# EDGAR Filing Document

**Accession Number:** 0001659326
**File Stem:** 0001193125-25-336838
**Filing Date:** 2025-12
**Character Count:** 488839
**Document Hash:** 3376197e920f528bd292ce7a9b23bc5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-336838.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-336838

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**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 IV
- **CENTRAL INDEX KEY:** 0001659326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23117
- **FILM NUMBER:** 251613716

**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:** JPMorgan Trust IV
- **DATE OF NAME CHANGE:** 20151124

## Series and Classes Contracts Data

### JPMorgan Emerging Markets Research Enhanced Equity Fund (Series ID: S000063496)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000205718 | Class R6     | EMRSX           |
| C000205719 | Class I      | EMREX           |

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

#### 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

#### 811-23117

#### JPMorgan Trust IV
(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 Emerging Markets Research Enhanced Equity Fund

![FrontCoverImage](g86635images_2647.jpg)

Class I Shares/Ticker: EMREX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Research Enhanced 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 Research Enhanced Equity Fund<br>(Class I Shares) | $52 | 0.45% |

---

**How did the Fund Perform?**

The JPMorgan Emerging Markets Research Enhanced Equity Fund's Class I Shares returned 29.13% 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 holdings in Saudi Arabia and the materials sector contributed to performance relative to the Index. 

* The Fund's holdings in Thailand and the energy sector detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g86635chartimages_5013054.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Emerging Markets Research Enhanced Equity Fund (Class I Shares)** | January 30, 2019 | 29.13% | 6.69% | 7.83% |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 7.46 | 8.17 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Emerging Markets Research Enhanced Equity Fund and the MSCI Emerging Markets Index (net total return) from December 11, 2018 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.

*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, noninfringement, 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)** | $1984798 |
| **Total number of portfolio holdings** | 327 |
| **Portfolio turnover rate** | 48% |
| **Total advisory fees paid (000's)** | $4258 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86635chartimages_5013033.jpg)

**Availability of Additional Information**

![QRCode](g86635images_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 

EMREX-1025

JPMorgan Emerging Markets Research Enhanced Equity Fund - Class I

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

JPMorgan Emerging Markets Research Enhanced Equity Fund

![FrontCoverImage](g86635images_2647.jpg)

Class R6 Shares/Ticker: EMRSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Research Enhanced 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 Research Enhanced Equity Fund<br>(Class R6 Shares) | $41 | 0.35% |

---

**How did the Fund Perform?**

The JPMorgan Emerging Markets Research Enhanced Equity Fund's Class R6 Shares returned 29.29% 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 holdings in Saudi Arabia and the materials sector contributed to performance relative to the Index. 

* The Fund's holdings in Thailand and the energy sector detracted from performance relative to the Index. 

**Fund Performance**

![Fund Performance - Growth of 10K](g86635chartimages_5013055.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Emerging Markets Research Enhanced Equity Fund (Class R6 Shares)** | December 11, 2018 | 29.29% | 6.79% | 7.95% |
| **MSCI Emerging Markets Index (net total return)** |  | 27.91 | 7.46 | 8.17 |

---

 ***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 Research Enhanced Equity Fund and the MSCI Emerging Markets Index (net total return) from December 11, 2018 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.

*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, noninfringement, 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)** | $1984798 |
| **Total number of portfolio holdings** | 327 |
| **Portfolio turnover rate** | 48% |
| **Total advisory fees paid (000's)** | $4258 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86635chartimages_5013032.jpg)

**Availability of Additional Information**

![QRCode](g86635images_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 

EMRSX-1025

JPMorgan Emerging Markets Research Enhanced Equity 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;(i) Has at least one audit committee financial expert serving on its audit committee; or

&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;&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;&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 – $54,575

#### 2024 – $117,838
(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 – $12,970

#### 2024 – $25,682
**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 – $11,653

#### 2024 – $29,236
**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 - $40.5 million

#### 2023 - $31.7 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 filed 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

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&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 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

October 31, 2025 J.P. Morgan International Equity Funds 43

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**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>|

---

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(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

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THIS PAGE IS INTENTIONALLY LEFT BLANK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

45 <br>

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**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

------

**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 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;

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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; $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

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&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

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**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

------

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan International Equity Funds October 31, 2025

------

**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:

---

| | |
|:---|:---|
|  | **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 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **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 |

---

&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.

![](g13827img6d3f305e2.jpg)

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![](g13827img68bc6db33.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-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.

------

**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;

------

&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

------

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

------

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.

------

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.](d86635dex99codeeth.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](d86635dex99cert.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.](d86635dex99906cert.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 IV

---

| | |
|:---|:---|
| 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:** | **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 Emerging
Markets Research Enhanced Equity Fund (the "Fund"), a series of the JPMorgan Trust IV (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;&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;&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;&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;&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;&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;&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 the JPMorgan Emerging
Markets Research Enhanced Equity Fund (the "Fund"), a series of the JPMorgan Trust IV (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;&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;&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;&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;&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;&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;&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/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

## 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 the JPMorgan Emerging Markets Research Enhanced Equity Fund (the "Fund"), a series of the JPMorgan Trust IV (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 Emerging Markets Research Enhanced Equity Fund (the "Fund"), a series of the JPMorgan Trust IV (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.