a) (l)<br>| &nbsp;&nbsp; 190 | &nbsp;&nbsp; 193 |
| Series 2025-INV10, Class A2, 5.50%, <br> 10/1/2056 (a) (l)<br>| &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4530 |
| Provident Funding Mortgage Trust Series <br> 2025-3, Class A1, 6.00%, 8/25/2055 (a) <br> (l)<br>| &nbsp;&nbsp; 6228 | &nbsp;&nbsp; 6289 |
| PRPM LLC Series 2024-8, Class A2, 8.84%, <br> 12/25/2029 (a) (h)<br>| &nbsp;&nbsp; 1501 | &nbsp;&nbsp; 1502 |
| RALI Trust |  |  |
| Series 2005-QA5, Class A2, 4.62%, <br> 4/25/2035 (l)<br>| &nbsp;&nbsp; 476 | &nbsp;&nbsp; 434 |
| Series 2005-QS17, Class A3, 6.00%, <br> 12/25/2035<br>| &nbsp;&nbsp; 379 | &nbsp;&nbsp; 330 |
| Series 2006-QS3, Class 1A10, 6.00%, <br> 3/25/2036<br>| &nbsp;&nbsp; 648 | &nbsp;&nbsp; 588 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 73

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2006-QS4, Class A2, 6.00%, <br> 4/25/2036<br>| &nbsp;&nbsp; 802 | &nbsp;&nbsp; 658 |
| Series 2006-QS17, Class A5, 6.00%, <br> 12/25/2036<br>| &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 1034 |
| Residential Asset Securitization Trust |  |  |
| Series 2005-A8CB, Class A11, 6.00%, <br> 7/25/2035<br>| &nbsp;&nbsp; 1253 | &nbsp;&nbsp; 696 |
| Series 2005-A14, Class A1, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 122 | &nbsp;&nbsp; 53 |
| Series 2006-A8, Class 3A1, 6.00%, <br> 8/25/2036<br>| &nbsp;&nbsp; 2568 | &nbsp;&nbsp; 1076 |
| RFMSI Trust |  |  |
| Series 2005-S7, Class A6, 5.50%, <br> 11/25/2035<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 31 |
| Series 2006-S10, Class 1A1, 6.00%, <br> 10/25/2036<br>| &nbsp;&nbsp; 915 | &nbsp;&nbsp; 748 |
| Series 2006-SA4, Class 2A1, 5.44%, <br> 11/25/2036 (l)<br>| &nbsp;&nbsp; 589 | &nbsp;&nbsp; 496 |
| Sequoia Mortgage Trust Series 2007-3, Class <br> 1A1, 4.55%, 7/20/2036 (l)<br>| &nbsp;&nbsp; 184 | &nbsp;&nbsp; 160 |
| Starwood Mortgage Residential Trust |  |  |
| Series 2020-1, Class B1, 3.73%, <br> 2/25/2050 (a) (l)<br>| &nbsp;&nbsp; 5410 | &nbsp;&nbsp; 4745 |
| Series 2020-INV1, Class B2, 4.26%, <br> 11/25/2055 (a)<br>| &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1376 |
| Structured Adjustable Rate Mortgage Loan <br> Trust Series 2005-1, Class 1A1, 4.30%, <br> 2/25/2035 (l)<br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 148 |
| Structured Asset Mortgage Investments II Trust |  |  |
| Series 2005-AR3, Class 1A1, 4.65%, <br> 8/25/2035 (l)<br>| &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 1374 |
| Series 2007-AR7, Class 1A1, 4.96%, <br> 5/25/2047 (l)<br>| &nbsp;&nbsp; 2506 | &nbsp;&nbsp; 2077 |
| Verus Securitization Trust |  |  |
| Series 2021-R1, Class B1, 3.20%, <br> 10/25/2063 (a) (l)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1841 |
| Series 2021-R1, Class B2, 4.20%, <br> 10/25/2063 (a) (l)<br>| &nbsp;&nbsp; 1322 | &nbsp;&nbsp; 1184 |
| Series 2021-R3, Class B1, 3.07%, <br> 4/25/2064 (a) (l)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2147 |
| Series 2021-R3, Class B2, 4.07%, <br> 4/25/2064 (a) (l)<br>| &nbsp;&nbsp; 1776 | &nbsp;&nbsp; 1428 |
| Series 2021-5, Class B1, 3.04%, <br> 9/25/2066 (a) (l)<br>| &nbsp;&nbsp; 3826 | &nbsp;&nbsp; 2838 |
| Series 2021-5, Class B2, 3.94%, <br> 9/25/2066 (a) (l)<br>| &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 2944 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2023-INV1, Class A3, 6.76%, <br> 2/25/2068 (a) (h)<br>| &nbsp;&nbsp; 1790 | &nbsp;&nbsp; 1789 |
| Series 2023-4, Class A1, 5.81%, <br> 5/25/2068 (a) (h)<br>| &nbsp;&nbsp; 246 | &nbsp;&nbsp; 246 |
| Series 2023-6, Class B1, 7.78%, <br> 9/25/2068 (a) (l)<br>| &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3531 |
| WaMu Mortgage Pass-Through Certificates <br> Trust<br>|  |  |
| Series 2004-AR11, Class A, 5.98%, <br> 10/25/2034 (l)<br>| &nbsp;&nbsp; 301 | &nbsp;&nbsp; 294 |
| Series 2005-AR5, Class A6, 5.36%, <br> 5/25/2035 (l)<br>| &nbsp;&nbsp; 703 | &nbsp;&nbsp; 696 |
| Series 2005-AR16, Class 1A1, 4.55%, <br> 12/25/2035 (l)<br>| &nbsp;&nbsp; 252 | &nbsp;&nbsp; 231 |
| Series 2005-AR14, Class 1A3, 4.88%, <br> 12/25/2035 (l)<br>| &nbsp;&nbsp; 627 | &nbsp;&nbsp; 593 |
| Series 2005-AR14, Class 1A4, 4.88%, <br> 12/25/2035 (l)<br>| &nbsp;&nbsp; 419 | &nbsp;&nbsp; 396 |
| Series 2005-AR18, Class 1A3A, 4.92%, <br> 1/25/2036 (l)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24 |
| Series 2006-AR2, Class 1A1, 4.57%, <br> 3/25/2036 (l)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; 114 |
| Series 2004-AR10, Class A1B, 4.95%, <br> 7/25/2044 (l)<br>| &nbsp;&nbsp; 298 | &nbsp;&nbsp; 291 |
| Series 2005-AR15, Class A1A1, 4.63%, <br> 11/25/2045 (l)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18 |
| Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Trust<br>|  |  |
| Series 2005-1, Class 1A3, 5.50%, <br> 3/25/2035<br>| &nbsp;&nbsp; 334 | &nbsp;&nbsp; 325 |
| Series 2005-4, Class CB7, 5.50%, <br> 6/25/2035<br>| &nbsp;&nbsp; 230 | &nbsp;&nbsp; 213 |
| Series 2005-10, Class 2A5, 5.75%, <br> 11/25/2035<br>| &nbsp;&nbsp; 1318 | &nbsp;&nbsp; 1252 |
| Series 2005-10, Class 4CB1, 5.75%, <br> 12/25/2035<br>| &nbsp;&nbsp; 372 | &nbsp;&nbsp; 348 |
| Series 2006-5, Class 2CB5, 6.50%, <br> 7/25/2036<br>| &nbsp;&nbsp; 126 | &nbsp;&nbsp; 94 |
| Series 2007-1, Class 1A7, 4.71%, <br> 2/25/2037 (l)<br>| &nbsp;&nbsp; 2182 | &nbsp;&nbsp; 1669 |
| Wells Fargo Mortgage-Backed Securities Trust |  |  |
| Series 2006-AR19, Class A3, 6.48%, <br> 12/25/2036 (l)<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 61 |
| Series 2007-15, Class A1, 6.00%, <br> 11/25/2037<br>| &nbsp;&nbsp; 52 | &nbsp;&nbsp; 51 |
| Total Collateralized Mortgage Obligations <br>(Cost $313,771)<br>|  | &nbsp;&nbsp; 284531 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — 3.4%** | **Foreign Government Securities — 3.4%** | **Foreign Government Securities — 3.4%** |
| **Angola — 0.1%** | **Angola — 0.1%** | **Angola — 0.1%** |
| Republic of Angola |  |  |
| 8.25%, 5/9/2028 (b) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1379 |
| 8.00%, 11/26/2029 (a) | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1484 |
| 8.00%, 11/26/2029 (b) | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 364 |
| 9.24%, 1/15/2031 (a) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1852 |
| 8.75%, 4/14/2032 (b) | &nbsp;&nbsp; 1670 | &nbsp;&nbsp; 1566 |
| 9.88%, 10/15/2035 (a) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1548 |
| 9.13%, 11/26/2049 (b) | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; 1756 |
|  |  | &nbsp;&nbsp; 9949 |
| **Argentina — 0.4%** | **Argentina — 0.4%** | **Argentina — 0.4%** |
| Argentine Republic |  |  |
| 1.00%, 7/9/2029 | &nbsp;&nbsp; 3028 | &nbsp;&nbsp; 2580 |
| 0.75%, 7/9/2030 (h) | &nbsp;&nbsp; 4552 | &nbsp;&nbsp; 3726 |
| 4.12%, 7/9/2035 (h) | &nbsp;&nbsp; 13576 | &nbsp;&nbsp; 9517 |
| 5.00%, 1/9/2038 (h) | &nbsp;&nbsp; 8291 | &nbsp;&nbsp; 6086 |
| 3.50%, 7/9/2041 (h) | &nbsp;&nbsp; 5045 | &nbsp;&nbsp; 3284 |
| 4.12%, 7/9/2046 (c) (h) | &nbsp;&nbsp; 5556 | &nbsp;&nbsp; 3808 |
|  |  | &nbsp;&nbsp; 29001 |
| **Bahamas — 0.0% ^** | **Bahamas — 0.0% ^** | **Bahamas — 0.0% ^** |
| Commonwealth of the Bahamas 8.25%, <br> 6/24/2036 (a)<br>| &nbsp;&nbsp; 937 | &nbsp;&nbsp; 1014 |
| **Bahrain — 0.1%** | **Bahrain — 0.1%** | **Bahrain — 0.1%** |
| Kingdom of Bahrain |  |  |
| 7.00%, 10/12/2028 (b) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 838 |
| 6.75%, 9/20/2029 (b) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
| 5.45%, 9/16/2032 (a) | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 470 |
| 6.63%, 10/6/2037 (a) | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2279 |
| 6.00%, 9/19/2044 (b) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1390 |
| 7.50%, 9/20/2047 (b) | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1707 |
|  |  | &nbsp;&nbsp; 6893 |
| **Barbados — 0.0% ^** | **Barbados — 0.0% ^** | **Barbados — 0.0% ^** |
| Barbados Government Bond 8.00%, <br> 6/26/2035 (a)<br>| &nbsp;&nbsp; 1931 | &nbsp;&nbsp; 2018 |
| **Benin — 0.0% ^** | **Benin — 0.0% ^** | **Benin — 0.0% ^** |
| Benin Government Bond |  |  |
| 7.96%, 2/13/2038 (a) | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1050 |
| 7.96%, 2/13/2038 (b) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1040 |
| 8.38%, 1/23/2041 (a) | &nbsp;&nbsp; 747 | &nbsp;&nbsp; 796 |
|  |  | &nbsp;&nbsp; 2886 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Bolivia, Plurinational State of — 0.0% ^** | **Bolivia, Plurinational State of — 0.0% ^** | **Bolivia, Plurinational State of — 0.0% ^** |
| Plurinational State of Bolivia 4.50%, <br> 3/20/2028 (b)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 163 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Federative Republic of Brazil |  |  |
| 8.25%, 1/20/2034 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 920 |
| 5.00%, 1/27/2045 | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1006 |
| 4.75%, 1/14/2050 | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 465 |
| 7.13%, 5/13/2054 | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1171 |
|  |  | &nbsp;&nbsp; 3562 |
| **Cameroon — 0.0% ^** | **Cameroon — 0.0% ^** | **Cameroon — 0.0% ^** |
| Republic of Cameroon 9.50%, 7/31/2031 (b) | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2182 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Republic of Colombia |  |  |
| 3.13%, 4/15/2031 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 703 |
| 8.00%, 4/20/2033 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 1044 |
| 7.38%, 9/18/2037 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1040 |
| 6.13%, 1/18/2041 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 864 |
| 5.00%, 6/15/2045 | &nbsp;&nbsp; 1990 | &nbsp;&nbsp; 1520 |
| 5.20%, 5/15/2049 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 320 |
| 8.75%, 11/14/2053 | &nbsp;&nbsp; 2502 | &nbsp;&nbsp; 2877 |
| 8.38%, 11/7/2054 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2486 |
|  |  | &nbsp;&nbsp; 10854 |
| **Costa Rica — 0.0% ^** | **Costa Rica — 0.0% ^** | **Costa Rica — 0.0% ^** |
| Republic of Costa Rica |  |  |
| 6.55%, 4/3/2034 (a) | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1173 |
| 7.30%, 11/13/2054 (a) | &nbsp;&nbsp; 819 | &nbsp;&nbsp; 915 |
|  |  | &nbsp;&nbsp; 2088 |
| **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** |
| Dominican Republic Government Bond |  |  |
| 4.50%, 1/30/2030 (a) | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 773 |
| 7.05%, 2/3/2031 (a) | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1431 |
| 4.88%, 9/23/2032 (a) | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1044 |
| 4.88%, 9/23/2032 (b) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 766 |
| 5.88%, 10/28/2035 (a) | &nbsp;&nbsp; 3980 | &nbsp;&nbsp; 3980 |
| 7.45%, 4/30/2044 (b) | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1762 |
| 6.85%, 1/27/2045 (b) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 524 |
| 6.50%, 2/15/2048 (b) | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 1977 |
| 6.40%, 6/5/2049 (b) | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1049 |
| 7.15%, 2/24/2055 (b) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2170 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 75

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Dominican Republic—continued** | **Dominican Republic—continued** | **Dominican Republic—continued** |
| 5.88%, 1/30/2060 (a) | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 800 |
| 5.88%, 1/30/2060 (b) | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 563 |
|  |  | &nbsp;&nbsp; 16839 |
| **Ecuador — 0.2%** | **Ecuador — 0.2%** | **Ecuador — 0.2%** |
| Republic of Ecuador |  |  |
| 6.90%, 7/31/2030 (b) (h) | &nbsp;&nbsp; 6885 | &nbsp;&nbsp; 6264 |
| 6.90%, 7/31/2035 (b) (h) | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 2210 |
| 5.00%, 7/31/2040 (b) (h) | &nbsp;&nbsp; 9330 | &nbsp;&nbsp; 6343 |
|  |  | &nbsp;&nbsp; 14817 |
| **Egypt — 0.3%** | **Egypt — 0.3%** | **Egypt — 0.3%** |
| Arab Republic of Egypt |  |  |
| 8.63%, 2/4/2030 (a) | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 704 |
| 5.88%, 2/16/2031 (a) | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 464 |
| 5.88%, 2/16/2031 (b) | &nbsp;&nbsp; 5950 | &nbsp;&nbsp; 5724 |
| 7.05%, 1/15/2032 (a) | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 877 |
| 7.05%, 1/15/2032 (b) | &nbsp;&nbsp; 4450 | &nbsp;&nbsp; 4437 |
| 7.63%, 5/29/2032 (b) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1321 |
| 9.45%, 2/4/2033 (a) | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1282 |
| 7.30%, 9/30/2033 (b) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 878 |
| 8.70%, 3/1/2049 (b) | &nbsp;&nbsp; 5470 | &nbsp;&nbsp; 5099 |
| 8.70%, 3/1/2049 (a) | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1416 |
| 8.88%, 5/29/2050 (b) | &nbsp;&nbsp; 3050 | &nbsp;&nbsp; 2879 |
|  |  | &nbsp;&nbsp; 25081 |
| **El Salvador — 0.1%** | **El Salvador — 0.1%** | **El Salvador — 0.1%** |
| Republic of El Salvador |  |  |
| 8.63%, 2/28/2029 (b) | &nbsp;&nbsp; 1119 | &nbsp;&nbsp; 1192 |
| 9.25%, 4/17/2030 (a) | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1512 |
| 9.25%, 4/17/2030 (b) | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 672 |
| 9.50%, 7/15/2052 (b) | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1381 |
| 9.65%, 11/21/2054 (a) (c) | &nbsp;&nbsp; 1628 | &nbsp;&nbsp; 1831 |
|  |  | &nbsp;&nbsp; 6588 |
| **Ethiopia — 0.0% ^** | **Ethiopia — 0.0% ^** | **Ethiopia — 0.0% ^** |
| Federal Democratic Republic of Ethiopia <br> 6.63%, 12/11/2024 (b) (j)<br>| &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1337 |
| **Gabon — 0.0% ^** | **Gabon — 0.0% ^** | **Gabon — 0.0% ^** |
| Gabonese Republic 6.63%, 2/6/2031 (b) | &nbsp;&nbsp; 2035 | &nbsp;&nbsp; 1589 |
| **Ghana — 0.1%** | **Ghana — 0.1%** | **Ghana — 0.1%** |
| Republic of Ghana |  |  |
| Zero Coupon, 7/3/2026 (a) | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 88 |
| 5.00%, 7/3/2029 (a) (h) | &nbsp;&nbsp; 1833 | &nbsp;&nbsp; 1787 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ghana—continued** | **Ghana—continued** | **Ghana—continued** |
| Zero Coupon, 1/3/2030 (a) | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 838 |
| 5.00%, 7/3/2035 (a) (c) (h) | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1242 |
| 5.00%, 7/3/2035 (a) (h) | &nbsp;&nbsp; 1960 | &nbsp;&nbsp; 1678 |
| 5.00%, 7/3/2035 (b) (h) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3082 |
|  |  | &nbsp;&nbsp; 8715 |
| **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** |
| Republic of Guatemala 6.88%, 8/15/2055 (a) | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 242 |
| **Honduras — 0.1%** | **Honduras — 0.1%** | **Honduras — 0.1%** |
| Republic of Honduras |  |  |
| 6.25%, 1/19/2027 (b) | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1053 |
| 8.63%, 11/27/2034 (a) | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1279 |
| 8.63%, 11/27/2034 (b) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1720 |
|  |  | &nbsp;&nbsp; 4052 |
| **Iraq — 0.0% ^** | **Iraq — 0.0% ^** | **Iraq — 0.0% ^** |
| Republic of Iraq 5.80%, 1/15/2028 (b) | &nbsp;&nbsp; 1555 | &nbsp;&nbsp; 1550 |
| **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** |
| Republic of Cote d'Ivoire |  |  |
| 7.63%, 1/30/2033 (b) | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 862 |
| 6.13%, 6/15/2033 (b) | &nbsp;&nbsp; 5240 | &nbsp;&nbsp; 5079 |
| 8.08%, 4/1/2036 (a) | &nbsp;&nbsp; 1383 | &nbsp;&nbsp; 1452 |
| 8.25%, 1/30/2037 (a) | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 565 |
|  |  | &nbsp;&nbsp; 7958 |
| **Jordan — 0.1%** | **Jordan — 0.1%** | **Jordan — 0.1%** |
| Hashemite Kingdom of Jordan |  |  |
| 6.13%, 1/29/2026 (b) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1901 |
| 7.75%, 1/15/2028 (b) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 944 |
| 7.50%, 1/13/2029 (b) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 845 |
| 5.85%, 7/7/2030 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 403 |
| 5.85%, 7/7/2030 (a) | &nbsp;&nbsp; 1810 | &nbsp;&nbsp; 1826 |
| 7.38%, 10/10/2047 (b) | &nbsp;&nbsp; 2770 | &nbsp;&nbsp; 2791 |
|  |  | &nbsp;&nbsp; 8710 |
| **Kenya — 0.1%** | **Kenya — 0.1%** | **Kenya — 0.1%** |
| Republic of Kenya |  |  |
| 9.75%, 2/16/2031 (a) | &nbsp;&nbsp; 1646 | &nbsp;&nbsp; 1766 |
| 9.75%, 2/16/2031 (b) | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1309 |
| 7.88%, 10/9/2033 (a) | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 1847 |
| 9.50%, 3/5/2036 (a) | &nbsp;&nbsp; 2316 | &nbsp;&nbsp; 2374 |
| 8.80%, 10/9/2038 (a) | &nbsp;&nbsp; 3328 | &nbsp;&nbsp; 3245 |
|  |  | &nbsp;&nbsp; 10541 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Kyrgyzstan — 0.0% ^** | **Kyrgyzstan — 0.0% ^** | **Kyrgyzstan — 0.0% ^** |
| Kyrgyz Republic International Bond 7.75%, <br> 6/3/2030 (a)<br>| &nbsp;&nbsp; 1960 | &nbsp;&nbsp; 1970 |
| **Lebanon — 0.1%** | **Lebanon — 0.1%** | **Lebanon — 0.1%** |
| Lebanese Republic |  |  |
| 6.65%, 4/22/2024 (b) (j) | &nbsp;&nbsp; 4485 | &nbsp;&nbsp; 1020 |
| 6.60%, 11/27/2026 (b) (j) | &nbsp;&nbsp; 9774 | &nbsp;&nbsp; 2224 |
| 6.85%, 3/23/2027 (b) (j) | &nbsp;&nbsp; 6644 | &nbsp;&nbsp; 1511 |
| 6.65%, 11/3/2028 (b) (j) | &nbsp;&nbsp; 7135 | &nbsp;&nbsp; 1623 |
| 6.65%, 2/26/2030 (b) (j) | &nbsp;&nbsp; 5340 | &nbsp;&nbsp; 1215 |
|  |  | &nbsp;&nbsp; 7593 |
| **Mongolia — 0.0% ^** | **Mongolia — 0.0% ^** | **Mongolia — 0.0% ^** |
| State of Mongolia |  |  |
| 8.65%, 1/19/2028 (a) | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 361 |
| 4.45%, 7/7/2031 (b) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 732 |
|  |  | &nbsp;&nbsp; 1093 |
| **Montenegro — 0.0% ^** | **Montenegro — 0.0% ^** | **Montenegro — 0.0% ^** |
| Republic of Montenegro 7.25%, <br> 3/12/2031 (b)<br>| &nbsp;&nbsp; 700 | &nbsp;&nbsp; 751 |
| **Mozambique — 0.0% ^** | **Mozambique — 0.0% ^** | **Mozambique — 0.0% ^** |
| Republic of Mozambique 9.00%, <br> 9/15/2031 (b) (h)<br>| &nbsp;&nbsp; 700 | &nbsp;&nbsp; 605 |
| **Nigeria — 0.2%** | **Nigeria — 0.2%** | **Nigeria — 0.2%** |
| Federal Republic of Nigeria |  |  |
| 6.50%, 11/28/2027 (a) | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1225 |
| 6.50%, 11/28/2027 (b) | &nbsp;&nbsp; 2720 | &nbsp;&nbsp; 2731 |
| 8.38%, 3/24/2029 (b) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1349 |
| 8.75%, 1/21/2031 (b) | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 817 |
| 9.63%, 6/9/2031 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 435 |
| 7.88%, 2/16/2032 (b) | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1512 |
| 7.38%, 9/28/2033 (b) | &nbsp;&nbsp; 1620 | &nbsp;&nbsp; 1563 |
| 10.38%, 12/9/2034 (b) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1460 |
| 7.63%, 11/28/2047 (b) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1065 |
| 7.63%, 11/28/2047 (a) (c) | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1145 |
|  |  | &nbsp;&nbsp; 13302 |
| **Pakistan — 0.1%** | **Pakistan — 0.1%** | **Pakistan — 0.1%** |
| Islamic Republic of Pakistan |  |  |
| 6.00%, 4/8/2026 (b) | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3184 |
| 6.88%, 12/5/2027 (b) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1497 |
| 7.38%, 4/8/2031 (a) | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 546 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pakistan—continued** | **Pakistan—continued** | **Pakistan—continued** |
| 7.38%, 4/8/2031 (b) | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1330 |
| 8.88%, 4/8/2051 (b) | &nbsp;&nbsp; 2567 | &nbsp;&nbsp; 2445 |
|  |  | &nbsp;&nbsp; 9002 |
| **Paraguay — 0.1%** | **Paraguay — 0.1%** | **Paraguay — 0.1%** |
| Republic of Paraguay |  |  |
| 6.00%, 2/9/2036 (a) | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 437 |
| 6.10%, 8/11/2044 (b) | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1789 |
| 5.60%, 3/13/2048 (b) | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 334 |
| 5.40%, 3/30/2050 (a) | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 882 |
| 5.40%, 3/30/2050 (b) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1951 |
| 6.65%, 3/4/2055 (a) | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 1099 |
|  |  | &nbsp;&nbsp; 6492 |
| **Rwanda — 0.0% ^** | **Rwanda — 0.0% ^** | **Rwanda — 0.0% ^** |
| Republic of Rwanda 5.50%, 8/9/2031 (b) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 904 |
| **Senegal — 0.1%** | **Senegal — 0.1%** | **Senegal — 0.1%** |
| Republic of Senegal |  |  |
| 7.75%, 6/10/2031 (b) | &nbsp;&nbsp; 4750 | &nbsp;&nbsp; 3743 |
| 6.25%, 5/23/2033 (b) | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 2840 |
| 6.75%, 3/13/2048 (b) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 757 |
|  |  | &nbsp;&nbsp; 7340 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| Republic of South Africa |  |  |
| 7.10%, 11/19/2036 (a) | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 672 |
| 7.10%, 11/19/2036 (b) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1719 |
| 5.00%, 10/12/2046 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 547 |
| 6.30%, 6/22/2048 | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2449 |
| 5.75%, 9/30/2049 | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; 1830 |
| 7.30%, 4/20/2052 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 603 |
| 7.95%, 11/19/2054 (a) | &nbsp;&nbsp; 2514 | &nbsp;&nbsp; 2680 |
|  |  | &nbsp;&nbsp; 10500 |
| **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** |
| Democratic Socialist Republic of Sri Lanka |  |  |
| 4.00%, 4/15/2028 (a) | &nbsp;&nbsp; 1237 | &nbsp;&nbsp; 1186 |
| 3.35%, 3/15/2033 (a) (h) | &nbsp;&nbsp; 1366 | &nbsp;&nbsp; 1190 |
| 3.60%, 6/15/2035 (a) (h) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1391 |
| 3.60%, 6/15/2035 (b) (h) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1623 |
| 3.60%, 2/15/2038 (a) (h) | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1162 |
|  |  | &nbsp;&nbsp; 6552 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 77

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Suriname — 0.1%** | **Suriname — 0.1%** | **Suriname — 0.1%** |
| Suriname Government International Bond |  |  |
| 7.70%, 11/6/2030 (a) | &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 1987 |
| 8.50%, 11/6/2035 (a) | &nbsp;&nbsp; 2625 | &nbsp;&nbsp; 2704 |
|  |  | &nbsp;&nbsp; 4691 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Istanbul Metropolitan Municipality 10.50%, <br> 12/6/2028 (a)<br>| &nbsp;&nbsp; 3146 | &nbsp;&nbsp; 3444 |
| Republic of Turkiye (The) |  |  |
| 9.88%, 1/15/2028 | &nbsp;&nbsp; 3376 | &nbsp;&nbsp; 3716 |
| 9.38%, 3/14/2029 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1681 |
| 9.13%, 7/13/2030 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 1021 |
| 9.38%, 1/19/2033 | &nbsp;&nbsp; 1618 | &nbsp;&nbsp; 1884 |
| 7.63%, 5/15/2034 | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1388 |
| 6.00%, 1/14/2041 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 923 |
| 4.88%, 4/16/2043 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 852 |
| 5.75%, 5/11/2047 | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 503 |
| Turkiye Ihracat Kredi Bankasi A/S 9.00%, <br> 1/28/2027 (a)<br>| &nbsp;&nbsp; 312 | &nbsp;&nbsp; 328 |
|  |  | &nbsp;&nbsp; 15740 |
| **Ukraine — 0.2%** | **Ukraine — 0.2%** | **Ukraine — 0.2%** |
| Ukraine Government Bond |  |  |
| 4.50%, 2/1/2029 (b) (h) | &nbsp;&nbsp; 1945 | &nbsp;&nbsp; 1334 |
| 0.00%, 2/1/2034 (a) (h) | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 1125 |
| 4.50%, 2/1/2034 (b) (h) | &nbsp;&nbsp; 4530 | &nbsp;&nbsp; 2541 |
| 0.00%, 2/1/2035 (b) (h) | &nbsp;&nbsp; 5570 | &nbsp;&nbsp; 2832 |
| 4.50%, 2/1/2035 (a) (h) | &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 1360 |
| 0.00%, 2/1/2036 (b) (h) | &nbsp;&nbsp; 5030 | &nbsp;&nbsp; 2553 |
| 4.50%, 2/1/2036 (b) (h) | &nbsp;&nbsp; 3385 | &nbsp;&nbsp; 1857 |
|  |  | &nbsp;&nbsp; 13602 |
| **Venezuela, Bolivarian Republic of — 0.0% ^** | **Venezuela, Bolivarian Republic of — 0.0% ^** | **Venezuela, Bolivarian Republic of — 0.0% ^** |
| Bolivarian Republic of Venezuela 7.65%, <br> 4/21/2025 (b) (j)<br>| &nbsp;&nbsp; 5360 | &nbsp;&nbsp; 1380 |
| **Zambia — 0.0% ^** | **Zambia — 0.0% ^** | **Zambia — 0.0% ^** |
| Republic of Zambia |  |  |
| 5.75%, 6/30/2033 (a) (c) (h) | &nbsp;&nbsp; 1141 | &nbsp;&nbsp; 1096 |
| 0.50%, 12/31/2053 (b) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1321 |
| 0.50%, 12/31/2053 (a) | &nbsp;&nbsp; 1084 | &nbsp;&nbsp; 754 |
|  |  | &nbsp;&nbsp; 3171 |
| Total Foreign Government Securities <br>(Cost $270,641)<br>|  | &nbsp;&nbsp; 283317 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — 2.8%** (p) | **Loan Assignments — 2.8%** (p) | **Loan Assignments — 2.8%** (p) |
| **Canada — 0.0% ^** | **Canada — 0.0% ^** | **Canada — 0.0% ^** |
| 1011778 BC ULC, 1st Lien Term Loan B-6 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 5.71%, 9/20/2030 (d)<br>| &nbsp;&nbsp; 394 | &nbsp;&nbsp; 393 |
| Four Seasons Hotels Ltd., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 5.71%, 9/22/2032 (d)<br>| &nbsp;&nbsp; 443 | &nbsp;&nbsp; 443 |
| Garda World Security Corp., 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 3.00%), <br> 7.05%, 2/1/2029 (d)<br>| &nbsp;&nbsp; 911 | &nbsp;&nbsp; 910 |
| Knowlton Development Corp., Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 3.50%), 7.46%, 8/15/2028 (d)<br>| &nbsp;&nbsp; 557 | &nbsp;&nbsp; 560 |
| NorthRiver Midstream Finance LP, 1st Lien <br> Term Loan B (3-MONTH CME TERM SOFR + <br> 2.25%), 6.24%, 8/16/2030 (d)<br>| &nbsp;&nbsp; 611 | &nbsp;&nbsp; 610 |
| St. George's University Scholastic Services LLC, <br> 1st Lien Term Loan B (1-MONTH CME TERM <br> SOFR + 2.75%), 6.71%, 2/12/2029 (d)<br>| &nbsp;&nbsp; 487 | &nbsp;&nbsp; 477 |
|  |  | &nbsp;&nbsp; 3393 |
| **France — 0.0% ^** | **France — 0.0% ^** | **France — 0.0% ^** |
| Altice France SA, 1st Lien Term Loan B-14 <br> (3-MONTH CME TERM SOFR + 6.88%), <br> 10.86%, 5/30/2031 (d)<br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 154 |
| **Germany — 0.0% ^** | **Germany — 0.0% ^** | **Germany — 0.0% ^** |
| TK Elevator Midco GmbH, 1st Lien Term Loan B <br> (6-MONTH CME TERM SOFR + 3.00%), <br> 7.20%, 4/30/2030 (d)<br>| &nbsp;&nbsp; 523 | &nbsp;&nbsp; 526 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| Altice Financing SA, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 5.00%), <br> 8.90%, 10/29/2027 (d)<br>| &nbsp;&nbsp; 372 | &nbsp;&nbsp; 292 |
| INEOS US Finance LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.21%, 2/18/2030 (d)<br>| &nbsp;&nbsp; 4951 | &nbsp;&nbsp; 4243 |
|  |  | &nbsp;&nbsp; 4535 |
| **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** |
| Connect Finco SARL, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 4.50%), <br> 8.46%, 9/13/2029 (d)<br>| &nbsp;&nbsp; 299 | &nbsp;&nbsp; 297 |
| Crown Finance US, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 4.50%), <br> 8.63%, 12/2/2031 (d)<br>| &nbsp;&nbsp; 2819 | &nbsp;&nbsp; 2812 |
|  |  | &nbsp;&nbsp; 3109 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — 2.7%** | **United States — 2.7%** | **United States — 2.7%** |
| 1261229 BC Ltd., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 6.25%), <br> 10.21%, 10/8/2030 (d) (q)<br>| &nbsp;&nbsp; 6870 | &nbsp;&nbsp; 6816 |
| AAdvantage Loyalty IP Ltd., 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + 2.25%), <br> 6.13%, 4/20/2028 (d)<br>| &nbsp;&nbsp; 2522 | &nbsp;&nbsp; 2524 |
| Acuren Delaware Holdco, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.75%), 6.71%, 7/30/2031 (d)<br>| &nbsp;&nbsp; 473 | &nbsp;&nbsp; 473 |
| Adient US LLC, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.21%, 1/31/2031 (d)<br>| &nbsp;&nbsp; 2595 | &nbsp;&nbsp; 2596 |
| Advanced Drainage Systems, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 2.25%), 6.48%, 7/31/2026 (d)<br>| &nbsp;&nbsp; 292 | &nbsp;&nbsp; 292 |
| Ahead DB Holdings LLC, 1st Lien Term Loan <br> B-3 (3-MONTH CME TERM SOFR + 2.75%), <br> 6.75%, 2/3/2031 (d)<br>| &nbsp;&nbsp; 711 | &nbsp;&nbsp; 713 |
| AHP Health Partners, Inc., 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 2.25%), <br> 6.21%, 9/20/2032 (d)<br>| &nbsp;&nbsp; 371 | &nbsp;&nbsp; 372 |
| Alliant Holdings Intermediate LLC, 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.67%, 9/19/2031 (d)<br>| &nbsp;&nbsp; 641 | &nbsp;&nbsp; 641 |
| Allied Universal Holdco LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 3.25%), 7.31%, 8/20/2032 (d)<br>| &nbsp;&nbsp; 1004 | &nbsp;&nbsp; 1008 |
| Altafiber Virginia LLC, 1st Lien Term Loan B-5 <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.21%, 11/23/2028 (d)<br>| &nbsp;&nbsp; 338 | &nbsp;&nbsp; 338 |
| Altar Bidco, Inc., 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 3.10%), <br> 6.78%, 2/1/2029 (d) (q)<br>| &nbsp;&nbsp; 2947 | &nbsp;&nbsp; 2899 |
| Altar Bidco, Inc., 2nd Lien Term Loan <br> (12-MONTH CME TERM SOFR + 5.60%), <br> 9.28%, 2/1/2030 (d)<br>| &nbsp;&nbsp; 219 | &nbsp;&nbsp; 208 |
| American Axle & Manufacturing, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 3%; 6-MONTH CME TERM SOFR + 3%), <br> 7.05%, 12/13/2029 (d)<br>| &nbsp;&nbsp; 731 | &nbsp;&nbsp; 729 |
| APi Group DE, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 5.71%, 1/3/2029 (d)<br>| &nbsp;&nbsp; 641 | &nbsp;&nbsp; 641 |
| Arches Buyer, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.31%, 12/6/2027 (d)<br>| &nbsp;&nbsp; 227 | &nbsp;&nbsp; 227 |
| Asplundh Tree Expert LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 1.75%), <br> 5.81%, 9/6/2027 (d)<br>| &nbsp;&nbsp; 633 | &nbsp;&nbsp; 633 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Asurion LLC, 1st Lien Term Loan B-10 <br> (1-MONTH CME TERM SOFR + 4.00%), <br> 8.06%, 8/21/2028 (d)<br>| &nbsp;&nbsp; 329 | &nbsp;&nbsp; 329 |
| Asurion LLC, 1st Lien Term Loan B-11 <br> (1-MONTH CME TERM SOFR + 4.25%), <br> 8.33%, 8/21/2028 (d)<br>| &nbsp;&nbsp; 550 | &nbsp;&nbsp; 551 |
| Asurion LLC, 1st Lien Term Loan B-13 <br> (1-MONTH CME TERM SOFR + 4.25%), <br> 8.21%, 9/19/2030 (d)<br>| &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2015 |
| Asurion LLC, 1st Lien Term Loan B-9 <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.33%, 7/30/2027 (d)<br>| &nbsp;&nbsp; 336 | &nbsp;&nbsp; 336 |
| Asurion LLC, 2nd Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 5.25%), <br> 9.33%, 1/31/2028 (d)<br>| &nbsp;&nbsp; 325 | &nbsp;&nbsp; 318 |
| AthenaHealth Group, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 6.71%, 2/15/2029 (d)<br>| &nbsp;&nbsp; 788 | &nbsp;&nbsp; 784 |
| Axalta Coating Systems US Holdings, Inc., 1st <br> Lien Term Loan B-7 (3-MONTH CME TERM <br> SOFR + 1.75%), 5.75%, 12/20/2029 (d)<br>| &nbsp;&nbsp; 441 | &nbsp;&nbsp; 441 |
| AZZ, Inc., 1st Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 1.75%), 5.71%, <br> 5/14/2029 (d)<br>| &nbsp;&nbsp; 176 | &nbsp;&nbsp; 176 |
| Bausch + Lomb Corp., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 4.25%), <br> 8.21%, 1/15/2031 (d)<br>| &nbsp;&nbsp; 354 | &nbsp;&nbsp; 356 |
| BCP VI Summit Holdings LP, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 3.00%), 7.16%, 1/30/2032 (d)<br>| &nbsp;&nbsp; 613 | &nbsp;&nbsp; 615 |
| BCPE Pequod Buyer, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 6.96%, 11/25/2031 (d)<br>| &nbsp;&nbsp; 3986 | &nbsp;&nbsp; 3996 |
| Belron Finance 2019 LLC, 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + 2.50%), <br> 6.74%, 10/16/2031 (d)<br>| &nbsp;&nbsp; 2084 | &nbsp;&nbsp; 2092 |
| BIFM CA Buyer, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.21%, 5/31/2028 (d)<br>| &nbsp;&nbsp; 252 | &nbsp;&nbsp; 252 |
| Blackfin Pipeline LLC, 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 3.25%), <br> 7.00%, 10/1/2032 (d) (q)<br>| &nbsp;&nbsp; 550 | &nbsp;&nbsp; 549 |
| Bleriot US Bidco, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.50%, 10/31/2030 (d)<br>| &nbsp;&nbsp; 315 | &nbsp;&nbsp; 316 |
| Boost Newco Borrower LLC, 1st Lien Term Loan <br> B-2 (3-MONTH CME TERM SOFR + 2.00%), <br> 6.00%, 1/31/2031 (d)<br>| &nbsp;&nbsp; 387 | &nbsp;&nbsp; 388 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 79

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Boxer Parent Co., Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.00%), <br> 7.20%, 7/30/2031 (d)<br>| &nbsp;&nbsp; 721 | &nbsp;&nbsp; 716 |
| Buckeye Partners LP, 1st Lien Term Loan B-7 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 5.85%, 11/22/2032 (d)<br>| &nbsp;&nbsp; 485 | &nbsp;&nbsp; 485 |
| Caesars Entertainment, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.25%), 6.21%, 2/6/2030 (d)<br>| &nbsp;&nbsp; 564 | &nbsp;&nbsp; 559 |
| Caesars Entertainment, Inc., 1st Lien Term <br> Loan B-1 (1-MONTH CME TERM SOFR + <br> 2.25%), 6.21%, 2/6/2031 (d)<br>| &nbsp;&nbsp; 247 | &nbsp;&nbsp; 244 |
| Calpine Construction Finance Co. LP, 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 2.00%), 6.16%, 7/19/2030 (d)<br>| &nbsp;&nbsp; 562 | &nbsp;&nbsp; 563 |
| Camelot US Acquisition LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.75%), 6.71%, 1/31/2031 (d)<br>| &nbsp;&nbsp; 273 | &nbsp;&nbsp; 267 |
| Central Parent LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.25%), <br> 7.25%, 7/6/2029 (d)<br>| &nbsp;&nbsp; 728 | &nbsp;&nbsp; 598 |
| Chariot Buyer LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.16%, 9/8/2032 (d)<br>| &nbsp;&nbsp; 535 | &nbsp;&nbsp; 536 |
| Charter Communications Operating LLC, 1st <br> Lien Term Loan B-4 (3-MONTH CME TERM <br> SOFR + 2.00%), 5.99%, 12/9/2030 (d)<br>| &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 1323 |
| Charter Communications Operating LLC, 1st <br> Lien Term Loan B-5 (3-MONTH CME TERM <br> SOFR + 2.25%), 6.24%, 12/15/2031 (d)<br>| &nbsp;&nbsp; 596 | &nbsp;&nbsp; 595 |
| Claire's Boutiques, Inc., 1st Lien Term Loan <br> (PRIME + 7.25%), 7.25%, 5/15/2026 ‡ <br> (d)<br>| &nbsp;&nbsp; 550 | &nbsp;&nbsp; 187 |
| Claire's Stores, Inc., 1st Lien Term Loan B <br> (6-MONTH CME TERM SOFR + 6.50% (PIK) + <br> 4.23% (Cash)), 10.73%, 12/18/2026 ‡ <br> (d)<br>| &nbsp;&nbsp; 1870 | &nbsp;&nbsp; — |
| Clarios Global LP, 1st Lien Term Loan B |  |  |
| (1-MONTH CME TERM SOFR + 2.50%), <br> 6.46%, 5/6/2030 (d)<br>| &nbsp;&nbsp; 426 | &nbsp;&nbsp; 425 |
| (1-MONTH CME TERM SOFR + 2.75%), <br> 6.71%, 1/28/2032 (d)<br>| &nbsp;&nbsp; 225 | &nbsp;&nbsp; 226 |
| Clear Channel Outdoor Holdings, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 4.00%), 8.08%, 8/23/2028 (d) (q)<br>| &nbsp;&nbsp; 1483 | &nbsp;&nbsp; 1484 |
| Cloud Software Group, Inc., 1st Lien Term Loan <br> B-2 (12-MONTH CME TERM SOFR + 3.25%), <br> 7.48%, 3/21/2031 (d)<br>| &nbsp;&nbsp; 259 | &nbsp;&nbsp; 259 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Clydesdale Acquisition Holdings, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 3.25%), 7.41%, 4/1/2032 (d)<br>| &nbsp;&nbsp; 516 | &nbsp;&nbsp; 515 |
| Coherent Corp., 1st Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 5.71%, 7/2/2029 (d)<br>| &nbsp;&nbsp; 322 | &nbsp;&nbsp; 322 |
| Colossus Acquireco LLC, 1st Lien Term Loan B <br> (1-Day CME TERM SOFR + 1.75%), 5.87%, <br> 7/30/2032 (d)<br>| &nbsp;&nbsp; 494 | &nbsp;&nbsp; 492 |
| CommScope, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 4.75%), <br> 8.71%, 12/18/2029 (d) (q)<br>| &nbsp;&nbsp; 2445 | &nbsp;&nbsp; 2464 |
| Conair Holdings LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 7.83%, 5/17/2028 (d)<br>| &nbsp;&nbsp; 1947 | &nbsp;&nbsp; 1142 |
| Conservice Midco LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 6.71%, 5/13/2030 (d)<br>| &nbsp;&nbsp; 925 | &nbsp;&nbsp; 925 |
| Constellation Renewables LLC, 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 2.00%), 6.20%, 12/15/2027 (d)<br>| &nbsp;&nbsp; 386 | &nbsp;&nbsp; 386 |
| CPI Holdco B LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 5.96%, 5/19/2031 (d)<br>| &nbsp;&nbsp; 481 | &nbsp;&nbsp; 480 |
| CPPIB OVM Member US LLC, 1st Lien Term <br> Loan B-1 (3-MONTH CME TERM SOFR + <br> 2.50%), 6.50%, 8/20/2031 (d)<br>| &nbsp;&nbsp; 721 | &nbsp;&nbsp; 723 |
| Creative Artists Agency LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.46%, 10/1/2031 (d)<br>| &nbsp;&nbsp; 642 | &nbsp;&nbsp; 642 |
| Crosby US Acquisition Corp., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 3.50%), 7.66%, 8/16/2029 (d)<br>| &nbsp;&nbsp; 251 | &nbsp;&nbsp; 252 |
| CSC Holdings LLC, Term Loan B-6 (1-MONTH <br> CME TERM SOFR + 4.50%), 8.53%, <br> 1/18/2028 (d)<br>| &nbsp;&nbsp; 945 | &nbsp;&nbsp; 935 |
| DaVita, Inc., 1st Lien Term Loan B-2 (1-MONTH <br> CME TERM SOFR + 1.75%), 5.71%, <br> 5/9/2031 (d)<br>| &nbsp;&nbsp; 610 | &nbsp;&nbsp; 611 |
| Dawn Bidco LLC, 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 3.50%), <br> 3.50%, 10/7/2032 (d) (q)<br>| &nbsp;&nbsp; 3972 | &nbsp;&nbsp; 3958 |
| DCert Buyer, Inc., 2nd Lien Term Loan <br> (1-MONTH CME TERM SOFR + 7.00%), <br> 10.96%, 2/16/2029 (d)<br>| &nbsp;&nbsp; 145 | &nbsp;&nbsp; 130 |
| DexKo Global, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 7.83%, 10/4/2028 (d)<br>| &nbsp;&nbsp; 3934 | &nbsp;&nbsp; 3868 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| DIRECTV Financing LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 5.00%), <br> 9.10%, 8/2/2027 (d)<br>| &nbsp;&nbsp; 198 | &nbsp;&nbsp; 198 |
| Ecovyst Catalyst Technologies LLC, 1st Lien <br> Term Loan B (3-MONTH CME TERM SOFR + <br> 2.00%), 5.84%, 6/12/2031 (d)<br>| &nbsp;&nbsp; 619 | &nbsp;&nbsp; 616 |
| Elanco Animal Health, Inc., 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 1.75%), <br> 5.98%, 8/2/2027 (d)<br>| &nbsp;&nbsp; 283 | &nbsp;&nbsp; 282 |
| EMRLD Borrower LP, 1st Lien Term Loan B |  |  |
| (3-MONTH CME TERM SOFR + 2.25%), <br> 6.45%, 5/31/2030 (d)<br>| &nbsp;&nbsp; 812 | &nbsp;&nbsp; 809 |
| (6-MONTH CME TERM SOFR + 2.25%), <br> 6.12%, 8/4/2031 (d)<br>| &nbsp;&nbsp; 3032 | &nbsp;&nbsp; 3019 |
| Endo Finance Holdings, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 4.00%), 7.96%, 4/23/2031 (d)<br>| &nbsp;&nbsp; 595 | &nbsp;&nbsp; 591 |
| Ensemble RCM LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.00%), <br> 6.84%, 8/1/2029 (d)<br>| &nbsp;&nbsp; 239 | &nbsp;&nbsp; 240 |
| Entegris, Inc., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 1.75%; 3-MONTH CME <br> TERM SOFR + 1.75%), 5.71%, <br> 7/6/2029 (d)<br>| &nbsp;&nbsp; 276 | &nbsp;&nbsp; 278 |
| Enviri Corp., Term Loan B-3 (1-MONTH CME <br> TERM SOFR + 2.25%), 6.33%, <br> 6/9/2028 (d)<br>| &nbsp;&nbsp; 691 | &nbsp;&nbsp; 690 |
| EPIC Crude Services LP, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.34%, 10/15/2031 (d)<br>| &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2410 |
| EW Scripps Co. (The), 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 5.75%), <br> 9.90%, 6/30/2028 (d)<br>| &nbsp;&nbsp; 740 | &nbsp;&nbsp; 748 |
| EW Scripps Co. (The), 1st Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 3.35%), <br> 7.50%, 11/30/2029 (d)<br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; 237 |
| FGI Operating Co. LLC, 1st Lien Term Loan <br> 0.00%, 12/31/2025 ‡ (j) (l)<br>| &nbsp;&nbsp; 126 | &nbsp;&nbsp; 1 |
| First Advantage Holdings LLC, 1st Lien Term <br> Loan B-3 (1-MONTH CME TERM SOFR + <br> 2.75%), 6.71%, 10/31/2031 (d)<br>| &nbsp;&nbsp; 3544 | &nbsp;&nbsp; 3442 |
| First Student Bidco, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.71%, 8/15/2030 (d)<br>| &nbsp;&nbsp; 6194 | &nbsp;&nbsp; 6198 |
| First Student Bidco, Inc., 1st Lien Term Loan C <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.71%, 8/15/2030 (d)<br>| &nbsp;&nbsp; 607 | &nbsp;&nbsp; 608 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Gates Global LLC, 1st Lien Term Loan B-4 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 5.71%, 11/16/2029 (d)<br>| &nbsp;&nbsp; 488 | &nbsp;&nbsp; 488 |
| Genesee & Wyoming, Inc., 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + 1.75%), <br> 5.75%, 4/10/2031 (d)<br>| &nbsp;&nbsp; 697 | &nbsp;&nbsp; 695 |
| Genesys Cloud Services, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.66%, 1/30/2032 (d)<br>| &nbsp;&nbsp; 3510 | &nbsp;&nbsp; 3466 |
| Global Medical Response, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 3.50%), 7.38%, 10/1/2032 (d)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 402 |
| Go Daddy Operating Co. LLC, 1st Lien Term <br> Loan B-8 (1-MONTH CME TERM SOFR + <br> 1.75%), 5.71%, 11/9/2029 (d)<br>| &nbsp;&nbsp; 491 | &nbsp;&nbsp; 490 |
| Goat Holdco LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 6.71%, 1/27/2032 (d)<br>| &nbsp;&nbsp; 388 | &nbsp;&nbsp; 388 |
| Graham Packaging Co., Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.46%, 8/4/2027 (d)<br>| &nbsp;&nbsp; 327 | &nbsp;&nbsp; 328 |
| Grant Thornton Advisors LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.46%, 6/2/2031 (d)<br>| &nbsp;&nbsp; 610 | &nbsp;&nbsp; 607 |
| Gray Media, Inc., 1st Lien Term Loan D <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.25%, 12/1/2028 (d)<br>| &nbsp;&nbsp; 111 | &nbsp;&nbsp; 111 |
| Griffon Corp., 1st Lien Term Loan B-1 <br> (3-MONTH CME TERM SOFR + 2.00%), <br> 6.00%, 1/24/2029 (d)<br>| &nbsp;&nbsp; 430 | &nbsp;&nbsp; 432 |
| Guardian US Holdco LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.50%), <br> 7.50%, 1/31/2030 (d)<br>| &nbsp;&nbsp; 442 | &nbsp;&nbsp; 442 |
| Hertz Corp. (The), 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.50%), <br> 7.58%, 6/30/2028 (d) (q)<br>| &nbsp;&nbsp; 2685 | &nbsp;&nbsp; 2222 |
| Hertz Corp. (The), 1st Lien Term Loan C <br> (1-MONTH CME TERM SOFR + 3.50%), <br> 7.58%, 6/30/2028 (d) (q)<br>| &nbsp;&nbsp; 529 | &nbsp;&nbsp; 437 |
| HUB International Ltd., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), <br> 6.12%, 6/20/2030 (d)<br>| &nbsp;&nbsp; 723 | &nbsp;&nbsp; 725 |
| ICON Luxembourg SARL, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.00%), <br> 6.00%, 7/3/2028 (d)<br>| &nbsp;&nbsp; 94 | &nbsp;&nbsp; 94 |
| Icon Parent I, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.75%), <br> 6.75%, 11/13/2031 (d)<br>| &nbsp;&nbsp; 3277 | &nbsp;&nbsp; 3274 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 81

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Icon Parent I, Inc., 2nd Lien Term Loan B <br> (6-MONTH CME TERM SOFR + 5.00%), <br> 9.21%, 11/12/2032 (d)<br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
| iHeartCommunications, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 5.78%), 9.85%, 5/1/2029 (d) (q)<br>| &nbsp;&nbsp; 5099 | &nbsp;&nbsp; 4544 |
| Indy US Holdco LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.66%, 10/31/2030 (d)<br>| &nbsp;&nbsp; 373 | &nbsp;&nbsp; 372 |
| Insulet Corp., 1st Lien Term Loan (1-MONTH <br> CME TERM SOFR + 2.00%), 5.96%, <br> 8/4/2031 (d)<br>| &nbsp;&nbsp; 682 | &nbsp;&nbsp; 686 |
| Iridium Satellite LLC, 1st Lien Term Loan B-4 <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.21%, 9/20/2030 (d)<br>| &nbsp;&nbsp; 569 | &nbsp;&nbsp; 532 |
| Jazz Financing Lux SARL, 1st Lien Term Loan <br> B-2 (1-MONTH CME TERM SOFR + 2.25%), <br> 6.21%, 5/5/2028 (d)<br>| &nbsp;&nbsp; 358 | &nbsp;&nbsp; 358 |
| Jetblue Airways Corp., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 4.75%), <br> 8.75%, 8/13/2029 (d)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; 502 |
| KBR, Inc., 1st Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 2.00%), 5.96%, <br> 1/17/2031 (d)<br>| &nbsp;&nbsp; 465 | &nbsp;&nbsp; 468 |
| LABL, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 5.00%), 8.94%, <br> 10/30/2028 (d)<br>| &nbsp;&nbsp; 3888 | &nbsp;&nbsp; 2919 |
| Leslie's Poolmart, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 6.83%, 3/9/2028 (d)<br>| &nbsp;&nbsp; 554 | &nbsp;&nbsp; 206 |
| Level 3 Financing, Inc., 1st Lien Term Loan B-4 <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.21%, 3/29/2032 (d) (q)<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 300 |
| LSF12 Crown US Commercial Bidco LLC, 1st <br> Lien Term Loan B (1-MONTH CME TERM <br> SOFR + 3.50%), 7.66%, 12/2/2031 (d)<br>| &nbsp;&nbsp; 5208 | &nbsp;&nbsp; 5236 |
| Lumen Technologies, Inc., 1st Lien Term Loan <br> B-1 (1-MONTH CME TERM SOFR + 2.35%), <br> 6.63%, 4/16/2029 (d) (q)<br>| &nbsp;&nbsp; 5815 | &nbsp;&nbsp; 5777 |
| Lumen Technologies, Inc., 1st Lien Term Loan <br> B-2 (1-MONTH CME TERM SOFR + 2.35%), <br> 6.63%, 4/15/2030 (d)<br>| &nbsp;&nbsp; 116 | &nbsp;&nbsp; 115 |
| Madison IAQ LLC, 1st Lien Term Loan <br> (6-MONTH CME TERM SOFR + 2.50%), <br> 6.70%, 6/21/2028 (d)<br>| &nbsp;&nbsp; 3559 | &nbsp;&nbsp; 3564 |
| Madison Safety & Flow LLC, 1st Lien Term Loan <br> B (12-MONTH CME TERM SOFR + 2.75%), <br> 6.91%, 9/26/2031 (d)<br>| &nbsp;&nbsp; 467 | &nbsp;&nbsp; 469 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Mauser Packaging Solutions Holding Co., 1st <br> Lien Term Loan B-1 (1-MONTH CME TERM <br> SOFR + 3.00%), 7.13%, 4/15/2027 (d)<br>| &nbsp;&nbsp; 584 | &nbsp;&nbsp; 584 |
| MED ParentCo LP, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.21%, 4/15/2031 (d)<br>| &nbsp;&nbsp; 338 | &nbsp;&nbsp; 340 |
| Medline Borrower LP, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 5.96%, 10/23/2028 (d)<br>| &nbsp;&nbsp; 2738 | &nbsp;&nbsp; 2741 |
| MH Sub I LLC, 1st Lien Term Loan B |  |  |
| (3-MONTH CME TERM SOFR + 4.25%), <br> 8.25%, 5/3/2028 (d)<br>| &nbsp;&nbsp; 212 | &nbsp;&nbsp; 193 |
| (1-MONTH CME TERM SOFR + 4.25%), <br> 8.21%, 12/31/2031 (d)<br>| &nbsp;&nbsp; 148 | &nbsp;&nbsp; 118 |
| Mirion Technologies, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), <br> 6.25%, 6/4/2032 (d)<br>| &nbsp;&nbsp; 272 | &nbsp;&nbsp; 273 |
| Mister Car Wash Holdings, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.46%, 3/27/2031 (d)<br>| &nbsp;&nbsp; 322 | &nbsp;&nbsp; 322 |
| MIWD Holdco II LLC, 1st Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 6.71%, 3/28/2031 (d)<br>| &nbsp;&nbsp; 2860 | &nbsp;&nbsp; 2861 |
| Modena Buyer LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 4.25%), <br> 8.09%, 7/1/2031 (d)<br>| &nbsp;&nbsp; 312 | &nbsp;&nbsp; 304 |
| Moran Foods LLC, 1st Lien PIK Term Loan |  |  |
| (9.35% (PIK) + 2.00% (Cash)), 11.35%, <br> 6/30/2026 ‡ (d) (i)<br>| &nbsp;&nbsp; 2198 | &nbsp;&nbsp; 487 |
| (9.35% (PIK) + 2.00% (Cash)), 11.35%, <br> 6/30/2026 ‡ (d) (i)<br>| &nbsp;&nbsp; 5451 | &nbsp;&nbsp; 3721 |
| Moran Foods LLC, 1st Lien Super Senior <br> Delayed Draw Term Loan (11.50% (PIK) + <br> 4.33% (Cash)), 15.83%, 6/30/2026 ‡ (d) <br> (i)<br>| &nbsp;&nbsp; 3009 | &nbsp;&nbsp; 3009 |
| Moran Foods LLC, 1st Lien Term Loan A <br> (2.50% (PIK) + 4.23% (Cash)), 6.73%, <br> 1/2/2029 ‡ (d) (i)<br>| &nbsp;&nbsp; 853 | &nbsp;&nbsp; 853 |
| Moran Foods LLC, 1st Lien Term Loan B <br> (8.50% (PIK) + 1.00% (Cash)), 9.50%, <br> 1/2/2029 ‡ (d) (i)<br>| &nbsp;&nbsp; 768 | &nbsp;&nbsp; 768 |
| NCR Atleos LLC, 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 3.00%), <br> 7.03%, 4/16/2029 (d)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; 158 |
| Neon Maple US Debt Mergersub, Inc., 1st Lien <br> Term Loan B-1 (1-MONTH CME TERM SOFR + <br> 2.75%), 6.71%, 11/17/2031 (d)<br>| &nbsp;&nbsp; 4996 | &nbsp;&nbsp; 4997 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| NGL Energy Operating LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 3.50%), <br> 7.46%, 2/3/2031 (d)<br>| &nbsp;&nbsp; 627 | &nbsp;&nbsp; 628 |
| Novelis, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 1.75%), 5.75%, <br> 3/11/2032 (d)<br>| &nbsp;&nbsp; 264 | &nbsp;&nbsp; 264 |
| NRG Energy, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 6.06%, 4/16/2031 (d)<br>| &nbsp;&nbsp; 579 | &nbsp;&nbsp; 580 |
| Option Care Health, Inc., 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 1.75%), <br> 5.71%, 9/16/2032 (d)<br>| &nbsp;&nbsp; 589 | &nbsp;&nbsp; 590 |
| Orion Advisor Solutions, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 3.25%), 7.11%, 9/24/2030 (d)<br>| &nbsp;&nbsp; 531 | &nbsp;&nbsp; 532 |
| Osmose Utilities Services, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + 3.25%), <br> 7.33%, 6/23/2028 (d)<br>| &nbsp;&nbsp; 716 | &nbsp;&nbsp; 686 |
| Petco Health & Wellness Co., Inc., 1st Lien <br> Term Loan B (3-MONTH CME TERM SOFR + <br> 3.25%), 7.51%, 3/3/2028 (d)<br>| &nbsp;&nbsp; 6778 | &nbsp;&nbsp; 6671 |
| PetSmart LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 4.00%), 8.03%, <br> 8/18/2032 (d)<br>| &nbsp;&nbsp; 4871 | &nbsp;&nbsp; 4798 |
| Phoenix Newco, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.46%, 11/15/2028 (d)<br>| &nbsp;&nbsp; 1851 | &nbsp;&nbsp; 1856 |
| Pike Corp., Delayed Draw Term Loan B <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.08%, 1/21/2028 (d)<br>| &nbsp;&nbsp; 753 | &nbsp;&nbsp; 757 |
| PRA Health Sciences, Inc., 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + 2.00%), <br> 6.00%, 7/3/2028 (d)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 24 |
| Prairie Acquiror LP, 1st Lien Term Loan B-4 <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 7.71%, 8/1/2029 (d)<br>| &nbsp;&nbsp; 419 | &nbsp;&nbsp; 421 |
| Pre-Paid Legal Services, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + 3.25%), <br> 7.21%, 12/7/2028 (d)<br>| &nbsp;&nbsp; 541 | &nbsp;&nbsp; 503 |
| Prime Security Services Borrower LLC, 1st Lien <br> Term Loan B-1 (6-MONTH CME TERM SOFR + <br> 2.00%), 6.13%, 10/15/2030 (d)<br>| &nbsp;&nbsp; 813 | &nbsp;&nbsp; 811 |
| Primo Brands Corp., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), <br> 6.25%, 3/31/2028 (d)<br>| &nbsp;&nbsp; 2491 | &nbsp;&nbsp; 2497 |
| Project Boost Purchaser LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.75%), 6.67%, 7/16/2031 (d)<br>| &nbsp;&nbsp; 756 | &nbsp;&nbsp; 754 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Proofpoint, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 6.96%, 8/31/2028 (d)<br>| &nbsp;&nbsp; 647 | &nbsp;&nbsp; 650 |
| Quikrete Holdings, Inc., 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.21%, 3/19/2029 (d)<br>| &nbsp;&nbsp; 482 | &nbsp;&nbsp; 482 |
| Quikrete Holdings, Inc., 1st Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.21%, 2/10/2032 (d)<br>| &nbsp;&nbsp; 4699 | &nbsp;&nbsp; 4703 |
| QXO Building Products, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 3.00%), 7.16%, 4/30/2032 (d)<br>| &nbsp;&nbsp; 1067 | &nbsp;&nbsp; 1067 |
| Radiology Partners, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 4.50%), <br> 8.50%, 6/30/2032 (d)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 499 |
| Raven Acquisition Holdings LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 3.00%), 6.96%, 11/19/2031 (d)<br>| &nbsp;&nbsp; 2930 | &nbsp;&nbsp; 2930 |
| RealPage, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.00%), <br> 7.26%, 4/24/2028 (d)<br>| &nbsp;&nbsp; 423 | &nbsp;&nbsp; 422 |
| Resonetics LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.75%), <br> 6.59%, 6/18/2031 (d)<br>| &nbsp;&nbsp; 362 | &nbsp;&nbsp; 362 |
| Rocket Software, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 7.91%, 11/28/2028 (d)<br>| &nbsp;&nbsp; 2835 | &nbsp;&nbsp; 2821 |
| Sanmina Corp., 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR), 2.00%, <br> 8/6/2032 (d) (q)<br>| &nbsp;&nbsp; 3141 | &nbsp;&nbsp; 3141 |
| Sedgwick Claims Management Services, Inc., <br> 1st Lien Term Loan B (1-MONTH CME TERM <br> SOFR + 2.50%), 6.46%, 7/31/2031 (d)<br>| &nbsp;&nbsp; 602 | &nbsp;&nbsp; 602 |
| Shift4 Payments LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.50%, 6/30/2032 (d)<br>| &nbsp;&nbsp; 375 | &nbsp;&nbsp; 377 |
| Shutterfly Finance LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 6.00%), <br> 9.84%, 10/1/2027 (d)<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 51 |
| Shutterfly Finance LLC, 2nd Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 5.00% (PIK) + <br> 4.20% (Cash)), 9.20%, 10/1/2027 (d) (i)<br>| &nbsp;&nbsp; 3216 | &nbsp;&nbsp; 3094 |
| Six Flags Entertainment Corp., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.00%), 5.96%, 5/1/2031 (d)<br>| &nbsp;&nbsp; 469 | &nbsp;&nbsp; 466 |
| Skopima Consilio Parent LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 3.75%), 7.71%, 5/12/2028 (d)<br>| &nbsp;&nbsp; 709 | &nbsp;&nbsp; 608 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 83

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Spirit AeroSystems, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 4.50%), <br> 8.34%, 1/15/2027 (d)<br>| &nbsp;&nbsp; 209 | &nbsp;&nbsp; 209 |
| SPX FLOW, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 6.71%, 4/5/2029 (d)<br>| &nbsp;&nbsp; 2115 | &nbsp;&nbsp; 2126 |
| SS&C Technologies, Inc., 1st Lien Term Loan <br> B-8 (1-MONTH CME TERM SOFR + 2.00%), <br> 5.96%, 5/9/2031 (d) (q)<br>| &nbsp;&nbsp; 440 | &nbsp;&nbsp; 440 |
| Staples, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 5.75%), 10.05%, <br> 8/23/2029 (d)<br>| &nbsp;&nbsp; 956 | &nbsp;&nbsp; 893 |
| Star Parent, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 4.00%), <br> 8.00%, 9/27/2030 (d)<br>| &nbsp;&nbsp; 1921 | &nbsp;&nbsp; 1923 |
| Station Casinos LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 5.96%, 3/14/2031 (d)<br>| &nbsp;&nbsp; 446 | &nbsp;&nbsp; 446 |
| Surgery Center Holdings, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.46%, 12/19/2030 (d)<br>| &nbsp;&nbsp; 489 | &nbsp;&nbsp; 490 |
| Talen Energy Supply LLC, 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 2.25%), <br> 2.25%, 10/12/2032 (d) (q)<br>| &nbsp;&nbsp; 233 | &nbsp;&nbsp; 232 |
| Terex Corp., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 1.75%), 5.71%, <br> 10/8/2031 (d)<br>| &nbsp;&nbsp; 672 | &nbsp;&nbsp; 673 |
| Thoughtworks, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.58%, 3/24/2028 (d)<br>| &nbsp;&nbsp; 144 | &nbsp;&nbsp; 135 |
| TKO Worldwide Holdings LLC, 1st Lien Term <br> Loan B-5 (3-MONTH CME TERM SOFR + <br> 2.00%), 6.04%, 11/21/2031 (d)<br>| &nbsp;&nbsp; 506 | &nbsp;&nbsp; 507 |
| Topgolf Callaway Brands Corp., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 3.00%), 6.96%, 3/18/2030 (d)<br>| &nbsp;&nbsp; 320 | &nbsp;&nbsp; 317 |
| Trans Union LLC, 1st Lien Term Loan B-9 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 5.71%, 6/24/2031 (d)<br>| &nbsp;&nbsp; 604 | &nbsp;&nbsp; 603 |
| TransDigm, Inc., 1st Lien Term Loan J <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.50%, 2/28/2031 (d)<br>| &nbsp;&nbsp; 441 | &nbsp;&nbsp; 442 |
| TransDigm, Inc., 1st Lien Term Loan K <br> (3-MONTH CME TERM SOFR + 2.25%), <br> 6.25%, 3/22/2030 (d)<br>| &nbsp;&nbsp; 481 | &nbsp;&nbsp; 482 |
| TransDigm, Inc., 1st Lien Term Loan M <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.50%, 8/19/2032 (d)<br>| &nbsp;&nbsp; 5520 | &nbsp;&nbsp; 5521 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Trident TPI Holdings, Inc., 1st Lien Term Loan <br> B-7 (3-MONTH CME TERM SOFR + 3.75%), <br> 7.75%, 9/15/2028 (d)<br>| &nbsp;&nbsp; 460 | &nbsp;&nbsp; 449 |
| UKG, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 2.50%), 6.34%, <br> 2/10/2031 (d)<br>| &nbsp;&nbsp; 837 | &nbsp;&nbsp; 837 |
| US Renal Care, Inc., 1st Lien Term Loan C <br> (1-MONTH CME TERM SOFR + 5.00%), <br> 9.28%, 6/28/2028 (d)<br>| &nbsp;&nbsp; 3268 | &nbsp;&nbsp; 3088 |
| USI, Inc., 1st Lien Term Loan D (3-MONTH CME <br> TERM SOFR + 2.25%), 6.25%, <br> 11/21/2029 (d)<br>| &nbsp;&nbsp; 519 | &nbsp;&nbsp; 519 |
| Utz Quality Foods LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.50%, 1/29/2032 (d)<br>| &nbsp;&nbsp; 324 | &nbsp;&nbsp; 323 |
| Varsity Brands, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.00%), <br> 7.03%, 8/26/2031 (d)<br>| &nbsp;&nbsp; 5283 | &nbsp;&nbsp; 5293 |
| Venator Materials LLC, 1st Lien PIK Term Loan <br> (3-MONTH CME TERM SOFR + 2.00% (PIK) + <br> 4.32% (Cash)), 6.32%, 10/12/2028 (d) <br> (i)<br>| &nbsp;&nbsp; 307 | &nbsp;&nbsp; 154 |
| Venator Materials LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.00% (PIK) + <br> 3.90% (Cash)), 5.89%, 1/16/2026 (d) (i)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; 179 |
| Venator Materials LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 1.00% (PIK) + <br> 1.00% (Cash) + 1.00%), 2.00%, <br> 7/16/2026 (d) (i)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; 178 |
| Vertex Aerospace Services Corp., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.25%), 6.21%, 12/6/2030 (d)<br>| &nbsp;&nbsp; 269 | &nbsp;&nbsp; 268 |
| Vertiv Group Corp., 1st Lien Term Loan B-4 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 5.88%, 8/12/2032 (d)<br>| &nbsp;&nbsp; 493 | &nbsp;&nbsp; 494 |
| Virtusa Corp., 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.21%, 2/15/2029 (d)<br>| &nbsp;&nbsp; 515 | &nbsp;&nbsp; 508 |
| Vista Management Holding, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 3.75%), 7.74%, 4/1/2031 (d)<br>| &nbsp;&nbsp; 152 | &nbsp;&nbsp; 153 |
| Vistra Operations Co. LLC, 1st Lien Term Loan <br> B-3 (1-MONTH CME TERM SOFR + 1.75%), <br> 5.71%, 12/20/2030 (d) (q)<br>| &nbsp;&nbsp; 485 | &nbsp;&nbsp; 486 |
| VT Topco, Inc., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 3.00%), 6.96%, <br> 8/9/2030 (d)<br>| &nbsp;&nbsp; 609 | &nbsp;&nbsp; 599 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Wand NewCo 3, Inc., 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.46%, 1/30/2031 (d)<br>| &nbsp;&nbsp; 589 | &nbsp;&nbsp; 588 |
| WEC US Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.38%, 1/27/2031 (d)<br>| &nbsp;&nbsp; 1011 | &nbsp;&nbsp; 1013 |
| Whatabrands LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.46%, 8/3/2028 (d)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; 531 |
| White Cap Supply Holdings LLC, 1st Lien Term <br> Loan C (1-MONTH CME TERM SOFR + <br> 3.25%), 7.21%, 10/19/2029 (d)<br>| &nbsp;&nbsp; 3735 | &nbsp;&nbsp; 3742 |
| Whitewater Whistler Holdings LLC, 1st Lien <br> Term Loan B-3 (3-MONTH CME TERM SOFR + <br> 1.75%), 5.81%, 2/15/2030 (d)<br>| &nbsp;&nbsp; 552 | &nbsp;&nbsp; 550 |
| WMG Acquisition Corp., 1st Lien Term Loan J <br> (3-MONTH CME TERM SOFR + 1.75%), <br> 5.95%, 1/24/2031 (d)<br>| &nbsp;&nbsp; 534 | &nbsp;&nbsp; 534 |
| Zekelman Industries, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.27%, 1/24/2031 (d)<br>| &nbsp;&nbsp; 320 | &nbsp;&nbsp; 320 |
|  |  | &nbsp;&nbsp; 224663 |
| Total Loan Assignments <br>(Cost $244,784)<br>|  | &nbsp;&nbsp; 236380 |
| **Asset-Backed Securities — 1.2%** | **Asset-Backed Securities — 1.2%** | **Asset-Backed Securities — 1.2%** |
| **Cayman Islands — 0.3%** | **Cayman Islands — 0.3%** | **Cayman Islands — 0.3%** |
| AB BSL CLO Ltd. Series 2020-1A, Class BR2, <br> 5.59%, 10/15/2038 (a) (k) (l)<br>| &nbsp;&nbsp; 850 | &nbsp;&nbsp; 850 |
| Ballyrock CLO Ltd. |  |  |
| Series 2020-2A, Class A2R, 5.70%, <br> 10/20/2031 (a) (l)<br>| &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2905 |
| Series 2021-17A, Class A2R, 0.00%, <br> 10/20/2038 (a) (k) (l)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1400 |
| Barings CLO Ltd. Series 2022-1A, Class B, <br> 5.83%, 4/15/2035 (a) (l)<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 300 |
| Buttermilk Park CLO Ltd. Series 2018-1A, <br> Class CR, 5.85%, 10/15/2031 (a) (l)<br>| &nbsp;&nbsp; 931 | &nbsp;&nbsp; 932 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| Series 2015-4A, Class A2R3, 5.13%, <br> 7/20/2032 (a) (l)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1400 |
| Series 2015-4A, Class BR3, 5.33%, <br> 7/20/2032 (a) (l)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1399 |
| Series 2016-1A, Class CR3, 7.08%, <br> 4/20/2034 (a) (l)<br>| &nbsp;&nbsp; 899 | &nbsp;&nbsp; 897 |
| Dryden CLO Ltd. |  |  |
| Series 2018-64A, Class A, 5.12%, <br> 4/18/2031 (a) (l)<br>| &nbsp;&nbsp; 491 | &nbsp;&nbsp; 491 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Cayman Islands — continued** | **Cayman Islands — continued** | **Cayman Islands — continued** |
| Series 2019-68A, Class BRR, 5.45%, <br> 7/15/2035 (a) (l)<br>| &nbsp;&nbsp; 650 | &nbsp;&nbsp; 650 |
| Dryden Senior Loan Fund Series 2015-37A, <br> Class AR, 5.27%, 1/15/2031 (a) (l)<br>| &nbsp;&nbsp; 267 | &nbsp;&nbsp; 268 |
| GoldenTree Loan Management US CLO Ltd. <br> Series 2020-8A, Class DRR, 6.78%, <br> 10/20/2034 (a) (l)<br>| &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1298 |
| Madison Park Funding Ltd. Series 2021-49A, <br> Class B1R, 5.33%, 10/19/2034 (a) (l)<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 898 |
| Magnetite Ltd. |  |  |
| Series 2019-22A, Class BRR, 5.50%, <br> 7/15/2036 (a) (l)<br>| &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 1017 |
| Series 2019-22A, Class CRR, 5.75%, <br> 7/15/2036 (a) (l)<br>| &nbsp;&nbsp; 977 | &nbsp;&nbsp; 978 |
| Neuberger Berman Loan Advisers CLO Ltd. <br> Series 2019-34A, Class BR2, 5.53%, <br> 7/20/2039 (a) (l)<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 904 |
| Octagon Ltd. Series 2022-1A, Class DR, <br> 7.47%, 7/21/2037 (a) (l)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| Palmer Square Loan Funding Ltd. |  |  |
| Series 2024-3A, Class A2, 5.88%, <br> 8/8/2032 (a) (l)<br>| &nbsp;&nbsp; 2199 | &nbsp;&nbsp; 2201 |
| Series 2024-3A, Class B, 6.13%, <br> 8/8/2032 (a) (l)<br>| &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2300 |
| Series 2024-1A, Class A2, 5.35%, <br> 10/15/2032 (a) (l)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| RR Ltd. Series 2020-12A, Class A2R3, 5.50%, <br> 1/15/2036 (a) (l)<br>| &nbsp;&nbsp; 2163 | &nbsp;&nbsp; 2166 |
| Symphony CLO Ltd. |  |  |
| Series 2018-19A, Class B, 5.51%, <br> 4/16/2031 (a) (l)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1401 |
| Series 2021-29A, Class BR, 5.93%, <br> 10/15/2035 (a) (l)<br>| &nbsp;&nbsp; 940 | &nbsp;&nbsp; 941 |
| Voya CLO Ltd. Series 2022-1A, Class BR, <br> 5.63%, 4/20/2035 (a) (l)<br>| &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1180 |
|  |  | &nbsp;&nbsp; 27274 |
| **Jersey — 0.0% ^** | **Jersey — 0.0% ^** | **Jersey — 0.0% ^** |
| Neuberger Berman Loan Advisers CLO Ltd. |  |  |
| Series 2022-50A, Class BR, 5.51%, <br> 7/23/2036 (a) (l)<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1200 |
| Series 2022-50A, Class CR, 5.76%, <br> 7/23/2036 (a) (l)<br>| &nbsp;&nbsp; 779 | &nbsp;&nbsp; 779 |
|  |  | &nbsp;&nbsp; 1979 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 85

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **United States — 0.9%** | **United States — 0.9%** | **United States — 0.9%** |
| ABFC Trust |  |  |
| Series 2003-OPT1, Class A1A, 4.93%, <br> 4/25/2033 (l)<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49 |
| Series 2004-OPT3, Class M1, 4.86%, <br> 9/25/2033 (l)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |
| Series 2004-HE1, Class M1, 5.01%, <br> 3/25/2034 (l)<br>| &nbsp;&nbsp; 309 | &nbsp;&nbsp; 314 |
| Accredited Mortgage Loan Trust Series <br> 2004-4, Class M1, 4.66%, 1/25/2035 (l)<br>| &nbsp;&nbsp; 275 | &nbsp;&nbsp; 275 |
| ACE Securities Corp. Home Equity Loan Trust |  |  |
| Series 2003-FM1, Class M1, 5.40%, <br> 11/25/2032 (l)<br>| &nbsp;&nbsp; 195 | &nbsp;&nbsp; 225 |
| Series 2004-OP1, Class M2, 5.68%, <br> 4/25/2034 (l)<br>| &nbsp;&nbsp; 546 | &nbsp;&nbsp; 502 |
| American Credit Acceptance Receivables Trust |  |  |
| Series 2022-3, Class F, 9.76%, <br> 5/14/2029 (a)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 505 |
| Series 2022-4, Class E, 10.00%, <br> 1/14/2030 (a)<br>| &nbsp;&nbsp; 495 | &nbsp;&nbsp; 508 |
| Series 2023-2, Class E, 9.79%, <br> 2/12/2030 (a)<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 932 |
| Series 2023-4, Class D, 7.65%, <br> 9/12/2030 (a)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1447 |
| Series 2024-4, Class D, 5.34%, <br> 8/12/2031 (a)<br>| &nbsp;&nbsp; 446 | &nbsp;&nbsp; 447 |
| Series 2023-3, Class E, 9.54%, <br> 10/14/2031 (a)<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 941 |
| Series 2024-2, Class E, 7.87%, <br> 11/12/2031 (a)<br>| &nbsp;&nbsp; 525 | &nbsp;&nbsp; 538 |
| Series 2025-3, Class C, 4.95%, <br> 7/12/2032 (a)<br>| &nbsp;&nbsp; 940 | &nbsp;&nbsp; 946 |
| Series 2025-3, Class D, 5.19%, <br> 7/12/2032 (a)<br>| &nbsp;&nbsp; 940 | &nbsp;&nbsp; 943 |
| Ameriquest Mortgage Securities, Inc. <br> Asset-Backed Pass-Through Certificates <br> Series 2002-AR1, Class M1, 3.13%, <br> 9/25/2032 (l)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Asset-Backed Securities Corp. Home Equity <br> Loan Trust<br>|  |  |
| Series 2004-HE2, Class M2, 5.98%, <br> 4/25/2034 (l)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 51 |
| Series 2004-HE7, Class M2, 5.68%, <br> 10/25/2034 (l)<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 90 |
| Bayview Opportunity Master Fund LLC Series <br> 2024-CAR1, Class C, 5.68%, <br> 12/26/2031 (a) (l)<br>| &nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Bear Stearns Asset-Backed Securities Trust |  |  |
| Series 2003-SD1, Class M1, 5.38%, <br> 12/25/2033 (l)<br>| &nbsp;&nbsp; 244 | &nbsp;&nbsp; 286 |
| Series 2004-SD4, Class A1, 5.01%, <br> 8/25/2044 (l)<br>| &nbsp;&nbsp; 461 | &nbsp;&nbsp; 460 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-3, Class D, 5.83%, 5/15/2030 | &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 1498 |
| Series 2025-4, Class D, 5.41%, 8/15/2031 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 897 |
| Centex Home Equity Loan Trust |  |  |
| Series 2004-C, Class M2, 4.28%, <br> 6/25/2034 (l)<br>| &nbsp;&nbsp; 262 | &nbsp;&nbsp; 259 |
| Series 2004-D, Class MV2, 5.14%, <br> 9/25/2034 (l)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |
| Series 2004-D, Class MF2, 6.06%, <br> 9/25/2034 (h)<br>| &nbsp;&nbsp; 223 | &nbsp;&nbsp; 223 |
| Chase Funding Trust |  |  |
| Series 2003-5, Class 1M2, 5.64%, <br> 9/25/2032 (l)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 90 |
| Series 2004-1, Class 1M1, 4.73%, <br> 5/25/2033<br>| &nbsp;&nbsp; 841 | &nbsp;&nbsp; 810 |
| Series 2003-4, Class 1A5, 4.87%, <br> 5/25/2033 (h)<br>| &nbsp;&nbsp; 375 | &nbsp;&nbsp; 369 |
| CHEC Loan Trust Series 2004-1, Class M1, <br> 5.01%, 7/25/2034 (a) (l)<br>| &nbsp;&nbsp; 373 | &nbsp;&nbsp; 374 |
| CITI Asset Receivables Trust I Series 2025-1, <br> Class CERT, 0.00%, 3/15/2031 ‡ (a) (j)<br>| &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 1071 |
| Citigroup Mortgage Loan Trust, Inc. Series <br> 2005-WF2, Class AF7, 5.75%, <br> 8/25/2035 (h)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 |
| Countrywide Asset-Backed Certificates Series <br> 2004-3, Class M1, 4.86%, 6/25/2034 (l)<br>| &nbsp;&nbsp; 144 | &nbsp;&nbsp; 143 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2022-3A, Class D, 9.00%, <br> 4/18/2033 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1015 |
| Series 2023-3A, Class B, 7.09%, <br> 10/17/2033 (a)<br>| &nbsp;&nbsp; 311 | &nbsp;&nbsp; 317 |
| Series 2024-1A, Class A, 5.68%, <br> 3/15/2034 (a)<br>| &nbsp;&nbsp; 364 | &nbsp;&nbsp; 367 |
| Series 2024-1A, Class B, 6.03%, <br> 5/15/2034 (a)<br>| &nbsp;&nbsp; 320 | &nbsp;&nbsp; 325 |
| Series 2024-1A, Class C, 6.71%, <br> 7/17/2034 (a)<br>| &nbsp;&nbsp; 420 | &nbsp;&nbsp; 431 |
| CWABS Asset-Backed Certificates Trust Series <br> 2005-11, Class AF6, 5.05%, 2/25/2036 (l)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| CWABS Asset-Backed Certificates Trust, Series <br> 2004-BC4, Class M1, 5.16%, <br> 11/25/2034 (l)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Drive Auto Receivables Trust Series 2025-2, <br> Class D, 4.90%, 12/15/2032<br>| &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1041 |
| DT Auto Owner Trust Series 2022-3A, Class E, <br> 10.99%, 7/16/2029 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1052 |
| FFMLT Trust Series 2004-FF3, Class M1, <br> 4.93%, 5/25/2034 (l)<br>| &nbsp;&nbsp; 217 | &nbsp;&nbsp; 212 |
| Finance America Mortgage Loan Trust Series <br> 2004-3, Class M2, 5.05%, 11/25/2034 (l)<br>| &nbsp;&nbsp; 139 | &nbsp;&nbsp; 132 |
| Ford Credit Auto Owner Trust Series 2022-C, <br> Class A4, 4.59%, 12/15/2027<br>| &nbsp;&nbsp; 473 | &nbsp;&nbsp; 474 |
| Fremont Home Loan Trust |  |  |
| Series 2002-1, Class M1, 5.36%, <br> 8/25/2033 (l)<br>| &nbsp;&nbsp; 261 | &nbsp;&nbsp; 298 |
| Series 2004-B, Class M2, 5.05%, <br> 5/25/2034 (l)<br>| &nbsp;&nbsp; 219 | &nbsp;&nbsp; 225 |
| Series 2004-C, Class M1, 5.08%, <br> 8/25/2034 (l)<br>| &nbsp;&nbsp; 387 | &nbsp;&nbsp; 368 |
| Series 2004-D, Class M2, 5.01%, <br> 11/25/2034 (l)<br>| &nbsp;&nbsp; 148 | &nbsp;&nbsp; 138 |
| GLS Auto Receivables Issuer Trust Series <br> 2022-2A, Class E, 5.50%, 6/15/2029 (a)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1243 |
| GSAMP Trust |  |  |
| Series 2003-SEA, Class A1, 4.91%, <br> 2/25/2033 (l)<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; 64 |
| Series 2003-HE1, Class M1, 5.39%, <br> 6/20/2033 (l)<br>| &nbsp;&nbsp; 436 | &nbsp;&nbsp; 462 |
| Hertz Vehicle Financing LLC |  |  |
| Series 2023-3A, Class A, 5.94%, <br> 2/25/2028 (a)<br>| &nbsp;&nbsp; 420 | &nbsp;&nbsp; 427 |
| Series 2023-2A, Class D, 9.40%, <br> 9/25/2029 (a)<br>| &nbsp;&nbsp; 700 | &nbsp;&nbsp; 727 |
| Home Equity Mortgage Loan Asset-Backed <br> Trust<br>|  |  |
| Series 2004-B, Class M2, 4.49%, <br> 11/25/2034 (l)<br>| &nbsp;&nbsp; 133 | &nbsp;&nbsp; 130 |
| Series 2004-C, Class M2, 4.11%, <br> 3/25/2035 (l)<br>| &nbsp;&nbsp; 636 | &nbsp;&nbsp; 571 |
| LendingClub Loan Certificate Issuer Trust |  |  |
| Series 2022-NP3, Class CERT, 0.00%, <br> 5/15/2037 ‡ (a)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; 729 |
| Series 2022-P3, Class CERT, 0.00%, <br> 5/15/2037 ‡ (a)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; 403 |
| Series 2022-NP5, Class CERT, 0.00%, <br> 6/15/2037 ‡ (a)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1491 |
| Series 2022-P4, Class CERT, 0.00%, <br> 6/15/2037 ‡ (a)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 663 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2022-NP6, Class CERT, 0.00%, <br> 7/15/2037 ‡ (a)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 351 |
| Lendmark Funding Trust |  |  |
| Series 2021-2A, Class B, 2.37%, <br> 4/20/2032 (a)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 471 |
| Series 2025-2A, Class A, 4.78%, <br> 10/20/2034 (a)<br>| &nbsp;&nbsp; 950 | &nbsp;&nbsp; 955 |
| Series 2025-2A, Class C, 5.28%, <br> 10/20/2034 (a)<br>| &nbsp;&nbsp; 950 | &nbsp;&nbsp; 958 |
| Magnetite Ltd. Series 2023-39A, Class BR, <br> 5.41%, 1/25/2037 (a) (l)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| MASTR Asset-Backed Securities Trust |  |  |
| Series 2004-OPT2, Class M2, 5.08%, <br> 9/25/2034 (l)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 45 |
| Series 2005-NC1, Class M4, 5.25%, <br> 12/25/2034 (l)<br>| &nbsp;&nbsp; 267 | &nbsp;&nbsp; 288 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2003-OPT1, Class M1, 5.08%, <br> 7/25/2034 (l)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 32 |
| Series 2004-HE2, Class M1, 5.31%, <br> 8/25/2035 (l)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| Series 2003-NC10, Class M1, 5.13%, <br> 10/25/2033 (l)<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; 71 |
| Series 2004-WMC2, Class M1, 5.02%, <br> 7/25/2034 (l)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; 526 |
| Series 2004-WMC2, Class M2, 5.91%, <br> 7/25/2034 (l)<br>| &nbsp;&nbsp; 131 | &nbsp;&nbsp; 129 |
| Series 2004-HE6, Class M2, 5.01%, <br> 8/25/2034 (l)<br>| &nbsp;&nbsp; 384 | &nbsp;&nbsp; 382 |
| Series 2004-HE6, Class M3, 5.08%, <br> 8/25/2034 (l)<br>| &nbsp;&nbsp; 147 | &nbsp;&nbsp; 142 |
| Series 2004-HE8, Class M2, 5.13%, <br> 9/25/2034 (l)<br>| &nbsp;&nbsp; 154 | &nbsp;&nbsp; 163 |
| Series 2004-NC8, Class M3, 5.22%, <br> 9/25/2034 (l)<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; 67 |
| Series 2005-HE1, Class M2, 4.81%, <br> 12/25/2034 (l)<br>| &nbsp;&nbsp; 184 | &nbsp;&nbsp; 182 |
| Series 2005-NC1, Class M3, 4.87%, <br> 1/25/2035 (l)<br>| &nbsp;&nbsp; 263 | &nbsp;&nbsp; 265 |
| Morgan Stanley Mortgage Loan Trust Series <br> 2007-5AX, Class 2A2, 4.41%, <br> 2/25/2037 (l)<br>| &nbsp;&nbsp; 2629 | &nbsp;&nbsp; 505 |
| New Century Home Equity Loan Trust |  |  |
| Series 2004-2, Class M2, 5.04%, <br> 8/25/2034 (l)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 87

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2004-4, Class M2, 4.90%, <br> 2/25/2035 (l)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 7 |
| NovaStar Mortgage Funding Trust Series <br> 2003-2, Class M2, 6.88%, 9/25/2033 (l)<br>| &nbsp;&nbsp; 510 | &nbsp;&nbsp; 516 |
| NRM FNT1 Excess LLC Series 2024-FNT1, <br> Class A, 7.40%, 11/25/2031 (a) (h)<br>| &nbsp;&nbsp; 2184 | &nbsp;&nbsp; 2221 |
| Oak Street Investment Grade Net Lease Fund |  |  |
| Series 2021-1A, Class A3, 2.80%, <br> 1/20/2051 (a)<br>| &nbsp;&nbsp; 2478 | &nbsp;&nbsp; 2192 |
| Series 2021-1A, Class B1, 4.23%, <br> 1/20/2051 (a)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1068 |
| Option One Mortgage Accept Corp. <br> Asset-Backed Certificates Series 2003-5, <br> Class A2, 4.75%, 8/25/2033 (l)<br>| &nbsp;&nbsp; 196 | &nbsp;&nbsp; 204 |
| Option One Mortgage Loan Trust Series <br> 2004-3, Class M2, 4.96%, 11/25/2034 (l)<br>| &nbsp;&nbsp; 252 | &nbsp;&nbsp; 270 |
| Pagaya AI Debt Selection Trust Series 2021-3, <br> Class C, 3.27%, 5/15/2029 (a)<br>| &nbsp;&nbsp; 254 | &nbsp;&nbsp; 250 |
| PRET LLC |  |  |
| Series 2021-RN4, Class A2, 9.19%, <br> 10/25/2051 (a) (l)<br>| &nbsp;&nbsp; 5461 | &nbsp;&nbsp; 5467 |
| Series 2024-NPL9, Class A1, 5.85%, <br> 12/25/2054 (a) (h)<br>| &nbsp;&nbsp; 7435 | &nbsp;&nbsp; 7443 |
| Series 2025-NPL4, Class A1, 6.37%, <br> 4/25/2055 (a) (h)<br>| &nbsp;&nbsp; 819 | &nbsp;&nbsp; 824 |
| Series 2025-NPL3, Class A1, 6.71%, <br> 4/25/2055 (a) (h)<br>| &nbsp;&nbsp; 963 | &nbsp;&nbsp; 970 |
| Progress Residential Trust |  |  |
| Series 2021-SFR8, Class G, 4.01%, <br> 10/17/2038 (a)<br>| &nbsp;&nbsp; 6080 | &nbsp;&nbsp; 5966 |
| Series 2022-SFR3, Class D, 4.45%, <br> 4/17/2039 (a)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1231 |
| RAMP Trust Series 2002-RS2, Class AI5, <br> 4.58%, 3/25/2032 (l)<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
| Renaissance Home Equity Loan Trust |  |  |
| Series 2002-3, Class M1, 5.61%, <br> 12/25/2032 (l)<br>| &nbsp;&nbsp; 267 | &nbsp;&nbsp; 251 |
| Series 2003-1, Class M1, 5.61%, <br> 6/25/2033 (l)<br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; 103 |
| Series 2003-4, Class M1, 5.38%, <br> 3/25/2034 (l)<br>| &nbsp;&nbsp; 1058 | &nbsp;&nbsp; 969 |
| Series 2003-4, Class M2F, 6.24%, <br> 3/25/2034 (h)<br>| &nbsp;&nbsp; 581 | &nbsp;&nbsp; 377 |
| Republic Finance Issuance Trust Series <br> 2024-A, Class A, 5.91%, 8/20/2032 (a)<br>| &nbsp;&nbsp; 1546 | &nbsp;&nbsp; 1562 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2025-3, Class D, 5.11%, 9/15/2031 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 951 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2024-4, Class D, 5.32%, <br> 12/15/2031<br>| &nbsp;&nbsp; 574 | &nbsp;&nbsp; 578 |
| SASCO Mortgage Loan Trust Series <br> 2004-GEL3, Class M1, 4.59%, <br> 8/25/2034 (l)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; 159 |
| Saxon Asset Securities Trust Series 2004-2, <br> Class MV2, 1.13%, 8/25/2035 (l)<br>| &nbsp;&nbsp; 84 | &nbsp;&nbsp; 98 |
| SBA Small Business Investment Cos. |  |  |
| Series 2023-10A, Class 1, 5.17%, <br> 3/10/2033<br>| &nbsp;&nbsp; 1128 | &nbsp;&nbsp; 1151 |
| Series 2023-10B, Class 1, 5.69%, <br> 9/10/2033<br>| &nbsp;&nbsp; 465 | &nbsp;&nbsp; 480 |
| Securitized Asset-Backed Receivables LLC Trust <br> Series 2005-OP1, Class M2, 4.78%, <br> 1/25/2035 (l)<br>| &nbsp;&nbsp; 291 | &nbsp;&nbsp; 274 |
| Stanwich Mortgage Loan Co. LLC Series <br> 2021-NPB1, Class A2, 8.38%, <br> 10/16/2026 (a) (h)<br>| &nbsp;&nbsp; 409 | &nbsp;&nbsp; 410 |
| Structured Asset Securities Corp. Pass-Through <br> Certificates Series 2002-AL1, Class A3, <br> 3.45%, 2/25/2032<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toyota Auto Loan Extended Note Trust Series <br> 2021-1A, Class A, 1.07%, 2/27/2034 (a)<br>| &nbsp;&nbsp; 307 | &nbsp;&nbsp; 304 |
| Upstart Pass-Through Trust |  |  |
| Series 2022-PT3, Class A, 19.15%, <br> 4/20/2030 ‡ (a) (l)<br>| &nbsp;&nbsp; 287 | &nbsp;&nbsp; 285 |
| Series 2022-PT4, Class A, 18.36%, <br> 5/20/2030 ‡ (a) (l)<br>| &nbsp;&nbsp; 583 | &nbsp;&nbsp; 583 |
| Wells Fargo Home Equity Asset-Backed <br> Securities Trust<br>|  |  |
| Series 2004-2, Class M8B, 5.00%, <br> 10/25/2034 (a) (l)<br>| &nbsp;&nbsp; 290 | &nbsp;&nbsp; 275 |
| Series 2004-2, Class M8A, 8.61%, <br> 10/25/2034 (a) (l)<br>| &nbsp;&nbsp; 290 | &nbsp;&nbsp; 301 |
|  |  | &nbsp;&nbsp; 72391 |
| Total Asset-Backed Securities <br>(Cost $102,648)<br>|  | &nbsp;&nbsp; 101644 |
| **U.S. Treasury Obligations — 0.7%** | **U.S. Treasury Obligations — 0.7%** | **U.S. Treasury Obligations — 0.7%** |
| **United States — 0.7%** | **United States — 0.7%** | **United States — 0.7%** |
| U.S. Treasury Notes |  |  |
| 4.25%, 1/31/2026 (r) | &nbsp;&nbsp; 61693 | &nbsp;&nbsp; 61741 |
| 4.63%, 11/15/2026 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 404 |
| 3.38%, 9/15/2027 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 513 |
| Total U.S. Treasury Obligations <br>(Cost $62,601)<br>|  | &nbsp;&nbsp; 62658 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 J.P. Morgan Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** |
| **United States — 0.5%** | **United States — 0.5%** | **United States — 0.5%** |
| Allstate Corp. (The) Series J, 7.38%, <br> 7/15/2028 ($25 par value) (s)<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 1751 |
| DTE Energy Co. Series H, 6.25%, 10/1/2085 <br> ($25 par value)<br>| &nbsp;&nbsp; 115 | &nbsp;&nbsp; 2906 |
| Morgan Stanley, |  |  |
| Series I, 6.38%, 1/15/2026<br> ($25 par value) (s)<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 1553 |
| Series K, 5.85%, 4/15/2027<br> ($25 par value) (s)<br>| &nbsp;&nbsp; 254 | &nbsp;&nbsp; 6199 |
| Series P, 6.50%, 10/15/2027<br> ($25 par value) (s)<br>| &nbsp;&nbsp; 144 | &nbsp;&nbsp; 3690 |
| Series Q, 6.63%, 10/15/2029<br> ($25 par value) (s)<br>| &nbsp;&nbsp; 258 | &nbsp;&nbsp; 6749 |
| MYT Holding LLC Series A, 10.00%, <br> 6/6/2029 ‡<br>| &nbsp;&nbsp; 2316 | &nbsp;&nbsp; 2837 |
| NextEra Energy Capital Holdings, Inc. Series U, <br> 6.50%, 6/1/2085 ($25 par value)<br>| &nbsp;&nbsp; 86 | &nbsp;&nbsp; 2192 |
| SCE Trust VI 5.00%, 11/30/2025 ($25 par <br> value) (s)<br>| &nbsp;&nbsp; 333 | &nbsp;&nbsp; 5448 |
| Wells Fargo & Co. Series Z, 4.75%, <br> 12/15/2025 ($25 par value) (s)<br>| &nbsp;&nbsp; 332 | &nbsp;&nbsp; 6602 |
| Xcel Energy, Inc. 6.25%, 10/15/2085 ($25 <br> par value)<br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; 2833 |
| Total Preferred Stocks <br>(Cost $45,123)<br>|  | &nbsp;&nbsp; 42760 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Convertible Bonds — 0.0% ^** | **Convertible Bonds — 0.0% ^** | **Convertible Bonds — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| EchoStar Corp. 3.88% (PIK), <br> 11/30/2030 (i)(Cost $1,380)<br>| &nbsp;&nbsp; 1321 | &nbsp;&nbsp; 3154 |
| **Mortgage-Backed Securities — 0.0% ^** | **Mortgage-Backed Securities — 0.0% ^** | **Mortgage-Backed Securities — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| FHLMC UMBS, 30 Year Pool # SD8238, <br> 4.50%, 8/1/2052<br>| &nbsp;&nbsp; 83 | &nbsp;&nbsp; 81 |
| FNMA UMBS, 20 Year Pool # CA1231, 3.50%, <br> 2/1/2038<br>| &nbsp;&nbsp; 165 | &nbsp;&nbsp; 160 |
| FNMA UMBS, 30 Year |  |  |
| Pool # MA4398, 2.00%, 8/1/2051 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 392 |
| Pool # MA4465, 2.00%, 11/1/2051 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 35 |
| Pool # MA4548, 2.50%, 2/1/2052 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 13 |
| Pool # MA4563, 2.50%, 3/1/2052 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 40 |
| Pool # MA4564, 3.00%, 3/1/2052 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12 |
| Pool # MA4624, 3.00%, 6/1/2052 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 55 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Pool # MA4733, 4.50%, 9/1/2052 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 78 |
| FNMA, Other Pool # BZ3537, 4.97%, <br> 4/1/2035<br>| &nbsp;&nbsp; 1172 | &nbsp;&nbsp; 1210 |
| Total Mortgage-Backed Securities <br>(Cost $2,167)<br>|  | &nbsp;&nbsp; 2076 |
|  | **NO. OF** <br> **WARRANTS** <br>**(000)**<br>|  |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| Audacy, Inc. |  |  |
| expiring 12/31/2049, price 1.00 USD \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 89 |
| expiring 12/31/2049, price 1.00 USD ‡ \* | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — |
| expiring 9/30/2028, price 1.00 USD ‡ \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
| Total Warrants <br>(Cost $4,630)<br>|  | &nbsp;&nbsp; 89 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Norway — 0.0% ^** | **Norway — 0.0% ^** | **Norway — 0.0% ^** |
| Vend Marketplaces ASA\* (c)(Cost $—) (m) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 40 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Convertible Preferred Stocks — 0.0%** | **Convertible Preferred Stocks — 0.0%** | **Convertible Preferred Stocks — 0.0%** |
| **United States — 0.0%** | **United States — 0.0%** | **United States — 0.0%** |
| Claire's Stores, Inc. ‡ \* (n) <br>(Cost $5,709)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; —<br> (m)<br>|
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** |
| **Certificates of Deposits — 0.0% ^** | **Certificates of Deposits — 0.0% ^** | **Certificates of Deposits — 0.0% ^** |
| Deutsche Bank AG, 4.41%, 7/8/2026(Cost <br> $151)<br>| &nbsp;&nbsp; 151 | &nbsp;&nbsp; 152 |
| **Commercial Paper — 0.0% ^** | **Commercial Paper — 0.0% ^** | **Commercial Paper — 0.0% ^** |
| BPCE SA, 4.62%, 11/6/2025 (a) (t) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| DNB Bank ASA, 4.55%, 11/12/2025 (a) (t) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| First Abu Dhabi Bank PJSC, 4.60%, <br> 11/13/2025 (a) (t)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| Intesa Sanpaolo Funding LLC, 4.52%, <br> 2/23/2026 (t)<br>| &nbsp;&nbsp; 479 | &nbsp;&nbsp; 471 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 89

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Oversea-Chinese Banking Corp. Ltd., 4.08%, <br> 1/26/2026 (a) (t)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 247 |
| Telstra Group Ltd., 4.20%, 12/18/2025 (a) <br> (t)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 249 |
| Toyota Credit de Puerto Rico Corp., 3.99%, <br> 6/8/2026 (t)<br>| &nbsp;&nbsp; 129 | &nbsp;&nbsp; 126 |
| Total Commercial Paper <br>(Cost $1,843)<br>|  | &nbsp;&nbsp; 1843 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Investment Companies — 3.5%** | **Investment Companies — 3.5%** | **Investment Companies — 3.5%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.10% (o) (u)<br>| &nbsp;&nbsp; 37143 | &nbsp;&nbsp; 37158 |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (o) (u)<br>| &nbsp;&nbsp; 260909 | &nbsp;&nbsp; 261013 |
| Total Investment Companies <br>(Cost $298,197)<br>|  | &nbsp;&nbsp; 298171 |
| **Investment of Cash Collateral from Securities Loaned — 0.9%** | **Investment of Cash Collateral from Securities Loaned — 0.9%** | **Investment of Cash Collateral from Securities Loaned — 0.9%** |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.12% (o) <br> (u)(Cost $72,131)<br>| &nbsp;&nbsp; 72131 | &nbsp;&nbsp; 72131 |
| Total Short-Term Investments <br>(Cost $372,322)<br>|  | &nbsp;&nbsp; 372297 |
| **Total Investments — 99.9%** <br>**(Cost $7,804,503)**<br>|  | &nbsp;&nbsp; **8461121** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | &nbsp;&nbsp; **10782** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **8471903** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| ADR | American Depositary Receipt |
| CHDI | Clearing House Electronic Subregister System (CHESS) Depository <br> Interest<br>|
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| CSMC | Credit Suisse Mortgage Trust |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| ELN | Equity-Linked Note |
| ETF | Exchange Traded Fund |

---

---

| | |
|:---|:---|
| EUR | Euro |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GDR | Global Depositary Receipt |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of October <br> 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| JSC | Joint Stock Company |
| OYJ | Public Limited Company |
| PIK | Payment In Kind |
| PJSC | Public Joint Stock Company |
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| RTS | Russian Trading System |
| SCA | Limited partnership with share capital |
| SGPS | Holding company |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90 J.P. Morgan Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The security or a portion of this security is on loan at October 31, 2025. The total value of securities on loan at October 31, 2025 is $65,757.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at October 31, 2025 is $181,069 or 2.14% of the Fund's net assets as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Security is an interest bearing note with preferred security characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Fund is subject to legal or contractual restrictions on the resale of the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) All or a portion of this security is unsettled as of October 31, 2025. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The rate shown is the effective yield as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The rate shown is the current yield as of October 31, 2025.

**Summary of Investments by Industry, October 31, 2025**

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| U.S. Equity | 10.0<br> %<br>|
| Banks | 7.5 |
| Oil, Gas & Consumable Fuels | 6.0 |
| Convertible Bonds | 5.8 |
| Commercial Mortgage-Backed Securities | 4.7 |
| Collateralized Mortgage Obligations | 3.4 |
| Foreign Government Securities | 3.3 |
| Media | 2.9 |
| Semiconductors & Semiconductor Equipment | 2.9 |
| Diversified Telecommunication Services | 2.9 |
| Electric Utilities | 2.7 |
| Capital Markets | 2.2 |
| Pharmaceuticals | 2.1 |
| Hotels, Restaurants & Leisure | 2.1 |
| Software | 2.0 |
| Insurance | 1.8 |
| Chemicals | 1.3 |
| Health Care Providers & Services | 1.3 |
| Commercial Services & Supplies | 1.3 |
| Automobile Components | 1.3 |
| Asset-Backed Securities | 1.2 |
| Building Products | 1.1 |
| Aerospace & Defense | 1.1 |
| Multi-Utilities | 1.0 |
| Entertainment | 1.0 |
| Financial Services | 1.0 |
| Technology Hardware, Storage & Peripherals | 1.0 |
| Machinery | 1.0 |
| Others (each less than 1.0%) | 19.7 |
| Short-Term Investments | 4.4 |

---

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 91

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**Futures contracts outstanding as of October 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 623 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 43813 | &nbsp;&nbsp;&nbsp;&nbsp; 956 |
| MSCI Europe Equity Index | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2734 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 114337 | &nbsp;&nbsp;&nbsp;&nbsp; 4030 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 11376 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1282466 | &nbsp;&nbsp;&nbsp;&nbsp; 9202 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 13550 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1480549 | &nbsp;&nbsp;&nbsp;&nbsp; (581)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13598 |
| **Short Contracts** |  |  |  |  |  |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; (3166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (207061)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8637)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 J.P. Morgan Funds October 31, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF October 31, 2025

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Global** <br>**Allocation Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Income** <br>**Builder Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $2403901 | &nbsp;&nbsp;&nbsp; $7224971 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 456735 | &nbsp;&nbsp;&nbsp; 1164019 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.F.)  | &nbsp;&nbsp;&nbsp; 17427 | &nbsp;&nbsp;&nbsp; 72131 |
| Cash | &nbsp;&nbsp;&nbsp; 9660 | &nbsp;&nbsp;&nbsp; 45635 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 2831 | &nbsp;&nbsp;&nbsp; 3209 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 3714 | &nbsp;&nbsp;&nbsp; 197 |
| Receivables: |  |  |
| Due from custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7604 |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 23159 | &nbsp;&nbsp;&nbsp; 28363 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1354 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp; 6958 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 11867 | &nbsp;&nbsp;&nbsp; 58660 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 1465 | &nbsp;&nbsp;&nbsp; 3630 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 1514 | &nbsp;&nbsp;&nbsp; 754 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 1186 | &nbsp;&nbsp;&nbsp; 4595 |
| Securities lending income (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 90 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp; 3646 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 1448 | &nbsp;&nbsp;&nbsp; — |
| Unrealized appreciation on unfunded commitments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Total Assets | &nbsp;&nbsp;&nbsp; 2936446 | &nbsp;&nbsp;&nbsp; 8625817 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 17710 | &nbsp;&nbsp;&nbsp; 67420 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2909 |
| Collateral received on securities loaned (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 17427 | &nbsp;&nbsp;&nbsp; 72131 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 2994 | &nbsp;&nbsp;&nbsp; 5171 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 2665 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp; 2752 |
| Administration fees | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 407 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 1236 |
| Service fees | &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; 249 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 262 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp; 1067 |
| Other | &nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp; 310 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 43325 | &nbsp;&nbsp;&nbsp; 153914 |
| Net Assets | &nbsp;&nbsp;&nbsp; $2893121 | &nbsp;&nbsp;&nbsp; $8471903 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 93

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF October 31, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Global**<br> **Allocation Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Income**<br>**Builder Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $2350268 | &nbsp;&nbsp;&nbsp; $8443534 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 542853 | &nbsp;&nbsp;&nbsp; 28369 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $2893121 | &nbsp;&nbsp;&nbsp; $8471903 |
| Net Assets: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $723978 | &nbsp;&nbsp;&nbsp; $4390377 |
| Class C | &nbsp;&nbsp;&nbsp; 123579 | &nbsp;&nbsp;&nbsp; 476725 |
| Class I | &nbsp;&nbsp;&nbsp; 1289269 | &nbsp;&nbsp;&nbsp; 3245217 |
| Class R2 | &nbsp;&nbsp;&nbsp; 2363 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 767 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 752306 | &nbsp;&nbsp;&nbsp; 359584 |
| Total | &nbsp;&nbsp;&nbsp; $2893121 | &nbsp;&nbsp;&nbsp; $8471903 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class A | &nbsp;&nbsp;&nbsp; 32364 | &nbsp;&nbsp;&nbsp; 420752 |
| Class C | &nbsp;&nbsp;&nbsp; 5676 | &nbsp;&nbsp;&nbsp; 45829 |
| Class I | &nbsp;&nbsp;&nbsp; 57027 | &nbsp;&nbsp;&nbsp; 310343 |
| Class R2 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 33240 | &nbsp;&nbsp;&nbsp; 34386 |
| Net Asset Value (a): |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $22.37 | &nbsp;&nbsp;&nbsp; $10.43 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;21.77 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;22.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.46 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;22.10 | &nbsp;&nbsp;&nbsp; — |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;22.43 | &nbsp;&nbsp;&nbsp; — |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;22.41 | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;22.63 | &nbsp;&nbsp;&nbsp; — |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;22.63 | &nbsp;&nbsp;&nbsp;&nbsp;10.46 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $23.42 | &nbsp;&nbsp;&nbsp; $10.92 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1950455 | &nbsp;&nbsp;&nbsp; $6669261 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 455207 | &nbsp;&nbsp;&nbsp; 1063111 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 2839 | &nbsp;&nbsp;&nbsp; 3209 |
| Investment securities on loan, at value (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 15719 | &nbsp;&nbsp;&nbsp; 65757 |
| Cost of investment of cash collateral (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 17427 | &nbsp;&nbsp;&nbsp; 72131 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 J.P. Morgan Funds October 31, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Global** <br>**Allocation Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Income** <br>**Builder Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $64652 | &nbsp;&nbsp;&nbsp; $346677 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 198 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 27065 | &nbsp;&nbsp;&nbsp; 97188 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 15644 | &nbsp;&nbsp;&nbsp; 91717 |
| Income from securities lending (net) (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp; 1302 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (1603)<br>| &nbsp;&nbsp;&nbsp; (6594)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 106132 | &nbsp;&nbsp;&nbsp; 530488 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 15565 | &nbsp;&nbsp;&nbsp; 34781 |
| Administration fees | &nbsp;&nbsp;&nbsp; 2124 | &nbsp;&nbsp;&nbsp; 6214 |
| Distribution fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1718 | &nbsp;&nbsp;&nbsp; 10545 |
| Class C | &nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp; 4039 |
| Class R2 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1718 | &nbsp;&nbsp;&nbsp; 10545 |
| Class C | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 1346 |
| Class I | &nbsp;&nbsp;&nbsp; 3216 | &nbsp;&nbsp;&nbsp; 7941 |
| Class R2 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp; 1188 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 10 |
| Professional fees | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 168 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 46 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 303 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 82 |
| Transfer agency fees (See Note 2.L.) | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 227 |
| Other | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 247 |
| Total expenses | &nbsp;&nbsp;&nbsp; 27051 | &nbsp;&nbsp;&nbsp; 77682 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (3833)<br>| &nbsp;&nbsp;&nbsp; (20698)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (883)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 23218 | &nbsp;&nbsp;&nbsp; 56101 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 82914 | &nbsp;&nbsp;&nbsp; 474387 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 95

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025 (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Global**<br> **Allocation Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Income**<br>**Builder Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $166486 | &nbsp;&nbsp;&nbsp; $168,516<br> (a)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp;&nbsp; 13994 |
| Options purchased | &nbsp;&nbsp;&nbsp; (4109)<br>| &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 41409 | &nbsp;&nbsp;&nbsp; (126375)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (374)<br>| &nbsp;&nbsp;&nbsp; (696)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; (4445)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 198772 | &nbsp;&nbsp;&nbsp; 55439 |
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 49,446<br> (b)<br>| &nbsp;&nbsp;&nbsp; 230,052<br> (c)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 2883 | &nbsp;&nbsp;&nbsp; 37943 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 20743 | &nbsp;&nbsp;&nbsp; 80642 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 183 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; (255)<br>| &nbsp;&nbsp;&nbsp; — |
| Unfunded commitments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 72947 | &nbsp;&nbsp;&nbsp; 348821 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 271719 | &nbsp;&nbsp;&nbsp; 404260 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $354633 | &nbsp;&nbsp;&nbsp; $878647 |

---

------

(a) Net of foreign capital gains tax of $(647).

(b) Net of change in foreign capital gains tax of $(328).

(c) Net of change in foreign capital gains tax of $310.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 J.P. Morgan Funds October 31, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Global Allocation Fund**  | **JPMorgan Global Allocation Fund**  | **JPMorgan Income Builder Fund**  | **JPMorgan Income Builder Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| **Year Ended** <br>**October 31, 2024**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $82914 | &nbsp;&nbsp;&nbsp; $85311 | &nbsp;&nbsp;&nbsp; $474387 | &nbsp;&nbsp;&nbsp; $480885 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 198772 | &nbsp;&nbsp;&nbsp; 293638 | &nbsp;&nbsp;&nbsp; 55439 | &nbsp;&nbsp;&nbsp; 273499 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 72947 | &nbsp;&nbsp;&nbsp; 247886 | &nbsp;&nbsp;&nbsp; 348821 | &nbsp;&nbsp;&nbsp; 821092 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 354633 | &nbsp;&nbsp;&nbsp; 626835 | &nbsp;&nbsp;&nbsp; 878647 | &nbsp;&nbsp;&nbsp; 1575476 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (15957)<br>| &nbsp;&nbsp;&nbsp; (13953)<br>| &nbsp;&nbsp;&nbsp; (237790)<br>| &nbsp;&nbsp;&nbsp; (237546)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (2661)<br>| &nbsp;&nbsp;&nbsp; (3206)<br>| &nbsp;&nbsp;&nbsp; (27482)<br>| &nbsp;&nbsp;&nbsp; (36942)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (31774)<br>| &nbsp;&nbsp;&nbsp; (29991)<br>| &nbsp;&nbsp;&nbsp; (183290)<br>| &nbsp;&nbsp;&nbsp; (187663)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (18558)<br>| &nbsp;&nbsp;&nbsp; (16699)<br>| &nbsp;&nbsp;&nbsp; (20354)<br>| &nbsp;&nbsp;&nbsp; (22152)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (69049)<br>| &nbsp;&nbsp;&nbsp; (63959)<br>| &nbsp;&nbsp;&nbsp; (468916)<br>| &nbsp;&nbsp;&nbsp; (484303)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (249667)<br>| &nbsp;&nbsp;&nbsp; (570833)<br>| &nbsp;&nbsp;&nbsp; (443894)<br>| &nbsp;&nbsp;&nbsp; (1116568)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 35917 | &nbsp;&nbsp;&nbsp; (7957)<br>| &nbsp;&nbsp;&nbsp; (34163)<br>| &nbsp;&nbsp;&nbsp; (25395)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 2857204 | &nbsp;&nbsp;&nbsp; 2865161 | &nbsp;&nbsp;&nbsp; 8506066 | &nbsp;&nbsp;&nbsp; 8531461 |
| End of period | &nbsp;&nbsp;&nbsp; $2893121 | &nbsp;&nbsp;&nbsp; $2857204 | &nbsp;&nbsp;&nbsp; $8471903 | &nbsp;&nbsp;&nbsp; $8506066 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 97

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Global Allocation Fund** | **JPMorgan Global Allocation Fund** | **JPMorgan Income Builder Fund** | **JPMorgan Income Builder Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $120548 | &nbsp;&nbsp;&nbsp; $128551 | &nbsp;&nbsp;&nbsp; $643515 | &nbsp;&nbsp;&nbsp; $603258 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 14503 | &nbsp;&nbsp;&nbsp; 12697 | &nbsp;&nbsp;&nbsp; 223016 | &nbsp;&nbsp;&nbsp; 221607 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (161965)<br>| &nbsp;&nbsp;&nbsp; (175525)<br>| &nbsp;&nbsp;&nbsp; (951762)<br>| &nbsp;&nbsp;&nbsp; (1171192)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (26914)<br>| &nbsp;&nbsp;&nbsp; (34277)<br>| &nbsp;&nbsp;&nbsp; (85231)<br>| &nbsp;&nbsp;&nbsp; (346327)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6948 | &nbsp;&nbsp;&nbsp; 8638 | &nbsp;&nbsp;&nbsp; 59069 | &nbsp;&nbsp;&nbsp; 43600 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2539 | &nbsp;&nbsp;&nbsp; 3046 | &nbsp;&nbsp;&nbsp; 26388 | &nbsp;&nbsp;&nbsp; 35307 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (73333)<br>| &nbsp;&nbsp;&nbsp; (100176)<br>| &nbsp;&nbsp;&nbsp; (268940)<br>| &nbsp;&nbsp;&nbsp; (346043)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (63846)<br>| &nbsp;&nbsp;&nbsp; (88492)<br>| &nbsp;&nbsp;&nbsp; (183483)<br>| &nbsp;&nbsp;&nbsp; (267136)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 120453 | &nbsp;&nbsp;&nbsp; 146154 | &nbsp;&nbsp;&nbsp; 505324 | &nbsp;&nbsp;&nbsp; 490640 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 26994 | &nbsp;&nbsp;&nbsp; 25566 | &nbsp;&nbsp;&nbsp; 166716 | &nbsp;&nbsp;&nbsp; 169491 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (300194)<br>| &nbsp;&nbsp;&nbsp; (462271)<br>| &nbsp;&nbsp;&nbsp; (830472)<br>| &nbsp;&nbsp;&nbsp; (1092189)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (152747)<br>| &nbsp;&nbsp;&nbsp; (290551)<br>| &nbsp;&nbsp;&nbsp; (158432)<br>| &nbsp;&nbsp;&nbsp; (432058)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1443)<br>| &nbsp;&nbsp;&nbsp; (1882)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (1021)<br>| &nbsp;&nbsp;&nbsp; (1387)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (848)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; (752)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (726)<br>| &nbsp;&nbsp;&nbsp; (704)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (536)<br>| &nbsp;&nbsp;&nbsp; (547)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98 J.P. Morgan Funds October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Global Allocation Fund** | **JPMorgan Global Allocation Fund** | **JPMorgan Income Builder Fund** | **JPMorgan Income Builder Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $33840 | &nbsp;&nbsp;&nbsp; $34237 | &nbsp;&nbsp;&nbsp; $58030 | &nbsp;&nbsp;&nbsp; $61993 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13879 | &nbsp;&nbsp;&nbsp; 14888 | &nbsp;&nbsp;&nbsp; 19993 | &nbsp;&nbsp;&nbsp; 21972 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (52357)<br>| &nbsp;&nbsp;&nbsp; (203917)<br>| &nbsp;&nbsp;&nbsp; (94771)<br>| &nbsp;&nbsp;&nbsp; (155012)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (4638)<br>| &nbsp;&nbsp;&nbsp; (154792)<br>| &nbsp;&nbsp;&nbsp; (16748)<br>| &nbsp;&nbsp;&nbsp; (71047)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(249667)<br>| &nbsp;&nbsp;&nbsp; $(570833)<br>| &nbsp;&nbsp;&nbsp; $(443894)<br>| &nbsp;&nbsp;&nbsp; $(1116568)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5770 | &nbsp;&nbsp;&nbsp; 6603 | &nbsp;&nbsp;&nbsp; 63976 | &nbsp;&nbsp;&nbsp; 62083 |
| Reinvested | &nbsp;&nbsp;&nbsp; 687 | &nbsp;&nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp; 22228 | &nbsp;&nbsp;&nbsp; 22803 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7765)<br>| &nbsp;&nbsp;&nbsp; (9010)<br>| &nbsp;&nbsp;&nbsp; (95017)<br>| &nbsp;&nbsp;&nbsp; (121031)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (1308)<br>| &nbsp;&nbsp;&nbsp; (1786)<br>| &nbsp;&nbsp;&nbsp; (8813)<br>| &nbsp;&nbsp;&nbsp; (36145)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp; 5867 | &nbsp;&nbsp;&nbsp; 4505 |
| Reinvested | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 2642 | &nbsp;&nbsp;&nbsp; 3650 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3621)<br>| &nbsp;&nbsp;&nbsp; (5291)<br>| &nbsp;&nbsp;&nbsp; (26922)<br>| &nbsp;&nbsp;&nbsp; (35837)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (3153)<br>| &nbsp;&nbsp;&nbsp; (4680)<br>| &nbsp;&nbsp;&nbsp; (18413)<br>| &nbsp;&nbsp;&nbsp; (27682)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5711 | &nbsp;&nbsp;&nbsp; 7448 | &nbsp;&nbsp;&nbsp; 50103 | &nbsp;&nbsp;&nbsp; 50668 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1268 | &nbsp;&nbsp;&nbsp; 1241 | &nbsp;&nbsp;&nbsp; 16585 | &nbsp;&nbsp;&nbsp; 17414 |
| Redeemed | &nbsp;&nbsp;&nbsp; (14147)<br>| &nbsp;&nbsp;&nbsp; (23651)<br>| &nbsp;&nbsp;&nbsp; (82533)<br>| &nbsp;&nbsp;&nbsp; (113139)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (7168)<br>| &nbsp;&nbsp;&nbsp; (14962)<br>| &nbsp;&nbsp;&nbsp; (15845)<br>| &nbsp;&nbsp;&nbsp; (45057)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 99

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Global Allocation Fund** | **JPMorgan Global Allocation Fund** | **JPMorgan Income Builder Fund** | **JPMorgan Income Builder Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| **Year Ended**<br> **October 31, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp; 1744 | &nbsp;&nbsp;&nbsp; 5751 | &nbsp;&nbsp;&nbsp; 6417 |
| Reinvested | &nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp; 1989 | &nbsp;&nbsp;&nbsp; 2258 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2467)<br>| &nbsp;&nbsp;&nbsp; (10046)<br>| &nbsp;&nbsp;&nbsp; (9442)<br>| &nbsp;&nbsp;&nbsp; (15981)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (208)<br>| &nbsp;&nbsp;&nbsp; (7580)<br>| &nbsp;&nbsp;&nbsp; (1702)<br>| &nbsp;&nbsp;&nbsp; (7306)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 J.P. Morgan Funds October 31, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

101 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Global Allocation Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | $20.24 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $2.05 | &nbsp;&nbsp; $2.62 | &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.49)<br>|
| Year Ended October 31, 2024 | 16.82 | 0.52 | 3.31 | 3.83 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended October 31, 2023 | 16.91 | 0.37 | 0.21 | 0.58 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>|
| Year Ended October 31, 2022 | 23.57 | 0.19 | &nbsp;&nbsp; (4.69)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.16)<br>|
| Year Ended October 31, 2021 | 19.27 | 0.22 | 4.50 | 4.72 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 19.72 | 0.46 | 1.99 | 2.45 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended October 31, 2024 | 16.42 | 0.41 | 3.22 | 3.63 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended October 31, 2023 | 16.58 | 0.27 | 0.21 | 0.48 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended October 31, 2022 | 23.15 | 0.09 | &nbsp;&nbsp; (4.58)<br>| &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.08)<br>|
| Year Ended October 31, 2021 | 18.94 | 0.11 | 4.41 | 4.52 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 20.44 | 0.63 | 2.07 | 2.70 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended October 31, 2024 | 16.97 | 0.57 | 3.35 | 3.92 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended October 31, 2023 | 17.02 | 0.42 | 0.21 | 0.63 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended October 31, 2022 | 23.72 | 0.24 | &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.21)<br>|
| Year Ended October 31, 2021 | 19.39 | 0.28 | 4.52 | 4.80 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.47)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 20.00 | 0.50 | 2.02 | 2.52 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended October 31, 2024 | 16.64 | 0.44 | 3.27 | 3.71 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended October 31, 2023 | 16.78 | 0.30 | 0.21 | 0.51 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended October 31, 2022 | 23.40 | 0.12 | &nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp; (4.53)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended October 31, 2021 | 19.14 | 0.14 | 4.45 | 4.59 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 20.30 | 0.55 | 2.05 | 2.60 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2024 | 16.87 | 0.49 | 3.33 | 3.82 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended October 31, 2023 | 16.97 | 0.35 | 0.21 | 0.56 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>|
| Year Ended October 31, 2022 | 23.65 | 0.16 | &nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.14)<br>|
| Year Ended October 31, 2021 | 19.34 | 0.20 | 4.50 | 4.70 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.39)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 20.27 | 0.60 | 2.05 | 2.65 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended October 31, 2024 | 16.84 | 0.54 | 3.32 | 3.86 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended October 31, 2023 | 16.91 | 0.39 | 0.21 | 0.60 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>|
| Year Ended October 31, 2022 | 23.57 | 0.21 | &nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.19)<br>|
| Year Ended October 31, 2021 | 19.28 | 0.26 | 4.48 | 4.74 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.45)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 20.46 | 0.64 | 2.07 | 2.71 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>|
| Year Ended October 31, 2024 | 16.99 | 0.57 | 3.35 | 3.92 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended October 31, 2023 | 17.04 | 0.41 | 0.22 | 0.63 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended October 31, 2022 | 23.73 | 0.25 | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.22)<br>|
| Year Ended October 31, 2021 | 19.39 | 0.33 | 4.48 | 4.81 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.47)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102 J.P. Morgan Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp; Net <br>expenses <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(d)(e)<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(d)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(excluding securities <br>sold short)(f)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)(f)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.37 | &nbsp;&nbsp;&nbsp;&nbsp; 13.10<br> %<br>| &nbsp;&nbsp;&nbsp; $723978 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.24 | &nbsp;&nbsp;&nbsp;&nbsp;22.77 | &nbsp;&nbsp;&nbsp; 681509 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp; 596497 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.91 | &nbsp;&nbsp;&nbsp; (20.90)<br>| &nbsp;&nbsp;&nbsp; 600741 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> (g)<br>| &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.57 | &nbsp;&nbsp;&nbsp;&nbsp;24.67 | &nbsp;&nbsp;&nbsp; 773563 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> (g)<br>| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.77 | &nbsp;&nbsp;&nbsp;&nbsp;12.54 | &nbsp;&nbsp;&nbsp; 123579 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.72 | &nbsp;&nbsp;&nbsp;&nbsp;22.12 | &nbsp;&nbsp;&nbsp; 174130 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp; 221791 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.58 | &nbsp;&nbsp;&nbsp; (21.26)<br>| &nbsp;&nbsp;&nbsp; 324254 | &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> (g)<br>| &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.15 | &nbsp;&nbsp;&nbsp;&nbsp;24.02 | &nbsp;&nbsp;&nbsp; 519020 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> (g)<br>| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.61 | &nbsp;&nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp; 1289269 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.44 | &nbsp;&nbsp;&nbsp;&nbsp;23.08 | &nbsp;&nbsp;&nbsp; 1312202 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp; 1343601 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp;&nbsp; (20.74)<br>| &nbsp;&nbsp;&nbsp; 1657768 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (g)<br>| &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.72 | &nbsp;&nbsp;&nbsp;&nbsp;24.96 | &nbsp;&nbsp;&nbsp; 2760026 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (g)<br>| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.10 | &nbsp;&nbsp;&nbsp;&nbsp;12.72 | &nbsp;&nbsp;&nbsp; 2363 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp; 3090 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp; 3737 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.78 | &nbsp;&nbsp;&nbsp; (21.17)<br>| &nbsp;&nbsp;&nbsp; 4859 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (g)<br>| &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.40 | &nbsp;&nbsp;&nbsp;&nbsp;24.16 | &nbsp;&nbsp;&nbsp; 6946 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (g)<br>| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.43 | &nbsp;&nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;&nbsp;&nbsp;22.61 | &nbsp;&nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp; 1237 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp; (21.01)<br>| &nbsp;&nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> (g)<br>| &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.65 | &nbsp;&nbsp;&nbsp;&nbsp;24.47 | &nbsp;&nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> (g)<br>| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.41 | &nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp; 767 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.27 | &nbsp;&nbsp;&nbsp;&nbsp;22.92 | &nbsp;&nbsp;&nbsp; 1256 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp; 1529 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.91 | &nbsp;&nbsp;&nbsp; (20.78)<br>| &nbsp;&nbsp;&nbsp; 1656 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (g)<br>| &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.57 | &nbsp;&nbsp;&nbsp;&nbsp;24.77 | &nbsp;&nbsp;&nbsp; 1377 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (g)<br>| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.63 | &nbsp;&nbsp;&nbsp;&nbsp;13.42 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.46 | &nbsp;&nbsp;&nbsp;&nbsp;23.09 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.04 | &nbsp;&nbsp;&nbsp; (20.66)<br>| &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> (g)<br>| &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> (g)<br>| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 110 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 103

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Global Allocation Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | $20.46 | &nbsp;&nbsp; $0.66 | &nbsp;&nbsp; $2.07 | &nbsp;&nbsp; $2.73 | &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.56)<br>|
| Year Ended October 31, 2024 | 16.98 | 0.60 | 3.35 | 3.95 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2023 | 17.02 | 0.44 | 0.20 | 0.64 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended October 31, 2022 | 23.71 | 0.27 | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.24)<br>|
| Year Ended October 31, 2021 | 19.38 | 0.31 | 4.52 | 4.83 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.50)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(c) 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. 

(d) Does not include expenses of Underlying Funds.

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

(f) The Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For the years ended October 31, 2023, October 31, 2024 and October 31, 2025 the Fund did not transact in securities sold short. 

(g) nan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (excluding dividend and interest <br> expense for securities sold short)<br>|  |  |  |  |  |
| Class A | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.02<br> %<br>| 1.03<br> %<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.52 | 1.53 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.77 | 0.78 |
| Class R2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.39 | 1.40 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.14 | 1.15 |
| Class R4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.88 | 0.90 |
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.74 | 0.75 |
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.64 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without waivers and reimbursements <br> (excluding dividend and interest expense for <br> securities sold short)<br>|  |  |  |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.17 | 1.17 |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.67 | 1.67 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.92 | 0.92 |
| Class R2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.44 | 1.44 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.17 | 1.17 |
| Class R4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.92 | 0.92 |
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.78 | 0.80 |
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.67 | 0.67 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 J.P. Morgan Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)<br>| &nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp; Net <br>expenses <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(d)(e)<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(a)<br>| &nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(d)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(excluding securities <br>sold short)(f)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)(f)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.63 | &nbsp;&nbsp;&nbsp;&nbsp; 13.51<br> %<br>| &nbsp;&nbsp;&nbsp; $752306 | &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.46 | &nbsp;&nbsp;&nbsp;&nbsp;23.25 | &nbsp;&nbsp;&nbsp; 684274 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp; 696721 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp;&nbsp; (20.59)<br>| &nbsp;&nbsp;&nbsp; 690542 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> (g)<br>| &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.71 | &nbsp;&nbsp;&nbsp;&nbsp;25.13 | &nbsp;&nbsp;&nbsp; 1060644 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> (g)<br>| &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 110 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 105

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Income Builder Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | $9.93 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $0.50 | &nbsp;&nbsp; $1.07 | &nbsp;&nbsp; $(0.57)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.57)<br>|
| Year Ended October 31, 2024 | 8.77 | 0.53 | 1.17 | 1.70 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>|
| Year Ended October 31, 2023 | 9.01 | 0.46 | &nbsp;&nbsp; (0.23)<br>| 0.23 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2022 | 11.62 | 0.41 | &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended October 31, 2021 | 10.21 | 0.40 | 1.42 | 1.82 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 9.90 | 0.52 | 0.50 | 1.02 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended October 31, 2024 | 8.74 | 0.48 | 1.17 | 1.65 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended October 31, 2023 | 8.98 | 0.42 | &nbsp;&nbsp; (0.24)<br>| 0.18 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended October 31, 2022 | 11.58 | 0.36 | &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended October 31, 2021 | 10.19 | 0.34 | 1.40 | 1.74 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 9.95 | 0.59 | 0.50 | 1.09 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended October 31, 2024 | 8.79 | 0.55 | 1.16 | 1.71 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended October 31, 2023 | 9.03 | 0.48 | &nbsp;&nbsp; (0.24)<br>| 0.24 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended October 31, 2022 | 11.64 | 0.43 | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.95)<br>|
| Year Ended October 31, 2021 | 10.23 | 0.41 | 1.42 | 1.83 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 9.95 | 0.60 | 0.50 | 1.10 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59)<br>|
| Year Ended October 31, 2024 | 8.79 | 0.55 | 1.17 | 1.72 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56)<br>|
| Year Ended October 31, 2023 | 9.03 | 0.49 | &nbsp;&nbsp; (0.24)<br>| 0.25 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended October 31, 2022 | 11.64 | 0.44 | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended October 31, 2021 | 10.23 | 0.42 | 1.42 | 1.84 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4390377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4265538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4084316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4354310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5328533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2146228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3245217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3245429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3261981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4142959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5728166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

107 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I (the "Trust") was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following are 2 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Global Allocation Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
| JPMorgan Income Builder Fund | Class A, Class C, Class I and Class R6 | Diversified |

---

The investment objective of JPMorgan Global Allocation Fund ("Global Allocation Fund") is to seek to maximize long-term total return.

The investment objective of JPMorgan Income Builder Fund ("Income Builder Fund") is to seek to maximize income while maintaining prospects for capital appreciation.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class R2, Class 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 eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of Investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

108 J.P. Morgan Funds October 31, 2025

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Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date. Certain foreign equity instruments 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 NAV is 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. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3876 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3876 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| Common Stocks |  |  |  |  |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 595 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; 906 | &nbsp;&nbsp;&nbsp;&nbsp; 16350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17256 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 601 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1923 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1923 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 12804 | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12876 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 2473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2473 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 7923 | &nbsp;&nbsp;&nbsp;&nbsp; 70598 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78521 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7371 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7371 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2698 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49077 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 35482 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35625 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2444 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 9510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9806 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1927 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 109

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Allocation Fund** (continued) | **Global Allocation Fund** (continued) | **Global Allocation Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| India | &nbsp;&nbsp;&nbsp;&nbsp; $8619 | &nbsp;&nbsp;&nbsp;&nbsp; $19204 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $27823 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4405 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 2727 | &nbsp;&nbsp;&nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3470 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp;&nbsp; 1538 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2120 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7684 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp;&nbsp; 78984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79453 |
| Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 823 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 4466 | &nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4544 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 4506 | &nbsp;&nbsp;&nbsp;&nbsp; 21589 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26095 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp;&nbsp; 1262 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1968 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 986 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 986 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1030 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 982 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 982 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3040 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 1662 | &nbsp;&nbsp;&nbsp;&nbsp; 7690 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9352 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp; 6645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7340 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; 1299 | &nbsp;&nbsp;&nbsp;&nbsp; 30760 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32059 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 8068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8204 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20819 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20819 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14778 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 8906 | &nbsp;&nbsp;&nbsp;&nbsp; 49805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58711 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 499 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1795 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1795 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp;&nbsp; 1209 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1763 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 2799 | &nbsp;&nbsp;&nbsp;&nbsp; 36606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39405 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 889497 | &nbsp;&nbsp;&nbsp;&nbsp; 21680 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 911201 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 955104 | &nbsp;&nbsp;&nbsp;&nbsp; 540803 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1495931 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Corporate Bonds |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1978 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 282 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22844 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22844 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2394 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9139 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13416 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7117 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14966 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 287 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4888 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4888 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2224 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2224 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4267 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4267 |
| Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 540 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 J.P. Morgan Funds October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Allocation Fund** (continued) | **Global Allocation Fund** (continued) | **Global Allocation Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $820 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $820 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2348 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2348 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6559 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6559 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13638 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13638 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 528 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
| Trinidad And Tobago | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13618 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 326307 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 326311 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 448571 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 448575 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 97243 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97243 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 372524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 372524 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 114375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114375 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp;&nbsp; 751 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22829 |
| Supranational | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2406 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2406 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55649 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55649 |
| Short-Term Investments |  |  |  |  |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 681 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 245117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245117 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 17427 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17427 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 262544 | &nbsp;&nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 263225 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1429266 | &nbsp;&nbsp;&nbsp;&nbsp; $1448018 | &nbsp;&nbsp;&nbsp;&nbsp; $779 | &nbsp;&nbsp;&nbsp;&nbsp; $2878063 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1448 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1448 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 15476 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15487 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2665)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2665)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (3863)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3863)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11613 | &nbsp;&nbsp;&nbsp;&nbsp; $(1206)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities |  |  |  |  |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $27274 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $27274 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1979 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66815 | &nbsp;&nbsp;&nbsp;&nbsp; 5576 | &nbsp;&nbsp;&nbsp;&nbsp; 72391 |
| Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96068 | &nbsp;&nbsp;&nbsp;&nbsp; 5576 | &nbsp;&nbsp;&nbsp;&nbsp; 101644 |
| Collateralized Mortgage Obligations |  |  |  |  |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 282000 | &nbsp;&nbsp;&nbsp;&nbsp; 2531 | &nbsp;&nbsp;&nbsp;&nbsp; 284531 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 395499 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 395499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 111

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $30610 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $30610 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp; 8237 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8829 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6479 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 23302 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23302 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 75117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75117 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 1609 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1609 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 4967 | &nbsp;&nbsp;&nbsp;&nbsp; 107201 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112168 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20317 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20317 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33759 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33759 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122644 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122644 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102082 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102082 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7158 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 1985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1985 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12274 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12274 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 1615 | &nbsp;&nbsp;&nbsp;&nbsp; 24573 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26188 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15792 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 3539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4954 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1871 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59068 |
| Ivory Coast | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2454 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2454 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 101493 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101634 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8669 | &nbsp;&nbsp;&nbsp;&nbsp; 3920 | &nbsp;&nbsp;&nbsp;&nbsp; 12589 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 18258 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18258 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 9301 | &nbsp;&nbsp;&nbsp;&nbsp; 66221 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75522 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 620 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; 623 | &nbsp;&nbsp;&nbsp;&nbsp; 19242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19865 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 1078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1078 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1733 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1733 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2833 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2833 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13645 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25120 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp; 10601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11321 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54757 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; 8798 | &nbsp;&nbsp;&nbsp;&nbsp; 26231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35029 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43613 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12783 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117721 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117721 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; 4518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4518 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 7905 | &nbsp;&nbsp;&nbsp;&nbsp; 146968 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154873 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 1135683 | &nbsp;&nbsp;&nbsp;&nbsp; 57274 | &nbsp;&nbsp;&nbsp;&nbsp; 6560 | &nbsp;&nbsp;&nbsp;&nbsp; 1199517 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 1297627 | &nbsp;&nbsp;&nbsp;&nbsp; 1267582 | &nbsp;&nbsp;&nbsp;&nbsp; 10480 | &nbsp;&nbsp;&nbsp;&nbsp; 2575689 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3154 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Corporate Bonds |  |  |  |  |
| Angola | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 704 |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3105 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

112 J.P. Morgan Funds October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1057 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1057 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3568 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3568 |
| Bahrain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1197 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16057 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134484 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7223 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7223 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
| El Salvador | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11311 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11311 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55568 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55568 |
| Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 654 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9599 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9599 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1825 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5887 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5887 |
| Jamaica | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2664 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2664 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9032 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9032 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7351 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7351 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33055 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33055 |
| Morocco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3517 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17485 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256 |
| Paraguay | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3075 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4040 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30468 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5840 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21497 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21497 |
| Trinidad And Tobago | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 876 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 876 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5328 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5328 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72446 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72446 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2256765 | &nbsp;&nbsp;&nbsp;&nbsp; 2762 | &nbsp;&nbsp;&nbsp;&nbsp; 2259527 |
| Uzbekistan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4462 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4462 |
| Venezuela, Bolivarian Republic of | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6417 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6417 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2737658 | &nbsp;&nbsp;&nbsp;&nbsp; 2762 | &nbsp;&nbsp;&nbsp;&nbsp; 2740420 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 494719 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 494719 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 865848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 865848 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283317 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283317 |
| Loan Assignments |  |  |  |  |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3393 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3393 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 526 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4535 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4535 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3109 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 215637 | &nbsp;&nbsp;&nbsp;&nbsp; 9026 | &nbsp;&nbsp;&nbsp;&nbsp; 224663 |
| Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227354 | &nbsp;&nbsp;&nbsp;&nbsp; 9026 | &nbsp;&nbsp;&nbsp;&nbsp; 236380 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2076 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2076 |
| Preferred Stocks |  |  |  |  |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 39923 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2837 | &nbsp;&nbsp;&nbsp;&nbsp; 42760 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 113

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $40 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $40 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62658 |
| Warrants |  |  |  |  |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| Short-Term Investments |  |  |  |  |
| Certificates of Deposits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1843 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1843 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 298171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 298171 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 72131 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72131 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 370302 | &nbsp;&nbsp;&nbsp;&nbsp; 1995 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 372297 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2573700 | &nbsp;&nbsp;&nbsp;&nbsp; $5854209 | &nbsp;&nbsp;&nbsp;&nbsp; $33212 | &nbsp;&nbsp;&nbsp;&nbsp; $8461121 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $14188 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $14188 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(9227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(9227)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4961 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Value is zero.

(b) Amount rounds to less than one thousand.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Builder Fund** | **Balance as of** <br>**October 31,** <br>**2024**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**October 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | $8596 | $3 | $(22)<br>| $(9)<br>| $3568 | $(6560)<br>| $— | $— | $5576 |
| Collateralized Mortgage <br> Obligations<br>| 8488 | —<br> (a)<br>| (53)<br>| (2)<br>| 4634 | (10536)<br>|  |  | 2531 |
| Common Stocks | 22892 | 3258 | (1882)<br>|  | 5738 | (14524)<br>|  | (5002)<br>| 10480 |
| Convertible Bonds | 3155 |  | (2852)<br>|  | 77 | (380)<br>|  |  |  |
| Convertible Preferred Stocks | 6863 | (1041)<br>| (11639)<br>|  | 7205 | (1388)<br>|  |  | —<br> (b)<br>|
| Corporate Bonds | 6553 | —<br> (a)<br>| (4483)<br>| 170 | 1687 | (1165)<br>|  |  | 2762 |
| Loan Assignments | 8731 | —<br> (a)<br>| (3704)<br>| 406 | 2205 | (26)<br>| 1466 | (52)<br>| 9026 |
| Preferred Stocks | 2054 |  | 783 |  |  |  |  |  | 2837 |
| Warrants | 475 |  | (577)<br>|  | 102 |  |  |  | —<br> (a)<br>|
| **Total** | $67807 | $2220 | $(24429)<br>| $565 | $25216 | $(34579)<br>| $1466 | $(5054)<br>| $33212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at October 31, 2025, which were valued using significant unobservable inputs (level 3), amounted to $(24,429). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

114 J.P. Morgan Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 NAVs of the Funds.

As of October 31, 2025, the Funds held restricted securities, other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act, as follows:

**Global Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Market** <br>**Value**<br>| **Percentage** <br>**of Fund's** <br>**Net Assets**<br>|
| Claire's Stores, Inc. - Common Stocks | 11/28/2018 | $276 | $—<br> (a)<br>| 0.0<br> %<br>|
| Claire's Stores, Inc. - Convertible Preferred Stocks | 10/03/2018 | 442 | —<br> (a)<br>| 0.0<br> %<br>|
|  |  | $718 | $—<br> (a)<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value is zero.

**Income Builder Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Market** <br>**Value**<br>| **Percentage** <br>**of Fund's** <br>**Net Assets**<br>|
| Claire's Stores, Inc. - Common Stocks | 11/28/2018 | $3541 | $—<br> (a)<br>| 0.0<br> %<br>|
| Claire's Stores, Inc. - Convertible Preferred Stocks | 10/03/2018 | 5709 | —<br> (a)<br>| 0.0<br> %<br>|
|  |  | $9250 | $—<br> (a)<br>|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value is zero.

**C. Loan Assignments**— The Funds invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a "Lender") by corporate, governmental or other borrowers (a "Borrower"). A loan is often administered by a bank or other financial institution (the "Agent") that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Funds invested in loan assignments of all or a portion of the loans. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan. In addition, it is unclear whether loans, loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loans are secured by collateral, a Fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower.

Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid when purchased, may become illiquid and difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a Fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

**D. Unfunded Commitments**— Income Builder Fund entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of its normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Fund to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.C.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Fund may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of Interest income from non-affiliates on the Statements of Operations.

At October 31, 2025, Income Builder Fund had the following loan commitments outstanding in which all or a portion of the commitments were unfunded, and which could be extended at the options of the borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 115

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Unfunded** <br>**Commitment** | **Unfunded** <br>**Commitment** | **Funded** <br>**Commitment** | **Funded** <br>**Commitment** | **Total** <br>**Commitment** | **Total** <br>**Commitment** |
| **Security Description** | **Maturity** <br>**Date**<br>| **Commitment** <br>**Fee Rate**<br>| **Rate if** <br>**Funded**<br>| **Par** <br>**Amount**<br>| **Value** | **Par** <br>**Amount**<br>| **Value** | **Par** <br>**Amount**<br>| **Value** |
| **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** |
| Clydesdale Acquisition Holdings, Inc., 1st <br> Lien Delayed Draw Term Loan B<br>| 04/01/2032 | 3.250<br> %<br>| 0.000<br> %<br>| &nbsp;&nbsp; $9 | &nbsp;&nbsp; $9 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9 | &nbsp;&nbsp; $9 |
| Raven Acquisition Holdings LLC, 1st Lien <br> Delayed Draw Term Loan<br>| 11/19/2031 | 3.000 | 0.000 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 210 |

---

**E. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— The Income Builder Fund purchased when-issued securities, including To-Be-Announced ("TBA") securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

The Funds may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an "MSFTA"). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan. These amounts are not reflected on the Funds' Statements of Assets and Liabilities.

The Funds had when-issued securities, delayed delivery securities or forward commitments outstanding as of October 31, 2025, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at October 31, 2025 are detailed on the SOIs, if any.

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

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 J.P. Morgan Funds October 31, 2025

------

borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of October 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Global Allocation Fund | &nbsp;&nbsp; $15719 | &nbsp;&nbsp; $(15719)<br>| &nbsp;&nbsp; $— |
| Income Builder Fund | &nbsp;&nbsp; 65757 | &nbsp;&nbsp; (65757)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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.

**G. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' and ETFs' distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  |
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Income ETF (a) | $— | $95792 | $— | $— | $1451 | $97243 | 2095 | $2277 | $— |
| JPMorgan Income Fund Class R6 Shares (a) | 129656 | 7154 | 23592 | (241)<br>| 1398 | 114375 | 13315 | 7153 |  |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (a) (b)<br>| 70700 | 2001336 | 1826999 | 46 | 34 | 245117 | 245020 | 6214 |  |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.12% (a) (b)<br>| 12484 | 205451 | 200508 |  |  | 17427 | 17427 | 981<br> \*<br>|  |
| **Total** | $212840 | $2309733 | $2051099 | $(195)<br>| $2883 | $474162 |  | $16625 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of October 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  |
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Equity Premium Income ETF (a) | $424858 | $— | $407778 | $13234 | $(30314)<br>| $— |  | $25984 | $— |
| JPMorgan Income ETF (a) | 44356 |  | 20652 | 698 | (535)<br>| 23867 | 514 | 1669 |  |
| JPMorgan Nasdaq Equity Premium Income <br> ETF (a)<br>| 432469 | 340672 |  |  | 68840 | 841981 | 14247 | 57744 |  |
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.10% (a) (b)<br>| 48289 | 839257 | 850397 | 11 | (2)<br>| 37158 | 37143 | 1555 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 117

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) |
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| **Security Description** | **Value at**<br> **October 31,**<br> **2024**<br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **October 31,**<br> **2025**<br>| **Shares at**<br> **October 31,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (a) (b)<br>| $56352 | $5016663 | $4812007 | $51 | $(46)<br>| $261013 | 260909 | $4765 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.12% <br> (a) (b)<br>| 86568 | 396060 | 410497 |  |  | 72131 | 72131 | 3,769<br> \*<br>|  |
| **Total** | $1092892 | $6592652 | $6501331 | $13994 | $37943 | $1236150 |  | $95486 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of October 31, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

**H. Foreign Currency Translation** — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**I. Derivatives**— The Funds used derivative instruments including options, futures contracts and forward foreign currency exchange contracts, in connection with their respective investment strategy. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

118 J.P. Morgan Funds October 31, 2025

------

Notes I(1) - I(3) below describe the various derivatives used by the Funds.

**(1) Options**— Global Allocation Fund purchased put and call options on various instruments including futures, securities and currencies to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

*Options Purchased*— Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options Purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

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).

**(2) Futures Contracts**— The Funds used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to particular countries or regions. The Funds also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

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

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

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rates of the underlying currencies. Changes in the value of these contracts are recorded as Change in net unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 119

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

**(4) Summary of Derivatives Information**—The following tables present the value of derivatives held as of October 31, 2025, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **Global** <br>**Allocation** <br>**Fund**<br>| **Income Builder Fund** |
| **Equity Risk Exposure:** |  |  |
| Unrealized Appreciation on Futures Contracts \* | $12947 | &nbsp;&nbsp; $4986 |
| Unrealized Depreciation on Futures Contracts \* | (771)<br>| &nbsp;&nbsp; (8646)<br>|
| **Foreign Exchange Rate Risk Exposure:** |  |  |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | 1448 | &nbsp;&nbsp; — |
| Unrealized Depreciation on Futures Contracts \* | (1723)<br>| &nbsp;&nbsp; — |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | (2665)<br>| &nbsp;&nbsp; — |
| **Interest Rate Risk Exposure:** |  |  |
| Unrealized Appreciation on Futures Contracts \* | 2540 | &nbsp;&nbsp; 9202 |
| Unrealized Depreciation on Futures Contracts \* | (1369)<br>| &nbsp;&nbsp; (581)<br>|
| **Net Fair Value of Derivative Contracts:** |  |  |
| Unrealized Appreciation (Depreciation) on Futures Contracts \* | 11624 | &nbsp;&nbsp; 4961 |
| Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts | (1217)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2025, by primary underlying risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Global** <br>**Allocation** <br>**Fund**<br>| **Income Builder Fund** |
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $49163 | &nbsp;&nbsp; $(71866)<br>|
| Purchased Options | (4109)<br>| &nbsp;&nbsp; — |
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Futures Contracts | 1385 | &nbsp;&nbsp; — |
| Forward Foreign Currency Exchange Contracts | (4445)<br>| &nbsp;&nbsp; — |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | (9139)<br>| &nbsp;&nbsp; (54509)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $14338 | &nbsp;&nbsp; $(4473)<br>|
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Futures Contracts | 279 | &nbsp;&nbsp; — |
| Forward Foreign Currency Exchange Contracts | (255)<br>| &nbsp;&nbsp; — |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | 6126 | &nbsp;&nbsp; 85115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

120 J.P. Morgan Funds October 31, 2025

------

**Derivatives Volume**

The table below discloses the volume of the Funds' options, futures contracts and forward foreign currency exchange contracts activity during the year ended October 31, 2025. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):

---

| | | |
|:---|:---|:---|
|  | **Global** <br>**Allocation** <br>**Fund**<br>| **Income Builder Fund** |
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $1264264 | &nbsp;&nbsp; $2470257 |
| Average Notional Balance Short | &nbsp;&nbsp; (157737)<br>| &nbsp;&nbsp; (247853)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 1100170 | &nbsp;&nbsp; 2923899 |
| Ending Notional Balance Short | &nbsp;&nbsp; (148666)<br>| &nbsp;&nbsp; (207061)<br>|
| **Forward Foreign Currency Exchange Contracts:** |  |  |
| Average Settlement Value Purchased | &nbsp;&nbsp; (193464)<br>| &nbsp;&nbsp; — |
| Average Settlement Value Sold | &nbsp;&nbsp; 77887 | &nbsp;&nbsp; — |
| Ending Settlement Value Purchased | &nbsp;&nbsp; (303401)<br>| &nbsp;&nbsp; — |
| Ending Settlement Value Sold | &nbsp;&nbsp; 184396 | &nbsp;&nbsp; — |
| **Exchange-Traded Options:** |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; 44 | &nbsp;&nbsp; — |

---

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

The Funds' derivatives contracts held at October 31, 2025 are not accounted for as hedging instruments under GAAP.

**J. Equity-Linked Notes**— The Funds invested in Equity-Linked Notes ("ELNs"). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of October 31, 2025, the Funds had outstanding ELNs as listed on the SOIs.

**K. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, and dividend expense on securities sold short are recorded on the ex-dividend date or when a Fund first learns of the dividend. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**L. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 121

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended October 31, 2025, are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Global Allocation Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $35 | $13 | $16 | $2 | $—<br> (a)<br>| $—<br> (a)<br>| $—<br> (a)<br>| $11 | $77 |
| **Income Builder Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 145 | 25 | 40 | n/a | n/a | n/a | n/a | 17 | 227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**M. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of October 31, 2025, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**N. Foreign Taxes**—The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3285 | &nbsp;&nbsp;&nbsp;&nbsp; $326 | &nbsp;&nbsp;&nbsp;&nbsp; $(3611)<br>|
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 604 | &nbsp;&nbsp;&nbsp;&nbsp; (604)<br>|

---

The reclassifications for the Funds relate primarily to foreign currency gains or losses, tax adjustments on certain investments and tax equalization.

**P. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**Q. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

122 J.P. Morgan Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |

---

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

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended October 31, 2025, the effective rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMCB, a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Board has adopted a Distribution Plan (the "Distribution Plan") for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares of each Fund do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2025, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $12 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 123

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Global Allocation Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Income Builder Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |

---

The expense limitation agreements were in effect for the year ended October 31, 2025 and are in place until at least February 28, 2026.

For the year ended October 31, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Global Allocation Fund | &nbsp;&nbsp; $600 | &nbsp;&nbsp; $401 | &nbsp;&nbsp; $2575 | &nbsp;&nbsp; $3576 | &nbsp;&nbsp; $—<br> (a)<br>|
| Income Builder Fund | &nbsp;&nbsp; 1966 | &nbsp;&nbsp; 1311 | &nbsp;&nbsp; 17171 | &nbsp;&nbsp; 20448 | &nbsp;&nbsp; 883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $257 |
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 250 |

---

**G. Other**— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended October 31, 2025, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

124 J.P. Morgan Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment Transactions** 

During the year ended October 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| Global Allocation Fund | $2750079 | $3152365 | $95953 | $60748 |
| Income Builder Fund | 9003918 | 9754870 | 107826 | 97813 |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2465770 | &nbsp;&nbsp;&nbsp;&nbsp; $461248 | &nbsp;&nbsp;&nbsp;&nbsp; $38548 | &nbsp;&nbsp;&nbsp;&nbsp; $422700 |
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7866811 | &nbsp;&nbsp;&nbsp;&nbsp; 861629 | &nbsp;&nbsp;&nbsp;&nbsp; 262358 | &nbsp;&nbsp;&nbsp;&nbsp; 599271 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to certain derivatives, tax adjustments on certain investments and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $69049 | &nbsp;&nbsp;&nbsp;&nbsp; $69049 |
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 468916 | &nbsp;&nbsp;&nbsp;&nbsp; 468916 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $63959 | &nbsp;&nbsp;&nbsp;&nbsp; $63959 |
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 484303 | &nbsp;&nbsp;&nbsp;&nbsp; 484303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of October 31, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $63068 | &nbsp;&nbsp;&nbsp;&nbsp; $152882 | &nbsp;&nbsp;&nbsp;&nbsp; $326962 |
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13607 | &nbsp;&nbsp;&nbsp;&nbsp; (533558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 548456 |

---

The cumulative timing differences primarily consist of certain derivatives, straddle loss deferral, tax adjustments on certain investments and wash sale loss deferrals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 125

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

As of October 31, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; $342947 | &nbsp;&nbsp;&nbsp;&nbsp; $190611 |

---

During the year ended October 31, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $17633 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 15910 | &nbsp;&nbsp;&nbsp;&nbsp; 146813 |

---

**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, or loans outstanding to another fund at October 31, 2025. Average borrowings from the Facility during the year ended October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Average** <br>**Borrowings**<br>| &nbsp;&nbsp; **Average** <br>**Interest** <br>**Rate Paid**<br>| &nbsp;&nbsp; **Number of** <br>**Days** <br>**Outstanding**<br>| &nbsp;&nbsp; **Interest** <br>**Paid**<br>|
| Income Builder Fund | &nbsp;&nbsp; $5649 | &nbsp;&nbsp;&nbsp;&nbsp; 5.31<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $1 |

---

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2025.

The Trust, 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 million in adjusted NAV 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 million minimum adjusted NAV 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 on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 2025.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 J.P. Morgan Funds October 31, 2025

------

As of October 31, 2025, the Funds had individual shareholder and/or affiliated omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Global Allocation Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 45.2<br> %<br>|
| Income Builder Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;16.0 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;28.1 |

---

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

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

The Funds invest in high yield securities that are not rated or rated below investment grade (commonly known as "junk bonds"). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

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

As of October 31, 2025, 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 and could make derivatives more difficult for the Funds to value accurately. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Funds do not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Funds to risks of mispricing or improper valuation.

The Funds are subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 127

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**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded "delivery versus payment," a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit Fund's ability to buy and sell securities.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

128 J.P. Morgan Funds October 31, 2025

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Global Allocation Fund and JPMorgan Income Builder Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Global Allocation Fund and JPMorgan Income Builder Fund (two of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agents, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 23, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Funds 129

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**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended October 31, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Dividends Received Deduction (DRD)**

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2025:

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| | |
|:---|:---|
|  | **Dividends** <br>**Received** <br>**Deduction**<br>|
| JPMorgan Global Allocation Fund | 15.63<br> %<br>|
| JPMorgan Income Builder Fund | 8.07 |

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**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2025:

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| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan Global Allocation Fund | &nbsp;&nbsp; $2626 |

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**Qualified Dividend Income (QDI)**

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2025:

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| | |
|:---|:---|
|  | **Qualified** <br>**Dividend** <br>**Income**<br>|
| JPMorgan Global Allocation Fund | &nbsp;&nbsp; $21918 |
| JPMorgan Income Builder Fund | &nbsp;&nbsp; 90496 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 J.P. Morgan Funds October 31, 2025

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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.

![](g29776imgef8af6ce1.jpg)

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![](g29776img8c6274bd2.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. October 2025.

AN-IB-GAL-1025

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**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

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**Statement Regarding Basis for Approval of Investment Advisory Agreements**

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose annual report is contained herein (each an "Advisory Agreement" and collectively, the "Advisory Agreements"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for each Fund and the other J.P. Morgan Funds overseen by the Board in which the Funds may invest ("Underlying Funds"). Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 14, 2025.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Funds' and Underlying Funds' performance as compared to the performance of the Funds' and Underlying Funds' peers and benchmarks and analyses by the Adviser of the Funds' and Underlying Funds' performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and

performance return assessments as compared to the Funds' objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Funds and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any;

• The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for

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each Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services provided by the Adviser in its role as Administrator;

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Funds and Underlying Funds;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.

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

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

The Trustees also considered that JPMorgan Distribution Services, Inc. ("JPMDS"), an affiliate of the Adviser, and the Adviser, earn fees from each Fund and/or Underlying Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds' distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund and/or Underlying Funds, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including the benefits that may be received by the Adviser and its affiliates in connection with the Funds' potential investments in the Underlying Funds. The Trustees also reviewed the Adviser's allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser's use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.

***Economies of Scale***

The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers ("Fee Caps"), which allow a Fund's shareholders to share potential economies of scale from a Fund's inception, prior to reaching scale. The Trustees also noted that certain other Funds that had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the

------

fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Funds, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund's shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund's shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser's reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

***Fees Relative to Adviser's Other Clients***

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser's other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser's other clients were reasonable.

***Investment Performance***

The Trustees receive and consider information about each Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for each Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of each Fund within a performance universe comprised of funds' selected share classes with the same Broadridge investment classification and objective (the "Universe"), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting mutual funds in each Fund's Universe and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. The Trustees also considered enhancements to the methodology employed by Broadridge for identifying funds in the Peer Groups for Class I and Class R6 shares, based upon discussions with the Adviser, Broadridge and certain Trustees in advance of, and preparation for, the June meeting. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund's performance against its benchmark and considered the performance information provided for each Fund at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared for certain Funds by the independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund's performance for certain representative classes are summarized below:

The Trustees noted that the Global Allocation Fund's performance for Class A shares was in the third, fourth and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class I shares was in the third, fifth and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class R6 shares was in the third, fourth and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

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The Trustees noted that the Income Builder Fund's performance for Class A shares was in the third, fourth and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class I shares was in the fourth, fifth and fifth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class R6 shares was in the third, fourth and fifth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

***Advisory Fees and Expense Ratios***

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds' selected share classes in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees recognized that Broadridge reported each Fund's management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Groups did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of each Fund's advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Global Allocation Fund's net advisory fee for Class A shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that

the actual total expenses for Class A shares were in the second quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second and third quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund invests.

The Trustees noted that the Income Builder Fund's net advisory fee for Class A shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that net advisory fee for Class I shares was in the second quintile of both the Peer Group and Universe, and that actual total expenses for Class I shares were in the second quintile of both the Peer Group and Universe. The Trustees noted that net advisory fee and actual total expenses for Class R6 shares were in the third and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund may invest.

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Annual Financial Statements

J.P. Morgan Tax Aware Fund

October 31, 2025

JPMorgan Tax Aware Real Return Fund<br>

![](g58088img43afbc6b1.jpg)

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**CONTENTS** 

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| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_a64a785f-2088-4544-b55e-fd34941723af_SOI-TOC-ScheduleofInvestments-771_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_a64a785f-2088-4544-b55e-fd34941723af_FS-TOC-FinancialStatement-771_1) | &nbsp;&nbsp; **13** |
| [Financial Highlights](#xx_a64a785f-2088-4544-b55e-fd34941723af_FIHI-TOC-FinancialHighlights-771_2) | &nbsp;&nbsp; **20** |
| [Notes to Financial Statements](#xx_a64a785f-2088-4544-b55e-fd34941723af_NTF-NTFRunningFooter-771_1) | &nbsp;&nbsp; **22** |
| [Report of Independent Registered Public Accounting Firm](#xx_a64a785f-2088-4544-b55e-fd34941723af_AUD-TOC-AuditorsReport-771_1) | &nbsp;&nbsp; **33** |
| [Tax Letter](#xx_a64a785f-2088-4544-b55e-fd34941723af_TL-TAXLETTERCC-771_1) | &nbsp;&nbsp; **34** |

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.

Prospective investors should refer to the Fund's prospectuses for a discussion of the Fund's 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 the Fund, including management fees and other expenses. Please read it carefully before investing.

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JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 91.4% (a)** | **Municipal Bonds — 91.4% (a)** | **Municipal Bonds — 91.4% (a)** |
| **Alabama — 3.3%** | **Alabama — 3.3%** | **Alabama — 3.3%** |
| Baldwin County Industrial Development Authority, <br> Novelis Corp., Project Series 2025A, Rev., AMT, <br> 5.00%, 6/1/2032 (b) (c)<br>| 1750 | 1801 |
| Black Belt Energy Gas District, Gas Project |  |  |
| Series 2022C-1, Rev., 5.25%, 12/1/2028 | 1275 | 1342 |
| Series 2024D, Rev., 5.00%, 11/1/2034 (c) | 5250 | 5693 |
| Series 2025E, Rev., 5.00%, 5/1/2035 (c) | 2700 | 2924 |
| County of Jefferson sewer, Rev., 5.25%, 10/1/2042 | 2000 | 2150 |
| Lower Alabama Gas District (The), Gas Project Series <br> 2025A, Rev., 5.00%, 12/1/2033<br>| 2250 | 2393 |
| Mobile County Industrial Development Authority, <br> Calvert LLC Project Series 2024B, Rev., AMT, <br> 4.75%, 12/1/2054<br>| 1000 | 933 |
| Selma Industrial Development Board, International <br> Paper Co. Series 2020A, Rev., 4.20%, 5/1/2034<br>| 1000 | 1033 |
| Selma Industrial Development Board, International <br> Paper Co. Projects Series 2019A, Rev., 3.45%, <br> 10/1/2031 (c)<br>| 1000 | 1011 |
| Southeast Energy Authority A Cooperative District, <br> Project No. 3 Series 2022A-1, Rev., 5.50%, <br> 12/1/2029 (c)<br>| 1000 | 1084 |
| Total Alabama |  | 20364 |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| Northern Tobacco Securitization Corp., Tobacco <br> Settlement Asset-Backed Senior Capital <br> Appreciation<br>|  |  |
| Series 2021B-1, Rev., 4.00%, 6/1/2050 | 685 | 667 |
| Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 5000 | 564 |
| Total Alaska |  | 1231 |
| **Arizona — 2.8%** | **Arizona — 2.8%** | **Arizona — 2.8%** |
| Arizona Industrial Development Authority, Academic <br> of Math and Science Projects<br>|  |  |
| Rev., 5.00%, 7/1/2038 (b) | 250 | 251 |
| Rev., 5.25%, 7/1/2043 (b) | 250 | 249 |
| Arizona Industrial Development Authority, National <br> Charter School Revolving Loan Fund Series 2023A, <br> Rev., 5.00%, 11/1/2028<br>| 1000 | 1046 |
| City of Glendale Water and Sewer, Senior Lien, Rev., <br> 5.00%, 7/1/2042<br>| 350 | 381 |
| City of Mesa Utility System, Rev., A.G., 5.00%, <br> 7/1/2035<br>| 1500 | 1752 |
| City of Phoenix Civic Improvement Corp., Senior Lien, <br> Rev., AMT, 5.00%, 7/1/2030<br>| 1475 | 1551 |
| City of Phoenix Civic Improvement Corp., Subordinate <br> Excise Tax Series 2025A, Rev., 5.00%, 7/1/2037<br>| 2000 | 2314 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Maricopa County Industrial Development Authority, <br> Valley Christian School Project Series 2023A, Rev., <br> 6.25%, 7/1/2053 (b)<br>| 1900 | 1851 |
| Maricopa County Unified School District No. 60 Higley |  |  |
| COP, A.G., 5.00%, 6/1/2037 | 170 | 187 |
| COP, A.G., 5.00%, 6/1/2038 | 250 | 273 |
| Pinal County Electric District No. 3, Rev., 4.00%, <br> 7/1/2034<br>| 150 | 151 |
| Salt River Project Agricultural Improvement and Power <br> District, Arizona Electric System Series 2025C, Rev., <br> 5.00%, 1/1/2047 (d)<br>| 1000 | 1075 |
| Salt Verde Financial Corp. Series 2007-1, Rev., <br> 5.00%, 12/1/2032<br>| 5670 | 6216 |
| Total Arizona |  | 17297 |
| **California — 4.5%** | **California — 4.5%** | **California — 4.5%** |
| California Community Choice Financing Authority, <br> Clean Energy Project<br>|  |  |
| Series 2021B-1, Rev., 4.00%, 8/1/2031 (c) | 4400 | 4494 |
| Series 2024H, Rev., 5.00%, 8/1/2033 (c) | 1500 | 1673 |
| Series 2025F, Rev., 5.00%, 11/1/2033 (d) | 1500 | 1640 |
| Series 2025E, Rev., 5.00%, 5/1/2035 (c) | 4000 | 4405 |
| California County Tobacco Securitization Agency Series <br> 2006A, Rev., Zero Coupon, 6/1/2046<br>| 2000 | 456 |
| California Health Facilities Financing Authority, <br> Adventist Health System Series 2024A, Rev., <br> 5.00%, 12/1/2034<br>| 1250 | 1408 |
| California Health Facilities Financing Authority, PIH <br> Health Series 2020A, Rev., 4.00%, 6/1/2050<br>| 1000 | 881 |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project Series <br> 2025A, Rev., AMT, 9.50%, 1/1/2035 (b) (c)<br>| 5150 | 4120 |
| California Pollution Control Financing Authority, <br> Poseidon Resources Channelside LP Desalination <br> Project, Rev., AMT, 5.00%, 7/1/2036 (b)<br>| 500 | 540 |
| California Public Finance Authority, Senior Living The <br> James Series 2024A, Rev., 6.50%, 6/1/2054 (b)<br>| 500 | 486 |
| California Statewide Communities Development <br> Authority, Loma Linda University Medical Center <br> Series 2016A, Rev., 5.25%, 12/1/2056 (b)<br>| 1440 | 1431 |
| California Statewide Communities Development <br> Authority, Southern California Edison Co. Series <br> 2006C, Rev., 4.50%, 11/1/2033<br>| 1100 | 1156 |
| Golden State Tobacco Securitization Corp., Enhanced <br> Tobacco Settlement Series 2021B-2, Rev., Zero <br> Coupon, 6/1/2066<br>| 10500 | 1112 |
| Los Angeles Department of Water and Power System <br> Series 2024C, Rev., 5.00%, 7/1/2026<br>| 1000 | 1016 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 1

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| Los Angeles Department of Water and Power, Power <br> System Series 2025A, Rev., 5.00%, 7/1/2055<br>| 1000 | 1047 |
| Los Angeles Department of Water and Power, Water <br> System Series 2017A, Rev., 4.00%, 7/1/2047<br>| 500 | 476 |
| San Joaquin Valley Clean Energy Authority Series <br> 2025A, Rev., 5.50%, 7/1/2035 (c)<br>| 1000 | 1156 |
| Total California |  | 27497 |
| **Colorado — 2.2%** | **Colorado — 2.2%** | **Colorado — 2.2%** |
| Boulder Valley School District No. Re-2 Boulder, GO, <br> 4.13%, 12/1/2046<br>| 1660 | 1625 |
| City and County of Denver, Airport System |  |  |
| Series 2022D, Rev., AMT, 5.50%, 11/15/2032 | 2250 | 2608 |
| Series 2018A, Rev., AMT, 4.00%, 12/1/2043 | 1000 | 931 |
| Colorado Health Facilities Authority, Adventist Health <br> System Series 2024A-1, Rev., 5.00%, <br> 11/15/2029 (c)<br>| 1000 | 1084 |
| Colorado Health Facilities Authority, CommonSpirit <br> Health Series 2025A, Rev., 5.00%, 9/1/2032<br>| 1500 | 1680 |
| Colorado Health Facilities Authority, Covenant Living <br> Communities and Services Series 2025A, Rev., <br> 5.00%, 12/1/2029<br>| 1000 | 1056 |
| Denver Health and Hospital Authority Series 2025A, <br> Rev., 5.13%, 12/1/2050<br>| 1000 | 1014 |
| Dominion Water and Sanitation District, Rev., 5.25%, <br> 12/1/2032<br>| 500 | 515 |
| Southern Ute Indian Tribe of the Southern Ute <br> Reservation of Colorado Series 2025A, GO, 5.00%, <br> 4/1/2035 (b)<br>| 1750 | 1914 |
| Third Creek Metropolitan District No. 1, Limited Tax <br> Series 2022A-1, GO, 4.50%, 12/1/2037<br>| 825 | 740 |
| Total Colorado |  | 13167 |
| **Connecticut — 0.7%** | **Connecticut — 0.7%** | **Connecticut — 0.7%** |
| State of Connecticut, Special Tax Transportation <br> Infrastructure Purposes<br>|  |  |
| Series 2022A, Rev., 5.00%, 7/1/2031 | 1250 | 1409 |
| Series 2022B, Rev., 5.00%, 7/1/2031 | 2500 | 2817 |
| Total Connecticut |  | 4226 |
| **District of Columbia — 0.8%** | **District of Columbia — 0.8%** | **District of Columbia — 0.8%** |
| District of Columbia, Georgetown University Issue <br> Series 2025A, Rev., 5.00%, 4/3/2035 (c)<br>| 2750 | 3103 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| Metropolitan Washington Airports Authority Dulles Toll <br> Road Series 2019A, Rev., 5.00%, 10/1/2036<br>| 270 | 283 |
| Washington Metropolitan Area Transit Authority <br> Dedicated, Second Lien Series 2025A, Rev., <br> 5.25%, 7/15/2055<br>| 1500 | 1598 |
| Total District of Columbia |  | 4984 |
| **Florida — 3.2%** | **Florida — 3.2%** | **Florida — 3.2%** |
| City of Melbourne Water and Sewer, Rev., 5.00%, <br> 11/15/2039<br>| 2355 | 2606 |
| City of South Miami Health Facilities Authority, Inc., <br> Baptist Health South Series 2025B, Rev., 5.00%, <br> 8/15/2030 (c)<br>| 2000 | 2185 |
| Florida Development Finance Corp., Brightline Florida <br> Passenger Rail Project, Rev., AMT, 5.50%, <br> 7/1/2053<br>| 500 | 417 |
| Florida Development Finance Corp., GFL Solid Waste <br> Southeast LLC Project Series 2024A, Rev., AMT, <br> 4.38%, 10/1/2031 (b) (c)<br>| 1000 | 1015 |
| Florida Local Government Finance Commission, <br> Bridgeprep Academy Project Series 2025A, Rev., <br> 6.00%, 6/15/2045 (b)<br>| 1750 | 1791 |
| Hillsborough County Housing Finance Authority, Multi- <br> Family Tampa 47th Street Apartments Series <br> 2025A, Rev., FNMA COLL, 5.00%, 12/1/2042<br>| 1000 | 1051 |
| Hillsborough County Industrial Development Authority, <br> Baycare Health System Series 2024E, Rev., VRDO, <br> LIQ : Royal Bank of Canada, 3.85%, 11/3/2025 (c)<br>| 1000 | 1000 |
| JEA Electric System |  |  |
| Series 2017B, Rev., 5.00%, 10/1/2031 | 4000 | 4160 |
| Series 2020A-3, Rev., 4.00%, 10/1/2036 | 1265 | 1284 |
| Palm Beach County School District Series 2023A, COP, <br> 5.00%, 8/1/2036<br>| 1000 | 1122 |
| Peace River Manasota Regional Water Supply <br> Authority, Utility System Series 2025A, Rev., <br> 5.25%, 10/1/2046<br>| 2000 | 2166 |
| Seminole County Industrial Development Authority, <br> Legacy Pointe at UCF Project Series 2019A, Rev., <br> 5.25%, 11/15/2039<br>| 1000 | 990 |
| Total Florida |  | 19787 |
| **Georgia — 4.4%** | **Georgia — 4.4%** | **Georgia — 4.4%** |
| Brookhaven Development Authority, Children's <br> Healthcare of Atlan Series 2019A, Rev., 4.00%, <br> 7/1/2049<br>| 1000 | 921 |
| City of Atlanta Department of Aviation |  |  |
| Series 2021B, Rev., 4.00%, 7/1/2040 | 1850 | 1866 |
| Series 2025BB-1, Rev., AMT, 5.25%, 7/1/2041 | 1000 | 1095 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Tax Aware Fund October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| Development Authority of Burke County (The), <br> Georgia Power Co. Plant Vogtle Project Series <br> 2013-1, Rev., 3.38%, 3/12/2027 (c)<br>| 500 | 501 |
| Development Authority of Monroe County (The), <br> Georgia Power Co. Plant Scherer Project Series <br> 2009-2, Rev., 3.88%, 3/6/2026 (c)<br>| 1250 | 1253 |
| Douglas County School District, GO, 5.00%, <br> 4/1/2037<br>| 1000 | 1176 |
| Douglasville-Douglas County Water and Sewer <br> Authority, Rev., 5.00%, 6/1/2041<br>| 2000 | 2220 |
| Gainesville and Hall County Hospital Authority, <br> Northeast Georgia Health System, Inc., Project, <br> Rev., RAN, 5.00%, 10/15/2030<br>| 1000 | 1106 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2023B, Rev., 5.00%, 3/1/2030 (c) | 1000 | 1072 |
| Series 2023A, Rev., 5.00%, 6/1/2030 (c) | 1300 | 1378 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 2500 | 2713 |
| Series 2023E, Subseries E-1, Rev., 5.00%, <br> 6/1/2031 (c)<br>| 3445 | 3710 |
| Series 2025B, Rev., 5.00%, 12/1/2035 (c) | 1000 | 1097 |
| Municipal Electric Authority of Georgia, Plant Vogtle <br> Units 3 and 4 Project Series 2019A, Rev., 5.00%, <br> 1/1/2049<br>| 2000 | 2007 |
| Rome Building Authority, Rome City School Project, <br> Rev., 5.00%, 3/1/2038<br>| 1375 | 1537 |
| Roswell Development Authority, Wellsatar Healthcare, <br> Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, <br> 3.95%, 11/3/2025 (c)<br>| 3000 | 3000 |
| Total Georgia |  | 26652 |
| **Guam — 0.2%** | **Guam — 0.2%** | **Guam — 0.2%** |
| Territory of Guam Series 2025G, Rev., 5.25%, <br> 1/1/2037<br>| 875 | 968 |
| **Idaho — 0.3%** | **Idaho — 0.3%** | **Idaho — 0.3%** |
| Idaho Health Facilities Authority, St. Luke's Health <br> System Project Series 2025C, Rev., 5.00%, <br> 3/1/2035 (c)<br>| 1500 | 1658 |
| **Illinois — 5.6%** | **Illinois — 5.6%** | **Illinois — 5.6%** |
| Chicago Board of Education Series 2016A, GO, <br> 7.00%, 12/1/2044<br>| 2675 | 2682 |
| Chicago Midway International Airport, Senior Lien <br> Series 2023A, Rev., AMT, 5.00%, 1/1/2030<br>| 4000 | 4288 |
| Chicago O'Hare International Airport, General Airport, <br> Senior Lien Series 2024D, Rev., 5.00%, 1/1/2026<br>| 1000 | 1003 |
| Chicago O'Hare International Airport, Senior Lien <br> Series 2023A, Rev., AMT, 5.00%, 1/1/2033<br>| 4310 | 4791 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Chicago Transit Authority Sales Tax Receipts Fund <br> Series 2024A, Rev., 5.00%, 12/1/2049<br>| 1750 | 1803 |
| City of Chicago |  |  |
| Series 2025B, GO, 5.50%, 1/1/2041 | 1000 | 1048 |
| Series 2025A, GO, 6.00%, 1/1/2050 | 1000 | 1049 |
| City of Chicago, Waterworks, Second Lien Series <br> 2001, Rev., AMBAC, 5.75%, 11/1/2030<br>| 1265 | 1348 |
| Cook County Community Consolidated School District <br> No. 15 Palatine, GO, 5.00%, 12/1/2038<br>| 205 | 223 |
| Illinois Finance Authority, Northwestern Memorial <br> Healthcare Series 2021B, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 3.85%, 11/3/2025 (c)<br>| 500 | 500 |
| Illinois Housing Development Authority |  |  |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 10/1/2054<br>| 915 | 991 |
| Series 2025A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 995 | 1124 |
| State of Illinois |  |  |
| Series 2017D, GO, 5.00%, 11/1/2025 | 5000 | 5000 |
| Series 2022A, GO, 5.00%, 3/1/2033 | 6000 | 6654 |
| Series 2024B, GO, 5.25%, 5/1/2047 | 1000 | 1041 |
| Series 2024B, GO, 5.25%, 5/1/2048 | 1000 | 1038 |
| Total Illinois |  | 34583 |
| **Indiana — 1.4%** | **Indiana — 1.4%** | **Indiana — 1.4%** |
| City of Valparaiso, Green Oaks of Valparaiso Project, <br> Rev., 5.38%, 12/1/2041 (b)<br>| 200 | 181 |
| Fort Wayne Redevelopment Authority Lease Rental, <br> Harrison Square Project, Rev., 5.00%, 2/1/2026<br>| 1000 | 1001 |
| Greater Clark County School Building Corp., AD <br> Valorem Tax First Mortgage Series 2024A, Rev., <br> 5.00%, 7/15/2026<br>| 700 | 711 |
| Indiana Finance Authority, CHF- Tippecanoe LLC- <br> Student Housing Project Series 2023A, Rev., <br> 5.00%, 6/1/2043<br>| 425 | 431 |
| Indiana Finance Authority, Indiana University Health <br> Obligated Group Series 2023B1, Rev., 5.00%, <br> 7/1/2028 (c)<br>| 2245 | 2357 |
| Indiana Housing and Community Development <br> Authority, Vita of New Whiteland Project, Rev., <br> 6.75%, 1/1/2043<br>| 2000 | 1919 |
| Indianapolis Local Public Improvement Bond Bank, <br> Indianapolis Public Transportation Corp. Project <br> Series 2025A, Rev., 5.00%, 7/15/2036<br>| 1585 | 1801 |
| Total Indiana |  | 8401 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 3

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Iowa — 0.2%** | **Iowa — 0.2%** | **Iowa — 0.2%** |
| Iowa Tobacco Settlement Authority, Subordinate <br> Senior Capital Appreciation Asset Backed Series <br> 2021-B-2, Class 2, Rev., Zero Coupon, 6/1/2065<br>| 8915 | 1317 |
| **Kansas — 0.4%** | **Kansas — 0.4%** | **Kansas — 0.4%** |
| City of Wichita Water and Sewer Utility Series 2016B, <br> Rev., 4.00%, 10/1/2026<br>| 125 | 126 |
| State of Kansas Department of Transportation Series <br> 2025A, Rev., 5.00%, 9/1/2042<br>| 2270 | 2493 |
| Total Kansas |  | 2619 |
| **Kentucky — 0.9%** | **Kentucky — 0.9%** | **Kentucky — 0.9%** |
| County of Boone, Duke Energy Kentucky, Inc. Series <br> 2008A, Rev., 3.70%, 8/1/2027<br>| 740 | 744 |
| Kentucky Public Energy Authority, Gas Supply Series <br> 2025B, Rev., 5.00%, 12/1/2033<br>| 3250 | 3390 |
| Kentucky State Property and Building Commission, <br> Project No. 132 Series A, Rev., 5.00%, 4/1/2031<br>| 1000 | 1117 |
| Total Kentucky |  | 5251 |
| **Louisiana — 1.7%** | **Louisiana — 1.7%** | **Louisiana — 1.7%** |
| Louisiana Public Facilities Authority, Ochsner Clinic <br> Foundation Project<br>|  |  |
| Series 2025B, Rev., 5.00%, 5/15/2030 | 1500 | 1617 |
| Series 2025A, Rev., 5.25%, 5/15/2055 | 1000 | 1049 |
| Series 2025A, Rev., 5.50%, 5/15/2055 | 1000 | 1066 |
| Parish of St. John the Baptist, Marathon Oil Corp., <br> Project Series 2017A-1, Rev., 4.05%, <br> 7/1/2026 (c)<br>| 5500 | 5540 |
| State of Louisiana Gasoline and Fuels Tax, Second Lien <br> Series 2025A, Rev., 5.00%, 5/1/2039<br>| 1000 | 1127 |
| Total Louisiana |  | 10399 |
| **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |
| Maine Health and Higher Educational Facilities <br> Authority Series 2023A, Rev., A.G., 5.00%, <br> 7/1/2026<br>| 200 | 203 |
| Maine Municipal Bond Bank Series 2025A, Rev., <br> 5.00%, 11/1/2032<br>| 1000 | 1150 |
| Total Maine |  | 1353 |
| **Maryland — 0.9%** | **Maryland — 0.9%** | **Maryland — 0.9%** |
| County of Montgomery Series 2022A, GO, 5.00%, <br> 8/1/2026<br>| 1020 | 1037 |
| Maryland Stadium Authority, Built to Learn, Rev., <br> 5.00%, 6/1/2054<br>| 1000 | 1041 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| Maryland State Transportation Authority, Transport <br> Facilities Project Series 2024A, Rev., 5.00%, <br> 7/1/2036<br>| 2000 | 2319 |
| State of Maryland Department of Transportation <br> Series 2025A, Rev., 4.00%, 4/1/2040<br>| 1000 | 1015 |
| Total Maryland |  | 5412 |
| **Massachusetts — 3.7%** | **Massachusetts — 3.7%** | **Massachusetts — 3.7%** |
| Commonwealth of Massachusetts Series 2025A, GO, <br> 5.00%, 4/1/2046<br>| 1000 | 1070 |
| Commonwealth of Massachusetts, Consolidated Loan <br> of 2018 Series 2018B, GO, 5.00%, 1/1/2030<br>| 1415 | 1489 |
| Commonwealth of Massachusetts, Consolidated Loan <br> of 2022 Series 2022E, GO, 5.00%, 11/1/2049<br>| 3030 | 3161 |
| Massachusetts Development Finance Agency, Boston <br> Medical Center Issue Series 2025W, Rev., 4.25%, <br> 7/1/2055<br>| 1000 | 959 |
| Massachusetts Development Finance Agency, <br> Children's Hospital Corp Obligated Group Series <br> 2024U-1, Rev., VRDO, LOC : TD Bank NA, 3.95%, <br> 11/3/2025 (c)<br>| 10000 | 10000 |
| Massachusetts Development Finance Agency, Lasell <br> Village, Inc. Issue, Rev., 5.00%, 7/1/2029<br>| 1000 | 1052 |
| Massachusetts Development Finance Agency, PRG <br> Medford Properties, Inc. Issue Tufts University <br> Student Housing Program, Rev., 5.25%, 6/1/2044<br>| 1000 | 1072 |
| Massachusetts Municipal Wholesale Electric Co., <br> Project 2015A Series 2021A, Rev., 4.00%, <br> 7/1/2039<br>| 1000 | 1015 |
| Massachusetts Water Resources Authority, Green Bond <br> Series 2016C, Rev., 4.00%, 8/1/2040<br>| 1000 | 1001 |
| Town of Brookline, Purpose Loan, GO, 4.00%, <br> 5/15/2044<br>| 2000 | 1982 |
| Total Massachusetts |  | 22801 |
| **Michigan — 0.3%** | **Michigan — 0.3%** | **Michigan — 0.3%** |
| City of Detroit, Unlimited Tax Series 2021A, GO, <br> 5.00%, 4/1/2037<br>| 400 | 425 |
| Michigan State Hospital Finance Authority, Corewell <br> Health Series 2025B-2, Rev., 5.00%, 6/1/2035 (c)<br>| 1000 | 1124 |
| Michigan Strategic Fund, Graphic Packaging <br> International, LLC Coated Recycled Board Machine <br> Project, Rev., AMT, 4.00%, 10/1/2026 (c)<br>| 125 | 125 |
| Total Michigan |  | 1674 |
| **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** |
| County of Hennepin Series 2018A, GO, 5.00%, <br> 12/1/2029<br>| 1010 | 1062 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Tax Aware Fund October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| Minnesota Housing Finance Agency, Residential <br> Housing Series 2024O, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 1/1/2055<br>| 980 | 1096 |
| Minnesota Municipal Gas Agency Series <br> Subseries,2022A, Rev., LIQ : Royal Bank of Canada, <br> 4.00%, 12/1/2027<br>| 1435 | 1460 |
| Total Minnesota |  | 3618 |
| **Mississippi — 0.1%** | **Mississippi — 0.1%** | **Mississippi — 0.1%** |
| Jackson State University Educational Building Corp. <br> Series 2021A, Rev., 1.40%, 3/1/2034<br>| 1000 | 864 |
| **Missouri — 0.6%** | **Missouri — 0.6%** | **Missouri — 0.6%** |
| Health and Educational Facilities Authority of the State <br> of Missouri, St. Louis University Series 2008B, Rev., <br> VRDO, LOC : Wells Fargo Bank NA, 3.75%, <br> 11/3/2025 (c)<br>| 150 | 150 |
| Kansas City Industrial Development Authority, Historic <br> Northeast Redevelopment Plan Series 2024A-1, <br> Rev., 5.00%, 6/1/2054 (b)<br>| 575 | 543 |
| Missouri Housing Development Commission, Single <br> Family, First Place Homeownership Loan Program <br> Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 5.75%, 5/1/2055<br>| 905 | 989 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Union Improvement <br> Co. Project Series 1998C, Rev., 2.75%, 9/1/2033<br>| 1000 | 935 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Water Pollution Control <br> and Drinking Water Series 2015B, Rev., 5.00%, <br> 7/1/2026<br>| 1000 | 1001 |
| Total Missouri |  | 3618 |
| **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |
| Nebraska Public Power District Series C, Rev., 5.00%, <br> 1/1/2029<br>| 1040 | 1043 |
| **Nevada — 0.0% ^** | **Nevada — 0.0% ^** | **Nevada — 0.0% ^** |
| County of Clark, Nevada Improvement District No. <br> 158, 5.00%, 8/1/2034<br>| 10 | 10 |
| **New Hampshire — 0.6%** | **New Hampshire — 0.6%** | **New Hampshire — 0.6%** |
| New Hampshire Business Finance Authority Series <br> 2025-1, Class A, Rev., 4.09%, 1/20/2041 (c)<br>| 1244 | 1239 |
| New Hampshire Business Finance Authority, Winston <br> Salem Sustainable Energy Partners<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2035 | 1000 | 1119 |
| Series 2025A, Rev., 5.50%, 6/1/2050 | 1000 | 1055 |
| Total New Hampshire |  | 3413 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — 2.8%** | **New Jersey — 2.8%** | **New Jersey — 2.8%** |
| Camden County Improvement Authority (The), <br> Camden Prep High School Project, Rev., 5.00%, <br> 7/15/2042 (b)<br>| 585 | 592 |
| New Jersey Economic Development Authority, School <br> Facilities Construction Series 2023RRR, Rev., <br> 5.00%, 3/1/2026<br>| 4500 | 4530 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation Program Series 2023BB, Rev., <br> 5.00%, 6/15/2046<br>| 1250 | 1312 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation System Series 2024AA, Rev., <br> 5.00%, 6/15/2040<br>| 1000 | 1108 |
| Tobacco Settlement Financing Corp. |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2033 | 5000 | 5202 |
| Series 2018A, Rev., 5.00%, 6/1/2034 | 1340 | 1388 |
| Series 2018A, Rev., 5.00%, 6/1/2036 | 2000 | 2056 |
| Series 2018A, Rev., 5.00%, 6/1/2046 | 1000 | 989 |
| Total New Jersey |  | 17177 |
| **New Mexico — 0.7%** | **New Mexico — 0.7%** | **New Mexico — 0.7%** |
| City of Farmington, San Juan Project Series 2010B, <br> Rev., 3.88%, 6/1/2029 (c)<br>| 1250 | 1265 |
| County of Santa Fe, Cresta Ranch Apartments Series <br> 2024, Rev., 3.29%, 6/1/2028 (c)<br>| 2000 | 2007 |
| Loving Municipal School District No. 10 |  |  |
| GO, 5.00%, 9/15/2026 | 360 | 367 |
| GO, 5.00%, 9/15/2027 | 340 | 353 |
| GO, 5.00%, 9/15/2028 | 300 | 312 |
| Total New Mexico |  | 4304 |
| **New York — 9.4%** | **New York — 9.4%** | **New York — 9.4%** |
| Build NYC Resource Corp., Kipp NYC Public School <br> Facilities - Canal West Project<br>|  |  |
| Rev., 5.00%, 7/1/2030 | 510 | 545 |
| Rev., 5.00%, 7/1/2034 | 210 | 226 |
| City of New York, Fiscal Year 2014 Series 2014D-4, <br> GO, VRDO, LOC : TD Bank NA, 4.00%, <br> 11/3/2025 (c)<br>| 2500 | 2500 |
| City of New York, Fiscal Year 2021 |  |  |
| Series 2021F Subseries F-1, GO, 5.00%, 3/1/2036 | 1000 | 1091 |
| Series 2021F, Subseries F-1, GO, 5.00%, <br> 3/1/2037<br>| 2000 | 2170 |
| Hudson Yards Infrastructure Corp., Second Indenture <br> Series 2017A, Rev., 5.00%, 2/15/2031<br>| 1500 | 1545 |
| Long Island Power Authority, Electric System |  |  |
| Series 2025B, Rev., VRDO, 3.00%, 9/1/2028 (c) | 1000 | 991 |
| Series 2024B, Rev., 3.00%, 9/1/2029 (c) | 5250 | 5326 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 5

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Metropolitan Transportation Authority Series <br> 2020C-1, Rev., 5.25%, 11/15/2055<br>| 1000 | 1029 |
| Metropolitan Transportation Authority, Climate Bond |  |  |
| Series 2025B, Rev., 5.00%, 11/15/2035 | 1000 | 1147 |
| Series 2025A, Rev., 5.25%, 11/15/2045 | 1000 | 1072 |
| New York City Housing Development Corp. Series <br> 2025A, Rev., FHLMC COLL, 5.20%, 2/1/2055<br>| 1750 | 1798 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 8 Spruce Street Project, <br> Class F, Rev., 5.25%, 12/15/2031<br>| 1300 | 1340 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution Series 2009BB-2, Rev., VRDO, LIQ : UBS <br> AG, 3.90%, 11/3/2025 (c)<br>| 500 | 500 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2023 Series 2023, <br> Subseries AA-3, Rev., 5.00%, 6/15/2047<br>| 3525 | 3692 |
| New York City Transitional Finance Authority Building <br> Aid Series 2026, S-1, Rev., 5.00%, 7/15/2041<br>| 1000 | 1104 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2020 Series 2020B-1, <br> Rev., 5.00%, 11/1/2025<br>| 900 | 900 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2024 Series 2024C, Rev., <br> 5.25%, 5/1/2050<br>| 1500 | 1585 |
| New York Convention Center Development Corp., <br> Subordinate Lien, Hotel Unit Fee Secured Series B, <br> Rev., A.G. - CR, Zero Coupon, 11/15/2049<br>| 8770 | 2820 |
| New York Liberty Development Corp., Secured by Port <br> Authority Series 1WTC-2021, Rev., 2.75%, <br> 2/15/2044<br>| 1000 | 759 |
| New York Liberty Development Corp., World Trade <br> Centre Series 1WTC-2021, Rev., 2.25%, <br> 2/15/2041<br>| 500 | 387 |
| New York Power Authority Series 2020A, Rev., <br> 4.00%, 11/15/2045<br>| 2250 | 2148 |
| New York State Dormitory Authority, Memorial Sloan <br> Kettering Cancer Center Series 2025 2-B, Rev., <br> 5.00%, 7/1/2032 (c)<br>| 1000 | 1121 |
| New York State Dormitory Authority, Mount Sinai <br> Obligated Group, Rev., 5.25%, 7/1/2050<br>| 1500 | 1510 |
| New York State Dormitory Authority, New York <br> University Series 2025A, Rev., 5.00%, 7/1/2048<br>| 1250 | 1312 |
| New York State Dormitory Authority, Personal Income <br> Tax, General Purpose Series 2017A, Rev., 4.00%, <br> 2/15/2034<br>| 1000 | 1009 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York State Dormitory Authority, Sales Tax |  |  |
| Series 2025A, Rev., 5.00%, 3/15/2043 | 2555 | 2781 |
| Series 2025A, Rev., 4.25%, 3/15/2048 | 1250 | 1218 |
| New York State Dormitory Authority, School Districts <br> Financing Program Series 2025A, Rev., A.G., <br> 5.00%, 10/1/2036<br>| 1000 | 1150 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose<br>|  |  |
| Series 2021E, Rev., 4.00%, 3/15/2042 | 2000 | 1962 |
| Series 2020A, Rev., 4.00%, 3/15/2047 | 1930 | 1818 |
| New York State Environmental Facilities Corp., State <br> Revolving Funds, Master Financing Program<br>|  |  |
| Series 2022B, Rev., 5.00%, 9/15/2032 | 100 | 116 |
| Series 2022B, Rev., 5.00%, 9/15/2033 | 415 | 479 |
| Series 2022B, Rev., 5.00%, 9/15/2036 | 185 | 209 |
| New York Transportation Development Corp., Delta Air <br> Lines, Inc., LaGuardia Airport Terminals C&D <br> Redevelopment Project<br>|  |  |
| Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 1000 | 1032 |
| Series 2023, Rev., AMT, 6.00%, 4/1/2035 | 1000 | 1104 |
| New York Transportation Development Corp., JFK <br> International Airport New Terminal One Project<br>|  |  |
| Series 2023, Rev., AMT, A.G., 5.00%, 6/30/2049 | 1200 | 1208 |
| Series 2024A, Rev., AMT, A.G., 5.25%, <br> 12/31/2054<br>| 1000 | 1030 |
| Onondaga Civic Development Corp., Syracuse <br> University Project, Rev., 4.50%, 12/1/2050<br>| 1000 | 992 |
| Port Authority of New York and New Jersey, <br> Consolidated Series 248, Rev., 5.00%, 1/15/2050<br>| 1000 | 1056 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, TBTA Capital Lockbox Series 2025A, <br> Rev., 5.25%, 12/1/2054<br>| 1000 | 1059 |
| Westchester County Local Development Corp., <br> Purchase Senior Learning Community, Inc., Project <br> Series 2021A, Rev., 5.00%, 7/1/2041 (b)<br>| 1000 | 995 |
| Total New York |  | 57836 |
| **North Carolina — 2.2%** | **North Carolina — 2.2%** | **North Carolina — 2.2%** |
| County of Buncombe, Limited Tax, Rev., 5.00%, <br> 6/1/2032<br>| 525 | 602 |
| County of Durham Series 2023A, Rev., 5.00%, <br> 6/1/2026<br>| 1285 | 1302 |
| County of Harnett, Limited Tax, Rev., 5.00%, <br> 4/1/2041<br>| 335 | 368 |
| County of Wake |  |  |
| GO, 5.00%, 4/1/2028 | 1315 | 1393 |
| Series 2025A, Rev., 5.00%, 5/1/2038 | 1000 | 1152 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Tax Aware Fund October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| Series 2025A, Rev., 5.00%, 5/1/2039 | 1000 | 1142 |
| Cumberland County Industrial Facilities and Pollution <br> Control Financing Authority, Solid Waste Disposal <br> Project Hero, Rev., AMT, 3.13%, 12/1/2026 (c) (d)<br>| 1455 | 1454 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, <br> 1/15/2026 (c)<br>| 1000 | 1000 |
| Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2055<br>| 980 | 1061 |
| Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 1/1/2056<br>| 2000 | 2290 |
| Series 59-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2057 (d)<br>| 1000 | 1141 |
| North Carolina Medical Care Commission, Twin Lakes <br> Community Series 2025A, Rev., 5.25%, 1/1/2055<br>| 250 | 251 |
| State of North Carolina, Limited Obligation Series <br> 2017B, Rev., 5.00%, 5/1/2027<br>| 100 | 103 |
| Total North Carolina |  | 13259 |
| **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** |
| North Dakota Building Authority Series 2020A, Rev., <br> 5.00%, 12/1/2035<br>| 220 | 240 |
| **Ohio — 2.2%** | **Ohio — 2.2%** | **Ohio — 2.2%** |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 3770 | 3159 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 8410 | 795 |
| County of Allen, Hospital Facilities, Bon Secours Mercy <br> Health, Inc. Series 2025A, Rev., 5.00%, <br> 11/1/2040<br>| 1000 | 1104 |
| County of Montgomery, Ohio Health care Facilities <br> Solvita Project, Rev., 5.25%, 9/1/2049<br>| 1250 | 1290 |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 2140 | 2194 |
| Ohio Air Quality Development Authority, American <br> Electric Power Co. Project Series 2005C, Rev., AMT, <br> 3.70%, 4/1/2028<br>| 1250 | 1250 |
| Ohio Water Development Authority Water Pollution <br> Control Loan Fund<br>|  |  |
| Series 2024C, Rev., VRDO, LIQ : TD Bank NA, <br> 4.00%, 11/3/2025 (c)<br>| 250 | 250 |
| Series 2023B, Rev., 5.00%, 12/1/2033 | 2000 | 2325 |
| Port of Greater Cincinnati Development Authority, <br> Duke Energy Convention Center Project Series <br> 2024B, Rev., 5.00%, 12/1/2040<br>| 760 | 832 |
| Total Ohio |  | 13199 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oklahoma — 1.5%** | **Oklahoma — 1.5%** | **Oklahoma — 1.5%** |
| Oklahoma Capitol Improvement Authority, Oklahoma <br> Department of Transportation Project Series <br> 2025A, Rev., 5.00%, 7/1/2036<br>| 1000 | 1157 |
| Oklahoma Development Finance Authority, Health <br> System, OU Medicine Project Series 2018B, Rev., <br> 5.50%, 8/15/2057<br>| 1500 | 1503 |
| Oklahoma Housing Finance Agency, Home Ownership <br> Loan Program Series 2025A, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 9/1/2056<br>| 1000 | 1127 |
| Oklahoma Industries Authority, Oklahoma County <br> Independent School District No. 89 Oklahoma City <br> Series 2024, Rev., 5.00%, 4/1/2032<br>| 1350 | 1534 |
| Oklahoma Turnpike Authority, Turnpike System, <br> Second Senior Series 2017A, Rev., 5.00%, <br> 1/2/2026<br>| 2000 | 2007 |
| Oklahoma Water Resources Board, Clean Water <br> Program Series 2025A, Rev., 5.00%, 4/1/2045<br>| 1000 | 1076 |
| Oklahoma Water Resources Board, State Loan <br> Program Series 2023C, Rev., 5.00%, 10/1/2037<br>| 810 | 913 |
| Total Oklahoma |  | 9317 |
| **Oregon — 1.9%** | **Oregon — 1.9%** | **Oregon — 1.9%** |
| Multnomah and Clackamas Counties School District <br> No. 10JT Gresham-Barlow Series B, GO, Zero <br> Coupon, 6/15/2035<br>| 2500 | 1660 |
| Oregon State Facilities Authority, Peacehealth Series <br> 2018A, Rev., VRDO, LOC : US Bank NA, 3.85%, <br> 11/3/2025 (c)<br>| 10000 | 10000 |
| Total Oregon |  | 11660 |
| **Other — 0.2%** | **Other — 0.2%** | **Other — 0.2%** |
| FHLMC Multifamily VRD Certificates, Rev., 4.71%, <br> 1/25/2043 (c)<br>| 997 | 1026 |
| **Pennsylvania — 4.0%** | **Pennsylvania — 4.0%** | **Pennsylvania — 4.0%** |
| Allegheny County Airport Authority, Pittsburgh <br> International Airport Series 2023A, Rev., AMT, A.G., <br> 5.50%, 1/1/2043<br>| 1500 | 1610 |
| Commonwealth Financing Authority, Tobacco Master <br> Settlement Payment<br>|  |  |
| Rev., 5.00%, 6/1/2026 | 380 | 385 |
| Rev., 5.00%, 6/1/2027 | 500 | 516 |
| Rev., 5.00%, 6/1/2028 | 880 | 927 |
| Rev., 5.00%, 6/1/2029 | 380 | 400 |
| Commonwealth of Pennsylvania |  |  |
| Series 2024B, GO, 4.00%, 8/15/2041 | 1695 | 1717 |
| Series 2024-1, GO, 4.00%, 8/15/2042 | 1815 | 1820 |
| Delaware River Port Authority, Rev., 5.00%, <br> 1/1/2037<br>| 1000 | 1151 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 7

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Montgomery County Industrial Development Authority, <br> Constellation Energy Generation Series 2023A, <br> Rev., 4.10%, 4/3/2028 (c)<br>| 2900 | 2979 |
| Pennsylvania Economic Development Financing <br> Authority, Junior Guaranteed, Capitol Region <br> Parking System Series 2024B, Rev., GTD, 4.25%, <br> 1/1/2050<br>| 1000 | 969 |
| Pennsylvania Economic Development Financing <br> Authority, The Penndot Major Bridges, Rev., AMT, <br> A.G., 5.00%, 12/31/2057<br>| 1695 | 1720 |
| Pennsylvania Higher Educational Facilities Authority, <br> Thomas Jefferson University Series 2024B-2, Rev., <br> 4.38%, 11/1/2054<br>| 2250 | 2067 |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage<br>|  |  |
| Series 2024 -147A, Rev., 6.25%, 10/1/2054 | 988 | 1089 |
| Series 2024-146A, Rev., 6.25%, 10/1/2054 | 980 | 1074 |
| Series 2025-150A, Rev., 6.25%, 10/1/2055 | 1500 | 1702 |
| Pennsylvania Turnpike Commission Series 2016A-3, <br> Rev., 5.00%, 12/1/2027<br>| 1445 | 1480 |
| Pennsylvania Turnpike Commission, Subordinate <br> Series 2024-1, Rev., 5.00%, 6/1/2031<br>| 1285 | 1431 |
| Philadelphia Gas Works Co., 1998 General Ordinance <br> Series 17B, Rev., 5.00%, 8/1/2026<br>| 1500 | 1523 |
| Total Pennsylvania |  | 24560 |
| **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** | **Puerto Rico — 1.3%** |
| Children's Trust Fund, Tobacco Settlement <br> Asset-Backed Series 2005A, Rev., Zero Coupon, <br> 5/15/2050<br>| 4505 | 925 |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 1500 | 1542 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> (Puerto Rico)<br>|  |  |
| Series A-1, Rev., Zero Coupon, 7/1/2029 | 1000 | 884 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 4975 | 4832 |
| Total Puerto Rico |  | 8183 |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |
| Rhode Island Health and Educational Building Corp., <br> Lifespan Obligated Group, Rev., 5.00%, 5/15/2041<br>| 1000 | 1050 |
| Tobacco Settlement Financing Corp. Series B, Rev., <br> 5.00%, 6/1/2050<br>| 1500 | 1483 |
| Total Rhode Island |  | 2533 |
| **South Carolina — 0.6%** | **South Carolina — 0.6%** | **South Carolina — 0.6%** |
| Horry County School District Series 2015A, GO, <br> SCSDE, 4.00%, 12/9/2025<br>| 1000 | 1001 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **South Carolina — continued** | **South Carolina — continued** | **South Carolina — continued** |
| South Carolina Jobs-Economic Development Authority, <br> Foothill Affordable Housing Series 2025, Rev., <br> 4.00%, 3/1/2035 (c)<br>| 1000 | 1023 |
| South Carolina Public Service Authority Series 2025A, <br> Rev., 5.00%, 12/1/2046<br>| 1500 | 1565 |
| Total South Carolina |  | 3589 |
| **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |
| South Dakota Housing Development Authority Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 11/1/2055<br>| 995 | 1133 |
| **Tennessee — 4.3%** | **Tennessee — 4.3%** | **Tennessee — 4.3%** |
| City of Clarksville Water Sewer and Gas Series 2021A, <br> Rev., 4.00%, 2/1/2051<br>| 1950 | 1815 |
| City of Murfreesboro, GO, 5.00%, 6/1/2029 | 275 | 299 |
| Knox County Health Educational and Housing Facility <br> Board, University of Tennessee Project Series <br> 2024A-1, Rev., 5.50%, 7/1/2059<br>| 1000 | 1056 |
| Metropolitan Government Nashville and Davidson <br> County, Health and Educational Facilities Board, <br> Blakeford at Green Hills Series 2020A, Rev., <br> 4.00%, 11/1/2038<br>| 1260 | 1201 |
| Metropolitan Government of Nashville and Davidson <br> County Series 2024C, GO, 5.00%, 1/1/2040<br>| 1000 | 1110 |
| Metropolitan Government of Nashville and Davidson <br> County, Electric System Series 2024A, Rev., 5.00%, <br> 5/15/2040<br>| 1025 | 1142 |
| Metropolitan Nashville Airport Authority (The) |  |  |
| Series 2022B, Rev., AMT, 5.50%, 7/1/2038 | 1500 | 1665 |
| Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | 1400 | 1454 |
| Shelby County Health Educational and Housing <br> Facilities Board, Baptism Memorial Health Obligated <br> Group<br>|  |  |
| Series 2024B, Rev., 5.00%, 9/1/2029 (c) | 1110 | 1175 |
| Series 2024A, Rev., 5.25%, 9/1/2034 | 2960 | 3326 |
| Tennergy Corp., Gas Supply Series 2021A, Rev., <br> 4.00%, 9/1/2028 (c)<br>| 7265 | 7418 |
| Tennessee Energy Acquisition Corp., Gas Project Series <br> 2023A-1, Rev., 5.00%, 5/1/2028 (c)<br>| 4685 | 4855 |
| Total Tennessee |  | 26516 |
| **Texas — 11.0%** | **Texas — 11.0%** | **Texas — 11.0%** |
| Central Texas Turnpike System, First Tier Series <br> 2024B, Rev., 5.00%, 5/15/2030 (c)<br>| 1000 | 1073 |
| Central Texas Turnpike System, Second Tier |  |  |
| Series 2024C, Rev., 5.00%, 8/15/2033 | 2000 | 2287 |
| Series 2024C, Rev., 5.00%, 8/15/2034 | 1250 | 1437 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Tax Aware Fund October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| City of Austin, GO, 5.00%, 9/1/2041 | 2200 | 2443 |
| City of Houston Airport System, United Airlines, Inc., <br> Terminal Improvement Projects<br>|  |  |
| Series 2020B-2, Rev., AMT, 5.00%, 7/15/2027 | 1000 | 1020 |
| Series 2024B, Rev., AMT, 5.25%, 7/15/2033 | 2000 | 2167 |
| City of Houston, Combined Utility System, Junior Lien <br> Series 2002A, Rev., A.G., 5.75%, 12/1/2032 (e)<br>| 5550 | 6675 |
| City of Killeen, Combination Tax |  |  |
| GO, 4.00%, 8/1/2041 | 2455 | 2477 |
| GO, 4.13%, 8/1/2042 | 2555 | 2576 |
| City of Pflugerville, Combination Tax Series 2023A, <br> GO, 4.13%, 8/1/2053<br>| 1000 | 929 |
| City of Round Rock, GO, 5.00%, 8/15/2027 | 1240 | 1291 |
| County of Fort Bend Toll Road, Senior Lien |  |  |
| Rev., A.G., 5.00%, 3/1/2039 | 1000 | 1102 |
| Rev., A.G., 5.00%, 3/1/2046 | 1750 | 1842 |
| County of Tarrant, GO, 5.00%, 7/15/2033 | 500 | 563 |
| Crandall Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 4.25%, 2/1/2053<br>| 500 | 486 |
| Dallas Fort Worth International Airport |  |  |
| Series 2025A-2, Rev., AMT, 5.00%, 11/1/2029 (c) | 5500 | 5817 |
| Series 2025A-2, Rev., AMT, 5.00%, 11/1/2032 (c) | 1000 | 1094 |
| Hurst-Euless-Bedford Independent School District, <br> Unlimited Tax, GO, PSF-GTD, 4.00%, 8/15/2050<br>| 2100 | 1959 |
| Lewisville Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 4.00%, 8/15/2041<br>| 2500 | 2535 |
| Lower Colorado River Authority, LCRA Transmission <br> Services Corp. Project Series 2019A, Rev., 5.00%, <br> 5/15/2029<br>| 1050 | 1131 |
| Lower Colorado River Authority, LCRA Transmission <br> Services Corp., Project Series 2021, Rev., 5.00%, <br> 5/15/2029<br>| 1145 | 1233 |
| Mansfield Independent School District, Unlimited Tax <br> Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054<br>| 1000 | 924 |
| McKinney Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 2/15/2033<br>| 2650 | 2954 |
| Mission Economic Development Corp., Graphic <br> Packaging International LLC Project, Rev., AMT, <br> 5.00%, 6/1/2030 (c)<br>| 1000 | 1040 |
| New Caney Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 4.00%, 2/15/2054<br>| 1000 | 923 |
| New Hope Cultural Education Facilities Finance Corp., <br> Brazos Presbyterian Homes, Inc., Project Series <br> 2025, Rev., 5.25%, 1/1/2036 (d)<br>| 1000 | 1092 |
| North Texas Municipal Water District Water System, <br> Rev., 5.00%, 9/1/2036<br>| 1000 | 1148 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| North Texas Tollway Authority, First Tier Series <br> 2023A, Rev., 5.00%, 1/1/2026<br>| 1000 | 1003 |
| Pearland Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 2/15/2026<br>| 2000 | 2013 |
| Plano Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 4.00%, 2/15/2043<br>| 1500 | 1494 |
| Round Rock Independent School District Series <br> 2025B, GO, PSF-GTD, 5.00%, 8/1/2039<br>| 1000 | 1129 |
| State of Texas, Transportation Commission Mobility <br> Fund Series 2024, GO, 5.00%, 10/1/2027<br>| 1000 | 1046 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Health Resources System Series 2025C, Rev., <br> 5.00%, 11/15/2032 (c)<br>| 2500 | 2778 |
| Taylor Independent School District, GO, PSF-GTD, <br> 5.00%, 2/15/2026 (e)<br>| 1150 | 1158 |
| Texas Municipal Gas Acquisition and Supply Corp. V, <br> Gas Supply Series 2024, Rev., 5.00%, <br> 1/1/2034 (c)<br>| 2000 | 2201 |
| Texas Water Development Board, State Water <br> Implementation Fund<br>|  |  |
| Series 2019A, Rev., 5.00%, 10/15/2026 | 1000 | 1022 |
| Series 2018B, Rev., 5.00%, 10/15/2029 | 1000 | 1070 |
| Series 2024A, Rev., 4.00%, 10/15/2042 | 1075 | 1083 |
| Series 2024A, Rev., 4.25%, 10/15/2051 | 1000 | 961 |
| Trinity River Authority, Walker-Calloway System, Rev., <br> 5.00%, 2/1/2031<br>| 220 | 230 |
| Total Texas |  | 67406 |
| **Utah — 0.5%** | **Utah — 0.5%** | **Utah — 0.5%** |
| Intermountain Power Agency, Utah Power Supply <br> Series 2022A, Rev., 5.00%, 7/1/2038<br>| 2000 | 2151 |
| Utah Housing Corp., Single Family Mortgage Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 7/1/2055<br>| 985 | 1099 |
| Total Utah |  | 3250 |
| **Virginia — 2.4%** | **Virginia — 2.4%** | **Virginia — 2.4%** |
| Henrico County Economic Development Authority, <br> Westminster-Canterbury Corp., Rev., 4.00%, <br> 10/1/2040<br>| 330 | 325 |
| Virginia Port Authority, Rev., 5.00%, 7/1/2042 | 1500 | 1644 |
| Virginia Public Building Authority Series 2015A, Rev., <br> 4.00%, 8/1/2031<br>| 1485 | 1486 |
| Virginia Public School Authority, 1997 Resolution <br> Series 2025A, Rev., 5.00%, 8/1/2038<br>| 2000 | 2308 |
| Virginia Public School Authority, Prince William <br> County, Rev., 4.25%, 10/1/2039<br>| 5525 | 5834 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 9

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| Virginia Small Business Financing Authority, <br> Environmental Facilities Pure Salmon Virginia LLC <br> Project, Rev., AMT, 4.00%, 11/20/2025 (c)<br>| 2000 | 2001 |
| Virginia Small Business Financing Authority, Senior <br> Lien, Transform 66 P3 Project, Rev., AMT, 5.00%, <br> 12/31/2056<br>| 1000 | 973 |
| Total Virginia |  | 14571 |
| **Washington — 3.5%** | **Washington — 3.5%** | **Washington — 3.5%** |
| Energy Northwest, Project 1 Series 2025A, Rev., <br> 5.00%, 7/1/2034<br>| 1000 | 1176 |
| King County School District No. 403 Renton, Unlimited <br> Tax, GO, 4.00%, 12/1/2039<br>| 4560 | 4663 |
| State of Washington Series 2026A, GO, 5.00%, <br> 8/1/2037<br>| 2000 | 2324 |
| State of Washington Motor Vehicle Fuel Tax Series <br> 2024B, GO, 5.00%, 6/1/2045<br>| 2000 | 2123 |
| State of Washington, Various Purpose |  |  |
| Series R-2022A, GO, 4.00%, 2/1/2036 | 4335 | 4554 |
| Series 2022C, GO, 5.00%, 2/1/2042 | 2000 | 2135 |
| Series 2025A, GO, 5.00%, 8/1/2046 | 2500 | 2667 |
| Washington State Housing Finance Commission, <br> Blakeley and Laurel Villages Portfolio Series <br> 2025A, Rev., 5.50%, 7/1/2050 (b)<br>| 500 | 506 |
| Washington State Housing Finance Commission, <br> Rockwood Retirement Communities Project Series <br> 2020A, Rev., 5.00%, 1/1/2041 (b)<br>| 1415 | 1395 |
| Total Washington |  | 21543 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| West Virginia Economic Development Authority, Solid <br> Waste Disposal Facilities, Commercial Metal Co. <br> Project, Rev., AMT, 4.63%, 5/15/2032 (c)<br>| 1000 | 1016 |
| **Wisconsin — 2.1%** | **Wisconsin — 2.1%** | **Wisconsin — 2.1%** |
| Public Finance Authority, Ascend Leadership Academy <br> Project Series 2021A, Rev., 5.00%, 6/15/2041 (b)<br>| 130 | 116 |
| Public Finance Authority, Astro Texas Land Projects, <br> Rev., 5.00%, 12/15/2036 (b)<br>| 849 | 832 |
| Public Finance Authority, Eastern Michigan University <br> Student Housing Project Series 2022A-1, Rev., <br> 5.25%, 7/1/2033<br>| 500 | 563 |
| Public Finance Authority, Senior Lien |  |  |
| Rev., AMT, 5.50%, 7/1/2044 | 1000 | 1037 |
| Rev., AMT, 5.75%, 7/1/2049 | 2000 | 2089 |
| State of Wisconsin Series 2021A, GO, 5.00%, <br> 5/1/2036<br>| 1470 | 1544 |
| University of Wisconsin Hospitals and Clinics Series <br> 2024B, Rev., 5.00%, 10/1/2031 (c)<br>| 1000 | 1101 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Wisconsin Health and Educational Facilities Authority, <br> Aspirus, Inc., Obligated Group, Rev., 5.25%, <br> 8/15/2050<br>| 1000 | 1046 |
| Wisconsin Health and Educational Facilities Authority, <br> Marquette University, Rev., 5.00%, 10/1/2032<br>| 400 | 430 |
| Wisconsin Health and Educational Facilities Authority, <br> Medical College of Wisconsin, Inc., (The) Series <br> 2008B, Rev., VRDO, LOC : TD Bank NA, 4.00%, <br> 11/3/2025 (c)<br>| 2200 | 2200 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership<br>|  |  |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 9/1/2054<br>| 980 | 1059 |
| Series 2024C, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 3/1/2055<br>| 990 | 1082 |
| Total Wisconsin |  | 13099 |
| Total Municipal Bonds <br>(Cost $546,239)<br>|  | 559624 |
|  | **NO. OF** <br> **CONTRACTS**<br>|  |
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** |
| U.S. Treasury 30 Year Bond |  |  |
| 1/23/2026 at USD 130.00, American Style |  |  |
| Notional Amount: USD 100,000 |  |  |
| Counterparty: Exchange-Traded \* | 1000 | 94 |
| U.S. Treasury 30 Year Bond |  |  |
| 1/23/2026 at USD 140.00, American Style |  |  |
| Notional Amount: USD 100,000 |  |  |
| Counterparty: Exchange-Traded \* | 1000 | 23 |
| Total Call Options Purchased <br>(Cost $219)<br>|  | 117 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 6.2%** | **Short-Term Investments — 6.2%** | **Short-Term Investments — 6.2%** |
| **Investment Companies — 6.2%** | **Investment Companies — 6.2%** | **Investment Companies — 6.2%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 3.37% (f) (g) <br>(Cost $37,980)<br>| 37979 | 37983 |
| **Total Investments — 97.6%** <br>**(Cost $584,438)**<br>|  | **597724** |
| **Other Assets in Excess of Liabilities — 2.4%** |  | **14507** |
| **NET ASSETS — 100.0%** |  | **612231** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Tax Aware Fund October 31, 2025

------

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |

---

\* Non-income producing security. 

(a) The date shown represents the earliest of the prerefunded date, next put date or final maturity date. 

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

(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2025. 

(d) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. 

(e) Security is prerefunded or escrowed to maturity.

(f) 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. 

(g) The rate shown is the current yield as of October 31, 2025. 

**Futures contracts outstanding as of October 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3495 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13270 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 386 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4045)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (176)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (234)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 11

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

**Centrally Cleared Inflation-linked swap contracts outstanding as of October 31, 2025 (amounts in thousands):**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**$**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| CPI-U at termination | 2.52% at termination | Receive | 5/12/2030 | USD156,660 | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; 128 | &nbsp;&nbsp; 82 |
| CPI-U at termination | 2.54% at termination | Receive | 3/6/2030 | USD5,170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| CPI-U at termination | 2.55% at termination | Receive | 3/3/2030 | USD188,160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 285 |
| CPI-U at termination | 2.55% at termination | Receive | 6/3/2030 | USD12,420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| CPI-U at termination | 2.56% at termination | Receive | 1/31/2030 | USD20,133 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 37 |
|  |  |  |  |  | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; 464 | &nbsp;&nbsp; 418 |
| CPI-U at termination | 2.53% at termination | Receive | 10/24/2030 | USD24,285 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| CPI-U at termination | 2.68% at termination | Receive | 8/13/2030 | USD12,115 | &nbsp;&nbsp; — | &nbsp;&nbsp; (62)<br>| &nbsp;&nbsp; (62)<br>|
|  |  |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (62)<br>| &nbsp;&nbsp; (62)<br>|
|  |  |  |  |  | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; 402 | &nbsp;&nbsp; 356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CPI-U | Consumer Price Index for All Urban Consumers |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount rounds to less than one thousand.

(a) Value of floating rate index at October 31, 2025 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| CPI-U | 3.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of October 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of October 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of October 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of October 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of October 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of October 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of October 31, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 200,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 135.00<br>| 1/23/2026 | &nbsp;&nbsp; (78)<br>|
| Total Written Options Contracts (Premiums Received $(156)) | Total Written Options Contracts (Premiums Received $(156)) | Total Written Options Contracts (Premiums Received $(156)) | Total Written Options Contracts (Premiums Received $(156)) | Total Written Options Contracts (Premiums Received $(156)) | Total Written Options Contracts (Premiums Received $(156)) | &nbsp;&nbsp; (78)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Tax Aware Fund October 31, 2025

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF October 31, 2025

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Aware Real** <br>**Return Fund**  |
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $559624 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 37983 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; 117 |
| Deposits at broker for futures contracts and options | &nbsp;&nbsp;&nbsp; 486 |
| Deposits at broker for centrally cleared swaps | &nbsp;&nbsp;&nbsp; 12829 |
| Receivables: |  |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 305 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 343 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 7146 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 87 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp; 354 |
| Total Assets | &nbsp;&nbsp;&nbsp; 619274 |
| **LIABILITIES:** |  |
| Payables: |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 5 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 6408 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 201 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 1 |
| Options written, at value | &nbsp;&nbsp;&nbsp; 78 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 123 |
| Administration fees | &nbsp;&nbsp;&nbsp; 4 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 26 |
| Service fees | &nbsp;&nbsp;&nbsp; 44 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 25 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 128 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 7043 |
| Net Assets | &nbsp;&nbsp;&nbsp; $612231 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 13

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF October 31, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Tax Aware Real**<br>**Return Fund**  |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $723409 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (111178)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $612231 |
| Net Assets: |  |
| Class A | &nbsp;&nbsp;&nbsp; $108663 |
| Class C | &nbsp;&nbsp;&nbsp; 4500 |
| Class I | &nbsp;&nbsp;&nbsp; 400275 |
| Class R6 | &nbsp;&nbsp;&nbsp; 98793 |
| Total | &nbsp;&nbsp;&nbsp; $612231 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |
| Class A | &nbsp;&nbsp;&nbsp; 11500 |
| Class C | &nbsp;&nbsp;&nbsp; 477 |
| Class I | &nbsp;&nbsp;&nbsp; 42239 |
| Class R6 | &nbsp;&nbsp;&nbsp; 10433 |
| Net Asset Value (a): |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $9.45 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;9.43 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;9.48 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;9.47 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $9.82 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $546239 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 37980 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; 219 |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; 156 |
| Net upfront receipts on centrally cleared swaps | &nbsp;&nbsp;&nbsp; (46)<br>|

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Tax Aware Fund October 31, 2025

------

**STATEMENT OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Aware Real** <br>**Return Fund**  |
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $21306 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1141 |
| Total investment income | &nbsp;&nbsp;&nbsp; 22447 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 2025 |
| Administration fees | &nbsp;&nbsp;&nbsp; 434 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 259 |
| Class C | &nbsp;&nbsp;&nbsp; 29 |
| Service fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 259 |
| Class C | &nbsp;&nbsp;&nbsp; 10 |
| Class I | &nbsp;&nbsp;&nbsp; 942 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 105 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 116 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 27 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 38 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 94 |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp; 11 |
| Other | &nbsp;&nbsp;&nbsp; 19 |
| Total expenses | &nbsp;&nbsp;&nbsp; 4368 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1617)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 2751 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 19696 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (6458)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 626 |
| Swaps | &nbsp;&nbsp;&nbsp; 4522 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (1310)<br>|
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 7927 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 1 |
| Options purchased | &nbsp;&nbsp;&nbsp; (102)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 165 |
| Options written | &nbsp;&nbsp;&nbsp; 78 |
| Swaps | &nbsp;&nbsp;&nbsp; (2806)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 5263 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 3953 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $23649 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 15

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Tax Aware Real Return Fund**  | **JPMorgan Tax Aware Real Return Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $19696 | &nbsp;&nbsp;&nbsp; $17693 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (1310)<br>| &nbsp;&nbsp;&nbsp; (10128)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 5263 | &nbsp;&nbsp;&nbsp; 33704 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 23649 | &nbsp;&nbsp;&nbsp; 41269 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3308)<br>| &nbsp;&nbsp;&nbsp; (2895)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp; (116)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (12908)<br>| &nbsp;&nbsp;&nbsp; (11274)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3323)<br>| &nbsp;&nbsp;&nbsp; (3540)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (19645)<br>| &nbsp;&nbsp;&nbsp; (17825)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 42389 | &nbsp;&nbsp;&nbsp; 35229 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 46393 | &nbsp;&nbsp;&nbsp; 58673 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 565838 | &nbsp;&nbsp;&nbsp; 507165 |
| End of period | &nbsp;&nbsp;&nbsp; $612231 | &nbsp;&nbsp;&nbsp; $565838 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Tax Aware Fund October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Tax Aware Real Return Fund** | **JPMorgan Tax Aware Real Return Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $32939 | &nbsp;&nbsp;&nbsp; $25403 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3084 | &nbsp;&nbsp;&nbsp; 2728 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (25359)<br>| &nbsp;&nbsp;&nbsp; (25115)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 10664 | &nbsp;&nbsp;&nbsp; 3016 |
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1727 | &nbsp;&nbsp;&nbsp; 784 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 97 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1322)<br>| &nbsp;&nbsp;&nbsp; (1623)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp; (742)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 184801 | &nbsp;&nbsp;&nbsp; 197930 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 11066 | &nbsp;&nbsp;&nbsp; 9354 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (171661)<br>| &nbsp;&nbsp;&nbsp; (154658)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 24206 | &nbsp;&nbsp;&nbsp; 52626 |
| **Class R6** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 39862 | &nbsp;&nbsp;&nbsp; 20398 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1164 | &nbsp;&nbsp;&nbsp; 1093 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (34003)<br>| &nbsp;&nbsp;&nbsp; (41162)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 7023 | &nbsp;&nbsp;&nbsp; (19671)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $42389 | &nbsp;&nbsp;&nbsp; $35229 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3525 | &nbsp;&nbsp;&nbsp; 2696 |
| Reinvested | &nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp; 290 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2716)<br>| &nbsp;&nbsp;&nbsp; (2676)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp; 310 |
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp; 83 |
| Reinvested | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 11 |
| Redeemed | &nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; (173)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; (79)<br>|
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 19743 | &nbsp;&nbsp;&nbsp; 20971 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1184 | &nbsp;&nbsp;&nbsp; 993 |
| Redeemed | &nbsp;&nbsp;&nbsp; (18412)<br>| &nbsp;&nbsp;&nbsp; (16453)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 2515 | &nbsp;&nbsp;&nbsp; 5511 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 17

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Tax Aware Real Return Fund** | **JPMorgan Tax Aware Real Return Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class R6** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4274 | &nbsp;&nbsp;&nbsp; 2165 |
| Reinvested | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 116 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3652)<br>| &nbsp;&nbsp;&nbsp; (4371)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp; (2090)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Tax Aware Fund October 31, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

19 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Tax Aware Real Return Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended October 31, 2025 | $9.38 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $(0.30)<br>|
| Year Ended October 31, 2024 | 8.95 | 0.29 | 0.44 | 0.73 | &nbsp;&nbsp; (0.30)<br>|
| Year Ended October 31, 2023 | 9.06 | 0.26 | &nbsp;&nbsp; (0.11)<br>| 0.15 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended October 31, 2022 | 9.94 | 0.14 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.14)<br>|
| Year Ended October 31, 2021 | 9.11 | 0.13 | 0.84 | 0.97 | &nbsp;&nbsp; (0.14)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended October 31, 2025 | 9.36 | 0.25 | 0.07 | 0.32 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended October 31, 2024 | 8.93 | 0.24 | 0.44 | 0.68 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended October 31, 2023 | 9.04 | 0.21 | &nbsp;&nbsp; (0.11)<br>| 0.10 | &nbsp;&nbsp; (0.21)<br>|
| Year Ended October 31, 2022 | 9.92 | 0.09 | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.10)<br>|
| Year Ended October 31, 2021 | 9.09 | 0.08 | 0.84 | 0.92 | &nbsp;&nbsp; (0.09)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended October 31, 2025 | 9.41 | 0.32 | 0.07 | 0.39 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended October 31, 2024 | 8.98 | 0.32 | 0.43 | 0.75 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended October 31, 2023 | 9.09 | 0.29 | &nbsp;&nbsp; (0.12)<br>| 0.17 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended October 31, 2022 | 9.97 | 0.17 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.17)<br>|
| Year Ended October 31, 2021 | 9.13 | 0.16 | 0.84 | 1.00 | &nbsp;&nbsp; (0.16)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended October 31, 2025 | 9.40 | 0.33 | 0.07 | 0.40 | &nbsp;&nbsp; (0.33)<br>|
| Year Ended October 31, 2024 | 8.97 | 0.33 | 0.43 | 0.76 | &nbsp;&nbsp; (0.33)<br>|
| Year Ended October 31, 2023 | 9.08 | 0.30 | &nbsp;&nbsp; (0.12)<br>| 0.18 | &nbsp;&nbsp; (0.29)<br>|
| Year Ended October 31, 2022 | 9.96 | 0.18 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.18)<br>|
| Year Ended October 31, 2021 | 9.13 | 0.17 | 0.83 | 1.00 | &nbsp;&nbsp; (0.17)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Tax Aware Fund October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $108663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 21

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I (the "Trust") was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following is a separate fund of the Trust (the "Fund") covered by this report:

---

| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Tax Aware Real Return Fund | Class A, Class C, Class I and Class R6 | Diversified |

---

The investment objective of the Fund is to seek to maximize after-tax inflation protected return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund's prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Fund.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Tax Aware Fund October 31, 2025

------

Swaps are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $559624 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $559624 |
| Options Purchased |  |  |  |  |
| Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 37983 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37983 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $38100 | &nbsp;&nbsp;&nbsp;&nbsp; $559624 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $597724 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $386 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $386 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 464 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(234)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(234)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62)<br>|
| Options Written |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (78)<br>|
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $74 | &nbsp;&nbsp;&nbsp;&nbsp; $402 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $476 |

---

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

As of October 31, 2025, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 23

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— The Fund purchased when-issued securities, including To-Be-Announced ("TBA") securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Fund may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

The Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of October 31, 2025, which are shown as a Receivable for Investment securities sold - delayed delivery securities and a Payable for Investment securities purchased - delayed delivery securities, respectively, on the Statement of Assets and Liabilities. The values of these securities held at October 31, 2025 are detailed on the SOI, if any.

**D. Securities Lending** — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

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

The Fund did not lend out any securities during the year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Tax Aware Fund October 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E. Investment Transactions with Affiliates**— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 3.37% (a) (b)<br>| $37415 | $268401 | $267834 | $—<br> (c)<br>| $1 | $37983 | 37979 | $1141 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) The rate shown is the current yield as of October 31, 2025.

(c) Amount rounds to less than one thousand.

**F. Derivatives**—The Fund used derivative instruments including options, futures and swaps in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to effectively manage the long and short equity exposures in the portfolio, manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statement of Assets and Liabilities.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Fund.

Notes F(1) - F(3) below describe the various derivatives used by the Fund.

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

*Options Purchased* — Premiums paid by the Fund for options purchased are included on the Statement of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statement of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Fund for options written are included on the Statement of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of options written on the Statement of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 25

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

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.

**(2) Futures Contracts**— The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to interest rate risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

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

**(3) Swaps**— The Fund engaged in various swap transactions to manage interest rate (e.g., duration, yield curve) and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between the fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and are amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

**Inflation-Linked Swaps**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Tax Aware Fund October 31, 2025

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The Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

**Derivatives Volume**

The table below discloses the volume of the Fund's options, futures contracts and swaps activity during the year ended October 31, 2025. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $32701 |
| Average Notional Balance Short | &nbsp;&nbsp; (11893)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 16765 |
| Ending Notional Balance Short | &nbsp;&nbsp; (8779)<br>|
| **Interest Rate-Related Swaps (Inflation-Linked Swaps):** |  |
| Average Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; 367467 |
| Ending Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; 418943 |
| **Exchange-Traded Options:** |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; 154 |
| Average Number of Contracts Written | &nbsp;&nbsp; (154)<br>|
| Ending Number of Contracts Purchased | &nbsp;&nbsp; 2000 |
| Ending Number of Contracts Written | &nbsp;&nbsp; (2000)<br>|

---

**G. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when the Fund first learns of the dividend.

**H. Allocation of Income and Expenses**— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the year ended October 31, 2025, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** | **Total** |
| Transfer agency fees  | $4 | $1 | $4 | $2 | $11 |

---

**I. Federal Income Taxes**— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of October 31, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years, remain subject to examination by the Internal Revenue Service.

**J. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 27

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

The following amounts were reclassified within the capital accounts:

---

| | | |
|:---|:---|:---|
| **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to tax adjustments on certain investments.

**K. Segment Reporting** — The Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**L. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.35% of each Fund's respective average daily net assets.

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

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the year ended October 31, 2025, the effective rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund's principal underwriter and promotes and arranges for the sale of the Fund's shares.

The Board has adopted a Distribution Plan (the "Distribution Plan") for Class A and Class C Shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of each Fund do not charge a distribution fee. The Distribution Plan provides that 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Tax Aware Fund October 31, 2025

------

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2025, JPMDS retained the following:

---

| | |
|:---|:---|
| **Front-End Sales Charge** | **CDSC** |
| &nbsp;&nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**D. Service Fees**— The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|

---

The expense limitation agreements were in effect for the year ended October 31, 2025 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2026.

For the year ended October 31, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | |
|:---|:---|:---|:---|
| **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |
| **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** |
| &nbsp;&nbsp; $506 | &nbsp;&nbsp; $337 | &nbsp;&nbsp; $725 | &nbsp;&nbsp; $1568 |

---

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the year ended October 31, 2025 was $49.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 29

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**G. Other**— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended October 31, 2025, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The SEC has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the year ended October 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| $385683 | $340466 |

---

During the year ended October 31, 2025, there were no purchases or sales of U.S. Government securities.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $584405 | &nbsp;&nbsp;&nbsp;&nbsp; $16398 | &nbsp;&nbsp;&nbsp;&nbsp; $2649 | &nbsp;&nbsp;&nbsp;&nbsp; $13749 |

---

The tax character of distributions paid during the year ended October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $745 | &nbsp;&nbsp;&nbsp;&nbsp; $18900 | &nbsp;&nbsp;&nbsp;&nbsp; $19645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $820 | &nbsp;&nbsp;&nbsp;&nbsp; $17005 | &nbsp;&nbsp;&nbsp;&nbsp; $17825 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Tax Aware Fund October 31, 2025

------

As of October 31, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $(124967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $111 | &nbsp;&nbsp;&nbsp;&nbsp; $13749 |

---

As of October 31, 2025, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | |
|:---|:---|
| **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $95424 | &nbsp;&nbsp;&nbsp;&nbsp; $29543 |

---

**6. Borrowings** 

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

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended October 31, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to 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 October 27, 2026.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2025.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV 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 million minimum adjusted NAV 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 on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the year ended October 31, 2025.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2025, the Fund had three individual shareholder and/or non-affiliated omnibus accounts, which owned 46.8% of the Fund's outstanding shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 31

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

Significant shareholder transactions by these shareholders may impact the Fund's performance and liquidity.

The Fund is subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Fund is subject to credit risk. The Fund's investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Fund's investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund's securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e. the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

The Fund invests primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer's ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers' ratings and the Fund's ability to collect principal and interest, in the event of an issuer's default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Tax Aware Fund October 31, 2025

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Tax Aware Real Return Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Tax Aware Real Return Fund (one of the funds constituting JPMorgan Trust I, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 23, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Tax Aware Fund 33

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended October 31, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Tax Exempt Income**

The Fund had $18,900, or maximum allowable amount, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Tax Aware Fund October 31, 2025

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------

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 Fund.

***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.

![](g58088img11fdefec2.jpg)

------

![](g58088img8f310db53.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. October 2025.

AN-TA-1025

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statement of Operations within the Fund's Financial Statements.

------

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year, and at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the "Advisory Agreement"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 14, 2025.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Fund's performance as compared to the performance of its peers and benchmarks, and analyses by the Adviser of the Fund's performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds' objectives, benchmarks, and peers. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Fund, and independent legal counsel to the Trustees, and

received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any;

• The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund, including personnel changes, if any;

• The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;

• Information about the structure and distribution strategy for the Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services provided by the Adviser in its role as Administrator;

• Their knowledge of the nature and quality of the services

------

provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Fund;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.

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

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

The Trustees also considered that JPMorgan Distribution Services, Inc. ("JPMDS"), an affiliate of the Adviser, and the Adviser earn fees from the Fund for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund's distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial

intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for the Fund, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund's potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser's allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser's use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Fund.

***Economies of Scale***

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented contractual expense limitations and fee waivers ("Fee Caps") which allow the Fund's shareholders to share potential economies of scale from the Fund's inception. The Trustees noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Fund, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive

------

levels, was reasonable. The Trustees concluded that the Fund's shareholders received the benefits of potential economies of scale through the Fee Caps and from the Adviser's reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

***Fees Relative to Adviser's Other Clients***

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser's other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser's other clients were reasonable.

***Investment Performance***

The Trustees receive and consider information about the Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe comprised of funds' selected share classes with the same Broadridge investment classification and objective (the "Universe"), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting mutual funds in the Fund's Universe and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. The Trustees also considered enhancements to the methodology employed by Broadridge for identifying funds in the Peer Group for Class I and Class R6 shares, based upon discussions with the Adviser, Broadridge and certain Trustees in advance of, and preparation for, the June meeting. The Broadridge materials provided to the Trustees highlighted information with respect to certain

representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund's performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees' independent consultant and also considered the special analysis prepared for certain Funds by the Trustees' independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund's performance for certain representative classes are summarized below:

The Trustees noted that the Fund's performance for Class A, Class I and Class R6 shares was in the second, first and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

***Advisory Fees and Expense Ratios***

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds' selected share classes in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees recognized that Broadridge reported the Fund's management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Fund, the net advisory fee rate and net expense ratio for each share class, taking into account any waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of the Fund's advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund's net advisory fee for Class A shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the second quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first

------

and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the

Trustees concluded that the advisory fee was fair and reasonable in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

------

Annual Financial Statements

J.P. Morgan Specialty Funds

October 31, 2025

JPMorgan Research Market Neutral Fund<br>

![](g87021img9e14453d1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_f0709a01-1697-42f7-94b7-ca48a83d68a3_SOI-TOC-ScheduleofInvestments-760_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_f0709a01-1697-42f7-94b7-ca48a83d68a3_FS-TOC-FinancialStatement-760_1) | &nbsp;&nbsp; **9** |
| [Financial Highlights](#xx_f0709a01-1697-42f7-94b7-ca48a83d68a3_FIHI-TOC-FinancialHighlights-760_1) | &nbsp;&nbsp; **14** |
| [Notes to Financial Statements](#xx_f0709a01-1697-42f7-94b7-ca48a83d68a3_NTF-NTFRunningFooter-760_1) | &nbsp;&nbsp; **16** |
| [Report of Independent Registered Public Accounting Firm](#xx_f0709a01-1697-42f7-94b7-ca48a83d68a3_AUD-TOC-AuditorsReport-760_1) | &nbsp;&nbsp; **25** |
| [Tax Letter](#xx_f0709a01-1697-42f7-94b7-ca48a83d68a3_TL-TAXLETTERCC-760_1) | &nbsp;&nbsp; **26** |

---

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.

Prospective investors should refer to the Fund's prospectuses for a discussion of the Fund's 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 the Fund, including management fees and other expenses. Please read it carefully before investing.

------

JPMorgan Research Market Neutral Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Long Positions — 99.4%** | **Long Positions — 99.4%** | **Long Positions — 99.4%** |
| **Common Stocks — 80.5%** | **Common Stocks — 80.5%** | **Common Stocks — 80.5%** |
| **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** |
| Boeing Co. (The) \* | 5 | 940 |
| Howmet Aerospace, Inc. (a) | 32 | 6544 |
| RTX Corp. (a) | 29 | 5225 |
| TransDigm Group, Inc. (a) | 2 | 2447 |
|  |  | 15156 |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** | **Automobiles — 0.5%** |
| General Motors Co. | 29 | 1981 |
| **Banks — 2.6%** | **Banks — 2.6%** | **Banks — 2.6%** |
| Bank of America Corp. | 35 | 1880 |
| Fifth Third Bancorp (a) | 61 | 2525 |
| Regions Financial Corp. | 85 | 2061 |
| US Bancorp | 25 | 1163 |
| Wells Fargo & Co. (a) | 30 | 2614 |
|  |  | 10243 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Keurig Dr Pepper, Inc. | 53 | 1445 |
| PepsiCo, Inc. | 8 | 1147 |
|  |  | 2592 |
| **Biotechnology — 2.2%** | **Biotechnology — 2.2%** | **Biotechnology — 2.2%** |
| AbbVie, Inc. (a) | 16 | 3557 |
| Biogen, Inc. \* | 3 | 404 |
| Neurocrine Biosciences, Inc. \* | 8 | 1149 |
| Regeneron Pharmaceuticals, Inc. | 3 | 2083 |
| Vertex Pharmaceuticals, Inc. \* (a) | 4 | 1481 |
|  |  | 8674 |
| **Broadline Retail — 1.0%** | **Broadline Retail — 1.0%** | **Broadline Retail — 1.0%** |
| Amazon.com, Inc. \* (a) | 17 | 4052 |
| **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
| Trane Technologies plc | 7 | 3281 |
| **Capital Markets — 2.8%** | **Capital Markets — 2.8%** | **Capital Markets — 2.8%** |
| Ameriprise Financial, Inc. (a) | 2 | 1196 |
| Ares Management Corp. | 3 | 400 |
| Charles Schwab Corp. (The) (a) | 28 | 2613 |
| CME Group, Inc. | 6 | 1670 |
| LPL Financial Holdings, Inc. | 8 | 2888 |
| MSCI, Inc. | 3 | 2076 |
|  |  | 10843 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Ecolab, Inc. | 9 | 2260 |
| PPG Industries, Inc. | 4 | 369 |
|  |  | 2629 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| Waste Connections, Inc. | 7 | 1152 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| Arista Networks, Inc. \* | 4 | 667 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| Martin Marietta Materials, Inc. | 3 | 1960 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| American Express Co. | 7 | 2454 |
| Capital One Financial Corp. | 4 | 851 |
|  |  | 3305 |
| **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
| Walmart, Inc. | 28 | 2820 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| AT&T, Inc. | 49 | 1213 |
| **Electric Utilities — 4.2%** | **Electric Utilities — 4.2%** | **Electric Utilities — 4.2%** |
| Entergy Corp. (a) | 43 | 4103 |
| NextEra Energy, Inc. | 55 | 4524 |
| Southern Co. (The) (a) | 55 | 5159 |
| Xcel Energy, Inc. | 30 | 2458 |
|  |  | 16244 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| Eaton Corp. plc | 4 | 1584 |
| Emerson Electric Co. | 6 | 790 |
|  |  | 2374 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Amphenol Corp., Class A | 10 | 1334 |
| Keysight Technologies, Inc. \* | 5 | 934 |
|  |  | 2268 |
| **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
| Baker Hughes Co., Class A | 47 | 2278 |
| **Entertainment — 2.6%** | **Entertainment — 2.6%** | **Entertainment — 2.6%** |
| Live Nation Entertainment, Inc. \* | 10 | 1525 |
| Walt Disney Co. (The) (a) | 30 | 3364 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 1

------

JPMorgan Research Market Neutral Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Entertainment — continued** | **Entertainment — continued** | **Entertainment — continued** |
| Warner Bros Discovery, Inc. \* | 120 | 2698 |
| Warner Music Group Corp., Class A (a) | 79 | 2508 |
|  |  | 10095 |
| **Financial Services — 6.6%** | **Financial Services — 6.6%** | **Financial Services — 6.6%** |
| Affirm Holdings, Inc. \* | 7 | 520 |
| Apollo Global Management, Inc. (a) | 25 | 3073 |
| Corpay, Inc. \* (a) | 22 | 5752 |
| Fidelity National Information Services, Inc. (a) | 113 | 7056 |
| Jack Henry & Associates, Inc. | 5 | 780 |
| Klarna Group plc (United Kingdom) \* | 20 | 766 |
| Mastercard, Inc., Class A (a) | 12 | 6650 |
| Toast, Inc., Class A \* | 7 | 245 |
| WEX, Inc. \* | 6 | 795 |
|  |  | 25637 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Hershey Co. (The) | 2 | 400 |
| Mondelez International, Inc., Class A | 33 | 1891 |
|  |  | 2291 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| Canadian Pacific Kansas City Ltd. (Canada) | 13 | 934 |
| CSX Corp. | 46 | 1656 |
| Saia, Inc. \* | 2 | 537 |
|  |  | 3127 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| Boston Scientific Corp. \* | 13 | 1278 |
| Edwards Lifesciences Corp. \* | 20 | 1648 |
| Medtronic plc | 10 | 942 |
| Stryker Corp. | 6 | 2053 |
|  |  | 5921 |
| **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** |
| Cigna Group (The) | 2 | 485 |
| HCA Healthcare, Inc. | 3 | 1291 |
| Humana, Inc. | 5 | 1336 |
| UnitedHealth Group, Inc. (a) | 6 | 2275 |
|  |  | 5387 |
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| Alexandria Real Estate Equities, Inc. | 5 | 288 |
| Ventas, Inc. | 33 | 2433 |
|  |  | 2721 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** |
| Carnival Corp. \* | 80 | 2310 |
| Chipotle Mexican Grill, Inc., Class A \* (a) | 60 | 1888 |
| Expedia Group, Inc. | 3 | 713 |
| Hilton Worldwide Holdings, Inc. | 5 | 1379 |
| McDonald's Corp. (a) | 10 | 2984 |
| Yum! Brands, Inc. (a) | 21 | 2840 |
|  |  | 12114 |
| **Household Products — 0.0% ^** | **Household Products — 0.0% ^** | **Household Products — 0.0% ^** |
| Church & Dwight Co., Inc. | 2 | 186 |
| **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** |
| 3M Co. (a) | 28 | 4724 |
| **Insurance — 3.9%** | **Insurance — 3.9%** | **Insurance — 3.9%** |
| Aon plc, Class A | 8 | 2730 |
| Arch Capital Group Ltd. | 15 | 1337 |
| Arthur J Gallagher & Co. (a) | 24 | 6068 |
| Chubb Ltd. | 5 | 1279 |
| Progressive Corp. (The) (a) | 13 | 2592 |
| Ryan Specialty Holdings, Inc. | 23 | 1246 |
|  |  | 15252 |
| **Interactive Media & Services — 1.3%** | **Interactive Media & Services — 1.3%** | **Interactive Media & Services — 1.3%** |
| Meta Platforms, Inc., Class A (a) | 4 | 2911 |
| Pinterest, Inc., Class A \* | 68 | 2251 |
|  |  | 5162 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Cognizant Technology Solutions Corp., Class A (a) | 25 | 1827 |
| EPAM Systems, Inc. \* | 8 | 1252 |
| Shopify, Inc., Class A (Canada) \* | 3 | 626 |
|  |  | 3705 |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| Agilent Technologies, Inc. | 13 | 1914 |
| Danaher Corp. | 12 | 2650 |
| IQVIA Holdings, Inc. \* | 4 | 812 |
| Thermo Fisher Scientific, Inc. | 1 | 410 |
|  |  | 5786 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| AGCO Corp. | 2 | 246 |
| Deere & Co. | 1 | 260 |
| IDEX Corp. | 6 | 1110 |
|  |  | 1616 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Specialty Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Comcast Corp., Class A | 6 | 158 |
| Omnicom Group, Inc. | 38 | 2865 |
|  |  | 3023 |
| **Multi-Utilities — 2.7%** | **Multi-Utilities — 2.7%** | **Multi-Utilities — 2.7%** |
| Ameren Corp. (a) | 42 | 4335 |
| Dominion Energy, Inc. | 40 | 2322 |
| NiSource, Inc. | 21 | 896 |
| Sempra | 32 | 2905 |
|  |  | 10458 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| Diamondback Energy, Inc. | 12 | 1727 |
| EOG Resources, Inc. | 17 | 1775 |
| EQT Corp. | 37 | 1991 |
| Exxon Mobil Corp. (a) | 11 | 1225 |
| Targa Resources Corp. | 8 | 1257 |
| TC Energy Corp. (Canada) | 28 | 1418 |
| Williams Cos., Inc. (The) | 20 | 1138 |
|  |  | 10531 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 4 | 213 |
| United Airlines Holdings, Inc. \* | 4 | 363 |
|  |  | 576 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| Estee Lauder Cos., Inc. (The), Class A | 13 | 1200 |
| Kenvue, Inc. | 28 | 407 |
|  |  | 1607 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| Bristol-Myers Squibb Co. (a) | 21 | 986 |
| Elanco Animal Health, Inc. \* | 63 | 1395 |
| Johnson & Johnson (a) | 17 | 3238 |
|  |  | 5619 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| American Homes 4 Rent, Class A | 10 | 306 |
| **Semiconductors & Semiconductor Equipment — 7.1%** | **Semiconductors & Semiconductor Equipment — 7.1%** | **Semiconductors & Semiconductor Equipment — 7.1%** |
| Analog Devices, Inc. (a) | 11 | 2640 |
| ASML Holding NV (Registered), NYRS (Netherlands) (a) | 1 | 1403 |
| Broadcom, Inc. | 2 | 671 |
| Microchip Technology, Inc. | 38 | 2365 |
| Micron Technology, Inc. (a) | 5 | 1005 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NVIDIA Corp. (a) | 26 | 5244 |
| NXP Semiconductors NV (Netherlands) (a) | 12 | 2605 |
| ON Semiconductor Corp. \* | 16 | 782 |
| Skyworks Solutions, Inc. | 8 | 649 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 15 | 4552 |
| Texas Instruments, Inc. | 23 | 3722 |
| Universal Display Corp. | 12 | 1804 |
|  |  | 27442 |
| **Software — 6.1%** | **Software — 6.1%** | **Software — 6.1%** |
| Autodesk, Inc. \* | 8 | 2324 |
| Cadence Design Systems, Inc. \* | 8 | 2550 |
| Figma, Inc., Class A \* | 5 | 244 |
| Intuit, Inc. | 5 | 3555 |
| Microsoft Corp. (a) | 10 | 4931 |
| Oracle Corp. | 13 | 3464 |
| PTC, Inc. \* | 1 | 256 |
| Roper Technologies, Inc. | 3 | 1357 |
| ServiceNow, Inc. \* (a) | 5 | 4924 |
|  |  | 23605 |
| **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
| American Tower Corp. | 10 | 1700 |
| Equinix, Inc. | 3 | 2805 |
| Extra Space Storage, Inc. | 12 | 1643 |
|  |  | 6148 |
| **Specialty Retail — 4.2%** | **Specialty Retail — 4.2%** | **Specialty Retail — 4.2%** |
| AutoZone, Inc. \* |  | 2002 |
| Best Buy Co., Inc. | 10 | 818 |
| Burlington Stores, Inc. \* (a) | 18 | 4877 |
| Lowe's Cos., Inc. (a) | 20 | 4802 |
| O'Reilly Automotive, Inc. \* | 25 | 2364 |
| Ross Stores, Inc. (a) | 10 | 1526 |
|  |  | 16389 |
| **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** |
| Hewlett Packard Enterprise Co. | 158 | 3859 |
| Seagate Technology Holdings plc | 6 | 1645 |
| Western Digital Corp. | 11 | 1633 |
|  |  | 7137 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| NIKE, Inc., Class B | 34 | 2214 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 3

------

JPMorgan Research Market Neutral Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. |  | 375 |
| Total Common Stocks <br>(Cost $260,304)<br>|  | 312886 |
| **Short-Term Investments — 18.9%** | **Short-Term Investments — 18.9%** | **Short-Term Investments — 18.9%** |
| **Investment Companies — 18.9%** | **Investment Companies — 18.9%** | **Investment Companies — 18.9%** |
| JPMorgan Prime Money Market Fund Class Institutional <br> Shares, 4.01% (b) (c)(Cost $73,272)<br>| 73255 | 73284 |
| Total Long Positions <br>(Cost $333,576)<br>|  | 386170 |
| **Short Positions — (77.6)%** | **Short Positions — (77.6)%** | **Short Positions — (77.6)%** |
| **Common Stocks — (77.6)%** | **Common Stocks — (77.6)%** | **Common Stocks — (77.6)%** |
| **Aerospace & Defense — (1.1)%** | **Aerospace & Defense — (1.1)%** | **Aerospace & Defense — (1.1)%** |
| General Dynamics Corp. | (1)<br>| (203)<br>|
| Huntington Ingalls Industries, Inc. | (7)<br>| (2192)<br>|
| L3Harris Technologies, Inc. | (6)<br>| (1847)<br>|
|  |  | (4242)<br>|
| **Air Freight & Logistics — (0.3)%** | **Air Freight & Logistics — (0.3)%** | **Air Freight & Logistics — (0.3)%** |
| Expeditors International of Washington, Inc. | (8)<br>| (1027)<br>|
| **Automobiles — (0.9)%** | **Automobiles — (0.9)%** | **Automobiles — (0.9)%** |
| Ford Motor Co. | (247)<br>| (3241)<br>|
| Harley-Davidson, Inc. | (10)<br>| (269)<br>|
|  |  | (3510)<br>|
| **Banks — (1.8)%** | **Banks — (1.8)%** | **Banks — (1.8)%** |
| KeyCorp | (118)<br>| (2079)<br>|
| M&T Bank Corp. | (10)<br>| (1835)<br>|
| PNC Financial Services Group, Inc. (The) | (17)<br>| (3029)<br>|
|  |  | (6943)<br>|
| **Beverages — (0.6)%** | **Beverages — (0.6)%** | **Beverages — (0.6)%** |
| Coca-Cola Co. (The) | (6)<br>| (418)<br>|
| Constellation Brands, Inc., Class A | (2)<br>| (339)<br>|
| Molson Coors Beverage Co., Class B | (28)<br>| (1212)<br>|
| Monster Beverage Corp. \* | (3)<br>| (198)<br>|
|  |  | (2167)<br>|
| **Biotechnology — (1.6)%** | **Biotechnology — (1.6)%** | **Biotechnology — (1.6)%** |
| Amgen, Inc. | (10)<br>| (2765)<br>|
| Gilead Sciences, Inc. | (21)<br>| (2513)<br>|
| Incyte Corp. \* | (5)<br>| (482)<br>|
| Moderna, Inc. \* | (22)<br>| (601)<br>|
|  |  | (6361)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Broadline Retail — (0.9)%** | **Broadline Retail — (0.9)%** | **Broadline Retail — (0.9)%** |
| eBay, Inc. | (44)<br>| (3540)<br>|
| **Building Products — (0.6)%** | **Building Products — (0.6)%** | **Building Products — (0.6)%** |
| Johnson Controls International plc | (6)<br>| (640)<br>|
| Lennox International, Inc. | (3)<br>| (1727)<br>|
|  |  | (2367)<br>|
| **Capital Markets — (4.3)%** | **Capital Markets — (4.3)%** | **Capital Markets — (4.3)%** |
| Bank of New York Mellon Corp. (The) | (22)<br>| (2417)<br>|
| Blackrock, Inc. | (3)<br>| (3520)<br>|
| Carlyle Group, Inc. (The) | (30)<br>| (1569)<br>|
| Cboe Global Markets, Inc. | (6)<br>| (1373)<br>|
| Franklin Resources, Inc. | (159)<br>| (3594)<br>|
| Moody's Corp. | (6)<br>| (3013)<br>|
| Tradeweb Markets, Inc., Class A | (13)<br>| (1342)<br>|
|  |  | (16828)<br>|
| **Chemicals — (1.1)%** | **Chemicals — (1.1)%** | **Chemicals — (1.1)%** |
| Air Products and Chemicals, Inc. | (10)<br>| (2534)<br>|
| Eastman Chemical Co. | (25)<br>| (1499)<br>|
| Solstice Advanced Materials, Inc. \* | (3)<br>| (124)<br>|
|  |  | (4157)<br>|
| **Commercial Services & Supplies — (1.9)%** | **Commercial Services & Supplies — (1.9)%** | **Commercial Services & Supplies — (1.9)%** |
| Cintas Corp. | (12)<br>| (2169)<br>|
| Republic Services, Inc., Class A | (4)<br>| (772)<br>|
| Veralto Corp. | (21)<br>| (2095)<br>|
| Waste Management, Inc. | (11)<br>| (2238)<br>|
|  |  | (7274)<br>|
| **Communications Equipment — (1.0)%** | **Communications Equipment — (1.0)%** | **Communications Equipment — (1.0)%** |
| Cisco Systems, Inc. | (54)<br>| (3943)<br>|
| **Consumer Finance — (0.7)%** | **Consumer Finance — (0.7)%** | **Consumer Finance — (0.7)%** |
| Synchrony Financial | (37)<br>| (2774)<br>|
| **Consumer Staples Distribution & Retail — (5.2)%** | **Consumer Staples Distribution & Retail — (5.2)%** | **Consumer Staples Distribution & Retail — (5.2)%** |
| Dollar General Corp. | (24)<br>| (2384)<br>|
| Dollar Tree, Inc. \* | (17)<br>| (1632)<br>|
| Kroger Co. (The) | (26)<br>| (1678)<br>|
| Sysco Corp. | (108)<br>| (8032)<br>|
| Target Corp. | (69)<br>| (6364)<br>|
|  |  | (20090)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Specialty Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Containers & Packaging — (0.5)%** | **Containers & Packaging — (0.5)%** | **Containers & Packaging — (0.5)%** |
| Ball Corp. | (4)<br>| (175)<br>|
| International Paper Co. | (42)<br>| (1629)<br>|
|  |  | (1804)<br>|
| **Distributors — (0.3)%** | **Distributors — (0.3)%** | **Distributors — (0.3)%** |
| Pool Corp. | (5)<br>| (1259)<br>|
| **Electric Utilities — (4.7)%** | **Electric Utilities — (4.7)%** | **Electric Utilities — (4.7)%** |
| American Electric Power Co., Inc. | (32)<br>| (3898)<br>|
| Edison International | (33)<br>| (1834)<br>|
| Eversource Energy | (44)<br>| (3213)<br>|
| Exelon Corp. | (76)<br>| (3484)<br>|
| FirstEnergy Corp. | (45)<br>| (2079)<br>|
| Pinnacle West Capital Corp. | (10)<br>| (884)<br>|
| PPL Corp. | (80)<br>| (2937)<br>|
|  |  | (18329)<br>|
| **Electrical Equipment — (0.7)%** | **Electrical Equipment — (0.7)%** | **Electrical Equipment — (0.7)%** |
| Acuity, Inc. | (2)<br>| (697)<br>|
| Rockwell Automation, Inc. | (5)<br>| (1874)<br>|
|  |  | (2571)<br>|
| **Electronic Equipment, Instruments & Components — (1.4)%** | **Electronic Equipment, Instruments & Components — (1.4)%** | **Electronic Equipment, Instruments & Components — (1.4)%** |
| Corning, Inc. | (61)<br>| (5395)<br>|
| **Energy Equipment & Services — (0.5)%** | **Energy Equipment & Services — (0.5)%** | **Energy Equipment & Services — (0.5)%** |
| Halliburton Co. | (67)<br>| (1812)<br>|
| **Entertainment — (0.7)%** | **Entertainment — (0.7)%** | **Entertainment — (0.7)%** |
| Netflix, Inc. \* | (1)<br>| (609)<br>|
| TKO Group Holdings, Inc. | (11)<br>| (2143)<br>|
|  |  | (2752)<br>|
| **Financial Services — (2.4)%** | **Financial Services — (2.4)%** | **Financial Services — (2.4)%** |
| Berkshire Hathaway, Inc., Class B \* | (2)<br>| (837)<br>|
| Block, Inc. \* | (26)<br>| (1933)<br>|
| PayPal Holdings, Inc. \* | (51)<br>| (3554)<br>|
| Voya Financial, Inc. | (19)<br>| (1431)<br>|
| Western Union Co. (The) | (191)<br>| (1783)<br>|
|  |  | (9538)<br>|
| **Food Products — (0.5)%** | **Food Products — (0.5)%** | **Food Products — (0.5)%** |
| Conagra Brands, Inc. | (6)<br>| (107)<br>|
| General Mills, Inc. | (24)<br>| (1118)<br>|
| Kraft Heinz Co. (The) | (30)<br>| (734)<br>|
|  |  | (1959)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ground Transportation — (1.1)%** | **Ground Transportation — (1.1)%** | **Ground Transportation — (1.1)%** |
| Heartland Express, Inc. | (33)<br>| (252)<br>|
| Lyft, Inc., Class A \* | (10)<br>| (208)<br>|
| Old Dominion Freight Line, Inc. | (3)<br>| (445)<br>|
| Uber Technologies, Inc. \* | (33)<br>| (3207)<br>|
|  |  | (4112)<br>|
| **Health Care Equipment & Supplies — (0.8)%** | **Health Care Equipment & Supplies — (0.8)%** | **Health Care Equipment & Supplies — (0.8)%** |
| Abbott Laboratories | (4)<br>| (488)<br>|
| Dentsply Sirona, Inc. | (69)<br>| (871)<br>|
| Dexcom, Inc. \* | (8)<br>| (467)<br>|
| Intuitive Surgical, Inc. \* | (2)<br>| (850)<br>|
| Zimmer Biomet Holdings, Inc. | (4)<br>| (427)<br>|
|  |  | (3103)<br>|
| **Health Care Providers & Services — (1.9)%** | **Health Care Providers & Services — (1.9)%** | **Health Care Providers & Services — (1.9)%** |
| Centene Corp. \* | (40)<br>| (1419)<br>|
| Elevance Health, Inc. | (8)<br>| (2696)<br>|
| Henry Schein, Inc. \* | (23)<br>| (1467)<br>|
| Labcorp Holdings, Inc. | (2)<br>| (466)<br>|
| Molina Healthcare, Inc. \* | (8)<br>| (1193)<br>|
|  |  | (7241)<br>|
| **Hotels, Restaurants & Leisure — (1.6)%** | **Hotels, Restaurants & Leisure — (1.6)%** | **Hotels, Restaurants & Leisure — (1.6)%** |
| Airbnb, Inc., Class A \* | (5)<br>| (561)<br>|
| Choice Hotels International, Inc. | (12)<br>| (1148)<br>|
| Royal Caribbean Cruises Ltd. | (4)<br>| (1253)<br>|
| Starbucks Corp. | (40)<br>| (3224)<br>|
|  |  | (6186)<br>|
| **Household Durables — (0.3)%** | **Household Durables — (0.3)%** | **Household Durables — (0.3)%** |
| DR Horton, Inc. | (1)<br>| (208)<br>|
| NVR, Inc. \* |  | (930)<br>|
| PulteGroup, Inc. | (2)<br>| (223)<br>|
|  |  | (1361)<br>|
| **Household Products — (0.5)%** | **Household Products — (0.5)%** | **Household Products — (0.5)%** |
| Colgate-Palmolive Co. | (1)<br>| (121)<br>|
| Kimberly-Clark Corp. | (5)<br>| (549)<br>|
| Procter & Gamble Co. (The) | (8)<br>| (1235)<br>|
|  |  | (1905)<br>|
| **Industrial Conglomerates — (0.6)%** | **Industrial Conglomerates — (0.6)%** | **Industrial Conglomerates — (0.6)%** |
| Honeywell International, Inc. | (11)<br>| (2212)<br>|
| **Insurance — (5.3)%** | **Insurance — (5.3)%** | **Insurance — (5.3)%** |
| Aflac, Inc. | (29)<br>| (3129)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 5

------

JPMorgan Research Market Neutral Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Allstate Corp. (The) | (30)<br>| (5724)<br>|
| American International Group, Inc. | (59)<br>| (4622)<br>|
| Hartford Insurance Group, Inc. (The) | (5)<br>| (660)<br>|
| Kinsale Capital Group, Inc. | (7)<br>| (2643)<br>|
| Willis Towers Watson plc | (5)<br>| (1651)<br>|
| WR Berkley Corp. | (33)<br>| (2340)<br>|
|  |  | (20769)<br>|
| **Interactive Media & Services — (1.1)%** | **Interactive Media & Services — (1.1)%** | **Interactive Media & Services — (1.1)%** |
| Alphabet, Inc., Class C | (12)<br>| (3419)<br>|
| Snap, Inc., Class A \* | (113)<br>| (878)<br>|
|  |  | (4297)<br>|
| **IT Services — (1.7)%** | **IT Services — (1.7)%** | **IT Services — (1.7)%** |
| Accenture plc, Class A | (11)<br>| (2727)<br>|
| International Business Machines Corp. | (8)<br>| (2304)<br>|
| MongoDB, Inc., Class A \* | (4)<br>| (1606)<br>|
|  |  | (6637)<br>|
| **Life Sciences Tools & Services — (1.6)%** | **Life Sciences Tools & Services — (1.6)%** | **Life Sciences Tools & Services — (1.6)%** |
| Bruker Corp. | (43)<br>| (1673)<br>|
| ICON plc \* | (3)<br>| (473)<br>|
| Illumina, Inc. \* | (12)<br>| (1468)<br>|
| Revvity, Inc. | (24)<br>| (2254)<br>|
| Waters Corp. \* | (1)<br>| (446)<br>|
|  |  | (6314)<br>|
| **Machinery — (2.8)%** | **Machinery — (2.8)%** | **Machinery — (2.8)%** |
| Caterpillar, Inc. | (1)<br>| (626)<br>|
| Donaldson Co., Inc. | (41)<br>| (3460)<br>|
| Illinois Tool Works, Inc. | (17)<br>| (4051)<br>|
| Parker-Hannifin Corp. |  | (409)<br>|
| Snap-on, Inc. | (7)<br>| (2284)<br>|
| Stanley Black & Decker, Inc. | (3)<br>| (215)<br>|
|  |  | (11045)<br>|
| **Media — (1.1)%** | **Media — (1.1)%** | **Media — (1.1)%** |
| Fox Corp., Class A | (57)<br>| (3689)<br>|
| Paramount Skydance Corp., Class B | (25)<br>| (387)<br>|
| Sirius XM Holdings, Inc. | (19)<br>| (412)<br>|
|  |  | (4488)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — (1.2)%** | **Multi-Utilities — (1.2)%** | **Multi-Utilities — (1.2)%** |
| Consolidated Edison, Inc. | (30)<br>| (2980)<br>|
| WEC Energy Group, Inc. | (15)<br>| (1644)<br>|
|  |  | (4624)<br>|
| **Oil, Gas & Consumable Fuels — (2.8)%** | **Oil, Gas & Consumable Fuels — (2.8)%** | **Oil, Gas & Consumable Fuels — (2.8)%** |
| APA Corp. | (61)<br>| (1390)<br>|
| Coterra Energy, Inc. | (53)<br>| (1251)<br>|
| Devon Energy Corp. | (38)<br>| (1253)<br>|
| Enbridge, Inc. (Canada) | (33)<br>| (1564)<br>|
| Kinder Morgan, Inc. | (55)<br>| (1440)<br>|
| Occidental Petroleum Corp. | (49)<br>| (2001)<br>|
| ONEOK, Inc. | (18)<br>| (1185)<br>|
| Valero Energy Corp. | (5)<br>| (777)<br>|
|  |  | (10861)<br>|
| **Passenger Airlines — (0.1)%** | **Passenger Airlines — (0.1)%** | **Passenger Airlines — (0.1)%** |
| Southwest Airlines Co. | (18)<br>| (555)<br>|
| **Pharmaceuticals — (1.9)%** | **Pharmaceuticals — (1.9)%** | **Pharmaceuticals — (1.9)%** |
| Eli Lilly & Co. | (3)<br>| (2364)<br>|
| Merck & Co., Inc. | (21)<br>| (1800)<br>|
| Pfizer, Inc. | (61)<br>| (1509)<br>|
| Zoetis, Inc. | (12)<br>| (1762)<br>|
|  |  | (7435)<br>|
| **Professional Services — (1.9)%** | **Professional Services — (1.9)%** | **Professional Services — (1.9)%** |
| Automatic Data Processing, Inc. | (8)<br>| (1960)<br>|
| Paychex, Inc. | (14)<br>| (1697)<br>|
| Paycom Software, Inc. | (8)<br>| (1550)<br>|
| Robert Half, Inc. | (27)<br>| (697)<br>|
| Verisk Analytics, Inc., Class A | (6)<br>| (1332)<br>|
|  |  | (7236)<br>|
| **Residential REITs — (0.1)%** | **Residential REITs — (0.1)%** | **Residential REITs — (0.1)%** |
| Mid-America Apartment Communities, Inc. | (3)<br>| (352)<br>|
| **Retail REITs — (1.5)%** | **Retail REITs — (1.5)%** | **Retail REITs — (1.5)%** |
| NNN REIT, Inc. | (42)<br>| (1694)<br>|
| Realty Income Corp. | (43)<br>| (2478)<br>|
| Simon Property Group, Inc. | (9)<br>| (1630)<br>|
|  |  | (5802)<br>|
| **Semiconductors & Semiconductor Equipment — (4.8)%** | **Semiconductors & Semiconductor Equipment — (4.8)%** | **Semiconductors & Semiconductor Equipment — (4.8)%** |
| Advanced Micro Devices, Inc. \* | (5)<br>| (1374)<br>|
| ARM Holdings plc \* | (12)<br>| (2122)<br>|
| Intel Corp. \* | (50)<br>| (2002)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Specialty Funds October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| KLA Corp. | (4)<br>| (4401)<br>|
| Lam Research Corp. | (4)<br>| (663)<br>|
| Monolithic Power Systems, Inc. | (3)<br>| (2686)<br>|
| QUALCOMM, Inc. | (20)<br>| (3711)<br>|
| Teradyne, Inc. | (9)<br>| (1553)<br>|
|  |  | (18512)<br>|
| **Software — (3.1)%** | **Software — (3.1)%** | **Software — (3.1)%** |
| Adobe, Inc. \* | (9)<br>| (2962)<br>|
| Bill Holdings, Inc. \* | (27)<br>| (1361)<br>|
| Fair Isaac Corp. \* | (1)<br>| (2064)<br>|
| Palo Alto Networks, Inc. \* | (9)<br>| (1854)<br>|
| Workday, Inc., Class A \* | (16)<br>| (3904)<br>|
|  |  | (12145)<br>|
| **Specialized REITs — (0.7)%** | **Specialized REITs — (0.7)%** | **Specialized REITs — (0.7)%** |
| Iron Mountain, Inc. | (10)<br>| (977)<br>|
| Public Storage | (6)<br>| (1714)<br>|
|  |  | (2691)<br>|
| **Specialty Retail — (1.9)%** | **Specialty Retail — (1.9)%** | **Specialty Retail — (1.9)%** |
| Home Depot, Inc. (The) | (11)<br>| (4195)<br>|
| TJX Cos., Inc. (The) | (12)<br>| (1596)<br>|
| Williams-Sonoma, Inc. | (8)<br>| (1623)<br>|
|  |  | (7414)<br>|
| **Technology Hardware, Storage & Peripherals — (2.5)%** | **Technology Hardware, Storage & Peripherals — (2.5)%** | **Technology Hardware, Storage & Peripherals — (2.5)%** |
| Dell Technologies, Inc., Class C | (19)<br>| (3091)<br>|
| HP, Inc. | (50)<br>| (1388)<br>|
| NetApp, Inc. | (24)<br>| (2793)<br>|
| Sandisk Corp. \* | (12)<br>| (2381)<br>|
|  |  | (9653)<br>|
| **Trading Companies & Distributors — (0.7)%** | **Trading Companies & Distributors — (0.7)%** | **Trading Companies & Distributors — (0.7)%** |
| Fastenal Co. | (69)<br>| (2843)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Wireless Telecommunication Services — (0.3)%** | **Wireless Telecommunication Services — (0.3)%** | **Wireless Telecommunication Services — (0.3)%** |
| T-Mobile US, Inc. | (5)<br>| (1084)<br>|
| Total Common Stocks <br>(Proceeds $(301289))<br>|  | (301519)<br>|
| Total Short Positions <br>(Proceeds $(301289))<br>|  | (301519)<br>|
| **Total Investments — 21.8%** <br>**(Cost $32,287)**<br>|  | **84651** |
| **Other Assets in Excess of Liabilities — 78.2%** |  | **303804** |
| **Net Assets — 100.0%** |  | **388455** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | All or a portion of this security is segregated as <br> collateral for short sales. The total value of securities <br> and cash segregated as collateral is $54,684 and <br> $301,320, respectively.<br>|
| (b) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (c) | The rate shown is the current yield as of October 31, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 7

------

JPMorgan Research Market Neutral Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF October 31, 2025 (continued)

**Futures contracts outstanding as of October 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Short Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (12367)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (187)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Specialty Funds October 31, 2025

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF October 31, 2025

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Research** <br>**Market** <br>**Neutral Fund**  |
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $312886 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 73284 |
| Cash | &nbsp;&nbsp;&nbsp; 26 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 772 |
| Deposits at broker for securities sold short | &nbsp;&nbsp;&nbsp; 301320 |
| Receivables: |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 2458 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 355 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 1008 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 145 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 286 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 10 |
| Total Assets | &nbsp;&nbsp;&nbsp; 692550 |
| **LIABILITIES:** |  |
| Payables: |  |
| Securities sold short, at value | &nbsp;&nbsp;&nbsp; 301519 |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; 186 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 861 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 1174 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 25 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 92 |
| Administration fees | &nbsp;&nbsp;&nbsp; 15 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 8 |
| Service fees | &nbsp;&nbsp;&nbsp; 82 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 21 |
| Other | &nbsp;&nbsp;&nbsp; 112 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 304095 |
| Net Assets | &nbsp;&nbsp;&nbsp; $388455 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 9

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF October 31, 2025 (continued)

(Amounts in thousands, except per share amounts)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Research**<br> **Market**<br>**Neutral Fund**  |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $363392 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 25063 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $388455 |
| Net Assets: |  |
| Class A | &nbsp;&nbsp;&nbsp; $28964 |
| Class C | &nbsp;&nbsp;&nbsp; 2510 |
| Class I | &nbsp;&nbsp;&nbsp; 356981 |
| Total | &nbsp;&nbsp;&nbsp; $388455 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |
| Class A | &nbsp;&nbsp;&nbsp; 1943 |
| Class C | &nbsp;&nbsp;&nbsp; 192 |
| Class I | &nbsp;&nbsp;&nbsp; 22174 |
| Net Asset Value (a): |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $14.90 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;13.04 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.10 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $15.73 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $260304 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 73272 |
| Proceeds from securities sold short | &nbsp;&nbsp;&nbsp; 301289 |

---

------

(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Specialty Funds October 31, 2025

------

**STATEMENT OF OPERATIONS**

FOR THE YEAR ENDED October 31, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Research** <br>**Market** <br>**Neutral Fund** <br>|
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $35 |
| Interest income from non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; 12117 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 4105 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 3569 |
| Total investment income | &nbsp;&nbsp;&nbsp; 19826 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1338 |
| Administration fees | &nbsp;&nbsp;&nbsp; 287 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 76 |
| Class C | &nbsp;&nbsp;&nbsp; 16 |
| Service fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 76 |
| Class C | &nbsp;&nbsp;&nbsp; 5 |
| Class I | &nbsp;&nbsp;&nbsp; 874 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 72 |
| Professional fees | &nbsp;&nbsp;&nbsp; 476 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 26 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 127 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 104 |
| Transfer agency fees (See Note 2.H.) | &nbsp;&nbsp;&nbsp; 16 |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; 6287 |
| Other | &nbsp;&nbsp;&nbsp; 14 |
| Total expenses | &nbsp;&nbsp;&nbsp; 9794 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (916)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 8878 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 10948 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 27098 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (10)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 705 |
| Securities sold short | &nbsp;&nbsp;&nbsp; (33272)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (5479)<br>|
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (1664)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 5 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (343)<br>|
| Securities sold short | &nbsp;&nbsp;&nbsp; 11235 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 9233 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 3754 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $14702 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 11

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**Research Market** <br>**Neutral Fund**  | **JPMorgan** <br>**Research Market** <br>**Neutral Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**October 31, 2025** <br>| **Year Ended** <br>**October 31, 2024**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $10948 | &nbsp;&nbsp;&nbsp; $9120 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (5479)<br>| &nbsp;&nbsp;&nbsp; 11414 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 9233 | &nbsp;&nbsp;&nbsp; 12505 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 14702 | &nbsp;&nbsp;&nbsp; 33039 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1459)<br>| &nbsp;&nbsp;&nbsp; (644)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; (43)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (16312)<br>| &nbsp;&nbsp;&nbsp; (5534)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (17868)<br>| &nbsp;&nbsp;&nbsp; (6221)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 51933 | &nbsp;&nbsp;&nbsp; 87497 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 48767 | &nbsp;&nbsp;&nbsp; 114315 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 339688 | &nbsp;&nbsp;&nbsp; 225,373<br> (a)<br>|
| End of period | &nbsp;&nbsp;&nbsp; $388455 | &nbsp;&nbsp;&nbsp; $339688 |

---

------

(a) Beginning of period net assets is shown after future share reacquisition adjustment.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Specialty Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**Research Market** <br>**Neutral Fund** | **JPMorgan** <br>**Research Market** <br>**Neutral Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **October 31, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $11108 | &nbsp;&nbsp;&nbsp; $13867 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1425 | &nbsp;&nbsp;&nbsp; 626 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (13729)<br>| &nbsp;&nbsp;&nbsp; (9909)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (1196)<br>| &nbsp;&nbsp;&nbsp; 4584 |
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp; 166 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 43 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (427)<br>| &nbsp;&nbsp;&nbsp; (234)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp; (25)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 340591 | &nbsp;&nbsp;&nbsp; 179385 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13687 | &nbsp;&nbsp;&nbsp; 4538 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (301774)<br>| &nbsp;&nbsp;&nbsp; (100985)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 52504 | &nbsp;&nbsp;&nbsp; 82938 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $51933 | &nbsp;&nbsp;&nbsp; $87497 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 974 |
| Reinvested | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 47 |
| Redeemed | &nbsp;&nbsp;&nbsp; (933)<br>| &nbsp;&nbsp;&nbsp; (695)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (85)<br>| &nbsp;&nbsp;&nbsp; 326 |
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 13 |
| Reinvested | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (19)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; (2)<br>|
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 21359 | &nbsp;&nbsp;&nbsp; 11592 |
| Reinvested | &nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp; 320 |
| Redeemed | &nbsp;&nbsp;&nbsp; (19071)<br>| &nbsp;&nbsp;&nbsp; (6646)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 3157 | &nbsp;&nbsp;&nbsp; 5266 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 13

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Research Market Neutral Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | $15.01 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.59 | &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.70)<br>|
| Year Ended October 31, 2024 | 13.56<br> \*<br>| 0.47 | 1.34 | 1.81 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended October 31, 2023 | 12.30<br> \*<br>| 0.34 | 0.84 | 1.18 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2022 | 12.63<br> \*<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2021 | 13.23<br> \*<br>| &nbsp;&nbsp; (0.21)<br>| 0.41 | 0.20 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.91)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 13.23 | 0.28 | 0.18 | 0.46 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.65)<br>|
| Year Ended October 31, 2024 | 12.00<br> \*<br>| 0.36 | 1.17 | 1.53 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended October 31, 2023 | 10.94<br> \*<br>| 0.25 | 0.77 | 1.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2022 | 11.29<br> \*<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2021 | 11.97<br> \*<br>| &nbsp;&nbsp; (0.25)<br>| 0.41 | 0.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.91)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended October 31, 2025 | 16.16 | 0.46 | 0.22 | 0.68 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.74)<br>|
| Year Ended October 31, 2024 | 14.58<br> \*<br>| 0.55 | 1.42 | 1.97 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended October 31, 2023 | 13.19<br> \*<br>| 0.41 | 0.75 | 1.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2022 | 13.51<br> \*<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2021 | 14.03<br> \*<br>| &nbsp;&nbsp; (0.20)<br>| 0.46 | 0.26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.91)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Net asset value per share has been calculated after future share reacquisition adjustment for the impacted periods.

\*\* Amount presented after future share reacquisition adjustment.

(a) Calculated based upon average shares outstanding.

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

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

(d) nan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (excluding dividend and interest <br> expense for securities sold short)<br>|  |  |  |  |  |
| Class A | 0.91<br> %<br>| 0.92<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.92<br> %<br>|
| Class C | 1.41 | 1.42 | 1.39 | 1.39 | 1.41 |
| Class I | 0.66 | 0.67 | 0.64 | 0.64 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without waivers and reimbursements <br> (excluding dividend and interest expense for <br> securities sold short)<br>|  |  |  |  |  |
| Class A | 1.15 | 1.05 | 1.07 | 1.08 | 1.14 |
| Class C | 1.66 | 1.57 | 1.55 | 1.57 | 1.64 |
| Class I | 0.89 | 0.79 | 0.81 | 0.82 | 0.87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) Interest expense on securities sold short is 0.16%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Specialty Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future <br>share <br>reacquisition <br>adjustment<br>| Net asset <br>value, <br>end of <br>period<br>| Total return <br>(excludes <br>sales charge)(b)<br>| Net assets, <br>end of <br>period <br>(000's)<br>| Net <br>expenses <br>(including dividend <br>expense for <br>securities sold <br>short)(c)(d)<br>| Net <br>investment <br>income <br>(loss)<br>| Expenses without <br>waivers and <br>reimbursements <br>(including dividend <br>expense for <br>securities sold <br>short)(d)<br>| Portfolio <br>turnover rate <br>(excluding securities <br>sold short)<br>| Portfolio <br>turnover rate <br>(including securities <br>sold short)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $14.90 | 4.08<br> %<br>| &nbsp;&nbsp; $28964 | 2.58<br> %<br>| 2.63<br> %<br>| 2.82<br> %<br>| &nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp; 284<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 15.01 | 13.62 | &nbsp;&nbsp; 30435 | 2.71 | 3.36 | 2.84 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | 13.56<br> \*<br>| 10.24 | &nbsp;&nbsp; 23,101<br> \*\*<br>| 2.84 | 2.69 | 3.01 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | 12.30<br> \*<br>| &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp; 20,259<br> \*\*<br>| 2.72 | &nbsp;&nbsp; (0.84)<br>| 2.90 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | 12.63<br> \*<br>| 2.67 | &nbsp;&nbsp; 17,161<br> \*\*<br>| 2.92<br> (e)<br>| &nbsp;&nbsp; (1.71)<br>| 3.14 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 13.04 | 3.58 | &nbsp;&nbsp; 2510 | 2.99 | 2.13 | 3.24 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 13.23 | 13.02 | &nbsp;&nbsp; 1913 | 3.20 | 2.86 | 3.35 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | 12.00<br> \*<br>| 9.69 | &nbsp;&nbsp; 1,762<br> \*\*<br>| 3.33 | 2.20 | 3.50 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | 10.94<br> \*<br>| &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp; 1,504<br> \*\*<br>| 3.21 | &nbsp;&nbsp; (1.30)<br>| 3.39 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | 11.29<br> \*<br>| 2.25 | &nbsp;&nbsp; 1,233<br> \*\*<br>| 3.44<br> (e)<br>| &nbsp;&nbsp; (2.22)<br>| 3.67 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 16.10 | 4.37 | &nbsp;&nbsp; 356981 | 2.30 | 2.89 | 2.53 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 16.16 | 13.84 | &nbsp;&nbsp; 307340 | 2.44 | 3.62 | 2.56 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | 14.58<br> \*<br>| 10.54 | &nbsp;&nbsp; 200,510<br> \*\*<br>| 2.55 | 2.98 | 2.72 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | 13.19<br> \*<br>| &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; 139,458<br> \*\*<br>| 2.41 | &nbsp;&nbsp; (0.47)<br>| 2.59 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | 13.51<br> \*<br>| 3.10 | &nbsp;&nbsp; 75,401<br> \*\*<br>| 2.69<br> (e)<br>| &nbsp;&nbsp; (1.50)<br>| 2.90 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 307 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 15

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I (the "Trust") was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following is a separate fund of the Trust (the "Fund") covered by this report:

---

| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Research Market Neutral Fund | Class A, Class C and Class I | Diversified |

---

The investment objective of the Fund is to seek to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund's prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Fund.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Specialty Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $386170 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $386170 |
| **Total Liabilities for Securities Sold Short** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(301519)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(301519)<br>|
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(187)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(187)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

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

As of October 31, 2025, the Fund had no investments in restricted securities including securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

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

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

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

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

The Fund did not lend out any securities during the year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 17

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**D. Investment Transactions with Affiliates**— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** | **For the year ended October 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**October 31,** <br>**2025**<br>| **Shares at** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.01% (a) (b)<br>| $86511 | $547714 | $560936 | $(10)<br>| $5 | $73284 | 73255 | $3569 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of October 31, 2025.

**E. Futures Contracts**—The Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Fund also used index futures contracts to more effectively manage the long and short equity exposures in the portfolio. The Fund 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 Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

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

The table below discloses the volume of the futures contracts activity during the year ended October 31, 2025:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $623 |
| Average Notional Balance Short | &nbsp;&nbsp; (9096)<br>|
| Ending Notional Balance Short | &nbsp;&nbsp; (12367)<br>|

---

**F. Short Sales**— The Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities sold short, while cash collateral deposited at the Fund's custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statement of Assets and Liabilities. Securities segregated as collateral are denoted on the SOI. The Fund may receive or pay the net of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Specialty Funds October 31, 2025

------

the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker's fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statement of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statement of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported as Interest expense to non-affiliates on securities sold short on the Statement of Operations. Liabilities for securities sold short are reported at market value on the Statement of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statement of Operations. Short sale transactions may result in unlimited losses as the security's price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

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

As of October 31, 2025, the Fund had outstanding short sales as listed on its SOI.

**G. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, and dividend expense on securities sold short are recorded on the ex-dividend date or when the Fund first learns of the dividend.

To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**H. Allocation of Income and Expenses**— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the year ended October 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Total** |
| Transfer agency fees  | $5 | $1 | $10 | $16 |

---

**I. Federal Income Taxes**— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of October 31, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**J. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 19

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

The following amounts were reclassified within the capital accounts:

---

| | | |
|:---|:---|:---|
| **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $145 | &nbsp;&nbsp;&nbsp;&nbsp; $(145)<br>|

---

The reclassifications for the Fund relate primarily to book/tax differences on the treatment of certain other investments.

**K. Segment Reporting** — The Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**L. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee**— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.35% of the Fund's average daily net assets.

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

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the year ended October 31, 2025, the effective rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund's principal underwriter and promotes and arranges for the sale of the Fund's shares.

The Board has adopted a Distribution Plan (the "Distribution Plan") for Class A and Class C Shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Class I Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2025, JPMDS retained the following:

---

| | |
|:---|:---|
| **Front-End Sales Charge** | **CDSC** |
| &nbsp;&nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Specialty Funds October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**D. Service Fees**— The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|

---

The expense limitation agreement was in effect for the year ended October 31, 2025 and are in place until at least February 28, 2026.

For the year ended October 31, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | |
|:---|:---|:---|:---|
| **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |
| **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** |
| &nbsp;&nbsp; $600 | &nbsp;&nbsp; $150 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $756 |

---

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the year ended October 31, 2025 was $160.

**G. Other**— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 21

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended October 31, 2025, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The SEC has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

During the year ended October 31, 2024, the Fund identified a material error in accounting for the receipt of class action litigation payments which resulted in an understatement of the Fund's net assets during the period April 29, 2019 through July 17, 2024, (the "Error Period"). The Fund applied its NAV error correction policy, and, for each financial reporting period during the Error Period, recorded a future share reacquisition adjustment to reflect the Fund's unilateral right to remove excess shares attributable to purchases made during the Error Period and a Due to shareholders upon reprocessing payable for cash owed to shareholders who redeemed their shares of the Fund during the Error Period. As of October 15, 2024, the Adviser determined it would not reprocess share transactions and instead fully reimbursed the Fund $2,848 in cash towards the settlement of the future share reacquisition adjustment and due to shareholders upon reprocessing payable, net.

**4. Investment Transactions** 

During the year ended October 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Securities** <br>**Sold Short**<br>| **Covers on** <br>**Securities** <br>**Sold Short**<br>|
| $445523 | $428678 | $420530 | $404443 |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost\***<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $45485 | &nbsp;&nbsp;&nbsp;&nbsp; $70505 | &nbsp;&nbsp;&nbsp;&nbsp; $31526 | &nbsp;&nbsp;&nbsp;&nbsp; $38979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* The tax cost includes the proceeds from short sales which may result in a net negative cost.

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments and wash sale loss deferrals.

The tax character of distributions paid during the year ended October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $9725 | &nbsp;&nbsp;&nbsp;&nbsp; $8143 | &nbsp;&nbsp;&nbsp;&nbsp; $17868 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2024 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $6221 | &nbsp;&nbsp;&nbsp;&nbsp; $6221 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Specialty Funds October 31, 2025

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As of October 31, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $9177 | &nbsp;&nbsp;&nbsp;&nbsp; $(22988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38941 |

---

The cumulative timing differences primarily consist of wash sale loss deferrals.

As of October 31, 2025, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| |
|:---|
| **Capital Loss Carryforward Character**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $22,988<br> \*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**6. Borrowings** 

The Fund relies upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II ("JPM II") and may be relied upon by the Fund because the Fund 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 Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended October 31, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2025.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV 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 million minimum adjusted NAV 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 on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 23

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF October 31, 2025 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2025, the Fund had three individual shareholders and/or non-affiliated omnibus accounts each owning more than 10% of the Fund's outstanding shares, and collectively owning 60.5% of the Fund's outstanding shares.

Significant shareholder transactions by these shareholders may impact the Fund's performance and liquidity.

As of October 31, 2025, the Fund pledged a significant portion of its assets to Citigroup Global Markets, Inc. for securities sold short. For the Fund,

deposits at broker for securities sold short, as noted on the Statement of Assets and Liabilities, are held at Citigroup Global Markets, Inc.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Specialty Funds October 31, 2025

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Research Market Neutral Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Research Market Neutral Fund (one of the funds constituting JPMorgan Trust I, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 23, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan Specialty Funds 25

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended October 31, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Dividends Received Deduction (DRD)**

The Fund had 35.64%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2025.

**Long Term Capital Gain**

The Fund distributed $8,143, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2025.

**Qualified Dividend Income (QDI)**

The Fund had $3,804, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Specialty Funds October 31, 2025

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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 Fund.

***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.

![](g87021imgaf27fa342.jpg)

------

![](g87021img2b44b7473.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2025. All rights reserved. October 2025.

AN-SPEC-1025

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statement of Operations within the Fund's Financial Statements.

------

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and at each meeting considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the investment advisory agreement for the Fund, whose annual report is contained herein (the "Advisory Agreement"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 14, 2025.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Fund's performance as compared to the performance of its peers and benchmark and analyses by the Adviser of the Fund's performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received, and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Fund's objectives, benchmarks, and peers. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Fund, and independent legal counsel to the Trustees, and

received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any;

• The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund, including personnel changes, if any;

• The investment strategy for the Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for the Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services provided by the Adviser in its role as Administrator;

• Their knowledge of the nature and quality of the services

------

provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Fund;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund, including steps taken by the Adviser to address certain compliance and related issues impacting the Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.

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

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

The Trustees also considered that JPMorgan Distribution Services, Inc. ("JPMDS"), an affiliate of the Adviser, and the Adviser earn fees from the Fund for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund's

distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for the Fund, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. The Trustees also reviewed the Adviser's allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser's use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Fund.

***Economies of Scale***

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented contractual expense limitations and fee waivers ("Fee Caps"), which allow the Fund's shareholders to share potential economies of scale from the Fund's inception and that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Fund, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels, was

------

reasonable. The Trustees concluded that the Fund's shareholders received the benefits of potential economies of scale through the Fee Caps and from the Adviser's reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

***Fees Relative to Adviser's Other Clients***

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser's other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser's other clients were reasonable.

***Investment Performance***

The Trustees receive and consider information about the Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe comprised of funds' selected share classes with the same Broadridge investment classification and objective (the "Universe"), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting mutual funds in the Fund's Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. The Trustees also considered enhancements to the methodology employed by Broadridge for identifying funds in the Peer Groups for Class I shares, based upon discussions with the Adviser, Broadridge and certain Trustees in advance of, and preparation for, the June meeting. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to

assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund's performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees' independent consultant, and also considered the special analysis prepared for certain Funds by the Trustees' independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund's performance for certain representative classes are summarized below:

The Trustees noted that the Research Market Neutral Fund's performance for Class A shares was in the second quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class I shares was in the third quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

***Advisory Fees and Expense Ratios***

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds' selected share classes in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees recognized that Broadridge reported the Fund's management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place for the Fund, the net advisory fee rate and net expense ratio for each share class, taking into account any waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of the Fund's advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund's net advisory fee and actual total expenses for Class A shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings for Class A shares of the Peer Group due to the limited number of

------

funds in the Peer Group. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this

information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Refer to Item 7.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

ITEM 15. 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 16. 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 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.** 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

------

ITEM 19. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d60217dex99codeeth.htm)

#### Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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(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), exactly as set forth below:](d60217dex99cert.htm)

#### Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

(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.](d60217dex99906ce.htm)

#### Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

---

| | |
|:---|:---|
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | December 30, 2025 |

---

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/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | December 30, 2025 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | December 30, 2025 |

---

## Ex-99.Code

EX-99 COD ETH 2

**JPMorgan Trust I** 

**JPMorgan Trust II** 

**JPMorgan Trust IV** 

**Undiscovered Managers Funds** 

**JPMorgan Institutional Trust** 

**J. P. Morgan Mutual Fund Investment Trust** 

**J. P. Morgan Fleming Mutual Fund Group, Inc.** 

**J.P. Morgan Exchange-Traded Fund Trust** 

**(collectively the "J.P. Morgan Funds")** 

**Code of Ethics for Principal Executive** 

**and Principal Financial Officers** 

**Persons covered by this Code of Ethics:** 

**Matthew J. Kamburowski Principal Executive Officer** 

**Timothy J. Clemens Principal Financial Officer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Covered Officers/ Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **This Sarbanes-Oxley Code of Ethics for the J.P. Morgan Funds (the "Funds") applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers") for the purpose of promoting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Compliance with applicable laws and governmental rules and regulations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Accountability for adherence to this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.** 

**A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.** 

**Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.** 

**Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the "Funds Principal Service Providers") of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the** 

------

 **Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.** 

**Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Complete on an annual basis the Funds' Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **In furtherance of the above, below are some examples of conflict of interest situations that should be discussed with the Investment Adviser's Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Serving as a director on the board of any public, private company or not for profit organization;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The receipt of any gifts in excess of $100;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than the Funds Principal Service Providers;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer's employment with the Funds' Principal Service Providers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and/or to governmental regulators and self-regulatory organizations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each covered officer must:** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Notify the Funds' Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The Funds' Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds' Board.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **The Funds' Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **If, after such investigation, the Funds' Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Any matter the Funds' Chief Compliance Officer believes to be a violation will be reported to the Funds' Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The Funds' Board will be responsible for granting waivers, as appropriate; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds' Board as provided by SEC rules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds' and their investment adviser's codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser's more detailed policies and procedures set forth in the Investment Adviser's Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to the list of Covered Officers, must be approved or ratified by a majority vote of the Funds' Board, including a majority of independent directors or trustees.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.**

## Ex-99.Cert

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Matthew J. Kamburowski, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Developed
International Value Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan Research
Market Neutral Fund and JPMorgan Tax Aware Real Return Fund (the "Funds"), each a series of JPMorgan Trust I (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during 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; 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: December 30, 2025

---

| |
|:---|
| /s/ Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

------

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of JPMorgan Developed
International Value Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan Research
Market Neutral Fund and JPMorgan Tax Aware Real Return Fund (the "Funds"), each a series of JPMorgan Trust I (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during 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; 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: December 30, 2025

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| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

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## Exhibit 99.906

**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 JPMorgan Developed International Value Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan Research Market Neutral Fund and JPMorgan Tax Aware Real Return Fund (the "Funds"), each a series of JPMorgan Trust I (the "Registrant");

I, Matthew J. Kamburowski, 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/ Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

December 30, 2025

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 Developed International Value Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan Research Market Neutral Fund and JPMorgan Tax Aware Real Return Fund (the "Funds"), each a series of JPMorgan Trust I (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 |

---

December 30, 2025

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.